AvalonBay Communities (AVB) 10-K 23 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Central Index Key	0000915912
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-12672
Entity Registrant Name	AVALONBAY COMMUNITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0404318
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AVB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 26,794,136,352
Entity Common Stock, Shares Outstanding		142,025,313
Documents Incorporated by Reference	Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2024 annual meeting of stockholders, a definitive copy of which will be filed with the Securities and Exchange Commission 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.

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate:
Land and improvements	$ 4,720,331	$ 4,640,971
Buildings and improvements	19,438,195	18,804,510
Furniture, fixtures and equipment	1,303,959	1,174,135
Gross operating real estate	25,462,485	24,619,616
Less accumulated depreciation	(7,557,614)	(6,878,556)
Net operating real estate	17,904,871	17,741,060
Construction in progress, including land	1,268,915	1,072,543
Land held for development	199,062	179,204
Real estate assets held for sale, net	0	0
Total real estate, net	19,372,848	18,992,807
Cash and cash equivalents	397,890	613,189
Restricted cash	133,070	121,056
Unconsolidated investments	220,145	212,084
Deferred development costs	53,122	58,489
Prepaid expenses and other assets	366,465	316,808
Right of use lease assets	134,674	143,331
Total assets	20,678,214	20,457,764
LIABILITIES AND EQUITY
Unsecured notes, net	7,256,152	7,602,305
Variable rate unsecured credit facility and commercial paper, net	0	0
Mortgage notes payable, net	725,670	713,740
Dividends payable	238,072	226,022
Payables for construction	87,703	72,802
Accrued expenses and other liabilities	310,868	306,186
Lease liabilities	153,232	162,671
Accrued interest payable	57,911	54,100
Resident security deposits	63,815	63,700
Total liabilities	8,893,423	9,201,526
Commitments and contingencies
Redeemable noncontrolling interests	1,473	2,685
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; zero shares issued and outstanding at December 31, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2023 and December 31, 2022; 142,025,456 and 139,916,864 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1,420	1,400
Additional paid-in capital	11,287,549	10,765,431
Accumulated earnings less dividends	478,156	485,221
Accumulated other comprehensive income	16,116	1,424
Total stockholders' equity	11,783,241	11,253,476
Noncontrolling interests	77	77
Total equity	11,783,318	11,253,553
Total liabilities and equity	$ 20,678,214	$ 20,457,764

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares outstanding (in shares)	142,025,456	139,916,864
Common stock, shares issued (in shares)	142,025,456	139,916,864

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Rental and other income	$ 2,760,187	$ 2,587,113	$ 2,291,766
Management, development and other fees	7,722	6,333	3,084
Total revenue	2,767,909	2,593,446	2,294,850
Expenses:
Operating expenses, excluding property taxes	681,338	630,154	570,853
Property taxes	306,794	288,960	283,089
Expensed transaction, development and other pursuit costs, net of recoveries	33,479	16,565	3,231
Interest expense, net	205,992	230,074	220,415
Loss on extinguishment of debt, net	150	1,646	17,787
Depreciation expense	816,965	814,978	758,596
General and administrative expense	76,534	74,064	69,611
Casualty loss	9,118	0	3,119
Total expenses	2,130,370	2,056,441	1,926,701
Income from unconsolidated investments	13,454	53,394	38,585
Gains (Losses) on Sales of Investment Real Estate	287,424	555,558	602,235
Other real estate activity	174	5,127	1,120
Income before income taxes	938,591	1,151,084	1,010,089
Income Tax Expense (Benefit)	(10,153)	(14,646)	(5,733)
Net income	928,438	1,136,438	1,004,356
Net loss (income) attributable to noncontrolling interests	387	337	(57)
Net income attributable to common stockholders	928,825	1,136,775	1,004,299
Other comprehensive income:
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	13,332	23,647	993
Cash flow hedge losses reclassified to earnings	1,360	3,883	13,151
Comprehensive income	$ 943,517	$ 1,164,305	$ 1,018,443
Earnings per common share - basic:
Net income per common share - basic (in dollars per share)	$ 6.56	$ 8.13	$ 7.19
Earnings per common share - diluted:
Net income per common share - diluted (in dollars per share)	$ 6.56	$ 8.12	$ 7.19

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) income	Total AvalonBay stockholders' equity	Noncontrolling interests
Beginning Balance (in shares) at Dec. 31, 2020		139,526,671
Beginning 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]
Net income attributable to common stockholders	1,004,299			1,004,299		1,004,299
Gain on cash flow hedges, net	993				993	993
Cash flow hedge losses reclassified to earnings	13,151				13,151	13,151
Noncontrolling interest activity	(1,047)			(1,022)		(1,022)	(25)
Dividends declared to common stockholders	(889,405)			(889,405)		(889,405)
Issuance of common stock, net of withholdings (in shares)		225,255
Issuance of common stock, net of withholdings	$ 18,977	$ 3	18,047	927		18,977
Repurchase of common stock, including repurchase costs (in shares)	0
Stock-based compensation expense	$ 33,951		33,951			33,951
Ending Balance (in shares) at Dec. 31, 2021		139,751,926
Ending Balance at Dec. 31, 2021	10,933,093	$ 1,398	10,716,414	240,821	(26,106)	10,932,527	566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	1,136,775			1,136,775		1,136,775
Gain on cash flow hedges, net	23,647				23,647	23,647
Cash flow hedge losses reclassified to earnings	3,883				3,883	3,883
Noncontrolling interest activity	(594)			(105)		(105)	(489)
Dividends declared to common stockholders	(890,809)			(890,809)		(890,809)
Issuance of common stock, net of withholdings (in shares)		164,938
Issuance of common stock, net of withholdings	$ 3,118	$ 2	4,577	(1,461)		3,118
Repurchase of common stock, including repurchase costs (in shares)	0
Stock-based compensation expense	$ 44,440		44,440			44,440
Ending Balance (in shares) at Dec. 31, 2022		139,916,864
Ending Balance at Dec. 31, 2022	11,253,553	$ 1,400	10,765,431	485,221	1,424	11,253,476	77
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	928,825			928,825		928,825
Gain on cash flow hedges, net	13,332				13,332	13,332
Cash flow hedge losses reclassified to earnings	1,360				1,360	1,360
Noncontrolling interest activity	(1,217)			(1,217)		(1,217)
Dividends declared to common stockholders	(935,305)			(935,305)		(935,305)
Issuance of common stock, net of withholdings (in shares)		2,120,392
Issuance of common stock, net of withholdings	$ 486,684	$ 20	485,029	1,635		486,684
Repurchase of common stock, including repurchase costs (in shares)	(11,800)	(11,800)
Repurchase of common stock, including repurchase costs	$ (1,911)		(908)	(1,003)		(1,911)
Stock-based compensation expense	37,997		37,997			37,997
Ending Balance (in shares) at Dec. 31, 2023		142,025,456
Ending Balance at Dec. 31, 2023	$ 11,783,318	$ 1,420	$ 11,287,549	$ 478,156	$ 16,116	$ 11,783,241	$ 77

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared to common stockholders (in dollars per share)	$ 6.60	$ 6.36	$ 6.36

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 928,438	$ 1,136,438	$ 1,004,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	816,965	814,978	758,596
Amortization of deferred financing costs and debt discount	12,732	11,218	10,143
Loss on extinguishment of debt, net	150	1,646	17,787
Amortization of stock-based compensation	27,142	33,864	25,505
Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations	5,332	5,255	(108)
Casualty loss	4,622	0	1,723
Abandonment of development pursuits	33,479	5,599	685
Unrealized gain on terminated cash flow hedges	0	0	(2,654)
Cash flow hedge losses reclassified to earnings	1,360	3,883	7,887
Gain on sale of real estate assets	(287,987)	(600,958)	(630,747)
Increase (decrease) in prepaid expenses and other assets	5,777	(7,167)	5,505
Increase in accrued expenses, other liabilities and accrued interest payable	12,019	17,176	4,492
Net cash provided by operating activities	1,560,029	1,421,932	1,203,170
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(901,847)	(921,203)	(654,861)
Acquisition of real estate assets	(215,889)	(536,838)	(771,692)
Capital expenditures - existing real estate assets	(178,312)	(160,313)	(142,688)
Capital expenditures - non-real estate assets	(18,962)	(14,392)	(10,547)
Increase (decrease) in payables for construction	14,901	9,080	(29,887)
Proceeds from sale of real estate and for-sale condominiums, net of selling costs	467,096	1,051,383	974,762
Note receivable lending	(82,802)	(29,352)	(1,210)
Note receivable payments	253	4,021	2,435
Distributions from unconsolidated entities	5,468	51,464	63,171
Unconsolidated investments	(18,861)	(14,269)	(53,536)
Net cash used in investing activities	(928,955)	(560,419)	(624,053)
Cash flows from financing activities:
Issuance of common stock, net	496,706	20,020	31,874
Repurchase of common stock, net	(1,911)	0	0
Dividends paid	(922,657)	(889,607)	(888,344)
Repayments of mortgage notes payable, including prepayment penalties	(47,000)	(43,332)	(109,562)
Issuance of unsecured notes	399,756	348,565	1,098,643
Repayment of unsecured notes	(750,000)	(100,000)	(462,147)
Payment of deferred financing costs	(3,964)	(14,301)	(8,864)
Receipt for termination of forward interest rate swaps	8,331	26,869	4,751
Payments related to tax withholding for share-based compensation	(10,639)	(16,989)	(13,463)
Noncontrolling interests, joint venture and preferred equity transactions	(2,981)	(2,281)	(1,749)
Net cash used in financing activities	(834,359)	(671,056)	(348,861)
Net (decrease) increase in cash, cash equivalents and restricted cash	(203,285)	190,457	230,256
Cash, cash equivalents and restricted cash, beginning of year	734,245	543,788	313,532
Cash, cash equivalents and restricted cash, end of year	530,960	734,245	543,788
Cash paid during the year for interest, net of amount capitalized	187,523	212,241	203,773
Supplemental Cash Flow Information
Cash and cash equivalents	397,890	613,189	420,251
Restricted cash	133,070	121,056	123,537
Cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows	$ 530,960	$ 734,245	$ 543,788

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental disclosures of non-cash investing and financing activities
Common stock issued through the dividend reinvestment plan (in shares)	3,454	2,810	2,844
Common stock issued through the dividend reinvestment plan	$ 619	$ 593	$ 566
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares)	62,937	72,783	75,780
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 10,639	$ 16,989	$ 13,463
Number of shares forfeited (in shares)	2,119
Shares cancelled upon forfeiture	$ 413	791	804
Dividends payable	238,072	226,022
Increase (decrease) in derivative assets	5,001		3,204
Cash flow hedge losses reclassified to earnings	(1,360)	(3,883)	(13,151)
Reclassification, cash flow hedge losses		3,883
Interest Expense
Supplemental disclosures of non-cash investing and financing activities
Reclassification, cash flow hedge losses			(7,887)
Gain (Loss) on Extinguishment of Debt
Supplemental disclosures of non-cash investing and financing activities
Reclassification, cash flow hedge losses			(5,264)
Common stock
Supplemental disclosures of non-cash investing and financing activities
Dividends payable	$ 236,133	224,222	224,012
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest		$ 105	$ 1,022
Restricted Stock and Common Stock Converted from Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares)	153,162	140,528	155,836
Performance awards
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares)	90,215	72,783	138,033
Conversion of performance awards to restricted shares of common stock (in shares)	60,016	54,053	56,545
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares)	93,146	86,475	99,291
Fair value of shares issued	$ 16,552	$ 20,056	$ 17,757
Number of shares forfeited (in shares)	2,119	3,701	4,109

Organization, Basis of Presenta

Organization, Basis of Presentation, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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, as amended (the “Code”). The Company develops, redevelops, acquires, owns and operates multifamily communities 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 operating apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 30 communities that, if developed as expected, will contain an estimated 10,801 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 determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model for each joint venture entity. 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. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) 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 measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value. 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 ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels acquired for development improved with operating real estate, the Company generally manages the improvements until 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. The Company accounts for real estate acquisitions as either an asset acquisition or a business combination. Under either model, the Company identifies and determines the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. 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. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. The Company utilizes various sources to determine fair value, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. 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 years to 30 years and for furniture, fixtures and equipment range from three years to seven years. 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. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense, primarily due to dispositions at The Park Loggia, of $10,153,000, $14,646,000 and $5,733,000 in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax positions. 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 2020 through 2022. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 % Deferred Financing Costs Deferred financing costs include 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 loan term 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 for unsecured notes was $34,494,000 and $29,815,000 as of December 31, 2023 and 2022, respectively, and related to mortgage notes payable was $2,262,000 and $2,040,000 as of December 31, 2023 and 2022, 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 for the Company's Credit Facility was $14,490,000 and $11,222,000 as of December 31, 2023 and 2022, respectively, and deferred financing costs net of accumulated amortization was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes all cash and liquid investments with an original maturity of three months or less from the date acquired. Restricted cash includes principal reserve funds that are restricted for the repayment of specified secured financing, amounts the Company has designated for planned 1031 exchange activity and resident security deposits. The majority of the Company's cash, cash equivalents and restricted cash 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 income (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 common 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 common share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per common share on a diluted basis. Diluted earnings per common share was computed using the treasury stock method for performance awards, options and participating securities. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19 Certain options to purchase shares of common stock in the amounts of 303,784 and 291,881 were outstanding as of December 31, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per common share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 are included in the computation of diluted earnings per common share. Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes costs associated with its development activities to the basis of land held when future development is probable (“Development Rights”), or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. 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 $33,479,000, $16,565,000 and $2,192,000 during the years ended December 31, 2023, 2022 and 2021, 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 2023 includes write-offs of $27,455,000 related to seven Development Rights that the Company determined are no longer probable. The amount for 2022 includes write-offs of $10,073,000 related to three development opportunities that the Company determined are no longer probable. These costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. Casualty and Impairment of Long-Lived Assets 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2023, 2022 and 2021, the Company did not recognize any material impairment losses. During the year ended December 31, 2023, the Company recognized a charge of $9,118,000 for the property and casualty damages across certain communities in its Northeast and California regions related to severe weather and other casualty events, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both whether 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. The Company did not recognize any other than temporary impairment losses during the years ended December 31, 2023, 2022 or 2021. 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 accompanying 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. 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) are 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 no real estate assets that qualified as held for sale presentation at December 31, 2023. 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 Derivatives 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 ongoing basis. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair values of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income. Amounts recorded in accumulated other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. Receipts or payments associated with the gains and losses on the Company’s cash flow hedges are presented as a component of cash flows from financing activities in the period the hedges are terminated and the payments for the Company’s derivatives that are not qualifying for hedging relationships are presented as a component of cash flows from operating activities. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity, segment classification and classification of for-sale condominium inventory and activity. 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 that are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Variable lease payments are generally not included in the lease liability, but recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are 12 months or less, the Company elected the practical expedient to recognize the lease payments on a straight line basis. Lessor Considerations The Company's residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. For the Company’s leases, which are comprised of a 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) all components of its operating leases share the same timing and pattern of transfer. Revenue and Gain Recognition Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under “Leases”. The Company's revenue streams that are not accounted for under ASC 842, Leases, 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 construction, development or redevelopment of those 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 also provides various third party back-office, financial administrative support services. The Company recognizes revenue for fees as earned. • Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate 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. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. (2) Am

Interest Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2023
Interest Capitalized
Interest Capitalized	Interest Capitalized The Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $47,133,000, $34,854,000 and $32,687,000 for the years ended December 31, 2023, 2022 and 2021, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company's debt, which consists of unsecured notes, the variable rate unsecured term loan (the “Term Loan”), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of December 31, 2023 and 2022 is summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2023 and 2022, as shown in the accompanying Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments. December 31, 2023 December 31, 2022 Fixed rate unsecured notes $ 7,300,000 3.3 % $ 7,500,000 3.3 % Term Loan — — % 150,000 5.4 % Fixed rate mortgage notes payable—conventional and tax-exempt 333,892 3.9 % 270,677 3.4 % Variable rate mortgage notes payable—conventional and tax-exempt 410,150 5.5 % 457,150 5.3 % Total mortgage notes payable and unsecured notes and Term Loan 8,044,042 3.5 % 8,377,827 3.4 % Credit Facility — — % — — % Commercial paper — — % — — % Total principal outstanding 8,044,042 3.5 % 8,377,827 3.4 % Less deferred financing costs and debt discount (1) (62,220) (61,782) Total $ 7,981,822 $ 8,316,045 _________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company has a $2,250,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in September 2026. The interest rate that would be applicable to borrowings under the Credit Facility was 6.19% at December 31, 2023 and was composed of (i) the Secured Overnight Financing Rate (“SOFR”), 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.), plus (ii) the current borrowing spread to SOFR of 0.805% per annum, which consisted of a 0.10% SOFR adjustment plus 0.705% per annum, assuming a daily SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.63% to SOFR plus 1.38% based upon the rating of the Company's unsecured senior notes. There is also an annual facility commitment fee of 0.12% of the borrowing capacity under the facility, which can vary from 0.095% to 0.295% based upon the rating of the Company's unsecured senior notes. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually. The first determination under the sustainability-linked pricing component occurred in July 2023, resulting in reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets. The availability on the Company's Credit Facility as of December 31, 2023 and 2022, respectively, was as follows (dollars in thousands): December 31, 2023 December 31, 2022 Credit Facility commitment $ 2,250,000 $ 2,250,000 Credit Facility outstanding — — Commercial paper outstanding — — Letters of credit outstanding (1) (1,914) (1,914) Total Credit Facility available $ 2,248,086 $ 2,248,086 _____________________________________ (1) In addition, the Company had $58,116 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2023 and 2022, respectively. The Company has an unsecured commercial paper note program (the “Commercial Paper Program”) with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program. During the year ended December 31, 2023: • In March 2023, the Company repaid $250,000,000 principal amount of its 2.85% unsecured notes at par at maturity. • In September 2023, the Company repaid its $150,000,000 Term Loan at par in advance of its February 2024 scheduled maturity. • In September 2023, the Company utilized $37,600,000 of restricted cash held in a principal reserve fund to repay a portion of the outstanding secured variable rate indebtedness of Avalon Clinton North and Avalon Clinton South. • In October 2023, in conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041,000 fixed rate mortgage loan, with a contractual interest rate of 4.18% and an effective interest rate of 5.97%, maturing in May 2029. • In December 2023, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $397,156,000, before considering the impact of other offering costs. The notes mature in December 2033 and were issued at a 5.30% interest rate, resulting in a 5.19% effective rate including the impact of issuance costs and hedging activity. • In December 2023, the Company repaid $350,000,000 principal amount of its 4.20% unsecured notes at par at maturity. In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,284,650,000, excluding communities classified as held for sale, as of December 31, 2023). Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2023 were as follows (dollars in thousands): Year Secured notes Unsecured notes maturities Stated interest rate of 2024 $ 9,593 $ 300,000 3.50 % 2025 10,765 525,000 3.45 % 300,000 3.50 % 2026 11,811 475,000 2.95 % 300,000 2.90 % 2027 250,159 400,000 3.35 % 2028 18,902 450,000 3.20 % 400,000 1.90 % 2029 132,661 450,000 3.30 % 2030 9,100 700,000 2.30 % 2031 9,700 600,000 2.45 % 2032 10,400 700,000 2.05 % 2033 12,000 350,000 5.00 % 400,000 5.30 % Thereafter 268,951 350,000 3.90 % 300,000 4.15 % 300,000 4.35 % $ 744,042 $ 7,300,000 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 10 and 30 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 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 the Company's overall capital structure; • limitations on the amount of the Company's 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, 2023.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity As of December 31, 2023 and 2022, 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, 2023, the Company: i. issued 5,773 shares of common stock in connection with stock options exercised; ii. issued 3,454 shares of common stock through the Company's dividend reinvestment plan; iii. issued 153,162 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv. issued 2,000,000 shares of common stock in the settlement of the forward contracts, as discussed below; v. issued 23,059 shares of common stock through the Employee Stock Purchase Plan; vi. withheld 62,937 shares of common stock to satisfy employees' tax withholding and other liabilities; vii. canceled 2,119 shares of restricted common stock upon forfeiture; and viii. repurchased 11,800 shares of common stock through the Stock Repurchase Program (as defined below). Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the “Plan”) for the year ended December 31, 2023 does not impact the Company's Consolidated Financial Statements until recognized as compensation cost. The Company has a continuous equity program (the “CEP”) under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and the Company's determinations of the appropriate funding sources. The Company engaged sales agents for the CEP who receive compensation of up to 1.5% of the gross sales price for shares sold. The Company expects that, if entered into, it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the forward seller, in the form of a reduced initial forward sale price, a commission of up to 1.5% of the sales prices of all borrowed shares of common stock sold. During the years ended December 31, 2023 and 2022, the Company had no sales under this program. During the year ended December 31, 2021, the Company sold 122,343 shares of common stock at an average sales price of $226.15 per share, for net proceeds of $27,253,000 under this program. In addition, during the year ended December 31, 2022, the Company settled the outstanding forward contracts entered into in December 2021 under this program, selling 68,577 shares of common stock for $229.34 per share and net proceeds of $15,727,000. As of December 31, 2023, the Company had $705,961,000 remaining authorized for issuance under the CEP. In addition to the CEP, during the year ended December 31, 2023, the Company settled the outstanding forward contracts entered into in April 2022 (the “Equity Forward”), issuing 2,000,000 shares of common stock, net of offering fees and discounts, for $491,912,000 or $245.96 per share. The Company has a 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 “Stock Repurchase Program”). Purchases of common stock under the Stock Repurchase Program may be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors including price, corporate and regulatory requirements and other corporate liquidity requirements and priorities. The 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, 2023, the Company repurchased 11,800 shares of common stock at an average price of $161.96 per share. During the years ended December 31, 2022 and 2021, the Company had no repurchases of shares under this program. As of December 31, 2023, the Company had $314,237,000 remaining authorized for purchase under this program.

Investments

Investments	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investments in Consolidated Real Estate Entities Details regarding communities acquired in 2023, 2022 and 2021, are summarized in the following table (dollars in thousands): Community name Location Number of communities Apartment Purchase price Commercial square feet Avalon Frisco at Main Frisco, TX 1 360 $ 83,100 — Avalon Mooresville Mooresville, NC 1 203 52,100 — Avalon West Plano (1) Carrollton, TX 1 568 142,000 — Total 2023 acquisitions 3 1,131 $ 277,200 — Total 2022 acquisitions 4 1,313 $ 536,200 16,000 Total 2021 acquisitions 7 1,932 $ 724,500 90,000 _____________________________________ (1) In conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041 fixed rate mortgage loan, with a contractual interest rate of 4.18%, maturing in May 2029. The Company accounted for these purchases 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. Structured Investment Program The Company operates a Structured Investment Program (the “SIP”), an investment platform through which the Company provides mezzanine loans or preferred equity to third-party multifamily developers. During the year ended December 31, 2023, the Company entered into four additional commitments, agreeing to provide an aggregate investment of up to $99,210,000 in multifamily development projects. As of December 31, 2023, the Company had seven commitments to fund up to $191,585,000 in the aggregate. The Company's investment commitments have a weighted average rate of return of 11.5% and have initial maturity dates between September 2025 and December 2027. At December 31, 2023, the Company had funded $96,461,000 of these commitments. The Company evaluates each SIP commitment to determine the classification as a loan or an investment in a real estate development project. As of December 31, 2023, all of the SIP commitments are classified as loans. The Company includes amounts outstanding under the SIP as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company evaluates the credit risk for each commitment on an ongoing basis, estimating the reserve for credit losses using relevant available information from internal and external sources. Market-based historical credit loss data provides the basis for the estimation of expected credit losses, with adjustments, if necessary, for differences in current commitment-specific risk characteristics, such as the amount of equity capital provided by a borrower, nature of the real estate being developed or other factors. For the seven existing commitments, interest is recognized as earned as interest income, and interest income and any change in the expected credit loss are included as a component of income from unconsolidated investments, on the accompanying Consolidated Statements of Comprehensive Income. Unconsolidated Investments The Company accounts for its investments in unconsolidated entities under the equity method of accounting or under the measurement alternative, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation. As of December 31, 2023, the Company had investments in five unconsolidated entities with real estate entities holdings, with ownership interest percentages ranging from 20.0% to 50.0%, coupled with other unconsolidated investments including property technology and environmentally focused companies and investment management funds. For one of the investments which owns an apartment community that is under development and in which the Company has an investment of 25.0%, the Company has guaranteed a construction loan on behalf of the venture, which had an outstanding balance of $135,983,000 as of December 31, 2023. Any amounts under the guarantee of this construction loan are obligations of the venture partners in proportion to their ownership interest. The significant accounting policies of the Company's unconsolidated investments 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 interest from the Company's partner. The Company is responsible for the day-to-day operations of the unconsolidated communities below and is the management agent subject to the terms of management agreements for all communities except for Brandywine Apartments of Maryland, LLC, which is managed by a third party. The following presents the Company's activities in unconsolidated investments for the years ended December 31, 2023, 2022 and 2021: Archstone Multifamily Partners AC LP (the “U.S. Fund”) —The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition in 2013 (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). The Company was the general partner of the U.S. Fund and had a 28.6% combined general partner and limited partner equity interest. During 2022, the U.S. Fund sold its final three communities and the Company's proportionate share of the gains in accordance with GAAP was $38,144,000. In conjunction with achieving a threshold return under provisions of the U.S. Fund, the Company received incentive distributions for its promoted interest. During the years ended December 31, 2023 and 2022, the Company recognized income of $1,519,000 and $4,690,000, respectively, for its promoted interest, which is included in income from unconsolidated investments on the accompanying Consolidated Statements of Comprehensive Income. During 2023, the Company completed the dissolution of the U.S. Fund. Archstone Multifamily Partners AC JV LP (the “AC JV”) —The Company had a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition in 2013. During 2021, the AC JV sold its final two communities and the Company's proportionate share of the gains in accordance with GAAP was $23,305,000. During 2022, the Company completed the dissolution of the AC JV. Legacy JV —As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2023, 2022 and 2021, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, for which the Company contributed $940,000, $860,000 and $1,340,000, respectively. At December 31, 2023, the remaining preferred interests had an aggregate liquidation value of $34,124,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. NYTA MF Investors LLC (“NYC Joint Venture”) —During 2018, the Company contributed five wholly-owned communities containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial space, 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% equity interest in the venture with the partners sharing in returns in accordance with their ownership interests. NYC Joint Venture has outstanding $394,734,000 fixed rate mortgage loans that are payable by the venture. The Company has not guaranteed the debt of NYC Joint Venture, nor does the Company have any obligation to fund this debt should NYC Joint Venture be unable to do so. At December 31, 2023, the Company has an equity investment of $55,695,000 (net of distributions). MVP I, LLC— During 2004, the Company entered into a joint venture agreement with an unrelated third-party to develop Avalon at Mission Bay II, an apartment community located in San Francisco, CA, which completed construction during 2006 and contains 313 apartment homes. The Company has a 25.0% equity interest in the venture. MVP I, LLC has an outstanding $103,000,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. The Company has fully recovered its basis as of December 31, 2023. Brandywine Apartments of Maryland, LLC (“Brandywine”)— The Company acquired its interest in Brandywine as part of the Archstone Acquisition. Brandywine owns a 305 apartment home community located in Washington, D.C. Brandywine is comprised of five members who hold various interests in the joint venture, with the Company having a 28.7% equity interest in Brandywine. Brandywine had an outstanding $19,062,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. At December 31, 2023, the Company had an equity investment of $14,602,000 (net of distributions) in Brandywine. Avalon Alderwood MF Member, LLC —During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Place, an apartment community located in Lynnwood, WA, which completed construction during 2022 and contains 328 apartment homes. The Company has a 50.0% interest in the venture and, as of December 31, 2023, the Company has a total equity investment of $53,638,000. The venture is a VIE, though the Company is not 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 operating budget. 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. As of December 31, 2023, the Company has a 25.0% interest in the venture, and excluding costs incurred in excess of equity in the underlying net assets of the venture, has an equity investment of $32,738,000. The remaining development costs are primarily expected to be funded by the venture's variable rate construction loan. The venture has drawn $135,983,000 of $167,147,000 maximum borrowing capacity of the construction loan as of December 31, 2023. While the Company guarantees the construction loan on behalf of the venture, any amounts payable under the guarantee are obligations of the venture partners in proportion to ownership interest. The venture is an unconsolidated VIE as the Company is not 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. Property Technology and Environmental Investments —The Company has invested $46,926,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds. The Company’s interest in each individual investment represents less than 10% of the respective venture's equity interests. In addition, as of December 31, 2023, the Company has $73,892,000 in outstanding equity commitments, with the timing and amount for these commitments to be fulfilled dependent on if, and when, investment opportunities are identified by the respective funds. During the years ended December 31, 2023, 2022 and 2021, the Company recognized income and unrealized gains of $4,161,000, $8,315,000 and $15,908,000, respectively, related to these investments, which was reported as a component of income from unconsolidated investments on the accompanying Consolidated Statements of Comprehensive Income.

Real Estate Disposition Activit

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition Activities	Real Estate Disposition Activities Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $287,424,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands): Community name Location Period of sale Apartment Gross Net cash Commercial square feet eaves Daly City Daly City, CA Q2 2023 195 $ 67,000 $ 66,646 — Avalon at Newton Highlands Newton, MA Q2 2023 294 170,000 167,665 — Avalon Columbia Pike Arlington, VA Q3 2023 269 105,000 103,032 27,000 Avalon Mamaroneck Mamaroneck, NY Q4 2023 229 104,000 102,230 — Other real estate multiple 2023 N/A — 636 — Total of 2023 asset sales 987 $ 446,000 $ 440,209 27,000 Total of 2022 asset sales 2,062 $ 953,135 $ 934,117 — Total of 2021 asset sales 2,404 $ 875,058 $ 850,230 30,000 As of December 31, 2023, the Company had no real estate assets 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. The Company sold six, 40 and 53 residential condominiums at The Park Loggia, for gross proceeds of $25,387,000, $126,848,000 and $135,458,000 resulting in a loss in accordance with GAAP of $73,000 and gain in accordance with GAAP of $2,217,000 and $3,110,000 during the years ended December 31, 2023, 2022 and 2021, respectively. The Company incurred $389,000, $2,129,000 and $4,087,000 during the years ended December 31, 2023, 2022 and 2021, respectively, in marketing, operating and administrative costs. All amounts are included in other real estate activity on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2023, there were two residential condominiums remaining to be sold. As of December 31, 2023 and 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $6,603,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2023, the Company has an employment agreement with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors, and was appointed to the additional role of Chief Executive Officer effective January 3, 2022. The employment agreement expires on January 25, 2024, although provisions relating to equity awards granted during the term of the employment agreement continue to apply with respect to those awards. The standard restricted stock, option and performance award 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), (i) 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 and (ii) a pro rata share (based on the portion of the performance period that has been completed) of performance awards that have completed at least one year of their performance period shall vest, with settlement to occur at the end of the performance period in accordance with achievement thereunder. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided certain conditions are met, including 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 and (iii) the employee provides at least six months written notice of intent to retire. If a sale event (as defined) of the Company occurs, all outstanding multiyear performance awards will vest at their target value and are settled. 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, options and performance awards 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 recognizes a loss associated with contingent legal matters when the loss is probable and estimable. In 2022 and early 2023, the Company was named as a defendant in cases brought by private litigants alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing which utilize revenue management systems provided by RealPage, Inc. The Company engaged with the plaintiffs' counsel to explain why it believed that these cases were without merit as they pertained to the Company. Following these discussions, the plaintiffs filed a notice of voluntary dismissal in July 2023, which resulted in the Company being dismissed without prejudice from these cases. Subsequently, on November 1, 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc. and 14 owners and/or operators of multifamily housing in the District of Columbia, including the Company, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data. The Company intends to vigorously defend against this lawsuit. Given the early stage of the District of Columbia’s lawsuit, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit. 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 other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. In addition, 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 year ended December 31, 2022, the Company recognized $6,000,000 in legal settlement 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. There were no material receipts during the years ended December 31, 2023 and 2021. Lease Obligations The Company owns seven apartment communities and two commercial properties, located on land subject to ground leases expiring between July 2046 and April 2106. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities and the two commercial properties, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of December 31, 2023 and 2022, the Company had total operating lease assets of $106,146,000 and $114,977,000, respectively, and lease obligations of $133,220,000 and $142,602,000, respectively, reported as components of right of use lease assets lease liabilities The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities, that are finance leases. As of December 31, 2023 and 2022, the Company had total finance lease assets of $28,528,000 and $28,354,000, respectively, and total finance lease obligations of $20,012,000 and $20,069,000, respectively, reported as components of right of use lease assets lease liabilities 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 22 years Weighted-average remaining lease term - operating leases (1) 40 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases (1) 4.66 % _____________________________________ (1) Excludes two leases that have been executed but for which the Company has not yet taken control. The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. 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. • Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2023, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2022, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2023 or probable for disposition to unrelated third parties 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 is composed of completed consolidated communities that the Company owns and that are not Same Store but that had stabilized occupancy, as defined above, as of January 1, 2023, or which were acquired during the years ended December 31, 2023 or 2022. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year. • Development/Redevelopment is composed 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 probable to begin during the fiscal year and (iii) communities that have been complete for less than one year and did not have stabilized occupancy, as defined above, as of January 1, 2023. 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 CODM for assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Same Store 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, loss on extinguishment of debt, net, general and administrative expense, income from unconsolidated investments, depreciation expense, income tax expense, casualty loss, gain on sale of communities, other real estate activity, and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.8%, 2.0% and 1.7% of total NOI for the years ended December 31, 2023, 2022 and 2021, respectively. 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, 2023, 2022 and 2021 is as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Net income $ 928,438 $ 1,136,438 $ 1,004,356 Property management and other indirect operating expenses, net of corporate income 121,704 114,200 98,665 Expensed transaction, development and other pursuit costs, net of recoveries 33,479 16,565 3,231 Interest expense, net 205,992 230,074 220,415 Loss on extinguishment of debt, net 150 1,646 17,787 General and administrative expense 76,534 74,064 69,611 Income from unconsolidated investments (13,454) (53,394) (38,585) Depreciation expense 816,965 814,978 758,596 Income tax expense 10,153 14,646 5,733 Casualty loss 9,118 — 3,119 Gain on sale of communities (287,424) (555,558) (602,235) Other real estate activity (174) (5,127) (1,120) Net operating income from real estate assets sold or held for sale (14,733) (46,678) (82,698) Net operating income $ 1,886,748 $ 1,741,854 $ 1,456,875 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 December 31, 2023 2022 2021 Rental income from real estate assets sold or held for sale $ 21,197 $ 69,782 $ 131,506 Operating expenses from real estate assets sold or held for sale (6,464) (23,104) (48,808) Net operating income from real estate assets sold or held for sale $ 14,733 $ 46,678 $ 82,698 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 details 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 December 31, 2023 for the years ended December 31, 2023 and 2022 and at December 31, 2022, for the year ended December 31, 2021. Segment information for the years ended December 31, 2023, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” Total NOI Gross For the year ended December 31, 2023 Same Store New England $ 366,777 $ 244,700 $ 2,925,841 Metro NY/NJ 529,684 362,599 4,417,603 Mid-Atlantic 369,027 255,741 3,439,654 Southeast Florida 76,301 50,315 801,617 Denver, CO 28,209 20,020 322,419 Pacific Northwest 171,740 121,783 1,546,038 Northern California 425,165 303,526 3,789,965 Southern California 551,743 380,262 4,816,245 Other Expansion Regions 23,988 16,166 328,082 Total Same Store (2) 2,542,634 1,755,112 22,387,464 Other Stabilized 134,804 92,808 1,799,035 Development / Redevelopment 61,552 38,828 2,408,450 Land Held for Development N/A N/A 199,062 Non-allocated (3) 7,722 N/A 136,451 Total $ 2,746,712 $ 1,886,748 $ 26,930,462 For the year ended December 31, 2022 Same Store New England $ 341,769 $ 226,987 $ 2,893,843 Metro NY/NJ 495,107 342,511 4,401,146 Mid-Atlantic 348,096 238,970 3,396,654 Southeast Florida 69,685 44,696 798,437 Denver, CO 26,848 19,652 321,685 Pacific Northwest 165,186 117,211 1,534,208 Northern California 405,184 288,772 3,765,490 Southern California 520,483 361,809 4,762,736 Other Expansion Regions 21,934 15,098 323,573 Total Same Store (2) 2,394,292 1,655,706 22,197,772 Other Stabilized 93,305 67,462 1,515,963 Development / Redevelopment 29,734 18,686 1,574,649 Land Held for Development N/A N/A 179,204 Non-allocated (3) 6,333 N/A 122,886 Total $ 2,523,664 $ 1,741,854 $ 25,590,474 For the year ended December 31, 2021 Same Store New England $ 295,505 $ 189,571 $ 2,771,067 Metro NY/NJ 407,621 279,078 4,025,983 Mid-Atlantic 302,652 203,502 3,068,575 Southeast Florida 31,703 19,689 395,999 Denver, CO 23,742 16,451 320,435 Pacific Northwest 126,513 85,980 1,288,975 Northern California 366,215 258,756 3,605,284 Southern California 441,765 303,336 4,264,695 Total Same Store (2)(4) 1,995,716 1,356,363 19,741,013 Other Stabilized 121,659 75,422 2,413,391 Development / Redevelopment 42,885 25,090 1,580,653 Land Held for Development N/A N/A 147,546 Non-allocated (3) 3,084 N/A 257,536 Total $ 2,163,344 $ 1,456,875 $ 24,140,139 _________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2022 and 2021 of $280,889 and $760,990, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $188,507, $209,607 and $158,991 in 2023, 2022 and 2021, respectively. (3) Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items 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) Communities in Same Store Other Expansion Regions were included in Other Stabilized for the year ended December 31, 2021.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company's Plan includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2023, the Company had 5,424,356 shares remaining available to issue under the Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. The Plan provides for equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries in the form of 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. The Company's share-based compensation framework includes annual restricted stock awards and multi-year performance awards (the “Performance Awards”). The annual restricted stock vests over a three-year period at one-third per year. For annual restricted stock awards, in lieu of restricted stock, an officer may elect to receive up to 100% of the award value, in increments of 25%, in the form of stock options, which vests consistent with the restricted stock awards. Annually, 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 over a performance period of three years. Performance units earned at the end of the measurement period are settled in fully vested shares of common stock and a payment of a cash amount representing accrued dividends on earned performance awards. The Company granted supplemental stock options in February 2021, that have a ten-year term and cliff vested on March 1, 2023. The options were granted at an exercise price that equaled the closing stock price on the grant date with recipients having 12 months to exercise the option if terminated without cause, and will have until the expiration date to exercise the options if they retire. For Performance Awards, after the first year of the performance period, if an employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee's target grant will be pro-rated based on the employee's service time during the performance period. The final payout is based on actual performance, at which time the units will be converted into shares and a payment of a cash amount for accrued dividends based on actual performance. For other terminating events, performance awards are generally forfeited. Information with respect to stock options granted under the Plan is as follows: Options Weighted average Options Outstanding, December 31, 2020 12,506 $ 129.35 Granted (1) 294,115 180.32 Exercised (2,759) 124.34 Forfeited (4,713) 180.32 Options Outstanding, December 31, 2021 299,149 $ 178.71 Granted (2) 9,793 236.14 Exercised (8,670) 135.78 Forfeited (6,459) 180.32 Options Outstanding, December 31, 2022 293,813 $ 181.85 Granted (2) 15,744 177.83 Exercised (5,773) 163.56 Forfeited — — Options Outstanding, December 31, 2023 303,784 $ 181.99 Options Exercisable: December 31, 2021 9,747 $ 130.77 December 31, 2022 6,533 $ 165.51 December 31, 2023 279,894 $ 180.97 __________________________________ (1) Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2) All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows: 2023 Dividend yield 4.0 % Estimated volatility 29.2 % Risk free rate 4.09 % Expected life of options 5 years Estimated fair value $37.54 The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2023: The Plan Range—Exercise Price Weighted Average 293,991 $177.00 - $186.99 7.3 9,793 $236.00 - $245.99 8.1 303,784 Options outstanding at December 31, 2023 had an intrinsic value of $2,068,000. Options exercisable had an intrinsic value of $1,909,000 and had a weighted average contractual life of 7.2 years. The intrinsic value of options exercised under the Plan during 2023, 2022 and 2021 was $113,000, $602,000 and $186,000, respectively. Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2020 241,921 $ 195.13 Granted (1) 138,033 191.12 Change in awards based on performance (2) (37,469) 156.00 Converted to restricted stock (56,545) 156.00 Forfeited (1,418) 207.65 Outstanding at December 31, 2021 284,522 $ 214.73 Granted (3) 72,783 254.75 Change in awards based on performance (2) (20,356) 200.92 Converted to shares of common stock (54,053) 217.33 Forfeited (3,829) 230.36 Outstanding at December 31, 2022 279,067 $ 225.46 Granted (4) 90,215 193.85 Change in awards based on performance (2) (31,345) 241.49 Converted to shares of common stock (60,016) 238.71 Forfeited (2,719) 212.05 Outstanding at December 31, 2023 275,202 $ 210.52 _________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,969 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 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: 2023 2022 2021 Dividend yield 3.7% 2.7% 3.5% Estimated volatility over the life of the plan (1) 22.9% - 26.1% 16.1% - 36.8% 22.0% - 49.0% Risk free rate 4.35% - 4.61% 0.72% - 1.68% 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $206.97 $271.98 $213.16 _________________________________ (1) Estimated volatility over 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 will be determined by using financial metrics, the compensation cost was based on an average grant date value of $177.83, $233.94 and $178.38, for the years ended December 31, 2023, 2022 and 2021, 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 Weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2020 131,724 $ 203.28 146,319 Granted 99,291 178.84 — Vested (69,840) 192.32 (71,692) Forfeited (4,109) 195.77 — Outstanding at December 31, 2021 157,066 $ 192.90 74,627 Granted 86,475 231.93 — Vested (78,212) 197.51 (48,171) Forfeited (3,615) 218.19 (86) Outstanding at December 31, 2022 161,714 $ 210.97 26,370 Granted 93,146 177.70 — Vested (79,450) 207.93 (26,370) Forfeited (2,119) 194.78 — Outstanding at December 31, 2023 173,291 $ 194.68 — Total employee stock-based compensation cost recognized in income was $27,417,000, $34,131,000 and $25,100,000 for the years ended December 31, 2023, 2022 and 2021, respectively, and total capitalized stock-based compensation cost was $10,906,000, $10,431,000 and $9,472,000 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, there was a total unrecognized compensation cost of $28,204,000 for unvested restricted stock, stock options and performance awards, which 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, and as of December 31, 2023, there are 569,016 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 calendar month

Related Party Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements Unconsolidated Entities The Company manages unconsolidated real estate entities and may provide other real estate related services to third parties, for which it receives asset management, property management, construction, development and redevelopment fee revenue. From these entities, the Company earned fees of $7,722,000, $6,333,000 and $3,084,000 for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $7,946,000 and $2,855,000 as of December 31, 2023 and 2022, 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 $175,000 and (ii) a cash payment of $100,000, payable in equal quarterly installments of $25,000. 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 non-Executive Chairman receives an additional annual fee of $250,000 payable in equal quarterly installments of $62,500, the Lead Independent Director receives in the aggregate an additional annual fee of $35,000 payable in equal quarterly installments of $8,750, the non-employee director serving as the chairperson of the Audit Committee receives an additional annual fee of $30,000 per year payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Compensation Committee receives an additional annual fee of $25,000 per year payable in equal quarterly installments of $6,250 and the Nominating, Governance and Corporate Responsibility and Investment and Finance Committee chairpersons receive an additional annual fee of $20,000 payable in equal quarterly installments of $5,000.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments The Company uses Hedging Derivatives to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. 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 or equivalent, and monitors the credit ratings of counterparties and the exposure of the Company to any single entity. 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, which the Company concluded are 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, 2023 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 632,215 $ 200,000 Weighted average interest rate (1) 5.5 % N/A Weighted average capped/swapped interest rate 6.5 % 3.1 % Earliest maturity date January 2024 February 2024 Latest maturity date January 2027 June 2024 _________________________________ (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 derivative activity occurred during the year ended December 31, 2023: • In connection with the issuance of the Company's $400,000,000 unsecured notes in December 2023 maturing in 2033, the Company terminated $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes, receiving payments of $8,331,000 which will be recognized over the life of the unsecured notes as a reduction in the effective interest rate. All of the positions settled by the Company were forward interest rate swaps that the Company had entered into during 2023. The Company has deferred these gains in accumulated other comprehensive income on the accompanying Consolidated Balance Sheets, and is recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt. • In addition, the Company entered into $200,000,000 of forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of the Company's anticipated future debt issuance activity in 2024. The Company expects to cash settle the swaps and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the hedging impact from these positions will then be recognized over the life of the issued debt as a yield adjustment. The Company had certain derivatives not designated as hedges during the years ended December 31, 2023, 2022 and 2021, for which fair value changes during each of the respective years were not material. Cash flow hedge losses reclassified from accumulated other comprehensive income into earnings were $1,360,000, $3,883,000 and $13,151,000 for the year ended December 31, 2023, 2022 and 2021, respectively. The Company anticipates reclassifying approximately $582,000 of net hedging losses from accumulated other comprehensive income into earnings within the next 12 months as an offset to the hedged item during this period. Redeemable Noncontrolling Interests During the year ended December 31, 2023, 7,500 DownREIT units were redeemed for cash by the Company in conjunction with the sale of Avalon at Newton Highlands. Under the DownREIT agreement, for each limited partnership unit, the limited partner was entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. The limited partnership units in the DownREIT were valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. Equity Securities The Company has direct equity investments in property technology and environmentally focused companies. These investments are accounted for using the measurement alternative and are valued at the market price of observable transactions. Financial Instruments Not Carried at Fair Value Cash, Cash Equivalents and Restricted Cash Cash, cash equivalent and restricted cash 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, cash equivalent and restricted cash balances with any one financial institution and believes the likelihood of realizing material losses related to cash, cash equivalent and restricted cash balances is remote. Cash, cash equivalent and restricted cash 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. The Company determined that its notes receivables approximate fair value, because interest rates, yields and other terms are consistent with interest rates, yields and other terms currently available for similar instruments and are considered to be a Level 2 price within the fair value hierarchy. Indebtedness The Company values its fixed rate unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its mortgage notes payable, variable rate unsecured notes, including the Term Loan, and any outstanding amounts under the Credit Facility and Commercial Paper Program 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 mortgage notes payable, variable rate unsecured notes, Term Loan and any outstanding amounts under the Credit Facility and Commercial Paper Program 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 December 31, 2023 Assets Investments Notes Receivable, net $ 118,127 $ — $ 118,127 $ — Non Designated Hedges Interest Rate Caps 85 — 85 — Interest Rate Swaps - Assets 5,163 — 5,163 — Total Assets $ 123,375 $ — $ 123,375 $ — Liabilities Interest Rate Swaps - Liabilities $ 162 $ — $ 162 $ — Indebtedness Fixed rate unsecured notes 6,716,631 6,716,631 — — Mortgage notes payable and Commercial Paper Program 644,313 — 644,313 — Total Liabilities $ 7,361,106 $ 6,716,631 $ 644,475 $ — December 31, 2022 Assets Investments Notes Receivable, net $ 28,860 $ — $ 28,860 $ — Non Designated Hedges Interest Rate Caps 455 — 455 — Total Assets $ 29,315 $ — $ 29,315 $ — Liabilities DownREIT units $ 1,211 $ 1,211 $ — $ — Indebtedness Fixed rate unsecured notes 6,653,681 6,653,681 — — Mortgage notes payable, Commercial Paper Program and variable rate unsecured note 768,984 — 768,984 — Total Liabilities $ 7,423,876 $ 6,654,892 $ 768,984 $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events, through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and did not identify any items for disclosure.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	2023 2022 2023 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 SAME STORE NEW ENGLAND Avalon at Lexington Lexington, MA 198 $ 2,124 $ 12,561 $ 16,103 $ 2,124 $ 28,664 $ 30,788 $ 21,263 $ 9,525 $ 8,586 $ — 1994 eaves Wilmington Wilmington, MA 204 2,129 17,563 10,350 2,129 27,913 30,042 20,505 9,537 9,960 — 1999 eaves Quincy Quincy, MA 245 1,743 14,662 16,934 1,743 31,596 33,339 22,326 11,013 11,327 — 1986/1995 eaves Wilmington West Wilmington, MA 120 3,318 13,465 5,145 3,318 18,610 21,928 12,654 9,274 9,360 — 2002 Avalon at The Pinehills Plymouth, MA 192 6,876 30,313 9,652 6,876 39,965 46,841 21,752 25,089 25,832 — 2004 eaves Peabody Peabody, MA 286 4,645 18,919 17,202 4,645 36,121 40,766 22,253 18,513 19,726 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 6,060 4,258 26,611 30,869 17,272 13,597 14,919 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,868 15,868 14,572 61,736 76,308 33,909 42,399 43,505 — 2007 Avalon at Lexington Hills Lexington, MA 387 8,691 78,502 18,246 8,691 96,748 105,439 56,017 49,422 53,457 — 2008 Avalon Acton Acton, MA 380 13,124 48,630 13,026 13,124 61,656 74,780 32,568 42,212 44,469 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,516 14,550 12,218 56,066 68,284 31,342 36,942 39,025 — 2009 Avalon Acton II Acton, MA 86 1,723 29,375 — 1,723 29,375 31,098 3,506 27,592 28,638 — 2021 Avalon Northborough Northborough, MA 382 8,144 52,178 9,474 8,144 61,652 69,796 29,937 39,859 41,103 — 2009 Avalon Exeter (1) Boston, MA 187 — 109,978 3,501 — 113,479 113,479 37,241 76,238 78,840 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 4,822 15,645 69,667 85,312 25,323 59,989 61,683 — 2013 Avalon at Assembly Row (2) Somerville, MA 195 8,599 52,454 8,815 8,599 61,269 69,868 21,508 48,360 48,141 — 2015 AVA Somerville (2) Somerville, MA 250 10,944 56,457 7,899 10,944 64,356 75,300 22,806 52,494 53,785 — 2015 AVA Back Bay Boston, MA 271 9,034 36,536 53,129 9,034 89,665 98,699 53,387 45,312 48,193 — 1968/1998 Avalon Prudential Center II Boston, MA 266 8,776 35,479 65,718 8,776 101,197 109,973 54,744 55,229 58,882 — 1968/1998 Avalon Prudential Center I Boston, MA 243 8,002 32,349 57,378 8,002 89,727 97,729 47,794 49,935 53,395 — 1968/1998 eaves Burlington Burlington, MA 203 7,714 32,499 10,087 7,714 42,586 50,300 16,673 33,627 35,005 — 1988/2012 AVA Theater District Boston, MA 398 17,072 163,622 978 17,072 164,600 181,672 47,828 133,844 139,145 — 2015 Avalon Burlington Burlington, MA 312 15,600 60,649 20,068 15,600 80,717 96,317 30,573 65,744 67,529 — 1989/2013 Avalon Marlborough Marlborough, MA 350 15,367 60,338 3,153 15,367 63,491 78,858 19,027 59,831 60,938 — 2015 Avalon North Station Boston, MA 503 22,796 247,270 966 22,796 248,236 271,032 58,323 212,709 221,269 — 2017 Avalon Framingham Framingham, MA 180 9,315 34,604 620 9,315 35,224 44,539 10,319 34,220 35,348 — 2015 Avalon Quincy Quincy, MA 395 14,694 79,655 1,287 14,694 80,942 95,636 20,519 75,117 77,107 — 2017 Avalon Easton Easton, MA 290 3,170 60,785 1,674 3,170 62,459 65,629 14,815 50,814 51,690 — 2017 Avalon at the Hingham Shipyard II Hingham, MA 190 8,998 55,366 971 8,998 56,337 65,335 11,244 54,091 55,416 — 2019 Avalon Sudbury Sudbury, MA 250 20,278 66,509 1,033 20,278 67,542 87,820 14,066 73,754 75,492 — 2019 2023 2022 2023 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 Saugus Saugus, MA 280 $ 17,809 $ 72,196 $ 1,519 $ 17,809 $ 73,715 $ 91,524 $ 13,075 $ 78,449 $ 81,490 $ — 2019 Avalon Norwood Norwood, MA 198 9,478 51,215 830 9,478 52,045 61,523 8,580 52,943 55,163 — 2020 Avalon Marlborough II Marlborough, MA 123 5,523 36,367 63 5,523 36,430 41,953 4,610 37,343 38,727 — 2020 Avalon Easton II Easton, MA 44 570 14,090 — 570 14,090 14,660 1,154 13,506 13,974 — 2021 AVA North Point Cambridge, MA 265 31,263 81,196 2,918 31,263 84,114 115,377 16,019 99,358 102,594 — 2018/2019 Avalon Bear Hill Waltham, MA 324 27,350 93,977 31,975 27,350 125,952 153,302 51,236 102,066 105,728 — 1999/2013 Avalon Wilton on River Rd Wilton, CT 102 2,116 14,664 8,311 2,116 22,975 25,091 17,406 7,685 7,957 — 1997 Avalon New Canaan New Canaan, CT 104 4,834 22,990 7,025 4,834 30,015 34,849 20,407 14,442 15,576 — 2002 Avalon Darien Darien, CT 189 6,926 34,558 9,816 6,926 44,374 51,300 28,383 22,917 24,498 — 2004 TOTAL NEW ENGLAND 9,577 $ 385,438 $ 2,094,751 $ 457,166 $ 385,438 $ 2,551,917 $ 2,937,355 $ 992,364 $ 1,944,991 $ 2,017,472 $ 45,000 METRO NY/NJ New York City, NY Avalon Riverview (3) Long Island City, NY 372 $ — $ 94,061 $ 16,257 $ — $ 110,318 $ 110,318 $ 79,750 $ 30,568 $ 32,981 $ — 2002 Avalon Riverview North (3) Long Island City, NY 602 — 165,932 19,104 — 185,036 185,036 98,183 86,853 91,224 — 2008 AVA Fort Greene Brooklyn, NY 631 83,038 216,802 11,298 83,038 228,100 311,138 106,100 205,038 212,356 — 2010 AVA DoBro Brooklyn, NY 500 76,127 206,762 1,177 76,127 207,939 284,066 56,879 227,187 233,948 — 2017 Avalon Willoughby Square Brooklyn, NY 326 49,635 134,840 1,056 49,635 135,896 185,531 35,122 150,409 155,056 — 2017 Avalon Brooklyn Bay Brooklyn, NY 180 9,690 84,361 651 9,690 85,012 94,702 19,809 74,893 77,480 — 2018 Avalon Midtown West New York, NY 550 154,730 180,253 53,204 154,730 233,457 388,187 86,980 301,207 306,317 76,600 1998/2013 Avalon Clinton North New York, NY 339 84,069 105,821 16,843 84,069 122,664 206,733 48,156 158,577 161,998 126,400 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 10,527 71,421 100,378 171,799 40,507 131,292 133,537 104,500 2007/2013 Total New York City, NY 3,788 $ 528,710 $ 1,278,683 $ 130,117 $ 528,710 $ 1,408,800 $ 1,937,510 $ 571,486 $ 1,366,024 $ 1,404,897 $ 307,500 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 27,811 $ 14,400 $ 4,679 $ 42,211 $ 46,890 $ 32,309 $ 14,581 $ 16,263 $ — 1997 Avalon Melville Melville, NY 494 9,228 50,059 25,486 9,228 75,545 84,773 54,955 29,818 31,352 — 1997 Avalon White Plains White Plains, NY 407 15,391 137,312 3,294 15,391 140,606 155,997 70,419 85,578 90,111 — 2009 Avalon Rockville Centre I Rockville Centre, NY 349 32,212 78,806 7,508 32,212 86,314 118,526 38,463 80,063 83,041 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,301 2,054 18,205 51,355 69,560 20,281 49,279 50,691 — 2013 Avalon Huntington Station Huntington Station, NY 303 21,899 58,429 2,514 21,899 60,943 82,842 19,870 62,972 64,277 — 2014 Avalon Great Neck Great Neck, NY 191 14,777 65,412 496 14,777 65,908 80,685 16,352 64,333 66,230 — 2017 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 50,981 635 7,534 51,616 59,150 12,392 46,758 47,759 — 2017 Avalon Somers Somers, NY 152 5,608 40,591 24 5,608 40,615 46,223 9,644 36,579 37,893 — 2018 Avalon Yonkers Yonkers, NY 590 28,267 172,681 57 28,267 172,738 201,005 22,948 178,057 198,438 — 2021 Avalon Westbury Westbury, NY 396 69,620 43,736 19,688 69,620 63,424 133,044 31,659 101,385 100,559 — 2006/2013 Total New York - Suburban 3,563 $ 227,420 $ 775,119 $ 76,156 $ 227,420 $ 851,275 $ 1,078,695 $ 329,292 $ 749,403 $ 786,614 $ — 2023 2022 2023 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 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 33,937 $ 8,760 $ 116,359 $ 125,119 $ 91,946 $ 33,173 $ 37,018 $ — 1997 eaves West Windsor (2) West Windsor, NJ 512 5,585 21,752 35,761 5,585 57,513 63,098 38,599 24,499 25,852 — 1988/1993 Avalon at Edgewater I Edgewater, NJ 168 5,982 24,389 11,248 5,982 35,637 41,619 24,235 17,384 18,548 — 2002 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 17,845 6,647 52,751 59,398 36,218 23,180 24,941 — 2001 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 1,493 8,984 32,487 41,471 13,173 28,298 29,364 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,610 4,354 14,682 45,964 60,646 18,513 42,133 43,071 — 2012 Avalon Hackensack at Riverside Hackensack, NJ 226 9,939 44,619 2,329 9,939 46,948 56,887 17,376 39,511 41,169 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,851 856 6,502 17,707 24,209 6,685 17,524 18,010 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 1,116 3,006 28,917 31,923 10,191 21,732 22,524 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 1,700 2,273 50,309 52,582 15,948 36,634 38,379 — 2015 Avalon Bloomfield Station (1) Bloomfield, NJ 224 10,701 36,430 2,195 10,701 38,625 49,326 11,365 37,961 38,182 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,868 892 11,288 35,760 47,048 10,767 36,281 37,228 — 2015 Avalon Princeton Princeton, NJ 280 26,461 68,003 1,639 26,461 69,642 96,103 18,272 77,831 79,743 — 2017 Avalon Union Union, NJ 202 11,695 36,315 1,392 11,695 37,707 49,402 10,483 38,919 39,551 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 90,278 7,624 37,237 97,902 135,139 32,649 102,490 105,557 — 2008/2016 Avalon Maplewood Maplewood, NJ 235 15,179 49,425 2,630 15,179 52,055 67,234 13,085 54,149 55,666 — 2018 Avalon Boonton Boonton, NJ 350 3,595 89,407 1,379 3,595 90,786 94,381 16,042 78,339 81,519 — 2019 Avalon Teaneck Teaneck, NJ 248 12,588 60,257 89 12,588 60,346 72,934 10,161 62,773 65,193 — 2020 Avalon Piscataway Piscataway, NJ 360 14,329 75,897 628 14,329 76,525 90,854 15,443 75,411 78,417 — 2019 Avalon Old Bridge Old Bridge, NJ 252 6,895 64,907 647 6,895 65,554 72,449 7,955 64,494 67,152 — 2021 Avalon at Edgewater II Edgewater, NJ 240 8,605 60,809 162 8,605 60,971 69,576 13,723 55,853 58,059 — 2018 Total New Jersey 5,415 $ 230,933 $ 1,040,549 $ 129,916 $ 230,933 $ 1,170,465 $ 1,401,398 $ 432,829 $ 968,569 $ 1,005,143 $ — TOTAL METRO NY/NJ 12,766 $ 987,063 $ 3,094,351 $ 336,189 $ 987,063 $ 3,430,540 $ 4,417,603 $ 1,333,607 $ 3,083,996 $ 3,196,654 $ 307,500 MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall (2) Washington, D.C. 308 $ 6,848 $ 27,614 $ 26,947 $ 6,848 $ 54,561 $ 61,409 $ 43,286 $ 18,123 $ 15,542 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 6,850 8,800 46,508 55,308 31,375 23,933 24,523 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 759 7,425 26,041 33,466 10,132 23,334 23,824 — 2013 Avalon The Albemarle Washington, D.C. 234 25,140 52,459 11,231 25,140 63,690 88,830 27,955 60,875 62,715 — 1966/2013 eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,964 16,430 25,866 42,296 11,065 31,231 32,043 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 7,359 38,140 42,711 80,851 18,980 61,871 62,825 — 1961/2013 eaves Glover Park Washington, D.C. 120 9,580 26,532 2,912 9,580 29,444 39,024 12,826 26,198 27,160 — 1953/2013 AVA Van Ness (2) Washington, D.C. 269 22,890 58,691 25,666 22,890 84,357 107,247 30,746 76,501 78,188 — 1978/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 6,092 43,700 160,042 203,742 61,290 142,452 147,209 — 2012/2013 2023 2022 2023 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 NoMa Washington, D.C. 438 $ 25,246 $ 114,933 $ 1,743 $ 25,246 $ 116,676 $ 141,922 $ 30,359 $ 111,563 $ 114,529 $ — 2018 eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 8,215 4,047 26,768 30,815 21,923 8,892 9,067 — 1996 eaves Columbia Town Center Columbia, MD 392 8,802 35,536 16,343 8,802 51,879 60,681 31,903 28,778 29,195 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 9,860 29,159 62,853 92,012 41,697 50,315 51,889 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 10,537 14,365 65,935 80,300 44,203 36,097 37,487 — 2004 AVA Wheaton Wheaton, MD 319 6,494 69,027 260 6,494 69,287 75,781 16,799 58,982 61,221 — 2018 Kanso Twinbrook Rockville, MD 238 9,151 56,959 40 9,151 56,999 66,150 6,327 59,823 61,961 — 2021 Avalon Hunt Valley Hunt Valley, MD 332 10,872 62,992 375 10,872 63,367 74,239 16,338 57,901 59,931 — 2017 Avalon Laurel Laurel, MD 344 10,130 61,685 846 10,130 62,531 72,661 16,461 56,200 57,779 — 2017 Avalon Towson Towson, MD 371 12,906 98,307 — 12,906 98,307 111,213 13,522 97,691 101,657 — 2020 Avalon Fairway Hills - Meadows Columbia, MD 192 2,323 9,297 8,188 2,323 17,485 19,808 12,333 7,475 5,417 — 1987/1996 Avalon Fairway Hills - Woods Columbia, MD 336 3,958 15,839 16,459 3,958 32,298 36,256 21,534 14,722 14,319 — 1987/1996 Avalon Arundel Crossing II Linthicum Heights, MD 310 12,208 69,888 3,430 12,208 73,318 85,526 18,674 66,852 69,269 — 2018/2018 Kanso Silver Spring Silver Spring, MD 151 3,471 41,393 2,297 3,471 43,690 47,161 8,238 38,923 39,652 — 2009/2019 Avalon Arundel Crossing Linthicum Heights, MD 384 9,933 108,911 2,876 9,933 111,787 121,720 15,854 105,866 110,693 — 2020/2021 Avalon Russett Laurel, MD 238 10,200 47,524 7,073 10,200 54,597 64,797 23,028 41,769 42,887 32,200 1999/2013 eaves Fair Lakes Fairfax, VA 420 6,096 24,400 15,934 6,096 40,334 46,430 31,119 15,311 16,504 — 1989/1996 eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,885 2,152 14,792 16,944 11,084 5,860 6,278 — 1988/1997 Avalon Tysons Corner (2) Tysons Corner, VA 558 13,851 43,397 18,581 13,851 61,978 75,829 46,096 29,733 30,382 — 1996 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 38,686 22,041 128,982 151,023 80,299 70,724 71,717 — 2001 eaves Fairfax Towers Falls Church, VA 415 17,889 74,727 16,757 17,889 91,484 109,373 39,370 70,003 73,482 — 1978/2011 Avalon Mosaic Fairfax, VA 531 33,490 75,801 2,652 33,490 78,453 111,943 26,670 85,273 85,707 — 2014 Avalon Potomac Yard Alexandria, VA 323 24,225 81,982 4,294 24,225 86,276 110,501 28,224 82,277 84,838 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 95,355 10,816 22,573 106,171 128,744 34,207 94,537 98,098 — 2002/2016 Avalon Dunn Loring Vienna, VA 440 29,377 115,465 7,358 29,377 122,823 152,200 35,634 116,566 120,242 — 2012/2017 eaves Tysons Corner Vienna, VA 217 16,030 45,420 4,547 16,030 49,967 65,997 22,594 43,403 44,851 — 1980/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 19,825 56,550 197,857 254,407 78,761 175,646 180,786 — 1999/2013 Avalon Arlington North (2) Arlington, VA 228 21,600 59,076 10,018 21,600 69,094 90,694 23,957 66,737 65,465 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 16,036 26,710 99,120 125,830 44,233 81,597 84,726 — 2000/2013 Avalon Falls Church Falls Church, VA 384 39,544 66,160 820 39,544 66,980 106,524 20,315 86,209 87,780 — 2016 TOTAL MID-ATLANTIC 13,301 $ 684,346 $ 2,403,777 $ 351,531 $ 684,346 $ 2,755,308 $ 3,439,654 $ 1,109,411 $ 2,330,243 $ 2,391,838 $ 32,200 DENVER, CO Avalon Denver West Lakewood, CO 252 $ 8,047 $ 67,861 $ 3,367 $ 8,047 $ 71,228 $ 79,275 $ 19,434 $ 59,841 $ 61,852 $ — 2016/2017 Avalon Meadows at Castle Rock Castle Rock, CO 240 8,527 64,565 1,548 8,527 66,113 74,640 16,269 58,371 61,241 — 2018/2018 Avalon Red Rocks Littleton, CO 256 4,461 70,103 1,745 4,461 71,848 76,309 17,954 58,355 61,311 — 2018/2018 2023 2022 2023 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 Southlands Aurora, CO 338 $ 5,101 $ 85,184 $ 1,910 $ 5,101 $ 87,094 $ 92,195 $ 20,839 $ 71,356 $ 75,302 $ — 2018/2019 TOTAL DENVER, CO 1,086 $ 26,136 $ 287,713 $ 8,570 $ 26,136 $ 296,283 $ 322,419 $ 74,496 $ 247,923 $ 259,706 $ — SOUTHEAST FLORIDA Avalon 850 Boca Boca Raton, FL 370 $ 21,430 $ 114,626 $ 5,499 $ 21,430 $ 120,125 $ 141,555 $ 31,301 $ 110,254 $ 113,769 $ — 2017/2017 Avalon Doral Doral, FL 350 23,392 92,949 — 23,392 92,949 116,341 10,744 105,597 108,861 — 2020 Avalon West Palm Beach West Palm Beach, FL 290 9,597 91,411 5,703 9,597 97,114 106,711 22,694 84,017 87,164 — 2018/2018 Avalon Bonterra Hialeah, FL 314 16,655 71,180 3,608 16,655 74,788 91,443 17,723 73,720 76,764 — 2018/2019 Avalon Toscana Margate, FL 240 9,213 49,936 2,457 9,213 52,393 61,606 10,587 51,019 52,600 — 2016/2019 Avalon Fort Lauderdale Fort Lauderdale, FL 243 20,029 122,394 6,895 20,029 129,289 149,318 13,760 135,558 140,432 — 2020/2021 Avalon Miramar Miramar, FL 380 17,959 110,895 5,789 17,959 116,684 134,643 15,283 119,360 123,611 — 2018/2021 TOTAL SOUTHEAST FLORIDA 2,187 $ 118,275 $ 653,391 $ 29,951 $ 118,275 $ 683,342 $ 801,617 $ 122,092 $ 679,525 $ 703,201 $ — PACIFIC NORTHWEST Seattle, WA Avalon at Bear Creek Redmond, WA 264 $ 6,786 $ 27,641 $ 9,169 $ 6,786 $ 36,810 $ 43,596 $ 29,552 $ 14,044 $ 14,558 $ — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 7,705 6,664 31,824 38,488 22,409 16,079 16,052 — 2001 eaves RockMeadow Bothell, WA 206 4,777 19,765 6,227 4,777 25,992 30,769 19,364 11,405 10,508 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 4,654 3,789 19,793 23,582 15,326 8,256 8,973 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 2,570 5,644 15,303 20,947 11,216 9,731 10,189 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 7,778 12,697 85,228 97,925 45,089 52,836 54,763 — 2008 Avalon Towers Bellevue (3) Bellevue, WA 397 — 123,029 7,100 — 130,129 130,129 58,466 71,663 74,217 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 1,922 12,081 43,540 55,621 18,196 37,425 38,701 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 2,527 16,460 49,453 65,913 18,907 47,006 48,245 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,627 977 12,294 56,604 68,898 18,398 50,500 51,868 — 2015 AVA Capitol Hill Seattle, WA 249 20,613 59,986 1,417 20,613 61,403 82,016 18,187 63,829 65,807 — 2016 Avalon Esterra Park Redmond, WA 482 23,178 112,986 1,603 23,178 114,589 137,767 30,391 107,376 111,314 — 2017 Avalon Alderwood II Redmond, WA 124 5,072 21,418 132 5,072 21,550 26,622 5,631 20,991 21,612 — 2016 Avalon Newcastle Commons I Newcastle, WA 378 9,649 111,600 1,377 9,649 112,977 122,626 26,105 96,521 100,143 — 2017 Avalon Belltown Towers Seattle, WA 274 24,638 121,064 1,359 24,638 122,423 147,061 21,564 125,497 130,407 — 2019 AVA Esterra Park Redmond, WA 323 16,405 74,568 13 16,405 74,581 90,986 14,291 76,695 79,748 — 2019 Avalon Newcastle Commons II Newcastle, WA 293 6,982 99,824 151 6,982 99,975 106,957 10,540 96,417 100,273 — 2021 Avalon North Creek Bothell, WA 316 13,498 69,015 — 13,498 69,015 82,513 11,989 70,524 73,315 — 2020 eaves Redmond Campus Redmond, WA 374 15,665 80,985 33,073 15,665 114,058 129,723 46,910 82,813 86,856 — 1991/2013 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 6,807 10,250 33,649 43,899 15,980 27,919 28,921 — 1987/2013 TOTAL PACIFIC NORTHWEST 5,474 $ 227,142 $ 1,222,335 $ 96,561 $ 227,142 $ 1,318,896 $ 1,546,038 $ 458,511 $ 1,087,527 $ 1,126,470 $ — 2023 2022 2023 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 NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 15,636 $ 11,830 $ 63,464 $ 75,294 $ 48,448 $ 26,846 $ 28,834 $ — 1995 eaves San Jose San Jose, CA 442 12,920 53,047 20,565 12,920 73,612 86,532 50,866 35,666 38,016 — 1985/1996 Avalon on the Alameda San Jose, CA 307 6,119 50,217 14,862 6,119 65,079 71,198 48,958 22,240 24,383 — 1999 Avalon Silicon Valley Sunnyvale, CA 712 20,713 99,573 39,340 20,713 138,913 159,626 100,513 59,113 62,187 — 1998 Avalon Mountain View Mountain View, CA 248 9,755 39,387 13,323 9,755 52,710 62,465 41,707 20,758 22,553 — 1986 eaves Creekside Mountain View, CA 300 6,546 26,263 23,236 6,546 49,499 56,045 35,902 20,143 21,595 — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 5,035 4,765 52,635 57,400 37,552 19,848 21,594 — 2002 Avalon Towers on the Peninsula Mountain View, CA 211 9,560 56,136 15,744 9,560 71,880 81,440 46,823 34,617 36,518 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,521 1,763 13,837 66,284 80,121 22,822 57,299 59,228 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 8,667 46,060 90,624 136,684 41,133 95,551 98,445 — 2002/2013 eaves West Valley San Jose, CA 873 90,890 132,040 17,080 90,890 149,120 240,010 65,540 174,470 179,233 — 1970/2013 eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 18,536 64,070 87,554 151,624 41,619 110,005 113,785 — 1969/2013 Total San Jose, CA 4,723 $ 297,065 $ 767,587 $ 193,787 $ 297,065 $ 961,374 $ 1,258,439 $ 581,883 $ 676,556 $ 706,371 $ — Oakland - East Bay, CA Avalon Fremont (2) Fremont, CA 308 $ 10,746 $ 43,399 $ 31,654 $ 10,746 $ 75,053 $ 85,799 $ 46,363 $ 39,436 $ 40,798 $ — 1992/1994 eaves Dublin (2) Dublin, CA 204 5,276 19,642 13,991 5,276 33,633 38,909 24,315 14,594 14,722 — 1989/1997 eaves Pleasanton (2) Pleasanton, CA 456 11,610 46,552 48,872 11,610 95,424 107,034 54,990 52,044 52,344 — 1988/1994 eaves Union City Union City, CA 208 4,249 16,820 5,299 4,249 22,119 26,368 18,465 7,903 8,337 — 1973/1996 eaves Fremont Fremont, CA 237 6,581 26,583 13,046 6,581 39,629 46,210 30,582 15,628 16,761 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 6,787 14,732 110,811 125,543 53,676 71,867 75,293 — 2009 Avalon Walnut Creek (3) Walnut Creek, CA 422 — 148,846 7,250 — 156,096 156,096 71,711 84,385 89,055 4,501 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 1,543 7,772 73,685 81,457 25,232 56,225 58,455 — 2014 Avalon Dublin Station II Dublin, CA 252 7,762 76,587 631 7,762 77,218 84,980 21,099 63,881 66,244 — 2016 Avalon Public Market (1) Emeryville, CA 289 27,394 145,592 260 27,394 145,852 173,246 22,366 150,880 155,467 — 2020 Avalon Walnut Creek II (3) Walnut Creek, CA 200 — 112,759 315 — 113,074 113,074 14,289 98,785 103,064 — 2020 eaves Walnut Creek Walnut Creek, CA 510 30,320 82,375 18,289 30,320 100,664 130,984 41,605 89,379 92,829 — 1987/2013 Avalon Walnut Ridge I Walnut Creek, CA 106 9,860 19,850 5,999 9,860 25,849 35,709 10,517 25,192 26,048 — 2000/2013 Avalon Walnut Ridge II Walnut Creek, CA 360 27,190 57,041 14,257 27,190 71,298 98,488 30,247 68,241 70,626 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,689 145 4,500 28,834 33,334 9,409 23,925 24,850 — 2014 Total Oakland - East Bay, CA 4,338 $ 167,992 $ 1,000,901 $ 168,338 $ 167,992 $ 1,169,239 $ 1,337,231 $ 474,866 $ 862,365 $ 894,893 $ 4,501 San Francisco, CA AVA Nob Hill San Francisco, CA 185 $ 5,403 $ 21,567 $ 11,273 $ 5,403 $ 32,840 $ 38,243 $ 24,511 $ 13,732 $ 14,850 $ — 1990/1995 eaves Foster City Foster City, CA 288 7,852 31,445 15,824 7,852 47,269 55,121 35,545 19,576 19,642 — 1973/1994 2023 2022 2023 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 Pacifica Pacifica, CA 220 $ 6,125 $ 24,792 $ 5,573 $ 6,125 $ 30,365 $ 36,490 $ 25,442 $ 11,048 $ 11,745 $ — 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,313 17,599 3,561 38,912 42,473 28,331 14,142 15,240 — 1961/1996 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 10,330 14,029 88,782 102,811 63,094 39,717 42,935 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 1,675 28,687 120,831 149,518 59,154 90,364 94,137 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 3,259 5,544 54,165 59,709 21,932 37,777 39,333 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,710 20,267 99,031 119,298 33,915 85,383 88,357 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,228 1,259 12,595 82,487 95,082 25,213 69,869 72,131 — 2015 Avalon Dogpatch San Francisco, CA 326 23,523 180,698 421 23,523 181,119 204,642 40,228 164,414 170,374 — 2018 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 8,945 40,780 77,629 118,409 34,287 84,122 86,649 57,650 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 3,840 23,787 48,774 72,561 19,334 53,227 54,746 — 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,725 33,303 66,635 99,938 26,514 73,424 75,442 51,000 2010/2013 Total San Francisco, CA 3,072 $ 225,456 $ 883,406 $ 85,433 $ 225,456 $ 968,839 $ 1,194,295 $ 437,500 $ 756,795 $ 785,581 $ 108,650 TOTAL NORTHERN CALIFORNIA 12,133 $ 690,513 $ 2,651,894 $ 447,558 $ 690,513 $ 3,099,452 $ 3,789,965 $ 1,494,249 $ 2,295,716 $ 2,386,845 $ 113,151 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 750 $ 22,483 $ 28,093 $ 54,756 $ 22,483 $ 82,849 $ 105,332 $ 58,108 $ 47,224 $ 49,720 $ — 1961/1997 Avalon Woodland Hills (2) Woodland Hills, CA 663 23,828 40,342 86,225 23,828 126,567 150,395 67,704 82,691 81,679 — 1989/1997 eaves Warner Center Woodland Hills, CA 228 7,045 12,980 14,216 7,045 27,196 34,241 22,014 12,227 12,597 — 1979/1998 Avalon Glendale (3) Glendale, CA 223 — 42,564 3,993 — 46,557 46,557 31,921 14,636 15,619 — 2003 Avalon Burbank Burbank, CA 401 14,053 56,820 28,892 14,053 85,712 99,765 55,436 44,329 46,283 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,269 4,428 8,446 44,697 53,143 26,671 26,472 27,509 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 7,326 5,459 48,508 53,967 27,843 26,124 27,803 — 2007 Avalon Encino Encino, CA 132 12,789 49,073 3,804 12,789 52,877 65,666 26,824 38,842 39,700 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,837 3,794 7,920 48,631 56,551 25,319 31,232 32,291 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 93,977 2,394 14,734 96,371 111,105 31,206 79,899 82,725 — 2015 eaves Phillips Ranch Pomona, CA 503 9,796 41,740 13,163 9,796 54,903 64,699 23,162 41,537 39,164 — 1989/2011 eaves San Dimas San Dimas, CA 102 1,916 7,819 2,631 1,916 10,450 12,366 4,906 7,460 7,586 — 1978/2011 eaves San Dimas Canyon San Dimas, CA 156 2,953 12,397 2,286 2,953 14,683 17,636 6,719 10,917 11,072 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 6,358 8,400 17,905 26,305 7,067 19,238 19,805 — 1973/2012 eaves Cerritos Artesia, CA 151 8,305 21,195 3,023 8,305 24,218 32,523 9,423 23,100 23,387 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 71,959 9,549 30,900 81,508 112,408 34,723 77,685 80,665 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,726 552 9,141 31,278 40,419 10,414 30,005 30,885 — 2014 Avalon Glendora Glendora, CA 281 18,311 64,303 1,052 18,311 65,355 83,666 19,211 64,455 66,283 — 2016 Avalon West Hollywood West Hollywood, CA 294 35,214 119,105 1,859 35,214 120,964 156,178 29,788 126,390 130,476 — 2017 AVA Hollywood at La Pietra Place Hollywood, CA 695 99,309 272,596 2,010 99,309 274,606 373,915 37,712 336,203 346,636 — 2021 2023 2022 2023 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 Monrovia Monrovia, CA 154 $ 12,125 $ 56,233 $ 195 $ 12,125 $ 56,428 $ 68,553 $ 5,649 $ 62,904 $ 65,150 $ — 2021 Avalon Mission Oaks Camarillo, CA 160 9,600 37,566 2,502 9,600 40,068 49,668 14,377 35,291 36,101 — 2014 Avalon Chino Hills Chino Hills, CA 331 16,617 79,829 1,099 16,617 80,928 97,545 19,785 77,760 80,473 — 2017 AVA North Hollywood North Hollywood, CA 156 18,408 52,280 2,320 18,408 54,600 73,008 16,375 56,633 58,572 — 2015/2016 Avalon Cerritos Cerritos, CA 132 8,869 51,452 1,030 8,869 52,482 61,351 10,562 50,789 52,867 30,250 2017/2019 Avalon Simi Valley Simi Valley, CA 500 42,020 73,345 13,151 42,020 86,496 128,516 36,353 92,163 94,588 — 2007/2013 AVA Studio City II Studio City, CA 101 4,626 22,941 8,188 4,626 31,129 35,755 12,385 23,370 24,296 — 1991/2013 Avalon Studio City Studio City, CA 276 15,756 78,166 19,782 15,756 97,948 113,704 40,965 72,739 76,417 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,368 28,616 42,720 135,984 178,704 67,697 111,007 115,715 — 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,827 12,286 43,540 92,113 135,653 45,131 90,522 92,637 — 2004/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,705 16,377 32,000 77,082 109,082 30,005 79,077 81,034 — 2007/2013 eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 7,555 9,110 22,926 32,036 9,317 22,719 23,292 — 1972/2013 eaves Thousand Oaks Thousand Oaks, CA 158 13,950 20,052 7,148 13,950 27,200 41,150 14,258 26,892 27,613 — 1992/2013 eaves Los Feliz Los Angeles, CA 263 18,940 43,661 14,420 18,940 58,081 77,021 24,175 52,846 54,878 41,400 1989/2013 AVA Toluca Hills Los Angeles, CA 1,151 86,450 161,078 95,036 86,450 256,114 342,564 94,367 248,197 253,476 — 1973/2013 eaves Woodland Hills Woodland Hills, CA 888 68,940 90,507 26,038 68,940 116,545 185,485 54,334 131,151 134,282 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,515 4,401 12,810 26,916 39,726 12,276 27,450 27,659 — 2002/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 7,000 10,240 38,558 48,798 15,345 33,453 34,559 — 2004/2013 AVA Studio City I Studio City, CA 450 17,658 90,562 37,807 17,658 128,369 146,027 49,319 96,708 101,202 — 1987/2013 Total Los Angeles, CA 12,143 $ 825,381 $ 2,278,540 $ 557,262 $ 825,381 $ 2,835,802 $ 3,661,183 $ 1,128,846 $ 2,532,337 $ 2,606,696 $ 183,150 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 10,806 $ 1,975 $ 14,620 $ 16,595 $ 9,899 $ 6,696 $ 6,734 $ — 1956/1996 eaves Mission Viejo Mission Viejo, CA 166 2,517 9,245 6,229 2,517 15,474 17,991 12,243 5,748 5,573 — 1984/1996 eaves South Coast Costa Mesa, CA 258 4,709 16,063 15,495 4,709 31,558 36,267 23,224 13,043 13,049 — 1973/1996 eaves Santa Margarita Rancho Santa Margarita, CA 302 4,607 16,902 14,958 4,607 31,860 36,467 22,841 13,626 13,657 — 1990/1997 eaves Huntington Beach Huntington Beach, CA 304 4,871 19,731 13,091 4,871 32,822 37,693 27,339 10,354 11,122 — 1971/1997 Avalon Irvine I Irvine, CA 279 9,911 67,520 7,686 9,911 75,206 85,117 35,582 49,535 50,566 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,905 1,654 4,358 42,559 46,917 16,074 30,843 32,044 — 2013 eaves Lake Forest Lake Forest, CA 225 5,199 21,117 7,790 5,199 28,907 34,106 12,905 21,201 21,661 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,004 987 31,689 98,991 130,680 30,569 100,111 103,234 — 2015 Avalon Irvine III Irvine, CA 156 11,607 43,973 386 11,607 44,359 55,966 12,412 43,554 44,965 — 2016 eaves Seal Beach Seal Beach, CA 549 46,790 99,999 38,750 46,790 138,749 185,539 52,068 133,471 137,902 — 1971/2013 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,981 1,248 13,055 107,229 120,284 28,127 92,157 95,733 — 2017 Total Orange County, CA 3,371 $ 141,288 $ 543,254 $ 119,080 $ 141,288 $ 662,334 $ 803,622 $ 283,283 $ 520,339 $ 536,240 $ — 2023 2022 2023 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 San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 44,172 $ 9,922 $ 84,752 $ 94,674 $ 58,896 $ 35,778 $ 38,380 $ — 1969/1997 eaves Mission Ridge San Diego, CA 200 2,710 10,924 15,906 2,710 26,830 29,540 20,756 8,784 8,229 — 1960/1997 eaves San Marcos San Marcos, CA 184 3,277 13,385 7,260 3,277 20,645 23,922 8,165 15,757 16,014 — 1988/2011 eaves Rancho Penasquitos San Diego, CA 250 6,692 27,143 12,493 6,692 39,636 46,328 17,133 29,195 29,449 — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,328 977 12,689 44,305 56,994 13,955 43,039 44,449 — 2015 eaves La Mesa La Mesa, CA 168 9,490 28,482 4,849 9,490 33,331 42,821 16,369 26,452 27,526 — 1989/2013 Avalon La Jolla Colony San Diego, CA 180 16,760 27,694 12,707 16,760 40,401 57,161 17,641 39,520 40,944 — 1987/2013 Total San Diego, CA 1,767 $ 61,540 $ 191,536 $ 98,364 $ 61,540 $ 289,900 $ 351,440 $ 152,915 $ 198,525 $ 204,991 $ — TOTAL SOUTHERN CALIFORNIA 17,281 $ 1,028,209 $ 3,013,330 $ 774,706 $ 1,028,209 $ 3,788,036 $ 4,816,245 $ 1,565,044 $ 3,251,201 $ 3,347,927 $ 183,150 OTHER EXPANSION REGIONS North Carolina Avalon South End Charlotte, NC 265 $ 13,723 $ 87,978 $ 5,176 $ 13,723 $ 93,154 $ 106,877 $ 10,916 $ 95,961 $ 97,335 $ — 2020/2021 AVA South End Charlotte, NC 164 9,367 44,623 2,133 9,367 46,756 56,123 4,756 51,367 51,675 — 2013/2021 Avalon Hawk (1) Charlotte, NC 71 2,564 44,056 227 2,564 44,283 46,847 3,729 43,118 44,649 — 2021/2021 Total North Carolina 500 $ 25,654 $ 176,657 $ 7,536 $ 25,654 $ 184,193 $ 209,847 $ 19,401 $ 190,446 $ 193,659 $ — Texas Avalon Lakeside Flower Mound, TX 425 $ 15,073 $ 98,057 $ 5,105 $ 15,073 $ 103,162 $ 118,235 $ 14,595 $ 103,640 $ 107,962 $ — 2015/2021 Total Texas 425 $ 15,073 $ 98,057 $ 5,105 $ 15,073 $ 103,162 $ 118,235 $ 14,595 $ 103,640 $ 107,962 $ — TOTAL EXPANSION REGIONS 925 $ 40,727 $ 274,714 $ 12,641 $ 40,727 $ 287,355 $ 328,082 $ 33,996 $ 294,086 $ 301,621 $ — TOTAL SAME STORE 74,730 $ 4,187,849

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Basis of Presen_2

Organization, Basis of Presentation, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Basis of Presentation	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, as amended (the “Code”). The Company develops, redevelops, acquires, owns and operates multifamily communities 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 regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 operating apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 30 communities that, if developed as expected, will contain an estimated 10,801 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 determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model for each joint venture entity. 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. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) 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 measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value.
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 ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels acquired for development improved with operating real estate, the Company generally manages the improvements until 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. The Company accounts for real estate acquisitions as either an asset acquisition or a business combination. Under either model, the Company identifies and determines the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. 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. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. The Company utilizes various sources to determine fair value, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. 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 years to 30 years and for furniture, fixtures and equipment range from three years to seven years.
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. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense, primarily due to dispositions at The Park Loggia, of $10,153,000, $14,646,000 and $5,733,000 in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax positions. 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 2020 through 2022. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 %
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs include 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 loan term 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 for unsecured notes was $34,494,000 and $29,815,000 as of December 31, 2023 and 2022, respectively, and related to mortgage notes payable was $2,262,000 and $2,040,000 as of December 31, 2023 and 2022, 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 for the Company's Credit Facility was $14,490,000 and $11,222,000 as of December 31, 2023 and 2022, respectively, and deferred financing costs net of accumulated amortization 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 Restricted Cash Cash and cash equivalents includes all cash and liquid investments with an original maturity of three months or less from the date acquired. Restricted cash includes principal reserve funds that are restricted for the repayment of specified secured financing, amounts the Company has designated for planned 1031 exchange activity and resident security deposits. The majority of the Company's cash, cash equivalents and restricted cash are held at major commercial banks.
Interest Rate Contracts	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 income (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 common 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 common share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per common share on a diluted basis. Diluted earnings per common share was computed using the treasury stock method for performance awards, options and participating securities. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19 Certain options to purchase shares of common stock in the amounts of 303,784 and 291,881 were outstanding as of December 31, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per common share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 are included in the computation of diluted earnings per common share.
Expensed Transaction, Development and Other Pursuit Costs, and Casualty and Impairment of Long-Lived Assets	Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes costs associated with its development activities to the basis of land held when future development is probable (“Development Rights”), or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. 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 $33,479,000, $16,565,000 and $2,192,000 during the years ended December 31, 2023, 2022 and 2021, 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 2023 includes write-offs of $27,455,000 related to seven Development Rights that the Company determined are no longer probable. The amount for 2022 includes write-offs of $10,073,000 related to three development opportunities that the Company determined are no longer probable. These costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. Casualty and Impairment of Long-Lived Assets 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2023, 2022 and 2021, the Company did not recognize any material impairment losses. During the year ended December 31, 2023, the Company recognized a charge of $9,118,000 for the property and casualty damages across certain communities in its Northeast and California regions related to severe weather and other casualty events, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both whether 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. The Company did not recognize any other than temporary impairment losses during the years ended December 31, 2023, 2022 or 2021.
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 accompanying 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. 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) are 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 no real estate assets that qualified as held for sale presentation at December 31, 2023.
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 Derivatives 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 ongoing basis. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair values of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income. Amounts recorded in accumulated other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. Receipts or payments associated with the gains and losses on the Company’s cash flow hedges are presented as a component of cash flows from financing activities in the period the hedges are terminated and the payments for the Company’s derivatives that are not qualifying for hedging relationships are presented as a component of cash flows from operating activities. 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 accounting principles generally accepted in the United States ("GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity, segment classification and classification of for-sale condominium inventory and activity.
Lessee Considerations	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 that are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Variable lease payments are generally not included in the lease liability, but recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are 12 months or less, the Company elected the practical expedient to recognize the lease payments on a straight line basis.
Lessor Considerations	Lessor Considerations The Company's residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include 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 Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under “Leases”. The Company's revenue streams that are not accounted for under ASC 842, Leases, 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 construction, development or redevelopment of those 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 also provides various third party back-office, financial administrative support services. The Company recognizes revenue for fees as earned. • Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate 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. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3) Represents revenue accounted for under ASC 606. (4) Represents residential and commercial rental and other lease income, accounted for under ASC 842.
Uncollectible Lease Revenue Reserves	Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an ongoing basis by (i) assessing the probability of receiving all lease amounts due on a lease-by-lease basis, (ii) reserving all amounts for those leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, 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. In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve. The Company recorded an aggregate offset to income for uncollectible lease revenue, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $57,906,000, $49,147,000 and $52,075,000 for the years ended December 31, 2023, 2022 and 2021, respectively, under ASC 842 and ASC 450.
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle	Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which requires reportable segments disclosures of significant segment expenses provided to the chief operating decision maker (“CODM”). The standard does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new standard will be effective for fiscal years beginning after December 15, 2023. The Company is assessing the standard and does not expect the standard to have a material effect on the Company’s financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires (i) a tabular rate reconciliation of the reported income tax expense (benefit) from continuing operations into specific categories, (ii) separate disclosure for any reconciling items within certain categories above a quantitative threshold, (iii) disclosure of income taxes paid disaggregated by federal, state and material jurisdictions and (iv) disclosure of income tax expense from continuing operations disaggregated by federal and state. The new standard will be effective for fiscal years beginning after December 15, 2024. The Company is assessing the standard and does not expect the standard to 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, 2023
Accounting Policies [Abstract]
Summary 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, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 %
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 December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19
Disaggregation of Revenue	The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3) Represents revenue accounted for under ASC 606. (4) Represents residential and commercial rental and other lease income, accounted for under ASC 842.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022, as shown in the accompanying Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments. December 31, 2023 December 31, 2022 Fixed rate unsecured notes $ 7,300,000 3.3 % $ 7,500,000 3.3 % Term Loan — — % 150,000 5.4 % Fixed rate mortgage notes payable—conventional and tax-exempt 333,892 3.9 % 270,677 3.4 % Variable rate mortgage notes payable—conventional and tax-exempt 410,150 5.5 % 457,150 5.3 % Total mortgage notes payable and unsecured notes and Term Loan 8,044,042 3.5 % 8,377,827 3.4 % Credit Facility — — % — — % Commercial paper — — % — — % Total principal outstanding 8,044,042 3.5 % 8,377,827 3.4 % Less deferred financing costs and debt discount (1) (62,220) (61,782) Total $ 7,981,822 $ 8,316,045 _________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
Schedule of borrowing capacity under the Credit Facility	The availability on the Company's Credit Facility as of December 31, 2023 and 2022, respectively, was as follows (dollars in thousands): December 31, 2023 December 31, 2022 Credit Facility commitment $ 2,250,000 $ 2,250,000 Credit Facility outstanding — — Commercial paper outstanding — — Letters of credit outstanding (1) (1,914) (1,914) Total Credit Facility available $ 2,248,086 $ 2,248,086 _____________________________________ (1) In addition, the Company had $58,116 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2023 and 2022, respectively.
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, 2023 were as follows (dollars in thousands): Year Secured notes Unsecured notes maturities Stated interest rate of 2024 $ 9,593 $ 300,000 3.50 % 2025 10,765 525,000 3.45 % 300,000 3.50 % 2026 11,811 475,000 2.95 % 300,000 2.90 % 2027 250,159 400,000 3.35 % 2028 18,902 450,000 3.20 % 400,000 1.90 % 2029 132,661 450,000 3.30 % 2030 9,100 700,000 2.30 % 2031 9,700 600,000 2.45 % 2032 10,400 700,000 2.05 % 2033 12,000 350,000 5.00 % 400,000 5.30 % Thereafter 268,951 350,000 3.90 % 300,000 4.15 % 300,000 4.35 % $ 744,042 $ 7,300,000

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Details Regarding Acquired Communities	Details regarding communities acquired in 2023, 2022 and 2021, are summarized in the following table (dollars in thousands): Community name Location Number of communities Apartment Purchase price Commercial square feet Avalon Frisco at Main Frisco, TX 1 360 $ 83,100 — Avalon Mooresville Mooresville, NC 1 203 52,100 — Avalon West Plano (1) Carrollton, TX 1 568 142,000 — Total 2023 acquisitions 3 1,131 $ 277,200 — Total 2022 acquisitions 4 1,313 $ 536,200 16,000 Total 2021 acquisitions 7 1,932 $ 724,500 90,000 _____________________________________ (1) In conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041 fixed rate mortgage loan, with a contractual interest rate of 4.18%, maturing in May 2029.

Real Estate Disposition Activ_2

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Details regarding the real estate sales	Community name Location Period of sale Apartment Gross Net cash Commercial square feet eaves Daly City Daly City, CA Q2 2023 195 $ 67,000 $ 66,646 — Avalon at Newton Highlands Newton, MA Q2 2023 294 170,000 167,665 — Avalon Columbia Pike Arlington, VA Q3 2023 269 105,000 103,032 27,000 Avalon Mamaroneck Mamaroneck, NY Q4 2023 229 104,000 102,230 — Other real estate multiple 2023 N/A — 636 — Total of 2023 asset sales 987 $ 446,000 $ 440,209 27,000 Total of 2022 asset sales 2,062 $ 953,135 $ 934,117 — Total of 2021 asset sales 2,404 $ 875,058 $ 850,230 30,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Weighted Average Remaining Lease Term and Discount Rates	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 22 years Weighted-average remaining lease term - operating leases (1) 40 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases (1) 4.66 % _____________________________________ (1) Excludes two leases that have been executed but for which the Company has not yet taken control.
Reconciliation of Undiscounted and Discounted Cash Flows for Finance Leases	The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control.
Reconciliation of Undiscounted and Discounted Cash Flows for Operating Leases	The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control.

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net income	A reconciliation of NOI to net income for years ended December 31, 2023, 2022 and 2021 is as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Net income $ 928,438 $ 1,136,438 $ 1,004,356 Property management and other indirect operating expenses, net of corporate income 121,704 114,200 98,665 Expensed transaction, development and other pursuit costs, net of recoveries 33,479 16,565 3,231 Interest expense, net 205,992 230,074 220,415 Loss on extinguishment of debt, net 150 1,646 17,787 General and administrative expense 76,534 74,064 69,611 Income from unconsolidated investments (13,454) (53,394) (38,585) Depreciation expense 816,965 814,978 758,596 Income tax expense 10,153 14,646 5,733 Casualty loss 9,118 — 3,119 Gain on sale of communities (287,424) (555,558) (602,235) Other real estate activity (174) (5,127) (1,120) Net operating income from real estate assets sold or held for sale (14,733) (46,678) (82,698) Net operating income $ 1,886,748 $ 1,741,854 $ 1,456,875
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 December 31, 2023 2022 2021 Rental income from real estate assets sold or held for sale $ 21,197 $ 69,782 $ 131,506 Operating expenses from real estate assets sold or held for sale (6,464) (23,104) (48,808) Net operating income from real estate assets sold or held for sale $ 14,733 $ 46,678 $ 82,698
Summary of Total Revenue, NOI, and Real Estate by Segment	Segment information for the years ended December 31, 2023, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” Total NOI Gross For the year ended December 31, 2023 Same Store New England $ 366,777 $ 244,700 $ 2,925,841 Metro NY/NJ 529,684 362,599 4,417,603 Mid-Atlantic 369,027 255,741 3,439,654 Southeast Florida 76,301 50,315 801,617 Denver, CO 28,209 20,020 322,419 Pacific Northwest 171,740 121,783 1,546,038 Northern California 425,165 303,526 3,789,965 Southern California 551,743 380,262 4,816,245 Other Expansion Regions 23,988 16,166 328,082 Total Same Store (2) 2,542,634 1,755,112 22,387,464 Other Stabilized 134,804 92,808 1,799,035 Development / Redevelopment 61,552 38,828 2,408,450 Land Held for Development N/A N/A 199,062 Non-allocated (3) 7,722 N/A 136,451 Total $ 2,746,712 $ 1,886,748 $ 26,930,462 For the year ended December 31, 2022 Same Store New England $ 341,769 $ 226,987 $ 2,893,843 Metro NY/NJ 495,107 342,511 4,401,146 Mid-Atlantic 348,096 238,970 3,396,654 Southeast Florida 69,685 44,696 798,437 Denver, CO 26,848 19,652 321,685 Pacific Northwest 165,186 117,211 1,534,208 Northern California 405,184 288,772 3,765,490 Southern California 520,483 361,809 4,762,736 Other Expansion Regions 21,934 15,098 323,573 Total Same Store (2) 2,394,292 1,655,706 22,197,772 Other Stabilized 93,305 67,462 1,515,963 Development / Redevelopment 29,734 18,686 1,574,649 Land Held for Development N/A N/A 179,204 Non-allocated (3) 6,333 N/A 122,886 Total $ 2,523,664 $ 1,741,854 $ 25,590,474 For the year ended December 31, 2021 Same Store New England $ 295,505 $ 189,571 $ 2,771,067 Metro NY/NJ 407,621 279,078 4,025,983 Mid-Atlantic 302,652 203,502 3,068,575 Southeast Florida 31,703 19,689 395,999 Denver, CO 23,742 16,451 320,435 Pacific Northwest 126,513 85,980 1,288,975 Northern California 366,215 258,756 3,605,284 Southern California 441,765 303,336 4,264,695 Total Same Store (2)(4) 1,995,716 1,356,363 19,741,013 Other Stabilized 121,659 75,422 2,413,391 Development / Redevelopment 42,885 25,090 1,580,653 Land Held for Development N/A N/A 147,546 Non-allocated (3) 3,084 N/A 257,536 Total $ 2,163,344 $ 1,456,875 $ 24,140,139 _________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2022 and 2021 of $280,889 and $760,990, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $188,507, $209,607 and $158,991 in 2023, 2022 and 2021, respectively. (3) Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items 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) Communities in Same Store Other Expansion Regions were included in Other Stabilized for the year ended December 31, 2021.

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of information with respect to stock options granted	Options Weighted average Options Outstanding, December 31, 2020 12,506 $ 129.35 Granted (1) 294,115 180.32 Exercised (2,759) 124.34 Forfeited (4,713) 180.32 Options Outstanding, December 31, 2021 299,149 $ 178.71 Granted (2) 9,793 236.14 Exercised (8,670) 135.78 Forfeited (6,459) 180.32 Options Outstanding, December 31, 2022 293,813 $ 181.85 Granted (2) 15,744 177.83 Exercised (5,773) 163.56 Forfeited — — Options Outstanding, December 31, 2023 303,784 $ 181.99 Options Exercisable: December 31, 2021 9,747 $ 130.77 December 31, 2022 6,533 $ 165.51 December 31, 2023 279,894 $ 180.97 __________________________________ (1) Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2) All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Summary of valuation options	The assumptions used are as follows: 2023 Dividend yield 4.0 % Estimated volatility 29.2 % Risk free rate 4.09 % Expected life of options 5 years Estimated fair value $37.54 2023 2022 2021 Dividend yield 3.7% 2.7% 3.5% Estimated volatility over the life of the plan (1) 22.9% - 26.1% 16.1% - 36.8% 22.0% - 49.0% Risk free rate 4.35% - 4.61% 0.72% - 1.68% 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $206.97 $271.98 $213.16 _________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
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, 2023: The Plan Range—Exercise Price Weighted Average 293,991 $177.00 - $186.99 7.3 9,793 $236.00 - $245.99 8.1 303,784
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, 2020 241,921 $ 195.13 Granted (1) 138,033 191.12 Change in awards based on performance (2) (37,469) 156.00 Converted to restricted stock (56,545) 156.00 Forfeited (1,418) 207.65 Outstanding at December 31, 2021 284,522 $ 214.73 Granted (3) 72,783 254.75 Change in awards based on performance (2) (20,356) 200.92 Converted to shares of common stock (54,053) 217.33 Forfeited (3,829) 230.36 Outstanding at December 31, 2022 279,067 $ 225.46 Granted (4) 90,215 193.85 Change in awards based on performance (2) (31,345) 241.49 Converted to shares of common stock (60,016) 238.71 Forfeited (2,719) 212.05 Outstanding at December 31, 2023 275,202 $ 210.52 _________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,969 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 performance awards.
Schedule of restricted stock granted	Restricted stock shares Weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2020 131,724 $ 203.28 146,319 Granted 99,291 178.84 — Vested (69,840) 192.32 (71,692) Forfeited (4,109) 195.77 — Outstanding at December 31, 2021 157,066 $ 192.90 74,627 Granted 86,475 231.93 — Vested (78,212) 197.51 (48,171) Forfeited (3,615) 218.19 (86) Outstanding at December 31, 2022 161,714 $ 210.97 26,370 Granted 93,146 177.70 — Vested (79,450) 207.93 (26,370) Forfeited (2,119) 194.78 — Outstanding at December 31, 2023 173,291 $ 194.68 —

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 632,215 $ 200,000 Weighted average interest rate (1) 5.5 % N/A Weighted average capped/swapped interest rate 6.5 % 3.1 % Earliest maturity date January 2024 February 2024 Latest maturity date January 2027 June 2024 _________________________________ (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.
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 December 31, 2023 Assets Investments Notes Receivable, net $ 118,127 $ — $ 118,127 $ — Non Designated Hedges Interest Rate Caps 85 — 85 — Interest Rate Swaps - Assets 5,163 — 5,163 — Total Assets $ 123,375 $ — $ 123,375 $ — Liabilities Interest Rate Swaps - Liabilities $ 162 $ — $ 162 $ — Indebtedness Fixed rate unsecured notes 6,716,631 6,716,631 — — Mortgage notes payable and Commercial Paper Program 644,313 — 644,313 — Total Liabilities $ 7,361,106 $ 6,716,631 $ 644,475 $ — December 31, 2022 Assets Investments Notes Receivable, net $ 28,860 $ — $ 28,860 $ — Non Designated Hedges Interest Rate Caps 455 — 455 — Total Assets $ 29,315 $ — $ 29,315 $ — Liabilities DownREIT units $ 1,211 $ 1,211 $ — $ — Indebtedness Fixed rate unsecured notes 6,653,681 6,653,681 — — Mortgage notes payable, Commercial Paper Program and variable rate unsecured note 768,984 — 768,984 — Total Liabilities $ 7,423,876 $ 6,654,892 $ 768,984 $ —

Organization, Basis of Presen_4

Organization, Basis of Presentation, and Significant Accounting Policies - Organization and Basis of Presentation (Details)	Dec. 31, 2023 community home state
Accounting Policies [Abstract]
Number of real estate properties	299
Number of apartment homes included in operating apartment communities owned | home	90,669
Number of states where operating apartment communities owned are located | state	12
Number of owned communities under construction	18
Communities under development rights	30
Estimated number of apartment homes in communities to be developed | home	10,801

Organization, Basis of Presen_5

Organization, Basis of Presentation, and Significant Accounting Policies - Real Estate (Details)	Dec. 31, 2023
Minimum | Buildings and related improvements
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of assets (in years)	7 years
Minimum | Furniture, fixtures and equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of assets (in years)	3 years
Maximum | Buildings and related improvements
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of assets (in years)	30 years
Maximum | Furniture, fixtures and equipment
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of assets (in years)	7 years

Organization, Basis of Presen_6

Organization, Basis of Presentation, and Significant Accounting Policies - Income Taxes and Deferred Financing Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent)	90%
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent)	100%
Accounting Policies [Line Items]
Income tax expense	$ 10,153,000	$ 14,646,000	$ 5,733,000
Unrecognized tax benefits	$ 0	$ 0
Tax components of common stock dividends declared
Capital gain tax rate (as a percent)	20%	20%	20%
Ordinary income (as a percent)	83%	82%	55%
20% capital gain (as a percent)	11%	15%	26%
Unrecaptured 1250 gain (as a percent)	6%	3%	19%
Total dividends (as a percent)	100%	100%	100%
Unsecured notes
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	$ 34,494,000	$ 29,815,000
Secured notes
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	2,262,000	2,040,000
Variable rate unsecured credit facility
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	$ 14,490,000	$ 11,222,000

Organization, Basis of Presen_7

Organization, Basis of Presentation, and Significant Accounting Policies - Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic and diluted shares outstanding
Weighted average common shares - basic (in shares)	141,307,186	139,634,294	139,389,433
Weighted average DownREIT units outstanding (in shares)	3,503	7,500	7,500
Effect of dilutive securities (in shares)	333,099	333,293	320,466
Weighted average common shares - diluted (in shares)	141,643,788	139,975,087	139,717,399
Calculation of Earnings per Common Share—basic
Net income attributable to common stockholders	$ 928,825	$ 1,136,775	$ 1,004,299
Net income allocated to unvested restricted shares	(1,663)	(2,091)	(2,100)
Net income attributable to common stockholders—basic	$ 927,162	$ 1,134,684	$ 1,002,199
Weighted average common shares - basic (in shares)	141,307,186	139,634,294	139,389,433
Earnings per common share - basic (in dollars per share)	$ 6.56	$ 8.13	$ 7.19
Calculation of Earnings per Common Share—diluted
Net income attributable to common stockholders	$ 928,825	$ 1,136,775	$ 1,004,299
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	25	48	48
Net income attributable to common stockholders—diluted	$ 928,850	$ 1,136,823	$ 1,004,347
Weighted average common shares - diluted (in shares)	141,643,788	139,975,087	139,717,399
Earnings per common share - diluted (in dollars per share)	$ 6.56	$ 8.12	$ 7.19
Antidilutive securities excluded from computation of earnings per share	303,784	291,881

Organization, Basis of Presen_8

Organization, Basis of Presentation, and Significant Accounting Policies - Expensed Transaction, Development and Other Pursuit Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) developmentRight	Dec. 31, 2022 USD ($) developmentRight	Dec. 31, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Nonoperating Income (Expense)	$ (33,479)	$ (16,565)	$ (3,231)
Abandoned pursuits costs	$ 27,455	$ 10,073	$ 2,192
Development rights, no longer probable | developmentRight	7	3

Organization, Basis of Presen_9

Organization, Basis of Presentation, and Significant Accounting Policies - Casualty and Impairment of Long-Lived Assets and Assets Held for Sale and Discontinued Operations (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets held-for-use	$ 0	$ 0	$ 0
Casualty loss	9,118,000	0	3,119,000
Impairment of investment in unconsolidated entities	$ 0	$ 0	0
Number of communities held for sale | community	0
Northeast and California Regions | Severe Weather
Property, Plant and Equipment [Line Items]
Casualty loss	$ 9,118,000
East Coast | Hurricane and Fire
Property, Plant and Equipment [Line Items]
Casualty loss			$ 3,119,000

Organization, Basis of Prese_10

Organization, Basis of Presentation, and Significant Accounting Policies - Revenue and Gain Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Management, development and other fees	$ 7,722	$ 6,333	$ 3,084
Rental and other income	2,760,187	2,587,113	2,291,766
Total revenue	2,767,909	2,593,446	2,294,850
Non-allocated
Disaggregation of Revenue [Line Items]
Total revenue	7,722	6,333	3,084
Same Store | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	2,542,634	2,394,292	1,995,716
Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	134,804	93,305	121,659
Continuing Operations
Disaggregation of Revenue [Line Items]
Management, development and other fees	23,956	20,536	12,587
Rental and other income	2,722,756	2,503,128	2,150,757
Total revenue	2,746,712	2,523,664	2,163,344
Continuing Operations | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	7,722	6,333	3,084
Continuing Operations | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	16,234	14,203	9,503
Continuing Operations | Non-allocated
Disaggregation of Revenue [Line Items]
Management, development and other fees	7,722	6,333	3,084
Rental and other income	0	0	0
Total revenue	7,722	6,333	3,084
Continuing Operations | Non-allocated | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	7,722	6,333	3,084
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 | Same Store | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	10,656	11,048	7,368
Rental and other income	2,531,978	2,383,244	1,988,348
Total revenue	2,542,634	2,394,292	1,995,716
Continuing Operations | Same Store | Operating segment | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	0	0	0
Continuing Operations | Same Store | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	10,656	11,048	7,368
Continuing Operations | Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	5,296	2,990	1,879
Rental and other income	129,508	90,315	119,780
Total revenue	134,804	93,305	121,659
Continuing Operations | Other Stabilized Communities | Operating segment | Management, development and other fees and other ancillary items
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	5,296	2,990	1,879
Continuing Operations | Development/ Redevelopment Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	282	165	256
Rental and other income	61,270	29,569	42,629
Total revenue	61,552	29,734	42,885
Continuing Operations | Development/ Redevelopment Communities | Operating segment | Management, development and other fees and other ancillary items
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	$ 282	$ 165	$ 256

Organization, Basis of Prese_11

Organization, Basis of Presentation, and Significant Accounting Policies- Uncollectible Lease Revenue Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Uncollectible lease revenue	$ 57,906	$ 49,147	$ 52,075

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 47,133	$ 34,854	$ 32,687

Debt - Mortgage Notes Payable,

Debt - Mortgage Notes Payable, Unsecured Notes, Term Loan and Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Credit Facility	$ 0	$ 0
Commercial paper	0	0
Total principal outstanding	8,044,042	8,377,827
Deferred financing costs and debt discount associated with unsecured and secured notes	(62,220)	(61,782)
Total	$ 7,981,822	$ 8,316,045
Weighted average interest rate, debt (as a percent)	3.50%	3.40%
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Commercial paper	$ 0	$ 0
Weighted average interest rate, debt (as a percent)	0%	0%
Commercial paper
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)	0%	0%
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loan	$ 7,300,000
Deferred financing costs and debt discount associated with unsecured and secured notes	(43,848)
Unsecured notes | Fixed Rate Unsecured Notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	$ 7,300,000	$ 7,500,000
Weighted average interest rate, debt (as a percent)	3.30%	3.30%
Unsecured notes | Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	$ 0	$ 150,000
Weighted average interest rate, debt (as a percent)	0%	5.40%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loan	$ 744,042
Deferred financing costs and debt discount associated with unsecured and secured notes	(18,372)
Secured notes | Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	$ 333,892	$ 270,677
Weighted average interest rate, debt (as a percent)	3.90%	3.40%
Secured notes | Variable rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	$ 410,150	$ 457,150
Weighted average interest rate, debt (as a percent)	5.50%	5.30%
Mortgage Notes Payable, Unsecured Notes, and Term Loans
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loan	$ 8,044,042	$ 8,377,827
Weighted average interest rate, debt (as a percent)	3.50%	3.40%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jul. 31, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Commercial paper, maximum aggregate amount outstanding	$ 500,000,000				$ 500,000,000
Repayment of unsecured debt					750,000,000	$ 100,000,000	$ 462,147,000
Restricted cash	133,070,000				133,070,000	121,056,000	$ 123,537,000
Total net real estate	19,372,848,000				$ 19,372,848,000	18,992,807,000
Percentage of principle amount at which the entity may redeem some or all of the notes					100%
Avalon Clinton North and Avalon Clinton South
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Restricted cash		$ 37,600,000
Asset Pledged as Collateral | Notes Payable, Other Payables
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total net real estate	1,284,650,000				$ 1,284,650,000
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity	$ 2,250,000,000				$ 2,250,000,000	$ 2,250,000,000
Line of credit facility, commitment fee (as a percent)					0.12%
Line of Credit Facility, Commitment Fee Percentage, Increase (Decrease)			0.005%
Variable rate unsecured credit facility | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Line of credit facility, commitment fee (as a percent)					0.095%
Variable rate unsecured credit facility | Maximum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Line of credit facility, commitment fee (as a percent)					0.295%
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR)
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, effective interest rate (as a percent)	6.19%				6.19%
Debt instrument, basis spread on variable rate (as a percent)					0.805%
Debt Instrument, Basis Spread On Variable Rate, Increase (Decrease)			0.02%
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR) | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					0.63%
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR) | Maximum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					1.38%
Variable rate unsecured credit facility | SOFR Adjustment
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					0.10%
Variable rate unsecured credit facility | SOFR Base Rate
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					0.705%
Unsecured notes | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					0.10%
Unsecured notes | Maximum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)					0.30%
Unsecured notes | Notes Payable 2.850 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayment of unsecured debt				$ 250,000,000
Stated interest rate (as a percent)				2.85%
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayment of unsecured debt		$ 150,000,000
Unsecured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	3.30%				3.30%
Unsecured notes | Unsecured Notes 5.300 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, effective interest rate (as a percent)	5.19%				5.19%
Stated interest rate (as a percent)	5.30%				5.30%
Unsecured notes | Notes Payable 4.200 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayment of unsecured debt	$ 350,000,000
Stated interest rate (as a percent)	4.20%				4.20%
Secured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, effective interest rate (as a percent)								5.97%
Stated interest rate (as a percent)								4.18%
Face amount, debt instrument								$ 63,041,000
Unsecured Notes 5.300 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Face amount, debt instrument	$ 400,000,000				$ 400,000,000
Proceeds from issuance of debt	$ 397,156,000

Debt - Credit Facility (Details

Debt - Credit Facility (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Commercial Paper	$ 0	$ 0
Variable rate unsecured credit facility
Line of Credit Facility [Line Items]
Available borrowing capacity	2,250,000,000	2,250,000,000
Commercial Paper	0	0
Letters of Credit Outstanding, Amount	(1,914,000)	(1,914,000)
Amount available under the Credit Facility	2,248,086,000	2,248,086,000
Additional letters of credit
Line of Credit Facility [Line Items]
Letters of Credit Outstanding, Amount	$ (58,116,000)	$ (48,740,000)

Debt - Payments and Maturities

Debt - Payments and Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Oct. 31, 2023
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 744,042
Secured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	9,593
Secured notes | Notes Payable Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	10,765
Secured notes | Notes Payable Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	11,811
Secured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	250,159
Secured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	18,902
Secured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	132,661
Stated interest rate (as a percent)		4.18%
Secured notes | Notes Payable Maturities 2030
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	9,100
Secured notes | Notes Payable Maturities 2031
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	9,700
Secured notes | Notes Payable Maturities 2032
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	10,400
Secured notes | Notes Payable Maturities 2033
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	12,000
Secured notes | Notes Payable Maturities Thereafter
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	268,951
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	7,300,000
Unsecured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	3.50%
Unsecured notes | Notes Payable 3.450 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 525,000
Stated interest rate (as a percent)	3.45%
Unsecured notes | Notes Payable 3.500 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	3.50%
Unsecured notes | Notes Payable 2.950 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 475,000
Stated interest rate (as a percent)	2.95%
Unsecured notes | Notes Payable 2.900 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	2.90%
Unsecured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	3.35%
Unsecured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
Stated interest rate (as a percent)	3.20%
Unsecured notes | Notes Payable 1.900 Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	1.90%
Unsecured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
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
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
Stated interest rate (as a percent)	2.45%
Unsecured notes | Notes Payable Maturities 2032
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 700,000
Stated interest rate (as a percent)	2.05%
Unsecured notes | Notes Payable Maturities 2033
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate (as a percent)	5%
Unsecured notes | Notes Payable 5.300 Maturities 2033
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	5.30%
Unsecured notes | Notes Payable Maturities 2046
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate (as a percent)	3.90%
Unsecured notes | Notes Payable Maturities 2047
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.15%
Unsecured notes | Notes Payable Maturities 2048
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.35%

Equity (Details)

Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock shares issued in connection with stock options exercised (in shares)	5,773
Common stock issued through the dividend reinvestment plan (in shares)	3,454	2,810	2,844
Forward contract indexed to issuer's equity (in shares)	2,000,000
Common shares issued under Employee Stock Purchase Plan (in shares)	23,059
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares)	62,937	72,783	75,780
Number of shares forfeited (in shares)	2,119
Repurchase of common stock (in shares)	11,800	0	0
Issuance of common stock, net proceeds	$ 496,706,000	$ 20,020,000	$ 31,874,000
Forward contract indexed to issuer's equity, settlement (in dollars per share)	$ 245.96
Forward contract indexed to issuer's equity, net proceeds	$ 491,912,000
Shares acquired, average price (in dollars per share)	$ 161.96
Stock repurchase program, remaining authorized repurchase amount	$ 314,237,000
Stock Repurchase Program
Class of Stock [Line Items]
Authorized amount of stock repurchase program	500,000,000
Continuous Equity Program CEP V
Class of Stock [Line Items]
Maximum value of shares of common stock that can be sold	$ 1,000,000,000
Issuance of common stock, net of withholdings (in shares)	0	0	122,343
Average sales price of common stock (in shares)			$ 226.15
Issuance of common stock, net proceeds			$ 27,253,000
Forward contract indexed to issuer's equity, settlement (in shares)		68,577
Forward contract indexed to issuer's equity, settlement (in dollars per share)		$ 229.34
Forward contract indexed to issuer's equity, settlement, net proceeds		$ 15,727,000
Common stock value, remaining to be authorized under continuous equity program	$ 705,961,000
Continuous Equity Program CEP V | Maximum
Class of Stock [Line Items]
Percentage of compensation received by sales agent	1.50%
Restricted Stock and Common Stock Converted from Performance Shares
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants (in shares)	153,162	140,528	155,836

Investments - Details Regarding

Investments - Details Regarding Acquired Communities (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft² community home	Dec. 31, 2022 USD ($) ft² community home	Dec. 31, 2021 USD ($) ft² community home	Oct. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Payments to acquire other real estate	$ 215,889	$ 536,838	$ 771,692
Notes Payable Maturities 2029 | Secured notes
Asset Acquisition [Line Items]
Face amount, debt instrument				$ 63,041
Stated interest rate (as a percent)				4.18%
Avalon Frisco at Main
Asset Acquisition [Line Items]
Number of communities acquired | community	1
Number of apartment homes acquired | home	360
Payments to acquire other real estate	$ 83,100
Commercial square feet | ft²	0
Avalon Mooresville
Asset Acquisition [Line Items]
Number of communities acquired | community	1
Number of apartment homes acquired | home	203
Payments to acquire other real estate	$ 52,100
Commercial square feet | ft²	0
Avalon West Plano
Asset Acquisition [Line Items]
Number of communities acquired | community	1
Number of apartment homes acquired | home	568
Payments to acquire other real estate	$ 142,000
Commercial square feet | ft²	0
2023 Acquisition
Asset Acquisition [Line Items]
Number of communities acquired | community	3
Number of apartment homes acquired | home	1,131
Payments to acquire other real estate	$ 277,200
Commercial square feet | ft²	0
2022 Acquisition
Asset Acquisition [Line Items]
Number of communities acquired | community		4
Number of apartment homes acquired | home		1,313
Payments to acquire other real estate		$ 536,200
Commercial square feet | ft²		16
2021 Acquisition
Asset Acquisition [Line Items]
Number of communities acquired | community			7
Number of apartment homes acquired | home			1,932
Payments to acquire other real estate			$ 724,500
Commercial square feet | ft²			90

Investments - Narrative (Detail

Investments - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) entity commitment home investor ft²	Dec. 31, 2022 USD ($) community	Dec. 31, 2021 USD ($) community	Dec. 31, 2018 community ft² home
Schedule of Equity Method Investments [Line Items]
Additional SIP commitments | commitment	4
Other commitment, new	$ 99,210
Other Commitments, Number of SIP Commitments | commitment	7
Other commitment	$ 191,585
Weighted average rate of return, commitments	11.50%
Outstanding funding, commitments	$ 96,461
Preferred interest obligation redemption and dividends	940	$ 860	$ 1,340
Total principal outstanding	$ 8,044,042	$ 8,377,827
Number of units in real estate property | home	90,669
NYC JV
Schedule of Equity Method Investments [Line Items]
Retail square feet sold | ft²				58
US Fund
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community		3
ACJV
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community			2
NYC JV
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community				5
Number of apartment homes sold | home				1,301
Unconsolidated Real Estate Entity Under Development
Schedule of Equity Method Investments [Line Items]
Unconsolidated real estate entities | entity	1
Property and construction management roles
Schedule of Equity Method Investments [Line Items]
Unconsolidated real estate entities | entity	5
Property and construction management roles | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20%
Property and construction management roles | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	50%
US Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.60%
Income for promoted interest	$ 1,519	$ 4,690
US Fund | Avalon Grosvenor Tower, Avalon Studio 4121 and Avalon Station 250
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment		38,144
ACJV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20%
ACJV | Avalon North Point and Avalon North Point Lofts
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment			$ 23,305
Legacy JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	40%
Preferred interest obligation liquidation value	$ 34,124
NYC JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20%
Total principal outstanding	$ 394,734
Equity method investments	$ 55,695
MVPI LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25%
Total principal outstanding	$ 103,000
Number of units in real estate property | home	313
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.70%
Total principal outstanding	$ 19,062
Equity method investments	$ 14,602
Number of units in real estate property | home	305
Number of members who hold various interests in joint venture | investor	5
Avalon Alderwood Mall
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	50%
Equity method investments	$ 53,638
Number of units in real estate property | home	328
AVA Arts District
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25%
Proceeds from construction loans payable	$ 135,983
Equity method investments	$ 32,738
Number of units in real estate property | home	475
Commercial square feet | ft²	56
Long-term construction loan	$ 167,147
Property Technology Investments
Schedule of Equity Method Investments [Line Items]
Other commitment	73,892
Equity method investments and equity securities	46,926
Gain (loss) on equity securities	$ 4,161	$ 8,315	$ 15,908

Real Estate Disposition Activ_3

Real Estate Disposition Activities (Details) ft² in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2023 USD ($) ft² community residential_condominium home	Sep. 30, 2023 USD ($) home	Jun. 30, 2023 USD ($) home	Dec. 31, 2023 USD ($) ft² residential_condominium community home	Dec. 31, 2022 USD ($) ft² residential_condominium home	Dec. 31, 2021 USD ($) ft² home residential_condominium
Summary of income from discontinued operations
Gains (Losses) on Sales of Investment Real Estate				$ 287,424	$ 555,558	$ 602,235
Number of communities held for sale | community	0			0
Number of residential condominiums sold | residential_condominium				6	40	53
Number of residential condominiums remaining to be sold | residential_condominium	2			2
Other selling, general and administrative expense				$ 389	$ 2,129	$ 4,087
Inventory, real estate	$ 6,603			6,603	32,532
The Park Loggia
Summary of income from discontinued operations
Net cash proceeds				$ 25,387	126,848	135,458
Number of residential units in development | residential_condominium	172			172
Commercial square feet | ft²	66			66
Gain on for-sale condominiums				$ (73)	$ 2,217	$ 3,110
eaves Daly City
Summary of income from discontinued operations
Number of apartment homes sold | home			195
Gross sales price			$ 67,000
Net cash proceeds			$ 66,646
Avalon at Newton Highlands
Summary of income from discontinued operations
Number of apartment homes sold | home			294
Gross sales price			$ 170,000
Net cash proceeds			$ 167,665
Avalon Columbia Pike
Summary of income from discontinued operations
Number of apartment homes sold | home		269
Gross sales price		$ 105,000
Net cash proceeds		$ 103,032
Commercial square feet | ft²	27			27
Avalon Mamaroneck
Summary of income from discontinued operations
Number of apartment homes sold | home	229
Gross sales price	$ 104,000
Net cash proceeds	$ 102,230
Other real estate
Summary of income from discontinued operations
Gross sales price				$ 0
Net cash proceeds				$ 636
Wholly owned properties
Summary of income from discontinued operations
Number of apartment homes sold | home				987	2,062	2,404
Gross sales price				$ 446,000	$ 953,135	$ 875,058
Net cash proceeds				$ 440,209	$ 934,117	$ 850,230
Commercial square feet | ft²	27			27	0	30

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property multiplier community Lease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 01, 2023 defendant
Employment Agreements and Arrangements [Abstract]
Loss contingency, other defendants | defendant				14
Proceeds from legal recoveries	$ 0		$ 0
Lease Obligations [Abstract]
Number of real estate properties | community	299
Number of office leases | Lease	15
Right of use lease assets	$ 106,146,000	$ 114,977,000
Lease liability	133,220,000	142,602,000
Operating lease, expense	16,342,000	15,667,000	$ 15,458,000
Finance lease, right-of-use asset	28,528,000	28,354,000
Lease liability	$ 20,012,000	$ 20,069,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of real estate properties | community	7
Number of commercial properties owned | property	2
Assets Held under Operating Leases
Lease Obligations [Abstract]
Number of real estate properties | community	6
Assets Held under Finance Leases
Lease Obligations [Abstract]
Number of real estate properties | community	1
Number of finance leases for parking garages adjacent to communities | Lease	4
Avalon at Assembly Row
Employment Agreements and Arrangements [Abstract]
Proceeds from legal recoveries		$ 6,000,000
Restricted stock and stock options
Employment Agreements and Arrangements [Abstract]
Retirement age (in years)	50 years
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
Required written notice of intent to retire	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

Commitments and Contingencies_2

Commitments and Contingencies - Weighted Average Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2023 Lease
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term - finance leases	22 years
Weighted-average remaining lease term - operating leases	40 years
Weighted-average discount rate - finance leases	4.63%
Weighted-average discount rate - operating leases	4.66%
Lessee, Operating Lease, Not Yet Taken Control, Number Of Leases	2

Commitments and Contingencies_3

Commitments and Contingencies - Future Lease Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($) Lease	Dec. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 14,246
2025	14,544
2026	14,552
2027	13,884
2028	12,839
Thereafter	268,085
Total	338,150
Less discount for time value	(204,930)
Lease liability	133,220	$ 142,602
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	1,087
2025	1,089
2026	1,092
2027	1,094
2028	1,096
Thereafter	35,762
Total	41,220
Less discount for time value	(21,208)
Lease liability	$ 20,012	$ 20,069
Lessee, Operating Lease, Not Yet Taken Control, Number Of Leases | Lease	2

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of NOI to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Percentage of physical occupancy	90%
Anniversary of Completion of Development or Redevelopment (in years)	1 year
Reconciliation of NOI to net income
Net income	$ 928,438	$ 1,136,438	$ 1,004,356
Property management and other indirect operating expenses, net of corporate income	121,704	114,200	98,665
Expensed transaction, development and other pursuit costs, net of recoveries	33,479	16,565	3,231
Interest expense, net	205,992	230,074	220,415
Loss on extinguishment of debt, net	150	1,646	17,787
General and administrative expense	76,534	74,064	69,611
Income from unconsolidated investments	(13,454)	(53,394)	(38,585)
Depreciation expense	816,965	814,978	758,596
Income tax expense	10,153	14,646	5,733
Casualty loss	9,118	0	3,119
Gains (Losses) on Sales of Investment Real Estate	(287,424)	(555,558)	(602,235)
Other real estate activity	(174)	(5,127)	(1,120)
Net operating income from real estate assets sold or held for sale	(14,733)	(46,678)	(82,698)
Net operating income	$ 1,886,748	$ 1,741,854	$ 1,456,875
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	1.80%	2%	1.70%

Segment Reporting - NOI from re

Segment Reporting - NOI from real estate assets sold or held for sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale	$ 21,197	$ 69,782	$ 131,506
Operating expenses from real estate assets sold or held for sale	(6,464)	(23,104)	(48,808)
Net operating income from real estate assets sold or held for sale	$ 14,733	$ 46,678	$ 82,698

Segment Reporting - Total Reven

Segment Reporting - Total Revenue, NOI, and Real Estate by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting
Total revenue	$ 2,767,909	$ 2,593,446	$ 2,294,850
NOI	1,886,748	1,741,854	1,456,875
Gross real estate	26,930,462	25,590,474	24,140,139
Same Store
Segment Reporting
Real estate capitalized additions	188,507	209,607	158,991
Operating segment | Same Store
Segment Reporting
Total revenue	2,542,634	2,394,292	1,995,716
NOI	1,755,112	1,655,706	1,356,363
Gross real estate	22,387,464	22,197,772	19,741,013
Operating segment | Same Store | New England
Segment Reporting
Total revenue	366,777	341,769	295,505
NOI	244,700	226,987	189,571
Gross real estate	2,925,841	2,893,843	2,771,067
Operating segment | Same Store | Metro NY/NJ
Segment Reporting
Total revenue	529,684	495,107	407,621
NOI	362,599	342,511	279,078
Gross real estate	4,417,603	4,401,146	4,025,983
Operating segment | Same Store | Mid-Atlantic
Segment Reporting
Total revenue	369,027	348,096	302,652
NOI	255,741	238,970	203,502
Gross real estate	3,439,654	3,396,654	3,068,575
Operating segment | Same Store | Southeast Florida
Segment Reporting
Total revenue	76,301	69,685	31,703
NOI	50,315	44,696	19,689
Gross real estate	801,617	798,437	395,999
Operating segment | Same Store | Denver, CO
Segment Reporting
Total revenue	28,209	26,848	23,742
NOI	20,020	19,652	16,451
Gross real estate	322,419	321,685	320,435
Operating segment | Same Store | Pacific Northwest
Segment Reporting
Total revenue	171,740	165,186	126,513
NOI	121,783	117,211	85,980
Gross real estate	1,546,038	1,534,208	1,288,975
Operating segment | Same Store | Northern California
Segment Reporting
Total revenue	425,165	405,184	366,215
NOI	303,526	288,772	258,756
Gross real estate	3,789,965	3,765,490	3,605,284
Operating segment | Same Store | Southern California
Segment Reporting
Total revenue	551,743	520,483	441,765
NOI	380,262	361,809	303,336
Gross real estate	4,816,245	4,762,736	4,264,695
Operating segment | Same Store | Other Expansion Regions
Segment Reporting
Total revenue	23,988	21,934
NOI	16,166	15,098
Gross real estate	328,082	323,573
Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	134,804	93,305	121,659
NOI	92,808	67,462	75,422
Gross real estate	1,799,035	1,515,963	2,413,391
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue	61,552	29,734	42,885
NOI	38,828	18,686	25,090
Gross real estate	2,408,450	1,574,649	1,580,653
Operating segment | Disposals
Segment Reporting
Gross real estate		280,889	760,990
Segment Reconciling Items
Segment Reporting
Gross real estate	199,062	179,204	147,546
Non-allocated
Segment Reporting
Total revenue	7,722	6,333	3,084
Gross real estate	136,451	122,886	257,536
Continuing Operations
Segment Reporting
Total revenue	2,746,712	2,523,664	2,163,344
Continuing Operations | Operating segment | Same Store
Segment Reporting
Total revenue	2,542,634	2,394,292	1,995,716
Continuing Operations | Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	134,804	93,305	121,659
Continuing Operations | Non-allocated
Segment Reporting
Total revenue	$ 7,722	$ 6,333	$ 3,084

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Oct. 31, 1996 shares
Additional disclosures
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Stock-based compensation expense | $	$ 27,417	$ 34,131	$ 25,100
Capitalized stock-based compensation cost | $	$ 10,906	10,431	9,472
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan	23,059
Stock-based compensation expense | $	$ 27,417	34,131	25,100
Stock Options
Additional disclosures
Stock options awarded, term	10 years
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%
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%
Restricted Stock and Restricted Stock Units
Additional disclosures
Unrecognized compensation cost for unvested stock options | $	$ 28,204
Weighted average period for recognition of unrecognized compensation cost	1 year 9 months 18 days
2009 Plan
Additional disclosures
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock shares available for grant	5,424,356
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, remaining shares of common stock available for issuance	5,424,356
Non Qualified Employee Stock Purchase Plan
Additional disclosures
Common stock shares available for grant	569,016
Stock-based compensation expense | $	$ 911	$ 564	$ 1,609
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, shares of common stock reserved for issuance				1,000,000
Employee stock purchase plan, remaining shares of common stock available for issuance	569,016
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%
Shares issued under Employee Stock Purchase Plan	23,059	20,837	21,362
Stock-based compensation expense | $	$ 911	$ 564	$ 1,609

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Granted (in shares)			4,847
Exercised (in shares)	(5,773)
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	293,813	299,149	12,506
Granted (in shares)	15,744	9,793	294,115
Exercised (in shares)	(5,773)	(8,670)	(2,759)
Forfeited (in shares)	0	(6,459)	(4,713)
Options outstanding at the end of the period (in shares)	303,784	293,813	299,149
Options exercisable at the end of the period (in shares)	279,894	6,533	9,747
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 181.85	$ 178.71	$ 129.35
Granted (in dollars per share)	177.83	236.14	180.32
Exercised (in dollars per share)	163.56	135.78	124.34
Forfeited (in dollars per share)	0	180.32	180.32
Options outstanding at the end of the period (in dollars per share)	181.99	181.85	178.71
Options exercisable at the end of the period (in dollars per share)	$ 180.97	$ 165.51	$ 130.77

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Valuation Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	4%
Estimated volatility	29.20%
Risk free rate	4.09%
Expected life of options	5 years
Estimated fair value (in dollars per share)	$ 37.54
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	3.70%	2.70%	3.50%
Estimated volatility, minimum (as a percent)	22.90%	16.10%	22%
Estimated volatility, maximum (as a percent)	26.10%	36.80%	49%
Risk-free interest rate, minimum (as a percent)	4.35%	0.72%	0.06%
Risk-free interest rate, maximum (as a percent)	4.61%	1.68%	0.38%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 206.97	$ 271.98	$ 213.16
Historical volatility (as a percent)	50%	50%	50%
Implied volatility (as a percent)	50%	50%	50%
Market closing price (in dollars per share)	$ 177.83	$ 233.94	$ 178.38

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Exercise Prices and Contractual Lives of Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 113	$ 602	$ 186
2009 Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding	2,068
Options exercisable intrinsic value	$ 1,909
Options exercisable weighted average contractual life (in years)	7 years 2 months 12 days
2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	303,784
Exercise Price Range from Dollars 177.00 to 189.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	293,991
Exercise Price, lower limit (in dollars per share)	$ 177
Exercise Price, upper limit (in dollars per share)	$ 186.99
Weighted Average Remaining Contractual Term	7 years 3 months 18 days
Exercise Price Range from 236.00 to 245.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	9,793
Exercise Price, lower limit (in dollars per share)	$ 236
Exercise Price, upper limit (in dollars per share)	$ 245.99
Weighted Average Remaining Contractual Term	8 years 1 month 6 days

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Nonvested Performance Awards Granted (Details) - Performance awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance awards
Outstanding at the beginning of the period (in shares)	279,067	284,522	241,921
Granted (in shares)	90,215	72,783	138,033
Increase (decrease) in awards based on performance (in shares)	(31,345)	(20,356)	(37,469)
Converted to restricted stock (in shares)			(56,545)
Converted to shares of common stock (in shares)	(60,016)	(54,053)	(56,545)
Forfeited (in shares)	(2,719)	(3,829)	(1,418)
Outstanding at the ending of the period (in shares)	275,202	279,067	284,522
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 225.46	$ 214.73	$ 195.13
Granted (in dollars per share)	193.85	254.75	191.12
Change in awards based on performance (in dollars per share)	241.49	200.92	156
Converted to restricted stock (in dollars per share)			156
Converted to common stock (in dollars per share)	238.71	217.33
Forfeited (in dollars per share)	212.05	230.36	207.65
Outstanding at the ending of the period (in dollars per share)	$ 210.52	$ 225.46	$ 214.73
Grants in period based on shareholder metrics (in shares)	49,611	39,972	69,064
Grants in period based on financial metrics (in shares)	40,604	32,811	68,969

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Restricted Stock Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	161,714	157,066	131,724
Granted (in shares)	93,146	86,475	99,291
Vested (in shares)	(79,450)	(78,212)	(69,840)
Forfeited (in shares)	(2,119)	(3,615)	(4,109)
Outstanding at the ending of the period (in shares)	173,291	161,714	157,066
Weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 210.97	$ 192.90	$ 203.28
Granted (in dollars per share)	177.70	231.93	178.84
Vested (in dollars per share)	207.93	197.51	192.32
Forfeited (in dollars per share)	194.78	218.19	195.77
Outstanding at the ending of the period (in dollars per share)	$ 194.68	$ 210.97	$ 192.90
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	26,370	74,627	146,319
Granted (in shares)	0	0	0
Vested (in shares)	(26,370)	(48,171)	(71,692)
Forfeited (in shares)	0	(86)	0
Outstanding at the ending of the period (in shares)	0	26,370	74,627

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Arrangements
Management, development and other fees	$ 7,722,000	$ 6,333,000	$ 3,084,000
Compensation expense	27,417,000	34,131,000	25,100,000
Property and construction management roles
Related Party Arrangements
Contract with customer, receivable, net	7,946,000	2,855,000
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Compensation expense	2,446,000	2,228,000	1,981,000
Amount of deferred compensation	799,000	$ 794,000	$ 696,000
Non-employee directors | Director Compensation, Restricted stock, value | Restricted stock and deferred stock awards
Related Party Arrangements
Related party transactions	175,000
Non-employee directors | Cash Payment
Related Party Arrangements
Related party transactions	100,000
Non-employee directors | Quarterly Installment
Related Party Arrangements
Related party transactions	25,000
Lead Independent Director | Annual Fee
Related Party Arrangements
Related party transactions	35,000
Lead Independent Director | Quarterly Installment
Related Party Arrangements
Related party transactions	8,750
Non Executive Chairman | Annual Fee
Related Party Arrangements
Related party transactions	250,000
Non Executive Chairman | Quarterly Installment
Related Party Arrangements
Related party transactions	62,500
Non-employee director serving as the chairperson of the Audit Committee | Annual Fee
Related Party Arrangements
Related party transactions	30,000
Non-employee director serving as the chairperson of the Audit Committee | Quarterly Installment
Related Party Arrangements
Related party transactions	7,500
Non-employee director serving as a chairperson of the Compensation Committee | Annual Fee
Related Party Arrangements
Related party transactions	25,000
Non-employee director serving as a chairperson of the Compensation Committee | Quarterly Installment
Related Party Arrangements
Related party transactions	6,250
Non-employee director serving as a chairperson of the Nominating and Corporate Governance and Investment and Finance Committees | Annual Fee
Related Party Arrangements
Related party transactions	20,000
Non-employee director serving as a chairperson of the Nominating and Corporate Governance and Investment and Finance Committees | Quarterly Installment
Related Party Arrangements
Related party transactions	$ 5,000

Fair Value - Narrative (Details

Fair Value - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative instruments and Hedging Activities
Derivative, notional amounts settled during the period	$ 250,000
Payment for termination of forward interest rate swaps	8,331	$ 26,869	$ 4,751
Cash flow hedge losses reclassified to earnings	$ (1,360)	$ (3,883)	$ (13,151)
Partners' Capital Account, Units, Redeemed	7,500
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance	$ 200,000
Weighted average capped interest rate (as a percent)	3.10%
Interest Rate Caps | Not Designated as Hedging Instrument [Member]
Derivative instruments and Hedging Activities
Notional balance	$ 632,215
Weighted average interest rate (as a percent)	5.50%
Weighted average capped interest rate (as a percent)	6.50%
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	$ 582

Fair Value - Financial Instrume

Fair Value - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Total Assets	$ 0	$ 0
Down Real Estate Investment Trust Units Fair Value		1,211
Total Liabilities	6,716,631	6,654,892
Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Notes Receivable, net	118,127	28,860
Total Assets	123,375	29,315
Total Liabilities	644,475	768,984
Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total Assets	0	0
Total Liabilities	0	0
Total Fair Value
Financial Instruments Measured/Discussed at Fair Value
Notes Receivable, net	118,127	28,860
Total Assets	123,375	29,315
Down Real Estate Investment Trust Units Fair Value		1,211
Total Liabilities	7,361,106	7,423,876
Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	85	455
Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	5,163
Derivative Liability	162
Not Designated as Hedging Instrument [Member] | Total Fair Value | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	85	455
Not Designated as Hedging Instrument [Member] | Total Fair Value | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	5,163
Derivative Liability	162
Unsecured notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	6,716,631	6,653,681
Unsecured notes | Total Fair Value
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	6,716,631	6,653,681
Secured Debt, Commercial Paper Program and Variable Rate Unsecured Indebtedness | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	644,313	768,984
Secured Debt, Commercial Paper Program and Variable Rate Unsecured Indebtedness | Total Fair Value
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ 644,313	$ 768,984

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	Dec. 31, 2023 USD ($) home	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	90,669
Initial Cost
Land and Improvements	$ 4,919,393
Building / Construction in Progress & Improvements	18,019,148
Costs Subsequent to Acquisition / Construction	3,991,921
Total Cost
Land and Improvements	4,919,393
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	22,011,069
Total	26,930,462	$ 25,871,363	$ 24,927,305	$ 23,962,222
Accumulated Depreciation	7,557,614	6,878,556	$ 6,217,721	$ 5,728,440
Total real estate, net	19,372,848	18,992,807
Encumbrances	8,044,042
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 62,220	61,782
Current Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	80,318
Initial Cost
Land and Improvements	$ 4,581,984
Building / Construction in Progress & Improvements	17,293,190
Costs Subsequent to Acquisition / Construction	2,646,701
Total Cost
Land and Improvements	4,581,984
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	19,939,891
Total	24,521,875
Accumulated Depreciation	7,451,427
Total real estate, net	17,070,448	17,364,971
Encumbrances	$ 744,042
Current Communities | Avalon at Lexington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198
Initial Cost
Land and Improvements	$ 2,124
Building / Construction in Progress & Improvements	12,561
Costs Subsequent to Acquisition / Construction	16,103
Total Cost
Land and Improvements	2,124
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	28,664
Total	30,788
Accumulated Depreciation	21,263
Total real estate, net	9,525	8,586
Encumbrances	$ 0
Current Communities | eaves Wilmington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 2,129
Building / Construction in Progress & Improvements	17,563
Costs Subsequent to Acquisition / Construction	10,350
Total Cost
Land and Improvements	2,129
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	27,913
Total	30,042
Accumulated Depreciation	20,505
Total real estate, net	9,537	9,960
Encumbrances	$ 0
Current Communities | eaves Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	245
Initial Cost
Land and Improvements	$ 1,743
Building / Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition / Construction	16,934
Total Cost
Land and Improvements	1,743
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,596
Total	33,339
Accumulated Depreciation	22,326
Total real estate, net	11,013	11,327
Encumbrances	$ 0
Current Communities | eaves Wilmington West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 3,318
Building / Construction in Progress & Improvements	13,465
Costs Subsequent to Acquisition / Construction	5,145
Total Cost
Land and Improvements	3,318
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	18,610
Total	21,928
Accumulated Depreciation	12,654
Total real estate, net	9,274	9,360
Encumbrances	$ 0
Current Communities | Avalon at The Pinehills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192
Initial Cost
Land and Improvements	$ 6,876
Building / Construction in Progress & Improvements	30,313
Costs Subsequent to Acquisition / Construction	9,652
Total Cost
Land and Improvements	6,876
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	39,965
Total	46,841
Accumulated Depreciation	21,752
Total real estate, net	25,089	25,832
Encumbrances	$ 0
Current Communities | eaves Peabody
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	286
Initial Cost
Land and Improvements	$ 4,645
Building / Construction in Progress & Improvements	18,919
Costs Subsequent to Acquisition / Construction	17,202
Total Cost
Land and Improvements	4,645
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	36,121
Total	40,766
Accumulated Depreciation	22,253
Total real estate, net	18,513	19,726
Encumbrances	$ 0
Current Communities | Avalon at Bedford Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	139
Initial Cost
Land and Improvements	$ 4,258
Building / Construction in Progress & Improvements	20,551
Costs Subsequent to Acquisition / Construction	6,060
Total Cost
Land and Improvements	4,258
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	26,611
Total	30,869
Accumulated Depreciation	17,272
Total real estate, net	13,597	14,919
Encumbrances	$ 0
Current Communities | Avalon at Chestnut Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 14,572
Building / Construction in Progress & Improvements	45,868
Costs Subsequent to Acquisition / Construction	15,868
Total Cost
Land and Improvements	14,572
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,736
Total	76,308
Accumulated Depreciation	33,909
Total real estate, net	42,399	43,505
Encumbrances	$ 0
Current Communities | Avalon at Lexington Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	387
Initial Cost
Land and Improvements	$ 8,691
Building / Construction in Progress & Improvements	78,502
Costs Subsequent to Acquisition / Construction	18,246
Total Cost
Land and Improvements	8,691
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	96,748
Total	105,439
Accumulated Depreciation	56,017
Total real estate, net	49,422	53,457
Encumbrances	$ 0
Current Communities | Avalon Acton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380
Initial Cost
Land and Improvements	$ 13,124
Building / Construction in Progress & Improvements	48,630
Costs Subsequent to Acquisition / Construction	13,026
Total Cost
Land and Improvements	13,124
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,656
Total	74,780
Accumulated Depreciation	32,568
Total real estate, net	42,212	44,469
Encumbrances	$ 45,000
Current Communities | Avalon at the Hingham Shipyard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235
Initial Cost
Land and Improvements	$ 12,218
Building / Construction in Progress & Improvements	41,516
Costs Subsequent to Acquisition / Construction	14,550
Total Cost
Land and Improvements	12,218
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	56,066
Total	68,284
Accumulated Depreciation	31,342
Total real estate, net	36,942	39,025
Encumbrances	$ 0
Current Communities | Avalon Acton II [Member]
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	86
Initial Cost
Land and Improvements	$ 1,723
Building / Construction in Progress & Improvements	29,375
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	1,723
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	29,375
Total	31,098
Accumulated Depreciation	3,506
Total real estate, net	27,592	28,638
Encumbrances	$ 0
Current Communities | Avalon Northborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	382
Initial Cost
Land and Improvements	$ 8,144
Building / Construction in Progress & Improvements	52,178
Costs Subsequent to Acquisition / Construction	9,474
Total Cost
Land and Improvements	8,144
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,652
Total	69,796
Accumulated Depreciation	29,937
Total real estate, net	39,859	41,103
Encumbrances	$ 0
Current Communities | Avalon Exeter
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	109,978
Costs Subsequent to Acquisition / Construction	3,501
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	113,479
Total	113,479
Accumulated Depreciation	37,241
Total real estate, net	76,238	78,840
Encumbrances	$ 0
Current Communities | Avalon Natick
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407
Initial Cost
Land and Improvements	$ 15,645
Building / Construction in Progress & Improvements	64,845
Costs Subsequent to Acquisition / Construction	4,822
Total Cost
Land and Improvements	15,645
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	69,667
Total	85,312
Accumulated Depreciation	25,323
Total real estate, net	59,989	61,683
Encumbrances	$ 0
Current Communities | Avalon at Assembly Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	195
Initial Cost
Land and Improvements	$ 8,599
Building / Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition / Construction	8,815
Total Cost
Land and Improvements	8,599
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,269
Total	69,868
Accumulated Depreciation	21,508
Total real estate, net	48,360	48,141
Encumbrances	$ 0
Current Communities | AVA Somerville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 10,944
Building / Construction in Progress & Improvements	56,457
Costs Subsequent to Acquisition / Construction	7,899
Total Cost
Land and Improvements	10,944
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	64,356
Total	75,300
Accumulated Depreciation	22,806
Total real estate, net	52,494	53,785
Encumbrances	$ 0
Current Communities | AVA Back Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	271
Initial Cost
Land and Improvements	$ 9,034
Building / Construction in Progress & Improvements	36,536
Costs Subsequent to Acquisition / Construction	53,129
Total Cost
Land and Improvements	9,034
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	89,665
Total	98,699
Accumulated Depreciation	53,387
Total real estate, net	45,312	48,193
Encumbrances	$ 0
Current Communities | Avalon Prudential Center II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266
Initial Cost
Land and Improvements	$ 8,776
Building / Construction in Progress & Improvements	35,479
Costs Subsequent to Acquisition / Construction	65,718
Total Cost
Land and Improvements	8,776
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	101,197
Total	109,973
Accumulated Depreciation	54,744
Total real estate, net	55,229	58,882
Encumbrances	$ 0
Current Communities | Avalon at Prudential Center I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 8,002
Building / Construction in Progress & Improvements	32,349
Costs Subsequent to Acquisition / Construction	57,378
Total Cost
Land and Improvements	8,002
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	89,727
Total	97,729
Accumulated Depreciation	47,794
Total real estate, net	49,935	53,395
Encumbrances	$ 0
Current Communities | eaves Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 7,714
Building / Construction in Progress & Improvements	32,499
Costs Subsequent to Acquisition / Construction	10,087
Total Cost
Land and Improvements	7,714
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	42,586
Total	50,300
Accumulated Depreciation	16,673
Total real estate, net	33,627	35,005
Encumbrances	$ 0
Current Communities | AVA Theater District
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	398
Initial Cost
Land and Improvements	$ 17,072
Building / Construction in Progress & Improvements	163,622
Costs Subsequent to Acquisition / Construction	978
Total Cost
Land and Improvements	17,072
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	164,600
Total	181,672
Accumulated Depreciation	47,828
Total real estate, net	133,844	139,145
Encumbrances	$ 0
Current Communities | Avalon Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 15,600
Building / Construction in Progress & Improvements	60,649
Costs Subsequent to Acquisition / Construction	20,068
Total Cost
Land and Improvements	15,600
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	80,717
Total	96,317
Accumulated Depreciation	30,573
Total real estate, net	65,744	67,529
Encumbrances	$ 0
Current Communities | Avalon Marlborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 15,367
Building / Construction in Progress & Improvements	60,338
Costs Subsequent to Acquisition / Construction	3,153
Total Cost
Land and Improvements	15,367
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	63,491
Total	78,858
Accumulated Depreciation	19,027
Total real estate, net	59,831	60,938
Encumbrances	$ 0
Current Communities | Avalon North Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503
Initial Cost
Land and Improvements	$ 22,796
Building / Construction in Progress & Improvements	247,270
Costs Subsequent to Acquisition / Construction	966
Total Cost
Land and Improvements	22,796
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	248,236
Total	271,032
Accumulated Depreciation	58,323
Total real estate, net	212,709	221,269
Encumbrances	$ 0
Current Communities | Avalon Framingham
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 9,315
Building / Construction in Progress & Improvements	34,604
Costs Subsequent to Acquisition / Construction	620
Total Cost
Land and Improvements	9,315
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	35,224
Total	44,539
Accumulated Depreciation	10,319
Total real estate, net	34,220	35,348
Encumbrances	$ 0
Current Communities | Avalon Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	395
Initial Cost
Land and Improvements	$ 14,694
Building / Construction in Progress & Improvements	79,655
Costs Subsequent to Acquisition / Construction	1,287
Total Cost
Land and Improvements	14,694
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	80,942
Total	95,636
Accumulated Depreciation	20,519
Total real estate, net	75,117	77,107
Encumbrances	$ 0
Current Communities | Avalon Easton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 3,170
Building / Construction in Progress & Improvements	60,785
Costs Subsequent to Acquisition / Construction	1,674
Total Cost
Land and Improvements	3,170
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	62,459
Total	65,629
Accumulated Depreciation	14,815
Total real estate, net	50,814	51,690
Encumbrances	$ 0
Current Communities | Avalon at the Hingham Shipyard II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	190
Initial Cost
Land and Improvements	$ 8,998
Building / Construction in Progress & Improvements	55,366
Costs Subsequent to Acquisition / Construction	971
Total Cost
Land and Improvements	8,998
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	56,337
Total	65,335
Accumulated Depreciation	11,244
Total real estate, net	54,091	55,416
Encumbrances	$ 0
Current Communities | Avalon Sudbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 20,278
Building / Construction in Progress & Improvements	66,509
Costs Subsequent to Acquisition / Construction	1,033
Total Cost
Land and Improvements	20,278
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	67,542
Total	87,820
Accumulated Depreciation	14,066
Total real estate, net	73,754	75,492
Encumbrances	$ 0
Current Communities | Avalon Saugus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 17,809
Building / Construction in Progress & Improvements	72,196
Costs Subsequent to Acquisition / Construction	1,519
Total Cost
Land and Improvements	17,809
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,715
Total	91,524
Accumulated Depreciation	13,075
Total real estate, net	78,449	81,490
Encumbrances	$ 0
Current Communities | Avalon Norwood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198
Initial Cost
Land and Improvements	$ 9,478
Building / Construction in Progress & Improvements	51,215
Costs Subsequent to Acquisition / Construction	830
Total Cost
Land and Improvements	9,478
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,045
Total	61,523
Accumulated Depreciation	8,580
Total real estate, net	52,943	55,163
Encumbrances	$ 0
Current Communities | Avalon Marlborough II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	123
Initial Cost
Land and Improvements	$ 5,523
Building / Construction in Progress & Improvements	36,367
Costs Subsequent to Acquisition / Construction	63
Total Cost
Land and Improvements	5,523
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	36,430
Total	41,953
Accumulated Depreciation	4,610
Total real estate, net	37,343	38,727
Encumbrances	$ 0
Current Communities | Avalon Easton II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	44
Initial Cost
Land and Improvements	$ 570
Building / Construction in Progress & Improvements	14,090
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	570
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	14,090
Total	14,660
Accumulated Depreciation	1,154
Total real estate, net	13,506	13,974
Encumbrances	$ 0
Current Communities | AVA North Point
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265
Initial Cost
Land and Improvements	$ 31,263
Building / Construction in Progress & Improvements	81,196
Costs Subsequent to Acquisition / Construction	2,918
Total Cost
Land and Improvements	31,263
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	84,114
Total	115,377
Accumulated Depreciation	16,019
Total real estate, net	99,358	102,594
Encumbrances	$ 0
Current Communities | Avalon Bear Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	324
Initial Cost
Land and Improvements	$ 27,350
Building / Construction in Progress & Improvements	93,977
Costs Subsequent to Acquisition / Construction	31,975
Total Cost
Land and Improvements	27,350
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	125,952
Total	153,302
Accumulated Depreciation	51,236
Total real estate, net	102,066	105,728
Encumbrances	$ 0
Current Communities | Avalon Wilton on River Rd
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102
Initial Cost
Land and Improvements	$ 2,116
Building / Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition / Construction	8,311
Total Cost
Land and Improvements	2,116
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	22,975
Total	25,091
Accumulated Depreciation	17,406
Total real estate, net	7,685	7,957
Encumbrances	$ 0
Current Communities | Avalon New Canaan
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	104
Initial Cost
Land and Improvements	$ 4,834
Building / Construction in Progress & Improvements	22,990
Costs Subsequent to Acquisition / Construction	7,025
Total Cost
Land and Improvements	4,834
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	30,015
Total	34,849
Accumulated Depreciation	20,407
Total real estate, net	14,442	15,576
Encumbrances	$ 0
Current Communities | Avalon Darien
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	189
Initial Cost
Land and Improvements	$ 6,926
Building / Construction in Progress & Improvements	34,558
Costs Subsequent to Acquisition / Construction	9,816
Total Cost
Land and Improvements	6,926
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	44,374
Total	51,300
Accumulated Depreciation	28,383
Total real estate, net	22,917	24,498
Encumbrances	$ 0
Current Communities | Avalon Riverview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	372
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition / Construction	16,257
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	110,318
Total	110,318
Accumulated Depreciation	79,750
Total real estate, net	30,568	32,981
Encumbrances	$ 0
Current Communities | Avalon Riverview North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	602
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	165,932
Costs Subsequent to Acquisition / Construction	19,104
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	185,036
Total	185,036
Accumulated Depreciation	98,183
Total real estate, net	86,853	91,224
Encumbrances	$ 0
Current Communities | AVA Fort Greene
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	631
Initial Cost
Land and Improvements	$ 83,038
Building / Construction in Progress & Improvements	216,802
Costs Subsequent to Acquisition / Construction	11,298
Total Cost
Land and Improvements	83,038
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	228,100
Total	311,138
Accumulated Depreciation	106,100
Total real estate, net	205,038	212,356
Encumbrances	$ 0
Current Communities | AVA DoBro
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500
Initial Cost
Land and Improvements	$ 76,127
Building / Construction in Progress & Improvements	206,762
Costs Subsequent to Acquisition / Construction	1,177
Total Cost
Land and Improvements	76,127
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	207,939
Total	284,066
Accumulated Depreciation	56,879
Total real estate, net	227,187	233,948
Encumbrances	$ 0
Current Communities | Avalon Willoughby Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326
Initial Cost
Land and Improvements	$ 49,635
Building / Construction in Progress & Improvements	134,840
Costs Subsequent to Acquisition / Construction	1,056
Total Cost
Land and Improvements	49,635
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	135,896
Total	185,531
Accumulated Depreciation	35,122
Total real estate, net	150,409	155,056
Encumbrances	$ 0
Current Communities | Avalon Brooklyn Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 9,690
Building / Construction in Progress & Improvements	84,361
Costs Subsequent to Acquisition / Construction	651
Total Cost
Land and Improvements	9,690
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	85,012
Total	94,702
Accumulated Depreciation	19,809
Total real estate, net	74,893	77,480
Encumbrances	$ 0
Current Communities | Avalon Midtown West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	550
Initial Cost
Land and Improvements	$ 154,730
Building / Construction in Progress & Improvements	180,253
Costs Subsequent to Acquisition / Construction	53,204
Total Cost
Land and Improvements	154,730
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	233,457
Total	388,187
Accumulated Depreciation	86,980
Total real estate, net	301,207	306,317
Encumbrances	$ 76,600
Current Communities | Avalon Clinton North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	339
Initial Cost
Land and Improvements	$ 84,069
Building / Construction in Progress & Improvements	105,821
Costs Subsequent to Acquisition / Construction	16,843
Total Cost
Land and Improvements	84,069
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	122,664
Total	206,733
Accumulated Depreciation	48,156
Total real estate, net	158,577	161,998
Encumbrances	$ 126,400
Current Communities | Avalon Clinton South
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 71,421
Building / Construction in Progress & Improvements	89,851
Costs Subsequent to Acquisition / Construction	10,527
Total Cost
Land and Improvements	71,421
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	100,378
Total	171,799
Accumulated Depreciation	40,507
Total real estate, net	131,292	133,537
Encumbrances	$ 104,500
Current Communities | Avalon Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 4,679
Building / Construction in Progress & Improvements	27,811
Costs Subsequent to Acquisition / Construction	14,400
Total Cost
Land and Improvements	4,679
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	42,211
Total	46,890
Accumulated Depreciation	32,309
Total real estate, net	14,581	16,263
Encumbrances	$ 0
Current Communities | Avalon Melville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	494
Initial Cost
Land and Improvements	$ 9,228
Building / Construction in Progress & Improvements	50,059
Costs Subsequent to Acquisition / Construction	25,486
Total Cost
Land and Improvements	9,228
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	75,545
Total	84,773
Accumulated Depreciation	54,955
Total real estate, net	29,818	31,352
Encumbrances	$ 0
Current Communities | Avalon White Plains
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407
Initial Cost
Land and Improvements	$ 15,391
Building / Construction in Progress & Improvements	137,312
Costs Subsequent to Acquisition / Construction	3,294
Total Cost
Land and Improvements	15,391
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	140,606
Total	155,997
Accumulated Depreciation	70,419
Total real estate, net	85,578	90,111
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	349
Initial Cost
Land and Improvements	$ 32,212
Building / Construction in Progress & Improvements	78,806
Costs Subsequent to Acquisition / Construction	7,508
Total Cost
Land and Improvements	32,212
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	86,314
Total	118,526
Accumulated Depreciation	38,463
Total real estate, net	80,063	83,041
Encumbrances	$ 0
Current Communities | Avalon Garden City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 18,205
Building / Construction in Progress & Improvements	49,301
Costs Subsequent to Acquisition / Construction	2,054
Total Cost
Land and Improvements	18,205
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	51,355
Total	69,560
Accumulated Depreciation	20,281
Total real estate, net	49,279	50,691
Encumbrances	$ 0
Current Communities | Avalon Huntington Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	303
Initial Cost
Land and Improvements	$ 21,899
Building / Construction in Progress & Improvements	58,429
Costs Subsequent to Acquisition / Construction	2,514
Total Cost
Land and Improvements	21,899
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	60,943
Total	82,842
Accumulated Depreciation	19,870
Total real estate, net	62,972	64,277
Encumbrances	$ 0
Current Communities | Avalon Great Neck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	191
Initial Cost
Land and Improvements	$ 14,777
Building / Construction in Progress & Improvements	65,412
Costs Subsequent to Acquisition / Construction	496
Total Cost
Land and Improvements	14,777
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	65,908
Total	80,685
Accumulated Depreciation	16,352
Total real estate, net	64,333	66,230
Encumbrances	$ 0
Current Communities | Avalon Rockville Centre II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	165
Initial Cost
Land and Improvements	$ 7,534
Building / Construction in Progress & Improvements	50,981
Costs Subsequent to Acquisition / Construction	635
Total Cost
Land and Improvements	7,534
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	51,616
Total	59,150
Accumulated Depreciation	12,392
Total real estate, net	46,758	47,759
Encumbrances	$ 0
Current Communities | Avalon Somers
Real Estate and Accumulated Depreciation
Number of units in real estate property | 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 and Improvements	5,608
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	40,615
Total	46,223
Accumulated Depreciation	9,644
Total real estate, net	36,579	37,893
Encumbrances	$ 0
Current Communities | Avalon Yonkers [Member]
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	590
Initial Cost
Land and Improvements	$ 28,267
Building / Construction in Progress & Improvements	172,681
Costs Subsequent to Acquisition / Construction	57
Total Cost
Land and Improvements	28,267
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	172,738
Total	201,005
Accumulated Depreciation	22,948
Total real estate, net	178,057	198,438
Encumbrances	$ 0
Current Communities | Avalon Westbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	396
Initial Cost
Land and Improvements	$ 69,620
Building / Construction in Progress & Improvements	43,736
Costs Subsequent to Acquisition / Construction	19,688
Total Cost
Land and Improvements	69,620
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	63,424
Total	133,044
Accumulated Depreciation	31,659
Total real estate, net	101,385	100,559
Encumbrances	$ 0
Current Communities | Avalon Cove
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	504
Initial Cost
Land and Improvements	$ 8,760
Building / Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition / Construction	33,937
Total Cost
Land and Improvements	8,760
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	116,359
Total	125,119
Accumulated Depreciation	91,946
Total real estate, net	33,173	37,018
Encumbrances	$ 0
Current Communities | eaves West Windsor
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	512
Initial Cost
Land and Improvements	$ 5,585
Building / Construction in Progress & Improvements	21,752
Costs Subsequent to Acquisition / Construction	35,761
Total Cost
Land and Improvements	5,585
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	57,513
Total	63,098
Accumulated Depreciation	38,599
Total real estate, net	24,499	25,852
Encumbrances	$ 0
Current Communities | Avalon at Edgewater I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168
Initial Cost
Land and Improvements	$ 5,982
Building / Construction in Progress & Improvements	24,389
Costs Subsequent to Acquisition / Construction	11,248
Total Cost
Land and Improvements	5,982
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	35,637
Total	41,619
Accumulated Depreciation	24,235
Total real estate, net	17,384	18,548
Encumbrances	$ 0
Current Communities | Avalon at Florham Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	270
Initial Cost
Land and Improvements	$ 6,647
Building / Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition / Construction	17,845
Total Cost
Land and Improvements	6,647
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,751
Total	59,398
Accumulated Depreciation	36,218
Total real estate, net	23,180	24,941
Encumbrances	$ 0
Current Communities | Avalon North Bergen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164
Initial Cost
Land and Improvements	$ 8,984
Building / Construction in Progress & Improvements	30,994
Costs Subsequent to Acquisition / Construction	1,493
Total Cost
Land and Improvements	8,984
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	32,487
Total	41,471
Accumulated Depreciation	13,173
Total real estate, net	28,298	29,364
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266
Initial Cost
Land and Improvements	$ 14,682
Building / Construction in Progress & Improvements	41,610
Costs Subsequent to Acquisition / Construction	4,354
Total Cost
Land and Improvements	14,682
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	45,964
Total	60,646
Accumulated Depreciation	18,513
Total real estate, net	42,133	43,071
Encumbrances	$ 0
Current Communities | Avalon Hackensack at Riverside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	226
Initial Cost
Land and Improvements	$ 9,939
Building / Construction in Progress & Improvements	44,619
Costs Subsequent to Acquisition / Construction	2,329
Total Cost
Land and Improvements	9,939
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	46,948
Total	56,887
Accumulated Depreciation	17,376
Total real estate, net	39,511	41,169
Encumbrances	$ 0
Current Communities | Avalon at Wesmont Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	140
Initial Cost
Land and Improvements	$ 6,502
Building / Construction in Progress & Improvements	16,851
Costs Subsequent to Acquisition / Construction	856
Total Cost
Land and Improvements	6,502
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	17,707
Total	24,209
Accumulated Depreciation	6,685
Total real estate, net	17,524	18,010
Encumbrances	$ 0
Current Communities | Avalon Bloomingdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	174
Initial Cost
Land and Improvements	$ 3,006
Building / Construction in Progress & Improvements	27,801
Costs Subsequent to Acquisition / Construction	1,116
Total Cost
Land and Improvements	3,006
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	28,917
Total	31,923
Accumulated Depreciation	10,191
Total real estate, net	21,732	22,524
Encumbrances	$ 0
Current Communities | Avalon Wharton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	247
Initial Cost
Land and Improvements	$ 2,273
Building / Construction in Progress & Improvements	48,609
Costs Subsequent to Acquisition / Construction	1,700
Total Cost
Land and Improvements	2,273
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	50,309
Total	52,582
Accumulated Depreciation	15,948
Total real estate, net	36,634	38,379
Encumbrances	$ 0
Current Communities | Avalon Bloomfield Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	224
Initial Cost
Land and Improvements	$ 10,701
Building / Construction in Progress & Improvements	36,430
Costs Subsequent to Acquisition / Construction	2,195
Total Cost
Land and Improvements	10,701
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	38,625
Total	49,326
Accumulated Depreciation	11,365
Total real estate, net	37,961	38,182
Encumbrances	$ 0
Current Communities | Avalon Roseland
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	136
Initial Cost
Land and Improvements	$ 11,288
Building / Construction in Progress & Improvements	34,868
Costs Subsequent to Acquisition / Construction	892
Total Cost
Land and Improvements	11,288
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	35,760
Total	47,048
Accumulated Depreciation	10,767
Total real estate, net	36,281	37,228
Encumbrances	$ 0
Current Communities | Avalon Princeton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 26,461
Building / Construction in Progress & Improvements	68,003
Costs Subsequent to Acquisition / Construction	1,639
Total Cost
Land and Improvements	26,461
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	69,642
Total	96,103
Accumulated Depreciation	18,272
Total real estate, net	77,831	79,743
Encumbrances	$ 0
Current Communities | Avalon Union
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	202
Initial Cost
Land and Improvements	$ 11,695
Building / Construction in Progress & Improvements	36,315
Costs Subsequent to Acquisition / Construction	1,392
Total Cost
Land and Improvements	11,695
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	37,707
Total	49,402
Accumulated Depreciation	10,483
Total real estate, net	38,919	39,551
Encumbrances	$ 0
Current Communities | Avalon Hoboken
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217
Initial Cost
Land and Improvements	$ 37,237
Building / Construction in Progress & Improvements	90,278
Costs Subsequent to Acquisition / Construction	7,624
Total Cost
Land and Improvements	37,237
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	97,902
Total	135,139
Accumulated Depreciation	32,649
Total real estate, net	102,490	105,557
Encumbrances	$ 0
Current Communities | Avalon Maplewood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235
Initial Cost
Land and Improvements	$ 15,179
Building / Construction in Progress & Improvements	49,425
Costs Subsequent to Acquisition / Construction	2,630
Total Cost
Land and Improvements	15,179
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,055
Total	67,234
Accumulated Depreciation	13,085
Total real estate, net	54,149	55,666
Encumbrances	$ 0
Current Communities | Avalon Boonton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 3,595
Building / Construction in Progress & Improvements	89,407
Costs Subsequent to Acquisition / Construction	1,379
Total Cost
Land and Improvements	3,595
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	90,786
Total	94,381
Accumulated Depreciation	16,042
Total real estate, net	78,339	81,519
Encumbrances	$ 0
Current Communities | Avalon Teaneck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248
Initial Cost
Land and Improvements	$ 12,588
Building / Construction in Progress & Improvements	60,257
Costs Subsequent to Acquisition / Construction	89
Total Cost
Land and Improvements	12,588
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	60,346
Total	72,934
Accumulated Depreciation	10,161
Total real estate, net	62,773	65,193
Encumbrances	$ 0
Current Communities | Avalon Piscataway
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 14,329
Building / Construction in Progress & Improvements	75,897
Costs Subsequent to Acquisition / Construction	628
Total Cost
Land and Improvements	14,329
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	76,525
Total	90,854
Accumulated Depreciation	15,443
Total real estate, net	75,411	78,417
Encumbrances	$ 0
Current Communities | Avalon Old Bridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 6,895
Building / Construction in Progress & Improvements	64,907
Costs Subsequent to Acquisition / Construction	647
Total Cost
Land and Improvements	6,895
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	65,554
Total	72,449
Accumulated Depreciation	7,955
Total real estate, net	64,494	67,152
Encumbrances	$ 0
Current Communities | Avalon at Edgewater II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 8,605
Building / Construction in Progress & Improvements	60,809
Costs Subsequent to Acquisition / Construction	162
Total Cost
Land and Improvements	8,605
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	60,971
Total	69,576
Accumulated Depreciation	13,723
Total real estate, net	55,853	58,059
Encumbrances	$ 0
Current Communities | Avalon at Foxhall
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308
Initial Cost
Land and Improvements	$ 6,848
Building / Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition / Construction	26,947
Total Cost
Land and Improvements	6,848
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	54,561
Total	61,409
Accumulated Depreciation	43,286
Total real estate, net	18,123	15,542
Encumbrances	$ 0
Current Communities | Avalon at Gallery Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 8,800
Building / Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition / Construction	6,850
Total Cost
Land and Improvements	8,800
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	46,508
Total	55,308
Accumulated Depreciation	31,375
Total real estate, net	23,933	24,523
Encumbrances	$ 0
Current Communities | AVA H Street
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	138
Initial Cost
Land and Improvements	$ 7,425
Building / Construction in Progress & Improvements	25,282
Costs Subsequent to Acquisition / Construction	759
Total Cost
Land and Improvements	7,425
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	26,041
Total	33,466
Accumulated Depreciation	10,132
Total real estate, net	23,334	23,824
Encumbrances	$ 0
Current Communities | Avalon The Albemarle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	234
Initial Cost
Land and Improvements	$ 25,140
Building / Construction in Progress & Improvements	52,459
Costs Subsequent to Acquisition / Construction	11,231
Total Cost
Land and Improvements	25,140
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	63,690
Total	88,830
Accumulated Depreciation	27,955
Total real estate, net	60,875	62,715
Encumbrances	$ 0
Current Communities | eaves Tunlaw Gardens
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 16,430
Building / Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition / Construction	2,964
Total Cost
Land and Improvements	16,430
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	25,866
Total	42,296
Accumulated Depreciation	11,065
Total real estate, net	31,231	32,043
Encumbrances	$ 0
Current Communities | The Statesman
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	281
Initial Cost
Land and Improvements	$ 38,140
Building / Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition / Construction	7,359
Total Cost
Land and Improvements	38,140
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	42,711
Total	80,851
Accumulated Depreciation	18,980
Total real estate, net	61,871	62,825
Encumbrances	$ 0
Current Communities | eaves Glover Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 9,580
Building / Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition / Construction	2,912
Total Cost
Land and Improvements	9,580
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	29,444
Total	39,024
Accumulated Depreciation	12,826
Total real estate, net	26,198	27,160
Encumbrances	$ 0
Current Communities | AVA Van Ness
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	269
Initial Cost
Land and Improvements	$ 22,890
Building / Construction in Progress & Improvements	58,691
Costs Subsequent to Acquisition / Construction	25,666
Total Cost
Land and Improvements	22,890
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	84,357
Total	107,247
Accumulated Depreciation	30,746
Total real estate, net	76,501	78,188
Encumbrances	$ 0
Current Communities | Avalon First and M
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	469
Initial Cost
Land and Improvements	$ 43,700
Building / Construction in Progress & Improvements	153,950
Costs Subsequent to Acquisition / Construction	6,092
Total Cost
Land and Improvements	43,700
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	160,042
Total	203,742
Accumulated Depreciation	61,290
Total real estate, net	142,452	147,209
Encumbrances	$ 0
Current Communities | AVA NoMa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	438
Initial Cost
Land and Improvements	$ 25,246
Building / Construction in Progress & Improvements	114,933
Costs Subsequent to Acquisition / Construction	1,743
Total Cost
Land and Improvements	25,246
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	116,676
Total	141,922
Accumulated Depreciation	30,359
Total real estate, net	111,563	114,529
Encumbrances	$ 0
Current Communities | eaves Washingtonian Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 4,047
Building / Construction in Progress & Improvements	18,553
Costs Subsequent to Acquisition / Construction	8,215
Total Cost
Land and Improvements	4,047
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	26,768
Total	30,815
Accumulated Depreciation	21,923
Total real estate, net	8,892	9,067
Encumbrances	$ 0
Current Communities | eaves Columbia Town Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	392
Initial Cost
Land and Improvements	$ 8,802
Building / Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition / Construction	16,343
Total Cost
Land and Improvements	8,802
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	51,879
Total	60,681
Accumulated Depreciation	31,903
Total real estate, net	28,778	29,195
Encumbrances	$ 0
Current Communities | Avalon at Grosvenor Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	497
Initial Cost
Land and Improvements	$ 29,159
Building / Construction in Progress & Improvements	52,993
Costs Subsequent to Acquisition / Construction	9,860
Total Cost
Land and Improvements	29,159
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	62,853
Total	92,012
Accumulated Depreciation	41,697
Total real estate, net	50,315	51,889
Encumbrances	$ 0
Current Communities | Avalon at Traville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	520
Initial Cost
Land and Improvements	$ 14,365
Building / Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition / Construction	10,537
Total Cost
Land and Improvements	14,365
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	65,935
Total	80,300
Accumulated Depreciation	44,203
Total real estate, net	36,097	37,487
Encumbrances	$ 0
Current Communities | AVA Wheaton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	319
Initial Cost
Land and Improvements	$ 6,494
Building / Construction in Progress & Improvements	69,027
Costs Subsequent to Acquisition / Construction	260
Total Cost
Land and Improvements	6,494
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	69,287
Total	75,781
Accumulated Depreciation	16,799
Total real estate, net	58,982	61,221
Encumbrances	$ 0
Current Communities | Kanso Twinbrook
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238
Initial Cost
Land and Improvements	$ 9,151
Building / Construction in Progress & Improvements	56,959
Costs Subsequent to Acquisition / Construction	40
Total Cost
Land and Improvements	9,151
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	56,999
Total	66,150
Accumulated Depreciation	6,327
Total real estate, net	59,823	61,961
Encumbrances	$ 0
Current Communities | Avalon Hunt Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	332
Initial Cost
Land and Improvements	$ 10,872
Building / Construction in Progress & Improvements	62,992
Costs Subsequent to Acquisition / Construction	375
Total Cost
Land and Improvements	10,872
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	63,367
Total	74,239
Accumulated Depreciation	16,338
Total real estate, net	57,901	59,931
Encumbrances	$ 0
Current Communities | Avalon Laurel
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344
Initial Cost
Land and Improvements	$ 10,130
Building / Construction in Progress & Improvements	61,685
Costs Subsequent to Acquisition / Construction	846
Total Cost
Land and Improvements	10,130
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	62,531
Total	72,661
Accumulated Depreciation	16,461
Total real estate, net	56,200	57,779
Encumbrances	$ 0
Current Communities | Avalon Towson
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	371
Initial Cost
Land and Improvements	$ 12,906
Building / Construction in Progress & Improvements	98,307
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	12,906
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	98,307
Total	111,213
Accumulated Depreciation	13,522
Total real estate, net	97,691	101,657
Encumbrances	$ 0
Current Communities | Avalon Fairway Hills - Meadows
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192
Initial Cost
Land and Improvements	$ 2,323
Building / Construction in Progress & Improvements	9,297
Costs Subsequent to Acquisition / Construction	8,188
Total Cost
Land and Improvements	2,323
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	17,485
Total	19,808
Accumulated Depreciation	12,333
Total real estate, net	7,475	5,417
Encumbrances	$ 0
Current Communities | Avalon Fairway Hills - Woods
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336
Initial Cost
Land and Improvements	$ 3,958
Building / Construction in Progress & Improvements	15,839
Costs Subsequent to Acquisition / Construction	16,459
Total Cost
Land and Improvements	3,958
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	32,298
Total	36,256
Accumulated Depreciation	21,534
Total real estate, net	14,722	14,319
Encumbrances	$ 0
Current Communities | Avalon Arundel Crossing II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	310
Initial Cost
Land and Improvements	$ 12,208
Building / Construction in Progress & Improvements	69,888
Costs Subsequent to Acquisition / Construction	3,430
Total Cost
Land and Improvements	12,208
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,318
Total	85,526
Accumulated Depreciation	18,674
Total real estate, net	66,852	69,269
Encumbrances	$ 0
Current Communities | Kanso Silver Spring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151
Initial Cost
Land and Improvements	$ 3,471
Building / Construction in Progress & Improvements	41,393
Costs Subsequent to Acquisition / Construction	2,297
Total Cost
Land and Improvements	3,471
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	43,690
Total	47,161
Accumulated Depreciation	8,238
Total real estate, net	38,923	39,652
Encumbrances	$ 0
Current Communities | Avalon Arundel Crossing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384
Initial Cost
Land and Improvements	$ 9,933
Building / Construction in Progress & Improvements	108,911
Costs Subsequent to Acquisition / Construction	2,876
Total Cost
Land and Improvements	9,933
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	111,787
Total	121,720
Accumulated Depreciation	15,854
Total real estate, net	105,866	110,693
Encumbrances	$ 0
Current Communities | Avalon Russett
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238
Initial Cost
Land and Improvements	$ 10,200
Building / Construction in Progress & Improvements	47,524
Costs Subsequent to Acquisition / Construction	7,073
Total Cost
Land and Improvements	10,200
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	54,597
Total	64,797
Accumulated Depreciation	23,028
Total real estate, net	41,769	42,887
Encumbrances	$ 32,200
Current Communities | eaves Fair Lakes
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	420
Initial Cost
Land and Improvements	$ 6,096
Building / Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition / Construction	15,934
Total Cost
Land and Improvements	6,096
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	40,334
Total	46,430
Accumulated Depreciation	31,119
Total real estate, net	15,311	16,504
Encumbrances	$ 0
Current Communities | eaves Fairfax City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	141
Initial Cost
Land and Improvements	$ 2,152
Building / Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition / Construction	5,885
Total Cost
Land and Improvements	2,152
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	14,792
Total	16,944
Accumulated Depreciation	11,084
Total real estate, net	5,860	6,278
Encumbrances	$ 0
Current Communities | Avalon Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	558
Initial Cost
Land and Improvements	$ 13,851
Building / Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition / Construction	18,581
Total Cost
Land and Improvements	13,851
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,978
Total	75,829
Accumulated Depreciation	46,096
Total real estate, net	29,733	30,382
Encumbrances	$ 0
Current Communities | Avalon at Arlington Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	842
Initial Cost
Land and Improvements	$ 22,041
Building / Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition / Construction	38,686
Total Cost
Land and Improvements	22,041
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	128,982
Total	151,023
Accumulated Depreciation	80,299
Total real estate, net	70,724	71,717
Encumbrances	$ 0
Current Communities | eaves Fairfax Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	415
Initial Cost
Land and Improvements	$ 17,889
Building / Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition / Construction	16,757
Total Cost
Land and Improvements	17,889
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	91,484
Total	109,373
Accumulated Depreciation	39,370
Total real estate, net	70,003	73,482
Encumbrances	$ 0
Current Communities | Avalon Mosaic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	531
Initial Cost
Land and Improvements	$ 33,490
Building / Construction in Progress & Improvements	75,801
Costs Subsequent to Acquisition / Construction	2,652
Total Cost
Land and Improvements	33,490
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	78,453
Total	111,943
Accumulated Depreciation	26,670
Total real estate, net	85,273	85,707
Encumbrances	$ 0
Current Communities | Avalon Potomac Yard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323
Initial Cost
Land and Improvements	$ 24,225
Building / Construction in Progress & Improvements	81,982
Costs Subsequent to Acquisition / Construction	4,294
Total Cost
Land and Improvements	24,225
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	86,276
Total	110,501
Accumulated Depreciation	28,224
Total real estate, net	82,277	84,838
Encumbrances	$ 0
Current Communities | Avalon Clarendon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 22,573
Building / Construction in Progress & Improvements	95,355
Costs Subsequent to Acquisition / Construction	10,816
Total Cost
Land and Improvements	22,573
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	106,171
Total	128,744
Accumulated Depreciation	34,207
Total real estate, net	94,537	98,098
Encumbrances	$ 0
Current Communities | Avalon Dunn Loring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	440
Initial Cost
Land and Improvements	$ 29,377
Building / Construction in Progress & Improvements	115,465
Costs Subsequent to Acquisition / Construction	7,358
Total Cost
Land and Improvements	29,377
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	122,823
Total	152,200
Accumulated Depreciation	35,634
Total real estate, net	116,566	120,242
Encumbrances	$ 0
Current Communities | eaves Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217
Initial Cost
Land and Improvements	$ 16,030
Building / Construction in Progress & Improvements	45,420
Costs Subsequent to Acquisition / Construction	4,547
Total Cost
Land and Improvements	16,030
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	49,967
Total	65,997
Accumulated Depreciation	22,594
Total real estate, net	43,403	44,851
Encumbrances	$ 0
Current Communities | Avalon Courthouse Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564
Initial Cost
Land and Improvements	$ 56,550
Building / Construction in Progress & Improvements	178,032
Costs Subsequent to Acquisition / Construction	19,825
Total Cost
Land and Improvements	56,550
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	197,857
Total	254,407
Accumulated Depreciation	78,761
Total real estate, net	175,646	180,786
Encumbrances	$ 0
Current Communities | Avalon Arlington North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	228
Initial Cost
Land and Improvements	$ 21,600
Building / Construction in Progress & Improvements	59,076
Costs Subsequent to Acquisition / Construction	10,018
Total Cost
Land and Improvements	21,600
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	69,094
Total	90,694
Accumulated Depreciation	23,957
Total real estate, net	66,737	65,465
Encumbrances	$ 0
Current Communities | Avalon Reston Landing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400
Initial Cost
Land and Improvements	$ 26,710
Building / Construction in Progress & Improvements	83,084
Costs Subsequent to Acquisition / Construction	16,036
Total Cost
Land and Improvements	26,710
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	99,120
Total	125,830
Accumulated Depreciation	44,233
Total real estate, net	81,597	84,726
Encumbrances	$ 0
Current Communities | Avalon Falls Church
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384
Initial Cost
Land and Improvements	$ 39,544
Building / Construction in Progress & Improvements	66,160
Costs Subsequent to Acquisition / Construction	820
Total Cost
Land and Improvements	39,544
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	66,980
Total	106,524
Accumulated Depreciation	20,315
Total real estate, net	86,209	87,780
Encumbrances	$ 0
Current Communities | Avalon Denver West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 8,047
Building / Construction in Progress & Improvements	67,861
Costs Subsequent to Acquisition / Construction	3,367
Total Cost
Land and Improvements	8,047
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,228
Total	79,275
Accumulated Depreciation	19,434
Total real estate, net	59,841	61,852
Encumbrances	$ 0
Current Communities | Avalon Meadows at Castle Rock
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 8,527
Building / Construction in Progress & Improvements	64,565
Costs Subsequent to Acquisition / Construction	1,548
Total Cost
Land and Improvements	8,527
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	66,113
Total	74,640
Accumulated Depreciation	16,269
Total real estate, net	58,371	61,241
Encumbrances	$ 0
Current Communities | Avalon Red Rocks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	256
Initial Cost
Land and Improvements	$ 4,461
Building / Construction in Progress & Improvements	70,103
Costs Subsequent to Acquisition / Construction	1,745
Total Cost
Land and Improvements	4,461
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,848
Total	76,309
Accumulated Depreciation	17,954
Total real estate, net	58,355	61,311
Encumbrances	$ 0
Current Communities | Avalon Southlands
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338
Initial Cost
Land and Improvements	$ 5,101
Building / Construction in Progress & Improvements	85,184
Costs Subsequent to Acquisition / Construction	1,910
Total Cost
Land and Improvements	5,101
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	87,094
Total	92,195
Accumulated Depreciation	20,839
Total real estate, net	71,356	75,302
Encumbrances	$ 0
Current Communities | Avalon 850 Boca
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	370
Initial Cost
Land and Improvements	$ 21,430
Building / Construction in Progress & Improvements	114,626
Costs Subsequent to Acquisition / Construction	5,499
Total Cost
Land and Improvements	21,430
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	120,125
Total	141,555
Accumulated Depreciation	31,301
Total real estate, net	110,254	113,769
Encumbrances	$ 0
Current Communities | Avalon Doral
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 23,392
Building / Construction in Progress & Improvements	92,949
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	23,392
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	92,949
Total	116,341
Accumulated Depreciation	10,744
Total real estate, net	105,597	108,861
Encumbrances	$ 0
Current Communities | Avalon West Palm Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 9,597
Building / Construction in Progress & Improvements	91,411
Costs Subsequent to Acquisition / Construction	5,703
Total Cost
Land and Improvements	9,597
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	97,114
Total	106,711
Accumulated Depreciation	22,694
Total real estate, net	84,017	87,164
Encumbrances	$ 0
Current Communities | Avalon Bonterra
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	314
Initial Cost
Land and Improvements	$ 16,655
Building / Construction in Progress & Improvements	71,180
Costs Subsequent to Acquisition / Construction	3,608
Total Cost
Land and Improvements	16,655
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	74,788
Total	91,443
Accumulated Depreciation	17,723
Total real estate, net	73,720	76,764
Encumbrances	$ 0
Current Communities | Avalon Toscana
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240
Initial Cost
Land and Improvements	$ 9,213
Building / Construction in Progress & Improvements	49,936
Costs Subsequent to Acquisition / Construction	2,457
Total Cost
Land and Improvements	9,213
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,393
Total	61,606
Accumulated Depreciation	10,587
Total real estate, net	51,019	52,600
Encumbrances	$ 0
Current Communities | Avalon Fort Lauderdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 20,029
Building / Construction in Progress & Improvements	122,394
Costs Subsequent to Acquisition / Construction	6,895
Total Cost
Land and Improvements	20,029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	129,289
Total	149,318
Accumulated Depreciation	13,760
Total real estate, net	135,558	140,432
Encumbrances	$ 0
Current Communities | Avalon Miramar
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380
Initial Cost
Land and Improvements	$ 17,959
Building / Construction in Progress & Improvements	110,895
Costs Subsequent to Acquisition / Construction	5,789
Total Cost
Land and Improvements	17,959
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	116,684
Total	134,643
Accumulated Depreciation	15,283
Total real estate, net	119,360	123,611
Encumbrances	$ 0
Current Communities | Avalon at Bear Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	264
Initial Cost
Land and Improvements	$ 6,786
Building / Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition / Construction	9,169
Total Cost
Land and Improvements	6,786
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	36,810
Total	43,596
Accumulated Depreciation	29,552
Total real estate, net	14,044	14,558
Encumbrances	$ 0
Current Communities | Avalon Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	201
Initial Cost
Land and Improvements	$ 6,664
Building / Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition / Construction	7,705
Total Cost
Land and Improvements	6,664
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,824
Total	38,488
Accumulated Depreciation	22,409
Total real estate, net	16,079	16,052
Encumbrances	$ 0
Current Communities | eaves RockMeadow
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	206
Initial Cost
Land and Improvements	$ 4,777
Building / Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition / Construction	6,227
Total Cost
Land and Improvements	4,777
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	25,992
Total	30,769
Accumulated Depreciation	19,364
Total real estate, net	11,405	10,508
Encumbrances	$ 0
Current Communities | Avalon ParcSquare
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124
Initial Cost
Land and Improvements	$ 3,789
Building / Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition / Construction	4,654
Total Cost
Land and Improvements	3,789
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	19,793
Total	23,582
Accumulated Depreciation	15,326
Total real estate, net	8,256	8,973
Encumbrances	$ 0
Current Communities | AVA Belltown
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	100
Initial Cost
Land and Improvements	$ 5,644
Building / Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition / Construction	2,570
Total Cost
Land and Improvements	5,644
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	15,303
Total	20,947
Accumulated Depreciation	11,216
Total real estate, net	9,731	10,189
Encumbrances	$ 0
Current Communities | Avalon Meydenbauer
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	368
Initial Cost
Land and Improvements	$ 12,697
Building / Construction in Progress & Improvements	77,450
Costs Subsequent to Acquisition / Construction	7,778
Total Cost
Land and Improvements	12,697
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	85,228
Total	97,925
Accumulated Depreciation	45,089
Total real estate, net	52,836	54,763
Encumbrances	$ 0
Current Communities | Avalon Towers Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	397
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	123,029
Costs Subsequent to Acquisition / Construction	7,100
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	130,129
Total	130,129
Accumulated Depreciation	58,466
Total real estate, net	71,663	74,217
Encumbrances	$ 0
Current Communities | AVA Queen Anne
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 12,081
Building / Construction in Progress & Improvements	41,618
Costs Subsequent to Acquisition / Construction	1,922
Total Cost
Land and Improvements	12,081
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	43,540
Total	55,621
Accumulated Depreciation	18,196
Total real estate, net	37,425	38,701
Encumbrances	$ 0
Current Communities | AVA Ballard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265
Initial Cost
Land and Improvements	$ 16,460
Building / Construction in Progress & Improvements	46,926
Costs Subsequent to Acquisition / Construction	2,527
Total Cost
Land and Improvements	16,460
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	49,453
Total	65,913
Accumulated Depreciation	18,907
Total real estate, net	47,006	48,245
Encumbrances	$ 0
Current Communities | Avalon Alderwood I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	367
Initial Cost
Land and Improvements	$ 12,294
Building / Construction in Progress & Improvements	55,627
Costs Subsequent to Acquisition / Construction	977
Total Cost
Land and Improvements	12,294
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	56,604
Total	68,898
Accumulated Depreciation	18,398
Total real estate, net	50,500	51,868
Encumbrances	$ 0
Current Communities | AVA Capitol Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249
Initial Cost
Land and Improvements	$ 20,613
Building / Construction in Progress & Improvements	59,986
Costs Subsequent to Acquisition / Construction	1,417
Total Cost
Land and Improvements	20,613
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,403
Total	82,016
Accumulated Depreciation	18,187
Total real estate, net	63,829	65,807
Encumbrances	$ 0
Current Communities | Avalon Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	482
Initial Cost
Land and Improvements	$ 23,178
Building / Construction in Progress & Improvements	112,986
Costs Subsequent to Acquisition / Construction	1,603
Total Cost
Land and Improvements	23,178
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	114,589
Total	137,767
Accumulated Depreciation	30,391
Total real estate, net	107,376	111,314
Encumbrances	$ 0
Current Communities | Avalon Alderwood II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124
Initial Cost
Land and Improvements	$ 5,072
Building / Construction in Progress & Improvements	21,418
Costs Subsequent to Acquisition / Construction	132
Total Cost
Land and Improvements	5,072
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	21,550
Total	26,622
Accumulated Depreciation	5,631
Total real estate, net	20,991	21,612
Encumbrances	$ 0
Current Communities | Avalon Newcastle Commons I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378
Initial Cost
Land and Improvements	$ 9,649
Building / Construction in Progress & Improvements	111,600
Costs Subsequent to Acquisition / Construction	1,377
Total Cost
Land and Improvements	9,649
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	112,977
Total	122,626
Accumulated Depreciation	26,105
Total real estate, net	96,521	100,143
Encumbrances	$ 0
Current Communities | Avalon Belltown Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	274
Initial Cost
Land and Improvements	$ 24,638
Building / Construction in Progress & Improvements	121,064
Costs Subsequent to Acquisition / Construction	1,359
Total Cost
Land and Improvements	24,638
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	122,423
Total	147,061
Accumulated Depreciation	21,564
Total real estate, net	125,497	130,407
Encumbrances	$ 0
Current Communities | AVA Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323
Initial Cost
Land and Improvements	$ 16,405
Building / Construction in Progress & Improvements	74,568
Costs Subsequent to Acquisition / Construction	13
Total Cost
Land and Improvements	16,405
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	74,581
Total	90,986
Accumulated Depreciation	14,291
Total real estate, net	76,695	79,748
Encumbrances	$ 0
Current Communities | Avalon Newcastle Commons II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	293
Initial Cost
Land and Improvements	$ 6,982
Building / Construction in Progress & Improvements	99,824
Costs Subsequent to Acquisition / Construction	151
Total Cost
Land and Improvements	6,982
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	99,975
Total	106,957
Accumulated Depreciation	10,540
Total real estate, net	96,417	100,273
Encumbrances	$ 0
Current Communities | Avalon North Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	316
Initial Cost
Land and Improvements	$ 13,498
Building / Construction in Progress & Improvements	69,015
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	13,498
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	69,015
Total	82,513
Accumulated Depreciation	11,989
Total real estate, net	70,524	73,315
Encumbrances	$ 0
Current Communities | eaves Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	374
Initial Cost
Land and Improvements	$ 15,665
Building / Construction in Progress & Improvements	80,985
Costs Subsequent to Acquisition / Construction	33,073
Total Cost
Land and Improvements	15,665
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	114,058
Total	129,723
Accumulated Depreciation	46,910
Total real estate, net	82,813	86,856
Encumbrances	$ 0
Current Communities | Archstone Redmond Lakeview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 10,250
Building / Construction in Progress & Improvements	26,842
Costs Subsequent to Acquisition / Construction	6,807
Total Cost
Land and Improvements	10,250
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	33,649
Total	43,899
Accumulated Depreciation	15,980
Total real estate, net	27,919	28,921
Encumbrances	$ 0
Current Communities | Avalon Campbell
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	348
Initial Cost
Land and Improvements	$ 11,830
Building / Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition / Construction	15,636
Total Cost
Land and Improvements	11,830
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	63,464
Total	75,294
Accumulated Depreciation	48,448
Total real estate, net	26,846	28,834
Encumbrances	$ 0
Current Communities | eaves San Jose
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	442
Initial Cost
Land and Improvements	$ 12,920
Building / Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition / Construction	20,565
Total Cost
Land and Improvements	12,920
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,612
Total	86,532
Accumulated Depreciation	50,866
Total real estate, net	35,666	38,016
Encumbrances	$ 0
Current Communities | Avalon on the Alameda
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	307
Initial Cost
Land and Improvements	$ 6,119
Building / Construction in Progress & Improvements	50,217
Costs Subsequent to Acquisition / Construction	14,862
Total Cost
Land and Improvements	6,119
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	65,079
Total	71,198
Accumulated Depreciation	48,958
Total real estate, net	22,240	24,383
Encumbrances	$ 0
Current Communities | Avalon Silicon Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	712
Initial Cost
Land and Improvements	$ 20,713
Building / Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition / Construction	39,340
Total Cost
Land and Improvements	20,713
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	138,913
Total	159,626
Accumulated Depreciation	100,513
Total real estate, net	59,113	62,187
Encumbrances	$ 0
Current Communities | Avalon Mountain View
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248
Initial Cost
Land and Improvements	$ 9,755
Building / Construction in Progress & Improvements	39,387
Costs Subsequent to Acquisition / Construction	13,323
Total Cost
Land and Improvements	9,755
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,710
Total	62,465
Accumulated Depreciation	41,707
Total real estate, net	20,758	22,553
Encumbrances	$ 0
Current Communities | eaves Creekside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 6,546
Building / Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition / Construction	23,236
Total Cost
Land and Improvements	6,546
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	49,499
Total	56,045
Accumulated Depreciation	35,902
Total real estate, net	20,143	21,595
Encumbrances	$ 0
Current Communities | Avalon at Cahill Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	218
Initial Cost
Land and Improvements	$ 4,765
Building / Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition / Construction	5,035
Total Cost
Land and Improvements	4,765
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,635
Total	57,400
Accumulated Depreciation	37,552
Total real estate, net	19,848	21,594
Encumbrances	$ 0
Current Communities | Avalon Towers on the Peninsula
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	211
Initial Cost
Land and Improvements	$ 9,560
Building / Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition / Construction	15,744
Total Cost
Land and Improvements	9,560
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,880
Total	81,440
Accumulated Depreciation	46,823
Total real estate, net	34,617	36,518
Encumbrances	$ 0
Current Communities | Avalon Morrison Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 13,837
Building / Construction in Progress & Improvements	64,521
Costs Subsequent to Acquisition / Construction	1,763
Total Cost
Land and Improvements	13,837
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	66,284
Total	80,121
Accumulated Depreciation	22,822
Total real estate, net	57,299	59,228
Encumbrances	$ 0
Current Communities | Avalon Willow Glen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	412
Initial Cost
Land and Improvements	$ 46,060
Building / Construction in Progress & Improvements	81,957
Costs Subsequent to Acquisition / Construction	8,667
Total Cost
Land and Improvements	46,060
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	90,624
Total	136,684
Accumulated Depreciation	41,133
Total real estate, net	95,551	98,445
Encumbrances	$ 0
Current Communities | eaves West Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	873
Initial Cost
Land and Improvements	$ 90,890
Building / Construction in Progress & Improvements	132,040
Costs Subsequent to Acquisition / Construction	17,080
Total Cost
Land and Improvements	90,890
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	149,120
Total	240,010
Accumulated Depreciation	65,540
Total real estate, net	174,470	179,233
Encumbrances	$ 0
Current Communities | eaves Mountain View at Middlefield
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	402
Initial Cost
Land and Improvements	$ 64,070
Building / Construction in Progress & Improvements	69,018
Costs Subsequent to Acquisition / Construction	18,536
Total Cost
Land and Improvements	64,070
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	87,554
Total	151,624
Accumulated Depreciation	41,619
Total real estate, net	110,005	113,785
Encumbrances	$ 0
Current Communities | Avalon Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308
Initial Cost
Land and Improvements	$ 10,746
Building / Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition / Construction	31,654
Total Cost
Land and Improvements	10,746
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	75,053
Total	85,799
Accumulated Depreciation	46,363
Total real estate, net	39,436	40,798
Encumbrances	$ 0
Current Communities | eaves Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204
Initial Cost
Land and Improvements	$ 5,276
Building / Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition / Construction	13,991
Total Cost
Land and Improvements	5,276
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	33,633
Total	38,909
Accumulated Depreciation	24,315
Total real estate, net	14,594	14,722
Encumbrances	$ 0
Current Communities | Eaves Pleasanton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	456
Initial Cost
Land and Improvements	$ 11,610
Building / Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition / Construction	48,872
Total Cost
Land and Improvements	11,610
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	95,424
Total	107,034
Accumulated Depreciation	54,990
Total real estate, net	52,044	52,344
Encumbrances	$ 0
Current Communities | eaves Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	208
Initial Cost
Land and Improvements	$ 4,249
Building / Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition / Construction	5,299
Total Cost
Land and Improvements	4,249
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	22,119
Total	26,368
Accumulated Depreciation	18,465
Total real estate, net	7,903	8,337
Encumbrances	$ 0
Current Communities | eaves Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	237
Initial Cost
Land and Improvements	$ 6,581
Building / Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition / Construction	13,046
Total Cost
Land and Improvements	6,581
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	39,629
Total	46,210
Accumulated Depreciation	30,582
Total real estate, net	15,628	16,761
Encumbrances	$ 0
Current Communities | Avalon Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	439
Initial Cost
Land and Improvements	$ 14,732
Building / Construction in Progress & Improvements	104,024
Costs Subsequent to Acquisition / Construction	6,787
Total Cost
Land and Improvements	14,732
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	110,811
Total	125,543
Accumulated Depreciation	53,676
Total real estate, net	71,867	75,293
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	422
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	148,846
Costs Subsequent to Acquisition / Construction	7,250
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	156,096
Total	156,096
Accumulated Depreciation	71,711
Total real estate, net	84,385	89,055
Encumbrances	$ 4,501
Current Communities | Avalon Dublin Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	253
Initial Cost
Land and Improvements	$ 7,772
Building / Construction in Progress & Improvements	72,142
Costs Subsequent to Acquisition / Construction	1,543
Total Cost
Land and Improvements	7,772
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,685
Total	81,457
Accumulated Depreciation	25,232
Total real estate, net	56,225	58,455
Encumbrances	$ 0
Current Communities | Avalon Dublin Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252
Initial Cost
Land and Improvements	$ 7,762
Building / Construction in Progress & Improvements	76,587
Costs Subsequent to Acquisition / Construction	631
Total Cost
Land and Improvements	7,762
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	77,218
Total	84,980
Accumulated Depreciation	21,099
Total real estate, net	63,881	66,244
Encumbrances	$ 0
Current Communities | Avalon Public Market
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	289
Initial Cost
Land and Improvements	$ 27,394
Building / Construction in Progress & Improvements	145,592
Costs Subsequent to Acquisition / Construction	260
Total Cost
Land and Improvements	27,394
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	145,852
Total	173,246
Accumulated Depreciation	22,366
Total real estate, net	150,880	155,467
Encumbrances	$ 0
Current Communities | Avalon Walnut Creek II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	112,759
Costs Subsequent to Acquisition / Construction	315
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	113,074
Total	113,074
Accumulated Depreciation	14,289
Total real estate, net	98,785	103,064
Encumbrances	$ 0
Current Communities | eaves Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	510
Initial Cost
Land and Improvements	$ 30,320
Building / Construction in Progress & Improvements	82,375
Costs Subsequent to Acquisition / Construction	18,289
Total Cost
Land and Improvements	30,320
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	100,664
Total	130,984
Accumulated Depreciation	41,605
Total real estate, net	89,379	92,829
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	106
Initial Cost
Land and Improvements	$ 9,860
Building / Construction in Progress & Improvements	19,850
Costs Subsequent to Acquisition / Construction	5,999
Total Cost
Land and Improvements	9,860
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	25,849
Total	35,709
Accumulated Depreciation	10,517
Total real estate, net	25,192	26,048
Encumbrances	$ 0
Current Communities | Avalon Walnut Ridge II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 27,190
Building / Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition / Construction	14,257
Total Cost
Land and Improvements	27,190
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,298
Total	98,488
Accumulated Depreciation	30,247
Total real estate, net	68,241	70,626
Encumbrances	$ 0
Current Communities | Avalon Berkeley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	94
Initial Cost
Land and Improvements	$ 4,500
Building / Construction in Progress & Improvements	28,689
Costs Subsequent to Acquisition / Construction	145
Total Cost
Land and Improvements	4,500
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	28,834
Total	33,334
Accumulated Depreciation	9,409
Total real estate, net	23,925	24,850
Encumbrances	$ 0
Current Communities | AVA Nob Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185
Initial Cost
Land and Improvements	$ 5,403
Building / Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition / Construction	11,273
Total Cost
Land and Improvements	5,403
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	32,840
Total	38,243
Accumulated Depreciation	24,511
Total real estate, net	13,732	14,850
Encumbrances	$ 0
Current Communities | eaves Foster City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288
Initial Cost
Land and Improvements	$ 7,852
Building / Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition / Construction	15,824
Total Cost
Land and Improvements	7,852
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	47,269
Total	55,121
Accumulated Depreciation	35,545
Total real estate, net	19,576	19,642
Encumbrances	$ 0
Current Communities | eaves Pacifica
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	220
Initial Cost
Land and Improvements	$ 6,125
Building / Construction in Progress & Improvements	24,792
Costs Subsequent to Acquisition / Construction	5,573
Total Cost
Land and Improvements	6,125
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	30,365
Total	36,490
Accumulated Depreciation	25,442
Total real estate, net	11,048	11,745
Encumbrances	$ 0
Current Communities | Avalon Sunset Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243
Initial Cost
Land and Improvements	$ 3,561
Building / Construction in Progress & Improvements	21,313
Costs Subsequent to Acquisition / Construction	17,599
Total Cost
Land and Improvements	3,561
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	38,912
Total	42,473
Accumulated Depreciation	28,331
Total real estate, net	14,142	15,240
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 14,029
Building / Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition / Construction	10,330
Total Cost
Land and Improvements	14,029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	88,782
Total	102,811
Accumulated Depreciation	63,094
Total real estate, net	39,717	42,935
Encumbrances	$ 0
Current Communities | Avalon at Mission Bay III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	260
Initial Cost
Land and Improvements	$ 28,687
Building / Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition / Construction	1,675
Total Cost
Land and Improvements	28,687
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	120,831
Total	149,518
Accumulated Depreciation	59,154
Total real estate, net	90,364	94,137
Encumbrances	$ 0
Current Communities | Avalon Ocean Avenue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	173
Initial Cost
Land and Improvements	$ 5,544
Building / Construction in Progress & Improvements	50,906
Costs Subsequent to Acquisition / Construction	3,259
Total Cost
Land and Improvements	5,544
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	54,165
Total	59,709
Accumulated Depreciation	21,932
Total real estate, net	37,777	39,333
Encumbrances	$ 0
Current Communities | AVA 55 Ninth
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	273
Initial Cost
Land and Improvements	$ 20,267
Building / Construction in Progress & Improvements	97,321
Costs Subsequent to Acquisition / Construction	1,710
Total Cost
Land and Improvements	20,267
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	99,031
Total	119,298
Accumulated Depreciation	33,915
Total real estate, net	85,383	88,357
Encumbrances	$ 0
Current Communities | Avalon Hayes Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	182
Initial Cost
Land and Improvements	$ 12,595
Building / Construction in Progress & Improvements	81,228
Costs Subsequent to Acquisition / Construction	1,259
Total Cost
Land and Improvements	12,595
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	82,487
Total	95,082
Accumulated Depreciation	25,213
Total real estate, net	69,869	72,131
Encumbrances	$ 0
Current Communities | Avalon Dogpatch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326
Initial Cost
Land and Improvements	$ 23,523
Building / Construction in Progress & Improvements	180,698
Costs Subsequent to Acquisition / Construction	421
Total Cost
Land and Improvements	23,523
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	181,119
Total	204,642
Accumulated Depreciation	40,228
Total real estate, net	164,414	170,374
Encumbrances	$ 0
Current Communities | Avalon San Bruno I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300
Initial Cost
Land and Improvements	$ 40,780
Building / Construction in Progress & Improvements	68,684
Costs Subsequent to Acquisition / Construction	8,945
Total Cost
Land and Improvements	40,780
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	77,629
Total	118,409
Accumulated Depreciation	34,287
Total real estate, net	84,122	86,649
Encumbrances	$ 57,650
Current Communities | Avalon San Bruno II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185
Initial Cost
Land and Improvements	$ 23,787
Building / Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition / Construction	3,840
Total Cost
Land and Improvements	23,787
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	48,774
Total	72,561
Accumulated Depreciation	19,334
Total real estate, net	53,227	54,746
Encumbrances	$ 0
Current Communities | Avalon San Bruno III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187
Initial Cost
Land and Improvements	$ 33,303
Building / Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition / Construction	3,725
Total Cost
Land and Improvements	33,303
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	66,635
Total	99,938
Accumulated Depreciation	26,514
Total real estate, net	73,424	75,442
Encumbrances	$ 51,000
Current Communities | AVA Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	750
Initial Cost
Land and Improvements	$ 22,483
Building / Construction in Progress & Improvements	28,093
Costs Subsequent to Acquisition / Construction	54,756
Total Cost
Land and Improvements	22,483
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	82,849
Total	105,332
Accumulated Depreciation	58,108
Total real estate, net	47,224	49,720
Encumbrances	$ 0
Current Communities | Avalon Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	663
Initial Cost
Land and Improvements	$ 23,828
Building / Construction in Progress & Improvements	40,342
Costs Subsequent to Acquisition / Construction	86,225
Total Cost
Land and Improvements	23,828
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	126,567
Total	150,395
Accumulated Depreciation	67,704
Total real estate, net	82,691	81,679
Encumbrances	$ 0
Current Communities | eaves Warner Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	228
Initial Cost
Land and Improvements	$ 7,045
Building / Construction in Progress & Improvements	12,980
Costs Subsequent to Acquisition / Construction	14,216
Total Cost
Land and Improvements	7,045
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	27,196
Total	34,241
Accumulated Depreciation	22,014
Total real estate, net	12,227	12,597
Encumbrances	$ 0
Current Communities | Avalon Glendale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	223
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition / Construction	3,993
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	46,557
Total	46,557
Accumulated Depreciation	31,921
Total real estate, net	14,636	15,619
Encumbrances	$ 0
Current Communities | Avalon Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	401
Initial Cost
Land and Improvements	$ 14,053
Building / Construction in Progress & Improvements	56,820
Costs Subsequent to Acquisition / Construction	28,892
Total Cost
Land and Improvements	14,053
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	85,712
Total	99,765
Accumulated Depreciation	55,436
Total real estate, net	44,329	46,283
Encumbrances	$ 0
Current Communities | Avalon Camarillo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249
Initial Cost
Land and Improvements	$ 8,446
Building / Construction in Progress & Improvements	40,269
Costs Subsequent to Acquisition / Construction	4,428
Total Cost
Land and Improvements	8,446
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	44,697
Total	53,143
Accumulated Depreciation	26,671
Total real estate, net	26,472	27,509
Encumbrances	$ 0
Current Communities | Avalon Wilshire
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	123
Initial Cost
Land and Improvements	$ 5,459
Building / Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition / Construction	7,326
Total Cost
Land and Improvements	5,459
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	48,508
Total	53,967
Accumulated Depreciation	27,843
Total real estate, net	26,124	27,803
Encumbrances	$ 0
Current Communities | Avalon Encino
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	132
Initial Cost
Land and Improvements	$ 12,789
Building / Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition / Construction	3,804
Total Cost
Land and Improvements	12,789
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,877
Total	65,666
Accumulated Depreciation	26,824
Total real estate, net	38,842	39,700
Encumbrances	$ 0
Current Communities | Avalon Warner Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	210
Initial Cost
Land and Improvements	$ 7,920
Building / Construction in Progress & Improvements	44,837
Costs Subsequent to Acquisition / Construction	3,794
Total Cost
Land and Improvements	7,920
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	48,631
Total	56,551
Accumulated Depreciation	25,319
Total real estate, net	31,232	32,291
Encumbrances	$ 0
Current Communities | AVA Little Tokyo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280
Initial Cost
Land and Improvements	$ 14,734
Building / Construction in Progress & Improvements	93,977
Costs Subsequent to Acquisition / Construction	2,394
Total Cost
Land and Improvements	14,734
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	96,371
Total	111,105
Accumulated Depreciation	31,206
Total real estate, net	79,899	82,725
Encumbrances	$ 0
Current Communities | eaves Phillips Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503
Initial Cost
Land and Improvements	$ 9,796
Building / Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition / Construction	13,163
Total Cost
Land and Improvements	9,796
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	54,903
Total	64,699
Accumulated Depreciation	23,162
Total real estate, net	41,537	39,164
Encumbrances	$ 0
Current Communities | eaves San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102
Initial Cost
Land and Improvements	$ 1,916
Building / Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition / Construction	2,631
Total Cost
Land and Improvements	1,916
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	10,450
Total	12,366
Accumulated Depreciation	4,906
Total real estate, net	7,460	7,586
Encumbrances	$ 0
Current Communities | eaves San Dimas Canyon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 2,953
Building / Construction in Progress & Improvements	12,397
Costs Subsequent to Acquisition / Construction	2,286
Total Cost
Land and Improvements	2,953
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	14,683
Total	17,636
Accumulated Depreciation	6,719
Total real estate, net	10,917	11,072
Encumbrances	$ 0
Current Communities | AVA Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	84
Initial Cost
Land and Improvements	$ 8,400
Building / Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition / Construction	6,358
Total Cost
Land and Improvements	8,400
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	17,905
Total	26,305
Accumulated Depreciation	7,067
Total real estate, net	19,238	19,805
Encumbrances	$ 0
Current Communities | eaves Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151
Initial Cost
Land and Improvements	$ 8,305
Building / Construction in Progress & Improvements	21,195
Costs Subsequent to Acquisition / Construction	3,023
Total Cost
Land and Improvements	8,305
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	24,218
Total	32,523
Accumulated Depreciation	9,423
Total real estate, net	23,100	23,387
Encumbrances	$ 0
Current Communities | Avalon Playa Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	309
Initial Cost
Land and Improvements	$ 30,900
Building / Construction in Progress & Improvements	71,959
Costs Subsequent to Acquisition / Construction	9,549
Total Cost
Land and Improvements	30,900
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	81,508
Total	112,408
Accumulated Depreciation	34,723
Total real estate, net	77,685	80,665
Encumbrances	$ 0
Current Communities | Avalon San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 9,141
Building / Construction in Progress & Improvements	30,726
Costs Subsequent to Acquisition / Construction	552
Total Cost
Land and Improvements	9,141
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,278
Total	40,419
Accumulated Depreciation	10,414
Total real estate, net	30,005	30,885
Encumbrances	$ 0
Current Communities | Avalon Glendora
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	281
Initial Cost
Land and Improvements	$ 18,311
Building / Construction in Progress & Improvements	64,303
Costs Subsequent to Acquisition / Construction	1,052
Total Cost
Land and Improvements	18,311
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	65,355
Total	83,666
Accumulated Depreciation	19,211
Total real estate, net	64,455	66,283
Encumbrances	$ 0
Current Communities | Avalon West Hollywood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	294
Initial Cost
Land and Improvements	$ 35,214
Building / Construction in Progress & Improvements	119,105
Costs Subsequent to Acquisition / Construction	1,859
Total Cost
Land and Improvements	35,214
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	120,964
Total	156,178
Accumulated Depreciation	29,788
Total real estate, net	126,390	130,476
Encumbrances	$ 0
Current Communities | AVA Hollywood at La Pietra Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	695
Initial Cost
Land and Improvements	$ 99,309
Building / Construction in Progress & Improvements	272,596
Costs Subsequent to Acquisition / Construction	2,010
Total Cost
Land and Improvements	99,309
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	274,606
Total	373,915
Accumulated Depreciation	37,712
Total real estate, net	336,203	346,636
Encumbrances	$ 0
Current Communities | Avalon Monrovia
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	154
Initial Cost
Land and Improvements	$ 12,125
Building / Construction in Progress & Improvements	56,233
Costs Subsequent to Acquisition / Construction	195
Total Cost
Land and Improvements	12,125
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	56,428
Total	68,553
Accumulated Depreciation	5,649
Total real estate, net	62,904	65,150
Encumbrances	$ 0
Current Communities | Avalon Mission Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	160
Initial Cost
Land and Improvements	$ 9,600
Building / Construction in Progress & Improvements	37,566
Costs Subsequent to Acquisition / Construction	2,502
Total Cost
Land and Improvements	9,600
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	40,068
Total	49,668
Accumulated Depreciation	14,377
Total real estate, net	35,291	36,101
Encumbrances	$ 0
Current Communities | Avalon Chino Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	331
Initial Cost
Land and Improvements	$ 16,617
Building / Construction in Progress & Improvements	79,829
Costs Subsequent to Acquisition / Construction	1,099
Total Cost
Land and Improvements	16,617
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	80,928
Total	97,545
Accumulated Depreciation	19,785
Total real estate, net	77,760	80,473
Encumbrances	$ 0
Current Communities | AVA North Hollywood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 18,408
Building / Construction in Progress & Improvements	52,280
Costs Subsequent to Acquisition / Construction	2,320
Total Cost
Land and Improvements	18,408
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	54,600
Total	73,008
Accumulated Depreciation	16,375
Total real estate, net	56,633	58,572
Encumbrances	$ 0
Current Communities | Avalon Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	132
Initial Cost
Land and Improvements	$ 8,869
Building / Construction in Progress & Improvements	51,452
Costs Subsequent to Acquisition / Construction	1,030
Total Cost
Land and Improvements	8,869
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	52,482
Total	61,351
Accumulated Depreciation	10,562
Total real estate, net	50,789	52,867
Encumbrances	$ 30,250
Current Communities | Avalon Simi Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500
Initial Cost
Land and Improvements	$ 42,020
Building / Construction in Progress & Improvements	73,345
Costs Subsequent to Acquisition / Construction	13,151
Total Cost
Land and Improvements	42,020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	86,496
Total	128,516
Accumulated Depreciation	36,353
Total real estate, net	92,163	94,588
Encumbrances	$ 0
Current Communities | AVA Studio City II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	101
Initial Cost
Land and Improvements	$ 4,626
Building / Construction in Progress & Improvements	22,941
Costs Subsequent to Acquisition / Construction	8,188
Total Cost
Land and Improvements	4,626
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,129
Total	35,755
Accumulated Depreciation	12,385
Total real estate, net	23,370	24,296
Encumbrances	$ 0
Current Communities | Avalon Studio City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	276
Initial Cost
Land and Improvements	$ 15,756
Building / Construction in Progress & Improvements	78,166
Costs Subsequent to Acquisition / Construction	19,782
Total Cost
Land and Improvements	15,756
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	97,948
Total	113,704
Accumulated Depreciation	40,965
Total real estate, net	72,739	76,417
Encumbrances	$ 0
Current Communities | Avalon Calabasas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	600
Initial Cost
Land and Improvements	$ 42,720
Building / Construction in Progress & Improvements	107,368
Costs Subsequent to Acquisition / Construction	28,616
Total Cost
Land and Improvements	42,720
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	135,984
Total	178,704
Accumulated Depreciation	67,697
Total real estate, net	111,007	115,715
Encumbrances	$ 0
Current Communities | Avalon Oak Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336
Initial Cost
Land and Improvements	$ 43,540
Building / Construction in Progress & Improvements	79,827
Costs Subsequent to Acquisition / Construction	12,286
Total Cost
Land and Improvements	43,540
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	92,113
Total	135,653
Accumulated Depreciation	45,131
Total real estate, net	90,522	92,637
Encumbrances	$ 0
Current Communities | Avalon Santa Monica on Main
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	133
Initial Cost
Land and Improvements	$ 32,000
Building / Construction in Progress & Improvements	60,705
Costs Subsequent to Acquisition / Construction	16,377
Total Cost
Land and Improvements	32,000
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	77,082
Total	109,082
Accumulated Depreciation	30,005
Total real estate, net	79,077	81,034
Encumbrances	$ 0
Current Communities | eaves Old Town Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	96
Initial Cost
Land and Improvements	$ 9,110
Building / Construction in Progress & Improvements	15,371
Costs Subsequent to Acquisition / Construction	7,555
Total Cost
Land and Improvements	9,110
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	22,926
Total	32,036
Accumulated Depreciation	9,317
Total real estate, net	22,719	23,292
Encumbrances	$ 0
Current Communities | eaves Thousand Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	158
Initial Cost
Land and Improvements	$ 13,950
Building / Construction in Progress & Improvements	20,052
Costs Subsequent to Acquisition / Construction	7,148
Total Cost
Land and Improvements	13,950
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	27,200
Total	41,150
Accumulated Depreciation	14,258
Total real estate, net	26,892	27,613
Encumbrances	$ 0
Current Communities | eaves Los Feliz
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	263
Initial Cost
Land and Improvements	$ 18,940
Building / Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition / Construction	14,420
Total Cost
Land and Improvements	18,940
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	58,081
Total	77,021
Accumulated Depreciation	24,175
Total real estate, net	52,846	54,878
Encumbrances	$ 41,400
Current Communities | AVA Toluca Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,151
Initial Cost
Land and Improvements	$ 86,450
Building / Construction in Progress & Improvements	161,078
Costs Subsequent to Acquisition / Construction	95,036
Total Cost
Land and Improvements	86,450
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	256,114
Total	342,564
Accumulated Depreciation	94,367
Total real estate, net	248,197	253,476
Encumbrances	$ 0
Current Communities | eaves Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	888
Initial Cost
Land and Improvements	$ 68,940
Building / Construction in Progress & Improvements	90,507
Costs Subsequent to Acquisition / Construction	26,038
Total Cost
Land and Improvements	68,940
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	116,545
Total	185,485
Accumulated Depreciation	54,334
Total real estate, net	131,151	134,282
Encumbrances	$ 111,500
Current Communities | Avalon Thousand Oaks Plaza
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	148
Initial Cost
Land and Improvements	$ 12,810
Building / Construction in Progress & Improvements	22,515
Costs Subsequent to Acquisition / Construction	4,401
Total Cost
Land and Improvements	12,810
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	26,916
Total	39,726
Accumulated Depreciation	12,276
Total real estate, net	27,450	27,659
Encumbrances	$ 0
Current Communities | Avalon Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120
Initial Cost
Land and Improvements	$ 10,240
Building / Construction in Progress & Improvements	31,558
Costs Subsequent to Acquisition / Construction	7,000
Total Cost
Land and Improvements	10,240
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	38,558
Total	48,798
Accumulated Depreciation	15,345
Total real estate, net	33,453	34,559
Encumbrances	$ 0
Current Communities | AVA Studio City I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	450
Initial Cost
Land and Improvements	$ 17,658
Building / Construction in Progress & Improvements	90,562
Costs Subsequent to Acquisition / Construction	37,807
Total Cost
Land and Improvements	17,658
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	128,369
Total	146,027
Accumulated Depreciation	49,319
Total real estate, net	96,708	101,202
Encumbrances	$ 0
Current Communities | AVA Newport
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	145
Initial Cost
Land and Improvements	$ 1,975
Building / Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition / Construction	10,806
Total Cost
Land and Improvements	1,975
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	14,620
Total	16,595
Accumulated Depreciation	9,899
Total real estate, net	6,696	6,734
Encumbrances	$ 0
Current Communities | eaves Mission Viejo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166
Initial Cost
Land and Improvements	$ 2,517
Building / Construction in Progress & Improvements	9,245
Costs Subsequent to Acquisition / Construction	6,229
Total Cost
Land and Improvements	2,517
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	15,474
Total	17,991
Accumulated Depreciation	12,243
Total real estate, net	5,748	5,573
Encumbrances	$ 0
Current Communities | eaves South Coast
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	258
Initial Cost
Land and Improvements	$ 4,709
Building / Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition / Construction	15,495
Total Cost
Land and Improvements	4,709
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,558
Total	36,267
Accumulated Depreciation	23,224
Total real estate, net	13,043	13,049
Encumbrances	$ 0
Current Communities | eaves Santa Margarita
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	302
Initial Cost
Land and Improvements	$ 4,607
Building / Construction in Progress & Improvements	16,902
Costs Subsequent to Acquisition / Construction	14,958
Total Cost
Land and Improvements	4,607
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	31,860
Total	36,467
Accumulated Depreciation	22,841
Total real estate, net	13,626	13,657
Encumbrances	$ 0
Current Communities | eaves Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	304
Initial Cost
Land and Improvements	$ 4,871
Building / Construction in Progress & Improvements	19,731
Costs Subsequent to Acquisition / Construction	13,091
Total Cost
Land and Improvements	4,871
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	32,822
Total	37,693
Accumulated Depreciation	27,339
Total real estate, net	10,354	11,122
Encumbrances	$ 0
Current Communities | Avalon Irvine I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	279
Initial Cost
Land and Improvements	$ 9,911
Building / Construction in Progress & Improvements	67,520
Costs Subsequent to Acquisition / Construction	7,686
Total Cost
Land and Improvements	9,911
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	75,206
Total	85,117
Accumulated Depreciation	35,582
Total real estate, net	49,535	50,566
Encumbrances	$ 0
Current Communities | Avalon Irvine II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	179
Initial Cost
Land and Improvements	$ 4,358
Building / Construction in Progress & Improvements	40,905
Costs Subsequent to Acquisition / Construction	1,654
Total Cost
Land and Improvements	4,358
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	42,559
Total	46,917
Accumulated Depreciation	16,074
Total real estate, net	30,843	32,044
Encumbrances	$ 0
Current Communities | eaves Lake Forest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	225
Initial Cost
Land and Improvements	$ 5,199
Building / Construction in Progress & Improvements	21,117
Costs Subsequent to Acquisition / Construction	7,790
Total Cost
Land and Improvements	5,199
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	28,907
Total	34,106
Accumulated Depreciation	12,905
Total real estate, net	21,201	21,661
Encumbrances	$ 0
Current Communities | Avalon Baker Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	430
Initial Cost
Land and Improvements	$ 31,689
Building / Construction in Progress & Improvements	98,004
Costs Subsequent to Acquisition / Construction	987
Total Cost
Land and Improvements	31,689
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	98,991
Total	130,680
Accumulated Depreciation	30,569
Total real estate, net	100,111	103,234
Encumbrances	$ 0
Current Communities | Avalon Irvine III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156
Initial Cost
Land and Improvements	$ 11,607
Building / Construction in Progress & Improvements	43,973
Costs Subsequent to Acquisition / Construction	386
Total Cost
Land and Improvements	11,607
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	44,359
Total	55,966
Accumulated Depreciation	12,412
Total real estate, net	43,554	44,965
Encumbrances	$ 0
Current Communities | eaves Seal Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	549
Initial Cost
Land and Improvements	$ 46,790
Building / Construction in Progress & Improvements	99,999
Costs Subsequent to Acquisition / Construction	38,750
Total Cost
Land and Improvements	46,790
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	138,749
Total	185,539
Accumulated Depreciation	52,068
Total real estate, net	133,471	137,902
Encumbrances	$ 0
Current Communities | Avalon Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378
Initial Cost
Land and Improvements	$ 13,055
Building / Construction in Progress & Improvements	105,981
Costs Subsequent to Acquisition / Construction	1,248
Total Cost
Land and Improvements	13,055
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	107,229
Total	120,284
Accumulated Depreciation	28,127
Total real estate, net	92,157	95,733
Encumbrances	$ 0
Current Communities | AVA Pacific Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564
Initial Cost
Land and Improvements	$ 9,922
Building / Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition / Construction	44,172
Total Cost
Land and Improvements	9,922
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	84,752
Total	94,674
Accumulated Depreciation	58,896
Total real estate, net	35,778	38,380
Encumbrances	$ 0
Current Communities | eaves Mission Ridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 2,710
Building / Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition / Construction	15,906
Total Cost
Land and Improvements	2,710
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	26,830
Total	29,540
Accumulated Depreciation	20,756
Total real estate, net	8,784	8,229
Encumbrances	$ 0
Current Communities | eaves San Marcos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	184
Initial Cost
Land and Improvements	$ 3,277
Building / Construction in Progress & Improvements	13,385
Costs Subsequent to Acquisition / Construction	7,260
Total Cost
Land and Improvements	3,277
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	20,645
Total	23,922
Accumulated Depreciation	8,165
Total real estate, net	15,757	16,014
Encumbrances	$ 0
Current Communities | eaves Rancho Penasquitos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250
Initial Cost
Land and Improvements	$ 6,692
Building / Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition / Construction	12,493
Total Cost
Land and Improvements	6,692
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	39,636
Total	46,328
Accumulated Depreciation	17,133
Total real estate, net	29,195	29,449
Encumbrances	$ 0
Current Communities | Avalon Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 12,689
Building / Construction in Progress & Improvements	43,328
Costs Subsequent to Acquisition / Construction	977
Total Cost
Land and Improvements	12,689
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	44,305
Total	56,994
Accumulated Depreciation	13,955
Total real estate, net	43,039	44,449
Encumbrances	$ 0
Current Communities | eaves La Mesa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168
Initial Cost
Land and Improvements	$ 9,490
Building / Construction in Progress & Improvements	28,482
Costs Subsequent to Acquisition / Construction	4,849
Total Cost
Land and Improvements	9,490
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	33,331
Total	42,821
Accumulated Depreciation	16,369
Total real estate, net	26,452	27,526
Encumbrances	$ 0
Current Communities | Avalon La Jolla Colony
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 16,760
Building / Construction in Progress & Improvements	27,694
Costs Subsequent to Acquisition / Construction	12,707
Total Cost
Land and Improvements	16,760
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	40,401
Total	57,161
Accumulated Depreciation	17,641
Total real estate, net	39,520	40,944
Encumbrances	$ 0
Current Communities | Avalon South End
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265
Initial Cost
Land and Improvements	$ 13,723
Building / Construction in Progress & Improvements	87,978
Costs Subsequent to Acquisition / Construction	5,176
Total Cost
Land and Improvements	13,723
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	93,154
Total	106,877
Accumulated Depreciation	10,916
Total real estate, net	95,961	97,335
Encumbrances	$ 0
Current Communities | AVA South End
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164
Initial Cost
Land and Improvements	$ 9,367
Building / Construction in Progress & Improvements	44,623
Costs Subsequent to Acquisition / Construction	2,133
Total Cost
Land and Improvements	9,367
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	46,756
Total	56,123
Accumulated Depreciation	4,756
Total real estate, net	51,367	51,675
Encumbrances	$ 0
Current Communities | Avalon Hawk
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	71
Initial Cost
Land and Improvements	$ 2,564
Building / Construction in Progress & Improvements	44,056
Costs Subsequent to Acquisition / Construction	227
Total Cost
Land and Improvements	2,564
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	44,283
Total	46,847
Accumulated Depreciation	3,729
Total real estate, net	43,118	44,649
Encumbrances	$ 0
Current Communities | Avalon Lakeside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	425
Initial Cost
Land and Improvements	$ 15,073
Building / Construction in Progress & Improvements	98,057
Costs Subsequent to Acquisition / Construction	5,105
Total Cost
Land and Improvements	15,073
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	103,162
Total	118,235
Accumulated Depreciation	14,595
Total real estate, net	103,640	107,962
Encumbrances	$ 0
New England
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	9,577
Initial Cost
Land and Improvements	$ 385,438
Building / Construction in Progress & Improvements	2,094,751
Costs Subsequent to Acquisition / Construction	457,166
Total Cost
Land and Improvements	385,438
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	2,551,917
Total	2,937,355
Accumulated Depreciation	992,364
Total real estate, net	1,944,991	2,017,472
Encumbrances	$ 45,000
New York City, NY
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,788
Initial Cost
Land and Improvements	$ 528,710
Building / Construction in Progress & Improvements	1,278,683
Costs Subsequent to Acquisition / Construction	130,117
Total Cost
Land and Improvements	528,710
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,408,800
Total	1,937,510
Accumulated Depreciation	571,486
Total real estate, net	1,366,024	1,404,897
Encumbrances	$ 307,500
New York - Suburban
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,563
Initial Cost
Land and Improvements	$ 227,420
Building / Construction in Progress & Improvements	775,119
Costs Subsequent to Acquisition / Construction	76,156
Total Cost
Land and Improvements	227,420
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	851,275
Total	1,078,695
Accumulated Depreciation	329,292
Total real estate, net	749,403	786,614
Encumbrances	$ 0
New Jersey
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,415
Initial Cost
Land and Improvements	$ 230,933
Building / Construction in Progress & Improvements	1,040,549
Costs Subsequent to Acquisition / Construction	129,916
Total Cost
Land and Improvements	230,933
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,170,465
Total	1,401,398
Accumulated Depreciation	432,829
Total real estate, net	968,569	1,005,143
Encumbrances	$ 0
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,766
Initial Cost
Land and Improvements	$ 987,063
Building / Construction in Progress & Improvements	3,094,351
Costs Subsequent to Acquisition / Construction	336,189
Total Cost
Land and Improvements	987,063
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	3,430,540
Total	4,417,603
Accumulated Depreciation	1,333,607
Total real estate, net	3,083,996	3,196,654
Encumbrances	$ 307,500
Mid-Atlantic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	13,301
Initial Cost
Land and Improvements	$ 684,346
Building / Construction in Progress & Improvements	2,403,777
Costs Subsequent to Acquisition / Construction	351,531
Total Cost
Land and Improvements	684,346
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	2,755,308
Total	3,439,654
Accumulated Depreciation	1,109,411
Total real estate, net	2,330,243	2,391,838
Encumbrances	$ 32,200
Denver, CO
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,086
Initial Cost
Land and Improvements	$ 26,136
Building / Construction in Progress & Improvements	287,713
Costs Subsequent to Acquisition / Construction	8,570
Total Cost
Land and Improvements	26,136
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	296,283
Total	322,419
Accumulated Depreciation	74,496
Total real estate, net	247,923	259,706
Encumbrances	$ 0
Southeast Florida
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	2,187
Initial Cost
Land and Improvements	$ 118,275
Building / Construction in Progress & Improvements	653,391
Costs Subsequent to Acquisition / Construction	29,951
Total Cost
Land and Improvements	118,275
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	683,342
Total	801,617
Accumulated Depreciation	122,092
Total real estate, net	679,525	703,201
Encumbrances	$ 0
Pacific Northwest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,474
Initial Cost
Land and Improvements	$ 227,142
Building / Construction in Progress & Improvements	1,222,335
Costs Subsequent to Acquisition / Construction	96,561
Total Cost
Land and Improvements	227,142
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,318,896
Total	1,546,038
Accumulated Depreciation	458,511
Total real estate, net	1,087,527	1,126,470
Encumbrances	$ 0
San Jose, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,723
Initial Cost
Land and Improvements	$ 297,065
Building / Construction in Progress & Improvements	767,587
Costs Subsequent to Acquisition / Construction	193,787
Total Cost
Land and Improvements	297,065
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	961,374
Total	1,258,439
Accumulated Depreciation	581,883
Total real estate, net	676,556	706,371
Encumbrances	$ 0
Oakland - East Bay, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,338
Initial Cost
Land and Improvements	$ 167,992
Building / Construction in Progress & Improvements	1,000,901
Costs Subsequent to Acquisition / Construction	168,338
Total Cost
Land and Improvements	167,992
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,169,239
Total	1,337,231
Accumulated Depreciation	474,866
Total real estate, net	862,365	894,893
Encumbrances	$ 4,501
San Francisco, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,072
Initial Cost
Land and Improvements	$ 225,456
Building / Construction in Progress & Improvements	883,406
Costs Subsequent to Acquisition / Construction	85,433
Total Cost
Land and Improvements	225,456
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	968,839
Total	1,194,295
Accumulated Depreciation	437,500
Total real estate, net	756,795	785,581
Encumbrances	$ 108,650
Northern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,133
Initial Cost
Land and Improvements	$ 690,513
Building / Construction in Progress & Improvements	2,651,894
Costs Subsequent to Acquisition / Construction	447,558
Total Cost
Land and Improvements	690,513
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	3,099,452
Total	3,789,965
Accumulated Depreciation	1,494,249
Total real estate, net	2,295,716	2,386,845
Encumbrances	$ 113,151
Los Angeles, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	12,143
Initial Cost
Land and Improvements	$ 825,381
Building / Construction in Progress & Improvements	2,278,540
Costs Subsequent to Acquisition / Construction	557,262
Total Cost
Land and Improvements	825,381
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	2,835,802
Total	3,661,183
Accumulated Depreciation	1,128,846
Total real estate, net	2,532,337	2,606,696
Encumbrances	$ 183,150
Orange County, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,371
Initial Cost
Land and Improvements	$ 141,288
Building / Construction in Progress & Improvements	543,254
Costs Subsequent to Acquisition / Construction	119,080
Total Cost
Land and Improvements	141,288
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	662,334
Total	803,622
Accumulated Depreciation	283,283
Total real estate, net	520,339	536,240
Encumbrances	$ 0
San Diego, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,767
Initial Cost
Land and Improvements	$ 61,540
Building / Construction in Progress & Improvements	191,536
Costs Subsequent to Acquisition / Construction	98,364
Total Cost
Land and Improvements	61,540
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	289,900
Total	351,440
Accumulated Depreciation	152,915
Total real estate, net	198,525	204,991
Encumbrances	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	17,281
Initial Cost
Land and Improvements	$ 1,028,209
Building / Construction in Progress & Improvements	3,013,330
Costs Subsequent to Acquisition / Construction	774,706
Total Cost
Land and Improvements	1,028,209
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	3,788,036
Total	4,816,245
Accumulated Depreciation	1,565,044
Total real estate, net	3,251,201	3,347,927
Encumbrances	$ 183,150
North Carolina
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500
Initial Cost
Land and Improvements	$ 25,654
Building / Construction in Progress & Improvements	176,657
Costs Subsequent to Acquisition / Construction	7,536
Total Cost
Land and Improvements	25,654
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	184,193
Total	209,847
Accumulated Depreciation	19,401
Total real estate, net	190,446	193,659
Encumbrances	$ 0
Texas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	425
Initial Cost
Land and Improvements	$ 15,073
Building / Construction in Progress & Improvements	98,057
Costs Subsequent to Acquisition / Construction	5,105
Total Cost
Land and Improvements	15,073
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	103,162
Total	118,235
Accumulated Depreciation	14,595
Total real estate, net	103,640	107,962
Encumbrances	$ 0
Expansion Regions
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	925
Initial Cost
Land and Improvements	$ 40,727
Building / Construction in Progress & Improvements	274,714
Costs Subsequent to Acquisition / Construction	12,641
Total Cost
Land and Improvements	40,727
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	287,355
Total	328,082
Accumulated Depreciation	33,996
Total real estate, net	294,086	301,621
Encumbrances	$ 0
Same Store
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	74,730
Initial Cost
Land and Improvements	$ 4,187,849
Building / Construction in Progress & Improvements	15,696,256
Costs Subsequent to Acquisition / Construction	2,514,873
Total Cost
Land and Improvements	4,187,849
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	18,211,129
Total	22,398,978
Accumulated Depreciation	7,183,770
Total real estate, net	15,215,208	15,731,734
Encumbrances	$ 681,001
Other Stabilized Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,588
Initial Cost
Land and Improvements	$ 394,135
Building / Construction in Progress & Improvements	1,596,934
Costs Subsequent to Acquisition / Construction	131,828
Total Cost
Land and Improvements	394,135
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,728,762
Total	2,122,897
Accumulated Depreciation	267,657
Total real estate, net	1,855,240	1,633,237
Encumbrances	$ 63,041
Other Stabilized Communities | Avalon Brea Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	653
Initial Cost
Land and Improvements	$ 72,925
Building / Construction in Progress & Improvements	220,062
Costs Subsequent to Acquisition / Construction	36
Total Cost
Land and Improvements	72,925
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	220,098
Total	293,023
Accumulated Depreciation	17,267
Total real estate, net	275,756	282,419
Encumbrances	$ 0
Other Stabilized Communities | AVA RiNo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	246
Initial Cost
Land and Improvements	$ 15,152
Building / Construction in Progress & Improvements	71,666
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	15,152
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,666
Total	86,818
Accumulated Depreciation	5,460
Total real estate, net	81,358	84,033
Encumbrances	$ 0
Other Stabilized Communities | Avalon Flatirons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	207
Initial Cost
Land and Improvements	$ 7,390
Building / Construction in Progress & Improvements	87,130
Costs Subsequent to Acquisition / Construction	1,399
Total Cost
Land and Improvements	7,390
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	88,529
Total	95,919
Accumulated Depreciation	8,030
Total real estate, net	87,889	91,038
Encumbrances	$ 0
Other Stabilized Communities | Avalon Miramar Park Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	650
Initial Cost
Land and Improvements	$ 50,919
Building / Construction in Progress & Improvements	230,931
Costs Subsequent to Acquisition / Construction	15,110
Total Cost
Land and Improvements	50,919
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	246,041
Total	296,960
Accumulated Depreciation	29,089
Total real estate, net	267,871	277,761
Encumbrances	$ 0
Other Stabilized Communities | Avalon Woburn
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350
Initial Cost
Land and Improvements	$ 21,576
Building / Construction in Progress & Improvements	97,844
Costs Subsequent to Acquisition / Construction	787
Total Cost
Land and Improvements	21,576
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	98,631
Total	120,207
Accumulated Depreciation	8,238
Total real estate, net	111,969	115,430
Encumbrances	$ 0
Other Stabilized Communities | Avalon 555 President
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400
Initial Cost
Land and Improvements	$ 13,168
Building / Construction in Progress & Improvements	121,333
Costs Subsequent to Acquisition / Construction	45
Total Cost
Land and Improvements	13,168
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	121,378
Total	134,546
Accumulated Depreciation	15,749
Total real estate, net	118,797	125,018
Encumbrances	$ 0
Other Stabilized Communities | Avalon Foundry Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	437
Initial Cost
Land and Improvements	$ 11,132
Building / Construction in Progress & Improvements	86,261
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	11,132
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	86,261
Total	97,393
Accumulated Depreciation	8,529
Total real estate, net	88,864	91,611
Encumbrances	$ 0
Other Stabilized Communities | Avalon Highland Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	260
Initial Cost
Land and Improvements	$ 4,586
Building / Construction in Progress & Improvements	71,200
Costs Subsequent to Acquisition / Construction	1,822
Total Cost
Land and Improvements	4,586
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,022
Total	77,608
Accumulated Depreciation	5,715
Total real estate, net	71,893	75,672
Encumbrances	$ 0
Other Stabilized Communities | Avalon Mooresville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203
Initial Cost
Land and Improvements	$ 3,770
Building / Construction in Progress & Improvements	47,565
Costs Subsequent to Acquisition / Construction	958
Total Cost
Land and Improvements	3,770
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	48,523
Total	52,293
Accumulated Depreciation	856
Total real estate, net	51,437	0
Encumbrances	$ 0
Other Stabilized Communities | Avalon Addison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	196
Initial Cost
Land and Improvements	$ 11,174
Building / Construction in Progress & Improvements	57,809
Costs Subsequent to Acquisition / Construction	1,237
Total Cost
Land and Improvements	11,174
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	59,046
Total	70,220
Accumulated Depreciation	4,958
Total real estate, net	65,262	67,180
Encumbrances	$ 0
Other Stabilized Communities | Avalon Frisco at Main
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360
Initial Cost
Land and Improvements	$ 11,919
Building / Construction in Progress & Improvements	68,210
Costs Subsequent to Acquisition / Construction	3,301
Total Cost
Land and Improvements	11,919
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	71,511
Total	83,430
Accumulated Depreciation	3,066
Total real estate, net	80,364	0
Encumbrances	$ 0
Other Stabilized Communities | Avalon West Plano
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	568
Initial Cost
Land and Improvements	$ 14,100
Building / Construction in Progress & Improvements	115,399
Costs Subsequent to Acquisition / Construction	7,880
Total Cost
Land and Improvements	14,100
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	123,279
Total	137,379
Accumulated Depreciation	4,503
Total real estate, net	132,876	0
Encumbrances	$ 63,041
Other Stabilized Communities | AVA Ballston
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344
Initial Cost
Land and Improvements	$ 7,291
Building / Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition / Construction	28,545
Total Cost
Land and Improvements	7,291
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	57,722
Total	65,013
Accumulated Depreciation	39,188
Total real estate, net	25,825	27,056
Encumbrances	$ 0
Other Stabilized Communities | AVA Ballston Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	714
Initial Cost
Land and Improvements	$ 71,640
Building / Construction in Progress & Improvements	215,937
Costs Subsequent to Acquisition / Construction	60,475
Total Cost
Land and Improvements	71,640
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	276,412
Total	348,052
Accumulated Depreciation	104,173
Total real estate, net	243,879	243,726
Encumbrances	0
Other Stabilized Communities | The Park Loggia
Initial Cost
Land and Improvements	77,393
Building / Construction in Progress & Improvements	76,410
Costs Subsequent to Acquisition / Construction	10,233
Total Cost
Land and Improvements	77,393
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	86,643
Total	164,036
Accumulated Depreciation	12,836
Total real estate, net	151,200	152,293
Encumbrances	$ 0
Development Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	7,629
Initial Cost
Land and Improvements	$ 128,975
Building / Construction in Progress & Improvements	714,544
Costs Subsequent to Acquisition / Construction	1,213,990
Total Cost
Land and Improvements	128,975
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	1,928,534
Total	2,057,509
Accumulated Depreciation	20,714
Total real estate, net	2,036,795	1,230,659
Encumbrances	$ 0
Development Communities | Avalon West Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	499
Initial Cost
Land and Improvements	$ 9,003
Building / Construction in Progress & Improvements	53,197
Costs Subsequent to Acquisition / Construction	177,920
Total Cost
Land and Improvements	9,003
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	231,117
Total	240,120
Accumulated Depreciation	280
Total real estate, net	239,840	157,784
Encumbrances	$ 0
Development Communities | Avalon Westminster Promenade
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	91,833
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	91,833
Total	91,833
Accumulated Depreciation	0
Total real estate, net	91,833	48,830
Encumbrances	$ 0
Development Communities | Avalon Governor's Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	304
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	106,898
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	106,898
Total	106,898
Accumulated Depreciation	0
Total real estate, net	106,898	44,987
Encumbrances	$ 0
Development Communities | Avalon Merrick Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	254
Initial Cost
Land and Improvements	$ 18,029
Building / Construction in Progress & Improvements	77,160
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	18,029
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	77,160
Total	95,189
Accumulated Depreciation	1,738
Total real estate, net	93,451	85,052
Encumbrances	$ 0
Development Communities | Avalon South Miami
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	43,909
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	43,909
Total	43,909
Accumulated Depreciation	0
Total real estate, net	43,909	0
Encumbrances	$ 0
Development Communities | Avalon North Andover
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 13,612
Building / Construction in Progress & Improvements	61,895
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	13,612
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	61,895
Total	75,507
Accumulated Depreciation	2,190
Total real estate, net	73,317	59,448
Encumbrances	$ 0
Development Communities | Avalon Brighton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180
Initial Cost
Land and Improvements	$ 11,157
Building / Construction in Progress & Improvements	76,931
Costs Subsequent to Acquisition / Construction	315
Total Cost
Land and Improvements	11,157
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	77,246
Total	88,403
Accumulated Depreciation	2,048
Total real estate, net	86,355	76,197
Encumbrances	$ 0
Development Communities | Kanso Milford
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	162
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	38,557
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	38,557
Total	38,557
Accumulated Depreciation	0
Total real estate, net	38,557	15,540
Encumbrances	$ 0
Development Communities | Avalon Annapolis
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	508
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	115,599
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	115,599
Total	115,599
Accumulated Depreciation	0
Total real estate, net	115,599	66,119
Encumbrances	$ 0
Development Communities | Avalon Hunt Valley West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	322
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	29,616
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	29,616
Total	29,616
Accumulated Depreciation	0
Total real estate, net	29,616	0
Encumbrances	$ 0
Development Communities | Avalon Durham
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	80,784
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	80,784
Total	80,784
Accumulated Depreciation	0
Total real estate, net	80,784	33,214
Encumbrances	$ 0
Development Communities | Avalon Lake Norman
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	345
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	20,233
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	20,233
Total	20,233
Accumulated Depreciation	0
Total real estate, net	20,233	0
Encumbrances	$ 0
Development Communities | Avalon Montville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	349
Initial Cost
Land and Improvements	$ 1,915
Building / Construction in Progress & Improvements	26,884
Costs Subsequent to Acquisition / Construction	82,146
Total Cost
Land and Improvements	1,915
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	109,030
Total	110,945
Accumulated Depreciation	87
Total real estate, net	110,858	49,944
Encumbrances	$ 0
Development Communities | Avalon Somerville Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	374
Initial Cost
Land and Improvements	$ 16,663
Building / Construction in Progress & Improvements	97,348
Costs Subsequent to Acquisition / Construction	321
Total Cost
Land and Improvements	16,663
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	97,669
Total	114,332
Accumulated Depreciation	4,455
Total real estate, net	109,877	98,470
Encumbrances	$ 0
Development Communities | Avalon West Windsor
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	535
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	50,414
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	50,414
Total	50,414
Accumulated Depreciation	0
Total real estate, net	50,414	30,097
Encumbrances	$ 0
Development Communities | Avalon Princeton Shopping Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	25,615
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	25,615
Total	25,615
Accumulated Depreciation	0
Total real estate, net	25,615	0
Encumbrances	$ 0
Development Communities | Avalon Wayne
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	473
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	23,811
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	23,811
Total	23,811
Accumulated Depreciation	0
Total real estate, net	23,811	0
Encumbrances	$ 0
Development Communities | Avalon Parsippany
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	410
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	17,012
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	17,012
Total	17,012
Accumulated Depreciation	0
Total real estate, net	17,012	0
Encumbrances	$ 0
Development Communities | Avalon Princeton Circle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221
Initial Cost
Land and Improvements	$ 11,705
Building / Construction in Progress & Improvements	73,366
Costs Subsequent to Acquisition / Construction	55
Total Cost
Land and Improvements	11,705
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	73,421
Total	85,126
Accumulated Depreciation	644
Total real estate, net	84,482	42,622
Encumbrances	$ 0
Development Communities | Avalon Harrison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	143
Initial Cost
Land and Improvements	$ 14,374
Building / Construction in Progress & Improvements	75,589
Costs Subsequent to Acquisition / Construction	198
Total Cost
Land and Improvements	14,374
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	75,787
Total	90,161
Accumulated Depreciation	4,529
Total real estate, net	85,632	80,864
Encumbrances	$ 0
Development Communities | Avalon Harbor Isle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	172
Initial Cost
Land and Improvements	$ 16,486
Building / Construction in Progress & Improvements	75,196
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	16,486
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	75,196
Total	91,682
Accumulated Depreciation	3,868
Total real estate, net	87,814	89,662
Encumbrances	$ 0
Development Communities | Avalon Amityville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338
Initial Cost
Land and Improvements	$ 10,035
Building / Construction in Progress & Improvements	50,071
Costs Subsequent to Acquisition / Construction	62,910
Total Cost
Land and Improvements	10,035
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	112,981
Total	123,016
Accumulated Depreciation	441
Total real estate, net	122,575	81,899
Encumbrances	$ 0
Development Communities | Avalon Bothell Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	467
Initial Cost
Land and Improvements	$ 5,996
Building / Construction in Progress & Improvements	46,907
Costs Subsequent to Acquisition / Construction	164,309
Total Cost
Land and Improvements	5,996
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	211,216
Total	217,212
Accumulated Depreciation	430
Total real estate, net	216,782	126,331
Encumbrances	$ 0
Development Communities | Avalon Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	214
Initial Cost
Land and Improvements	$ 0
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	81,535
Total Cost
Land and Improvements	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	81,535
Total	81,535
Accumulated Depreciation	4
Total real estate, net	81,531	43,599
Encumbrances	0
Land Held for Development
Initial Cost
Land and Improvements	199,062
Building / Construction in Progress & Improvements	0
Costs Subsequent to Acquisition / Construction	0
Total Cost
Land and Improvements	199,062
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	0
Total	199,062
Accumulated Depreciation	0
Total real estate, net	199,062	179,204
Encumbrances	0
Corporate Overhead
Initial Cost
Land and Improvements	9,372
Building / Construction in Progress & Improvements	11,414
Costs Subsequent to Acquisition / Construction	131,230
Total Cost
Land and Improvements	9,372
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount	142,644
Total	152,016
Accumulated Depreciation	85,473
Total real estate, net	66,543	60,902
Encumbrances	$ 7,300,000
Wholly owned properties
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	87,947
2023 Disposals
Total Cost
Total real estate, net		$ 157,071
Unsecured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 43,848
Secured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 18,372

REAL ESTATE AND ACCUMULATED D_3

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate cost of total real estate for federal income tax purposes	$ 25,437,272
Changes in total real estate assets
Balance, beginning of period	25,871,363	$ 24,927,305	$ 23,962,222
Acquisitions, construction costs and improvements	1,338,187	1,599,311	1,588,314
Dispositions, including casualty losses, and other activity	(279,088)	(655,253)	(623,231)
Balance, end of period	26,930,462	25,871,363	24,927,305
Changes in accumulated depreciation
Balance, beginning of period	6,878,556	6,217,721	5,728,440
Depreciation	816,965	814,978	758,596
Dispositions, including casualty losses	(137,907)	(154,143)	(269,315)
Balance, end of period	$ 7,557,614	$ 6,878,556	$ 6,217,721