AvalonBay Communities (AVB) 10-K 25 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 29, 2021	Jun. 30, 2020
Cover [Abstract]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Incorporation, State or Country Code	MD
Entity Registrant Name	AVALONBAY COMMUNITIES, INC.
Entity Central Index Key	0000915912
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, 2020
Entity File Number	1-12672
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		139,527,493
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Public Float			$ 21,698,072,550
Entity Tax Identification Number	77-0404318
Trading Symbol	AVB
Security Exchange Name	NYSE
Entity Address, Address Line One	4040 Wilson Blvd., Suite 1000
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	703
Local Phone Number	329-6300
Documents Incorporated by Reference	Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2021 annual meeting of stockholders, a definitive copy of which will be filed with the SEC within 120 days after the year end of the year covered by this Form 10-K, are incorporated by reference herein as portions of Part III of this Form 10-K.
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real estate:
Land and improvements	$ 4,394,298	$ 4,299,162
Buildings and improvements	17,231,275	16,668,496
Furniture, fixtures and equipment	924,583	829,242
Total capitalized cost	22,550,156	21,796,900
Less accumulated depreciation	(5,700,179)	(5,164,398)
Operating Real Estate Investment Property, Net	16,849,977	16,632,502
Construction in progress, including land	989,765	1,303,751
Land held for development	110,142	0
Inventory, Real Estate	267,219	457,809
Gross real estate assets held for sale	16,678	38,927
Net operating real estate	18,233,781	18,432,989
Cash and cash equivalents	216,976	39,687
Cash in escrow	96,556	87,927
Resident security deposits	30,811	34,224
Investments in unconsolidated real estate entities	202,612	165,806
Deferred development costs	55,427	70,486
Right of use lease assets	207,715	164,971
Lease, Right-Of-Use Asset	155,266	124,961
Total assets	19,199,144	19,121,051
LIABILITIES AND EQUITY
Unsecured notes, net	6,702,005	6,358,648
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	862,332	937,642
Dividends payable	224,897	215,414
Payables for construction	93,609	92,135
Accrued expenses and other liabilities	274,699	274,013
Lease, Liability	181,479	140,468
Accrued interest payable	49,033	47,154
Resident security deposits	55,928	61,752
Liabilities related to real estate assets held for sale	311	375
Total liabilities	8,444,293	8,127,601
Commitments and contingencies
Redeemable noncontrolling interests	$ 2,677	$ 3,252
Preferred Stock, Shares Outstanding	0	0
Equity:
Preferred Stock, Value, Issued	$ 0	$ 0
Common Stock, Value, Issued	1,395	1,406
Additional paid-in capital	10,664,416	10,736,733
Accumulated earnings less dividends	126,022	282,913
Accumulated other comprehensive loss	(40,250)	(31,503)
Stockholders' Equity Attributable to Parent	10,751,583	10,989,549
Stockholders' Equity Attributable to Noncontrolling Interest	591	649
Total equity	10,752,174	10,990,198
Total liabilities and equity	$ 19,199,144	$ 19,121,051
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Shares, Outstanding	139,526,671	140,643,962
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	280,000,000	280,000,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Liquidation Preference 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 or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	280,000,000	280,000,000
Common Stock, Shares, Issued	139,526,671	140,643,962
Common Stock, Shares, Outstanding	139,526,671	140,643,962

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Operating Lease, Lease Income	$ 2,297,442	$ 2,319,666	$ 2,280,963
Management, development and other fees	3,819	4,960	3,572
Total revenue	2,301,261	2,324,626	2,284,535
Expenses:
Cost of Other Property Operating Expense	549,913	515,145	524,993
Property taxes	273,189	252,961	241,563
Interest expense, net	214,151	203,585	220,974
Loss on extinguishment of debt, net	9,333	602	17,492
Depreciation expense	707,331	661,578	631,196
General and administrative expense	60,343	58,042	60,369
Other Nonoperating Expense	12,399	4,991	3,265
Casualty and impairment loss, net	0	0	215
Costs and Expenses, Total	1,826,659	1,696,904	1,700,067
Equity in income of unconsolidated real estate entities	6,422	8,652	15,270
Gain on sale of communities	340,444	166,105	374,976
Gain on other real estate transactions, net	440	439	345
Gain (Loss) on Sale of Other Investments, Net of Marketing and Administrative Costs	2,551	(3,812)	(1,044)
Income before income taxes	824,459	799,106	974,015
Income Tax Expense (Benefit)	3,247	(13,003)	160
Net income	827,706	786,103	974,175
Net (income) loss attributable to noncontrolling interests	(76)	(129)	350
Net income attributable to common stockholders	827,630	785,974	974,525
Other comprehensive income (loss):
(Loss) gain on cash flow hedges	(17,731)	(11,930)	5,132
Cash flow hedge losses reclassified to earnings	(8,984)	(6,571)	(6,143)
Comprehensive income	$ 818,883	$ 780,615	$ 985,800
Earnings per common share - basic:
Net income per common share - basic (in dollars per share)	$ 5.89	$ 5.64	$ 7.05
Earnings per common share - diluted:
Net income per common share - diluted (in dollars per share)	$ 5.89	$ 5.63	$ 7.05

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	Parent [Member]	Noncontrolling Interest [Member]
Beginning Balance (in shares) at Dec. 31, 2017		138,094,154
Beginning Balance at Dec. 31, 2017	$ 10,388,046	$ 1,381	$ 10,235,475	$ 188,609	$ (37,419)	$ 10,388,046	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Available to Common Stockholders, Basic	974,525			974,525		974,525
(Loss) gain on cash flow hedges	5,132				5,132	5,132
Cash flow hedge losses reclassified to earnings	6,143				6,143	6,143
Change in redemption value of redeemable noncontrolling interest	223			223		223
Dividends declared to common stockholders	(813,722)			(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		40,554
Amortization of deferred compensation	31,705		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)	10,632,606	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 5.88
Net Income (Loss) Available to Common Stockholders, Basic	$ 785,974			785,974		785,974
(Loss) gain on cash flow hedges	(11,930)				(11,930)	(11,930)
Cash flow hedge losses reclassified to earnings	6,571				6,571	6,571
Change in redemption value of redeemable noncontrolling interest	(373)			(373)		(373)
Noncontrolling Interest, Period Increase (Decrease)	649						649
Dividends declared to common stockholders	(851,287)			(851,287)		(851,287)
Issuance of common stock, net of withholdings (in shares)		2,135,538
Issuance of common stock, net of withholdings	393,118	$ 21	395,275	(2,178)		393,118
Amortization of deferred compensation	34,870		34,870			34,870
Ending Balance (in shares) at Dec. 31, 2019		140,643,962
Ending Balance at Dec. 31, 2019	$ 10,990,198	$ 1,406	10,736,733	282,913	(31,503)	10,989,549	649
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 6.08
Net Income (Loss) Available to Common Stockholders, Basic	$ 827,630			827,630		827,630
(Loss) gain on cash flow hedges	(17,731)				(17,731)	(17,731)
Cash flow hedge losses reclassified to earnings	8,984				8,984	8,984
Change in redemption value of redeemable noncontrolling interest	210			210		210
Noncontrolling Interest, Period Increase (Decrease)	(58)						(58)
Dividends declared to common stockholders	(893,152)			(893,152)		(893,152)
Issuance of common stock, net of withholdings (in shares)		108,499
Issuance of common stock, net of withholdings	$ (10,997)	$ 1	(9,571)	(1,427)		(10,997)
Treasury Stock, Shares, Acquired	(1,225,790)	(1,225,790)
Stock Repurchased During Period, Value	$ (183,876)	$ 12	(93,712)	(90,152)		(183,876)
Amortization of deferred compensation	30,966		30,966			30,966
Ending Balance (in shares) at Dec. 31, 2020		139,526,671
Ending Balance at Dec. 31, 2020	$ 10,752,174	$ 1,395	$ 10,664,416	$ 126,022	$ (40,250)	$ 10,751,583	$ 591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 6.36

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared to common stockholders (in dollars per share)	$ 6.36	$ 6.08	$ 5.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 827,706	$ 786,103	$ 974,175
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense	707,331	661,578	631,196
Amortization of deferred financing costs	7,454	7,346	7,939
Amortization of debt discount	1,880	1,591	1,701
Loss on extinguishment of debt, net	9,333	602	17,492
Amortization of stock-based compensation	21,603	25,621	20,280
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations	8,673	12,278	6,583
Casualty and impairment gain, net	0	0	826
Abandonment of development pursuits	9,262	2,943	501
Unrealized Gain (Loss) on Derivatives	(2,894)	0	0
Cash flow hedge losses reclassified to earnings	8,984	6,571	6,143
Gain on sale of real estate assets	(346,041)	(172,332)	(385,976)
Gain (Loss) on Sale of Other Investments	(8,213)	0	0
(Increase) decrease in resident security deposits, prepaid expenses and other assets	(28,675)	(19,118)	12,583
Increase in accrued expenses, other liabilities and accrued interest payable	3,212	8,621	7,668
Net cash provided by operating activities	1,219,615	1,321,804	1,301,111
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(843,907)	(1,052,011)	(1,139,954)
Acquisition of real estate assets, including partnership interest	0	(420,517)	(338,620)
Capital expenditures - existing real estate assets	(108,531)	(135,626)	(83,607)
Payments for Capital Improvements, Non Real Estate	(28,505)	(5,266)	(3,325)
Increase (decrease) in payables for construction	1,474	(4,848)	11,606
Proceeds from sale of real estate, net of selling costs	619,773	422,041	883,313
Proceeds from Sale of Other Real Estate	202,033	0	0
Mortgage note receivable lending	(258)	(692)	(3,699)
Mortgage note receivable payments	3,419	2,779	53,136
Distributions from unconsolidated real estate entities	11,157	10,454	35,516
Investments in unconsolidated real estate entities	(36,088)	(10,183)	(11,017)
Net cash used in investing activities	(179,433)	(1,193,869)	(596,651)
Cash flows from financing activities:
Issuance of common stock, net	3,464	409,725	52,261
Payments for Repurchase of Common Stock	(183,876)	0
Payments of Ordinary Dividends	(883,212)	(839,646)	(805,239)
Proceeds from Secured Notes Payable	51,000	30,250	295,939
Repayments of mortgage notes payable, including prepayment penalties	(126,712)	(227,570)	(255,452)
Issuance of unsecured notes	1,296,581	449,804	299,442
Repayment of unsecured notes, including prepayment penalties	(958,680)	0	(258,579)
Payment of deferred financing costs	(11,277)	(10,909)	(16,258)
Finance Lease, Principal Payments	0	0	(1,070)
(Payment) receipt for termination of forward interest rate swaps	(25,135)	(12,309)	12,598
Proceeds from (Payments to) Noncontrolling Interests	(68)	456	0
Payments related to tax withholding for share-based compensation	(14,917)	(16,101)	(10,556)
Distributions to DownREIT partnership unitholders	(48)	(46)	(44)
Payments of Distributions to Affiliates	(384)	(439)	(424)
Preferred interest obligation redemption and dividends	(1,000)	(1,400)	(1,120)
Net cash used in financing activities	(854,264)	(218,185)	(688,502)
Net increase in cash, cash equivalents and cash in escrow	185,918	(90,250)	15,958
Cash and cash equivalents and restricted cash, beginning of year	127,614	217,864	201,906
Cash and cash equivalents and restricted cash, end of year	313,532	127,614	217,864
Cash paid during the year for interest, net of amount capitalized	196,848	187,570	201,659
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents and restricted cash, end of year	$ 313,532	$ 127,614	$ 201,906

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Leaseshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Jan. 01, 2019USD ($)
Operating Lease, Liability	$ 161,313	$ 120,261
Supplemental disclosures of non-cash investing and financing activities
Common stock issued through the dividend reinvestment plan (in shares) | shares	2,747	2,069	2,272
Common stock issued through the dividend reinvestment plan	$ 458	$ 418	$ 387
Number of shares withheld to satisfy employees' tax withholding and other liabilities | shares	74,173	84,710	68,565
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 14,919	$ 16,101	$ 10,556
Number of shares forfeited | shares	7,683
Shares cancelled upon forfeiture	$ 1,240	399	717
Common stock dividends declared but not paid	223,262	214,832	204,191
Change in redemption value of redeemable noncontrolling interest	(210)	373	(223)
Increase (decrease) in derivative liabilities		6,379	6,366
Cash flow hedge losses reclassified to earnings	(8,984)	(6,571)	$ (6,143)
Right of use lease assets	133,581	103,063
Investments in unconsolidated real estate entities	202,612	165,806
Increase (decrease) in derivative assets	4,308	$ 388
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax	1,413
New Office Leases
Operating Lease, Liability	46,875
Supplemental disclosures of non-cash investing and financing activities
Right of use lease assets	$ 46,875
Number of New Office Leases [Line Items] | Lease	2
Restricted Stock and Restricted Stock Converted From Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	165,545	152,502	187,010
Restricted Stock Converted From Performance Shares [Member]
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	96,317	73,072	88,297
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	69,228	79,430	98,713
Fair value of shares issued	$ 15,305	$ 15,603	$ 15,950
Number of shares forfeited | shares	7,683	2,361	4,860
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest	$ (210)	$ 373	$ (223)
Deferred Compensation, Share-based Payments [Member] | Non-employee directors
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares		1,838
Fair value of shares issued		$ 205
NYC JV
Supplemental disclosures of non-cash investing and financing activities
Repayments of secured debt			395,939
NYC JV
Supplemental disclosures of non-cash investing and financing activities
Investments in unconsolidated real estate entities			$ 74,159
Equity Method Investment, Ownership Percentage	20.00%
Accounting Standards Update 2016-02
Operating Lease, Liability				$ 122,276
Supplemental disclosures of non-cash investing and financing activities
Right of use lease assets				$ 122,276

Organization, Basis of Presenta

Organization, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At December 31, 2020, the Company owned or held a direct or indirect ownership interest in 273 operating apartment communities containing 80,094 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 18 communities under development that are expected to contain an aggregate of 5,931 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 70 have been sold as of December 31, 2020, and 66,000 square feet of commercial space, of which 69% has been leased as of December 31, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 24 communities that, if developed as expected, will contain an estimated 7,853 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. 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 Company assesses acquisitions of operating communities 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, which 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 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 and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings 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 depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the 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. 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 comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate 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 generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Abandoned Pursuit Costs and Impairment of Long-Lived Assets" below. Income Taxes The Company elected to be treated as a REIT for 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 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, 2020, 2019 and 2018. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax benefit of $3,247,000 in 2020, recorded an income tax expense of $13,003,000 in 2019 and recognized income tax benefit of $160,000 in 2018, related to its activities through its TRSs. The income tax benefit in 2020 was primarily due to provisions of the Coronavirus Aid, Relief, and Economic Security Act, allowing for further carryback of net operating losses and operating losses for tax purposes. The income tax expense in 2019 was primarily due to (i) a net deferred tax liability of $5,782,000 for the GAAP to tax basis differences at the Company's for-sale condominiums, The Park Loggia, and the associated 66,000 square feet of commercial space and (ii) expense for current and net deferred tax liabilities of $7,221,000, associated with the disposition of two wholly-owned operating communities, as well as the Company's sustainability initiatives. As of December 31, 2020 and 2019, 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 2017 through 2019. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 % 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 $25,239,000 and $25,995,000 as of December 31, 2020 and 2019, respectively, and related to mortgage notes payable was $2,046,000 and $1,784,000 as of December 31, 2020 and 2019, 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 $13,501,000 and $11,815,000 as of December 31, 2020 and 2019, 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. Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. 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 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05 All options to purchase shares of common stock outstanding as of December 31, 2020, 2019 and 2018 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 development pursuits not yet considered probable for development and 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 $12,317,000, $4,896,000 and $4,388,000 during the years ended December 31, 2020, 2019 and 2018, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company no longer expects is probable. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. In the Company's evaluation of its real estate portfolio for impairment, as discussed below, it considered the impact of the COVID-19 pandemic and did not identify any indicators of impairment as a result. 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, 2020, 2019 and 2018, the Company did not recognize 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 evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory using estimated undiscounted future cash flows. For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment losses on its for-sale condominium inventory. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. The Company did not recognize any impairment charges on its investment in land during the years ended December 31, 2020 and 2019. 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 subsequently sold. This charge was determined as the excess of the Company's carrying basis over the sales price, 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, 2020, 2019 or 2018. 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 that qualified as held for sale presentation at December 31, 2020. Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' 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. Leases The Company is party to leases as both a lessor and a lessee, primarily as follows: • lessor of residential and commercial space within its apartment communities; and • lessee under (i) ground leases for land underlying current operating or development communities and certain commercial and parking facilities and (ii) office leases for its corporate headquarters and regional offices. Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements. Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be 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, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. Additionally, for the Company’s residential and commercial leases, which are comprised of the lease component and common area maintenance as a non-lease component, the Company determined that (i) the leases are operating leases, (ii) the lease component is the predominant component and (iii) that all components of its operating leases share the same timing and pattern of transfer. The Company changed its presentation of charges for uncollectible lease revenue associated with its residential and commercial leasing activity, reflecting those amounts as a component of rental and other income on the accompanying Consolidated Statement of Comprehensive Income beginning with the year ended December 31, 2019. However, in accordance with its prospective adoption of the lease standard, the Company did not adjust the presentation of charges for uncollectible lease revenue associated with its residential and commercial leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2018. Revenue and Gain Recognition Under ASU 2014-09, Revenue from Contracts with Customers, the Company recognizes revenue 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 commercial rental income and other lease income, which are accounted for under ASC 842, Leases, discussed above. The Company's revenue streams that are not accounted for under ASC 842 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. • 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. • 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 commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsoli

Interest Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2020
Interest Capitalized
Interest Capitalized	Interest CapitalizedThe Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $44,157,000, $62,823,000 and $60,331,000 for years ended December 31, 2020, 2019 and 2018, respectively.

Mortgage Notes Payable, Unsecur

Mortgage Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Unsecured Notes and Credit Facility	The following debt activity occurred during the year ended December 31, 2020: • In February 2020, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $694,701,000. The notes mature in March 2030 and were issued at a 2.30% interest rate. • In February 2020, the Company refinanced the secured borrowing for Avalon San Bruno III. The secured borrowing had a fixed interest rate of 3.08% and was refinanced for a principal balance of $51,000,000, with a fixed interest rate of 2.38% and maturity date of March 2027. • In March 2020, the Company repaid (i) $400,000,000 principal amount of its 3.625% unsecured notes in advance of the October 2020 scheduled maturity and (ii) $250,000,000 principal amount of its 3.95% unsecured notes in advance of the January 2021 scheduled maturity. In conjunction with these repayments, the Company recognized a loss on debt extinguishment of $9,170,000 for prepayment penalties and the non-cash write-off of unamortized deferred financing costs. • In May 2020, the Company issued $600,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $593,430,000. The notes mature in January 2031 and were issued at a 2.45% interest rate. • In May 2020, the Company repaid $300,000,000 principal amount of its variable rate unsecured notes in advance of the January 2021 scheduled maturity, recognizing a charge of $268,000 for the non-cash write-off of deferred financing costs. • In August 2020, the Company repaid $67,904,000 principal amount of 4.18% fixed rate debt secured by Avalon Hoboken at par in advance of its December 2020 maturity date. At December 31, 2020, the Company has a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (0.92% at December 31, 2020), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating. The Company had no borrowings outstanding under the Credit Facility and had $2,900,000 and $11,488,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2020 and 2019, respectively. In addition, the Company had $32,079,000 and $24,939,000 outstanding in additional letters of credit on a separate facility unrelated to the Credit Facility as of December 31, 2020 and 2019, respectively. In the aggregate, secured notes payable mature at various dates from April 2021 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,448,551,000, excluding communities classified as held for sale, as of December 31, 2020). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% and 3.9% at December 31, 2020 and 2019, respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax exempt) including the effect of certain financing related fees, was 1.7% and 3.2% at December 31, 2020 and 2019, respectively. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2020 are as follows (dollars in thousands): Year Secured notes Secured notes Unsecured notes and Stated interest rate of 2021 $ 9,304 $ 27,844 $ — N/A 2022 9,918 — 450,000 2.950 % 100,000 LIBOR + 0.90% 2023 10,739 — 350,000 4.200 % 250,000 2.850 % 2024 11,677 — 300,000 3.500 % 150,000 LIBOR + 0.85% 2025 12,408 — 525,000 3.450 % 300,000 3.500 % 2026 13,445 — 475,000 2.950 % 300,000 2.900 % 2027 15,880 236,100 400,000 3.350 % 2028 20,707 — 450,000 3.200 % 2029 11,742 66,250 450,000 3.300 % 2030 12,384 — 700,000 2.300 % Thereafter 176,078 245,338 600,000 2.450 % 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 304,282 $ 575,532 $ 6,750,000 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 Company is subject to financial covenants contained in the Credit Facility, the Term Loans and the indentures under which the unsecured notes were issued. The principal financial covenants include the following: • limitations on the amount of total and secured debt in relation to our overall capital structure; • limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and • minimum levels of debt service coverage. The Company was in compliance with these covenants at December 31, 2020.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Equity	Equity As of December 31, 2020 and 2019, 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, 2020, the Company: i. issued 1,902 shares of common stock in connection with stock options exercised; ii. issued 2,747 common shares through the Company's dividend reinvestment plan; iii. issued 165,545 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. withheld 74,173 common shares to satisfy employees' tax withholding and other liabilities; v. issued 20,161 common shares through the Employee Stock Purchase Plan; vi. canceled 7,683 common shares of restricted stock upon forfeiture; and vii. purchased 1,225,790 common shares through the 2020 Stock Repurchase Program, discussed below. Any deferred compensation related to the Company’s stock option, restricted stock and performance award grants during the year ended December 31, 2020 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2020, and will not be reflected until recognized as compensation cost. In July 2020, the Company’s Board of Directors voted to terminate the Company’s prior $500,000,000 Stock Repurchase Program (the "Amended 2005 Stock Repurchase Program") and approved a new stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "2020 Stock Repurchase Program"). Purchases of common stock under the 2020 Stock Repurchase Program may be exercised from time to time in the Company’s discretion and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The 2020 Stock Repurchase Program does not have an expiration date and may be suspended or terminated at any time without prior notice. During the year ended December 31, 2020, the Company repurchased 1,225,790 shares of common stock at an average price of $149.99 per share. As of December 31, 2020, the Company had $316,148,000 remaining authorized for purchase under this program.

Investments in Real Estate Enti

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2020
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. Certain of these investments are subject to various buy‑sell provisions or other rights which are customary in real estate joint venture agreements. The Company and its partners in these entities may initiate these provisions to either sell the Company's interest or acquire the joint venture interest from the Company's partner. The following presents the Company's activities in unconsolidated real estate entities for the years ended December 31, 2020, 2019 and 2018: Archstone Multifamily Partners AC LP (the “U.S. Fund”) —The Company is the general partner of the U.S. Fund and has 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 (as defined in Note 5, “Investments in Real Estate Entities,” of the Consolidated Financial Statements in Item 8 in the Company's Form 10-K filed February 22, 2019). During 2020, the U.S. Fund sold Avalon Venice on Rose, located in Venice, CA, containing 70 apartment homes and 9,000 square feet of commercial space for $65,000,000. The Company's proportionate share of the gain in accordance with GAAP was $5,157,000. In conjunction with the disposition of the community, the U.S. Fund repaid $27,117,000 of secured indebtedness at par. The U.S. Fund sold one community in each 2019 and 2018, and the Company's proportionate share of the gains in accordance with GAAP was $5,788,000 and $8,636,000, respectively. Multifamily Partners AC JV LP (the “AC JV”) —The Company has a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition. During 2018, the AC JV sold one community, and the Company's proportionate share of the gain in accordance with GAAP was $2,019,000. 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, 2020, 2019 and 2018, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, of which the Company's portion was $1,000,000, $1,400,000 and $1,120,000, respectively. At December 31, 2020, the remaining preferred interests had an aggregate liquidation value of $35,382,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. 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 owned a 55.0% interest in the venture. During the year ended December 31, 2019, the Company acquired the 45.0% equity interest of AVA North Point that was owned by the venture partner, for a purchase price of $71,280,000. Upon acquisition, the Company consolidated AVA North Point as a wholly-owned operating community. NYTA MF Investors LLC (“NYC Joint Venture”) —During 2018, the Company contributed five wholly-owned operating communities located in New York City, 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 partners sharing in returns in accordance with their ownership interests. In conjunction with the formation of the venture in 2018, the Company sold the five communities, containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial 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. Avalon Alderwood MF Member, LLC —During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Mall, an apartment community located in Lynnwood, WA, which is currently under construction and expected to contain 328 apartment homes (unaudited) when complete. The Company has a 50.0% interest in the venture, which is considered a VIE, though the Company was not considered to be the primary beneficiary because it shares control with its venture partner. 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, and the capital budget to construct Avalon Alderwood Mall. Arts District Joint Venture —During 2020, the Company entered into a joint venture to develop, own, and operate AVA Arts District, an apartment community located in Los Angeles, CA, which is currently under construction and expected to contain 475 apartment homes (unaudited) and 56,000 square feet (unaudited) of commercial space when completed. The Company has a 25.0% interest in the venture with a total expected equity investment of approximately $27,600,000, of which $19,500,000 has already been contributed. The venture has secured a $165,600,000 variable rate construction loan to fund approximately 60% of the development of AVA Arts District, of which no amounts have been drawn as of December 31, 2020. The venture will commence draws under the loan subsequent to required equity contributions by the venture partners. The Company has guaranteed the construction loan on behalf of the venture, and any obligations under the construction loan guarantee, except for obligations arising from misconduct by the Company, are required capital contributions of the partners based on ownership interest. The venture is considered an unconsolidated VIE as the Company was not considered to be the primary beneficiary due to shared control and decision making with its venture partner. 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, changes to the development plan or budget, and major operating decisions including annual business plans. AvalonBay Value Added Fund II, L.P. (“Fund II”) —During 2018, the Company held an investment in and received the final distributions for the AvalonBay Value Added Fund II, L.P. (“Fund II”), a private, discretionary real estate investment vehicle formed in 2008. The Company completed the dissolution of Fund II in 2018. A wholly owned subsidiary of the Company 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 discussed above and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 12/31/20 12/31/19 Assets: Real estate, net $ 1,249,730 $ 1,204,470 Other assets 255,606 196,488 Total assets $ 1,505,336 $ 1,400,958 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 751,257 $ 782,257 Other liabilities 163,808 157,379 Partners' capital 590,271 461,322 Total liabilities and partners' capital $ 1,505,336 $ 1,400,958 _________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so. The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands): For the year ended 12/31/20 12/31/19 (1) 12/31/18 (2) Rental and other income $ 118,474 $ 144,431 $ 92,533 Operating and other expenses (49,509) (55,732) (35,840) Gain on sale of communities 18,450 21,748 54,202 Interest expense, net (31,982) (33,896) (22,500) Depreciation expense (34,606) (58,387) (26,706) Net income $ 20,827 $ 18,164 $ 61,689 Company's share of net income (3) $ 8,538 $ 10,779 $ 17,519 Amortization of excess investment and other (2,116) (2,127) (2,249) Equity in income from unconsolidated real estate investments $ 6,422 $ 8,652 $ 15,270 _________________________________ (1) Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest. (2) Amounts include results from the NYC Joint Venture from the date the venture was formed. (3) Includes the Company's share of gain on sale of communities and income recognized for its promoted interest. Investments in Consolidated Real Estate Entities During the year ended December 31, 2020, the Company did not acquire any communities. In addition to AVA North Point, during the year ended December 31, 2019, the Company acquired five communities, containing an aggregate 1,175 apartment homes, which were acquired for an aggregate purchase price of $345,450,000. During the year ended December 31, 2018, the Company acquired four communities, containing an aggregate 1,096 apartment homes, which were acquired for an aggregate purchase price of $334,450,000. 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.

Real Estate Disposition Activit

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities During the year ended December 31, 2020, the Company sold nine wholly-owned operating communities, containing an aggregate of 1,817 apartment homes for an aggregate sales price of $627,750,000 and an aggregate gain in accordance with GAAP of $340,444,000. Details regarding the real estate sales, excluding for-sale residential condominiums at the Park Loggia, are summarized in the following table (dollars in thousands): Community Name Location Period Apartment Debt Gross Net cash Avalon Shelton Shelton, CT Q120 250 $ — $ 64,750 $ 63,030 Avalon Tinton Falls Tinton Falls, NJ Q220 216 — 64,900 63,371 Avalon Towers Long Beach, NY Q320 109 — 54,000 53,079 Avalon Somerset Somerset, NJ Q420 384 — 110,000 107,415 eaves San Rafael San Rafael, CA Q420 254 — 106,000 104,462 Avalon Cohasset Cohasset, MA Q420 220 — 90,250 88,673 Avalon Wilton on Danbury Rd Wilton, CT Q420 100 — 34,750 33,744 Avalon Stratford Stratford, CT Q420 130 — 30,600 29,808 eaves Diamond Heights San Francisco, CA Q420 154 — 72,500 69,469 Other real estate (1) Brooklyn, NY 2020 N/A — 6,500 6,722 Total of 2020 asset sales 1,817 $ — $ 634,250 $ 619,773 Total of 2019 asset sales 1,660 $ 21,700 $ 431,280 $ 422,041 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 _________________________________ (1) Represents the sale of commercial space. As of December 31, 2020, the Company had one community that qualified as held for sale. The Park Loggia The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the year ended December 31, 2020, the Company sold 70 residential condominiums at The Park Loggia, for gross proceeds of $216,372,000 resulting in a gain in accordance with GAAP of $8,213,000. As of December 31, 2020, there were 102 residential condominiums remaining to be sold. The Company incurred $5,662,000, $3,812,000 and $1,044,000 during the years ended December 31, 2020, 2019 and 2018, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2020 and 2019, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $267,219,000 and $457,809,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets. The Company recognized a net deferred tax liability of $5,782,000 during the year ended December 31, 2019 for the GAAP to tax basis differences of The Park Loggia and the associated 66,000 square feet of commercial space. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the income tax associated to The Park Loggia.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2020, the Company has no employment agreements with its executive officers other than an agreement executed on December 4, 2020, with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors. 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 in connection with or within 24 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. 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, 2019 and 2018, the Company recognized $6,292,000 and $946,000 in legal recoveries, respectively. Legal recoveries recognized during the year ended December 31, 2019 include $3,126,000 in proceeds related to a former Development Right and $2,237,000 in proceeds related to a construction defect at a community, reported as a component of general and administrative expense on the accompanying Consolidated Statements of Comprehensive Income. Amounts recognized during the year ended December 31, 2018 include $554,000 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, net on the accompanying Consolidated Statements of Comprehensive Income. There were no material receipts during the year ended December 31, 2020. The Company is involved in various other claims and/or administrative proceedings 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 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 10 apartment communities and two commercial properties, located on land subject to ground leases expiring between May 2041 and March 2142. The Company has purchase options for all ground leases expiring prior to 2060. The ground leases for nine of the 10 of the apartment communities and the rest of the ground leases, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 14 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of December 31, 2020 and 2019, the Company has total operating lease assets of $133,581,000 and $103,063,000, respectively, and lease obligations of $161,313,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. The Company incurred costs of $16,011,000, $14,371,000 and $21,788,000 in the years ended December 31, 2020, 2019 and 2018, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are finance leases. As of December 31, 2020 and 2019, the Company has total finance lease assets of $21,685,000 and $21,898,000, respectively, and total finance lease obligations of $20,166,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. 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. The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 25 years Weighted-average remaining lease term - operating leases 42 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases 4.74 % The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
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, Northern and Southern California and the expansion markets of Southeast Florida and Denver, Colorado) 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, 2020, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2019, 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 90% 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, 2020, or which were acquired during the years ended December 31, 2020 or 2019. Other Stabilized Communities 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, 2020. 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, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, (gain) loss on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net for-sale condominium activity 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, 2020, 2019 and 2018 is as follows (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Net income $ 827,706 $ 786,103 $ 974,175 Indirect operating expenses, net of corporate income 97,443 83,008 80,227 Expensed transaction, development and other pursuit costs, net of recoveries 12,399 4,991 3,265 Interest expense, net 214,151 203,585 220,974 Loss on extinguishment of debt, net 9,333 602 17,492 General and administrative expense 60,343 58,042 60,369 Equity in income of unconsolidated real estate entities (6,422) (8,652) (15,270) Depreciation expense 707,331 661,578 631,196 Income tax (benefit) expense (3,247) 13,003 (160) Casualty and impairment loss, net — — 215 Gain on sale of communities (340,444) (166,105) (374,976) Gain on other real estate transactions, net (440) (439) (345) Net for-sale condominium activity (2,551) 3,812 1,044 Net operating income from real estate assets sold or held for sale (28,412) (45,354) (113,074) Net operating income $ 1,547,190 $ 1,594,174 $ 1,485,132 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 12/31/2020 12/31/2019 12/31/2018 Rental income from real estate assets sold or held for sale $ 44,951 $ 73,168 $ 175,915 Operating expenses from real estate assets sold or held for sale (16,539) (27,814) (62,841) Net operating income from real estate assets sold or held for sale $ 28,412 $ 45,354 $ 113,074 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, 2020 for the years ended December 31, 2020 and 2019 and at January 1, 2019, for the year ended December 31, 2018. Segment information for the years ended December 31, 2020, 2019 and 2018 has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, “Real Estate Disposition Activities.” In addition to NOI, the Company's CODM considers total revenue in assessing each segment's performance. As discussed in Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses, as it is presented for prior year periods on the accompanying Consolidated Statements of Comprehensive Income. Consistent with how the Company's CODM evaluates total revenue, and to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. Total NOI Gross For the period ended December 31, 2020 Established New England $ 297,674 $ 193,053 $ 2,617,725 Metro NY/NJ 445,939 305,408 4,235,524 Mid-Atlantic 341,311 237,063 3,511,960 Pacific Northwest 109,321 76,093 996,317 Northern California 378,362 283,012 3,201,926 Southern California 432,441 298,900 4,160,754 Expansion Markets 23,269 13,376 321,252 Total Established (2) 2,028,317 1,406,905 19,045,458 Other Stabilized 140,173 92,040 1,596,656 Development / Redevelopment 84,001 48,245 2,789,062 Land Held for Future Development N/A N/A 110,142 Non-allocated (3) 3,819 N/A 375,964 Total $ 2,256,310 $ 1,547,190 $ 23,917,282 For the period ended December 31, 2019 Established New England $ 303,816 $ 202,812 $ 2,595,907 Metro NY/NJ 466,135 327,356 4,214,565 Mid-Atlantic 351,680 250,142 3,484,610 Pacific Northwest 113,021 82,186 990,563 Northern California 397,593 305,450 3,186,075 Southern California 451,640 321,776 4,131,539 Expansion Markets 23,403 13,578 320,355 Total Established (2) 2,107,288 1,503,300 18,923,614 Other Stabilized 110,434 74,814 1,587,398 Development / Redevelopment 28,776 16,060 2,086,519 Land Held for Future Development N/A N/A — Non-allocated (3) 4,960 N/A 559,777 Total $ 2,251,458 $ 1,594,174 $ 23,157,308 For the year ended December 31, 2018 Established New England $ 223,594 $ 148,310 $ 1,890,304 Metro NY/NJ 379,968 271,767 3,367,198 Mid-Atlantic 284,381 200,381 2,669,040 Pacific Northwest 108,861 78,313 985,102 Northern California 340,247 262,055 2,753,596 Southern California 394,519 283,795 3,573,952 Expansion Markets (4) N/A N/A N/A Total Established (2) 1,731,570 1,244,621 15,239,192 Other Stabilized 238,584 159,745 3,063,670 Development / Redevelopment 120,822 80,766 2,652,968 Land Held for Future Development N/A N/A 84,712 Non-allocated (3) 3,572 N/A 504,230 Total $ 2,094,548 $ 1,485,132 $ 21,544,772 _________________________________ (1) Does not include gross real estate assets held for sale of $44,940 as of December 31, 2020 and gross real estate either sold or classified as held for sale subsequent to December 31, 2019 and 2018 of $401,152 and $732,397, respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $126,548, $128,324 and $78,469 in 2020, 2019 and 2018, respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities." (4) The Company had no communities in its Established Communities Expansion Markets for the year ended December 31, 2018.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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, 2020, the Company had 6,913,585 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 Weighted 1994 Plan Weighted 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 — $ — Exercised (109,804) 129.47 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2019 14,408 $ 124.05 — $ — Exercised (1,902) 89.17 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2020 12,506 $ 129.35 — $ — Options Exercisable: December 31, 2018 117,217 $ 126.91 — $ — December 31, 2019 14,408 $ 124.05 — $ — December 31, 2020 12,506 $ 129.35 — $ — _________________________________ (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, 2020: 2009 Plan Range—Exercise Price Weighted Average 1,387 $110.00 - $119.99 0.1 11,119 $130.00 - $139.99 1.8 12,506 Options outstanding and exercisable at December 31, 2020 had an intrinsic value of $389,000. Options exercisable had a weighted average contractual life of 1.6 years. The intrinsic value of options exercised under the 2009 Plan during 2020, 2019 and 2018 was $251,000, $7,970,000 and $3,016,000, respectively. There were no stock options granted in 2020, 2019 and 2018, 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 100% of the award value, in increments of 25%, 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 units for awards granted in 2017 or earlier that were earned at the end of the measurement period were settled in the form of time-vesting restricted stock. Performance units for awards granted in 2018 and later years that are earned at the end of the measurement period are settled in fully vested shares of common stock and an amount of cash equal to the dividends that were paid, while the performance award was outstanding, on a number of shares equal to the number of units earned. 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 and the cash amount for the dividends described above 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, 2017 251,770 $ 155.25 Granted (1) 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 Granted (3) 80,512 200.75 Change in awards based on performance (2) (16,760) 142.03 Converted to restricted stock (73,072) 142.03 Forfeited (4,377) 166.44 Outstanding at December 31, 2019 253,432 $ 176.27 Granted (4) 77,182 238.03 Change in awards based on performance (2) 18,112 177.26 Converted to restricted stock (96,317) 177.26 Forfeited (10,488) 188.52 Outstanding at December 31, 2020 241,921 $ 195.13 _________________________________ (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 62,043 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 38,922 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 47,502 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,010 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 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 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: 2020 2019 2018 Dividend yield 2.8% 3.1% 3.7% Estimated volatility over the life of the plan (1) 11.1% - 15.5% 13.9% - 18.8% 11.8% - 18.7% Risk free rate 1.45% - 1.62% 2.46% - 2.57% 1.86% - 2.46% Estimated performance award value based on total shareholder return measure $254.72 $204.15 $151.67 _________________________________ (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 $224.64, $195.86 and $161.10, for the years ended December 31, 2020, 2019 and 2018, 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, 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 Granted - restricted stock shares 79,430 196.43 73,072 Vested - restricted stock shares (89,289) 168.06 (119,064) Forfeited (2,226) 174.45 (135) Outstanding at December 31, 2019 148,326 $ 181.29 163,111 Granted - restricted stock shares 69,228 221.08 96,317 Vested - restricted stock shares (79,931) 178.41 (111,325) Forfeited (5,899) 196.22 (1,784) Outstanding at December 31, 2020 131,724 $ 203.28 146,319 Total employee stock-based compensation cost recognized in income was $21,110,000, $24,885,000 and $19,707,000 for the years ended December 31, 2020, 2019 and 2018, respectively, and total capitalized stock-based compensation cost was $9,974,000, $9,396,000 and $10,208,000 for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, there was a total unrecognized compensation cost of $25,200,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 1.8 years. Forfeitures are included in compensation cost as they occur. 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 634,274 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 20,161, 13,894 and 12,955 shares and recognized compensation expense of $537,000, $761,000 and $436,000 under the ESPP for the years ended December 31, 2020, 2019 and 2018, 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, 2020
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 $3,819,000, $4,960,000 and $3,572,000 in the years ended December 31, 2020, 2019 and 2018, respectively. In addition, the Company had outstanding receivables associated with its property and construction management role of $5,408,000 and $3,924,000 as of December 31, 2020 and 2019, 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 $170,000 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, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250, the non-employee director serving as the chairperson of the Compensation Committee receives 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.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments 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, 2020, 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 following table summarizes the consolidated derivative positions at December 31, 2020 (dollars in thousands): Non-designated Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 679,167 $ 150,000 Weighted average interest rate (1) 1.7 % N/A Weighted average swapped/capped interest rate 6.4 % 0.7 % Earliest maturity date January 2021 May 2021 Latest maturity date January 2024 May 2021 _________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps. The following activity occurred during the year ended December 31, 2020: • The Company settled an aggregate of $600,000,000 of forward interest rate swap agreements, making aggregate payments of $25,135,000. Of the positions settled by the Company, $250,000,000 were forward interest swaps that the Company had entered into during 2020. The settled positions were comprised of the following: ◦ In conjunction with the issuance of the Company's $700,000,000 unsecured notes due 2030 in February 2020, the Company settled $350,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $20,314,000. ◦ In conjunction with the issuance of the Company's $600,000,000 unsecured notes due 2031 in May 2020, the Company settled $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $4,821,000. The Company has deferred these amounts in accumulated other comprehensive loss on the accompanying Condensed Consolidated Balance Sheets, and is recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt. • The Company entered into an additional $150,000,000 of new forward interest rate swap agreements executed to reduce the impact of variability of interest rates on a portion of the Company's expected debt issuance activity in 2021 (the "Swaps"). Based on changes in the Company's expected capital requirements for 2021 as of December 31, 2020, while the Company may still issue debt in 2021, it is no longer probable that the Company will issue the debt for which the Swaps were executed. As a result, the Company ceased hedge accounting and recognized a gain of $2,894,000 for the change in fair value of the Swaps for the three months ended December 31, 2020, in interest expense, net, on the accompanying Consolidated Statements of Comprehensive Income. The Company had ten derivatives not designated as hedges at December 31, 2020 including the Swaps discussed above. Other than the Swaps, fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2020 and 2019, were not material. During 2020, the Company deferred $17,731,000 of net losses for cash flow hedges reported as a component of accumulated other comprehensive 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 12/31/20 12/31/19 12/31/18 Cash flow hedge losses reclassified to earnings $ 8,984 $ 6,571 $ 6,143 The Company anticipates reclassifying approximately $9,467,000 of net hedging losses from accumulated other comprehensive loss into earnings within the next 12 months as an offset to the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2020 and 2019. 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 prepaid expenses, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. In conjunction with the development of Avalon Brooklyn Bay, the Company entered into a joint venture agreement to construct a mixed-use building that included for-sale residential condominium units and related common elements, in addition to the Company's rental apartments, in which the Company has a 100% interest. The venture partner has 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 for the for-sale residential condominium units. As of December 31, 2020, 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, 2020 was $3,645,000, representing outstanding principal and interest, net of repayments, and as of December 31, 2019, was $10,650,000, 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. 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 Loans 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 Loans 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 tables summarize 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 Quoted Prices Significant Significant 12/31/2020 Non Designated Hedges Interest Rate Caps $ 6 $ — $ 6 $ — Interest Rate Swaps - Assets 4,308 — 4,308 — DownREIT units (1,203) (1,203) — — Indebtedness Fixed rate unsecured notes (7,271,799) (7,271,799) — — Secured notes and variable rate unsecured indebtedness (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ — 12/31/2019 Cash Flow Hedges Interest Rate Swaps - Assets $ 388 $ — $ 388 $ — Interest Rate Swaps - Liabilities (6,379) — (6,379) — DownREIT units (1,573) (1,573) — — Indebtedness Fixed rate unsecured notes (6,197,771) (6,197,771) — — Secured notes and variable rate unsecured indebtedness (1,398,147) — (1,398,147) — Total $ (7,603,482) $ (6,199,344) $ (1,404,138) $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe 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.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	2020 2019 2020 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 $ 13,086 $ 2,124 $ 25,653 $ 27,777 $ 17,145 $ 10,632 $ 10,379 $ — 1994 Avalon Oaks Wilmington, MA 204 2,129 17,567 7,097 2,129 24,664 26,793 16,793 10,000 10,505 — 1999 eaves Quincy Quincy, MA 245 1,743 14,662 12,135 1,743 26,797 28,540 17,533 11,007 11,313 — 1986/1995 Avalon Oaks West Wilmington, MA 120 3,318 13,465 2,281 3,318 15,746 19,064 9,971 9,093 9,471 — 2002 Avalon at Newton Highlands Newton, MA 294 10,905 45,547 17,181 10,905 62,728 73,633 33,615 40,018 42,916 — 2003 Avalon at The Pinehills Plymouth, MA 192 6,876 30,401 4,211 6,876 34,612 41,488 15,261 26,227 26,568 — 2004 eaves Peabody Peabody, MA 286 4,645 18,919 15,548 4,645 34,467 39,112 17,409 21,703 22,478 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 5,337 4,258 25,888 30,146 12,523 17,623 17,853 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,911 12,756 14,572 58,667 73,239 26,740 46,499 48,521 36,399 2007 Avalon at Lexington Hills Lexington, MA 387 8,691 79,121 14,396 8,691 93,517 102,208 41,062 61,146 65,554 — 2008 Avalon Acton Acton, MA 380 13,124 48,695 6,554 13,124 55,249 68,373 23,793 44,580 45,774 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,656 10,189 12,218 51,845 64,063 21,037 43,026 44,584 — 2009 Avalon Sharon Sharon, MA 156 4,719 25,478 5,498 4,719 30,976 35,695 13,090 22,605 24,150 — 2008 Avalon Northborough Northborough, MA 382 8,144 52,184 4,937 8,144 57,121 65,265 21,532 43,733 44,632 — 2009 Avalon Exeter (2) Boston, MA 187 — 110,028 587 — 110,615 110,615 25,549 85,066 88,811 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 931 15,645 65,776 81,421 17,499 63,922 65,755 — 2013 Avalon at Assembly Row Somerville, MA 195 8,599 52,454 610 8,599 53,064 61,663 12,462 49,201 50,793 — 2015 AVA Somerville Somerville, MA 250 10,944 56,460 516 10,944 56,976 67,920 12,370 55,550 57,350 — 2015 AVA Back Bay Boston, MA 271 9,034 36,540 51,869 9,034 88,409 97,443 43,310 54,133 56,613 — 1968/1998 Avalon Prudential Center II (1) Boston, MA 266 8,776 35,496 63,118 8,776 98,614 107,390 42,832 64,558 66,259 — 1968/1998 Avalon Prudential Center I (1) Boston, MA 243 8,002 32,370 53,105 8,002 85,475 93,477 37,266 56,211 58,745 — 1968/1998 eaves Burlington Burlington, MA 203 7,714 32,499 7,663 7,714 40,162 47,876 11,251 36,625 37,640 — 1988/2012 AVA Theater District Boston, MA 398 17,072 163,633 341 17,072 163,974 181,046 30,786 150,260 155,934 — 2015 Avalon Burlington Burlington, MA 312 15,600 60,649 17,159 15,600 77,808 93,408 22,048 71,360 74,002 — 1989/2013 Avalon Marlborough Marlborough, MA 350 15,367 60,397 641 15,367 61,038 76,405 12,057 64,348 66,420 — 2015 Avalon North Station Boston, MA 503 22,796 247,270 777 22,796 248,047 270,843 32,110 238,733 247,196 — 2017 Avalon Framingham Framingham, MA 180 9,315 34,631 13 9,315 34,644 43,959 6,511 37,448 38,701 — 2015 Avalon Quincy Quincy, MA 395 14,694 79,655 14 14,694 79,669 94,363 11,728 82,635 84,923 — 2017 Avalon Easton Easton, MA 290 3,170 60,837 134 3,170 60,971 64,141 8,059 56,082 58,660 — 2017 2020 2019 2020 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 Bear Hill Waltham, MA 324 $ 27,350 $ 94,168 $ 29,528 $ 27,350 $ 123,696 $ 151,046 $ 37,513 $ 113,533 $ 117,841 $ — 1999/2013 Avalon at Center Place (3) Providence, RI 225 — 26,816 19,569 — 46,385 46,385 30,843 15,542 16,512 — 1991/1997 Total Boston, MA 8,421 $ 291,544 $ 1,715,472 $ 377,781 $ 291,544 $ 2,093,253 $ 2,384,797 $ 681,698 $ 1,703,099 $ 1,766,853 $ 81,399 Fairfield, CT Avalon Wilton on River Rd Wilton, CT 102 $ 2,116 $ 14,664 $ 7,411 $ 2,116 $ 22,075 $ 24,191 $ 14,686 $ 9,505 $ 10,193 $ — 1997 Avalon New Canaan (1) New Canaan, CT 104 4,834 22,990 6,710 4,834 29,700 34,534 16,734 17,800 18,780 — 2002 Avalon Darien (1) Darien, CT 189 6,926 34,558 9,401 6,926 43,959 50,885 23,024 27,861 29,263 — 2004 Avalon Norwalk Norwalk, CT 311 11,320 62,904 1,762 11,320 64,666 75,986 22,877 53,109 54,892 — 2011 Avalon East Norwalk Norwalk, CT 240 10,395 36,451 486 10,395 36,937 47,332 9,840 37,492 38,771 — 2013 Total Fairfield, CT 946 $ 35,591 $ 171,567 $ 25,770 $ 35,591 $ 197,337 $ 232,928 $ 87,161 $ 145,767 $ 151,899 $ — TOTAL NEW ENGLAND 9,367 $ 327,135 $ 1,887,039 $ 403,551 $ 327,135 $ 2,290,590 $ 2,617,725 $ 768,859 $ 1,848,866 $ 1,918,752 $ 81,399 METRO NY/NJ New York City, NY Avalon Riverview (3) Long Island City, NY 372 $ — $ 94,061 $ 12,153 $ — $ 106,214 $ 106,214 $ 66,956 $ 39,258 $ 42,922 $ — 2002 Avalon Riverview North (3) Long Island City, NY 602 — 165,954 15,704 — 181,658 181,658 78,907 102,751 108,866 — 2008 AVA Fort Greene Brooklyn, NY 631 83,038 216,802 7,957 83,038 224,759 307,797 80,404 227,393 230,971 — 2010 AVA DoBro Brooklyn, NY 500 76,127 206,955 184 76,127 207,139 283,266 34,745 248,521 259,093 — 2017 Avalon Willoughby Square Brooklyn, NY 326 49,635 134,935 89 49,635 135,024 184,659 20,414 164,245 168,970 — 2017 Avalon Brooklyn Bay Brooklyn, NY 180 18,310 74,344 263 18,310 74,607 92,917 10,961 81,956 85,531 — 2018 Avalon Midtown West (1) New York, NY 550 154,730 180,253 47,906 154,730 228,159 382,889 62,877 320,012 321,720 93,500 1998/2013 Avalon Clinton North New York, NY 339 84,069 105,821 12,891 84,069 118,712 202,781 35,382 167,399 170,860 147,000 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 7,469 71,421 97,320 168,741 30,009 138,732 141,704 121,500 2007/2013 Total New York City, NY 3,788 $ 537,330 $ 1,268,976 $ 104,616 $ 537,330 $ 1,373,592 $ 1,910,922 $ 420,655 $ 1,490,267 $ 1,530,637 $ 362,000 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 28,286 $ 8,010 $ 4,679 $ 36,296 $ 40,975 $ 26,396 $ 14,579 $ 15,021 $ — 1997 Avalon Green I Elmsford, NY 105 1,820 10,525 7,878 1,820 18,403 20,223 11,815 8,408 9,011 — 1995 Avalon Mamaroneck (1) Mamaroneck, NY 229 6,207 40,791 16,119 6,207 56,910 63,117 33,090 30,027 31,880 — 2000 Avalon Bronxville Bronxville, NY 110 2,889 28,324 9,026 2,889 37,350 40,239 23,789 16,450 17,679 — 1999 Avalon at Glen Cove Glen Cove, NY 256 7,871 59,969 5,909 7,871 65,878 73,749 36,817 36,932 39,003 — 2004 Avalon Glen Cove North Glen Cove, NY 111 2,577 37,336 909 2,577 38,245 40,822 17,877 22,945 24,245 — 2007 Avalon White Plains White Plains, NY 407 15,391 137,353 2,223 15,391 139,576 154,967 55,731 99,236 103,560 — 2009 2020 2019 2020 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 $ 6,794 $ 32,212 $ 85,600 $ 117,812 $ 27,871 $ 89,941 $ 92,738 $ — 2012 Avalon Green II Elmsford, NY 444 27,765 77,560 2,962 27,765 80,522 108,287 24,407 83,880 86,207 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,326 941 18,205 50,267 68,472 14,885 53,587 55,172 — 2013 Avalon Ossining Ossining, NY 168 6,392 30,313 404 6,392 30,717 37,109 7,421 29,688 30,465 — 2014 Avalon Huntington Station Huntington Station, NY 303 21,899 58,437 266 21,899 58,703 80,602 13,467 67,135 69,236 — 2014 Avalon Green III Elmsford, NY 68 4,985 17,300 183 4,985 17,483 22,468 3,122 19,346 19,984 — 2016 Avalon Great Neck Great Neck, NY 191 14,777 65,505 16 14,777 65,521 80,298 9,029 71,269 74,002 — 2017 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 50,983 — 7,534 50,983 58,517 6,604 51,913 54,008 — 2017 Avalon Somers Somers, NY 152 5,608 40,591 24 5,608 40,615 46,223 5,169 41,054 42,538 — 2018 Avalon Westbury Westbury, NY 396 69,620 43,781 13,323 69,620 57,104 126,724 23,188 103,536 105,632 74,370 2006/2013 Total New York - Suburban 3,970 $ 250,431 $ 855,186 $ 74,987 $ 250,431 $ 930,173 $ 1,180,604 $ 340,678 $ 839,926 $ 870,381 $ 74,370 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 29,303 $ 8,760 $ 111,725 $ 120,485 $ 76,960 $ 43,525 $ 45,546 $ — 1997 eaves Lawrenceville Lawrenceville, NJ 632 14,650 60,486 13,893 14,650 74,379 89,029 41,003 48,026 50,285 — 1994 Avalon Princeton Junction West Windsor, NJ 512 5,585 22,382 26,214 5,585 48,596 54,181 31,307 22,874 23,620 — 1988/1993 Avalon at Edgewater I Edgewater, NJ 168 5,982 24,389 9,615 5,982 34,004 39,986 19,783 20,203 21,621 — 2002 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 16,440 6,647 51,346 57,993 29,412 28,581 30,831 — 2001 Avalon West Long Branch West Long Branch, NJ 180 2,721 22,925 478 2,721 23,403 26,124 8,433 17,691 18,427 — 2011 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 1,048 8,984 32,042 41,026 9,834 31,192 32,177 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,635 2,139 14,682 43,774 58,456 13,243 45,213 46,598 — 2012 Avalon Hackensack at Riverside (3) Hackensack, NJ 226 — 44,619 1,071 — 45,690 45,690 12,139 33,551 34,886 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,863 337 6,502 17,200 23,702 4,757 18,945 19,356 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 200 3,006 28,001 31,007 7,193 23,814 24,777 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 509 2,273 49,118 51,391 10,444 40,947 42,380 — 2015 Avalon Bloomfield Station (2) Bloomfield, NJ 224 10,701 36,513 63 10,701 36,576 47,277 7,359 39,918 41,287 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,868 55 11,288 34,923 46,211 7,027 39,184 40,439 — 2015 Avalon Princeton Princeton, NJ 280 26,461 68,003 717 26,461 68,720 95,181 10,260 84,921 87,418 — 2017 Avalon Union Union, NJ 202 11,695 36,315 72 11,695 36,387 48,082 6,416 41,666 43,002 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 90,475 6,316 37,237 96,791 134,028 21,972 112,056 115,062 — 2008/2016 Avalon Maplewood Maplewood, NJ 235 15,179 49,556 — 15,179 49,556 64,735 6,277 58,458 60,644 — 2018 Avalon at Edgewater II Edgewater, NJ 240 8,605 60,809 — 8,605 60,809 69,414 6,220 63,194 65,247 — 2018 Total New Jersey 5,017 $ 200,958 $ 834,570 $ 108,470 $ 200,958 $ 943,040 $ 1,143,998 $ 330,039 $ 813,959 $ 843,603 $ — TOTAL METRO NY/NJ 12,775 $ 988,719 $ 2,958,732 $ 288,073 $ 988,719 $ 3,246,805 $ 4,235,524 $ 1,091,372 $ 3,144,152 $ 3,244,621 $ 436,370 2020 2019 2020 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 $ 19,628 $ 6,848 $ 47,242 $ 54,090 $ 35,637 $ 18,453 $ 18,459 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 3,720 8,800 43,378 52,178 25,889 26,289 27,288 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 199 7,425 25,481 32,906 7,592 25,314 26,176 — 2013 Avalon The Albemarle Washington, D.C. 234 25,140 52,459 9,046 25,140 61,505 86,645 20,065 66,580 68,693 — 1966/2013 eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,532 16,430 25,434 41,864 8,414 33,450 34,310 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 5,564 38,140 40,916 79,056 14,346 64,710 65,908 — 1961/2013 eaves Glover Park Washington, D.C. 120 9,580 26,532 2,651 9,580 29,183 38,763 9,843 28,920 29,891 — 1953/2013 AVA Van Ness (1) Washington, D.C. 269 22,890 58,691 21,816 22,890 80,507 103,397 22,068 81,329 82,670 — 1978/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 4,143 43,700 158,093 201,793 45,061 156,732 161,867 — 2012/2013 AVA NoMa Washington, D.C. 438 25,246 114,933 815 25,246 115,748 140,994 17,048 123,946 128,637 — 2018 eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 4,910 4,047 23,463 27,510 17,544 9,966 10,482 — 1996 eaves Columbia Town Center Columbia, MD 392 8,802 35,536 13,210 8,802 48,746 57,548 25,984 31,564 32,794 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 5,816 29,159 58,809 87,968 33,621 54,347 54,793 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 7,071 14,365 62,469 76,834 35,479 41,355 42,541 — 2004 AVA Wheaton Wheaton, MD 319 6,494 69,027 — 6,494 69,027 75,521 8,945 66,576 69,508 — 2018 Avalon Hunt Valley Hunt Valley, MD 332 10,872 62,992 43 10,872 63,035 73,907 9,225 64,682 67,052 — 2017 Avalon Laurel Laurel, MD 344 10,130 61,685 41 10,130 61,726 71,856 9,686 62,170 64,437 — 2017 Avalon Fairway Hills - Meadows Columbia, MD 192 2,323 9,297 5,040 2,323 14,337 16,660 10,539 6,121 6,565 — 1987/1996 Avalon Fairway Hills - Woods (1) Columbia, MD 336 3,958 15,839 13,338 3,958 29,177 33,135 17,781 15,354 11,716 — 1987/1996 Avalon Arundel Crossing Linthicum Heights, MD 310 12,208 69,888 2,555 12,208 72,443 84,651 9,506 75,145 78,253 — 2018/2018 Avalon Russett Laurel, MD 238 10,200 47,524 4,083 10,200 51,607 61,807 16,789 45,018 46,563 32,200 1999/2013 eaves Fair Lakes Fairfax, VA 420 6,096 24,400 12,454 6,096 36,854 42,950 25,440 17,510 17,524 — 1989/1996 eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,698 2,152 14,605 16,757 9,626 7,131 7,543 — 1988/1997 Avalon Tysons Corner Tysons Corner, VA 558 13,851 43,397 14,285 13,851 57,682 71,533 39,051 32,482 34,017 — 1996 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 32,893 22,041 123,189 145,230 66,934 78,296 81,854 — 2001 Avalon Park Crest Tysons Corner, VA 354 13,554 63,526 1,017 13,554 64,543 78,097 18,875 59,222 61,053 — 2013 eaves Fairfax Towers (1) Falls Church, VA 415 17,889 74,727 15,576 17,889 90,303 108,192 28,382 79,810 83,103 — 1978/2011 Avalon Mosaic Fairfax, VA 531 33,490 75,801 415 33,490 76,216 109,706 18,954 90,752 93,460 — 2014 Avalon Potomac Yard Alexandria, VA 323 24,225 81,982 2,951 24,225 84,933 109,158 18,607 90,551 93,826 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 95,355 9,290 22,573 104,645 127,218 20,760 106,458 109,983 — 2002/2016 Avalon Columbia Pike Arlington, VA 269 18,830 82,427 4,017 18,830 86,444 105,274 16,083 89,191 91,868 — 2009/2016 Avalon Dunn Loring Vienna, VA 440 29,377 115,465 8,268 29,377 123,733 153,110 22,651 130,459 135,716 — 2012/2017 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Tysons Corner Vienna, VA 217 $ 16,030 $ 45,420 $ 3,255 $ 16,030 $ 48,675 $ 64,705 $ 16,883 $ 47,822 $ 49,535 $ — 1980/2013 AVA Ballston Square (1) Arlington, VA 714 71,640 215,937 41,022 71,640 256,959 328,599 74,288 254,311 260,618 — 1992/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 12,240 56,550 190,272 246,822 57,506 189,316 194,468 — 1999/2013 Avalon Arlington North Arlington, VA 228 21,600 59,076 497 21,600 59,573 81,173 14,222 66,951 68,838 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 8,728 26,710 91,812 118,522 31,260 87,262 90,175 — 2000/2013 Avalon Falls Church Falls Church, VA 384 39,544 66,160 127 39,544 66,287 105,831 13,300 92,531 94,976 — 2016 TOTAL MID-ATLANTIC 13,494 $ 752,909 $ 2,460,097 $ 298,954 $ 752,909 $ 2,759,051 $ 3,511,960 $ 893,884 $ 2,618,076 $ 2,697,160 $ 32,200 PACIFIC NORTHWEST Seattle, WA Avalon Redmond Place (1) Redmond, WA 222 $ 4,558 $ 18,368 $ 11,457 $ 4,558 $ 29,825 $ 34,383 $ 20,694 $ 13,689 $ 14,151 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 264 6,786 27,641 5,810 6,786 33,451 40,237 25,033 15,204 16,054 — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 3,243 6,664 27,362 34,026 18,354 15,672 15,794 — 2001 Avalon RockMeadow Bothell, WA 206 4,777 19,765 3,818 4,777 23,583 28,360 16,382 11,978 12,668 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 3,956 3,789 19,095 22,884 12,952 9,932 10,524 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 1,373 5,644 14,106 19,750 9,467 10,283 10,687 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 4,066 12,697 81,516 94,213 35,254 58,959 61,540 — 2008 Avalon Towers Bellevue (3) Bellevue, WA 397 — 123,029 1,858 — 124,887 124,887 44,866 80,021 84,214 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 989 12,081 42,607 54,688 13,549 41,139 42,373 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 1,244 16,460 48,170 64,630 13,794 50,836 52,449 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,627 31 12,294 55,658 67,952 12,680 55,272 57,297 — 2015 AVA Capitol Hill Seattle, WA 249 20,613 59,986 1,510 20,613 61,496 82,109 11,473 70,636 72,495 — 2016 Avalon Esterra Park Redmond, WA 482 23,178 112,986 1,318 23,178 114,304 137,482 17,698 119,784 123,811 — 2017 Avalon Alderwood II Redmond, WA 124 5,072 21,418 13 5,072 21,431 26,503 3,376 23,127 23,886 — 2016 Avalon Newcastle Commons I Newcastle, WA 378 9,649 112,456 699 9,649 113,155 122,804 13,994 108,810 111,990 — 2017 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 4,317 10,250 31,159 41,409 11,192 30,217 31,269 — 1987/2013 TOTAL PACIFIC NORTHWEST 4,116 $ 154,512 $ 796,103 $ 45,702 $ 154,512 $ 841,805 $ 996,317 $ 280,758 $ 715,559 $ 741,202 $ — NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 14,624 $ 11,830 $ 62,452 $ 74,282 $ 41,905 $ 32,377 $ 34,327 $ — 1995 eaves San Jose San Jose, CA 440 12,920 53,047 19,539 12,920 72,586 85,506 43,395 42,111 44,301 — 1985/1996 Avalon on the Alameda San Jose, CA 305 6,119 50,225 13,069 6,119 63,294 69,413 41,300 28,113 30,846 — 1999 Avalon Silicon Valley (1) Sunnyvale, CA 710 20,713 99,573 35,541 20,713 135,114 155,827 85,905 69,922 74,334 — 1998 Avalon Mountain View Mountain View, CA 248 9,755 39,393 12,001 9,755 51,394 61,149 35,672 25,477 26,378 — 1986 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Creekside Mountain View, CA 296 $ 6,546 $ 26,263 $ 21,834 $ 6,546 $ 48,097 $ 54,643 $ 30,784 $ 23,859 $ 25,203 $ — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 3,267 4,765 50,867 55,632 31,597 24,035 25,377 — 2002 Avalon Towers on the Peninsula (1) Mountain View, CA 211 9,560 56,136 14,701 9,560 70,837 80,397 39,203 41,194 43,782 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,534 586 13,837 65,120 78,957 15,938 63,019 65,123 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 7,299 46,060 89,256 135,316 30,101 105,215 107,802 — 2002/2013 eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 13,812 64,070 82,830 146,900 28,024 118,876 120,633 — 1969/2013 Total San Jose, CA 3,840 $ 206,175 $ 635,574 $ 156,273 $ 206,175 $ 791,847 $ 998,022 $ 423,824 $ 574,198 $ 598,106 $ — Oakland - East Bay, CA Avalon Fremont (1) Fremont, CA 308 $ 10,746 $ 43,399 $ 11,110 $ 10,746 $ 54,509 $ 65,255 $ 39,179 $ 26,076 $ 24,767 $ — 1992/1994 eaves Dublin Dublin, CA 204 5,276 19,642 12,448 5,276 32,090 37,366 21,162 16,204 17,245 — 1989/1997 eaves Pleasanton Pleasanton, CA 456 11,610 46,552 23,236 11,610 69,788 81,398 46,808 34,590 36,309 — 1988/1994 eaves Union City Union City, CA 208 4,249 16,820 4,227 4,249 21,047 25,296 15,978 9,318 10,036 — 1973/1996 eaves Fremont Fremont, CA 235 6,581 26,583 10,779 6,581 37,362 43,943 26,302 17,641 18,725 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 1,848 14,732 105,872 120,604 41,569 79,035 82,462 — 2009 Avalon Walnut Creek (3) Walnut Creek, CA 422 — 148,846 5,778 — 154,624 154,624 54,886 99,738 104,792 4,001 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 1,086 7,772 73,228 81,000 17,581 63,419 65,600 — 2014 Avalon Dublin Station II Dublin, CA 252 7,762 76,587 290 7,762 76,877 84,639 12,920 71,719 74,056 — 2016 eaves Walnut Creek Walnut Creek, CA 510 30,320 82,375 17,483 30,320 99,858 130,178 30,551 99,627 103,110 — 1987/2013 Avalon Walnut Ridge I (1) Walnut Creek, CA 106 9,860 19,850 5,432 9,860 25,282 35,142 7,701 27,441 28,424 — 2000/2013 Avalon Walnut Ridge II (1) Walnut Creek, CA 360 27,190 57,041 13,751 27,190 70,792 97,982 21,941 76,041 78,864 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,689 66 4,500 28,755 33,255 6,503 26,752 27,604 — 2014 Total Oakland - East Bay, CA 3,847 $ 140,598 $ 742,550 $ 107,534 $ 140,598 $ 850,084 $ 990,682 $ 343,081 $ 647,601 $ 671,994 $ 4,001 San Francisco, CA eaves Daly City Daly City, CA 195 $ 4,230 $ 9,659 $ 20,869 $ 4,230 $ 30,528 $ 34,758 $ 21,113 $ 13,645 $ 14,663 $ — 1972/1997 AVA Nob Hill San Francisco, CA 185 5,403 21,567 8,558 5,403 30,125 35,528 20,376 15,152 15,827 — 1990/1995 eaves Foster City Foster City, CA 288 7,852 31,445 13,154 7,852 44,599 52,451 30,377 22,074 23,375 — 1973/1994 eaves Pacifica Pacifica, CA 220 6,125 24,796 4,530 6,125 29,326 35,451 21,942 13,509 14,230 — 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,321 16,719 3,561 38,040 41,601 23,912 17,689 18,809 — 1961/1996 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 9,105 14,029 87,557 101,586 52,019 49,567 53,392 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 766 28,687 119,922 148,609 46,994 101,615 105,579 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 2,215 5,544 53,121 58,665 16,216 42,449 44,109 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,197 20,267 98,518 118,785 23,805 94,980 98,351 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,228 88 12,595 81,316 93,911 16,680 77,231 80,105 — 2015 2020 2019 2020 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 Dogpatch San Francisco, CA 326 $ 23,523 $ 180,922 $ 232 $ 23,523 $ 181,154 $ 204,677 $ 20,350 $ 184,327 $ 190,207 $ — 2018 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 6,936 40,780 75,620 116,400 24,600 91,800 94,626 63,850 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 2,649 23,787 47,583 71,370 14,066 57,304 58,683 27,844 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,217 33,303 66,127 99,430 19,770 79,660 81,815 51,000 2010/2013 Total San Francisco, CA 3,267 $ 229,686 $ 893,301 $ 90,235 $ 229,686 $ 983,536 $ 1,213,222 $ 352,220 $ 861,002 $ 893,771 $ 142,694 TOTAL NORTHERN CALIFORNIA 10,954 $ 576,459 $ 2,271,425 $ 354,042 $ 576,459 $ 2,625,467 $ 3,201,926 $ 1,119,125 $ 2,082,801 $ 2,163,871 $ 146,695 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 748 $ 22,483 $ 28,104 $ 51,677 $ 22,483 $ 79,781 $ 102,264 $ 49,082 $ 53,182 $ 54,487 $ — 1961/1997 Avalon Woodland Hills Woodland Hills, CA 663 23,828 40,372 52,697 23,828 93,069 116,897 55,380 61,517 63,689 — 1989/1997 eaves Warner Center Woodland Hills, CA 227 7,045 12,986 12,287 7,045 25,273 32,318 18,575 13,743 14,257 — 1979/1998 Avalon Glendale (3) Glendale, CA 223 — 42,564 2,838 — 45,402 45,402 26,859 18,543 20,114 — 2003 Avalon Burbank Burbank, CA 400 14,053 56,827 26,328 14,053 83,155 97,208 46,040 51,168 53,271 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,290 2,907 8,446 43,197 51,643 21,254 30,389 31,827 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 5,619 5,459 46,801 52,260 20,773 31,487 32,263 — 2007 Avalon Encino Encino, CA 131 12,789 49,073 1,313 12,789 50,386 63,175 21,172 42,003 43,719 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,845 1,251 7,920 46,096 54,016 19,897 34,119 35,586 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 94,001 1,765 14,734 95,766 110,500 21,336 89,164 92,661 — 2015 eaves Phillips Ranch Pomona, CA 501 9,796 41,740 4,502 9,796 46,242 56,038 16,011 40,027 41,622 — 1989/2011 eaves San Dimas San Dimas, CA 102 1,916 7,819 1,661 1,916 9,480 11,396 3,503 7,893 8,302 — 1978/2011 eaves San Dimas Canyon San Dimas, CA 156 2,953 12,428 1,173 2,953 13,601 16,554 4,823 11,731 12,213 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 6,019 8,400 17,566 25,966 5,104 20,862 21,136 — 1973/2012 eaves Cerritos Artesia, CA 151 8,305 21,195 1,786 8,305 22,981 31,286 6,813 24,473 25,176 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 72,008 7,305 30,900 79,313 110,213 23,820 86,393 89,198 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,726 125 9,141 30,851 39,992 7,212 32,780 33,915 — 2014 Avalon Glendora Glendora, CA 280 18,311 64,303 542 18,311 64,845 83,156 12,166 70,990 73,347 — 2016 Avalon West Hollywood West Hollywood, CA 294 35,214 119,105 1,742 35,214 120,847 156,061 16,159 139,902 143,523 — 2017 Avalon Mission Oaks Camarillo, CA 160 9,600 37,602 1,627 9,600 39,229 48,829 10,178 38,651 40,139 — 2014 Avalon Chino Hills Chino Hills, CA 331 16,617 79,829 30 16,617 79,859 96,476 10,846 85,630 89,569 — 2017 AVA North Hollywood North Hollywood, CA 156 18,408 52,280 2,069 18,408 54,349 72,757 10,083 62,674 64,702 — 2015/2016 Avalon Simi Valley Simi Valley, CA 500 42,020 73,361 6,555 42,020 79,916 121,936 25,959 95,977 97,812 — 2007/2013 2020 2019 2020 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 AVA Studio City II Studio City, CA 101 $ 4,626 $ 22,954 $ 7,778 $ 4,626 $ 30,732 $ 35,358 $ 8,821 $ 26,537 $ 27,541 $ — 1991/2013 Avalon Studio City (1) Studio City, CA 276 15,756 78,178 18,092 15,756 96,270 112,026 27,640 84,386 86,885 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,642 22,787 42,720 130,429 173,149 45,312 127,837 130,597 — 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,974 7,049 43,540 87,023 130,563 32,908 97,655 101,247 — 2004/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,770 14,022 32,000 74,792 106,792 21,760 85,032 87,273 — 2007/2013 Avalon Del Mar Station Pasadena, CA 347 20,560 106,556 4,377 20,560 110,933 131,493 32,061 99,432 103,043 — 2006/2013 eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 7,302 9,110 22,673 31,783 6,869 24,914 25,730 — 1972/2013 eaves Thousand Oaks Thousand Oaks, CA 154 13,950 20,211 5,247 13,950 25,458 39,408 9,933 29,475 30,784 — 1992/2013 eaves Los Feliz (1) Los Angeles, CA 263 18,940 43,661 12,883 18,940 56,544 75,484 16,799 58,685 60,126 41,400 1989/2013 AVA Toluca Hills (1) Los Angeles, CA 1,151 86,450 161,256 90,048 86,450 251,304 337,754 66,816 270,938 279,477 — 1973/2013 eaves Woodland Hills Woodland Hills, CA 883 68,940 90,549 17,757 68,940 108,306 177,246 38,484 138,762 138,107 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,581 2,714 12,810 25,295 38,105 9,238 28,867 29,749 — 2002/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 6,801 10,240 38,359 48,599 11,400 37,199 38,562 — 2004/2013 AVA Studio City I Studio City, CA 450 17,658 90,715 36,469 17,658 127,184 144,842 34,710 110,132 113,607 — 1987/2013 Total Los Angeles, CA 11,492 $ 725,638 $ 2,006,163 $ 447,144 $ 725,638 $ 2,453,307 $ 3,178,945 $ 815,796 $ 2,363,149 $ 2,435,256 $ 152,900 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 10,040 $ 1,975 $ 13,854 $ 15,829 $ 8,415 $ 7,414 $ 7,797 $ — 1956/1996 eaves Mission Viejo Mission Viejo, CA 166 2,517 9,257 4,453 2,517 13,710 16,227 10,312 5,915 6,066 — 1984/1996 eaves South Coast Costa Mesa, CA 258 4,709 16,063 13,852 4,709 29,915 34,624 19,944 14,680 15,673 — 1973/1996 eaves Santa Margarita Rancho Santa Margarita, CA 301 4,607 16,911 11,940 4,607 28,851 33,458 18,974 14,484 15,207 — 1990/1997 eaves Huntington Beach Huntington Beach, CA 304 4,871 19,745 11,461 4,871 31,206 36,077 23,463 12,614 13,657 — 1971/1997 Avalon Irvine I Irvine, CA 279 9,911 67,520 2,555 9,911 70,075 79,986 26,972 53,014 54,867 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,905 429 4,358 41,334 45,692 11,644 34,048 35,396 — 2013 eaves Lake Forest Lake Forest, CA 225 5,199 21,134 4,411 5,199 25,545 30,744 8,928 21,816 23,044 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,004 85 31,689 98,089 129,778 20,193 109,585 113,169 — 2015 Avalon Irvine III Irvine, CA 156 11,607 43,973 65 11,607 44,038 55,645 7,663 47,982 49,581 — 2016 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,981 527 13,055 106,508 119,563 16,553 103,010 106,776 — 2017 Total Orange County, CA 2,821 $ 94,498 $ 443,307 $ 59,818 $ 94,498 $ 503,125 $ 597,623 $ 173,061 $ 424,562 $ 441,233 $ — San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 42,504 $ 9,922 $ 83,084 $ 93,006 $ 49,934 $ 43,072 $ 45,340 $ — 1969/1997 eaves Mission Ridge San Diego, CA 200 2,710 10,924 13,546 2,710 24,470 27,180 17,558 9,622 10,471 — 1960/1997 AVA Cortez Hill (3) San Diego, CA 299 2,768 20,134 25,170 2,768 45,304 48,072 28,143 19,929 21,012 — 1973/1998 eaves San Marcos San Marcos, CA 184 3,277 13,385 5,211 3,277 18,596 21,873 5,658 16,215 16,800 — 1988/2011 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Rancho Penasquitos San Diego, CA 250 $ 6,692 $ 27,143 $ 5,901 6,692 33,044 39,736 $ 11,105 $ 28,631 $ 29,085 $ — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,328 476 12,689 43,804 56,493 9,091 47,402 48,862 — 2015 eaves La Mesa La Mesa, CA 168 9,490 28,482 3,338 9,490 31,820 41,310 11,666 29,644 30,880 — 1989/2013 Avalon La Jolla Colony (1) San Diego, CA 180 16,760 27,694 12,062 16,760 39,756 56,516 12,955 43,561 45,624 — 1987/2013 Total San Diego, CA 2,066 $ 64,308 $ 211,670 $ 108,208 $ 64,308 $ 319,878 $ 384,186 $ 146,110 $ 238,076 $ 248,074 $ — TOTAL SOUTHERN CALIFORNIA 16,379 $ 884,444 $ 2,661,140 $ 615,170 $ 884,444 $ 3,276,310 $ 4,160,754 $ 1,134,967 $ 3,025,787 $ 3,124,563 $ 152,900 EXPANSION MARKETS Denver, CO Avalon Denver West Lakewood, CO 252 $ 8,047 $ 67,820 $ 1,903 $ 8,047 $ 69,723 $ 77,770 $ 11,204 $ 66,566 $ 69,273 $ — 2016/2017 Total Denver, CO 252 $ 8,047 $ 67,820 $ 1,903 $ 8,047 $ 69,723 $ 77,770 $ 11,204 $ 66,566 $ 69,273 $ — Southeast Florida Avalon 850 Boca Boca Raton, FL 370 $ 21,430 $ 114,085 $ 4,134 $ 21,430 $ 118,219 $ 139,649 $ 17,589 $ 122,060 $ 126,509 $ — 2017/2017 Avalon West Palm Beach West Palm Beach, FL 290 9,597 90,950 3,286 9,597 94,236 103,833 10,934 92,899 96,306 — 2018/2018 Total Southeast Florida 660 $ 31,027 $ 205,035 $ 7,420 $ 31,027 $ 212,455 $ 243,482 $ 28,523 $ 214,959 $ 222,815 $ — TOTAL EXPANSION MARKETS 912 $ 39,074 $ 272,855 $ 9,323 $ 39,074 $ 282,178 $ 321,252 $ 39,727 $ 281,525 $ 292,088 $ — TOTAL ESTABLISHED COMMUNITIES 67,997 $ 3,723,252 $ 13,307,391 $ 2,014,815 $ 3,723,252 $ 15,322,206 $ 19,045,458 $ 5,328,692 $ 13,716,766 $ 14,182,257 $ 849,564 2020 2019 2020 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 Cerritos Cerritos, CA 132 $ 8,869 $ 51,452 $ 611 $ 8,869 $ 52,063 $ 60,932 $ 4,106 $ 56,826 $ 58,779 $ 30,250 2017/2019 eaves West Valley San Jose, CA 873 90,890 132,040 13,434 90,890 145,474 236,364 48,144 188,220 191,439 — 1970/2013 eaves Seal Beach Seal Beach, CA 549 46,790 99,999 37,814 46,790 137,813 184,603 36,618 147,985 151,864 — 1971/2013 eaves Stamford (4) Stamford, CT 238 5,956 23,993 14,991 5,956 38,984 44,940 28,261 16,679 17,338 1991 Avalon Meadows at Castle Rock Castle Rock, CO 240 8,527 64,564 816 8,527 65,380 73,907 7,177 66,730 69,266 — 2018/2018 Avalon Red Rocks Littleton, CO 256 4,461 70,111 1,494 4,461 71,605 76,066 8,324 67,742 70,604 — 2018/2018 Avalon Southlands Aurora, CO 338 5,101 85,184 1,534 5,101 86,718 91,819 8,763 83,056 86,815 — 2018/2019 Avalon Bonterra Hialeah, FL 314 16,655 70,822 2,585 16,655 73,407 90,062 7,437 82,625 86,934 — 2018/2019 Avalon Toscana Margate, FL 240 9,213 49,705 1,464 9,213 51,169 60,382 3,841 56,541 60,217 — 2016/2019 Avalon at the Hingham Shipyard II Hingham, MA 190 8,998 55,358 16 8,998 55,374 64,372 4,553 59,819 61,335 — 2019 Avalon Sudbury Sudbury, MA 250 20,248 66,544 33 20,248 66,577 86,825 5,944 80,881 83,537 — 2019 AVA North Point Cambridge, MA 265 31,263 81,196 2,645 31,263 83,841 115,104 6,120 108,984 115,009 2018/2019 Portico at Silver Spring Metro Silver Spring, MD 151 3,471 41,393 900 3,471 42,293 45,764 3,040 42,724 43,078 — 2009/2019 Avalon Piscataway Piscataway, NJ 360 14,329 75,738 — 14,329 75,738 90,067 6,093 83,974 86,843 — 2019 Avalon Melville Melville, NY 494 9,228 50,063 22,903 9,228 72,966 82,194 44,437 37,757 40,879 — 1997 AVA Esterra Park Redmond, WA 323 16,405 74,564 — 16,405 74,564 90,969 5,124 85,845 88,859 — 2019 eaves Redmond Campus Redmond, WA 422 22,580 88,001 33,045 22,580 121,046 143,626 34,024 109,602 112

Organization, Basis of Presen_2

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Inventory, Real Estate, Policy [Policy Text Block]	For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Abandoned Pursuit Costs and Impairment of Long-Lived Assets" below.
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, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At December 31, 2020, the Company owned or held a direct or indirect ownership interest in 273 operating apartment communities containing 80,094 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 18 communities under development that are expected to contain an aggregate of 5,931 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 70 have been sold as of December 31, 2020, and 66,000 square feet of commercial space, of which 69% has been leased as of December 31, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 24 communities that, if developed as expected, will contain an estimated 7,853 apartment homes (unaudited).
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.
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 Company assesses acquisitions of operating communities 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, which 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 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 and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings 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 depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the 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. 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 comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate 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 generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven
Income Taxes	Income Taxes The Company elected to be treated as a REIT for 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 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, 2020, 2019 and 2018. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax benefit of $3,247,000 in 2020, recorded an income tax expense of $13,003,000 in 2019 and recognized income tax benefit of $160,000 in 2018, related to its activities through its TRSs. The income tax benefit in 2020 was primarily due to provisions of the Coronavirus Aid, Relief, and Economic Security Act, allowing for further carryback of net operating losses and operating losses for tax purposes. The income tax expense in 2019 was primarily due to (i) a net deferred tax liability of $5,782,000 for the GAAP to tax basis differences at the Company's for-sale condominiums, The Park Loggia, and the associated 66,000 square feet of commercial space and (ii) expense for current and net deferred tax liabilities of $7,221,000, associated with the disposition of two wholly-owned operating communities, as well as the Company's sustainability initiatives. As of December 31, 2020 and 2019, 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 2017 through 2019. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 %
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 $25,239,000 and $25,995,000 as of December 31, 2020 and 2019, respectively, and related to mortgage notes payable was $2,046,000 and $1,784,000 as of December 31, 2020 and 2019, 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 $13,501,000 and $11,815,000 as of December 31, 2020 and 2019, 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.
Derivatives, Methods of Accounting, Hedging Derivatives	Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.
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 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05
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 development pursuits not yet considered probable for development and 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 $12,317,000, $4,896,000 and $4,388,000 during the years ended December 31, 2020, 2019 and 2018, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company no longer expects is probable. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. In the Company's evaluation of its real estate portfolio for impairment, as discussed below, it considered the impact of the COVID-19 pandemic and did not identify any indicators of impairment as a result. 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, 2020, 2019 and 2018, the Company did not recognize 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 evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory using estimated undiscounted future cash flows. For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment losses on its for-sale condominium inventory. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. The Company did not recognize any impairment charges on its investment in land during the years ended December 31, 2020 and 2019. 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 subsequently sold. This charge was determined as the excess of the Company's carrying basis over the sales price, 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, 2020, 2019 or 2018.
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 that qualified as held for sale presentation at December 31, 2020.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.
Use of Estimates	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.
Lessee, Leases [Policy Text Block]	Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements.
Lessor, Leases [Policy Text Block]	Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be 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, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option.
Revenue and Gain Recognition	Revenue and Gain Recognition Under ASU 2014-09, Revenue from Contracts with Customers, the Company recognizes revenue 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 commercial rental income and other lease income, which are accounted for under ASC 842, Leases, discussed above. The Company's revenue streams that are not accounted for under ASC 842 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. • 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. • 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 commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity is recognized at 100%, and not the Company’s proportionate ownership percentage. 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, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2020 Management, development and other fees $ — $ — $ — $ 3,819 $ 3,819 Rental and non-rental related income (2) 6,970 1,790 1,064 — 9,824 Total non-lease revenue (3) 6,970 1,790 1,064 3,819 13,643 Lease income (4) 2,021,232 138,113 82,937 — 2,242,282 Business interruption insurance proceeds 115 270 — — 385 Total revenue $ 2,028,317 $ 140,173 $ 84,001 $ 3,819 $ 2,256,310 For the year ended December 31, 2019 Management, development and other fees $ — $ — $ — $ 4,960 $ 4,960 Rental and non-rental related income (2) 7,028 1,224 400 — 8,652 Total non-lease revenue (3) 7,028 1,224 400 4,960 13,612 Lease income (4) 2,099,273 108,756 28,376 — 2,236,405 Business interruption insurance proceeds 987 454 — — 1,441 Total revenue $ 2,107,288 $ 110,434 $ 28,776 $ 4,960 $ 2,251,458 For the year ended December 31, 2018 Management Fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 4,245 1,732 269 — 6,246 Total non-lease revenue (3) 4,245 1,732 269 3,572 9,818 Lease income (4) 1,727,299 236,852 120,553 — 2,084,704 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,731,570 $ 238,584 $ 120,822 $ 3,572 $ 2,094,548 __________________________________ (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 ASU 2014-09. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.
Revenue Recognition, Leases	Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an on-going basis. Under ASC 842, Lease Accounting, the Company assesses the probability of receiving all remaining lease amounts due on a lease by lease basis, reserving for revenue and the related receivables for those leases where collection of substantially all of the remaining lease payments is not probable. Subsequently, the Company will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement.
COVID-19 Pandemic	COVID-19 Pandemic In March 2020, the World Health Organization designated COVID-19 as a pandemic. While the Company has taken various actions in response to the COVID-19 pandemic, the ultimate impact on its consolidated results of operations, cash flows, financial condition and liquidity will depend on (i) the duration and severity of the pandemic, (ii) the effectiveness of vaccines and the timing of vaccine availability, (iii) the duration and nature of governmental responses to contain the spread of the disease and assist consumers and businesses, (iv) consumer and business responses to the pandemic, including preferences for where and how to live and work, and (iv) how quickly and to what extent normal economic and operating conditions can resume. Because of this uncertainty, any estimate of the expected impact of the COVID-19 pandemic on results of operations, cash flows, financial condition, or liquidity for periods beyond the year ended December 31, 2020 is uncertain. As of December 31, 2020, the Company assessed the collectibility of the outstanding lease income receivables as a result of the impact of the COVID-19 pandemic on its residential and commercial lease portfolios. The Company recorded an aggregate offset to income for uncollectible lease revenue for its residential and commercial portfolios of $66,763,000 for the year ended December 31, 2020 under ASC 842 and ASC 450, Contingencies.
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle	Recently Issued and Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including (i) trade and other receivables, (ii) other long term financings including available for sale and held-to-maturity debt securities and (iii) loans. Subsequently, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the scope of ASU 2016-13 and clarified that receivables arising from operating leases are not within the scope of the standard and should continue to be accounted for in accordance with the leases standard (Topic 842). The new standard was adopted on January 1, 2020 and does not have a material effect on the Company’s financial position or results of operations.

Organization, Basis of Presen_3

Organization, Basis of Presentation, and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
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, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2020 Management, development and other fees $ — $ — $ — $ 3,819 $ 3,819 Rental and non-rental related income (2) 6,970 1,790 1,064 — 9,824 Total non-lease revenue (3) 6,970 1,790 1,064 3,819 13,643 Lease income (4) 2,021,232 138,113 82,937 — 2,242,282 Business interruption insurance proceeds 115 270 — — 385 Total revenue $ 2,028,317 $ 140,173 $ 84,001 $ 3,819 $ 2,256,310 For the year ended December 31, 2019 Management, development and other fees $ — $ — $ — $ 4,960 $ 4,960 Rental and non-rental related income (2) 7,028 1,224 400 — 8,652 Total non-lease revenue (3) 7,028 1,224 400 4,960 13,612 Lease income (4) 2,099,273 108,756 28,376 — 2,236,405 Business interruption insurance proceeds 987 454 — — 1,441 Total revenue $ 2,107,288 $ 110,434 $ 28,776 $ 4,960 $ 2,251,458 For the year ended December 31, 2018 Management Fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 4,245 1,732 269 — 6,246 Total non-lease revenue (3) 4,245 1,732 269 3,572 9,818 Lease income (4) 1,727,299 236,852 120,553 — 2,084,704 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,731,570 $ 238,584 $ 120,822 $ 3,572 $ 2,094,548 __________________________________ (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 ASU 2014-09. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.
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, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 %
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 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05

Mortgage Notes Payable, Unsec_2

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 and 2019, as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/20 12/31/19 Fixed rate unsecured notes (1) $ 6,500,000 $ 5,850,000 Variable rate unsecured notes (1) — 300,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 408,964 479,221 Variable rate mortgage notes payable—conventional and tax-exempt (2) 470,850 476,150 Total mortgage notes payable and unsecured notes and Term Loans 7,629,814 7,355,371 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,629,814 $ 7,355,371 _________________________________ (1) Balances at December 31, 2020 and 2019 exclude $10,380 and $8,610, respectively, of debt discount, and $37,615 and $32,742, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2020 and 2019 exclude $14,478 and $14,464 of debt discount, respectively, and $3,004 and $3,265, 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, 2020 are as follows (dollars in thousands): Year Secured notes Secured notes Unsecured notes and Stated interest rate of 2021 $ 9,304 $ 27,844 $ — N/A 2022 9,918 — 450,000 2.950 % 100,000 LIBOR + 0.90% 2023 10,739 — 350,000 4.200 % 250,000 2.850 % 2024 11,677 — 300,000 3.500 % 150,000 LIBOR + 0.85% 2025 12,408 — 525,000 3.450 % 300,000 3.500 % 2026 13,445 — 475,000 2.950 % 300,000 2.900 % 2027 15,880 236,100 400,000 3.350 % 2028 20,707 — 450,000 3.200 % 2029 11,742 66,250 450,000 3.300 % 2030 12,384 — 700,000 2.300 % Thereafter 176,078 245,338 600,000 2.450 % 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 304,282 $ 575,532 $ 6,750,000

Investments in Real Estate En_2

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2020
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 discussed above and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 12/31/20 12/31/19 Assets: Real estate, net $ 1,249,730 $ 1,204,470 Other assets 255,606 196,488 Total assets $ 1,505,336 $ 1,400,958 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 751,257 $ 782,257 Other liabilities 163,808 157,379 Partners' capital 590,271 461,322 Total liabilities and partners' capital $ 1,505,336 $ 1,400,958 _________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so.
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 discussed above and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands): For the year ended 12/31/20 12/31/19 (1) 12/31/18 (2) Rental and other income $ 118,474 $ 144,431 $ 92,533 Operating and other expenses (49,509) (55,732) (35,840) Gain on sale of communities 18,450 21,748 54,202 Interest expense, net (31,982) (33,896) (22,500) Depreciation expense (34,606) (58,387) (26,706) Net income $ 20,827 $ 18,164 $ 61,689 Company's share of net income (3) $ 8,538 $ 10,779 $ 17,519 Amortization of excess investment and other (2,116) (2,127) (2,249) Equity in income from unconsolidated real estate investments $ 6,422 $ 8,652 $ 15,270 _________________________________ (1) Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest. (2) Amounts include results from the NYC Joint Venture from the date the venture was formed. (3) Includes the Company's share of gain on sale of communities and income recognized for its promoted interest.

Real Estate Disposition Activ_2

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Details regarding the real estate sales	Details regarding the real estate sales, excluding for-sale residential condominiums at the Park Loggia, are summarized in the following table (dollars in thousands): Community Name Location Period Apartment Debt Gross Net cash Avalon Shelton Shelton, CT Q120 250 $ — $ 64,750 $ 63,030 Avalon Tinton Falls Tinton Falls, NJ Q220 216 — 64,900 63,371 Avalon Towers Long Beach, NY Q320 109 — 54,000 53,079 Avalon Somerset Somerset, NJ Q420 384 — 110,000 107,415 eaves San Rafael San Rafael, CA Q420 254 — 106,000 104,462 Avalon Cohasset Cohasset, MA Q420 220 — 90,250 88,673 Avalon Wilton on Danbury Rd Wilton, CT Q420 100 — 34,750 33,744 Avalon Stratford Stratford, CT Q420 130 — 30,600 29,808 eaves Diamond Heights San Francisco, CA Q420 154 — 72,500 69,469 Other real estate (1) Brooklyn, NY 2020 N/A — 6,500 6,722 Total of 2020 asset sales 1,817 $ — $ 634,250 $ 619,773 Total of 2019 asset sales 1,660 $ 21,700 $ 431,280 $ 422,041 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 _________________________________ (1) Represents the sale of commercial space.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Liability, Maturity [Table Text Block]	The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958
Lease, Weighted-Average Remaining Lease Term and Discount Rate [Table Text Block]	The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 25 years Weighted-average remaining lease term - operating leases 42 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases 4.74 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958
Future Minimum Lease Payments Under Current Leases	Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2020, 2019 and 2018 is as follows (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Net income $ 827,706 $ 786,103 $ 974,175 Indirect operating expenses, net of corporate income 97,443 83,008 80,227 Expensed transaction, development and other pursuit costs, net of recoveries 12,399 4,991 3,265 Interest expense, net 214,151 203,585 220,974 Loss on extinguishment of debt, net 9,333 602 17,492 General and administrative expense 60,343 58,042 60,369 Equity in income of unconsolidated real estate entities (6,422) (8,652) (15,270) Depreciation expense 707,331 661,578 631,196 Income tax (benefit) expense (3,247) 13,003 (160) Casualty and impairment loss, net — — 215 Gain on sale of communities (340,444) (166,105) (374,976) Gain on other real estate transactions, net (440) (439) (345) Net for-sale condominium activity (2,551) 3,812 1,044 Net operating income from real estate assets sold or held for sale (28,412) (45,354) (113,074) Net operating income $ 1,547,190 $ 1,594,174 $ 1,485,132
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 12/31/2020 12/31/2019 12/31/2018 Rental income from real estate assets sold or held for sale $ 44,951 $ 73,168 $ 175,915 Operating expenses from real estate assets sold or held for sale (16,539) (27,814) (62,841) Net operating income from real estate assets sold or held for sale $ 28,412 $ 45,354 $ 113,074

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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 Weighted 1994 Plan Weighted 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 — $ — Exercised (109,804) 129.47 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2019 14,408 $ 124.05 — $ — Exercised (1,902) 89.17 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2020 12,506 $ 129.35 — $ — Options Exercisable: December 31, 2018 117,217 $ 126.91 — $ — December 31, 2019 14,408 $ 124.05 — $ — December 31, 2020 12,506 $ 129.35 — $ —
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, 2020: 2009 Plan Range—Exercise Price Weighted Average 1,387 $110.00 - $119.99 0.1 11,119 $130.00 - $139.99 1.8 12,506
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, 2017 251,770 $ 155.25 Granted (1) 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 Granted (3) 80,512 200.75 Change in awards based on performance (2) (16,760) 142.03 Converted to restricted stock (73,072) 142.03 Forfeited (4,377) 166.44 Outstanding at December 31, 2019 253,432 $ 176.27 Granted (4) 77,182 238.03 Change in awards based on performance (2) 18,112 177.26 Converted to restricted stock (96,317) 177.26 Forfeited (10,488) 188.52 Outstanding at December 31, 2020 241,921 $ 195.13 _________________________________ (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 62,043 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 38,922 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 47,502 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,010 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 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 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: 2020 2019 2018 Dividend yield 2.8% 3.1% 3.7% Estimated volatility over the life of the plan (1) 11.1% - 15.5% 13.9% - 18.8% 11.8% - 18.7% Risk free rate 1.45% - 1.62% 2.46% - 2.57% 1.86% - 2.46% Estimated performance award value based on total shareholder return measure $254.72 $204.15 $151.67 _________________________________ (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, 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 Granted - restricted stock shares 79,430 196.43 73,072 Vested - restricted stock shares (89,289) 168.06 (119,064) Forfeited (2,226) 174.45 (135) Outstanding at December 31, 2019 148,326 $ 181.29 163,111 Granted - restricted stock shares 69,228 221.08 96,317 Vested - restricted stock shares (79,931) 178.41 (111,325) Forfeited (5,899) 196.22 (1,784) Outstanding at December 31, 2020 131,724 $ 203.28 146,319

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 (dollars in thousands): Non-designated Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 679,167 $ 150,000 Weighted average interest rate (1) 1.7 % N/A Weighted average swapped/capped interest rate 6.4 % 0.7 % Earliest maturity date January 2021 May 2021 Latest maturity date January 2024 May 2021 _________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps.
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 12/31/20 12/31/19 12/31/18 Cash flow hedge losses reclassified to earnings $ 8,984 $ 6,571 $ 6,143
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 tables summarize 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 Quoted Prices Significant Significant 12/31/2020 Non Designated Hedges Interest Rate Caps $ 6 $ — $ 6 $ — Interest Rate Swaps - Assets 4,308 — 4,308 — DownREIT units (1,203) (1,203) — — Indebtedness Fixed rate unsecured notes (7,271,799) (7,271,799) — — Secured notes and variable rate unsecured indebtedness (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ — 12/31/2019 Cash Flow Hedges Interest Rate Swaps - Assets $ 388 $ — $ 388 $ — Interest Rate Swaps - Liabilities (6,379) — (6,379) — DownREIT units (1,573) (1,573) — — Indebtedness Fixed rate unsecured notes (6,197,771) (6,197,771) — — Secured notes and variable rate unsecured indebtedness (1,398,147) — (1,398,147) — Total $ (7,603,482) $ (6,199,344) $ (1,404,138) $ —

Organization, Basis of Presen_4

Organization, Basis of Presentation, and Significant Accounting Policies (Details) ft² in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²communityresidential_condominiumstatehome	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Real Estate
Number of real estate properties	273
Number of apartment homes included in operating apartment communities owned | home	80,094
Number of states where operating apartment communities owned are located | state	11
Number of owned communities under construction	18
Expected number of apartment homes under construction | home	5,931
Communities under development rights	24
Estimated number of apartment homes in communities to be developed | home	7,853
Number of communities held for sale	1
Right of use lease assets | $	$ 133,581,000	$ 103,063,000
Accounts Receivable, Credit Loss Expense (Reversal) | $	66,763,000		$ 14,072,000
Impairment of Long-Lived Assets Held-for-use | $	$ 0	$ 0	$ 0
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
Furniture and Fixtures | Minimum
Real Estate
Estimated useful life of buildings and improvements (in years)	3 years
Furniture and Fixtures | Maximum
Real Estate
Estimated useful life of buildings and improvements (in years)	7 years
The Park Loggia [Member]
Real Estate
Number of residential units in development | residential_condominium	172
Retail square feet development | ft²	66
Percent of Commercial Square Feet Leased	69.00%

Organization, Basis of Presen_5

Organization, Basis of Presentation, and Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)community	Dec. 31, 2018USD ($)
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%
Accounting Policies [Line Items]
Right of use lease assets	$ 133,581,000	$ 103,063,000
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	0	0
Excise and sales taxes	0	0	$ 0
Excise tax refund	0	0	0
Income Tax Expense (Benefit)	(3,247,000)	13,003,000	(160,000)
Casualty and impairment loss, net	0	0	215,000
Impairment of investment in unconsolidated entities	$ 0	$ 0	$ 0
Deferred Financing Costs
Number Of Communities Sold With Deferred Tax Obligations | community		2
Tax components of common stock dividends declared
Ordinary income (as a percent)	66.00%	96.00%	76.00%
20% capital gain (as a percent)	24.00%	3.00%	11.00%
Capital gain tax rate (as a percent)	20.00%	20.00%	20.00%
Unrecaptured 1250 gain (as a percent)	10.00%	1.00%	13.00%
Unsecured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	$ 25,239,000	$ 25,995,000
Secured notes
Deferred Financing Costs
Accumulated amortization of deferred finance costs	2,046,000	1,784,000
Variable rate unsecured credit facility
Deferred Financing Costs
Accumulated amortization of deferred finance costs	13,501,000	11,815,000
The Park Loggia [Member]
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)		5,782,000,000
TRS Disposed Communities [Member]
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)		7,221,000,000
Land
Income Tax Disclosure [Abstract]
Casualty and impairment loss, net	0	0	$ 826,000
Development Communities | The Park Loggia [Member]
Income Tax Disclosure [Abstract]
Casualty and impairment loss, net	$ 0	$ 0
Minimum | Buildings and Building Improvements
Accounting Policies [Line Items]
Estimated useful life of buildings and improvements (in years)	7 years

Organization, Basis of Presen_6

Organization, Basis of Presentation, and Significant Accounting Policies (Details 3)	12 Months Ended
	Dec. 31, 2020USD ($)communityhome$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Basic and diluted shares outstanding
Weighted average common shares—basic | shares	140,094,722	139,054,191	137,844,755
Weighted average DownREIT units outstanding (in shares) | shares	7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares	332,973	509,859	436,986
Weighted average common shares - diluted (in shares) | shares	140,435,195	139,571,550	138,289,241
Calculation of Earnings per Share—basic
Net Income (Loss) Available to Common Stockholders, Basic	$ 827,630,000	$ 785,974,000	$ 974,525,000
Net income allocated to unvested restricted shares	(1,955,000)	(2,063,000)	(2,839,000)
Net income attributable to common stockholders, adjusted	$ 825,675,000	$ 783,911,000	$ 971,686,000
Weighted average common shares—basic | shares	140,094,722	139,054,191	137,844,755
Earnings per common share - basic (in dollars per share) | $ / shares	$ 5.89	$ 5.64	$ 7.05
Calculation of Earnings per Share—diluted
Net Income (Loss) Available to Common Stockholders, Basic	$ 827,630,000	$ 785,974,000	$ 974,525,000
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48,000	46,000	44,000
Adjusted net income attributable to common stockholders	$ 827,678,000	$ 786,020,000	$ 974,569,000
Weighted average common shares—diluted | shares	140,435,195	139,571,550	138,289,241
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 5.89	$ 5.63	$ 7.05
Real Estate [Line Items]
Operating Lease, Lease Income	$ 2,297,442,000	$ 2,319,666,000	$ 2,280,963,000
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs	12,317,000	4,896,000	4,388,000
Casualty and impairment loss, net	0	0	215,000
Impairment of investment in unconsolidated entities	0	0	0
Management, development and other fees	3,819,000	4,960,000	3,572,000
Revenues	$ 2,301,261,000	2,324,626,000	2,284,535,000
Number of real estate properties | community	273
Number of Units in Real Estate Property | home	80,094
New York City, NY
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs	$ 7,264,000
Land
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss, net	0	0	826,000
Continuing Operations
Real Estate [Line Items]
Operating Lease, Lease Income	2,242,282,000	2,236,405,000	2,084,704,000
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	13,643,000	13,612,000	9,818,000
Business interruption insurance proceeds	385,000	1,441,000	26,000
Revenues	2,256,310,000	2,251,458,000	2,094,548,000
Management, Development And Other [Member] | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	3,819,000	4,960,000	3,572,000
Rental and non-rental related income | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	9,824,000	8,652,000	6,246,000
Corporate, Non-Segment [Member]
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Revenues	3,819,000	4,960,000	3,572,000
Corporate, Non-Segment [Member] | Continuing Operations
Real Estate [Line Items]
Operating Lease, Lease Income	0	0	0
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	3,819,000	4,960,000	3,572,000
Business interruption insurance proceeds	0	0	0
Revenues	3,819,000	4,960,000	3,572,000
Corporate, Non-Segment [Member] | Management, Development And Other [Member] | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	3,819,000	4,960,000	3,572,000
Corporate, Non-Segment [Member] | Rental and non-rental related income | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	0	0	0
Established Communities | Operating segment
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Revenues	2,028,317,000	2,107,288,000	1,731,570,000
Established Communities | Operating segment | Continuing Operations
Real Estate [Line Items]
Operating Lease, Lease Income	2,021,232,000	2,099,273,000	1,727,299,000
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	6,970,000	7,028,000	4,245,000
Business interruption insurance proceeds	115,000	987,000	26,000
Revenues	2,028,317,000	2,107,288,000	1,731,570,000
Established Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	0	0	0
Established Communities | Operating segment | Rental and non-rental related income | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	6,970,000	7,028,000	4,245,000
Other Stabilized Communities | Operating segment
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Revenues	140,173,000	110,434,000	238,584,000
Other Stabilized Communities | Operating segment | Continuing Operations
Real Estate [Line Items]
Operating Lease, Lease Income	138,113,000	108,756,000	236,852,000
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	1,790,000	1,224,000	1,732,000
Business interruption insurance proceeds	270,000	454,000	0
Revenues	140,173,000	110,434,000	238,584,000
Other Stabilized Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	0	0	0
Other Stabilized Communities | Operating segment | Rental and non-rental related income | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	1,790,000	1,224,000	1,732,000
Development/Redevelopment Communities | Operating segment | Continuing Operations
Real Estate [Line Items]
Operating Lease, Lease Income	82,937,000	28,376,000	120,553,000
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	1,064,000	400,000	269,000
Business interruption insurance proceeds	0	0	0
Revenues	84,001,000	28,776,000	120,822,000
Development/Redevelopment Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	0	0	0
Development/Redevelopment Communities | Operating segment | Rental and non-rental related income | Continuing Operations
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Management, development and other fees	$ 1,064,000	$ 400,000	$ 269,000

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Management, development and other fees	$ 3,819	$ 4,960	$ 3,572
Operating Lease, Lease Income	2,297,442	2,319,666	2,280,963
Total revenue	2,301,261	2,324,626	2,284,535
Non-allocated
Disaggregation of Revenue [Line Items]
Total revenue	3,819	4,960	3,572
Established Communities | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	2,028,317	2,107,288	1,731,570
Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	140,173	110,434	238,584
Continuing Operations
Disaggregation of Revenue [Line Items]
Management, development and other fees	13,643	13,612	9,818
Operating Lease, Lease Income	2,242,282	2,236,405	2,084,704
Business interruption insurance proceeds	385	1,441	26
Total revenue	2,256,310	2,251,458	2,094,548
Continuing Operations | Management, Development And Other [Member]
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,819	4,960	3,572
Continuing Operations | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	9,824	8,652	6,246
Continuing Operations | Non-allocated
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,819	4,960	3,572
Operating Lease, Lease Income	0	0	0
Business interruption insurance proceeds	0	0	0
Total revenue	3,819	4,960	3,572
Continuing Operations | Non-allocated | Management, Development And Other [Member]
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,819	4,960	3,572
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	6,970	7,028	4,245
Operating Lease, Lease Income	2,021,232	2,099,273	1,727,299
Business interruption insurance proceeds	115	987	26
Total revenue	2,028,317	2,107,288	1,731,570
Continuing Operations | Established Communities | Operating segment | Management, Development And Other [Member]
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	6,970	7,028	4,245
Continuing Operations | Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	1,790	1,224	1,732
Operating Lease, Lease Income	138,113	108,756	236,852
Business interruption insurance proceeds	270	454	0
Total revenue	140,173	110,434	238,584
Continuing Operations | Other Stabilized Communities | Operating segment | Management, Development And Other [Member]
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	1,790	1,224	1,732
Continuing Operations | Development/Redevelopment Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	1,064	400	269
Operating Lease, Lease Income	82,937	28,376	120,553
Business interruption insurance proceeds	0	0	0
Total revenue	84,001	28,776	120,822
Continuing Operations | Development/Redevelopment Communities | Operating segment | Management, Development And Other [Member]
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	$ 1,064	$ 400	$ 269

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 44,157	$ 62,823	$ 60,331

Mortgage Notes Payable, Unsec_3

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans					$ 7,629,814,000	$ 7,355,371,000
Variable rate unsecured credit facility					0	0
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility					7,629,814,000	7,355,371,000
Repayment of unsecured debt					958,680,000	0	$ 258,579,000
Gain (Loss) on Extinguishment of Debt					(9,333,000)	(602,000)	$ (17,492,000)
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes					6,500,000,000	5,850,000,000
Variable rate notes					0	300,000,000
Total mortgage notes payable and unsecured notes and Term Loans					6,750,000,000
Amount of debt discount					10,380,000	8,610,000
Deferred financing costs, net					37,615,000	32,742,000
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes					250,000,000	250,000,000
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes					408,964,000	479,221,000
Variable rate notes					470,850,000	476,150,000
Total mortgage notes payable and unsecured notes and Term Loans					575,532,000
Amount of debt discount					14,478,000	14,464,000
Deferred financing costs, net					3,004,000	$ 3,265,000
Unsecured Notes 2.30 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Proceeds from Issuance of Debt			$ 694,701,000
Unsecured Notes 2.45 Percent [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Proceeds from Issuance of Debt		$ 593,430,000
Unsecured Notes 2.30 Percent [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)			2.30%
Notes Payable Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	4.18%		3.08%
Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)			2.38%
Notes Payable Maturities 2027 | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans					$ 400,000,000
Stated interest rate (as a percent)					3.35%
Notes Payable Maturities 2027 | Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans					$ 236,100,000
Notes Payable Maturities 2027 | Secured notes | Avalon San Bruno III [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes			$ 51,000,000
Notes Payable 3.625 Maturities 2020 [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)				3.625%
Repayment of unsecured debt				$ 400,000,000
Notes Payable Maturities 2021 [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans					0
Stated interest rate (as a percent)				3.95%
Repayment of unsecured debt				$ 250,000,000
Notes Payable Maturities 2021 [Member] | Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans					$ 27,844,000
Notes Payable 3.625 Maturities 2020 and 2021 [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Gain (Loss) on Extinguishment of Debt				$ 9,170,000
Unsecured Notes 2.45 Percent [Member] | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)		2.45%
Floating Rate Unsecured Notes 300 Million | Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt		$ 300,000,000
Gain (Loss) on Extinguishment of Debt		$ 268,000
Notes Payable Maturities 2020, Fixed Rate [Member] | Secured notes | Avalon Hoboken [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt	$ 67,904,000

Mortgage Notes Payable, Unsec_4

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Letter of Credit [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Outstanding balance of letters of credit	$ 32,079	$ 24,939

Mortgage Notes Payable, Unsec_5

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	1,448,551,000
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	$ 1,750,000,000
Line of credit facility, commitment fee percentage	0.125%
Annual facility fee	$ 2,188,000
Outstanding balance of letters of credit	2,900,000	11,488,000
Variable rate unsecured credit facility	$ 0	$ 0
Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	3.80%	3.90%
Variable rate mortgage notes payable, unsecured term loan and Credit Facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	1.70%	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)	0.775%
Debt instrument, interest rate, effective percentage	0.92%
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)	0.85%
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 ($)	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 7,629,814,000				$ 7,355,371,000
Percentage of principle amount at which the entity may redeem some or all of the notes		100.00%
Variable rate unsecured credit facility		$ 0				0
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity		1,750,000,000
Outstanding balance of letters of credit		2,900,000				11,488,000
Variable rate unsecured credit facility		$ 0				0
Variable rate unsecured credit facility | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt Instrument, Interest Rate, Effective Percentage		0.92%
Debt instrument, basis spread on variable rate (as a percent)		0.775%
Other Letter of Credit [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Outstanding balance of letters of credit		$ 32,079,000				$ 24,939,000
Notes Payable Maturities 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)			4.18%		3.08%
Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)					2.38%
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 6,750,000,000
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 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)				3.625%
Unsecured notes | Notes Payable Maturities 2021 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 0
Stated interest rate (as a percent)				3.95%
Unsecured notes | Floating Rate Unsecured Notes 300 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt	$ 300,000,000
Unsecured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 450,000,000
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		$ 100,000,000
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		$ 350,000,000
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		$ 250,000,000
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		$ 300,000,000
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		$ 150,000,000
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)		0.85%
Unsecured notes | Notes Payable 3.450 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 525,000,000
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		$ 300,000,000
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		$ 475,000,000
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		$ 300,000,000
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		$ 400,000,000
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		$ 450,000,000
Stated interest rate (as a percent)		3.20%
Unsecured notes | Notes Payable Maturities 2029 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 450,000,000
Stated interest rate (as a percent)		3.30%
Unsecured notes | Notes Payable Maturities 2030
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 700,000,000
Stated interest rate (as a percent)		2.30%
Unsecured notes | Notes Payable Maturities 2031
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 600,000,000
Stated interest rate (as a percent)		2.45%
Unsecured notes | Notes Payable Maturities 2046
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes		$ 350,000,000
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		$ 300,000,000
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		$ 300,000,000
Stated interest rate (as a percent)		4.35%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		$ 304,282,000
Mortgage notes payable and unsecured notes		575,532,000
Secured notes | Notes Payable Maturities 2021 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		9,304,000
Mortgage notes payable and unsecured notes		27,844,000
Secured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		9,918,000
Secured notes | Notes Payable Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		10,739,000
Secured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		11,677,000
Secured notes | Notes Payable Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		12,408,000
Mortgage notes payable and unsecured notes		0
Secured notes | Notes Payable Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		13,445,000
Secured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		15,880,000
Mortgage notes payable and unsecured notes		236,100,000
Secured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		20,707,000
Mortgage notes payable and unsecured notes		0
Secured notes | Notes Payable Maturities 2029 [Member]
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		11,742,000
Mortgage notes payable and unsecured notes		66,250,000
Secured notes | Notes Payable Maturities 2030
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		12,384,000
Secured notes | Notes Payable Maturities Thereafter
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments		176,078,000
Mortgage notes payable and unsecured notes		$ 245,338,000

Equity (Details)

Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 31, 2020
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	1,902
Common stock shares issued through dividend reinvestment plan	2,747	2,069	2,272
Number of shares of stock grants withheld	74,173	84,710	68,565
Common shares issued under Employee Stock Purchase Plan	20,161
Number of shares forfeited	7,683
Treasury Stock, Shares, Acquired	1,225,790
Treasury Stock Acquired, Average Cost Per Share	$ 149.99
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 316,148,000
Amended 2005 Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 500,000,000
2020 Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 500,000,000
Continuous Equity Program CEP V [Member]
Class of Stock [Line Items]
Issuance of common stock, net of withholdings (in shares)	0
Maximum value of shares of common stock that can be sold	$ 1,000,000,000
Common stock value, remaining to be authorized under continuous equity program	$ 752,878,000
Maximum [Member] | Continuous Equity Program CEP V [Member]
Class of Stock [Line Items]
Percentage of compensation received by sales agent	1.50%
Restricted Stock and Restricted Stock Converted From Performance Shares
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants	165,545	152,502	187,010

Investments in Real Estate En_3

Investments in Real Estate Entities (Details)	12 Months Ended
	Dec. 31, 2020USD ($)communityhomeft²	Dec. 31, 2019USD ($)homecommunity	Dec. 31, 2018USD ($)communityhomeft²
Schedule of Equity Method Investments [Line Items]
Preferred interest obligation redemption and dividends	$ (1,000,000)	$ (1,400,000)	$ (1,120,000)
Number of apartment homes in communities owned | home	82,103
Gain on sale of communities	$ 340,444,000	$ 166,105,000	$ 374,976,000
Number of communities acquired | community	0	5	4
Payments to acquire other real estate	$ 0	$ 420,517,000	$ 338,620,000
Number of apartment homes acquired | home		1,175	1,096
AVA North Point
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate		$ 71,280,000
2018 Acquisitions [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate			$ 334,450,000
Avalon Venice on Rose [Member]
Schedule of Equity Method Investments [Line Items]
Retail square feet development | ft²	9,000
2019 Acquisitions [Member]
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate		$ 345,450,000
US Fund
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	28.60%
Net cash proceeds	$ 65,000,000
Number of apartment communities sold | community		1	1
US Fund | Avalon Marina Bay [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale of communities		$ 5,788,000
US Fund | Avalon Venice on Rose [Member]
Schedule of Equity Method Investments [Line Items]
Number Of Apartment Homes Sold | home	70
Gain on sale of communities	$ 5,157,000
US Fund | Avalon Kirkland at Carillon [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale of communities			$ 8,636,000
ACJV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	20.00%
Number of apartment communities sold | community			1
ACJV | Avalon Woodland Park [Member]
Schedule of Equity Method Investments [Line Items]
Gain on sale of communities			$ 2,019,000
Legacy JV
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	40.00%
Preferred interest obligation liquidation value	$ 35,382,000
AVA North Point
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		55.00%
Number of apartment homes in communities owned | home	265
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]
Equity Method Investment, Ownership Percentage	20.00%
Avalon Alderwood Mall [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Number of apartment communities | home	328
Fund II
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		31.30%
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		$ 925,000
AVA Arts District [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
Retail square feet development | ft²	56,000
Number of apartment communities | home	475
Equity Method Investments	$ 19,500,000
Long-term Construction Loan	$ 165,600,000
Real Estate Investments, Percent of Development Funded by Borrowings	60.00%
Proceeds from Construction Loans Payable	$ 0
AVA Arts District [Member] | Maximum
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	27,600,000
NYC JV
Schedule of Equity Method Investments [Line Items]
Repayments of secured debt			$ 395,939,000
retail square feet sold | ft²			58,000
NYC JV
Schedule of Equity Method Investments [Line Items]
Number Of Apartment Homes Sold | home			1,301
Net cash proceeds			$ 276,799,000
Number of apartment communities sold | community			5
Gain on sale of communities			$ 179,861,000
Gross sales price			$ 758,900,000
Notes Payable Maturities 2020 | Secured notes | Avalon Venice on Rose [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of secured debt	$ 27,117,000

Investments in Real Estate En_4

Investments in Real Estate Entities (Details 2) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Real estate, net	$ 18,233,781	$ 18,432,989
Total assets	19,199,144	19,121,051
LIABILITIES AND EQUITY
Mortgage notes payable, net	862,332	937,642
Partners' capital	10,751,583	10,989,549
Total liabilities and equity	19,199,144	19,121,051
Equity Method Investment, Nonconsolidated Investee or Group of Investees
ASSETS
Real estate, net	1,249,730	1,204,470
Other assets	255,606	196,488
Total assets	1,505,336	1,400,958
LIABILITIES AND EQUITY
Mortgage notes payable, net	751,257	782,257
Other liabilities	163,808	157,379
Partners' capital	590,271	461,322
Total liabilities and equity	$ 1,505,336	$ 1,400,958

Investments in Real Estate En_5

Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Combined summary of the operating results of the accounted for using the equity method
Revenues	$ 2,301,261	$ 2,324,626	$ 2,284,535
Operating and other expenses	(1,826,659)	(1,696,904)	(1,700,067)
Gain on sale of communities	340,444	166,105	374,976
Interest expense, net	(214,151)	(203,585)	(220,974)
Depreciation expense	(707,331)	(661,578)	(631,196)
Net income	827,706	786,103	974,175
Company's share of net income	8,538	10,779	17,519
Amortization of excess investment and other	(2,116)	(2,127)	(2,249)
Equity in income from unconsolidated real estate investments	6,422	8,652	15,270
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Combined summary of the operating results of the accounted for using the equity method
Revenues	118,474	144,431	92,533
Operating and other expenses	(49,509)	(55,732)	(35,840)
Gain on sale of communities	18,450	21,748	54,202
Interest expense, net	(31,982)	(33,896)	(22,500)
Depreciation expense	(34,606)	(58,387)	(26,706)
Net income	$ 20,827	$ 18,164	$ 61,689

Investments in Real Estate En_6

Investments in Real Estate Entities (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fund II
Summary of the Company's equity in income of unconsolidated entities
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	$ 925
Avalon Kirkland at Carillon [Member] | US Fund
Summary of the Company's equity in income of unconsolidated entities
Gain on sale of communities		$ 8,636

Real Estate Disposition Activ_3

Real Estate Disposition Activities (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)ft²homeresidential_condominiumcommunity	Dec. 31, 2019USD ($)home	Dec. 31, 2018USD ($)home
Summary of income from discontinued operations
Gain on sale of communities	$ 340,444	$ 166,105	$ 374,976
Number of communities held for sale | community	1
Gain (Loss) on Sale of Other Investments	$ 8,213	0	0
Other Selling, General and Administrative Expense	5,662	3,812	1,044
Inventory, Real Estate	267,219	457,809
Income Tax Expense (Benefit)	$ (3,247)	$ 13,003	$ (160)
Number of Residential Condominiums Sold | residential_condominium	70
Number of Residential Condominiums Remaining to be Sold | residential_condominium	102
Avalon Shelton [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	250
Gross sales price	$ 64,750
Net cash proceeds	$ 63,030
Avalon Tinton Falls [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	216
Gross sales price	$ 64,900
Net cash proceeds	$ 63,371
Avalon Towers [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	109
Gross sales price	$ 54,000
Net cash proceeds	$ 53,079
Avalon Somerset [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	384
Gross sales price	$ 110,000
Net cash proceeds	$ 107,415
Eaves San Rafael [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	254
Gross sales price	$ 106,000
Net cash proceeds	$ 104,462
Avalon Cohasset [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	220
Gross sales price	$ 90,250
Net cash proceeds	$ 88,673
Avalon Wilton on Danbury Rd [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	100
Gross sales price	$ 34,750
Net cash proceeds	$ 33,744
Avalon at Stratford [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	130
Gross sales price	$ 30,600
Net cash proceeds	$ 29,808
Eaves Diamond Heights [Member]
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home	154
Gross sales price	$ 72,500
Net cash proceeds	69,469
Other Real Estate Sales
Summary of income from discontinued operations
Gross sales price	6,500
Net cash proceeds	$ 6,722
Wholly Owned Properties
Summary of income from discontinued operations
Number of apartment communities sold | community	9
Number Of Apartment Homes Sold | home	1,817	1,660	3,099
Sale of communities gross sales price	$ 627,750
Gain on sale of communities	340,444
Gross sales price	634,250	$ 431,280	$ 1,378,289
Net cash proceeds	619,773	422,041	883,313
Repayments of secured debt		21,700	$ 395,939
The Park Loggia [Member]
Summary of income from discontinued operations
Net cash proceeds	$ 216,372
Number of residential units in development | residential_condominium	172
Retail square feet development | ft²	66
Gain (Loss) on Sale of Other Investments	$ 8,213
Income Tax Expense (Benefit)		$ 5,782,000

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)multipliercommunitypropertyLease	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Line Items]
Finance Lease, Right-of-Use Asset	$ 21,685	$ 21,898
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries		(6,292)	$ (946)
Lease Obligations [Abstract]
Number of office leases | Lease	14
Finance Lease, Liability	$ 20,166	20,207
Right of use lease assets	133,581	103,063
Operating Lease, Liability	161,313	120,261
Operating Lease, Expense	$ 16,011	$ 14,371	21,788
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of apartment communities | community	10
Number of commercial properties owned | property	2
Assets Held under Operating Leases [Member]
Lease Obligations [Abstract]
Number of apartment communities | community	9
Assets Held under Finance Leases [Member]
Lease Obligations [Abstract]
Number of apartment communities | community	1
Number Of Finance Leases For Parking Garages Adjacent To Communities | Lease	2
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
Share Based Compensation Arrangement by Share Based Payment Award Requisite Period of Written Notice for Retirement	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)	24 months
Former Development Right [Member]
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries	$ (3,126)
Avalon Towers [Member]
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries	$ (2,237)
Memorial Heights Villages
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries			$ (554)

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details 2)	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	25 years
Operating Lease, Weighted Average Remaining Lease Term	42 years
Finance Lease, Weighted Average Discount Rate, Percent	4.63%
Operating Lease, Weighted Average Discount Rate, Percent	4.74%

Commitments and Contingencies_3

Commitments and Contingencies (Details 3) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 14,270
Lessee, Operating Lease, Liability, Payments, Due Year Two	13,950
Lessee, Operating Lease, Liability, Payments, Due Year Three	13,469
Lessee, Operating Lease, Liability, Payments, Due Year Four	13,316
Lessee, Operating Lease, Liability, Payments, Due Year Five	13,526
Lessee, Operating Lease, Liability, Payments, Due after Year Five	350,440
Lessee, Operating Lease, Liability, Payments, Due	418,971
Operating Lease, Liability	161,313	$ 120,261
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	257,658
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months	1,080
Finance Lease, Liability, Payments, Due Year Two	1,082
Finance Lease, Liability, Payments, Due Year Three	1,084
Finance Lease, Liability, Payments, Due Year Four	1,087
Finance Lease, Liability, Payments, Due Year Five	1,089
Finance Lease, Liability, Payment, Due	44,466
Finance Lease, Liability	20,166	20,207
Finance Lease, Liability, Undiscounted Excess Amount	24,300
Finance Lease, Liability, Payments, Due after Year Five	39,044
Lease, Liability, Payments, Remainder Of Fiscal Year	15,350
Lease, Liability, Payments, Due Year Two	15,032
Lease, Liability, Payments, Due Year Three	14,553
Lease, Liability, Payments, Due Year Four	14,403
Lease, Liability, Payments, Due Year Five	14,615
Lease, Liability, Payments, Due After Year Five	389,484
Lease, Liability, Payments, Due	463,437
Lease, Liability	181,479	$ 140,468
Lease, Liability, Undiscounted Excess Amount	$ 281,958

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Percentage of physical occupancy	90.00%
Anniversary of Completion of Development or Redevelopment (in years)	1 year
Reconciliation of NOI to net income
Net income	$ 827,706	$ 786,103	$ 974,175
Indirect operating expenses, net of corporate income	97,443	83,008	80,227
Other Nonoperating Expense	12,399	4,991	3,265
Interest expense, net	214,151	203,585	220,974
Loss on extinguishment of debt, net	9,333	602	17,492
General and administrative expense	60,343	58,042	60,369
Equity in income of unconsolidated real estate entities	(6,422)	(8,652)	(15,270)
Depreciation expense	707,331	661,578	631,196
Income Tax Expense (Benefit)	(3,247)	13,003	(160)
Casualty and impairment loss, net	0	0	215
Gain on sale of communities	(340,444)	(166,105)	(374,976)
(Loss) gain on other real estate transactions	(440)	(439)	(345)
Gain (Loss) on Sale of Other Investments, Net of Marketing and Administrative Costs	(2,551)	3,812	1,044
Other Selling, General and Administrative Expense	5,662	3,812	1,044
Net operating income from real estate assets sold or held for sale	(28,412)	(45,354)	(113,074)
Net operating income	$ 1,547,190	$ 1,594,174	$ 1,485,132

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale	$ 44,951	$ 73,168	$ 175,915
Operating expenses from real estate assets sold or held for sale	(16,539)	(27,814)	(62,841)
Net operating income from real estate assets sold or held for sale	$ 28,412	$ 45,354	$ 113,074

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting
Accounts Receivable, Credit Loss Expense (Reversal)	$ 66,763		$ 14,072
Total revenue	2,301,261	$ 2,324,626	2,284,535
NOI	1,547,190	1,594,174	1,485,132
Gross real estate	23,917,282	23,157,308	21,544,772
Gross real estate assets held for sale	44,940
Established Communities
Segment Reporting
Real estate capitalized additions	126,548	128,324	78,469
Operating segment | Established Communities
Segment Reporting
Total revenue	2,028,317	2,107,288	1,731,570
NOI	1,406,905	1,503,300	1,244,621
Gross real estate	19,045,458	18,923,614	15,239,192
Operating segment | Established Communities | New England
Segment Reporting
Total revenue	297,674	303,816	223,594
NOI	193,053	202,812	148,310
Gross real estate	2,617,725	2,595,907	1,890,304
Operating segment | Established Communities | Metro NY/NJ
Segment Reporting
Total revenue	445,939	466,135	379,968
NOI	305,408	327,356	271,767
Gross real estate	4,235,524	4,214,565	3,367,198
Operating segment | Established Communities | Mid-Atlantic
Segment Reporting
Total revenue	341,311	351,680	284,381
NOI	237,063	250,142	200,381
Gross real estate	3,511,960	3,484,610	2,669,040
Operating segment | Established Communities | Pacific Northwest
Segment Reporting
Total revenue	109,321	113,021	108,861
NOI	76,093	82,186	78,313
Gross real estate	996,317	990,563	985,102
Operating segment | Established Communities | Northern California
Segment Reporting
Total revenue	378,362	397,593	340,247
NOI	283,012	305,450	262,055
Gross real estate	3,201,926	3,186,075	2,753,596
Operating segment | Established Communities | Southern California
Segment Reporting
Total revenue	432,441	451,640	394,519
NOI	298,900	321,776	283,795
Gross real estate	4,160,754	4,131,539	3,573,952
Operating segment | Established Communities | Expansion Markets
Segment Reporting
Total revenue	23,269	23,403
NOI	13,376	13,578
Gross real estate	321,252	320,355
Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	140,173	110,434	238,584
NOI	92,040	74,814	159,745
Gross real estate	1,596,656	1,587,398	3,063,670
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue	84,001	28,776	120,822
NOI	48,245	16,060	80,766
Gross real estate	2,789,062	2,086,519	2,652,968
Operating segment | Disposals [Member]
Segment Reporting
Gross real estate		401,152	732,397
Segment Reconciling Items
Segment Reporting
Gross real estate	110,142	0	84,712
Non-allocated
Segment Reporting
Total revenue	3,819	4,960	3,572
Gross real estate	375,964	559,777	504,230
Continuing Operations
Segment Reporting
Total revenue	2,256,310	2,251,458	2,094,548
Continuing Operations | Operating segment | Established Communities
Segment Reporting
Total revenue	2,028,317	2,107,288	1,731,570
Continuing Operations | Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	140,173	110,434	238,584
Continuing Operations | Non-allocated
Segment Reporting
Total revenue	$ 3,819	$ 4,960	$ 3,572

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation Plans
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Shares
Exercised (in shares)	(1,902)
2009 Plan
Stock-Based Compensation Plans
Common Stock, Par or Stated Value Per Share	$ 0.01
Common stock shares available for grant	6,913,585
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	14,408	124,212	149,973
Exercised (in shares)	(1,902)	(109,804)	(32,756)
Granted (in shares)	0	0	6,995
Forfeited (in shares)	0	0	0
Options outstanding at the end of the period (in shares)	12,506	14,408	124,212
Options exercisable at the end of the period (in shares)	12,506	14,408	117,217
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 124.05	$ 128.84	$ 126.77
Exercised (in dollars per share)	89.17	129.47	126.24
Granted (in dollars per share)	0	0	161.10
Forfeited (in dollars per share)	0	0	0
Options outstanding at the end of the period (in dollars per share)	129.35	124.05	128.84
Options exercisable at the end of the period (in dollars per share)	$ 129.35	$ 124.05	$ 126.91
1994 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	0	0	7,778
Exercised (in shares)	0	0	(7,778)
Granted (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Options outstanding at the end of the period (in shares)	0	0	0
Options exercisable at the end of the period (in shares)	0	0	0
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 0	$ 0	$ 48.60
Exercised (in dollars per share)	0	0	48.60
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	0	0
Options exercisable at the end of the period (in dollars per share)	$ 0	$ 0	$ 0

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 251	$ 7,970	$ 3,016
2009 Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding intrinsic value	389
Options exercisable intrinsic value	$ 389
Options exercisable weighted average contractual life (in years)	1 year 7 months 6 days
2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	12,506
110.00 - 119.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	1,387
Exercise Price, lower limit (in dollars per share)	$ 110
Exercise Price, upper limit (in dollars per share)	$ 119.99
Weighted Average Remaining Contractual Term	1 month 6 days
130.00 - 139.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	11,119
Exercise Price, lower limit (in dollars per share)	$ 130
Exercise Price, upper limit (in dollars per share)	$ 139.99
Weighted Average Remaining Contractual Term	1 year 9 months 18 days

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)periodshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Oct. 31, 1996shares
Additional disclosures
Stock-based compensation expense	$ 21,110	$ 24,885	$ 19,707
Capitalized stock-based compensation cost	$ 9,974	9,396	10,208
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan | shares	20,161
Stock-based compensation expense	$ 21,110	24,885	19,707
Performance awards
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%
Award vesting period (in years)	3 years
Maximum Measurement 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	100.00%
Restricted Stock and Restricted Stock Units
Additional disclosures
Unrecognized compensation cost for unvested stock options	$ 25,200
Weighted average period for recognition of unrecognized compensation cost	1 year 9 months 18 days
Non Qualified Employee Stock Purchase Plan
Additional disclosures
Stock-based compensation expense	$ 537	$ 761	$ 436
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	634,274
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	20,161	13,894	12,955
Stock-based compensation expense	$ 537	$ 761	$ 436

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	253,432	267,129	251,770
Granted (in shares)	77,182	80,512	100,965
Increase (decrease) in awards based on performance (in shares)	18,112	(16,760)	5,990
Converted to restricted stock (in shares)	(96,317)	(73,072)	(88,477)
Forfeited (in shares)	(10,488)	(4,377)	(3,119)
Outstanding at the ending of the period (in shares)	241,921	253,432	267,129
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 176.27	$ 157.21	$ 155.25
Granted (in dollars per share)	238.03	200.75	155.31
Change in awards based on performance (in dollars per share)	177.26	142.03	148.79
Converted to restricted stock (in dollars per share)	177.26	142.03	148.79
Forfeited (in dollars per share)	188.52	166.44	160.33
Outstanding at the ending of the period (in dollars per share)	$ 195.13	$ 176.27	$ 157.21
Grants in period based on shareholder metrics (in shares)	38,823	47,502	62,043
Grants in period based on financial metrics (in shares)	38,359	33,010	38,922

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans (Details 5) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	2.80%	3.10%	3.70%
Estimated volatility, minimum (as a percent)	11.10%	13.90%	11.80%
Estimated volatility, maximum (as a percent)	15.50%	18.80%	18.70%
Risk-free interest rate, minimum (as a percent)	1.45%	2.46%	1.86%
Risk-free interest rate, maximum (as a percent)	1.62%	2.57%	2.46%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 254.72	$ 204.15	$ 151.67
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)	$ 224.64	$ 195.86	$ 161.10

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans (Details 6) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	148,326	160,411	133,633
Granted (in shares)	69,228	79,430	98,713
Vested (in shares)	(79,931)	(89,289)	(67,832)
Forfeited (in shares)	(5,899)	(2,226)	(4,103)
Outstanding at the ending of the period (in shares)	131,724	148,326	160,411
Restricted stock shares weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 181.29	$ 166.33	$ 172.33
Granted (in dollars per share)	221.08	196.43	161.58
Vested (in dollars per share)	178.41	168.06	171.22
Forfeited (in dollars per share)	196.22	174.45	166.40
Outstanding at the ending of the period (in dollars per share)	$ 203.28	$ 181.29	$ 166.33
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	163,111	209,238	233,928
Granted (in shares)	96,317	73,072	88,297
Vested (in shares)	(111,325)	(119,064)	(112,230)
Forfeited (in shares)	(1,784)	(135)	(757)
Outstanding at the ending of the period (in shares)	146,319	163,111	209,238

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Arrangements
Management, development and other fees	$ 3,819,000	$ 4,960,000	$ 3,572,000
Compensation expense	21,110,000	24,885,000	19,707,000
Unconsolidated Real Estate Entities [Member]
Related Party Arrangements
Outstanding receivables	5,408,000	3,924,000
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	170,000
Compensation expense	1,819,000	1,725,000	1,624,000
Amount of deferred compensation	614,000	$ 594,000	$ 571,000
Lead Independent Director
Related Party Arrangements
Payable to related parties	30,000
Payable to related parties in quarterly installments	7,500
Non Employee Director Serving As A Chairperson of the Audit Committee [Member]
Related Party Arrangements
Payable to related parties	25,000
Payable to related parties in quarterly installments	6,250
Non Employee Director Serving As A Chairperson of the Compensation Committee [Member]
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)	3 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)derivative	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 31, 2020USD ($)	Feb. 29, 2020USD ($)
Derivative instruments and Hedging Activities
Derivative, Notional Amounts Settled During Period		$ 250,000,000	$ 350,000,000	$ 600,000,000
Receipts (payments) for termination of forward interest rate swaps		$ (4,821,000)	$ (20,314,000)	(25,135,000)	$ (12,309,000)	$ 12,598,000
(Loss) gain on cash flow hedges				(17,731,000)	(11,930,000)	5,132,000
Unrealized Gain (Loss) on Derivatives	$ 2,894,000			2,894,000	0	$ 0
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Derivative, Notional Amount	$ 150,000,000			$ 150,000,000
Weighted average capped interest rate (as a percent)	0.70%			0.70%
Derivative, notional amounts entered into during period				$ 150,000,000
Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative	10			10
Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Derivative, Notional Amount	$ 679,167,000			$ 679,167,000
Weighted average interest rate (as a percent)	1.70%			1.70%
Weighted average capped interest rate (as a percent)	6.40%			6.40%
Unsecured Notes 2.30 Percent [Member]
Derivative instruments and Hedging Activities
Debt Instrument, Face Amount								$ 700,000,000
Unsecured Notes 2.45 Percent [Member]
Derivative instruments and Hedging Activities
Debt Instrument, Face Amount							$ 600,000,000
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				$ 9,467,000
Avalon Brooklyn Bay
Derivative instruments and Hedging Activities
Due from Related Parties	$ 3,645,000			$ 3,645,000	$ 10,650,000

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Cash flow hedge losses reclassified to earnings	$ (8,984)	$ (6,571)	$ (6,143)

Fair Value (Details 3)

Fair Value (Details 3) $ in Thousands	Dec. 31, 2020USD ($)derivative	Dec. 31, 2019USD ($)
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	$ (1,203)	$ (1,573)
Total	(7,273,002)	(6,199,344)
Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Total	(1,039,662)	(1,404,138)
Recurring basis | Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	0	0
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 Liability		(6,379)
Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,203)	(1,573)
Total	(8,312,664)	(7,603,482)
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 4,308	388
Derivative Liability		(6,379)
Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Number of derivative instruments held | derivative	10
Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	$ 6
Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	6
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(7,271,799)	(6,197,771)
Unsecured notes | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(7,271,799)	(6,197,771)
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	(1,043,976)	(1,398,147)
Secured Notes Payable and Variable Rate Unsecured Term Loan | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ (1,043,976)	$ (1,398,147)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Jan. 31, 2021USD ($)home
Eaves Stamford [Member]
Subsequent Event [Line Items]
Number Of Apartment Homes Sold | home	238
Gross sales price	$ 72,000
Notes Payable Maturities 2021 [Member]
Subsequent Event [Line Items]
Stated interest rate (as a percent)	5.37%
Avalon San Bruno II [Member] | Secured notes | Notes Payable Maturities 2021 [Member]
Subsequent Event [Line Items]
Repayments of secured debt	$ 27,795

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2020USD ($)homeft²residential_condominium	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	82,103
Initial Cost
Land and improvements	$ 4,642,330
Building / Construction in Progress & Improvements	16,221,983
Costs Subsequent to Acquisition / Construction	3,097,909
Total Cost
Land	4,642,330
Building / Construction in Progress & Improvements	19,319,892
Total	23,962,222	$ 23,606,872	$ 22,342,576	$ 21,935,936
Accumulated Depreciation	5,728,440	5,173,883	$ 4,611,646	$ 4,218,379
Total Cost, Net of Accumulated Depreciation	18,233,782	18,432,989
Encumbrances	$ 7,629,814
The Park Loggia [Member]
Total Cost
Number of residential units in development | residential_condominium	172
Retail square feet development | ft²	66
Current Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	76,975
Initial Cost
Land and improvements	$ 4,204,414
Building / Construction in Progress & Improvements	15,449,619
Costs Subsequent to Acquisition / Construction	2,171,634
Total Cost
Land	4,204,414
Building / Construction in Progress & Improvements	17,621,253
Total	21,825,667
Accumulated Depreciation	5,658,853
Total Cost, Net of Accumulated Depreciation	16,166,814	16,582,216
Encumbrances	$ 879,814
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	13,086
Total Cost
Land	2,124
Building / Construction in Progress & Improvements	25,653
Total	27,777
Accumulated Depreciation	17,145
Total Cost, Net of Accumulated Depreciation	10,632	10,379
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	7,097
Total Cost
Land	2,129
Building / Construction in Progress & Improvements	24,664
Total	26,793
Accumulated Depreciation	16,793
Total Cost, Net of Accumulated Depreciation	10,000	10,505
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	12,135
Total Cost
Land	1,743
Building / Construction in Progress & Improvements	26,797
Total	28,540
Accumulated Depreciation	17,533
Total Cost, Net of Accumulated Depreciation	11,007	11,313
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	2,281
Total Cost
Land	3,318
Building / Construction in Progress & Improvements	15,746
Total	19,064
Accumulated Depreciation	9,971
Total Cost, Net of Accumulated Depreciation	9,093	9,471
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	$ 10,905
Building / Construction in Progress & Improvements	45,547
Costs Subsequent to Acquisition / Construction	17,181
Total Cost
Land	10,905
Building / Construction in Progress & Improvements	62,728
Total	73,633
Accumulated Depreciation	33,615
Total Cost, Net of Accumulated Depreciation	40,018	42,916
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	4,211
Total Cost
Land	6,876
Building / Construction in Progress & Improvements	34,612
Total	41,488
Accumulated Depreciation	15,261
Total Cost, Net of Accumulated Depreciation	26,227	26,568
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	15,548
Total Cost
Land	4,645
Building / Construction in Progress & Improvements	34,467
Total	39,112
Accumulated Depreciation	17,409
Total Cost, Net of Accumulated Depreciation	21,703	22,478
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	5,337
Total Cost
Land	4,258
Building / Construction in Progress & Improvements	25,888
Total	30,146
Accumulated Depreciation	12,523
Total Cost, Net of Accumulated Depreciation	17,623	17,853
Encumbrances	$ 0
Current Communities | Avalon at 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	12,756
Total Cost
Land	14,572
Building / Construction in Progress & Improvements	58,667
Total	73,239
Accumulated Depreciation	26,740
Total Cost, Net of Accumulated Depreciation	46,499	48,521
Encumbrances	$ 36,399
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	14,396
Total Cost
Land	8,691
Building / Construction in Progress & Improvements	93,517
Total	102,208
Accumulated Depreciation	41,062
Total Cost, Net of Accumulated Depreciation	61,146	65,554
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	6,554
Total Cost
Land	13,124
Building / Construction in Progress & Improvements	55,249
Total	68,373
Accumulated Depreciation	23,793
Total Cost, Net of Accumulated Depreciation	44,580	45,774
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	10,189
Total Cost
Land	12,218
Building / Construction in Progress & Improvements	51,845
Total	64,063
Accumulated Depreciation	21,037
Total Cost, Net of Accumulated Depreciation	43,026	44,584
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	5,498
Total Cost
Land	4,719
Building / Construction in Progress & Improvements	30,976
Total	35,695
Accumulated Depreciation	13,090
Total Cost, Net of Accumulated Depreciation	22,605	24,150
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	4,937
Total Cost
Land	8,144
Building / Construction in Progress & Improvements	57,121
Total	65,265
Accumulated Depreciation	21,532
Total Cost, Net of Accumulated Depreciation	43,733	44,632
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	$ 0
Building / Construction in Progress & Improvements	110,028
Costs Subsequent to Acquisition / Construction	587
Total Cost
Land	0
Building / Construction in Progress & Improvements	110,615
Total	110,615
Accumulated Depreciation	25,549
Total Cost, Net of Accumulated Depreciation	85,066	88,811
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	931
Total Cost
Land	15,645
Building / Construction in Progress & Improvements	65,776
Total	81,421
Accumulated Depreciation	17,499
Total Cost, Net of Accumulated Depreciation	63,922	65,755
Encumbrances	$ 0
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	610
Total Cost
Land	8,599
Building / Construction in Progress & Improvements	53,064
Total	61,663
Accumulated Depreciation	12,462
Total Cost, Net of Accumulated Depreciation	49,201	50,793
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	$ 10,944
Building / Construction in Progress & Improvements	56,460
Costs Subsequent to Acquisition / Construction	516
Total Cost
Land	10,944
Building / Construction in Progress & Improvements	56,976
Total	67,920
Accumulated Depreciation	12,370
Total Cost, Net of Accumulated Depreciation	55,550	57,350
Encumbrances	$ 0
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	51,869
Total Cost
Land	9,034
Building / Construction in Progress & Improvements	88,409
Total	97,443
Accumulated Depreciation	43,310
Total Cost, Net of Accumulated Depreciation	54,133	56,613
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	63,118
Total Cost
Land	8,776
Building / Construction in Progress & Improvements	98,614
Total	107,390
Accumulated Depreciation	42,832
Total Cost, Net of Accumulated Depreciation	64,558	66,259
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	53,105
Total Cost
Land	8,002
Building / Construction in Progress & Improvements	85,475
Total	93,477
Accumulated Depreciation	37,266
Total Cost, Net of Accumulated Depreciation	56,211	58,745
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	7,663
Total Cost
Land	7,714
Building / Construction in Progress & Improvements	40,162
Total	47,876
Accumulated Depreciation	11,251
Total Cost, Net of Accumulated Depreciation	36,625	37,640
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	341
Total Cost
Land	17,072
Building / Construction in Progress & Improvements	163,974
Total	181,046
Accumulated Depreciation	30,786
Total Cost, Net of Accumulated Depreciation	150,260	155,934
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	17,159
Total Cost
Land	15,600
Building / Construction in Progress & Improvements	77,808
Total	93,408
Accumulated Depreciation	22,048
Total Cost, Net of Accumulated Depreciation	71,360	74,002
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	641
Total Cost
Land	15,367
Building / Construction in Progress & Improvements	61,038
Total	76,405
Accumulated Depreciation	12,057
Total Cost, Net of Accumulated Depreciation	64,348	66,420
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	$ 22,796
Building / Construction in Progress & Improvements	247,270
Costs Subsequent to Acquisition / Construction	777
Total Cost
Land	22,796
Building / Construction in Progress & Improvements	248,047
Total	270,843
Accumulated Depreciation	32,110
Total Cost, Net of Accumulated Depreciation	238,733	247,196
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	6,511
Total Cost, Net of Accumulated Depreciation	37,448	38,701
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	$ 14,694
Building / Construction in Progress & Improvements	79,655
Costs Subsequent to Acquisition / Construction	14
Total Cost
Land	14,694
Building / Construction in Progress & Improvements	79,669
Total	94,363
Accumulated Depreciation	11,728
Total Cost, Net of Accumulated Depreciation	82,635	84,923
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	29,528
Total Cost
Land	27,350
Building / Construction in Progress & Improvements	123,696
Total	151,046
Accumulated Depreciation	37,513
Total Cost, Net of Accumulated Depreciation	113,533	117,841
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	19,569
Total Cost
Land	0
Building / Construction in Progress & Improvements	46,385
Total	46,385
Accumulated Depreciation	30,843
Total Cost, Net of Accumulated Depreciation	15,542	16,512
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	7,411
Total Cost
Land	2,116
Building / Construction in Progress & Improvements	22,075
Total	24,191
Accumulated Depreciation	14,686
Total Cost, Net of Accumulated Depreciation	9,505	10,193
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	6,710
Total Cost
Land	4,834
Building / Construction in Progress & Improvements	29,700
Total	34,534
Accumulated Depreciation	16,734
Total Cost, Net of Accumulated Depreciation	17,800	18,780
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	9,401
Total Cost
Land	6,926
Building / Construction in Progress & Improvements	43,959
Total	50,885
Accumulated Depreciation	23,024
Total Cost, Net of Accumulated Depreciation	27,861	29,263
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	1,762
Total Cost
Land	11,320
Building / Construction in Progress & Improvements	64,666
Total	75,986
Accumulated Depreciation	22,877
Total Cost, Net of Accumulated Depreciation	53,109	54,892
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	486
Total Cost
Land	10,395
Building / Construction in Progress & Improvements	36,937
Total	47,332
Accumulated Depreciation	9,840
Total Cost, Net of Accumulated Depreciation	37,492	38,771
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	12,153
Total Cost
Land	0
Building / Construction in Progress & Improvements	106,214
Total	106,214
Accumulated Depreciation	66,956
Total Cost, Net of Accumulated Depreciation	39,258	42,922
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	15,704
Total Cost
Land	0
Building / Construction in Progress & Improvements	181,658
Total	181,658
Accumulated Depreciation	78,907
Total Cost, Net of Accumulated Depreciation	102,751	108,866
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	7,957
Total Cost
Land	83,038
Building / Construction in Progress & Improvements	224,759
Total	307,797
Accumulated Depreciation	80,404
Total Cost, Net of Accumulated Depreciation	227,393	230,971
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	$ 76,127
Building / Construction in Progress & Improvements	206,955
Costs Subsequent to Acquisition / Construction	184
Total Cost
Land	76,127
Building / Construction in Progress & Improvements	207,139
Total	283,266
Accumulated Depreciation	34,745
Total Cost, Net of Accumulated Depreciation	248,521	259,093
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	$ 49,635
Building / Construction in Progress & Improvements	134,935
Costs Subsequent to Acquisition / Construction	89
Total Cost
Land	49,635
Building / Construction in Progress & Improvements	135,024
Total	184,659
Accumulated Depreciation	20,414
Total Cost, Net of Accumulated Depreciation	164,245	168,970
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	$ 18,310
Building / Construction in Progress & Improvements	74,344
Costs Subsequent to Acquisition / Construction	263
Total Cost
Land	18,310
Building / Construction in Progress & Improvements	74,607
Total	92,917
Accumulated Depreciation	10,961
Total Cost, Net of Accumulated Depreciation	81,956	85,531
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	47,906
Total Cost
Land	154,730
Building / Construction in Progress & Improvements	228,159
Total	382,889
Accumulated Depreciation	62,877
Total Cost, Net of Accumulated Depreciation	320,012	321,720
Encumbrances	$ 93,500
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	12,891
Total Cost
Land	84,069
Building / Construction in Progress & Improvements	118,712
Total	202,781
Accumulated Depreciation	35,382
Total Cost, Net of Accumulated Depreciation	167,399	170,860
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	7,469
Total Cost
Land	71,421
Building / Construction in Progress & Improvements	97,320
Total	168,741
Accumulated Depreciation	30,009
Total Cost, Net of Accumulated Depreciation	138,732	141,704
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	8,010
Total Cost
Land	4,679
Building / Construction in Progress & Improvements	36,296
Total	40,975
Accumulated Depreciation	26,396
Total Cost, Net of Accumulated Depreciation	14,579	15,021
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	7,878
Total Cost
Land	1,820
Building / Construction in Progress & Improvements	18,403
Total	20,223
Accumulated Depreciation	11,815
Total Cost, Net of Accumulated Depreciation	8,408	9,011
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	16,119
Total Cost
Land	6,207
Building / Construction in Progress & Improvements	56,910
Total	63,117
Accumulated Depreciation	33,090
Total Cost, Net of Accumulated Depreciation	30,027	31,880
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	9,026
Total Cost
Land	2,889
Building / Construction in Progress & Improvements	37,350
Total	40,239
Accumulated Depreciation	23,789
Total Cost, Net of Accumulated Depreciation	16,450	17,679
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	5,909
Total Cost
Land	7,871
Building / Construction in Progress & Improvements	65,878
Total	73,749
Accumulated Depreciation	36,817
Total Cost, Net of Accumulated Depreciation	36,932	39,003
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	909
Total Cost
Land	2,577
Building / Construction in Progress & Improvements	38,245
Total	40,822
Accumulated Depreciation	17,877
Total Cost, Net of Accumulated Depreciation	22,945	24,245
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	2,223
Total Cost
Land	15,391
Building / Construction in Progress & Improvements	139,576
Total	154,967
Accumulated Depreciation	55,731
Total Cost, Net of Accumulated Depreciation	99,236	103,560
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	6,794
Total Cost
Land	32,212
Building / Construction in Progress & Improvements	85,600
Total	117,812
Accumulated Depreciation	27,871
Total Cost, Net of Accumulated Depreciation	89,941	92,738
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	2,962
Total Cost
Land	27,765
Building / Construction in Progress & Improvements	80,522
Total	108,287
Accumulated Depreciation	24,407
Total Cost, Net of Accumulated Depreciation	83,880	86,207
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	941
Total Cost
Land	18,205
Building / Construction in Progress & Improvements	50,267
Total	68,472
Accumulated Depreciation	14,885
Total Cost, Net of Accumulated Depreciation	53,587	55,172
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	404
Total Cost
Land	6,392
Building / Construction in Progress & Improvements	30,717
Total	37,109
Accumulated Depreciation	7,421
Total Cost, Net of Accumulated Depreciation	29,688	30,465
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	58,437
Costs Subsequent to Acquisition / Construction	266
Total Cost
Land	21,899
Building / Construction in Progress & Improvements	58,703
Total	80,602
Accumulated Depreciation	13,467
Total Cost, Net of Accumulated Depreciation	67,135	69,236
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	183
Total Cost
Land	4,985
Building / Construction in Progress & Improvements	17,483
Total	22,468
Accumulated Depreciation	3,122
Total Cost, Net of Accumulated Depreciation	19,346	19,984
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	65,505
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	14,777
Building / Construction in Progress & Improvements	65,521
Total	80,298
Accumulated Depreciation	9,029
Total Cost, Net of Accumulated Depreciation	71,269	74,002
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	50,983
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	7,534
Building / Construction in Progress & Improvements	50,983
Total	58,517
Accumulated Depreciation	6,604
Total Cost, Net of Accumulated Depreciation	51,913	54,008
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	$ 5,608
Building / Construction in Progress & Improvements	40,591
Costs Subsequent to Acquisition / Construction	24
Total Cost
Land	5,608
Building / Construction in Progress & Improvements	40,615
Total	46,223
Accumulated Depreciation	5,169
Total Cost, Net of Accumulated Depreciation	41,054	42,538
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	13,323
Total Cost
Land	69,620
Building / Construction in Progress & Improvements	57,104
Total	126,724
Accumulated Depreciation	23,188
Total Cost, Net of Accumulated Depreciation	103,536	105,632
Encumbrances	$ 74,370
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	29,303
Total Cost
Land	8,760
Building / Construction in Progress & Improvements	111,725
Total	120,485
Accumulated Depreciation	76,960
Total Cost, Net of Accumulated Depreciation	43,525	45,546
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	13,893
Total Cost
Land	14,650
Building / Construction in Progress & Improvements	74,379
Total	89,029
Accumulated Depreciation	41,003
Total Cost, Net of Accumulated Depreciation	48,026	50,285
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	26,214
Total Cost
Land	5,585
Building / Construction in Progress & Improvements	48,596
Total	54,181
Accumulated Depreciation	31,307
Total Cost, Net of Accumulated Depreciation	22,874	23,620
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	9,615
Total Cost
Land	5,982
Building / Construction in Progress & Improvements	34,004
Total	39,986
Accumulated Depreciation	19,783
Total Cost, Net of Accumulated Depreciation	20,203	21,621
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	16,440
Total Cost
Land	6,647
Building / Construction in Progress & Improvements	51,346
Total	57,993
Accumulated Depreciation	29,412
Total Cost, Net of Accumulated Depreciation	28,581	30,831
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	478
Total Cost
Land	2,721
Building / Construction in Progress & Improvements	23,403
Total	26,124
Accumulated Depreciation	8,433
Total Cost, Net of Accumulated Depreciation	17,691	18,427
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	1,048
Total Cost
Land	8,984
Building / Construction in Progress & Improvements	32,042
Total	41,026
Accumulated Depreciation	9,834
Total Cost, Net of Accumulated Depreciation	31,192	32,177
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	2,139
Total Cost
Land	14,682
Building / Construction in Progress & Improvements	43,774
Total	58,456
Accumulated Depreciation	13,243
Total Cost, Net of Accumulated Depreciation	45,213	46,598
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	1,071
Total Cost
Land	0
Building / Construction in Progress & Improvements	45,690
Total	45,690
Accumulated Depreciation	12,139
Total Cost, Net of Accumulated Depreciation	33,551	34,886
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	337
Total Cost
Land	6,502
Building / Construction in Progress & Improvements	17,200
Total	23,702
Accumulated Depreciation	4,757
Total Cost, Net of Accumulated Depreciation	18,945	19,356
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	200
Total Cost
Land	3,006
Building / Construction in Progress & Improvements	28,001
Total	31,007
Accumulated Depreciation	7,193
Total Cost, Net of Accumulated Depreciation	23,814	24,777
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	509
Total Cost
Land	2,273
Building / Construction in Progress & Improvements	49,118
Total	51,391
Accumulated Depreciation	10,444
Total Cost, Net of Accumulated Depreciation	40,947	42,380
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	36,513
Costs Subsequent to Acquisition / Construction	63
Total Cost
Land	10,701
Building / Construction in Progress & Improvements	36,576
Total	47,277
Accumulated Depreciation	7,359
Total Cost, Net of Accumulated Depreciation	39,918	41,287
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	55
Total Cost
Land	11,288
Building / Construction in Progress & Improvements	34,923
Total	46,211
Accumulated Depreciation	7,027
Total Cost, Net of Accumulated Depreciation	39,184	40,439
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	$ 26,461
Building / Construction in Progress & Improvements	68,003
Costs Subsequent to Acquisition / Construction	717
Total Cost
Land	26,461
Building / Construction in Progress & Improvements	68,720
Total	95,181
Accumulated Depreciation	10,260
Total Cost, Net of Accumulated Depreciation	84,921	87,418
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	36,315
Costs Subsequent to Acquisition / Construction	72
Total Cost
Land	11,695
Building / Construction in Progress & Improvements	36,387
Total	48,082
Accumulated Depreciation	6,416
Total Cost, Net of Accumulated Depreciation	41,666	43,002
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	6,316
Total Cost
Land	37,237
Building / Construction in Progress & Improvements	96,791
Total	134,028
Accumulated Depreciation	21,972
Total Cost, Net of Accumulated Depreciation	112,056	115,062
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	49,556
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	15,179
Building / Construction in Progress & Improvements	49,556
Total	64,735
Accumulated Depreciation	6,277
Total Cost, Net of Accumulated Depreciation	58,458	60,644
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	60,809
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	8,605
Building / Construction in Progress & Improvements	60,809
Total	69,414
Accumulated Depreciation	6,220
Total Cost, Net of Accumulated Depreciation	63,194	65,247
Encumbrances	$ 0
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	19,628
Total Cost
Land	6,848
Building / Construction in Progress & Improvements	47,242
Total	54,090
Accumulated Depreciation	35,637
Total Cost, Net of Accumulated Depreciation	18,453	18,459
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	3,720
Total Cost
Land	8,800
Building / Construction in Progress & Improvements	43,378
Total	52,178
Accumulated Depreciation	25,889
Total Cost, Net of Accumulated Depreciation	26,289	27,288
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	199
Total Cost
Land	7,425
Building / Construction in Progress & Improvements	25,481
Total	32,906
Accumulated Depreciation	7,592
Total Cost, Net of Accumulated Depreciation	25,314	26,176
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	9,046
Total Cost
Land	25,140
Building / Construction in Progress & Improvements	61,505
Total	86,645
Accumulated Depreciation	20,065
Total Cost, Net of Accumulated Depreciation	66,580	68,693
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	2,532
Total Cost
Land	16,430
Building / Construction in Progress & Improvements	25,434
Total	41,864
Accumulated Depreciation	8,414
Total Cost, Net of Accumulated Depreciation	33,450	34,310
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	5,564
Total Cost
Land	38,140
Building / Construction in Progress & Improvements	40,916
Total	79,056
Accumulated Depreciation	14,346
Total Cost, Net of Accumulated Depreciation	64,710	65,908
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	2,651
Total Cost
Land	9,580
Building / Construction in Progress & Improvements	29,183
Total	38,763
Accumulated Depreciation	9,843
Total Cost, Net of Accumulated Depreciation	28,920	29,891
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	21,816
Total Cost
Land	22,890
Building / Construction in Progress & Improvements	80,507
Total	103,397
Accumulated Depreciation	22,068
Total Cost, Net of Accumulated Depreciation	81,329	82,670
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	4,143
Total Cost
Land	43,700
Building / Construction in Progress & Improvements	158,093
Total	201,793
Accumulated Depreciation	45,061
Total Cost, Net of Accumulated Depreciation	156,732	161,867
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	114,933
Costs Subsequent to Acquisition / Construction	815
Total Cost
Land	25,246
Building / Construction in Progress & Improvements	115,748
Total	140,994
Accumulated Depreciation	17,048
Total Cost, Net of Accumulated Depreciation	123,946	128,637
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	4,910
Total Cost
Land	4,047
Building / Construction in Progress & Improvements	23,463
Total	27,510
Accumulated Depreciation	17,544
Total Cost, Net of Accumulated Depreciation	9,966	10,482
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	13,210
Total Cost
Land	8,802
Building / Construction in Progress & Improvements	48,746
Total	57,548
Accumulated Depreciation	25,984
Total Cost, Net of Accumulated Depreciation	31,564	32,794
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	5,816
Total Cost
Land	29,159
Building / Construction in Progress & Improvements	58,809
Total	87,968
Accumulated Depreciation	33,621
Total Cost, Net of Accumulated Depreciation	54,347	54,793
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	7,071
Total Cost
Land	14,365
Building / Construction in Progress & Improvements	62,469
Total	76,834
Accumulated Depreciation	35,479
Total Cost, Net of Accumulated Depreciation	41,355	42,541
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	69,027
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	6,494
Building / Construction in Progress & Improvements	69,027
Total	75,521
Accumulated Depreciation	8,945
Total Cost, Net of Accumulated Depreciation	66,576	69,508
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	$ 10,872
Building / Construction in Progress & Improvements	62,992
Costs Subsequent to Acquisition / Construction	43
Total Cost
Land	10,872
Building / Construction in Progress & Improvements	63,035
Total	73,907
Accumulated Depreciation	9,225
Total Cost, Net of Accumulated Depreciation	64,682	67,052
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	41
Total Cost
Land	10,130
Building / Construction in Progress & Improvements	61,726
Total	71,856
Accumulated Depreciation	9,686
Total Cost, Net of Accumulated Depreciation	62,170	64,437
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	5,040
Total Cost
Land	2,323
Building / Construction in Progress & Improvements	14,337
Total	16,660
Accumulated Depreciation	10,539
Total Cost, Net of Accumulated Depreciation	6,121	6,565
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	13,338
Total Cost
Land	3,958
Building / Construction in Progress & Improvements	29,177
Total	33,135
Accumulated Depreciation	17,781
Total Cost, Net of Accumulated Depreciation	15,354	11,716
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	69,888
Costs Subsequent to Acquisition / Construction	2,555
Total Cost
Land	12,208
Building / Construction in Progress & Improvements	72,443
Total	84,651
Accumulated Depreciation	9,506
Total Cost, Net of Accumulated Depreciation	75,145	78,253
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	4,083
Total Cost
Land	10,200
Building / Construction in Progress & Improvements	51,607
Total	61,807
Accumulated Depreciation	16,789
Total Cost, Net of Accumulated Depreciation	45,018	46,563
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	12,454
Total Cost
Land	6,096
Building / Construction in Progress & Improvements	36,854
Total	42,950
Accumulated Depreciation	25,440
Total Cost, Net of Accumulated Depreciation	17,510	17,524
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	5,698
Total Cost
Land	2,152
Building / Construction in Progress & Improvements	14,605
Total	16,757
Accumulated Depreciation	9,626
Total Cost, Net of Accumulated Depreciation	7,131	7,543
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	14,285
Total Cost
Land	13,851
Building / Construction in Progress & Improvements	57,682
Total	71,533
Accumulated Depreciation	39,051
Total Cost, Net of Accumulated Depreciation	32,482	34,017
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	32,893
Total Cost
Land	22,041
Building / Construction in Progress & Improvements	123,189
Total	145,230
Accumulated Depreciation	66,934
Total Cost, Net of Accumulated Depreciation	78,296	81,854
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	1,017
Total Cost
Land	13,554
Building / Construction in Progress & Improvements	64,543
Total	78,097
Accumulated Depreciation	18,875
Total Cost, Net of Accumulated Depreciation	59,222	61,053
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	15,576
Total Cost
Land	17,889
Building / Construction in Progress & Improvements	90,303
Total	108,192
Accumulated Depreciation	28,382
Total Cost, Net of Accumulated Depreciation	79,810	83,103
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	415
Total Cost
Land	33,490
Building / Construction in Progress & Improvements	76,216
Total	109,706
Accumulated Depreciation	18,954
Total Cost, Net of Accumulated Depreciation	90,752	93,460
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	2,951
Total Cost
Land	24,225
Building / Construction in Progress & Improvements	84,933
Total	109,158
Accumulated Depreciation	18,607
Total Cost, Net of Accumulated Depreciation	90,551	93,826
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	9,290
Total Cost
Land	22,573
Building / Construction in Progress & Improvements	104,645
Total	127,218
Accumulated Depreciation	20,760
Total Cost, Net of Accumulated Depreciation	106,458	109,983
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	4,017
Total Cost
Land	18,830
Building / Construction in Progress & Improvements	86,444
Total	105,274
Accumulated Depreciation	16,083
Total Cost, Net of Accumulated Depreciation	89,191	91,868
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	115,465
Costs Subsequent to Acquisition / Construction	8,268
Total Cost
Land	29,377
Building / Construction in Progress & Improvements	123,733
Total	153,110
Accumulated Depreciation	22,651
Total Cost, Net of Accumulated Depreciation	130,459	135,716
Encumbrances	$ 0
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	3,255
Total Cost
Land	16,030
Building / Construction in Progress & Improvements	48,675
Total	64,705
Accumulated Depreciation	16,883
Total Cost, Net of Accumulated Depreciation	47,822	49,535
Encumbrances	$ 0
Current Communities | AVA 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	41,022
Total Cost
Land	71,640
Building / Construction in Progress & Improvements	256,959
Total	328,599
Accumulated Depreciation	74,288
Total Cost, Net of Accumulated Depreciation	254,311	260,618
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	12,240
Total Cost
Land	56,550
Building / Construction in Progress & Improvements	190,272
Total	246,822
Accumulated Depreciation	57,506
Total Cost, Net of Accumulated Depreciation	189,316	194,468
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	497
Total Cost
Land	21,600
Building / Construction in Progress & Improvements	59,573
Total	81,173
Accumulated Depreciation	14,222
Total Cost, Net of Accumulated Depreciation	66,951	68,838
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	8,728
Total Cost
Land	26,710
Building / Construction in Progress & Improvements	91,812
Total	118,522
Accumulated Depreciation	31,260
Total Cost, Net of Accumulated Depreciation	87,262	90,175
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	127
Total Cost
Land	39,544
Building / Construction in Progress & Improvements	66,287
Total	105,831
Accumulated Depreciation	13,300
Total Cost, Net of Accumulated Depreciation	92,531	94,976
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	11,457
Total Cost
Land	4,558
Building / Construction in Progress & Improvements	29,825
Total	34,383
Accumulated Depreciation	20,694
Total Cost, Net of Accumulated Depreciation	13,689	14,151
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	5,810
Total Cost
Land	6,786
Building / Construction in Progress & Improvements	33,451
Total	40,237
Accumulated Depreciation	25,033
Total Cost, Net of Accumulated Depreciation	15,204	16,054
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	3,243
Total Cost
Land	6,664
Building / Construction in Progress & Improvements	27,362
Total	34,026
Accumulated Depreciation	18,354
Total Cost, Net of Accumulated Depreciation	15,672	15,794
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	3,818
Total Cost
Land	4,777
Building / Construction in Progress & Improvements	23,583
Total	28,360
Accumulated Depreciation	16,382
Total Cost, Net of Accumulated Depreciation	11,978	12,668
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	3,956
Total Cost
Land	3,789
Building / Construction in Progress & Improvements	19,095
Total	22,884
Accumulated Depreciation	12,952
Total Cost, Net of Accumulated Depreciation	9,932	10,524
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	1,373
Total Cost
Land	5,644
Building / Construction in Progress & Improvements	14,106
Total	19,750
Accumulated Depreciation	9,467
Total Cost, Net of Accumulated Depreciation	10,283	10,687
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	4,066
Total Cost
Land	12,697
Building / Construction in Progress & Improvements	81,516
Total	94,213
Accumulated Depreciation	35,254
Total Cost, Net of Accumulated Depreciation	58,959	61,540
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	1,858
Total Cost
Land	0
Building / Construction in Progress & Improvements	124,887
Total	124,887
Accumulated Depreciation	44,866
Total Cost, Net of Accumulated Depreciation	80,021	84,214
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	989
Total Cost
Land	12,081
Building / Construction in Progress & Improvements	42,607
Total	54,688
Accumulated Depreciation	13,549
Total Cost, Net of Accumulated Depreciation	41,139	42,373
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	1,244
Total Cost
Land	16,460
Building / Construction in Progress & Improvements	48,170
Total	64,630
Accumulated Depreciation	13,794
Total Cost, Net of Accumulated Depreciation	50,836	52,449
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	31
Total Cost
Land	12,294
Building / Construction in Progress & Improvements	55,658
Total	67,952
Accumulated Depreciation	12,680
Total Cost, Net of Accumulated Depreciation	55,272	57,297
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	59,986
Costs Subsequent to Acquisition / Construction	1,510
Total Cost
Land	20,613
Building / Construction in Progress & Improvements	61,496
Total	82,109
Accumulated Depreciation	11,473
Total Cost, Net of Accumulated Depreciation	70,636	72,495
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	$ 23,178
Building / Construction in Progress & Improvements	112,986
Costs Subsequent to Acquisition / Construction	1,318
Total Cost
Land	23,178
Building / Construction in Progress & Improvements	114,304
Total	137,482
Accumulated Depreciation	17,698
Total Cost, Net of Accumulated Depreciation	119,784	123,811
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	21,418
Costs Subsequent to Acquisition / Construction	13
Total Cost
Land	5,072
Building / Construction in Progress & Improvements	21,431
Total	26,503
Accumulated Depreciation	3,376
Total Cost, Net of Accumulated Depreciation	23,127	23,886
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	$ 9,649
Building / Construction in Progress & Improvements	112,456
Costs Subsequent to Acquisition / Construction	699
Total Cost
Land	9,649
Building / Construction in Progress & Improvements	113,155
Total	122,804
Accumulated Depreciation	13,994
Total Cost, Net of Accumulated Depreciation	108,810	111,990
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	4,317
Total Cost
Land	10,250
Building / Construction in Progress & Improvements	31,159
Total	41,409
Accumulated Depreciation	11,192
Total Cost, Net of Accumulated Depreciation	30,217	31,269
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	14,624
Total Cost
Land	11,830
Building / Construction in Progress & Improvements	62,452
Total	74,282
Accumulated Depreciation	41,905
Total Cost, Net of Accumulated Depreciation	32,377	34,327
Encumbrances	$ 0
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	19,539
Total Cost
Land	12,920
Building / Construction in Progress & Improvements	72,586
Total	85,506
Accumulated Depreciation	43,395
Total Cost, Net of Accumulated Depreciation	42,111	44,301
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	13,069
Total Cost
Land	6,119
Building / Construction in Progress & Improvements	63,294
Total	69,413
Accumulated Depreciation	41,300
Total Cost, Net of Accumulated Depreciation	28,113	30,846
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	35,541
Total Cost
Land	20,713
Building / Construction in Progress & Improvements	135,114
Total	155,827
Accumulated Depreciation	85,905
Total Cost, Net of Accumulated Depreciation	69,922	74,334
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	12,001
Total Cost
Land	9,755
Building / Construction in Progress & Improvements	51,394
Total	61,149
Accumulated Depreciation	35,672
Total Cost, Net of Accumulated Depreciation	25,477	26,378
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	21,834
Total Cost
Land	6,546
Building / Construction in Progress & Improvements	48,097
Total	54,643
Accumulated Depreciation	30,784
Total Cost, Net of Accumulated Depreciation	23,859	25,203
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	3,267
Total Cost
Land	4,765
Building / Construction in Progress & Improvements	50,867
Total	55,632
Accumulated Depreciation	31,597
Total Cost, Net of Accumulated Depreciation	24,035	25,377
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	14,701
Total Cost
Land	9,560
Building / Construction in Progress & Improvements	70,837
Total	80,397
Accumulated Depreciation	39,203
Total Cost, Net of Accumulated Depreciation	41,194	43,782
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	586
Total Cost
Land	13,837
Building / Construction in Progress & Improvements	65,120
Total	78,957
Accumulated Depreciation	15,938
Total Cost, Net of Accumulated Depreciation	63,019	65,123
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	7,299
Total Cost
Land	46,060
Building / Construction in Progress & Improvements	89,256
Total	135,316
Accumulated Depreciation	30,101
Total Cost, Net of Accumulated Depreciation	105,215	107,802
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	13,812
Total Cost
Land	64,070
Building / Construction in Progress & Improvements	82,830
Total	146,900
Accumulated Depreciation	28,024
Total Cost, Net of Accumulated Depreciation	118,876	120,633
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	11,110
Total Cost
Land	10,746
Building / Construction in Progress & Improvements	54,509
Total	65,255
Accumulated Depreciation	39,179
Total Cost, Net of Accumulated Depreciation	26,076	24,767
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	12,448
Total Cost
Land	5,276
Building / Construction in Progress & Improvements	32,090
Total	37,366
Accumulated Depreciation	21,162
Total Cost, Net of Accumulated Depreciation	16,204	17,245
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	23,236
Total Cost
Land	11,610
Building / Construction in Progress & Improvements	69,788
Total	81,398
Accumulated Depreciation	46,808
Total Cost, Net of Accumulated Depreciation	34,590	36,309
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	4,227
Total Cost
Land	4,249
Building / Construction in Progress & Improvements	21,047
Total	25,296
Accumulated Depreciation	15,978
Total Cost, Net of Accumulated Depreciation	9,318	10,036
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	10,779
Total Cost
Land	6,581
Building / Construction in Progress & Improvements	37,362
Total	43,943
Accumulated Depreciation	26,302
Total Cost, Net of Accumulated Depreciation	17,641	18,725
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	1,848
Total Cost
Land	14,732
Building / Construction in Progress & Improvements	105,872
Total	120,604
Accumulated Depreciation	41,569
Total Cost, Net of Accumulated Depreciation	79,035	82,462
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	148,846
Costs Subsequent to Acquisition / Construction	5,778
Total Cost
Land	0
Building / Construction in Progress & Improvements	154,624
Total	154,624
Accumulated Depreciation	54,886
Total Cost, Net of Accumulated Depreciation	99,738	104,792
Encumbrances	$ 4,001
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	1,086
Total Cost
Land	7,772
Building / Construction in Progress & Improvements	73,228
Total	81,000
Accumulated Depreciation	17,581
Total Cost, Net of Accumulated Depreciation	63,419	65,600
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	290
Total Cost
Land	7,762
Building / Construction in Progress & Improvements	76,877
Total	84,639
Accumulated Depreciation	12,920
Total Cost, Net of Accumulated Depreciation	71,719	74,056
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	17,483
Total Cost
Land	30,320
Building / Construction in Progress & Improvements	99,858
Total	130,178
Accumulated Depreciation	30,551
Total Cost, Net of Accumulated Depreciation	99,627	103,110
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	5,432
Total Cost
Land	9,860
Building / Construction in Progress & Improvements	25,282
Total	35,142
Accumulated Depreciation	7,701
Total Cost, Net of Accumulated Depreciation	27,441	28,424
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	13,751
Total Cost
Land	27,190
Building / Construction in Progress & Improvements	70,792
Total	97,982
Accumulated Depreciation	21,941
Total Cost, Net of Accumulated Depreciation	76,041	78,864
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	28,689
Costs Subsequent to Acquisition / Construction	66
Total Cost
Land	4,500
Building / Construction in Progress & Improvements	28,755
Total	33,255
Accumulated Depreciation	6,503
Total Cost, Net of Accumulated Depreciation	26,752	27,604
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	20,869
Total Cost
Land	4,230
Building / Construction in Progress & Improvements	30,528
Total	34,758
Accumulated Depreciation	21,113
Total Cost, Net of Accumulated Depreciation	13,645	14,663
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	8,558
Total Cost
Land	5,403
Building / Construction in Progress & Improvements	30,125
Total	35,528
Accumulated Depreciation	20,376
Total Cost, Net of Accumulated Depreciation	15,152	15,827
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	13,154
Total Cost
Land	7,852
Building / Construction in Progress & Improvements	44,599
Total	52,451
Accumulated Depreciation	30,377
Total Cost, Net of Accumulated Depreciation	22,074	23,375
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	4,530
Total Cost
Land	6,125
Building / Construction in Progress & Improvements	29,326
Total	35,451
Accumulated Depreciation	21,942
Total Cost, Net of Accumulated Depreciation	13,509	14,230
Encumbrances	$ 0
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	16,719
Total Cost
Land	3,561
Building / Construction in Progress & Improvements	38,040
Total	41,601
Accumulated Depreciation	23,912
Total Cost, Net of Accumulated Depreciation	17,689	18,809
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	9,105
Total Cost
Land	14,029
Building / Construction in Progress & Improvements	87,557
Total	101,586
Accumulated Depreciation	52,019
Total Cost, Net of Accumulated Depreciation	49,567	53,392
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	766
Total Cost
Land	28,687
Building / Construction in Progress & Improvements	119,922
Total	148,609
Accumulated Depreciation	46,994
Total Cost, Net of Accumulated Depreciation	101,615	105,579
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	2,215
Total Cost
Land	5,544
Building / Construction in Progress & Improvements	53,121
Total	58,665
Accumulated Depreciation	16,216
Total Cost, Net of Accumulated Depreciation	42,449	44,109
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	1,197
Total Cost
Land	20,267
Building / Construction in Progress & Improvements	98,518
Total	118,785
Accumulated Depreciation	23,805
Total Cost, Net of Accumulated Depreciation	94,980	98,351
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	88
Total Cost
Land	12,595
Building / Construction in Progress & Improvements	81,316
Total	93,911
Accumulated Depreciation	16,680
Total Cost, Net of Accumulated Depreciation	77,231	80,105
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	$ 23,523
Building / Construction in Progress & Improvements	180,922
Costs Subsequent to Acquisition / Construction	232
Total Cost
Land	23,523
Building / Construction in Progress & Improvements	181,154
Total	204,677
Accumulated Depreciation	20,350
Total Cost, Net of Accumulated Depreciation	184,327	190,207
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	6,936
Total Cost
Land	40,780
Building / Construction in Progress & Improvements	75,620
Total	116,400
Accumulated Depreciation	24,600
Total Cost, Net of Accumulated Depreciation	91,800	94,626
Encumbrances	$ 63,850
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	2,649
Total Cost
Land	23,787
Building / Construction in Progress & Improvements	47,583
Total	71,370
Accumulated Depreciation	14,066
Total Cost, Net of Accumulated Depreciation	57,304	58,683
Encumbrances	$ 27,844
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	3,217
Total Cost
Land	33,303
Building / Construction in Progress & Improvements	66,127
Total	99,430
Accumulated Depreciation	19,770
Total Cost, Net of Accumulated Depreciation	79,660	81,815
Encumbrances	$ 51,000
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	51,677
Total Cost
Land	22,483
Building / Construction in Progress & Improvements	79,781
Total	102,264
Accumulated Depreciation	49,082
Total Cost, Net of Accumulated Depreciation	53,182	54,487
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	52,697
Total Cost
Land	23,828
Building / Construction in Progress & Improvements	93,069
Total	116,897
Accumulated Depreciation	55,380
Total Cost, Net of Accumulated Depreciation	61,517	63,689
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	12,287
Total Cost
Land	7,045
Building / Construction in Progress & Improvements	25,273
Total	32,318
Accumulated Depreciation	18,575
Total Cost, Net of Accumulated Depreciation	13,743	14,257
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	2,838
Total Cost
Land	0
Building / Construction in Progress & Improvements	45,402
Total	45,402
Accumulated Depreciation	26,859
Total Cost, Net of Accumulated Depreciation	18,543	20,114
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	26,328
Total Cost
Land	14,053
Building / Construction in Progress & Improvements	83,155
Total	97,208
Accumulated Depreciation	46,040
Total Cost, Net of Accumulated Depreciation	51,168	53,271
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	2,907
Total Cost
Land	8,446
Building / Construction in Progress & Improvements	43,197
Total	51,643
Accumulated Depreciation	21,254
Total Cost, Net of Accumulated Depreciation	30,389	31,827
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	5,619
Total Cost
Land	5,459
Building / Construction in Progress & Improvements	46,801
Total	52,260
Accumulated Depreciation	20,773
Total Cost, Net of Accumulated Depreciation	31,487	32,263
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	1,313
Total Cost
Land	12,789
Building / Construction in Progress & Improvements	50,386
Total	63,175
Accumulated Depreciation	21,172
Total Cost, Net of Accumulated Depreciation	42,003	43,719
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	1,251
Total Cost
Land	7,920
Building / Construction in Progress & Improvements	46,096
Total	54,016
Accumulated Depreciation	19,897
Total Cost, Net of Accumulated Depreciation	34,119	35,586
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	94,001
Costs Subsequent to Acquisition / Construction	1,765
Total Cost
Land	14,734
Building / Construction in Progress & Improvements	95,766
Total	110,500
Accumulated Depreciation	21,336
Total Cost, Net of Accumulated Depreciation	89,164	92,661
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	4,502
Total Cost
Land	9,796
Building / Construction in Progress & Improvements	46,242
Total	56,038
Accumulated Depreciation	16,011
Total Cost, Net of Accumulated Depreciation	40,027	41,622
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	1,661
Total Cost
Land	1,916
Building / Construction in Progress & Improvements	9,480
Total	11,396
Accumulated Depreciation	3,503
Total Cost, Net of Accumulated Depreciation	7,893	8,302
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	1,173
Total Cost
Land	2,953
Building / Construction in Progress & Improvements	13,601
Total	16,554
Accumulated Depreciation	4,823
Total Cost, Net of Accumulated Depreciation	11,731	12,213
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	6,019
Total Cost
Land	8,400
Building / Construction in Progress & Improvements	17,566
Total	25,966
Accumulated Depreciation	5,104
Total Cost, Net of Accumulated Depreciation	20,862	21,136
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	1,786
Total Cost
Land	8,305
Building / Construction in Progress & Improvements	22,981
Total	31,286
Accumulated Depreciation	6,813
Total Cost, Net of Accumulated Depreciation	24,473	25,176
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	7,305
Total Cost
Land	30,900
Building / Construction in Progress & Improvements	79,313
Total	110,213
Accumulated Depreciation	23,820
Total Cost, Net of Accumulated Depreciation	86,393	89,198
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	30,726
Costs Subsequent to Acquisition / Construction	125
Total Cost
Land	9,141
Building / Construction in Progress & Improvements	30,851
Total	39,992
Accumulated Depreciation	7,212
Total Cost, Net of Accumulated Depreciation	32,780	33,915
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	64,303
Costs Subsequent to Acquisition / Construction	542
Total Cost
Land	18,311
Building / Construction in Progress & Improvements	64,845
Total	83,156
Accumulated Depreciation	12,166
Total Cost, Net of Accumulated Depreciation	70,990	73,347
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	$ 35,214
Building / Construction in Progress & Improvements	119,105
Costs Subsequent to Acquisition / Construction	1,742
Total Cost
Land	35,214
Building / Construction in Progress & Improvements	120,847
Total	156,061
Accumulated Depreciation	16,159
Total Cost, Net of Accumulated Depreciation	139,902	143,523
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	1,627
Total Cost
Land	9,600
Building / Construction in Progress & Improvements	39,229
Total	48,829
Accumulated Depreciation	10,178
Total Cost, Net of Accumulated Depreciation	38,651	40,139
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	$ 16,617
Building / Construction in Progress & Improvements	79,829
Costs Subsequent to Acquisition / Construction	30
Total Cost
Land	16,617
Building / Construction in Progress & Improvements	79,859
Total	96,476
Accumulated Depreciation	10,846
Total Cost, Net of Accumulated Depreciation	85,630	89,569
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	2,069
Total Cost
Land	18,408
Building / Construction in Progress & Improvements	54,349
Total	72,757
Accumulated Depreciation	10,083
Total Cost, Net of Accumulated Depreciation	62,674	64,702
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	6,555
Total Cost
Land	42,020
Building / Construction in Progress & Improvements	79,916
Total	121,936
Accumulated Depreciation	25,959
Total Cost, Net of Accumulated Depreciation	95,977	97,812
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	7,778
Total Cost
Land	4,626
Building / Construction in Progress & Improvements	30,732
Total	35,358
Accumulated Depreciation	8,821
Total Cost, Net of Accumulated Depreciation	26,537	27,541
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	18,092
Total Cost
Land	15,756
Building / Construction in Progress & Improvements	96,270
Total	112,026
Accumulated Depreciation	27,640
Total Cost, Net of Accumulated Depreciation	84,386	86,885
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	22,787
Total Cost
Land	42,720
Building / Construction in Progress & Improvements	130,429
Total	173,149
Accumulated Depreciation	45,312
Total Cost, Net of Accumulated Depreciation	127,837	130,597
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	7,049
Total Cost
Land	43,540
Building / Construction in Progress & Improvements	87,023
Total	130,563
Accumulated Depreciation	32,908
Total Cost, Net of Accumulated Depreciation	97,655	101,247
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	14,022
Total Cost
Land	32,000
Building / Construction in Progress & Improvements	74,792
Total	106,792
Accumulated Depreciation	21,760
Total Cost, Net of Accumulated Depreciation	85,032	87,273
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	4,377
Total Cost
Land	20,560
Building / Construction in Progress & Improvements	110,933
Total	131,493
Accumulated Depreciation	32,061
Total Cost, Net of Accumulated Depreciation	99,432	103,043
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	7,302
Total Cost
Land	9,110
Building / Construction in Progress & Improvements	22,673
Total	31,783
Accumulated Depreciation	6,869
Total Cost, Net of Accumulated Depreciation	24,914	25,730
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	5,247
Total Cost
Land	13,950
Building / Construction in Progress & Improvements	25,458
Total	39,408
Accumulated Depreciation	9,933
Total Cost, Net of Accumulated Depreciation	29,475	30,784
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	12,883
Total Cost
Land	18,940
Building / Construction in Progress & Improvements	56,544
Total	75,484
Accumulated Depreciation	16,799
Total Cost, Net of Accumulated Depreciation	58,685	60,126
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	90,048
Total Cost
Land	86,450
Building / Construction in Progress & Improvements	251,304
Total	337,754
Accumulated Depreciation	66,816
Total Cost, Net of Accumulated Depreciation	270,938	279,477
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	17,757
Total Cost
Land	68,940
Building / Construction in Progress & Improvements	108,306
Total	177,246
Accumulated Depreciation	38,484
Total Cost, Net of Accumulated Depreciation	138,762	138,107
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	2,714
Total Cost
Land	12,810
Building / Construction in Progress & Improvements	25,295
Total	38,105
Accumulated Depreciation	9,238
Total Cost, Net of Accumulated Depreciation	28,867	29,749
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	6,801
Total Cost
Land	10,240
Building / Construction in Progress & Improvements	38,359
Total	48,599
Accumulated Depreciation	11,400
Total Cost, Net of Accumulated Depreciation	37,199	38,562
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	36,469
Total Cost
Land	17,658
Building / Construction in Progress & Improvements	127,184
Total	144,842
Accumulated Depreciation	34,710
Total Cost, Net of Accumulated Depreciation	110,132	113,607
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	10,040
Total Cost
Land	1,975
Building / Construction in Progress & Improvements	13,854
Total	15,829
Accumulated Depreciation	8,415
Total Cost, Net of Accumulated Depreciation	7,414	7,797
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	4,453
Total Cost
Land	2,517
Building / Construction in Progress & Improvements	13,710
Total	16,227
Accumulated Depreciation	10,312
Total Cost, Net of Accumulated Depreciation	5,915	6,066
Encumbrances	$ 0
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	13,852
Total Cost
Land	4,709
Building / Construction in Progress & Improvements	29,915
Total	34,624
Accumulated Depreciation	19,944
Total Cost, Net of Accumulated Depreciation	14,680	15,673
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	11,940
Total Cost
Land	4,607
Building / Construction in Progress & Improvements	28,851
Total	33,458
Accumulated Depreciation	18,974
Total Cost, Net of Accumulated Depreciation	14,484	15,207
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	11,461
Total Cost
Land	4,871
Building / Construction in Progress & Improvements	31,206
Total	36,077
Accumulated Depreciation	23,463
Total Cost, Net of Accumulated Depreciation	12,614	13,657
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	2,555
Total Cost
Land	9,911
Building / Construction in Progress & Improvements	70,075
Total	79,986
Accumulated Depreciation	26,972
Total Cost, Net of Accumulated Depreciation	53,014	54,867
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	429
Total Cost
Land	4,358
Building / Construction in Progress & Improvements	41,334
Total	45,692
Accumulated Depreciation	11,644
Total Cost, Net of Accumulated Depreciation	34,048	35,396
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	4,411
Total Cost
Land	5,199
Building / Construction in Progress & Improvements	25,545
Total	30,744
Accumulated Depreciation	8,928
Total Cost, Net of Accumulated Depreciation	21,816	23,044
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	98,004
Costs Subsequent to Acquisition / Construction	85
Total Cost
Land	31,689
Building / Construction in Progress & Improvements	98,089
Total	129,778
Accumulated Depreciation	20,193
Total Cost, Net of Accumulated Depreciation	109,585	113,169
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	65
Total Cost
Land	11,607
Building / Construction in Progress & Improvements	44,038
Total	55,645
Accumulated Depreciation	7,663
Total Cost, Net of Accumulated Depreciation	47,982	49,581
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	527
Total Cost
Land	13,055
Building / Construction in Progress & Improvements	106,508
Total	119,563
Accumulated Depreciation	16,553
Total Cost, Net of Accumulated Depreciation	103,010	106,776
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	42,504
Total Cost
Land	9,922
Building / Construction in Progress & Improvements	83,084
Total	93,006
Accumulated Depreciation	49,934
Total Cost, Net of Accumulated Depreciation	43,072	45,340
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	13,546
Total Cost
Land	2,710
Building / Construction in Progress & Improvements	24,470
Total	27,180
Accumulated Depreciation	17,558
Total Cost, Net of Accumulated Depreciation	9,622	10,471
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	25,170
Total Cost
Land	2,768
Building / Construction in Progress & Improvements	45,304
Total	48,072
Accumulated Depreciation	28,143
Total Cost, Net of Accumulated Depreciation	19,929	21,012
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	5,211
Total Cost
Land	3,277
Building / Construction in Progress & Improvements	18,596
Total	21,873
Accumulated Depreciation	5,658
Total Cost, Net of Accumulated Depreciation	16,215	16,800
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	5,901
Total Cost
Land	6,692
Building / Construction in Progress & Improvements	33,044
Total	39,736
Accumulated Depreciation	11,105
Total Cost, Net of Accumulated Depreciation	28,631	29,085
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	476
Total Cost
Land	12,689
Building / Construction in Progress & Improvements	43,804
Total	56,493
Accumulated Depreciation	9,091
Total Cost, Net of Accumulated Depreciation	47,402	48,862
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	3,338
Total Cost
Land	9,490
Building / Construction in Progress & Improvements	31,820
Total	41,310
Accumulated Depreciation	11,666
Total Cost, Net of Accumulated Depreciation	29,644	30,880
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	12,062
Total Cost
Land	16,760
Building / Construction in Progress & Improvements	39,756
Total	56,516
Accumulated Depreciation	12,955
Total Cost, Net of Accumulated Depreciation	43,561	45,624
Encumbrances	$ 0
Current Communities | Avalon 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	67,820
Costs Subsequent to Acquisition / Construction	1,903
Total Cost
Land	8,047
Building / Construction in Progress & Improvements	69,723
Total	77,770
Accumulated Depreciation	11,204
Total Cost, Net of Accumulated Depreciation	66,566	69,273
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	4,134
Total Cost
Land	21,430
Building / Construction in Progress & Improvements	118,219
Total	139,649
Accumulated Depreciation	17,589
Total Cost, Net of Accumulated Depreciation	122,060	126,509
Encumbrances	$ 0
Current Communities | The Alexander & Alexander 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	3,286
Total Cost
Land	9,597
Building / Construction in Progress & Improvements	94,236
Total	103,833
Accumulated Depreciation	10,934
Total Cost, Net of Accumulated Depreciation	92,899	96,306
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	$ 3,170
Building / Construction in Progress & Improvements	60,837
Costs Subsequent to Acquisition / Construction	134
Total Cost
Land	3,170
Building / Construction in Progress & Improvements	60,971
Total	64,141
Accumulated Depreciation	8,059
Total Cost, Net of Accumulated Depreciation	56,082	58,660
Encumbrances	$ 0
Boston, MA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	8,421
Initial Cost
Land and improvements	$ 291,544
Building / Construction in Progress & Improvements	1,715,472
Costs Subsequent to Acquisition / Construction	377,781
Total Cost
Land	291,544
Building / Construction in Progress & Improvements	2,093,253
Total	2,384,797
Accumulated Depreciation	681,698
Total Cost, Net of Accumulated Depreciation	1,703,099	1,766,853
Encumbrances	$ 81,399
Fairfield, CT
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	946
Initial Cost
Land and improvements	$ 35,591
Building / Construction in Progress & Improvements	171,567
Costs Subsequent to Acquisition / Construction	25,770
Total Cost
Land	35,591
Building / Construction in Progress & Improvements	197,337
Total	232,928
Accumulated Depreciation	87,161
Total Cost, Net of Accumulated Depreciation	145,767	151,899
Encumbrances	$ 0
New England
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	9,367
Initial Cost
Land and improvements	$ 327,135
Building / Construction in Progress & Improvements	1,887,039
Costs Subsequent to Acquisition / Construction	403,551
Total Cost
Land	327,135
Building / Construction in Progress & Improvements	2,290,590
Total	2,617,725
Accumulated Depreciation	768,859
Total Cost, Net of Accumulated Depreciation	1,848,866	1,918,752
Encumbrances	$ 81,399
New York City, NY
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,788
Initial Cost
Land and improvements	$ 537,330
Building / Construction in Progress & Improvements	1,268,976
Costs Subsequent to Acquisition / Construction	104,616
Total Cost
Land	537,330
Building / Construction in Progress & Improvements	1,373,592
Total	1,910,922
Accumulated Depreciation	420,655
Total Cost, Net of Accumulated Depreciation	1,490,267	1,530,637
Encumbrances	$ 362,000
New York - Suburban
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,970
Initial Cost
Land and improvements	$ 250,431
Building / Construction in Progress & Improvements	855,186
Costs Subsequent to Acquisition / Construction	74,987
Total Cost
Land	250,431
Building / Construction in Progress & Improvements	930,173
Total	1,180,604
Accumulated Depreciation	340,678
Total Cost, Net of Accumulated Depreciation	839,926	870,381
Encumbrances	$ 74,370
New Jersey
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	5,017
Initial Cost
Land and improvements	$ 200,958
Building / Construction in Progress & Improvements	834,570
Costs Subsequent to Acquisition / Construction	108,470
Total Cost
Land	200,958
Building / Construction in Progress & Improvements	943,040
Total	1,143,998
Accumulated Depreciation	330,039
Total Cost, Net of Accumulated Depreciation	813,959	843,603
Encumbrances	$ 0
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	12,775
Initial Cost
Land and improvements	$ 988,719
Building / Construction in Progress & Improvements	2,958,732
Costs Subsequent to Acquisition / Construction	288,073
Total Cost
Land	988,719
Building / Construction in Progress & Improvements	3,246,805
Total	4,235,524
Accumulated Depreciation	1,091,372
Total Cost, Net of Accumulated Depreciation	3,144,152	3,244,621
Encumbrances	$ 436,370
Mid-Atlantic
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	13,494
Initial Cost
Land and improvements	$ 752,909
Building / Construction in Progress & Improvements	2,460,097
Costs Subsequent to Acquisition / Construction	298,954
Total Cost
Land	752,909
Building / Construction in Progress & Improvements	2,759,051
Total	3,511,960
Accumulated Depreciation	893,884
Total Cost, Net of Accumulated Depreciation	2,618,076	2,697,160
Encumbrances	$ 32,200
Pacific Northwest
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	4,116
Initial Cost
Land and improvements	$ 154,512
Building / Construction in Progress & Improvements	796,103
Costs Subsequent to Acquisition / Construction	45,702
Total Cost
Land	154,512
Building / Construction in Progress & Improvements	841,805
Total	996,317
Accumulated Depreciation	280,758
Total Cost, Net of Accumulated Depreciation	715,559	741,202
Encumbrances	$ 0
San Jose, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,840
Initial Cost
Land and improvements	$ 206,175
Building / Construction in Progress & Improvements	635,574
Costs Subsequent to Acquisition / Construction	156,273
Total Cost
Land	206,175
Building / Construction in Progress & Improvements	791,847
Total	998,022
Accumulated Depreciation	423,824
Total Cost, Net of Accumulated Depreciation	574,198	598,106
Encumbrances	$ 0
Oakland - East Bay, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,847
Initial Cost
Land and improvements	$ 140,598
Building / Construction in Progress & Improvements	742,550
Costs Subsequent to Acquisition / Construction	107,534
Total Cost
Land	140,598
Building / Construction in Progress & Improvements	850,084
Total	990,682
Accumulated Depreciation	343,081
Total Cost, Net of Accumulated Depreciation	647,601	671,994
Encumbrances	$ 4,001
San Francisco, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	3,267
Initial Cost
Land and improvements	$ 229,686
Building / Construction in Progress & Improvements	893,301
Costs Subsequent to Acquisition / Construction	90,235
Total Cost
Land	229,686
Building / Construction in Progress & Improvements	983,536
Total	1,213,222
Accumulated Depreciation	352,220
Total Cost, Net of Accumulated Depreciation	861,002	893,771
Encumbrances	$ 142,694
Northern California
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	10,954
Initial Cost
Land and improvements	$ 576,459
Building / Construction in Progress & Improvements	2,271,425
Costs Subsequent to Acquisition / Construction	354,042
Total Cost
Land	576,459
Building / Construction in Progress & Improvements	2,625,467
Total	3,201,926
Accumulated Depreciation	1,119,125
Total Cost, Net of Accumulated Depreciation	2,082,801	2,163,871
Encumbrances	$ 146,695
Los Angeles, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	11,492
Initial Cost
Land and improvements	$ 725,638
Building / Construction in Progress & Improvements	2,006,163
Costs Subsequent to Acquisition / Construction	447,144
Total Cost
Land	725,638
Building / Construction in Progress & Improvements	2,453,307
Total	3,178,945
Accumulated Depreciation	815,796
Total Cost, Net of Accumulated Depreciation	2,363,149	2,435,256
Encumbrances	$ 152,900
Orange County, CA
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,821
Initial Cost
Land and improvements	$ 94,498
Building / Construction in Progress & Improvements	443,307
Costs Subsequent to Acquisition / Construction	59,818
Total Cost
Land	94,498
Building / Construction in Progress & Improvements	503,125
Total	597,623
Accumulated Depreciation	173,061
Total Cost, Net of Accumulated Depreciation	424,562	441,233
Encumbrances	$ 0
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	108,208
Total Cost
Land	64,308
Building / Construction in Progress & Improvements	319,878
Total	384,186
Accumulated Depreciation	146,110
Total Cost, Net of Accumulated Depreciation	238,076	248,074
Encumbrances	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	16,379
Initial Cost
Land and improvements	$ 884,444
Building / Construction in Progress & Improvements	2,661,140
Costs Subsequent to Acquisition / Construction	615,170
Total Cost
Land	884,444
Building / Construction in Progress & Improvements	3,276,310
Total	4,160,754
Accumulated Depreciation	1,134,967
Total Cost, Net of Accumulated Depreciation	3,025,787	3,124,563
Encumbrances	$ 152,900
Denver, CO
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	67,820
Costs Subsequent to Acquisition / Construction	1,903
Total Cost
Land	8,047
Building / Construction in Progress & Improvements	69,723
Total	77,770
Accumulated Depreciation	11,204
Total Cost, Net of Accumulated Depreciation	66,566	69,273
Encumbrances	$ 0
Southeast Florida
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	660
Initial Cost
Land and improvements	$ 31,027
Building / Construction in Progress & Improvements	205,035
Costs Subsequent to Acquisition / Construction	7,420
Total Cost
Land	31,027
Building / Construction in Progress & Improvements	212,455
Total	243,482
Accumulated Depreciation	28,523
Total Cost, Net of Accumulated Depreciation	214,959	222,815
Encumbrances	$ 0
Expansion Markets
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	912
Initial Cost
Land and improvements	$ 39,074
Building / Construction in Progress & Improvements	272,855
Costs Subsequent to Acquisition / Construction	9,323
Total Cost
Land	39,074
Building / Construction in Progress & Improvements	282,178
Total	321,252
Accumulated Depreciation	39,727
Total Cost, Net of Accumulated Depreciation	281,525	292,088
Encumbrances	$ 0
Established Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	67,997
Initial Cost
Land and improvements	$ 3,723,252
Building / Construction in Progress & Improvements	13,307,391
Costs Subsequent to Acquisition / Construction	2,014,815
Total Cost
Land	3,723,252
Building / Construction in Progress & Improvements	15,322,206
Total	19,045,458
Accumulated Depreciation	5,328,692
Total Cost, Net of Accumulated Depreciation	13,716,766	14,182,257
Encumbrances	$ 849,564
Lease-Up Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	2,999
Initial Cost
Land and improvements	$ 150,887
Building / Construction in Progress & Improvements	932,324
Costs Subsequent to Acquisition / Construction	3,335
Total Cost
Land	150,887
Building / Construction in Progress & Improvements	935,659
Total	1,086,546
Accumulated Depreciation	34,373
Total Cost, Net of Accumulated Depreciation	1,052,173	954,196
Encumbrances	$ 0
Lease-Up Communities | Avalon Public Market [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	289
Initial Cost
Land and improvements	$ 27,390
Building / Construction in Progress & Improvements	142,843
Costs Subsequent to Acquisition / Construction	11
Total Cost
Land	27,390
Building / Construction in Progress & Improvements	142,854
Total	170,244
Accumulated Depreciation	5,037
Total Cost, Net of Accumulated Depreciation	165,207	152,921
Encumbrances	$ 0
Lease-Up 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	$ 1,663
Building / Construction in Progress & Improvements	109,026
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	1,663
Building / Construction in Progress & Improvements	109,026
Total	110,689
Accumulated Depreciation	1,188
Total Cost, Net of Accumulated Depreciation	109,501	86,978
Encumbrances	$ 0
Lease-Up Communities | Avalon Doral [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	350
Initial Cost
Land and improvements	$ 21,884
Building / Construction in Progress & Improvements	88,245
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	21,884
Building / Construction in Progress & Improvements	88,245
Total	110,129
Accumulated Depreciation	808
Total Cost, Net of Accumulated Depreciation	109,321	82,807
Encumbrances	$ 0
Lease-Up Communities | Avalon Saugus [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	280
Initial Cost
Land and improvements	$ 17,801
Building / Construction in Progress & Improvements	72,460
Costs Subsequent to Acquisition / Construction	1,068
Total Cost
Land	17,801
Building / Construction in Progress & Improvements	73,528
Total	91,329
Accumulated Depreciation	4,361
Total Cost, Net of Accumulated Depreciation	86,968	87,955
Encumbrances	$ 0
Lease-Up Communities | Avalon Norwood [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	198
Initial Cost
Land and improvements	$ 9,436
Building / Construction in Progress & Improvements	50,958
Costs Subsequent to Acquisition / Construction	933
Total Cost
Land	9,436
Building / Construction in Progress & Improvements	51,891
Total	61,327
Accumulated Depreciation	2,378
Total Cost, Net of Accumulated Depreciation	58,949	57,590
Encumbrances	$ 0
Lease-Up Communities | Avalon Marlborough II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	123
Initial Cost
Land and improvements	$ 5,522
Building / Construction in Progress & Improvements	34,594
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	5,522
Building / Construction in Progress & Improvements	34,594
Total	40,116
Accumulated Depreciation	326
Total Cost, Net of Accumulated Depreciation	39,790	15,293
Encumbrances	$ 0
Lease-Up Communities | Avalon Towson [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	371
Initial Cost
Land and improvements	$ 12,876
Building / Construction in Progress & Improvements	95,269
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,876
Building / Construction in Progress & Improvements	95,269
Total	108,145
Accumulated Depreciation	1,657
Total Cost, Net of Accumulated Depreciation	106,488	86,409
Encumbrances	$ 0
Lease-Up Communities | Avalon Boonton [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	350
Initial Cost
Land and improvements	$ 3,592
Building / Construction in Progress & Improvements	88,933
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	3,592
Building / Construction in Progress & Improvements	88,933
Total	92,525
Accumulated Depreciation	5,219
Total Cost, Net of Accumulated Depreciation	87,306	89,741
Encumbrances	$ 0
Lease-Up Communities | Avalon Teaneck [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	248
Initial Cost
Land and improvements	$ 12,587
Building / Construction in Progress & Improvements	59,929
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	12,587
Building / Construction in Progress & Improvements	59,929
Total	72,516
Accumulated Depreciation	2,916
Total Cost, Net of Accumulated Depreciation	69,600	70,333
Encumbrances	$ 0
Lease-Up Communities | Avalon Belltown Towers [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	274
Initial Cost
Land and improvements	$ 24,638
Building / Construction in Progress & Improvements	121,065
Costs Subsequent to Acquisition / Construction	1,323
Total Cost
Land	24,638
Building / Construction in Progress & Improvements	122,388
Total	147,026
Accumulated Depreciation	6,838
Total Cost, Net of Accumulated Depreciation	140,188	144,328
Encumbrances	$ 0
Lease-Up Communities | Avalon North Creek [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	316
Initial Cost
Land and improvements	$ 13,498
Building / Construction in Progress & Improvements	69,002
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	13,498
Building / Construction in Progress & Improvements	69,002
Total	82,500
Accumulated Depreciation	3,645
Total Cost, Net of Accumulated Depreciation	78,855	79,841
Encumbrances	$ 0
Redevelopment Communities
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	19,199
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	48,376
Total	55,667
Accumulated Depreciation	33,782
Total Cost, Net of Accumulated Depreciation	21,885	20,825
Encumbrances	$ 0
Redevelopment 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	19,199
Total Cost
Land	7,291
Building / Construction in Progress & Improvements	48,376
Total	55,667
Accumulated Depreciation	33,782
Total Cost, Net of Accumulated Depreciation	21,885	20,825
Encumbrances	$ 0
Other Stabilized Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	5,635
Initial Cost
Land and improvements	$ 322,984
Building / Construction in Progress & Improvements	1,180,727
Costs Subsequent to Acquisition / Construction	134,285
Total Cost
Land	322,984
Building / Construction in Progress & Improvements	1,315,012
Total	1,637,996
Accumulated Depreciation	262,006
Total Cost, Net of Accumulated Depreciation	1,375,990	1,424,938
Encumbrances	$ 30,250
Other Stabilized Communities | Avalon Cerritos [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	132
Initial Cost
Land and improvements	$ 8,869
Building / Construction in Progress & Improvements	51,452
Costs Subsequent to Acquisition / Construction	611
Total Cost
Land	8,869
Building / Construction in Progress & Improvements	52,063
Total	60,932
Accumulated Depreciation	4,106
Total Cost, Net of Accumulated Depreciation	56,826	58,779
Encumbrances	$ 30,250
Other Stabilized 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	13,434
Total Cost
Land	90,890
Building / Construction in Progress & Improvements	145,474
Total	236,364
Accumulated Depreciation	48,144
Total Cost, Net of Accumulated Depreciation	188,220	191,439
Encumbrances	$ 0
Other Stabilized 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	37,814
Total Cost
Land	46,790
Building / Construction in Progress & Improvements	137,813
Total	184,603
Accumulated Depreciation	36,618
Total Cost, Net of Accumulated Depreciation	147,985	151,864
Encumbrances	$ 0
Other Stabilized 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	14,991
Total Cost
Land	5,956
Building / Construction in Progress & Improvements	38,984
Total	44,940
Accumulated Depreciation	28,261
Total Cost, Net of Accumulated Depreciation	16,679	17,338
Encumbrances
Other Stabilized Communities | Avalon Meadows at Castle Rock
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	64,564
Costs Subsequent to Acquisition / Construction	816
Total Cost
Land	8,527
Building / Construction in Progress & Improvements	65,380
Total	73,907
Accumulated Depreciation	7,177
Total Cost, Net of Accumulated Depreciation	66,730	69,266
Encumbrances	$ 0
Other Stabilized Communities | Avalon 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	70,111
Costs Subsequent to Acquisition / Construction	1,494
Total Cost
Land	4,461
Building / Construction in Progress & Improvements	71,605
Total	76,066
Accumulated Depreciation	8,324
Total Cost, Net of Accumulated Depreciation	67,742	70,604
Encumbrances	$ 0
Other Stabilized Communities | Avalon Southlands [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	338
Initial Cost
Land and improvements	$ 5,101
Building / Construction in Progress & Improvements	85,184
Costs Subsequent to Acquisition / Construction	1,534
Total Cost
Land	5,101
Building / Construction in Progress & Improvements	86,718
Total	91,819
Accumulated Depreciation	8,763
Total Cost, Net of Accumulated Depreciation	83,056	86,815
Encumbrances	$ 0
Other Stabilized Communities | Avalon Bonterra [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	314
Initial Cost
Land and improvements	$ 16,655
Building / Construction in Progress & Improvements	70,822
Costs Subsequent to Acquisition / Construction	2,585
Total Cost
Land	16,655
Building / Construction in Progress & Improvements	73,407
Total	90,062
Accumulated Depreciation	7,437
Total Cost, Net of Accumulated Depreciation	82,625	86,934
Encumbrances	$ 0
Other Stabilized Communities | Avalon Toscana [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	240
Initial Cost
Land and improvements	$ 9,213
Building / Construction in Progress & Improvements	49,705
Costs Subsequent to Acquisition / Construction	1,464
Total Cost
Land	9,213
Building / Construction in Progress & Improvements	51,169
Total	60,382
Accumulated Depreciation	3,841
Total Cost, Net of Accumulated Depreciation	56,541	60,217
Encumbrances	$ 0
Other Stabilized 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	$ 8,998
Building / Construction in Progress & Improvements	55,358
Costs Subsequent to Acquisition / Construction	16
Total Cost
Land	8,998
Building / Construction in Progress & Improvements	55,374
Total	64,372
Accumulated Depreciation	4,553
Total Cost, Net of Accumulated Depreciation	59,819	61,335
Encumbrances	$ 0
Other Stabilized Communities | Avalon Sudbury [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	250
Initial Cost
Land and improvements	$ 20,248
Building / Construction in Progress & Improvements	66,544
Costs Subsequent to Acquisition / Construction	33
Total Cost
Land	20,248
Building / Construction in Progress & Improvements	66,577
Total	86,825
Accumulated Depreciation	5,944
Total Cost, Net of Accumulated Depreciation	80,881	83,537
Encumbrances	$ 0
Other Stabilized Communities | AVA North Point
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	265
Initial Cost
Land and improvements	$ 31,263
Building / Construction in Progress & Improvements	81,196
Costs Subsequent to Acquisition / Construction	2,645
Total Cost
Land	31,263
Building / Construction in Progress & Improvements	83,841
Total	115,104
Accumulated Depreciation	6,120
Total Cost, Net of Accumulated Depreciation	108,984	115,009
Encumbrances
Other Stabilized Communities | Portico at Silver Spring Metro [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	151
Initial Cost
Land and improvements	$ 3,471
Building / Construction in Progress & Improvements	41,393
Costs Subsequent to Acquisition / Construction	900
Total Cost
Land	3,471
Building / Construction in Progress & Improvements	42,293
Total	45,764
Accumulated Depreciation	3,040
Total Cost, Net of Accumulated Depreciation	42,724	43,078
Encumbrances	$ 0
Other Stabilized Communities | Avalon Piscataway [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	360
Initial Cost
Land and improvements	$ 14,329
Building / Construction in Progress & Improvements	75,738
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	14,329
Building / Construction in Progress & Improvements	75,738
Total	90,067
Accumulated Depreciation	6,093
Total Cost, Net of Accumulated Depreciation	83,974	86,843
Encumbrances	$ 0
Other Stabilized Communities | Avalon Melville [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	22,903
Total Cost
Land	9,228
Building / Construction in Progress & Improvements	72,966
Total	82,194
Accumulated Depreciation	44,437
Total Cost, Net of Accumulated Depreciation	37,757	40,879
Encumbrances	$ 0
Other Stabilized Communities | AVA Esterra Park [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	323
Initial Cost
Land and improvements	$ 16,405
Building / Construction in Progress & Improvements	74,564
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	16,405
Building / Construction in Progress & Improvements	74,564
Total	90,969
Accumulated Depreciation	5,124
Total Cost, Net of Accumulated Depreciation	85,845	88,859
Encumbrances	$ 0
Other Stabilized 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	33,045
Total Cost
Land	22,580
Building / Construction in Progress & Improvements	121,046
Total	143,626
Accumulated Depreciation	34,024
Total Cost, Net of Accumulated Depreciation	109,602	112,142
Encumbrances	$ 0
Development Communities
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	5,128
Initial Cost
Land and improvements	$ 188,026
Building / Construction in Progress & Improvements	527,156
Costs Subsequent to Acquisition / Construction	929,514
Total Cost
Land	188,026
Building / Construction in Progress & Improvements	1,456,670
Total	1,644,696
Accumulated Depreciation	13,312
Total Cost, Net of Accumulated Depreciation	1,631,384	1,067,278
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	$ 81,731
Building / Construction in Progress & Improvements	228,194
Costs Subsequent to Acquisition / Construction	59,491
Total Cost
Land	81,731
Building / Construction in Progress & Improvements	287,685
Total	369,416
Accumulated Depreciation	5,682
Total Cost, Net of Accumulated Depreciation	363,734	325,576
Encumbrances	$ 0
Development Communities | Avalon Brea Place [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	653
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	2,011
Costs Subsequent to Acquisition / Construction	200,834
Total Cost
Land	0
Building / Construction in Progress & Improvements	202,845
Total	202,845
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	202,845	112,025
Encumbrances	$ 0
Development Communities | Avalon Monrovia [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	154
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	405
Costs Subsequent to Acquisition / Construction	46,166
Total Cost
Land	0
Building / Construction in Progress & Improvements	46,571
Total	46,571
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	46,571	15,830
Encumbrances	$ 0
Development Communities | AVA RiNo [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	246
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	34
Costs Subsequent to Acquisition / Construction	49,245
Total Cost
Land	0
Building / Construction in Progress & Improvements	49,279
Total	49,279
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	49,279	18,226
Encumbrances	$ 0
Development Communities | Avalon Acton II [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	86
Initial Cost
Land and improvements	$ 1,159
Building / Construction in Progress & Improvements	19,741
Costs Subsequent to Acquisition / Construction	8,032
Total Cost
Land	1,159
Building / Construction in Progress & Improvements	27,773
Total	28,932
Accumulated Depreciation	129
Total Cost, Net of Accumulated Depreciation	28,803	4,474
Encumbrances	$ 0
Development Communities | Avalon Easton 2
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	44
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	2,589
Total Cost
Land	0
Building / Construction in Progress & Improvements	2,589
Total	2,589
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	2,589
Encumbrances	$ 0
Development Communities | Avalon Woburn [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	52
Costs Subsequent to Acquisition / Construction	67,850
Total Cost
Land	0
Building / Construction in Progress & Improvements	67,902
Total	67,902
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	67,902	29,689
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	$ 1,537
Building / Construction in Progress & Improvements	10,336
Costs Subsequent to Acquisition / Construction	46,506
Total Cost
Land	1,537
Building / Construction in Progress & Improvements	56,842
Total	58,379
Accumulated Depreciation	31
Total Cost, Net of Accumulated Depreciation	58,348	30,788
Encumbrances	$ 0
Development Communities | Avalon East Harbor [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	400
Initial Cost
Land and improvements	$ 3,387
Building / Construction in Progress & Improvements	34,696
Costs Subsequent to Acquisition / Construction	87,836
Total Cost
Land	3,387
Building / Construction in Progress & Improvements	122,532
Total	125,919
Accumulated Depreciation	198
Total Cost, Net of Accumulated Depreciation	125,721	86,367
Encumbrances	$ 0
Development Communities | Avalon Foundry Row [Member]
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	437
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	2,011
Costs Subsequent to Acquisition / Construction	77,227
Total Cost
Land	0
Building / Construction in Progress & Improvements	79,238
Total	79,238
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	79,238	21,480
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	$ 3,008
Building / Construction in Progress & Improvements	28,990
Costs Subsequent to Acquisition / Construction	31,299
Total Cost
Land	3,008
Building / Construction in Progress & Improvements	60,289
Total	63,297
Accumulated Depreciation	244
Total Cost, Net of Accumulated Depreciation	63,053	35,463
Encumbrances	$ 0
Development Communities | Avalon Somerville Station
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	375
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	25,385
Total Cost
Land	0
Building / Construction in Progress & Improvements	25,385
Total	25,385
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	25,385
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	$ 19,500
Building / Construction in Progress & Improvements	117,593
Costs Subsequent to Acquisition / Construction	68,889
Total Cost
Land	19,500
Building / Construction in Progress & Improvements	186,482
Total	205,982
Accumulated Depreciation	3,321
Total Cost, Net of Accumulated Depreciation	202,661	165,749
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	38,436
Total Cost
Land	0
Building / Construction in Progress & Improvements	38,436
Total	38,436
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	38,436	26,158
Encumbrances	$ 0
Development Communities | Avalon Harbor Isle
Real Estate and Accumulated Depreciation
Number of apartment homes in communities owned | home	172
Initial Cost
Land and improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	27,163
Total Cost
Land	0
Building / Construction in Progress & Improvements	27,163
Total	27,163
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	27,163
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	$ 310
Building / Construction in Progress & Improvements	6,807
Costs Subsequent to Acquisition / Construction	92,566
Total Cost
Land	310
Building / Construction in Progress & Improvements	99,373
Total	99,683
Accumulated Depreciation	14
Total Cost, Net of Accumulated Depreciation	99,669	43,966
Encumbrances	0
Development Communities | The Park Loggia [Member]
Initial Cost
Land and improvements	77,394
Building / Construction in Progress & Improvements	76,286
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	77,394
Building / Construction in Progress & Improvements	76,286
Total	153,680
Accumulated Depreciation	3,693
Total Cost, Net of Accumulated Depreciation	149,987	151,487
Encumbrances	0
Land Held for Development
Initial Cost
Land and improvements	110,142
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land	110,142
Building / Construction in Progress & Improvements	0
Total	110,142
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	110,142	0
Encumbrances	0
Corporate overhead
Initial Cost
Land and improvements	7,814
Building / Construction in Progress & Improvements	11,414
Costs Subsequent to Acquisition / Construction	95,270
Total Cost
Land	7,814
Building / Construction in Progress & Improvements	106,684
Total	114,498
Accumulated Depreciation	56,275
Total Cost, Net of Accumulated Depreciation	58,223	45,115
Encumbrances	6,750,000
For-Sale Condominium Inventory
Initial Cost
Land and improvements	131,934
Building / Construction in Progress & Improvements	233,794
Costs Subsequent to Acquisition / Construction	(98,509)
Total Cost
Land	131,934
Building / Construction in Progress & Improvements	135,285
Total	267,219
Accumulated Depreciation	0
Total Cost, Net of Accumulated Depreciation	267,219	457,809
Encumbrances	0
2020 Disposals
Total Cost
Total Cost, Net of Accumulated Depreciation		$ 280,571
Unsecured notes
Total Cost
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	47,995
Secured notes
Total Cost
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 17,482

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)residential_condominium	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Estimated useful lives
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis	$ 22,969,235
Number of Residential Condominiums Sold | residential_condominium	70
Aggregate cost of total real estate for federal income tax purposes	$ 22,969,235
Changes in total real estate assets
Balance, beginning of period	23,606,872	$ 22,342,576	$ 21,935,936
Acquisitions, construction costs and improvements	860,594	1,615,949	1,568,878
Dispositions, including impairment loss on planned dispositions	(505,244)	(351,653)	(1,162,238)
Balance, end of period	23,962,222	23,606,872	22,342,576
Changes in accumulated depreciation
Balance, beginning of period	5,173,883	4,611,646	4,218,379
Depreciation, including discontinued operations	707,331	661,578	631,196
Dispositions	(152,774)	(99,341)	(237,929)
Balance, end of period	$ 5,728,440	$ 5,173,883	$ 4,611,646
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