AvalonBay Communities (AVB) 10-K 3 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Jan. 31, 2014	Jun. 28, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'AVALONBAY COMMUNITIES INC	'	'
Entity Central Index Key	'0000915912	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$17,455,382,529
Entity Common Stock, Shares Outstanding	'	129,417,333	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
Real estate:	'	'
Land	$3,315,521,000	$1,406,706,000
Buildings and improvements	11,230,813,000	6,847,227,000
Furniture, fixtures and equipment	343,802,000	249,023,000
Total Capitalized Cost	14,890,136,000	8,502,956,000
Less accumulated depreciation	-2,503,902,000	-1,945,281,000
Net operating real estate	12,386,234,000	6,557,675,000
Construction in progress, including land	1,583,120,000	802,779,000
Land held for development	300,364,000	316,037,000
Operating real estate assets held for sale, net	14,491,000	338,629,000
Total real estate, net	14,284,209,000	8,015,120,000
Cash and cash equivalents	281,541,000	2,733,618,000
Cash in escrow	98,481,000	49,950,000
Resident security deposits	26,672,000	24,748,000
Investments in unconsolidated real estate entities	367,866,000	129,352,000
Deferred financing costs, net	40,677,000	38,700,000
Deferred development costs	31,592,000	24,665,000
Prepaid expenses and other assets	197,105,000	143,925,000
Total assets	15,328,143,000	11,160,078,000
LIABILITIES AND EQUITY	'	'
Unsecured notes, net	2,594,709,000	1,945,798,000
Mortgage notes payable	3,550,682,000	1,905,235,000
Dividends payable	138,476,000	110,966,000
Payables for construction	94,472,000	52,903,000
Accrued expenses and other liabilities	243,045,000	216,756,000
Accrued interest payable	43,353,000	33,056,000
Resident security deposits	45,485,000	37,049,000
Liabilities related to real estate assets held for sale	874,000	10,495,000
Total liabilities	6,711,096,000	4,312,258,000
Redeemable noncontrolling interests	17,320,000	7,027,000
Equity:	'	'
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at both December 31, 2013 and December 31, 2012; zero shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	'	'
Common stock, $0.01 par value; 280,000,000 and 140,000,000 shares authorized at December 31, 2013 and December 31, 2012, respectively; 129,416,695 and 114,403,472 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively	1,294,000	1,144,000
Additional paid-in capital	8,988,723,000	7,086,407,000
Accumulated earnings less dividends	-345,254,000	-142,329,000
Accumulated other comprehensive loss	-48,631,000	-108,007,000
Total stockholders' equity	8,596,132,000	6,837,215,000
Noncontrolling interest	3,595,000	3,578,000
Total equity	8,599,727,000	6,840,793,000
Total liabilities and equity	$15,328,143,000	$11,160,078,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, liquidation preference (in dollars per share)	$25	$25
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	280,000,000	140,000,000
Common stock, shares issued	129,416,695	114,403,472
Common stock, shares outstanding	129,416,695	114,403,472

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue:	'	'	'
Rental and other income	$1,451,419	$990,370	$890,431
Management, development and other fees	11,502	10,257	9,656
Total revenue	1,462,921	1,000,627	900,087
Expenses:	'	'	'
Operating expenses, excluding property taxes	352,245	259,350	246,872
Property taxes	158,774	97,555	88,964
Interest expense, net	172,402	136,920	167,814
Loss on interest rate contract	51,000	'	'
Loss on extinguishment of debt, net	14,921	1,179	1,940
Depreciation expense	560,215	243,680	226,728
General and administrative expense	39,573	34,101	29,371
Expensed acquisition, development and other pursuit costs	45,050	11,350	2,967
Casualty and impairment loss	'	1,449	14,052
Total expenses	1,394,180	785,584	778,708
Equity in (loss) income of unconsolidated entities	-11,154	20,914	5,120
Gain on sale of land	240	280	13,716
Gain on acquisition of unconsolidated entity	'	14,194	'
Income from continuing operations	57,827	250,431	140,215
Discontinued operations:	'	'	'
Income from discontinued operations	16,713	26,820	20,065
Gain on sale of real estate assets	278,231	146,311	281,090
Total discontinued operations	294,944	173,131	301,155
Net income	352,771	423,562	441,370
Net loss attributable to noncontrolling interests	370	307	252
Net income attributable to common stockholders	353,141	423,869	441,622
Other comprehensive income:	'	'	'
Unrealized loss on cash flow hedges	'	-22,876	-85,845
Cash flow hedge losses reclassified to earnings	59,376	1,889	'
Comprehensive income	$412,517	$402,882	$355,777
Earnings per common share - basic:	'	'	'
Income from continuing operations attributable to common stockholders (in dollars per share)	$0.46	$2.57	$1.55
Discontinued operations attributable to common stockholders (in dollars per share)	$2.32	$1.77	$3.34
Net income attributable to common stockholders (in dollars per share)	$2.78	$4.34	$4.89
Earnings per common share - diluted:	'	'	'
Income from continuing operations attributable to common stockholders (in dollars per share)	$0.46	$2.55	$1.55
Discontinued operations attributable to common stockholders (in dollars per share)	$2.32	$1.77	$3.32
Net income attributable to common stockholders (in dollars per share)	$2.78	$4.32	$4.87

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Total AvalonBay stockholders' equity	Common stock	Additional paid-in capital	Accumulated earnings less dividends	Accumulated other comprehensive loss	Noncontrolling interests
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2010	$3,315,591	$3,310,618	$859	$3,593,677	($282,743)	($1,175)	$4,973
Balance (in shares) at Dec. 31, 2010	'	'	85,899,080	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net income attributable to common stockholders	440,450	441,622	'	'	441,622	'	-1,172
Unrealized loss on cash flow hedges	-85,845	-85,845	'	'	'	-85,845	'
Change in redemption value of redeemable noncontrolling interest	-2,607	-2,607	'	'	-2,607	'	'
Noncontrolling interest consolidation and income allocation	3,350	'	'	'	'	'	3,350
Dividends declared to common stockholders	-326,813	-326,813	'	'	-326,813	'	'
Issuance of common stock, net of withholdings	1,035,302	1,035,302	93	1,036,316	-1,107	'	'
Issuance of common stock, net of withholdings (in shares)	'	'	9,276,597	'	'	'	'
Amortization of deferred compensation	22,464	22,464	'	22,464	'	'	'
Balance at Dec. 31, 2011	4,401,892	4,394,741	952	4,652,457	-171,648	-87,020	7,151
Balance (in shares) at Dec. 31, 2011	'	'	95,175,677	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net income attributable to common stockholders	423,869	423,869	'	'	423,869	'	'
Unrealized loss on cash flow hedges	-22,876	-22,876	'	'	'	-22,876	'
Cash flow hedge losses reclassified to earnings	1,889	1,889	'	'	'	1,889	'
Change in redemption value of redeemable noncontrolling interest	-375	-375	'	'	-375	'	'
Noncontrolling interest consolidation and income allocation	-3,573	'	'	'	'	'	-3,573
Dividends declared to common stockholders	-391,906	-391,906	'	'	-391,906	'	'
Issuance of common stock, net of withholdings	2,414,775	2,414,775	192	2,416,852	-2,269	'	'
Issuance of common stock, net of withholdings (in shares)	'	'	19,227,795	'	'	'	'
Amortization of deferred compensation	17,098	17,098	'	17,098	'	'	'
Balance at Dec. 31, 2012	6,840,793	6,837,215	1,144	7,086,407	-142,329	-108,007	3,578
Balance (in shares) at Dec. 31, 2012	'	'	114,403,472	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net income attributable to common stockholders	353,141	353,141	'	'	353,141	'	'
Cash flow hedge losses reclassified to earnings	59,376	59,376	'	'	'	59,376	'
Change in redemption value of redeemable noncontrolling interest	-1,246	-1,246	'	'	-1,246	'	'
Noncontrolling interest consolidation and income allocation	1,532	1,515	'	1,515	'	'	17
Dividends declared to common stockholders	-553,829	-553,829	'	'	-553,829	'	'
Issuance of common stock, net of withholdings	1,872,951	1,872,951	150	1,873,792	-991	'	'
Issuance of common stock, net of withholdings (in shares)	'	'	15,013,223	'	'	'	'
Amortization of deferred compensation	27,009	27,009	'	27,009	'	'	'
Balance at Dec. 31, 2013	$8,599,727	$8,596,132	$1,294	$8,988,723	($345,254)	($48,631)	$3,595
Balance (in shares) at Dec. 31, 2013	'	'	129,416,695	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income	$352,771	$423,562	$441,370
Adjustments to reconcile net income to cash provided by operating activities:	'	'	'
Depreciation expense	560,215	243,680	226,728
Depreciation expense from discontinued operations	13,500	16,414	23,541
Amortization of deferred financing costs and debt (premium) discount	-22,947	6,427	5,834
Amortization of stock-based compensation	15,160	8,707	7,244
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations	33,125	-12,103	2,246
Cash flow hedge losses reclassified to earnings	59,376	1,889	'
Casualty loss and impairment of real estate assets	'	1,449	14,052
Loss on extinguishment of debt, net	14,921	1,781	5,820
Gain on sale of real estate assets	-278,471	-146,591	-294,806
Gain on acquisition of unconsolidated entity	'	-14,194	'
(Increase) decrease in cash in operating escrows	-28,960	6,543	-7,702
(Increase) decrease in resident security deposits, prepaid expenses and other assets	-5,186	7,992	-4,018
Decrease (increase) in accrued expenses, other liabilities and accrued interest payable	10,997	-4,737	9,045
Net cash provided by operating activities	724,501	540,819	429,354
Cash flows from investing activities:	'	'	'
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	-1,285,715	-755,363	-640,778
Acquisition of real estate assets, including partnership interest	-839,469	-155,755	-46,275
Capital expenditures - existing real estate assets	-24,415	-23,452	-41,851
Capital expenditures - non-real estate assets	-2,200	-3,076	-8,281
Proceeds from exchange/sale of real estate, net of selling costs	919,682	274,018	310,228
Increase in payables for construction	34,779	16,832	2,342
Decrease in cash in construction escrows	'	16,824	14,109
Acquisition of mortgage note	'	'	-1,701
Decrease (increase) in investments in unconsolidated real estate entities	16,164	6,586	-30,934
Net cash used in investing activities	-1,181,174	-623,386	-443,141
Cash flows from financing activities:	'	'	'
Issuance of common stock	4,703	2,430,190	1,049,835
Dividends paid	-526,050	-365,572	-318,231
Issuance of mortgage notes payable	84,928	'	'
Repayments of mortgage notes payable, including prepayment penalties	-2,110,347	-110,013	-200,166
Issuance of unsecured notes	750,000	700,000	'
Settlement of interest rate contract	-51,000	-54,930	'
Repayment of unsecured notes	-100,000	-381,001	-189,900
Payment of deferred financing costs and issuance discounts	-10,100	-15,664	-5,996
Redemption of units for cash by minority partners	-1,965	'	-25
Acquisition of joint venture partner equity interest	'	-3,350	-9,070
Distributions to DownREIT partnership unitholders	-32	-29	-20
Distributions to joint venture and profit-sharing partners	-317	-299	-194
Redemption of preferred interest obligation	-35,224	'	'
Net cash (used in) provided by financing activities	-1,995,404	2,199,332	326,233
Net (decrease) increase in cash and cash equivalents	-2,452,077	2,116,765	312,446
Cash and cash equivalents, beginning of year	2,733,618	616,853	304,407
Cash and cash equivalents, end of year	281,541	2,733,618	616,853
Cash paid during the year for interest, net of amount capitalized	$179,325	$119,268	$156,898

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011
				Archstone Enterprise LP	4.61% Fixed Rate Mortgage Loan	4.75% Fixed Rate Mortgage Loan	5.24% Fixed Rate Mortgage Loan	5.86% Fixed Rate Mortgage Loan	Development Community	Development Right
Supplemental disclosures of non-cash investing and financing activities	'	'	'	'	'	'	'	'	'	'
Mortgage notes assumed	'	'	'	'	$11,958,000	$44,044,000	$55,400,000	'	'	'
Stated interest rate (as a percent)	'	'	'	'	4.61%	4.75%	5.24%	5.86%	'	'
Obligation related to outstanding preferred interests	'	'	'	67,500,000	'	'	'	'	'	'
Increase in redeemable noncontrolling interests associated with business acquisition	'	'	'	13,262,000	'	'	'	'	'	'
Value of shares of common stock issued as partial consideration for acquisition	'	'	'	1,875,210,000	'	'	'	'	'	'
Capital lease obligation recorded in accrued expenses and other liabilities	'	'	'	'	'	'	'	'	14,500,000	17,285,000
Mortgage loans relinquished	'	'	'	'	'	'	'	55,800,000	'	'
Assumed principal amount of indebtedness	'	'	'	3,512,202,000	'	'	'	'	'	'
Number of shares of common stock issued as partial consideration for acquisition	'	'	'	14,889,706	'	'	'	'	'	'
Stock issued in connection with stock grants (in shares)	123,977	96,592	511,817	'	'	'	'	'	'	'
Stock issued in connection with stock grants, value	16,019,000	12,883,000	64,747,000	'	'	'	'	'	'	'
Common stock issued through the dividend reinvestment plan (in shares)	2,002	2,331	3,343	'	'	'	'	'	'	'
Common stock issued through the dividend reinvestment plan	269,000	321,000	403,000	'	'	'	'	'	'	'
Number of shares withheld to satisfy employees' tax withholding and other liabilities	48,310	121,351	129,762	'	'	'	'	'	'	'
Shares withheld to satisfy employees' tax withholding and other liabilities, value	6,127,000	15,543,000	14,891,000	'	'	'	'	'	'	'
Number of shares forfeited	7,653	7,558	505	'	'	'	'	'	'	'
Shares cancelled upon forfeiture	1,105,000	393,000	35,000	'	'	'	'	'	'	'
Number of options granted for common stock	215,230	115,303	144,827	'	'	'	'	'	'	'
Options granted for common stock, value	5,768,000	3,357,000	4,258,000	'	'	'	'	'	'	'
Common stock dividends declared but not paid	138,476,000	110,966,000	84,953,000	'	'	'	'	'	'	'
Decrease in other comprehensive income due to a change in other liabilities	'	22,876,000	85,845,000	'	'	'	'	'	'	'
Deferred cash flow hedge losses reclassified to interest expense, net	5,892,000	1,889,000	'	'	'	'	'	'	'	'
Deferred cash flow hedge losses reclassified to loss on interest rate contract	53,484,000	'	'	'	'	'	'	'	'	'
Increase (decrease) in prepaid expenses and other assets due to hedge accounting	'	-11,000	-1,498,000	'	'	'	'	'	'	'
Increase (decrease) in redeemable noncontrolling interests	1,246,000	375,000	2,607,000	'	'	'	'	'	'	'
Redemption/Conversion of DownREIT (in units)	'	'	7,500	'	'	'	'	'	'	'
Redemption/Conversion of DownREIT	'	'	365,000	'	'	'	'	'	'	'
Shares issued, net value	'	'	50,224,000	'	'	'	'	'	'	'
Repayments of variable-rate, tax-exempt bond financing	'	'	93,440,000	'	'	'	'	'	'	'
Noncontrolling interest recognized in conjunction with the consolidation of a development joint venture/Fund I subsidiary	'	'	$3,350,000	'	'	'	'	'	'	'

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2013
Organization and Basis of Presentation	'
Organization and Basis of Presentation	'
	1. Organization and Basis of Presentation
	Organization
	AvalonBay Communities, Inc. (the "Company," which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its consolidated subsidiaries), is a Maryland corporation that has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986 (the "Code"). The Company focuses on the development, acquisition, ownership and operation of apartment communities primarily in high barrier to entry markets of the United States. The Company's primary markets are located in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest and the Northern and Southern California regions of the United States.
	At December 31, 2013, the Company owned or held a direct or indirect ownership interest in 244 operating apartment communities containing 72,811 apartment homes in 12 states and the District of Columbia, of which three communities containing 1,126 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 29 communities under construction that are expected to contain an aggregate of 8,708 apartment homes when completed. The Company also owned or held a direct or indirect ownership interest in land or rights to land in which the Company expects to develop an additional 46 communities that, if developed as expected, will contain an estimated 12,986 apartment homes.
	Capitalized terms used without definition have the meaning as 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 qualified for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company accounts for joint venture entities and subsidiary partnerships that are not variable interest entities in accordance with the guidance applicable to limited partnerships or similar entities. The Company evaluates the partnership of each joint venture entity and determines whether control over the partnership lies with the general partner or, when the limited partners have certain rights, with the limited partners. The Company consolidates an investment when both (i) the Company is the general partner and (ii) the limited partner interests do not overcome the Company's presumption of control by having either substantive participating rights, the ability to remove the Company as the general partner or the ability to dissolve the partnership.
	The Company generally uses the equity method under all other potential scenarios, including where (i) the Company holds a general partner interest but the presumption of control by the Company is overcome by the limited partner interests as described in the preceding paragraph or (ii) the Company holds a noncontrolling limited partner interest in a joint venture. Investments in which the Company has little or no influence are accounted for using the cost method.
	Revenue and Gain Recognition
	Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year.
	The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company is not obligated to perform significant activities after the sale.
	Real Estate
	Operating real estate assets are stated at cost and consist of land, 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 asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
	Improvements and upgrades are generally capitalized only if the item exceeds $15,000, extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500. The Company generally expenses purchases of personal property made for replacement purposes.
	Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For 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 as incurred.
	The Company acquired as Development Rights four land parcels improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2013, the Company is actively pursuing development of all of these parcels. For the land parcels for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income.
	In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are 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 fair value of acquired in-place leases is determined based on the estimated cost to replace such leases, including foregone rents during an assumed re-lease period, as well as the impact on projected cash flow of acquired leases with leased rents above or below current market rents. The Company expenses all costs incurred related to acquisitions.
	Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to thirty years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years.
	Income Taxes
	As of December 31, 2013 and 2012, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2010 through 2012.
	The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the avoidance of income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2013, 2012 and 2011. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries is subject to federal, state and local income taxes, although no taxes were incurred during 2013, 2012 and 2011.
	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		2013 Estimate			2012 Actual			2011 Actual
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	GAAP gain on sale of communities (in excess of) less than tax gain		29,388			37,525			(84,152	)
	Depreciation/amortization timing differences on real estate		176,982			9,572			9,192
	Tax compensation expense less than (in excess of) GAAP		31,524			(26,314	)		(43,145	)
	Casualty and impairment loss		—			1,449			14,052
	Other adjustments		(14,974	)		(9,034	)		183
	Taxable net income	$	576,061		$	437,067		$	337,752
	The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2013, 2012 and 2011:
		2013			2012			2011
	Ordinary income		42	%		47	%		34	%
	15% capital gain (20% for 2013)		40	%		33	%		47	%
	Unrecaptured §1250 gain		18	%		20	%		19	%
	Deferred Financing Costs
	Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs was $19,719,000 as of December 31, 2013 and $20,773,000 as of December 31, 2012.
	Cash, Cash Equivalents and Cash in Escrow
	Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes construction financing proceeds that are restricted for use in the construction of a specific community. The majority of the Company's cash, cash equivalents and cash in escrows are held at major commercial banks.
	Interest Rate Contracts
	The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, "Fair Value," for further discussion of derivative financial instruments.
	Comprehensive Income
	Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
	Earnings per Common Share
	Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Basic and diluted shares outstanding
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Weighted average DownREIT units outstanding		7,500			7,500			8,322
	Effect of dilutive securities		402,649			601,251			846,675
	Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Net income allocated to unvested restricted shares		(563	)		(1,264	)		(1,631	)
	Net income attributable to common stockholders, adjusted	$	352,578		$	422,605		$	439,991
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Earnings per common share—basic	$	2.78		$	4.34		$	4.89
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations		32			28			27
	Adjusted net income attributable to common stockholders	$	353,173		$	423,897		$	441,649
Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
Earnings per common share—diluted	$	2.78		$	4.32		$	4.87
Dividends per common share	$	4.28		$	3.88		$	3.57
Certain options to purchase shares of common stock in the amounts of 605,899 and 396,346 were outstanding as of December 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because such options were anti-dilutive.
The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2013 was 1.4% and is based on the average forfeiture activity over a period equal to the estimated life of the stock options. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2013, 2012 and 2011.
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
During the year ended December 31, 2012 the Company incurred damages related to Superstorm Sandy at certain of its communities on the East Coast, and recognized a charge of $1,449,000 for the casualty loss associated with this damage on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2013 or 2011.
The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2013, 2012 and 2011, the Company did not recognize any impairment losses for wholly-owned operating real estate assets.
The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable ("Development Rights"). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are written off with a charge to expense. The Company expensed costs related to the abandonment of Development Rights as well as costs incurred in pursuing the acquisition of assets or costs incurred pursuing the disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $998,000, $1,757,000 and $1,957,000 during the years ended December 31, 2013, 2012 and 2011, respectively. These costs are included in operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.
The Company evaluates its real estate and other long-lived assets for impairment if the intent of the Company changes with respect to either the development of, or the expected hold period for, the land. The Company did not recognize any impairment charges for land holdings in 2013 or 2012. During 2011, the Company concluded that the carrying basis of two land parcels was not fully recoverable when the Company decided to pursue the sale of these assets. As a result, the Company recognized an aggregate charge of $12,097,000 for the impairment of these land parcels. The impairment recognized in 2011 was primarily attributable to one of the land parcels, which the Company sold in 2012. The Company had previously recognized an impairment loss of $9,952,000 in 2008 when the Company determined that it no longer intended to pursue development of these two land parcels. At that time, the Company had the intent and ability to hold the assets for the foreseeable future. The Company looked to a combination of internal models and third-party pricing estimates to determine the fair values for these impaired land parcels. Considering the Company's knowledge of multifamily residential development, the fair values of parcels zoned for multifamily development were generated using an internal model. Land parcels zoned for other purposes were valued using third-party estimates of fair value. For the internally generated fair values, the Company used a discounted cash flow analysis on the expected cash flows for a multifamily rental community. The cash flow analysis incorporated assumptions that market participants would make, including applying discount factors to the estimated future cash flows of the underlying asset, as well as potential disposition proceeds. The third-party values incorporated the use of estimated rates of return, investment time horizons and sales prices for land parcels considered to be market comparables, adjusted for known differences in critical areas including the existing entitlements (such as zoning and state of infrastructure readiness). Both valuation methods included significant other unobservable inputs and are therefore classified as Level 3 prices in the fair value hierarchy.
The Company also evaluates its unconsolidated investments for impairment, considering both its carrying value of the investment, estimated as the expected proceeds that it would receive if the entity were dissolved and the net assets were liquidated, as well as the Company's proportionate share of any impairment of assets held by unconsolidated investments. There were no impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2013 and December 31, 2012. During 2011, the Company recognized a charge of $1,955,000 for the impairment of its investment in an unconsolidated joint venture, which was disposed of during 2013.
Assets Held for Sale and Discontinued Operations
The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. For those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one operating community that qualified for held for sale presentation at December 31, 2013.
Redeemable Noncontrolling Interests
Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in the Company's common shares, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 11, "Fair Value."
Derivative Instruments and Hedging Activities
The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses both at inception and on an on-going basis, the effectiveness of qualifying cash flow and fair value hedges. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in 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 the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged.
Noncontrolling Interests
Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership.
Legal and Other Contingencies
The Company is involved in various claims and/or administrative proceedings that arise in the ordinary course of the Company's business. While no assurances can be given, the Company does not believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on the Company's financial position or results of operations.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications
Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations.
Recently Adopted Accounting Standards
In February 2013, the FASB issued guidance on reclassifications out of accumulated other comprehensive income (AOCI). For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. The guidance did not have a material impact on the Company's financial position or results of operations.

Interest_Capitalized

Interest Capitalized	12 Months Ended
	Dec. 31, 2013
Interest Capitalized	'
Interest Capitalized	'
	2. 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 $66,838,000, $49,556,000 and $33,863,000 for years ended December 31, 2013, 2012 and 2011, respectively.

Notes_Payable_Unsecured_Notes_

Notes Payable, Unsecured Notes and Credit Facility	12 Months Ended
	Dec. 31, 2013
Notes Payable, Unsecured Notes and Credit Facility	'
Notes Payable, Unsecured Notes and Credit Facility	'
	3. Notes Payable, Unsecured Notes and Credit Facility
	The Company's mortgage notes payable, unsecured notes, and Credit Facility, as defined below, as of December 31, 2013 and December 31, 2012 are summarized below (dollars in thousands). 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, 2013 and 2012, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities").
		12/31/13		12/31/12
	Fixed rate unsecured notes(1)	$	2,600,000	$	1,950,000
	Fixed rate mortgage notes payable—conventional and tax-exempt(2)		2,418,389		1,427,133
	Variable rate mortgage notes payable—conventional and tax-exempt		1,011,609		476,935
	Total notes payable and unsecured notes		6,029,998		3,854,068
	Credit Facility		—		—
	Total mortgage notes payable, unsecured notes and Credit Facility	$	6,029,998	$	3,854,068
	-1
	Balances at December 31, 2013 and December 31, 2012 exclude $5,291 and $4,202 of debt discount, respectively, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
	-2
	Balances at December 31, 2013 and December 31, 2012 exclude $120,684 and $1,167 of debt premium, respectively, as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets.
	The following debt activity occurred during the year ended December 31, 2013:
	•
	In February 2013, as a portion of the consideration for the Archstone Acquisition, the Company assumed $3,512,202,000 consolidated principal amount of Archstone's existing secured indebtedness, repaying $1,477,720,000 principal amount of the indebtedness assumed concurrent with the closing of the Archstone Acquisition.
	•
	In March 2013, the Company repaid $100,000,000 of its 4.95% unsecured notes in accordance with the scheduled maturity.
	•
	In April 2013, the Company obtained a 3.06% fixed rate, secured mortgage loan in the amount of $15,000,000 that matures in April 2018.
	•
	In April 2013, the Company repaid a 4.69% fixed rate, secured mortgage note in the amount of $170,125,000 pursuant to its scheduled maturity date.
	•
	In May 2013, the Company repaid a $5,393,000 fixed rate secured mortgage note with an interest rate of 5.55% at par and without penalty in advance of its July 2028 scheduled maturity date.
	•
	In May 2013, the Company obtained a 3.08% fixed rate secured mortgage loan that matures in June 2020 in the amount of $56,210,000, in association with the refinancing of an existing $47,000,000 variable rate secured mortgage note. The refinancing was necessitated by the secured community-specific tax protection obligation assumed through certain of the preferred interests the Company assumed as part of the Archstone Acquisition.
	•
	In May 2013, the Company repaid a $52,806,000 fixed rate secured mortgage note with an interest rate of 5.24% pursuant to its scheduled maturity date.
	•
	In September 2013, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $396,212,000. The notes mature in October 2020 and were issued at a 3.63% interest rate. The notes have an effective interest rate of 3.79% including the effect of offering costs.
	•
	In December 2013, the Company issued $350,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $346,934,000. The notes mature in December 2023 and were issued at a 4.20% interest rate. The notes have an effective interest rate of 4.30% including the effect of offering costs.
	•
	In December 2013, the Company repaid a $150,000,000 fixed rate secured mortgage note with an interest rate of 5.66%, a $110,600,000 fixed rate secured mortgage note with an interest rate of 5.48%, and a $41,439,000 fixed rate secured mortgage note with an interest rate of 4.75%, in advance of their 2015 maturity dates, and incurred a charge for prepayment penalties and the write-off of deferred fees of $14,921,000.
	The Company has a $1,300,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in April 2017. The Company has the option to extend the maturity by up to one year under two, six month extension options for an aggregate fee of $1,950,000. The Credit Facility bears interest at varying levels based on the London Interbank Offered Rate ("LIBOR"), rating levels achieved on the unsecured notes and on a maturity schedule selected by the Company. The current stated pricing is LIBOR plus 1.05% (1.22% at December 31, 2013), assuming a one month borrowing rate. The annual facility fee is approximately $1,950,000 based on the $1,300,000,000 facility size and based on the Company's current credit rating.
	The Company had no borrowings outstanding under the Credit Facility and had $65,018,000 and $44,833,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2013 and December 31, 2012, respectively.
	In the aggregate, secured notes payable mature at various dates from November 2015 through July 2066, and are secured by certain apartment communities and improved land parcels (with a net carrying value of $4,469,421,000, excluding communities classified as held for sale, as of December 31, 2013).
	As of December 31, 2013, the Company has guaranteed approximately $309,358,000 of mortgage notes payable held by wholly-owned subsidiaries; all such mortgage notes payable are consolidated for financial reporting purposes. The weighted average interest rate of the Company's fixed rate mortgage notes payable (conventional and tax-exempt) was 3.4% and 5.8% at December 31, 2013 and December 31, 2012, respectively. The weighted average interest rate of the Company's variable rate mortgage notes payable and its Credit Facility, including the effect of certain financing related fees, was 1.8% and 2.7% at December 31, 2013 and December 31, 2012, respectively.
	Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2013 are as follows (dollars in thousands):
	Year	Secured		Secured		Unsecured		Stated
		notes		notes		notes		interest rate
		payments		maturities		maturities		of unsecured
								notes
	2014	$	16,986	$	—	$	150,000		5.375	%
	2015		16,722		603,044		—		—
	2016		17,951		16,255		250,000		5.75	%
	2017		19,033		710,491		250,000		5.7	%
	2018		18,398		77,432		—		—
	2019		7,125		610,811		—		—
	2020		6,190		50,824		250,000		6.1	%
							400,000		3.625	%
	2021		5,965		27,844		250,000		3.95	%
	2022		6,350		—		450,000		2.95	%
	2023		6,744		—		350,000		4.3	%
							250,000		3	%
	Thereafter		85,771		1,126,062		—		—	%
		$	207,235	$	3,222,763	$	2,600,000
	The Company's unsecured notes are redeemable at our 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 25 and 45 basis points depending on the specific series of unsecured note, plus accrued and unpaid interest to the redemption date. The indenture under which the Company's unsecured notes were issued contains limitations on the amount of debt the Company can incur or the amount of assets that can be used to secure other financing transactions, and other customary financial and other covenants, with which the Company was in compliance at December 31, 2013.

Equity

Equity	12 Months Ended
	Dec. 31, 2013
Equity	'
Equity	'
	4. Equity
	As of December 31, 2013 and 2012, the Company's charter had authorized for issuance a total of 280,000,000 and 140,000,000 shares of common stock, respectively, and 50,000,000 shares of preferred stock.
	During the year ended December 31, 2013, the Company:
	(i)
	issued 44,241 shares of common stock in connection with stock options exercised;
	(ii)
	issued 2,002 common shares through the Company's dividend reinvestment plan;
	(iii)
	issued 123,977 common shares in connection with stock grants;
	(iv)
	withheld 48,310 common shares to satisfy employees' tax withholding and other liabilities;
	(v)
	cancelled 7,653 shares of restricted common stock upon forfeiture;
	(vi)
	issued 14,889,706 common shares in connection with the closing of the Archstone Acquisition; and
	(vii)
	issued 9,260 shares through the Employee Stock Purchase Plan.
	With respect to the 14,889,706 shares of common stock issued in conjunction with the Archstone Acquisition to Lehman (as defined below), in May 2013, Lehman sold 7,870,000 of the Company's common shares that it had received as consideration for the Archstone Acquisition. Lehman received all of the net proceeds from the offering. See discussion in Note 14, "Subsequent Events" for discussion of Lehman selling all of its remaining holdings of the Company's common stock in 2014.
	In August 2012, the Company commenced a third continuous equity program ("CEP III"), under which the Company is authorized by its Board of Directors to sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP III, the Company engaged sales agents who receive compensation of approximately 1.5% of the gross sales price for shares sold. During the year ended December 31, 2013, the Company had no sales under CEP III and had $646,274,000 of shares that remain authorized under CEP III for issuance under this program.

Archstone_Acquisition

Archstone Acquisition	12 Months Ended
	Dec. 31, 2013
Archstone Acquisition	'
Archstone Acquisition	'
	5. Archstone Acquisition
	On February 27, 2013, pursuant to an asset purchase agreement (the "Purchase Agreement") dated November 26, 2012, by and among the Company, Equity Residential and its operating partnership, ERP Operating Limited Partnership (together, "Equity Residential"), Lehman Brothers Holdings, Inc. ("Lehman", which term is sometimes used in this report to refer to Lehman Brothers Holdings, Inc., and/or its relevant subsidiary or subsidiaries), and Archstone Enterprise LP ("Archstone," which has since changed its name to Jupiter Enterprise LP), the Company, together with Equity Residential, acquired, directly or indirectly, all of Archstone's assets, including all of the ownership interests in joint ventures and other entities owned by Archstone, and assumed Archstone's liabilities, both known and unknown, with certain limited exceptions.
	Under the terms of the Purchase Agreement, the Company acquired approximately 40% of Archstone's assets and liabilities and Equity Residential acquired approximately 60% of Archstone's assets and liabilities (the "Archstone Acquisition"). The Company accounted for the acquisition as a business combination and recorded the purchase price to acquired tangible assets consisting primarily of direct and indirect interests in land and related improvements, buildings and improvements, construction in progress and identified intangible assets and liabilities, consisting primarily of the value of above and below market leases, and the value of in-places leases, at their fair values. The following table summarizes the Company's final purchase price allocation:
		Acquisition Date
		Fair Value
		(dollars in thousands)
	Land and land improvements	$	1,745,520
	Buildings and improvements		3,711,853
	FF&E		52,290
	Construction-in-progress, including land and land held for development(1)		401,747
	In-place lease intangibles		182,467
	Other assets		109,717
	Total consolidated assets		6,203,594
	Interest in unconsolidated real estate entities		276,954
	Total assets		6,480,548
	Fair value of assumed mortgage notes payable		3,732,980
	Liability for preferred obligations		67,493
	Other liabilities		31,984
	Noncontrolling interest		13,262
	Net Assets Acquired		2,634,829
	Common shares issued		1,875,210
	Cash consideration	$	759,619
	-1
	Includes amounts for in-place leases for development communities.
	To finalize the purchase price allocation, the Company looked to transaction activity and data received subsequent to the acquisition date which provided the Company better information about the fair value of assets acquired and/or liabilities assumed. Additionally, the Company undertook an effort to evaluate identified assumed obligations as being attributable to the Company, the joint ventures formed with Equity Residential or as being covered under indemnification provisions of the Archstone Acquisition. The final acquisition date fair value has been updated to reflect the additional fair value support, the Company's determination of ownership for assumed liabilities, verification of rights to certain assets acquired, and the Company's allocable portion of the final working capital acquired. The Company's final purchase price allocation represents its best estimate of the fair value as of the acquisition date. Changes to the initial purchase price allocation did not have a material impact on the Company's Consolidated Financial Statements.
	The Company engaged a third party valuation specialist to assist in the determination of the fair value of each of the component parts of the operating communities, consisting of land and land improvements, buildings and improvements, furniture, fixtures and equipment, above and below market leases and in-place lease-related intangibles.
	Land valuation was based on a market approach, whereby recent sales of similar properties were used, adjusted for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to the land were valued using a replacement cost approach and considered the structures and amenities included for the communities. The approach applied industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment was also determined based on a replacement cost approach, adjusted for estimated depreciation. The FF&E value estimate considered both costs for items in the apartment homes, such as appliances and furnishings, and those for common areas such as exercise facilities and on-site offices. The fair value of buildings acquired was estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considered the composition of structures in the acquired portfolio, adjusted for an estimate of depreciation. The estimate of depreciation was made considering industry standard information and depreciation curves for the identified asset classes. If the operating community is held in an unconsolidated joint venture, the Company valued its interest in the operating community based on its ownership interest.
	The value of the acquired lease-related intangibles considered the estimated cost of leasing the apartment homes as if the acquired buildings were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value was determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community was assumed to be 12 months to achieve stabilized occupancy. Net revenues were developed using market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease was based on market rents obtained for market comparables, and considered a market derived discount rate.
	The Company applied a weighted average depreciation period for the in-place lease intangibles of six months. During the year ended December 31, 2013, the Company recognized $184,763,000 of depreciation expense for in-place lease intangibles, of which $179,733,000 is recorded as a component of depreciation expense on the accompanying Consolidated Statements of Comprehensive Income, and $5,030,000 is recorded as a component of income from discontinued operations on the accompanying Consolidated Statements of Comprehensive Income.
	The Company used a market approach where applicable, or otherwise an internal model to determine the fair value for the development land parcels acquired. The internal model applied a discounted cash flow analysis on the expected cash flows for each land parcel as if the expected multifamily rental community is constructed. The cash flow analysis incorporated assumptions that market participants would make, including the application of (i) discount factors to the estimated future cash flows of the underlying asset, (ii) a compound annual growth rate for the revenue from the operating community, and (iii) an exit capitalization rate.
	The Company valued the Development Communities under construction and/or in lease-up using either the invested capital basis, or an internal model, depending on the stage of construction completion. For Development Communities earlier in the construction process and not yet in lease-up, invested capital was the relevant metric and was considered reflective of the fair value of the community. For Development Communities that either had completed construction or that were substantially complete with construction and in lease-up, the Company used a capitalization rate model. The capitalization rate model considered the pro-forma NOI for the Development Community, relative to NOI for comparable operating communities, with adjustments for the location and/or quality of the community. A capitalization rate was applied to each Development Community's NOI which was based on a relevant capitalization rate observed in comparable acquisition or disposition transactions, if available, as adjusted by the Company for differences in fundamentals between the Development Community and the referenced comparable transactions.
	Given the significance of unobservable inputs, the Company has classified the valuations of the real estate assets acquired as Level 3 prices under the fair value hierarchy.
	Other assets acquired consisted primarily of working capital determined by the Company to be reflective of the fair value.
	During the year ended December 31, 2013, the Company recognized $83,594,000 acquisition related expenses associated with the Archstone Acquisition, with $39,543,000 reported as a component of equity in income (loss) of unconsolidated entities, and the balance in expensed acquisition, development, and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income.
	Consideration
	Pursuant to the Purchase Agreement and separate arrangements between the Company and Equity Residential governing the allocation of liabilities assumed under the Purchase Agreement, the Company's portion of consideration under the Purchase Agreement consisted of the following:
	•
	the issuance of 14,889,706 shares of the Company's common stock, valued at $1,875,210,000 as of the market's close on the closing date, February 27, 2013;
	•
	cash payment of approximately $760,000,000;
	•
	the assumption of consolidated indebtedness with a fair value of approximately $3,732,980,000, as of February 27, 2013, consisting of $3,512,202,000 principal amount of consolidated indebtedness and $220,777,000 representing the amount by which fair value of the aforementioned debt exceeds the principal face value, $70,479,000 of which excess related to debt the Company repaid concurrent with the Archstone Acquisition;
	•
	the acquisition with Equity Residential of interests in entities that have preferred units outstanding, some of which may be presented for redemption from time to time. The Company's 40% share of the fair value of the collective obligations, including accrued dividends on these outstanding Archstone preferred units as of February 27, 2013, was approximately $67,500,000; and
	•
	the assumption with Equity Residential of all other liabilities, known or unknown, of Archstone, other than certain excluded liabilities. The Company shares 40% of the responsibility for these liabilities.
	The Company valued the assumed mortgage notes payable using a discounted cash flow analysis that incorporated assumptions that market participants would use. 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 considered credit valuation adjustments to appropriately reflect the Company's nonperformance risk. The Company has concluded that the value of the assumed mortgage notes payable are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy.
	The Company valued its obligation under the preferred units outstanding based on the current liquidation price of the respective preferred unit series, including accrued but unpaid dividends as appropriate. During the year ended December 31, 2013, the Company paid approximately $35,224,000 to redeem its proportionate share of a portion of the preferred interest obligations assumed in conjunction with the Archstone Acquisition. The Company used the pricing for the settlement as the fair value at February 27, 2013.
	Pro Forma Information
	The following table presents information for assets acquired in the Archstone Acquisition that is included in the Company's Consolidated Statement of Comprehensive Income from the closing date of the acquisition, February 27, 2013, through December 31, 2013 (in thousands).
		For the period including
		February 28, 2013 through
		December 31, 2013
	Revenues	$	353,427
	Loss attributable to common shareholders(1)	$	(105,589	)
	-1
	Amounts exclude acquisition costs for the Archstone Acquisition.
	The following table presents the Company's supplemental consolidated pro forma information as if the acquisition had occurred on January 1, 2012 (in thousands, except per share amounts):
		For the year ended			For the year ended
		December 31, 2013			December 31, 2012
	Revenues	$	1,534,868		$	1,411,504
	Income from continuing operations	$	348,160		$	158,738
	Earnings per common share—diluted (from continuing operations)	$	2.67		$	1.22
The pro forma consolidated results are prepared for informational purposes only, and are based on assumptions and estimates considered appropriate by the Company's management. However, they are not necessarily indicative of what the Company's consolidated financial condition or results of operations actually would have been assuming the Archstone Acquisition had occurred on January 1, 2012, nor do they purport to represent the consolidated financial position or results of operations for future periods.
Investments in Archstone Consolidated Entities
In connection with the Archstone Acquisition, the Company entered into a limited liability company agreement with Equity Residential to acquire and own directly and indirectly certain Archstone entities (the "Archstone Legacy Entities") which hold indirect interests in real estate assets, including 16 of the 54 consolidated communities acquired by the Company. As of December 31, 2013, the Archstone Legacy Entities have outstanding preferred interests held by unrelated third parties with an aggregate liquidation preference of approximately $90,000,000 (including accrued but unpaid distributions), which are generally subject to redemption at the election of the holders of such interests. One of the Archstone Legacy Entities previously entered into tax protection arrangements with the holders of certain of the preferred interests, which arrangements may limit for varying periods of time the Company's and Equity Residential's ability to dispose of the properties held indirectly by the Archstone Legacy Entities or to refinance certain related indebtedness, without making payments to the holders of such preferred interests. Pursuant to this LLC agreement, the Company has agreed to bear 40% of the economic cost of these preferred redemption obligations. The Company is also obligated to fund the tax protection payments that may arise from its disposition or refinancing of properties of the Archstone Legacy Entities that were contributed to a subsidiary that will be consolidated by the Company. The fair value of the Company's proportionate share of preferred redemption obligations and other liabilities of approximately $37,000,000 is recorded as a component of accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. As part of the Archstone Acquisition, the Company and Equity Residential have agreed with Lehman and Archstone to require the acquired Archstone Legacy Entities to have sufficient funds available to honor their redemption obligations and to make any payments under its tax protection arrangements, when they may become due. The principal assets indirectly held by the limited liability company that acquired the Archstone Legacy Entities are interests in a subsidiary of the Company's (the "AvalonBay Legacy Subsidiary") and a subsidiary of Equity Residential, each of which subsidiaries acquired certain properties formerly owned by the Archstone Legacy Entities. The Company consolidates the assets, liabilities and results of operations of the AvalonBay Legacy Subsidiary.
Investments in Archstone Unconsolidated Entities
In conjunction with the Archstone Acquisition, the Company acquired interests in three joint ventures, Multifamily Partners AC LP ("the U.S. Fund"), Multifamily Partners AC JV LP ("the AC JV"), and Brandywine Apartments of Maryland, LLC ("Brandywine"), which are discussed in Note 6, "Investments in Real Estate Entities."
Additionally, through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the "Residual JV"), discussed further in Note 6, "Investments in Real Estate Entities."

Investments_in_Real_Estate_Ent

Investments in Real Estate Entities	12 Months Ended
	Dec. 31, 2013
Investments in Real Estate Entities	'
Investments in Real Estate Entities	'
	6. Investments in Real Estate Entities
	Investments in Unconsolidated Real Estate Entities
	The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, except as otherwise noted below, as discussed in Note 1, "Organization and Basis of Presentation," under Principles of Consolidation. The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects.
	As of December 31, 2013, the Company had investments in the following real estate entities:
	•
	AvalonBay Value Added Fund, LP ("Fund I")—In March 2005, the Company formed Fund I, a private, discretionary real estate investment vehicle, which acquired and operates communities in the Company's markets. Fund I served as the principal vehicle through which the Company acquired investments in apartment communities, subject to certain exceptions, until March 2008. Fund I has a term that expires in March 2015, after having exercised two one-year extension options. Fund I has nine institutional investors, including the Company. A significant portion of the investments made in Fund I by its investors were made through AvalonBay Value Added Fund, Inc., a Maryland corporation that qualifies as a REIT under the Code (the "Fund I REIT"). A wholly-owned subsidiary of the Company is the general partner of Fund I and has a 15.2% combined general partner and limited partner equity interest. Excluding costs incurred in excess of our equity in the underlying net assets of Fund I, the Company has an equity investment of $14,209,000 in Fund I and the Fund I REIT, net of distributions and excluding the purchase by the Company of a mortgage note secured by a Fund I community. The Company receives asset management fees, property management fees and redevelopment fees, as well as a promoted interest if certain thresholds are met.
	During 2013, Fund I sold seven communities:
	•
	Avalon Yerba Buena, located in San Francisco, CA, for $103,000,000;
	•
	Avalon at Civic Center, located in Norwalk, CA, for $45,844,000;
	•
	Avalon at Cedar Place, located in Columbia, MD, for $26,000,000;
	•
	Avalon Sunset, located in Los Angeles, CA, for $25,800,000;
	•
	Avalon Crystal Hill, located in Pomona, NY, for $33,050,000;
	•
	Avalon Centerpoint, located in Baltimore, MD, for $75,250,000; and
	•
	Middlesex Crossing, located in Billerica, MA, for $40,250,000.
	The Company's proportionate share of the gain in accordance with GAAP recognized on the sale of these seven communities was $11,484,000.
	Subsidiaries of Fund I have four loans secured by individual assets (including a mortgage owned by the Company) with aggregate amounts outstanding of $66,132,000. Fund I subsidiary loans have varying maturity dates (or dates after which the loans can be prepaid without penalty), ranging from October 2014 to September 2016. These mortgage loans are secured by the underlying real estate. The mortgage loans are payable by the subsidiaries of Fund I from operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed the debt of Fund I, nor does the Company have any obligation to fund this debt should Fund I be unable to do so.
	In addition, as part of the formation of Fund I, the Company provided to one of the limited partners a guarantee. The guarantee provides that if, upon final liquidation of Fund I, the total amount of all distributions to that partner during the life of Fund I (whether from operating cash flow or property sales) does not equal a minimum of the total capital contributions made by that partner, then the Company will pay the partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the partner (maximum of approximately $7,500,000 as of December 31, 2013). Under the expected Fund I liquidation scenario, as of December 31, 2013, the expected realizable value of the real estate assets owned by Fund I is considered adequate to avoid payment under such guarantee to that partner. The estimated fair value of, and the Company's obligation under this guarantee, both at inception and as of December 31, 2013, was not significant and therefore the Company has not recorded any obligation for this guarantee as of December 31, 2013.
	•
	AvalonBay Value Added Fund II, LP ("Fund II")—In September 2008, the Company formed Fund II, a private, discretionary real estate investment vehicle which acquired and operates communities in the Company's markets. Fund II served as the exclusive vehicle through which the Company acquired investment interests in apartment communities, subject to certain exceptions, through the close of its investment period in August 2011. Fund II has six institutional investors, including the Company. One of the Company's wholly owned subsidiaries is the general partner of Fund II and, excluding costs incurred in excess of our equity in the underlying net assets of Fund II, the Company has made an equity investment of $93,714,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest.
	During the year ended December 31, 2013, Fund II sold Avalon Rothbury, located in Gaithersburg, MD, for $39,600,000. The Company's proportionate share of the gain in accordance with GAAP for the disposition was $2,790,000.
	Subsidiaries of Fund II have 13 loans secured by individual assets with aggregate amounts outstanding of $467,959,000, with maturity dates that vary from November 2014 to September 2019. The mortgage loans are payable by the subsidiaries of Fund II from operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed repayment of this debt, nor does the Company have any obligation to fund this debt should Fund II be unable to do so.
	In addition, as part of the formation of Fund II, the Company provided to one of the limited partners a guarantee. The guarantee provides that if, upon final liquidation of Fund II, the total amount of all distributions to that partner during the life of Fund II (whether from operating cash flow or property sales) does not equal a minimum of the total capital contributions made by that partner, then the Company will pay the partner an amount equal to the shortfall, but in no event more than 10% of the total capital contributions made by the partner (maximum of approximately $8,910,000 as of December 31, 2013). Under the expected Fund II liquidation scenario, as of December 31, 2013, the expected realizable value of the real estate assets owned by Fund II is considered adequate to avoid payment under such guarantee to that partner. The estimated fair value of, and the Company's obligation under, this guarantee, both at inception and as of December 31, 2013, was not significant and therefore the Company has not recorded any obligation for this guarantee as of December 31, 2013.
	•
	CVP I, LLC—In February 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon Chrystie Place, a 361 apartment-home community located in New York, New York, for which construction was completed in 2005. The Company holds a 20% equity interest in the venture (with a right to 50% of distributions after achievement of a threshold return, which was achieved in 2012 and 2013). The Company is the managing member of CVP I, LLC, however, property management services at the community are performed by an unrelated third party.
	As of December 31, 2013, CVP I, LLC has outstanding tax-exempt, variable rate bonds maturing in November 2036 in the amount of $117,000,000 which have permanent credit enhancement. The Company agreed to guarantee, under limited circumstances, the repayment to the credit enhancer of any advances it may make in fulfillment of CVP I, LLC's repayment obligations under the bonds. The Company's 80% partner in this venture agreed that it will reimburse us its pro rata share of any amounts paid relative to the outstanding guaranteed obligation. The estimated fair value of the Company's obligation under the outstanding guarantee, both at inception and as of December 31, 2013, was not significant. As a result the Company has not recorded any obligation associated with the guarantee at December 31, 2013.
	•
	MVP I, LLC—In December 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay North II. Construction of Avalon at Mission Bay North II, a 313 apartment-home community located in San Francisco, California, was completed in December 2006. The Company holds a 25% equity interest in the venture (with a right to 45% of distributions after achievement of a threshold return, which was achieved in 2013). The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. In December 2007, MVP I, LLC executed a fixed-rate conventional loan, which is secured by the underlying real estate assets of the community, for $105,000,000. The loan is a fixed rate, interest-only note bearing interest at 6.02%, maturing in December 2015. 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.
	•
	Arna Valley View LP—In connection with the municipal approval process to develop a consolidated community, the Company entered into a limited partnership in February 1999 to develop, finance, own and operate Arna Valley View, a 101 apartment-home community in Arlington, Virginia. This community has affordable rents for 100% of the apartment homes related to the tax-exempt bond financing and tax credits used to finance construction of the community. A subsidiary of the Company is the general partner of the partnership with a 0.01% ownership interest. The Company manages the community and is subject to a management agreement. As of December 31, 2013, Arna Valley View has $4,829,000 of 6.25% fixed rate, tax-exempt bonds outstanding, which mature in November 2030. In addition, Arna Valley View has $5,836,000 of 4% fixed rate county bonds outstanding that mature in December 2030. Arna Valley View's debt is neither guaranteed by, nor recourse, to the Company. Due to the Company's limited ownership in this venture and the terms of the management agreement regarding the rights of the limited partners, it is accounted for using the cost method.
	•
	Aria at Hathorne Hill, LLC—In the second quarter of 2007, a wholly-owned taxable REIT subsidiary of the Company entered into an LLC agreement with a joint venture partner to develop 64 for-sale town homes in Danvers, Massachusetts on an out parcel adjacent to our Avalon Danvers rental apartment community. Approximately 30% of the homes have been built and sold. The out parcel was zoned for for-sale activity, and was contributed to the LLC by a subsidiary of the Company in exchange for a 50% ownership interest. During 2011, the Company concluded that because the market for for-sale housing development had not improved as expected, its investment in the venture was impaired and that impairment was other than temporary. As a result, the Company recognized a charge of $1,955,000 for the impairment of the investment in the unconsolidated joint venture, which holds nondepreciable real estate assets. In December 2011, the Company acquired the note that the venture had with a third party lender for $1,700,000. In 2013, the venture repaid the balance of the note and the Company sold its interest to the unrelated third party partners in the venture, recognizing a gain in accordance with GAAP of $975,000.
	In conjunction with the Archstone Acquisition, the Company acquired interests in the following entities:
	•
	The U.S. Fund was formed in July 2011 and is fully invested. As of December 31, 2013, the U.S. Fund owns nine communities containing 1,726 apartment homes, one of which includes a marina containing 229 boat slips. Through subsidiaries the Company owns the general partner of the fund and holds a 28.6% interest in the fund.
	Subsidiaries of the U.S. Fund have nine loans secured by individual assets with amounts outstanding in the aggregate of $327,849,000 with varying maturity dates, ranging from January 2019 to November 2022. The mortgage loans are payable by the subsidiaries of the U.S. Fund with operating cash flow or disposition proceeds from the underlying real estate. The Company has not guaranteed the debt of the U.S. Fund, nor does the Company have any obligation to fund this debt should the U.S. Fund be unable to do so.
	•
	The AC JV is a joint venture in which the Company acquired Archstone's 20% ownership interest. The AC JV was formed in 2011 and as of December 31, 2013 owned two operating apartment communities containing 818 apartment homes in Cambridge, MA and Herndon, VA. The AC JV partnership agreement contains provisions that require the Company to provide a right of first offer ("ROFO") to the AC JV in connection with additional opportunities to acquire or develop additional interests in multifamily real estate assets within a specified geographic radius of the existing assets, generally one mile or less. During the year ended December 31, 2013, the Company provided the AC JV with the opportunity to acquire a parcel of land owned by the Company as required in the right of first offer provisions for the joint venture. The AC JV exercised its right to acquire the land parcel for development and commenced construction of an additional apartment community located in Cambridge, MA. The Company sold the parcel of land to the AC JV in exchange for a cash payment and a capital account credit, and is overseeing the development in exchange for a developer fee. The Company owns one additional land parcel for the development of 301 apartment homes, classified as a Development Right in Cambridge, MA, acquired as part of the Archstone Acquisition that is subject to ROFO restrictions. The ROFO restriction expires in 2019.
	As of December 31, 2013, subsidiaries of the AC JV have eight unsecured loans outstanding in the aggregate of $162,300,000 which mature in July 2021, and which were made by the investors in the venture, including the Company, in proportion to the investors' respective equity ownership interest. The unsecured loans are payable by the subsidiaries of the AC JV with operating cash flow from the venture. The Company has not guaranteed the debt of the AC JV, nor does the Company have any obligation to fund this debt should the AC JV be unable to do so.
	•
	Brandywine owns a 305 apartment home community located in Washington, DC. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. In conjunction with the Archstone Acquisition, the Company acquired a 26.1% equity interest in the venture, and subsequently purchased an additional 2.6% interest, and as of December 31, 2013, holds a 28.7% equity interest in the venture.
	Brandywine has an outstanding $24,839,000 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.
	•
	Through the Residual JV, the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential plan to divest (to third parties or to the Company or Equity Residential) over time (the "Residual Assets"), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the "Residual Liabilities"). The Residual Assets include interests in apartment communities in Germany (including through a fund which Archstone managed); a 20.0% interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which owns and manages six apartment communities with 1,902 apartment homes in the United States; two land parcels; and various licenses, insurance policies, contracts, office leases and other miscellaneous assets. The Residual Liabilities include most existing or future litigation and claims related to Archstone's operations for periods before the close of the Archstone Acquisition, except for (i) claims that principally relate to the physical condition of the assets acquired directly by us or Equity Residential, which generally remain the sole responsibility of us or Equity, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which Lehman has agreed to indemnify the Company and Equity Residential. The Company and Equity Residential jointly control the Residual JV and the Company holds a 40% economic interest in the assets and liabilities of the Residual JV.
	As of December 31, 2013, SWIB has two loans and draws on a credit facility secured by individual assets with amounts outstanding in the aggregate of $187,021,000 with varying maturity dates, ranging from December 2014 to December 2029. The Company has not guaranteed the debt of SWIB, nor does the Company have any obligation to fund this debt should SWIB be unable to do so.
	The following is a combined summary of the financial position of the entities accounted for using the equity method, excluding joint venture entities the Company formed with Equity Residential as part of the Archstone Acquisition, as of the dates presented (dollars in thousands):
		12/31/13			12/31/12
	Assets:
	Real estate, net	$	1,890,496		$	1,337,084
	Other assets		402,644			73,252
	Total assets	$	2,293,140		$	1,410,336
	Liabilities and partners' capital:
	Mortgage notes payable and credit facility	$	1,251,067		$	943,259
	Other liabilities		29,677			20,405
	Partners' capital		1,012,396			446,672
	Total liabilities and partners' capital	$	2,293,140		$	1,410,336
	The following is a combined summary of the operating results of the entities accounted for using the equity method, excluding joint venture entities the Company formed with Equity Residential as part of the Archstone Acquisition, for the years presented (dollars in thousands):
	For the year ended
	12/31/13			12/31/12			12/31/11
Rental and other income	$	208,979		$	172,076		$	160,066
Operating and other expenses		(86,247	)		(73,955	)		(71,926	)
Gain on sale of real estate(1)		96,152			106,195			22,246
Interest expense, net		(61,404	)		(53,904	)		(50,530	)
Depreciation expense		(61,002	)		(47,748	)		(47,920	)
Net income	$	96,478		$	102,664		$	11,936
-1
Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
In conjunction with the formation of Fund I and Fund II, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments. These costs represent $5,439,000 at December 31, 2013 and $7,342,000 at December 31, 2012 of the respective investment balances.
The following is a summary of the Company's equity in income of unconsolidated entities for the years presented (dollars in thousands):
	For the year ended
	12/31/13			12/31/12			12/31/11
Fund I(1)	$	10,924		$	7,041		$	2,204
Fund II(2)		6,206			2,130			(1,053	)
CVP I, LLC(3)		5,783			5,394			4,493
MVP I, LLC(4)		1,137			493			(626	)
Avalon Del Rey, LLC(5)		181			4,000			102
Juanita Village(6)		378			1,856			—
U.S. Fund(7)		(661	)		—			—
AC JV(7)		2,569			—			—
Brandywine(7)		661			—			—
Residual JV(7)(8)		(38,332	)		—			—
Total	$	(11,154	)	$	20,914		$	5,120
-1
Equity in income for the years ended December 31, 2013, 2012 and 2011 includes the Company's proportionate share of the gain on the sale of Fund I assets of $11,484, $7,971, and $3,063, respectively.
-2
Equity in income for 2013 includes the Company's proportionate share of the gain on the sale of one Fund II asset of $2,790.
-3
Equity in income from this entity for 2013, 2012, and 2011 includes $5,527, $5,260, and $5,078, respectively, relating to the Company's recognition of its promoted interest.
-4
Equity in income from this entity for 2013 includes $516 relating to the Company's recognition of its promoted interest.
-5
During 2012, the Company purchased its joint venture partner's interest in this venture.
-6
The Company's equity in income for this entity represents its residual profits from the sale of the community.
-7
The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
-8
Equity in income for the Residual JV includes certain expensed Archstone Acquisition costs borne by the venture.
Investments in Consolidated Real Estate Entities
In December 2013, the Company acquired Arboretum at Burlington, located in Burlington, MA. Arboretum at Burlington contains 312 apartment homes and was acquired for a purchase price of $79,850,000.
The Company accounted for this acquisition as a business combination and recorded the acquired assets and assumed liabilities, including identifiable intangibles, based on their fair values. The Company looked to third party pricing or internal models for the values of the land, and an internal model to determine the fair values of the real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy.
The Company expenses transaction costs associated with acquisition activity as they are incurred. Expensed transaction costs associated with the acquisitions made by the Company in 2013 and 2012, as well as costs associated with the Archstone Acquisition, totaled $44,052,000 and $9,593,000, respectively, reported as a component of expensed acquisition, development and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income. Acquisition costs in 2011 were not significant.

Real_Estate_Disposition_Activi

Real Estate Disposition Activities	12 Months Ended
	Dec. 31, 2013
Real Estate Disposition Activities	'
Real Estate Disposition Activities	'
	7. Real Estate Disposition Activities
	During 2013, the Company sold eight communities, containing an aggregate of 3,299 apartment homes for an aggregate gross sales price of $932,800,000 and an aggregate gain in accordance with GAAP of $278,231,000. Details regarding the real estate sales are summarized in the following table (dollars in thousands):
	Community Name	Location		Period			Apartment			Debt		Gross		Net
				of sale			homes					sales price		proceeds
	Crystal House I & II	Arlington, VA			Q113			827		$	—	$	197,150	$	196,583
	Avalon at Decoverly	Rockville, MD			Q113			564			—		135,250		131,338
	Avalon at Dublin Station I	Dublin, CA			Q213			305			—		105,400		104,218
	Archstone Vanoni Ranch	Ventura, CA			Q413			316			—		82,000		80,668
	Avalon on the Sound East	New Rochelle, NY			Q413			588			—		210,000		206,138
	Archstone Wheaton Station	Wheaton, MD			Q413			243			—		57,000		56,306
	Avalon Rosewalk	San Jose, CA			Q413			456			—		146,000		144,191
	Total of 2013 asset sales(1)							3,299		$	—	$	932,800	$	919,442
	Total of 2012 asset sales							1,578		$	—	$	280,550	$	274,018
	Total of 2011 asset sales							1,038		$	—	$	292,965	$	287,358
	-1
	Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.
	As of December 31, 2013, the Company had one community that qualified as held for sale.
	The operations for any real estate assets sold from January 1, 2013 through December 31, 2013 and the real estate assets that qualified as discontinued operations and held for sale as of December 31, 2013 have been presented as income from discontinued operations in the accompanying Consolidated Statements of Comprehensive Income. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation.
	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Rental income	$	42,874		$	63,406		$	89,290
	Operating and other expenses		(12,661	)		(19,437	)		(36,996	)
	Interest expense, net		—			(133	)		(4,808	)
	Loss on extinguishment of debt		—			(602	)		(3,880	)
	Depreciation expense		(13,500	)		(16,414	)		(23,541	)
	Income (loss) from discontinued operations	$	16,713		$	26,820		$	20,065

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	8. Commitments and Contingencies
	Employment Agreements and Arrangements
	As of December 31, 2013, the Company has employment agreements with three executive officers which expire on December 31, 2015. Under the employment agreements, if the Company terminates the executive without cause the executive will be entitled to a multiple of his covered compensation, which is defined as base salary plus annual cash bonus. For two of the executives, the multiple is two times (three if the termination is in connection with a sale of the Company) and for one of the executives the multiple is one time (two if the termination is in connection with a sale of the Company). The employment agreements generally provide that it would be considered a termination without cause if the executive's title or role is reduced except as permitted by the agreement. The agreements provide, as do the standard restricted stock and option agreements used by the Company for its compensation programs, that upon a termination without cause the executive's restricted stock and options will vest.
	The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of his intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement.
	The Company also has an Officer Severance Program (the "Program"), which applies only in connection with a sale of the Company for the benefit of those officers of the Company who do not have employment agreements. Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or the officer chooses to terminate his or her employment for good reason (as defined), in either case within 18 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one times for vice presidents and senior vice presidents, and two times for executive vice presidents. The officer's restricted stock and options would also vest. Costs related to the Company's employment agreements and the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable.
	Legal Contingencies
	The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the basis of a community to which the suit related.
	In addition, the Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur and can be reasonably estimated, the estimated amount of the loss is recorded in the financial statements. While the resolution of these other matters cannot be predicted with certainty, management currently believes the final outcome of such matters will not have a material adverse effect on the financial position or results of operations of the Company. In instances where the Company has a gain contingency associated with legal proceedings, the Company records a gain in the financial statements, to the extent of a loss recovery, when it is deemed probable to occur, can be reasonably estimated and is considered to be collectible.
	Lease Obligations
	The Company owns 11 apartment communities, three communities under construction and two commercial properties which are located on land subject to land leases expiring between October 2026 and March 2142. Of these leases, 14 are accounted for as operating leases recognizing rental expense on a straight-line basis over the lease term. These leases have varying escalation terms, and four of these leases have purchase options exercisable through 2095. The Company incurred costs of $17,996,000, $17,604,000 and $16,887,000 in the years ended December 31, 2013, 2012 and 2011, respectively, related to operating leases. Two of the Development Communities are located on land subject to a land lease, which are accounted for as capital leases, with a lease obligation of $33,879,000 reported as a component of accrued expenses and other liabilities. Each of these leases have purchase options that become exercisable at varying times through 2046. In addition, the Company leases certain office space, which is accounted for as operating leases.
	The following table details the future minimum lease payments under the Company's current leases (dollars in thousands):
		Payments due by period
		2014		2015		2016		2017		2018		Thereafter
	Operating Lease Obligations	$	19,801	$	19,628	$	19,557	$	19,034	$	19,157	$	1,248,694
	Capital Lease Obligations(1)		1,863		1,885		19,083		848		848		39,934
		$	21,664	$	21,513	$	38,640	$	19,882	$	20,005	$	1,288,628
	-1
	Aggregate capital lease payments include $30,519 in interest costs.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2013
Segment Reporting	'
Segment Reporting	'
	9. Segment Reporting
	The Company's reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities. Annually as of January 1st, the Company determines which of its communities fall into each of these categories and maintains that classification, unless disposition or redevelopment plans regarding a community change, throughout the year for the purpose of reporting segment operations.
	•
	Established Communities (also known as Same Store Communities) are 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 and operating expenses as of the beginning of the prior year. For the year 2013, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2012, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.
	•
	Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year.
	•
	Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2013.
	In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.
	The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total revenue less direct property operating expenses. 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, 2013, 2012 and 2011 is as follows (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Net income	$	352,771		$	423,562		$	441,370
	Indirect operating expenses, net of corporate income		41,554			31,911			30,550
	Investments and investment management expense		3,990			6,071			5,126
	Expensed acquisition, development and other pursuit costs		45,050			11,350			2,967
	Interest expense, net		172,402			136,920			167,814
	Loss on interest rate contract		51,000			—			—
	Loss on extinguishment of debt, net		14,921			1,179			1,940
	General and administrative expense		39,573			34,101			29,371
	Equity in loss (income) of unconsolidated entities		11,154			(20,914	)		(5,120	)
	Depreciation expense		560,215			243,680			226,728
	Casualty and impairment loss		—			1,449			14,052
	Gain on sale of real estate assets		(278,471	)		(146,591	)		(294,806	)
	Income from discontinued operations		(16,713	)		(26,820	)		(20,065	)
	Gain on acquisition of unconsolidated real estate entity		—			(14,194	)		—
	Net operating income	$	997,446		$	681,704		$	599,927
	The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.
	The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status as of the beginning of the given calendar year. Therefore, each year the composition of communities within each business segment is adjusted. Accordingly, the amounts between years are not directly comparable. Segment information for the years ended December 31, 2013, 2012 and 2011 have been adjusted for the real estate assets that were sold from January 1, 2011 through December 31, 2013, or otherwise qualify as discontinued operations as of December 31, 2013, as described in Note 7, "Real Estate Disposition Activities."
		Total			NOI			% NOI change			Gross
		revenue						from prior year			real estate(1)
	For the period ended December 31, 2013
	Established
	New England	$	177,474		$	114,966			1.8	%	$	1,375,961
	Metro NY/NJ		249,742			172,912			4.4	%		1,921,307
	Mid-Atlantic		100,548			71,851			0.1	%		633,598
	Pacific Northwest		46,564			31,283			5.3	%		444,825
	Northern California		141,038			106,745			11.7	%		1,233,851
	Southern California		119,024			81,182			5.1	%		1,058,883
	Total Established(2)		834,390			578,939			4.7	%		6,668,425
	Other Stabilized		499,843			339,159			n/a			6,770,517
	Development / Redevelopment		117,186			79,348			n/a			3,024,035
	Land Held for Future Development		n/a			n/a			n/a			300,364
	Non-allocated(3)		11,502			n/a			n/a			10,279
	Total	$	1,462,921		$	997,446			46.3	%	$	16,773,620
	For the period ended December 31, 2012
	Established
	New England	$	163,110		$	106,039			5	%	$	1,262,987
	Metro NY/NJ		213,360			148,441			7.4	%		1,760,429
	Mid-Atlantic		103,784			75,313			3.2	%		591,669
	Pacific Northwest		32,942			23,433			15	%		306,289
	Northern California		112,875			83,091			14.1	%		1,015,947
	Southern California		99,302			68,880			7	%		947,723
	Total Established(2)		725,373			505,197			7.5	%		5,885,044
	Other Stabilized		135,230			86,722			n/a			1,314,690
	Development / Redevelopment		129,767			89,785			n/a			2,032,277
	Land Held for Future Development		n/a			n/a			n/a			316,037
	Non-allocated(3)		10,257			n/a			n/a			73,724
	Total	$	1,000,627		$	681,704			14.5	%	$	9,621,772
	For the period ended December 31, 2011
	Established
	New England	$	164,929		$	105,848			9.8	%	$	1,275,866
Metro NY/NJ		180,003			120,714			6.8	%		1,347,796
Mid-Atlantic		102,834			74,754			6.6	%		603,349
Pacific Northwest		30,057			20,374			6	%		301,661
Northern California		79,868			57,749			10.8	%		704,066
Southern California		75,120			50,391			9.8	%		697,705
Total Established(2)		632,811			429,830			8.3	%		4,930,443
Other Stabilized		137,779			89,949			n/a			1,567,875
Development / Redevelopment		119,841			80,148			n/a			1,752,006
Land Held for Future Development		n/a			n/a			n/a			325,918
Non-allocated(3)		9,656			n/a			n/a			78,161
Total	$	900,087		$	599,927			14.8	%	$	8,654,403
-1
Does not include gross real estate assets held for sale of $26,701, $449,570 and $634,089 as of December 31, 2013, 2012 and 2011, respectively.
-2
Gross real estate for the Company's established communities includes capitalized additions of approximately $33,553, $25,448 and $34,359 in 2013, 2012 and 2011, respectively.
-3
Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

StockBased_Compensation_Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2013
Stock-Based Compensation Plans	'
Stock-Based Compensation Plans	'
	10. Stock-Based Compensation Plans
	The Company has a stock incentive plan, the 2009 Stock Option and Incentive Plan (the "2009 Plan"). The 2009 Plan includes an authorization to issue up to 4,199,822 shares of the Company's common stock, par value $0.01 per share, (2,930,000 newly authorized shares plus 1,269,822 shares that were available for grant as of May 21, 2009 under the Company's 1994 Stock Option and Incentive Plan (the "1994 Plan")), pursuant to awards under the 2009 Plan. In addition, any awards that were outstanding under the 1994 Plan on May 21, 2009 that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted and deferred stock, stock options that qualify as incentive stock options ("ISOs") under Section 422 of the Code, non-qualified stock options, and stock appreciation rights. The 2009 Plan will expire on May 21, 2019.
	Information with respect to stock options granted under the 2009 and 1994 Plans is as follows (dollars in thousands, other than per share amounts):
		2009 Plan			Weighted			1994 Plan			Weighted
		shares			average			shares			average
					exercise price						exercise price
					per share						per share
	Options Outstanding, December 31, 2010		126,484		$	74.2			2,072,217		$	88.5
	Exercised		(23,908	)		75.75			(930,391	)		82.43
	Granted		144,827			115.83			—			—
	Forfeited		—			—			(28,867	)		68.29
	Options Outstanding, December 31, 2011		247,403		$	98.42			1,112,959		$	94.1
	Exercised		(43,265	)		85.09			(364,519	)		68.21
	Granted		115,303			133.16			—			—
	Forfeited		(11,887	)		115.15			(28,610	)		139.58
	Options Outstanding, December 31, 2012		307,554		$	112.67			719,830		$	105.4
	Exercised		(19,949	)		84.43			(24,292	)		79.42
	Granted		215,230			129.03			—			—
	Forfeited		(1,267	)		131.56			(4,012	)		127.56
	Options Outstanding, December 31, 2013		501,568		$	120.77			691,526		$	106.19
	Options Exercisable:
	December 31, 2011		30,771		$	81.54			1,012,304		$	98.62
	December 31, 2012		74,618		$	97.46			719,830		$	105.4
	December 31, 2013		184,167		$	107.18			691,526		$	106.19
	The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2013:
	2009 Plan	Range—Exercise Price		Weighted Average
	Number of Options			Remaining Contractual Term
				(in years)
	53,836	$70.00 - $79.99			6.1
	124,414	110.00 - 119.99			7.1
	75,059	120.00 - 129.99			9.2
	246,760	130.00 - 139.99			8.6
	1,499	140.00 - 149.99			8.5
	501,568
	1994 Plan	Range—Exercise Price		Weighted Average
	Number of Options			Remaining Contractual Term
				(in years)
	88,323	$40.00 - $49.99			3.5
	41,556	60.00 - 69.99			1.1
	730	70.00 - 79.99			1.5
	104,013	80.00 - 89.99			4.1
	174,323	90.00 - 99.99			2.1
	282,581	140.00 - 149.99			3.1
	691,526
	Options outstanding under the 2009 and 1994 Plans at December 31, 2013 had an intrinsic value of $2,669,000 and $15,424,000, respectively. Options exercisable under the 2009 and 1994 Plans at December 31, 2013 had an intrinsic value of $2,593,000 and $15,424,000, respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 8.1 years and 3.1 years, respectively. The intrinsic value of options exercised during 2013, 2012 and 2011 was $2,395,000, $26,746,000 and $46,126,000, respectively.
	The cost related to stock-based employee compensation for employee stock options included in the determination of net income is based on estimated forfeitures for the given year. Estimated forfeitures are adjusted to reflect actual forfeitures at the end of the vesting period. The following table summarizes the weighted average fair value of employee stock options for the periods shown and the associated assumptions used to calculate the value:
		2013			2012			2011
	Weighted average fair value per share	$	26.78		$	29.11		$	29.4
	Life of options (in years)		5			5			7
	Dividend yield		3.7	%		3.5	%		4	%
	Volatility		34	%		35	%		35	%
	Risk-free interest rate		0.91	%		0.87	%		3.04	%
	During 2013, the Company adopted a revised compensation framework under which share-based compensation will be granted, composed of annual awards and multiyear long term incentive performance awards. Annual awards will include restricted stock awards for which one third of the award will vest annually over a three year period following the measurement period. Under the multiyear long term incentive component of the revised framework, the Company will grant a target number of restricted stock units, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a three-year measurement period. The share-based compensation earned will be in the form of restricted stock, or upon election of the recipient, up to 25% in the form of stock options, for which one third of the award will vest annually over a three year period following the measurement period.
	At December 31, 2013 and 2012, the Company had 182,083 and 202,218, respectively, outstanding unvested shares granted under restricted stock awards. The Company issued 123,977 shares of restricted stock valued at $16,019,000 as part of its stock-based compensation plan during the year ended December 31, 2013. Restricted stock vesting during the year ended December 31, 2013 totaled 141,673 shares and had fair values at the grant date ranging from $48.60 to $149.05 per share. The total fair value of shares vested was $14,832,000, $36,337,000 and $35,029,000 for the years ended December 31, 2013, 2012 and 2011, respectively.
	The Company granted 191,008 restricted stock units with an estimated aggregate compensation cost of $13,371,000, as part of its stock-based compensation plan during the year ended December 31, 2013. The Company used a Monte Carlo model to assess the compensation cost associated with the restricted stock units. The estimated compensation cost was derived using the following assumptions: baseline share value of $130.23; dividend yield of 3.3%; estimated volatility figures ranging from 17.0% to 21.0% over the life of the plan for the Company using 50% historical volatility and 50% implied volatility; and risk free rates over the life of the plan ranging from 0.09% to 0.46%; resulting in an average estimated fair value per restricted stock unit of $70.00.
	Total employee stock-based compensation cost recognized in income was $17,775,000, $9,961,000 and $9,721,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and total capitalized stock-based compensation cost was $8,379,000, $5,140,000 and $5,284,000 for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, there was a total of $2,674,000 and $7,889,000 in unrecognized compensation cost for unvested stock options and unvested restricted stock, respectively, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock is expected to be recognized over a weighted average period of 1.8 and 2.5 years, respectively.
	The Company estimates the forfeiture of stock options and recognizes compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2013 was 1.4%. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2013, 2012 or 2011.
	Employee Stock Purchase Plan
	In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the "ESPP"). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 724,675 shares remaining available for issuance under the ESPP. Full-time employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable election period, they have been employed by the Company for at least one month. All other employees of the Company are eligible to participate provided that, as of the applicable election period, they have been employed by the Company for 12 months. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations. During 2013, the purchase period was a period of seven months beginning April 1 and ending October 30. The Company modified the ESPP beginning in 2014, establishing two purchase periods of approximately six months each. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed, if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 9,260, 6,260 and 6,972 shares and recognized compensation expense of $174,000, $127,000 and $216,000 under the ESPP for the years ended December 31, 2013, 2012 and 2011, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2013
Fair Value	'
Fair Value	'
	11. Fair Value
	Financial Instruments Carried at Fair Value
	Derivative Financial Instruments
	Currently, the Company uses interest rate cap agreements to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. In adjusting the fair value of its derivative contracts for the effect of counterparty nonperformance risk, the Company has considered the impact of its net position with a given counterparty, as well as any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group. As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus reducing credit risk concentration. The Company believes the likelihood of realizing losses from counterparty nonperformance is remote. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2013, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined it is not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy.
	Hedge ineffectiveness did not have a material impact on earnings of the Company for 2013 or any prior period, and the Company does not anticipate that it will have a material effect in the future.
	The following table summarizes the consolidated Hedging Derivatives at December 31, 2013, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):
		Non-designated			Cash Flow
		Hedges			Hedges
		Interest			Interest
		Rate Caps			Rate Caps
	Notional balance	$	611,395		$	134,132
	Weighted average interest rate(1)		1.8	%		2.5	%
	Weighted average capped interest rate		5.9	%		4.9	%
	Earliest maturity date		14-Mar			15-Apr
	Latest maturity date		18-Aug			15-Jun
	-1
	For interest rate caps, this represents the weighted average interest rate on the debt.
	Excluding derivatives executed to hedge secured debt on communities classified as held for sale, the Company had three derivatives designated as cash flow hedges and 14 derivatives not designated as hedges at December 31, 2013. Other than the fair value change associated with the forward interest rate protection agreement discussed below, fair value changes for derivatives not in qualifying hedge relationships for years ended December 31, 2013, 2012 and 2011, were not material. To adjust the Hedging Derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, the Company recorded a decrease to other comprehensive loss of $5,892,000 during the year ended December 31, 2013 and recorded an increase in other comprehensive loss of $22,876,000 and $85,845,000 during the years ended December 31, 2012 and 2011, respectively. The Company reclassified $59,376,000 of deferred losses from accumulated other comprehensive income as a change to earnings, for the year ended December 31, 2013, primarily associated with the forward interest rate protection agreement discussed below. The Company anticipates reclassifying approximately $5,493,000 of hedging losses from accumulated other comprehensive income into earnings within the next 12 months to offset the variability of cash flows of the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2013 and 2012.
	The Company was party to a $215,000,000 forward interest rate protection agreement, which was entered into in 2011 to reduce the impact of variability in interest rates on a portion of its expected debt issuance activity in 2013. The Company settled this position at its maturity in May 2013 with a payment to the counterparty of $51,000,000, the fair value at the time of settlement. Based on changes in the Company's capital requirements for the year, the Company did not issue the anticipated debt for which this interest rate protection agreement was transacted. During the year ended December 31, 2013, the Company recognized the deferred loss of $53,484,000 for the forward interest rate protection agreement in Loss on interest rate contract on the accompanying Consolidated Statements of Comprehensive Income.
	Redeemable Noncontrolling Interests
	The Company provided redemption options (the "Puts") that allow joint venture partners of the Company to require the Company to purchase their interests in the investment at a guaranteed minimum amount related to three ventures, two of which were assumed as part of the Archstone Acquisition. The Puts are payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations, applying a guaranteed rate of return to the joint venture partners' net capital contribution balances as of period end. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy.
	The Company issued units of limited partnership interest in DownREITs which provide the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreements, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREITs are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy.
	Financial Instruments Not Carried at Fair Value
	Cash and Cash Equivalents
	Cash and cash equivalent balances are held with various financial institutions, within principal protected accounts. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values.
	Other Financial Instruments
	Rents receivable, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values.
	The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company's nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its credit facility are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy.
	Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis
	The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
	Description	Total Fair			Quoted Prices			Significant			Significant
		Value			in Active			Other			Unobservable
					Markets for			Observable			Inputs
					Identical Assets			Inputs			(Level 3)
					(Level 1)			(Level 2)
		12/31/13
	Interest Rate Caps	$	106		$	—		$	106		$	—
	Put(s)		(15,998	)		—			—			(15,998	)
	DownREIT units		(887	)		(887	)		—			—
	Indebtedness		(6,294,848	)		(2,657,143	)		(3,637,705	)		—
	Total	$	(6,311,627	)	$	(2,658,030	)	$	(3,637,599	)	$	(15,998	)
		12-31-2012
	Interest Rate Caps	$	19		$	—		$	19		$	—
	Interest Rate Swaps		(53,484	)		—			(53,484	)		—
	Put		(5,574	)		—			—			(5,574	)
	DownREIT units		(1,017	)		(1,017	)		—			—
	Indebtedness		(4,077,397	)		(2,102,927	)		(1,974,470	)		—
	Total	$	(4,137,453	)	$	(2,103,944	)	$	(2,027,935	)	$	(5,574	)

Related_Party_Arrangements

Related Party Arrangements	12 Months Ended
	Dec. 31, 2013
Related Party Arrangements	'
Related Party Arrangements	'
	12. Related Party Arrangements
	Unconsolidated Entities
	The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company received fees of $11,502,000, $10,257,000 and $9,656,000 in the years ended December 31, 2013, 2012 and 2011, respectively. These fees are included in management, development and other fees on the accompanying Consolidated Statements of Comprehensive Income. In addition, the Company has outstanding receivables associated with its management role of $7,004,000 and $3,484,000 as of December 31, 2013 and 2012, respectively.
	Director Compensation
	Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock awards) having a value of $125,000 and (ii) a cash payment of $60,000, payable in quarterly installments of $15,000. The number of shares of restricted stock (or deferred stock awards) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of a deferred stock award. In addition, the Lead Independent Director receives an annual fee of $30,000 payable in equal quarterly installments of $7,500.
	The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $992,000, $880,000, and $778,000 for the years ended December 31, 2013, 2012 and 2011, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards was $417,000 and $364,000 on December 31, 2013 and December 31, 2012, respectively.

Quarterly_Financial_Informatio

Quarterly Financial Information	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information	'
Quarterly Financial Information	'
	13. Quarterly Financial Information
	The following summary represents the quarterly results of operations for the years ended December 31, 2013 and 2012 (dollars in thousands, except per share amounts):
		For the three months ended(2)
		3/31/13			6/30/13		9/30/13			12/31/13
	Total revenue(1)	$	301,356		$	378,207	$	389,189		$	394,169
	Income (loss) from continuing operations(1)	$	(14,767	)	$	334	$	(15,949	)	$	88,209
	Total discontinued operations(1)	$	90,237		$	35,763	$	5,063		$	163,881
	Net income (loss) attributable to common stockholders	$	75,427		$	36,218	$	(10,715	)	$	252,212
	Net income (loss) per common share—basic	$	0.63		$	0.28	$	(0.08	)	$	1.95
	Net income (loss) per common share—diluted	$	0.63		$	0.28	$	(0.08	)	$	1.95
		For the three months ended(2)
		3/31/12			6/30/12		9/30/12			12/31/12
	Total revenue(1)	$	236,788		$	244,697	$	257,568		$	261,574
	Income from continuing operations(1)	$	50,380		$	54,975	$	80,715		$	64,361
	Total discontinued operations(1)	$	7,229		$	101,846	$	6,033		$	58,023
	Net income attributable to common stockholders	$	57,758		$	156,909	$	86,844		$	122,356
	Net income per common share—basic	$	0.61		$	1.64	$	0.89		$	1.19
	Net income per common share—diluted	$	0.6		$	1.63	$	0.89		$	1.19
	-1
	Amounts may not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.
	-2
	Amounts may not equal full year results due to rounding.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'
	14. Subsequent Events
	The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.
	In February 2014, the Company sold Avalon Valley, located in Danbury, CT. Avalon Valley contains 268 homes and was sold for $53,325,000.
	On February 18, 2014, Lehman announced that it had sold all of the shares of the Company's common stock it received as consideration for the Archstone Acquisition. Lehman received all of the net proceeds from the sale of its shares of the Company's common stock, and Lehman's sale of such shares did not impact the total number of the Company's shares of common stock outstanding.

REAL_ESTATE_AND_ACCUMULATED_DE

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2013
REAL ESTATE AND ACCUMULATED DEPRECIATION	'
REAL ESTATE AND ACCUMULATED DEPRECIATION	'
	AVALONBAY COMMUNITIES, INC.
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	December 31, 2013
	(Dollars in thousands)
				Initial Cost									Total Cost
	Community	City and state		Land			Building /			Costs			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
							Construction in			Subsequent to					Construction in				Depreciation		Net of				Completion/
							Progress &			Acquisition /					Progress &						Accumulated				Acquisition
							Improvements			Construction					Improvements						Depreciation
	Avalon Fremont	Fremont, CA		$	10,746		$	43,399		$	4,989		$	10,746	$	48,388	$	59,134	$	26,226	$	32,908	$	—		1994
	Eaves Dublin	Dublin, CA			5,276			19,642			4,657			5,276		24,299		29,575		13,221		16,354		—		1989/1997
	Avalon Campbell	Campbell, CA			11,830			47,828			13,115			11,830		60,943		72,773		26,380		46,393		38,800		1995
	Eaves Daly City	Daly City, CA			4,230			9,659			18,619			4,230		28,278		32,508		13,771		18,737		—		1972/1997
	AVA Nob Hill	San Francisco, CA			5,403			21,567			6,887			5,403		28,454		33,857		13,017		20,840		20,800		1990/1995
	Eaves San Jose	San Jose, CA			12,920			53,047			18,824			12,920		71,871		84,791		26,152		58,639		—		1985/1996
	Eaves San Rafael	San Rafael, CA			5,982			16,885			24,021			5,982		40,906		46,888		16,644		30,244		—		1973/1996
	Eaves Pleasanton	Pleasanton, CA			11,610			46,552			21,254			11,610		67,806		79,416		31,024		48,392		—		1988/1994
	AVA Newport	Costa Mesa, CA			1,975			3,814			9,801			1,975		13,615		15,590		4,982		10,608		—		1956/1996
	AVA Burbank	Burbank, CA			22,483			28,104			42,461			22,483		70,565		93,048		29,267		63,781		—		1961/1997
	Avalon Mission Viejo	Mission Viejo, CA			2,517			9,257			2,486			2,517		11,743		14,260		6,776		7,484		7,635		1984/1996
	Eaves South Coast	Costa Mesa, CA			4,709			16,063			12,769			4,709		28,832		33,541		12,855		20,686		—		1973/1996
	Avalon at Mission Bay	San Diego, CA			9,922			40,580			17,630			9,922		58,210		68,132		30,126		38,006		—		1969/1997
	Eaves Mission Ridge	San Diego, CA			2,710			10,924			11,191			2,710		22,115		24,825		11,438		13,387		—		1960/1997
	Eaves Union City	Union City, CA			4,249			16,820			2,797			4,249		19,617		23,866		10,652		13,214		—		1973/1996
	Avalon on the Alameda	San Jose, CA			6,119			50,225			1,620			6,119		51,845		57,964		26,168		31,796		52,278		1999
	Eaves Foster City	Foster City, CA			7,852			31,445			11,208			7,852		42,653		50,505		19,676		30,829		—		1973/1994
	Eaves Pacifica	Pacifica, CA			6,125			24,796			2,271			6,125		27,067		33,192		14,548		18,644		17,600		1971/1995
	Avalon Sunset Towers	San Francisco, CA			3,561			21,321			14,834			3,561		36,155		39,716		14,941		24,775		—		1961/1996
	Avalon Silicon Valley	Sunnyvale, CA			20,713			99,573			4,610			20,713		104,183		124,896		55,535		69,361		—		1997/1998
	Avalon Woodland Hills	Woodland Hills, CA			23,828			40,372			46,931			23,828		87,303		111,131		33,347		77,784		—		1989/1997
	Avalon Mountain View	Mountain View, CA			9,755			39,393			9,511			9,755		48,904		58,659		23,899		34,760		18,300		1986
	Eaves Santa Margarita	Rancho Santa Margarita, CA			4,607			16,911			10,248			4,607		27,159		31,766		11,720		20,046		—		1990/1997
	Eaves Diamond Heights	San Francisco, CA			4,726			19,130			5,790			4,726		24,920		29,646		12,155		17,491		—		1972/1994
	Eaves Fremont	Fremont, CA			6,581			26,583			9,731			6,581		36,314		42,895		17,974		24,921		—		1985/1994
	Eaves Creekside	Mountain View, CA			6,546			26,263			11,616			6,546		37,879		44,425		19,307		25,118		—		1962/1997
	Eaves Warner Center	Woodland Hills, CA			7,045			12,986			9,187			7,045		22,173		29,218		12,142		17,076		—		1979/1998
	Eaves Huntington Beach	Huntington Beach, CA			4,871			19,745			9,522			4,871		29,267		34,138		15,512		18,626		—		1971/1997
	AVA Cortez Hill	San Diego, CA			2,768			20,134			23,465			2,768		43,599		46,367		17,309		29,058		—		1973/1998
	Avalon at Cahill Park	San Jose, CA			4,765			47,600			919			4,765		48,519		53,284		19,093		34,191		—		2002
	Avalon Towers on the Peninsula	Mountain View, CA			9,560			56,136			958			9,560		57,094		66,654		23,134		43,520		—		2002
	Avalon at Mission Bay North	San Francisco, CA			14,029			78,452			1,924			14,029		80,376		94,405		30,224		64,181		70,959		2003
				Initial Cost									Total Cost
	Community	City and state		Land			Building /			Costs			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
							Construction in			Subsequent to					Construction in				Depreciation		Net of				Completion/
							Progress &			Acquisition /					Progress &						Accumulated				Acquisition
							Improvements			Construction					Improvements						Depreciation
	Avalon at Glendale	Burbank, CA			—			42,564			653			—		43,217		43,217		15,350		27,867		—		2003
	Avalon Burbank	Burbank, CA			14,053			56,827			23,763			14,053		80,590		94,643		26,423		68,220		—		1988/2002
	Avalon Camarillo	Camarillo, CA			8,446			40,290			86			8,446		40,376		48,822		10,901		37,921		—		2006
	Avalon Wilshire	Los Angeles, CA			5,459			41,182			954			5,459		42,136		47,595		9,762		37,833		—		2007
	Avalon Encino	Los Angeles, CA			12,789			49,073			380			12,789		49,453		62,242		9,036		53,206		—		2008
	Avalon Warner Place	Canoga Park, CA			7,920			44,848			163			7,920		45,011		52,931		8,895		44,036		—		2007
	Avalon Fashion Valley	San Diego, CA			19,627			44,972			285			19,627		45,257		64,884		8,208		56,676		—		2008
	Avalon Anaheim Stadium	Anaheim, CA			27,874			69,156			596			27,874		69,752		97,626		11,824		85,802		—		2009
	Avalon Union City	Union City, CA			14,732			104,025			232			14,732		104,257		118,989		16,046		102,943		—		2009
	Avalon Irvine	Irvine, CA			9,911			67,524			66			9,911		67,590		77,501		10,104		67,397		—		2010
	Avalon at Mission Bay III	San Francisco, CA			28,687			119,156			75			28,687		119,231		147,918		18,465		129,453		—		2009
	Avalon Walnut Creek	Walnut Creek, CA			—			145,904			1,090			—		146,994		146,994		17,080		129,914		137,542		2010
	Avalon Ocean Avenue	San Francisco, CA			5,544			50,868			1,740			5,544		52,608		58,152		2,916		55,236		—		2012
	Eaves Phillips Ranch	Pomona, CA			9,796			41,740			59			9,796		41,799		51,595		4,023		47,572		—		1989/2011
	Eaves San Dimas	San Dimas, CA			1,916			7,819			24			1,916		7,843		9,759		758		9,001		—		1978/2011
	Eaves San Dimas Canyon	San Dimas, CA			2,953			12,428			180			2,953		12,608		15,561		1,201		14,360		—		1981/2011
	Eaves San Marcos	San Marcos, CA			3,277			13,385			—			3,277		13,385		16,662		1,302		15,360		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA			6,692			27,143			37			6,692		27,180		33,872		2,585		31,287		—		1986/2011
Eaves Lake Forest	Lake Forest, CA			5,199			21,134			395			5,199		21,529		26,728		2,026		24,702		—		1975/2011
AVA Pasadena	Pasadena, CA			8,400			11,547			3,587			8,400		15,134		23,534		732		22,802		11,869		1973/2012
Eaves Cerritos	Artesia, CA			8,305			21,195			—			8,305		21,195		29,500		1,131		28,369		—		1973/2012
Avalon Del Rey	Los Angeles, CA			30,900			72,008			297			30,900		72,305		103,205		3,508		99,697		—		2006/2012
Eaves Walnut Creek	Walnut Creek, CA			29,650			83,045			4,219			29,650		87,264		116,914		6,611		110,303		—		1987/2013
Avalon Simi Valley	Simi Valley, CA			41,610			73,771			4,303			41,610		78,074		119,684		6,279		113,405		—		2007/2013
Eaves La Mesa	La Mesa, CA			6,950			31,022			1,097			6,950		32,119		39,069		1,897		37,172		—		1989/2013
Archstone Studio City II	Los Angeles, CA			4,626			22,954			943			4,626		23,897		28,523		1,641		26,882		—		1991/2013
Archstone Studio City III	Los Angeles, CA			15,756			78,178			3,260			15,756		81,438		97,194		5,590		91,604		—		2002/2013
Avalon Willow Glen	San Jose, CA			47,030			80,987			3,871			47,030		84,858		131,888		6,364		125,524		—		2002/2013
Avalon Calabasas	Calabasas, CA			35,450			114,912			6,156			35,450		121,068		156,518		9,147		147,371		101,724		1988/2013
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in			Subsequent to					Construction in				Depreciation		Net of				Completion/
						Progress &			Acquisition /					Progress &						Accumulated				Acquisition
						Improvements			Construction					Improvements						Depreciation
Avalon Oak Creek	Agoura Hills, CA			34,560			88,954			4,084			34,560		93,038		127,598		6,535		121,063		85,288		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA			31,980			60,790			2,966			31,980		63,756		95,736		4,654		91,082		—		2007/2013
Avalon Del Mar Station	Pasadena, CA			20,560			106,556			3,065			20,560		109,621		130,181		6,024		124,157		76,471		2006/2013
Archstone La Jolla Colony	San Diego, CA			17,150			27,304			1,640			17,150		28,944		46,094		2,528		43,566		27,176		1987/2013
Eaves Old Town Pasadena	Pasadena, CA			8,930			15,551			987			8,930		16,538		25,468		1,441		24,027		15,669		1972/2013
Eaves Thousand Oaks	Thousand Oaks, CA			14,500			19,661			1,674			14,500		21,335		35,835		2,313		33,522		27,411		1992/2013
Avalon Walnut Ridge I	Walnut Creek, CA			10,040			19,670			820			10,040		20,490		30,530		1,415		29,115		20,754		2000/2013
Eaves Los Feliz	Los Feliz, CA			18,940			43,661			2,672			18,940		46,333		65,273		3,880		61,393		43,258		1989/2013
Eaves West Valley	San Jose, CA			91,710			112,808			6,755			91,710		119,563		211,273		10,264		201,009		83,087		1970/2013
Eaves Seal Beach	Huntington Beach, CA			46,310			100,479			4,294			46,310		104,773		151,083		7,336		143,747		86,167		1971/2013
Oakwood Toluca Hills	Los Angeles, CA			89,450			157,256			9,610			89,450		166,866		256,316		13,883		242,433		167,595		1973/2013
Eaves Woodland Hills	Woodland Hills, CA			69,400			90,089			6,940			69,400		97,029		166,429		9,504		156,925		104,694		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA			65,960			67,128			4,541			65,960		71,669		137,629		6,760		130,869		72,374		1969/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA			13,010			22,381			1,640			13,010		24,021		37,031		2,304		34,727		28,742		2002/2013
Archstone San Bruno	San Bruno, CA			37,890			71,574			2,756			37,890		74,330		112,220		4,764		107,456		64,450		2004/2013
Archstone San Bruno II	San Bruno, CA			23,787			44,934			1,676			23,787		46,610		70,397		2,991		67,406		31,398		2007/2013
Archstone San Bruno III	San Bruno, CA			33,303			62,910			2,354			33,303		65,264		98,567		4,187		94,380		56,210		2010/2013
Avalon Walnut Ridge II	Walnut Creek, CA			27,190			57,041			3,194			27,190		60,235		87,425		4,922		82,503		—		1989/2013
Avalon Pasadena	Pasadena, CA			9,980			31,818			1,527			9,980		33,345		43,325		2,390		40,935		28,079		2004/2013
Archstone Studio City	Los Angeles, CA			18,178			90,195			3,849			18,178		94,044		112,222		6,447		105,775		—		1987/2013
The Springs (1)	Corona, CA			5,724			23,433			890			5,724		24,323		30,047		3,013		27,034		—		1987/2006
Eaves Trumbull	Trumbull, CT			4,414			31,268			2,860			4,414		34,128		38,542		19,422		19,120		40,018		1997
Eaves Stamford	Stamford, CT			5,956			23,993			11,366			5,956		35,359		41,315		18,636		22,679		—		1991
Avalon Wilton I	Wilton, CT			2,116			14,664			5,763			2,116		20,427		22,543		9,113		13,430		—		1997
Avalon Valley	Danbury, CT			2,277			23,561			863			2,277		24,424		26,701		12,210		14,491		—		1999
Avalon on Stamford Harbor	Stamford, CT			10,836			51,883			1,020			10,836		52,903		63,739		20,938		42,801		63,624		2003
Avalon New Canaan	New Canaan, CT			4,834			19,485			535			4,834		20,020		24,854		7,960		16,894		—		2002
Avalon at Greyrock Place	Stamford, CT			13,819			56,499			1,949			13,819		58,448		72,267		22,691		49,576		58,385		2002
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in			Subsequent to					Construction in				Depreciation		Net of				Completion/
						Progress &			Acquisition /					Progress &						Accumulated				Acquisition
						Improvements			Construction					Improvements						Depreciation
Avalon Danbury	Danbury, CT			4,933			30,638			553			4,933		31,191		36,124		9,251		26,873		—		2005
Avalon Darien	Darien, CT			6,926			34,659			1,410			6,926		36,069		42,995		12,348		30,647		48,484		2004
Avalon Milford I	Milford, CT			8,746			22,699			577			8,746		23,276		32,022		7,662		24,360		—		2004
Avalon Norwalk	Norwalk, CT			11,320			62,910			24			11,320		62,934		74,254		7,142		67,112		—		2011
Avalon Huntington	Shelton, CT			5,277			20,029			100			5,277		20,129		25,406		3,674		21,732		—		2008
Avalon Wilton II	Wilton, CT			6,604			23,766			6			6,604		23,772		30,376		2,140		28,236		—		2011
Avalon at Foxhall	Washington, DC			6,848			27,614			11,357			6,848		38,971		45,819		23,539		22,280		57,150		1982
Avalon at Gallery Place	Washington, DC			8,800			39,658			660			8,800		40,318		49,118		15,057		34,061		44,405		2003
The Albemarle	Washington, DC			25,180			52,419			3,523			25,180		55,942		81,122		5,009		76,113		—		1966/2013
Eaves Tunlaw Gardens	Washington, DC			16,430			22,902			1,747			16,430		24,649		41,079		2,369		38,710		28,844		1944/2013
The Statesman	Washington, DC			38,140			35,352			3,396			38,140		38,748		76,888		4,505		72,383		—		1961/2013
Eaves Glover Park	Washington, DC			9,580			26,532			1,598			9,580		28,130		37,710		2,376		35,334		23,858		1978/2013
The Consulate	Washington, DC			22,960			58,621			3,133			22,960		61,754		84,714		4,755		79,959		—		1978/2013
Avalon at Lexington	Lexington, MA			2,124			12,599			9,082			2,124		21,681		23,805		10,620		13,185		—		1994
Avalon Oaks	Wilmington, MA			2,129			18,676			1,870			2,129		20,546		22,675		10,271		12,404		16,094		1999
Eaves Quincy	Quincy, MA			1,743			14,662			9,073			1,743		23,735		25,478		10,954		14,524		—		1986/1996
Avalon Essex	Peabody, MA			5,184			16,320			1,671			5,184		17,991		23,175		8,553		14,622		—		2000
Avalon Oaks West	Wilmington, MA			3,318			13,467			575			3,318		14,042		17,360		5,857		11,503		16,032		2002
Avalon Orchards	Marlborough, MA			2,983			18,037			1,752			2,983		19,789		22,772		7,982		14,790		17,530		2002
Avalon at Newton Highlands	Newton, MA			11,039			45,590			3,270			11,039		48,860		59,899		17,462		42,437		—		2003
Avalon at The Pinehills	Plymouth, MA			6,876			30,401			136			6,876		30,537		37,413		6,765		30,648		—		2004/2011
Eaves Peabody	Peabody, MA			4,645			19,007			11,781			4,645		30,788		35,433		8,628		26,805		—		2004
Avalon at Bedford Center	Bedford, MA			4,258			20,569			213			4,258		20,782		25,040		5,922		19,118		—		2005
Avalon Chestnut Hill	Chestnut Hill, MA			14,572			45,911			1,277			14,572		47,188		61,760		11,971		49,789		39,979		2007
Avalon Shrewsbury	Shrewsbury, MA			5,152			30,608			544			5,152		31,152		36,304		7,982		28,322		20,464		2007
Avalon Danvers	Danvers, MA			7,010			76,904			725			7,010		77,629		84,639		17,168		67,471		—		2006
Avalon at Lexington Hills	Lexington, MA			8,691			79,153			393			8,691		79,546		88,237		16,581		71,656		—		2007
Avalon Acton	Acton, MA			13,124			49,935			126			13,124		50,061		63,185		10,274		52,911		45,000		2007
Avalon at Hingham Shipyard	Hingham, MA			12,218			41,591			131			12,218		41,722		53,940		7,548		46,392		—		2009
Avalon Sharon	Sharon, MA			4,719			25,522			216			4,719		25,738		30,457		5,074		25,383		—		2007
Avalon Northborough	Northborough, MA			8,144			52,454			16			8,144		52,470		60,614		7,277		53,337		—		2009/2010
Avalon Blue Hills	Randolph, MA			11,110			34,736			62			11,110		34,798		45,908		5,587		40,321		—		2009
Avalon Cohasset	Cohasset, MA			8,802			46,162			16			8,802		46,178		54,980		3,254		51,726		—		2012
Avalon Andover	Andover, MA			4,276			21,783			—			4,276		21,783		26,059		1,303		24,756		14,821		2012
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs Subsequent to Acquisition / Construction			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in								Construction in				Depreciation		Net of				Completion/
						Progress &								Progress &						Accumulated				Acquisition
						Improvements								Improvements						Depreciation
Avalon at Prudential Center III	Boston, MA			9,034			36,540			29,873			9,034		66,413		75,447		23,974		51,473		—		1968/1998
Avalon at Prudential Center II	Boston, MA			8,776			35,496			17,813			8,776		53,309		62,085		23,197		38,888		—		1968/1998
Avalon at Prudential Center I	Boston, MA			8,002			32,370			16,241			8,002		48,611		56,613		21,150		35,463		—		1968/1998
Eaves Burlington	Burlington, MA			7,714			32,536			71			7,714		32,607		40,321		1,185		39,136		—		1988/2012
Avalon Burlington	Burlington, MA			15,600			62,100			2,150			15,600		64,250		79,850		153		79,697		—		1989/2013
Avalon Bear Hill	Waltham, MA			29,660			93,659			5,725			29,660		99,384		129,044		7,305		121,739		—		1999/2013
Eaves North Quincy	Quincy, MA			12,120			39,220			2,232			12,120		41,452		53,572		3,379		50,193		37,212		1977/2013
Avalon at Fairway Hills	Columbia, MD			8,603			34,432			15,842			8,603		50,274		58,877		26,655		32,222		—		1987/1996
Eaves Washingtonian Center I	Gaithersburg, MD			2,608			11,707			531			2,608		12,238		14,846		7,468		7,378		8,401		1996
Eaves Washingtonian Center II	Gaithersburg, MD			1,439			6,846			139			1,439		6,985		8,424		3,731		4,693		—		1998
Eaves Columbia Town Center	Columbia, MD			8,802			35,536			11,426			8,802		46,962		55,764		14,663		41,101		—		1986
Avalon at Grosvenor Station	North Bethesda, MD			29,159			53,001			1,765			29,159		54,766		83,925		18,996		64,929		—		2004
Avalon at Traville	North Potomac, MD			14,365			55,398			620			14,365		56,018		70,383		19,502		50,881		75,251		2004
Avalon Russett	Laurel, MD			10,800			46,924			2,491			10,800		49,415		60,215		3,862		56,353		39,972		1999/2013
Avalon Cove	Jersey City, NJ			8,760			82,422			20,320			8,760		102,742		111,502		50,429		61,073		—		1997
Avalon Run	Lawrenceville, NJ			14,650			60,486			2,494			14,650		62,980		77,630		21,656		55,974		—		1994/1996
Avalon Princeton Junction	West Windsor, NJ			5,585			22,382			20,617			5,585		42,999		48,584		19,856		28,728		—		1988
Avalon at Edgewater	Edgewater, NJ			14,528			60,240			4,000			14,528		64,240		78,768		26,363		52,405		76,088		2002
Avalon at Florham Park	Florham Park, NJ			6,647			34,906			1,907			6,647		36,813		43,460		16,539		26,921		—		2001
Avalon at Freehold	Freehold, NJ			4,119			30,514			662			4,119		31,176		35,295		12,879		22,416		35,475		2002
Avalon Run East	Lawrenceville, NJ			6,766			45,366			602			6,766		45,968		52,734		14,710		38,024		38,013		2003
Avalon Lyndhurst	Lyndhurst, NJ			18,620			59,879			523			18,620		60,402		79,022		14,629		64,393		—		2006
Avalon at Tinton Falls	Tinton Falls, NJ			7,939			33,173			49			7,939		33,222		41,161		6,545		34,616		—		2007
Avalon West Long Branch	West Long Branch, NJ			2,721			22,940			(1	)		2,721		22,939		25,660		2,625		23,035		—		2011
Avalon North Bergen	North Bergen, NJ			8,984			30,953			235			8,984		31,188		40,172		1,671		38,501		—		2012
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs Subsequent to Acquisition / Construction			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in								Construction in				Depreciation		Net of				Completion/
						Progress &								Progress &						Accumulated				Acquisition
						Improvements								Improvements						Depreciation
Avalon at Wesmont Station	Wood-Ridge, NJ			14,682			41,616			1,161			14,682		42,777		57,459		2,450		55,009		—		2012
Avalon Commons	Smithtown, NY			4,679			28,286			5,660			4,679		33,946		38,625		17,351		21,274		—		1997
Eaves Nanuet	Nanuet, NY			8,428			45,660			3,280			8,428		48,940		57,368		26,480		30,888		64,149		1998
Avalon Green	Elmsford, NY			1,820			10,525			1,403			1,820		11,928		13,748		7,558		6,190		—		1995
Avalon Towers	Long Beach, NY			3,118			11,973			6,614			3,118		18,587		21,705		10,753		10,952		—		1990/1995
Avalon Willow	Mamaroneck, NY			6,207			40,791			1,327			6,207		42,118		48,325		20,381		27,944		—		2000
Avalon Court	Melville, NY			9,228			50,063			2,690			9,228		52,753		61,981		26,781		35,200		—		1997/2000
The Avalon	Bronxville, NY			2,889			28,324			7,948			2,889		36,272		39,161		14,572		24,589		—		1999
Avalon Riverview I	Long Island City, NY			—			94,061			3,593			—		97,654		97,654		38,010		59,644		—		2002
Avalon at Glen Cove	Glen Cove, NY			7,871			59,969			993			7,871		60,962		68,833		19,855		48,978		—		2004
Avalon Pines	Coram, NY			8,700			62,931			351			8,700		63,282		71,982		18,703		53,279		—		2005/2006
Avalon Bowery Place	New York, NY			18,575			75,009			1,739			18,575		76,748		95,323		19,439		75,884		93,800		2006
Avalon at Glen Cove North	Glen Cove, NY			2,577			37,336			167			2,577		37,503		40,080		8,726		31,354		—		2007
Avalon Riverview North	Long Island City, NY			—			166,856			2,151			—		169,007		169,007		36,401		132,606		—		2007
Avalon Bowery Place II	New York, NY			9,106			47,199			1,384			9,106		48,583		57,689		10,120		47,569		—		2007
Avalon White Plains	White Plains, NY			15,391			137,353			11			15,391		137,364		152,755		22,593		130,162		—		2009
Avalon Morningside Park	New York, NY			—			114,327			787			—		115,114		115,114		20,490		94,624		100,000		2009
Avalon Charles Pond	Coram, NY			14,715			33,640			28			14,715		33,668		48,383		5,606		42,777		—		2009
Avalon Fort Greene	Brooklyn, NY			83,038			218,444			642			83,038		219,086		302,124		27,435		274,689		—		2010
Avalon Rockville Centre	Rockville Centre, NY			32,212			78,622			—			32,212		78,622		110,834		5,587		105,247		—		2012
Avalon Green II	Elmsford, NY			27,724			76,825			—			27,724		76,825		104,549		4,596		99,953		—		2012
Avalon Westbury	Westbury, NY			69,620			43,781			5,809			69,620		49,590		119,210		7,036		112,174		83,460		2006/2013
Avalon Midtown West	New York, NY			154,740			180,243			11,788			154,740		192,031		346,771		16,875		329,896		100,500		1998/2013
Avalon Clinton North	New York, NY			84,058			105,831			5,971			84,058		111,802		195,860		8,969		186,891		147,000		2008/2013
Avalon Clinton South	New York, NY			71,412			89,860			5,167			71,412		95,027		166,439		7,698		158,741		121,500		2007/2013
Oakwood Philadelphia	Philadelphia, PA			3,100			22,342			793			3,100		23,135		26,235		1,313		24,922		10,427		1945/2013
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs Subsequent to Acquisition / Construction			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in								Construction in				Depreciation		Net of				Completion/
						Progress &								Progress &						Accumulated				Acquisition
						Improvements								Improvements						Depreciation
Avalon at Center Place	Providence, RI			—			26,816			10,230			—		37,046		37,046		18,410		18,636		—		1991/1997
Archstone Lexington	Flower Mound, TX			5,050			25,436			1,622			5,050		27,058		32,108		2,501		29,607		16,780		2000/2013
Archstone Memorial Heights	Houston, TX			37,070			45,981			4,300			37,070		50,281		87,351		5,680		81,671		—		1996/2013
Eaves Fair Lakes	Fairfax, VA			6,096			24,400			8,036			6,096		32,436		38,532		16,615		21,917		—		1989/1996
AVA Ballston	Arlington, VA			7,291			29,177			16,117			7,291		45,294		52,585		22,558		30,027		—		1990
Eaves Fairfax City	Fairfax, VA			2,152			8,907			5,390			2,152		14,297		16,449		6,068		10,381		—		1988/1997
Avalon Crescent	McLean, VA			13,851			43,397			1,455			13,851		44,852		58,703		25,130		33,573		—		1996
Avalon at Arlington Square	Arlington, VA			22,041			90,296			2,493			22,041		92,789		114,830		39,615		75,215		—		2001
Fairfax Towers	Falls Church, VA			17,889			74,727			639			17,889		75,366		93,255		6,979		86,276		—		1978/2011
Avalon Ballston Place	Arlington, VA			38,530			123,605			3,647			38,530		127,252		165,782		7,218		158,564		—		2001/2013
Eaves Tysons Corner	Vienna, VA			13,690			47,760			2,240			13,690		50,000		63,690		3,615		60,075		—		1980/2013
Archstone Ballston Square	Arlington, VA			71,720			215,857			9,506			71,720		225,363		297,083		15,924		281,159		—		1992/2013
Archstone Courthouse Place	Arlington, VA			56,630			177,952			7,799			56,630		185,751		242,381		12,795		229,586		140,332		1999/2013
Avalon Reston Landing	Reston, VA			28,280			81,514			4,127			28,280		85,641		113,921		6,640		107,281		—		2000/2013
Oakwood Arlington	Arlington, VA			18,930			38,465			1,840			18,930		40,305		59,235		2,980		56,255		42,703		1987/2013
Avalon Redmond Place	Redmond, WA			4,558			18,368			9,593			4,558		27,961		32,519		13,534		18,985		—		1991/1997
Avalon at Bear Creek	Redmond, WA			6,786			27,641			3,295			6,786		30,936		37,722		16,170		21,552		—		1998
Avalon Bellevue	Bellevue, WA			6,664			24,119			1,633			6,664		25,752		32,416		11,190		21,226		25,856		2001
Avalon RockMeadow	Bothell, WA			4,777			19,765			1,651			4,777		21,416		26,193		9,806		16,387		—		2000
Avalon ParcSquare	Redmond, WA			3,789			15,139			2,343			3,789		17,482		21,271		7,900		13,371		—		2000
Avalon Brandemoor	Lynwood, WA			8,608			36,679			1,615			8,608		38,294		46,902		16,740		30,162		—		2001
AVA Belltown	Seattle, WA			5,644			12,733			821			5,644		13,554		19,198		5,805		13,393		—		2001
Avalon Meydenbauer	Bellevue, WA			12,697			77,451			1,191			12,697		78,642		91,339		15,319		76,020		—		2008
Avalon Towers Bellevue	Bellevue, WA			—			123,020			247			—		123,267		123,267		14,551		108,716		—		2011
AVA Queen Anne	Seattle, WA			12,081			41,699			5			12,081		41,704		53,785		2,802		50,983		—		2012
Avalon Brandemoor II	Lynwood, WA			2,655			11,343			—			2,655		11,343		13,998		1,021		12,977		—		2011
Eaves Redmond Campus	Redmond, WA			24,370			86,211			4,042			24,370		90,253		114,623		6,901		107,722		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA			10,580			26,512			1,368			10,580		27,880		38,460		2,227		36,233		—		1987/2013
			$	3,082,550		$	9,848,158		$	944,689		$	3,082,550	$	10,792,847	$	13,875,397	$	2,449,999	$	11,425,398	$	3,287,937
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs Subsequent to Acquisition / Construction			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in								Construction in				Depreciation		Net of				Completion/
						Progress &								Progress &						Accumulated				Acquisition
						Improvements								Improvements						Depreciation
Development Communities
Avalon Irvine II	Irvine, CA		$	4,358		$	40,871		$	—		$	4,358	$	40,871	$	45,229	$	1,301	$	43,928	$	—		N/A
AVA Little Tokyo	Los Angeles, CA			—			198			62,040			—		62,238		62,238		—		62,238		—		N/A
Avalon Dublin Station II	Dublin, CA			—			753			73,346			—		74,099		74,099		—		74,099		—		N/A
AVA 55 Ninth	San Francisco, CA			—			1,183			99,675			—		100,858		100,858		—		100,858		—		N/A
Avalon Morrison Park	San Jose, CA			—			760			67,683			—		68,443		68,443		—		68,443		—		N/A
Avalon San Dimas	San Dimas, CA			—			—			18,729			—		18,729		18,729		—		18,729		—		N/A
Avalon Hayes Valley	San Francisco, CA			—			113			38,939			—		39,052		39,052		—		39,052		—		N/A
Avalon Glendora	Glendora, CA			—			53			22,999			—		23,052		23,052		—		23,052		—		N/A
Avalon Vista	Vista, CA			—			—			15,349			—		15,349		15,349		—		15,349		—		N/A
Avalon Baker Ranch	Lake Forest, CA			—			—			34,803			—		34,803		34,803		—		34,803		—		N/A
Avalon Berkeley	Berkeley, CA			—			167			22,929			—		23,096		23,096		—		23,096		—		N/A
Eaves West Valley II	San Jose, CA			—			17,291			—			—		17,291		17,291		114		17,177		—		N/A
Avalon Shelton	Shelton, CT			7,779			40,406			—			7,779		40,406		48,185		770		47,415		—		N/A
Avalon East Norwalk	Norwalk, CT			10,224			35,864			1			10,224		35,865		46,089		292		45,797		—		N/A
Avalon at Stratford	Stratford, CT			—			28			13,370			—		13,398		13,398		—		13,398		—		N/A
AVA H Street	Washington, DC			7,412			25,481			—			7,412		25,481		32,893		811		32,082		—		N/A
Archstone First & M	Washington, DC			51,000			146,650			2,387			51,000		149,037		200,037		6,655		193,382		142,061		N/A
Avalon Exeter	Boston, MA			—			980			94,599			—		95,579		95,579		—		95,579		—		N/A
Avalon Natick	Natick, MA			15,637			63,487			—			15,637		63,487		79,124		1,084		78,040		—		N/A
Avalon/AVA Assembly Row	Somerville, MA			—			457			99,423			—		99,880		99,880		—		99,880		—		N/A
AVA Stuart Street	Boston, MA			—			—			52,037			—		52,037		52,037		—		52,037		—		N/A
Avalon Canton	Canton, MA			—			90			20,548			—		20,638		20,638		—		20,638		—		N/A
Avalon Hackensack	Hackensack, NJ			—			44,270			—			—		44,270		44,270		675		43,595		—		N/A
Avalon Somerset	Somerset, NJ			18,241			57,652			1			18,241		57,653		75,894		1,230		74,664		—		N/A
Avalon at Wesmont Station II	Wood-Ridge, NJ			6,502			16,309			—			6,502		16,309		22,811		348		22,463		—		N/A
Avalon Bloomingdale	Bloomingsdale, NJ			1,801			17,616			9,414			1,801		27,030		28,831		105		28,726		—		N/A
Avalon Wharton	Wharton, NJ			—			28			20,505			—		20,533		20,533		—		20,533		—		N/A
Avalon Bloomfield Station	Bloomfield, NJ			—			33			12,299			—		12,332		12,332		—		12,332		—		N/A
Avalon West Chelsea/AVA High Line	New York, NY			—			2,502			226,448			—		228,950		228,950		—		228,950		—		N/A
			Initial Cost									Total Cost
Community	City and state		Land			Building /			Costs Subsequent to Acquisition / Construction			Land		Building /		Total		Accumulated		Total Cost,		Encumbrances		Year of
						Construction in								Construction in				Depreciation		Net of				Completion/
						Progress &								Progress &						Accumulated				Acquisition
						Improvements								Improvements						Depreciation
Avalon Garden City	Garden City, NY			18,200			49,283			—			18,200		49,283		67,483		2,241		65,242		—		N/A
Avalon Ossining	Ossining, NY			—			64			24,704			—		24,768		24,768		—		24,768		—		N/A
Avalon Huntington Station	Huntington Station, NY			—			302			48,619			—		48,921		48,921		—		48,921		—		N/A
Avalon Willoughby Square/AVA DoBro	Brooklyn, NY			—			19			172,253			—		172,272		172,272		—		172,272		—		N/A
Archstone Toscano	Houston, TX			11,515			53,802			21,102			11,515		74,904		86,419		943		85,476		—		N/A
Archstone Memorial Heights Phase 1	Houston, TX			—			333			35,587			—		35,920		35,920		—		35,920		—		N/A
Avalon Park Crest	Tysons Corner, VA			13,554			63,488			—			13,554		63,488		77,042		2,543		74,499		—		N/A
Avalon Mosaic	Tysons Corner, VA			9,727			25,746			74,837			9,727		100,583		110,310		155		110,155		—		N/A
Avalon Arlington North	Arlington, VA			—			940			68,584			—		69,524		69,524		—		69,524		—		N/A
AVA Ballard	Seattle, WA			16,460			46,661			—			16,460		46,661		63,121		1,060		62,061		—		N/A
AVA University District	Seattle, WA			5,476			27,512			35,652			5,476		63,164		68,640		183		68,457		—		N/A
Avalon Alderwood I	Lynnwood, WA			—			89			31,199			—		31,288		31,288		—		31,288		—		N/A
				197,886			781,481			1,520,061			197,886		2,301,542		2,499,428		20,510		2,478,918		142,061
Land held for development				300,364			—			—			300,364		—		300,364		—		300,364		—
Corporate overhead				37,362			21,323			66,447			37,362		87,770		125,132		45,603		79,529		2,600,000
			$	3,618,162		$	10,650,962		$	2,531,197		$	3,618,162	$	13,182,159	$	16,800,321	$	2,516,112	$	14,284,209	$	6,029,998
-1
This community is a Fund asset which the Company consolidated beginning in 2011.
Amounts include real estate assets held for sale.
Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&E) is calculated over the following useful lives, on a straight line basis:
Building—30 years
Improvements, upgrades and FF&E—not to exceed 7 years
The aggregate cost of total real estate for federal income tax purposes was approximately $16,521,643 at December 31, 2013.
The changes in total real estate assets for the years ended December 31, 2013, 2012 and 2011 are as follows:
	Years ended December 31,
	2013			2012			2011
Balance, beginning of period	$	10,071,342		$	9,288,496		$	8,661,211
Acquisitions, construction costs and improvements		7,157,639			934,936			864,439
Dispositions, including impairment loss on planned dispositions		(428,660	)		(152,089	)		(237,154	)
Balance, end of period	$	16,800,321		$	10,071,342		$	9,288,496
The changes in accumulated depreciation for the years ended December 31, 2013, 2012 and 2011, are as follows:
	Years ended December 31,
	2013			2012			2011
Balance, beginning of period	$	2,056,222		$	1,863,466		$	1,705,567
Depreciation, including discontinued operations		573,715			260,094			250,269
Dispositions		(113,825	)		(67,338	)		(92,370	)
Balance, end of period	$	2,516,112		$	2,056,222		$	1,863,466

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Organization and Basis of Presentation	'
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 qualified for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company accounts for joint venture entities and subsidiary partnerships that are not variable interest entities in accordance with the guidance applicable to limited partnerships or similar entities. The Company evaluates the partnership of each joint venture entity and determines whether control over the partnership lies with the general partner or, when the limited partners have certain rights, with the limited partners. The Company consolidates an investment when both (i) the Company is the general partner and (ii) the limited partner interests do not overcome the Company's presumption of control by having either substantive participating rights, the ability to remove the Company as the general partner or the ability to dissolve the partnership.
	The Company generally uses the equity method under all other potential scenarios, including where (i) the Company holds a general partner interest but the presumption of control by the Company is overcome by the limited partner interests as described in the preceding paragraph or (ii) the Company holds a noncontrolling limited partner interest in a joint venture. Investments in which the Company has little or no influence are accounted for using the cost method.
Revenue and Gain Recognition	'
	Revenue and Gain Recognition
	Rental income related to leases is recognized on an accrual basis when due from residents as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard lease terms, rental payments are generally due on a monthly basis. Any cash concessions given at the inception of the lease are amortized over the approximate life of the lease, which is generally one year.
	The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company is not obligated to perform significant activities after the sale.
Real Estate	'
	Real Estate
	Operating real estate assets are stated at cost and consist of land, 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 asset are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.
	Improvements and upgrades are generally capitalized only if the item exceeds $15,000, extends the useful life of the asset and is not related to making an apartment home ready for the next resident. Purchases of personal property, such as computers and furniture, are generally capitalized only if the item is a new addition and exceeds $2,500. The Company generally expenses purchases of personal property made for replacement purposes.
	Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For 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 as incurred.
	The Company acquired as Development Rights four land parcels improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2013, the Company is actively pursuing development of all of these parcels. For the land parcels for which the Company intends to pursue development, the Company will manage the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on these land parcels in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the Development Right and not as part of net income.
	In connection with the acquisition of an operating community, the Company identifies and records each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition. The purchase price allocations to tangible assets, such as land, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, are 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 fair value of acquired in-place leases is determined based on the estimated cost to replace such leases, including foregone rents during an assumed re-lease period, as well as the impact on projected cash flow of acquired leases with leased rents above or below current market rents. The Company expenses all costs incurred related to acquisitions.
	Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to thirty years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years.
Income Taxes	'
	Income Taxes
	As of December 31, 2013 and 2012, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2010 through 2012.
	The Company elected to be taxed as a REIT under the Code for its tax year ended December 31, 1994 and has not revoked such election. A corporate REIT is a legal entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT the Company generally will not be subject to corporate level federal income tax on taxable income if it distributes 100% of its taxable income over the time period allowed under the Code to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the avoidance of income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2013, 2012 and 2011. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries is subject to federal, state and local income taxes, although no taxes were incurred during 2013, 2012 and 2011.
	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		2013 Estimate			2012 Actual			2011 Actual
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	GAAP gain on sale of communities (in excess of) less than tax gain		29,388			37,525			(84,152	)
	Depreciation/amortization timing differences on real estate		176,982			9,572			9,192
	Tax compensation expense less than (in excess of) GAAP		31,524			(26,314	)		(43,145	)
	Casualty and impairment loss		—			1,449			14,052
	Other adjustments		(14,974	)		(9,034	)		183
	Taxable net income	$	576,061		$	437,067		$	337,752
	The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2013, 2012 and 2011:
		2013			2012			2011
	Ordinary income		42	%		47	%		34	%
	15% capital gain (20% for 2013)		40	%		33	%		47	%
	Unrecaptured §1250 gain		18	%		20	%		19	%
Deferred Financing Costs	'
	Deferred Financing Costs
	Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs was $19,719,000 as of December 31, 2013 and $20,773,000 as of December 31, 2012.
Cash, Cash Equivalents and Cash in Escrow	'
	Cash, Cash Equivalents and Cash in Escrow
	Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes construction financing proceeds that are restricted for use in the construction of a specific community. The majority of the Company's cash, cash equivalents and cash in escrows 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 loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.
Earnings per Common Share	'
	Earnings per Common Share
	Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Basic and diluted shares outstanding
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Weighted average DownREIT units outstanding		7,500			7,500			8,322
	Effect of dilutive securities		402,649			601,251			846,675
	Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Net income allocated to unvested restricted shares		(563	)		(1,264	)		(1,631	)
	Net income attributable to common stockholders, adjusted	$	352,578		$	422,605		$	439,991
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Earnings per common share—basic	$	2.78		$	4.34		$	4.89
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations		32			28			27
	Adjusted net income attributable to common stockholders	$	353,173		$	423,897		$	441,649
	Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
	Earnings per common share—diluted	$	2.78		$	4.32		$	4.87
	Dividends per common share	$	4.28		$	3.88		$	3.57
	Certain options to purchase shares of common stock in the amounts of 605,899 and 396,346 were outstanding as of December 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because such options were anti-dilutive.
	The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2013 was 1.4% and is based on the average forfeiture activity over a period equal to the estimated life of the stock options. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2013, 2012 and 2011.
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets	'
	Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
	During the year ended December 31, 2012 the Company incurred damages related to Superstorm Sandy at certain of its communities on the East Coast, and recognized a charge of $1,449,000 for the casualty loss associated with this damage on the accompanying Consolidated Statements of Comprehensive Income. The Company did not incur a casualty loss in 2013 or 2011.
	The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2013, 2012 and 2011, the Company did not recognize any impairment losses for wholly-owned operating real estate assets.
	The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable ("Development Rights"). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are written off with a charge to expense. The Company expensed costs related to the abandonment of Development Rights as well as costs incurred in pursuing the acquisition of assets or costs incurred pursuing the disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $998,000, $1,757,000 and $1,957,000 during the years ended December 31, 2013, 2012 and 2011, respectively. These costs are included in operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods.
	The Company evaluates its real estate and other long-lived assets for impairment if the intent of the Company changes with respect to either the development of, or the expected hold period for, the land. The Company did not recognize any impairment charges for land holdings in 2013 or 2012. During 2011, the Company concluded that the carrying basis of two land parcels was not fully recoverable when the Company decided to pursue the sale of these assets. As a result, the Company recognized an aggregate charge of $12,097,000 for the impairment of these land parcels. The impairment recognized in 2011 was primarily attributable to one of the land parcels, which the Company sold in 2012. The Company had previously recognized an impairment loss of $9,952,000 in 2008 when the Company determined that it no longer intended to pursue development of these two land parcels. At that time, the Company had the intent and ability to hold the assets for the foreseeable future. The Company looked to a combination of internal models and third-party pricing estimates to determine the fair values for these impaired land parcels. Considering the Company's knowledge of multifamily residential development, the fair values of parcels zoned for multifamily development were generated using an internal model. Land parcels zoned for other purposes were valued using third-party estimates of fair value. For the internally generated fair values, the Company used a discounted cash flow analysis on the expected cash flows for a multifamily rental community. The cash flow analysis incorporated assumptions that market participants would make, including applying discount factors to the estimated future cash flows of the underlying asset, as well as potential disposition proceeds. The third-party values incorporated the use of estimated rates of return, investment time horizons and sales prices for land parcels considered to be market comparables, adjusted for known differences in critical areas including the existing entitlements (such as zoning and state of infrastructure readiness). Both valuation methods included significant other unobservable inputs and are therefore classified as Level 3 prices in the fair value hierarchy.
	The Company also evaluates its unconsolidated investments for impairment, considering both its carrying value of the investment, estimated as the expected proceeds that it would receive if the entity were dissolved and the net assets were liquidated, as well as the Company's proportionate share of any impairment of assets held by unconsolidated investments. There were no impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2013 and December 31, 2012. During 2011, the Company recognized a charge of $1,955,000 for the impairment of its investment in an unconsolidated joint venture, which was disposed of during 2013.
Assets Held for Sale and Discontinued Operations	'
	Assets Held for Sale and Discontinued Operations
	The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the Company's Consolidated Statements of Comprehensive Income. Held for sale and discontinued operations classifications are provided in both the current and prior periods presented. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. For those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations will not have any impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one operating community that qualified for held for sale presentation at December 31, 2013.
Redeemable Noncontrolling Interests	'
	Redeemable Noncontrolling Interests
	Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in the Company's common shares, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 11, "Fair Value."
Derivative Instruments and Hedging Activities	'
	Derivative Instruments and Hedging Activities
	The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses both at inception and on an on-going basis, the effectiveness of qualifying cash flow and fair value hedges. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Other than the $51,000,000 loss on interest rate contract recorded during 2013, fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of the Hedging Derivatives in other comprehensive income. Amounts recorded in 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 the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged.
Noncontrolling Interests	'
	Noncontrolling Interests
	Noncontrolling interests represent our joint venture partners' claims on consolidated investments where the Company owns less than a 100% interest. The Company records these interests at their initial fair value, adjusting the basis prospectively for the joint venture partners' share of the respective consolidated investments' results of operations and applicable changes in ownership.
Legal and Other Contingencies	'
	Legal and Other Contingencies
	The Company is involved in various claims and/or administrative proceedings that arise in the ordinary course of the Company's business. While no assurances can be given, the Company does not believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on the Company's financial position or results of operations.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to amounts in prior years' financial statements to conform to current year presentations.
Recently Adopted Accounting Standards	'
	Recently Adopted Accounting Standards
	In February 2013, the FASB issued guidance on reclassifications out of accumulated other comprehensive income (AOCI). For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. The guidance did not have a material impact on the Company's financial position or results of operations.

Organization_and_Basis_of_Pres2

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2013
Organization and Basis of Presentation	'
Schedule of reconciliation of net income attributable to common stockholders to taxable net income	'
	The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		2013 Estimate			2012 Actual			2011 Actual
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	GAAP gain on sale of communities (in excess of) less than tax gain		29,388			37,525			(84,152	)
	Depreciation/amortization timing differences on real estate		176,982			9,572			9,192
	Tax compensation expense less than (in excess of) GAAP		31,524			(26,314	)		(43,145	)
	Casualty and impairment loss		—			1,449			14,052
	Other adjustments		(14,974	)		(9,034	)		183
	Taxable net income	$	576,061		$	437,067		$	337,752
Schedule of tax components of the entity's common dividends declared	'
		2013			2012			2011
	Ordinary income		42	%		47	%		34	%
	15% capital gain (20% for 2013)		40	%		33	%		47	%
	Unrecaptured §1250 gain		18	%		20	%		19	%
Schedule of earnings per common share	'
	The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Basic and diluted shares outstanding
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Weighted average DownREIT units outstanding		7,500			7,500			8,322
	Effect of dilutive securities		402,649			601,251			846,675
	Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
	Calculation of Earnings per Share—basic
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Net income allocated to unvested restricted shares		(563	)		(1,264	)		(1,631	)
	Net income attributable to common stockholders, adjusted	$	352,578		$	422,605		$	439,991
	Weighted average common shares—basic		126,855,754			97,416,401			89,922,465
	Earnings per common share—basic	$	2.78		$	4.34		$	4.89
	Calculation of Earnings per Share—diluted
	Net income attributable to common stockholders	$	353,141		$	423,869		$	441,622
	Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations		32			28			27
	Adjusted net income attributable to common stockholders	$	353,173		$	423,897		$	441,649
	Weighted average common shares—diluted		127,265,903			98,025,152			90,777,462
	Earnings per common share—diluted	$	2.78		$	4.32		$	4.87
	Dividends per common share	$	4.28		$	3.88		$	3.57

Notes_Payable_Unsecured_Notes_1

Notes Payable, Unsecured Notes and Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2013
Notes Payable, Unsecured Notes and Credit Facility	'
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale	'
	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, 2013 and 2012, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities").
		12/31/13		12/31/12
	Fixed rate unsecured notes(1)	$	2,600,000	$	1,950,000
	Fixed rate mortgage notes payable—conventional and tax-exempt(2)		2,418,389		1,427,133
	Variable rate mortgage notes payable—conventional and tax-exempt		1,011,609		476,935
	Total notes payable and unsecured notes		6,029,998		3,854,068
	Credit Facility		—		—
	Total mortgage notes payable, unsecured notes and Credit Facility	$	6,029,998	$	3,854,068
	-1
	Balances at December 31, 2013 and December 31, 2012 exclude $5,291 and $4,202 of debt discount, respectively, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
	-2
	Balances at December 31, 2013 and December 31, 2012 exclude $120,684 and $1,167 of debt premium, respectively, as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding	'
	Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2013 are as follows (dollars in thousands):
	Year	Secured		Secured		Unsecured		Stated
		notes		notes		notes		interest rate
		payments		maturities		maturities		of unsecured
								notes
	2014	$	16,986	$	—	$	150,000		5.375	%
	2015		16,722		603,044		—		—
	2016		17,951		16,255		250,000		5.75	%
	2017		19,033		710,491		250,000		5.7	%
	2018		18,398		77,432		—		—
	2019		7,125		610,811		—		—
	2020		6,190		50,824		250,000		6.1	%
							400,000		3.625	%
	2021		5,965		27,844		250,000		3.95	%
	2022		6,350		—		450,000		2.95	%
	2023		6,744		—		350,000		4.3	%
							250,000		3	%
	Thereafter		85,771		1,126,062		—		—	%
		$	207,235	$	3,222,763	$	2,600,000

Archstone_Acquisition_Tables

Archstone Acquisition (Tables)	12 Months Ended
	Dec. 31, 2013
Archstone Acquisition	'
Summary of final purchase price allocation	'
		Acquisition Date
		Fair Value
		(dollars in thousands)
	Land and land improvements	$	1,745,520
	Buildings and improvements		3,711,853
	FF&E		52,290
	Construction-in-progress, including land and land held for development(1)		401,747
	In-place lease intangibles		182,467
	Other assets		109,717
	Total consolidated assets		6,203,594
	Interest in unconsolidated real estate entities		276,954
	Total assets		6,480,548
	Fair value of assumed mortgage notes payable		3,732,980
	Liability for preferred obligations		67,493
	Other liabilities		31,984
	Noncontrolling interest		13,262
	Net Assets Acquired		2,634,829
	Common shares issued		1,875,210
	Cash consideration	$	759,619
	-1
	Includes amounts for in-place leases for development communities.
Schedule of information for assets acquired in the acquisition that is included in the consolidated statement of comprehensive income from the closing date of the acquisition	'
	The following table presents information for assets acquired in the Archstone Acquisition that is included in the Company's Consolidated Statement of Comprehensive Income from the closing date of the acquisition, February 27, 2013, through December 31, 2013 (in thousands).
		For the period including
		February 28, 2013 through
		December 31, 2013
	Revenues	$	353,427
	Loss attributable to common shareholders(1)	$	(105,589	)
	-1
	Amounts exclude acquisition costs for the Archstone Acquisition.
Schedule of company's supplemental consolidated pro forma information	'
	The following table presents the Company's supplemental consolidated pro forma information as if the acquisition had occurred on January 1, 2012 (in thousands, except per share amounts):
		For the year ended			For the year ended
		December 31, 2013			December 31, 2012
	Revenues	$	1,534,868		$	1,411,504
	Income from continuing operations	$	348,160		$	158,738
	Earnings per common share—diluted (from continuing operations)	$	2.67		$	1.22

Investments_in_Real_Estate_Ent1

Investments in Real Estate Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Investments in Real Estate Entities	'
Combined summary of the financial position of the entities accounted for using the equity method	'
	The following is a combined summary of the financial position of the entities accounted for using the equity method, excluding joint venture entities the Company formed with Equity Residential as part of the Archstone Acquisition, as of the dates presented (dollars in thousands):
		12/31/13			12/31/12
	Assets:
	Real estate, net	$	1,890,496		$	1,337,084
	Other assets		402,644			73,252
	Total assets	$	2,293,140		$	1,410,336
	Liabilities and partners' capital:
	Mortgage notes payable and credit facility	$	1,251,067		$	943,259
	Other liabilities		29,677			20,405
	Partners' capital		1,012,396			446,672
	Total liabilities and partners' capital	$	2,293,140		$	1,410,336
Combined summary of the operating results of the entities accounted for using the equity method	'
	The following is a combined summary of the operating results of the entities accounted for using the equity method, excluding joint venture entities the Company formed with Equity Residential as part of the Archstone Acquisition, for the years presented (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Rental and other income	$	208,979		$	172,076		$	160,066
	Operating and other expenses		(86,247	)		(73,955	)		(71,926	)
	Gain on sale of real estate(1)		96,152			106,195			22,246
	Interest expense, net		(61,404	)		(53,904	)		(50,530	)
	Depreciation expense		(61,002	)		(47,748	)		(47,920	)
	Net income	$	96,478		$	102,664		$	11,936
	-1
	Amount for the year ended December 31, 2012 includes $44,700 of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
Equity in income of unconsolidated entities	'
	The following is a summary of the Company's equity in income of unconsolidated entities for the years presented (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Fund I(1)	$	10,924		$	7,041		$	2,204
	Fund II(2)		6,206			2,130			(1,053	)
	CVP I, LLC(3)		5,783			5,394			4,493
	MVP I, LLC(4)		1,137			493			(626	)
	Avalon Del Rey, LLC(5)		181			4,000			102
	Juanita Village(6)		378			1,856			—
	U.S. Fund(7)		(661	)		—			—
	AC JV(7)		2,569			—			—
	Brandywine(7)		661			—			—
	Residual JV(7)(8)		(38,332	)		—			—
	Total	$	(11,154	)	$	20,914		$	5,120
	-1
	Equity in income for the years ended December 31, 2013, 2012 and 2011 includes the Company's proportionate share of the gain on the sale of Fund I assets of $11,484, $7,971, and $3,063, respectively.
	-2
	Equity in income for 2013 includes the Company's proportionate share of the gain on the sale of one Fund II asset of $2,790.
	-3
	Equity in income from this entity for 2013, 2012, and 2011 includes $5,527, $5,260, and $5,078, respectively, relating to the Company's recognition of its promoted interest.
	-4
	Equity in income from this entity for 2013 includes $516 relating to the Company's recognition of its promoted interest.
	-5
	During 2012, the Company purchased its joint venture partner's interest in this venture.
	-6
	The Company's equity in income for this entity represents its residual profits from the sale of the community.
	-7
	The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
	-8
	Equity in income for the Residual JV includes certain expensed Archstone Acquisition costs borne by the venture.

Real_Estate_Disposition_Activi1

Real Estate Disposition Activities (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate Disposition Activities	'
Details regarding the real estate sales	'
	Details regarding the real estate sales are summarized in the following table (dollars in thousands):
	Community Name	Location		Period			Apartment			Debt		Gross		Net
				of sale			homes					sales price		proceeds
	Crystal House I & II	Arlington, VA			Q113			827		$	—	$	197,150	$	196,583
	Avalon at Decoverly	Rockville, MD			Q113			564			—		135,250		131,338
	Avalon at Dublin Station I	Dublin, CA			Q213			305			—		105,400		104,218
	Archstone Vanoni Ranch	Ventura, CA			Q413			316			—		82,000		80,668
	Avalon on the Sound East	New Rochelle, NY			Q413			588			—		210,000		206,138
	Archstone Wheaton Station	Wheaton, MD			Q413			243			—		57,000		56,306
	Avalon Rosewalk	San Jose, CA			Q413			456			—		146,000		144,191
	Total of 2013 asset sales(1)							3,299		$	—	$	932,800	$	919,442
	Total of 2012 asset sales							1,578		$	—	$	280,550	$	274,018
	Total of 2011 asset sales							1,038		$	—	$	292,965	$	287,358
	-1
	Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of $1,313.
Summary of income from discontinued operations	'
	The following is a summary of income from discontinued operations for the periods presented (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Rental income	$	42,874		$	63,406		$	89,290
	Operating and other expenses		(12,661	)		(19,437	)		(36,996	)
	Interest expense, net		—			(133	)		(4,808	)
	Loss on extinguishment of debt		—			(602	)		(3,880	)
	Depreciation expense		(13,500	)		(16,414	)		(23,541	)
	Income (loss) from discontinued operations	$	16,713		$	26,820		$	20,065

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Future Minimum Lease Payments Under Current Leases	'
	The following table details the future minimum lease payments under the Company's current leases (dollars in thousands):
		Payments due by period
		2014		2015		2016		2017		2018		Thereafter
	Operating Lease Obligations	$	19,801	$	19,628	$	19,557	$	19,034	$	19,157	$	1,248,694
	Capital Lease Obligations(1)		1,863		1,885		19,083		848		848		39,934
		$	21,664	$	21,513	$	38,640	$	19,882	$	20,005	$	1,288,628
	-1
	Aggregate capital lease payments include $30,519 in interest costs.

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting	'
Schedule of reconciliation of NOI to net income	'
	A reconciliation of NOI to net income for years ended December 31, 2013, 2012 and 2011 is as follows (dollars in thousands):
		For the year ended
		12/31/13			12/31/12			12/31/11
	Net income	$	352,771		$	423,562		$	441,370
	Indirect operating expenses, net of corporate income		41,554			31,911			30,550
	Investments and investment management expense		3,990			6,071			5,126
	Expensed acquisition, development and other pursuit costs		45,050			11,350			2,967
	Interest expense, net		172,402			136,920			167,814
	Loss on interest rate contract		51,000			—			—
	Loss on extinguishment of debt, net		14,921			1,179			1,940
	General and administrative expense		39,573			34,101			29,371
	Equity in loss (income) of unconsolidated entities		11,154			(20,914	)		(5,120	)
	Depreciation expense		560,215			243,680			226,728
	Casualty and impairment loss		—			1,449			14,052
	Gain on sale of real estate assets		(278,471	)		(146,591	)		(294,806	)
	Income from discontinued operations		(16,713	)		(26,820	)		(20,065	)
	Gain on acquisition of unconsolidated real estate entity		—			(14,194	)		—
	Net operating income	$	997,446		$	681,704		$	599,927
Schedule of details of segment information	'
	The following table provides details of the Company's segment information as of the dates specified (dollars in thousands).
		Total			NOI			% NOI change			Gross
		revenue						from prior year			real estate(1)
	For the period ended December 31, 2013
	Established
	New England	$	177,474		$	114,966			1.8	%	$	1,375,961
	Metro NY/NJ		249,742			172,912			4.4	%		1,921,307
	Mid-Atlantic		100,548			71,851			0.1	%		633,598
	Pacific Northwest		46,564			31,283			5.3	%		444,825
	Northern California		141,038			106,745			11.7	%		1,233,851
	Southern California		119,024			81,182			5.1	%		1,058,883
	Total Established(2)		834,390			578,939			4.7	%		6,668,425
	Other Stabilized		499,843			339,159			n/a			6,770,517
	Development / Redevelopment		117,186			79,348			n/a			3,024,035
	Land Held for Future Development		n/a			n/a			n/a			300,364
	Non-allocated(3)		11,502			n/a			n/a			10,279
	Total	$	1,462,921		$	997,446			46.3	%	$	16,773,620
	For the period ended December 31, 2012
	Established
	New England	$	163,110		$	106,039			5	%	$	1,262,987
	Metro NY/NJ		213,360			148,441			7.4	%		1,760,429
	Mid-Atlantic		103,784			75,313			3.2	%		591,669
	Pacific Northwest		32,942			23,433			15	%		306,289
	Northern California		112,875			83,091			14.1	%		1,015,947
	Southern California		99,302			68,880			7	%		947,723
	Total Established(2)		725,373			505,197			7.5	%		5,885,044
	Other Stabilized		135,230			86,722			n/a			1,314,690
	Development / Redevelopment		129,767			89,785			n/a			2,032,277
	Land Held for Future Development		n/a			n/a			n/a			316,037
	Non-allocated(3)		10,257			n/a			n/a			73,724
	Total	$	1,000,627		$	681,704			14.5	%	$	9,621,772
	For the period ended December 31, 2011
	Established
	New England	$	164,929		$	105,848			9.8	%	$	1,275,866
	Metro NY/NJ		180,003			120,714			6.8	%		1,347,796
	Mid-Atlantic		102,834			74,754			6.6	%		603,349
	Pacific Northwest		30,057			20,374			6	%		301,661
	Northern California		79,868			57,749			10.8	%		704,066
	Southern California		75,120			50,391			9.8	%		697,705
	Total Established(2)		632,811			429,830			8.3	%		4,930,443
	Other Stabilized		137,779			89,949			n/a			1,567,875
	Development / Redevelopment		119,841			80,148			n/a			1,752,006
	Land Held for Future Development		n/a			n/a			n/a			325,918
	Non-allocated(3)		9,656			n/a			n/a			78,161
	Total	$	900,087		$	599,927			14.8	%	$	8,654,403
	-1
	Does not include gross real estate assets held for sale of $26,701, $449,570 and $634,089 as of December 31, 2013, 2012 and 2011, respectively.
	-2
	Gross real estate for the Company's established communities includes capitalized additions of approximately $33,553, $25,448 and $34,359 in 2013, 2012 and 2011, respectively.
	-3
	Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

StockBased_Compensation_Plans_

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2013
Stock-Based Compensation Plans	'
Schedule of information with respect to stock options granted	'
	Information with respect to stock options granted under the 2009 and 1994 Plans is as follows (dollars in thousands, other than per share amounts):
		2009 Plan			Weighted			1994 Plan			Weighted
		shares			average			shares			average
					exercise price						exercise price
					per share						per share
	Options Outstanding, December 31, 2010		126,484		$	74.2			2,072,217		$	88.5
	Exercised		(23,908	)		75.75			(930,391	)		82.43
	Granted		144,827			115.83			—			—
	Forfeited		—			—			(28,867	)		68.29
	Options Outstanding, December 31, 2011		247,403		$	98.42			1,112,959		$	94.1
	Exercised		(43,265	)		85.09			(364,519	)		68.21
	Granted		115,303			133.16			—			—
	Forfeited		(11,887	)		115.15			(28,610	)		139.58
	Options Outstanding, December 31, 2012		307,554		$	112.67			719,830		$	105.4
	Exercised		(19,949	)		84.43			(24,292	)		79.42
	Granted		215,230			129.03			—			—
	Forfeited		(1,267	)		131.56			(4,012	)		127.56
	Options Outstanding, December 31, 2013		501,568		$	120.77			691,526		$	106.19
	Options Exercisable:
	December 31, 2011		30,771		$	81.54			1,012,304		$	98.62
	December 31, 2012		74,618		$	97.46			719,830		$	105.4
	December 31, 2013		184,167		$	107.18			691,526		$	106.19
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, 2013:
	2009 Plan	Range—Exercise Price		Weighted Average
	Number of Options			Remaining Contractual Term
				(in years)
	53,836	$70.00 - $79.99			6.1
	124,414	110.00 - 119.99			7.1
	75,059	120.00 - 129.99			9.2
	246,760	130.00 - 139.99			8.6
	1,499	140.00 - 149.99			8.5
	501,568
	1994 Plan	Range—Exercise Price		Weighted Average
	Number of Options			Remaining Contractual Term
				(in years)
	88,323	$40.00 - $49.99			3.5
	41,556	60.00 - 69.99			1.1
	730	70.00 - 79.99			1.5
	104,013	80.00 - 89.99			4.1
	174,323	90.00 - 99.99			2.1
	282,581	140.00 - 149.99			3.1
	691,526
Summary of weighted average fair value of employee stock options and associated assumptions used to calculate the value	'
		2013			2012			2011
	Weighted average fair value per share	$	26.78		$	29.11		$	29.4
	Life of options (in years)		5			5			7
	Dividend yield		3.7	%		3.5	%		4	%
	Volatility		34	%		35	%		35	%
	Risk-free interest rate		0.91	%		0.87	%		3.04	%

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value	'
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 Hedging Derivatives at December 31, 2013, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands):
		Non-designated			Cash Flow
		Hedges			Hedges
		Interest			Interest
		Rate Caps			Rate Caps
	Notional balance	$	611,395		$	134,132
	Weighted average interest rate(1)		1.8	%		2.5	%
	Weighted average capped interest rate		5.9	%		4.9	%
	Earliest maturity date		14-Mar			15-Apr
	Latest maturity date		18-Aug			15-Jun
	-1
	For interest rate caps, this represents the weighted average interest rate on the debt.
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis	'
	The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
	Description	Total Fair			Quoted Prices			Significant			Significant
		Value			in Active			Other			Unobservable
					Markets for			Observable			Inputs
					Identical Assets			Inputs			(Level 3)
					(Level 1)			(Level 2)
		12/31/13
	Interest Rate Caps	$	106		$	—		$	106		$	—
	Put(s)		(15,998	)		—			—			(15,998	)
	DownREIT units		(887	)		(887	)		—			—
	Indebtedness		(6,294,848	)		(2,657,143	)		(3,637,705	)		—
	Total	$	(6,311,627	)	$	(2,658,030	)	$	(3,637,599	)	$	(15,998	)
		12-31-2012
	Interest Rate Caps	$	19		$	—		$	19		$	—
	Interest Rate Swaps		(53,484	)		—			(53,484	)		—
	Put		(5,574	)		—			—			(5,574	)
	DownREIT units		(1,017	)		(1,017	)		—			—
	Indebtedness		(4,077,397	)		(2,102,927	)		(1,974,470	)		—
	Total	$	(4,137,453	)	$	(2,103,944	)	$	(2,027,935	)	$	(5,574	)

Quarterly_Financial_Informatio1

Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Information	'
Quarterly Results of Operations (Unaudited)	'
	The following summary represents the quarterly results of operations for the years ended December 31, 2013 and 2012 (dollars in thousands, except per share amounts):
		For the three months ended(2)
		3/31/13			6/30/13		9/30/13			12/31/13
	Total revenue(1)	$	301,356		$	378,207	$	389,189		$	394,169
	Income (loss) from continuing operations(1)	$	(14,767	)	$	334	$	(15,949	)	$	88,209
	Total discontinued operations(1)	$	90,237		$	35,763	$	5,063		$	163,881
	Net income (loss) attributable to common stockholders	$	75,427		$	36,218	$	(10,715	)	$	252,212
	Net income (loss) per common share—basic	$	0.63		$	0.28	$	(0.08	)	$	1.95
	Net income (loss) per common share—diluted	$	0.63		$	0.28	$	(0.08	)	$	1.95
		For the three months ended(2)
		3/31/12			6/30/12		9/30/12			12/31/12
	Total revenue(1)	$	236,788		$	244,697	$	257,568		$	261,574
	Income from continuing operations(1)	$	50,380		$	54,975	$	80,715		$	64,361
	Total discontinued operations(1)	$	7,229		$	101,846	$	6,033		$	58,023
	Net income attributable to common stockholders	$	57,758		$	156,909	$	86,844		$	122,356
	Net income per common share—basic	$	0.61		$	1.64	$	0.89		$	1.19
	Net income per common share—diluted	$	0.6		$	1.63	$	0.89		$	1.19
	-1
	Amounts may not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations.
	-2
	Amounts may not equal full year results due to rounding.

Organization_and_Basis_of_Pres3

Organization and Basis of Presentation (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
	property
	state
	community
	home
Organization and Basis of Presentation	'
Number of operating apartment communities owned	244
Number of apartment homes included in operating apartment communities owned	72,811
Number of states where operating apartment communities owned are located	12
Number of communities with apartments under reconstruction	3
Number of apartment homes under reconstruction	1,126
Number of owned communities under construction	29
Expected number of apartment homes under construction	8,708
Communities under development rights	46
Estimated number of apartment homes in communities to be developed	12,986
Period of lease	'1 year
Number of land parcels acquired under development rights	4
Buildings and Building Improvements	'
Real Estate	'
Capitalization of minimum improvements and upgrades	15,000
Buildings and Building Improvements | Minimum	'
Real Estate	'
Estimated useful life of buildings and improvements	'7 years
Buildings and Building Improvements | Maximum	'
Real Estate	'
Estimated useful life of buildings and improvements	'30 years
Computers and furniture	'
Real Estate	'
Capitalization of minimum improvements and upgrades	2,500
Computers and furniture | Minimum	'
Real Estate	'
Estimated useful life of buildings and improvements	'3 years
Computers and furniture | Maximum	'
Real Estate	'
Estimated useful life of buildings and improvements	'7 years

Organization_and_Basis_of_Pres4

Organization and Basis of Presentation (Details 2) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Organization and Basis of Presentation	'	'	'	'	'	'	'	'	'	'	'
Minimum percentage of distribution of adjusted taxable income for deducting dividends from federally taxable income	'	'	'	'	'	'	'	'	90.00%	'	'
Minimum percentage of distribution of REIT taxable income for federal income tax exemption	'	'	'	'	'	'	'	'	100.00%	'	'
Reconciliation of net income attributable to common stockholders to taxable net income	'	'	'	'	'	'	'	'	'	'	'
Net income attributable to common stockholders	$252,212,000	($10,715,000)	$36,218,000	$75,427,000	$122,356,000	$86,844,000	$156,909,000	$57,758,000	$353,141,000	$423,869,000	$441,622,000
GAAP gain on sale of communities (in excess of) less than tax gain	'	'	'	'	'	'	'	'	29,388,000	37,525,000	-84,152,000
Depreciation/amortization timing differences on real estate	'	'	'	'	'	'	'	'	176,982,000	9,572,000	9,192,000
Tax compensation expense less than (in excess of) GAAP	'	'	'	'	'	'	'	'	31,524,000	-26,314,000	-43,145,000
Casualty and impairment loss	'	'	'	'	'	'	'	'	'	1,449,000	14,052,000
Other adjustments	'	'	'	'	'	'	'	'	-14,974,000	-9,034,000	183,000
Taxable net income	'	'	'	'	'	'	'	'	576,061,000	437,067,000	337,752,000
Tax components of common stock dividends declared	'	'	'	'	'	'	'	'	'	'	'
Ordinary income (as a percent)	'	'	'	'	'	'	'	'	42.00%	47.00%	34.00%
15% capital gain (20% for 2013) (as a percent)	'	'	'	'	'	'	'	'	40.00%	33.00%	47.00%
Unrecaptured Section 1250 gain (as a percent)	'	'	'	'	'	'	'	'	18.00%	20.00%	19.00%
Deferred Financing Costs	'	'	'	'	'	'	'	'	'	'	'
Accumulated amortization of deferred financing costs	19,719,000	'	'	'	20,773,000	'	'	'	19,719,000	20,773,000	'
Federal	'	'	'	'	'	'	'	'	'	'	'
Income Taxes	'	'	'	'	'	'	'	'	'	'	'
Provision for income taxes	'	'	'	'	'	'	'	'	0	0	0
State	'	'	'	'	'	'	'	'	'	'	'
Income Taxes	'	'	'	'	'	'	'	'	'	'	'
Provision for income taxes	'	'	'	'	'	'	'	'	$0	$0	$0

Organization_and_Basis_of_Pres5

Organization and Basis of Presentation (Details 3) (USD $)

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2008

community

property

community

Basic and diluted shares outstanding

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average common shares - basic

'

'

'

'

'

'

'

'

126,855,754

97,416,401

89,922,465

'

Weighted average DownREIT units outstanding (in shares)

'

'

'

'

'

'

'

'

7,500

7,500

8,322

'

Effect of dilutive securities (in shares)

'

'

'

'

'

'

'

'

402,649

601,251

846,675

'

Weighted average common shares - diluted

'

'

'

'

'

'

'

'

127,265,903

98,025,152

90,777,462

'

Calculation of Earnings per Share - basic

'

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to common stockholders

$252,212,000

($10,715,000)

$36,218,000

$75,427,000

$122,356,000

$86,844,000

$156,909,000

$57,758,000

$353,141,000

$423,869,000

$441,622,000

'

Net income allocated to unvested restricted shares

'

'

'

'

'

'

'

'

-563,000

-1,264,000

-1,631,000

'

Net income attributable to common stockholders, adjusted

'

'

'

'

'

'

'

'

352,578,000

422,605,000

439,991,000

'

Weighted average common shares - basic

'

'

'

'

'

'

'

'

126,855,754

97,416,401

89,922,465

'

Earnings per common share - basic (in dollars per share)

$1.95

($0.08)

$0.28

$0.63

$1.19

$0.89

$1.64

$0.61

$2.78

$4.34

$4.89

'

Calculation of Earnings per Share - diluted

'

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to common stockholders

252,212,000

-10,715,000

36,218,000

75,427,000

122,356,000

86,844,000

156,909,000

57,758,000

353,141,000

423,869,000

441,622,000

'

Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations

'

'

'

'

'

'

'

'

32,000

28,000

27,000

'

Adjusted net income attributable to common stockholders

'

'

'

'

'

'

'

'

353,173,000

423,897,000

441,649,000

'

Weighted average common shares - diluted

'

'

'

'

'

'

'

'

127,265,903

98,025,152

90,777,462

'

Earnings per common share - diluted (in dollars per share)

$1.95

($0.08)

$0.28

$0.63

$1.19

$0.89

$1.63

$0.60

$2.78

$4.32

$4.87

'

Dividends per common share: (in dollars per share)

'

'

'

'

'

'

'

'

$4.28

$3.88

$3.57

'

Options to purchase shares of common stock excluded from computation of earnings per share amount (in shares)

'

'

'

'

'

'

'

'

605,899

396,346

'

'

Estimated forfeiture rate of stock options (as a percent)

'

'

'

'

'

'

'

'

1.40%

'

'

'

Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets

'

'

'

'

'

'

'

'

'

'

'

'

Casualty and impairment loss

'

'

'

'

'

'

'

'

'

1,449,000

14,052,000

'

Abandoned pursuits costs

'

'

'

'

'

'

'

'

998,000

1,757,000

1,957,000

'

Number of impaired parcels of land

'

'

'

'

'

'

'

'

2

'

'

'

Impairment of land parcels

'

'

'

'

'

'

'

'

'

'

12,097,000

9,952,000

Impairment of investment in unconsolidated entities

'

'

'

'

'

'

'

'

0

0

1,955,000

'

Assets Held for Sale & Discontinued Operations

'

'

'

'

'

'

'

'

'

'

'

'

Number of operating communities that qualified for held for sale presentation

1

'

'

'

'

'

'

'

1

'

'

'

Derivative Instruments and Hedging Activities

'

'

'

'

'

'

'

'

'

'

'

'

Loss on interest rate contract

'

'

'

'

'

'

'

'

$51,000,000

'

'

'

Noncontrolling interests

'

'

'

'

'

'

'

'

'

'

'

'

Maximum ownership interest percentage in joint venture

100.00%

'

'

'

'

'

'

'

100.00%

'

'

'

Interest_Capitalized_Details

Interest Capitalized (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Capitalized	'	'	'
Capitalized interest during the development and redevelopment of real estate assets	$66,838,000	$49,556,000	$33,863,000

Notes_Payable_Unsecured_Notes_2

Notes Payable, Unsecured Notes and Credit Facility (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Notes Payable, Unsecured Notes and Credit Facility	'	'
Total notes payable and unsecured notes	$6,029,998	$3,854,068
Total mortgage notes payable, unsecured notes and Credit Facility	6,029,998	3,854,068
Unsecured notes	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Fixed rate notes	2,600,000	1,950,000
Total notes payable and unsecured notes	2,600,000	'
Amount of debt discount	5,291	4,202
Mortgage notes payable	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Fixed rate notes	2,418,389	1,427,133
Variable rate notes	1,011,609	476,935
Total notes payable and unsecured notes	3,222,763	'
Amount of debt premium	$120,684	$1,167

Notes_Payable_Unsecured_Notes_3

Notes Payable, Unsecured Notes and Credit Facility (Details 2) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 27, 2013

Dec. 31, 2013

Mar. 31, 2013

Sep. 30, 2013

Apr. 30, 2013

Apr. 30, 2013

31-May-13

31-May-13

31-May-13

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

31-May-13

Archstone Enterprise LP

Archstone Enterprise LP

4.95% unsecured notes

3.63% unsecured notes

3.06% fixed rate secured mortgage loan

4.69% secured mortgage note

5.55% secured notes

3.08% fixed-rate secured mortgage loan

5.24% fixed rate secured mortgage note

4.20% unsecured notes

5.66% fixed rate secured mortgage loan

5.48% fixed rate secured mortgage loan

4.75% fixed rate secured mortgage loan

Variable rate secured mortgage note

Notes Payable, Unsecured Notes and Credit Facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumed principal amount of indebtedness

'

'

'

$3,512,202,000

$3,512,202,000

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of debt

'

'

'

1,477,720,000

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

Principal amount of notes issued

'

'

'

'

'

'

400,000,000

'

'

'

'

'

350,000,000

'

'

'

47,000,000

Net proceeds from issuance of debt

'

'

'

'

'

'

396,212,000

15,000,000

'

'

56,210,000

'

346,934,000

'

'

'

'

Principal amount of debt repaid

'

'

'

'

'

'

'

'

170,125,000

5,393,000

'

52,806,000

'

150,000,000

110,600,000

41,439,000

'

Stated interest rate (as a percent)

'

'

'

'

'

4.95%

3.63%

3.06%

4.69%

5.55%

3.08%

5.24%

4.20%

5.66%

5.48%

4.75%

'

Charge for prepayment penalties and the write-off of deferred fees

($14,921,000)

($1,179,000)

($1,940,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective interest rate, percentage

'

'

'

'

'

'

3.79%

'

'

'

'

'

4.30%

'

'

'

'

Notes_Payable_Unsecured_Notes_4

Notes Payable, Unsecured Notes and Credit Facility (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Notes Payable, Unsecured Notes and Credit Facility	'	'	'
Loss on extinguishment of debt, net	$14,921,000	$1,179,000	$1,940,000
Loss on extinguishment of debt, net	'	602,000	3,880,000
Mortgage notes payable	'	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'	'
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company	309,358,000	'	'
Variable rate unsecured credit facility	'	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'	'
Available borrowing capacity	1,300,000,000	'	'
Line of credit facility, extension period	'1 year	'	'
Number of extension options	2	'	'
Extension period under each option	'6 months	'	'
Extension fee	1,950,000	'	'
Debt instrument variable rate	'LIBOR	'	'
Debt instrument, basis spread on variable rate (as a percent)	1.05%	'	'
Current interest rate (as a percent)	1.22%	'	'
Period of borrowing rate assumed	'1 month	'	'
Annual facility fee	1,950,000	'	'
Borrowings outstanding under the credit facility	0	0	'
Outstanding balance of letters of credit	65,018,000	44,883,000	'
Net carrying value of apartment communities and improved land parcels securing debt	$4,469,421,000	'	'
Fixed rate mortgage notes payable	'	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'	'
Weighted average interest rate, debt (as a percent)	3.40%	5.80%	'
Variable rate mortgage notes payable and Credit Facility	'	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'	'
Weighted average interest rate, debt (as a percent)	1.80%	2.70%	'

Notes_Payable_Unsecured_Notes_5

Notes Payable, Unsecured Notes and Credit Facility (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	$6,029,998	$3,854,068
Percentage of principal amount at which the entity may redeem some or all of the notes	100.00%	'
Unsecured notes	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	2,600,000	'
Unsecured notes | Minimum	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Debt instrument, basis spread on variable rate (as a percent)	0.25%	'
Unsecured notes | Maximum	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Debt instrument, basis spread on variable rate (as a percent)	0.45%	'
Unsecured notes | Notes payable maturing in 2014	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	150,000	'
Stated interest rate of unsecured notes (as a percent)	5.38%	'
Unsecured notes | Notes payable maturing in 2016	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	250,000	'
Stated interest rate of unsecured notes (as a percent)	5.75%	'
Unsecured notes | Notes payable maturing in 2017	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	250,000	'
Stated interest rate of unsecured notes (as a percent)	5.70%	'
Unsecured notes | Notes Payable 6.100 Percent Maturities 2020	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	250,000	'
Stated interest rate of unsecured notes (as a percent)	6.10%	'
Unsecured notes | Notes Payable 3.625 Percent Maturities 2020	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	400,000	'
Stated interest rate of unsecured notes (as a percent)	3.63%	'
Unsecured notes | Notes payable maturing in 2021	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	250,000	'
Stated interest rate of unsecured notes (as a percent)	3.95%	'
Unsecured notes | Notes payable maturing in 2022	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	450,000	'
Stated interest rate of unsecured notes (as a percent)	2.95%	'
Unsecured notes | Notes payable maturing in 2023	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	350,000	'
Stated interest rate of unsecured notes (as a percent)	4.30%	'
Unsecured notes | Notes payable with maturities after 2023	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Mortgage notes payable and unsecured notes	250,000	'
Stated interest rate of unsecured notes (as a percent)	3.00%	'
Secured notes	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	207,235	'
Mortgage notes payable and unsecured notes	3,222,763	'
Secured notes | Notes payable maturing in 2014	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	16,986	'
Secured notes | Notes payable maturing in 2015	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	16,722	'
Mortgage notes payable and unsecured notes	603,044	'
Secured notes | Notes payable maturing in 2016	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	17,951	'
Mortgage notes payable and unsecured notes	16,255	'
Secured notes | Notes payable maturing in 2017	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	19,033	'
Mortgage notes payable and unsecured notes	710,491	'
Secured notes | Notes payable maturing in 2018	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	18,398	'
Mortgage notes payable and unsecured notes	77,432	'
Secured notes | Notes payable maturing in 2019	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	7,125	'
Mortgage notes payable and unsecured notes	610,811	'
Secured notes | Notes Payable 6.100 Percent Maturities 2020	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	6,190	'
Mortgage notes payable and unsecured notes	50,824	'
Secured notes | Notes payable maturing in 2021	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	5,965	'
Mortgage notes payable and unsecured notes	27,844	'
Secured notes | Notes payable maturing in 2022	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	6,350	'
Secured notes | Notes payable maturing in 2023	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	6,744	'
Secured notes | Notes payable with maturities after 2023	'	'
Notes Payable, Unsecured Notes and Credit Facility	'	'
Secured notes payments	85,771	'
Mortgage notes payable and unsecured notes	$1,126,062	'

Equity_Details

Equity (Details) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended	1 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 27, 2013	Dec. 31, 2013	31-May-13	Aug. 31, 2012	Dec. 31, 2013
				Archstone	Archstone	Archstone	CEP III	CEP III
						Lehman Brothers Holdings, Inc
Equity	'	'	'	'	'	'	'	'
Common stock, shares authorized	280,000,000	140,000,000	'	'	'	'	'	'
Preferred stock, shares authorized	50,000,000	50,000,000	'	'	'	'	'	'
Common stock shares issued in connection with stock options exercised	44,241	'	'	'	'	'	'	'
Common stock shares issued through dividend reinvestment plan	2,002	2,331	3,343	'	'	'	'	'
Common stock shares issued in connection with stock grants	123,977	96,592	511,817	'	'	'	'	'
Number of shares of stock grants withheld	48,310	121,351	129,762	'	'	'	'	'
Restricted common stock shares forfeited	7,653	'	'	'	'	'	'	'
Number of shares issued	'	'	'	14,889,706	14,889,706	'	'	'
Shares issued under Employee Stock Purchase Plan	9,260	'	'	'	'	'	'	'
Shares sold by Lehman	'	'	'	'	'	$7,870,000	'	'
Common stock shares issued	'	'	'	'	'	'	'	0
Maximum value of shares of common stock that can be sold (in dollars)	'	'	'	'	'	'	750,000,000	'
Period during which common stock can be sold	'	'	'	'	'	'	'36 months	'
Percentage of compensation received by sales agent	'	'	'	'	'	'	'	1.50%
Value of additional shares authorized for issuance	'	'	'	'	'	'	'	$646,274,000

Archstone_Acquisition_Details

Archstone Acquisition (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

10 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 27, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 27, 2013

Archstone

Archstone

Archstone

Archstone

Archstone

Archstone

Depreciation expense

Income from discontinued operations

Equity

Archstone Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of assets and liabilities acquired

'

'

'

'

'

'

'

'

'

'

'

40.00%

'

'

'

'

60.00%

Land and land improvements

'

'

'

'

'

'

'

'

'

'

'

$1,745,520,000

'

'

'

'

'

Buildings and improvements

'

'

'

'

'

'

'

'

'

'

'

3,711,853,000

'

'

'

'

'

FF&E

'

'

'

'

'

'

'

'

'

'

'

52,290,000

'

'

'

'

'

Construction-in-progress, including land and land held for development

'

'

'

'

'

'

'

'

'

'

'

401,747,000

'

'

'

'

'

In-place lease intangibles

'

'

'

'

'

'

'

'

'

'

'

182,467,000

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

'

'

'

'

109,717,000

'

'

'

'

'

Total consolidated assets

'

'

'

'

'

'

'

'

'

'

'

6,203,594,000

'

'

'

'

'

Interest in unconsolidated real estate entities

'

'

'

'

'

'

'

'

'

'

'

276,954,000

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

'

'

'

'

6,480,548,000

'

'

'

'

'

Fair value of assumed mortgage notes payable

'

'

'

'

'

'

'

'

'

'

'

3,732,980,000

'

'

'

'

'

Liability for preferred obligations

'

'

'

'

'

'

'

'

'

'

'

67,493,000

'

'

'

'

'

Other liabilities

'

'

'

'

'

'

'

'

'

'

'

31,984,000

'

'

'

'

'

Noncontrolling interest

'

'

'

'

'

'

'

'

'

'

'

13,262,000

'

'

'

'

'

Net Assets Acquired

'

'

'

'

'

'

'

'

'

'

'

2,634,829,000

'

'

'

'

'

Common shares issued

'

'

'

'

'

'

'

'

'

'

'

1,875,210,000

'

'

'

'

'

Cash consideration

'

'

'

'

'

'

'

'

'

'

'

759,619,000

'

'

'

'

'

Acquisition related expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition related expenses recognized

'

'

'

'

'

'

'

'

44,052,000

9,593,000

'

'

'

83,594,000

'

'

'

Acquisition related expenses reported as a component of equity in income (loss) of unconsolidated entities

'

'

'

'

'

'

'

'

-11,154,000

20,914,000

5,120,000

'

'

39,543,000

'

'

'

Consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares issued

'

'

'

'

'

'

'

'

'

'

'

14,889,706

'

14,889,706

'

'

'

Value of shares issued

'

'

'

'

'

'

'

'

'

'

'

1,875,210,000

'

'

'

'

'

Cash payment

'

'

'

'

'

'

'

'

'

'

'

759,619,000

'

'

'

'

'

Fair value of indebtedness assumed

'

'

'

'

'

'

'

'

'

'

'

3,732,980,000

'

'

'

'

'

Principal amount of consolidated indebtedness

'

'

'

'

'

'

'

'

'

'

'

3,512,202,000

3,512,202,000

3,512,202,000

'

'

'

Debt fair value exceeds the principal face value

'

'

'

'

'

'

'

'

'

'

'

220,777,000

'

'

'

'

'

Redemption value of preferred equity

'

'

'

'

'

'

'

'

'

'

'

67,500,000

67,500,000

67,500,000

'

'

'

Preferred redemption obligations proportionate share paid

'

'

'

'

'

'

'

'

'

'

'

'

'

35,224,000

'

'

'

Information for acquisition that is included in condensed consolidated statement of operations comprehensive income from the acquisition date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenues

394,169,000

389,189,000

378,207,000

301,356,000

261,574,000

257,568,000

244,697,000

236,788,000

1,462,921,000

1,000,627,000

900,087,000

'

353,427,000

'

'

'

'

Loss attributable to common shareholders

252,212,000

-10,715,000

36,218,000

75,427,000

122,356,000

86,844,000

156,909,000

57,758,000

353,141,000

423,869,000

441,622,000

'

-105,589,000

'

'

'

'

Lease-up period assumed to achieve stabilized occupancy

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

Depreciation expense for in-place lease intangibles

'

'

'

'

'

'

'

'

'

'

'

'

'

184,763,000

179,733,000

5,030,000

'

Debt fair value exceeds the principal face value relating to debt repaid

'

'

'

'

'

'

'

'

'

'

'

70,479,000

'

'

'

'

'

Supplemental consolidated pro forma information

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenues

'

'

'

'

'

'

'

'

1,534,868,000

1,411,504,000

'

'

'

'

'

'

'

Income from continuing operations

'

'

'

'

'

'

'

'

$348,160,000

$158,738,000

'

'

'

'

'

'

'

Earnings per common share - diluted (from continuing operations) (in dollars per share)

'

'

'

'

'

'

'

'

$2.67

$1.22

'

'

'

'

'

'

'

Archstone_Acquisition_Details_

Archstone Acquisition (Details 2) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2013	Feb. 27, 2013	Feb. 27, 2013	Dec. 31, 2013
	item	Archstone	Archstone	Archstone
		community	Archstone Legacy Entities	Archstone Legacy Entities
			entity
			community
Investments in Archstone Consolidated Entities	'	'	'	'
Percentage of assets and liabilities acquired	'	40.00%	'	'
Number of operating communities in which Archstone Legacy Entities holds indirect interest	'	'	16	'
Number of operating communities acquired	'	54	'	'
Aggregate liquidation preference	'	'	'	$90,000,000
Number of entities previously entered into tax protection arrangements	'	'	1	'
Percentage of the economic cost of preferred redemption obligations	'	'	40.00%	'
Economic cost of preferred redemption obligations fair value, proportionate share of entity	'	'	'	$37,000,000
Investments in Archstone Unconsolidated Entities	'	'	'	'
Number of joint ventures	3	'	'	'

Investments_in_Real_Estate_Ent2

Investments in Real Estate Entities (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 29, 2004

Dec. 31, 2004

Dec. 31, 2011

Dec. 31, 2013

Jun. 30, 2007

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

home

Fund I

Fund I

Fund I

Fund I

Fund I

Fund I

Fund I

Fund I

Fund II

Fund II

CVP I, LLC

MVP I, LLC

Aria at Hathorne Hill, LLC

Aria at Hathorne Hill, LLC

Aria at Hathorne Hill, LLC

Variable rate bonds maturing in November 2036

6.02% fixed-rate mortgage note

Arna Valley View LP

Arna Valley View LP

Arna Valley View LP

Arboretum at Burlington

community

Avalon Yerba Buena

Avalon at Civic Center

Avalon at Cedar Place

Avalon Sunset Towers

Avalon Crystal Hill

Avalon Centerpoint

Middlesex Crossing

loan

Avalon Rothbury

item

item

item

CVP I, LLC

MVP I, LLC

home

6.25% fixed-rate tax-exempt bonds

4% fixed-rate county bonds

home

investor

investor

loan

item

Investment in Real Estate Entities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of extension options

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of extension

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of institutional investors

'

'

'

9

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

Combined general partner and limited partner equity interest (as a percent)

'

'

'

15.20%

'

'

'

'

'

'

'

31.30%

'

20.00%

25.00%

'

'

50.00%

'

'

0.01%

'

'

'

Equity investment, net of distributions and excluding the purchase of mortgage note secured

'

'

'

$14,209,000

'

'

'

'

'

'

'

$93,714,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of operating apartment communities sold

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sale of real estate

919,442,000

274,018,000

287,358,000

'

103,000,000

45,844,000

26,000,000

25,800,000

33,050,000

75,250,000

40,250,000

'

39,600,000

'

'

'

'

'

'

'

'

'

'

'

Gain on sale of communities

96,152,000

106,195,000

22,246,000

11,484,000

'

'

'

'

'

'

'

'

2,790,000

'

'

'

975,000

'

'

'

'

'

'

'

Number of loans secured by individual assets

'

'

'

4

'

'

'

'

'

'

'

13

'

'

'

'

'

'

'

'

'

'

'

'

Debt outstanding

'

'

'

66,132,000

'

'

'

'

'

'

'

467,959,000

'

'

'

'

'

'

117,000,000

105,000,000

'

4,829,000

5,836,000

'

Percentage of pro rate share of amount paid related to guaranteed obligations will reimburse by partner

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80.00%

'

'

'

'

'

Maximum amount that will be paid for capital contributions made by partners (as a percent)

'

'

'

10.00%

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

Maximum amount that will be paid for capital contributions made by partners

'

'

'

7,500,000

'

'

'

'

'

'

'

8,910,000

'

'

'

'

'

'

'

'

'

'

'

'

Number of apartment homes acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

312

Number of apartment homes

'

'

'

'

'

'

'

'

'

'

'

'

'

361

313

'

'

64

'

'

101

'

'

'

Purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

79,850,000

Distributions percentage after achievement of a threshold return

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

45.00%

'

'

'

'

'

'

'

'

'

Stated interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.02%

'

6.25%

'

'

Percentage of apartment homes for which affordable rents are available with community

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

Debt interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

Percentage of homes built and sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30.00%

'

'

'

'

'

'

Gain on acquisition of unconsolidated entity

'

14,194,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of investment in unconsolidated entities

0

0

1,955,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of mortgage note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,700,000

'

'

'

'

'

'

'

'

Number of apartment homes included in operating apartment communities owned

72,811

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments_in_Real_Estate_Ent3

Investments in Real Estate Entities (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 27, 2013
	item
	community
Investments in Archstone Unconsolidated Entities	'	'
Number of land parcels	4	'
Archstone	'	'
Investments in Archstone Unconsolidated Entities	'	'
Equity interest held (as a percent)	'	40.00%
Archstone | Archstone U.S. Fund	'	'
Investments in Archstone Unconsolidated Entities	'	'
Number of communities owned	9	'
Number of apartment homes in communities owned	1,726	'
Number of marina communities	1	'
Number of boat slips	229	'
Equity interest held (as a percent)	'	28.60%
Number of outstanding unsecured loans	9	'
Debt outstanding	$327,849,000	'
Archstone | AC JV	'	'
Investments in Archstone Unconsolidated Entities	'	'
Number of communities owned	2	'
Number of apartment homes in communities owned	818	'
Number of apartment homes in communities for development	301	'
Equity interest held (as a percent)	'	20.00%
Number of outstanding unsecured loans	8	'
Debt outstanding	162,300,000	'
Archstone | AC JV | Maximum	'	'
Investments in Archstone Unconsolidated Entities	'	'
Maximum geographic radius for existing assets within considered for right of first offer	1	'
Archstone | Brandywine	'	'
Investments in Archstone Unconsolidated Entities	'	'
Number of apartment homes in communities owned	305	'
Equity interest held (as a percent)	28.70%	26.10%
Debt outstanding	24,839,000	'
Number of members who hold various interests in the joint venture	5	'
Additional interest purchased	2.60%	'
Archstone | SWIB	'	'
Investments in Archstone Unconsolidated Entities	'	'
Number of communities owned	6	'
Number of apartment homes in communities owned	1,902	'
Equity interest held (as a percent)	20.00%	'
Number of outstanding unsecured loans	2	'
Debt outstanding	$187,021,000	'
Ownership interest held by subsidiaries of the entity (as a percent)	40.00%	'
Number of land parcels	2	'

Investments_in_Real_Estate_Ent4

Investments in Real Estate Entities (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets:	'	'	'
Real estate, net	$1,890,496,000	$1,337,084,000	'
Other assets	402,644,000	73,252,000	'
Total assets	2,293,140,000	1,410,336,000	'
Liabilities and partners' capital:	'	'	'
Mortgage notes payable and credit facility	1,251,067,000	943,259,000	'
Other liabilities	29,677,000	20,405,000	'
Partners' capital	1,012,396,000	446,672,000	'
Total liabilities and partners' capital	2,293,140,000	1,410,336,000	'
Combined summary of the operating results of the accounted for using the equity method	'	'	'
Rental and other income	208,979,000	172,076,000	160,066,000
Operating and other expenses	-86,247,000	-73,955,000	-71,926,000
Gain on sale of real estate	96,152,000	106,195,000	22,246,000
Interest expense, net	-61,404,000	-53,904,000	-50,530,000
Depreciation expense	-61,002,000	-47,748,000	-47,920,000
Net income	96,478,000	102,664,000	11,936,000
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	-11,154,000	20,914,000	5,120,000
Gain on sale of real estate	96,152,000	106,195,000	22,246,000
Business acquisition transaction costs expensed	44,052,000	9,593,000	'
Fund I	'	'	'
Combined summary of the operating results of the accounted for using the equity method	'	'	'
Gain on sale of real estate	11,484,000	7,971,000	3,063,000
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	10,924,000	7,041,000	2,204,000
Gain on sale of real estate	11,484,000	7,971,000	3,063,000
Fund II	'	'	'
Combined summary of the operating results of the accounted for using the equity method	'	'	'
Gain on sale of real estate	2,790,000	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	6,206,000	2,130,000	-1,053,000
Number of assets sold	1	'	'
Gain on sale of real estate	2,790,000	'	'
CVP I, LLC	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	5,783,000	5,394,000	4,493,000
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	5,527,000	5,260,000	5,078,000
MVP I, LLC	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	1,137,000	493,000	-626,000
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest	516,000	'	'
Avalon Del Rey, LLC	'	'	'
Combined summary of the operating results of the accounted for using the equity method	'	'	'
Gain on sale of real estate	'	44,700	'
Costs in excess of equity in underlying net assets of the respective investments	5,439,000	7,342,000	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	181,000	4,000,000	102,000
Gain on sale of real estate	'	44,700	'
Juanita Village	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	378,000	1,856,000	'
U.S. Fund	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	-661,000	'	'
AC JV	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	2,569,000	'	'
Brandywine	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	661,000	'	'
Residual JV	'	'	'
Summary of the Company's equity in income of unconsolidated entities	'	'	'
Equity in (loss) income of unconsolidated entities	($38,332,000)	'	'

Real_Estate_Disposition_Activi2

Real Estate Disposition Activities (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	home	home	home
Real Estate Disposition Activities	'	'	'
Number of communities sold	8	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	3,299	1,578	1,038
Gross sales price	$932,800,000	$280,550,000	$292,965,000
Net proceeds	919,442,000	274,018,000	287,358,000
Number of communities held for sale	1	'	'
Crystal House I & II	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	827	'	'
Gross sales price	197,150,000	'	'
Net proceeds	196,583,000	'	'
Avalon at Decoverly	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	564	'	'
Gross sales price	135,250,000	'	'
Net proceeds	131,338,000	'	'
Avalon at Dublin Station I	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	305	'	'
Gross sales price	105,400,000	'	'
Net proceeds	104,218,000	'	'
Archstone Vanoni Ranch	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	316	'	'
Gross sales price	82,000,000	'	'
Net proceeds	80,668,000	'	'
Avalon on the Sound East	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	588	'	'
Gross sales price	210,000,000	'	'
Net proceeds	206,138,000	'	'
Archstone Wheaton Station	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	243	'	'
Gross sales price	57,000,000	'	'
Net proceeds	56,306,000	'	'
Avalon Rosewalk	'	'	'
Summary of income from discontinued operations	'	'	'
Apartment homes	456	'	'
Gross sales price	146,000,000	'	'
Net proceeds	144,191,000	'	'
Avalon Hingham, MA and Brooklyn, NY	'	'	'
Summary of income from discontinued operations	'	'	'
Net proceeds	$1,313,000	'	'

Real_Estate_Disposition_Activi3

Real Estate Disposition Activities (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Summary of income from discontinued operations	'	'	'
Rental income	$42,874	$63,406	$89,290
Operating and other expenses	-12,661	-19,437	-36,996
Interest expense, net	'	-133	-4,808
Loss on extinguishment of debt	'	-602	-3,880
Depreciation expense	-13,500	-16,414	-23,541
Income (loss) from discontinued operations	$16,713	$26,820	$20,065

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	multiplier
	person
	community
Employment agreements and arrangements	'	'	'
Number of executive officers under agreement	3	'	'
Number of executives, case one	2	'	'
Compensation multiplier, case one	2	'	'
Compensation multiplier, if the termination is in connection with a sale of the company, case one	3	'	'
Number of executives, case two	1	'	'
Compensation multiplier, case two	1	'	'
Compensation multiplier, if the termination is in connection with a sale of the company, case two	2	'	'
Lease obligations	'	'	'
Cost related to operating lease	$17,996,000	$17,604,000	$16,887,000
Number of development rights owned	46	'	'
Properties on land subject to land leases	'	'	'
Lease obligations	'	'	'
Number of apartment communities	11	'	'
Number of communities under construction	3	'	'
Number of commercial properties owned	2	'	'
Number of leased properties accounted for as operating leases	14	'	'
Number of leased properties with purchase options	4	'	'
Assets Held under Capital Leases	'	'	'
Lease obligations	'	'	'
Number of development rights owned	2	'	'
Capital lease obligation	$33,879,000	'	'
Restricted stock and stock options	'	'	'
Employment agreements and arrangements	'	'	'
Retirement age	'50 years	'	'
Period of the non-compete agreement	'1 year	'	'
Restricted stock and stock options | Minimum	'	'	'
Employment agreements and arrangements	'	'	'
Service period	'10 years	'	'
Employee's age at retirement plus years of employment	'70 years	'	'
Written notice period	'6 months	'	'
Restricted stock and stock options | Maximum	'	'	'
Employment agreements and arrangements	'	'	'
Options exercise period upon termination without cause or retirement	'12 months	'	'
Officer Severance Program | Vice presidents and senior vice presidents	'	'	'
Employment agreements and arrangements	'	'	'
Compensation multiplier	1	'	'
Officer Severance Program | Executive vice presidents	'	'	'
Employment agreements and arrangements	'	'	'
Compensation multiplier	2	'	'
Officer Severance Program | Maximum	'	'	'
Employment agreements and arrangements	'	'	'
Termination period following a sale event	'18 months	'	'

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Future minimum lease payments under the Company's current leases	'
2014	$21,664
2015	21,513
2016	38,640
2017	19,882
2018	20,005
Thereafter	1,288,628
Operating lease obligations	'
2014	19,801
2015	19,628
2016	19,557
2017	19,034
2018	19,157
Thereafter	1,248,694
Capital lease obligations	'
2014	1,863
2015	1,885
2016	19,083
2017	848
2018	848
Thereafter	39,934
Imputed interest on capital leases	$30,519

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting	'	'	'
Percentage of physical occupancy	95.00%	'	'
Anniversary of completion of development or redevelopment	'1 year	'	'
Reconciliation of NOI to net income	'	'	'
Net income	$352,771	$423,562	$441,370
Indirect operating expenses, net of corporate income	41,554	31,911	30,550
Investments and investment management expense	3,990	6,071	5,126
Expensed acquisition, development and other pursuit costs	45,050	11,350	2,967
Interest expense, net	172,402	136,920	167,814
Loss on interest rate contract	51,000	'	'
Loss on extinguishment of debt, net	14,921	1,179	1,940
General and administrative expense	39,573	34,101	29,371
Equity in loss (income) of unconsolidated entities	11,154	-20,914	-5,120
Depreciation expense	560,215	243,680	226,728
Casualty and impairment loss	'	1,449	14,052
Gain on sale of real estate assets	-278,471	-146,591	-294,806
Income from discontinued operations	-16,713	-26,820	-20,065
Gain on acquisition of unconsolidated real estate entity	'	-14,194	'
Net operating income	$997,446	$681,704	$599,927

Segment_Reporting_Details_2

Segment Reporting (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	$394,169	$389,189	$378,207	$301,356	$261,574	$257,568	$244,697	$236,788	$1,462,921	$1,000,627	$900,087
NOI	'	'	'	'	'	'	'	'	997,446	681,704	599,927
% NOI change from prior year	'	'	'	'	'	'	'	'	46.30%	14.50%	14.80%
Gross real estate	16,773,620	'	'	'	9,621,772	'	'	'	16,773,620	9,621,772	8,654,403
Gross real estate assets held for sale	26,701	'	'	'	449,570	'	'	'	26,701	449,570	634,089
Established	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Real estate capitalized additions	33,553	'	'	'	25,448	'	'	'	33,553	25,448	34,359
Operating segment | Established	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	834,390	725,373	632,811
NOI	'	'	'	'	'	'	'	'	578,939	505,197	429,830
% NOI change from prior year	'	'	'	'	'	'	'	'	4.70%	7.50%	8.30%
Gross real estate	6,668,425	'	'	'	5,885,044	'	'	'	6,668,425	5,885,044	4,930,443
Operating segment | Established | New England	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	177,474	163,110	164,929
NOI	'	'	'	'	'	'	'	'	114,966	106,039	105,848
% NOI change from prior year	'	'	'	'	'	'	'	'	1.80%	5.00%	9.80%
Gross real estate	1,375,961	'	'	'	1,262,987	'	'	'	1,375,961	1,262,987	1,275,866
Operating segment | Established | Metro NY/NJ	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	249,742	213,360	180,003
NOI	'	'	'	'	'	'	'	'	172,912	148,441	120,714
% NOI change from prior year	'	'	'	'	'	'	'	'	4.40%	7.40%	6.80%
Gross real estate	1,921,307	'	'	'	1,760,429	'	'	'	1,921,307	1,760,429	1,347,796
Operating segment | Established | Mid-Atlantic	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	100,548	103,784	102,834
NOI	'	'	'	'	'	'	'	'	71,851	75,313	74,754
% NOI change from prior year	'	'	'	'	'	'	'	'	0.10%	3.20%	6.60%
Gross real estate	633,598	'	'	'	591,669	'	'	'	633,598	591,669	603,349
Operating segment | Established | Pacific Northwest	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	46,564	32,942	30,057
NOI	'	'	'	'	'	'	'	'	31,283	23,433	20,374
% NOI change from prior year	'	'	'	'	'	'	'	'	5.30%	15.00%	6.00%
Gross real estate	444,825	'	'	'	306,289	'	'	'	444,825	306,289	301,661
Operating segment | Established | Northern California	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	141,038	112,875	79,868
NOI	'	'	'	'	'	'	'	'	106,745	83,091	57,749
% NOI change from prior year	'	'	'	'	'	'	'	'	11.70%	14.10%	10.80%
Gross real estate	1,233,851	'	'	'	1,015,947	'	'	'	1,233,851	1,015,947	704,066
Operating segment | Established | Southern California	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	119,024	99,302	75,120
NOI	'	'	'	'	'	'	'	'	81,182	68,880	50,391
% NOI change from prior year	'	'	'	'	'	'	'	'	5.10%	7.00%	9.80%
Gross real estate	1,058,883	'	'	'	947,723	'	'	'	1,058,883	947,723	697,705
Operating segment | Other Stabilized	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	499,843	135,230	137,779
NOI	'	'	'	'	'	'	'	'	339,159	86,722	89,949
Gross real estate	6,770,517	'	'	'	1,314,690	'	'	'	6,770,517	1,314,690	1,567,875
Operating segment | Development / Redevelopment	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	117,186	129,767	119,841
NOI	'	'	'	'	'	'	'	'	79,348	89,785	80,148
Gross real estate	3,024,035	'	'	'	2,032,277	'	'	'	3,024,035	2,032,277	1,752,006
Land Held for Future Development	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Gross real estate	300,364	'	'	'	316,037	'	'	'	300,364	316,037	325,918
Non-allocated	'	'	'	'	'	'	'	'	'	'	'
Segment Reporting	'	'	'	'	'	'	'	'	'	'	'
Total revenue	'	'	'	'	'	'	'	'	11,502	10,257	9,656
Gross real estate	$10,279	'	'	'	$73,724	'	'	'	$10,279	$73,724	$78,161

StockBased_Compensation_Plans_1

Stock-Based Compensation Plans (Details) (USD $)	12 Months Ended					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	21-May-09	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
				2009 Plan	2009 Plan	2009 Plan	2009 Plan	2009 Plan	1994 Plan	1994 Plan	1994 Plan
						Stock Options	Stock Options	Stock Options	Stock Options	Stock Options	Stock Options
Stock-Based Compensation Plans	'	'	'	'	'	'	'	'	'	'	'
Common stock authorized for issuance under incentive plan	'	'	'	4,199,822	'	'	'	'	'	'	'
Common stock shares available for grant	'	'	'	'	1,269,822	'	'	'	'	'	'
Common stock, par value (in dollars per share)	$0.01	$0.01	'	$0.01	'	'	'	'	'	'	'
Common stock authorized under the new plan for issuance under incentive plan	'	'	'	2,930,000	'	'	'	'	'	'	'
Shares	'	'	'	'	'	'	'	'	'	'	'
Options outstanding at the beginning of the period (in shares)	'	'	'	'	'	307,554	247,403	126,484	719,830	1,112,959	2,072,217
Exercised (in shares)	-44,241	'	'	'	'	-19,949	-43,265	-23,908	-24,292	-364,519	-930,391
Granted (in shares)	215,230	115,303	144,827	'	'	215,230	115,303	144,827	'	'	'
Forfeited (in shares)	'	'	'	'	'	-1,267	-11,887	'	-4,012	-28,610	-28,867
Options outstanding at the end of the period (in shares)	'	'	'	'	'	501,568	307,554	247,403	691,526	719,830	1,112,959
Options exercisable at the end of the period (in shares)	'	'	'	'	'	184,167	74,618	30,771	691,526	719,830	1,012,304
Weighted average exercise price per share	'	'	'	'	'	'	'	'	'	'	'
Options outstanding at the beginning of the period (in dollars per share)	'	'	'	'	'	$112.67	$98.42	$74.20	$105.40	$94.10	$88.50
Exercised (in dollars per share)	'	'	'	'	'	$84.43	$85.09	$75.75	$79.42	$68.21	$82.43
Granted (in dollars per share)	'	'	'	'	'	$129.03	$133.16	$115.83	'	'	'
Forfeited (in dollars per share)	'	'	'	'	'	$131.56	$115.15	'	$127.56	$139.58	$68.29
Options outstanding at the end of the period (in dollars per share)	'	'	'	'	'	$120.77	$112.67	$98.42	$106.19	$105.40	$94.10
Options exercisable at the end of the period (in dollars per share)	'	'	'	'	'	$107.18	$97.46	$81.54	$106.19	$105.40	$98.62

StockBased_Compensation_Plans_2

Stock-Based Compensation Plans (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock Options	'	'	'
Stock-Based Compensation Plans	'	'	'
Intrinsic value of options exercised	$2,395,000	$26,746,000	$46,126,000
2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	501,568	'	'
Options outstanding intrinsic value	2,669,000	'	'
Options exercisable intrinsic value	2,593,000	'	'
Options exercisable weighted average contractual life	'8 years 1 month 6 days	'	'
1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	691,526	'	'
Options outstanding intrinsic value	15,424,000	'	'
Options exercisable intrinsic value	$15,424,000	'	'
Options exercisable weighted average contractual life	'3 years 1 month 6 days	'	'
40.00 - 49.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	88,323	'	'
Exercise Price, lower limit (in dollars per share)	$40	'	'
Exercise Price, upper limit (in dollars per share)	$49.99	'	'
Weighted Average Remaining Contractual Term	'3 years 6 months	'	'
60.00 - 69.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	41,556	'	'
Exercise Price, lower limit (in dollars per share)	$60	'	'
Exercise Price, upper limit (in dollars per share)	$69.99	'	'
Weighted Average Remaining Contractual Term	'1 year 1 month 6 days	'	'
70.00 - 79.99 | 2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	53,836	'	'
Exercise Price, lower limit (in dollars per share)	$70	'	'
Exercise Price, upper limit (in dollars per share)	$79.99	'	'
Weighted Average Remaining Contractual Term	'6 years 1 month 6 days	'	'
70.00 - 79.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	730	'	'
Exercise Price, lower limit (in dollars per share)	$70	'	'
Exercise Price, upper limit (in dollars per share)	$79.99	'	'
Weighted Average Remaining Contractual Term	'1 year 6 months	'	'
80.00 - 89.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	104,013	'	'
Exercise Price, lower limit (in dollars per share)	$80	'	'
Exercise Price, upper limit (in dollars per share)	$89.99	'	'
Weighted Average Remaining Contractual Term	'4 years 1 month 6 days	'	'
90.00 - 99.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	174,323	'	'
Exercise Price, lower limit (in dollars per share)	$90	'	'
Exercise Price, upper limit (in dollars per share)	$99.99	'	'
Weighted Average Remaining Contractual Term	'2 years 1 month 6 days	'	'
110.00 - 119.99 | 2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	124,414	'	'
Exercise Price, lower limit (in dollars per share)	$110	'	'
Exercise Price, upper limit (in dollars per share)	$119.99	'	'
Weighted Average Remaining Contractual Term	'7 years 1 month 6 days	'	'
140.00 - 149.99 | 2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	1,499	'	'
Exercise Price, lower limit (in dollars per share)	$140	'	'
Exercise Price, upper limit (in dollars per share)	$149.99	'	'
Weighted Average Remaining Contractual Term	'8 years 6 months	'	'
140.00 - 149.99 | 1994 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	282,581	'	'
Exercise Price, lower limit (in dollars per share)	$140	'	'
Exercise Price, upper limit (in dollars per share)	$149.99	'	'
Weighted Average Remaining Contractual Term	'3 years 1 month 6 days	'	'
130.00 - 139.99 | 2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	246,760	'	'
Exercise Price, lower limit (in dollars per share)	$130	'	'
Exercise Price, upper limit (in dollars per share)	$139.99	'	'
Weighted Average Remaining Contractual Term	'8 years 7 months 6 days	'	'
120.00 - 129.99 | 2009 Plan	'	'	'
Stock-Based Compensation Plans	'	'	'
Number of Options (in shares)	75,059	'	'
Exercise Price, lower limit (in dollars per share)	$120	'	'
Exercise Price, upper limit (in dollars per share)	$129.99	'	'
Weighted Average Remaining Contractual Term	'9 years 2 months 12 days	'	'

StockBased_Compensation_Plans_3

Stock-Based Compensation Plans (Details 3) (USD $)	0 Months Ended	12 Months Ended
	Jan. 02, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Oct. 31, 1996
	item
Additional disclosures	'	'	'	'	'
Stock-based compensation expense	'	$17,775,000	$9,961,000	$9,721,000	'
Capitalized stock-based compensation cost	'	8,379,000	5,140,000	5,284,000	'
Forfeiture rate (as a percent)	'	1.40%	'	'	'
Employee Stock Purchase Plan	'	'	'	'	'
Shares issued under Employee Stock Purchase Plan	'	9,260	'	'	'
Stock-based compensation expense	'	17,775,000	9,961,000	9,721,000	'
Stock Options	'	'	'	'	'
Additional disclosures	'	'	'	'	'
Weighted average fair value per share (in dollars per share)	'	$26.78	$29.11	$29.40	'
Weighted average assumptions	'	'	'	'	'
Life of option	'	'5 years	'5 years	'7 years	'
Dividend yield (as a percent)	'	3.70%	3.50%	4.00%	'
Volatility (as a percent)	'	34.00%	35.00%	35.00%	'
Risk-free interest rate (as a percent)	'	0.91%	0.87%	3.04%	'
Additional disclosures	'	'	'	'	'
Unrecognized compensation cost for unvested stock options	'	2,674,000	'	'	'
Weighted average period for recognition of unrecognized compensation cost	'	'1 year 9 months 18 days	'	'	'
Forfeiture rate (as a percent)	'	1.40%	'	'	'
Restricted stock	'	'	'	'	'
Additional disclosures	'	'	'	'	'
Outstanding unvested shares granted	'	182,083	202,218	'	'
Restricted stock awards issued	'	123,977	'	'	'
Restricted stock vesting during period	'	16,019,000	'	'	'
Shares vested	'	141,673	'	'	'
Total fair value of shares vested	'	14,832,000	36,337,000	35,029,000	'
Unrecognized compensation cost for unvested restricted stock	'	7,889,000	'	'	'
Weighted average period for recognition of unrecognized compensation cost	'	'2 years 6 months	'	'	'
Restricted stock | Minimum	'	'	'	'	'
Additional disclosures	'	'	'	'	'
Grant date fair value per share (in dollars per share)	'	$48.60	'	'	'
Restricted stock | Maximum	'	'	'	'	'
Additional disclosures	'	'	'	'	'
Grant date fair value per share (in dollars per share)	'	$149.05	'	'	'
Restricted stock units	'	'	'	'	'
Weighted average assumptions	'	'	'	'	'
Dividend yield (as a percent)	'	3.30%	'	'	'
Percentage of granted award which will vest	'	33.00%	'	'	'
Award vesting period	'	'3 years	'	'	'
Measurement period for total shareholder return of the Company's common stock	'	'3 years	'	'	'
Additional disclosures	'	'	'	'	'
Restricted stock granted (in shares)	'	191,008	'	'	'
Unrecognized compensation cost for unvested restricted stock	'	13,371,000	'	'	'
Baseline share value (in dollars per share)	'	$130.23	'	'	'
Estimated volatility, Minimum (as a percent)	'	17.00%	'	'	'
Estimated volatility, Maximum (as a percent)	'	21.00%	'	'	'
Historical volatility (as a percent)	'	50.00%	'	'	'
Implied volatility (as a percent)	'	50.00%	'	'	'
Risk-free interest rate, minimum (as a percent)	'	0.09%	'	'	'
Risk-free interest rate, maximum (as a percent)	'	0.46%	'	'	'
Average estimated fair value (in dollars per share)	'	$70	'	'	'
Restricted stock units | Maximum	'	'	'	'	'
Weighted average assumptions	'	'	'	'	'
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient	'	25.00%	'	'	'
Non-Qualified Employee Stock Purchase Plan	'	'	'	'	'
Additional disclosures	'	'	'	'	'
Stock-based compensation expense	'	174,000	127,000	216,000	'
Employee Stock Purchase Plan	'	'	'	'	'
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	'	724,675	'	'	'
Employment period of full-time employees for becoming eligible to participate in the plan	'	'1 month	'	'	'
Employment period of other employees for becoming eligible to participate in the plan	'	'12 months	'	'	'
Purchase period	'6 months	'7 months	'	'	'
Number of purchase periods	2	'	'	'	'
Employee stock purchase plan, discounted stock price percentage	'	85.00%	'	'	'
Shares issued under Employee Stock Purchase Plan	'	9,260	6,260	6,972	'
Stock-based compensation expense	'	$174,000	$127,000	$216,000	'

Fair_Value_Details

Fair Value (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	derivative
Derivative instruments and Hedging Activities	'	'	'
Notional balance	$215,000,000	'	'
Hedging losses reclassified from accumulated other comprehensive income into earnings	59,376,000	'	'
Payment for settlement of forward starting interest rate swap agreement	51,000,000	'	'
Charge for the reversal of the deferred loss	53,484,000	'	'
Cash Flow Hedges	'	'	'
Derivative instruments and Hedging Activities	'	'	'
Number of derivative instruments held	3	'	'
Amount of (decrease) increase in comprehensive loss to adjust hedging derivatives	-5,892,000	22,876,000	85,845,000
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months	5,493,000	'	'
Cash Flow Hedges | Interest Rate Caps	'	'	'
Derivative instruments and Hedging Activities	'	'	'
Notional balance	134,132,000	'	'
Weighted average interest rate (as a percent)	2.50%	'	'
Weighted average capped interest rate (as a percent)	4.90%	'	'
Non-Designated Hedges	'	'	'
Derivative instruments and Hedging Activities	'	'	'
Number of derivative instruments held	14	'	'
Non-Designated Hedges | Interest Rate Caps	'	'	'
Derivative instruments and Hedging Activities	'	'	'
Notional balance	$611,395,000	'	'
Weighted average interest rate (as a percent)	1.80%	'	'
Weighted average capped interest rate (as a percent)	5.90%	'	'

Fair_Value_Details_2

Fair Value (Details 2) (USD $)

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Puts

Puts

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

item

Archstone

Total Fair Value

Total Fair Value

Total Fair Value

Total Fair Value

Total Fair Value

Total Fair Value

Total Fair Value

Quoted Prices in Active Markets for Identical Assets (Level 1)

Quoted Prices in Active Markets for Identical Assets (Level 1)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Other Observable Inputs (Level 2)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

item

Puts

Puts

Interest Rate Caps

Interest Rate Caps

Interest Rate Swaps

Interest Rate Caps

Interest Rate Caps

Interest Rate Swaps

Puts

Puts

Financial Instruments Measured/Discussed at Fair Value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of ventures in which the entity is required to purchase interest in the investment at guaranteed minimum amount

3

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative assets

'

'

'

'

'

'

$106

$19

'

'

'

'

'

$106

$19

'

'

'

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

-53,484

'

'

'

'

'

'

-53,484

'

'

'

'

Fair value of remaining outstanding Puts

'

'

'

'

-15,998

-5,574

'

'

'

'

'

'

'

'

'

'

'

'

-15,998

-5,574

DownREIT units

'

'

-887

-1,017

'

'

'

'

'

-887

-1,017

'

'

'

'

'

'

'

'

'

Indebtedness

'

'

-6,294,848

-4,077,397

'

'

'

'

'

-2,657,143

-2,102,927

-3,637,705

-1,974,470

'

'

'

'

'

'

'

Total

'

'

($6,311,627)

($4,137,453)

'

'

'

'

'

($2,658,030)

($2,103,944)

($3,637,599)

($2,027,935)

'

'

'

($15,998)

($5,574)

'

'

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Arrangements	'	'	'
Compensation expense	$17,775,000	$9,961,000	$9,721,000
Unconsolidated real estate entities	'	'	'
Related Party Arrangements	'	'	'
Asset management, property management, development and redevelopment fee revenue	11,502,000	10,257,000	9,656,000
Outstanding receivables	7,004,000	3,484,000	'
Non-employee directors	'	'	'
Related Party Arrangements	'	'	'
Payable to related parties	60,000	'	'
Payable to related parties in quarterly installments	15,000	'	'
Non-employee directors | Restricted stock and deferred stock awards	'	'	'
Related Party Arrangements	'	'	'
Payable to related parties	125,000	'	'
Compensation expense	992,000	880,000	778,000
Amount of deferred compensation	417,000	364,000	'
Lead Independent Director	'	'	'
Related Party Arrangements	'	'	'
Payable to related parties	30,000	'	'
Payable to related parties in quarterly installments	$7,500	'	'

Quarterly_Financial_Informatio2

Quarterly Financial Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information	'	'	'	'	'	'	'	'	'	'	'
Total revenue	$394,169	$389,189	$378,207	$301,356	$261,574	$257,568	$244,697	$236,788	$1,462,921	$1,000,627	$900,087
Income (loss) from continuing operations	88,209	-15,949	334	-14,767	64,361	80,715	54,975	50,380	57,827	250,431	140,215
Total discontinued operations	163,881	5,063	35,763	90,237	58,023	6,033	101,846	7,229	294,944	173,131	301,155
Net income (loss) attributable to common stockholders	$252,212	($10,715)	$36,218	$75,427	$122,356	$86,844	$156,909	$57,758	$353,141	$423,869	$441,622
Net income (loss) per common share - basic	$1.95	($0.08)	$0.28	$0.63	$1.19	$0.89	$1.64	$0.61	$2.78	$4.34	$4.89
Net income (loss) per common share - Diluted	$1.95	($0.08)	$0.28	$0.63	$1.19	$0.89	$1.63	$0.60	$2.78	$4.32	$4.87

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Feb. 28, 2014
	home	home	home	Subsequent event
				Avalon Valley
				home
Subsequent events	'	'	'	'
Number of apartment homes sold	3,299	1,578	1,038	268
Proceeds from sale of real estate	$919,442,000	$274,018,000	$287,358,000	$53,325,000

REAL_ESTATE_AND_ACCUMULATED_DE1

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Initial Cost	'	'	'	'
Land	$3,618,162	'	'	'
Building/Construction in Progress & Improvements	10,650,962	'	'	'
Costs Subsequent to Acquisition/Construction	2,531,197	'	'	'
Total Cost	'	'	'	'
Land	3,618,162	'	'	'
Building/Construction in Progress & Improvements	13,182,159	'	'	'
Total Cost	16,800,321	10,071,342	9,288,496	8,661,211
Accumulated Depreciation	2,516,112	2,056,222	1,863,466	1,705,567
Total Cost, Net of Accumulated Depreciation	14,284,209	'	'	'
Encumbrances	6,029,998	'	'	'
Current Communities	'	'	'	'
Initial Cost	'	'	'	'
Land	3,082,550	'	'	'
Building/Construction in Progress & Improvements	9,848,158	'	'	'
Costs Subsequent to Acquisition/Construction	944,689	'	'	'
Total Cost	'	'	'	'
Land	3,082,550	'	'	'
Building/Construction in Progress & Improvements	10,792,847	'	'	'
Total Cost	13,875,397	'	'	'
Accumulated Depreciation	2,449,999	'	'	'
Total Cost, Net of Accumulated Depreciation	11,425,398	'	'	'
Encumbrances	3,287,937	'	'	'
Current Communities | Avalon Fremont	'	'	'	'
Initial Cost	'	'	'	'
Land	10,746	'	'	'
Building/Construction in Progress & Improvements	43,399	'	'	'
Costs Subsequent to Acquisition/Construction	4,989	'	'	'
Total Cost	'	'	'	'
Land	10,746	'	'	'
Building/Construction in Progress & Improvements	48,388	'	'	'
Total Cost	59,134	'	'	'
Accumulated Depreciation	26,226	'	'	'
Total Cost, Net of Accumulated Depreciation	32,908	'	'	'
Current Communities | Eaves Dublin	'	'	'	'
Initial Cost	'	'	'	'
Land	5,276	'	'	'
Building/Construction in Progress & Improvements	19,642	'	'	'
Costs Subsequent to Acquisition/Construction	4,657	'	'	'
Total Cost	'	'	'	'
Land	5,276	'	'	'
Building/Construction in Progress & Improvements	24,299	'	'	'
Total Cost	29,575	'	'	'
Accumulated Depreciation	13,221	'	'	'
Total Cost, Net of Accumulated Depreciation	16,354	'	'	'
Current Communities | Avalon Campbell	'	'	'	'
Initial Cost	'	'	'	'
Land	11,830	'	'	'
Building/Construction in Progress & Improvements	47,828	'	'	'
Costs Subsequent to Acquisition/Construction	13,115	'	'	'
Total Cost	'	'	'	'
Land	11,830	'	'	'
Building/Construction in Progress & Improvements	60,943	'	'	'
Total Cost	72,773	'	'	'
Accumulated Depreciation	26,380	'	'	'
Total Cost, Net of Accumulated Depreciation	46,393	'	'	'
Encumbrances	38,800	'	'	'
Current Communities | Eaves Daly City	'	'	'	'
Initial Cost	'	'	'	'
Land	4,230	'	'	'
Building/Construction in Progress & Improvements	9,659	'	'	'
Costs Subsequent to Acquisition/Construction	18,619	'	'	'
Total Cost	'	'	'	'
Land	4,230	'	'	'
Building/Construction in Progress & Improvements	28,278	'	'	'
Total Cost	32,508	'	'	'
Accumulated Depreciation	13,771	'	'	'
Total Cost, Net of Accumulated Depreciation	18,737	'	'	'
Current Communities | AVA Nob Hill	'	'	'	'
Initial Cost	'	'	'	'
Land	5,403	'	'	'
Building/Construction in Progress & Improvements	21,567	'	'	'
Costs Subsequent to Acquisition/Construction	6,887	'	'	'
Total Cost	'	'	'	'
Land	5,403	'	'	'
Building/Construction in Progress & Improvements	28,454	'	'	'
Total Cost	33,857	'	'	'
Accumulated Depreciation	13,017	'	'	'
Total Cost, Net of Accumulated Depreciation	20,840	'	'	'
Encumbrances	20,800	'	'	'
Current Communities | Eaves San Jose	'	'	'	'
Initial Cost	'	'	'	'
Land	12,920	'	'	'
Building/Construction in Progress & Improvements	53,047	'	'	'
Costs Subsequent to Acquisition/Construction	18,824	'	'	'
Total Cost	'	'	'	'
Land	12,920	'	'	'
Building/Construction in Progress & Improvements	71,871	'	'	'
Total Cost	84,791	'	'	'
Accumulated Depreciation	26,152	'	'	'
Total Cost, Net of Accumulated Depreciation	58,639	'	'	'
Current Communities | Eaves San Rafael	'	'	'	'
Initial Cost	'	'	'	'
Land	5,982	'	'	'
Building/Construction in Progress & Improvements	16,885	'	'	'
Costs Subsequent to Acquisition/Construction	24,021	'	'	'
Total Cost	'	'	'	'
Land	5,982	'	'	'
Building/Construction in Progress & Improvements	40,906	'	'	'
Total Cost	46,888	'	'	'
Accumulated Depreciation	16,644	'	'	'
Total Cost, Net of Accumulated Depreciation	30,244	'	'	'
Current Communities | Eaves Pleasanton	'	'	'	'
Initial Cost	'	'	'	'
Land	11,610	'	'	'
Building/Construction in Progress & Improvements	46,552	'	'	'
Costs Subsequent to Acquisition/Construction	21,254	'	'	'
Total Cost	'	'	'	'
Land	11,610	'	'	'
Building/Construction in Progress & Improvements	67,806	'	'	'
Total Cost	79,416	'	'	'
Accumulated Depreciation	31,024	'	'	'
Total Cost, Net of Accumulated Depreciation	48,392	'	'	'
Current Communities | AVA Newport	'	'	'	'
Initial Cost	'	'	'	'
Land	1,975	'	'	'
Building/Construction in Progress & Improvements	3,814	'	'	'
Costs Subsequent to Acquisition/Construction	9,801	'	'	'
Total Cost	'	'	'	'
Land	1,975	'	'	'
Building/Construction in Progress & Improvements	13,615	'	'	'
Total Cost	15,590	'	'	'
Accumulated Depreciation	4,982	'	'	'
Total Cost, Net of Accumulated Depreciation	10,608	'	'	'
Current Communities | AVA Burbank	'	'	'	'
Initial Cost	'	'	'	'
Land	22,483	'	'	'
Building/Construction in Progress & Improvements	28,104	'	'	'
Costs Subsequent to Acquisition/Construction	42,461	'	'	'
Total Cost	'	'	'	'
Land	22,483	'	'	'
Building/Construction in Progress & Improvements	70,565	'	'	'
Total Cost	93,048	'	'	'
Accumulated Depreciation	29,267	'	'	'
Total Cost, Net of Accumulated Depreciation	63,781	'	'	'
Current Communities | Avalon Mission Viejo	'	'	'	'
Initial Cost	'	'	'	'
Land	2,517	'	'	'
Building/Construction in Progress & Improvements	9,257	'	'	'
Costs Subsequent to Acquisition/Construction	2,486	'	'	'
Total Cost	'	'	'	'
Land	2,517	'	'	'
Building/Construction in Progress & Improvements	11,743	'	'	'
Total Cost	14,260	'	'	'
Accumulated Depreciation	6,776	'	'	'
Total Cost, Net of Accumulated Depreciation	7,484	'	'	'
Encumbrances	7,635	'	'	'
Current Communities | Eaves South Coast	'	'	'	'
Initial Cost	'	'	'	'
Land	4,709	'	'	'
Building/Construction in Progress & Improvements	16,063	'	'	'
Costs Subsequent to Acquisition/Construction	12,769	'	'	'
Total Cost	'	'	'	'
Land	4,709	'	'	'
Building/Construction in Progress & Improvements	28,832	'	'	'
Total Cost	33,541	'	'	'
Accumulated Depreciation	12,855	'	'	'
Total Cost, Net of Accumulated Depreciation	20,686	'	'	'
Current Communities | Avalon at Mission Bay	'	'	'	'
Initial Cost	'	'	'	'
Land	9,922	'	'	'
Building/Construction in Progress & Improvements	40,580	'	'	'
Costs Subsequent to Acquisition/Construction	17,630	'	'	'
Total Cost	'	'	'	'
Land	9,922	'	'	'
Building/Construction in Progress & Improvements	58,210	'	'	'
Total Cost	68,132	'	'	'
Accumulated Depreciation	30,126	'	'	'
Total Cost, Net of Accumulated Depreciation	38,006	'	'	'
Current Communities | Eaves Mission Ridge	'	'	'	'
Initial Cost	'	'	'	'
Land	2,710	'	'	'
Building/Construction in Progress & Improvements	10,924	'	'	'
Costs Subsequent to Acquisition/Construction	11,191	'	'	'
Total Cost	'	'	'	'
Land	2,710	'	'	'
Building/Construction in Progress & Improvements	22,115	'	'	'
Total Cost	24,825	'	'	'
Accumulated Depreciation	11,438	'	'	'
Total Cost, Net of Accumulated Depreciation	13,387	'	'	'
Current Communities | Eaves Union City	'	'	'	'
Initial Cost	'	'	'	'
Land	4,249	'	'	'
Building/Construction in Progress & Improvements	16,820	'	'	'
Costs Subsequent to Acquisition/Construction	2,797	'	'	'
Total Cost	'	'	'	'
Land	4,249	'	'	'
Building/Construction in Progress & Improvements	19,617	'	'	'
Total Cost	23,866	'	'	'
Accumulated Depreciation	10,652	'	'	'
Total Cost, Net of Accumulated Depreciation	13,214	'	'	'
Current Communities | Avalon on the Alameda	'	'	'	'
Initial Cost	'	'	'	'
Land	6,119	'	'	'
Building/Construction in Progress & Improvements	50,225	'	'	'
Costs Subsequent to Acquisition/Construction	1,620	'	'	'
Total Cost	'	'	'	'
Land	6,119	'	'	'
Building/Construction in Progress & Improvements	51,845	'	'	'
Total Cost	57,964	'	'	'
Accumulated Depreciation	26,168	'	'	'
Total Cost, Net of Accumulated Depreciation	31,796	'	'	'
Encumbrances	52,278	'	'	'
Current Communities | Eaves Foster City	'	'	'	'
Initial Cost	'	'	'	'
Land	7,852	'	'	'
Building/Construction in Progress & Improvements	31,445	'	'	'
Costs Subsequent to Acquisition/Construction	11,208	'	'	'
Total Cost	'	'	'	'
Land	7,852	'	'	'
Building/Construction in Progress & Improvements	42,653	'	'	'
Total Cost	50,505	'	'	'
Accumulated Depreciation	19,676	'	'	'
Total Cost, Net of Accumulated Depreciation	30,829	'	'	'
Current Communities | Eaves Pacifica	'	'	'	'
Initial Cost	'	'	'	'
Land	6,125	'	'	'
Building/Construction in Progress & Improvements	24,796	'	'	'
Costs Subsequent to Acquisition/Construction	2,271	'	'	'
Total Cost	'	'	'	'
Land	6,125	'	'	'
Building/Construction in Progress & Improvements	27,067	'	'	'
Total Cost	33,192	'	'	'
Accumulated Depreciation	14,548	'	'	'
Total Cost, Net of Accumulated Depreciation	18,644	'	'	'
Encumbrances	17,600	'	'	'
Current Communities | Avalon Sunset Towers	'	'	'	'
Initial Cost	'	'	'	'
Land	3,561	'	'	'
Building/Construction in Progress & Improvements	21,321	'	'	'
Costs Subsequent to Acquisition/Construction	14,834	'	'	'
Total Cost	'	'	'	'
Land	3,561	'	'	'
Building/Construction in Progress & Improvements	36,155	'	'	'
Total Cost	39,716	'	'	'
Accumulated Depreciation	14,941	'	'	'
Total Cost, Net of Accumulated Depreciation	24,775	'	'	'
Current Communities | Avalon Silicon Valley	'	'	'	'
Initial Cost	'	'	'	'
Land	20,713	'	'	'
Building/Construction in Progress & Improvements	99,573	'	'	'
Costs Subsequent to Acquisition/Construction	4,610	'	'	'
Total Cost	'	'	'	'
Land	20,713	'	'	'
Building/Construction in Progress & Improvements	104,183	'	'	'
Total Cost	124,896	'	'	'
Accumulated Depreciation	55,535	'	'	'
Total Cost, Net of Accumulated Depreciation	69,361	'	'	'
Current Communities | Avalon Woodland Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	23,828	'	'	'
Building/Construction in Progress & Improvements	40,372	'	'	'
Costs Subsequent to Acquisition/Construction	46,931	'	'	'
Total Cost	'	'	'	'
Land	23,828	'	'	'
Building/Construction in Progress & Improvements	87,303	'	'	'
Total Cost	111,131	'	'	'
Accumulated Depreciation	33,347	'	'	'
Total Cost, Net of Accumulated Depreciation	77,784	'	'	'
Current Communities | Avalon Mountain View	'	'	'	'
Initial Cost	'	'	'	'
Land	9,755	'	'	'
Building/Construction in Progress & Improvements	39,393	'	'	'
Costs Subsequent to Acquisition/Construction	9,511	'	'	'
Total Cost	'	'	'	'
Land	9,755	'	'	'
Building/Construction in Progress & Improvements	48,904	'	'	'
Total Cost	58,659	'	'	'
Accumulated Depreciation	23,899	'	'	'
Total Cost, Net of Accumulated Depreciation	34,760	'	'	'
Encumbrances	18,300	'	'	'
Current Communities | Eaves Santa Margarita	'	'	'	'
Initial Cost	'	'	'	'
Land	4,607	'	'	'
Building/Construction in Progress & Improvements	16,911	'	'	'
Costs Subsequent to Acquisition/Construction	10,248	'	'	'
Total Cost	'	'	'	'
Land	4,607	'	'	'
Building/Construction in Progress & Improvements	27,159	'	'	'
Total Cost	31,766	'	'	'
Accumulated Depreciation	11,720	'	'	'
Total Cost, Net of Accumulated Depreciation	20,046	'	'	'
Current Communities | Eaves Diamond Heights	'	'	'	'
Initial Cost	'	'	'	'
Land	4,726	'	'	'
Building/Construction in Progress & Improvements	19,130	'	'	'
Costs Subsequent to Acquisition/Construction	5,790	'	'	'
Total Cost	'	'	'	'
Land	4,726	'	'	'
Building/Construction in Progress & Improvements	24,920	'	'	'
Total Cost	29,646	'	'	'
Accumulated Depreciation	12,155	'	'	'
Total Cost, Net of Accumulated Depreciation	17,491	'	'	'
Current Communities | Eaves Fremont	'	'	'	'
Initial Cost	'	'	'	'
Land	6,581	'	'	'
Building/Construction in Progress & Improvements	26,583	'	'	'
Costs Subsequent to Acquisition/Construction	9,731	'	'	'
Total Cost	'	'	'	'
Land	6,581	'	'	'
Building/Construction in Progress & Improvements	36,314	'	'	'
Total Cost	42,895	'	'	'
Accumulated Depreciation	17,974	'	'	'
Total Cost, Net of Accumulated Depreciation	24,921	'	'	'
Current Communities | Eaves Creekside	'	'	'	'
Initial Cost	'	'	'	'
Land	6,546	'	'	'
Building/Construction in Progress & Improvements	26,263	'	'	'
Costs Subsequent to Acquisition/Construction	11,616	'	'	'
Total Cost	'	'	'	'
Land	6,546	'	'	'
Building/Construction in Progress & Improvements	37,879	'	'	'
Total Cost	44,425	'	'	'
Accumulated Depreciation	19,307	'	'	'
Total Cost, Net of Accumulated Depreciation	25,118	'	'	'
Current Communities | Eaves Warner Center	'	'	'	'
Initial Cost	'	'	'	'
Land	7,045	'	'	'
Building/Construction in Progress & Improvements	12,986	'	'	'
Costs Subsequent to Acquisition/Construction	9,187	'	'	'
Total Cost	'	'	'	'
Land	7,045	'	'	'
Building/Construction in Progress & Improvements	22,173	'	'	'
Total Cost	29,218	'	'	'
Accumulated Depreciation	12,142	'	'	'
Total Cost, Net of Accumulated Depreciation	17,076	'	'	'
Current Communities | Eaves Huntington Beach	'	'	'	'
Initial Cost	'	'	'	'
Land	4,871	'	'	'
Building/Construction in Progress & Improvements	19,745	'	'	'
Costs Subsequent to Acquisition/Construction	9,522	'	'	'
Total Cost	'	'	'	'
Land	4,871	'	'	'
Building/Construction in Progress & Improvements	29,267	'	'	'
Total Cost	34,138	'	'	'
Accumulated Depreciation	15,512	'	'	'
Total Cost, Net of Accumulated Depreciation	18,626	'	'	'
Current Communities | AVA Cortez Hill	'	'	'	'
Initial Cost	'	'	'	'
Land	2,768	'	'	'
Building/Construction in Progress & Improvements	20,134	'	'	'
Costs Subsequent to Acquisition/Construction	23,465	'	'	'
Total Cost	'	'	'	'
Land	2,768	'	'	'
Building/Construction in Progress & Improvements	43,599	'	'	'
Total Cost	46,367	'	'	'
Accumulated Depreciation	17,309	'	'	'
Total Cost, Net of Accumulated Depreciation	29,058	'	'	'
Current Communities | Avalon at Cahill Park	'	'	'	'
Initial Cost	'	'	'	'
Land	4,765	'	'	'
Building/Construction in Progress & Improvements	47,600	'	'	'
Costs Subsequent to Acquisition/Construction	919	'	'	'
Total Cost	'	'	'	'
Land	4,765	'	'	'
Building/Construction in Progress & Improvements	48,519	'	'	'
Total Cost	53,284	'	'	'
Accumulated Depreciation	19,093	'	'	'
Total Cost, Net of Accumulated Depreciation	34,191	'	'	'
Current Communities | Avalon Towers on the Peninsula	'	'	'	'
Initial Cost	'	'	'	'
Land	9,560	'	'	'
Building/Construction in Progress & Improvements	56,136	'	'	'
Costs Subsequent to Acquisition/Construction	958	'	'	'
Total Cost	'	'	'	'
Land	9,560	'	'	'
Building/Construction in Progress & Improvements	57,094	'	'	'
Total Cost	66,654	'	'	'
Accumulated Depreciation	23,134	'	'	'
Total Cost, Net of Accumulated Depreciation	43,520	'	'	'
Current Communities | Avalon at Mission Bay North	'	'	'	'
Initial Cost	'	'	'	'
Land	14,029	'	'	'
Building/Construction in Progress & Improvements	78,452	'	'	'
Costs Subsequent to Acquisition/Construction	1,924	'	'	'
Total Cost	'	'	'	'
Land	14,029	'	'	'
Building/Construction in Progress & Improvements	80,376	'	'	'
Total Cost	94,405	'	'	'
Accumulated Depreciation	30,224	'	'	'
Total Cost, Net of Accumulated Depreciation	64,181	'	'	'
Encumbrances	70,959	'	'	'
Current Communities | Avalon at Glendale	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	42,564	'	'	'
Costs Subsequent to Acquisition/Construction	653	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	43,217	'	'	'
Total Cost	43,217	'	'	'
Accumulated Depreciation	15,350	'	'	'
Total Cost, Net of Accumulated Depreciation	27,867	'	'	'
Current Communities | Avalon Burbank	'	'	'	'
Initial Cost	'	'	'	'
Land	14,053	'	'	'
Building/Construction in Progress & Improvements	56,827	'	'	'
Costs Subsequent to Acquisition/Construction	23,763	'	'	'
Total Cost	'	'	'	'
Land	14,053	'	'	'
Building/Construction in Progress & Improvements	80,590	'	'	'
Total Cost	94,643	'	'	'
Accumulated Depreciation	26,423	'	'	'
Total Cost, Net of Accumulated Depreciation	68,220	'	'	'
Current Communities | Avalon Camarillo	'	'	'	'
Initial Cost	'	'	'	'
Land	8,446	'	'	'
Building/Construction in Progress & Improvements	40,290	'	'	'
Costs Subsequent to Acquisition/Construction	86	'	'	'
Total Cost	'	'	'	'
Land	8,446	'	'	'
Building/Construction in Progress & Improvements	40,376	'	'	'
Total Cost	48,822	'	'	'
Accumulated Depreciation	10,901	'	'	'
Total Cost, Net of Accumulated Depreciation	37,921	'	'	'
Current Communities | Avalon Wilshire	'	'	'	'
Initial Cost	'	'	'	'
Land	5,459	'	'	'
Building/Construction in Progress & Improvements	41,182	'	'	'
Costs Subsequent to Acquisition/Construction	954	'	'	'
Total Cost	'	'	'	'
Land	5,459	'	'	'
Building/Construction in Progress & Improvements	42,136	'	'	'
Total Cost	47,595	'	'	'
Accumulated Depreciation	9,762	'	'	'
Total Cost, Net of Accumulated Depreciation	37,833	'	'	'
Current Communities | Avalon Encino	'	'	'	'
Initial Cost	'	'	'	'
Land	12,789	'	'	'
Building/Construction in Progress & Improvements	49,073	'	'	'
Costs Subsequent to Acquisition/Construction	380	'	'	'
Total Cost	'	'	'	'
Land	12,789	'	'	'
Building/Construction in Progress & Improvements	49,453	'	'	'
Total Cost	62,242	'	'	'
Accumulated Depreciation	9,036	'	'	'
Total Cost, Net of Accumulated Depreciation	53,206	'	'	'
Current Communities | Avalon Warner Place	'	'	'	'
Initial Cost	'	'	'	'
Land	7,920	'	'	'
Building/Construction in Progress & Improvements	44,848	'	'	'
Costs Subsequent to Acquisition/Construction	163	'	'	'
Total Cost	'	'	'	'
Land	7,920	'	'	'
Building/Construction in Progress & Improvements	45,011	'	'	'
Total Cost	52,931	'	'	'
Accumulated Depreciation	8,895	'	'	'
Total Cost, Net of Accumulated Depreciation	44,036	'	'	'
Current Communities | Avalon Fashion Valley	'	'	'	'
Initial Cost	'	'	'	'
Land	19,627	'	'	'
Building/Construction in Progress & Improvements	44,972	'	'	'
Costs Subsequent to Acquisition/Construction	285	'	'	'
Total Cost	'	'	'	'
Land	19,627	'	'	'
Building/Construction in Progress & Improvements	45,257	'	'	'
Total Cost	64,884	'	'	'
Accumulated Depreciation	8,208	'	'	'
Total Cost, Net of Accumulated Depreciation	56,676	'	'	'
Current Communities | Avalon Anaheim Stadium	'	'	'	'
Initial Cost	'	'	'	'
Land	27,874	'	'	'
Building/Construction in Progress & Improvements	69,156	'	'	'
Costs Subsequent to Acquisition/Construction	596	'	'	'
Total Cost	'	'	'	'
Land	27,874	'	'	'
Building/Construction in Progress & Improvements	69,752	'	'	'
Total Cost	97,626	'	'	'
Accumulated Depreciation	11,824	'	'	'
Total Cost, Net of Accumulated Depreciation	85,802	'	'	'
Current Communities | Avalon Union City	'	'	'	'
Initial Cost	'	'	'	'
Land	14,732	'	'	'
Building/Construction in Progress & Improvements	104,025	'	'	'
Costs Subsequent to Acquisition/Construction	232	'	'	'
Total Cost	'	'	'	'
Land	14,732	'	'	'
Building/Construction in Progress & Improvements	104,257	'	'	'
Total Cost	118,989	'	'	'
Accumulated Depreciation	16,046	'	'	'
Total Cost, Net of Accumulated Depreciation	102,943	'	'	'
Current Communities | Avalon Irvine	'	'	'	'
Initial Cost	'	'	'	'
Land	9,911	'	'	'
Building/Construction in Progress & Improvements	67,524	'	'	'
Costs Subsequent to Acquisition/Construction	66	'	'	'
Total Cost	'	'	'	'
Land	9,911	'	'	'
Building/Construction in Progress & Improvements	67,590	'	'	'
Total Cost	77,501	'	'	'
Accumulated Depreciation	10,104	'	'	'
Total Cost, Net of Accumulated Depreciation	67,397	'	'	'
Current Communities | Avalon at Mission Bay III	'	'	'	'
Initial Cost	'	'	'	'
Land	28,687	'	'	'
Building/Construction in Progress & Improvements	119,156	'	'	'
Costs Subsequent to Acquisition/Construction	75	'	'	'
Total Cost	'	'	'	'
Land	28,687	'	'	'
Building/Construction in Progress & Improvements	119,231	'	'	'
Total Cost	147,918	'	'	'
Accumulated Depreciation	18,465	'	'	'
Total Cost, Net of Accumulated Depreciation	129,453	'	'	'
Current Communities | Avalon Walnut Creek	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	145,904	'	'	'
Costs Subsequent to Acquisition/Construction	1,090	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	146,994	'	'	'
Total Cost	146,994	'	'	'
Accumulated Depreciation	17,080	'	'	'
Total Cost, Net of Accumulated Depreciation	129,914	'	'	'
Encumbrances	137,542	'	'	'
Current Communities | Avalon Ocean Avenue	'	'	'	'
Initial Cost	'	'	'	'
Land	5,544	'	'	'
Building/Construction in Progress & Improvements	50,868	'	'	'
Costs Subsequent to Acquisition/Construction	1,740	'	'	'
Total Cost	'	'	'	'
Land	5,544	'	'	'
Building/Construction in Progress & Improvements	52,608	'	'	'
Total Cost	58,152	'	'	'
Accumulated Depreciation	2,916	'	'	'
Total Cost, Net of Accumulated Depreciation	55,236	'	'	'
Current Communities | Eaves Phillips Ranch	'	'	'	'
Initial Cost	'	'	'	'
Land	9,796	'	'	'
Building/Construction in Progress & Improvements	41,740	'	'	'
Costs Subsequent to Acquisition/Construction	59	'	'	'
Total Cost	'	'	'	'
Land	9,796	'	'	'
Building/Construction in Progress & Improvements	41,799	'	'	'
Total Cost	51,595	'	'	'
Accumulated Depreciation	4,023	'	'	'
Total Cost, Net of Accumulated Depreciation	47,572	'	'	'
Current Communities | Eaves San Dimas	'	'	'	'
Initial Cost	'	'	'	'
Land	1,916	'	'	'
Building/Construction in Progress & Improvements	7,819	'	'	'
Costs Subsequent to Acquisition/Construction	24	'	'	'
Total Cost	'	'	'	'
Land	1,916	'	'	'
Building/Construction in Progress & Improvements	7,843	'	'	'
Total Cost	9,759	'	'	'
Accumulated Depreciation	758	'	'	'
Total Cost, Net of Accumulated Depreciation	9,001	'	'	'
Current Communities | Eaves San Dimas Canyon	'	'	'	'
Initial Cost	'	'	'	'
Land	2,953	'	'	'
Building/Construction in Progress & Improvements	12,428	'	'	'
Costs Subsequent to Acquisition/Construction	180	'	'	'
Total Cost	'	'	'	'
Land	2,953	'	'	'
Building/Construction in Progress & Improvements	12,608	'	'	'
Total Cost	15,561	'	'	'
Accumulated Depreciation	1,201	'	'	'
Total Cost, Net of Accumulated Depreciation	14,360	'	'	'
Current Communities | Eaves San Marcos	'	'	'	'
Initial Cost	'	'	'	'
Land	3,277	'	'	'
Building/Construction in Progress & Improvements	13,385	'	'	'
Total Cost	'	'	'	'
Land	3,277	'	'	'
Building/Construction in Progress & Improvements	13,385	'	'	'
Total Cost	16,662	'	'	'
Accumulated Depreciation	1,302	'	'	'
Total Cost, Net of Accumulated Depreciation	15,360	'	'	'
Current Communities | Eaves Rancho Penasquitos	'	'	'	'
Initial Cost	'	'	'	'
Land	6,692	'	'	'
Building/Construction in Progress & Improvements	27,143	'	'	'
Costs Subsequent to Acquisition/Construction	37	'	'	'
Total Cost	'	'	'	'
Land	6,692	'	'	'
Building/Construction in Progress & Improvements	27,180	'	'	'
Total Cost	33,872	'	'	'
Accumulated Depreciation	2,585	'	'	'
Total Cost, Net of Accumulated Depreciation	31,287	'	'	'
Current Communities | Eaves Lake Forest	'	'	'	'
Initial Cost	'	'	'	'
Land	5,199	'	'	'
Building/Construction in Progress & Improvements	21,134	'	'	'
Costs Subsequent to Acquisition/Construction	395	'	'	'
Total Cost	'	'	'	'
Land	5,199	'	'	'
Building/Construction in Progress & Improvements	21,529	'	'	'
Total Cost	26,728	'	'	'
Accumulated Depreciation	2,026	'	'	'
Total Cost, Net of Accumulated Depreciation	24,702	'	'	'
Current Communities | AVA Pasadena	'	'	'	'
Initial Cost	'	'	'	'
Land	8,400	'	'	'
Building/Construction in Progress & Improvements	11,547	'	'	'
Costs Subsequent to Acquisition/Construction	3,587	'	'	'
Total Cost	'	'	'	'
Land	8,400	'	'	'
Building/Construction in Progress & Improvements	15,134	'	'	'
Total Cost	23,534	'	'	'
Accumulated Depreciation	732	'	'	'
Total Cost, Net of Accumulated Depreciation	22,802	'	'	'
Encumbrances	11,869	'	'	'
Current Communities | Eaves Cerritos	'	'	'	'
Initial Cost	'	'	'	'
Land	8,305	'	'	'
Building/Construction in Progress & Improvements	21,195	'	'	'
Total Cost	'	'	'	'
Land	8,305	'	'	'
Building/Construction in Progress & Improvements	21,195	'	'	'
Total Cost	29,500	'	'	'
Accumulated Depreciation	1,131	'	'	'
Total Cost, Net of Accumulated Depreciation	28,369	'	'	'
Current Communities | Avalon Del Rey	'	'	'	'
Initial Cost	'	'	'	'
Land	30,900	'	'	'
Building/Construction in Progress & Improvements	72,008	'	'	'
Costs Subsequent to Acquisition/Construction	297	'	'	'
Total Cost	'	'	'	'
Land	30,900	'	'	'
Building/Construction in Progress & Improvements	72,305	'	'	'
Total Cost	103,205	'	'	'
Accumulated Depreciation	3,508	'	'	'
Total Cost, Net of Accumulated Depreciation	99,697	'	'	'
Current Communities | Eaves Walnut Creek	'	'	'	'
Initial Cost	'	'	'	'
Land	29,650	'	'	'
Building/Construction in Progress & Improvements	83,045	'	'	'
Costs Subsequent to Acquisition/Construction	4,219	'	'	'
Total Cost	'	'	'	'
Land	29,650	'	'	'
Building/Construction in Progress & Improvements	87,264	'	'	'
Total Cost	116,914	'	'	'
Accumulated Depreciation	6,611	'	'	'
Total Cost, Net of Accumulated Depreciation	110,303	'	'	'
Current Communities | Avalon Simi Valley	'	'	'	'
Initial Cost	'	'	'	'
Land	41,610	'	'	'
Building/Construction in Progress & Improvements	73,771	'	'	'
Costs Subsequent to Acquisition/Construction	4,303	'	'	'
Total Cost	'	'	'	'
Land	41,610	'	'	'
Building/Construction in Progress & Improvements	78,074	'	'	'
Total Cost	119,684	'	'	'
Accumulated Depreciation	6,279	'	'	'
Total Cost, Net of Accumulated Depreciation	113,405	'	'	'
Current Communities | Eaves La Mesa	'	'	'	'
Initial Cost	'	'	'	'
Land	6,950	'	'	'
Building/Construction in Progress & Improvements	31,022	'	'	'
Costs Subsequent to Acquisition/Construction	1,097	'	'	'
Total Cost	'	'	'	'
Land	6,950	'	'	'
Building/Construction in Progress & Improvements	32,119	'	'	'
Total Cost	39,069	'	'	'
Accumulated Depreciation	1,897	'	'	'
Total Cost, Net of Accumulated Depreciation	37,172	'	'	'
Current Communities | Archstone Studio City II	'	'	'	'
Initial Cost	'	'	'	'
Land	4,626	'	'	'
Building/Construction in Progress & Improvements	22,954	'	'	'
Costs Subsequent to Acquisition/Construction	943	'	'	'
Total Cost	'	'	'	'
Land	4,626	'	'	'
Building/Construction in Progress & Improvements	23,897	'	'	'
Total Cost	28,523	'	'	'
Accumulated Depreciation	1,641	'	'	'
Total Cost, Net of Accumulated Depreciation	26,882	'	'	'
Current Communities | Archstone Studio City III	'	'	'	'
Initial Cost	'	'	'	'
Land	15,756	'	'	'
Building/Construction in Progress & Improvements	78,178	'	'	'
Costs Subsequent to Acquisition/Construction	3,260	'	'	'
Total Cost	'	'	'	'
Land	15,756	'	'	'
Building/Construction in Progress & Improvements	81,438	'	'	'
Total Cost	97,194	'	'	'
Accumulated Depreciation	5,590	'	'	'
Total Cost, Net of Accumulated Depreciation	91,604	'	'	'
Current Communities | Avalon Willow Glen	'	'	'	'
Initial Cost	'	'	'	'
Land	47,030	'	'	'
Building/Construction in Progress & Improvements	80,987	'	'	'
Costs Subsequent to Acquisition/Construction	3,871	'	'	'
Total Cost	'	'	'	'
Land	47,030	'	'	'
Building/Construction in Progress & Improvements	84,858	'	'	'
Total Cost	131,888	'	'	'
Accumulated Depreciation	6,364	'	'	'
Total Cost, Net of Accumulated Depreciation	125,524	'	'	'
Current Communities | Avalon Calabasas	'	'	'	'
Initial Cost	'	'	'	'
Land	35,450	'	'	'
Building/Construction in Progress & Improvements	114,912	'	'	'
Costs Subsequent to Acquisition/Construction	6,156	'	'	'
Total Cost	'	'	'	'
Land	35,450	'	'	'
Building/Construction in Progress & Improvements	121,068	'	'	'
Total Cost	156,518	'	'	'
Accumulated Depreciation	9,147	'	'	'
Total Cost, Net of Accumulated Depreciation	147,371	'	'	'
Encumbrances	101,724	'	'	'
Current Communities | Avalon Oak Creek	'	'	'	'
Initial Cost	'	'	'	'
Land	34,560	'	'	'
Building/Construction in Progress & Improvements	88,954	'	'	'
Costs Subsequent to Acquisition/Construction	4,084	'	'	'
Total Cost	'	'	'	'
Land	34,560	'	'	'
Building/Construction in Progress & Improvements	93,038	'	'	'
Total Cost	127,598	'	'	'
Accumulated Depreciation	6,535	'	'	'
Total Cost, Net of Accumulated Depreciation	121,063	'	'	'
Encumbrances	85,288	'	'	'
Current Communities | Avalon Santa Monica on Main	'	'	'	'
Initial Cost	'	'	'	'
Land	31,980	'	'	'
Building/Construction in Progress & Improvements	60,790	'	'	'
Costs Subsequent to Acquisition/Construction	2,966	'	'	'
Total Cost	'	'	'	'
Land	31,980	'	'	'
Building/Construction in Progress & Improvements	63,756	'	'	'
Total Cost	95,736	'	'	'
Accumulated Depreciation	4,654	'	'	'
Total Cost, Net of Accumulated Depreciation	91,082	'	'	'
Current Communities | Avalon Del Mar Station	'	'	'	'
Initial Cost	'	'	'	'
Land	20,560	'	'	'
Building/Construction in Progress & Improvements	106,556	'	'	'
Costs Subsequent to Acquisition/Construction	3,065	'	'	'
Total Cost	'	'	'	'
Land	20,560	'	'	'
Building/Construction in Progress & Improvements	109,621	'	'	'
Total Cost	130,181	'	'	'
Accumulated Depreciation	6,024	'	'	'
Total Cost, Net of Accumulated Depreciation	124,157	'	'	'
Encumbrances	76,471	'	'	'
Current Communities | Archstone La Jolla Colony	'	'	'	'
Initial Cost	'	'	'	'
Land	17,150	'	'	'
Building/Construction in Progress & Improvements	27,304	'	'	'
Costs Subsequent to Acquisition/Construction	1,640	'	'	'
Total Cost	'	'	'	'
Land	17,150	'	'	'
Building/Construction in Progress & Improvements	28,944	'	'	'
Total Cost	46,094	'	'	'
Accumulated Depreciation	2,528	'	'	'
Total Cost, Net of Accumulated Depreciation	43,566	'	'	'
Encumbrances	27,176	'	'	'
Current Communities | Eaves Old Town Pasadena	'	'	'	'
Initial Cost	'	'	'	'
Land	8,930	'	'	'
Building/Construction in Progress & Improvements	15,551	'	'	'
Costs Subsequent to Acquisition/Construction	987	'	'	'
Total Cost	'	'	'	'
Land	8,930	'	'	'
Building/Construction in Progress & Improvements	16,538	'	'	'
Total Cost	25,468	'	'	'
Accumulated Depreciation	1,441	'	'	'
Total Cost, Net of Accumulated Depreciation	24,027	'	'	'
Encumbrances	15,669	'	'	'
Current Communities | Eaves Thousand Oaks	'	'	'	'
Initial Cost	'	'	'	'
Land	14,500	'	'	'
Building/Construction in Progress & Improvements	19,661	'	'	'
Costs Subsequent to Acquisition/Construction	1,674	'	'	'
Total Cost	'	'	'	'
Land	14,500	'	'	'
Building/Construction in Progress & Improvements	21,335	'	'	'
Total Cost	35,835	'	'	'
Accumulated Depreciation	2,313	'	'	'
Total Cost, Net of Accumulated Depreciation	33,522	'	'	'
Encumbrances	27,411	'	'	'
Current Communities | Avalon Walnut Ridge I	'	'	'	'
Initial Cost	'	'	'	'
Land	10,040	'	'	'
Building/Construction in Progress & Improvements	19,670	'	'	'
Costs Subsequent to Acquisition/Construction	820	'	'	'
Total Cost	'	'	'	'
Land	10,040	'	'	'
Building/Construction in Progress & Improvements	20,490	'	'	'
Total Cost	30,530	'	'	'
Accumulated Depreciation	1,415	'	'	'
Total Cost, Net of Accumulated Depreciation	29,115	'	'	'
Encumbrances	20,754	'	'	'
Current Communities | Eaves Los Feliz	'	'	'	'
Initial Cost	'	'	'	'
Land	18,940	'	'	'
Building/Construction in Progress & Improvements	43,661	'	'	'
Costs Subsequent to Acquisition/Construction	2,672	'	'	'
Total Cost	'	'	'	'
Land	18,940	'	'	'
Building/Construction in Progress & Improvements	46,333	'	'	'
Total Cost	65,273	'	'	'
Accumulated Depreciation	3,880	'	'	'
Total Cost, Net of Accumulated Depreciation	61,393	'	'	'
Encumbrances	43,258	'	'	'
Current Communities | Eaves West Valley	'	'	'	'
Initial Cost	'	'	'	'
Land	91,710	'	'	'
Building/Construction in Progress & Improvements	112,808	'	'	'
Costs Subsequent to Acquisition/Construction	6,755	'	'	'
Total Cost	'	'	'	'
Land	91,710	'	'	'
Building/Construction in Progress & Improvements	119,563	'	'	'
Total Cost	211,273	'	'	'
Accumulated Depreciation	10,264	'	'	'
Total Cost, Net of Accumulated Depreciation	201,009	'	'	'
Encumbrances	83,087	'	'	'
Current Communities | Eaves Seal Beach	'	'	'	'
Initial Cost	'	'	'	'
Land	46,310	'	'	'
Building/Construction in Progress & Improvements	100,479	'	'	'
Costs Subsequent to Acquisition/Construction	4,294	'	'	'
Total Cost	'	'	'	'
Land	46,310	'	'	'
Building/Construction in Progress & Improvements	104,773	'	'	'
Total Cost	151,083	'	'	'
Accumulated Depreciation	7,336	'	'	'
Total Cost, Net of Accumulated Depreciation	143,747	'	'	'
Encumbrances	86,167	'	'	'
Current Communities | Oakwood Toluca Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	89,450	'	'	'
Building/Construction in Progress & Improvements	157,256	'	'	'
Costs Subsequent to Acquisition/Construction	9,610	'	'	'
Total Cost	'	'	'	'
Land	89,450	'	'	'
Building/Construction in Progress & Improvements	166,866	'	'	'
Total Cost	256,316	'	'	'
Accumulated Depreciation	13,883	'	'	'
Total Cost, Net of Accumulated Depreciation	242,433	'	'	'
Encumbrances	167,595	'	'	'
Current Communities | Eaves Woodland Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	69,400	'	'	'
Building/Construction in Progress & Improvements	90,089	'	'	'
Costs Subsequent to Acquisition/Construction	6,940	'	'	'
Total Cost	'	'	'	'
Land	69,400	'	'	'
Building/Construction in Progress & Improvements	97,029	'	'	'
Total Cost	166,429	'	'	'
Accumulated Depreciation	9,504	'	'	'
Total Cost, Net of Accumulated Depreciation	156,925	'	'	'
Encumbrances	104,694	'	'	'
Current Communities | Eaves Mountain View at Middlefield	'	'	'	'
Initial Cost	'	'	'	'
Land	65,960	'	'	'
Building/Construction in Progress & Improvements	67,128	'	'	'
Costs Subsequent to Acquisition/Construction	4,541	'	'	'
Total Cost	'	'	'	'
Land	65,960	'	'	'
Building/Construction in Progress & Improvements	71,669	'	'	'
Total Cost	137,629	'	'	'
Accumulated Depreciation	6,760	'	'	'
Total Cost, Net of Accumulated Depreciation	130,869	'	'	'
Encumbrances	72,374	'	'	'
Current Communities | Avalon Thousand Oaks Plaza	'	'	'	'
Initial Cost	'	'	'	'
Land	13,010	'	'	'
Building/Construction in Progress & Improvements	22,381	'	'	'
Costs Subsequent to Acquisition/Construction	1,640	'	'	'
Total Cost	'	'	'	'
Land	13,010	'	'	'
Building/Construction in Progress & Improvements	24,021	'	'	'
Total Cost	37,031	'	'	'
Accumulated Depreciation	2,304	'	'	'
Total Cost, Net of Accumulated Depreciation	34,727	'	'	'
Encumbrances	28,742	'	'	'
Current Communities | Archstone San Bruno	'	'	'	'
Initial Cost	'	'	'	'
Land	37,890	'	'	'
Building/Construction in Progress & Improvements	71,574	'	'	'
Costs Subsequent to Acquisition/Construction	2,756	'	'	'
Total Cost	'	'	'	'
Land	37,890	'	'	'
Building/Construction in Progress & Improvements	74,330	'	'	'
Total Cost	112,220	'	'	'
Accumulated Depreciation	4,764	'	'	'
Total Cost, Net of Accumulated Depreciation	107,456	'	'	'
Encumbrances	64,450	'	'	'
Current Communities | Archstone San Bruno II	'	'	'	'
Initial Cost	'	'	'	'
Land	23,787	'	'	'
Building/Construction in Progress & Improvements	44,934	'	'	'
Costs Subsequent to Acquisition/Construction	1,676	'	'	'
Total Cost	'	'	'	'
Land	23,787	'	'	'
Building/Construction in Progress & Improvements	46,610	'	'	'
Total Cost	70,397	'	'	'
Accumulated Depreciation	2,991	'	'	'
Total Cost, Net of Accumulated Depreciation	67,406	'	'	'
Encumbrances	31,398	'	'	'
Current Communities | Archstone San Bruno III	'	'	'	'
Initial Cost	'	'	'	'
Land	33,303	'	'	'
Building/Construction in Progress & Improvements	62,910	'	'	'
Costs Subsequent to Acquisition/Construction	2,354	'	'	'
Total Cost	'	'	'	'
Land	33,303	'	'	'
Building/Construction in Progress & Improvements	65,264	'	'	'
Total Cost	98,567	'	'	'
Accumulated Depreciation	4,187	'	'	'
Total Cost, Net of Accumulated Depreciation	94,380	'	'	'
Encumbrances	56,210	'	'	'
Current Communities | Avalon Walnut Ridge II	'	'	'	'
Initial Cost	'	'	'	'
Land	27,190	'	'	'
Building/Construction in Progress & Improvements	57,041	'	'	'
Costs Subsequent to Acquisition/Construction	3,194	'	'	'
Total Cost	'	'	'	'
Land	27,190	'	'	'
Building/Construction in Progress & Improvements	60,235	'	'	'
Total Cost	87,425	'	'	'
Accumulated Depreciation	4,922	'	'	'
Total Cost, Net of Accumulated Depreciation	82,503	'	'	'
Current Communities | Avalon Pasadena	'	'	'	'
Initial Cost	'	'	'	'
Land	9,980	'	'	'
Building/Construction in Progress & Improvements	31,818	'	'	'
Costs Subsequent to Acquisition/Construction	1,527	'	'	'
Total Cost	'	'	'	'
Land	9,980	'	'	'
Building/Construction in Progress & Improvements	33,345	'	'	'
Total Cost	43,325	'	'	'
Accumulated Depreciation	2,390	'	'	'
Total Cost, Net of Accumulated Depreciation	40,935	'	'	'
Encumbrances	28,079	'	'	'
Current Communities | Archstone Studio City	'	'	'	'
Initial Cost	'	'	'	'
Land	18,178	'	'	'
Building/Construction in Progress & Improvements	90,195	'	'	'
Costs Subsequent to Acquisition/Construction	3,849	'	'	'
Total Cost	'	'	'	'
Land	18,178	'	'	'
Building/Construction in Progress & Improvements	94,044	'	'	'
Total Cost	112,222	'	'	'
Accumulated Depreciation	6,447	'	'	'
Total Cost, Net of Accumulated Depreciation	105,775	'	'	'
Current Communities | The Springs	'	'	'	'
Initial Cost	'	'	'	'
Land	5,724	'	'	'
Building/Construction in Progress & Improvements	23,433	'	'	'
Costs Subsequent to Acquisition/Construction	890	'	'	'
Total Cost	'	'	'	'
Land	5,724	'	'	'
Building/Construction in Progress & Improvements	24,323	'	'	'
Total Cost	30,047	'	'	'
Accumulated Depreciation	3,013	'	'	'
Total Cost, Net of Accumulated Depreciation	27,034	'	'	'
Current Communities | Eaves Trumbull	'	'	'	'
Initial Cost	'	'	'	'
Land	4,414	'	'	'
Building/Construction in Progress & Improvements	31,268	'	'	'
Costs Subsequent to Acquisition/Construction	2,860	'	'	'
Total Cost	'	'	'	'
Land	4,414	'	'	'
Building/Construction in Progress & Improvements	34,128	'	'	'
Total Cost	38,542	'	'	'
Accumulated Depreciation	19,422	'	'	'
Total Cost, Net of Accumulated Depreciation	19,120	'	'	'
Encumbrances	40,018	'	'	'
Current Communities | Eaves Stamford	'	'	'	'
Initial Cost	'	'	'	'
Land	5,956	'	'	'
Building/Construction in Progress & Improvements	23,993	'	'	'
Costs Subsequent to Acquisition/Construction	11,366	'	'	'
Total Cost	'	'	'	'
Land	5,956	'	'	'
Building/Construction in Progress & Improvements	35,359	'	'	'
Total Cost	41,315	'	'	'
Accumulated Depreciation	18,636	'	'	'
Total Cost, Net of Accumulated Depreciation	22,679	'	'	'
Current Communities | Avalon Wilton I	'	'	'	'
Initial Cost	'	'	'	'
Land	2,116	'	'	'
Building/Construction in Progress & Improvements	14,664	'	'	'
Costs Subsequent to Acquisition/Construction	5,763	'	'	'
Total Cost	'	'	'	'
Land	2,116	'	'	'
Building/Construction in Progress & Improvements	20,427	'	'	'
Total Cost	22,543	'	'	'
Accumulated Depreciation	9,113	'	'	'
Total Cost, Net of Accumulated Depreciation	13,430	'	'	'
Current Communities | Avalon Valley	'	'	'	'
Initial Cost	'	'	'	'
Land	2,277	'	'	'
Building/Construction in Progress & Improvements	23,561	'	'	'
Costs Subsequent to Acquisition/Construction	863	'	'	'
Total Cost	'	'	'	'
Land	2,277	'	'	'
Building/Construction in Progress & Improvements	24,424	'	'	'
Total Cost	26,701	'	'	'
Accumulated Depreciation	12,210	'	'	'
Total Cost, Net of Accumulated Depreciation	14,491	'	'	'
Current Communities | Avalon on Stamford Harbor	'	'	'	'
Initial Cost	'	'	'	'
Land	10,836	'	'	'
Building/Construction in Progress & Improvements	51,883	'	'	'
Costs Subsequent to Acquisition/Construction	1,020	'	'	'
Total Cost	'	'	'	'
Land	10,836	'	'	'
Building/Construction in Progress & Improvements	52,903	'	'	'
Total Cost	63,739	'	'	'
Accumulated Depreciation	20,938	'	'	'
Total Cost, Net of Accumulated Depreciation	42,801	'	'	'
Encumbrances	63,624	'	'	'
Current Communities | Avalon New Canaan	'	'	'	'
Initial Cost	'	'	'	'
Land	4,834	'	'	'
Building/Construction in Progress & Improvements	19,485	'	'	'
Costs Subsequent to Acquisition/Construction	535	'	'	'
Total Cost	'	'	'	'
Land	4,834	'	'	'
Building/Construction in Progress & Improvements	20,020	'	'	'
Total Cost	24,854	'	'	'
Accumulated Depreciation	7,960	'	'	'
Total Cost, Net of Accumulated Depreciation	16,894	'	'	'
Current Communities | Avalon at Greyrock Place	'	'	'	'
Initial Cost	'	'	'	'
Land	13,819	'	'	'
Building/Construction in Progress & Improvements	56,499	'	'	'
Costs Subsequent to Acquisition/Construction	1,949	'	'	'
Total Cost	'	'	'	'
Land	13,819	'	'	'
Building/Construction in Progress & Improvements	58,448	'	'	'
Total Cost	72,267	'	'	'
Accumulated Depreciation	22,691	'	'	'
Total Cost, Net of Accumulated Depreciation	49,576	'	'	'
Encumbrances	58,385	'	'	'
Current Communities | Avalon Danbury	'	'	'	'
Initial Cost	'	'	'	'
Land	4,933	'	'	'
Building/Construction in Progress & Improvements	30,638	'	'	'
Costs Subsequent to Acquisition/Construction	553	'	'	'
Total Cost	'	'	'	'
Land	4,933	'	'	'
Building/Construction in Progress & Improvements	31,191	'	'	'
Total Cost	36,124	'	'	'
Accumulated Depreciation	9,251	'	'	'
Total Cost, Net of Accumulated Depreciation	26,873	'	'	'
Current Communities | Avalon Darien	'	'	'	'
Initial Cost	'	'	'	'
Land	6,926	'	'	'
Building/Construction in Progress & Improvements	34,659	'	'	'
Costs Subsequent to Acquisition/Construction	1,410	'	'	'
Total Cost	'	'	'	'
Land	6,926	'	'	'
Building/Construction in Progress & Improvements	36,069	'	'	'
Total Cost	42,995	'	'	'
Accumulated Depreciation	12,348	'	'	'
Total Cost, Net of Accumulated Depreciation	30,647	'	'	'
Encumbrances	48,484	'	'	'
Current Communities | Avalon Milford I	'	'	'	'
Initial Cost	'	'	'	'
Land	8,746	'	'	'
Building/Construction in Progress & Improvements	22,699	'	'	'
Costs Subsequent to Acquisition/Construction	577	'	'	'
Total Cost	'	'	'	'
Land	8,746	'	'	'
Building/Construction in Progress & Improvements	23,276	'	'	'
Total Cost	32,022	'	'	'
Accumulated Depreciation	7,662	'	'	'
Total Cost, Net of Accumulated Depreciation	24,360	'	'	'
Current Communities | Avalon Norwalk	'	'	'	'
Initial Cost	'	'	'	'
Land	11,320	'	'	'
Building/Construction in Progress & Improvements	62,910	'	'	'
Costs Subsequent to Acquisition/Construction	24	'	'	'
Total Cost	'	'	'	'
Land	11,320	'	'	'
Building/Construction in Progress & Improvements	62,934	'	'	'
Total Cost	74,254	'	'	'
Accumulated Depreciation	7,142	'	'	'
Total Cost, Net of Accumulated Depreciation	67,112	'	'	'
Current Communities | Avalon Huntington	'	'	'	'
Initial Cost	'	'	'	'
Land	5,277	'	'	'
Building/Construction in Progress & Improvements	20,029	'	'	'
Costs Subsequent to Acquisition/Construction	100	'	'	'
Total Cost	'	'	'	'
Land	5,277	'	'	'
Building/Construction in Progress & Improvements	20,129	'	'	'
Total Cost	25,406	'	'	'
Accumulated Depreciation	3,674	'	'	'
Total Cost, Net of Accumulated Depreciation	21,732	'	'	'
Current Communities | Avalon Wilton II	'	'	'	'
Initial Cost	'	'	'	'
Land	6,604	'	'	'
Building/Construction in Progress & Improvements	23,766	'	'	'
Costs Subsequent to Acquisition/Construction	6	'	'	'
Total Cost	'	'	'	'
Land	6,604	'	'	'
Building/Construction in Progress & Improvements	23,772	'	'	'
Total Cost	30,376	'	'	'
Accumulated Depreciation	2,140	'	'	'
Total Cost, Net of Accumulated Depreciation	28,236	'	'	'
Current Communities | Avalon at Foxhall	'	'	'	'
Initial Cost	'	'	'	'
Land	6,848	'	'	'
Building/Construction in Progress & Improvements	27,614	'	'	'
Costs Subsequent to Acquisition/Construction	11,357	'	'	'
Total Cost	'	'	'	'
Land	6,848	'	'	'
Building/Construction in Progress & Improvements	38,971	'	'	'
Total Cost	45,819	'	'	'
Accumulated Depreciation	23,539	'	'	'
Total Cost, Net of Accumulated Depreciation	22,280	'	'	'
Encumbrances	57,150	'	'	'
Current Communities | Avalon at Gallery Place	'	'	'	'
Initial Cost	'	'	'	'
Land	8,800	'	'	'
Building/Construction in Progress & Improvements	39,658	'	'	'
Costs Subsequent to Acquisition/Construction	660	'	'	'
Total Cost	'	'	'	'
Land	8,800	'	'	'
Building/Construction in Progress & Improvements	40,318	'	'	'
Total Cost	49,118	'	'	'
Accumulated Depreciation	15,057	'	'	'
Total Cost, Net of Accumulated Depreciation	34,061	'	'	'
Encumbrances	44,405	'	'	'
Current Communities | The Albemarle	'	'	'	'
Initial Cost	'	'	'	'
Land	25,180	'	'	'
Building/Construction in Progress & Improvements	52,419	'	'	'
Costs Subsequent to Acquisition/Construction	3,523	'	'	'
Total Cost	'	'	'	'
Land	25,180	'	'	'
Building/Construction in Progress & Improvements	55,942	'	'	'
Total Cost	81,122	'	'	'
Accumulated Depreciation	5,009	'	'	'
Total Cost, Net of Accumulated Depreciation	76,113	'	'	'
Current Communities | Eaves Tunlaw Gardens	'	'	'	'
Initial Cost	'	'	'	'
Land	16,430	'	'	'
Building/Construction in Progress & Improvements	22,902	'	'	'
Costs Subsequent to Acquisition/Construction	1,747	'	'	'
Total Cost	'	'	'	'
Land	16,430	'	'	'
Building/Construction in Progress & Improvements	24,649	'	'	'
Total Cost	41,079	'	'	'
Accumulated Depreciation	2,369	'	'	'
Total Cost, Net of Accumulated Depreciation	38,710	'	'	'
Encumbrances	28,844	'	'	'
Current Communities | The Statesman	'	'	'	'
Initial Cost	'	'	'	'
Land	38,140	'	'	'
Building/Construction in Progress & Improvements	35,352	'	'	'
Costs Subsequent to Acquisition/Construction	3,396	'	'	'
Total Cost	'	'	'	'
Land	38,140	'	'	'
Building/Construction in Progress & Improvements	38,748	'	'	'
Total Cost	76,888	'	'	'
Accumulated Depreciation	4,505	'	'	'
Total Cost, Net of Accumulated Depreciation	72,383	'	'	'
Current Communities | Eaves Glover Park	'	'	'	'
Initial Cost	'	'	'	'
Land	9,580	'	'	'
Building/Construction in Progress & Improvements	26,532	'	'	'
Costs Subsequent to Acquisition/Construction	1,598	'	'	'
Total Cost	'	'	'	'
Land	9,580	'	'	'
Building/Construction in Progress & Improvements	28,130	'	'	'
Total Cost	37,710	'	'	'
Accumulated Depreciation	2,376	'	'	'
Total Cost, Net of Accumulated Depreciation	35,334	'	'	'
Encumbrances	23,858	'	'	'
Current Communities | The Consulate	'	'	'	'
Initial Cost	'	'	'	'
Land	22,960	'	'	'
Building/Construction in Progress & Improvements	58,621	'	'	'
Costs Subsequent to Acquisition/Construction	3,133	'	'	'
Total Cost	'	'	'	'
Land	22,960	'	'	'
Building/Construction in Progress & Improvements	61,754	'	'	'
Total Cost	84,714	'	'	'
Accumulated Depreciation	4,755	'	'	'
Total Cost, Net of Accumulated Depreciation	79,959	'	'	'
Current Communities | Avalon at Lexington	'	'	'	'
Initial Cost	'	'	'	'
Land	2,124	'	'	'
Building/Construction in Progress & Improvements	12,599	'	'	'
Costs Subsequent to Acquisition/Construction	9,082	'	'	'
Total Cost	'	'	'	'
Land	2,124	'	'	'
Building/Construction in Progress & Improvements	21,681	'	'	'
Total Cost	23,805	'	'	'
Accumulated Depreciation	10,620	'	'	'
Total Cost, Net of Accumulated Depreciation	13,185	'	'	'
Current Communities | Avalon Oaks	'	'	'	'
Initial Cost	'	'	'	'
Land	2,129	'	'	'
Building/Construction in Progress & Improvements	18,676	'	'	'
Costs Subsequent to Acquisition/Construction	1,870	'	'	'
Total Cost	'	'	'	'
Land	2,129	'	'	'
Building/Construction in Progress & Improvements	20,546	'	'	'
Total Cost	22,675	'	'	'
Accumulated Depreciation	10,271	'	'	'
Total Cost, Net of Accumulated Depreciation	12,404	'	'	'
Encumbrances	16,094	'	'	'
Current Communities | Eaves Quincy	'	'	'	'
Initial Cost	'	'	'	'
Land	1,743	'	'	'
Building/Construction in Progress & Improvements	14,662	'	'	'
Costs Subsequent to Acquisition/Construction	9,073	'	'	'
Total Cost	'	'	'	'
Land	1,743	'	'	'
Building/Construction in Progress & Improvements	23,735	'	'	'
Total Cost	25,478	'	'	'
Accumulated Depreciation	10,954	'	'	'
Total Cost, Net of Accumulated Depreciation	14,524	'	'	'
Current Communities | Avalon Essex	'	'	'	'
Initial Cost	'	'	'	'
Land	5,184	'	'	'
Building/Construction in Progress & Improvements	16,320	'	'	'
Costs Subsequent to Acquisition/Construction	1,671	'	'	'
Total Cost	'	'	'	'
Land	5,184	'	'	'
Building/Construction in Progress & Improvements	17,991	'	'	'
Total Cost	23,175	'	'	'
Accumulated Depreciation	8,553	'	'	'
Total Cost, Net of Accumulated Depreciation	14,622	'	'	'
Current Communities | Avalon Oaks West	'	'	'	'
Initial Cost	'	'	'	'
Land	3,318	'	'	'
Building/Construction in Progress & Improvements	13,467	'	'	'
Costs Subsequent to Acquisition/Construction	575	'	'	'
Total Cost	'	'	'	'
Land	3,318	'	'	'
Building/Construction in Progress & Improvements	14,042	'	'	'
Total Cost	17,360	'	'	'
Accumulated Depreciation	5,857	'	'	'
Total Cost, Net of Accumulated Depreciation	11,503	'	'	'
Encumbrances	16,032	'	'	'
Current Communities | Avalon Orchards	'	'	'	'
Initial Cost	'	'	'	'
Land	2,983	'	'	'
Building/Construction in Progress & Improvements	18,037	'	'	'
Costs Subsequent to Acquisition/Construction	1,752	'	'	'
Total Cost	'	'	'	'
Land	2,983	'	'	'
Building/Construction in Progress & Improvements	19,789	'	'	'
Total Cost	22,772	'	'	'
Accumulated Depreciation	7,982	'	'	'
Total Cost, Net of Accumulated Depreciation	14,790	'	'	'
Encumbrances	17,530	'	'	'
Current Communities | Avalon at Newton Highlands	'	'	'	'
Initial Cost	'	'	'	'
Land	11,039	'	'	'
Building/Construction in Progress & Improvements	45,590	'	'	'
Costs Subsequent to Acquisition/Construction	3,270	'	'	'
Total Cost	'	'	'	'
Land	11,039	'	'	'
Building/Construction in Progress & Improvements	48,860	'	'	'
Total Cost	59,899	'	'	'
Accumulated Depreciation	17,462	'	'	'
Total Cost, Net of Accumulated Depreciation	42,437	'	'	'
Current Communities | Avalon at The Pinehills	'	'	'	'
Initial Cost	'	'	'	'
Land	6,876	'	'	'
Building/Construction in Progress & Improvements	30,401	'	'	'
Costs Subsequent to Acquisition/Construction	136	'	'	'
Total Cost	'	'	'	'
Land	6,876	'	'	'
Building/Construction in Progress & Improvements	30,537	'	'	'
Total Cost	37,413	'	'	'
Accumulated Depreciation	6,765	'	'	'
Total Cost, Net of Accumulated Depreciation	30,648	'	'	'
Current Communities | Eaves Peabody	'	'	'	'
Initial Cost	'	'	'	'
Land	4,645	'	'	'
Building/Construction in Progress & Improvements	19,007	'	'	'
Costs Subsequent to Acquisition/Construction	11,781	'	'	'
Total Cost	'	'	'	'
Land	4,645	'	'	'
Building/Construction in Progress & Improvements	30,788	'	'	'
Total Cost	35,433	'	'	'
Accumulated Depreciation	8,628	'	'	'
Total Cost, Net of Accumulated Depreciation	26,805	'	'	'
Current Communities | Avalon at Bedford Center	'	'	'	'
Initial Cost	'	'	'	'
Land	4,258	'	'	'
Building/Construction in Progress & Improvements	20,569	'	'	'
Costs Subsequent to Acquisition/Construction	213	'	'	'
Total Cost	'	'	'	'
Land	4,258	'	'	'
Building/Construction in Progress & Improvements	20,782	'	'	'
Total Cost	25,040	'	'	'
Accumulated Depreciation	5,922	'	'	'
Total Cost, Net of Accumulated Depreciation	19,118	'	'	'
Current Communities | Avalon Chestnut Hill	'	'	'	'
Initial Cost	'	'	'	'
Land	14,572	'	'	'
Building/Construction in Progress & Improvements	45,911	'	'	'
Costs Subsequent to Acquisition/Construction	1,277	'	'	'
Total Cost	'	'	'	'
Land	14,572	'	'	'
Building/Construction in Progress & Improvements	47,188	'	'	'
Total Cost	61,760	'	'	'
Accumulated Depreciation	11,971	'	'	'
Total Cost, Net of Accumulated Depreciation	49,789	'	'	'
Encumbrances	39,979	'	'	'
Current Communities | Avalon Shrewsbury	'	'	'	'
Initial Cost	'	'	'	'
Land	5,152	'	'	'
Building/Construction in Progress & Improvements	30,608	'	'	'
Costs Subsequent to Acquisition/Construction	544	'	'	'
Total Cost	'	'	'	'
Land	5,152	'	'	'
Building/Construction in Progress & Improvements	31,152	'	'	'
Total Cost	36,304	'	'	'
Accumulated Depreciation	7,982	'	'	'
Total Cost, Net of Accumulated Depreciation	28,322	'	'	'
Encumbrances	20,464	'	'	'
Current Communities | Avalon Danvers	'	'	'	'
Initial Cost	'	'	'	'
Land	7,010	'	'	'
Building/Construction in Progress & Improvements	76,904	'	'	'
Costs Subsequent to Acquisition/Construction	725	'	'	'
Total Cost	'	'	'	'
Land	7,010	'	'	'
Building/Construction in Progress & Improvements	77,629	'	'	'
Total Cost	84,639	'	'	'
Accumulated Depreciation	17,168	'	'	'
Total Cost, Net of Accumulated Depreciation	67,471	'	'	'
Current Communities | Avalon at Lexington Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	8,691	'	'	'
Building/Construction in Progress & Improvements	79,153	'	'	'
Costs Subsequent to Acquisition/Construction	393	'	'	'
Total Cost	'	'	'	'
Land	8,691	'	'	'
Building/Construction in Progress & Improvements	79,546	'	'	'
Total Cost	88,237	'	'	'
Accumulated Depreciation	16,581	'	'	'
Total Cost, Net of Accumulated Depreciation	71,656	'	'	'
Current Communities | Avalon Acton	'	'	'	'
Initial Cost	'	'	'	'
Land	13,124	'	'	'
Building/Construction in Progress & Improvements	49,935	'	'	'
Costs Subsequent to Acquisition/Construction	126	'	'	'
Total Cost	'	'	'	'
Land	13,124	'	'	'
Building/Construction in Progress & Improvements	50,061	'	'	'
Total Cost	63,185	'	'	'
Accumulated Depreciation	10,274	'	'	'
Total Cost, Net of Accumulated Depreciation	52,911	'	'	'
Encumbrances	45,000	'	'	'
Current Communities | Avalon at Hingham Shipyard	'	'	'	'
Initial Cost	'	'	'	'
Land	12,218	'	'	'
Building/Construction in Progress & Improvements	41,591	'	'	'
Costs Subsequent to Acquisition/Construction	131	'	'	'
Total Cost	'	'	'	'
Land	12,218	'	'	'
Building/Construction in Progress & Improvements	41,722	'	'	'
Total Cost	53,940	'	'	'
Accumulated Depreciation	7,548	'	'	'
Total Cost, Net of Accumulated Depreciation	46,392	'	'	'
Current Communities | Avalon Sharon	'	'	'	'
Initial Cost	'	'	'	'
Land	4,719	'	'	'
Building/Construction in Progress & Improvements	25,522	'	'	'
Costs Subsequent to Acquisition/Construction	216	'	'	'
Total Cost	'	'	'	'
Land	4,719	'	'	'
Building/Construction in Progress & Improvements	25,738	'	'	'
Total Cost	30,457	'	'	'
Accumulated Depreciation	5,074	'	'	'
Total Cost, Net of Accumulated Depreciation	25,383	'	'	'
Current Communities | Avalon Northborough	'	'	'	'
Initial Cost	'	'	'	'
Land	8,144	'	'	'
Building/Construction in Progress & Improvements	52,454	'	'	'
Costs Subsequent to Acquisition/Construction	16	'	'	'
Total Cost	'	'	'	'
Land	8,144	'	'	'
Building/Construction in Progress & Improvements	52,470	'	'	'
Total Cost	60,614	'	'	'
Accumulated Depreciation	7,277	'	'	'
Total Cost, Net of Accumulated Depreciation	53,337	'	'	'
Current Communities | Avalon Blue Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	11,110	'	'	'
Building/Construction in Progress & Improvements	34,736	'	'	'
Costs Subsequent to Acquisition/Construction	62	'	'	'
Total Cost	'	'	'	'
Land	11,110	'	'	'
Building/Construction in Progress & Improvements	34,798	'	'	'
Total Cost	45,908	'	'	'
Accumulated Depreciation	5,587	'	'	'
Total Cost, Net of Accumulated Depreciation	40,321	'	'	'
Current Communities | Avalon Cohasset	'	'	'	'
Initial Cost	'	'	'	'
Land	8,802	'	'	'
Building/Construction in Progress & Improvements	46,162	'	'	'
Costs Subsequent to Acquisition/Construction	16	'	'	'
Total Cost	'	'	'	'
Land	8,802	'	'	'
Building/Construction in Progress & Improvements	46,178	'	'	'
Total Cost	54,980	'	'	'
Accumulated Depreciation	3,254	'	'	'
Total Cost, Net of Accumulated Depreciation	51,726	'	'	'
Current Communities | Avalon Andover	'	'	'	'
Initial Cost	'	'	'	'
Land	4,276	'	'	'
Building/Construction in Progress & Improvements	21,783	'	'	'
Total Cost	'	'	'	'
Land	4,276	'	'	'
Building/Construction in Progress & Improvements	21,783	'	'	'
Total Cost	26,059	'	'	'
Accumulated Depreciation	1,303	'	'	'
Total Cost, Net of Accumulated Depreciation	24,756	'	'	'
Encumbrances	14,821	'	'	'
Current Communities | Avalon at Prudential Center III	'	'	'	'
Initial Cost	'	'	'	'
Land	9,034	'	'	'
Building/Construction in Progress & Improvements	36,540	'	'	'
Costs Subsequent to Acquisition/Construction	29,873	'	'	'
Total Cost	'	'	'	'
Land	9,034	'	'	'
Building/Construction in Progress & Improvements	66,413	'	'	'
Total Cost	75,447	'	'	'
Accumulated Depreciation	23,974	'	'	'
Total Cost, Net of Accumulated Depreciation	51,473	'	'	'
Current Communities | Avalon at Prudential Center II	'	'	'	'
Initial Cost	'	'	'	'
Land	8,776	'	'	'
Building/Construction in Progress & Improvements	35,496	'	'	'
Costs Subsequent to Acquisition/Construction	17,813	'	'	'
Total Cost	'	'	'	'
Land	8,776	'	'	'
Building/Construction in Progress & Improvements	53,309	'	'	'
Total Cost	62,085	'	'	'
Accumulated Depreciation	23,197	'	'	'
Total Cost, Net of Accumulated Depreciation	38,888	'	'	'
Current Communities | Avalon at Prudential Center I	'	'	'	'
Initial Cost	'	'	'	'
Land	8,002	'	'	'
Building/Construction in Progress & Improvements	32,370	'	'	'
Costs Subsequent to Acquisition/Construction	16,241	'	'	'
Total Cost	'	'	'	'
Land	8,002	'	'	'
Building/Construction in Progress & Improvements	48,611	'	'	'
Total Cost	56,613	'	'	'
Accumulated Depreciation	21,150	'	'	'
Total Cost, Net of Accumulated Depreciation	35,463	'	'	'
Current Communities | Eaves Burlington	'	'	'	'
Initial Cost	'	'	'	'
Land	7,714	'	'	'
Building/Construction in Progress & Improvements	32,536	'	'	'
Costs Subsequent to Acquisition/Construction	71	'	'	'
Total Cost	'	'	'	'
Land	7,714	'	'	'
Building/Construction in Progress & Improvements	32,607	'	'	'
Total Cost	40,321	'	'	'
Accumulated Depreciation	1,185	'	'	'
Total Cost, Net of Accumulated Depreciation	39,136	'	'	'
Current Communities | Avalon Burlington	'	'	'	'
Initial Cost	'	'	'	'
Land	15,600	'	'	'
Building/Construction in Progress & Improvements	62,100	'	'	'
Costs Subsequent to Acquisition/Construction	2,150	'	'	'
Total Cost	'	'	'	'
Land	15,600	'	'	'
Building/Construction in Progress & Improvements	64,250	'	'	'
Total Cost	79,850	'	'	'
Accumulated Depreciation	153	'	'	'
Total Cost, Net of Accumulated Depreciation	79,697	'	'	'
Current Communities | Avalon Bear Hill	'	'	'	'
Initial Cost	'	'	'	'
Land	29,660	'	'	'
Building/Construction in Progress & Improvements	93,659	'	'	'
Costs Subsequent to Acquisition/Construction	5,725	'	'	'
Total Cost	'	'	'	'
Land	29,660	'	'	'
Building/Construction in Progress & Improvements	99,384	'	'	'
Total Cost	129,044	'	'	'
Accumulated Depreciation	7,305	'	'	'
Total Cost, Net of Accumulated Depreciation	121,739	'	'	'
Current Communities | Eaves North Quincy	'	'	'	'
Initial Cost	'	'	'	'
Land	12,120	'	'	'
Building/Construction in Progress & Improvements	39,220	'	'	'
Costs Subsequent to Acquisition/Construction	2,232	'	'	'
Total Cost	'	'	'	'
Land	12,120	'	'	'
Building/Construction in Progress & Improvements	41,452	'	'	'
Total Cost	53,572	'	'	'
Accumulated Depreciation	3,379	'	'	'
Total Cost, Net of Accumulated Depreciation	50,193	'	'	'
Encumbrances	37,212	'	'	'
Current Communities | Avalon at Fairway Hills	'	'	'	'
Initial Cost	'	'	'	'
Land	8,603	'	'	'
Building/Construction in Progress & Improvements	34,432	'	'	'
Costs Subsequent to Acquisition/Construction	15,842	'	'	'
Total Cost	'	'	'	'
Land	8,603	'	'	'
Building/Construction in Progress & Improvements	50,274	'	'	'
Total Cost	58,877	'	'	'
Accumulated Depreciation	26,655	'	'	'
Total Cost, Net of Accumulated Depreciation	32,222	'	'	'
Current Communities | Eaves Washingtonian Center I	'	'	'	'
Initial Cost	'	'	'	'
Land	2,608	'	'	'
Building/Construction in Progress & Improvements	11,707	'	'	'
Costs Subsequent to Acquisition/Construction	531	'	'	'
Total Cost	'	'	'	'
Land	2,608	'	'	'
Building/Construction in Progress & Improvements	12,238	'	'	'
Total Cost	14,846	'	'	'
Accumulated Depreciation	7,468	'	'	'
Total Cost, Net of Accumulated Depreciation	7,378	'	'	'
Encumbrances	8,401	'	'	'
Current Communities | Eaves Washingtonian Center II	'	'	'	'
Initial Cost	'	'	'	'
Land	1,439	'	'	'
Building/Construction in Progress & Improvements	6,846	'	'	'
Costs Subsequent to Acquisition/Construction	139	'	'	'
Total Cost	'	'	'	'
Land	1,439	'	'	'
Building/Construction in Progress & Improvements	6,985	'	'	'
Total Cost	8,424	'	'	'
Accumulated Depreciation	3,731	'	'	'
Total Cost, Net of Accumulated Depreciation	4,693	'	'	'
Current Communities | Eaves Columbia Town Center	'	'	'	'
Initial Cost	'	'	'	'
Land	8,802	'	'	'
Building/Construction in Progress & Improvements	35,536	'	'	'
Costs Subsequent to Acquisition/Construction	11,426	'	'	'
Total Cost	'	'	'	'
Land	8,802	'	'	'
Building/Construction in Progress & Improvements	46,962	'	'	'
Total Cost	55,764	'	'	'
Accumulated Depreciation	14,663	'	'	'
Total Cost, Net of Accumulated Depreciation	41,101	'	'	'
Current Communities | Avalon at Grosvenor Station	'	'	'	'
Initial Cost	'	'	'	'
Land	29,159	'	'	'
Building/Construction in Progress & Improvements	53,001	'	'	'
Costs Subsequent to Acquisition/Construction	1,765	'	'	'
Total Cost	'	'	'	'
Land	29,159	'	'	'
Building/Construction in Progress & Improvements	54,766	'	'	'
Total Cost	83,925	'	'	'
Accumulated Depreciation	18,996	'	'	'
Total Cost, Net of Accumulated Depreciation	64,929	'	'	'
Current Communities | Avalon at Traville	'	'	'	'
Initial Cost	'	'	'	'
Land	14,365	'	'	'
Building/Construction in Progress & Improvements	55,398	'	'	'
Costs Subsequent to Acquisition/Construction	620	'	'	'
Total Cost	'	'	'	'
Land	14,365	'	'	'
Building/Construction in Progress & Improvements	56,018	'	'	'
Total Cost	70,383	'	'	'
Accumulated Depreciation	19,502	'	'	'
Total Cost, Net of Accumulated Depreciation	50,881	'	'	'
Encumbrances	75,251	'	'	'
Current Communities | Avalon Russett	'	'	'	'
Initial Cost	'	'	'	'
Land	10,800	'	'	'
Building/Construction in Progress & Improvements	46,924	'	'	'
Costs Subsequent to Acquisition/Construction	2,491	'	'	'
Total Cost	'	'	'	'
Land	10,800	'	'	'
Building/Construction in Progress & Improvements	49,415	'	'	'
Total Cost	60,215	'	'	'
Accumulated Depreciation	3,862	'	'	'
Total Cost, Net of Accumulated Depreciation	56,353	'	'	'
Encumbrances	39,972	'	'	'
Current Communities | Avalon Cove	'	'	'	'
Initial Cost	'	'	'	'
Land	8,760	'	'	'
Building/Construction in Progress & Improvements	82,422	'	'	'
Costs Subsequent to Acquisition/Construction	20,320	'	'	'
Total Cost	'	'	'	'
Land	8,760	'	'	'
Building/Construction in Progress & Improvements	102,742	'	'	'
Total Cost	111,502	'	'	'
Accumulated Depreciation	50,429	'	'	'
Total Cost, Net of Accumulated Depreciation	61,073	'	'	'
Current Communities | Avalon Run	'	'	'	'
Initial Cost	'	'	'	'
Land	14,650	'	'	'
Building/Construction in Progress & Improvements	60,486	'	'	'
Costs Subsequent to Acquisition/Construction	2,494	'	'	'
Total Cost	'	'	'	'
Land	14,650	'	'	'
Building/Construction in Progress & Improvements	62,980	'	'	'
Total Cost	77,630	'	'	'
Accumulated Depreciation	21,656	'	'	'
Total Cost, Net of Accumulated Depreciation	55,974	'	'	'
Current Communities | Avalon Princeton Junction	'	'	'	'
Initial Cost	'	'	'	'
Land	5,585	'	'	'
Building/Construction in Progress & Improvements	22,382	'	'	'
Costs Subsequent to Acquisition/Construction	20,617	'	'	'
Total Cost	'	'	'	'
Land	5,585	'	'	'
Building/Construction in Progress & Improvements	42,999	'	'	'
Total Cost	48,584	'	'	'
Accumulated Depreciation	19,856	'	'	'
Total Cost, Net of Accumulated Depreciation	28,728	'	'	'
Current Communities | Avalon at Edgewater	'	'	'	'
Initial Cost	'	'	'	'
Land	14,528	'	'	'
Building/Construction in Progress & Improvements	60,240	'	'	'
Costs Subsequent to Acquisition/Construction	4,000	'	'	'
Total Cost	'	'	'	'
Land	14,528	'	'	'
Building/Construction in Progress & Improvements	64,240	'	'	'
Total Cost	78,768	'	'	'
Accumulated Depreciation	26,363	'	'	'
Total Cost, Net of Accumulated Depreciation	52,405	'	'	'
Encumbrances	76,088	'	'	'
Current Communities | Avalon at Florham Park	'	'	'	'
Initial Cost	'	'	'	'
Land	6,647	'	'	'
Building/Construction in Progress & Improvements	34,906	'	'	'
Costs Subsequent to Acquisition/Construction	1,907	'	'	'
Total Cost	'	'	'	'
Land	6,647	'	'	'
Building/Construction in Progress & Improvements	36,813	'	'	'
Total Cost	43,460	'	'	'
Accumulated Depreciation	16,539	'	'	'
Total Cost, Net of Accumulated Depreciation	26,921	'	'	'
Current Communities | Avalon at Freehold	'	'	'	'
Initial Cost	'	'	'	'
Land	4,119	'	'	'
Building/Construction in Progress & Improvements	30,514	'	'	'
Costs Subsequent to Acquisition/Construction	662	'	'	'
Total Cost	'	'	'	'
Land	4,119	'	'	'
Building/Construction in Progress & Improvements	31,176	'	'	'
Total Cost	35,295	'	'	'
Accumulated Depreciation	12,879	'	'	'
Total Cost, Net of Accumulated Depreciation	22,416	'	'	'
Encumbrances	35,475	'	'	'
Current Communities | Avalon Run East	'	'	'	'
Initial Cost	'	'	'	'
Land	6,766	'	'	'
Building/Construction in Progress & Improvements	45,366	'	'	'
Costs Subsequent to Acquisition/Construction	602	'	'	'
Total Cost	'	'	'	'
Land	6,766	'	'	'
Building/Construction in Progress & Improvements	45,968	'	'	'
Total Cost	52,734	'	'	'
Accumulated Depreciation	14,710	'	'	'
Total Cost, Net of Accumulated Depreciation	38,024	'	'	'
Encumbrances	38,013	'	'	'
Current Communities | Avalon Lyndhurst	'	'	'	'
Initial Cost	'	'	'	'
Land	18,620	'	'	'
Building/Construction in Progress & Improvements	59,879	'	'	'
Costs Subsequent to Acquisition/Construction	523	'	'	'
Total Cost	'	'	'	'
Land	18,620	'	'	'
Building/Construction in Progress & Improvements	60,402	'	'	'
Total Cost	79,022	'	'	'
Accumulated Depreciation	14,629	'	'	'
Total Cost, Net of Accumulated Depreciation	64,393	'	'	'
Current Communities | Avalon at Tinton Falls	'	'	'	'
Initial Cost	'	'	'	'
Land	7,939	'	'	'
Building/Construction in Progress & Improvements	33,173	'	'	'
Costs Subsequent to Acquisition/Construction	49	'	'	'
Total Cost	'	'	'	'
Land	7,939	'	'	'
Building/Construction in Progress & Improvements	33,222	'	'	'
Total Cost	41,161	'	'	'
Accumulated Depreciation	6,545	'	'	'
Total Cost, Net of Accumulated Depreciation	34,616	'	'	'
Current Communities | Avalon West Long Branch	'	'	'	'
Initial Cost	'	'	'	'
Land	2,721	'	'	'
Building/Construction in Progress & Improvements	22,940	'	'	'
Costs Subsequent to Acquisition/Construction	-1	'	'	'
Total Cost	'	'	'	'
Land	2,721	'	'	'
Building/Construction in Progress & Improvements	22,939	'	'	'
Total Cost	25,660	'	'	'
Accumulated Depreciation	2,625	'	'	'
Total Cost, Net of Accumulated Depreciation	23,035	'	'	'
Current Communities | Avalon North Bergen	'	'	'	'
Initial Cost	'	'	'	'
Land	8,984	'	'	'
Building/Construction in Progress & Improvements	30,953	'	'	'
Costs Subsequent to Acquisition/Construction	235	'	'	'
Total Cost	'	'	'	'
Land	8,984	'	'	'
Building/Construction in Progress & Improvements	31,188	'	'	'
Total Cost	40,172	'	'	'
Accumulated Depreciation	1,671	'	'	'
Total Cost, Net of Accumulated Depreciation	38,501	'	'	'
Current Communities | Avalon at Wesmont Station	'	'	'	'
Initial Cost	'	'	'	'
Land	14,682	'	'	'
Building/Construction in Progress & Improvements	41,616	'	'	'
Costs Subsequent to Acquisition/Construction	1,161	'	'	'
Total Cost	'	'	'	'
Land	14,682	'	'	'
Building/Construction in Progress & Improvements	42,777	'	'	'
Total Cost	57,459	'	'	'
Accumulated Depreciation	2,450	'	'	'
Total Cost, Net of Accumulated Depreciation	55,009	'	'	'
Current Communities | Avalon Commons	'	'	'	'
Initial Cost	'	'	'	'
Land	4,679	'	'	'
Building/Construction in Progress & Improvements	28,286	'	'	'
Costs Subsequent to Acquisition/Construction	5,660	'	'	'
Total Cost	'	'	'	'
Land	4,679	'	'	'
Building/Construction in Progress & Improvements	33,946	'	'	'
Total Cost	38,625	'	'	'
Accumulated Depreciation	17,351	'	'	'
Total Cost, Net of Accumulated Depreciation	21,274	'	'	'
Current Communities | Eaves Nanuet	'	'	'	'
Initial Cost	'	'	'	'
Land	8,428	'	'	'
Building/Construction in Progress & Improvements	45,660	'	'	'
Costs Subsequent to Acquisition/Construction	3,280	'	'	'
Total Cost	'	'	'	'
Land	8,428	'	'	'
Building/Construction in Progress & Improvements	48,940	'	'	'
Total Cost	57,368	'	'	'
Accumulated Depreciation	26,480	'	'	'
Total Cost, Net of Accumulated Depreciation	30,888	'	'	'
Encumbrances	64,149	'	'	'
Current Communities | Avalon Green	'	'	'	'
Initial Cost	'	'	'	'
Land	1,820	'	'	'
Building/Construction in Progress & Improvements	10,525	'	'	'
Costs Subsequent to Acquisition/Construction	1,403	'	'	'
Total Cost	'	'	'	'
Land	1,820	'	'	'
Building/Construction in Progress & Improvements	11,928	'	'	'
Total Cost	13,748	'	'	'
Accumulated Depreciation	7,558	'	'	'
Total Cost, Net of Accumulated Depreciation	6,190	'	'	'
Current Communities | Avalon Towers	'	'	'	'
Initial Cost	'	'	'	'
Land	3,118	'	'	'
Building/Construction in Progress & Improvements	11,973	'	'	'
Costs Subsequent to Acquisition/Construction	6,614	'	'	'
Total Cost	'	'	'	'
Land	3,118	'	'	'
Building/Construction in Progress & Improvements	18,587	'	'	'
Total Cost	21,705	'	'	'
Accumulated Depreciation	10,753	'	'	'
Total Cost, Net of Accumulated Depreciation	10,952	'	'	'
Current Communities | Avalon Willow	'	'	'	'
Initial Cost	'	'	'	'
Land	6,207	'	'	'
Building/Construction in Progress & Improvements	40,791	'	'	'
Costs Subsequent to Acquisition/Construction	1,327	'	'	'
Total Cost	'	'	'	'
Land	6,207	'	'	'
Building/Construction in Progress & Improvements	42,118	'	'	'
Total Cost	48,325	'	'	'
Accumulated Depreciation	20,381	'	'	'
Total Cost, Net of Accumulated Depreciation	27,944	'	'	'
Current Communities | Avalon Court	'	'	'	'
Initial Cost	'	'	'	'
Land	9,228	'	'	'
Building/Construction in Progress & Improvements	50,063	'	'	'
Costs Subsequent to Acquisition/Construction	2,690	'	'	'
Total Cost	'	'	'	'
Land	9,228	'	'	'
Building/Construction in Progress & Improvements	52,753	'	'	'
Total Cost	61,981	'	'	'
Accumulated Depreciation	26,781	'	'	'
Total Cost, Net of Accumulated Depreciation	35,200	'	'	'
Current Communities | The Avalon	'	'	'	'
Initial Cost	'	'	'	'
Land	2,889	'	'	'
Building/Construction in Progress & Improvements	28,324	'	'	'
Costs Subsequent to Acquisition/Construction	7,948	'	'	'
Total Cost	'	'	'	'
Land	2,889	'	'	'
Building/Construction in Progress & Improvements	36,272	'	'	'
Total Cost	39,161	'	'	'
Accumulated Depreciation	14,572	'	'	'
Total Cost, Net of Accumulated Depreciation	24,589	'	'	'
Current Communities | Avalon Riverview I	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	94,061	'	'	'
Costs Subsequent to Acquisition/Construction	3,593	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	97,654	'	'	'
Total Cost	97,654	'	'	'
Accumulated Depreciation	38,010	'	'	'
Total Cost, Net of Accumulated Depreciation	59,644	'	'	'
Current Communities | Avalon at Glen Cove	'	'	'	'
Initial Cost	'	'	'	'
Land	7,871	'	'	'
Building/Construction in Progress & Improvements	59,969	'	'	'
Costs Subsequent to Acquisition/Construction	993	'	'	'
Total Cost	'	'	'	'
Land	7,871	'	'	'
Building/Construction in Progress & Improvements	60,962	'	'	'
Total Cost	68,833	'	'	'
Accumulated Depreciation	19,855	'	'	'
Total Cost, Net of Accumulated Depreciation	48,978	'	'	'
Current Communities | Avalon Pines	'	'	'	'
Initial Cost	'	'	'	'
Land	8,700	'	'	'
Building/Construction in Progress & Improvements	62,931	'	'	'
Costs Subsequent to Acquisition/Construction	351	'	'	'
Total Cost	'	'	'	'
Land	8,700	'	'	'
Building/Construction in Progress & Improvements	63,282	'	'	'
Total Cost	71,982	'	'	'
Accumulated Depreciation	18,703	'	'	'
Total Cost, Net of Accumulated Depreciation	53,279	'	'	'
Current Communities | Avalon Bowery Place	'	'	'	'
Initial Cost	'	'	'	'
Land	18,575	'	'	'
Building/Construction in Progress & Improvements	75,009	'	'	'
Costs Subsequent to Acquisition/Construction	1,739	'	'	'
Total Cost	'	'	'	'
Land	18,575	'	'	'
Building/Construction in Progress & Improvements	76,748	'	'	'
Total Cost	95,323	'	'	'
Accumulated Depreciation	19,439	'	'	'
Total Cost, Net of Accumulated Depreciation	75,884	'	'	'
Encumbrances	93,800	'	'	'
Current Communities | Avalon at Glen Cove North	'	'	'	'
Initial Cost	'	'	'	'
Land	2,577	'	'	'
Building/Construction in Progress & Improvements	37,336	'	'	'
Costs Subsequent to Acquisition/Construction	167	'	'	'
Total Cost	'	'	'	'
Land	2,577	'	'	'
Building/Construction in Progress & Improvements	37,503	'	'	'
Total Cost	40,080	'	'	'
Accumulated Depreciation	8,726	'	'	'
Total Cost, Net of Accumulated Depreciation	31,354	'	'	'
Current Communities | Avalon Riverview North	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	166,856	'	'	'
Costs Subsequent to Acquisition/Construction	2,151	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	169,007	'	'	'
Total Cost	169,007	'	'	'
Accumulated Depreciation	36,401	'	'	'
Total Cost, Net of Accumulated Depreciation	132,606	'	'	'
Current Communities | Avalon Bowery Place II	'	'	'	'
Initial Cost	'	'	'	'
Land	9,106	'	'	'
Building/Construction in Progress & Improvements	47,199	'	'	'
Costs Subsequent to Acquisition/Construction	1,384	'	'	'
Total Cost	'	'	'	'
Land	9,106	'	'	'
Building/Construction in Progress & Improvements	48,583	'	'	'
Total Cost	57,689	'	'	'
Accumulated Depreciation	10,120	'	'	'
Total Cost, Net of Accumulated Depreciation	47,569	'	'	'
Current Communities | Avalon White Plains	'	'	'	'
Initial Cost	'	'	'	'
Land	15,391	'	'	'
Building/Construction in Progress & Improvements	137,353	'	'	'
Costs Subsequent to Acquisition/Construction	11	'	'	'
Total Cost	'	'	'	'
Land	15,391	'	'	'
Building/Construction in Progress & Improvements	137,364	'	'	'
Total Cost	152,755	'	'	'
Accumulated Depreciation	22,593	'	'	'
Total Cost, Net of Accumulated Depreciation	130,162	'	'	'
Current Communities | Avalon Morningside Park	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	114,327	'	'	'
Costs Subsequent to Acquisition/Construction	787	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	115,114	'	'	'
Total Cost	115,114	'	'	'
Accumulated Depreciation	20,490	'	'	'
Total Cost, Net of Accumulated Depreciation	94,624	'	'	'
Encumbrances	100,000	'	'	'
Current Communities | Avalon Charles Pond	'	'	'	'
Initial Cost	'	'	'	'
Land	14,715	'	'	'
Building/Construction in Progress & Improvements	33,640	'	'	'
Costs Subsequent to Acquisition/Construction	28	'	'	'
Total Cost	'	'	'	'
Land	14,715	'	'	'
Building/Construction in Progress & Improvements	33,668	'	'	'
Total Cost	48,383	'	'	'
Accumulated Depreciation	5,606	'	'	'
Total Cost, Net of Accumulated Depreciation	42,777	'	'	'
Current Communities | Avalon Fort Greene	'	'	'	'
Initial Cost	'	'	'	'
Land	83,038	'	'	'
Building/Construction in Progress & Improvements	218,444	'	'	'
Costs Subsequent to Acquisition/Construction	642	'	'	'
Total Cost	'	'	'	'
Land	83,038	'	'	'
Building/Construction in Progress & Improvements	219,086	'	'	'
Total Cost	302,124	'	'	'
Accumulated Depreciation	27,435	'	'	'
Total Cost, Net of Accumulated Depreciation	274,689	'	'	'
Current Communities | Avalon Rockville Centre	'	'	'	'
Initial Cost	'	'	'	'
Land	32,212	'	'	'
Building/Construction in Progress & Improvements	78,622	'	'	'
Total Cost	'	'	'	'
Land	32,212	'	'	'
Building/Construction in Progress & Improvements	78,622	'	'	'
Total Cost	110,834	'	'	'
Accumulated Depreciation	5,587	'	'	'
Total Cost, Net of Accumulated Depreciation	105,247	'	'	'
Current Communities | Avalon Green II	'	'	'	'
Initial Cost	'	'	'	'
Land	27,724	'	'	'
Building/Construction in Progress & Improvements	76,825	'	'	'
Total Cost	'	'	'	'
Land	27,724	'	'	'
Building/Construction in Progress & Improvements	76,825	'	'	'
Total Cost	104,549	'	'	'
Accumulated Depreciation	4,596	'	'	'
Total Cost, Net of Accumulated Depreciation	99,953	'	'	'
Current Communities | Avalon Westbury	'	'	'	'
Initial Cost	'	'	'	'
Land	69,620	'	'	'
Building/Construction in Progress & Improvements	43,781	'	'	'
Costs Subsequent to Acquisition/Construction	5,809	'	'	'
Total Cost	'	'	'	'
Land	69,620	'	'	'
Building/Construction in Progress & Improvements	49,590	'	'	'
Total Cost	119,210	'	'	'
Accumulated Depreciation	7,036	'	'	'
Total Cost, Net of Accumulated Depreciation	112,174	'	'	'
Encumbrances	83,460	'	'	'
Current Communities | Avalon Midtown West	'	'	'	'
Initial Cost	'	'	'	'
Land	154,740	'	'	'
Building/Construction in Progress & Improvements	180,243	'	'	'
Costs Subsequent to Acquisition/Construction	11,788	'	'	'
Total Cost	'	'	'	'
Land	154,740	'	'	'
Building/Construction in Progress & Improvements	192,031	'	'	'
Total Cost	346,771	'	'	'
Accumulated Depreciation	16,875	'	'	'
Total Cost, Net of Accumulated Depreciation	329,896	'	'	'
Encumbrances	100,500	'	'	'
Current Communities | Avalon Clinton North	'	'	'	'
Initial Cost	'	'	'	'
Land	84,058	'	'	'
Building/Construction in Progress & Improvements	105,831	'	'	'
Costs Subsequent to Acquisition/Construction	5,971	'	'	'
Total Cost	'	'	'	'
Land	84,058	'	'	'
Building/Construction in Progress & Improvements	111,802	'	'	'
Total Cost	195,860	'	'	'
Accumulated Depreciation	8,969	'	'	'
Total Cost, Net of Accumulated Depreciation	186,891	'	'	'
Encumbrances	147,000	'	'	'
Current Communities | Avalon Clinton South	'	'	'	'
Initial Cost	'	'	'	'
Land	71,412	'	'	'
Building/Construction in Progress & Improvements	89,860	'	'	'
Costs Subsequent to Acquisition/Construction	5,167	'	'	'
Total Cost	'	'	'	'
Land	71,412	'	'	'
Building/Construction in Progress & Improvements	95,027	'	'	'
Total Cost	166,439	'	'	'
Accumulated Depreciation	7,698	'	'	'
Total Cost, Net of Accumulated Depreciation	158,741	'	'	'
Encumbrances	121,500	'	'	'
Current Communities | Oakwood Philadelphia	'	'	'	'
Initial Cost	'	'	'	'
Land	3,100	'	'	'
Building/Construction in Progress & Improvements	22,342	'	'	'
Costs Subsequent to Acquisition/Construction	793	'	'	'
Total Cost	'	'	'	'
Land	3,100	'	'	'
Building/Construction in Progress & Improvements	23,135	'	'	'
Total Cost	26,235	'	'	'
Accumulated Depreciation	1,313	'	'	'
Total Cost, Net of Accumulated Depreciation	24,922	'	'	'
Encumbrances	10,427	'	'	'
Current Communities | Avalon at Center Place	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	26,816	'	'	'
Costs Subsequent to Acquisition/Construction	10,230	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	37,046	'	'	'
Total Cost	37,046	'	'	'
Accumulated Depreciation	18,410	'	'	'
Total Cost, Net of Accumulated Depreciation	18,636	'	'	'
Current Communities | Archstone Lexington	'	'	'	'
Initial Cost	'	'	'	'
Land	5,050	'	'	'
Building/Construction in Progress & Improvements	25,436	'	'	'
Costs Subsequent to Acquisition/Construction	1,622	'	'	'
Total Cost	'	'	'	'
Land	5,050	'	'	'
Building/Construction in Progress & Improvements	27,058	'	'	'
Total Cost	32,108	'	'	'
Accumulated Depreciation	2,501	'	'	'
Total Cost, Net of Accumulated Depreciation	29,607	'	'	'
Encumbrances	16,780	'	'	'
Current Communities | Archstone Memorial Heights	'	'	'	'
Initial Cost	'	'	'	'
Land	37,070	'	'	'
Building/Construction in Progress & Improvements	45,981	'	'	'
Costs Subsequent to Acquisition/Construction	4,300	'	'	'
Total Cost	'	'	'	'
Land	37,070	'	'	'
Building/Construction in Progress & Improvements	50,281	'	'	'
Total Cost	87,351	'	'	'
Accumulated Depreciation	5,680	'	'	'
Total Cost, Net of Accumulated Depreciation	81,671	'	'	'
Current Communities | Eaves Fair Lakes	'	'	'	'
Initial Cost	'	'	'	'
Land	6,096	'	'	'
Building/Construction in Progress & Improvements	24,400	'	'	'
Costs Subsequent to Acquisition/Construction	8,036	'	'	'
Total Cost	'	'	'	'
Land	6,096	'	'	'
Building/Construction in Progress & Improvements	32,436	'	'	'
Total Cost	38,532	'	'	'
Accumulated Depreciation	16,615	'	'	'
Total Cost, Net of Accumulated Depreciation	21,917	'	'	'
Current Communities | AVA Ballston	'	'	'	'
Initial Cost	'	'	'	'
Land	7,291	'	'	'
Building/Construction in Progress & Improvements	29,177	'	'	'
Costs Subsequent to Acquisition/Construction	16,117	'	'	'
Total Cost	'	'	'	'
Land	7,291	'	'	'
Building/Construction in Progress & Improvements	45,294	'	'	'
Total Cost	52,585	'	'	'
Accumulated Depreciation	22,558	'	'	'
Total Cost, Net of Accumulated Depreciation	30,027	'	'	'
Current Communities | Eaves Fairfax City	'	'	'	'
Initial Cost	'	'	'	'
Land	2,152	'	'	'
Building/Construction in Progress & Improvements	8,907	'	'	'
Costs Subsequent to Acquisition/Construction	5,390	'	'	'
Total Cost	'	'	'	'
Land	2,152	'	'	'
Building/Construction in Progress & Improvements	14,297	'	'	'
Total Cost	16,449	'	'	'
Accumulated Depreciation	6,068	'	'	'
Total Cost, Net of Accumulated Depreciation	10,381	'	'	'
Current Communities | Avalon Crescent	'	'	'	'
Initial Cost	'	'	'	'
Land	13,851	'	'	'
Building/Construction in Progress & Improvements	43,397	'	'	'
Costs Subsequent to Acquisition/Construction	1,455	'	'	'
Total Cost	'	'	'	'
Land	13,851	'	'	'
Building/Construction in Progress & Improvements	44,852	'	'	'
Total Cost	58,703	'	'	'
Accumulated Depreciation	25,130	'	'	'
Total Cost, Net of Accumulated Depreciation	33,573	'	'	'
Current Communities | Avalon at Arlington Square	'	'	'	'
Initial Cost	'	'	'	'
Land	22,041	'	'	'
Building/Construction in Progress & Improvements	90,296	'	'	'
Costs Subsequent to Acquisition/Construction	2,493	'	'	'
Total Cost	'	'	'	'
Land	22,041	'	'	'
Building/Construction in Progress & Improvements	92,789	'	'	'
Total Cost	114,830	'	'	'
Accumulated Depreciation	39,615	'	'	'
Total Cost, Net of Accumulated Depreciation	75,215	'	'	'
Current Communities | Fairfax Towers	'	'	'	'
Initial Cost	'	'	'	'
Land	17,889	'	'	'
Building/Construction in Progress & Improvements	74,727	'	'	'
Costs Subsequent to Acquisition/Construction	639	'	'	'
Total Cost	'	'	'	'
Land	17,889	'	'	'
Building/Construction in Progress & Improvements	75,366	'	'	'
Total Cost	93,255	'	'	'
Accumulated Depreciation	6,979	'	'	'
Total Cost, Net of Accumulated Depreciation	86,276	'	'	'
Current Communities | Avalon Ballston Place	'	'	'	'
Initial Cost	'	'	'	'
Land	38,530	'	'	'
Building/Construction in Progress & Improvements	123,605	'	'	'
Costs Subsequent to Acquisition/Construction	3,647	'	'	'
Total Cost	'	'	'	'
Land	38,530	'	'	'
Building/Construction in Progress & Improvements	127,252	'	'	'
Total Cost	165,782	'	'	'
Accumulated Depreciation	7,218	'	'	'
Total Cost, Net of Accumulated Depreciation	158,564	'	'	'
Current Communities | Eaves Tysons Corner	'	'	'	'
Initial Cost	'	'	'	'
Land	13,690	'	'	'
Building/Construction in Progress & Improvements	47,760	'	'	'
Costs Subsequent to Acquisition/Construction	2,240	'	'	'
Total Cost	'	'	'	'
Land	13,690	'	'	'
Building/Construction in Progress & Improvements	50,000	'	'	'
Total Cost	63,690	'	'	'
Accumulated Depreciation	3,615	'	'	'
Total Cost, Net of Accumulated Depreciation	60,075	'	'	'
Current Communities | Archstone Ballston Square	'	'	'	'
Initial Cost	'	'	'	'
Land	71,720	'	'	'
Building/Construction in Progress & Improvements	215,857	'	'	'
Costs Subsequent to Acquisition/Construction	9,506	'	'	'
Total Cost	'	'	'	'
Land	71,720	'	'	'
Building/Construction in Progress & Improvements	225,363	'	'	'
Total Cost	297,083	'	'	'
Accumulated Depreciation	15,924	'	'	'
Total Cost, Net of Accumulated Depreciation	281,159	'	'	'
Current Communities | Archstone Courthouse Place	'	'	'	'
Initial Cost	'	'	'	'
Land	56,630	'	'	'
Building/Construction in Progress & Improvements	177,952	'	'	'
Costs Subsequent to Acquisition/Construction	7,799	'	'	'
Total Cost	'	'	'	'
Land	56,630	'	'	'
Building/Construction in Progress & Improvements	185,751	'	'	'
Total Cost	242,381	'	'	'
Accumulated Depreciation	12,795	'	'	'
Total Cost, Net of Accumulated Depreciation	229,586	'	'	'
Encumbrances	140,332	'	'	'
Current Communities | Avalon Reston Landing	'	'	'	'
Initial Cost	'	'	'	'
Land	28,280	'	'	'
Building/Construction in Progress & Improvements	81,514	'	'	'
Costs Subsequent to Acquisition/Construction	4,127	'	'	'
Total Cost	'	'	'	'
Land	28,280	'	'	'
Building/Construction in Progress & Improvements	85,641	'	'	'
Total Cost	113,921	'	'	'
Accumulated Depreciation	6,640	'	'	'
Total Cost, Net of Accumulated Depreciation	107,281	'	'	'
Current Communities | Oakwood Arlington	'	'	'	'
Initial Cost	'	'	'	'
Land	18,930	'	'	'
Building/Construction in Progress & Improvements	38,465	'	'	'
Costs Subsequent to Acquisition/Construction	1,840	'	'	'
Total Cost	'	'	'	'
Land	18,930	'	'	'
Building/Construction in Progress & Improvements	40,305	'	'	'
Total Cost	59,235	'	'	'
Accumulated Depreciation	2,980	'	'	'
Total Cost, Net of Accumulated Depreciation	56,255	'	'	'
Encumbrances	42,703	'	'	'
Current Communities | Avalon Redmond Place	'	'	'	'
Initial Cost	'	'	'	'
Land	4,558	'	'	'
Building/Construction in Progress & Improvements	18,368	'	'	'
Costs Subsequent to Acquisition/Construction	9,593	'	'	'
Total Cost	'	'	'	'
Land	4,558	'	'	'
Building/Construction in Progress & Improvements	27,961	'	'	'
Total Cost	32,519	'	'	'
Accumulated Depreciation	13,534	'	'	'
Total Cost, Net of Accumulated Depreciation	18,985	'	'	'
Current Communities | Avalon at Bear Creek	'	'	'	'
Initial Cost	'	'	'	'
Land	6,786	'	'	'
Building/Construction in Progress & Improvements	27,641	'	'	'
Costs Subsequent to Acquisition/Construction	3,295	'	'	'
Total Cost	'	'	'	'
Land	6,786	'	'	'
Building/Construction in Progress & Improvements	30,936	'	'	'
Total Cost	37,722	'	'	'
Accumulated Depreciation	16,170	'	'	'
Total Cost, Net of Accumulated Depreciation	21,552	'	'	'
Current Communities | Avalon Bellevue	'	'	'	'
Initial Cost	'	'	'	'
Land	6,664	'	'	'
Building/Construction in Progress & Improvements	24,119	'	'	'
Costs Subsequent to Acquisition/Construction	1,633	'	'	'
Total Cost	'	'	'	'
Land	6,664	'	'	'
Building/Construction in Progress & Improvements	25,752	'	'	'
Total Cost	32,416	'	'	'
Accumulated Depreciation	11,190	'	'	'
Total Cost, Net of Accumulated Depreciation	21,226	'	'	'
Encumbrances	25,856	'	'	'
Current Communities | Avalon RockMeadow	'	'	'	'
Initial Cost	'	'	'	'
Land	4,777	'	'	'
Building/Construction in Progress & Improvements	19,765	'	'	'
Costs Subsequent to Acquisition/Construction	1,651	'	'	'
Total Cost	'	'	'	'
Land	4,777	'	'	'
Building/Construction in Progress & Improvements	21,416	'	'	'
Total Cost	26,193	'	'	'
Accumulated Depreciation	9,806	'	'	'
Total Cost, Net of Accumulated Depreciation	16,387	'	'	'
Current Communities | Avalon ParcSquare	'	'	'	'
Initial Cost	'	'	'	'
Land	3,789	'	'	'
Building/Construction in Progress & Improvements	15,139	'	'	'
Costs Subsequent to Acquisition/Construction	2,343	'	'	'
Total Cost	'	'	'	'
Land	3,789	'	'	'
Building/Construction in Progress & Improvements	17,482	'	'	'
Total Cost	21,271	'	'	'
Accumulated Depreciation	7,900	'	'	'
Total Cost, Net of Accumulated Depreciation	13,371	'	'	'
Current Communities | Avalon Brandemoor	'	'	'	'
Initial Cost	'	'	'	'
Land	8,608	'	'	'
Building/Construction in Progress & Improvements	36,679	'	'	'
Costs Subsequent to Acquisition/Construction	1,615	'	'	'
Total Cost	'	'	'	'
Land	8,608	'	'	'
Building/Construction in Progress & Improvements	38,294	'	'	'
Total Cost	46,902	'	'	'
Accumulated Depreciation	16,740	'	'	'
Total Cost, Net of Accumulated Depreciation	30,162	'	'	'
Current Communities | AVA Belltown	'	'	'	'
Initial Cost	'	'	'	'
Land	5,644	'	'	'
Building/Construction in Progress & Improvements	12,733	'	'	'
Costs Subsequent to Acquisition/Construction	821	'	'	'
Total Cost	'	'	'	'
Land	5,644	'	'	'
Building/Construction in Progress & Improvements	13,554	'	'	'
Total Cost	19,198	'	'	'
Accumulated Depreciation	5,805	'	'	'
Total Cost, Net of Accumulated Depreciation	13,393	'	'	'
Current Communities | Avalon Meydenbauer	'	'	'	'
Initial Cost	'	'	'	'
Land	12,697	'	'	'
Building/Construction in Progress & Improvements	77,451	'	'	'
Costs Subsequent to Acquisition/Construction	1,191	'	'	'
Total Cost	'	'	'	'
Land	12,697	'	'	'
Building/Construction in Progress & Improvements	78,642	'	'	'
Total Cost	91,339	'	'	'
Accumulated Depreciation	15,319	'	'	'
Total Cost, Net of Accumulated Depreciation	76,020	'	'	'
Current Communities | Avalon Towers Bellevue	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	123,020	'	'	'
Costs Subsequent to Acquisition/Construction	247	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	123,267	'	'	'
Total Cost	123,267	'	'	'
Accumulated Depreciation	14,551	'	'	'
Total Cost, Net of Accumulated Depreciation	108,716	'	'	'
Current Communities | AVA Queen Anne	'	'	'	'
Initial Cost	'	'	'	'
Land	12,081	'	'	'
Building/Construction in Progress & Improvements	41,699	'	'	'
Costs Subsequent to Acquisition/Construction	5	'	'	'
Total Cost	'	'	'	'
Land	12,081	'	'	'
Building/Construction in Progress & Improvements	41,704	'	'	'
Total Cost	53,785	'	'	'
Accumulated Depreciation	2,802	'	'	'
Total Cost, Net of Accumulated Depreciation	50,983	'	'	'
Current Communities | Avalon Brandemoor II	'	'	'	'
Initial Cost	'	'	'	'
Land	2,655	'	'	'
Building/Construction in Progress & Improvements	11,343	'	'	'
Total Cost	'	'	'	'
Land	2,655	'	'	'
Building/Construction in Progress & Improvements	11,343	'	'	'
Total Cost	13,998	'	'	'
Accumulated Depreciation	1,021	'	'	'
Total Cost, Net of Accumulated Depreciation	12,977	'	'	'
Current Communities | Eaves Redmond Campus	'	'	'	'
Initial Cost	'	'	'	'
Land	24,370	'	'	'
Building/Construction in Progress & Improvements	86,211	'	'	'
Costs Subsequent to Acquisition/Construction	4,042	'	'	'
Total Cost	'	'	'	'
Land	24,370	'	'	'
Building/Construction in Progress & Improvements	90,253	'	'	'
Total Cost	114,623	'	'	'
Accumulated Depreciation	6,901	'	'	'
Total Cost, Net of Accumulated Depreciation	107,722	'	'	'
Current Communities | Archstone Redmond Lakeview	'	'	'	'
Initial Cost	'	'	'	'
Land	10,580	'	'	'
Building/Construction in Progress & Improvements	26,512	'	'	'
Costs Subsequent to Acquisition/Construction	1,368	'	'	'
Total Cost	'	'	'	'
Land	10,580	'	'	'
Building/Construction in Progress & Improvements	27,880	'	'	'
Total Cost	38,460	'	'	'
Accumulated Depreciation	2,227	'	'	'
Total Cost, Net of Accumulated Depreciation	36,233	'	'	'
Development Communities	'	'	'	'
Initial Cost	'	'	'	'
Land	197,886	'	'	'
Building/Construction in Progress & Improvements	781,481	'	'	'
Costs Subsequent to Acquisition/Construction	1,520,061	'	'	'
Total Cost	'	'	'	'
Land	197,886	'	'	'
Building/Construction in Progress & Improvements	2,301,542	'	'	'
Total Cost	2,499,428	'	'	'
Accumulated Depreciation	20,510	'	'	'
Total Cost, Net of Accumulated Depreciation	2,478,918	'	'	'
Encumbrances	142,061	'	'	'
Development Communities | Avalon Irvine II	'	'	'	'
Initial Cost	'	'	'	'
Land	4,358	'	'	'
Building/Construction in Progress & Improvements	40,871	'	'	'
Total Cost	'	'	'	'
Land	4,358	'	'	'
Building/Construction in Progress & Improvements	40,871	'	'	'
Total Cost	45,229	'	'	'
Accumulated Depreciation	1,301	'	'	'
Total Cost, Net of Accumulated Depreciation	43,928	'	'	'
Development Communities | AVA Little Tokyo	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	198	'	'	'
Costs Subsequent to Acquisition/Construction	62,040	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	62,238	'	'	'
Total Cost	62,238	'	'	'
Total Cost, Net of Accumulated Depreciation	62,238	'	'	'
Development Communities | Avalon Dublin Station II	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	753	'	'	'
Costs Subsequent to Acquisition/Construction	73,346	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	74,099	'	'	'
Total Cost	74,099	'	'	'
Total Cost, Net of Accumulated Depreciation	74,099	'	'	'
Development Communities | AVA 55 Ninth	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	1,183	'	'	'
Costs Subsequent to Acquisition/Construction	99,675	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	100,858	'	'	'
Total Cost	100,858	'	'	'
Total Cost, Net of Accumulated Depreciation	100,858	'	'	'
Development Communities | Avalon Morrison Park	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	760	'	'	'
Costs Subsequent to Acquisition/Construction	67,683	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	68,443	'	'	'
Total Cost	68,443	'	'	'
Total Cost, Net of Accumulated Depreciation	68,443	'	'	'
Development Communities | Avalon San Dimas	'	'	'	'
Initial Cost	'	'	'	'
Costs Subsequent to Acquisition/Construction	18,729	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	18,729	'	'	'
Total Cost	18,729	'	'	'
Total Cost, Net of Accumulated Depreciation	18,729	'	'	'
Development Communities | Avalon Hayes Valley	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	113	'	'	'
Costs Subsequent to Acquisition/Construction	38,939	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	39,052	'	'	'
Total Cost	39,052	'	'	'
Total Cost, Net of Accumulated Depreciation	39,052	'	'	'
Development Communities | Avalon Glendora	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	53	'	'	'
Costs Subsequent to Acquisition/Construction	22,999	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	23,052	'	'	'
Total Cost	23,052	'	'	'
Total Cost, Net of Accumulated Depreciation	23,052	'	'	'
Development Communities | Avalon Vista	'	'	'	'
Initial Cost	'	'	'	'
Costs Subsequent to Acquisition/Construction	15,349	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	15,349	'	'	'
Total Cost	15,349	'	'	'
Total Cost, Net of Accumulated Depreciation	15,349	'	'	'
Development Communities | Avalon Baker Ranch	'	'	'	'
Initial Cost	'	'	'	'
Costs Subsequent to Acquisition/Construction	34,803	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	34,803	'	'	'
Total Cost	34,803	'	'	'
Total Cost, Net of Accumulated Depreciation	34,803	'	'	'
Development Communities | Avalon Berkeley	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	167	'	'	'
Costs Subsequent to Acquisition/Construction	22,929	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	23,096	'	'	'
Total Cost	23,096	'	'	'
Total Cost, Net of Accumulated Depreciation	23,096	'	'	'
Development Communities | Eaves West Valley II	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	17,291	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	17,291	'	'	'
Total Cost	17,291	'	'	'
Accumulated Depreciation	114	'	'	'
Total Cost, Net of Accumulated Depreciation	17,177	'	'	'
Development Communities | Avalon Shelton	'	'	'	'
Initial Cost	'	'	'	'
Land	7,779	'	'	'
Building/Construction in Progress & Improvements	40,406	'	'	'
Total Cost	'	'	'	'
Land	7,779	'	'	'
Building/Construction in Progress & Improvements	40,406	'	'	'
Total Cost	48,185	'	'	'
Accumulated Depreciation	770	'	'	'
Total Cost, Net of Accumulated Depreciation	47,415	'	'	'
Development Communities | Avalon East Norwalk	'	'	'	'
Initial Cost	'	'	'	'
Land	10,224	'	'	'
Building/Construction in Progress & Improvements	35,864	'	'	'
Costs Subsequent to Acquisition/Construction	1	'	'	'
Total Cost	'	'	'	'
Land	10,224	'	'	'
Building/Construction in Progress & Improvements	35,865	'	'	'
Total Cost	46,089	'	'	'
Accumulated Depreciation	292	'	'	'
Total Cost, Net of Accumulated Depreciation	45,797	'	'	'
Development Communities | Avalon at Stratford	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	28	'	'	'
Costs Subsequent to Acquisition/Construction	13,370	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	13,398	'	'	'
Total Cost	13,398	'	'	'
Total Cost, Net of Accumulated Depreciation	13,398	'	'	'
Development Communities | AVA H Street	'	'	'	'
Initial Cost	'	'	'	'
Land	7,412	'	'	'
Building/Construction in Progress & Improvements	25,481	'	'	'
Total Cost	'	'	'	'
Land	7,412	'	'	'
Building/Construction in Progress & Improvements	25,481	'	'	'
Total Cost	32,893	'	'	'
Accumulated Depreciation	811	'	'	'
Total Cost, Net of Accumulated Depreciation	32,082	'	'	'
Development Communities | Archstone First & M	'	'	'	'
Initial Cost	'	'	'	'
Land	51,000	'	'	'
Building/Construction in Progress & Improvements	146,650	'	'	'
Costs Subsequent to Acquisition/Construction	2,387	'	'	'
Total Cost	'	'	'	'
Land	51,000	'	'	'
Building/Construction in Progress & Improvements	149,037	'	'	'
Total Cost	200,037	'	'	'
Accumulated Depreciation	6,655	'	'	'
Total Cost, Net of Accumulated Depreciation	193,382	'	'	'
Encumbrances	142,061	'	'	'
Development Communities | Avalon Exeter	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	980	'	'	'
Costs Subsequent to Acquisition/Construction	94,599	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	95,579	'	'	'
Total Cost	95,579	'	'	'
Total Cost, Net of Accumulated Depreciation	95,579	'	'	'
Development Communities | Avalon Natick	'	'	'	'
Initial Cost	'	'	'	'
Land	15,637	'	'	'
Building/Construction in Progress & Improvements	63,487	'	'	'
Total Cost	'	'	'	'
Land	15,637	'	'	'
Building/Construction in Progress & Improvements	63,487	'	'	'
Total Cost	79,124	'	'	'
Accumulated Depreciation	1,084	'	'	'
Total Cost, Net of Accumulated Depreciation	78,040	'	'	'
Development Communities | Avalon/AVA Assembly Row	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	457	'	'	'
Costs Subsequent to Acquisition/Construction	99,423	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	99,880	'	'	'
Total Cost	99,880	'	'	'
Total Cost, Net of Accumulated Depreciation	99,880	'	'	'
Development Communities | AVA Stuart Street	'	'	'	'
Initial Cost	'	'	'	'
Costs Subsequent to Acquisition/Construction	52,037	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	52,037	'	'	'
Total Cost	52,037	'	'	'
Total Cost, Net of Accumulated Depreciation	52,037	'	'	'
Development Communities | Avalon Canton	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	90	'	'	'
Costs Subsequent to Acquisition/Construction	20,548	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	20,638	'	'	'
Total Cost	20,638	'	'	'
Total Cost, Net of Accumulated Depreciation	20,638	'	'	'
Development Communities | Avalon Hackensack	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	44,270	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	44,270	'	'	'
Total Cost	44,270	'	'	'
Accumulated Depreciation	675	'	'	'
Total Cost, Net of Accumulated Depreciation	43,595	'	'	'
Development Communities | Avalon Somerset	'	'	'	'
Initial Cost	'	'	'	'
Land	18,241	'	'	'
Building/Construction in Progress & Improvements	57,652	'	'	'
Costs Subsequent to Acquisition/Construction	1	'	'	'
Total Cost	'	'	'	'
Land	18,241	'	'	'
Building/Construction in Progress & Improvements	57,653	'	'	'
Total Cost	75,894	'	'	'
Accumulated Depreciation	1,230	'	'	'
Total Cost, Net of Accumulated Depreciation	74,664	'	'	'
Development Communities | Avalon at Wesmont Station II	'	'	'	'
Initial Cost	'	'	'	'
Land	6,502	'	'	'
Building/Construction in Progress & Improvements	16,309	'	'	'
Total Cost	'	'	'	'
Land	6,502	'	'	'
Building/Construction in Progress & Improvements	16,309	'	'	'
Total Cost	22,811	'	'	'
Accumulated Depreciation	348	'	'	'
Total Cost, Net of Accumulated Depreciation	22,463	'	'	'
Development Communities | Avalon Bloomingdale	'	'	'	'
Initial Cost	'	'	'	'
Land	1,801	'	'	'
Building/Construction in Progress & Improvements	17,616	'	'	'
Costs Subsequent to Acquisition/Construction	9,414	'	'	'
Total Cost	'	'	'	'
Land	1,801	'	'	'
Building/Construction in Progress & Improvements	27,030	'	'	'
Total Cost	28,831	'	'	'
Accumulated Depreciation	105	'	'	'
Total Cost, Net of Accumulated Depreciation	28,726	'	'	'
Development Communities | Avalon Wharton	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	28	'	'	'
Costs Subsequent to Acquisition/Construction	20,505	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	20,533	'	'	'
Total Cost	20,533	'	'	'
Total Cost, Net of Accumulated Depreciation	20,533	'	'	'
Development Communities | Avalon Bloomfield Station	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	33	'	'	'
Costs Subsequent to Acquisition/Construction	12,299	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	12,332	'	'	'
Total Cost	12,332	'	'	'
Total Cost, Net of Accumulated Depreciation	12,332	'	'	'
Development Communities | Avalon West Chelsea/AVA High Line	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	2,502	'	'	'
Costs Subsequent to Acquisition/Construction	226,448	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	228,950	'	'	'
Total Cost	228,950	'	'	'
Total Cost, Net of Accumulated Depreciation	228,950	'	'	'
Development Communities | Avalon Garden City	'	'	'	'
Initial Cost	'	'	'	'
Land	18,200	'	'	'
Building/Construction in Progress & Improvements	49,283	'	'	'
Total Cost	'	'	'	'
Land	18,200	'	'	'
Building/Construction in Progress & Improvements	49,283	'	'	'
Total Cost	67,483	'	'	'
Accumulated Depreciation	2,241	'	'	'
Total Cost, Net of Accumulated Depreciation	65,242	'	'	'
Development Communities | Avalon Ossining	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	64	'	'	'
Costs Subsequent to Acquisition/Construction	24,704	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	24,768	'	'	'
Total Cost	24,768	'	'	'
Total Cost, Net of Accumulated Depreciation	24,768	'	'	'
Development Communities | Avalon Huntington Station	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	302	'	'	'
Costs Subsequent to Acquisition/Construction	48,619	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	48,921	'	'	'
Total Cost	48,921	'	'	'
Total Cost, Net of Accumulated Depreciation	48,921	'	'	'
Development Communities | Avalon Willoughby Square/AVA DoBro	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	19	'	'	'
Costs Subsequent to Acquisition/Construction	172,253	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	172,272	'	'	'
Total Cost	172,272	'	'	'
Total Cost, Net of Accumulated Depreciation	172,272	'	'	'
Development Communities | Archstone Toscano	'	'	'	'
Initial Cost	'	'	'	'
Land	11,515	'	'	'
Building/Construction in Progress & Improvements	53,802	'	'	'
Costs Subsequent to Acquisition/Construction	21,102	'	'	'
Total Cost	'	'	'	'
Land	11,515	'	'	'
Building/Construction in Progress & Improvements	74,904	'	'	'
Total Cost	86,419	'	'	'
Accumulated Depreciation	943	'	'	'
Total Cost, Net of Accumulated Depreciation	85,476	'	'	'
Development Communities | Archstone Memorial Heights Phase 1	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	333	'	'	'
Costs Subsequent to Acquisition/Construction	35,587	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	35,920	'	'	'
Total Cost	35,920	'	'	'
Total Cost, Net of Accumulated Depreciation	35,920	'	'	'
Development Communities | Avalon Park Crest	'	'	'	'
Initial Cost	'	'	'	'
Land	13,554	'	'	'
Building/Construction in Progress & Improvements	63,488	'	'	'
Total Cost	'	'	'	'
Land	13,554	'	'	'
Building/Construction in Progress & Improvements	63,488	'	'	'
Total Cost	77,042	'	'	'
Accumulated Depreciation	2,543	'	'	'
Total Cost, Net of Accumulated Depreciation	74,499	'	'	'
Development Communities | Avalon Mosaic	'	'	'	'
Initial Cost	'	'	'	'
Land	9,727	'	'	'
Building/Construction in Progress & Improvements	25,746	'	'	'
Costs Subsequent to Acquisition/Construction	74,837	'	'	'
Total Cost	'	'	'	'
Land	9,727	'	'	'
Building/Construction in Progress & Improvements	100,583	'	'	'
Total Cost	110,310	'	'	'
Accumulated Depreciation	155	'	'	'
Total Cost, Net of Accumulated Depreciation	110,155	'	'	'
Development Communities | Avalon Arlington North	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	940	'	'	'
Costs Subsequent to Acquisition/Construction	68,584	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	69,524	'	'	'
Total Cost	69,524	'	'	'
Total Cost, Net of Accumulated Depreciation	69,524	'	'	'
Development Communities | AVA Ballard	'	'	'	'
Initial Cost	'	'	'	'
Land	16,460	'	'	'
Building/Construction in Progress & Improvements	46,661	'	'	'
Total Cost	'	'	'	'
Land	16,460	'	'	'
Building/Construction in Progress & Improvements	46,661	'	'	'
Total Cost	63,121	'	'	'
Accumulated Depreciation	1,060	'	'	'
Total Cost, Net of Accumulated Depreciation	62,061	'	'	'
Development Communities | AVA University District	'	'	'	'
Initial Cost	'	'	'	'
Land	5,476	'	'	'
Building/Construction in Progress & Improvements	27,512	'	'	'
Costs Subsequent to Acquisition/Construction	35,652	'	'	'
Total Cost	'	'	'	'
Land	5,476	'	'	'
Building/Construction in Progress & Improvements	63,164	'	'	'
Total Cost	68,640	'	'	'
Accumulated Depreciation	183	'	'	'
Total Cost, Net of Accumulated Depreciation	68,457	'	'	'
Development Communities | Avalon Alderwood I	'	'	'	'
Initial Cost	'	'	'	'
Building/Construction in Progress & Improvements	89	'	'	'
Costs Subsequent to Acquisition/Construction	31,199	'	'	'
Total Cost	'	'	'	'
Building/Construction in Progress & Improvements	31,288	'	'	'
Total Cost	31,288	'	'	'
Total Cost, Net of Accumulated Depreciation	31,288	'	'	'
Land held for development	'	'	'	'
Initial Cost	'	'	'	'
Land	300,364	'	'	'
Total Cost	'	'	'	'
Land	300,364	'	'	'
Total Cost	300,364	'	'	'
Total Cost, Net of Accumulated Depreciation	300,364	'	'	'
Corporate overhead	'	'	'	'
Initial Cost	'	'	'	'
Land	37,362	'	'	'
Building/Construction in Progress & Improvements	21,323	'	'	'
Costs Subsequent to Acquisition/Construction	66,447	'	'	'
Total Cost	'	'	'	'
Land	37,362	'	'	'
Building/Construction in Progress & Improvements	87,770	'	'	'
Total Cost	125,132	'	'	'
Accumulated Depreciation	45,603	'	'	'
Total Cost, Net of Accumulated Depreciation	79,529	'	'	'
Encumbrances	$2,600,000	'	'	'

REAL_ESTATE_AND_ACCUMULATED_DE2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Estimated useful lives	'	'	'
Aggregate cost of total real estate for federal income tax purposes	$16,521,643	'	'
Changes in total real estate assets	'	'	'
Balance, beginning of period	10,071,342	9,288,496	8,661,211
Acquisitions, construction costs and improvements	7,157,639	934,936	864,439
Dispositions, including impairment loss on planned dispositions	-428,660	-152,089	-237,154
Balance, end of period	16,800,321	10,071,342	9,288,496
Changes in accumulated depreciation	'	'	'
Balance, beginning of period	2,056,222	1,863,466	1,705,567
Depreciation, including discontinued operations	573,715	260,094	250,269
Dispositions	-113,825	-67,338	-92,370
Balance, end of period	$2,516,112	$2,056,222	$1,863,466
Building	'	'	'
Estimated useful lives	'	'	'
Estimated useful lives of assets	'30 years	'	'
Improvements, upgrades and FF&E | Maximum	'	'	'
Estimated useful lives	'	'	'
Estimated useful lives of assets	'7 years	'	'