Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | AVALONBAY COMMUNITIES INC | ||
Entity Central Index Key | 915912 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 132,049,857 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $18,601,181,331 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate: | ||
Land and improvements | $3,465,650 | $3,251,780 |
Buildings and improvements | 12,317,304 | 11,007,775 |
Furniture, fixtures and equipment | 404,103 | 338,813 |
Total Capitalized Cost | 16,187,057 | 14,598,368 |
Less accumulated depreciation | -2,891,254 | -2,455,790 |
Net operating real estate | 13,295,803 | 12,142,578 |
Construction in progress, including land | 1,417,246 | 1,582,876 |
Land held for development | 180,516 | 300,364 |
Operating real estate assets held for sale, net | 42,175 | 258,391 |
Total real estate, net | 14,935,740 | 14,284,209 |
Cash and cash equivalents | 509,460 | 281,355 |
Cash in escrow | 95,625 | 98,564 |
Resident security deposits | 29,617 | 26,672 |
Investments in unconsolidated real estate entities | 298,315 | 367,866 |
Deferred financing costs, net | 39,728 | 40,460 |
Deferred development costs | 67,029 | 31,592 |
Prepaid expenses and other assets | 201,209 | 197,425 |
Total assets | 16,176,723 | 15,328,143 |
LIABILITIES AND EQUITY | ||
Unsecured notes, net | 2,993,265 | 2,594,709 |
Variable rate unsecured credit facility | 0 | 0 |
Mortgage notes payable | 3,532,587 | 3,539,642 |
Dividends payable | 153,207 | 138,476 |
Payables for construction | 101,946 | 94,632 |
Accrued expenses and other liabilities | 244,821 | 240,337 |
Accrued interest payable | 41,318 | 42,854 |
Resident security deposits | 49,502 | 44,594 |
Liabilities related to real estate assets held for sale | 907 | 15,852 |
Total liabilities | 7,117,553 | 6,711,096 |
Redeemable noncontrolling interests | 12,765 | 17,320 |
Equity: | ||
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2014 and 2013; zero shares issued and outstanding at December 31, 2014 and 2013 | 0 | 0 |
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2014 and 2013; 132,050,382 and 129,416,695 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,320 | 1,294 |
Additional paid-in capital | 9,354,685 | 8,988,723 |
Accumulated earnings less dividends | -267,085 | -345,254 |
Accumulated other comprehensive loss | -42,515 | -48,631 |
Total stockholders' equity | 9,046,405 | 8,596,132 |
Noncontrolling interest | 0 | 3,595 |
Total equity | 9,046,405 | 8,599,727 |
Total liabilities and equity | $16,176,723 | $15,328,143 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, liquidation preference (in dollars per share) | $25 | $25 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 132,050,382 | 129,416,695 |
Common stock, shares outstanding | 132,050,382 | 129,416,695 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Rental and other income | $1,674,011 | $1,451,419 | $990,370 |
Management, development and other fees | 11,050 | 11,502 | 10,257 |
Total revenue | 1,685,061 | 1,462,921 | 1,000,627 |
Expenses: | |||
Operating expenses, excluding property taxes | 410,672 | 352,245 | 259,350 |
Property taxes | 178,634 | 158,774 | 97,555 |
Interest expense, net | 180,618 | 172,402 | 136,920 |
Loss on extinguishment of debt, net | 412 | 14,921 | 1,179 |
Loss on interest rate contract | 0 | 51,000 | 0 |
Depreciation expense | 442,682 | 560,215 | 243,680 |
General and administrative expense | 41,425 | 39,573 | 34,101 |
Expensed acquisition, development and other pursuit costs, net of recoveries | -3,717 | 45,050 | 11,350 |
Casualty and impairment loss | 0 | 0 | 1,449 |
Total expenses | 1,250,726 | 1,394,180 | 785,584 |
Equity in income (loss) of unconsolidated entities | 148,766 | -11,154 | 20,914 |
Gain on sale of land | 490 | 240 | 280 |
Gain on sale of communities | 84,925 | 0 | 0 |
Gain on acquisition of unconsolidated entity | 0 | 0 | 14,194 |
Income from continuing operations before taxes | 668,516 | 57,827 | 250,431 |
Income tax expense | 9,368 | 0 | 0 |
Income from continuing operations | 659,148 | 57,827 | 250,431 |
Discontinued operations: | |||
Income from discontinued operations | 310 | 16,713 | 26,820 |
Gain on sale of real estate assets | 37,869 | 278,231 | 146,311 |
Total discontinued operations | 38,179 | 294,944 | 173,131 |
Net income | 697,327 | 352,771 | 423,562 |
Net (income) loss attributable to noncontrolling interests | -13,760 | 370 | 307 |
Net income attributable to common stockholders | 683,567 | 353,141 | 423,869 |
Other comprehensive income: | |||
Unrealized loss on cash flow hedges | -121 | 0 | -22,876 |
Cash flow hedge losses reclassified to earnings | 6,237 | 59,376 | 1,889 |
Comprehensive income | $689,683 | $412,517 | $402,882 |
Earnings per common sharebbasic: | |||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $4.93 | $0.46 | $2.57 |
Discontinued operations attributable to common stockholders (in dollars per share) | $0.29 | $2.32 | $1.77 |
Net income attributable to common stockholders (in dollars per share) | $5.22 | $2.78 | $4.34 |
Earnings per common sharebdiluted: | |||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $4.92 | $0.46 | $2.55 |
Discontinued operations attributable to common stockholders (in dollars per share) | $0.29 | $2.32 | $1.77 |
Net income attributable to common stockholders (in dollars per share) | $5.21 | $2.78 | $4.32 |
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 | |||||||
Beginning Balance at Dec. 31, 2011 | $4,401,892 | $4,394,741 | $952 | $4,652,457 | ($171,648) | ($87,020) | $7,151 |
Beginning Balance (in shares) at Dec. 31, 2011 | 95,175,677 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 423,869 | 423,869 | 423,869 | 0 | |||
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, Period Increase (Decrease) | -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 | ||||
Ending Balance at Dec. 31, 2012 | 6,840,793 | 6,837,215 | 1,144 | 7,086,407 | -142,329 | -108,007 | 3,578 |
Ending Balance (in shares) at Dec. 31, 2012 | 114,403,472 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 353,141 | 353,141 | 353,141 | ||||
Unrealized loss on cash flow hedges | 0 | ||||||
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, Period Increase (Decrease) | 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 | ||||
Ending Balance at Dec. 31, 2013 | 8,599,727 | 8,596,132 | 1,294 | 8,988,723 | -345,254 | -48,631 | 3,595 |
Ending Balance (in shares) at Dec. 31, 2013 | 129,416,695 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 683,567 | 683,567 | 683,567 | ||||
Unrealized loss on cash flow hedges | -121 | -121 | -121 | ||||
Cash flow hedge losses reclassified to earnings | 6,237 | 6,237 | 6,237 | ||||
Change in redemption value of redeemable noncontrolling interest | 3,709 | 3,709 | 3,709 | ||||
Noncontrolling Interest, Period Increase (Decrease) | 14,221 | 14,221 | |||||
Noncontrolling interests derecognition | -17,816 | -17,816 | |||||
Dividends declared to common stockholders | -608,709 | -608,709 | -608,709 | 0 | |||
Issuance of common stock, net of withholdings | 338,814 | 338,814 | 26 | 339,186 | -398 | ||
Issuance of common stock, net of withholdings (in shares) | 2,633,687 | ||||||
Amortization of deferred compensation | 26,776 | 26,776 | 26,776 | ||||
Ending Balance at Dec. 31, 2014 | $9,046,405 | $9,046,405 | $1,320 | $9,354,685 | ($267,085) | ($42,515) | $0 |
Ending Balance (in shares) at Dec. 31, 2014 | 132,050,382 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $697,327 | $352,771 | $423,562 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation expense | 442,682 | 560,215 | 243,680 |
Depreciation expense from discontinued operations | 0 | 13,500 | 16,414 |
Amortization of deferred financing costs | 6,383 | 6,803 | 6,427 |
Amortization of debt (premium) discount | -34,961 | -29,750 | 0 |
Amortization of stock-based compensation | 13,927 | 15,160 | 8,707 |
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations | 4,906 | 33,125 | -12,103 |
Cash flow hedge losses reclassified to earnings | 6,237 | 59,376 | 1,889 |
Casualty and impairment loss | 0 | 0 | 1,449 |
Abandonment of development pursuits | 1,455 | 0 | 0 |
Loss on extinguishment of debt, net | 412 | 14,921 | 1,781 |
Gain on sale of real estate assets | -255,300 | -278,471 | -146,591 |
Gain on acquisition of unconsolidated entity | 0 | 0 | -14,194 |
Decrease (increase) in cash in operating escrows | 55 | -28,960 | 6,543 |
(Increase) decrease in resident security deposits, prepaid expenses and other assets | -3,441 | -5,372 | 7,992 |
Decrease (increase) in accrued expenses, other liabilities and accrued interest payable | 6,959 | 10,997 | -4,737 |
Net cash provided by operating activities | 886,641 | 724,315 | 540,819 |
Cash flows from investing activities: | |||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | -1,241,832 | -1,285,715 | -755,363 |
Acquisition of real estate assets, including partnership interest | -47,000 | -839,469 | -155,755 |
Capital expendituresbexisting real estate assets | -46,902 | -24,415 | -23,452 |
Capital expendituresbnon-real estate assets | -5,923 | -2,200 | -3,076 |
Proceeds from sale of communities, net of selling costs | 297,466 | 919,682 | 274,018 |
Mortgage note receivable repayment | 21,748 | 0 | 0 |
Increase in payables for construction | 7,400 | 34,779 | 16,832 |
Decrease in cash in construction escrows | 0 | 0 | 16,824 |
Distributions from unconsolidated real estate entities | 203,945 | 42,955 | 26,700 |
Investments in unconsolidated real estate entities | -5,662 | -26,791 | -20,114 |
Net cash used in investing activities | -816,760 | -1,181,174 | -623,386 |
Cash flows from financing activities: | |||
Issuance of common stock | 346,134 | 4,703 | 2,430,190 |
Dividends paid | -593,643 | -526,050 | -365,572 |
Issuance of mortgage notes payable | 53,000 | 84,928 | 0 |
Repayments of mortgage notes payable, including prepayment penalties | -32,859 | -2,110,347 | -110,013 |
Issuance of unsecured notes | 550,000 | 750,000 | 700,000 |
Settlement of interest rate contract | 0 | -51,000 | -54,930 |
Repayment of unsecured notes | -150,000 | -100,000 | -381,001 |
Payment of deferred financing costs and issuance discounts | -7,820 | -10,100 | -15,664 |
Redemption of units for cash by minority partners | 0 | -1,965 | 0 |
Acquisition of joint venture partner equity interest | 0 | 0 | -3,350 |
Distributions to DownREIT partnership unitholders | -26 | -32 | -29 |
Distributions to joint venture and profit-sharing partners | -262 | -317 | -299 |
Redemption of preferred interest obligation | -6,300 | -35,224 | 0 |
Net cash provided by (used in) financing activities | 158,224 | -1,995,404 | 2,199,332 |
Net increase (decrease) in cash and cash equivalents | 228,105 | -2,452,263 | 2,116,765 |
Cash and cash equivalents, beginning of year | 281,355 | 2,733,618 | 616,853 |
Cash and cash equivalents, end of year | 509,460 | 281,355 | 2,733,618 |
Cash paid during the year for interest, net of amount capitalized | $191,966 | $179,325 | $119,268 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental disclosures of non-cash investing and financing activities | |||
Stock issued in connection with stock grants (in shares) | 115,163 | 123,977 | 96,592 |
Common stock issued through the dividend reinvestment plan (in shares) | 2,434 | 2,002 | 2,331 |
Common stock issued through the dividend reinvestment plan | $335 | $269 | $321 |
Number of shares withheld to satisfy employees' tax withholding and other liabilities | 55,523 | 48,310 | 121,351 |
Shares withheld to satisfy employees' tax withholding and other liabilities, value | 4,746 | 6,127 | 15,543 |
Number of shares forfeited | 7,970 | 7,653 | 7,558 |
Shares cancelled upon forfeiture | 2,938 | 1,105 | 393 |
Common stock dividends declared but not paid | 153,207 | 138,476 | 110,966 |
Change in redemption value of redeemable noncontrolling interest | -3,709 | 1,246 | 375 |
Unrealized loss on cash flow hedges | -121 | 0 | -22,876 |
Cash flow hedge losses reclassified to earnings | 6,237 | 59,376 | 1,889 |
Noncontrolling interests derecognition | -17,816 | ||
Stock issued in connection with stock grants, value | 16,019 | 12,883 | |
Number of options granted for common stock | 215,230 | 115,303 | |
Options granted for common stock, value | 5,768 | 3,357 | |
Cash flow hedge losses reclassified to interest expense, net | 5,892 | 1,889 | |
Reclassification adjustment on derivatives to loss on interest rate contract | 53,484 | ||
Decrease in other comprehensive income due to a change in other liabilities | -22,876 | ||
Unsecured notes basis adjustment qualifying as hedges before tax prepaid expenses and other assets | -11 | ||
(Decrease) increase in redeemable noncontrolling interests | 375 | ||
Restricted stock | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Conversion of restricted stock units (in shares) | 16,209 | ||
Restricted stock granted (in shares) | 98,954 | ||
Fair value of shares issued | 12,799 | ||
Archstone Enterprise LP | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Number of shares of common stock issued as partial consideration for acquisition | 14,889,706 | ||
Value of shares of common stock issued as partial consideration for acquisition | 1,875,210 | ||
Increase in redeemable noncontrolling interests associated with business acquisition | 13,262 | ||
Assumed principal amount of indebtedness | 3,512,202 | ||
Obligation related to outstanding preferred interests | 67,500 | ||
Fixed Rate Mortgage Loan 4.61 Percent | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Stated interest rate (as a percent) | 4.61% | ||
Mortgage notes assumed | 11,958 | ||
Accumulated earnings less dividends | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Change in redemption value of redeemable noncontrolling interest | -3,709 | 1,246 | 375 |
Accumulated other comprehensive loss | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Unrealized loss on cash flow hedges | -121 | -22,876 | |
Cash flow hedge losses reclassified to earnings | 6,237 | 59,376 | 1,889 |
Noncontrolling interests | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Noncontrolling interests derecognition | ($17,816) |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Organization and Basis of Presentation | 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 subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. | ||||||||||||
At December 31, 2014, the Company owned or held a direct or indirect ownership interest in 251 operating apartment communities containing 73,963 apartment homes in 11 states and the District of Columbia, of which eight communities containing 2,938 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,524 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 37 communities that, if developed as expected, will contain an estimated 10,384 apartment homes. | ||||||||||||
Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. | ||||||||||||
Principles of Consolidation | ||||||||||||
The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that 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 records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company 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 in earnings as incurred. The Company defers costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. | ||||||||||||
The Company acquired as a Development Right one land parcel partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2014, the Company is actively pursuing development of this parcel. For the land parcel 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 Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, it classifies them as Level 3 prices in the fair value hierarchy. | ||||||||||||
Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years. | ||||||||||||
Income Taxes | ||||||||||||
As of December 31, 2014 and 2013, 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 2011 through 2013. | ||||||||||||
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, 2014, 2013 and 2012. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $9,368,000 in 2014 associated with disposition activities transacted through a TRS. See Note 6, "Investments in Real Estate Entities" and Note 7, "Real Estate Disposition Activities," for further discussion. No taxes were incurred during 2013 or 2012. | ||||||||||||
The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | ||||||||||||
2014 Estimate | 2013 Actual | 2012 Actual | ||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
GAAP gain on sale of communities (in excess of) less than tax gain | 17,688 | 29,388 | 37,525 | |||||||||
Depreciation/amortization timing differences on real estate | 42,195 | 180,293 | 9,572 | |||||||||
Deductible acquisition costs | (7,681 | ) | (26,427 | ) | — | |||||||
Amortization of debt/mark to market interest | (38,202 | ) | (31,965 | ) | — | |||||||
Tax compensation expense less than (in excess of) GAAP | (6,789 | ) | 12,886 | (26,314 | ) | |||||||
Casualty and impairment loss | — | — | 1,449 | |||||||||
Other adjustments | (39,726 | ) | 1,018 | (9,034 | ) | |||||||
Taxable net income | $ | 651,052 | $ | 518,334 | $ | 437,067 | ||||||
The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | 62 | % | 42 | % | 47 | % | ||||||
20% capital gain (15% for 2012) | 29 | % | 40 | % | 33 | % | ||||||
Unrecaptured §1250 gain | 9 | % | 18 | % | 20 | % | ||||||
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 $24,444,000 as of December 31, 2014 and $19,719,000 as of December 31, 2013. | ||||||||||||
Cash, Cash Equivalents and Cash in Escrow | ||||||||||||
Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. | ||||||||||||
Comprehensive Income | ||||||||||||
Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. | ||||||||||||
Earnings per Common Share | ||||||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): | ||||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Basic and diluted shares outstanding | ||||||||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Weighted average DownREIT units outstanding | 7,500 | 7,500 | 7,500 | |||||||||
Effect of dilutive securities | 643,284 | 402,649 | 601,251 | |||||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Calculation of Earnings per Share—basic | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Net income allocated to unvested restricted shares | (1,523 | ) | (563 | ) | (1,264 | ) | ||||||
Net income attributable to common stockholders, adjusted | $ | 682,044 | $ | 352,578 | $ | 422,605 | ||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Earnings per common share—basic | $ | 5.22 | $ | 2.78 | $ | 4.34 | ||||||
Calculation of Earnings per Share—diluted | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 35 | 32 | 28 | |||||||||
Adjusted net income attributable to common stockholders | $ | 683,602 | $ | 353,173 | $ | 423,897 | ||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Earnings per common share—diluted | $ | 5.21 | $ | 2.78 | $ | 4.32 | ||||||
Dividends per common share | $ | 4.64 | $ | 4.28 | $ | 3.88 | ||||||
Certain options to purchase shares of common stock in the amount 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 for the period. All options to purchase shares of common stock outstanding as of December 31, 2014 are included in the computation of diluted earnings per share. | ||||||||||||
The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2014 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, 2014, 2013 and 2012. | ||||||||||||
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss | ||||||||||||
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, 2014, 2013 and 2012, 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 $3,964,000, $998,000 and $1,757,000 during the years ended December 31, 2014, 2013 and 2012, respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. | ||||||||||||
The Company evaluates its real estate and other long-lived assets for impairment 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 2014, 2013 or 2012. | ||||||||||||
The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2014, 2013 or 2012. | ||||||||||||
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 2014 or 2013. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2014 and 2013, respectively. There were no business interruption insurance proceeds received in 2012. | ||||||||||||
See Note 14, "Subsequent Events," for discussion of the fire at Avalon at Edgewater. | ||||||||||||
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, 2014. | ||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||
Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock 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 12, "Fair Value." | ||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. 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. See Note 12, "Fair Value," for further discussion of derivative financial instruments. | ||||||||||||
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. | ||||||||||||
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 as a result of discontinued operations and changes in held for sale classification as described in Note 7, “Real Estate Disposition Activities.” | ||||||||||||
Recently Adopted Accounting Standards | ||||||||||||
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("FASB") (ASU) 2014-08, guidance updating the accounting and reporting for discontinued operations. Under the recently issued guidance, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Additionally, the final standard requires expanded disclosures about dispositions that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations, as well as disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The final standard is effective in the first quarter of 2015 and allows for early adoption. The Company adopted the guidance as of January 1, 2014, as discussed in Note 7, “Real Estate Disposition Activities.” | ||||||||||||
In May 2014, the FASB issued a revenue recognition standard that will result in companies recognizing revenue from contracts when control for the service or product that is the subject of the contract is transferred from the seller to the buyer. The Company will be required to apply the new standard in the first quarter of 2017 and is assessing whether the new standard will have a material effect on its financial position or results of operations. |
Interest_Capitalized
Interest Capitalized | 12 Months Ended |
Dec. 31, 2014 | |
Interest Capitalized | |
Interest Capitalized | Interest Capitalized |
The Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $69,961,000, $66,838,000 and $49,556,000 for years ended December 31, 2014, 2013 and 2012, respectively. |
Notes_Payable_Unsecured_Notes_
Notes Payable, Unsecured Notes and Credit Facility | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Notes Payable, Unsecured Notes and Credit Facility | Notes Payable, Unsecured Notes and Credit Facility | ||||||||||||||
The Company's mortgage notes payable, unsecured notes, Term Loan and Credit Facility, both as defined below, as of December 31, 2014 and December 31, 2013 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2014 and December 31, 2013, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities"). | |||||||||||||||
12/31/14 | 12/31/13 | ||||||||||||||
Fixed rate unsecured notes (1) | $ | 2,750,000 | $ | 2,600,000 | |||||||||||
Term Loan | 250,000 | — | |||||||||||||
Fixed rate mortgage notes payable—conventional and tax-exempt (2) | 2,400,677 | 2,407,962 | |||||||||||||
Variable rate mortgage notes payable—conventional and tax-exempt | 1,047,461 | 1,011,609 | |||||||||||||
Total notes payable and unsecured notes | 6,448,138 | 6,019,571 | |||||||||||||
Credit Facility | — | — | |||||||||||||
Total mortgage notes payable, unsecured notes and Credit Facility | $ | 6,448,138 | $ | 6,019,571 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Balances at December 31, 2014 and December 31, 2013 exclude $6,735 and $5,291, respectively, of debt discount as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets. | ||||||||||||||
-2 | Balances at December 31, 2014 and December 31, 2013 exclude $84,449 and $120,071, respectively, of debt premium as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets. | ||||||||||||||
The following debt activity occurred during the year ended December 31, 2014: | |||||||||||||||
• | In March 2014, the Company entered into a $300,000,000 variable rate unsecured term loan that matures in March 2021 (the “Term Loan”). At December 31, 2014, the Company had drawn $250,000,000 of the available $300,000,000, with the option to draw the additional $50,000,000 until March 2015. | ||||||||||||||
• | In April 2014, in conjunction with certain requirements associated with the development of an apartment community, the Company entered into a $53,000,000 secured mortgage loan maturing in 2019, with an option to extend the maturity to 2024. The mortgage is comprised of a $15,000,000 fixed rate note with an interest rate of 2.99% and a $38,000,000 variable rate note at the London Interbank Offered Rate ("LIBOR") plus 2.00%. | ||||||||||||||
• | Pursuant to its scheduled maturity in April 2014, the Company repaid $150,000,000 principal amount of unsecured notes with a stated coupon of 5.375%. | ||||||||||||||
• | In June 2014, in conjunction with the disposition of an operating community, the Company repaid a fixed rate secured mortgage loan in the amount of $10,427,000 with an interest rate of 6.19% in advance of its November 2015 maturity date. In accordance with the requirements of the master credit agreement governing this and certain other secured borrowings, the Company repaid an additional $5,914,000 principal amount of secured borrowings for eight other operating communities. The Company incurred a charge for early debt extinguishment of $412,000. | ||||||||||||||
• | In November 2014, the Company issued $300,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $295,803,000. The notes mature in November 2024 and were issued at a stated coupon of 3.50%. | ||||||||||||||
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 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, 2014), 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 $49,407,000 and $65,018,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2014 and December 31, 2013, respectively. | |||||||||||||||
In the aggregate, secured notes payable mature at various dates from November 2015 through July 2066, and are secured by certain apartment communities (with a net carrying value of $4,413,855,000, excluding communities classified as held for sale, as of December 31, 2014). | |||||||||||||||
As of December 31, 2014, the Company has guaranteed approximately $257,917,000 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 4.5% at both December 31, 2014 and December 31, 2013. The weighted average interest rate of the Company's variable rate mortgage notes payable (conventional and tax exempt), the Term Loan and its Credit Facility, including the effect of certain financing related fees, was 1.8% at both December 31, 2014 and December 31, 2013. | |||||||||||||||
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||
Year | Secured | Secured | Unsecured | Stated interest | |||||||||||
notes | notes | notes | rate of | ||||||||||||
payments | maturities | maturities | unsecured notes | ||||||||||||
2015 | $ | 17,873 | $ | 586,705 | $ | — | — | % | |||||||
2016 | 19,037 | 16,255 | 250,000 | 5.75 | % | ||||||||||
2017 | 20,255 | 710,291 | 250,000 | 5.7 | % | ||||||||||
2018 | 19,649 | 76,937 | — | — | % | ||||||||||
2019 | 7,141 | 658,447 | — | — | % | ||||||||||
2020 | 6,209 | 50,824 | 250,000 | 6.1 | % | ||||||||||
400,000 | 3.625 | % | |||||||||||||
2021 | 5,984 | 27,844 | 250,000 | 3.95 | % | ||||||||||
250,000 | LIBOR + 1.450% | ||||||||||||||
2022 | 6,351 | — | 450,000 | 2.95 | % | ||||||||||
2023 | 6,742 | — | 350,000 | 4.2 | % | ||||||||||
250,000 | 2.85 | % | |||||||||||||
2024 | 4,858 | — | 300,000 | 3.5 | % | ||||||||||
Thereafter | — | 1,206,736 | — | — | % | ||||||||||
$ | 114,099 | $ | 3,334,039 | $ | 3,000,000 | ||||||||||
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 notes, 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, 2014. |
Equity
Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ||
Equity | Equity | |
As of December 31, 2014 and 2013, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock. | ||
During the year ended December 31, 2014, the Company: | ||
(i) | issued 2,069,538 common shares through public offerings under CEP III, discussed below; | |
(ii) | issued 500,197 shares of common stock in connection with stock options exercised; | |
(iii) | issued 2,434 common shares through the Company's dividend reinvestment plan; | |
(iv) | issued 115,163 common shares in connection with stock grants and the conversion of restricted stock units to restricted shares; | |
(v) | withheld 55,523 common shares to satisfy employees' tax withholding and other liabilities; | |
(vi) | canceled 7,970 shares of restricted stock upon forfeiture; and | |
(vii) | issued 9,848 shares through the Employee Stock Purchase Plan. | |
Any deferred compensation related to the Company’s stock option and restricted stock grants during the year ended December 31, 2014 is not reflected on the Company’s Consolidated Balance Sheet as of December 31, 2014, and will not be reflected until earned as compensation cost. | ||
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, 2014, the Company sold 2,069,538 shares at an average sales price of $144.95 per share, for net proceeds of $295,465,000. As of December 31, 2014, the Company had $346,304,000 of shares remaining authorized for issuance under this program. | ||
On September 9, 2014, based on a market closing price of $155.83 per share on that date, the Company entered into a forward contract to sell 4,500,000 shares of common stock for an initial forward price of $151.74 per share, net of offering fees and discounts (the "Forward"). The sales price and proceeds achieved by the Company will be determined on the date or dates of settlement, with adjustments during the term of the contract for the Company’s dividends as well as for a daily interest factor that varies with changes in the Fed Funds rate. The Company generally has the ability to determine the date(s) and method of settlement, subject to certain conditions and the right of the Forward counterparty to accelerate settlement under certain circumstances. Settlement may be (i) physical sale of shares of our common stock for cash, (ii) net cash settlement, whereby the Company will either pay or receive the difference between the forward contract price and the weighted average market price for its common stock at the time of settlement, or (iii) net share settlement, whereby the Company will either receive or issue shares of its common stock, with the number of shares issued or received determined by the difference between the Forward price and the weighted average market price for its common stock at the time of settlement. The Forward price and the weighted average market price would in both cases by determined under the applicable terms of the Forward. Under either of the net settlement provisions, the Company will pay to the counterparty either cash or shares of its common stock when the weighted average market price of its common stock at the time of settlement exceeds the Forward price, and will receive either cash or issue shares of its common stock to the extent that the weighted average market price of its common stock at the time of settlement is less than the price under the Forward. Settlement of the Forward will occur on one or more dates not later than September 8, 2015. The Company accounts for the Forward as equity. Before the issuance of shares of the Company’s common stock, if any, upon physical or net share settlement of the Forward, the Company expects that the shares issuable upon settlement of the Forward will be reflected in its diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Company’s common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the Forward over the number of shares of common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). If and when the Company physically or net share settles the Forward, the delivery of shares of our common stock would result in an increase in the number of shares outstanding and dilution to our earnings per share. |
Archstone_Acquisition
Archstone Acquisition | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Archstone Acquisition | 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 40.0% of Archstone's assets and liabilities and Equity Residential acquired approximately 60.0% 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 and construction in progress and identified intangible assets and liabilities, consisting primarily of the value of above and below market leases, the value of in-places leases and acquired management fees, 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. | |||||||
During the year ended December 31, 2013, the Company recognized $83,594,000 in 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, net of recoveries, 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 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. | |||||||
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 | ||||
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_Real_Estate_Ent
Investments in Real Estate Entities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Investments in Real Estate Entities | Investments in Real Estate Entities | |||||||||||
Investments in Unconsolidated Real Estate Entities | ||||||||||||
The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, 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, 2014, 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 operated 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. During 2014, Fund I sold its final four apartment communities. 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, has a 15.2% combined general partner and limited partner equity interest, and has fully recovered its basis as of December 31, 2014, with any additional liquidation proceeds to be recognized in earnings as received. During the period which Fund I was invested in apartment communities, the Company received asset management fees, property management fees and redevelopment fees. | |||||||||||
During 2014, Fund I sold its final four communities: | ||||||||||||
• | Weymouth Place, located in Weymouth, MA, for $25,750,000; | |||||||||||
• | South Hills Apartments, located in West Covina, CA, for $21,800,000; | |||||||||||
• | The Springs, located in Corona, CA, for $43,200,000; and | |||||||||||
• | Avalon Rutherford Station, located in East Rutherford, NJ, for $34,250,000. | |||||||||||
The Company's proportionate share of the gain in accordance with GAAP recognized on the sale of these four communities was $3,317,000. | ||||||||||||
The net assets and results of operations of The Springs were consolidated for financial reporting purposes. As a result, 100% of the gain recognized of $16,656,000 is included in gain on sale of communities in the Consolidated Statements of Comprehensive Income, and the Company's joint venture partners' 84.8% interest in this gain of $14,132,000 is reported as a component of net (income) loss attributable to noncontrolling interests. Concurrent with the disposition of The Springs, Fund I repaid its obligation to the Company under a fixed rate secured mortgage loan in the amount of $21,748,000 with an interest rate of 6.06% in advance of its October 2014 maturity date. Upon repayment the Company deconsolidated the net assets of The Springs. | ||||||||||||
In conjunction with the disposition of these communities, Fund I repaid $43,771,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in a charge for a prepayment penalty, of which the Company’s portion was $328,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
• | 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 at December 31, 2014, excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of $92,162,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest. | |||||||||||
During 2014, Fund II sold two communities: | ||||||||||||
• | Avalon Fair Oaks, located in Fairfax, VA, for $108,200,000 and | |||||||||||
• | Avalon Bellevue Park, located in Bellevue, WA, for $58,750,000. | |||||||||||
The Company's proportionate share of the gain in accordance with GAAP for the two dispositions was $21,624,000. | ||||||||||||
In conjunction with the disposition of these communities, Fund II repaid $63,407,000 of related secured indebtedness in advance of the scheduled maturity dates. This resulted in charges for prepayment penalties, of which the Company’s portion was $1,364,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. In addition, during 2014, Fund II repaid an outstanding mortgage note at par in the amount of $42,023,000. | ||||||||||||
Subsidiaries of Fund II have 10 loans secured by individual assets with aggregate amounts outstanding of $358,811,000, with maturity dates that vary from January 2016 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, 2014). Under the expected Fund II liquidation scenario, as of December 31, 2014 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, 2014, was not significant and therefore the Company has not recorded any obligation for this guarantee as of December 31, 2014. | ||||||||||||
• | Archstone Multifamily Partners AC LP (the "U.S. Fund")—The U.S. Fund was formed in July 2011 and is fully invested. The U.S. Fund has a term that expires in July 2023, assuming the exercise of two, one-year extension options. The U.S. Fund has six institutional investors, including the Company. The Company is the general partner of the U.S. Fund and, at December 31, 2014 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of $88,220,000 (net of distributions), representing a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition. | |||||||||||
Subsidiaries of the U.S. Fund have nine loans secured by individual assets with amounts outstanding in the aggregate of $327,880,000 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. | ||||||||||||
• | Multifamily Partners AC JV LP (the "AC JV")—The AC JV is a joint venture that was formed in 2011 and has four institutional investors, including the Company. Excluding costs incurred in excess of equity in the underlying net assets of the AC JV, at December 31, 2014 the Company has an equity investment of $69,633,000 (net of distributions), representing a 20.0% equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition. | |||||||||||
The AC JV partnership agreement contains provisions that require the Company to provide a right of first offer ("ROFO") to the AC JV in connection with additional opportunities to acquire or develop additional interests in multifamily real estate assets within a specified geographic radius of the existing assets, generally one mile or less. 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 during the year ended December 31, 2014, completed construction of an additional apartment community located in Cambridge, MA, containing 103 apartment homes. The Company sold the parcel of land to the AC JV in exchange for a cash payment and a capital account credit, and it supervised 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, 2014, subsidiaries of the AC JV have eight unsecured loans outstanding in the aggregate of $162,300,000 which mature in August 2021, and which were made by the investors in the venture, including the Company, in proportion to the investors' respective equity ownership interest. The unsecured loans are payable by the subsidiaries of the AC JV with operating cash flow from the venture. The Company has not guaranteed the debt of the AC JV, nor does the Company have any obligation to fund this debt should the AC JV be unable to do so. | ||||||||||||
• | 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 20.0% equity interest in the venture (with a right to 50.0% of distributions after achievement of a threshold return, which was achieved in 2013 and 2014). The Company is the managing member of CVP I, LLC, however, property management services at the community were performed by an unrelated third party. | |||||||||||
During the year ended December 31, 2014, CVP I, LLC sold Avalon Chrystie Place for $365,000,000. The Company's share of the gain in accordance with GAAP for the disposition was $50,478,000. In addition, the Company earned $58,128,000 for its promoted interest in CVP I, LLC, reported in equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
In conjunction with the disposition of Chrystie Place, CVP I, LLC repaid $117,000,000 of related secured indebtedness in advance of the scheduled maturity date. This resulted in a charge for a prepayment penalty and a write off of deferred financing costs, of which the Company’s portion was $647,000 and was reported as a reduction of equity in income (loss) of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
• | 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 25.0% equity interest in the venture (with a right to 45.0% of distributions after achievement of a threshold return, which was achieved in 2014 and 2013). See Note 14, "Subsequent Events," for further discussion of the Company's promoted interest. 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. In December 2014, the loan converted to a variable rate, interest-only loan through the final maturity in December 2015, bearing interest at LIBOR plus 2.50%. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. | |||||||||||
• | Brandywine Apartments of Maryland, LLC ("Brandywine")—Brandywine owns a 305 apartment home community located in Washington, 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, 2014, holds a 28.7% equity interest in the venture. | |||||||||||
Brandywine has an outstanding $24,346,000 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. | ||||||||||||
• | 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. During the year ended December 31, 2014, the limited partnership that owned Arna Valley View sold the apartment community. In conjunction with the sale of Arna Valley View, the Company received amounts due for its residual ownership interest of approximately $2,406,000, reported as a component of equity in income (loss) of unconsolidated entities on its Consolidated Statements of Comprehensive Income. In conjunction with the disposition of the community, the venture repaid $8,934,000 of related secured indebtedness in advance of the scheduled maturity date. | |||||||||||
• | Residual JV—Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential 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 currently include a 20.0% interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which currently owns and manages four apartment communities with 1,410 apartment homes in the United States, which is secured by outstanding borrowings in the amount of $148,866,000 with varying maturity dates, ranging from December 2015 to December 2029; 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 the Company or Equity Residential, which generally remain the sole responsibility of the Company or Equity Residential, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which 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 40.0% economic interest in the assets and liabilities of the Residual JV. 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. | |||||||||||
During 2014, SWIB sold two communities containing 492 apartment homes, for an aggregate sales price of $76,250,000. The Company's proportionate share of the gain in accordance with GAAP for the two dispositions was $779,000. In conjunction with the disposition of these communities, SWIB repaid $38,155,000 of related indebtedness on its credit facility in advance of the scheduled maturity dates. | ||||||||||||
As of December 31, 2014, the Residual JV completed the disposition of substantially all of its direct and indirect interests in German multifamily real estate assets and the associated property management company. The Company’s proportionate share of income from the Residual JV (including from gains from dispositions) from its interests in German multifamily real estate assets, which were owned through a TRS, was $8,510,000 for the year ended December 31, 2014, recorded as a component of equity in income (loss) of unconsolidated real estate entities in the Consolidated Statements of Comprehensive Income. The Company incurred income taxes related to these dispositions. The Company received proceeds of $53,052,000 during the year ended December 31, 2014 from the Residual JV, for its proportionate share of the proceeds from operations and the dispositions of the venture's interest in German multifamily real estate assets. | ||||||||||||
The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands): | ||||||||||||
12/31/14 | 12/31/13 | |||||||||||
Assets: | ||||||||||||
Real estate, net | $ | 1,617,627 | $ | 1,905,005 | ||||||||
Other assets | 72,290 | 164,183 | ||||||||||
Total assets | $ | 1,689,917 | $ | 2,069,188 | ||||||||
Liabilities and partners' capital: | ||||||||||||
Mortgage notes payable and credit facility | $ | 980,128 | $ | 1,251,067 | ||||||||
Other liabilities | 24,884 | 32,257 | ||||||||||
Partners' capital | 684,905 | 785,864 | ||||||||||
Total liabilities and partners' capital | $ | 1,689,917 | $ | 2,069,188 | ||||||||
The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands): | ||||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Rental and other income | $ | 198,939 | $ | 212,994 | $ | 172,076 | ||||||
Operating and other expenses | (80,301 | ) | (86,434 | ) | (73,955 | ) | ||||||
Gain on sale of real estate (1) | 333,221 | 96,152 | 106,195 | |||||||||
Interest expense, net | (61,458 | ) | (61,404 | ) | (53,904 | ) | ||||||
Depreciation expense | (52,116 | ) | (61,002 | ) | (47,748 | ) | ||||||
Net income | $ | 338,285 | $ | 100,306 | $ | 102,664 | ||||||
_________________________________ | ||||||||||||
-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 $3,880,000 at December 31, 2014 and $5,439,000 at December 31, 2013 of the respective investment balances. | ||||||||||||
The following is a summary of the Company's equity in income (loss) of unconsolidated entities for the years presented (dollars in thousands): | ||||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Fund I (1) | $ | 475 | $ | 10,924 | $ | 7,041 | ||||||
Fund II (2) | 24,808 | 6,206 | 2,130 | |||||||||
U.S. Fund (3) | 342 | (661 | ) | — | ||||||||
AC JV (3) | 1,579 | 2,569 | — | |||||||||
CVP I, LLC (4) | 113,127 | 5,783 | 5,394 | |||||||||
MVP I, LLC (5) | 1,651 | 1,137 | 493 | |||||||||
Brandywine (3) | 828 | 661 | — | |||||||||
Arna Valley View LP (6) | 2,406 | — | — | |||||||||
Residual JV (3) (7) | 3,547 | (38,332 | ) | — | ||||||||
Avalon Del Rey, LLC (8) | — | 181 | 4,000 | |||||||||
Juanita Village (6) | 3 | 378 | 1,856 | |||||||||
Total | $ | 148,766 | $ | (11,154 | ) | $ | 20,914 | |||||
_________________________________ | ||||||||||||
-1 | Equity in income for the years ended December 31, 2014, 2013 and 2012 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944, $11,484 and $7,971, respectively. | |||||||||||
-2 | Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $21,624 and $2,790, respectively. | |||||||||||
-3 | The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition. | |||||||||||
-4 | Equity in income for the years ended December 31, 2014, 2013 and 2012 includes $61,218, $5,527 and $5,260, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place. | |||||||||||
-5 | Equity in income for the years ended December 31, 2014 and 2013 includes $930 and $516 relating to the Company's recognition of its promoted interest. | |||||||||||
-6 | The Company's equity in income for this entity represents its residual profits from the sale of the community. | |||||||||||
-7 | Equity in income from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture. | |||||||||||
-8 | During 2012, the Company purchased its joint venture partner's interest in this venture. | |||||||||||
Investments in Consolidated Real Estate Entities | ||||||||||||
In December 2014, the Company acquired Avalon Mission Oaks, located in Camarillo, CA. Avalon Mission Oaks contains 160 apartment homes and was acquired for a purchase price of $47,000,000. The Company accounted for this acquisition as a business combination and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at 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. To the extent the Company receives amounts related to acquired communities for periods prior to their acquisition, the Company reports these receipts, net with expensed acquisition costs. In 2014, the Company received amounts related to communities acquired in the Archstone Acquisition, for periods prior to the Company’s ownership, in excess of acquisition costs incurred, resulting in a net recovery of $7,681,000. These amounts are primarily comprised of property tax and mortgage insurance refunds. Expensed transaction costs associated with the acquisitions made by the Company in 2013 and 2012, including those for the Archstone Acquisition, totaled $44,052,000 and $9,593,000, respectively. These amounts are reported as a component of expensed acquisition, development and other pursuit costs on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
During the year ended December 31, 2014, the Company entered into a joint venture to acquire a land parcel and construct a mixed use building that will contain rental apartments, for-sale residential condominium units and related common elements. The Company will own a 70% interest in the venture and have all of the rights and obligations associated with the rental apartments, and the venture partner will own the remaining 30% interest and have all of the rights and obligations associated with the for-sale condominium units. The Company will share responsibility for the development and oversee construction of the structure. Upon formation of the venture, the Company and its venture partner made capital contributions, with costs incurred subsequent to the initial contributions to be funded through a loan provided by the Company. As of December 31, 2014, the Company's aggregate investment in the venture is $11,161,000 and is reported as a component of land held for development on the Consolidated Balance Sheets. The Company had provided funding for the venture partner’s share of costs in the amount of $5,354,000 reported as a component of prepaid expenses and other assets on the Consolidated Balance Sheets, recognizing interest income as earned as a component of interest expense, net on the Consolidated Statements of Comprehensive Income. The loan provided to the venture partner will be repaid with the proceeds received from the sale of the residential condominium units. The venture is considered a variable interest entity, and the Company will consolidate its interest in the rental apartments and common areas, and account for the for-sale component of the venture as an unconsolidated investment. |
Real_Estate_Disposition_Activi
Real Estate Disposition Activities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
Real Estate Disposition Activities | Real Estate Disposition Activities | ||||||||||||||||||
During 2014, the Company sold four wholly-owned communities, containing an aggregate of 1,337 apartment homes for an aggregate gross sales price of $296,200,000 and an aggregate pre-tax gain in accordance with GAAP of $106,138,000. One of the communities sold in 2014 was owned through a TRS, resulting in the Company incurring income taxes related to this disposition. In addition, during 2014, the Company sold a land parcel in Huntington Station, NY for $8,050,000, resulting in a gain in accordance with GAAP of $490,000. | |||||||||||||||||||
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 | ||||||||||||||||
Avalon Valley | Danbury, CT | Q114 | 268 | $ | — | $ | 53,325 | $ | 52,147 | ||||||||||
Oakwood Philadelphia | Philadelphia, PA | Q214 | 80 | 16,341 | -1 | 28,875 | 10,932 | ||||||||||||
Avalon Danvers | Danvers, MA | Q214 | 433 | — | 108,500 | 107,231 | |||||||||||||
Archstone Memorial Heights | Houston, TX | Q414 | 556 | — | 105,500 | 103,182 | |||||||||||||
Huntington Station Land | Huntington Station, NY | Q414 | — | — | 8,050 | 7,633 | |||||||||||||
Total of 2014 asset sales | 1,337 | $ | 16,341 | $ | 304,250 | $ | 281,125 | ||||||||||||
Total of 2013 asset sales (2) | 3,299 | $ | — | $ | 932,800 | $ | 919,442 | ||||||||||||
Total of 2012 asset sales | 1,578 | $ | — | $ | 280,550 | $ | 274,018 | ||||||||||||
_________________________________ | |||||||||||||||||||
-1 | Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds. | ||||||||||||||||||
-2 | 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. | ||||||||||||||||||
During the year ended December 31, 2014, Fund I sold The Springs, which was consolidated for financial reporting purposes, as discussed in Note 6, "Investments in Real Estate Entities." | |||||||||||||||||||
As of December 31, 2014, the Company had one community that qualified as held for sale. | |||||||||||||||||||
The results of operations for Oakwood Philadelphia, Avalon Danvers and Archstone Memorial Heights are included in income from continuing operations on the accompanying Consolidated Statements of Comprehensive Income. | |||||||||||||||||||
The operations for any real estate assets sold from January 1, 2012 through December 31, 2014 (which includes Avalon Valley) and which were classified as held for sale and discontinued operations as of and for periods prior to December 31, 2013, and thus not subject to the new guidance for discontinued operations presentation and disclosure, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” 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 | |||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||||||
Rental income | $ | 579 | $ | 42,874 | $ | 63,406 | |||||||||||||
Operating and other expenses | (269 | ) | (12,661 | ) | (19,437 | ) | |||||||||||||
Interest expense, net | — | — | (133 | ) | |||||||||||||||
Loss on extinguishment of debt | — | — | (602 | ) | |||||||||||||||
Depreciation expense | — | (13,500 | ) | (16,414 | ) | ||||||||||||||
Income (loss) from discontinued operations | $ | 310 | $ | 16,713 | $ | 26,820 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure | Commitments and Contingencies | |||||||||||||||||||||||
Employment Agreements and Arrangements | ||||||||||||||||||||||||
As of December 31, 2014, the Company has employment agreements with two 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 one of the executives, the multiple is two times (three if the termination is in connection with a sale of the Company) and for the other executive 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. During the years ended December 31, 2014 and 2012, the Company received $1,933,000 and $775,000, respectively, in legal recoveries. There were no material receipts during the year ended December 31, 2013. | ||||||||||||||||||||||||
See Note 14, "Subsequent Events," for a discussion of the Edgewater fire that occurred in January 2015 and related lawsuits and contingencies. 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 12 apartment communities, two communities under development and two commercial properties, which are located on land subject to land leases expiring between October 2026 and March 2142, of which 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 $21,664,000, $17,996,000 and $17,604,000 in the years ended December 31, 2014, 2013 and 2012, respectively, related to operating leases. One Development Community and one apartment community that completed construction during 2014 are located on land subject to a land lease, which are accounted for as capital leases, with a lease obligation of $34,268,000 reported as a component of accrued expenses and other liabilities. Each of these leases have options for the Company to purchase the land at some point during the lease terms which expire in 2046 and 2086. | ||||||||||||||||||||||||
The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): | ||||||||||||||||||||||||
Payments due by period | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Operating Lease Obligations | $ | 20,337 | $ | 20,933 | $ | 20,531 | $ | 22,339 | $ | 20,717 | $ | 1,227,854 | ||||||||||||
Capital Lease Obligations (1) (2) | 1,885 | 19,083 | 848 | 848 | 848 | 39,087 | ||||||||||||||||||
$ | 22,222 | $ | 40,016 | $ | 21,379 | $ | 23,187 | $ | 21,565 | $ | 1,266,941 | |||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Aggregate capital lease payments include $28,318 in interest costs. | |||||||||||||||||||||||
-2 | At December 31, 2014, capital lease assets of $31,784 are included as a component of land and improvements on the accompanying Consolidated Balance Sheets. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||||
The Company's reportable operating segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Annually as of January 1st, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. | |||||||||||||||
• | Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year period is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year period. The Established Communities for the year ended December 31, 2014, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2013, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year period. 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. Other Stabilized Communities for the year ended December 31, 2014 include the stabilized operating communities acquired as part of the Archstone Acquisition. | ||||||||||||||
• | Development/Redevelopment Communities consists of communities that are under construction and have not received a certificate of occupancy for the entire community, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2014. | ||||||||||||||
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, 2014, 2013 and 2012 is as follows (dollars in thousands): | |||||||||||||||
For the year ended | |||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||
Net income | $ | 697,327 | $ | 352,771 | $ | 423,562 | |||||||||
Indirect operating expenses, net of corporate income | 49,055 | 41,554 | 31,911 | ||||||||||||
Investments and investment management expense | 4,485 | 3,990 | 6,071 | ||||||||||||
Expensed acquisition, development and other pursuit costs, net of recoveries | (3,717 | ) | 45,050 | 11,350 | |||||||||||
Interest expense, net (1) | 180,618 | 172,402 | 136,920 | ||||||||||||
Loss on extinguishment of debt, net | 412 | 14,921 | 1,179 | ||||||||||||
Loss on interest rate contract | — | 51,000 | — | ||||||||||||
General and administrative expense | 41,425 | 39,573 | 34,101 | ||||||||||||
Equity in loss (income) of unconsolidated entities | (148,766 | ) | 11,154 | (20,914 | ) | ||||||||||
Depreciation expense (1) | 442,682 | 560,215 | 243,680 | ||||||||||||
Income tax expense | 9,368 | — | — | ||||||||||||
Casualty and impairment loss | — | — | 1,449 | ||||||||||||
Gain on acquisition of unconsolidated real estate entity | — | — | (14,194 | ) | |||||||||||
Gain on sale of real estate assets | (85,415 | ) | (240 | ) | (280 | ) | |||||||||
Gain on sale of discontinued operations | (37,869 | ) | (278,231 | ) | (146,311 | ) | |||||||||
Income from discontinued operations | (310 | ) | (16,713 | ) | (26,820 | ) | |||||||||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | (15,199 | ) | (19,448 | ) | (13,776 | ) | |||||||||
Net operating income | $ | 1,134,096 | $ | 977,998 | $ | 667,928 | |||||||||
_________________________________ | |||||||||||||||
-1 | Includes amounts associated with assets sold or held for sale, not classified as discontinued operations. | ||||||||||||||
The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands): | |||||||||||||||
For the year ended | |||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||
Rental income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 24,389 | $ | 30,867 | $ | 21,463 | |||||||||
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations | (9,190 | ) | (11,419 | ) | (7,687 | ) | |||||||||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 15,199 | $ | 19,448 | $ | 13,776 | |||||||||
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, 2014, 2013 and 2012 have been adjusted for the real estate assets that were sold from January 1, 2012 through December 31, 2014, or otherwise qualify as held for sale and/or discontinued operations as of December 31, 2014, as described in Note 7, "Real Estate Disposition Activities." | |||||||||||||||
Total | NOI | % NOI change | Gross | ||||||||||||
revenue | from prior year | real estate (1) | |||||||||||||
For the year ended December 31, 2014 (2) | |||||||||||||||
Established | |||||||||||||||
New England | $ | 179,116 | $ | 113,905 | 0.8 | % | $ | 1,373,065 | |||||||
Metro NY/NJ | 318,710 | 223,591 | 3.1 | % | 2,379,178 | ||||||||||
Mid-Atlantic | 98,590 | 69,498 | (2.5 | )% | 647,374 | ||||||||||
Pacific Northwest | 54,230 | 37,637 | 7 | % | 500,247 | ||||||||||
Northern California | 174,527 | 132,899 | 8.2 | % | 1,402,444 | ||||||||||
Southern California | 139,841 | 95,626 | 5.2 | % | 1,225,328 | ||||||||||
Total Established (3) | 965,014 | 673,156 | 3.5 | % | 7,527,636 | ||||||||||
Other Stabilized | 497,756 | 343,061 | N/A | 6,062,844 | |||||||||||
Development / Redevelopment | 186,852 | 117,879 | N/A | 3,972,180 | |||||||||||
Land Held for Future Development | N/A | N/A | N/A | 180,516 | |||||||||||
Non-allocated (4) | 11,050 | N/A | N/A | 41,643 | |||||||||||
Total | $ | 1,660,672 | $ | 1,134,096 | 16 | % | $ | 17,784,819 | |||||||
For the year ended December 31, 2013 | |||||||||||||||
Established | |||||||||||||||
New England | $ | 159,670 | $ | 103,679 | 2.3 | % | $ | 1,227,582 | |||||||
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 (3) | 816,586 | 567,652 | 4.9 | % | 6,520,046 | ||||||||||
Other Stabilized | 486,780 | 330,998 | N/A | 6,626,884 | |||||||||||
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 (4) | 11,502 | N/A | N/A | 10,279 | |||||||||||
Total | $ | 1,432,054 | $ | 977,998 | 46.4 | % | $ | 16,481,608 | |||||||
For the year ended December 31, 2012 | |||||||||||||||
Established | |||||||||||||||
New England | $ | 145,629 | $ | 94,481 | 5.1 | % | $ | 1,115,098 | |||||||
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 (3) | 707,892 | 493,639 | 7.6 | % | 5,737,155 | ||||||||||
Other Stabilized | 131,248 | 84,504 | N/A | 1,284,666 | |||||||||||
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 (4) | 10,257 | N/A | N/A | 73,724 | |||||||||||
Total | $ | 979,164 | $ | 667,928 | 14.6 | % | $ | 9,443,859 | |||||||
_________________________________ | |||||||||||||||
-1 | Does not include gross real estate assets held for sale of $64,497, $318,713 and $627,483 as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
-2 | Results for the year ended December 31, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment. | ||||||||||||||
-3 | Gross real estate for the Company's Established Communities includes capitalized additions of approximately $52,635, $33,553 and $25,448 in 2014, 2013 and 2012, respectively. | ||||||||||||||
-4 | 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, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock-Based Compensation Plans | 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 shares of the Company's common stock, par value $0.01 per share. At December 31, 2014, the Company has 1,673,193 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. In addition, any awards that were outstanding under the Company's1994 Stock Option and Incentive Plan (the "1994 Plan") on May 21, 2009, the date the Company adopted the 2009 Plan, that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted 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: | ||||||||||||||
2009 Plan | Weighted | 1994 Plan | Weighted | |||||||||||
shares | average | shares | average | |||||||||||
exercise price | exercise price | |||||||||||||
per share | per share | |||||||||||||
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 | ||||||||
Exercised | (157,454 | ) | 116.4 | (342,743 | ) | 99.03 | ||||||||
Granted | — | — | — | — | ||||||||||
Forfeited | (4,052 | ) | 131.05 | (76,381 | ) | 142.66 | ||||||||
Options Outstanding, December 31, 2014 | 340,062 | $ | 122.67 | 272,402 | $ | 104.96 | ||||||||
Options Exercisable: | ||||||||||||||
December 31, 2012 | 74,618 | $ | 97.46 | 719,830 | $ | 105.4 | ||||||||
December 31, 2013 | 184,167 | $ | 107.18 | 691,526 | $ | 106.19 | ||||||||
December 31, 2014 | 185,227 | $ | 116.71 | 272,402 | $ | 104.96 | ||||||||
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2014: | ||||||||||||||
2009 Plan | Range—Exercise Price | Weighted Average | ||||||||||||
Number of Options | Remaining Contractual Term | |||||||||||||
(in years) | ||||||||||||||
32,821 | $70.00 | - | $79.99 | 5.1 | ||||||||||
51,808 | 110 | - | 119.99 | 6.1 | ||||||||||
63,961 | 120 | - | 129.99 | 8.2 | ||||||||||
189,973 | 130 | - | 139.99 | 7.6 | ||||||||||
1,499 | 140 | - | 149.99 | 7.5 | ||||||||||
340,062 | ||||||||||||||
1994 Plan | Range—Exercise Price | Weighted Average | ||||||||||||
Number of Options | Remaining Contractual Term | |||||||||||||
(in years) | ||||||||||||||
43,806 | $40.00 | - | $49.99 | 4.1 | ||||||||||
92 | 60 | - | 69.99 | 0.1 | ||||||||||
730 | 70 | - | 79.99 | 0.5 | ||||||||||
66,101 | 80 | - | 89.99 | 3.1 | ||||||||||
52,720 | 90 | - | 99.99 | 1.1 | ||||||||||
108,953 | 140 | - | 149.99 | 2.1 | ||||||||||
272,402 | ||||||||||||||
Options outstanding under the 2009 and 1994 Plans at December 31, 2014 had an intrinsic value of $13,849,000 and $15,915,000, respectively. Options exercisable under the 2009 and 1994 Plans at December 31, 2014 had an intrinsic value of $8,647,000 and $15,915,000, respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 7.3 years and 2.5 years, respectively. The intrinsic value of options exercised during 2014, 2013 and 2012 was $20,028,000, $2,395,000 and $26,746,000, 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 2013 and 2012 and the associated assumptions used to calculate the value. There were no stock options granted in 2014. | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average fair value per share | $ | 26.78 | $ | 29.11 | ||||||||||
Life of options (in years) | 5 | 5 | ||||||||||||
Dividend yield | 3.7 | % | 3.5 | % | ||||||||||
Volatility | 34 | % | 35 | % | ||||||||||
Risk-free interest rate | 0.91 | % | 0.87 | % | ||||||||||
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 measurement period of up to three years. 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. | ||||||||||||||
The Company granted 131,980 restricted stock units net of forfeitures, with an estimated aggregate compensation cost of $15,522,000, as part of its stock-based compensation plan during the year ended December 31, 2014. The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 58,206 restricted stock units and financial metrics related to operating performance and leverage metrics of the Company for 73,774 restricted stock units. For the portion of the grant for which the award is determined by the total shareholder return of the Company’s common stock, 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 $128.97; dividend yield of approximately 3.6%; estimated volatility figures ranging from 17.6% to 18.6% 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 0.04% to 0.72%; resulting in an average estimated fair value per restricted stock unit of $103.20. For the portion of the grant for which the award is determined by financial metrics, the estimated compensation cost was based on the baseline share value of $128.97 and the Company's estimate of corporate achievement for the financial metrics. | ||||||||||||||
During the year ended December 31, 2014, the Company also issued 115,163 shares of restricted stock, of which 16,209 shares related to the conversion of restricted stock units to restricted shares, and the remaining 98,954 shares were new grants with a fair value of $12,799,000. The compensation cost was based on the share price at the grant date. | ||||||||||||||
At December 31, 2014 and 2013, the Company had 190,240 and 182,083, respectively, outstanding unvested restricted shares granted under restricted stock awards. Restricted stock vesting during the year ended December 31, 2014 totaled 99,036 shares, of which 5,073 shares related to the conversion of restricted stock units and 93,963 shares related to restricted stock awards, which had fair values at the grant date ranging from $74.20 to $163.39 per share. The total fair value of shares vested under restricted stock awards was $11,352,000, $14,832,000 and $36,337,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
Total employee stock-based compensation cost recognized in income was $13,314,000, $17,775,000 and $9,961,000 for the years ended December 31, 2014, 2013 and 2012, respectively, and total capitalized stock-based compensation cost was $5,457,000, $8,379,000 and $5,140,000 for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, there was a total unrecognized compensation cost of $1,058,000 for unvested stock options and $19,559,000 for unvested restricted stock and restricted stock units, which does not include estimated forfeitures. The unrecognized compensation cost for unvested stock options and restricted stock and restricted stock units is expected to be recognized over a weighted average period of 1.1 and 3.6 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, 2014 was 1.4%. The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||
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 714,827 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 9,848, 9,260 and 6,260 shares and recognized compensation expense of $407,000, $174,000 and $127,000 under the ESPP for the years ended December 31, 2014, 2013 and 2012, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans. |
Related_Party_Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements |
Unconsolidated Entities | |
The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company received fees of $11,050,000, $11,502,000 and $10,257,000 in the years ended December 31, 2014, 2013 and 2012, 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 $6,868,000 and $7,004,000 as of December 31, 2014 and 2013, 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, beginning in May 2014, the Lead Independent Director receives an annual fee of $25,000 payable in equal quarterly installments of $6,250, and non-employee directors serving as the chairperson of the Audit, Compensation and Nominating Committees receive additional cash compensation of $10,000 per year payable in quarterly installments of $2,500. | |
The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $1,049,000, $992,000 and $880,000 for the years ended December 31, 2014, 2013 and 2012, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards was $452,000, $417,000 and $364,000 on December 31, 2014, 2013 and 2012, respectively. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value | 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, 2014, 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 2014 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, 2014, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands): | ||||||||||||||||
Non-designated | Cash Flow | |||||||||||||||
Hedges | Hedges | |||||||||||||||
Notional balance | $ | 605,515 | $ | 170,909 | ||||||||||||
Weighted average interest rate (1) | 1.7 | % | 2.5 | % | ||||||||||||
Weighted average capped interest rate | 6 | % | 5.1 | % | ||||||||||||
Earliest maturity date | Feb-16 | Apr-15 | ||||||||||||||
Latest maturity date | Aug-18 | Apr-19 | ||||||||||||||
_________________________________ | ||||||||||||||||
-1 | Represents the weighted average interest rate on the hedged debt. | |||||||||||||||
Excluding derivatives executed to hedge secured debt on communities classified as held for sale, the Company had four derivatives designated as cash flow hedges and 12 derivatives not designated as hedges at December 31, 2014. Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2014 and 2012, were not material. Excluding the forward interest rate protection agreement discussed further below, fair value changes for derivatives not in qualifying hedge relationships for the year ended December 31, 2013 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 accumulated other comprehensive loss of $6,116,000 and $5,892,000 during the years ended December 31, 2014 and 2013, respectively, and recorded an increase to accumulated other comprehensive loss of $20,987,000 during the year ended December 31, 2012. During the year ended December 31, 2013, the Company reclassified $59,376,000 of deferred losses from accumulated other comprehensive loss with $51,000,000 recognized as loss on interest rate contract as discussed below, and the balance recorded as a component of interest expense, net. The Company anticipates reclassifying approximately $5,493,000 of hedging losses from accumulated other comprehensive loss into earnings within the next 12 months to offset the variability of cash flows of the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2014 and 2013. | ||||||||||||||||
In 2013, 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 2013, the Company deemed it was probable that it would not issue the anticipated debt for which the interest rate protection agreement was transacted. During the year ended December 31, 2013, the Company recognized a loss of $51,000,000 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. The Puts are payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations, applying a guaranteed rate of return to the joint venture partners' net capital contribution balances as of period end. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. | ||||||||||||||||
The Company issued units of limited partnership interest in DownREITs which provide the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreements, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREITs are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. | ||||||||||||||||
Financial Instruments Not Carried at Fair Value | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalent balances are held with various financial institutions, within principal protected accounts. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Rents 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 and Term Loan using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company’s nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loan are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. | ||||||||||||||||
Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis | ||||||||||||||||
The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): | ||||||||||||||||
Description | Total Fair | Quoted Prices | Significant | Significant | ||||||||||||
Value | in Active | Other | Unobservable | |||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
12/31/14 | ||||||||||||||||
Non Designated Hedges | ||||||||||||||||
Interest Rate Caps | $ | 50 | $ | — | $ | 50 | $ | — | ||||||||
Cash Flow Hedges | ||||||||||||||||
Interest Rate Caps | 58 | — | 58 | — | ||||||||||||
Put(s) | (11,104 | ) | — | — | (11,104 | ) | ||||||||||
DownREIT units | (1,226 | ) | (1,226 | ) | — | — | ||||||||||
Indebtedness | (6,558,022 | ) | (2,874,147 | ) | (3,683,875 | ) | — | |||||||||
Total | $ | (6,570,244 | ) | $ | (2,875,373 | ) | $ | (3,683,767 | ) | $ | (11,104 | ) | ||||
12/31/13 | ||||||||||||||||
Non Designated Hedges | ||||||||||||||||
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 | ) |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information | Quarterly Financial Information | |||||||||||||||
The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share amounts): | ||||||||||||||||
For the three months ended (1) | ||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | |||||||||||||
Total revenue | $ | 400,075 | $ | 413,806 | $ | 430,525 | $ | 440,656 | ||||||||
Income from continuing operations | $ | 103,420 | $ | 172,197 | $ | 241,001 | $ | 142,530 | ||||||||
Total discontinued operations | $ | 38,179 | $ | — | $ | — | $ | — | ||||||||
Net income attributable to common stockholders | $ | 141,739 | $ | 158,086 | $ | 241,100 | $ | 142,642 | ||||||||
Net income per common share—basic | $ | 1.09 | $ | 1.22 | $ | 1.83 | $ | 1.08 | ||||||||
Net income per common share—diluted | $ | 1.09 | $ | 1.21 | $ | 1.83 | $ | 1.08 | ||||||||
For the three months ended (1) | ||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | |||||||||||||
Total revenue | $ | 301,356 | $ | 378,207 | $ | 389,189 | $ | 394,169 | ||||||||
Income (loss) from continuing operations | $ | (14,767 | ) | $ | 334 | $ | (15,949 | ) | $ | 88,209 | ||||||
Total discontinued operations | $ | 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 | |||||||
_________________________________ | ||||||||||||||||
-1 | Amounts may not equal full year results due to rounding. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. | |
In January 2015: | |
The Company sold Avalon on Stamford Harbor, located in Stamford, CT. Avalon on Stamford Harbor contains 323 homes and a working marina containing 74 boat slips and was sold for $115,500,000. | |
The Company acquired land for $325,000,000 associated with three Development Rights located in New York, NY and Bellevue, WA. If developed as expected, the development rights related to this land will contain 910 apartment homes for a projected total capital cost of $509,717,000. | |
A fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, New Jersey ("Edgewater"). Edgewater consisted of two residential buildings. One building, which contained 240 apartment homes, was destroyed and is uninhabitable. The second building, which contains 168 apartment homes, has been reoccupied and the Company currently believes it only suffered minimal damage. The Company is currently assessing its direct losses resulting from the fire, which could vary based on costs and time to rebuild, as well its liability to third parties who incurred damages on account of the fire. To date, a number of lawsuits on behalf of former residents have been filed against the Company, including three purported class actions. While the Company currently believes that its direct losses and its liability to third parties will be substantially covered by its insurance policies, including coverage for the replacement cost of the building, third party claims, and business interruption loss, subject to deductibles as well as a self-insured portion of the property insurance for which the Company is obligated for 12% of the first $50,000,000 in losses, the Company can give no assurances in this regard and continues to evaluate this matter. As of December 31, 2014, Edgewater was encumbered with a fixed-rate secured mortgage note with an effective interest rate of 5.95%, and an outstanding principal balance of $75,012,000, due in May 2019 (the “Edgewater Mortgage”). The Edgewater Mortgage stipulates that in the event of a casualty loss such as the Edgewater fire, the lender has absolute discretion to determine the disposition of the insurance proceeds, and can compel the Company (i) to direct the insurance proceeds to be used for the restoration of Edgewater, or (ii) to apply the insurance proceeds to repay the outstanding loan balance, at par. As of the date of this Form 10-K, the Company is complying with all lender requirements and continues to work with the lender to resolve open issues related to the Edgewater Mortgage. | |
The Company received $20,700,000 from the joint venture partner associated with MVP I, LLC, the entity that owns Avalon at Mission Bay North II, upon agreement with the partner to modify the joint venture agreement to eliminate the Company's promoted interest for future return calculations and associated distributions. Prospectively, earnings and distributions will be based on the Company's 25.0% equity interest in the venture. |
REAL_ESTATE_AND_ACCUMULATED_DE
REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 | ||||||||||||||||||||||||||||||||||||||
NEW ENGLAND | |||||||||||||||||||||||||||||||||||||||||
Boston, MA | |||||||||||||||||||||||||||||||||||||||||
Avalon at Lexington | Lexington, MA | $ | 2,124 | $ | 12,599 | $ | 9,199 | $ | 2,124 | $ | 21,798 | $ | 23,922 | $ | 11,484 | $ | 12,438 | $ | — | 1994 | |||||||||||||||||||||
Avalon Oaks | Wilmington, MA | 2,129 | 18,676 | 2,038 | 2,129 | 20,714 | 22,843 | 11,094 | 11,749 | 15,887 | 1999 | ||||||||||||||||||||||||||||||
Eaves Quincy | Quincy, MA | 1,743 | 14,662 | 9,283 | 1,743 | 23,945 | 25,688 | 11,805 | 13,883 | — | 1986/1995 | ||||||||||||||||||||||||||||||
Avalon Essex | Peabody, MA | 5,184 | 16,320 | 1,821 | 5,184 | 18,141 | 23,325 | 9,289 | 14,036 | — | 2000 | ||||||||||||||||||||||||||||||
Avalon Oaks West | Wilmington, MA | 3,318 | 13,467 | 746 | 3,318 | 14,213 | 17,531 | 6,376 | 11,155 | 15,847 | 2002 | ||||||||||||||||||||||||||||||
Avalon Orchards | Marlborough, MA | 2,983 | 18,037 | 1,943 | 2,983 | 19,980 | 22,963 | 8,902 | 14,061 | 17,091 | 2002 | ||||||||||||||||||||||||||||||
Avalon at Newton Highlands | Newton, MA | 11,039 | 45,590 | 3,423 | 11,039 | 49,013 | 60,052 | 19,353 | 40,699 | — | 2003 | ||||||||||||||||||||||||||||||
Avalon at The Pinehills | Plymouth, MA | 6,876 | 30,401 | 183 | 6,876 | 30,584 | 37,460 | 7,836 | 29,624 | — | 2004 | ||||||||||||||||||||||||||||||
Eaves Peabody | Peabody, MA | 4,645 | 19,007 | 12,019 | 4,645 | 31,026 | 35,671 | 9,746 | 25,925 | — | 1962/2004 | ||||||||||||||||||||||||||||||
Avalon at Bedford Center | Bedford, MA | 4,258 | 20,569 | 316 | 4,258 | 20,885 | 25,143 | 6,630 | 18,513 | — | 2006 | ||||||||||||||||||||||||||||||
Avalon Chestnut Hill | Chestnut Hill, MA | 14,572 | 45,911 | 1,899 | 14,572 | 47,810 | 62,382 | 13,588 | 48,794 | 39,545 | 2007 | ||||||||||||||||||||||||||||||
Avalon Shrewsbury | Shrewsbury, MA | 5,152 | 30,608 | 757 | 5,152 | 31,365 | 36,517 | 9,062 | 27,455 | 20,174 | 2007 | ||||||||||||||||||||||||||||||
Avalon at Lexington Hills | Lexington, MA | 8,691 | 79,153 | 1,112 | 8,691 | 80,265 | 88,956 | 19,446 | 69,510 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon Acton | Acton, MA | 13,124 | 49,905 | 276 | 13,124 | 50,181 | 63,305 | 12,089 | 51,216 | 45,000 | 2008 | ||||||||||||||||||||||||||||||
Avalon Sharon | Sharon, MA | 4,719 | 25,522 | 269 | 4,719 | 25,791 | 30,510 | 6,030 | 24,480 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon at Center Place | Providence, RI | — | 26,816 | 10,230 | — | 37,046 | 37,046 | 19,919 | 17,127 | — | 1991/1997 | ||||||||||||||||||||||||||||||
Avalon at Hingham Shipyard | Hingham, MA | 12,218 | 41,725 | 339 | 12,218 | 42,064 | 54,282 | 9,089 | 45,193 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Northborough | Northborough, MA | 8,144 | 52,454 | 16 | 8,144 | 52,470 | 60,614 | 9,170 | 51,444 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Blue Hills | Randolph, MA | 11,110 | 34,736 | 80 | 11,110 | 34,816 | 45,926 | 6,856 | 39,070 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Cohasset | Cohasset, MA | 8,802 | 46,233 | 16 | 8,802 | 46,249 | 55,051 | 4,910 | 50,141 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon Andover | Andover, MA | 4,276 | 21,903 | — | 4,276 | 21,903 | 26,179 | 2,114 | 24,065 | 14,505 | 2012 | ||||||||||||||||||||||||||||||
Eaves Burlington | Burlington, MA | 7,714 | 32,536 | 5,080 | 7,714 | 37,616 | 45,330 | 2,383 | 42,947 | — | 1988/2012 | ||||||||||||||||||||||||||||||
AVA Back Bay | Boston, MA | 9,034 | 36,540 | 36,364 | 9,034 | 72,904 | 81,938 | 26,205 | 55,733 | — | 1968/1998 | ||||||||||||||||||||||||||||||
Avalon at Prudential Center II | Boston, MA | 8,776 | 35,496 | 31,783 | 8,776 | 67,279 | 76,055 | 25,100 | 50,955 | — | 1968/1998 | ||||||||||||||||||||||||||||||
Avalon at Prudential Center I | Boston, MA | 8,002 | 32,370 | 19,773 | 8,002 | 52,143 | 60,145 | 22,772 | 37,373 | — | 1968/1998 | ||||||||||||||||||||||||||||||
Avalon Burlington | Burlington, MA | 15,600 | 59,200 | 6,943 | 15,600 | 66,143 | 81,743 | 5,334 | 76,409 | — | 1989/2013 | ||||||||||||||||||||||||||||||
Avalon Bear Hill | Waltham, MA | 27,350 | 96,999 | 5,110 | 27,350 | 102,109 | 129,459 | 11,304 | 118,155 | — | 1999/2013 | ||||||||||||||||||||||||||||||
Eaves North Quincy | Quincy, MA | 11,940 | 39,400 | 2,491 | 11,940 | 41,891 | 53,831 | 4,784 | 49,047 | 36,761 | 1977/2013 | ||||||||||||||||||||||||||||||
Avalon Natick | Natick, MA | 15,645 | 64,585 | — | 15,645 | 64,585 | 80,230 | 3,476 | 76,754 | 52,357 | 2013 | ||||||||||||||||||||||||||||||
Avalon Canton at Blue Hills | Canton, MA | 6,562 | 33,191 | — | 6,562 | 33,191 | 39,753 | 769 | 38,984 | — | 2014 | ||||||||||||||||||||||||||||||
Avalon Exeter | Andover, MA | 16,304 | 108,126 | — | 16,304 | 108,126 | 124,430 | 1,842 | 122,588 | — | 2014 | ||||||||||||||||||||||||||||||
Fairfield-New Haven, CT | |||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 | ||||||||||||||||||||||||||||||||||||||
Eaves Trumbull | Trumbull, CT | 4,414 | 31,268 | 3,529 | 4,414 | 34,797 | 39,211 | 20,696 | 18,515 | 39,452 | 1997 | ||||||||||||||||||||||||||||||
Eaves Stamford | Stamford, CT | 5,956 | 23,993 | 12,748 | 5,956 | 36,741 | 42,697 | 20,049 | 22,648 | — | 1991 | ||||||||||||||||||||||||||||||
Avalon Wilton I | Wilton, CT | 2,116 | 14,664 | 5,841 | 2,116 | 20,505 | 22,621 | 9,855 | 12,766 | — | 1997 | ||||||||||||||||||||||||||||||
Avalon on Stamford Harbor | Stamford, CT | 10,836 | 51,883 | 1,778 | 10,836 | 53,661 | 64,497 | 22,322 | 42,175 | 62,724 | 2003 | ||||||||||||||||||||||||||||||
Avalon New Canaan | New Canaan, CT | 4,834 | 19,485 | 1,559 | 4,834 | 21,044 | 25,878 | 8,672 | 17,206 | — | 2002 | ||||||||||||||||||||||||||||||
AVA Stamford | Stamford, CT | 13,819 | 56,499 | 4,602 | 13,819 | 61,101 | 74,920 | 25,069 | 49,851 | 57,423 | 2002/2002 | ||||||||||||||||||||||||||||||
Avalon Danbury | Danbury, CT | 4,933 | 30,638 | 670 | 4,933 | 31,308 | 36,241 | 10,352 | 25,889 | — | 2005 | ||||||||||||||||||||||||||||||
Avalon Darien | Darien, CT | 6,926 | 34,659 | 1,689 | 6,926 | 36,348 | 43,274 | 13,817 | 29,457 | 47,700 | 2004 | ||||||||||||||||||||||||||||||
Avalon Milford I | Milford, CT | 8,746 | 22,699 | 725 | 8,746 | 23,424 | 32,170 | 8,493 | 23,677 | — | 2004 | ||||||||||||||||||||||||||||||
Avalon Huntington | Shelton, CT | 5,277 | 20,029 | 100 | 5,277 | 20,129 | 25,406 | 4,406 | 21,000 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon Norwalk | Norwalk, CT | 11,320 | 62,910 | 25 | 11,320 | 62,935 | 74,255 | 9,372 | 64,883 | — | 2011 | ||||||||||||||||||||||||||||||
Avalon Wilton II | Wilton, CT | 6,604 | 23,758 | 6 | 6,604 | 23,764 | 30,368 | 2,997 | 27,371 | — | 2011 | ||||||||||||||||||||||||||||||
Avalon Shelton III | Shelton, CT | 7,853 | 40,866 | — | 7,853 | 40,866 | 48,719 | 2,279 | 46,440 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon East Norwalk | Norwalk, CT | 10,394 | 36,126 | — | 10,394 | 36,126 | 46,520 | 1,645 | 44,875 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon at Stratford | Stratford, CT | 2,564 | 26,884 | — | 2,564 | 26,884 | 29,448 | 341 | 29,107 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL NEW ENGLAND | $ | 368,626 | $ | 1,699,098 | $ | 196,781 | $ | 368,626 | $ | 1,895,879 | $ | 2,264,505 | $ | 479,122 | $ | 1,785,383 | $ | 464,466 | |||||||||||||||||||||||
METRO NY/NJ | |||||||||||||||||||||||||||||||||||||||||
New York Suburban, NY | |||||||||||||||||||||||||||||||||||||||||
Avalon Commons | Smithtown, NY | $ | 4,679 | $ | 28,286 | $ | 5,660 | $ | 4,679 | $ | 33,946 | $ | 38,625 | $ | 18,664 | $ | 19,961 | $ | — | 1997 | |||||||||||||||||||||
Eaves Nanuet | Nanuet, NY | 8,428 | 45,660 | 3,903 | 8,428 | 49,563 | 57,991 | 28,325 | 29,666 | 63,242 | 1998 | ||||||||||||||||||||||||||||||
Avalon Green | Elmsford, NY | 1,820 | 10,525 | 1,675 | 1,820 | 12,200 | 14,020 | 8,031 | 5,989 | — | 1995 | ||||||||||||||||||||||||||||||
Avalon Towers | Long Beach, NY | 3,118 | 11,973 | 10,260 | 3,118 | 22,233 | 25,351 | 11,437 | 13,914 | — | 1990/1995 | ||||||||||||||||||||||||||||||
Avalon Willow | Mamaroneck, NY | 6,207 | 40,791 | 1,423 | 6,207 | 42,214 | 48,421 | 21,846 | 26,575 | — | 2000 | ||||||||||||||||||||||||||||||
Avalon Court | Melville, NY | 9,228 | 50,063 | 2,908 | 9,228 | 52,971 | 62,199 | 28,734 | 33,465 | — | 1997 | ||||||||||||||||||||||||||||||
The Avalon | Bronxville, NY | 2,889 | 28,324 | 7,993 | 2,889 | 36,317 | 39,206 | 15,882 | 23,324 | — | 1999 | ||||||||||||||||||||||||||||||
Avalon at Glen Cove | Glen Cove, NY | 7,871 | 59,969 | 1,097 | 7,871 | 61,066 | 68,937 | 21,970 | 46,967 | — | 2004 | ||||||||||||||||||||||||||||||
Avalon Pines | Coram, NY | 8,700 | 62,931 | 621 | 8,700 | 63,552 | 72,252 | 20,828 | 51,424 | — | 2005 | ||||||||||||||||||||||||||||||
Avalon Glen Cove North | Glen Cove, NY | 2,577 | 37,336 | 232 | 2,577 | 37,568 | 40,145 | 10,016 | 30,129 | — | 2007 | ||||||||||||||||||||||||||||||
Avalon White Plains | White Plains, NY | 15,391 | 137,353 | 46 | 15,391 | 137,399 | 152,790 | 27,434 | 125,356 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Charles Pond | Coram, NY | 14,715 | 33,640 | 48 | 14,715 | 33,688 | 48,403 | 6,824 | 41,579 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Rockville Centre | Rockville Centre, NY | 32,212 | 78,807 | — | 32,212 | 78,807 | 111,019 | 8,480 | 102,539 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon Green II | Elmsford, NY | 27,765 | 77,560 | — | 27,765 | 77,560 | 105,325 | 7,330 | 97,995 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon Garden City | Garden City, NY | 18,205 | 49,372 | — | 18,205 | 49,372 | 67,577 | 3,999 | 63,578 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon Westbury | Westbury, NY | 69,620 | 43,781 | 7,410 | 69,620 | 51,191 | 120,811 | 8,720 | 112,091 | 82,345 | 2006/2013 | ||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 Ossining | Ossining, NY | 6,385 | 30,099 | — | 6,385 | 30,099 | 36,484 | 762 | 35,722 | — | 2014 | ||||||||||||||||||||||||||||||
Avalon Huntington Station | Huntington Station, NY | 21,870 | 57,545 | — | 21,870 | 57,545 | 79,415 | 844 | 78,571 | — | 2014 | ||||||||||||||||||||||||||||||
New Jersey | |||||||||||||||||||||||||||||||||||||||||
Avalon Cove | Jersey City, NJ | 8,760 | 82,422 | 21,060 | 8,760 | 103,482 | 112,242 | 54,057 | 58,185 | — | 1997 | ||||||||||||||||||||||||||||||
Avalon Run | Lawrenceville, NJ | 14,650 | 60,486 | 5,526 | 14,650 | 66,012 | 80,662 | 23,905 | 56,757 | — | 1994 | ||||||||||||||||||||||||||||||
Avalon Princeton Junction | West Windsor, NJ | 5,585 | 22,382 | 20,791 | 5,585 | 43,173 | 48,758 | 21,392 | 27,366 | — | 1988/1993 | ||||||||||||||||||||||||||||||
Avalon at Edgewater (1) | Edgewater, NJ | 14,528 | 60,240 | 4,302 | 14,528 | 64,542 | 79,070 | 28,885 | 50,185 | 75,012 | 2002 | ||||||||||||||||||||||||||||||
Avalon at Florham Park | Florham Park, NJ | 6,647 | 34,906 | 2,179 | 6,647 | 37,085 | 43,732 | 18,009 | 25,723 | — | 2001 | ||||||||||||||||||||||||||||||
Avalon at Freehold | Freehold, NJ | 4,119 | 30,514 | 900 | 4,119 | 31,414 | 35,533 | 13,959 | 21,574 | 34,973 | 2002 | ||||||||||||||||||||||||||||||
Avalon Run East | Lawrenceville, NJ | 6,766 | 45,366 | 919 | 6,766 | 46,285 | 53,051 | 16,286 | 36,765 | 37,475 | 2005 | ||||||||||||||||||||||||||||||
Avalon Lyndhurst | Lyndhurst, NJ | 18,620 | 59,879 | 579 | 18,620 | 60,458 | 79,078 | 16,676 | 62,402 | — | 2007 | ||||||||||||||||||||||||||||||
Avalon at Tinton Falls | Tinton Falls, NJ | 7,939 | 33,173 | 96 | 7,939 | 33,269 | 41,208 | 7,755 | 33,453 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon at West Long Branch | West Long Branch, NJ | 2,721 | 22,940 | — | 2,721 | 22,940 | 25,661 | 3,479 | 22,182 | — | 2011 | ||||||||||||||||||||||||||||||
Avalon North Bergen | North Bergen, NJ | 8,984 | 31,015 | 514 | 8,984 | 31,529 | 40,513 | 2,819 | 37,694 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon at Wesmont Station | Wood-Ridge, NJ | 14,682 | 41,635 | 875 | 14,682 | 42,510 | 57,192 | 3,860 | 53,332 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon Hackensack at Riverside | Hackensack, NJ | — | 44,530 | — | — | 44,530 | 44,530 | 2,312 | 42,218 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon Somerset | Somerset, NJ | 18,241 | 58,326 | — | 18,241 | 58,326 | 76,567 | 3,366 | 73,201 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon at Wesmont Station II | Wood-Ridge, NJ | 6,502 | 16,862 | — | 6,502 | 16,862 | 23,364 | 992 | 22,372 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon Bloomingdale | Bloomingdale, NJ | 3,005 | 27,721 | — | 3,005 | 27,721 | 30,726 | 1,098 | 29,628 | — | 2014 | ||||||||||||||||||||||||||||||
New York, NY | |||||||||||||||||||||||||||||||||||||||||
Avalon Riverview I | Long Island City, NY | — | 94,061 | 4,894 | — | 98,955 | 98,955 | 41,548 | 57,407 | — | 2002 | ||||||||||||||||||||||||||||||
Avalon Bowery Place | New York, NY | 18,575 | 75,009 | 1,992 | 18,575 | 77,001 | 95,576 | 22,047 | 73,529 | 93,800 | 2006 | ||||||||||||||||||||||||||||||
Avalon Riverview North | Long Island City, NY | — | 164,808 | 2,404 | — | 167,212 | 167,212 | 41,970 | 125,242 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon Bowery Place II | New York, NY | 9,106 | 47,199 | 1,633 | 9,106 | 48,832 | 57,938 | 11,904 | 46,034 | — | 2007 | ||||||||||||||||||||||||||||||
Avalon Morningside Park | New York, NY | — | 114,327 | 870 | — | 115,197 | 115,197 | 24,642 | 90,555 | 100,000 | 2009 | ||||||||||||||||||||||||||||||
Avalon Fort Greene | Brooklyn, NY | 83,038 | 218,444 | 642 | 83,038 | 219,086 | 302,124 | 35,170 | 266,954 | — | 2010 | ||||||||||||||||||||||||||||||
Avalon Midtown West | New York, NY | 154,730 | 180,253 | 12,012 | 154,730 | 192,265 | 346,995 | 23,002 | 323,993 | 100,500 | 1998/2013 | ||||||||||||||||||||||||||||||
Avalon Clinton North | New York, NY | 84,069 | 105,821 | 6,352 | 84,069 | 112,173 | 196,242 | 12,558 | 183,684 | 147,000 | 2008/2013 | ||||||||||||||||||||||||||||||
Avalon Clinton South | New York, NY | 71,421 | 89,851 | 5,175 | 71,421 | 95,026 | 166,447 | 10,732 | 155,715 | 121,500 | 2007/2013 | ||||||||||||||||||||||||||||||
TOTAL METRO NY/NJ | $ | 824,368 | $ | 2,646,185 | $ | 136,991 | $ | 824,368 | $ | 2,783,176 | $ | 3,607,544 | $ | 692,549 | $ | 2,914,995 | $ | 855,847 | |||||||||||||||||||||||
MID-ATLANTIC | |||||||||||||||||||||||||||||||||||||||||
Washington Metro | |||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 Foxhall | Washington, DC | $ | 6,848 | $ | 27,614 | $ | 11,671 | $ | 6,848 | $ | 39,285 | $ | 46,133 | $ | 24,950 | $ | 21,183 | $ | 56,341 | 1982/1994 | |||||||||||||||||||||
Avalon at Gallery Place | Washington, DC | 8,800 | 39,658 | 1,557 | 8,800 | 41,215 | 50,015 | 16,412 | 33,603 | 43,776 | 2003 | ||||||||||||||||||||||||||||||
Avalon at Fairway Hills | Columbia, MD | 8,603 | 34,432 | 16,036 | 8,603 | 50,468 | 59,071 | 28,397 | 30,674 | — | 1987/1996 | ||||||||||||||||||||||||||||||
Eaves Washingtonian Center I | North Potomac, MD | 2,608 | 11,707 | 629 | 2,608 | 12,336 | 14,944 | 7,913 | 7,031 | 8,011 | 1996 | ||||||||||||||||||||||||||||||
Eaves Washingtonian Center II | North Potomac, MD | 1,439 | 6,846 | 180 | 1,439 | 7,026 | 8,465 | 3,970 | 4,495 | — | 1998 | ||||||||||||||||||||||||||||||
Eaves Columbia Town Center | Columbia, MD | 8,802 | 35,536 | 11,429 | 8,802 | 46,965 | 55,767 | 16,273 | 39,494 | — | 1986/1993 | ||||||||||||||||||||||||||||||
Avalon at Grosvenor Station | Bethesda, MD | 29,159 | 53,001 | 2,002 | 29,159 | 55,003 | 84,162 | 21,020 | 63,142 | — | 2004 | ||||||||||||||||||||||||||||||
Avalon at Traville | Rockville, MD | 14,365 | 55,398 | 863 | 14,365 | 56,261 | 70,626 | 21,385 | 49,241 | 74,186 | 2004 | ||||||||||||||||||||||||||||||
Avalon Russett | Laurel, MD | 10,200 | 47,524 | 2,659 | 10,200 | 50,183 | 60,383 | 5,547 | 54,836 | 39,972 | 1999/2013 | ||||||||||||||||||||||||||||||
Eaves Fair Lakes | Fairfax, VA | 6,096 | 24,400 | 8,246 | 6,096 | 32,646 | 38,742 | 17,777 | 20,965 | — | 1989/1996 | ||||||||||||||||||||||||||||||
AVA Ballston | Arlington, VA | 7,291 | 29,177 | 16,117 | 7,291 | 45,294 | 52,585 | 24,294 | 28,291 | — | 1990 | ||||||||||||||||||||||||||||||
Eaves Fairfax City | Fairfax, VA | 2,152 | 8,907 | 5,390 | 2,152 | 14,297 | 16,449 | 6,624 | 9,825 | — | 1988/1997 | ||||||||||||||||||||||||||||||
Avalon Tysons Corner | Tysons Corner, VA | 13,851 | 43,397 | 12,106 | 13,851 | 55,503 | 69,354 | 26,784 | 42,570 | — | 1996 | ||||||||||||||||||||||||||||||
Avalon at Arlington Square | Arlington, VA | 22,041 | 90,296 | 2,818 | 22,041 | 93,114 | 115,155 | 42,880 | 72,275 | — | 2001 | ||||||||||||||||||||||||||||||
Avalon Park Crest | Tysons Corner, VA | 13,554 | 63,527 | — | 13,554 | 63,527 | 77,081 | 4,886 | 72,195 | — | 2013 | ||||||||||||||||||||||||||||||
Eaves Fairfax Towers | Falls Church, VA | 17,889 | 74,727 | 1,718 | 17,889 | 76,445 | 94,334 | 9,782 | 84,552 | — | 1978/2011 | ||||||||||||||||||||||||||||||
AVA H Street | Washington, DC | 7,425 | 25,282 | — | 7,425 | 25,282 | 32,707 | 1,782 | 30,925 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon First and M | Washington, DC | 43,700 | 153,950 | 2,411 | 43,700 | 156,361 | 200,061 | 12,255 | 187,806 | 140,964 | 2012/2013 | ||||||||||||||||||||||||||||||
Avalon The Albemarle | Washington, DC | 25,140 | 52,459 | 3,717 | 25,140 | 56,176 | 81,316 | 6,980 | 74,336 | — | 1966/2013 | ||||||||||||||||||||||||||||||
Eaves Tunlaw Gardens | Washington, DC | 16,430 | 22,902 | 2,025 | 16,430 | 24,927 | 41,357 | 3,162 | 38,195 | 28,494 | 1944/2013 | ||||||||||||||||||||||||||||||
The Statesman | Washington, DC | 38,140 | 35,352 | 3,453 | 38,140 | 38,805 | 76,945 | 5,815 | 71,130 | — | 1961/2013 | ||||||||||||||||||||||||||||||
Eaves Glover Park | Washington, DC | 9,580 | 26,532 | 1,954 | 9,580 | 28,486 | 38,066 | 3,385 | 34,681 | 23,569 | 1953/2013 | ||||||||||||||||||||||||||||||
AVA Van Ness | Washington, DC | 22,890 | 58,691 | 3,455 | 22,890 | 62,146 | 85,036 | 6,844 | 78,192 | — | 1978/2013 | ||||||||||||||||||||||||||||||
Avalon Ballston Place | Arlington, VA | 38,490 | 123,645 | 3,768 | 38,490 | 127,413 | 165,903 | 11,532 | 154,371 | — | 2001/2013 | ||||||||||||||||||||||||||||||
Eaves Tysons Corner | Vienna, VA | 16,030 | 45,420 | 2,554 | 16,030 | 47,974 | 64,004 | 5,509 | 58,495 | — | 1980/2013 | ||||||||||||||||||||||||||||||
Avalon Ballston Square | Arlington, VA | 71,640 | 215,937 | 10,200 | 71,640 | 226,137 | 297,777 | 23,372 | 274,405 | — | 1992/2013 | ||||||||||||||||||||||||||||||
Avalon Courthouse Place | Arlington, VA | 56,550 | 178,032 | 8,131 | 56,550 | 186,163 | 242,713 | 18,921 | 223,792 | 140,332 | 1999/2013 | ||||||||||||||||||||||||||||||
Avalon Reston Landing | Reston, VA | 26,710 | 83,084 | 4,354 | 26,710 | 87,438 | 114,148 | 9,863 | 104,285 | — | 2000/2013 | ||||||||||||||||||||||||||||||
Oakwood Arlington | Arlington, VA | 18,850 | 38,545 | 1,856 | 18,850 | 40,401 | 59,251 | 4,324 | 54,927 | 42,185 | 1987/2013 | ||||||||||||||||||||||||||||||
Avalon Mosaic | Merrifield, VA | 33,483 | 75,081 | — | 33,483 | 75,081 | 108,564 | 2,108 | 106,456 | — | 2014 | ||||||||||||||||||||||||||||||
Avalon Arlington North | Arlington, VA | 21,600 | 58,763 | — | 21,600 | 58,763 | 80,363 | 1,468 | 78,895 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL MID-ATLANTIC | $ | 620,356 | $ | 1,839,822 | $ | 141,299 | $ | 620,356 | $ | 1,981,121 | $ | 2,601,477 | $ | 396,214 | $ | 2,205,263 | $ | 597,830 | |||||||||||||||||||||||
PACIFIC NORTHWEST | |||||||||||||||||||||||||||||||||||||||||
Seattle, WA | |||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 Redmond Place | Redmond, WA | $ | 4,558 | $ | 18,368 | $ | 9,879 | $ | 4,558 | $ | 28,247 | $ | 32,805 | $ | 14,541 | $ | 18,264 | $ | — | 1991/1997 | |||||||||||||||||||||
Avalon at Bear Creek | Redmond, WA | 6,786 | 27,641 | 3,427 | 6,786 | 31,068 | 37,854 | 17,457 | 20,397 | — | 1998/1998 | ||||||||||||||||||||||||||||||
Avalon Bellevue | Bellevue, WA | 6,664 | 24,119 | 1,685 | 6,664 | 25,804 | 32,468 | 12,245 | 20,223 | 25,491 | 2001 | ||||||||||||||||||||||||||||||
Avalon RockMeadow | Bothell, WA | 4,777 | 19,765 | 1,901 | 4,777 | 21,666 | 26,443 | 10,695 | 15,748 | — | 2000/2000 | ||||||||||||||||||||||||||||||
Avalon ParcSquare | Redmond, WA | 3,789 | 15,139 | 2,630 | 3,789 | 17,769 | 21,558 | 8,587 | 12,971 | — | 2000/2000 | ||||||||||||||||||||||||||||||
Avalon Brandemoor | Lynnwood, WA | 8,608 | 36,679 | 1,656 | 8,608 | 38,335 | 46,943 | 18,143 | 28,800 | — | 2001/2001 | ||||||||||||||||||||||||||||||
AVA Belltown | Seattle, WA | 5,644 | 12,733 | 830 | 5,644 | 13,563 | 19,207 | 6,330 | 12,877 | — | 2001 | ||||||||||||||||||||||||||||||
Avalon Meydenbauer | Bellevue, WA | 12,697 | 77,451 | 936 | 12,697 | 78,387 | 91,084 | 18,053 | 73,031 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon Towers Bellevue | Bellevue, WA | — | 123,030 | 811 | — | 123,841 | 123,841 | 19,003 | 104,838 | — | 2011 | ||||||||||||||||||||||||||||||
AVA Queen Anne | Seattle, WA | 12,081 | 41,618 | 347 | 12,081 | 41,965 | 54,046 | 4,357 | 49,689 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon Brandemoor II | Lynnwood, WA | 2,655 | 11,343 | — | 2,655 | 11,343 | 13,998 | 1,435 | 12,563 | — | 2011 | ||||||||||||||||||||||||||||||
AVA Ballard | Seattle, WA | 16,460 | 46,885 | 6 | 16,460 | 46,891 | 63,351 | 2,811 | 60,540 | — | 2013 | ||||||||||||||||||||||||||||||
Eaves Redmond Campus | Redmond, WA | 22,580 | 88,001 | 5,248 | 22,580 | 93,249 | 115,829 | 10,158 | 105,671 | — | 1991/2013 | ||||||||||||||||||||||||||||||
Archstone Redmond Lakeview | Redmond, WA | 10,250 | 26,842 | 1,831 | 10,250 | 28,673 | 38,923 | 3,302 | 35,621 | — | 1987/2013 | ||||||||||||||||||||||||||||||
AVA University District | Seattle, WA | 12,594 | 60,566 | 294 | 12,594 | 60,860 | 73,454 | 2,087 | 71,367 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL PACIFIC NORTHWEST | $ | 130,143 | $ | 630,180 | $ | 31,481 | $ | 130,143 | $ | 661,661 | $ | 791,804 | $ | 149,204 | $ | 642,600 | $ | 25,491 | |||||||||||||||||||||||
NORTHERN CALIFORNIA | |||||||||||||||||||||||||||||||||||||||||
Oakland-East Bay, CA | |||||||||||||||||||||||||||||||||||||||||
Avalon Fremont | Fremont, CA | $ | 10,746 | $ | 43,399 | $ | 5,059 | $ | 10,746 | $ | 48,458 | $ | 59,204 | $ | 28,083 | $ | 31,121 | $ | — | 1992/1994 | |||||||||||||||||||||
Eaves Dublin | Dublin, CA | 5,276 | 19,642 | 9,167 | 5,276 | 28,809 | 34,085 | 14,183 | 19,902 | — | 1989/1997 | ||||||||||||||||||||||||||||||
Eaves Pleasanton | Pleasanton, CA | 11,610 | 46,552 | 21,254 | 11,610 | 67,806 | 79,416 | 33,374 | 46,042 | — | 1988/1994 | ||||||||||||||||||||||||||||||
Eaves Union City | Union City, CA | 4,249 | 16,820 | 2,832 | 4,249 | 19,652 | 23,901 | 11,402 | 12,499 | — | 1973/1996 | ||||||||||||||||||||||||||||||
Eaves Fremont | Fremont, CA | 6,581 | 26,583 | 9,730 | 6,581 | 36,313 | 42,894 | 19,198 | 23,696 | — | 1985/1994 | ||||||||||||||||||||||||||||||
Avalon Union City | Union City, CA | 14,732 | 104,025 | 294 | 14,732 | 104,319 | 119,051 | 19,722 | 99,329 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Walnut Creek | Walnut Creek, CA | — | 145,906 | 1,643 | — | 147,549 | 147,549 | 22,354 | 125,195 | 137,542 | 2010 | ||||||||||||||||||||||||||||||
Eaves Walnut Creek | Walnut Creek, CA | 30,320 | 82,375 | 5,597 | 30,320 | 87,972 | 118,292 | 9,646 | 108,646 | — | 1987/2013 | ||||||||||||||||||||||||||||||
Avalon Walnut Ridge I | Walnut Creek, CA | 9,860 | 19,850 | 878 | 9,860 | 20,728 | 30,588 | 2,159 | 28,429 | 20,754 | 2000/2013 | ||||||||||||||||||||||||||||||
Avalon Walnut Ridge II | Walnut Creek, CA | 27,190 | 57,041 | 3,299 | 27,190 | 60,340 | 87,530 | 6,990 | 80,540 | — | 1989/2013 | ||||||||||||||||||||||||||||||
Avalon Berkeley | Berkeley, CA | 4,500 | 28,646 | — | 4,500 | 28,646 | 33,146 | 467 | 32,679 | — | 2014 | ||||||||||||||||||||||||||||||
Avalon Dublin Station | Dublin, CA | 7,771 | 71,026 | — | 7,771 | 71,026 | 78,797 | 1,782 | 77,015 | — | 2014 | ||||||||||||||||||||||||||||||
San Francisco, CA | |||||||||||||||||||||||||||||||||||||||||
Eaves Daly City | Daly City, CA | 4,230 | 9,659 | 18,662 | 4,230 | 28,321 | 32,551 | 14,804 | 17,747 | — | 1972/1997 | ||||||||||||||||||||||||||||||
AVA Nob Hill | San Francisco, CA | 5,403 | 21,567 | 6,888 | 5,403 | 28,455 | 33,858 | 14,033 | 19,825 | 20,800 | 1990/1995 | ||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 | ||||||||||||||||||||||||||||||||||||||
Eaves San Rafael | San Rafael, CA | 5,982 | 16,885 | 24,197 | 5,982 | 41,082 | 47,064 | 17,997 | 29,067 | — | 1973/1996 | ||||||||||||||||||||||||||||||
Eaves Foster City | Foster City, CA | 7,852 | 31,445 | 11,207 | 7,852 | 42,652 | 50,504 | 21,206 | 29,298 | — | 1973/1994 | ||||||||||||||||||||||||||||||
Eaves Pacifica | Pacifica, CA | 6,125 | 24,796 | 2,541 | 6,125 | 27,337 | 33,462 | 15,595 | 17,867 | 17,600 | 1971/1995 | ||||||||||||||||||||||||||||||
Avalon Sunset Towers | San Francisco, CA | 3,561 | 21,321 | 14,894 | 3,561 | 36,215 | 39,776 | 16,136 | 23,640 | — | 1961/1996 | ||||||||||||||||||||||||||||||
Eaves Diamond Heights | San Francisco, CA | 4,726 | 19,130 | 5,790 | 4,726 | 24,920 | 29,646 | 12,976 | 16,670 | — | 1972/1994 | ||||||||||||||||||||||||||||||
Avalon at Mission Bay North | San Francisco, CA | 14,029 | 78,452 | 2,482 | 14,029 | 80,934 | 94,963 | 33,067 | 61,896 | 69,955 | 2003 | ||||||||||||||||||||||||||||||
Avalon at Mission Bay III | San Francisco, CA | 28,687 | 119,156 | 74 | 28,687 | 119,230 | 147,917 | 22,702 | 125,215 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Ocean Avenue | San Francisco, CA | 5,544 | 50,883 | 1,740 | 5,544 | 52,623 | 58,167 | 4,827 | 53,340 | — | 2012 | ||||||||||||||||||||||||||||||
Avalon San Bruno | San Bruno, CA | 40,780 | 68,684 | 2,891 | 40,780 | 71,575 | 112,355 | 7,423 | 104,932 | 64,450 | 2004/2013 | ||||||||||||||||||||||||||||||
Avalon San Bruno II | San Bruno, CA | 23,787 | 44,934 | 1,668 | 23,787 | 46,602 | 70,389 | 4,527 | 65,862 | 30,968 | 2007/2013 | ||||||||||||||||||||||||||||||
Avalon San Bruno III | San Bruno, CA | 33,303 | 62,910 | 2,349 | 33,303 | 65,259 | 98,562 | 6,340 | 92,222 | 56,210 | 2010/2013 | ||||||||||||||||||||||||||||||
AVA 55 Ninth | San Francisco, CA | 20,267 | 96,291 | — | 20,267 | 96,291 | 116,558 | 2,022 | 114,536 | — | 2014 | ||||||||||||||||||||||||||||||
San Jose, CA | |||||||||||||||||||||||||||||||||||||||||
Avalon Campbell | Campbell, CA | 11,830 | 47,828 | 13,431 | 11,830 | 61,259 | 73,089 | 28,671 | 44,418 | 38,800 | 1995 | ||||||||||||||||||||||||||||||
Eaves San Jose | San Jose, CA | 12,920 | 53,047 | 18,810 | 12,920 | 71,857 | 84,777 | 28,688 | 56,089 | — | 1985/1996 | ||||||||||||||||||||||||||||||
Avalon on the Alameda | San Jose, CA | 6,119 | 50,225 | 1,644 | 6,119 | 51,869 | 57,988 | 28,035 | 29,953 | 51,539 | 1999 | ||||||||||||||||||||||||||||||
Avalon Silicon Valley | Sunnyvale, CA | 20,713 | 99,573 | 4,987 | 20,713 | 104,560 | 125,273 | 59,276 | 65,997 | — | 1998 | ||||||||||||||||||||||||||||||
Avalon Mountain View | Mountain View, CA | 9,755 | 39,393 | 9,511 | 9,755 | 48,904 | 58,659 | 25,542 | 33,117 | 18,100 | 1986 | ||||||||||||||||||||||||||||||
Eaves Creekside | Mountain View, CA | 6,546 | 26,263 | 20,984 | 6,546 | 47,247 | 53,793 | 20,739 | 33,054 | — | 1962/1997 | ||||||||||||||||||||||||||||||
Avalon at Cahill Park | San Jose, CA | 4,765 | 47,600 | 1,433 | 4,765 | 49,033 | 53,798 | 20,749 | 33,049 | — | 2002 | ||||||||||||||||||||||||||||||
Avalon Towers on the Peninsula | Mountain View, CA | 9,560 | 56,136 | 1,103 | 9,560 | 57,239 | 66,799 | 25,115 | 41,684 | — | 2002 | ||||||||||||||||||||||||||||||
Avalon Willow Glen | San Jose, CA | 46,060 | 81,957 | 4,034 | 46,060 | 85,991 | 132,051 | 9,780 | 122,271 | — | 2002/2013 | ||||||||||||||||||||||||||||||
Eaves West Valley | San Jose, CA | 90,890 | 113,628 | 7,019 | 90,890 | 120,647 | 211,537 | 14,646 | 196,891 | 83,087 | 1970/2013 | ||||||||||||||||||||||||||||||
Eaves Mountain View at Middlefield | Mountain View, CA | 64,070 | 69,018 | 4,847 | 64,070 | 73,865 | 137,935 | 9,416 | 128,519 | 71,496 | 1969/2013 | ||||||||||||||||||||||||||||||
Eaves West Valley II | San Jose, CA | — | 18,411 | — | — | 18,411 | 18,411 | 735 | 17,676 | — | 2013 | ||||||||||||||||||||||||||||||
Avalon Morrison Park | San Jose, CA | 13,837 | 64,337 | — | 13,837 | 64,337 | 78,174 | 1,756 | 76,418 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL NORTHERN CALIFORNIA | $ | 634,176 | $ | 2,095,394 | $ | 242,939 | $ | 634,176 | $ | 2,338,333 | $ | 2,972,509 | $ | 636,163 | $ | 2,336,346 | $ | 681,301 | |||||||||||||||||||||||
SOUTHERN CALIFORNIA | |||||||||||||||||||||||||||||||||||||||||
Orange County, CA | |||||||||||||||||||||||||||||||||||||||||
AVA Newport | Costa Mesa, CA | $ | 1,975 | $ | 3,814 | $ | 9,802 | $ | 1,975 | $ | 13,616 | $ | 15,591 | $ | 5,491 | $ | 10,100 | $ | — | 1956/1996 | |||||||||||||||||||||
Avalon Mission Viejo | Mission Viejo, CA | 2,517 | 9,257 | 2,783 | 2,517 | 12,040 | 14,557 | 7,157 | 7,400 | 7,635 | 1984/1996 | ||||||||||||||||||||||||||||||
Eaves South Coast | Costa Mesa, CA | 4,709 | 16,063 | 12,772 | 4,709 | 28,835 | 33,544 | 13,887 | 19,657 | — | 1973/1996 | ||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 | ||||||||||||||||||||||||||||||||||||||
Eaves Santa Margarita | Rancho Santa Margarita, CA | 4,607 | 16,911 | 10,247 | 4,607 | 27,158 | 31,765 | 12,753 | 19,012 | — | 1990/1997 | ||||||||||||||||||||||||||||||
Eaves Huntington Beach | Huntington Beach, CA | 4,871 | 19,745 | 9,530 | 4,871 | 29,275 | 34,146 | 16,657 | 17,489 | — | 1971/1997 | ||||||||||||||||||||||||||||||
Avalon Anaheim Stadium | Anaheim, CA | 27,874 | 69,156 | 645 | 27,874 | 69,801 | 97,675 | 14,359 | 83,316 | — | 2009 | ||||||||||||||||||||||||||||||
Avalon Irvine | Irvine, CA | 9,911 | 67,524 | 69 | 9,911 | 67,593 | 77,504 | 12,521 | 64,983 | — | 2010 | ||||||||||||||||||||||||||||||
Eaves Lake Forest | Lake Forest, CA | 5,199 | 21,134 | 2,114 | 5,199 | 23,248 | 28,447 | 3,006 | 25,441 | — | 1975/2011 | ||||||||||||||||||||||||||||||
Avalon Irvine II | Irvine, CA | 4,358 | 40,906 | — | 4,358 | 40,906 | 45,264 | 2,753 | 42,511 | — | 2013 | ||||||||||||||||||||||||||||||
Eaves Seal Beach | Seal Beach, CA | 46,790 | 99,999 | 4,635 | 46,790 | 104,634 | 151,424 | 11,178 | 140,246 | 85,122 | 1971/2013 | ||||||||||||||||||||||||||||||
San Diego, CA | |||||||||||||||||||||||||||||||||||||||||
AVA Pacific Beach | San Diego, CA | 9,922 | 40,580 | 30,927 | 9,922 | 71,507 | 81,429 | 32,316 | 49,113 | — | 1969/1997 | ||||||||||||||||||||||||||||||
Eaves Mission Ridge | San Diego, CA | 2,710 | 10,924 | 11,263 | 2,710 | 22,187 | 24,897 | 12,213 | 12,684 | — | 1960/1997 | ||||||||||||||||||||||||||||||
AVA Cortez Hill | San Diego, CA | 2,768 | 20,134 | 23,464 | 2,768 | 43,598 | 46,366 | 18,853 | 27,513 | — | 1973/1998 | ||||||||||||||||||||||||||||||
Avalon Fashion Valley | San Diego, CA | 19,627 | 44,972 | 290 | 19,627 | 45,262 | 64,889 | 9,860 | 55,029 | — | 2008 | ||||||||||||||||||||||||||||||
Eaves San Marcos | San Marcos, CA | 3,277 | 13,385 | 860 | 3,277 | 14,245 | 17,522 | 1,869 | 15,653 | — | 1988/2011 | ||||||||||||||||||||||||||||||
Eaves Rancho Penasquitos | San Diego, CA | 6,692 | 27,143 | 1,834 | 6,692 | 28,977 | 35,669 | 3,697 | 31,972 | — | 1986/2011 | ||||||||||||||||||||||||||||||
Avalon La Jolla Colony | San Diego, CA | 16,760 | 27,694 | 2,099 | 16,760 | 29,793 | 46,553 | 3,665 | 42,888 | 27,176 | 1987/2013 | ||||||||||||||||||||||||||||||
Eaves La Mesa | La Mesa, CA | 9,490 | 28,482 | 1,335 | 9,490 | 29,817 | 39,307 | 3,230 | 36,077 | — | 1989/2013 | ||||||||||||||||||||||||||||||
Los Angeles, CA | |||||||||||||||||||||||||||||||||||||||||
AVA Burbank | Burbank, CA | 22,483 | 28,104 | 48,076 | 22,483 | 76,180 | 98,663 | 32,069 | 66,594 | — | 1961/1997 | ||||||||||||||||||||||||||||||
Avalon Woodland Hills | Woodland Hills, CA | 23,828 | 40,372 | 46,946 | 23,828 | 87,318 | 111,146 | 36,446 | 74,700 | — | 1989/1997 | ||||||||||||||||||||||||||||||
Eaves Warner Center | Woodland Hills, CA | 7,045 | 12,986 | 9,304 | 7,045 | 22,290 | 29,335 | 13,017 | 16,318 | — | 1979/1998 | ||||||||||||||||||||||||||||||
Avalon at Glendale | Glendale, CA | — | 42,564 | 1,155 | — | 43,719 | 43,719 | 16,923 | 26,796 | — | 2003 | ||||||||||||||||||||||||||||||
Avalon Burbank | Burbank, CA | 14,053 | 56,827 | 23,842 | 14,053 | 80,669 | 94,722 | 29,268 | 65,454 | — | 1988/2002 | ||||||||||||||||||||||||||||||
Avalon Camarillo | Camarillo , CA | 8,446 | 40,290 | 142 | 8,446 | 40,432 | 48,878 | 12,232 | 36,646 | — | 2006 | ||||||||||||||||||||||||||||||
Avalon Wilshire | Los Angeles, CA | 5,459 | 41,182 | 1,045 | 5,459 | 42,227 | 47,686 | 11,268 | 36,418 | — | 2007 | ||||||||||||||||||||||||||||||
Avalon Encino | Encino, CA | 12,789 | 49,073 | 395 | 12,789 | 49,468 | 62,257 | 10,812 | 51,445 | — | 2008 | ||||||||||||||||||||||||||||||
Avalon Warner Place | Canoga Park, CA | 7,920 | 44,848 | 183 | 7,920 | 45,031 | 52,951 | 10,522 | 42,429 | — | 2008 | ||||||||||||||||||||||||||||||
Eaves Phillips Ranch | Pomona, CA | 9,796 | 41,740 | 246 | 9,796 | 41,986 | 51,782 | 5,516 | 46,266 | — | 1989/2011 | ||||||||||||||||||||||||||||||
Eaves San Dimas | San Dimas, CA | 1,916 | 7,819 | 519 | 1,916 | 8,338 | 10,254 | 1,089 | 9,165 | — | 1978/2011 | ||||||||||||||||||||||||||||||
Eaves San Dimas Canyon | San Dimas, CA | 2,953 | 12,428 | 191 | 2,953 | 12,619 | 15,572 | 1,663 | 13,909 | — | 1981/2011 | ||||||||||||||||||||||||||||||
AVA Pasadena | Pasadena, CA | 8,400 | 11,547 | 5,388 | 8,400 | 16,935 | 25,335 | 1,319 | 24,016 | 11,683 | 1973/2012 | ||||||||||||||||||||||||||||||
Eaves Cerritos | Artesia, CA | 8,305 | 21,195 | 1,392 | 8,305 | 22,587 | 30,892 | 1,991 | 28,901 | — | 1973/2012 | ||||||||||||||||||||||||||||||
Avalon Del Rey | Los Angeles, CA | 30,900 | 72,008 | 654 | 30,900 | 72,662 | 103,562 | 5,978 | 97,584 | — | 2006/2012 | ||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 Simi Valley | Simi Valley, CA | 42,020 | 73,361 | 4,411 | 42,020 | 77,772 | 119,792 | 9,158 | 110,634 | — | 2007/2013 | ||||||||||||||||||||||||||||||
Avalon Studio City II | Studio City, CA | 4,626 | 22,954 | 1,210 | 4,626 | 24,164 | 28,790 | 2,484 | 26,306 | — | 1991/2013 | ||||||||||||||||||||||||||||||
Avalon Studio City III | Studio City, CA | 15,756 | 78,178 | 3,418 | 15,756 | 81,596 | 97,352 | 8,428 | 88,924 | — | 2002/2013 | ||||||||||||||||||||||||||||||
Avalon Calabasas | Calabasas, CA | 42,720 | 107,642 | 6,649 | 42,720 | 114,291 | 157,011 | 13,810 | 143,201 | 100,237 | 1988/2013 | ||||||||||||||||||||||||||||||
Avalon Oak Creek | Agoura Hills, CA | 43,540 | 79,974 | 4,277 | 43,540 | 84,251 | 127,791 | 10,304 | 117,487 | 85,288 | 2004/2013 | ||||||||||||||||||||||||||||||
Avalon Santa Monica on Main | Santa Monica, CA | 32,000 | 60,770 | 3,359 | 32,000 | 64,129 | 96,129 | 6,720 | 89,409 | — | 2007/2013 | ||||||||||||||||||||||||||||||
Avalon Del Mar Station | Pasadena, CA | 20,560 | 106,556 | 3,277 | 20,560 | 109,833 | 130,393 | 9,650 | 120,743 | 76,471 | 2006/2013 | ||||||||||||||||||||||||||||||
Eaves Old Town Pasadena | Pasadena, CA | 9,110 | 15,371 | 1,188 | 9,110 | 16,559 | 25,669 | 2,053 | 23,616 | 15,669 | 1972/2013 | ||||||||||||||||||||||||||||||
Eaves Thousand Oaks | Thousand Oaks, CA | 13,950 | 20,211 | 2,053 | 13,950 | 22,264 | 36,214 | 3,208 | 33,006 | 27,411 | 1992/2013 | ||||||||||||||||||||||||||||||
Eaves Los Feliz | Los Angeles, CA | 18,940 | 43,661 | 3,160 | 18,940 | 46,821 | 65,761 | 5,463 | 60,298 | 43,258 | 1989/2013 | ||||||||||||||||||||||||||||||
Oakwood Toluca Hills | Los Angeles, CA | 85,450 | 161,256 | 9,933 | 85,450 | 171,189 | 256,639 | 20,490 | 236,149 | 165,561 | 1973/2013 | ||||||||||||||||||||||||||||||
Eaves Woodland Hills | Woodland Hills, CA | 68,940 | 90,549 | 9,014 | 68,940 | 99,563 | 168,503 | 13,226 | 155,277 | 104,694 | 1971/2013 | ||||||||||||||||||||||||||||||
Avalon Thousand Oaks Plaza | Thousand Oaks, CA | 12,810 | 22,581 | 1,807 | 12,810 | 24,388 | 37,198 | 3,226 | 33,972 | 28,394 | 2002/2013 | ||||||||||||||||||||||||||||||
Avalon Pasadena | Pasadena, CA | 10,240 | 31,558 | 1,808 | 10,240 | 33,366 | 43,606 | 3,503 | 40,103 | 28,079 | 2004/2013 | ||||||||||||||||||||||||||||||
Avalon Studio City | Studio City, CA | 17,658 | 90,715 | 4,094 | 17,658 | 94,809 | 112,467 | 9,702 | 102,765 | — | 1987/2013 | ||||||||||||||||||||||||||||||
Avalon San Dimas | San Dimas, CA | 9,140 | 30,445 | — | 9,140 | 30,445 | 39,585 | 313 | 39,272 | — | 2014 | ||||||||||||||||||||||||||||||
Avalon Mission Oaks | Camarillo, CA | 9,600 | 34,540 | 2,860 | 9,600 | 37,400 | 47,000 | 93 | 46,907 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL SOUTHERN CALIFORNIA | $ | 805,410 | $ | 2,171,128 | $ | 326,665 | $ | 805,410 | $ | 2,497,793 | $ | 3,303,203 | $ | 497,409 | $ | 2,805,794 | $ | 806,678 | |||||||||||||||||||||||
Non-Core | |||||||||||||||||||||||||||||||||||||||||
Archstone Lexington | Flower Mound, TX | $ | 4,540 | $ | 25,946 | $ | 1,823 | $ | 4,540 | $ | 27,769 | $ | 32,309 | $ | 3,551 | $ | 28,758 | $ | 16,525 | 2000/2013 | |||||||||||||||||||||
Archstone Toscano | Houston, TX | 15,607 | 72,154 | 5 | 15,607 | 72,159 | 87,766 | 3,324 | 84,442 | — | 2014 | ||||||||||||||||||||||||||||||
Memorial Heights Villages | Houston, TX | 9,607 | 42,164 | — | 9,607 | 42,164 | 51,771 | 724 | 51,047 | — | 2014 | ||||||||||||||||||||||||||||||
TOTAL NON-CORE | $ | 29,754 | $ | 140,264 | $ | 1,828 | $ | 29,754 | $ | 142,092 | $ | 171,846 | $ | 7,599 | $ | 164,247 | $ | 16,525 | |||||||||||||||||||||||
TOTAL CURRENT COMMUNITIES | $ | 3,412,833 | $ | 11,222,071 | $ | 1,077,984 | $ | 3,412,833 | $ | 12,300,055 | $ | 15,712,888 | $ | 2,858,260 | $ | 12,854,628 | $ | 3,448,138 | |||||||||||||||||||||||
DEVELOPMENT COMMUNITIES | |||||||||||||||||||||||||||||||||||||||||
Avalon West Chelsea/AVA High Line | New York, NY | $ | — | $ | 260,762 | $ | 11,823 | $ | — | $ | 272,585 | $ | 272,585 | $ | 4,302 | $ | 268,283 | $ | — | N/A | |||||||||||||||||||||
Avalon North Station | Boston, MA | — | — | 46,268 | — | 46,268 | 46,268 | — | 46,268 | — | N/A | ||||||||||||||||||||||||||||||
Avalon at Assembly Row/AVA Somerville | Somerville, MA | 15,239 | 80,685 | 33,327 | 15,239 | 114,012 | 129,251 | 1,095 | 128,156 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Framingham | Framingham, MA | — | — | 18,335 | — | 18,335 | 18,335 | — | 18,335 | — | N/A | ||||||||||||||||||||||||||||||
Avalon West Hollywood | West Hollywood, CA | — | 233 | 57,895 | — | 58,128 | 58,128 | — | 58,128 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Dublin Station II | Dublin, CA | — | 84 | 43,338 | — | 43,422 | 43,422 | — | 43,422 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Wharton | Wharton, NJ | 874 | 20,455 | 27,318 | 874 | 47,773 | 48,647 | 116 | 48,531 | — | N/A | ||||||||||||||||||||||||||||||
Initial Cost | Total Cost | ||||||||||||||||||||||||||||||||||||||||
Community | City and state | Land and improvements | 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 Green III | New York, NY | — | 4 | 1,443 | — | 1,447 | 1,447 | — | 1,447 | — | N/A | ||||||||||||||||||||||||||||||
AVA Little Tokyo | Los Angeles, CA | 5,479 | 35,923 | 64,425 | 5,479 | 100,348 | 105,827 | 423 | 105,404 | — | N/A | ||||||||||||||||||||||||||||||
AVA Theater District | Boston, MA | — | 315 | 132,767 | — | 133,082 | 133,082 | — | 133,082 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Marlborough | Boston, MA | — | 95 | 46,808 | — | 46,903 | 46,903 | — | 46,903 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Vista | Vista, CA | — | 292 | 36,338 | — | 36,630 | 36,630 | — | 36,630 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Bloomfield Station | Bloomfield, NJ | — | 56 | 29,624 | — | 29,680 | 29,680 | — | 29,680 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Willoughby Square/AVA DoBro | Brooklyn, NY | — | 80 | 266,238 | — | 266,318 | 266,318 | — | 266,318 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Alderwood I | Lynnwood, WA | 7,033 | 32,783 | 26,290 | 7,033 | 59,073 | 66,106 | 492 | 65,614 | — | N/A | ||||||||||||||||||||||||||||||
AVA Capitol Hill | Seattle, WA | — | — | 39,870 | — | 39,870 | 39,870 | — | 39,870 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Esterra Park | Redmond, WA | — | 8 | 33,515 | — | 33,523 | 33,523 | — | 33,523 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Hayes Valley | San Francisco, CA | — | 887 | 78,685 | — | 79,572 | 79,572 | — | 79,572 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Baker Ranch | Lake Forest, CA | 3,684 | 12,815 | 94,303 | 3,684 | 107,118 | 110,802 | 54 | 110,748 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Irvine III | Irvine, CA | — | 50 | 26,253 | — | 26,303 | 26,303 | — | 26,303 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Huntington Beach | Huntington Beach, CA | — | 78 | 40,661 | — | 40,739 | 40,739 | — | 40,739 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Glendora | Glendora, CA | — | 55 | 52,091 | — | 52,146 | 52,146 | — | 52,146 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Falls Church | Falls Church, VA | — | 240 | 69,391 | — | 69,631 | 69,631 | — | 69,631 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Roseland | Roseland, NJ | — | 372 | 32,771 | — | 33,143 | 33,143 | — | 33,143 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Princeton | Princeton, NJ | — | 70 | 35,386 | — | 35,456 | 35,456 | — | 35,456 | — | N/A | ||||||||||||||||||||||||||||||
Avalon Union | Union, NJ | — | — | 12,717 | — | 12,717 | 12,717 | — | 12,717 | — | N/A | ||||||||||||||||||||||||||||||
TOTAL DEVELOPMENT COMMUNITIES | $ | 32,309 | $ | 446,342 | $ | 1,357,880 | $ | 32,309 | $ | 1,804,222 | $ | 1,836,531 | $ | 6,482 | $ | 1,830,049 | $ | — | |||||||||||||||||||||||
Land Held for Development | $ | 180,516 | $ | — | $ | — | $ | 180,516 | $ | — | $ | 180,516 | $ | — | $ | 180,516 | $ | — | |||||||||||||||||||||||
Corporate Overhead | 31,344 | 31,699 | 56,338 | 31,344 | 88,037 | 119,381 | 48,834 | 70,547 | 3,000,000 | ||||||||||||||||||||||||||||||||
TOTAL | $ | 3,657,002 | $ | 11,700,112 | $ | 2,492,202 | $ | 3,657,002 | $ | 14,192,314 | $ | 17,849,316 | $ | 2,913,576 | $ | 14,935,740 | $ | 6,448,138 | |||||||||||||||||||||||
_________________________________ | |||||||||||||||||||||||||||||||||||||||||
-1 | Includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015. | ||||||||||||||||||||||||||||||||||||||||
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 $17,561,706 at December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||
The changes in total real estate assets for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 16,800,321 | $ | 10,071,342 | $ | 9,288,496 | |||||||||||||||||||||||||||||||||||
Acquisitions, construction costs and improvements | 1,311,003 | 7,157,639 | 934,935 | ||||||||||||||||||||||||||||||||||||||
Dispositions, including impairment loss on planned dispositions | (262,008 | ) | (428,660 | ) | (152,089 | ) | |||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 17,849,316 | $ | 16,800,321 | $ | 10,071,342 | |||||||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012, are as follows: | |||||||||||||||||||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,516,112 | $ | 2,056,222 | $ | 1,863,466 | |||||||||||||||||||||||||||||||||||
Depreciation, including discontinued operations | 442,682 | 573,715 | 260,094 | ||||||||||||||||||||||||||||||||||||||
Dispositions | (45,218 | ) | (113,825 | ) | (67,338 | ) | |||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,913,576 | $ | 2,516,112 | $ | 2,056,222 | |||||||||||||||||||||||||||||||||||
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Organization | Organization | |||||||||||
AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. | ||||||||||||
At December 31, 2014, the Company owned or held a direct or indirect ownership interest in 251 operating apartment communities containing 73,963 apartment homes in 11 states and the District of Columbia, of which eight communities containing 2,938 apartment homes were under reconstruction. In addition, the Company owned or held a direct or indirect ownership interest in 26 communities under construction that are expected to contain an aggregate of 8,524 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 37 communities that, if developed as expected, will contain an estimated 10,384 apartment homes. | ||||||||||||
Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. | ||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||
The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that 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 records a charge to income for outstanding receivables greater than 90 days past due as a component of operating expenses, excluding property taxes on the accompanying Consolidated Statements of Comprehensive Income. | ||||||||||||
The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company 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 in earnings as incurred. The Company defers costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. | ||||||||||||
The Company acquired as a Development Right one land parcel partially improved with office buildings, industrial space and other commercial and residential ventures occupied by unrelated third parties. As of December 31, 2014, the Company is actively pursuing development of this parcel. For the land parcel 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 Company expenses all costs incurred related to acquisitions of operating communities. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applies industry standard replacement costs adjusted for geographic specific considerations, and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information and depreciation curves for the identified asset classes. The value of the acquired lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the significance of unobservable inputs used in the value of real estate assets acquired, it classifies them as Level 3 prices in the fair value hierarchy. | ||||||||||||
Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years. | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
As of December 31, 2014 and 2013, 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 2011 through 2013. | ||||||||||||
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, 2014, 2013 and 2012. In addition, taxable income from non-REIT activities performed through taxable REIT subsidiaries ("TRS") is subject to federal, state and local income taxes. The Company incurred income tax expense of $9,368,000 in 2014 associated with disposition activities transacted through a TRS. See Note 6, "Investments in Real Estate Entities" and Note 7, "Real Estate Disposition Activities," for further discussion. | ||||||||||||
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. | ||||||||||||
Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Cash in Escrow | |||||||||||
Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. | ||||||||||||
Comprehensive Income | Comprehensive Income | |||||||||||
Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. | ||||||||||||
Earnings per Common Share | Earnings per Common Share | |||||||||||
Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): | ||||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Basic and diluted shares outstanding | ||||||||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Weighted average DownREIT units outstanding | 7,500 | 7,500 | 7,500 | |||||||||
Effect of dilutive securities | 643,284 | 402,649 | 601,251 | |||||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Calculation of Earnings per Share—basic | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Net income allocated to unvested restricted shares | (1,523 | ) | (563 | ) | (1,264 | ) | ||||||
Net income attributable to common stockholders, adjusted | $ | 682,044 | $ | 352,578 | $ | 422,605 | ||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Earnings per common share—basic | $ | 5.22 | $ | 2.78 | $ | 4.34 | ||||||
Calculation of Earnings per Share—diluted | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 35 | 32 | 28 | |||||||||
Adjusted net income attributable to common stockholders | $ | 683,602 | $ | 353,173 | $ | 423,897 | ||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Earnings per common share—diluted | $ | 5.21 | $ | 2.78 | $ | 4.32 | ||||||
Dividends per common share | $ | 4.64 | $ | 4.28 | $ | 3.88 | ||||||
Certain options to purchase shares of common stock in the amount 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 for the period. All options to purchase shares of common stock outstanding as of December 31, 2014 are included in the computation of diluted earnings per share. | ||||||||||||
The Company is required to estimate the forfeiture of stock options and recognize compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost are adjusted to reflect actual forfeitures at the end of the vesting period. The forfeiture rate at December 31, 2014 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, 2014, 2013 and 2012. | ||||||||||||
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss | Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss | |||||||||||
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, 2014, 2013 and 2012, 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 $3,964,000, $998,000 and $1,757,000 during the years ended December 31, 2014, 2013 and 2012, respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. | ||||||||||||
The Company evaluates its real estate and other long-lived assets for impairment 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 2014, 2013 or 2012. | ||||||||||||
The Company also evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated entities during the years ended December 31, 2014, 2013 or 2012. | ||||||||||||
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 2014 or 2013. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $2,494,000 and $299,000 in income related business interruption insurance proceeds for the years ended December 31, 2014 and 2013, respectively. There were no business interruption insurance proceeds received in 2012. | ||||||||||||
See Note 14, "Subsequent Events," for discussion of the fire at Avalon at Edgewater. | ||||||||||||
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. | ||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests | |||||||||||
Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock 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 12, "Fair Value." | ||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | |||||||||||
The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of general and administrative expenses. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. 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. See Note 12, "Fair Value," for further discussion of derivative financial instruments. | ||||||||||||
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. | ||||||||||||
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 as a result of discontinued operations and changes in held for sale classification as described in Note 7, “Real Estate Disposition Activities.” | ||||||||||||
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards | |||||||||||
In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("FASB") (ASU) 2014-08, guidance updating the accounting and reporting for discontinued operations. Under the recently issued guidance, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Additionally, the final standard requires expanded disclosures about dispositions that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations, as well as disposals of a significant part of an entity that does not qualify for discontinued operations reporting. The final standard is effective in the first quarter of 2015 and allows for early adoption. The Company adopted the guidance as of January 1, 2014, as discussed in Note 7, “Real Estate Disposition Activities.” | ||||||||||||
In May 2014, the FASB issued a revenue recognition standard that will result in companies recognizing revenue from contracts when control for the service or product that is the subject of the contract is transferred from the seller to the buyer. The Company will be required to apply the new standard in the first quarter of 2017 and is assessing whether the new standard will have a material effect on its financial position or results of operations. |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Schedule of reconciliation of income from book basis to tax basis | The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2014, 2013 and 2012 (dollars in thousands): | |||||||||||
2014 Estimate | 2013 Actual | 2012 Actual | ||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
GAAP gain on sale of communities (in excess of) less than tax gain | 17,688 | 29,388 | 37,525 | |||||||||
Depreciation/amortization timing differences on real estate | 42,195 | 180,293 | 9,572 | |||||||||
Deductible acquisition costs | (7,681 | ) | (26,427 | ) | — | |||||||
Amortization of debt/mark to market interest | (38,202 | ) | (31,965 | ) | — | |||||||
Tax compensation expense less than (in excess of) GAAP | (6,789 | ) | 12,886 | (26,314 | ) | |||||||
Casualty and impairment loss | — | — | 1,449 | |||||||||
Other adjustments | (39,726 | ) | 1,018 | (9,034 | ) | |||||||
Taxable net income | $ | 651,052 | $ | 518,334 | $ | 437,067 | ||||||
Schedule of tax components of the entity's common dividends declared | The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | 62 | % | 42 | % | 47 | % | ||||||
20% capital gain (15% for 2012) | 29 | % | 40 | % | 33 | % | ||||||
Unrecaptured §1250 gain | 9 | % | 18 | % | 20 | % | ||||||
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 | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Basic and diluted shares outstanding | ||||||||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Weighted average DownREIT units outstanding | 7,500 | 7,500 | 7,500 | |||||||||
Effect of dilutive securities | 643,284 | 402,649 | 601,251 | |||||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Calculation of Earnings per Share—basic | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Net income allocated to unvested restricted shares | (1,523 | ) | (563 | ) | (1,264 | ) | ||||||
Net income attributable to common stockholders, adjusted | $ | 682,044 | $ | 352,578 | $ | 422,605 | ||||||
Weighted average common shares—basic | 130,586,718 | 126,855,754 | 97,416,401 | |||||||||
Earnings per common share—basic | $ | 5.22 | $ | 2.78 | $ | 4.34 | ||||||
Calculation of Earnings per Share—diluted | ||||||||||||
Net income attributable to common stockholders | $ | 683,567 | $ | 353,141 | $ | 423,869 | ||||||
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 35 | 32 | 28 | |||||||||
Adjusted net income attributable to common stockholders | $ | 683,602 | $ | 353,173 | $ | 423,897 | ||||||
Weighted average common shares—diluted | 131,237,502 | 127,265,903 | 98,025,152 | |||||||||
Earnings per common share—diluted | $ | 5.21 | $ | 2.78 | $ | 4.32 | ||||||
Dividends per common share | $ | 4.64 | $ | 4.28 | $ | 3.88 | ||||||
Notes_Payable_Unsecured_Notes_1
Notes Payable, Unsecured Notes and Credit Facility (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility | The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2014 and December 31, 2013, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 7, "Real Estate Disposition Activities"). | ||||||||||||||
12/31/14 | 12/31/13 | ||||||||||||||
Fixed rate unsecured notes (1) | $ | 2,750,000 | $ | 2,600,000 | |||||||||||
Term Loan | 250,000 | — | |||||||||||||
Fixed rate mortgage notes payable—conventional and tax-exempt (2) | 2,400,677 | 2,407,962 | |||||||||||||
Variable rate mortgage notes payable—conventional and tax-exempt | 1,047,461 | 1,011,609 | |||||||||||||
Total notes payable and unsecured notes | 6,448,138 | 6,019,571 | |||||||||||||
Credit Facility | — | — | |||||||||||||
Total mortgage notes payable, unsecured notes and Credit Facility | $ | 6,448,138 | $ | 6,019,571 | |||||||||||
_________________________________ | |||||||||||||||
-1 | Balances at December 31, 2014 and December 31, 2013 exclude $6,735 and $5,291, respectively, of debt discount as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets. | ||||||||||||||
-2 | Balances at December 31, 2014 and December 31, 2013 exclude $84,449 and $120,071, respectively, of debt premium 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, 2014 are as follows (dollars in thousands): | ||||||||||||||
Year | Secured | Secured | Unsecured | Stated interest | |||||||||||
notes | notes | notes | rate of | ||||||||||||
payments | maturities | maturities | unsecured notes | ||||||||||||
2015 | $ | 17,873 | $ | 586,705 | $ | — | — | % | |||||||
2016 | 19,037 | 16,255 | 250,000 | 5.75 | % | ||||||||||
2017 | 20,255 | 710,291 | 250,000 | 5.7 | % | ||||||||||
2018 | 19,649 | 76,937 | — | — | % | ||||||||||
2019 | 7,141 | 658,447 | — | — | % | ||||||||||
2020 | 6,209 | 50,824 | 250,000 | 6.1 | % | ||||||||||
400,000 | 3.625 | % | |||||||||||||
2021 | 5,984 | 27,844 | 250,000 | 3.95 | % | ||||||||||
250,000 | LIBOR + 1.450% | ||||||||||||||
2022 | 6,351 | — | 450,000 | 2.95 | % | ||||||||||
2023 | 6,742 | — | 350,000 | 4.2 | % | ||||||||||
250,000 | 2.85 | % | |||||||||||||
2024 | 4,858 | — | 300,000 | 3.5 | % | ||||||||||
Thereafter | — | 1,206,736 | — | — | % | ||||||||||
$ | 114,099 | $ | 3,334,039 | $ | 3,000,000 | ||||||||||
Archstone_Acquisition_Tables
Archstone Acquisition (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Summary of final purchase price allocation | 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. | |||||||
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, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Combined summary of the financial position of the entities accounted for using the equity method | The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with the Residual JV (dollars in thousands): | |||||||||||
12/31/14 | 12/31/13 | |||||||||||
Assets: | ||||||||||||
Real estate, net | $ | 1,617,627 | $ | 1,905,005 | ||||||||
Other assets | 72,290 | 164,183 | ||||||||||
Total assets | $ | 1,689,917 | $ | 2,069,188 | ||||||||
Liabilities and partners' capital: | ||||||||||||
Mortgage notes payable and credit facility | $ | 980,128 | $ | 1,251,067 | ||||||||
Other liabilities | 24,884 | 32,257 | ||||||||||
Partners' capital | 684,905 | 785,864 | ||||||||||
Total liabilities and partners' capital | $ | 1,689,917 | $ | 2,069,188 | ||||||||
Combined summary of the operating results of the entities accounted for using the equity method | The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with the Residual JV (dollars in thousands): | |||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Rental and other income | $ | 198,939 | $ | 212,994 | $ | 172,076 | ||||||
Operating and other expenses | (80,301 | ) | (86,434 | ) | (73,955 | ) | ||||||
Gain on sale of real estate (1) | 333,221 | 96,152 | 106,195 | |||||||||
Interest expense, net | (61,458 | ) | (61,404 | ) | (53,904 | ) | ||||||
Depreciation expense | (52,116 | ) | (61,002 | ) | (47,748 | ) | ||||||
Net income | $ | 338,285 | $ | 100,306 | $ | 102,664 | ||||||
_________________________________ | ||||||||||||
-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 (loss) of unconsolidated entities for the years presented (dollars in thousands): | |||||||||||
For the year ended | ||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | ||||||||||
Fund I (1) | $ | 475 | $ | 10,924 | $ | 7,041 | ||||||
Fund II (2) | 24,808 | 6,206 | 2,130 | |||||||||
U.S. Fund (3) | 342 | (661 | ) | — | ||||||||
AC JV (3) | 1,579 | 2,569 | — | |||||||||
CVP I, LLC (4) | 113,127 | 5,783 | 5,394 | |||||||||
MVP I, LLC (5) | 1,651 | 1,137 | 493 | |||||||||
Brandywine (3) | 828 | 661 | — | |||||||||
Arna Valley View LP (6) | 2,406 | — | — | |||||||||
Residual JV (3) (7) | 3,547 | (38,332 | ) | — | ||||||||
Avalon Del Rey, LLC (8) | — | 181 | 4,000 | |||||||||
Juanita Village (6) | 3 | 378 | 1,856 | |||||||||
Total | $ | 148,766 | $ | (11,154 | ) | $ | 20,914 | |||||
_________________________________ | ||||||||||||
-1 | Equity in income for the years ended December 31, 2014, 2013 and 2012 includes the Company's proportionate share of the gain on the sale of Fund I assets of $944, $11,484 and $7,971, respectively. | |||||||||||
-2 | Equity in income for the years ended December 31, 2014 and 2013 includes the Company's proportionate share of the gain on the sale of Fund II assets of $21,624 and $2,790, respectively. | |||||||||||
-3 | The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition. | |||||||||||
-4 | Equity in income for the years ended December 31, 2014, 2013 and 2012 includes $61,218, $5,527 and $5,260, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes $50,478 related to the disposition of Avalon Chrystie Place. | |||||||||||
-5 | Equity in income for the years ended December 31, 2014 and 2013 includes $930 and $516 relating to the Company's recognition of its promoted interest. | |||||||||||
-6 | The Company's equity in income for this entity represents its residual profits from the sale of the community. | |||||||||||
-7 | Equity in income from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture. | |||||||||||
-8 | During 2012, the Company purchased its joint venture partner's interest in this venture. |
Real_Estate_Disposition_Activi1
Real Estate Disposition Activities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
Details regarding the real estate sales | Details regarding the real estate sales are summarized in the following table (dollars in thousands): | ||||||||||||||||||
Community Name | Location | Period | Apartment | Debt | Gross | Net | |||||||||||||
of sale | homes | sales price | proceeds | ||||||||||||||||
Avalon Valley | Danbury, CT | Q114 | 268 | $ | — | $ | 53,325 | $ | 52,147 | ||||||||||
Oakwood Philadelphia | Philadelphia, PA | Q214 | 80 | 16,341 | -1 | 28,875 | 10,932 | ||||||||||||
Avalon Danvers | Danvers, MA | Q214 | 433 | — | 108,500 | 107,231 | |||||||||||||
Archstone Memorial Heights | Houston, TX | Q414 | 556 | — | 105,500 | 103,182 | |||||||||||||
Huntington Station Land | Huntington Station, NY | Q414 | — | — | 8,050 | 7,633 | |||||||||||||
Total of 2014 asset sales | 1,337 | $ | 16,341 | $ | 304,250 | $ | 281,125 | ||||||||||||
Total of 2013 asset sales (2) | 3,299 | $ | — | $ | 932,800 | $ | 919,442 | ||||||||||||
Total of 2012 asset sales | 1,578 | $ | — | $ | 280,550 | $ | 274,018 | ||||||||||||
_________________________________ | |||||||||||||||||||
-1 | Amount includes $10,427 principal amount secured by Oakwood Philadelphia and $5,914 principal amount of secured borrowings repaid by the Company for eight other operating communities, the aggregate of which is included in determining net proceeds. | ||||||||||||||||||
-2 | 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 | |||||||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||||||
Rental income | $ | 579 | $ | 42,874 | $ | 63,406 | |||||||||||||
Operating and other expenses | (269 | ) | (12,661 | ) | (19,437 | ) | |||||||||||||
Interest expense, net | — | — | (133 | ) | |||||||||||||||
Loss on extinguishment of debt | — | — | (602 | ) | |||||||||||||||
Depreciation expense | — | (13,500 | ) | (16,414 | ) | ||||||||||||||
Income (loss) from discontinued operations | $ | 310 | $ | 16,713 | $ | 26,820 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||
Future Minimum Lease Payments Under Current Leases | The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): | |||||||||||||||||||||||
Payments due by period | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
Operating Lease Obligations | $ | 20,337 | $ | 20,933 | $ | 20,531 | $ | 22,339 | $ | 20,717 | $ | 1,227,854 | ||||||||||||
Capital Lease Obligations (1) (2) | 1,885 | 19,083 | 848 | 848 | 848 | 39,087 | ||||||||||||||||||
$ | 22,222 | $ | 40,016 | $ | 21,379 | $ | 23,187 | $ | 21,565 | $ | 1,266,941 | |||||||||||||
_________________________________ | ||||||||||||||||||||||||
-1 | Aggregate capital lease payments include $28,318 in interest costs. | |||||||||||||||||||||||
-2 | At December 31, 2014, capital lease assets of $31,784 are included as a component of land and improvements on the accompanying Consolidated Balance Sheets. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2014, 2013 and 2012 is as follows (dollars in thousands): | ||||||||||||||
For the year ended | |||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||
Net income | $ | 697,327 | $ | 352,771 | $ | 423,562 | |||||||||
Indirect operating expenses, net of corporate income | 49,055 | 41,554 | 31,911 | ||||||||||||
Investments and investment management expense | 4,485 | 3,990 | 6,071 | ||||||||||||
Expensed acquisition, development and other pursuit costs, net of recoveries | (3,717 | ) | 45,050 | 11,350 | |||||||||||
Interest expense, net (1) | 180,618 | 172,402 | 136,920 | ||||||||||||
Loss on extinguishment of debt, net | 412 | 14,921 | 1,179 | ||||||||||||
Loss on interest rate contract | — | 51,000 | — | ||||||||||||
General and administrative expense | 41,425 | 39,573 | 34,101 | ||||||||||||
Equity in loss (income) of unconsolidated entities | (148,766 | ) | 11,154 | (20,914 | ) | ||||||||||
Depreciation expense (1) | 442,682 | 560,215 | 243,680 | ||||||||||||
Income tax expense | 9,368 | — | — | ||||||||||||
Casualty and impairment loss | — | — | 1,449 | ||||||||||||
Gain on acquisition of unconsolidated real estate entity | — | — | (14,194 | ) | |||||||||||
Gain on sale of real estate assets | (85,415 | ) | (240 | ) | (280 | ) | |||||||||
Gain on sale of discontinued operations | (37,869 | ) | (278,231 | ) | (146,311 | ) | |||||||||
Income from discontinued operations | (310 | ) | (16,713 | ) | (26,820 | ) | |||||||||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | (15,199 | ) | (19,448 | ) | (13,776 | ) | |||||||||
Net operating income | $ | 1,134,096 | $ | 977,998 | $ | 667,928 | |||||||||
_________________________________ | |||||||||||||||
-1 | Includes amounts associated with assets sold or held for sale, not classified as discontinued operations. | ||||||||||||||
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands): | ||||||||||||||
For the year ended | |||||||||||||||
12/31/14 | 12/31/13 | 12/31/12 | |||||||||||||
Rental income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 24,389 | $ | 30,867 | $ | 21,463 | |||||||||
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations | (9,190 | ) | (11,419 | ) | (7,687 | ) | |||||||||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 15,199 | $ | 19,448 | $ | 13,776 | |||||||||
Schedule of details of segment information | |||||||||||||||
Total | NOI | % NOI change | Gross | ||||||||||||
revenue | from prior year | real estate (1) | |||||||||||||
For the year ended December 31, 2014 (2) | |||||||||||||||
Established | |||||||||||||||
New England | $ | 179,116 | $ | 113,905 | 0.8 | % | $ | 1,373,065 | |||||||
Metro NY/NJ | 318,710 | 223,591 | 3.1 | % | 2,379,178 | ||||||||||
Mid-Atlantic | 98,590 | 69,498 | (2.5 | )% | 647,374 | ||||||||||
Pacific Northwest | 54,230 | 37,637 | 7 | % | 500,247 | ||||||||||
Northern California | 174,527 | 132,899 | 8.2 | % | 1,402,444 | ||||||||||
Southern California | 139,841 | 95,626 | 5.2 | % | 1,225,328 | ||||||||||
Total Established (3) | 965,014 | 673,156 | 3.5 | % | 7,527,636 | ||||||||||
Other Stabilized | 497,756 | 343,061 | N/A | 6,062,844 | |||||||||||
Development / Redevelopment | 186,852 | 117,879 | N/A | 3,972,180 | |||||||||||
Land Held for Future Development | N/A | N/A | N/A | 180,516 | |||||||||||
Non-allocated (4) | 11,050 | N/A | N/A | 41,643 | |||||||||||
Total | $ | 1,660,672 | $ | 1,134,096 | 16 | % | $ | 17,784,819 | |||||||
For the year ended December 31, 2013 | |||||||||||||||
Established | |||||||||||||||
New England | $ | 159,670 | $ | 103,679 | 2.3 | % | $ | 1,227,582 | |||||||
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 (3) | 816,586 | 567,652 | 4.9 | % | 6,520,046 | ||||||||||
Other Stabilized | 486,780 | 330,998 | N/A | 6,626,884 | |||||||||||
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 (4) | 11,502 | N/A | N/A | 10,279 | |||||||||||
Total | $ | 1,432,054 | $ | 977,998 | 46.4 | % | $ | 16,481,608 | |||||||
For the year ended December 31, 2012 | |||||||||||||||
Established | |||||||||||||||
New England | $ | 145,629 | $ | 94,481 | 5.1 | % | $ | 1,115,098 | |||||||
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 (3) | 707,892 | 493,639 | 7.6 | % | 5,737,155 | ||||||||||
Other Stabilized | 131,248 | 84,504 | N/A | 1,284,666 | |||||||||||
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 (4) | 10,257 | N/A | N/A | 73,724 | |||||||||||
Total | $ | 979,164 | $ | 667,928 | 14.6 | % | $ | 9,443,859 | |||||||
_________________________________ | |||||||||||||||
-1 | Does not include gross real estate assets held for sale of $64,497, $318,713 and $627,483 as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
-2 | Results for the year ended December 31, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment. | ||||||||||||||
-3 | Gross real estate for the Company's Established Communities includes capitalized additions of approximately $52,635, $33,553 and $25,448 in 2014, 2013 and 2012, respectively. | ||||||||||||||
-4 | 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, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of information with respect to stock options granted | Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: | |||||||||||||
2009 Plan | Weighted | 1994 Plan | Weighted | |||||||||||
shares | average | shares | average | |||||||||||
exercise price | exercise price | |||||||||||||
per share | per share | |||||||||||||
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 | ||||||||
Exercised | (157,454 | ) | 116.4 | (342,743 | ) | 99.03 | ||||||||
Granted | — | — | — | — | ||||||||||
Forfeited | (4,052 | ) | 131.05 | (76,381 | ) | 142.66 | ||||||||
Options Outstanding, December 31, 2014 | 340,062 | $ | 122.67 | 272,402 | $ | 104.96 | ||||||||
Options Exercisable: | ||||||||||||||
December 31, 2012 | 74,618 | $ | 97.46 | 719,830 | $ | 105.4 | ||||||||
December 31, 2013 | 184,167 | $ | 107.18 | 691,526 | $ | 106.19 | ||||||||
December 31, 2014 | 185,227 | $ | 116.71 | 272,402 | $ | 104.96 | ||||||||
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, 2014: | |||||||||||||
2009 Plan | Range—Exercise Price | Weighted Average | ||||||||||||
Number of Options | Remaining Contractual Term | |||||||||||||
(in years) | ||||||||||||||
32,821 | $70.00 | - | $79.99 | 5.1 | ||||||||||
51,808 | 110 | - | 119.99 | 6.1 | ||||||||||
63,961 | 120 | - | 129.99 | 8.2 | ||||||||||
189,973 | 130 | - | 139.99 | 7.6 | ||||||||||
1,499 | 140 | - | 149.99 | 7.5 | ||||||||||
340,062 | ||||||||||||||
1994 Plan | Range—Exercise Price | Weighted Average | ||||||||||||
Number of Options | Remaining Contractual Term | |||||||||||||
(in years) | ||||||||||||||
43,806 | $40.00 | - | $49.99 | 4.1 | ||||||||||
92 | 60 | - | 69.99 | 0.1 | ||||||||||
730 | 70 | - | 79.99 | 0.5 | ||||||||||
66,101 | 80 | - | 89.99 | 3.1 | ||||||||||
52,720 | 90 | - | 99.99 | 1.1 | ||||||||||
108,953 | 140 | - | 149.99 | 2.1 | ||||||||||
272,402 | ||||||||||||||
Summary of weighted average fair value of employee stock options and associated assumptions used to calculate the value | The following table summarizes the weighted average fair value of employee stock options for 2013 and 2012 and the associated assumptions used to calculate the value. There were no stock options granted in 2014. | |||||||||||||
2013 | 2012 | |||||||||||||
Weighted average fair value per share | $ | 26.78 | $ | 29.11 | ||||||||||
Life of options (in years) | 5 | 5 | ||||||||||||
Dividend yield | 3.7 | % | 3.5 | % | ||||||||||
Volatility | 34 | % | 35 | % | ||||||||||
Risk-free interest rate | 0.91 | % | 0.87 | % |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated Hedging Derivatives at December 31, 2014, excluding derivatives executed to hedge debt on communities classified as held for sale (dollars in thousands): | |||||||||||||||
Non-designated | Cash Flow | |||||||||||||||
Hedges | Hedges | |||||||||||||||
Notional balance | $ | 605,515 | $ | 170,909 | ||||||||||||
Weighted average interest rate (1) | 1.7 | % | 2.5 | % | ||||||||||||
Weighted average capped interest rate | 6 | % | 5.1 | % | ||||||||||||
Earliest maturity date | Feb-16 | Apr-15 | ||||||||||||||
Latest maturity date | Aug-18 | Apr-19 | ||||||||||||||
_________________________________ | ||||||||||||||||
-1 | Represents the weighted average interest rate on the hedged 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) | |||||||||||||||
12/31/14 | ||||||||||||||||
Non Designated Hedges | ||||||||||||||||
Interest Rate Caps | $ | 50 | $ | — | $ | 50 | $ | — | ||||||||
Cash Flow Hedges | ||||||||||||||||
Interest Rate Caps | 58 | — | 58 | — | ||||||||||||
Put(s) | (11,104 | ) | — | — | (11,104 | ) | ||||||||||
DownREIT units | (1,226 | ) | (1,226 | ) | — | — | ||||||||||
Indebtedness | (6,558,022 | ) | (2,874,147 | ) | (3,683,875 | ) | — | |||||||||
Total | $ | (6,570,244 | ) | $ | (2,875,373 | ) | $ | (3,683,767 | ) | $ | (11,104 | ) | ||||
12/31/13 | ||||||||||||||||
Non Designated Hedges | ||||||||||||||||
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 | ) |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following summary represents the unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 (dollars in thousands, except per share amounts): | |||||||||||||||
For the three months ended (1) | ||||||||||||||||
3/31/14 | 6/30/14 | 9/30/14 | 12/31/14 | |||||||||||||
Total revenue | $ | 400,075 | $ | 413,806 | $ | 430,525 | $ | 440,656 | ||||||||
Income from continuing operations | $ | 103,420 | $ | 172,197 | $ | 241,001 | $ | 142,530 | ||||||||
Total discontinued operations | $ | 38,179 | $ | — | $ | — | $ | — | ||||||||
Net income attributable to common stockholders | $ | 141,739 | $ | 158,086 | $ | 241,100 | $ | 142,642 | ||||||||
Net income per common share—basic | $ | 1.09 | $ | 1.22 | $ | 1.83 | $ | 1.08 | ||||||||
Net income per common share—diluted | $ | 1.09 | $ | 1.21 | $ | 1.83 | $ | 1.08 | ||||||||
For the three months ended (1) | ||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | |||||||||||||
Total revenue | $ | 301,356 | $ | 378,207 | $ | 389,189 | $ | 394,169 | ||||||||
Income (loss) from continuing operations | $ | (14,767 | ) | $ | 334 | $ | (15,949 | ) | $ | 88,209 | ||||||
Total discontinued operations | $ | 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 | |||||||
_________________________________ | ||||||||||||||||
-1 | 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, 2014 | |
community | |
property | |
home | |
state | |
Organization and Basis of Presentation | |
Number of operating apartment communities owned | 251 |
Number of apartment homes included in operating apartment communities owned | 73,963 |
Number of states where operating apartment communities owned are located | 11 |
Number of communities with apartments under reconstruction | 8 |
Number of apartment homes under reconstruction | 2,938 |
Number of owned communities under construction | 26 |
Expected number of apartment homes under construction | 8,524 |
Communities under development rights | 37 |
Estimated number of apartment homes in communities to be developed | 10,384 |
Period of lease (in years) | 1 year |
Real Estate | |
Number of land parcels acquired under development rights | 1 |
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 (in years) | 7 years |
Buildings and Building Improvements | Maximum | |
Real Estate | |
Estimated useful life of buildings and improvements (in years) | 30 years |
Computers and furniture | |
Real Estate | |
Capitalization of minimum improvements and upgrades | 2,500 |
Computers and furniture | Minimum | |
Real Estate | |
Estimated useful life of buildings and improvements (in years) | 3 years |
Computers and furniture | Maximum | |
Real Estate | |
Estimated useful life of buildings and improvements (in years) | 7 years |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||||||||||
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent) | 90.00% | ||||||||||
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent) | 100.00% | ||||||||||
Income Taxes [Line Items] | |||||||||||
Unrecognized tax benefits | $0 | $0 | $0 | $0 | |||||||
Excise and Sales Taxes | 0 | 0 | 0 | ||||||||
Excise Tax Refund | 0 | 0 | 0 | 0 | 0 | ||||||
Income tax expense | 9,368,000 | 0 | 0 | ||||||||
Reconciliation of Income from Book Basis to Tax Basis Adjustment | |||||||||||
Net income attributable to common stockholders | 142,642,000 | 241,100,000 | 158,086,000 | 141,739,000 | 252,212,000 | -10,715,000 | 36,218,000 | 75,427,000 | 683,567,000 | 353,141,000 | 423,869,000 |
GAAP gain on sale of communities (in excess of) less than tax gain | 17,688,000 | 29,388,000 | 37,525,000 | ||||||||
Depreciation/amortization timing differences on real estate | 42,195,000 | 180,293,000 | 9,572,000 | ||||||||
Deductible acquisition costs | -7,681,000 | -26,427,000 | 0 | ||||||||
Amortization of debt/mark to market interest | -38,202,000 | -31,965,000 | 0 | ||||||||
Tax compensation expense less than (in excess of) GAAP | -6,789,000 | 12,886,000 | -26,314,000 | ||||||||
Casualty and impairment loss | 0 | 0 | 1,449,000 | ||||||||
Other adjustments | -39,726,000 | 1,018,000 | -9,034,000 | ||||||||
Taxable net income | 651,052,000 | 518,334,000 | 437,067,000 | ||||||||
Tax components of common stock dividends declared | |||||||||||
Ordinary income (as a percent) | 62.00% | 42.00% | 47.00% | ||||||||
15% capital gain (20% for 2013) (as a percent) | 29.00% | 40.00% | 33.00% | ||||||||
Capital gain tax rate (as a percent) | 20.00% | 20.00% | 15.00% | ||||||||
Unrecaptured 1250 gain (as a percent) | 9.00% | 18.00% | 20.00% | ||||||||
Deferred Financing Costs | |||||||||||
Accumulated amortization of deferred finance costs | $24,444,000 | $19,719,000 | $24,444,000 | $19,719,000 |
Organization_and_Basis_of_Pres5
Organization and Basis of Presentation (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
home | home | ||||||||||
Basic and diluted shares outstanding | |||||||||||
Weighted average common sharesbbasic | 130,586,718 | 126,855,754 | 97,416,401 | ||||||||
Weighted average DownREIT units outstanding (in shares) | 7,500 | 7,500 | 7,500 | ||||||||
Effect of dilutive securities (in shares) | 643,284 | 402,649 | 601,251 | ||||||||
Weighted average common shares - diluted (in shares) | 131,237,502 | 127,265,903 | 98,025,152 | ||||||||
Calculation of Earnings per Sharebbasic | |||||||||||
Net income attributable to common stockholders | $142,642,000 | $241,100,000 | $158,086,000 | $141,739,000 | $252,212,000 | ($10,715,000) | $36,218,000 | $75,427,000 | $683,567,000 | $353,141,000 | $423,869,000 |
Net income allocated to unvested restricted shares | -1,523,000 | -563,000 | -1,264,000 | ||||||||
Net income attributable to common stockholders, adjusted | 682,044,000 | 352,578,000 | 422,605,000 | ||||||||
Weighted average common sharesbbasic | 130,586,718 | 126,855,754 | 97,416,401 | ||||||||
Earnings per common share - basic (in dollars per share) | $1.08 | $1.83 | $1.22 | $1.09 | $1.95 | ($0.08) | $0.28 | $0.63 | $5.22 | $2.78 | $4.34 |
Calculation of Earnings per Sharebdiluted | |||||||||||
Net income attributable to common stockholders | 142,642,000 | 241,100,000 | 158,086,000 | 141,739,000 | 252,212,000 | -10,715,000 | 36,218,000 | 75,427,000 | 683,567,000 | 353,141,000 | 423,869,000 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 35,000 | 32,000 | 28,000 | ||||||||
Adjusted net income attributable to common stockholders | 683,602,000 | 353,173,000 | 423,897,000 | ||||||||
Weighted average common sharesbdiluted | 131,237,502 | 127,265,903 | 98,025,152 | ||||||||
Earnings per common share - diluted (in dollars per share) | $1.08 | $1.83 | $1.21 | $1.09 | $1.95 | ($0.08) | $0.28 | $0.63 | $5.21 | $2.78 | $4.32 |
Dividends per common share: (in dollars per share) | $4.64 | $4.28 | $3.88 | ||||||||
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 | |||||||||||
Impairment of wholly-owned operating real estate assets | 0 | 0 | 0 | ||||||||
Abandoned pursuits costs | 3,964,000 | 998,000 | 1,757,000 | ||||||||
Impairment of Real Estate | 0 | 0 | 0 | ||||||||
Impairment of investment in unconsolidated entities | 0 | 0 | 0 | ||||||||
Casualty and impairment loss | 0 | 0 | 1,449,000 | ||||||||
Gain on business interruption insurance recovery | 2,494,000 | 299,000 | 0 | ||||||||
Number of communities held for sale | 1 | 1 | |||||||||
Derivative Instruments and Hedging Activities | |||||||||||
Loss on interest rate contract | $0 | $51,000,000 | $0 | ||||||||
Noncontrolling interests | |||||||||||
Maximum Ownership Interest Percentage in Joint Venture | 100.00% | 100.00% |
Interest_Capitalized_Details
Interest Capitalized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Capitalized | |||
Capitalized interest during the development and redevelopment of real estate assets | $69,961 | $66,838 | $49,556 |
Notes_Payable_Unsecured_Notes_2
Notes Payable, Unsecured Notes and Credit Facility (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Notes Payable, Unsecured Notes and Credit Facility | ||
Total notes payable and unsecured notes | $6,448,138,000 | $6,019,571,000 |
Variable rate unsecured credit facility | 0 | 0 |
Total mortgage notes payable, unsecured notes and Credit Facility | 6,448,138,000 | 6,019,571,000 |
Unsecured notes | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | 2,750,000,000 | 2,600,000,000 |
Total notes payable and unsecured notes | 3,000,000,000 | |
Amount of debt discount | 6,735,000 | 5,291,000 |
Term loan | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate notes | 250,000,000 | 0 |
Mortgage notes payable | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | 2,400,677,000 | 2,407,962,000 |
Variable rate notes | 1,047,461,000 | 1,011,609,000 |
Total notes payable and unsecured notes | 3,334,039,000 | |
Amount of debt premium | 84,449,000 | 120,071,000 |
Variable rate unsecured credit facility | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate unsecured credit facility | $0 | $0 |
Notes_Payable_Unsecured_Notes_3
Notes Payable, Unsecured Notes and Credit Facility (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Nov. 30, 2014 | Mar. 31, 2014 | |
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Repayment of unsecured notes | $150,000,000 | $100,000,000 | $381,001,000 | ||||
Repayments of secured mortgages | 16,341,000 | 0 | 0 | ||||
Gains (losses) on extinguishment of debt | -412,000 | -412,000 | -14,921,000 | -1,179,000 | |||
Term loan | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Principal amount of notes issued | 300,000,000 | ||||||
Amount drawn | 250,000,000 | ||||||
Unused borrowing capacity | 50,000,000 | ||||||
Secured mortgage loan maturing in 2019 | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Principal amount of notes issued | 53,000,000 | ||||||
Amount drawn | 38,000,000 | ||||||
Fixed rate notes | 15,000,000 | ||||||
Fixed rate (as a percent) | 2.99% | ||||||
Secured mortgage loan maturing in 2019 | LIBOR | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 2.00% | ||||||
Variable rate unsecured credit facility | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.05% | ||||||
Unsecured notes | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Fixed rate notes | 2,750,000,000 | 2,600,000,000 | |||||
Fixed rate (as a percent) | 5.38% | ||||||
Repayment of unsecured notes | 150,000,000 | ||||||
Unsecured notes | Term loan | LIBOR | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.45% | ||||||
Mortgage notes payable | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Amount drawn | 1,047,461,000 | 1,011,609,000 | |||||
Fixed rate notes | 2,400,677,000 | 2,407,962,000 | |||||
Repayments of secured mortgages | 5,914,000 | ||||||
Mortgage notes payable | Notes payable maturing in 2015 | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Fixed rate (as a percent) | 6.19% | ||||||
Repayments of secured mortgages | 10,427,000 | ||||||
Unsecured notes 3.50 percent | |||||||
Notes Payable, Unsecured Notes and Credit Facility | |||||||
Principal amount of notes issued | 300,000,000 | ||||||
Net proceeds from issuance of debt | $295,803,000 | ||||||
Stated interest rate (as a percent) | 3.50% |
Notes_Payable_Unsecured_Notes_4
Notes Payable, Unsecured Notes and Credit Facility (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
item | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate unsecured credit facility | $0 | $0 |
Mortgage notes payable | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company | 257,917,000 | |
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, 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 | |
Outstanding balance of letters of credit | 49,407,000 | 65,018,000 |
Variable rate unsecured credit facility | 0 | 0 |
Net carrying value of apartment communities and improved land parcels securing debt | $4,413,855,000 | |
Fixed rate mortgage notes payable | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Weighted average interest rate, debt (as a percent) | 4.50% | 4.50% |
Variable rate mortgage notes payable, unsecured term loan and Credit Facility | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Weighted average interest rate, debt (as a percent) | 1.80% | 1.80% |
LIBOR | Term loan | Unsecured notes | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument variable rate (as a percent) | LIBOR | |
Debt instrument, basis spread on variable rate (as a percent) | 1.45% | |
LIBOR | Secured Mortgage | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 2.00% | |
MVPI LLC | Mortgage notes payable | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument variable rate (as a percent) | LIBOR | |
Debt instrument, basis spread on variable rate (as a percent) | 2.50% |
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, 2014 | Dec. 31, 2013 |
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $6,448,138 | $6,019,571 |
Percentage of principle 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 | 3,000,000 | |
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 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 | Term loan | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 250,000 | |
Unsecured notes | Term loan | LIBOR | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 1.45% | |
Unsecured notes | Notes payable maturing in 2022 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 450,000 | |
Stated interest rate of unsecured notes (as a percent) | 2.95% | |
Unsecured notes | Notes Payable 4.200 Maturities 2023 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 350,000 | |
Stated interest rate of unsecured notes (as a percent) | 4.20% | |
Unsecured notes | Notes Payable 2.850 Maturities 2023 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 250,000 | |
Stated interest rate of unsecured notes (as a percent) | 2.85% | |
Unsecured notes | Notes Payable 2024 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 300,000 | |
Stated interest rate of unsecured notes (as a percent) | 3.50% | |
Secured notes | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 114,099 | |
Mortgage notes payable and unsecured notes | 3,334,039 | |
Secured notes | Notes payable maturing in 2015 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 17,873 | |
Mortgage notes payable and unsecured notes | 586,705 | |
Secured notes | Notes payable maturing in 2016 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 19,037 | |
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 | 20,255 | |
Mortgage notes payable and unsecured notes | 710,291 | |
Secured notes | Notes payable maturing in 2018 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 19,649 | |
Mortgage notes payable and unsecured notes | 76,937 | |
Secured notes | Notes payable maturing in 2019 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 7,141 | |
Mortgage notes payable and unsecured notes | 658,447 | |
Secured notes | Notes Payable 6.100 Percent Maturities 2020 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 6,209 | |
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 | 5,984 | |
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 | 6,351 | |
Mortgage notes payable and unsecured notes | 0 | |
Secured notes | Notes Payable 4.200 Maturities 2023 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 6,742 | |
Secured notes | Notes Payable 2024 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 4,858 | |
Mortgage notes payable and unsecured notes | 0 | |
Secured notes | Notes payable with maturities after 2024 | ||
Notes Payable, Unsecured Notes and Credit Facility | ||
Secured notes payments | 0 | |
Mortgage notes payable and unsecured notes | $1,206,736 |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
Sep. 09, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | |
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 280,000,000 | 280,000,000 | |||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||
Common stock shares issued in connection with stock options exercised | 500,197 | ||||
Common stock shares issued through dividend reinvestment plan | 2,434 | 2,002 | 2,331 | ||
Common stock shares issued in connection with stock grants | 115,163 | 123,977 | 96,592 | ||
Number of shares of stock grants withheld | 55,523 | 48,310 | 121,351 | ||
Number of shares forfeited | 7,970 | 7,653 | 7,558 | ||
Common shares issued under Employee Stock Purchase Plan | 9,848 | ||||
Proceeds from issuance of common stock | $346,134,000 | $4,703,000 | $2,430,190,000 | ||
Market closing price (in dollars per share) | $155.83 | ||||
Option Indexed to Issuer's Equity, Shares | 4,500,000 | ||||
Forward rate (in dollars per share) | $151.74 | ||||
CEP III | |||||
Class of Stock [Line Items] | |||||
Common stock shares issued | 2,069,538 | ||||
Maximum value of shares of common stock that can be sold | 750,000,000 | ||||
Period during which common stock can be sold (in months) | 36 months | ||||
Percentage of compensation received by sales agent | 1.50% | ||||
Value of additional shares authorized for issuance | 346,304,000 | ||||
Average sales price of shares issued (in dollars per share) | $144.95 | ||||
Proceeds from issuance of common stock | $295,465,000 |
Archstone_Acquisition_Details
Archstone Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 10 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2013 | Dec. 31, 2013 |
Business Acquisition Additional Disclosure | |||||||||||||
Acquisition related expenses recognized | ($7,681) | $44,052 | $9,593 | ||||||||||
Equity in income (loss) of unconsolidated entities | 148,766 | -11,154 | 20,914 | ||||||||||
Information for acquisition that is included in condensed consolidated statement of operations comprehensive income from the acquisition date | |||||||||||||
Revenues | 440,656 | 430,525 | 413,806 | 400,075 | 394,169 | 389,189 | 378,207 | 301,356 | 1,685,061 | 1,462,921 | 1,000,627 | ||
Net income attributable to common stockholders | 142,642 | 241,100 | 158,086 | 141,739 | 252,212 | -10,715 | 36,218 | 75,427 | 683,567 | 353,141 | 423,869 | ||
Supplemental consolidated pro forma information | |||||||||||||
Revenues | 1,534,868 | 1,411,504 | |||||||||||
Income from continuing operations | 348,160 | 158,738 | |||||||||||
Earnings per common share - diluted (from continuing operations) (in dollars per share) | $2.67 | $1.22 | |||||||||||
Archstone | |||||||||||||
Archstone acquisition | |||||||||||||
Percentage of assets and liabilities acquired | 40.00% | ||||||||||||
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 | ||||||||||||
Business Acquisition Additional Disclosure | |||||||||||||
Acquisition related expenses recognized | 83,594 | ||||||||||||
Equity in income (loss) of unconsolidated entities | 39,543 | ||||||||||||
Consideration | |||||||||||||
Number of shares issued | 14,889,706 | 14,889,706 | |||||||||||
Common shares issued | 1,875,210 | ||||||||||||
Cash consideration | 759,619 | ||||||||||||
Fair value of indebtedness assumed | 3,732,980 | ||||||||||||
Principal amount of consolidated indebtedness | 3,512,202 | 3,512,202 | 3,512,202 | 3,512,202 | |||||||||
Debt fair value exceeds the principal face value | 220,777 | ||||||||||||
Debt fair value exceeds the principal face value relating to debt repaid | 70,479 | ||||||||||||
Redemption value of preferred equity | 67,500 | 67,500 | 67,500 | 67,500 | |||||||||
Information for acquisition that is included in condensed consolidated statement of operations comprehensive income from the acquisition date | |||||||||||||
Revenues | 353,427 | ||||||||||||
Net income attributable to common stockholders | ($105,589) | ||||||||||||
Archstone | Equity | |||||||||||||
Archstone acquisition | |||||||||||||
Percentage of assets and liabilities acquired | 60.00% |
Archstone_Acquisition_Details_
Archstone Acquisition (Details 2) (Archstone) | Feb. 27, 2013 |
Archstone | |
Business Acquisition Investment in Consolidated Entities [Abstract] | |
Percentage of assets and liabilities acquired | 40.00% |
Investments_in_Real_Estate_Ent2
Investments in Real Estate Entities (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
community | community | |||
Investment in Real Estate Entities | ||||
Number of apartment communities sold | 8 | 4 | ||
Proceeds from sale of real estate | $281,125 | $919,442 | $274,018 | |
Gain on sale of communities | 333,221 | 96,152 | 106,195 | |
Gain on sale of land | 490 | 240 | 280 | |
Repayments of secured mortgages | 16,341 | 0 | 0 | |
Loss on extinguishment of debt, net | 412 | 412 | 14,921 | 1,179 |
Fund I | ||||
Investment in Real Estate Entities | ||||
Number of extension options | 2 | |||
Period of extension (in years) | 1 year | |||
Number of apartment communities sold | 4 | |||
Number of Institutional Investors | 9 | |||
Combined general partner and limited partner equity interest (as a percent) | 15.20% | |||
Percentage of gain (loss) from sale of real estate recognized in income | 100.00% | |||
Repayments of secured mortgages | 43,771 | |||
Loss on extinguishment of debt, net | -328 | |||
Fund I | Weymouth Place | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 25,750 | |||
Fund I | South Hills | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 21,800 | |||
Fund I | Avalon at Cedar Place | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 43,200 | |||
Fund I | Avalon Sunset Towers | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 34,250 | |||
Fund I | The Springs | ||||
Investment in Real Estate Entities | ||||
Gain on sale of land | 16,656 | |||
Joint Venture Partners | The Springs | ||||
Investment in Real Estate Entities | ||||
Gain on sale of communities | 14,132 | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 84.80% | |||
Fund II | ||||
Investment in Real Estate Entities | ||||
Number of apartment communities sold | 2 | |||
Number of Institutional Investors | 6 | |||
Combined general partner and limited partner equity interest (as a percent) | 31.30% | |||
Repayments of secured mortgages | 63,407 | |||
Loss on extinguishment of debt, net | 1,364 | |||
Real Estate Investments, Joint Ventures | 92,162 | |||
Number of loans secured by individual assets | 10 | |||
Debt outstanding | 358,811 | |||
Maximum amount that will be paid for capital contributions made by partners (as a percent) | 10.00% | |||
Maximum amount that will be paid for capital contributions made by partners | 8,910 | |||
Fund II | Avalon Bellevue Park | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 58,750 | |||
Fund II | Avalon Fair Oaks | ||||
Investment in Real Estate Entities | ||||
Proceeds from sale of real estate | 108,200 | |||
Fund II | ||||
Investment in Real Estate Entities | ||||
Gain on sale of communities | 21,624 | 2,790 | ||
Eaves Plainsboro | Fund II | ||||
Investment in Real Estate Entities | ||||
Repayments of secured mortgages | 42,023 | |||
Secured notes | ||||
Investment in Real Estate Entities | ||||
Repayments of secured mortgages | 5,914 | |||
Secured notes | Notes payable maturing in 2014 | Fund I | The Springs | ||||
Investment in Real Estate Entities | ||||
Repayments of secured mortgages | $21,748 | |||
Fixed rate (as a percent) | 6.06% |
Investments_in_Real_Estate_Ent3
Investments in Real Estate Entities (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2004 | Dec. 31, 2004 | Feb. 27, 2013 | |
community | community | home | home | home | home | ||
home | |||||||
property | |||||||
Investment in Real Estate Entities | |||||||
Number of Apartment Homes Sold | 1,337 | 3,299 | 1,578 | ||||
Proceeds from Sale of Real Estate | $281,125,000 | $919,442,000 | $274,018,000 | ||||
Gain on sale of communities | 333,221,000 | 96,152,000 | 106,195,000 | ||||
Repayments of secured mortgages | 16,341,000 | 0 | 0 | ||||
Gains (Losses) on Extinguishment of Debt | -412,000 | -412,000 | -14,921,000 | -1,179,000 | |||
Number of land parcels | 1 | ||||||
Number of apartment communities sold | 8 | 4 | |||||
Income tax expense | 9,368,000 | 0 | 0 | ||||
CVP I, LLC | |||||||
Investment in Real Estate Entities | |||||||
Number of Apartment Homes Sold | 361 | ||||||
Combined general partner and limited partner equity interest (as a percent) | 20.00% | ||||||
Distribution percentage after achievement of a threshold return | 50.00% | ||||||
Proceeds from Sale of Real Estate | 365,000,000 | ||||||
Gain on sale of communities | 50,478,000 | ||||||
Income (Loss) from Equity Method Investments Due to Recognition of Promoted Interest from Disposition | 58,128,000 | ||||||
Repayments of secured mortgages | 117,000,000 | ||||||
Gains (Losses) on Extinguishment of Debt | 647,000 | ||||||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 61,218,000 | 5,527,000 | 5,260,000 | ||||
Residual JV | |||||||
Investment in Real Estate Entities | |||||||
Proceeds from Sale of Real Estate | 53,052,000 | ||||||
Gain on sale of communities | 8,510,000 | ||||||
MVPI LLC | |||||||
Investment in Real Estate Entities | |||||||
Combined general partner and limited partner equity interest (as a percent) | 25.00% | ||||||
Distribution percentage after achievement of a threshold return | 45.00% | ||||||
Number of apartment homes | 313 | ||||||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 930,000 | 516,000 | |||||
SWIB Dispositions | |||||||
Investment in Real Estate Entities | |||||||
Number of Apartment Homes Sold | 492 | ||||||
Proceeds from Sale of Real Estate | 76,250,000 | ||||||
US Fund | |||||||
Investment in Real Estate Entities | |||||||
Number of extension options | 2 | ||||||
Period of extension (in years) | 1 year | ||||||
Number of Institutional Investors | 6 | ||||||
Equity investment | 88,220,000 | ||||||
Equity interest held (as a percent) | 28.60% | ||||||
Number of loans secured by individual assets | 9 | ||||||
Debt outstanding | 327,880,000 | ||||||
ACJV | |||||||
Investment in Real Estate Entities | |||||||
Number of Institutional Investors | 4 | ||||||
Equity investment | 69,633,000 | ||||||
Equity interest held (as a percent) | 20.00% | ||||||
Number of loans secured by individual assets | 8 | ||||||
Debt outstanding | 162,300,000 | ||||||
Maximum geographic radius for existing assets within considered for right of first offer | 1 | ||||||
Number of Apartment Homes Sold | 103 | ||||||
Number of Apartment Homes in Communities for Development | 301 | ||||||
Brandywine | |||||||
Investment in Real Estate Entities | |||||||
Equity interest held (as a percent) | 28.70% | 26.10% | |||||
Debt outstanding | 24,346,000 | ||||||
Number of Apartment Homes in Communities Owned | 305 | ||||||
Number of members who hold various interests in the joint venture | 5 | ||||||
Additional interest purchased | 2.60% | ||||||
SWIB | |||||||
Investment in Real Estate Entities | |||||||
Equity interest held (as a percent) | 20.00% | ||||||
Debt outstanding | 148,866,000 | ||||||
Gain on sale of communities | 779,000 | ||||||
Repayments of secured mortgages | 38,155,000 | ||||||
Number of Communities Owned | 4 | ||||||
Number of Apartment Homes in Communities Owned | 1,410 | ||||||
Number of land parcels | 2 | ||||||
Ownership interest held by subsidiaries of the entity (as a percent) | 40.00% | ||||||
Number of apartment communities sold | 2 | ||||||
Arna Valley View LP | |||||||
Investment in Real Estate Entities | |||||||
Number of Apartment Homes Sold | 101 | ||||||
Repayments of secured mortgages | 8,934,000 | ||||||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 2,406,000 | ||||||
Secured notes | |||||||
Investment in Real Estate Entities | |||||||
Repayments of secured mortgages | 5,914,000 | ||||||
Variable rate notes | 1,047,461,000 | 1,011,609,000 | |||||
Secured notes | MVPI LLC | |||||||
Investment in Real Estate Entities | |||||||
Variable rate notes | $105,000,000 | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 2.50% | ||||||
Debt instrument variable rate (as a percent) | LIBOR |
Investments_in_Real_Estate_Ent4
Investments in Real Estate Entities (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Real estate, net | $1,617,627 | $1,905,005 | |
Other assets | 72,290 | 164,183 | |
Total assets | 1,689,917 | 2,069,188 | |
Liabilities and partners' capital: | |||
Mortgage notes payable and credit facility | 980,128 | 1,251,067 | |
Other liabilities | 24,884 | 32,257 | |
Partners' capital | 684,905 | 785,864 | |
Total liabilities and partners' capital | 1,689,917 | 2,069,188 | |
Combined summary of the operating results of the accounted for using the equity method | |||
Rental and other income | 198,939 | 212,994 | 172,076 |
Operating and other expenses | -80,301 | -86,434 | -73,955 |
Gain on sale of real estate | 333,221 | 96,152 | 106,195 |
Interest expense, net | -61,458 | -61,404 | -53,904 |
Depreciation expense | -52,116 | -61,002 | -47,748 |
Net income | 338,285 | 100,306 | 102,664 |
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 148,766 | -11,154 | 20,914 |
Business acquisition transaction costs expensed | -7,681 | 44,052 | 9,593 |
Land held for development | 180,516 | 300,364 | |
Fund I | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | 3,317 | ||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 475 | 10,924 | 7,041 |
Fund II | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | 21,624 | 2,790 | |
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 24,808 | 6,206 | 2,130 |
US Fund | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 342 | -661 | 0 |
ACJV | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 1,579 | 2,569 | 0 |
CVP I, LLC | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | 50,478 | ||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 113,127 | 5,783 | 5,394 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 61,218 | 5,527 | 5,260 |
MVPI LLC | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 1,651 | 1,137 | 493 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 930 | 516 | |
Brandywine | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 828 | 661 | 0 |
Arna Valley View LP | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 2,406 | 0 | 0 |
Residual JV | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | 8,510 | ||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 3,547 | -38,332 | 0 |
Avalon Del Rey LLC | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | 45 | ||
Costs in excess of equity in underlying net assets of the respective investments | 3,880 | 5,439 | |
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 0 | 181 | 4,000 |
Juanita Village | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income (loss) of unconsolidated entities | 3 | 378 | 1,856 |
Joint Venture | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70.00% | ||
Variable Interest Entity, Ownership Interest by Noncontrolling Interest | 30.00% | ||
Land held for development | 11,161 | ||
Avalon Mission Oaks | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Number of apartment homes acquired | 160 | ||
Purchase price | 47,000 | ||
Prepaid Expenses and Other Assets | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Due from Related Parties | 5,354 | ||
Unconsolidated Properties [Member] | Fund I | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of real estate | $944 | $11,484 | $7,971 |
Real_Estate_Disposition_Activi2
Real Estate Disposition Activities (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
community | home | home | home | |
community | ||||
Summary of income from discontinued operations | ||||
Number of communities sold | 8 | 4 | ||
Apartment homes | 1,337 | 3,299 | 1,578 | |
Sale of Communities Gross Sales Price | $296,200 | |||
Gain (loss) on sale of real estate assets | 255,300 | 278,471 | 146,591 | |
Number of apartment communities sold that were owned through a TRS | 1 | |||
Income tax expense | 9,368 | 0 | 0 | |
Repayments of secured mortgages | 16,341 | 0 | 0 | |
Gross sales price | 304,250 | 932,800 | 280,550 | |
Net proceeds | 281,125 | 919,442 | 274,018 | |
Number of communities held for sale | 1 | |||
Avalon Valley | ||||
Summary of income from discontinued operations | ||||
Apartment homes | 268 | |||
Gross sales price | 53,325 | |||
Net proceeds | 52,147 | |||
Oakwood Philadelphia | ||||
Summary of income from discontinued operations | ||||
Apartment homes | 80 | |||
Repayments of secured mortgages | 16,341 | |||
Gross sales price | 28,875 | |||
Net proceeds | 10,932 | |||
Avalon Danvers | ||||
Summary of income from discontinued operations | ||||
Apartment homes | 433 | |||
Gross sales price | 108,500 | |||
Net proceeds | 107,231 | |||
Archstone Memorial Heights | ||||
Summary of income from discontinued operations | ||||
Apartment homes | 556 | |||
Gross sales price | 105,500 | |||
Net proceeds | 103,182 | |||
Avalon Hingham MA and Brooklyn NY | ||||
Summary of income from discontinued operations | ||||
Net proceeds | 1,313 | |||
Huntington Station Land | ||||
Summary of income from discontinued operations | ||||
Gain (loss) on sale of real estate assets | 490 | |||
Gross sales price | 8,050 | |||
Net proceeds | 7,633 | |||
Mortgage notes payable | ||||
Summary of income from discontinued operations | ||||
Repayments of secured mortgages | 5,914 | |||
Mortgage notes payable | Notes payable maturing in 2015 | ||||
Summary of income from discontinued operations | ||||
Repayments of secured mortgages | 10,427 | |||
Wholly Owned Properties | ||||
Summary of income from discontinued operations | ||||
Gain (loss) on sale of real estate assets | $106,138 |
Real_Estate_Disposition_Activi3
Real Estate Disposition Activities (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of income from discontinued operations | |||
Rental income | $579 | $42,874 | $63,406 |
Operating and other expenses | -269 | -12,661 | -19,437 |
Interest expense, net | 0 | 0 | -133 |
Loss on extinguishment of debt | 0 | 0 | -602 |
Depreciation expense | 0 | -13,500 | -16,414 |
Income (loss) from discontinued operations | $310 | $16,713 | $26,820 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
multiplier | |||
person | |||
Employment Agreements and Arrangements [Abstract] | |||
Number of executive officers under agreement | 2 | ||
Number of executives, case one | 1 | ||
Compensation multiplier, case one | 2 | ||
Compensation multiplier, if the termination is in connection with a sale of the company, case one | 3 | ||
Compensation multiplier, case two | 1 | ||
Compensation multiplier, if the termination is in connection with a sale of the company, case two | 2 | ||
Proceeds from legal recoveries | $1,933 | $0 | $775 |
Lease Obligations [Abstract] | |||
Cost related to operating lease | 21,664 | 17,996 | 17,604 |
Properties on Land Subject to Land Leases | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | 12 | ||
Number of communities under construction | 2 | ||
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 [Abstract] | |||
Number of apartment communities | 1 | ||
Number of development rights owned | 1 | ||
Capital lease obligations | $34,268 | ||
Restricted stock and stock options | |||
Employment Agreements and Arrangements [Abstract] | |||
Retirement age (in years) | 50 years | ||
Period of the non-compete agreement (in years) | 1 year | ||
Restricted stock and stock options | Minimum | |||
Employment Agreements and Arrangements [Abstract] | |||
Service period (in years) | 10 years | ||
Employee's age at retirement plus years of employment (in years) | 70 years | ||
Written notice period (in years) | 6 months | ||
Restricted stock and stock options | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Options exercise period upon termination without cause or retirement (in months) | 12 months | ||
Officer Severance Program | Vice President and Senior Vice President | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | 1 | ||
Officer Severance Program | Executive Vice Presidents | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | 2 | ||
Officer Severance Program | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Termination period following a sale event (in years) | 18 months |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future minimum lease payments under the Company's current leases | |
2015 | $22,222 |
2016 | 40,016 |
2017 | 21,379 |
2018 | 23,187 |
2019 | 21,565 |
Thereafter | 1,266,941 |
Operating Lease Obligations | |
2015 | 20,337 |
2016 | 20,933 |
2017 | 20,531 |
2018 | 22,339 |
2019 | 20,717 |
Thereafter | 1,227,854 |
Capital lease obligations | |
2015 | 1,885 |
2016 | 19,083 |
2017 | 848 |
2018 | 848 |
2019 | 848 |
Thereafter | 39,087 |
Imputed interest on capital leases | 28,318 |
Capital Leased Assets, Gross | $31,784 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Percentage of physical occupancy | 95.00% | ||
Anniversary of Completion of Development or Redevelopment (in years) | 1 year | ||
Reconciliation of NOI to net income | |||
Net income | $697,327 | $352,771 | $423,562 |
Indirect operating expenses, net of corporate income | 49,055 | 41,554 | 31,911 |
Investments and investment management expense | 4,485 | 3,990 | 6,071 |
Expensed acquisition, development and other pursuit costs, net of recoveries | -3,717 | 45,050 | 11,350 |
Interest expense, net | 180,618 | 172,402 | 136,920 |
Loss on extinguishment of debt, net | 412 | 14,921 | 1,179 |
Loss on interest rate contract | 0 | 51,000 | 0 |
General and administrative expense | 41,425 | 39,573 | 34,101 |
Equity in loss (income) of unconsolidated entities | -148,766 | 11,154 | -20,914 |
Depreciation expense | 442,682 | 560,215 | 243,680 |
Income tax expense | 9,368 | 0 | 0 |
Casualty and impairment loss | 0 | 0 | 1,449 |
Gain on acquisition of unconsolidated real estate entity | 0 | 0 | -14,194 |
Gain on sale of real estate assets | -85,415 | -240 | -280 |
Gain on sale of discontinued operations | -37,869 | -278,231 | -146,311 |
Income from discontinued operations | -310 | -16,713 | -26,820 |
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | -15,199 | -19,448 | -13,776 |
Net operating income | $1,134,096 | $977,998 | $667,928 |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||
Rental income from real estate assets sold or held for sale, not classified as discontinued operations | $24,389 | $30,867 | $21,463 |
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations | -9,190 | -11,419 | -7,687 |
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | $15,199 | $19,448 | $13,776 |
Segment_Reporting_Details_3
Segment Reporting (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting | |||||||||||
Total revenue | $440,656 | $430,525 | $413,806 | $400,075 | $394,169 | $389,189 | $378,207 | $301,356 | $1,685,061 | $1,462,921 | $1,000,627 |
NOI | 1,134,096 | 977,998 | 667,928 | ||||||||
% NOI change from prior year (percent) | 16.00% | 46.40% | 14.60% | ||||||||
Gross real estate | 17,784,819 | 16,481,608 | 17,784,819 | 16,481,608 | 9,443,859 | ||||||
Gross real estate assets held for sale | 64,497 | 318,713 | 64,497 | 318,713 | 627,483 | ||||||
Established | |||||||||||
Segment Reporting | |||||||||||
Real estate capitalized additions | 52,635 | 33,553 | 52,635 | 33,553 | 25,448 | ||||||
Operating segment | Established | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 965,014 | 816,586 | 707,892 | ||||||||
NOI | 673,156 | 567,652 | 493,639 | ||||||||
% NOI change from prior year (percent) | 3.50% | 4.90% | 7.60% | ||||||||
Gross real estate | 7,527,636 | 6,520,046 | 7,527,636 | 6,520,046 | 5,737,155 | ||||||
Operating segment | Established | New England | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 179,116 | 159,670 | 145,629 | ||||||||
NOI | 113,905 | 103,679 | 94,481 | ||||||||
% NOI change from prior year (percent) | 0.80% | 2.30% | 5.10% | ||||||||
Gross real estate | 1,373,065 | 1,227,582 | 1,373,065 | 1,227,582 | 1,115,098 | ||||||
Operating segment | Established | Metro NY/NJ | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 318,710 | 249,742 | 213,360 | ||||||||
NOI | 223,591 | 172,912 | 148,441 | ||||||||
% NOI change from prior year (percent) | 3.10% | 4.40% | 7.40% | ||||||||
Gross real estate | 2,379,178 | 1,921,307 | 2,379,178 | 1,921,307 | 1,760,429 | ||||||
Operating segment | Established | Mid-Atlantic | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 98,590 | 100,548 | 103,784 | ||||||||
NOI | 69,498 | 71,851 | 75,313 | ||||||||
% NOI change from prior year (percent) | -2.50% | 0.10% | 3.20% | ||||||||
Gross real estate | 647,374 | 633,598 | 647,374 | 633,598 | 591,669 | ||||||
Operating segment | Established | Pacific Northwest | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 54,230 | 46,564 | 32,942 | ||||||||
NOI | 37,637 | 31,283 | 23,433 | ||||||||
% NOI change from prior year (percent) | 7.00% | 5.30% | 15.00% | ||||||||
Gross real estate | 500,247 | 444,825 | 500,247 | 444,825 | 306,289 | ||||||
Operating segment | Established | Northern California | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 174,527 | 141,038 | 112,875 | ||||||||
NOI | 132,899 | 106,745 | 83,091 | ||||||||
% NOI change from prior year (percent) | 8.20% | 11.70% | 14.10% | ||||||||
Gross real estate | 1,402,444 | 1,233,851 | 1,402,444 | 1,233,851 | 1,015,947 | ||||||
Operating segment | Established | Southern California | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 139,841 | 119,024 | 99,302 | ||||||||
NOI | 95,626 | 81,182 | 68,880 | ||||||||
% NOI change from prior year (percent) | 5.20% | 5.10% | 7.00% | ||||||||
Gross real estate | 1,225,328 | 1,058,883 | 1,225,328 | 1,058,883 | 947,723 | ||||||
Operating segment | Other Stabilized | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 497,756 | 486,780 | 131,248 | ||||||||
NOI | 343,061 | 330,998 | 84,504 | ||||||||
Gross real estate | 6,062,844 | 6,626,884 | 6,062,844 | 6,626,884 | 1,284,666 | ||||||
Operating segment | Development / Redevelopment | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 186,852 | 117,186 | 129,767 | ||||||||
NOI | 117,879 | 79,348 | 89,785 | ||||||||
Gross real estate | 3,972,180 | 3,024,035 | 3,972,180 | 3,024,035 | 2,032,277 | ||||||
Land Held for Development | |||||||||||
Segment Reporting | |||||||||||
Gross real estate | 180,516 | 300,364 | 180,516 | 300,364 | 316,037 | ||||||
Non-allocated | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 11,050 | 11,502 | 10,257 | ||||||||
Gross real estate | 41,643 | 10,279 | 41,643 | 10,279 | 73,724 | ||||||
Continuing Operations | |||||||||||
Segment Reporting | |||||||||||
Total revenue | $1,660,672 | $1,432,054 | $979,164 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-Based Compensation Plans | |||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
Shares | |||
Exercised (in shares) | -500,197 | ||
Granted (in shares) | 215,230 | 115,303 | |
2009 Plan | |||
Stock-Based Compensation Plans | |||
Common stock, par value (in dollars per share) | $0.01 | ||
Common stock shares available for grant | 1,673,193 | ||
2009 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 501,568 | 307,554 | 247,403 |
Exercised (in shares) | -157,454 | -19,949 | -43,265 |
Granted (in shares) | 0 | 215,230 | 115,303 |
Forfeited (in shares) | -4,052 | -1,267 | -11,887 |
Options outstanding at the end of the period (in shares) | 340,062 | 501,568 | 307,554 |
Options exercisable at the end of the period (in shares) | 185,227 | 184,167 | 74,618 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $120.77 | $112.67 | 98.42 |
Exercised (in dollars per share) | $116.40 | $84.43 | 85.09 |
Granted (in dollars per share) | $0 | $129.03 | 133.16 |
Forfeited (in dollars per share) | $131.05 | $131.56 | 115.15 |
Options outstanding at the end of the period (in dollars per share) | $122.67 | $120.77 | 112.67 |
Options exercisable at the end of the period (in dollars per share) | $116.71 | $107.18 | 97.46 |
1994 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 691,526 | 719,830 | 1,112,959 |
Exercised (in shares) | -342,743 | -24,292 | -364,519 |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | -76,381 | -4,012 | -28,610 |
Options outstanding at the end of the period (in shares) | 272,402 | 691,526 | 719,830 |
Options exercisable at the end of the period (in shares) | 272,402 | 691,526 | 719,830 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $106.19 | $105.40 | 94.1 |
Exercised (in dollars per share) | $99.03 | $79.42 | 68.21 |
Granted (in dollars per share) | $0 | $0 | 0 |
Forfeited (in dollars per share) | $142.66 | $127.56 | 139.58 |
Options outstanding at the end of the period (in dollars per share) | $104.96 | $106.19 | 105.4 |
Options exercisable at the end of the period (in dollars per share) | $104.96 | $106.19 | 105.4 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Intrinsic value of options exercised | $20,028 | $2,395 | $26,746 |
2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 340,062 | ||
Options outstanding intrinsic value | 13,849 | ||
Options exercisable intrinsic value | 8,647 | ||
Options exercisable weighted average contractual life (in years) | 7 years 3 months 18 days | ||
1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 272,402 | ||
Options outstanding intrinsic value | 15,915 | ||
Options exercisable intrinsic value | $15,915 | ||
Options exercisable weighted average contractual life (in years) | 2 years 6 months | ||
40.00 - 49.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 43,806 | ||
Exercise Price, lower limit (in dollars per share) | $40 | ||
Exercise Price, upper limit (in dollars per share) | $49.99 | ||
Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
60.00 - 69.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 92 | ||
Exercise Price, lower limit (in dollars per share) | $60 | ||
Exercise Price, upper limit (in dollars per share) | $69.99 | ||
Weighted Average Remaining Contractual Term | 0 years 1 month 6 days | ||
70.00 - 79.99 | 2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 32,821 | ||
Exercise Price, lower limit (in dollars per share) | $70 | ||
Exercise Price, upper limit (in dollars per share) | $79.99 | ||
Weighted Average Remaining Contractual Term | 5 years 1 month 6 days | ||
70.00 - 79.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
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 | 0 years 6 months | ||
80.00 - 89.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 66,101 | ||
Exercise Price, lower limit (in dollars per share) | $80 | ||
Exercise Price, upper limit (in dollars per share) | $89.99 | ||
Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | ||
90.00 - 99.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 52,720 | ||
Exercise Price, lower limit (in dollars per share) | $90 | ||
Exercise Price, upper limit (in dollars per share) | $99.99 | ||
Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | ||
110.00 - 119.99 | 2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 51,808 | ||
Exercise Price, lower limit (in dollars per share) | $110 | ||
Exercise Price, upper limit (in dollars per share) | $119.99 | ||
Weighted Average Remaining Contractual Term | 6 years 1 month 6 days | ||
120.00 - 129.99 | 2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 63,961 | ||
Exercise Price, lower limit (in dollars per share) | $120 | ||
Exercise Price, upper limit (in dollars per share) | $129.99 | ||
Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | ||
130.00 - 139.99 | 2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 189,973 | ||
Exercise Price, lower limit (in dollars per share) | $130 | ||
Exercise Price, upper limit (in dollars per share) | $139.99 | ||
Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | ||
140.00 - 149.99 | 2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
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 | 7 years 6 months | ||
140.00 - 149.99 | 1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 108,953 | ||
Exercise Price, lower limit (in dollars per share) | $140 | ||
Exercise Price, upper limit (in dollars per share) | $149.99 | ||
Weighted Average Remaining Contractual Term | 2 years 1 month 6 days |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details 3) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2014 | Sep. 09, 2014 | Oct. 31, 1996 |
item | ||||||
Additional disclosures | ||||||
Baseline share value (in dollars per share) | $155.83 | |||||
Stock-based compensation expense | $13,314 | $17,775 | $9,961 | |||
Capitalized stock-based compensation cost | 5,457 | 8,379 | 5,140 | |||
Forfeiture rate (as a percent) | 1.40% | |||||
Employee Stock Purchase Plan [Abstract] | ||||||
Shares issued under Employee Stock Purchase Plan | 9,848 | |||||
Stock-based compensation expense | 13,314 | 17,775 | 9,961 | |||
Stock Options | ||||||
Weighted average assumptions | ||||||
Weighted average fair value per share (in dollars per share) | $26.78 | $29.11 | ||||
Life of options (in years) | 5 years | 5 years | ||||
Dividend yield (as a percent) | 3.70% | 3.50% | ||||
Volatility (as a percent) | 34.00% | 35.00% | ||||
Risk-free interest rate (as a percent) | 0.91% | 0.87% | ||||
Additional disclosures | ||||||
Unrecognized compensation cost for unvested stock options | 1,058 | |||||
Weighted average period for recognition of unrecognized compensation cost | 1 year 1 month 6 days | |||||
Forfeiture rate (as a percent) | 1.40% | |||||
Restricted stock | ||||||
Additional disclosures | ||||||
Restricted stock granted (in shares) | 98,954 | |||||
Number of shares issued during period for new grants and conversion of units | 115,163 | |||||
Number of shares issued due to conversion of units | 16,209 | |||||
Number of shares issued due to new awards | 98,954 | |||||
Fair value of shares issued for new awards | 12,799 | |||||
Outstanding unvested shares granted | 190,240 | 182,083 | ||||
Number of shares vested during period related to new grants and conversion of units | 99,036 | |||||
Number of shares vested during period related to conversion of units | 5,073 | |||||
Number of shares vested during period related to new awards | 93,963 | |||||
Total fair value of shares vested | 11,352 | 14,832 | 36,337 | |||
Unrecognized compensation cost for unvested stock options | 19,559 | |||||
Weighted average period for recognition of unrecognized compensation cost | 3 years 7 months 6 days | |||||
Restricted stock | Minimum | ||||||
Additional disclosures | ||||||
Grant date fair value per share (in dollars per share) | $74.20 | |||||
Restricted stock | Maximum | ||||||
Additional disclosures | ||||||
Grant date fair value per share (in dollars per share) | $163.39 | |||||
Restricted stock units | ||||||
Weighted average assumptions | ||||||
Dividend yield (as a percent) | 3.60% | |||||
Maximum Measurement Period (in years) | 3 years | |||||
Award vesting period (in years) | 3 years | |||||
Additional disclosures | ||||||
Restricted stock granted (in shares) | 131,980 | |||||
Unrecognized compensation cost for unvested restricted stock | 15,522 | |||||
Restricted stock granted based on total shareholder metrics (in shares) | 58,206 | |||||
Restricted stock granted based on financial metrics (in shares) | 73,774 | |||||
Baseline share value (in dollars per share) | $128.97 | |||||
Estimated volatility, Minimum (as a percent) | 17.60% | |||||
Estimated volatility, Maximum (as a percent) | 18.60% | |||||
Historical volatility (as a percent) | 50.00% | |||||
Implied volatility (as a percent) | 50.00% | |||||
Risk-free interest rate, minimum (as a percent) | 0.04% | |||||
Risk-free interest rate, maximum (as a percent) | 0.72% | |||||
Average estimated fair value (in dollars per share) | $103.20 | |||||
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 [Member] | ||||||
Additional disclosures | ||||||
Stock-based compensation expense | 407 | 174 | 127 | |||
Employee Stock Purchase Plan [Abstract] | ||||||
Employee stock purchase plan, shares of common stock reserved for issuance | 1,000,000 | |||||
Employee stock purchase plan, remaining shares of common stock available for issuance | 714,827 | |||||
Employment period of full-time employees for becoming eligible to participate in the plan (in months) | 1 month | |||||
Employment period of other employees for becoming eligible to participate in the plan (in months) | 12 months | |||||
Purchase period (in months) | 7 months | 6 months | ||||
Number of purchase periods | 2 | |||||
Employee stock purchase plan, discounted stock price percentage | 85.00% | |||||
Shares issued under Employee Stock Purchase Plan | 9,848 | 9,260 | 6,260 | |||
Stock-based compensation expense | $407 | $174 | $127 |
Related_Party_Arrangements_Det
Related Party Arrangements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Arrangements | |||
Management fees revenue | $11,050,000 | $11,502,000 | $10,257,000 |
Compensation expense | 13,314,000 | 17,775,000 | 9,961,000 |
Unconsolidated real estate entities | |||
Related Party Arrangements | |||
Outstanding receivables | 6,868,000 | 7,004,000 | |
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 | 1,049,000 | 992,000 | 880,000 |
Amount of deferred compensation | 452,000 | 417,000 | 364,000 |
Lead Independent Director | |||
Related Party Arrangements | |||
Payable to related parties | 25,000 | ||
Payable to related parties in quarterly installments | 6,250 | ||
Non-employees directors serving as a chairperson | |||
Related Party Arrangements | |||
Payable to related parties | 10,000 | ||
Payable to related parties in quarterly installments | $2,500 |
Fair_Value_Details
Fair Value (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative instruments and Hedging Activities | ||||
Notional balance | $215,000 | |||
Hedging losses reclassified from accumulated other comprehensive income into earnings | 6,237 | 59,376 | 1,889 | |
Charge for the reversal of the deferred loss | 51,000 | |||
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months | -5,493 | |||
Payment for settlement of forward starting interest rate swap agreement | 51,000 | |||
Cash Flow Hedges | ||||
Derivative instruments and Hedging Activities | ||||
Number of derivative instruments held | 4 | |||
Amount of (decrease) increase in comprehensive loss to adjust hedging derivatives | -6,116 | -5,892 | 20,987 | |
Cash Flow Hedges | Interest Rate Caps | ||||
Derivative instruments and Hedging Activities | ||||
Notional balance | 170,909 | |||
Weighted average interest rate (as a percent) | 2.50% | |||
Weighted average capped interest rate (as a percent) | 5.10% | |||
Puts | ||||
Derivative instruments and Hedging Activities | ||||
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount | 3 | |||
Non-designated Hedges | ||||
Derivative instruments and Hedging Activities | ||||
Number of derivative instruments held | 12 | |||
Non-designated Hedges | Interest Rate Caps | ||||
Derivative instruments and Hedging Activities | ||||
Notional balance | $605,515 | |||
Weighted average interest rate (as a percent) | 1.70% | |||
Weighted average capped interest rate (as a percent) | 6.00% |
Fair_Value_Details_2
Fair Value (Details 2) (Recurring basis, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | ($1,226) | ($887) |
Indebtedness | -2,874,147 | -2,657,143 |
Total | -2,875,373 | -2,658,030 |
Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | -3,683,875 | -3,637,705 |
Total | -3,683,767 | -3,637,599 |
Significant Unobservable Inputs (Level 3) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total | -11,104 | -15,998 |
Significant Unobservable Inputs (Level 3) | Puts | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Fair value of remaining outstanding Puts | -11,104 | -15,998 |
Cash Flow Hedges | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 58 | |
Total Fair Value | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | -1,226 | -887 |
Indebtedness | -6,558,022 | -6,294,848 |
Total | -6,570,244 | -6,311,627 |
Total Fair Value | Puts | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Fair value of remaining outstanding Puts | -11,104 | -15,998 |
Total Fair Value | Cash Flow Hedges | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 58 | |
Non-designated Hedges | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 50 | 106 |
Non-designated Hedges | Total Fair Value | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | $50 | $106 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $440,656 | $430,525 | $413,806 | $400,075 | $394,169 | $389,189 | $378,207 | $301,356 | $1,685,061 | $1,462,921 | $1,000,627 |
Income from continuing operations | 142,530 | 241,001 | 172,197 | 103,420 | 88,209 | -15,949 | 334 | -14,767 | 659,148 | 57,827 | 250,431 |
Total discontinued operations | 0 | 0 | 0 | 38,179 | 163,881 | 5,063 | 35,763 | 90,237 | 38,179 | 294,944 | 173,131 |
Net income attributable to common stockholders | $142,642 | $241,100 | $158,086 | $141,739 | $252,212 | ($10,715) | $36,218 | $75,427 | $683,567 | $353,141 | $423,869 |
Net income (loss) per common share - basic (in dollars per share) | $1.08 | $1.83 | $1.22 | $1.09 | $1.95 | ($0.08) | $0.28 | $0.63 | $5.22 | $2.78 | $4.34 |
Net income (loss) per common share - diluted (in dollars per share) | $1.08 | $1.83 | $1.21 | $1.09 | $1.95 | ($0.08) | $0.28 | $0.63 | $5.21 | $2.78 | $4.32 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
home | home | home | ||
community | ||||
Subsequent events | ||||
Number of apartment homes sold | 1,337 | 3,299 | 1,578 | |
Proceeds from sale of real estate | $281,125,000 | $919,442,000 | $274,018,000 | |
Estimated number of apartment homes in communities to be developed | 10,384 | |||
Number of residential buildings | 251 | |||
Number of apartment homes included in operating apartment communities owned | 73,963 | |||
MVPI LLC | ||||
Subsequent events | ||||
Combined general partner and limited partner equity interest (as a percent) | 25.00% | |||
Subsequent event | MVPI LLC | ||||
Subsequent events | ||||
Receipts from a joint venture partner for modification of agreement | 20,700,000 | |||
Subsequent event | Avalon on Stamford Harbor | ||||
Subsequent events | ||||
Number of apartment homes sold | 323 | |||
Number of boat slips | 74 | |||
Proceeds from sale of real estate | 115,500,000 | |||
Subsequent event | Development Rights In New York, NY And Bellevue, WA | ||||
Subsequent events | ||||
Payments to acquire land | 325,000,000 | |||
Number of Development Rights | 3 | |||
Estimated number of apartment homes in communities to be developed | 910 | |||
Projected capital cost to develop apartment homes | 509,717,000 | |||
Subsequent event | Avalon at Edgewater | ||||
Subsequent events | ||||
Number of residential buildings | 2 | |||
Number of uninhabitable residential buildings due to fire damage | 1 | |||
Number of uninhabitable homes | 240 | |||
Number of apartment homes included in operating apartment communities owned | 168 | |||
Loss Contingency New Class Action Claims Filed Number | 3 | |||
Percentage of the first $50,000,000 of losses for which the Company is liable | 12.00% | |||
Amount of losses for determination of Company's self-insurance liability | 50,000,000 | |||
Fixed Rate Secured Mortgage Note 5.95% Interest Rate Due In May 2019 | Secured notes | Avalon at Edgewater | ||||
Subsequent events | ||||
Effective interest rate (as a percent) | 5.95% | |||
Debt outstanding | $75,012,000 |
REAL_ESTATE_AND_ACCUMULATED_DE1
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2015 |
In Thousands, unless otherwise specified | home | ||||
Initial Cost | |||||
Land and improvements | $3,657,002 | ||||
Building / Construction in Progress & Improvements | 11,700,112 | ||||
Costs Subsequent to Acquisition / Construction | 2,492,202 | ||||
Total Cost | |||||
Land | 3,657,002 | ||||
Building / Construction in Progress & Improvements | 14,192,314 | ||||
Total | 17,849,316 | 16,800,321 | 10,071,342 | 9,288,496 | |
Accumulated Depreciation | 2,913,576 | 2,516,112 | 2,056,222 | 1,863,466 | |
Total Cost, Net of Accumulated Depreciation | 14,935,740 | ||||
Encumbrances | 6,448,138 | ||||
New England | |||||
Initial Cost | |||||
Land and improvements | 368,626 | ||||
Building / Construction in Progress & Improvements | 1,699,098 | ||||
Costs Subsequent to Acquisition / Construction | 196,781 | ||||
Total Cost | |||||
Land | 368,626 | ||||
Building / Construction in Progress & Improvements | 1,895,879 | ||||
Total | 2,264,505 | ||||
Accumulated Depreciation | 479,122 | ||||
Total Cost, Net of Accumulated Depreciation | 1,785,383 | ||||
Encumbrances | 464,466 | ||||
Metro NY/NJ | |||||
Initial Cost | |||||
Land and improvements | 824,368 | ||||
Building / Construction in Progress & Improvements | 2,646,185 | ||||
Costs Subsequent to Acquisition / Construction | 136,991 | ||||
Total Cost | |||||
Land | 824,368 | ||||
Building / Construction in Progress & Improvements | 2,783,176 | ||||
Total | 3,607,544 | ||||
Accumulated Depreciation | 692,549 | ||||
Total Cost, Net of Accumulated Depreciation | 2,914,995 | ||||
Encumbrances | 855,847 | ||||
Mid-Atlantic | |||||
Initial Cost | |||||
Land and improvements | 620,356 | ||||
Building / Construction in Progress & Improvements | 1,839,822 | ||||
Costs Subsequent to Acquisition / Construction | 141,299 | ||||
Total Cost | |||||
Land | 620,356 | ||||
Building / Construction in Progress & Improvements | 1,981,121 | ||||
Total | 2,601,477 | ||||
Accumulated Depreciation | 396,214 | ||||
Total Cost, Net of Accumulated Depreciation | 2,205,263 | ||||
Encumbrances | 597,830 | ||||
Pacific Northwest | |||||
Initial Cost | |||||
Land and improvements | 130,143 | ||||
Building / Construction in Progress & Improvements | 630,180 | ||||
Costs Subsequent to Acquisition / Construction | 31,481 | ||||
Total Cost | |||||
Land | 130,143 | ||||
Building / Construction in Progress & Improvements | 661,661 | ||||
Total | 791,804 | ||||
Accumulated Depreciation | 149,204 | ||||
Total Cost, Net of Accumulated Depreciation | 642,600 | ||||
Encumbrances | 25,491 | ||||
Northern California | |||||
Initial Cost | |||||
Land and improvements | 634,176 | ||||
Building / Construction in Progress & Improvements | 2,095,394 | ||||
Costs Subsequent to Acquisition / Construction | 242,939 | ||||
Total Cost | |||||
Land | 634,176 | ||||
Building / Construction in Progress & Improvements | 2,338,333 | ||||
Total | 2,972,509 | ||||
Accumulated Depreciation | 636,163 | ||||
Total Cost, Net of Accumulated Depreciation | 2,336,346 | ||||
Encumbrances | 681,301 | ||||
Southern California | |||||
Initial Cost | |||||
Land and improvements | 805,410 | ||||
Building / Construction in Progress & Improvements | 2,171,128 | ||||
Costs Subsequent to Acquisition / Construction | 326,665 | ||||
Total Cost | |||||
Land | 805,410 | ||||
Building / Construction in Progress & Improvements | 2,497,793 | ||||
Total | 3,303,203 | ||||
Accumulated Depreciation | 497,409 | ||||
Total Cost, Net of Accumulated Depreciation | 2,805,794 | ||||
Encumbrances | 806,678 | ||||
Non-core | |||||
Initial Cost | |||||
Land and improvements | 29,754 | ||||
Building / Construction in Progress & Improvements | 140,264 | ||||
Costs Subsequent to Acquisition / Construction | 1,828 | ||||
Total Cost | |||||
Land | 29,754 | ||||
Building / Construction in Progress & Improvements | 142,092 | ||||
Total | 171,846 | ||||
Accumulated Depreciation | 7,599 | ||||
Total Cost, Net of Accumulated Depreciation | 164,247 | ||||
Encumbrances | 16,525 | ||||
Current Communities | |||||
Initial Cost | |||||
Land and improvements | 3,412,833 | ||||
Building / Construction in Progress & Improvements | 11,222,071 | ||||
Costs Subsequent to Acquisition / Construction | 1,077,984 | ||||
Total Cost | |||||
Land | 3,412,833 | ||||
Building / Construction in Progress & Improvements | 12,300,055 | ||||
Total | 15,712,888 | ||||
Accumulated Depreciation | 2,858,260 | ||||
Total Cost, Net of Accumulated Depreciation | 12,854,628 | ||||
Encumbrances | 3,448,138 | ||||
Current Communities | Avalon at Lexington | |||||
Initial Cost | |||||
Land and improvements | 2,124 | ||||
Building / Construction in Progress & Improvements | 12,599 | ||||
Costs Subsequent to Acquisition / Construction | 9,199 | ||||
Total Cost | |||||
Land | 2,124 | ||||
Building / Construction in Progress & Improvements | 21,798 | ||||
Total | 23,922 | ||||
Accumulated Depreciation | 11,484 | ||||
Total Cost, Net of Accumulated Depreciation | 12,438 | ||||
Current Communities | Avalon Oaks | |||||
Initial Cost | |||||
Land and improvements | 2,129 | ||||
Building / Construction in Progress & Improvements | 18,676 | ||||
Costs Subsequent to Acquisition / Construction | 2,038 | ||||
Total Cost | |||||
Land | 2,129 | ||||
Building / Construction in Progress & Improvements | 20,714 | ||||
Total | 22,843 | ||||
Accumulated Depreciation | 11,094 | ||||
Total Cost, Net of Accumulated Depreciation | 11,749 | ||||
Encumbrances | 15,887 | ||||
Current Communities | Eaves Quincy | |||||
Initial Cost | |||||
Land and improvements | 1,743 | ||||
Building / Construction in Progress & Improvements | 14,662 | ||||
Costs Subsequent to Acquisition / Construction | 9,283 | ||||
Total Cost | |||||
Land | 1,743 | ||||
Building / Construction in Progress & Improvements | 23,945 | ||||
Total | 25,688 | ||||
Accumulated Depreciation | 11,805 | ||||
Total Cost, Net of Accumulated Depreciation | 13,883 | ||||
Current Communities | Avalon Essex | |||||
Initial Cost | |||||
Land and improvements | 5,184 | ||||
Building / Construction in Progress & Improvements | 16,320 | ||||
Costs Subsequent to Acquisition / Construction | 1,821 | ||||
Total Cost | |||||
Land | 5,184 | ||||
Building / Construction in Progress & Improvements | 18,141 | ||||
Total | 23,325 | ||||
Accumulated Depreciation | 9,289 | ||||
Total Cost, Net of Accumulated Depreciation | 14,036 | ||||
Current Communities | Avalon Oaks West | |||||
Initial Cost | |||||
Land and improvements | 3,318 | ||||
Building / Construction in Progress & Improvements | 13,467 | ||||
Costs Subsequent to Acquisition / Construction | 746 | ||||
Total Cost | |||||
Land | 3,318 | ||||
Building / Construction in Progress & Improvements | 14,213 | ||||
Total | 17,531 | ||||
Accumulated Depreciation | 6,376 | ||||
Total Cost, Net of Accumulated Depreciation | 11,155 | ||||
Encumbrances | 15,847 | ||||
Current Communities | Avalon Orchards | |||||
Initial Cost | |||||
Land and improvements | 2,983 | ||||
Building / Construction in Progress & Improvements | 18,037 | ||||
Costs Subsequent to Acquisition / Construction | 1,943 | ||||
Total Cost | |||||
Land | 2,983 | ||||
Building / Construction in Progress & Improvements | 19,980 | ||||
Total | 22,963 | ||||
Accumulated Depreciation | 8,902 | ||||
Total Cost, Net of Accumulated Depreciation | 14,061 | ||||
Encumbrances | 17,091 | ||||
Current Communities | Avalon at Newton Highlands | |||||
Initial Cost | |||||
Land and improvements | 11,039 | ||||
Building / Construction in Progress & Improvements | 45,590 | ||||
Costs Subsequent to Acquisition / Construction | 3,423 | ||||
Total Cost | |||||
Land | 11,039 | ||||
Building / Construction in Progress & Improvements | 49,013 | ||||
Total | 60,052 | ||||
Accumulated Depreciation | 19,353 | ||||
Total Cost, Net of Accumulated Depreciation | 40,699 | ||||
Current Communities | Avalon at the Pinehills | |||||
Initial Cost | |||||
Land and improvements | 6,876 | ||||
Building / Construction in Progress & Improvements | 30,401 | ||||
Costs Subsequent to Acquisition / Construction | 183 | ||||
Total Cost | |||||
Land | 6,876 | ||||
Building / Construction in Progress & Improvements | 30,584 | ||||
Total | 37,460 | ||||
Accumulated Depreciation | 7,836 | ||||
Total Cost, Net of Accumulated Depreciation | 29,624 | ||||
Current Communities | Eaves Peabody | |||||
Initial Cost | |||||
Land and improvements | 4,645 | ||||
Building / Construction in Progress & Improvements | 19,007 | ||||
Costs Subsequent to Acquisition / Construction | 12,019 | ||||
Total Cost | |||||
Land | 4,645 | ||||
Building / Construction in Progress & Improvements | 31,026 | ||||
Total | 35,671 | ||||
Accumulated Depreciation | 9,746 | ||||
Total Cost, Net of Accumulated Depreciation | 25,925 | ||||
Current Communities | Avalon at Bedford Center | |||||
Initial Cost | |||||
Land and improvements | 4,258 | ||||
Building / Construction in Progress & Improvements | 20,569 | ||||
Costs Subsequent to Acquisition / Construction | 316 | ||||
Total Cost | |||||
Land | 4,258 | ||||
Building / Construction in Progress & Improvements | 20,885 | ||||
Total | 25,143 | ||||
Accumulated Depreciation | 6,630 | ||||
Total Cost, Net of Accumulated Depreciation | 18,513 | ||||
Current Communities | Avalon Chestnut Hill | |||||
Initial Cost | |||||
Land and improvements | 14,572 | ||||
Building / Construction in Progress & Improvements | 45,911 | ||||
Costs Subsequent to Acquisition / Construction | 1,899 | ||||
Total Cost | |||||
Land | 14,572 | ||||
Building / Construction in Progress & Improvements | 47,810 | ||||
Total | 62,382 | ||||
Accumulated Depreciation | 13,588 | ||||
Total Cost, Net of Accumulated Depreciation | 48,794 | ||||
Encumbrances | 39,545 | ||||
Current Communities | Avalon Shrewsbury | |||||
Initial Cost | |||||
Land and improvements | 5,152 | ||||
Building / Construction in Progress & Improvements | 30,608 | ||||
Costs Subsequent to Acquisition / Construction | 757 | ||||
Total Cost | |||||
Land | 5,152 | ||||
Building / Construction in Progress & Improvements | 31,365 | ||||
Total | 36,517 | ||||
Accumulated Depreciation | 9,062 | ||||
Total Cost, Net of Accumulated Depreciation | 27,455 | ||||
Encumbrances | 20,174 | ||||
Current Communities | Avalon at Lexington Hills | |||||
Initial Cost | |||||
Land and improvements | 8,691 | ||||
Building / Construction in Progress & Improvements | 79,153 | ||||
Costs Subsequent to Acquisition / Construction | 1,112 | ||||
Total Cost | |||||
Land | 8,691 | ||||
Building / Construction in Progress & Improvements | 80,265 | ||||
Total | 88,956 | ||||
Accumulated Depreciation | 19,446 | ||||
Total Cost, Net of Accumulated Depreciation | 69,510 | ||||
Current Communities | Avalon Acton | |||||
Initial Cost | |||||
Land and improvements | 13,124 | ||||
Building / Construction in Progress & Improvements | 49,905 | ||||
Costs Subsequent to Acquisition / Construction | 276 | ||||
Total Cost | |||||
Land | 13,124 | ||||
Building / Construction in Progress & Improvements | 50,181 | ||||
Total | 63,305 | ||||
Accumulated Depreciation | 12,089 | ||||
Total Cost, Net of Accumulated Depreciation | 51,216 | ||||
Encumbrances | 45,000 | ||||
Current Communities | Avalon Sharon | |||||
Initial Cost | |||||
Land and improvements | 4,719 | ||||
Building / Construction in Progress & Improvements | 25,522 | ||||
Costs Subsequent to Acquisition / Construction | 269 | ||||
Total Cost | |||||
Land | 4,719 | ||||
Building / Construction in Progress & Improvements | 25,791 | ||||
Total | 30,510 | ||||
Accumulated Depreciation | 6,030 | ||||
Total Cost, Net of Accumulated Depreciation | 24,480 | ||||
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 | 37,046 | ||||
Accumulated Depreciation | 19,919 | ||||
Total Cost, Net of Accumulated Depreciation | 17,127 | ||||
Current Communities | Avalon at Hingham Shipyard | |||||
Initial Cost | |||||
Land and improvements | 12,218 | ||||
Building / Construction in Progress & Improvements | 41,725 | ||||
Costs Subsequent to Acquisition / Construction | 339 | ||||
Total Cost | |||||
Land | 12,218 | ||||
Building / Construction in Progress & Improvements | 42,064 | ||||
Total | 54,282 | ||||
Accumulated Depreciation | 9,089 | ||||
Total Cost, Net of Accumulated Depreciation | 45,193 | ||||
Current Communities | Avalon Northborough | |||||
Initial Cost | |||||
Land and improvements | 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 | 60,614 | ||||
Accumulated Depreciation | 9,170 | ||||
Total Cost, Net of Accumulated Depreciation | 51,444 | ||||
Current Communities | Avalon Blue Hills | |||||
Initial Cost | |||||
Land and improvements | 11,110 | ||||
Building / Construction in Progress & Improvements | 34,736 | ||||
Costs Subsequent to Acquisition / Construction | 80 | ||||
Total Cost | |||||
Land | 11,110 | ||||
Building / Construction in Progress & Improvements | 34,816 | ||||
Total | 45,926 | ||||
Accumulated Depreciation | 6,856 | ||||
Total Cost, Net of Accumulated Depreciation | 39,070 | ||||
Current Communities | Avalon Cohasset | |||||
Initial Cost | |||||
Land and improvements | 8,802 | ||||
Building / Construction in Progress & Improvements | 46,233 | ||||
Costs Subsequent to Acquisition / Construction | 16 | ||||
Total Cost | |||||
Land | 8,802 | ||||
Building / Construction in Progress & Improvements | 46,249 | ||||
Total | 55,051 | ||||
Accumulated Depreciation | 4,910 | ||||
Total Cost, Net of Accumulated Depreciation | 50,141 | ||||
Current Communities | Avalon Andover | |||||
Initial Cost | |||||
Land and improvements | 4,276 | ||||
Building / Construction in Progress & Improvements | 21,903 | ||||
Total Cost | |||||
Land | 4,276 | ||||
Building / Construction in Progress & Improvements | 21,903 | ||||
Total | 26,179 | ||||
Accumulated Depreciation | 2,114 | ||||
Total Cost, Net of Accumulated Depreciation | 24,065 | ||||
Encumbrances | 14,505 | ||||
Current Communities | Eaves Burlington | |||||
Initial Cost | |||||
Land and improvements | 7,714 | ||||
Building / Construction in Progress & Improvements | 32,536 | ||||
Costs Subsequent to Acquisition / Construction | 5,080 | ||||
Total Cost | |||||
Land | 7,714 | ||||
Building / Construction in Progress & Improvements | 37,616 | ||||
Total | 45,330 | ||||
Accumulated Depreciation | 2,383 | ||||
Total Cost, Net of Accumulated Depreciation | 42,947 | ||||
Current Communities | AVA Back Bay | |||||
Initial Cost | |||||
Land and improvements | 9,034 | ||||
Building / Construction in Progress & Improvements | 36,540 | ||||
Costs Subsequent to Acquisition / Construction | 36,364 | ||||
Total Cost | |||||
Land | 9,034 | ||||
Building / Construction in Progress & Improvements | 72,904 | ||||
Total | 81,938 | ||||
Accumulated Depreciation | 26,205 | ||||
Total Cost, Net of Accumulated Depreciation | 55,733 | ||||
Current Communities | Avalon at Prudential Center II | |||||
Initial Cost | |||||
Land and improvements | 8,776 | ||||
Building / Construction in Progress & Improvements | 35,496 | ||||
Costs Subsequent to Acquisition / Construction | 31,783 | ||||
Total Cost | |||||
Land | 8,776 | ||||
Building / Construction in Progress & Improvements | 67,279 | ||||
Total | 76,055 | ||||
Accumulated Depreciation | 25,100 | ||||
Total Cost, Net of Accumulated Depreciation | 50,955 | ||||
Current Communities | Avalon at Prudential Center I | |||||
Initial Cost | |||||
Land and improvements | 8,002 | ||||
Building / Construction in Progress & Improvements | 32,370 | ||||
Costs Subsequent to Acquisition / Construction | 19,773 | ||||
Total Cost | |||||
Land | 8,002 | ||||
Building / Construction in Progress & Improvements | 52,143 | ||||
Total | 60,145 | ||||
Accumulated Depreciation | 22,772 | ||||
Total Cost, Net of Accumulated Depreciation | 37,373 | ||||
Current Communities | Avalon Burlington | |||||
Initial Cost | |||||
Land and improvements | 15,600 | ||||
Building / Construction in Progress & Improvements | 59,200 | ||||
Costs Subsequent to Acquisition / Construction | 6,943 | ||||
Total Cost | |||||
Land | 15,600 | ||||
Building / Construction in Progress & Improvements | 66,143 | ||||
Total | 81,743 | ||||
Accumulated Depreciation | 5,334 | ||||
Total Cost, Net of Accumulated Depreciation | 76,409 | ||||
Current Communities | Avalon Bear Hill | |||||
Initial Cost | |||||
Land and improvements | 27,350 | ||||
Building / Construction in Progress & Improvements | 96,999 | ||||
Costs Subsequent to Acquisition / Construction | 5,110 | ||||
Total Cost | |||||
Land | 27,350 | ||||
Building / Construction in Progress & Improvements | 102,109 | ||||
Total | 129,459 | ||||
Accumulated Depreciation | 11,304 | ||||
Total Cost, Net of Accumulated Depreciation | 118,155 | ||||
Current Communities | Eaves North Quincy | |||||
Initial Cost | |||||
Land and improvements | 11,940 | ||||
Building / Construction in Progress & Improvements | 39,400 | ||||
Costs Subsequent to Acquisition / Construction | 2,491 | ||||
Total Cost | |||||
Land | 11,940 | ||||
Building / Construction in Progress & Improvements | 41,891 | ||||
Total | 53,831 | ||||
Accumulated Depreciation | 4,784 | ||||
Total Cost, Net of Accumulated Depreciation | 49,047 | ||||
Encumbrances | 36,761 | ||||
Current Communities | Avalon Natick | |||||
Initial Cost | |||||
Land and improvements | 15,645 | ||||
Building / Construction in Progress & Improvements | 64,585 | ||||
Total Cost | |||||
Land | 15,645 | ||||
Building / Construction in Progress & Improvements | 64,585 | ||||
Total | 80,230 | ||||
Accumulated Depreciation | 3,476 | ||||
Total Cost, Net of Accumulated Depreciation | 76,754 | ||||
Encumbrances | 52,357 | ||||
Current Communities | Avalon Canton at Blue Hills | |||||
Initial Cost | |||||
Land and improvements | 6,562 | ||||
Building / Construction in Progress & Improvements | 33,191 | ||||
Total Cost | |||||
Land | 6,562 | ||||
Building / Construction in Progress & Improvements | 33,191 | ||||
Total | 39,753 | ||||
Accumulated Depreciation | 769 | ||||
Total Cost, Net of Accumulated Depreciation | 38,984 | ||||
Current Communities | Avalon Exeter | |||||
Initial Cost | |||||
Land and improvements | 16,304 | ||||
Building / Construction in Progress & Improvements | 108,126 | ||||
Total Cost | |||||
Land | 16,304 | ||||
Building / Construction in Progress & Improvements | 108,126 | ||||
Total | 124,430 | ||||
Accumulated Depreciation | 1,842 | ||||
Total Cost, Net of Accumulated Depreciation | 122,588 | ||||
Current Communities | Eaves Trumbull | |||||
Initial Cost | |||||
Land and improvements | 4,414 | ||||
Building / Construction in Progress & Improvements | 31,268 | ||||
Costs Subsequent to Acquisition / Construction | 3,529 | ||||
Total Cost | |||||
Land | 4,414 | ||||
Building / Construction in Progress & Improvements | 34,797 | ||||
Total | 39,211 | ||||
Accumulated Depreciation | 20,696 | ||||
Total Cost, Net of Accumulated Depreciation | 18,515 | ||||
Encumbrances | 39,452 | ||||
Current Communities | Eaves Stamford | |||||
Initial Cost | |||||
Land and improvements | 5,956 | ||||
Building / Construction in Progress & Improvements | 23,993 | ||||
Costs Subsequent to Acquisition / Construction | 12,748 | ||||
Total Cost | |||||
Land | 5,956 | ||||
Building / Construction in Progress & Improvements | 36,741 | ||||
Total | 42,697 | ||||
Accumulated Depreciation | 20,049 | ||||
Total Cost, Net of Accumulated Depreciation | 22,648 | ||||
Current Communities | Avalon Wilton I | |||||
Initial Cost | |||||
Land and improvements | 2,116 | ||||
Building / Construction in Progress & Improvements | 14,664 | ||||
Costs Subsequent to Acquisition / Construction | 5,841 | ||||
Total Cost | |||||
Land | 2,116 | ||||
Building / Construction in Progress & Improvements | 20,505 | ||||
Total | 22,621 | ||||
Accumulated Depreciation | 9,855 | ||||
Total Cost, Net of Accumulated Depreciation | 12,766 | ||||
Current Communities | Avalon on Stamford Harbor | |||||
Initial Cost | |||||
Land and improvements | 10,836 | ||||
Building / Construction in Progress & Improvements | 51,883 | ||||
Costs Subsequent to Acquisition / Construction | 1,778 | ||||
Total Cost | |||||
Land | 10,836 | ||||
Building / Construction in Progress & Improvements | 53,661 | ||||
Total | 64,497 | ||||
Accumulated Depreciation | 22,322 | ||||
Total Cost, Net of Accumulated Depreciation | 42,175 | ||||
Encumbrances | 62,724 | ||||
Current Communities | Avalon New Canaan | |||||
Initial Cost | |||||
Land and improvements | 4,834 | ||||
Building / Construction in Progress & Improvements | 19,485 | ||||
Costs Subsequent to Acquisition / Construction | 1,559 | ||||
Total Cost | |||||
Land | 4,834 | ||||
Building / Construction in Progress & Improvements | 21,044 | ||||
Total | 25,878 | ||||
Accumulated Depreciation | 8,672 | ||||
Total Cost, Net of Accumulated Depreciation | 17,206 | ||||
Current Communities | AVA Stamford | |||||
Initial Cost | |||||
Land and improvements | 13,819 | ||||
Building / Construction in Progress & Improvements | 56,499 | ||||
Costs Subsequent to Acquisition / Construction | 4,602 | ||||
Total Cost | |||||
Land | 13,819 | ||||
Building / Construction in Progress & Improvements | 61,101 | ||||
Total | 74,920 | ||||
Accumulated Depreciation | 25,069 | ||||
Total Cost, Net of Accumulated Depreciation | 49,851 | ||||
Encumbrances | 57,423 | ||||
Current Communities | Avalon Danbury | |||||
Initial Cost | |||||
Land and improvements | 4,933 | ||||
Building / Construction in Progress & Improvements | 30,638 | ||||
Costs Subsequent to Acquisition / Construction | 670 | ||||
Total Cost | |||||
Land | 4,933 | ||||
Building / Construction in Progress & Improvements | 31,308 | ||||
Total | 36,241 | ||||
Accumulated Depreciation | 10,352 | ||||
Total Cost, Net of Accumulated Depreciation | 25,889 | ||||
Current Communities | Avalon Darien | |||||
Initial Cost | |||||
Land and improvements | 6,926 | ||||
Building / Construction in Progress & Improvements | 34,659 | ||||
Costs Subsequent to Acquisition / Construction | 1,689 | ||||
Total Cost | |||||
Land | 6,926 | ||||
Building / Construction in Progress & Improvements | 36,348 | ||||
Total | 43,274 | ||||
Accumulated Depreciation | 13,817 | ||||
Total Cost, Net of Accumulated Depreciation | 29,457 | ||||
Encumbrances | 47,700 | ||||
Current Communities | Avalon Milford I | |||||
Initial Cost | |||||
Land and improvements | 8,746 | ||||
Building / Construction in Progress & Improvements | 22,699 | ||||
Costs Subsequent to Acquisition / Construction | 725 | ||||
Total Cost | |||||
Land | 8,746 | ||||
Building / Construction in Progress & Improvements | 23,424 | ||||
Total | 32,170 | ||||
Accumulated Depreciation | 8,493 | ||||
Total Cost, Net of Accumulated Depreciation | 23,677 | ||||
Current Communities | Avalon Huntington | |||||
Initial Cost | |||||
Land and improvements | 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 | 25,406 | ||||
Accumulated Depreciation | 4,406 | ||||
Total Cost, Net of Accumulated Depreciation | 21,000 | ||||
Current Communities | Avalon Norwalk | |||||
Initial Cost | |||||
Land and improvements | 11,320 | ||||
Building / Construction in Progress & Improvements | 62,910 | ||||
Costs Subsequent to Acquisition / Construction | 25 | ||||
Total Cost | |||||
Land | 11,320 | ||||
Building / Construction in Progress & Improvements | 62,935 | ||||
Total | 74,255 | ||||
Accumulated Depreciation | 9,372 | ||||
Total Cost, Net of Accumulated Depreciation | 64,883 | ||||
Current Communities | Avalon Wilton II | |||||
Initial Cost | |||||
Land and improvements | 6,604 | ||||
Building / Construction in Progress & Improvements | 23,758 | ||||
Costs Subsequent to Acquisition / Construction | 6 | ||||
Total Cost | |||||
Land | 6,604 | ||||
Building / Construction in Progress & Improvements | 23,764 | ||||
Total | 30,368 | ||||
Accumulated Depreciation | 2,997 | ||||
Total Cost, Net of Accumulated Depreciation | 27,371 | ||||
Current Communities | Avalon Shelton III | |||||
Initial Cost | |||||
Land and improvements | 7,853 | ||||
Building / Construction in Progress & Improvements | 40,866 | ||||
Total Cost | |||||
Land | 7,853 | ||||
Building / Construction in Progress & Improvements | 40,866 | ||||
Total | 48,719 | ||||
Accumulated Depreciation | 2,279 | ||||
Total Cost, Net of Accumulated Depreciation | 46,440 | ||||
Current Communities | Avalon East Norwalk | |||||
Initial Cost | |||||
Land and improvements | 10,394 | ||||
Building / Construction in Progress & Improvements | 36,126 | ||||
Total Cost | |||||
Land | 10,394 | ||||
Building / Construction in Progress & Improvements | 36,126 | ||||
Total | 46,520 | ||||
Accumulated Depreciation | 1,645 | ||||
Total Cost, Net of Accumulated Depreciation | 44,875 | ||||
Current Communities | Avalon at Stratford | |||||
Initial Cost | |||||
Land and improvements | 2,564 | ||||
Building / Construction in Progress & Improvements | 26,884 | ||||
Total Cost | |||||
Land | 2,564 | ||||
Building / Construction in Progress & Improvements | 26,884 | ||||
Total | 29,448 | ||||
Accumulated Depreciation | 341 | ||||
Total Cost, Net of Accumulated Depreciation | 29,107 | ||||
Current Communities | Avalon Commons | |||||
Initial Cost | |||||
Land and improvements | 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 | 38,625 | ||||
Accumulated Depreciation | 18,664 | ||||
Total Cost, Net of Accumulated Depreciation | 19,961 | ||||
Current Communities | Eaves Nanuet | |||||
Initial Cost | |||||
Land and improvements | 8,428 | ||||
Building / Construction in Progress & Improvements | 45,660 | ||||
Costs Subsequent to Acquisition / Construction | 3,903 | ||||
Total Cost | |||||
Land | 8,428 | ||||
Building / Construction in Progress & Improvements | 49,563 | ||||
Total | 57,991 | ||||
Accumulated Depreciation | 28,325 | ||||
Total Cost, Net of Accumulated Depreciation | 29,666 | ||||
Encumbrances | 63,242 | ||||
Current Communities | Avalon Green | |||||
Initial Cost | |||||
Land and improvements | 1,820 | ||||
Building / Construction in Progress & Improvements | 10,525 | ||||
Costs Subsequent to Acquisition / Construction | 1,675 | ||||
Total Cost | |||||
Land | 1,820 | ||||
Building / Construction in Progress & Improvements | 12,200 | ||||
Total | 14,020 | ||||
Accumulated Depreciation | 8,031 | ||||
Total Cost, Net of Accumulated Depreciation | 5,989 | ||||
Current Communities | Avalon Towers | |||||
Initial Cost | |||||
Land and improvements | 3,118 | ||||
Building / Construction in Progress & Improvements | 11,973 | ||||
Costs Subsequent to Acquisition / Construction | 10,260 | ||||
Total Cost | |||||
Land | 3,118 | ||||
Building / Construction in Progress & Improvements | 22,233 | ||||
Total | 25,351 | ||||
Accumulated Depreciation | 11,437 | ||||
Total Cost, Net of Accumulated Depreciation | 13,914 | ||||
Current Communities | Avalon Willow | |||||
Initial Cost | |||||
Land and improvements | 6,207 | ||||
Building / Construction in Progress & Improvements | 40,791 | ||||
Costs Subsequent to Acquisition / Construction | 1,423 | ||||
Total Cost | |||||
Land | 6,207 | ||||
Building / Construction in Progress & Improvements | 42,214 | ||||
Total | 48,421 | ||||
Accumulated Depreciation | 21,846 | ||||
Total Cost, Net of Accumulated Depreciation | 26,575 | ||||
Current Communities | Avalon Court | |||||
Initial Cost | |||||
Land and improvements | 9,228 | ||||
Building / Construction in Progress & Improvements | 50,063 | ||||
Costs Subsequent to Acquisition / Construction | 2,908 | ||||
Total Cost | |||||
Land | 9,228 | ||||
Building / Construction in Progress & Improvements | 52,971 | ||||
Total | 62,199 | ||||
Accumulated Depreciation | 28,734 | ||||
Total Cost, Net of Accumulated Depreciation | 33,465 | ||||
Current Communities | The Avalon | |||||
Initial Cost | |||||
Land and improvements | 2,889 | ||||
Building / Construction in Progress & Improvements | 28,324 | ||||
Costs Subsequent to Acquisition / Construction | 7,993 | ||||
Total Cost | |||||
Land | 2,889 | ||||
Building / Construction in Progress & Improvements | 36,317 | ||||
Total | 39,206 | ||||
Accumulated Depreciation | 15,882 | ||||
Total Cost, Net of Accumulated Depreciation | 23,324 | ||||
Current Communities | Avalon at Glen Cove | |||||
Initial Cost | |||||
Land and improvements | 7,871 | ||||
Building / Construction in Progress & Improvements | 59,969 | ||||
Costs Subsequent to Acquisition / Construction | 1,097 | ||||
Total Cost | |||||
Land | 7,871 | ||||
Building / Construction in Progress & Improvements | 61,066 | ||||
Total | 68,937 | ||||
Accumulated Depreciation | 21,970 | ||||
Total Cost, Net of Accumulated Depreciation | 46,967 | ||||
Current Communities | Avalon Pines | |||||
Initial Cost | |||||
Land and improvements | 8,700 | ||||
Building / Construction in Progress & Improvements | 62,931 | ||||
Costs Subsequent to Acquisition / Construction | 621 | ||||
Total Cost | |||||
Land | 8,700 | ||||
Building / Construction in Progress & Improvements | 63,552 | ||||
Total | 72,252 | ||||
Accumulated Depreciation | 20,828 | ||||
Total Cost, Net of Accumulated Depreciation | 51,424 | ||||
Current Communities | Avalon Glen Cove North | |||||
Initial Cost | |||||
Land and improvements | 2,577 | ||||
Building / Construction in Progress & Improvements | 37,336 | ||||
Costs Subsequent to Acquisition / Construction | 232 | ||||
Total Cost | |||||
Land | 2,577 | ||||
Building / Construction in Progress & Improvements | 37,568 | ||||
Total | 40,145 | ||||
Accumulated Depreciation | 10,016 | ||||
Total Cost, Net of Accumulated Depreciation | 30,129 | ||||
Current Communities | Avalon White Plains | |||||
Initial Cost | |||||
Land and improvements | 15,391 | ||||
Building / Construction in Progress & Improvements | 137,353 | ||||
Costs Subsequent to Acquisition / Construction | 46 | ||||
Total Cost | |||||
Land | 15,391 | ||||
Building / Construction in Progress & Improvements | 137,399 | ||||
Total | 152,790 | ||||
Accumulated Depreciation | 27,434 | ||||
Total Cost, Net of Accumulated Depreciation | 125,356 | ||||
Current Communities | Avalon Charles Pond | |||||
Initial Cost | |||||
Land and improvements | 14,715 | ||||
Building / Construction in Progress & Improvements | 33,640 | ||||
Costs Subsequent to Acquisition / Construction | 48 | ||||
Total Cost | |||||
Land | 14,715 | ||||
Building / Construction in Progress & Improvements | 33,688 | ||||
Total | 48,403 | ||||
Accumulated Depreciation | 6,824 | ||||
Total Cost, Net of Accumulated Depreciation | 41,579 | ||||
Current Communities | Avalon Rockville Centre | |||||
Initial Cost | |||||
Land and improvements | 32,212 | ||||
Building / Construction in Progress & Improvements | 78,807 | ||||
Total Cost | |||||
Land | 32,212 | ||||
Building / Construction in Progress & Improvements | 78,807 | ||||
Total | 111,019 | ||||
Accumulated Depreciation | 8,480 | ||||
Total Cost, Net of Accumulated Depreciation | 102,539 | ||||
Current Communities | Avalon Green II | |||||
Initial Cost | |||||
Land and improvements | 27,765 | ||||
Building / Construction in Progress & Improvements | 77,560 | ||||
Total Cost | |||||
Land | 27,765 | ||||
Building / Construction in Progress & Improvements | 77,560 | ||||
Total | 105,325 | ||||
Accumulated Depreciation | 7,330 | ||||
Total Cost, Net of Accumulated Depreciation | 97,995 | ||||
Current Communities | Avalon Garden City | |||||
Initial Cost | |||||
Land and improvements | 18,205 | ||||
Building / Construction in Progress & Improvements | 49,372 | ||||
Total Cost | |||||
Land | 18,205 | ||||
Building / Construction in Progress & Improvements | 49,372 | ||||
Total | 67,577 | ||||
Accumulated Depreciation | 3,999 | ||||
Total Cost, Net of Accumulated Depreciation | 63,578 | ||||
Current Communities | Avalon Westbury | |||||
Initial Cost | |||||
Land and improvements | 69,620 | ||||
Building / Construction in Progress & Improvements | 43,781 | ||||
Costs Subsequent to Acquisition / Construction | 7,410 | ||||
Total Cost | |||||
Land | 69,620 | ||||
Building / Construction in Progress & Improvements | 51,191 | ||||
Total | 120,811 | ||||
Accumulated Depreciation | 8,720 | ||||
Total Cost, Net of Accumulated Depreciation | 112,091 | ||||
Encumbrances | 82,345 | ||||
Current Communities | Avalon Ossining | |||||
Initial Cost | |||||
Land and improvements | 6,385 | ||||
Building / Construction in Progress & Improvements | 30,099 | ||||
Total Cost | |||||
Land | 6,385 | ||||
Building / Construction in Progress & Improvements | 30,099 | ||||
Total | 36,484 | ||||
Accumulated Depreciation | 762 | ||||
Total Cost, Net of Accumulated Depreciation | 35,722 | ||||
Current Communities | Avalon Huntington Station | |||||
Initial Cost | |||||
Land and improvements | 21,870 | ||||
Building / Construction in Progress & Improvements | 57,545 | ||||
Total Cost | |||||
Land | 21,870 | ||||
Building / Construction in Progress & Improvements | 57,545 | ||||
Total | 79,415 | ||||
Accumulated Depreciation | 844 | ||||
Total Cost, Net of Accumulated Depreciation | 78,571 | ||||
Current Communities | Avalon Cove | |||||
Initial Cost | |||||
Land and improvements | 8,760 | ||||
Building / Construction in Progress & Improvements | 82,422 | ||||
Costs Subsequent to Acquisition / Construction | 21,060 | ||||
Total Cost | |||||
Land | 8,760 | ||||
Building / Construction in Progress & Improvements | 103,482 | ||||
Total | 112,242 | ||||
Accumulated Depreciation | 54,057 | ||||
Total Cost, Net of Accumulated Depreciation | 58,185 | ||||
Current Communities | Avalon Run | |||||
Initial Cost | |||||
Land and improvements | 14,650 | ||||
Building / Construction in Progress & Improvements | 60,486 | ||||
Costs Subsequent to Acquisition / Construction | 5,526 | ||||
Total Cost | |||||
Land | 14,650 | ||||
Building / Construction in Progress & Improvements | 66,012 | ||||
Total | 80,662 | ||||
Accumulated Depreciation | 23,905 | ||||
Total Cost, Net of Accumulated Depreciation | 56,757 | ||||
Current Communities | Avalon Princeton Junction | |||||
Initial Cost | |||||
Land and improvements | 5,585 | ||||
Building / Construction in Progress & Improvements | 22,382 | ||||
Costs Subsequent to Acquisition / Construction | 20,791 | ||||
Total Cost | |||||
Land | 5,585 | ||||
Building / Construction in Progress & Improvements | 43,173 | ||||
Total | 48,758 | ||||
Accumulated Depreciation | 21,392 | ||||
Total Cost, Net of Accumulated Depreciation | 27,366 | ||||
Current Communities | Avalon at Edgewater | |||||
Initial Cost | |||||
Land and improvements | 14,528 | ||||
Building / Construction in Progress & Improvements | 60,240 | ||||
Costs Subsequent to Acquisition / Construction | 4,302 | ||||
Total Cost | |||||
Land | 14,528 | ||||
Building / Construction in Progress & Improvements | 64,542 | ||||
Total | 79,070 | ||||
Accumulated Depreciation | 28,885 | ||||
Total Cost, Net of Accumulated Depreciation | 50,185 | ||||
Encumbrances | 75,012 | ||||
Current Communities | Avalon at Florham Park | |||||
Initial Cost | |||||
Land and improvements | 6,647 | ||||
Building / Construction in Progress & Improvements | 34,906 | ||||
Costs Subsequent to Acquisition / Construction | 2,179 | ||||
Total Cost | |||||
Land | 6,647 | ||||
Building / Construction in Progress & Improvements | 37,085 | ||||
Total | 43,732 | ||||
Accumulated Depreciation | 18,009 | ||||
Total Cost, Net of Accumulated Depreciation | 25,723 | ||||
Current Communities | Avalon at Freehold | |||||
Initial Cost | |||||
Land and improvements | 4,119 | ||||
Building / Construction in Progress & Improvements | 30,514 | ||||
Costs Subsequent to Acquisition / Construction | 900 | ||||
Total Cost | |||||
Land | 4,119 | ||||
Building / Construction in Progress & Improvements | 31,414 | ||||
Total | 35,533 | ||||
Accumulated Depreciation | 13,959 | ||||
Total Cost, Net of Accumulated Depreciation | 21,574 | ||||
Encumbrances | 34,973 | ||||
Current Communities | Avalon Run East | |||||
Initial Cost | |||||
Land and improvements | 6,766 | ||||
Building / Construction in Progress & Improvements | 45,366 | ||||
Costs Subsequent to Acquisition / Construction | 919 | ||||
Total Cost | |||||
Land | 6,766 | ||||
Building / Construction in Progress & Improvements | 46,285 | ||||
Total | 53,051 | ||||
Accumulated Depreciation | 16,286 | ||||
Total Cost, Net of Accumulated Depreciation | 36,765 | ||||
Encumbrances | 37,475 | ||||
Current Communities | Avalon Lyndhurst | |||||
Initial Cost | |||||
Land and improvements | 18,620 | ||||
Building / Construction in Progress & Improvements | 59,879 | ||||
Costs Subsequent to Acquisition / Construction | 579 | ||||
Total Cost | |||||
Land | 18,620 | ||||
Building / Construction in Progress & Improvements | 60,458 | ||||
Total | 79,078 | ||||
Accumulated Depreciation | 16,676 | ||||
Total Cost, Net of Accumulated Depreciation | 62,402 | ||||
Current Communities | Avalon at Tinton Falls | |||||
Initial Cost | |||||
Land and improvements | 7,939 | ||||
Building / Construction in Progress & Improvements | 33,173 | ||||
Costs Subsequent to Acquisition / Construction | 96 | ||||
Total Cost | |||||
Land | 7,939 | ||||
Building / Construction in Progress & Improvements | 33,269 | ||||
Total | 41,208 | ||||
Accumulated Depreciation | 7,755 | ||||
Total Cost, Net of Accumulated Depreciation | 33,453 | ||||
Current Communities | Avalon at West Long Branch | |||||
Initial Cost | |||||
Land and improvements | 2,721 | ||||
Building / Construction in Progress & Improvements | 22,940 | ||||
Total Cost | |||||
Land | 2,721 | ||||
Building / Construction in Progress & Improvements | 22,940 | ||||
Total | 25,661 | ||||
Accumulated Depreciation | 3,479 | ||||
Total Cost, Net of Accumulated Depreciation | 22,182 | ||||
Current Communities | Avalon North Bergen | |||||
Initial Cost | |||||
Land and improvements | 8,984 | ||||
Building / Construction in Progress & Improvements | 31,015 | ||||
Costs Subsequent to Acquisition / Construction | 514 | ||||
Total Cost | |||||
Land | 8,984 | ||||
Building / Construction in Progress & Improvements | 31,529 | ||||
Total | 40,513 | ||||
Accumulated Depreciation | 2,819 | ||||
Total Cost, Net of Accumulated Depreciation | 37,694 | ||||
Current Communities | Avalon at Wesmont Station | |||||
Initial Cost | |||||
Land and improvements | 14,682 | ||||
Building / Construction in Progress & Improvements | 41,635 | ||||
Costs Subsequent to Acquisition / Construction | 875 | ||||
Total Cost | |||||
Land | 14,682 | ||||
Building / Construction in Progress & Improvements | 42,510 | ||||
Total | 57,192 | ||||
Accumulated Depreciation | 3,860 | ||||
Total Cost, Net of Accumulated Depreciation | 53,332 | ||||
Current Communities | Avalon Hackensack at Riverside | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 44,530 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 44,530 | ||||
Total | 44,530 | ||||
Accumulated Depreciation | 2,312 | ||||
Total Cost, Net of Accumulated Depreciation | 42,218 | ||||
Current Communities | Avalon Somerset | |||||
Initial Cost | |||||
Land and improvements | 18,241 | ||||
Building / Construction in Progress & Improvements | 58,326 | ||||
Total Cost | |||||
Land | 18,241 | ||||
Building / Construction in Progress & Improvements | 58,326 | ||||
Total | 76,567 | ||||
Accumulated Depreciation | 3,366 | ||||
Total Cost, Net of Accumulated Depreciation | 73,201 | ||||
Current Communities | Avalon at Wesmont Station II | |||||
Initial Cost | |||||
Land and improvements | 6,502 | ||||
Building / Construction in Progress & Improvements | 16,862 | ||||
Total Cost | |||||
Land | 6,502 | ||||
Building / Construction in Progress & Improvements | 16,862 | ||||
Total | 23,364 | ||||
Accumulated Depreciation | 992 | ||||
Total Cost, Net of Accumulated Depreciation | 22,372 | ||||
Current Communities | Avalon Bloomingdale | |||||
Initial Cost | |||||
Land and improvements | 3,005 | ||||
Building / Construction in Progress & Improvements | 27,721 | ||||
Total Cost | |||||
Land | 3,005 | ||||
Building / Construction in Progress & Improvements | 27,721 | ||||
Total | 30,726 | ||||
Accumulated Depreciation | 1,098 | ||||
Total Cost, Net of Accumulated Depreciation | 29,628 | ||||
Current Communities | Avalon Riverview I | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 94,061 | ||||
Costs Subsequent to Acquisition / Construction | 4,894 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 98,955 | ||||
Total | 98,955 | ||||
Accumulated Depreciation | 41,548 | ||||
Total Cost, Net of Accumulated Depreciation | 57,407 | ||||
Current Communities | Avalon Bowery Place | |||||
Initial Cost | |||||
Land and improvements | 18,575 | ||||
Building / Construction in Progress & Improvements | 75,009 | ||||
Costs Subsequent to Acquisition / Construction | 1,992 | ||||
Total Cost | |||||
Land | 18,575 | ||||
Building / Construction in Progress & Improvements | 77,001 | ||||
Total | 95,576 | ||||
Accumulated Depreciation | 22,047 | ||||
Total Cost, Net of Accumulated Depreciation | 73,529 | ||||
Encumbrances | 93,800 | ||||
Current Communities | Avalon Riverview North | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 164,808 | ||||
Costs Subsequent to Acquisition / Construction | 2,404 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 167,212 | ||||
Total | 167,212 | ||||
Accumulated Depreciation | 41,970 | ||||
Total Cost, Net of Accumulated Depreciation | 125,242 | ||||
Current Communities | Avalon Bowery Place II | |||||
Initial Cost | |||||
Land and improvements | 9,106 | ||||
Building / Construction in Progress & Improvements | 47,199 | ||||
Costs Subsequent to Acquisition / Construction | 1,633 | ||||
Total Cost | |||||
Land | 9,106 | ||||
Building / Construction in Progress & Improvements | 48,832 | ||||
Total | 57,938 | ||||
Accumulated Depreciation | 11,904 | ||||
Total Cost, Net of Accumulated Depreciation | 46,034 | ||||
Current Communities | Avalon Morningside Park | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 114,327 | ||||
Costs Subsequent to Acquisition / Construction | 870 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 115,197 | ||||
Total | 115,197 | ||||
Accumulated Depreciation | 24,642 | ||||
Total Cost, Net of Accumulated Depreciation | 90,555 | ||||
Encumbrances | 100,000 | ||||
Current Communities | Avalon Fort Greene | |||||
Initial Cost | |||||
Land and improvements | 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 | 302,124 | ||||
Accumulated Depreciation | 35,170 | ||||
Total Cost, Net of Accumulated Depreciation | 266,954 | ||||
Current Communities | Avalon Midtown West | |||||
Initial Cost | |||||
Land and improvements | 154,730 | ||||
Building / Construction in Progress & Improvements | 180,253 | ||||
Costs Subsequent to Acquisition / Construction | 12,012 | ||||
Total Cost | |||||
Land | 154,730 | ||||
Building / Construction in Progress & Improvements | 192,265 | ||||
Total | 346,995 | ||||
Accumulated Depreciation | 23,002 | ||||
Total Cost, Net of Accumulated Depreciation | 323,993 | ||||
Encumbrances | 100,500 | ||||
Current Communities | Avalon Clinton North | |||||
Initial Cost | |||||
Land and improvements | 84,069 | ||||
Building / Construction in Progress & Improvements | 105,821 | ||||
Costs Subsequent to Acquisition / Construction | 6,352 | ||||
Total Cost | |||||
Land | 84,069 | ||||
Building / Construction in Progress & Improvements | 112,173 | ||||
Total | 196,242 | ||||
Accumulated Depreciation | 12,558 | ||||
Total Cost, Net of Accumulated Depreciation | 183,684 | ||||
Encumbrances | 147,000 | ||||
Current Communities | Avalon Clinton South | |||||
Initial Cost | |||||
Land and improvements | 71,421 | ||||
Building / Construction in Progress & Improvements | 89,851 | ||||
Costs Subsequent to Acquisition / Construction | 5,175 | ||||
Total Cost | |||||
Land | 71,421 | ||||
Building / Construction in Progress & Improvements | 95,026 | ||||
Total | 166,447 | ||||
Accumulated Depreciation | 10,732 | ||||
Total Cost, Net of Accumulated Depreciation | 155,715 | ||||
Encumbrances | 121,500 | ||||
Current Communities | Avalon at Foxhall | |||||
Initial Cost | |||||
Land and improvements | 6,848 | ||||
Building / Construction in Progress & Improvements | 27,614 | ||||
Costs Subsequent to Acquisition / Construction | 11,671 | ||||
Total Cost | |||||
Land | 6,848 | ||||
Building / Construction in Progress & Improvements | 39,285 | ||||
Total | 46,133 | ||||
Accumulated Depreciation | 24,950 | ||||
Total Cost, Net of Accumulated Depreciation | 21,183 | ||||
Encumbrances | 56,341 | ||||
Current Communities | Avalon at Gallery Place | |||||
Initial Cost | |||||
Land and improvements | 8,800 | ||||
Building / Construction in Progress & Improvements | 39,658 | ||||
Costs Subsequent to Acquisition / Construction | 1,557 | ||||
Total Cost | |||||
Land | 8,800 | ||||
Building / Construction in Progress & Improvements | 41,215 | ||||
Total | 50,015 | ||||
Accumulated Depreciation | 16,412 | ||||
Total Cost, Net of Accumulated Depreciation | 33,603 | ||||
Encumbrances | 43,776 | ||||
Current Communities | Avalon at Fairway Hills | |||||
Initial Cost | |||||
Land and improvements | 8,603 | ||||
Building / Construction in Progress & Improvements | 34,432 | ||||
Costs Subsequent to Acquisition / Construction | 16,036 | ||||
Total Cost | |||||
Land | 8,603 | ||||
Building / Construction in Progress & Improvements | 50,468 | ||||
Total | 59,071 | ||||
Accumulated Depreciation | 28,397 | ||||
Total Cost, Net of Accumulated Depreciation | 30,674 | ||||
Current Communities | Eaves Washingtonian Center I | |||||
Initial Cost | |||||
Land and improvements | 2,608 | ||||
Building / Construction in Progress & Improvements | 11,707 | ||||
Costs Subsequent to Acquisition / Construction | 629 | ||||
Total Cost | |||||
Land | 2,608 | ||||
Building / Construction in Progress & Improvements | 12,336 | ||||
Total | 14,944 | ||||
Accumulated Depreciation | 7,913 | ||||
Total Cost, Net of Accumulated Depreciation | 7,031 | ||||
Encumbrances | 8,011 | ||||
Current Communities | Eaves Washingtonian Center II | |||||
Initial Cost | |||||
Land and improvements | 1,439 | ||||
Building / Construction in Progress & Improvements | 6,846 | ||||
Costs Subsequent to Acquisition / Construction | 180 | ||||
Total Cost | |||||
Land | 1,439 | ||||
Building / Construction in Progress & Improvements | 7,026 | ||||
Total | 8,465 | ||||
Accumulated Depreciation | 3,970 | ||||
Total Cost, Net of Accumulated Depreciation | 4,495 | ||||
Current Communities | Eaves Columbia Town Center | |||||
Initial Cost | |||||
Land and improvements | 8,802 | ||||
Building / Construction in Progress & Improvements | 35,536 | ||||
Costs Subsequent to Acquisition / Construction | 11,429 | ||||
Total Cost | |||||
Land | 8,802 | ||||
Building / Construction in Progress & Improvements | 46,965 | ||||
Total | 55,767 | ||||
Accumulated Depreciation | 16,273 | ||||
Total Cost, Net of Accumulated Depreciation | 39,494 | ||||
Current Communities | Avalon at Grosvenor Station | |||||
Initial Cost | |||||
Land and improvements | 29,159 | ||||
Building / Construction in Progress & Improvements | 53,001 | ||||
Costs Subsequent to Acquisition / Construction | 2,002 | ||||
Total Cost | |||||
Land | 29,159 | ||||
Building / Construction in Progress & Improvements | 55,003 | ||||
Total | 84,162 | ||||
Accumulated Depreciation | 21,020 | ||||
Total Cost, Net of Accumulated Depreciation | 63,142 | ||||
Current Communities | Avalon at Traville | |||||
Initial Cost | |||||
Land and improvements | 14,365 | ||||
Building / Construction in Progress & Improvements | 55,398 | ||||
Costs Subsequent to Acquisition / Construction | 863 | ||||
Total Cost | |||||
Land | 14,365 | ||||
Building / Construction in Progress & Improvements | 56,261 | ||||
Total | 70,626 | ||||
Accumulated Depreciation | 21,385 | ||||
Total Cost, Net of Accumulated Depreciation | 49,241 | ||||
Encumbrances | 74,186 | ||||
Current Communities | Avalon Russett | |||||
Initial Cost | |||||
Land and improvements | 10,200 | ||||
Building / Construction in Progress & Improvements | 47,524 | ||||
Costs Subsequent to Acquisition / Construction | 2,659 | ||||
Total Cost | |||||
Land | 10,200 | ||||
Building / Construction in Progress & Improvements | 50,183 | ||||
Total | 60,383 | ||||
Accumulated Depreciation | 5,547 | ||||
Total Cost, Net of Accumulated Depreciation | 54,836 | ||||
Encumbrances | 39,972 | ||||
Current Communities | Eaves Fair Lakes | |||||
Initial Cost | |||||
Land and improvements | 6,096 | ||||
Building / Construction in Progress & Improvements | 24,400 | ||||
Costs Subsequent to Acquisition / Construction | 8,246 | ||||
Total Cost | |||||
Land | 6,096 | ||||
Building / Construction in Progress & Improvements | 32,646 | ||||
Total | 38,742 | ||||
Accumulated Depreciation | 17,777 | ||||
Total Cost, Net of Accumulated Depreciation | 20,965 | ||||
Current Communities | AVA Ballston | |||||
Initial Cost | |||||
Land and improvements | 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 | 52,585 | ||||
Accumulated Depreciation | 24,294 | ||||
Total Cost, Net of Accumulated Depreciation | 28,291 | ||||
Current Communities | Eaves Fairfax City | |||||
Initial Cost | |||||
Land and improvements | 2,152 | ||||
Building / Construction in Progress & Improvements | 8,907 | ||||
Costs Subsequent to Acquisition / Construction | 5,390 | ||||
Total Cost | |||||
Land | 2,152 | ||||
Building / Construction in Progress & Improvements | 14,297 | ||||
Total | 16,449 | ||||
Accumulated Depreciation | 6,624 | ||||
Total Cost, Net of Accumulated Depreciation | 9,825 | ||||
Current Communities | Avalon Tysons Corner | |||||
Initial Cost | |||||
Land and improvements | 13,851 | ||||
Building / Construction in Progress & Improvements | 43,397 | ||||
Costs Subsequent to Acquisition / Construction | 12,106 | ||||
Total Cost | |||||
Land | 13,851 | ||||
Building / Construction in Progress & Improvements | 55,503 | ||||
Total | 69,354 | ||||
Accumulated Depreciation | 26,784 | ||||
Total Cost, Net of Accumulated Depreciation | 42,570 | ||||
Current Communities | Avalon at Arlington Square | |||||
Initial Cost | |||||
Land and improvements | 22,041 | ||||
Building / Construction in Progress & Improvements | 90,296 | ||||
Costs Subsequent to Acquisition / Construction | 2,818 | ||||
Total Cost | |||||
Land | 22,041 | ||||
Building / Construction in Progress & Improvements | 93,114 | ||||
Total | 115,155 | ||||
Accumulated Depreciation | 42,880 | ||||
Total Cost, Net of Accumulated Depreciation | 72,275 | ||||
Current Communities | Avalon Park Crest | |||||
Initial Cost | |||||
Land and improvements | 13,554 | ||||
Building / Construction in Progress & Improvements | 63,527 | ||||
Total Cost | |||||
Land | 13,554 | ||||
Building / Construction in Progress & Improvements | 63,527 | ||||
Total | 77,081 | ||||
Accumulated Depreciation | 4,886 | ||||
Total Cost, Net of Accumulated Depreciation | 72,195 | ||||
Current Communities | Eaves Fairfax Towers | |||||
Initial Cost | |||||
Land and improvements | 17,889 | ||||
Building / Construction in Progress & Improvements | 74,727 | ||||
Costs Subsequent to Acquisition / Construction | 1,718 | ||||
Total Cost | |||||
Land | 17,889 | ||||
Building / Construction in Progress & Improvements | 76,445 | ||||
Total | 94,334 | ||||
Accumulated Depreciation | 9,782 | ||||
Total Cost, Net of Accumulated Depreciation | 84,552 | ||||
Current Communities | AVA H Street | |||||
Initial Cost | |||||
Land and improvements | 7,425 | ||||
Building / Construction in Progress & Improvements | 25,282 | ||||
Total Cost | |||||
Land | 7,425 | ||||
Building / Construction in Progress & Improvements | 25,282 | ||||
Total | 32,707 | ||||
Accumulated Depreciation | 1,782 | ||||
Total Cost, Net of Accumulated Depreciation | 30,925 | ||||
Current Communities | Avalon First & M | |||||
Initial Cost | |||||
Land and improvements | 43,700 | ||||
Building / Construction in Progress & Improvements | 153,950 | ||||
Costs Subsequent to Acquisition / Construction | 2,411 | ||||
Total Cost | |||||
Land | 43,700 | ||||
Building / Construction in Progress & Improvements | 156,361 | ||||
Total | 200,061 | ||||
Accumulated Depreciation | 12,255 | ||||
Total Cost, Net of Accumulated Depreciation | 187,806 | ||||
Encumbrances | 140,964 | ||||
Current Communities | The Albemarle | |||||
Initial Cost | |||||
Land and improvements | 25,140 | ||||
Building / Construction in Progress & Improvements | 52,459 | ||||
Costs Subsequent to Acquisition / Construction | 3,717 | ||||
Total Cost | |||||
Land | 25,140 | ||||
Building / Construction in Progress & Improvements | 56,176 | ||||
Total | 81,316 | ||||
Accumulated Depreciation | 6,980 | ||||
Total Cost, Net of Accumulated Depreciation | 74,336 | ||||
Current Communities | Eaves Tunlaw Gardens | |||||
Initial Cost | |||||
Land and improvements | 16,430 | ||||
Building / Construction in Progress & Improvements | 22,902 | ||||
Costs Subsequent to Acquisition / Construction | 2,025 | ||||
Total Cost | |||||
Land | 16,430 | ||||
Building / Construction in Progress & Improvements | 24,927 | ||||
Total | 41,357 | ||||
Accumulated Depreciation | 3,162 | ||||
Total Cost, Net of Accumulated Depreciation | 38,195 | ||||
Encumbrances | 28,494 | ||||
Current Communities | The Statesman | |||||
Initial Cost | |||||
Land and improvements | 38,140 | ||||
Building / Construction in Progress & Improvements | 35,352 | ||||
Costs Subsequent to Acquisition / Construction | 3,453 | ||||
Total Cost | |||||
Land | 38,140 | ||||
Building / Construction in Progress & Improvements | 38,805 | ||||
Total | 76,945 | ||||
Accumulated Depreciation | 5,815 | ||||
Total Cost, Net of Accumulated Depreciation | 71,130 | ||||
Current Communities | Eaves Glover Park | |||||
Initial Cost | |||||
Land and improvements | 9,580 | ||||
Building / Construction in Progress & Improvements | 26,532 | ||||
Costs Subsequent to Acquisition / Construction | 1,954 | ||||
Total Cost | |||||
Land | 9,580 | ||||
Building / Construction in Progress & Improvements | 28,486 | ||||
Total | 38,066 | ||||
Accumulated Depreciation | 3,385 | ||||
Total Cost, Net of Accumulated Depreciation | 34,681 | ||||
Encumbrances | 23,569 | ||||
Current Communities | AVA Van Ness | |||||
Initial Cost | |||||
Land and improvements | 22,890 | ||||
Building / Construction in Progress & Improvements | 58,691 | ||||
Costs Subsequent to Acquisition / Construction | 3,455 | ||||
Total Cost | |||||
Land | 22,890 | ||||
Building / Construction in Progress & Improvements | 62,146 | ||||
Total | 85,036 | ||||
Accumulated Depreciation | 6,844 | ||||
Total Cost, Net of Accumulated Depreciation | 78,192 | ||||
Current Communities | Avalon Ballston Place | |||||
Initial Cost | |||||
Land and improvements | 38,490 | ||||
Building / Construction in Progress & Improvements | 123,645 | ||||
Costs Subsequent to Acquisition / Construction | 3,768 | ||||
Total Cost | |||||
Land | 38,490 | ||||
Building / Construction in Progress & Improvements | 127,413 | ||||
Total | 165,903 | ||||
Accumulated Depreciation | 11,532 | ||||
Total Cost, Net of Accumulated Depreciation | 154,371 | ||||
Current Communities | Eaves Tysons Corner | |||||
Initial Cost | |||||
Land and improvements | 16,030 | ||||
Building / Construction in Progress & Improvements | 45,420 | ||||
Costs Subsequent to Acquisition / Construction | 2,554 | ||||
Total Cost | |||||
Land | 16,030 | ||||
Building / Construction in Progress & Improvements | 47,974 | ||||
Total | 64,004 | ||||
Accumulated Depreciation | 5,509 | ||||
Total Cost, Net of Accumulated Depreciation | 58,495 | ||||
Current Communities | Avalon Ballston Square | |||||
Initial Cost | |||||
Land and improvements | 71,640 | ||||
Building / Construction in Progress & Improvements | 215,937 | ||||
Costs Subsequent to Acquisition / Construction | 10,200 | ||||
Total Cost | |||||
Land | 71,640 | ||||
Building / Construction in Progress & Improvements | 226,137 | ||||
Total | 297,777 | ||||
Accumulated Depreciation | 23,372 | ||||
Total Cost, Net of Accumulated Depreciation | 274,405 | ||||
Current Communities | Archstone Courthouse Place | |||||
Initial Cost | |||||
Land and improvements | 56,550 | ||||
Building / Construction in Progress & Improvements | 178,032 | ||||
Costs Subsequent to Acquisition / Construction | 8,131 | ||||
Total Cost | |||||
Land | 56,550 | ||||
Building / Construction in Progress & Improvements | 186,163 | ||||
Total | 242,713 | ||||
Accumulated Depreciation | 18,921 | ||||
Total Cost, Net of Accumulated Depreciation | 223,792 | ||||
Encumbrances | 140,332 | ||||
Current Communities | Avalon Reston Landing | |||||
Initial Cost | |||||
Land and improvements | 26,710 | ||||
Building / Construction in Progress & Improvements | 83,084 | ||||
Costs Subsequent to Acquisition / Construction | 4,354 | ||||
Total Cost | |||||
Land | 26,710 | ||||
Building / Construction in Progress & Improvements | 87,438 | ||||
Total | 114,148 | ||||
Accumulated Depreciation | 9,863 | ||||
Total Cost, Net of Accumulated Depreciation | 104,285 | ||||
Current Communities | Oakwood Arlington | |||||
Initial Cost | |||||
Land and improvements | 18,850 | ||||
Building / Construction in Progress & Improvements | 38,545 | ||||
Costs Subsequent to Acquisition / Construction | 1,856 | ||||
Total Cost | |||||
Land | 18,850 | ||||
Building / Construction in Progress & Improvements | 40,401 | ||||
Total | 59,251 | ||||
Accumulated Depreciation | 4,324 | ||||
Total Cost, Net of Accumulated Depreciation | 54,927 | ||||
Encumbrances | 42,185 | ||||
Current Communities | Avalon Mosaic | |||||
Initial Cost | |||||
Land and improvements | 33,483 | ||||
Building / Construction in Progress & Improvements | 75,081 | ||||
Total Cost | |||||
Land | 33,483 | ||||
Building / Construction in Progress & Improvements | 75,081 | ||||
Total | 108,564 | ||||
Accumulated Depreciation | 2,108 | ||||
Total Cost, Net of Accumulated Depreciation | 106,456 | ||||
Current Communities | Avalon Arlington North | |||||
Initial Cost | |||||
Land and improvements | 21,600 | ||||
Building / Construction in Progress & Improvements | 58,763 | ||||
Total Cost | |||||
Land | 21,600 | ||||
Building / Construction in Progress & Improvements | 58,763 | ||||
Total | 80,363 | ||||
Accumulated Depreciation | 1,468 | ||||
Total Cost, Net of Accumulated Depreciation | 78,895 | ||||
Current Communities | Avalon Redmond Place | |||||
Initial Cost | |||||
Land and improvements | 4,558 | ||||
Building / Construction in Progress & Improvements | 18,368 | ||||
Costs Subsequent to Acquisition / Construction | 9,879 | ||||
Total Cost | |||||
Land | 4,558 | ||||
Building / Construction in Progress & Improvements | 28,247 | ||||
Total | 32,805 | ||||
Accumulated Depreciation | 14,541 | ||||
Total Cost, Net of Accumulated Depreciation | 18,264 | ||||
Current Communities | Avalon at Bear Creek | |||||
Initial Cost | |||||
Land and improvements | 6,786 | ||||
Building / Construction in Progress & Improvements | 27,641 | ||||
Costs Subsequent to Acquisition / Construction | 3,427 | ||||
Total Cost | |||||
Land | 6,786 | ||||
Building / Construction in Progress & Improvements | 31,068 | ||||
Total | 37,854 | ||||
Accumulated Depreciation | 17,457 | ||||
Total Cost, Net of Accumulated Depreciation | 20,397 | ||||
Current Communities | Avalon Bellevue | |||||
Initial Cost | |||||
Land and improvements | 6,664 | ||||
Building / Construction in Progress & Improvements | 24,119 | ||||
Costs Subsequent to Acquisition / Construction | 1,685 | ||||
Total Cost | |||||
Land | 6,664 | ||||
Building / Construction in Progress & Improvements | 25,804 | ||||
Total | 32,468 | ||||
Accumulated Depreciation | 12,245 | ||||
Total Cost, Net of Accumulated Depreciation | 20,223 | ||||
Encumbrances | 25,491 | ||||
Current Communities | Avalon RockMeadow | |||||
Initial Cost | |||||
Land and improvements | 4,777 | ||||
Building / Construction in Progress & Improvements | 19,765 | ||||
Costs Subsequent to Acquisition / Construction | 1,901 | ||||
Total Cost | |||||
Land | 4,777 | ||||
Building / Construction in Progress & Improvements | 21,666 | ||||
Total | 26,443 | ||||
Accumulated Depreciation | 10,695 | ||||
Total Cost, Net of Accumulated Depreciation | 15,748 | ||||
Current Communities | Avalon ParcSquare | |||||
Initial Cost | |||||
Land and improvements | 3,789 | ||||
Building / Construction in Progress & Improvements | 15,139 | ||||
Costs Subsequent to Acquisition / Construction | 2,630 | ||||
Total Cost | |||||
Land | 3,789 | ||||
Building / Construction in Progress & Improvements | 17,769 | ||||
Total | 21,558 | ||||
Accumulated Depreciation | 8,587 | ||||
Total Cost, Net of Accumulated Depreciation | 12,971 | ||||
Current Communities | Avalon Brandemoor | |||||
Initial Cost | |||||
Land and improvements | 8,608 | ||||
Building / Construction in Progress & Improvements | 36,679 | ||||
Costs Subsequent to Acquisition / Construction | 1,656 | ||||
Total Cost | |||||
Land | 8,608 | ||||
Building / Construction in Progress & Improvements | 38,335 | ||||
Total | 46,943 | ||||
Accumulated Depreciation | 18,143 | ||||
Total Cost, Net of Accumulated Depreciation | 28,800 | ||||
Current Communities | AVA Belltown | |||||
Initial Cost | |||||
Land and improvements | 5,644 | ||||
Building / Construction in Progress & Improvements | 12,733 | ||||
Costs Subsequent to Acquisition / Construction | 830 | ||||
Total Cost | |||||
Land | 5,644 | ||||
Building / Construction in Progress & Improvements | 13,563 | ||||
Total | 19,207 | ||||
Accumulated Depreciation | 6,330 | ||||
Total Cost, Net of Accumulated Depreciation | 12,877 | ||||
Current Communities | Avalon Meydenbauer | |||||
Initial Cost | |||||
Land and improvements | 12,697 | ||||
Building / Construction in Progress & Improvements | 77,451 | ||||
Costs Subsequent to Acquisition / Construction | 936 | ||||
Total Cost | |||||
Land | 12,697 | ||||
Building / Construction in Progress & Improvements | 78,387 | ||||
Total | 91,084 | ||||
Accumulated Depreciation | 18,053 | ||||
Total Cost, Net of Accumulated Depreciation | 73,031 | ||||
Current Communities | Avalon Towers Bellevue | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 123,030 | ||||
Costs Subsequent to Acquisition / Construction | 811 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 123,841 | ||||
Total | 123,841 | ||||
Accumulated Depreciation | 19,003 | ||||
Total Cost, Net of Accumulated Depreciation | 104,838 | ||||
Current Communities | AVA Queen Anne | |||||
Initial Cost | |||||
Land and improvements | 12,081 | ||||
Building / Construction in Progress & Improvements | 41,618 | ||||
Costs Subsequent to Acquisition / Construction | 347 | ||||
Total Cost | |||||
Land | 12,081 | ||||
Building / Construction in Progress & Improvements | 41,965 | ||||
Total | 54,046 | ||||
Accumulated Depreciation | 4,357 | ||||
Total Cost, Net of Accumulated Depreciation | 49,689 | ||||
Current Communities | Avalon Brandemoor II | |||||
Initial Cost | |||||
Land and improvements | 2,655 | ||||
Building / Construction in Progress & Improvements | 11,343 | ||||
Total Cost | |||||
Land | 2,655 | ||||
Building / Construction in Progress & Improvements | 11,343 | ||||
Total | 13,998 | ||||
Accumulated Depreciation | 1,435 | ||||
Total Cost, Net of Accumulated Depreciation | 12,563 | ||||
Current Communities | Avalon Ballard | |||||
Initial Cost | |||||
Land and improvements | 16,460 | ||||
Building / Construction in Progress & Improvements | 46,885 | ||||
Costs Subsequent to Acquisition / Construction | 6 | ||||
Total Cost | |||||
Land | 16,460 | ||||
Building / Construction in Progress & Improvements | 46,891 | ||||
Total | 63,351 | ||||
Accumulated Depreciation | 2,811 | ||||
Total Cost, Net of Accumulated Depreciation | 60,540 | ||||
Current Communities | Eaves Redmond Campus | |||||
Initial Cost | |||||
Land and improvements | 22,580 | ||||
Building / Construction in Progress & Improvements | 88,001 | ||||
Costs Subsequent to Acquisition / Construction | 5,248 | ||||
Total Cost | |||||
Land | 22,580 | ||||
Building / Construction in Progress & Improvements | 93,249 | ||||
Total | 115,829 | ||||
Accumulated Depreciation | 10,158 | ||||
Total Cost, Net of Accumulated Depreciation | 105,671 | ||||
Current Communities | Archstone Redmond Lakeview | |||||
Initial Cost | |||||
Land and improvements | 10,250 | ||||
Building / Construction in Progress & Improvements | 26,842 | ||||
Costs Subsequent to Acquisition / Construction | 1,831 | ||||
Total Cost | |||||
Land | 10,250 | ||||
Building / Construction in Progress & Improvements | 28,673 | ||||
Total | 38,923 | ||||
Accumulated Depreciation | 3,302 | ||||
Total Cost, Net of Accumulated Depreciation | 35,621 | ||||
Current Communities | AVA University District | |||||
Initial Cost | |||||
Land and improvements | 12,594 | ||||
Building / Construction in Progress & Improvements | 60,566 | ||||
Costs Subsequent to Acquisition / Construction | 294 | ||||
Total Cost | |||||
Land | 12,594 | ||||
Building / Construction in Progress & Improvements | 60,860 | ||||
Total | 73,454 | ||||
Accumulated Depreciation | 2,087 | ||||
Total Cost, Net of Accumulated Depreciation | 71,367 | ||||
Current Communities | Avalon Fremont | |||||
Initial Cost | |||||
Land and improvements | 10,746 | ||||
Building / Construction in Progress & Improvements | 43,399 | ||||
Costs Subsequent to Acquisition / Construction | 5,059 | ||||
Total Cost | |||||
Land | 10,746 | ||||
Building / Construction in Progress & Improvements | 48,458 | ||||
Total | 59,204 | ||||
Accumulated Depreciation | 28,083 | ||||
Total Cost, Net of Accumulated Depreciation | 31,121 | ||||
Current Communities | Eaves Dublin | |||||
Initial Cost | |||||
Land and improvements | 5,276 | ||||
Building / Construction in Progress & Improvements | 19,642 | ||||
Costs Subsequent to Acquisition / Construction | 9,167 | ||||
Total Cost | |||||
Land | 5,276 | ||||
Building / Construction in Progress & Improvements | 28,809 | ||||
Total | 34,085 | ||||
Accumulated Depreciation | 14,183 | ||||
Total Cost, Net of Accumulated Depreciation | 19,902 | ||||
Current Communities | Eaves Pleasanton | |||||
Initial Cost | |||||
Land and improvements | 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 | 79,416 | ||||
Accumulated Depreciation | 33,374 | ||||
Total Cost, Net of Accumulated Depreciation | 46,042 | ||||
Current Communities | Eaves Union City | |||||
Initial Cost | |||||
Land and improvements | 4,249 | ||||
Building / Construction in Progress & Improvements | 16,820 | ||||
Costs Subsequent to Acquisition / Construction | 2,832 | ||||
Total Cost | |||||
Land | 4,249 | ||||
Building / Construction in Progress & Improvements | 19,652 | ||||
Total | 23,901 | ||||
Accumulated Depreciation | 11,402 | ||||
Total Cost, Net of Accumulated Depreciation | 12,499 | ||||
Current Communities | Eaves Fremont | |||||
Initial Cost | |||||
Land and improvements | 6,581 | ||||
Building / Construction in Progress & Improvements | 26,583 | ||||
Costs Subsequent to Acquisition / Construction | 9,730 | ||||
Total Cost | |||||
Land | 6,581 | ||||
Building / Construction in Progress & Improvements | 36,313 | ||||
Total | 42,894 | ||||
Accumulated Depreciation | 19,198 | ||||
Total Cost, Net of Accumulated Depreciation | 23,696 | ||||
Current Communities | Avalon Union City | |||||
Initial Cost | |||||
Land and improvements | 14,732 | ||||
Building / Construction in Progress & Improvements | 104,025 | ||||
Costs Subsequent to Acquisition / Construction | 294 | ||||
Total Cost | |||||
Land | 14,732 | ||||
Building / Construction in Progress & Improvements | 104,319 | ||||
Total | 119,051 | ||||
Accumulated Depreciation | 19,722 | ||||
Total Cost, Net of Accumulated Depreciation | 99,329 | ||||
Current Communities | Avalon Walnut Creek | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 145,906 | ||||
Costs Subsequent to Acquisition / Construction | 1,643 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 147,549 | ||||
Total | 147,549 | ||||
Accumulated Depreciation | 22,354 | ||||
Total Cost, Net of Accumulated Depreciation | 125,195 | ||||
Encumbrances | 137,542 | ||||
Current Communities | Eaves Walnut Creek | |||||
Initial Cost | |||||
Land and improvements | 30,320 | ||||
Building / Construction in Progress & Improvements | 82,375 | ||||
Costs Subsequent to Acquisition / Construction | 5,597 | ||||
Total Cost | |||||
Land | 30,320 | ||||
Building / Construction in Progress & Improvements | 87,972 | ||||
Total | 118,292 | ||||
Accumulated Depreciation | 9,646 | ||||
Total Cost, Net of Accumulated Depreciation | 108,646 | ||||
Current Communities | Avalon Walnut Ridge I | |||||
Initial Cost | |||||
Land and improvements | 9,860 | ||||
Building / Construction in Progress & Improvements | 19,850 | ||||
Costs Subsequent to Acquisition / Construction | 878 | ||||
Total Cost | |||||
Land | 9,860 | ||||
Building / Construction in Progress & Improvements | 20,728 | ||||
Total | 30,588 | ||||
Accumulated Depreciation | 2,159 | ||||
Total Cost, Net of Accumulated Depreciation | 28,429 | ||||
Encumbrances | 20,754 | ||||
Current Communities | Avalon Walnut Ridge II | |||||
Initial Cost | |||||
Land and improvements | 27,190 | ||||
Building / Construction in Progress & Improvements | 57,041 | ||||
Costs Subsequent to Acquisition / Construction | 3,299 | ||||
Total Cost | |||||
Land | 27,190 | ||||
Building / Construction in Progress & Improvements | 60,340 | ||||
Total | 87,530 | ||||
Accumulated Depreciation | 6,990 | ||||
Total Cost, Net of Accumulated Depreciation | 80,540 | ||||
Current Communities | Avalon Berkeley | |||||
Initial Cost | |||||
Land and improvements | 4,500 | ||||
Building / Construction in Progress & Improvements | 28,646 | ||||
Total Cost | |||||
Land | 4,500 | ||||
Building / Construction in Progress & Improvements | 28,646 | ||||
Total | 33,146 | ||||
Accumulated Depreciation | 467 | ||||
Total Cost, Net of Accumulated Depreciation | 32,679 | ||||
Current Communities | Avalon Dublin Station | |||||
Initial Cost | |||||
Land and improvements | 7,771 | ||||
Building / Construction in Progress & Improvements | 71,026 | ||||
Total Cost | |||||
Land | 7,771 | ||||
Building / Construction in Progress & Improvements | 71,026 | ||||
Total | 78,797 | ||||
Accumulated Depreciation | 1,782 | ||||
Total Cost, Net of Accumulated Depreciation | 77,015 | ||||
Current Communities | Eaves Daly City | |||||
Initial Cost | |||||
Land and improvements | 4,230 | ||||
Building / Construction in Progress & Improvements | 9,659 | ||||
Costs Subsequent to Acquisition / Construction | 18,662 | ||||
Total Cost | |||||
Land | 4,230 | ||||
Building / Construction in Progress & Improvements | 28,321 | ||||
Total | 32,551 | ||||
Accumulated Depreciation | 14,804 | ||||
Total Cost, Net of Accumulated Depreciation | 17,747 | ||||
Current Communities | AVA Nob Hill | |||||
Initial Cost | |||||
Land and improvements | 5,403 | ||||
Building / Construction in Progress & Improvements | 21,567 | ||||
Costs Subsequent to Acquisition / Construction | 6,888 | ||||
Total Cost | |||||
Land | 5,403 | ||||
Building / Construction in Progress & Improvements | 28,455 | ||||
Total | 33,858 | ||||
Accumulated Depreciation | 14,033 | ||||
Total Cost, Net of Accumulated Depreciation | 19,825 | ||||
Encumbrances | 20,800 | ||||
Current Communities | Eaves San Rafael | |||||
Initial Cost | |||||
Land and improvements | 5,982 | ||||
Building / Construction in Progress & Improvements | 16,885 | ||||
Costs Subsequent to Acquisition / Construction | 24,197 | ||||
Total Cost | |||||
Land | 5,982 | ||||
Building / Construction in Progress & Improvements | 41,082 | ||||
Total | 47,064 | ||||
Accumulated Depreciation | 17,997 | ||||
Total Cost, Net of Accumulated Depreciation | 29,067 | ||||
Current Communities | Eaves Foster City | |||||
Initial Cost | |||||
Land and improvements | 7,852 | ||||
Building / Construction in Progress & Improvements | 31,445 | ||||
Costs Subsequent to Acquisition / Construction | 11,207 | ||||
Total Cost | |||||
Land | 7,852 | ||||
Building / Construction in Progress & Improvements | 42,652 | ||||
Total | 50,504 | ||||
Accumulated Depreciation | 21,206 | ||||
Total Cost, Net of Accumulated Depreciation | 29,298 | ||||
Current Communities | Eaves Pacifica | |||||
Initial Cost | |||||
Land and improvements | 6,125 | ||||
Building / Construction in Progress & Improvements | 24,796 | ||||
Costs Subsequent to Acquisition / Construction | 2,541 | ||||
Total Cost | |||||
Land | 6,125 | ||||
Building / Construction in Progress & Improvements | 27,337 | ||||
Total | 33,462 | ||||
Accumulated Depreciation | 15,595 | ||||
Total Cost, Net of Accumulated Depreciation | 17,867 | ||||
Encumbrances | 17,600 | ||||
Current Communities | Avalon Sunset Towers | |||||
Initial Cost | |||||
Land and improvements | 3,561 | ||||
Building / Construction in Progress & Improvements | 21,321 | ||||
Costs Subsequent to Acquisition / Construction | 14,894 | ||||
Total Cost | |||||
Land | 3,561 | ||||
Building / Construction in Progress & Improvements | 36,215 | ||||
Total | 39,776 | ||||
Accumulated Depreciation | 16,136 | ||||
Total Cost, Net of Accumulated Depreciation | 23,640 | ||||
Current Communities | Eaves Diamond Heights | |||||
Initial Cost | |||||
Land and improvements | 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 | 29,646 | ||||
Accumulated Depreciation | 12,976 | ||||
Total Cost, Net of Accumulated Depreciation | 16,670 | ||||
Current Communities | Avalon at Mission Bay North | |||||
Initial Cost | |||||
Land and improvements | 14,029 | ||||
Building / Construction in Progress & Improvements | 78,452 | ||||
Costs Subsequent to Acquisition / Construction | 2,482 | ||||
Total Cost | |||||
Land | 14,029 | ||||
Building / Construction in Progress & Improvements | 80,934 | ||||
Total | 94,963 | ||||
Accumulated Depreciation | 33,067 | ||||
Total Cost, Net of Accumulated Depreciation | 61,896 | ||||
Encumbrances | 69,955 | ||||
Current Communities | Avalon at Mission Bay III | |||||
Initial Cost | |||||
Land and improvements | 28,687 | ||||
Building / Construction in Progress & Improvements | 119,156 | ||||
Costs Subsequent to Acquisition / Construction | 74 | ||||
Total Cost | |||||
Land | 28,687 | ||||
Building / Construction in Progress & Improvements | 119,230 | ||||
Total | 147,917 | ||||
Accumulated Depreciation | 22,702 | ||||
Total Cost, Net of Accumulated Depreciation | 125,215 | ||||
Current Communities | Avalon Ocean Avenue | |||||
Initial Cost | |||||
Land and improvements | 5,544 | ||||
Building / Construction in Progress & Improvements | 50,883 | ||||
Costs Subsequent to Acquisition / Construction | 1,740 | ||||
Total Cost | |||||
Land | 5,544 | ||||
Building / Construction in Progress & Improvements | 52,623 | ||||
Total | 58,167 | ||||
Accumulated Depreciation | 4,827 | ||||
Total Cost, Net of Accumulated Depreciation | 53,340 | ||||
Current Communities | Archstone San Bruno | |||||
Initial Cost | |||||
Land and improvements | 40,780 | ||||
Building / Construction in Progress & Improvements | 68,684 | ||||
Costs Subsequent to Acquisition / Construction | 2,891 | ||||
Total Cost | |||||
Land | 40,780 | ||||
Building / Construction in Progress & Improvements | 71,575 | ||||
Total | 112,355 | ||||
Accumulated Depreciation | 7,423 | ||||
Total Cost, Net of Accumulated Depreciation | 104,932 | ||||
Encumbrances | 64,450 | ||||
Current Communities | Archstone San Bruno II | |||||
Initial Cost | |||||
Land and improvements | 23,787 | ||||
Building / Construction in Progress & Improvements | 44,934 | ||||
Costs Subsequent to Acquisition / Construction | 1,668 | ||||
Total Cost | |||||
Land | 23,787 | ||||
Building / Construction in Progress & Improvements | 46,602 | ||||
Total | 70,389 | ||||
Accumulated Depreciation | 4,527 | ||||
Total Cost, Net of Accumulated Depreciation | 65,862 | ||||
Encumbrances | 30,968 | ||||
Current Communities | Archstone San Bruno III | |||||
Initial Cost | |||||
Land and improvements | 33,303 | ||||
Building / Construction in Progress & Improvements | 62,910 | ||||
Costs Subsequent to Acquisition / Construction | 2,349 | ||||
Total Cost | |||||
Land | 33,303 | ||||
Building / Construction in Progress & Improvements | 65,259 | ||||
Total | 98,562 | ||||
Accumulated Depreciation | 6,340 | ||||
Total Cost, Net of Accumulated Depreciation | 92,222 | ||||
Encumbrances | 56,210 | ||||
Current Communities | AVA 55 Ninth | |||||
Initial Cost | |||||
Land and improvements | 20,267 | ||||
Building / Construction in Progress & Improvements | 96,291 | ||||
Total Cost | |||||
Land | 20,267 | ||||
Building / Construction in Progress & Improvements | 96,291 | ||||
Total | 116,558 | ||||
Accumulated Depreciation | 2,022 | ||||
Total Cost, Net of Accumulated Depreciation | 114,536 | ||||
Current Communities | Avalon Campbell | |||||
Initial Cost | |||||
Land and improvements | 11,830 | ||||
Building / Construction in Progress & Improvements | 47,828 | ||||
Costs Subsequent to Acquisition / Construction | 13,431 | ||||
Total Cost | |||||
Land | 11,830 | ||||
Building / Construction in Progress & Improvements | 61,259 | ||||
Total | 73,089 | ||||
Accumulated Depreciation | 28,671 | ||||
Total Cost, Net of Accumulated Depreciation | 44,418 | ||||
Encumbrances | 38,800 | ||||
Current Communities | Eaves San Jose | |||||
Initial Cost | |||||
Land and improvements | 12,920 | ||||
Building / Construction in Progress & Improvements | 53,047 | ||||
Costs Subsequent to Acquisition / Construction | 18,810 | ||||
Total Cost | |||||
Land | 12,920 | ||||
Building / Construction in Progress & Improvements | 71,857 | ||||
Total | 84,777 | ||||
Accumulated Depreciation | 28,688 | ||||
Total Cost, Net of Accumulated Depreciation | 56,089 | ||||
Current Communities | Avalon on the Alameda | |||||
Initial Cost | |||||
Land and improvements | 6,119 | ||||
Building / Construction in Progress & Improvements | 50,225 | ||||
Costs Subsequent to Acquisition / Construction | 1,644 | ||||
Total Cost | |||||
Land | 6,119 | ||||
Building / Construction in Progress & Improvements | 51,869 | ||||
Total | 57,988 | ||||
Accumulated Depreciation | 28,035 | ||||
Total Cost, Net of Accumulated Depreciation | 29,953 | ||||
Encumbrances | 51,539 | ||||
Current Communities | Avalon Silicon Valley | |||||
Initial Cost | |||||
Land and improvements | 20,713 | ||||
Building / Construction in Progress & Improvements | 99,573 | ||||
Costs Subsequent to Acquisition / Construction | 4,987 | ||||
Total Cost | |||||
Land | 20,713 | ||||
Building / Construction in Progress & Improvements | 104,560 | ||||
Total | 125,273 | ||||
Accumulated Depreciation | 59,276 | ||||
Total Cost, Net of Accumulated Depreciation | 65,997 | ||||
Current Communities | Avalon Mountain View | |||||
Initial Cost | |||||
Land and improvements | 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 | 58,659 | ||||
Accumulated Depreciation | 25,542 | ||||
Total Cost, Net of Accumulated Depreciation | 33,117 | ||||
Encumbrances | 18,100 | ||||
Current Communities | Eaves Creekside | |||||
Initial Cost | |||||
Land and improvements | 6,546 | ||||
Building / Construction in Progress & Improvements | 26,263 | ||||
Costs Subsequent to Acquisition / Construction | 20,984 | ||||
Total Cost | |||||
Land | 6,546 | ||||
Building / Construction in Progress & Improvements | 47,247 | ||||
Total | 53,793 | ||||
Accumulated Depreciation | 20,739 | ||||
Total Cost, Net of Accumulated Depreciation | 33,054 | ||||
Current Communities | Avalon at Cahill Park | |||||
Initial Cost | |||||
Land and improvements | 4,765 | ||||
Building / Construction in Progress & Improvements | 47,600 | ||||
Costs Subsequent to Acquisition / Construction | 1,433 | ||||
Total Cost | |||||
Land | 4,765 | ||||
Building / Construction in Progress & Improvements | 49,033 | ||||
Total | 53,798 | ||||
Accumulated Depreciation | 20,749 | ||||
Total Cost, Net of Accumulated Depreciation | 33,049 | ||||
Current Communities | Avalon Towers on the Peninsula | |||||
Initial Cost | |||||
Land and improvements | 9,560 | ||||
Building / Construction in Progress & Improvements | 56,136 | ||||
Costs Subsequent to Acquisition / Construction | 1,103 | ||||
Total Cost | |||||
Land | 9,560 | ||||
Building / Construction in Progress & Improvements | 57,239 | ||||
Total | 66,799 | ||||
Accumulated Depreciation | 25,115 | ||||
Total Cost, Net of Accumulated Depreciation | 41,684 | ||||
Current Communities | Avalon Willow Glen | |||||
Initial Cost | |||||
Land and improvements | 46,060 | ||||
Building / Construction in Progress & Improvements | 81,957 | ||||
Costs Subsequent to Acquisition / Construction | 4,034 | ||||
Total Cost | |||||
Land | 46,060 | ||||
Building / Construction in Progress & Improvements | 85,991 | ||||
Total | 132,051 | ||||
Accumulated Depreciation | 9,780 | ||||
Total Cost, Net of Accumulated Depreciation | 122,271 | ||||
Current Communities | Eaves West Valley | |||||
Initial Cost | |||||
Land and improvements | 90,890 | ||||
Building / Construction in Progress & Improvements | 113,628 | ||||
Costs Subsequent to Acquisition / Construction | 7,019 | ||||
Total Cost | |||||
Land | 90,890 | ||||
Building / Construction in Progress & Improvements | 120,647 | ||||
Total | 211,537 | ||||
Accumulated Depreciation | 14,646 | ||||
Total Cost, Net of Accumulated Depreciation | 196,891 | ||||
Encumbrances | 83,087 | ||||
Current Communities | Eaves Mountain View at Middlefield | |||||
Initial Cost | |||||
Land and improvements | 64,070 | ||||
Building / Construction in Progress & Improvements | 69,018 | ||||
Costs Subsequent to Acquisition / Construction | 4,847 | ||||
Total Cost | |||||
Land | 64,070 | ||||
Building / Construction in Progress & Improvements | 73,865 | ||||
Total | 137,935 | ||||
Accumulated Depreciation | 9,416 | ||||
Total Cost, Net of Accumulated Depreciation | 128,519 | ||||
Encumbrances | 71,496 | ||||
Current Communities | Eaves West Valley II | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 18,411 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 18,411 | ||||
Total | 18,411 | ||||
Accumulated Depreciation | 735 | ||||
Total Cost, Net of Accumulated Depreciation | 17,676 | ||||
Current Communities | Avalon Morrison Park | |||||
Initial Cost | |||||
Land and improvements | 13,837 | ||||
Building / Construction in Progress & Improvements | 64,337 | ||||
Total Cost | |||||
Land | 13,837 | ||||
Building / Construction in Progress & Improvements | 64,337 | ||||
Total | 78,174 | ||||
Accumulated Depreciation | 1,756 | ||||
Total Cost, Net of Accumulated Depreciation | 76,418 | ||||
Current Communities | AVA Newport | |||||
Initial Cost | |||||
Land and improvements | 1,975 | ||||
Building / Construction in Progress & Improvements | 3,814 | ||||
Costs Subsequent to Acquisition / Construction | 9,802 | ||||
Total Cost | |||||
Land | 1,975 | ||||
Building / Construction in Progress & Improvements | 13,616 | ||||
Total | 15,591 | ||||
Accumulated Depreciation | 5,491 | ||||
Total Cost, Net of Accumulated Depreciation | 10,100 | ||||
Current Communities | Avalon Mission Viejo | |||||
Initial Cost | |||||
Land and improvements | 2,517 | ||||
Building / Construction in Progress & Improvements | 9,257 | ||||
Costs Subsequent to Acquisition / Construction | 2,783 | ||||
Total Cost | |||||
Land | 2,517 | ||||
Building / Construction in Progress & Improvements | 12,040 | ||||
Total | 14,557 | ||||
Accumulated Depreciation | 7,157 | ||||
Total Cost, Net of Accumulated Depreciation | 7,400 | ||||
Encumbrances | 7,635 | ||||
Current Communities | Eaves South Coast | |||||
Initial Cost | |||||
Land and improvements | 4,709 | ||||
Building / Construction in Progress & Improvements | 16,063 | ||||
Costs Subsequent to Acquisition / Construction | 12,772 | ||||
Total Cost | |||||
Land | 4,709 | ||||
Building / Construction in Progress & Improvements | 28,835 | ||||
Total | 33,544 | ||||
Accumulated Depreciation | 13,887 | ||||
Total Cost, Net of Accumulated Depreciation | 19,657 | ||||
Current Communities | Eaves Santa Margarita | |||||
Initial Cost | |||||
Land and improvements | 4,607 | ||||
Building / Construction in Progress & Improvements | 16,911 | ||||
Costs Subsequent to Acquisition / Construction | 10,247 | ||||
Total Cost | |||||
Land | 4,607 | ||||
Building / Construction in Progress & Improvements | 27,158 | ||||
Total | 31,765 | ||||
Accumulated Depreciation | 12,753 | ||||
Total Cost, Net of Accumulated Depreciation | 19,012 | ||||
Current Communities | Eaves Huntington Beach | |||||
Initial Cost | |||||
Land and improvements | 4,871 | ||||
Building / Construction in Progress & Improvements | 19,745 | ||||
Costs Subsequent to Acquisition / Construction | 9,530 | ||||
Total Cost | |||||
Land | 4,871 | ||||
Building / Construction in Progress & Improvements | 29,275 | ||||
Total | 34,146 | ||||
Accumulated Depreciation | 16,657 | ||||
Total Cost, Net of Accumulated Depreciation | 17,489 | ||||
Current Communities | Avalon Anaheim Stadium | |||||
Initial Cost | |||||
Land and improvements | 27,874 | ||||
Building / Construction in Progress & Improvements | 69,156 | ||||
Costs Subsequent to Acquisition / Construction | 645 | ||||
Total Cost | |||||
Land | 27,874 | ||||
Building / Construction in Progress & Improvements | 69,801 | ||||
Total | 97,675 | ||||
Accumulated Depreciation | 14,359 | ||||
Total Cost, Net of Accumulated Depreciation | 83,316 | ||||
Current Communities | Avalon Irvine | |||||
Initial Cost | |||||
Land and improvements | 9,911 | ||||
Building / Construction in Progress & Improvements | 67,524 | ||||
Costs Subsequent to Acquisition / Construction | 69 | ||||
Total Cost | |||||
Land | 9,911 | ||||
Building / Construction in Progress & Improvements | 67,593 | ||||
Total | 77,504 | ||||
Accumulated Depreciation | 12,521 | ||||
Total Cost, Net of Accumulated Depreciation | 64,983 | ||||
Current Communities | Eaves Lake Forest | |||||
Initial Cost | |||||
Land and improvements | 5,199 | ||||
Building / Construction in Progress & Improvements | 21,134 | ||||
Costs Subsequent to Acquisition / Construction | 2,114 | ||||
Total Cost | |||||
Land | 5,199 | ||||
Building / Construction in Progress & Improvements | 23,248 | ||||
Total | 28,447 | ||||
Accumulated Depreciation | 3,006 | ||||
Total Cost, Net of Accumulated Depreciation | 25,441 | ||||
Current Communities | Avalon Irvine II | |||||
Initial Cost | |||||
Land and improvements | 4,358 | ||||
Building / Construction in Progress & Improvements | 40,906 | ||||
Total Cost | |||||
Land | 4,358 | ||||
Building / Construction in Progress & Improvements | 40,906 | ||||
Total | 45,264 | ||||
Accumulated Depreciation | 2,753 | ||||
Total Cost, Net of Accumulated Depreciation | 42,511 | ||||
Current Communities | Eaves Seal Beach | |||||
Initial Cost | |||||
Land and improvements | 46,790 | ||||
Building / Construction in Progress & Improvements | 99,999 | ||||
Costs Subsequent to Acquisition / Construction | 4,635 | ||||
Total Cost | |||||
Land | 46,790 | ||||
Building / Construction in Progress & Improvements | 104,634 | ||||
Total | 151,424 | ||||
Accumulated Depreciation | 11,178 | ||||
Total Cost, Net of Accumulated Depreciation | 140,246 | ||||
Encumbrances | 85,122 | ||||
Current Communities | AVA Pacific Beach | |||||
Initial Cost | |||||
Land and improvements | 9,922 | ||||
Building / Construction in Progress & Improvements | 40,580 | ||||
Costs Subsequent to Acquisition / Construction | 30,927 | ||||
Total Cost | |||||
Land | 9,922 | ||||
Building / Construction in Progress & Improvements | 71,507 | ||||
Total | 81,429 | ||||
Accumulated Depreciation | 32,316 | ||||
Total Cost, Net of Accumulated Depreciation | 49,113 | ||||
Current Communities | Eaves Mission Ridge | |||||
Initial Cost | |||||
Land and improvements | 2,710 | ||||
Building / Construction in Progress & Improvements | 10,924 | ||||
Costs Subsequent to Acquisition / Construction | 11,263 | ||||
Total Cost | |||||
Land | 2,710 | ||||
Building / Construction in Progress & Improvements | 22,187 | ||||
Total | 24,897 | ||||
Accumulated Depreciation | 12,213 | ||||
Total Cost, Net of Accumulated Depreciation | 12,684 | ||||
Current Communities | AVA Cortez Hill | |||||
Initial Cost | |||||
Land and improvements | 2,768 | ||||
Building / Construction in Progress & Improvements | 20,134 | ||||
Costs Subsequent to Acquisition / Construction | 23,464 | ||||
Total Cost | |||||
Land | 2,768 | ||||
Building / Construction in Progress & Improvements | 43,598 | ||||
Total | 46,366 | ||||
Accumulated Depreciation | 18,853 | ||||
Total Cost, Net of Accumulated Depreciation | 27,513 | ||||
Current Communities | Avalon Fashion Valley | |||||
Initial Cost | |||||
Land and improvements | 19,627 | ||||
Building / Construction in Progress & Improvements | 44,972 | ||||
Costs Subsequent to Acquisition / Construction | 290 | ||||
Total Cost | |||||
Land | 19,627 | ||||
Building / Construction in Progress & Improvements | 45,262 | ||||
Total | 64,889 | ||||
Accumulated Depreciation | 9,860 | ||||
Total Cost, Net of Accumulated Depreciation | 55,029 | ||||
Current Communities | Eaves San Marcos | |||||
Initial Cost | |||||
Land and improvements | 3,277 | ||||
Building / Construction in Progress & Improvements | 13,385 | ||||
Costs Subsequent to Acquisition / Construction | 860 | ||||
Total Cost | |||||
Land | 3,277 | ||||
Building / Construction in Progress & Improvements | 14,245 | ||||
Total | 17,522 | ||||
Accumulated Depreciation | 1,869 | ||||
Total Cost, Net of Accumulated Depreciation | 15,653 | ||||
Current Communities | Eaves Rancho Penasquitos | |||||
Initial Cost | |||||
Land and improvements | 6,692 | ||||
Building / Construction in Progress & Improvements | 27,143 | ||||
Costs Subsequent to Acquisition / Construction | 1,834 | ||||
Total Cost | |||||
Land | 6,692 | ||||
Building / Construction in Progress & Improvements | 28,977 | ||||
Total | 35,669 | ||||
Accumulated Depreciation | 3,697 | ||||
Total Cost, Net of Accumulated Depreciation | 31,972 | ||||
Current Communities | Avalon La Jolla Colony | |||||
Initial Cost | |||||
Land and improvements | 16,760 | ||||
Building / Construction in Progress & Improvements | 27,694 | ||||
Costs Subsequent to Acquisition / Construction | 2,099 | ||||
Total Cost | |||||
Land | 16,760 | ||||
Building / Construction in Progress & Improvements | 29,793 | ||||
Total | 46,553 | ||||
Accumulated Depreciation | 3,665 | ||||
Total Cost, Net of Accumulated Depreciation | 42,888 | ||||
Encumbrances | 27,176 | ||||
Current Communities | Eaves La Mesa | |||||
Initial Cost | |||||
Land and improvements | 9,490 | ||||
Building / Construction in Progress & Improvements | 28,482 | ||||
Costs Subsequent to Acquisition / Construction | 1,335 | ||||
Total Cost | |||||
Land | 9,490 | ||||
Building / Construction in Progress & Improvements | 29,817 | ||||
Total | 39,307 | ||||
Accumulated Depreciation | 3,230 | ||||
Total Cost, Net of Accumulated Depreciation | 36,077 | ||||
Current Communities | AVA Burbank | |||||
Initial Cost | |||||
Land and improvements | 22,483 | ||||
Building / Construction in Progress & Improvements | 28,104 | ||||
Costs Subsequent to Acquisition / Construction | 48,076 | ||||
Total Cost | |||||
Land | 22,483 | ||||
Building / Construction in Progress & Improvements | 76,180 | ||||
Total | 98,663 | ||||
Accumulated Depreciation | 32,069 | ||||
Total Cost, Net of Accumulated Depreciation | 66,594 | ||||
Current Communities | Avalon Woodland Hills | |||||
Initial Cost | |||||
Land and improvements | 23,828 | ||||
Building / Construction in Progress & Improvements | 40,372 | ||||
Costs Subsequent to Acquisition / Construction | 46,946 | ||||
Total Cost | |||||
Land | 23,828 | ||||
Building / Construction in Progress & Improvements | 87,318 | ||||
Total | 111,146 | ||||
Accumulated Depreciation | 36,446 | ||||
Total Cost, Net of Accumulated Depreciation | 74,700 | ||||
Current Communities | Eaves Warner Center | |||||
Initial Cost | |||||
Land and improvements | 7,045 | ||||
Building / Construction in Progress & Improvements | 12,986 | ||||
Costs Subsequent to Acquisition / Construction | 9,304 | ||||
Total Cost | |||||
Land | 7,045 | ||||
Building / Construction in Progress & Improvements | 22,290 | ||||
Total | 29,335 | ||||
Accumulated Depreciation | 13,017 | ||||
Total Cost, Net of Accumulated Depreciation | 16,318 | ||||
Current Communities | Avalon at Glendale | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 42,564 | ||||
Costs Subsequent to Acquisition / Construction | 1,155 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 43,719 | ||||
Total | 43,719 | ||||
Accumulated Depreciation | 16,923 | ||||
Total Cost, Net of Accumulated Depreciation | 26,796 | ||||
Current Communities | Avalon Burbank | |||||
Initial Cost | |||||
Land and improvements | 14,053 | ||||
Building / Construction in Progress & Improvements | 56,827 | ||||
Costs Subsequent to Acquisition / Construction | 23,842 | ||||
Total Cost | |||||
Land | 14,053 | ||||
Building / Construction in Progress & Improvements | 80,669 | ||||
Total | 94,722 | ||||
Accumulated Depreciation | 29,268 | ||||
Total Cost, Net of Accumulated Depreciation | 65,454 | ||||
Current Communities | Avalon Camarillo | |||||
Initial Cost | |||||
Land and improvements | 8,446 | ||||
Building / Construction in Progress & Improvements | 40,290 | ||||
Costs Subsequent to Acquisition / Construction | 142 | ||||
Total Cost | |||||
Land | 8,446 | ||||
Building / Construction in Progress & Improvements | 40,432 | ||||
Total | 48,878 | ||||
Accumulated Depreciation | 12,232 | ||||
Total Cost, Net of Accumulated Depreciation | 36,646 | ||||
Current Communities | Avalon Wilshire | |||||
Initial Cost | |||||
Land and improvements | 5,459 | ||||
Building / Construction in Progress & Improvements | 41,182 | ||||
Costs Subsequent to Acquisition / Construction | 1,045 | ||||
Total Cost | |||||
Land | 5,459 | ||||
Building / Construction in Progress & Improvements | 42,227 | ||||
Total | 47,686 | ||||
Accumulated Depreciation | 11,268 | ||||
Total Cost, Net of Accumulated Depreciation | 36,418 | ||||
Current Communities | Avalon Encino | |||||
Initial Cost | |||||
Land and improvements | 12,789 | ||||
Building / Construction in Progress & Improvements | 49,073 | ||||
Costs Subsequent to Acquisition / Construction | 395 | ||||
Total Cost | |||||
Land | 12,789 | ||||
Building / Construction in Progress & Improvements | 49,468 | ||||
Total | 62,257 | ||||
Accumulated Depreciation | 10,812 | ||||
Total Cost, Net of Accumulated Depreciation | 51,445 | ||||
Current Communities | Avalon Warner Place | |||||
Initial Cost | |||||
Land and improvements | 7,920 | ||||
Building / Construction in Progress & Improvements | 44,848 | ||||
Costs Subsequent to Acquisition / Construction | 183 | ||||
Total Cost | |||||
Land | 7,920 | ||||
Building / Construction in Progress & Improvements | 45,031 | ||||
Total | 52,951 | ||||
Accumulated Depreciation | 10,522 | ||||
Total Cost, Net of Accumulated Depreciation | 42,429 | ||||
Current Communities | Eaves Phillips Ranch | |||||
Initial Cost | |||||
Land and improvements | 9,796 | ||||
Building / Construction in Progress & Improvements | 41,740 | ||||
Costs Subsequent to Acquisition / Construction | 246 | ||||
Total Cost | |||||
Land | 9,796 | ||||
Building / Construction in Progress & Improvements | 41,986 | ||||
Total | 51,782 | ||||
Accumulated Depreciation | 5,516 | ||||
Total Cost, Net of Accumulated Depreciation | 46,266 | ||||
Current Communities | Eaves San Dimas | |||||
Initial Cost | |||||
Land and improvements | 1,916 | ||||
Building / Construction in Progress & Improvements | 7,819 | ||||
Costs Subsequent to Acquisition / Construction | 519 | ||||
Total Cost | |||||
Land | 1,916 | ||||
Building / Construction in Progress & Improvements | 8,338 | ||||
Total | 10,254 | ||||
Accumulated Depreciation | 1,089 | ||||
Total Cost, Net of Accumulated Depreciation | 9,165 | ||||
Current Communities | Eaves San Dimas Canyon | |||||
Initial Cost | |||||
Land and improvements | 2,953 | ||||
Building / Construction in Progress & Improvements | 12,428 | ||||
Costs Subsequent to Acquisition / Construction | 191 | ||||
Total Cost | |||||
Land | 2,953 | ||||
Building / Construction in Progress & Improvements | 12,619 | ||||
Total | 15,572 | ||||
Accumulated Depreciation | 1,663 | ||||
Total Cost, Net of Accumulated Depreciation | 13,909 | ||||
Current Communities | AVA Pasadena | |||||
Initial Cost | |||||
Land and improvements | 8,400 | ||||
Building / Construction in Progress & Improvements | 11,547 | ||||
Costs Subsequent to Acquisition / Construction | 5,388 | ||||
Total Cost | |||||
Land | 8,400 | ||||
Building / Construction in Progress & Improvements | 16,935 | ||||
Total | 25,335 | ||||
Accumulated Depreciation | 1,319 | ||||
Total Cost, Net of Accumulated Depreciation | 24,016 | ||||
Encumbrances | 11,683 | ||||
Current Communities | Eaves Cerritos | |||||
Initial Cost | |||||
Land and improvements | 8,305 | ||||
Building / Construction in Progress & Improvements | 21,195 | ||||
Costs Subsequent to Acquisition / Construction | 1,392 | ||||
Total Cost | |||||
Land | 8,305 | ||||
Building / Construction in Progress & Improvements | 22,587 | ||||
Total | 30,892 | ||||
Accumulated Depreciation | 1,991 | ||||
Total Cost, Net of Accumulated Depreciation | 28,901 | ||||
Current Communities | Avalon Del Rey | |||||
Initial Cost | |||||
Land and improvements | 30,900 | ||||
Building / Construction in Progress & Improvements | 72,008 | ||||
Costs Subsequent to Acquisition / Construction | 654 | ||||
Total Cost | |||||
Land | 30,900 | ||||
Building / Construction in Progress & Improvements | 72,662 | ||||
Total | 103,562 | ||||
Accumulated Depreciation | 5,978 | ||||
Total Cost, Net of Accumulated Depreciation | 97,584 | ||||
Current Communities | Avalon Simi Valley | |||||
Initial Cost | |||||
Land and improvements | 42,020 | ||||
Building / Construction in Progress & Improvements | 73,361 | ||||
Costs Subsequent to Acquisition / Construction | 4,411 | ||||
Total Cost | |||||
Land | 42,020 | ||||
Building / Construction in Progress & Improvements | 77,772 | ||||
Total | 119,792 | ||||
Accumulated Depreciation | 9,158 | ||||
Total Cost, Net of Accumulated Depreciation | 110,634 | ||||
Current Communities | Avalon Studio City II | |||||
Initial Cost | |||||
Land and improvements | 4,626 | ||||
Building / Construction in Progress & Improvements | 22,954 | ||||
Costs Subsequent to Acquisition / Construction | 1,210 | ||||
Total Cost | |||||
Land | 4,626 | ||||
Building / Construction in Progress & Improvements | 24,164 | ||||
Total | 28,790 | ||||
Accumulated Depreciation | 2,484 | ||||
Total Cost, Net of Accumulated Depreciation | 26,306 | ||||
Current Communities | Avalon Studio City III | |||||
Initial Cost | |||||
Land and improvements | 15,756 | ||||
Building / Construction in Progress & Improvements | 78,178 | ||||
Costs Subsequent to Acquisition / Construction | 3,418 | ||||
Total Cost | |||||
Land | 15,756 | ||||
Building / Construction in Progress & Improvements | 81,596 | ||||
Total | 97,352 | ||||
Accumulated Depreciation | 8,428 | ||||
Total Cost, Net of Accumulated Depreciation | 88,924 | ||||
Current Communities | Avalon Calabasas | |||||
Initial Cost | |||||
Land and improvements | 42,720 | ||||
Building / Construction in Progress & Improvements | 107,642 | ||||
Costs Subsequent to Acquisition / Construction | 6,649 | ||||
Total Cost | |||||
Land | 42,720 | ||||
Building / Construction in Progress & Improvements | 114,291 | ||||
Total | 157,011 | ||||
Accumulated Depreciation | 13,810 | ||||
Total Cost, Net of Accumulated Depreciation | 143,201 | ||||
Encumbrances | 100,237 | ||||
Current Communities | Avalon Oak Creek | |||||
Initial Cost | |||||
Land and improvements | 43,540 | ||||
Building / Construction in Progress & Improvements | 79,974 | ||||
Costs Subsequent to Acquisition / Construction | 4,277 | ||||
Total Cost | |||||
Land | 43,540 | ||||
Building / Construction in Progress & Improvements | 84,251 | ||||
Total | 127,791 | ||||
Accumulated Depreciation | 10,304 | ||||
Total Cost, Net of Accumulated Depreciation | 117,487 | ||||
Encumbrances | 85,288 | ||||
Current Communities | Avalon Santa Monica on Main | |||||
Initial Cost | |||||
Land and improvements | 32,000 | ||||
Building / Construction in Progress & Improvements | 60,770 | ||||
Costs Subsequent to Acquisition / Construction | 3,359 | ||||
Total Cost | |||||
Land | 32,000 | ||||
Building / Construction in Progress & Improvements | 64,129 | ||||
Total | 96,129 | ||||
Accumulated Depreciation | 6,720 | ||||
Total Cost, Net of Accumulated Depreciation | 89,409 | ||||
Current Communities | Avalon Del Mar Station | |||||
Initial Cost | |||||
Land and improvements | 20,560 | ||||
Building / Construction in Progress & Improvements | 106,556 | ||||
Costs Subsequent to Acquisition / Construction | 3,277 | ||||
Total Cost | |||||
Land | 20,560 | ||||
Building / Construction in Progress & Improvements | 109,833 | ||||
Total | 130,393 | ||||
Accumulated Depreciation | 9,650 | ||||
Total Cost, Net of Accumulated Depreciation | 120,743 | ||||
Encumbrances | 76,471 | ||||
Current Communities | Eaves Old Town Pasadena | |||||
Initial Cost | |||||
Land and improvements | 9,110 | ||||
Building / Construction in Progress & Improvements | 15,371 | ||||
Costs Subsequent to Acquisition / Construction | 1,188 | ||||
Total Cost | |||||
Land | 9,110 | ||||
Building / Construction in Progress & Improvements | 16,559 | ||||
Total | 25,669 | ||||
Accumulated Depreciation | 2,053 | ||||
Total Cost, Net of Accumulated Depreciation | 23,616 | ||||
Encumbrances | 15,669 | ||||
Current Communities | Eaves Thousand Oaks | |||||
Initial Cost | |||||
Land and improvements | 13,950 | ||||
Building / Construction in Progress & Improvements | 20,211 | ||||
Costs Subsequent to Acquisition / Construction | 2,053 | ||||
Total Cost | |||||
Land | 13,950 | ||||
Building / Construction in Progress & Improvements | 22,264 | ||||
Total | 36,214 | ||||
Accumulated Depreciation | 3,208 | ||||
Total Cost, Net of Accumulated Depreciation | 33,006 | ||||
Encumbrances | 27,411 | ||||
Current Communities | Eaves Los Feliz | |||||
Initial Cost | |||||
Land and improvements | 18,940 | ||||
Building / Construction in Progress & Improvements | 43,661 | ||||
Costs Subsequent to Acquisition / Construction | 3,160 | ||||
Total Cost | |||||
Land | 18,940 | ||||
Building / Construction in Progress & Improvements | 46,821 | ||||
Total | 65,761 | ||||
Accumulated Depreciation | 5,463 | ||||
Total Cost, Net of Accumulated Depreciation | 60,298 | ||||
Encumbrances | 43,258 | ||||
Current Communities | Oakwood Toluca Hills | |||||
Initial Cost | |||||
Land and improvements | 85,450 | ||||
Building / Construction in Progress & Improvements | 161,256 | ||||
Costs Subsequent to Acquisition / Construction | 9,933 | ||||
Total Cost | |||||
Land | 85,450 | ||||
Building / Construction in Progress & Improvements | 171,189 | ||||
Total | 256,639 | ||||
Accumulated Depreciation | 20,490 | ||||
Total Cost, Net of Accumulated Depreciation | 236,149 | ||||
Encumbrances | 165,561 | ||||
Current Communities | Eaves Woodland Hills | |||||
Initial Cost | |||||
Land and improvements | 68,940 | ||||
Building / Construction in Progress & Improvements | 90,549 | ||||
Costs Subsequent to Acquisition / Construction | 9,014 | ||||
Total Cost | |||||
Land | 68,940 | ||||
Building / Construction in Progress & Improvements | 99,563 | ||||
Total | 168,503 | ||||
Accumulated Depreciation | 13,226 | ||||
Total Cost, Net of Accumulated Depreciation | 155,277 | ||||
Encumbrances | 104,694 | ||||
Current Communities | Avalon Thousand Oaks Plaza | |||||
Initial Cost | |||||
Land and improvements | 12,810 | ||||
Building / Construction in Progress & Improvements | 22,581 | ||||
Costs Subsequent to Acquisition / Construction | 1,807 | ||||
Total Cost | |||||
Land | 12,810 | ||||
Building / Construction in Progress & Improvements | 24,388 | ||||
Total | 37,198 | ||||
Accumulated Depreciation | 3,226 | ||||
Total Cost, Net of Accumulated Depreciation | 33,972 | ||||
Encumbrances | 28,394 | ||||
Current Communities | Avalon Pasadena | |||||
Initial Cost | |||||
Land and improvements | 10,240 | ||||
Building / Construction in Progress & Improvements | 31,558 | ||||
Costs Subsequent to Acquisition / Construction | 1,808 | ||||
Total Cost | |||||
Land | 10,240 | ||||
Building / Construction in Progress & Improvements | 33,366 | ||||
Total | 43,606 | ||||
Accumulated Depreciation | 3,503 | ||||
Total Cost, Net of Accumulated Depreciation | 40,103 | ||||
Encumbrances | 28,079 | ||||
Current Communities | Avalon Studio City | |||||
Initial Cost | |||||
Land and improvements | 17,658 | ||||
Building / Construction in Progress & Improvements | 90,715 | ||||
Costs Subsequent to Acquisition / Construction | 4,094 | ||||
Total Cost | |||||
Land | 17,658 | ||||
Building / Construction in Progress & Improvements | 94,809 | ||||
Total | 112,467 | ||||
Accumulated Depreciation | 9,702 | ||||
Total Cost, Net of Accumulated Depreciation | 102,765 | ||||
Current Communities | Avalon San Dimas | |||||
Initial Cost | |||||
Land and improvements | 9,140 | ||||
Building / Construction in Progress & Improvements | 30,445 | ||||
Total Cost | |||||
Land | 9,140 | ||||
Building / Construction in Progress & Improvements | 30,445 | ||||
Total | 39,585 | ||||
Accumulated Depreciation | 313 | ||||
Total Cost, Net of Accumulated Depreciation | 39,272 | ||||
Current Communities | Avalon Mission Oaks | |||||
Initial Cost | |||||
Land and improvements | 9,600 | ||||
Building / Construction in Progress & Improvements | 34,540 | ||||
Costs Subsequent to Acquisition / Construction | 2,860 | ||||
Total Cost | |||||
Land | 9,600 | ||||
Building / Construction in Progress & Improvements | 37,400 | ||||
Total | 47,000 | ||||
Accumulated Depreciation | 93 | ||||
Total Cost, Net of Accumulated Depreciation | 46,907 | ||||
Current Communities | Archstone Lexington | |||||
Initial Cost | |||||
Land and improvements | 4,540 | ||||
Building / Construction in Progress & Improvements | 25,946 | ||||
Costs Subsequent to Acquisition / Construction | 1,823 | ||||
Total Cost | |||||
Land | 4,540 | ||||
Building / Construction in Progress & Improvements | 27,769 | ||||
Total | 32,309 | ||||
Accumulated Depreciation | 3,551 | ||||
Total Cost, Net of Accumulated Depreciation | 28,758 | ||||
Encumbrances | 16,525 | ||||
Current Communities | Archstone Toscano | |||||
Initial Cost | |||||
Land and improvements | 15,607 | ||||
Building / Construction in Progress & Improvements | 72,154 | ||||
Costs Subsequent to Acquisition / Construction | 5 | ||||
Total Cost | |||||
Land | 15,607 | ||||
Building / Construction in Progress & Improvements | 72,159 | ||||
Total | 87,766 | ||||
Accumulated Depreciation | 3,324 | ||||
Total Cost, Net of Accumulated Depreciation | 84,442 | ||||
Current Communities | Memorial Heights Villages | |||||
Initial Cost | |||||
Land and improvements | 9,607 | ||||
Building / Construction in Progress & Improvements | 42,164 | ||||
Total Cost | |||||
Land | 9,607 | ||||
Building / Construction in Progress & Improvements | 42,164 | ||||
Total | 51,771 | ||||
Accumulated Depreciation | 724 | ||||
Total Cost, Net of Accumulated Depreciation | 51,047 | ||||
Development Communities | |||||
Initial Cost | |||||
Land and improvements | 32,309 | ||||
Building / Construction in Progress & Improvements | 446,342 | ||||
Costs Subsequent to Acquisition / Construction | 1,357,880 | ||||
Total Cost | |||||
Land | 32,309 | ||||
Building / Construction in Progress & Improvements | 1,804,222 | ||||
Total | 1,836,531 | ||||
Accumulated Depreciation | 6,482 | ||||
Total Cost, Net of Accumulated Depreciation | 1,830,049 | ||||
Encumbrances | 0 | ||||
Development Communities | Avalon West Chelsea/AVA High Line | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 260,762 | ||||
Costs Subsequent to Acquisition / Construction | 11,823 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 272,585 | ||||
Total | 272,585 | ||||
Accumulated Depreciation | 4,302 | ||||
Total Cost, Net of Accumulated Depreciation | 268,283 | ||||
Development Communities | Avalon North Station | |||||
Initial Cost | |||||
Costs Subsequent to Acquisition / Construction | 46,268 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 46,268 | ||||
Total | 46,268 | ||||
Total Cost, Net of Accumulated Depreciation | 46,268 | ||||
Development Communities | Avalon AVA Assembly Row/AVA Somerville | |||||
Initial Cost | |||||
Land and improvements | 15,239 | ||||
Building / Construction in Progress & Improvements | 80,685 | ||||
Costs Subsequent to Acquisition / Construction | 33,327 | ||||
Total Cost | |||||
Land | 15,239 | ||||
Building / Construction in Progress & Improvements | 114,012 | ||||
Total | 129,251 | ||||
Accumulated Depreciation | 1,095 | ||||
Total Cost, Net of Accumulated Depreciation | 128,156 | ||||
Development Communities | Avalon Framingham | |||||
Initial Cost | |||||
Costs Subsequent to Acquisition / Construction | 18,335 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 18,335 | ||||
Total | 18,335 | ||||
Total Cost, Net of Accumulated Depreciation | 18,335 | ||||
Development Communities | Avalon West Hollywood | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 233 | ||||
Costs Subsequent to Acquisition / Construction | 57,895 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 58,128 | ||||
Total | 58,128 | ||||
Total Cost, Net of Accumulated Depreciation | 58,128 | ||||
Development Communities | Avalon Dublin Station II | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 84 | ||||
Costs Subsequent to Acquisition / Construction | 43,338 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 43,422 | ||||
Total | 43,422 | ||||
Total Cost, Net of Accumulated Depreciation | 43,422 | ||||
Development Communities | Avalon Wharton | |||||
Initial Cost | |||||
Land and improvements | 874 | ||||
Building / Construction in Progress & Improvements | 20,455 | ||||
Costs Subsequent to Acquisition / Construction | 27,318 | ||||
Total Cost | |||||
Land | 874 | ||||
Building / Construction in Progress & Improvements | 47,773 | ||||
Total | 48,647 | ||||
Accumulated Depreciation | 116 | ||||
Total Cost, Net of Accumulated Depreciation | 48,531 | ||||
Development Communities | Avalon Green III | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 4 | ||||
Costs Subsequent to Acquisition / Construction | 1,443 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 1,447 | ||||
Total | 1,447 | ||||
Total Cost, Net of Accumulated Depreciation | 1,447 | ||||
Development Communities | AVA Little Tokyo | |||||
Initial Cost | |||||
Land and improvements | 5,479 | ||||
Building / Construction in Progress & Improvements | 35,923 | ||||
Costs Subsequent to Acquisition / Construction | 64,425 | ||||
Total Cost | |||||
Land | 5,479 | ||||
Building / Construction in Progress & Improvements | 100,348 | ||||
Total | 105,827 | ||||
Accumulated Depreciation | 423 | ||||
Total Cost, Net of Accumulated Depreciation | 105,404 | ||||
Development Communities | AVA Theater District | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 315 | ||||
Costs Subsequent to Acquisition / Construction | 132,767 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 133,082 | ||||
Total | 133,082 | ||||
Total Cost, Net of Accumulated Depreciation | 133,082 | ||||
Development Communities | Avalon Marlborough | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 95 | ||||
Costs Subsequent to Acquisition / Construction | 46,808 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 46,903 | ||||
Total | 46,903 | ||||
Total Cost, Net of Accumulated Depreciation | 46,903 | ||||
Development Communities | Avalon Vista | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 292 | ||||
Costs Subsequent to Acquisition / Construction | 36,338 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 36,630 | ||||
Total | 36,630 | ||||
Total Cost, Net of Accumulated Depreciation | 36,630 | ||||
Development Communities | Avalon Bloomfield Station | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 56 | ||||
Costs Subsequent to Acquisition / Construction | 29,624 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 29,680 | ||||
Total | 29,680 | ||||
Total Cost, Net of Accumulated Depreciation | 29,680 | ||||
Development Communities | Avalon Willoughby Square/AVA DoBro | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 80 | ||||
Costs Subsequent to Acquisition / Construction | 266,238 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 266,318 | ||||
Total | 266,318 | ||||
Total Cost, Net of Accumulated Depreciation | 266,318 | ||||
Development Communities | Avalon Alderwood I | |||||
Initial Cost | |||||
Land and improvements | 7,033 | ||||
Building / Construction in Progress & Improvements | 32,783 | ||||
Costs Subsequent to Acquisition / Construction | 26,290 | ||||
Total Cost | |||||
Land | 7,033 | ||||
Building / Construction in Progress & Improvements | 59,073 | ||||
Total | 66,106 | ||||
Accumulated Depreciation | 492 | ||||
Total Cost, Net of Accumulated Depreciation | 65,614 | ||||
Development Communities | AVA Capitol Hill | |||||
Initial Cost | |||||
Costs Subsequent to Acquisition / Construction | 39,870 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 39,870 | ||||
Total | 39,870 | ||||
Total Cost, Net of Accumulated Depreciation | 39,870 | ||||
Development Communities | Avalon Esterra Park | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 8 | ||||
Costs Subsequent to Acquisition / Construction | 33,515 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 33,523 | ||||
Total | 33,523 | ||||
Total Cost, Net of Accumulated Depreciation | 33,523 | ||||
Development Communities | Avalon Hayes Valley | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 887 | ||||
Costs Subsequent to Acquisition / Construction | 78,685 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 79,572 | ||||
Total | 79,572 | ||||
Total Cost, Net of Accumulated Depreciation | 79,572 | ||||
Development Communities | Avalon Baker Ranch | |||||
Initial Cost | |||||
Land and improvements | 3,684 | ||||
Building / Construction in Progress & Improvements | 12,815 | ||||
Costs Subsequent to Acquisition / Construction | 94,303 | ||||
Total Cost | |||||
Land | 3,684 | ||||
Building / Construction in Progress & Improvements | 107,118 | ||||
Total | 110,802 | ||||
Accumulated Depreciation | 54 | ||||
Total Cost, Net of Accumulated Depreciation | 110,748 | ||||
Development Communities | Avalon Irvine III | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 50 | ||||
Costs Subsequent to Acquisition / Construction | 26,253 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 26,303 | ||||
Total | 26,303 | ||||
Total Cost, Net of Accumulated Depreciation | 26,303 | ||||
Development Communities | Avalon Huntington Beach | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 78 | ||||
Costs Subsequent to Acquisition / Construction | 40,661 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 40,739 | ||||
Total | 40,739 | ||||
Total Cost, Net of Accumulated Depreciation | 40,739 | ||||
Development Communities | Avalon Glendora | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 55 | ||||
Costs Subsequent to Acquisition / Construction | 52,091 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 52,146 | ||||
Total | 52,146 | ||||
Total Cost, Net of Accumulated Depreciation | 52,146 | ||||
Development Communities | Avalon Falls Church | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 240 | ||||
Costs Subsequent to Acquisition / Construction | 69,391 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 69,631 | ||||
Total | 69,631 | ||||
Total Cost, Net of Accumulated Depreciation | 69,631 | ||||
Development Communities | Avalon Roseland | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 372 | ||||
Costs Subsequent to Acquisition / Construction | 32,771 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 33,143 | ||||
Total | 33,143 | ||||
Total Cost, Net of Accumulated Depreciation | 33,143 | ||||
Development Communities | Avalon Princeton | |||||
Initial Cost | |||||
Building / Construction in Progress & Improvements | 70 | ||||
Costs Subsequent to Acquisition / Construction | 35,386 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 35,456 | ||||
Total | 35,456 | ||||
Total Cost, Net of Accumulated Depreciation | 35,456 | ||||
Development Communities | Avalon Union | |||||
Initial Cost | |||||
Costs Subsequent to Acquisition / Construction | 12,717 | ||||
Total Cost | |||||
Building / Construction in Progress & Improvements | 12,717 | ||||
Total | 12,717 | ||||
Total Cost, Net of Accumulated Depreciation | 12,717 | ||||
Land Held for Development | |||||
Initial Cost | |||||
Land and improvements | 180,516 | ||||
Total Cost | |||||
Land | 180,516 | ||||
Total | 180,516 | ||||
Total Cost, Net of Accumulated Depreciation | 180,516 | ||||
Corporate overhead | |||||
Initial Cost | |||||
Land and improvements | 31,344 | ||||
Building / Construction in Progress & Improvements | 31,699 | ||||
Costs Subsequent to Acquisition / Construction | 56,338 | ||||
Total Cost | |||||
Land | 31,344 | ||||
Building / Construction in Progress & Improvements | 88,037 | ||||
Total | 119,381 | ||||
Accumulated Depreciation | 48,834 | ||||
Total Cost, Net of Accumulated Depreciation | 70,547 | ||||
Encumbrances | $3,000,000 | ||||
Subsequent event | Avalon at Edgewater | |||||
Total Cost | |||||
Number of uninhabitable homes | 240 |
REAL_ESTATE_AND_ACCUMULATED_DE2
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Estimated useful lives | |||
Aggregate cost of total real estate for federal income tax purposes | $17,561,706 | ||
Changes in total real estate assets | |||
Balance, beginning of period | 16,800,321 | 10,071,342 | 9,288,496 |
Acquisitions, construction costs and improvements | 1,311,003 | 7,157,639 | 934,935 |
Dispositions, including impairment loss on planned dispositions | -262,008 | -428,660 | -152,089 |
Balance, end of period | 17,849,316 | 16,800,321 | 10,071,342 |
Changes in accumulated depreciation | |||
Balance, beginning of period | 2,516,112 | 2,056,222 | 1,863,466 |
Depreciation, including discontinued operations | 442,682 | 573,715 | 260,094 |
Dispositions | -45,218 | -113,825 | -67,338 |
Balance, end of period | $2,913,576 | $2,516,112 | $2,056,222 |
Building | |||
Estimated useful lives | |||
Estimated useful lives of assets (in years) | 30 years | ||
Improvements, upgrades and FF&E | |||
Estimated useful lives | |||
Estimated useful lives of assets (in years) | 7 years |