Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document and Entity Information | |||
Entity Registrant Name | AVALONBAY COMMUNITIES INC | ||
Entity Central Index Key | 915,912 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 138,095,504 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 26,425,741,640 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate: | ||
Land and improvements | $ 4,237,318 | $ 3,941,250 |
Buildings and improvements | 15,708,666 | 14,314,981 |
Furniture, fixtures and equipment | 615,288 | 532,994 |
Total Capitalized Cost | 20,561,272 | 18,789,225 |
Less accumulated depreciation | (4,218,379) | (3,743,632) |
Net operating real estate | 16,342,893 | 15,045,593 |
Construction in progress, including land | 1,306,300 | 1,882,262 |
Land held for development | 68,364 | 84,293 |
Real estate assets held for sale, net | 0 | 20,846 |
Total real estate, net | 17,717,557 | 17,032,994 |
Cash and cash equivalents | 67,088 | 214,994 |
Cash in escrow | 134,818 | 114,983 |
Resident security deposits | 32,686 | 32,071 |
Investments in unconsolidated real estate entities | 163,475 | 175,116 |
Deferred development costs | 45,819 | 40,179 |
Prepaid expenses and other assets | 253,378 | 256,934 |
Total assets | 18,414,821 | 17,867,271 |
LIABILITIES AND EQUITY | ||
Unsecured notes, net | 5,852,764 | 4,463,302 |
Variable rate unsecured credit facility | 0 | 0 |
Mortgage notes payable, net | 1,476,706 | 2,567,578 |
Dividends payable | 196,094 | 185,397 |
Payables for construction | 85,377 | 100,998 |
Accrued expenses and other liabilities | 308,189 | 274,676 |
Accrued interest payable | 43,116 | 38,307 |
Resident security deposits | 58,473 | 57,023 |
Liabilities related to real estate assets held for sale | 0 | 808 |
Total liabilities | 8,020,719 | 7,688,089 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 6,056 | 7,766 |
Equity: | ||
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2017 and 2016; zero shares issued and outstanding at December 31, 2017 and 2016 | 0 | 0 |
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2017 and 2016; 138,094,154 and 137,330,904 shares issued and outstanding at December 31, 2017 and 2016, respectively | 1,381 | 1,373 |
Additional paid-in capital | 10,235,475 | 10,105,654 |
Accumulated earnings less dividends | 188,609 | 94,899 |
Accumulated other comprehensive loss | (37,419) | (30,510) |
Total equity | 10,388,046 | 10,171,416 |
Total liabilities and equity | $ 18,414,821 | $ 17,867,271 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 138,094,154 | 137,330,904 |
Common stock, shares outstanding | 138,094,154 | 137,330,904 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Rental and other income | $ 2,154,481 | $ 2,039,656 | $ 1,846,081 |
Management, development and other fees | 4,147 | 5,599 | 9,947 |
Total revenue | 2,158,628 | 2,045,255 | 1,856,028 |
Expenses: | |||
Operating expenses, excluding property taxes | 503,946 | 478,437 | 448,747 |
Property taxes | 221,375 | 204,837 | 193,499 |
Interest expense, net | 199,661 | 187,510 | 175,615 |
Loss (gain) on extinguishment of debt, net | 25,472 | 7,075 | (26,736) |
Depreciation expense | 584,150 | 531,434 | 477,923 |
General and administrative expense | 50,673 | 45,771 | 42,774 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 2,736 | 9,922 | 6,822 |
Casualty and impairment loss (gain), net | 6,250 | (3,935) | (10,542) |
Total expenses | 1,594,263 | 1,461,051 | 1,308,102 |
Income before equity in income of unconsolidated real estate entities, gain on sale of communities, (loss) gain on other real estate transactions, and income taxes | 564,365 | 584,204 | 547,926 |
Equity in income of unconsolidated real estate entities | 70,744 | 64,962 | 70,018 |
Gain on sale of communities | 252,599 | 374,623 | 115,625 |
(Loss) gain on other real estate transactions | (10,907) | 10,224 | 9,647 |
Income before income taxes | 876,801 | 1,034,013 | 743,216 |
Income tax expense | 141 | 305 | 1,483 |
Net income | 876,660 | 1,033,708 | 741,733 |
Net loss attributable to noncontrolling interests | 261 | 294 | 305 |
Net income attributable to common stockholders | 876,921 | 1,034,002 | 742,038 |
Other comprehensive income (loss): | |||
(Loss) income on cash flow hedges | (13,979) | (5,556) | 5,354 |
Cash flow hedge losses reclassified to earnings | 7,070 | 6,433 | 5,774 |
Comprehensive income | $ 870,012 | $ 1,034,879 | $ 753,166 |
Earnings per common share—basic: | |||
Net income per common share - basic (in dollars per share) | $ 6.36 | $ 7.53 | $ 5.54 |
Earnings per common share—diluted: | |||
Net income per common share - diluted (in dollars per share) | $ 6.35 | $ 7.52 | $ 5.51 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Total AvalonBay stockholders' equity | Common stock | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive loss | Noncontrolling interests |
Beginning Balance (in shares) at Dec. 31, 2014 | 132,050,382 | ||||||
Beginning Balance at Dec. 31, 2014 | $ 9,046,405 | $ 9,046,405 | $ 1,320 | $ 9,354,685 | $ (267,085) | $ (42,515) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 742,038 | 742,038 | 742,038 | ||||
Income (loss) on cash flow hedges | 5,354 | 5,354 | 5,354 | ||||
Cash flow hedge losses reclassified to earnings | 5,774 | 5,774 | 5,774 | ||||
Change in redemption value of redeemable noncontrolling interest | 965 | 965 | (1,088) | 2,053 | |||
Dividends declared to common stockholders | (673,670) | (673,670) | (673,670) | ||||
Issuance of common stock, net of withholdings | 687,402 | 687,402 | $ 50 | 688,677 | (1,325) | ||
Issuance of common stock, net of withholdings (in shares) | 4,951,649 | ||||||
Amortization of deferred compensation | 26,258 | 26,258 | 26,258 | ||||
Ending Balance (in shares) at Dec. 31, 2015 | 137,002,031 | ||||||
Ending Balance at Dec. 31, 2015 | 9,840,526 | 9,840,526 | $ 1,370 | 10,068,532 | (197,989) | (31,387) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 1,034,002 | 1,034,002 | 1,034,002 | ||||
Income (loss) on cash flow hedges | (5,556) | (5,556) | (5,556) | ||||
Cash flow hedge losses reclassified to earnings | 6,433 | 6,433 | 6,433 | ||||
Change in redemption value of redeemable noncontrolling interest | 1,489 | 1,489 | 1,489 | ||||
Dividends declared to common stockholders | (741,313) | (741,313) | (741,313) | ||||
Issuance of common stock, net of withholdings | 10,695 | 10,695 | $ 3 | 11,982 | (1,290) | ||
Issuance of common stock, net of withholdings (in shares) | 328,873 | ||||||
Amortization of deferred compensation | 25,140 | 25,140 | 25,140 | ||||
Ending Balance (in shares) at Dec. 31, 2016 | 137,330,904 | ||||||
Ending Balance at Dec. 31, 2016 | 10,171,416 | 10,171,416 | $ 1,373 | 10,105,654 | 94,899 | (30,510) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 876,921 | 876,921 | 876,921 | ||||
Income (loss) on cash flow hedges | (13,979) | (13,979) | (13,979) | ||||
Cash flow hedge losses reclassified to earnings | 7,070 | 7,070 | 7,070 | ||||
Change in redemption value of redeemable noncontrolling interest | 2,026 | 2,026 | 2,026 | ||||
Dividends declared to common stockholders | (783,912) | (783,912) | (783,912) | ||||
Issuance of common stock, net of withholdings | 100,304 | 100,304 | $ 8 | 101,621 | (1,325) | ||
Issuance of common stock, net of withholdings (in shares) | 763,250 | ||||||
Amortization of deferred compensation | 28,200 | 28,200 | 28,200 | ||||
Ending Balance (in shares) at Dec. 31, 2017 | 138,094,154 | ||||||
Ending Balance at Dec. 31, 2017 | $ 10,388,046 | $ 10,388,046 | $ 1,381 | $ 10,235,475 | $ 188,609 | $ (37,419) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 876,660 | $ 1,033,708 | $ 741,733 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation expense | 584,150 | 531,434 | 477,923 |
Amortization of deferred financing costs | 7,657 | 7,661 | 6,871 |
Amortization of debt premium | (5,915) | (18,866) | (24,261) |
Loss (gain) on extinguishment of debt, net | 25,472 | 7,075 | (26,736) |
Amortization of stock-based compensation | 17,920 | 15,082 | 15,321 |
Equity in (income) loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations | (19,798) | 8,870 | 12,225 |
Casualty and impairment loss (gain), net | 8,568 | (3,935) | (17,303) |
Abandonment of development pursuits | 388 | 1,743 | 0 |
Cash flow hedge losses reclassified to earnings | 7,070 | 6,433 | 5,774 |
Gain on sale of real estate assets | (281,745) | (442,916) | (158,852) |
Decrease (increase) in resident security deposits, prepaid expenses and other assets | 3,076 | (5,403) | 12,783 |
Increase in accrued expenses, other liabilities and accrued interest payable | 32,754 | 19,386 | 29,189 |
Net cash provided by operating activities | 1,256,257 | 1,160,272 | 1,074,667 |
Cash flows from investing activities: | |||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | (979,947) | (1,201,026) | (1,569,326) |
Acquisition of real estate assets, including partnership interest | (462,317) | (393,316) | 0 |
Capital expenditures - existing real estate assets | (65,181) | (66,971) | (48,170) |
Capital expenditures - non-real estate assets | (8,809) | (5,881) | (7,695) |
Proceeds from sale of real estate, net of selling costs | 503,039 | 532,717 | 282,163 |
Insurance proceeds for property damage claims | 16,233 | 17,196 | 44,142 |
Mortgage note receivable lending | (17,590) | (19,115) | 0 |
(Decrease) increase in payables for construction | (15,621) | 2,196 | (3,230) |
Distributions from unconsolidated real estate entities | 89,305 | 111,598 | 109,181 |
Investments in unconsolidated real estate entities | (24,493) | (9,750) | (6,582) |
Net cash used in investing activities | (965,381) | (1,032,352) | (1,199,517) |
Cash flows from financing activities: | |||
Issuance of common stock, net | 111,093 | 15,526 | 690,184 |
Dividends paid | (772,657) | (726,749) | (655,248) |
Issuance of mortgage notes payable | 206,800 | 0 | 0 |
Repayments of mortgage notes payable, including prepayment penalties | (1,313,025) | (168,076) | (853,604) |
Issuance of unsecured notes | 1,696,826 | 1,122,488 | 873,088 |
Repayment of unsecured notes, including prepayment penalties | (300,000) | (504,403) | 0 |
Payment of deferred financing costs | (17,552) | (16,240) | (7,343) |
Redemption of noncontrolling interest and units for cash by minority partners | 0 | 0 | (1,088) |
Payment of capital lease obligation | (18,951) | 0 | 0 |
Receipts (payments) for termination of forward interest rate swaps | 391 | (14,847) | 0 |
Payments related to tax withholding for share-based compensation | (10,450) | (8,562) | (6,076) |
Distributions to DownREIT partnership unitholders | (42) | (41) | (38) |
Contributions from joint venture and profit-sharing partners | 1,038 | 0 | 0 |
Distributions to joint venture and profit-sharing partners | (418) | (407) | (372) |
Preferred interest obligation redemption and dividends | (2,000) | (1,960) | (14,410) |
Net cash (used in) provided by financing activities | (418,947) | (303,271) | 25,093 |
Net decrease in cash and cash equivalents | (128,071) | (175,351) | (99,757) |
Cash and cash equivalents and restricted cash, beginning of year | 329,977 | 505,328 | 605,085 |
Cash and cash equivalents and restricted cash, end of year | 201,906 | 329,977 | 505,328 |
Cash paid during the year for interest, net of amount capitalized | 207,842 | 194,059 | 188,782 |
Supplemental Cash Flow Information [Abstract] | |||
Cash and cash equivalents and restricted cash, end of year | $ 329,977 | $ 505,328 | $ 605,085 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)homeshares | Dec. 31, 2015USD ($)shares | |
Supplemental disclosures of non-cash investing and financing activities | |||
Common stock issued through the dividend reinvestment plan (in shares) | shares | 3,058 | 2,396 | 2,142 |
Common stock issued through the dividend reinvestment plan | $ 558,000 | $ 424,000 | $ 372,000 |
Number of shares withheld to satisfy employees' tax withholding and other liabilities | shares | 60,319 | 53,453 | 45,090 |
Shares withheld to satisfy employees' tax withholding and other liabilities, value | $ 10,542,000 | $ 8,356,000 | $ 5,979,000 |
Number of shares forfeited | shares | 3,388 | ||
Shares cancelled upon forfeiture | $ 588,000 | 694,000 | 726,000 |
Common stock dividends declared but not paid | 196,094,000 | 185,397,000 | 171,257,000 |
Change in redemption value of redeemable noncontrolling interest | (2,026,000) | (1,489,000) | (965,000) |
Increase (decrease) in derivative assets | (12,114,000) | 12,085,000 | |
Increase (decrease) in derivative liabilities | 1,171,000 | ||
Cash flow hedge losses reclassified to earnings | 7,070,000 | 6,433,000 | 5,774,000 |
Net operating real estate | 16,342,893,000 | 15,045,593,000 | |
Income (loss) on cash flow hedges | (13,979,000) | (5,556,000) | 5,354,000 |
Casualty and impairment loss (gain), net | $ 6,250,000 | $ (3,935,000) | $ (10,542,000) |
Restricted Stock and Restricted Stock Converted From Performance Shares [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | shares | 201,824 | 197,018 | 157,779 |
Restricted Stock Converted From Performance Shares [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | shares | 128,482 | 115,618 | 95,826 |
Restricted stock | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | shares | 73,342 | 81,400 | 61,953 |
Fair value of shares issued | $ 13,171,000 | $ 13,217,000 | $ 10,720,000 |
Number of shares forfeited | shares | 3,388 | 4,262 | 1,529 |
Accumulated earnings less dividends | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 65,000 | ||
Change in redemption value of redeemable noncontrolling interest | (2,026,000) | $ (1,489,000) | $ (2,053,000) |
Deferred Compensation, Share-based Payments [Member] | Non Employee Director [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Fair value of shares issued | 3,894,000 | 3,552,000 | |
Avalon Maplewood [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Net operating real estate | 16,361,000 | ||
Casualty and impairment loss (gain), net | $ 2,338,000 | ||
Avalon at Edgewater [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Net operating real estate | 21,844,000 | ||
Casualty and impairment loss (gain), net | $ (8,702,000) | (15,538,000) | |
New England [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Casualty and impairment loss (gain), net | 4,195,000 | ||
New England [Member] | Avalon at Edgewater [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Casualty and impairment loss (gain), net | $ 26,039,000 | ||
Non Employee Director [Member] | Deferred Compensation, Share-based Payments [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | shares | 44,327 | 46,589 | |
Secured notes | Notes Payable Maturities 2020 [Member] | Avalon Hoboken [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Assumed principal amount of indebtedness | $ 67,904,000 | ||
Secured notes | Notes Payable Maturities 2020 [Member] | Avalon Columbia Pike [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Assumed principal amount of indebtedness | $ 70,507,000 | ||
West Hollywood Affordable [Member] | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Apartment homes | home | 77 | ||
Accounts receivable, net | $ 18,643,000 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2017 , the Company owned or held a direct or indirect ownership interest in 267 operating apartment communities containing 77,614 apartment homes in 12 states and the District of Columbia, of which nine communities containing 3,752 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 21 communities under development that are expected to contain an aggregate of 6,544 apartment homes (unaudited) 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 29 communities that, if developed as expected, will contain an estimated 9,496 apartment homes (unaudited). Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, under all other potential scenarios, including where the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the cost method. Revenue and Gain Recognition Rental income related to the Company’s residential and retail leases is recognized on an accrual basis when due from residents and/or retail tenants, as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard residential 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 will adopt ASU 2014-09, Revenue from Contracts with Customers and ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets, as of January 1, 2018 using the modified retrospective approach, applying the provisions of the new standards to contracts that are not completed as of the date of adoption. Under the new standards, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. The majority of the Company’s revenue is derived from residential and retail rental income and other lease income, which are scoped out from this standard and included in the current lease accounting framework, and will be accounted for under ASU 2016-02, Leases, discussed under Recently Issued and Adopted Accounting Standards below. Revenue streams that are in the scope of the new standards include: • Management fees - The Company has investment interests in real estate joint ventures, some of which the Company manages (i) the venture, (ii) the associated operating communities owned by those ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for management fees as earned on a monthly basis and has concluded this is appropriate under the new standard. • Non-recurring rental and non-rental related income - The Company recognizes revenue for rental related income not included as a components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned, and has concluded this is appropriate under the new standard. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than retail land sales. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete and the Company does not have significant continuing involvement. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. In addition, subsequent to the adoption of the new standard, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity will be recognized at 100%, and not the Company’s proportionate ownership percentage. Due to the nature and timing of the Company’s identified revenue streams and existing open contracts as of December 31, 2017, the Company does not anticipate the adoption of the new standards will have a material impact on its financial position or results of operations. Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. 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 land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers external costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. The adoption of ASU 2017-01 on October 1, 2016, impacted the Company's accounting framework for the acquisition of operating communities. Prior to adoption, the acquisition of an operating community was viewed as an acquisition of a business, and the Company identified and recorded each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition, and expensed all costs incurred related to acquisitions of operating communities. Subsequent to adoption of ASU 2017-01 on October 1, 2016, the Company assesses each acquisition of an operating community to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, and results in the capitalization of acquisition costs, and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. The purchase price allocation to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, is as reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applied industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considered the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years. Income Taxes The Company elected to be treated as a REIT for U.S. federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2017 , 2016 and 2015 . 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 $141,000 , $305,000 and $1,483,000 in 2017 , 2016 and 2015 , respectively, associated primarily with activities transacted through a TRS. As of December 31, 2017 and 2016 , 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 2014 through 2016 . On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA makes major changes to the Code, including lowering the statutory U.S. federal income tax rate from 35% to 21% effective January 1, 2018. The Company has completed its assessment of the Act and does not believe it will have a material impact on its financial position or results of operations. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2017 , 2016 and 2015 (unaudited, dollars in thousands): 2017 Estimate 2016 Actual 2015 Actual Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 GAAP gain on sale of communities (in excess of) less than tax gain (85,873 ) (195,029 ) (20,900 ) Depreciation/amortization timing differences on real estate 11,868 (947 ) (24,657 ) Amortization of debt/mark to market interest (17,430 ) (18,985 ) (64,676 ) Tax compensation expense less than (in excess of) GAAP (3,828 ) 9,821 (1,244 ) Casualty and impairment (gain) loss, net 6,250 (657 ) (10,542 ) Other adjustments (40,381 ) 11,533 (12,829 ) Taxable net income $ 747,527 $ 839,738 $ 607,190 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2017 , 2016 and 2015 (unaudited): 2017 2016 2015 Ordinary income 75 % 68 % 83 % 20% capital gain 18 % 26 % 12 % Unrecaptured §1250 gain 7 % 6 % 5 % Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $16,984,000 and $14,008,000 as of December 31, 2017 and 2016 , respectively, and related to mortgage notes payable was $4,991,000 and $10,562,000 as of December 31, 2017 and 2016 , respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $8,299,000 and $6,490,000 as of December 31, 2017 and 2016 , respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share (“EPS”). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/17 12/31/16 12/31/15 Basic and diluted shares outstanding Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 535,415 525,886 1,019,966 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Net income allocated to unvested restricted shares (2,463 ) (2,610 ) (1,774 ) Net income attributable to common stockholders, adjusted $ 874,458 $ 1,031,392 $ 740,264 Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Earnings per common share—basic $ 6.36 $ 7.53 $ 5.54 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 42 41 38 Adjusted net income attributable to common stockholders $ 876,963 $ 1,034,043 $ 742,076 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Earnings per common share—diluted $ 6.35 $ 7.52 $ 5.51 Dividends per common share $ 5.68 $ 5.40 $ 5.00 All options to purchase shares of common stock outstanding as of December 31, 2017 , 2016 and 2015 are included in the computation of diluted earnings per share. As discussed under "Recently Issued and Adopted Accounting Standards," as of January 1, 2017, the Company adopted the provisions of ASU 2016-09 using the modified retrospective approach to recognize forfeitures as they occur. Prior to the adoption of this standard, the Company was required to estimate the forfeiture of stock options and recognized compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost were adjusted to reflect actual forfeitures at the end of the vesting period. This change in accounting principle had no impact on the Company's financial position and no adjustment to retained earnings or the Company's diluted shares outstanding, as prescribed under the modified retrospective approach. Refer to "Change in Accounting Principle" for discussion of the impact to the accompanying Consolidated Statements of Cash Flows. Abandoned Pursuit Costs and Impairment of Long-Lived Assets The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable (“Development Rights”). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are expensed. The Company expensed costs related to the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $2,370,000 , $4,183,000 and $3,016,000 during the years ended December 31, 2017 , 2016 and 2015 , respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or long-lived asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2017 , 2016 and 2015 , the Company did not recognize any impairment losses for wholly-owned operating real estate assets, and did not record any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage as discussed below. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. During the year ended December 31, 2017 , the Company recognized an impairment charge of $9,350,000 related to a land parcel the Company had acquired for development in 2004 and sold during 2017. During the year ended December 31, 2016 , the Company recognized $10,500,000 of aggregate impairment charges related to three ancillary land parcels for which the Company has either sold or intends to sell. These charges were determined as the excess of the Company's carrying basis over the expected sales price for each parcel, and is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not recognize any material impairment charges on its investment in land during the year ended December 31, 2015 . The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2017 , 2016 or 2015 . Casualty Gains and Losses In February 2017, a fire occurred at the Company's Avalon Maplewood Development Community, located in Maplewood, NJ, which was under construction and not yet occupied. The Company has commenced reconstruction of the damaged and destroyed portions of the community. See Note 7, “Commitments and Contingencies,” for additional discussion of the related casualty loss. During the year ended December 31, 2017 , the Company recorded a casualty loss of $19,481,000 composed of a charge of $16,361,000 to write-off the net book value of the fixed assets destroyed in the Maplewood casualty loss and $3,120,000 for demolition and additional incident expenses. The casualty loss was partially offset by $17,143,000 of expected third-party property damage insurance proceeds. The net casualty loss of $2,338,000 for the year ended December 31, 2017 is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2017 , the Company reached a final insurance settlement for the property damage and lost income for the Maplewood casualty loss of $19,696,000 , after self-insurance and deductibles, of which the Company recognized $3,495,000 as business interruption insurance proceeds. In January 2015, a fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, NJ. Edgewater consisted of two residential buildings. One building, containing 240 apartment homes, was destroyed. The second building, containing 168 apartment homes, suffered minimal damage and has been repaired. See Note 7, “Commitments and Contingencies,” for discussion of the related legal matters. During the year ended December 31, 2016 , the Company reached a final insurance settlement for the Company's property damage and lost income for the Edgewater casualty loss, for which it received aggregate insurance proceeds for Edgewater of $73,150,000 , after self-insurance and deductibles, as discussed below. During the year ended December 31, 2015 , the Company received $44,142,000 in insurance proceeds, which were partially offset by casualty charges of $21,844,000 to write off the net book value of the building destroyed by the fire at Edgewater, and $6,760,000 to record demolition and additional incident expenses, resulting in a net casualty gain of $15,538,000 . During the year ended December 31, 2016 , the Company received the final $29,008,000 of insurance proceeds, of which $8,702,000 was recognized as an additional net casualty gain and $20,306,000 as business interruption insurance proceeds. The Company reported the net casualty gains from each of the respective years as casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income, and reported the business interruption insurance proceeds as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2015 , several of the Company's communities in its Northeast markets incurred property and casualty damages from severe winter storms, for which the Company recorded an impairment due to a casualty loss of $4,195,000 . During the year ended December 31, 2016 , the Company recorded a net casualty gain related to the 2015 severe winter storms of $5,732,000 , which is comprised of $8,493,000 in third-party insurance proceeds received, partially offset by incremental costs of $2,761,000 . These amounts are included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $3,498,000 , $20,564,000 and $1,509,000 in income r |
Interest Capitalized
Interest Capitalized | 12 Months Ended |
Dec. 31, 2017 | |
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 $64,420,000 , $78,872,000 and $79,834,000 for years ended December 31, 2017 , 2016 and 2015 , respectively. |
Mortgage Notes Payable, Unsecur
Mortgage Notes Payable, Unsecured Notes and Credit Facility | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | Mortgage Notes Payable, Unsecured Notes and Credit Facility The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans (the “Term Loans”) and Credit Facility, as defined below, as of December 31, 2017 and 2016 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, 2017 and 2016 , as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/17 12/31/16 Fixed rate unsecured notes (1) $ 5,350,000 $ 4,200,000 Variable rate unsecured notes (1) 300,000 — Term Loans (1) 250,000 300,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 593,987 1,668,496 Variable rate mortgage notes payable—conventional and tax-exempt (2) 910,326 908,262 Total mortgage notes payable and unsecured notes and Term Loans 7,404,313 7,076,758 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,404,313 $ 7,076,758 _________________________________ (1) Balances at December 31, 2017 and 2016 exclude $10,850 and $8,930 , respectively, of debt discount, and $36,386 and $27,768 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2017 and 2016 exclude $16,351 of debt discount and $1,866 of debt premium, respectively, and $11,256 and $11,046 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets. The following debt activity occurred during the year ended December 31, 2017 : • In February 2017, the Company repaid $17,300,000 of variable rate debt secured by Avalon Mountain View at par at its scheduled maturity date. • In February 2017, the Company entered into a $250,000,000 variable rate unsecured term loan (the " $250 million Term Loan"), of which $100,000,000 matures in February 2022 with stated pricing of LIBOR plus 0.90% , and $150,000,000 matures in February 2024 with stated pricing of LIBOR plus 1.50% . In April 2017, the Company borrowed the $250,000,000 available under the $250 million Term Loan. • In May 2017, the Company repaid $670,590,000 aggregate principal amount of 6.26% fixed rate secured notes secured by 11 communities, representing the majority of the Fannie Mae pool 2 secured indebtedness assumed as part of the Archstone Acquisition, which had a contractual maturity date of November 2017 but opened for prepayment at par on April 30, 2017. In conjunction with the repayment, the Company recognized a gain of $10,839,000 , primarily composed of the write-off of unamortized premium. The Company refinanced the secured borrowings for three of these communities for an aggregate principal amount of $185,100,000 , with a contractual fixed interest rate of 3.61% and maturity dates of June 2027 . • In May 2017, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $396,016,000 . The notes mature in May 2027 and were issued at a 3.35% interest rate. • In June 2017, 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 $297,372,000 . The notes mature in July 2047 and were issued at a 4.15% interest rate. • In June 2017, the Company repaid $556,313,000 aggregate principal amount of 5.86% fixed rate secured notes secured by 12 wholly-owned operating communities, representing the remaining debt in the Company's Freddie Mac cross-collateralized pool financing originated in 2009, in advance of their May 2019 maturity date. In conjunction with the repayment, the Company recognized a charge of $34,965,000 , consisting of prepayment penalties of $33,515,000 and the non-cash write-off of deferred financing costs of $1,450,000 . • In October 2017, the Company refinanced the secured borrowing for Archstone Lexington for a principal balance of $21,700,000 , with a variable interest rate of LIBOR plus 1.35% and maturity date of October 2020 . • In November 2017, the Company issued $300,000,000 principal amount of floating rate unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $298,800,000 . The notes mature in January 2021 and were issued at three month LIBOR plus 0.43% . • In November 2017, the Company issued $450,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $445,271,000 . The notes mature in January 2028 and were issued at a 3.20% coupon. • In November 2017, the Company repaid its $300,000,000 variable rate unsecured term loan (the " $300 million Term Loan") entered into in March 2014. In conjunction with the repayment, the Company recognized a charge of $1,367,000 for the non-cash write-off of deferred financing costs. At December 31, 2017 , the Company has a $1,500,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in April 2020. The Company may extend the maturity for up to nine months , provided the Company is not in default and upon payment of a $1,500,000 extension fee. The Credit Facility bears interest at varying levels based on the London Interbank Offered Rate (“LIBOR”), rating levels achieved on the Company's unsecured notes and on a maturity schedule selected by the Company. The current stated pricing is LIBOR plus 0.825% per annum ( 2.39% at December 31, 2017 ), assuming a one month borrowing rate. The annual facility fee is 0.125% (or approximately $1,875,000 annually based on the $1,500,000,000 facility size and based on the Company's current credit rating). The Company had no borrowings outstanding under the Credit Facility and had $47,315,000 and $46,711,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2017 and 2016 , respectively. In the aggregate, secured notes payable mature at various dates from April 2018 through July 2066, and are secured by certain apartment communities (with a net carrying value of $2,293,583,000 , excluding communities classified as held for sale, as of December 31, 2017 ). As of December 31, 2017 , the Company has guaranteed a $100,000,000 secured note payable held by a wholly-owned subsidiary; such secured note payable is consolidated for financial reporting purposes. The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 4.0% and 4.4% at December 31, 2017 and 2016 , respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax exempt), the Term Loans and its Credit Facility, including the effect of certain financing related fees, was 3.0% and 2.3% at December 31, 2017 and 2016 , respectively. Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2017 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2018 7,258 76,663 — N/A 2019 4,696 114,721 — N/A 2020 3,624 140,429 250,000 6.100 % 400,000 3.625 % 2021 3,551 27,844 250,000 3.950 % 300,000 LIBOR + 0.43% 2022 3,795 — 450,000 2.950 % 100,000 LIBOR + .90% 2023 4,040 — 350,000 4.200 % 250,000 2.850 % 2024 4,310 — 300,000 3.500 % 150,000 LIBOR + 1.50% 2025 4,585 84,835 525,000 3.450 % 300,000 3.500 % 2026 4,894 — 475,000 2.950 % 300,000 2.900 % 2027 3,083 185,100 400,000 3.350 % Thereafter 148,468 682,417 350,000 3.900 % 300,000 4.150 % 450,000 3.200 % $ 192,304 $ 1,312,009 $ 5,900,000 The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 20 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date. The indenture under which the Company's unsecured notes were issued, the Company's Credit Facility agreement and the Company's Term Loan agreement contain limitations on the amount of debt the Company can incur or the amount of assets that can be used to secure other financing transactions, and other customary financial and other covenants, with which the Company was in compliance at December 31, 2017 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity As of December 31, 2017 and 2016 , 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, 2017 , the Company: i. issued 42,123 shares of common stock in connection with stock options exercised; ii. issued 3,058 common shares through the Company's dividend reinvestment plan; iii. issued 201,824 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. issued 568,424 shares under CEP IV as discussed below; v. withheld 60,319 common shares to satisfy employees' tax withholding and other liabilities; vi. issued 11,528 shares through the Employee Stock Purchase Plan; and vii. canceled 3,388 shares of restricted stock upon forfeiture. Any deferred compensation related to the Company’s stock option, restricted stock and performance award grants during the year ended December 31, 2017 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2017 , and will not be reflected until recognized as compensation cost. In December 2015, the Company commenced a fourth continuous equity program (“CEP IV”) under which the Company may sell (and/or enter into forward agreements for) up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP IV, the Company engaged sales agents who will receive compensation of up to 2.0% of the gross sales price for shares sold. The Company expects that, if entered into, it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, commission of up to 2.0% of the sales prices of all borrowed shares of common stock sold. As of December 31, 2017 , there are no outstanding forward sales agreements. In 2017 , the Company sold 568,424 shares at an average sales price of $188.39 per share, for net proceeds of $105,478,000 . As of December 31, 2017 , the Company had $892,915,000 of shares remaining authorized for issuance under this program. |
Investments in Real Estate Enti
Investments in Real Estate Entities | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Entities | Investments in Real Estate Entities Investments in Unconsolidated Real Estate Entities The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation . The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects. As of December 31, 2017 , the Company had investments in the following real estate entities: • AvalonBay Value Added Fund II, L.P. (“Fund II”) —In September 2008, the Company formed Fund II, a private, discretionary real estate investment vehicle which acquired and 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. During 2017 , Fund II sold its final three communities, and the Company expects to complete the dissolution of Fund II in 2018. 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, 2017, and the Company has an equity investment of $2,576,000 (net of distributions), representing a 31.3% combined general partner and limited partner equity interest. During 2017 , Fund II sold its final three communities containing an aggregate of 1,366 apartment homes: • Eaves Gaithersburg, located in Gaithersburg, MD, for $117,000,000 , • Briarwood Apartments, located in Owings Mills, MD, for $64,750,000 , and • Avalon Watchung, located in Watchung, NJ, for $90,300,000 . The Company's proportionate share of the gain in accordance with GAAP for the three dispositions was $26,322,000 . In conjunction with the disposition of these communities during 2017 , Fund II repaid the remaining $127,179,000 of related secured indebtedness at par in advance of the scheduled maturity dates. The Company has an equity interest of 31.3% in Fund II, and upon achievement of a threshold return the Company has a right to incentive distributions for its promoted interest based on current returns earned by Fund II which currently represents 40.0% of further Fund II distributions, which is in addition to its proportionate share of the remaining 60.0% of distributions. During the year ended December 31, 2017 , the Company recognized income of $26,742,000 for its promoted interest, which is reported as a component of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. • 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, 2017 excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of $39,896,000 (net of distributions), representing a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition. During 2017 , the U.S. Fund sold Eaves Sunnyvale, located in Sunnyvale, CA, containing 192 apartment homes for $107,000,000 . The Company's proportionate share of the gain in accordance with GAAP was $13,788,000 . In conjunction with the disposition of this community, the U.S. Fund repaid $32,542,000 of related secured indebtedness in advance of its scheduled maturity date. This resulted in a charge for a prepayment penalty and the write-off of deferred financing costs, of which the Company’s portion was $406,000 , which is reported as a reduction of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. Subsidiaries of the U.S. Fund have six loans secured by individual assets with aggregate amounts outstanding of $237,469,000 , with maturity dates that vary from February 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, 2017 the Company has an equity investment of $49,492,000 (net of distributions), representing a 20.0% equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition. The AC JV partnership agreement contains provisions that require the Company to provide a right of first offer (“ROFO”) to the AC JV in connection with additional opportunities to acquire or develop additional interests in multifamily real estate assets within a specified geographic radius of the existing assets, generally one mile or less. The ROFO restriction expires in 2019. As of December 31, 2017 , 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 equity 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. • MVP I, LLC —In December 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay II. Construction of Avalon at Mission Bay II, a 313 apartment-home community located in San Francisco, California, was completed in December 2006. The Company holds a 25.0% equity interest in the venture. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. During 2015, the Company received $20,680,000 from the joint venture partner associated with MVP I, LLC, upon agreement with the partner to modify the joint venture agreement to eliminate the Company's promoted interest from associated distributions for future return calculations. Before this modification to the joint venture agreement, the Company had the right to 45.0% of distributions after achievement of a threshold return, which was achieved in 2015, up to the date the joint venture agreement was modified during 2015. Subsequent to the modification, earnings and distributions are based on the Company's 25.0% equity interest in the venture. • Brandywine Apartments of Maryland, LLC (“Brandywine”) —Brandywine owns a 305 apartment home community located in Washington, D.C. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. The Company holds a 28.7% equity interest in Brandywine. Brandywine has an outstanding $22,760,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. • Residual JV —Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential have substantially divested (the “Residual Assets”), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the “Residual Liabilities”). The Residual Assets included a 20.0% interest in Lake Mendota Investments, LLC and Subsidiaries (“SWIB”), a joint venture which disposed the last of its communities in 2015, as well as 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 the seller has agreed to indemnify the Company and Equity Residential. The Company and Equity Residential jointly control the Residual JV and the Company holds a 40.0% economic interest in the Residual JV. • Legacy JV —As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2017 , 2016 and 2015 , the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, of which the Company's portion was $2,000,000 , $1,960,000 and $14,410,000 , respectively. At December 31, 2017 , the remaining preferred interests had an aggregate liquidation value of $37,579,000 , the Company's share of which is included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. • Sudbury Development, LLC —During 2015, the Company entered into a joint venture agreement to purchase land and pursue entitlements and pre-development activity for a mixed-use development project in Sudbury, MA, including multifamily apartment homes, retail, senior housing and age-restricted housing. The Company has a 60.0% ownership interest in the venture. The venture is considered a VIE, though the Company is not considered to be the primary beneficiary because the Company and its third party partner share control of the joint venture as approval from both parties is required for all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure of the partnership, acquisitions or dispositions by the venture and decisions about the pre-development and related activities to be performed by the venture. During the year ended December 31, 2017 , the Company and its venture partner each acquired their respective portion of the real estate held by the venture, with the Company's portion consisting of a parcel of land acquired for an investment of $19,200,000 . The Company and its venture partner retained continuing involvement with the venture to fund the completion of the planned infrastructure and site work. At December 31, 2017 , the Company has recorded an obligation of $4,340,000 , representing the Company's share of costs for the venture to complete this work. • North Point II JV, LP —During 2016, the Company entered into a joint venture to develop, own, and operate AVA North Point, an apartment community located in Cambridge, MA, which is currently under construction and expected to contain 265 apartment homes upon completion. The Company owns a 55.0% interest in the venture, and the venture partner owns the remaining 45.0% interest. The venture is considered to be a VIE, though the Company is not considered to be the primary beneficiary because the Company and its third party partner share control of the venture. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure, the original capital budget and any changes to the budget to construct AVA North Point and the future operating budget for the community upon completion. AVA North Point is the third phase of a master planned development, the other phases of which are owned through the AC JV. During 2016, the Company provided the partners of the AC JV the opportunity to acquire the AVA North Point land parcel owned by the Company as required in the ROFO provisions for the AC JV. After certain partners of the AC JV declined to participate, the Company entered into the new joint venture and sold the land parcel to the venture in exchange for a cash payment and a capital account credit, and is overseeing the development in exchange for a developer fee. Upon sale of the land parcel, the Company recognized a gain of $10,621,000 during the year ended December 31, 2016, included in (loss) gain on other real estate transactions on the accompanying Consolidated Statements of Comprehensive Income. At December 31, 2017 , excluding costs incurred in excess of equity in the underlying net assets of North Point II JV, LP, the Company has an equity investment of $36,370,000 . The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with development joint ventures, the Residual JV and Legacy JV (dollars in thousands): 12/31/17 12/31/16 Assets: Real estate, net $ 695,077 $ 954,493 Other assets 39,976 49,519 Total assets $ 735,053 $ 1,004,012 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 523,815 $ 689,573 Other liabilities 10,540 16,537 Partners' capital 200,698 297,902 Total liabilities and partners' capital $ 735,053 $ 1,004,012 The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Rental and other income $ 101,615 $ 131,901 $ 173,578 Operating and other expenses (38,566 ) (50,945 ) (67,962 ) Gain on sale of communities 136,333 196,749 98,899 Interest expense, net (1) (27,104 ) (45,886 ) (45,517 ) Depreciation expense (25,914 ) (34,471 ) (45,324 ) Net income $ 146,364 $ 197,348 $ 113,674 _________________________________ (1) Amounts for the years ended December 31, 2017 , 2016 and 2015 includes charges for prepayment penalties and write-offs of deferred financing costs of $1,591 , $12,659 and $4,481 , respectively. In conjunction with the formation of Fund II and AVA North Point, and the acquisition of the U.S. Fund, AC JV and Brandywine, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments. These costs represent $35,402,000 and $38,015,000 at December 31, 2017 and 2016 , respectively, of the respective investment balances. These amounts are being amortized over the lives of the underlying assets as a component of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Fund I (1) $ — $ 87 $ 871 Fund II (2) 53,961 49,882 32,211 U.S. Fund (3) 14,773 15,635 2,052 AC JV 1,388 1,445 511 MVP I, LLC (4) 1,833 1,627 22,453 Brandywine 106 10 (1,474 ) CVP I, LLC (5) — 9 1,812 Residual JV (1,223 ) (1,374 ) 11,582 Avalon Clarendon (6) — (2,359 ) — North Point II JV, LP (122 ) — — Sudbury Development, LLC 28 — — Total $ 70,744 $ 64,962 $ 70,018 _________________________________ (1) The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture. (2) Equity in income for the years ended December 31, 2017 , 2016 and 2015 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322 , $41,501 , and $29,726 respectively. In addition, equity in income for the years ended December 31, 2017 and 2016 include $26,742 and $7,985 , respectively, relating to the Company's recognition of its promoted interest. (3) Equity in income for the years ended December 31, 2017 and 2016 include the Company's proportionate share of the gain on the sale of U.S. Fund assets of $13,788 and $16,568 , respectively. (4) Equity in income for the year ended December 31, 2015 includes $21,340 relating to the Company's recognition of its promoted interest, of which $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. (5) Equity in income for the year ended December 31, 2015 includes $1,289 relating to the Company's recognition of its promoted interest. (6) In 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations. Investments in Consolidated Real Estate Entities During the year ended December 31, 2017 , the Company acquired three consolidated communities: • The Lodge Denver West, located in Lakewood, CO, contains 252 apartment homes and was acquired for a purchase price of $76,750,000 . • Avalon Dunn Loring, located in Vienna, VA, contains 440 apartment homes and 27,000 square feet of retail space and was acquired for a purchase price of $151,000,000 . • 850 Boca, located in Boca Raton, FL, contains 370 apartment homes and was acquired for a purchase price of $138,000,000 . The Company accounted for these as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. Expensed transaction costs associated with the acquisitions made by the Company in 2016 and 2015 , all of which were accounted for as business combinations prior to the adoption of ASU 2017-01 on October 1, 2016, totaled $5,139,000 and $3,806,000 , respectively. These amounts are reported as a component of expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. To the extent the Company received amounts related to acquired communities for periods prior to their acquisition, the Company reported these receipts, net with expensed acquisition costs. On February 27, 2013, pursuant to an asset purchase agreement dated November 26, 2012, the Company, together with Equity Residential, acquired, directly or indirectly, all of the assets owned by Archstone Enterprise LP (“Archstone,” which has since changed its name to Jupiter Enterprise LP), including all of the ownership interests in joint ventures and other entities owned by Archstone, and assumed Archstone’s liabilities, both known and unknown, with certain limited exceptions. Under the terms of the purchase agreement, the Company acquired approximately 40.0% of Archstone's assets and liabilities and Equity Residential acquired approximately 60.0% of Archstone’s assets and liabilities (the “Archstone Acquisition”). In conjunction with the development of Avalon Brooklyn Bay, the Company entered into a joint venture agreement to construct a mixed-use building that will contain rental apartments, for-sale residential condominium units and related common elements. The Company owns a 70.0% interest in the venture and will have all of the rights and obligations associated with the rental apartments, and the venture partner owns the remaining 30.0% interest and will have all of the rights and obligations associated with the for-sale residential condominium units. The Company is responsible for the development and construction of the structure, and is providing a loan to the venture partner for the venture partner's share of costs. As of December 31, 2017 , the Company has a receivable from the venture partner in the form of a variable rate mortgage note, secured by the for-sale residential condominium units under construction in the amount of $44,831,000 for outstanding principal and interest, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company recognizes interest income on the accrual basis. The loan will be repaid by the venture partner with the proceeds the partner receives from the sales of the residential condominium units which are expected to occur during 2018. The venture is considered a VIE, and the Company consolidates its interest in the rental apartments and common areas, which are included in total real estate, net on the accompanying Consolidated Balance Sheets. |
Real Estate Disposition Activit
Real Estate Disposition Activities | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate Disposition Activities | Real Estate Disposition Activities During 2017 , the Company sold six wholly-owned operating communities, containing an aggregate of 1,624 apartment homes for an aggregate sales price of $475,500,000 and an aggregate gain of $251,163,000 . In addition during 2017 , the Company sold other real estate, including three undeveloped land parcels, one of which the Company recorded an impairment during 2017 as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” for an aggregate sales price of $39,154,000 , resulting in an aggregate gain of $1,682,000 . Details regarding the real estate sales are summarized in the following table (dollars in thousands): Community Name Location Period of sale Apartment homes Debt Gross sales price Net cash proceeds Avalon Pines (1) Coram, NY Q117 450 $ — $ 140,000 $ 138,689 AVA University District Seattle, WA Q217 283 — 112,500 108,511 Avalon Danbury Danbury, CT Q317 234 — 52,000 51,000 Avalon Run East Lawrenceville, NJ Q417 312 — 87,500 85,033 Avalon Huntington Shelton, CT Q417 99 — 33,000 32,173 Avalon Milford Milford, CT Q417 246 — 50,500 49,161 Other real estate dispositions (2) multiple Q1-Q417 N/A — 39,154 38,472 Total of 2017 asset sales 1,624 $ — $ 514,654 $ 503,039 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 _________________________________ (1) Includes the sale of the adjacent golf course. (2) Primarily composed of the sale of two undeveloped land parcels, located in Newcastle, WA, that are adjacent to a completed Development Community, 421-a tax certificates representing the right to qualify for certain property tax exemptions in New York City and one undeveloped land parcel, located in Vienna, VA. As of December 31, 2017 , the Company had no real estate assets that qualified as held for sale. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2017 , the Company does not have any employment agreements with executive officers. The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50 , provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70 , (iii) the employee provides at least six months written notice of 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”). Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or chooses to terminate his or her employment for good reason (as defined), in either case within 18 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one times for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock and options would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Legal Contingencies The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the net cost basis of a community to which the suit related. During the years ended December 31, 2017 and 2016 , the Company recognized $6,118,000 and $417,000 in legal recoveries. There were no material receipts during the year ended December 31, 2015 , excluding amounts for the Residual JV. Amounts recognized during the year ended December 31, 2017 include $5,438,000 in legal settlement proceeds relating to construction defects at a community acquired as part of the Archstone Acquisition, reported as a component of casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. Maplewood Casualty Loss In February 2017, a fire occurred at the Company's Avalon Maplewood Development Community, located in Maplewood, NJ, which was under construction and not yet occupied. The Company believes that liabilities to third parties resulting from the fire will not be material and will, in any event, be substantially covered by insurance subject to a deductible. The Company has commenced reconstruction of the damaged and destroyed portions of the community. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the casualty gains and losses associated with the Maplewood casualty loss. Edgewater Casualty Loss In conjunction with legal matters associated with the Edgewater casualty loss, the Company has established protocols for processing claims from third parties who suffered losses as a result of the fire, and many third parties have contacted the Company's insurance carrier and settled their claims. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the casualty gains and losses associated with the Edgewater casualty loss. Three class action lawsuits have been filed against the Company on behalf of occupants of the destroyed building and consolidated in the United States District Court for the District of New Jersey. The Company has agreed with class counsel to the terms of a settlement which provides a claims process (with agreed upon protocols for instructing the adjuster as to how to evaluate claims) and, if needed, an arbitration process to determine damage amounts to be paid to individual claimants covered by the class settlement. In July 2017 the District Court granted final approval of the settlement and all claims have been submitted to the independent claims adjuster. A total of 66 units (consisting of residents who did not previously settle their claims and who did not opt out of the class settlement) are included in the class action settlement and bound by its terms. However, only 44 units submitted claims. The independent claims adjuster is currently reviewing the claims submitted, which total approximately $6,900,000 . To date, this claims adjuster has issued awards of behalf of three units and it is expected that the remaining awards should be determined and issued within the next two months. A fourth class action, being heard in the same federal court, was filed against the Company on behalf of residents of the second Edgewater building that suffered minimal damage. In addition to the class action lawsuits described above, 18 of the 19 lawsuits representing approximately 143 individual plaintiffs filed in the Superior Court of New Jersey Bergen County - Law Division were previously scheduled for trial on January 2, 2018. In advance of this date, the Company was able to resolve all of these claims in principle which included approximately 50 units. The Company previously resolved litigated claims with another 10 units. There is currently one remaining lawsuit which was recently filed in the Superior Court of New Jersey Bergen County - Law Division on behalf of one apartment unit. The Company believes it has meritorious defenses to the extent of damages claimed in that suit. There are also seven subrogation lawsuits that have been filed against the Company by insurers of Edgewater residents who obtained renters insurance; it is the Company's position that in the majority of the applicable leases the residents waived subrogation rights. One of these lawsuits has been dismissed on that basis, one is pending in the Superior Court of New Jersey, Bergen County - Law Division, one has been amicably resolved in principle and the other four have been consolidated and are currently pending in the United States District Court for the District of New Jersey. The District Court denied the Company's motions seeking dismissal on this basis. The Company will reassess the viability of this defense after conducting additional discovery. Having settled many third party claims through the insurance claims process, the Company currently believes that any potential remaining liability to third parties (including any potential liability to third parties determined in accordance with the class settlement described above) will not be material to the Company and will in any event be substantially covered by the Company's insurance policies. However, the Company can give no assurances in this regard and continues to evaluate this matter. The Company is involved in various other claims and/or administrative proceedings unrelated to the Edgewater casualty loss that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Lease Obligations The Company owns 13 apartment communities, one under development and two commercial properties, located on land subject to land leases expiring between October 2026 and March 2142 . The ground leases for 13 apartment communities, of which two represent dual-branded communities with one underlying land lease, and the two commercial properties, are accounted for as operating leases recognizing rental expense on a straight-line basis over the lease term. These leases have varying escalation terms, primarily based on variables determined at future dates such as changes in the Consumer Price Index, and five of these leases have purchase options exercisable through 2095. The Company incurred costs of $23,431,000 , $23,343,000 and $21,295,000 in the years ended December 31, 2017 , 2016 and 2015 , respectively, related to operating leases. One apartment community is located on land subject to a land lease which is accounted for as a capital lease and has the option for the Company to purchase the land at some point during the lease term which expires in 2046. In addition, the Company is party to a lease for a portion of the parking garage adjacent to a lease-up community, accounted for as a capital lease and subject to the Company's real estate accounting policies discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies.” The Company has a total lease obligation of $20,118,000 reported as a component of accrued expenses and other liabilities. In addition, the Company is party to 14 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for as operating leases. During the year ended December 31, 2017 , the Company acquired the land encumbered by the ground lease for Avalon Morningside Park for $95,000,000 , recognizing a non-cash write-off of prepaid rent of $11,153,000 associated with the ground lease termination, reported as a component of (loss) gain on other real estate transactions on the accompanying Consolidated Statements of Comprehensive Income. Also during the year ended December 31, 2017 , the Company exercised its purchase option under a capital lease, acquiring the land encumbered by the ground lease for Avalon at Assembly Row and AVA Somerville for $17,285,000 . The following table details the future minimum lease payments under the Company's current leases (dollars in thousands): Payments due by period 2018 2019 2020 2021 2022 Thereafter Operating Lease Obligations $ 21,051 $ 21,064 $ 18,781 $ 20,162 $ 20,057 $ 1,052,808 Capital Lease Obligations (1) (2) 1,073 1,075 1,077 1,080 1,082 43,976 $ 22,124 $ 22,139 $ 19,858 $ 21,242 $ 21,139 $ 1,096,784 _________________________________ (1) Aggregate capital lease payments include $25,961 in interest costs, with the timing of certain lease payments for capital land leases determined by completion of the construction of the associated apartment community. (2) Capital lease assets of $19,737 and $39,015 as of December 31, 2017 and 2016 , respectively, are included as a component of land and improvements or building and improvements on the accompanying Consolidated Balance Sheets. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's reportable operating segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. • Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy as of the beginning of the prior year. The Established Communities for the year ended December 31, 2017 , are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2016 , are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one -year anniversary of completion of development or redevelopment. • Other Stabilized Communities includes all other consolidated completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. • Development/Redevelopment Communities consists of consolidated 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, 2017 . In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment. The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, investments and investment management expenses, expensed acquisition, development and other pursuit costs, net of recoveries, interest expense, net, loss (gain) on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment loss (gain), net, gain on sale of communities, loss (gain) on other real estate transactions and net operating income from real estate assets sold or held for sale. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income. A reconciliation of NOI to net income for years ended December 31, 2017 , 2016 and 2015 is as follows (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Net income $ 876,660 $ 1,033,708 $ 741,733 Indirect operating expenses, net of corporate income 65,398 61,403 56,973 Investments and investment management expense 5,936 4,822 4,370 Expensed acquisition, development and other pursuit costs, net of recoveries 2,736 9,922 6,822 Interest expense, net 199,661 187,510 175,615 Loss (gain) on extinguishment of debt, net 25,472 7,075 (26,736 ) General and administrative expense 50,673 45,771 42,774 Equity in income of unconsolidated real estate entities (70,744 ) (64,962 ) (70,018 ) Depreciation expense 584,150 531,434 477,923 Income tax expense 141 305 1,483 Casualty and impairment loss (gain), net 6,250 (3,935 ) (10,542 ) Gain on sale of communities (252,599 ) (374,623 ) (115,625 ) Loss (gain) on other real estate transactions 10,907 (10,224 ) (9,647 ) Net operating income from real estate assets sold or held for sale (14,573 ) (44,263 ) (59,383 ) Net operating income $ 1,490,068 $ 1,383,943 $ 1,215,742 The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended 12/31/2017 12/31/2016 12/31/2015 Rental income from real estate assets sold or held for sale $ 23,457 $ 70,273 $ 96,297 Operating expenses from real estate assets sold or held for sale (8,884 ) (26,010 ) (36,914 ) Net operating income from real estate assets sold or held for sale $ 14,573 $ 44,263 $ 59,383 The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget. The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at 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 total revenue and NOI the years ended December 31, 2017 , 2016 and 2015 has been adjusted to exclude the real estate assets that were sold from January 1, 2015 through December 31, 2017 , or otherwise qualify as held for sale as of December 31, 2017 , as described in Note 6, “Real Estate Disposition Activities.” Segment information for gross real estate as of December 31, 2017 , 2016 and 2015 has not been adjusted to exclude real estate assets that were sold or otherwise qualified as held for sale subsequent to their respective balance sheet dates. Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2017 Established New England $ 233,091 $ 150,253 2.1 % $ 1,852,676 Metro NY/NJ 362,273 247,720 2.1 % 3,069,690 Mid-Atlantic 221,064 153,750 1.5 % 2,056,066 Pacific Northwest 84,189 61,527 6.3 % 738,532 Northern California 336,767 257,673 1.6 % 2,830,963 Southern California 337,876 241,549 3.9 % 3,017,836 Total Established (2) 1,575,260 1,112,472 2.5 % 13,565,763 Other Stabilized 278,868 196,733 N/A 3,189,393 Development / Redevelopment (3) 276,896 180,863 N/A 5,015,094 Land Held for Future Development N/A N/A N/A 68,364 Non-allocated (4) 4,147 N/A N/A 97,322 Total $ 2,135,171 $ 1,490,068 7.7 % $ 21,935,936 For the year ended December 31, 2016 Established New England $ 226,727 $ 145,671 4.8 % $ 1,888,524 Metro NY/NJ 359,373 245,654 1.2 % 3,212,220 Mid-Atlantic 233,711 162,243 1.3 % 2,339,395 Pacific Northwest 72,475 52,434 7.4 % 737,289 Northern California 319,121 244,458 7.0 % 2,661,258 Southern California 291,567 207,537 9.1 % 2,672,691 Total Established (2) 1,502,974 1,057,997 4.8 % 13,511,377 Other Stabilized (5) 232,977 165,130 N/A 2,330,503 Development / Redevelopment 233,432 160,816 N/A 4,755,315 Land Held for Future Development N/A N/A N/A 84,293 Non-allocated (4) 5,599 N/A N/A 74,292 Total $ 1,974,982 $ 1,383,943 13.8 % $ 20,755,780 For the year ended December 31, 2015 Established New England $ 170,287 $ 107,189 3.0 % $ 1,460,746 Metro NY/NJ 342,768 244,280 3.6 % 3,152,361 Mid-Atlantic 209,012 145,497 0.2 % 2,177,823 Pacific Northwest 67,900 48,833 8.5 % 721,040 Northern California 273,432 210,226 11.9 % 2,414,184 Southern California 252,530 173,919 9.4 % 2,465,432 Total Established (2) 1,315,929 929,944 6.0 % 12,391,586 Other Stabilized 211,633 140,167 N/A 2,040,269 Development / Redevelopment 222,222 145,631 N/A 4,238,967 Land Held for Future Development N/A N/A N/A 484,377 Non-allocated (4) 9,947 N/A N/A 73,372 Total $ 1,759,731 $ 1,215,742 13.0 % $ 19,228,571 _________________________________ (1) Does not include gross real estate assets held for sale of $20,846 and $39,528 as of December 31, 2016 and 2015 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $78,241 , $85,676 and $74,982 in 2017 , 2016 and 2015 , respectively. (3) Total revenue and NOI for the year ended December 31, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss. (4) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (5) Total revenue and NOI for the year ended December 31, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”) includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2017 , the Company has 7,994,292 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. In addition, any awards that were outstanding under the Company's 1994 Stock Option and Incentive Plan (the “1994 Plan”) on May 21, 2009, the date the Company adopted the 2009 Plan, that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted stock, restricted stock units, stock options that qualify as incentive stock options (“ISOs”) under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. The 2009 Plan will expire on May 15, 2027. Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (90,884 ) 124.01 (190,207 ) 105.70 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2015 249,178 $ 122.17 82,195 $ 103.27 Exercised (71,845 ) 117.04 (59,654 ) 112.85 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 Exercised (27,360 ) 110.47 (14,763 ) 93.35 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2017 (1) 149,973 $ 126.77 7,778 $ 48.60 Options Exercisable: December 31, 2015 188,081 $ 119.98 82,195 $ 103.27 December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 _________________________________ (1) All options outstanding are exercisable as of December 31, 2017 . The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2017 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 5,158 $70.00 - $79.99 2.1 15,762 $110.00 - $119.99 3.1 29,862 $120.00 - $129.99 5.2 99,191 $130.00 - $139.99 4.6 149,973 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 7,778 $40.00 - $49.99 1.1 Options outstanding and exercisable under the 2009 and 1994 Plans at December 31, 2017 had an intrinsic value of $7,745,000 and $1,010,000 , respectively. Options exercisable under the 2009 and 1994 Plans had a weighted average contractual life of 4.6 years and 1.1 years, respectively. The intrinsic value of options exercised during 2017 , 2016 and 2015 was $3,592,000 , $9,187,000 and $18,080,000 , respectively. There were no stock options granted in 2017 , 2016 and 2015 . The Company has a compensation framework under which share-based compensation granted is composed of annual restricted stock awards for which one third of the award vests annually over a three year period, and multi-year long term incentive performance awards. Under the Company's multi-year long term incentive compensation framework, the Company grants a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. Performance awards granted in 2017 or earlier are earned in the form of time-vesting restricted stock following the end of the three-year performance period, provided that the predetermined goals have been achieved. Under the single-year long term incentive framework, awards are granted in the form of time-vesting restricted stock. For both the earned performance awards and time-vesting restricted stock, the recipient may elect to receive up to 25% of the award value in the form of stock options, for which one third of the award vests annually over a three year period. In general, performance awards are forfeited if the employee's employment terminates for any reason prior to the measurement date. However, for performance awards with performance periods beginning on or after January 1, 2015, after the first year of the performance period, if the employee's employment terminates on account of death, disability, retirement, or termination without cause at a time when the employee meets the age and service requirements for retirement, the employee shall vest in a pro rata portion of the award (based on the employee's service time during the performance period), with such vested portion to be earned and converted into shares at the end of the performance period based on actual achievement under the performance award. Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2014 239,902 $ 95.20 Granted (1) 85,636 148.49 Change in awards based on performance (2) 14,697 78.50 Converted to restricted stock (95,826 ) 78.50 Forfeited (6,143 ) 110.34 Outstanding at December 31, 2015 238,266 $ 119.65 Granted (3) 94,054 141.92 Change in awards based on performance (2) 36,091 101.52 Converted to restricted stock (115,618 ) 94.67 Forfeited (1,630 ) 141.98 Outstanding at December 31, 2016 251,163 $ 136.74 Granted (4) 81,708 176.59 Change in awards based on performance (2) 49,323 119.26 Converted to restricted stock (128,482 ) 118.75 Forfeited (1,942 ) 159.39 Outstanding at December 31, 2017 251,770 $ 155.25 _________________________________ (1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (3) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 performance awards. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 49,374 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,334 performance awards. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2017 2016 2015 Dividend yield 3.2% 3.3% 3.0% Estimated volatility over the life of the plan (1) 15.3% - 19.7% 15.2% - 22.8% 12.0% - 17.3% Risk free rate 0.69% - 1.61% 0.44% - 0.88% 0.07% - 1.09% Estimated performance award value based on total shareholder return measure $175.86 $131.24 $139.18 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted for which achievement is determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $179.07 , $161.66 and $166.23 , for the years ended December 31, 2017 , 2016 and 2015 , respectively, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted - restricted stock shares 61,953 173.04 95,826 Vested - restricted stock shares (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347 Granted - restricted stock shares 81,400 162.38 115,618 Vested - restricted stock shares (88,712 ) 141.38 (36,872 ) Forfeited (3,867 ) 162.43 (395 ) Outstanding at December 31, 2016 136,705 $ 158.51 176,698 Granted - restricted stock shares 73,342 179.58 128,482 Vested - restricted stock shares (73,683 ) 153.86 (70,595 ) Forfeited (2,731 ) 173.42 (657 ) Outstanding at December 31, 2017 133,633 $ 172.33 233,928 Total employee stock-based compensation cost recognized in income was $17,085,000 , $14,666,000 and $14,703,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively, and total capitalized stock-based compensation cost was $9,474,000 , $9,266,000 and $9,667,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively. At December 31, 2017 , there was a total unrecognized compensation cost of $26,305,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 3.6 years. As of January 1, 2017 the Company adopted the provisions of ASU 2016-09, electing to account for forfeitures as they occur. Prior to the adoption of ASU 2016-09, the Company was required to estimate the forfeiture of stock options and recognized compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost were adjusted to reflect actual forfeitures at the end of the vesting period. The actual forfeiture rate for the year ended December 31, 2017 was 0.7% . The application of estimated forfeitures did not materially impact compensation expense for the years ended December 31, 2016 and 2015 . 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 681,284 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 two purchase periods. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 11,528 , 11,348 and 10,667 shares and recognized compensation expense of $418,000 , $289,000 and $321,000 under the ESPP for the years ended December 31, 2017 , 2016 and 2015 , 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements Unconsolidated Entities The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company earned fees of $4,147,000 , $5,599,000 and $9,947,000 in the years ended December 31, 2017 , 2016 and 2015 , respectively. These fees are recognized on an accrual basis when earned in accordance with the accounting guidance applicable to revenue recognition, and 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 property and construction management role of $2,449,000 and $5,239,000 as of December 31, 2017 and 2016 , respectively. Director Compensation Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $135,000 and (ii) a cash payment of $80,000 , payable in equal quarterly installments of $20,000 . The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500 , non-employee directors serving as the chairperson of the Audit or Compensation Committees receive additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 , and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750 . The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock awards in the amount of $1,524,000 , $1,216,000 and $1,135,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock awards to non-employee directors was $525,000 , $531,000 and $488,000 on December 31, 2017 , 2016 and 2015 , respectively. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments Currently, the Company uses interest rate swap and interest rate cap agreements to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. In adjusting the fair value of its derivative contracts for the effect of counterparty nonperformance risk, the Company has considered the impact of its net position with a given counterparty, as well as any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group. As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus reducing credit risk concentration. The Company believes the likelihood of realizing losses from counterparty nonperformance is remote. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, such as interest rate, term to maturity and volatility, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined it is not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. The Company recognized a gain of $753,000 for hedge ineffectiveness for the year ended December 31, 2017 , included as a component of interest expense, net on the accompanying Consolidated Statements of Comprehensive Income. Hedge ineffectiveness did not have a material impact on earnings of the Company for any prior period. The following table summarizes the consolidated derivative positions at December 31, 2017 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 689,059 $ 35,039 $ 300,000 Weighted average interest rate (1) 3.3 % 3.5 % N/A Weighted average swapped/capped interest rate 6.5 % 5.9 % 2.4 % Earliest maturity date August 2018 April 2019 May 2018 Latest maturity date September 2022 April 2019 May 2018 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt. In 2017 , the Company entered into $300,000,000 of forward interest rate swap agreements executed to reduce the impact of variability in interest rates on a portion of the Company's expected debt issuance activity in 2018. As of December 31, 2017 , the Company has $300,000,000 in aggregate outstanding forward interest rate swap agreements. At maturity of the remaining outstanding swap agreements, the Company expects to cash settle the contracts and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the hedging impact from these positions will then be recognized over the life of the issued debt as a yield adjustment. In addition, during 2017 , the Company settled an aggregate of $800,000,000 of forward interest rate swap agreements, receiving net aggregate payments of $391,000 . which consisted of the following activity: • in conjunction with the refinancing of three secured borrowings in May 2017, in April 2017, the Company settled $185,100,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability of the secured notes, making a payment of $2,326,000 ; • in conjunction with the Company's May 2017 unsecured note issuance, the Company settled $400,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the forecasted issuance of the unsecured notes, making a payment of $1,361,000 ; and • in conjunction with the Company's June 2017 unsecured note issuance, the Company settled $214,900,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the forecasted issuance of the unsecured notes, receiving a payment of $4,078,000 . The Company has deferred $376,000 , the effective portion of the fair value change of these swaps, in accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets, and will recognize the impact as a component of interest expense, net, over the 10 year period of interest payments hedged. The Company had seven derivatives designated as cash flow hedges and 14 derivatives not designated as hedges at December 31, 2017 . Fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2017 and 2016 , were not material. During 2017 , the Company deferred $13,979,000 of losses for cash flow hedges reported as a component of other comprehensive income (loss). The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Cash flow hedge losses reclassified to earnings $ 7,070 $ 6,433 $ 5,774 The Company anticipates reclassifying approximately $7,012,000 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, 2017 and 2016 . 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 and other receivables and prepaids, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility and Term Loan using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company’s nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loan are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2017 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Assets 2,270 — 2,270 — Interest Rate Swaps - Liabilities (1,171 ) — (1,171 ) — Puts (3,245 ) — — (3,245 ) DownREIT units (1,338 ) (1,338 ) — — Indebtedness Unsecured notes (5,446,604 ) (5,446,604 ) — — Secured notes payable and unsecured term loans (1,849,851 ) — (1,849,851 ) — Total $ (7,299,937 ) $ (5,447,942 ) $ (1,848,750 ) $ (3,245 ) 12/31/2016 Non Designated Hedges Interest Rate Caps $ 79 $ — $ 79 $ — Cash Flow Hedges Interest Rate Caps 2 — 2 — Interest Rate Swaps 14,775 — 14,775 — Puts (6,002 ) — — (6,002 ) DownREIT units (1,329 ) (1,329 ) — — Indebtedness Unsecured notes (4,218,627 ) (4,218,627 ) — — Secured notes payable and unsecured term loans (2,744,462 ) — (2,744,462 ) — Total $ (6,955,564 ) $ (4,219,956 ) $ (2,729,606 ) $ (6,002 ) |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (dollars in thousands, except per share data): For the three months ended (1) 3/31/17 6/30/17 9/30/17 12/31/17 Total revenue $ 522,326 $ 530,512 $ 550,500 $ 555,292 Net income $ 235,781 $ 165,194 $ 238,199 $ 237,486 Net income attributable to common stockholders $ 235,875 $ 165,225 $ 238,248 $ 237,573 Net income per common share - basic $ 1.72 $ 1.20 $ 1.73 $ 1.72 Net income per common share - diluted $ 1.72 $ 1.20 $ 1.72 $ 1.72 For the three months ended (1) 3/31/16 6/30/16 9/30/16 12/31/16 Total revenue $ 508,498 $ 502,307 $ 516,211 $ 518,240 Net income $ 237,877 $ 197,319 $ 356,329 $ 242,183 Net income attributable to common stockholders $ 237,931 $ 197,444 $ 356,392 $ 242,235 Net income per common share - basic $ 1.73 $ 1.44 $ 2.60 $ 1.76 Net income per common share - diluted $ 1.73 $ 1.44 $ 2.59 $ 1.76 _________________________________ (1) Amounts may not equal full year results due to rounding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
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 and February 2018, the Company acquired four parcels of land for development for an aggregate investment of $76,758,000 . In February 2018, the Company repaid $15,174,000 of 6.60% fixed rate debt secured by Avalon Oaks West in advance of its maturity date, incurring a prepayment penalty of $152,000 . |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of ESTABLISHED COMMUNITIES NEW ENGLAND Boston, MA Avalon at Lexington Lexington, MA 198 $ 2,124 $ 12,567 $ 10,093 $ 2,124 $ 22,660 $ 24,784 $ 14,080 $ 10,704 $ 11,290 $ — 1994 Avalon Oaks Wilmington, MA 204 2,129 17,567 5,488 2,129 23,055 25,184 13,755 11,429 12,153 — 1999 Eaves Quincy Quincy, MA 245 1,743 14,662 10,184 1,743 24,846 26,589 14,456 12,133 12,799 — 1986/1995 Avalon Oaks West Wilmington, MA 120 3,318 13,465 1,224 3,318 14,689 18,007 8,054 9,953 10,442 15,213 2002 Avalon Orchards Marlborough, MA 156 2,983 17,970 2,702 2,983 20,672 23,655 11,463 12,192 12,865 15,579 2002 Avalon at Newton Highlands Newton, MA 294 11,039 45,547 5,196 11,039 50,743 61,782 25,369 36,413 37,670 — 2003 Avalon at The Pinehills Plymouth, MA 192 6,876 30,401 721 6,876 31,122 37,998 11,155 26,843 27,716 — 2004 Eaves Peabody Peabody, MA 286 4,645 18,919 13,420 4,645 32,339 36,984 13,190 23,794 24,329 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 1,457 4,258 22,008 26,266 8,923 17,343 17,570 — 2006 Avalon at Lexington Hills Lexington, MA 387 8,691 79,121 4,158 8,691 83,279 91,970 28,415 63,555 66,241 — 2008 Avalon Acton Acton, MA 380 13,124 48,695 3,504 13,124 52,199 65,323 17,459 47,864 49,275 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,656 2,412 12,218 44,068 56,286 13,882 42,404 43,641 — 2009 Avalon Sharon Sharon, MA 156 4,719 25,478 892 4,719 26,370 31,089 8,759 22,330 22,960 — 2008 Avalon Northborough Northborough, MA 382 8,144 52,184 1,691 8,144 53,875 62,019 14,899 47,120 48,460 — 2009 Avalon Blue Hills Randolph, MA 276 11,110 34,580 1,549 11,110 36,129 47,239 10,781 36,458 37,314 — 2009 Avalon Cohasset Cohasset, MA 220 8,802 46,166 259 8,802 46,425 55,227 9,890 45,337 46,935 — 2012 Avalon Andover Andover, MA 115 4,276 21,871 210 4,276 22,081 26,357 4,527 21,830 22,625 13,498 2012 Avalon Exeter (1) Boston, MA 187 16,313 110,028 214 16,313 110,242 126,555 13,672 112,883 116,744 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 34 15,645 64,879 80,524 10,430 70,094 72,419 48,870 2013 Avalon at Assembly Row Somerville, MA 195 8,599 52,494 26 8,599 52,520 61,119 6,780 54,339 56,030 — 2015 AVA Somerville Somerville, MA 250 10,945 56,470 12 10,945 56,482 67,427 6,208 61,219 63,066 — 2015 Avalon Prudential Center I (2) Boston, MA 243 8,002 32,370 38,384 8,002 70,754 78,756 28,947 49,809 47,586 — 1968/1998 Eaves Burlington Burlington, MA 203 7,714 32,499 6,512 7,714 39,011 46,725 6,538 40,187 41,107 — 1988/2012 Avalon Canton at Blue Hills Canton, MA 196 6,562 33,956 132 6,562 34,088 40,650 4,503 36,147 37,391 — 2014 Avalon Burlington (2) Burlington, MA 312 15,600 58,499 18,176 15,600 76,675 92,275 13,196 79,079 81,135 — 1989/2013 Eaves North Quincy Quincy, MA 224 11,940 39,400 3,544 11,940 42,944 54,884 9,297 45,587 46,492 — 1977/2013 Avalon at Center Place (1) Providence, RI 225 — 26,816 13,271 — 40,087 40,087 24,342 15,745 15,575 — 1991/1997 Total Boston, MA 6,427 $ 211,519 $ 1,048,777 $ 145,465 $ 211,519 $ 1,194,242 $ 1,405,761 $ 352,970 $ 1,052,791 $ 1,081,830 $ 138,160 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Fairfield-New Haven, CT Eaves Stamford Stamford, CT 238 $ 5,956 $ 23,993 $ 13,117 $ 5,956 $ 37,110 $ 43,066 $ 24,215 $ 18,851 $ 20,058 $ — 1991 Avalon Wilton on River Rd Wilton, CT 102 2,116 14,664 6,422 2,116 21,086 23,202 12,077 11,125 11,314 — 1997 Avalon New Canaan New Canaan, CT 104 4,834 22,990 2,163 4,834 25,153 29,987 13,192 16,795 17,589 — 2002 AVA Stamford Stamford, CT 306 13,819 56,499 5,887 13,819 62,386 76,205 32,700 43,505 45,461 — 2002/2002 Avalon Darien Darien, CT 189 6,926 34,558 2,734 6,926 37,292 44,218 18,089 26,129 27,188 — 2004 Avalon Norwalk Norwalk, CT 311 11,320 62,904 887 11,320 63,791 75,111 16,187 58,924 60,986 — 2011 Avalon Wilton on Danbury Rd Wilton, CT 100 6,604 23,758 150 6,604 23,908 30,512 5,573 24,939 25,681 — 2011 Avalon Shelton Shelton, CT 250 7,749 40,264 88 7,749 40,352 48,101 6,697 41,404 42,826 — 2013 Avalon East Norwalk Norwalk, CT 240 10,395 36,245 119 10,395 36,364 46,759 5,670 41,089 42,317 — 2013 Avalon Stratford Stratford, CT 130 2,564 27,157 33 2,564 27,190 29,754 3,274 26,480 27,424 — 2014 Total Fairfield-New Haven, CT 1,970 $ 72,283 $ 343,032 $ 31,600 $ 72,283 $ 374,632 $ 446,915 $ 137,674 $ 309,241 $ 320,844 $ — TOTAL NEW ENGLAND 8,397 $ 283,802 $ 1,391,809 $ 177,065 $ 283,802 $ 1,568,874 $ 1,852,676 $ 490,644 $ 1,362,032 $ 1,402,674 $ 138,160 METRO NY/NJ New York City, NY Avalon Riverview (1) Long Island City, NY 372 $ — $ 94,061 $ 9,867 $ — $ 103,928 $ 103,928 $ 52,510 $ 51,418 $ 54,912 $ — 2002 Avalon Bowery Place I New York, NY 206 18,575 75,009 2,890 18,575 77,899 96,474 30,174 66,300 68,882 93,800 2006 Avalon Bowery Place II New York, NY 90 9,106 47,199 3,811 9,106 51,010 60,116 17,750 42,366 44,607 — 2007 Avalon Morningside Park (3) New York, NY 295 95,465 114,233 1,580 95,465 115,813 211,278 36,625 174,653 83,027 100,000 2009 Avalon Fort Greene Brooklyn, NY 631 83,038 216,802 2,052 83,038 218,854 301,892 57,941 243,951 251,213 — 2010 Avalon West Chelsea (1) (4) New York, NY 305 — 119,882 243 — 120,125 120,125 13,643 106,482 102,820 — 2015 AVA High Line (1) (4) New York, NY 405 — 159,187 33 — 159,220 159,220 20,451 138,769 152,127 — 2015 Avalon Clinton North (2) New York, NY 339 84,069 105,821 11,529 84,069 117,350 201,419 23,412 178,007 180,740 147,000 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 6,181 71,421 96,032 167,453 20,089 147,364 150,330 121,500 2007/2013 Total New York City, NY 2,931 $ 361,674 $ 1,022,045 $ 38,186 $ 361,674 $ 1,060,231 $ 1,421,905 $ 272,595 $ 1,149,310 $ 1,088,658 $ 462,300 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 28,286 $ 6,335 $ 4,679 $ 34,621 $ 39,300 $ 22,581 $ 16,719 $ 17,712 $ — 1997 Avalon Green I Elmsford, NY 105 1,820 10,525 7,522 1,820 18,047 19,867 9,870 9,997 10,633 — 1995 Avalon Court Melville, NY 494 9,228 50,063 6,681 9,228 56,744 65,972 35,091 30,881 32,294 — 1997 The Avalon Bronxville, NY 110 2,889 28,324 8,661 2,889 36,985 39,874 19,772 20,102 21,064 — 1999 Avalon at Glen Cove (1) Glen Cove, NY 256 7,871 59,969 4,245 7,871 64,214 72,085 28,810 43,275 44,881 — 2004 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Glen Cove North (1) Glen Cove, NY 111 2,577 37,336 531 2,577 37,867 40,444 13,875 26,569 27,768 — 2007 Avalon White Plains White Plains, NY 407 15,391 137,353 996 15,391 138,349 153,740 41,499 112,241 116,188 — 2009 Avalon Rockville Centre I Rockville Centre, NY 349 32,212 78,806 1,013 32,212 79,819 112,031 17,284 94,747 97,195 — 2012 Avalon Green II Elmsford, NY 444 27,765 77,560 223 27,765 77,783 105,548 15,714 89,834 92,537 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,326 416 18,205 49,742 67,947 9,436 58,511 60,173 — 2013 Avalon Ossining Ossining, NY 168 6,392 30,313 — 6,392 30,313 36,705 4,078 32,627 33,734 — 2014 Avalon Huntington Station Huntington Station, NY 303 21,898 58,457 — 21,898 58,457 80,355 7,224 73,131 75,462 — 2014 Avalon Westbury Westbury, NY 396 69,620 43,781 10,941 69,620 54,722 124,342 15,286 109,056 110,752 78,650 2006/2013 Total New York - Suburban 3,659 $ 220,547 $ 690,099 $ 47,564 $ 220,547 $ 737,663 $ 958,210 $ 240,520 $ 717,690 $ 740,393 $ 78,650 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 22,967 $ 8,760 $ 105,389 $ 114,149 $ 64,885 $ 49,264 $ 51,954 $ — 1997 Eaves Lawrenceville (2) Lawrenceville, NJ 632 14,650 60,486 11,899 14,650 72,385 87,035 32,099 54,936 57,334 — 1994 Avalon Princeton Junction West Windsor, NJ 512 5,585 22,382 21,675 5,585 44,057 49,642 26,010 23,632 24,587 — 1988/1993 Avalon Tinton Falls Tinton Falls, NJ 216 7,939 33,170 520 7,939 33,690 41,629 11,225 30,404 31,528 — 2008 Avalon West Long Branch West Long Branch, NJ 180 2,721 22,925 136 2,721 23,061 25,782 6,054 19,728 20,549 — 2011 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 949 8,984 31,943 40,927 6,495 34,432 35,686 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,635 1,101 14,682 42,736 57,418 8,365 49,053 49,991 — 2012 Avalon Hackensack at Riverside (1) Hackensack, NJ 226 — 44,619 128 — 44,747 44,747 7,140 37,607 39,099 — 2013 Avalon Somerset Somerset, NJ 384 18,241 58,338 226 18,241 58,564 76,805 9,817 66,988 69,023 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,865 — 6,502 16,865 23,367 2,865 20,502 21,131 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 71 3,006 27,872 30,878 4,119 26,759 27,635 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 98 2,273 48,707 50,980 5,167 45,813 47,455 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,928 — 11,288 34,928 46,216 3,260 42,956 44,078 — 2015 Total New Jersey 3,781 $ 104,631 $ 525,174 $ 59,770 $ 104,631 $ 584,944 $ 689,575 $ 187,501 $ 502,074 $ 520,050 $ — TOTAL METRO NY/NJ 10,371 $ 686,852 $ 2,237,318 $ 145,520 $ 686,852 $ 2,382,838 $ 3,069,690 $ 700,616 $ 2,369,074 $ 2,349,101 $ 540,950 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall Washington, D.C. 308 $ 6,848 $ 27,614 $ 15,456 $ 6,848 $ 43,070 $ 49,918 $ 29,439 $ 20,479 $ 20,360 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 2,167 8,800 41,825 50,625 21,005 29,620 31,047 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 44 7,425 25,326 32,751 4,717 28,034 28,998 — 2013 Avalon The Albemarle Washington, D.C. 231 25,140 52,459 6,592 25,140 59,051 84,191 12,774 71,417 72,134 — 1966/2013 Eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,344 16,430 25,246 41,676 5,727 35,949 36,751 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 4,111 38,140 39,463 77,603 9,916 67,687 68,834 — 1961/2013 Eaves Glover Park Washington, D.C. 120 9,580 26,532 2,408 9,580 28,940 38,520 6,575 31,945 32,944 — 1953/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 3,195 43,700 157,145 200,845 28,554 172,291 177,621 — 2012/2013 Avalon at Fairway Hills Columbia, MD 720 8,603 34,432 16,302 8,603 50,734 59,337 33,393 25,944 27,384 — 1987/1996 Eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 2,784 4,047 21,337 25,384 14,268 11,116 11,258 — 1996 Eaves Columbia Town Center Columbia, MD 392 8,802 35,536 12,155 8,802 47,691 56,493 20,971 35,522 36,814 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 2,642 29,159 55,635 84,794 27,043 57,751 59,405 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 4,155 14,365 59,553 73,918 27,917 46,001 48,065 — 2004 Avalon Russett Laurel, MD 238 10,200 47,524 3,220 10,200 50,744 60,944 11,037 49,907 51,425 32,200 1999/2013 Eaves Fair Lakes Fairfax, VA 420 6,096 24,400 8,904 6,096 33,304 39,400 21,265 18,135 18,986 — 1989/1996 AVA Ballston Arlington, VA 344 7,291 29,177 16,302 7,291 45,479 52,770 29,144 23,626 25,196 — 1990 Avalon Tysons Corner Tysons Corner, VA 558 13,851 43,397 12,788 13,851 56,185 70,036 32,826 37,210 38,956 — 1996 Avalon Park Crest Tysons Corner, VA 354 13,554 63,526 274 13,554 63,800 77,354 11,932 65,422 67,595 — 2013 Eaves Fairfax Towers (2) Falls Church, VA 415 17,889 74,727 4,446 17,889 79,173 97,062 18,433 78,629 79,263 — 1978/2011 Avalon Mosaic Fairfax, VA 531 33,490 75,802 — 33,490 75,802 109,292 10,461 98,831 101,637 — 2014 Avalon Ballston Place Arlington, VA 383 38,490 123,645 5,049 38,490 128,694 167,184 24,830 142,354 146,479 — 2001/2013 Eaves Tysons Corner Vienna, VA 217 16,030 45,420 2,967 16,030 48,387 64,417 11,140 53,277 54,923 — 1980/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 10,254 56,550 188,286 244,836 37,860 206,976 213,114 — 1999/2013 Avalon Arlington North Arlington, VA 228 21,600 59,076 34 21,600 59,110 80,710 7,797 72,913 74,995 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 6,212 26,710 89,296 116,006 20,027 95,979 98,438 — 2000/2013 TOTAL MID-ATLANTIC 8,985 $ 482,790 $ 1,428,471 $ 144,805 $ 482,790 $ 1,573,276 $ 2,056,066 $ 479,051 $ 1,577,015 $ 1,622,622 $ 32,200 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of PACIFIC NORTHWEST Seattle, WA Avalon Redmond Place Redmond, WA 222 $ 4,558 $ 18,368 $ 10,501 $ 4,558 $ 28,869 $ 33,427 $ 17,567 $ 15,860 $ 16,642 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 264 6,786 27,641 4,893 6,786 32,534 39,320 21,197 18,123 18,645 — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 2,110 6,664 26,229 32,893 15,292 17,601 18,441 — 2001 Avalon RockMeadow Bothell, WA 206 4,777 19,765 2,930 4,777 22,695 27,472 13,423 14,049 14,457 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 3,286 3,789 18,425 22,214 10,718 11,496 12,060 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 1,253 5,644 13,986 19,630 7,940 11,690 12,003 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 1,366 12,697 78,816 91,513 26,487 65,026 67,686 — 2008 Avalon Towers Bellevue (1) Bellevue, WA 397 — 123,029 1,341 — 124,370 124,370 32,339 92,031 95,998 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 431 12,081 42,049 54,130 9,060 45,070 46,642 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 1,002 16,460 47,928 64,388 8,335 56,053 57,893 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,626 — 12,294 55,626 67,920 6,553 61,367 63,391 — 2015 Eaves Redmond Campus (2) Redmond, WA 422 22,580 88,001 10,267 22,580 98,268 120,848 21,097 99,751 99,157 — 1991/2013 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 3,315 10,250 30,157 40,407 6,852 33,555 34,398 — 1987/2013 TOTAL PACIFIC NORTHWEST 3,305 $ 118,580 $ 577,257 $ 42,695 $ 118,580 $ 619,952 $ 738,532 $ 196,860 $ 541,672 $ 557,413 $ — NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 13,561 $ 11,830 $ 61,389 $ 73,219 $ 35,368 $ 37,851 $ 39,955 $ 38,800 1995 Eaves San Jose San Jose, CA 440 12,920 53,047 18,931 12,920 71,978 84,898 36,145 48,753 51,143 — 1985/1996 Avalon Mountain View Mountain View, CA 248 9,755 39,393 10,321 9,755 49,714 59,469 30,458 29,011 30,562 — 1986 Eaves Creekside Mountain View, CA 296 6,546 26,263 21,316 6,546 47,579 54,125 25,798 28,327 29,992 — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 2,020 4,765 49,620 54,385 26,084 28,301 29,836 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,534 72 13,837 64,606 78,443 8,779 69,664 72,002 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 4,707 46,060 86,664 132,724 19,887 112,837 115,648 — 2002/2013 Eaves West Valley San Jose, CA 873 90,890 132,040 10,251 90,890 142,291 233,181 31,153 202,028 205,771 — 1970/2013 Eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 5,498 64,070 74,516 138,586 17,838 120,748 123,403 — 1969/2013 Total San Jose, CA 3,487 $ 260,673 $ 561,680 $ 86,677 $ 260,673 $ 648,357 $ 909,030 $ 231,510 $ 677,520 $ 698,312 $ 38,800 Oakland - East Bay, CA Avalon Fremont Fremont, CA 308 $ 10,746 $ 43,399 $ 6,656 $ 10,746 $ 50,055 $ 60,801 $ 33,523 $ 27,278 $ 28,098 $ — 1992/1994 Eaves Dublin Dublin, CA 204 5,276 19,642 12,366 5,276 32,008 37,284 $ 17,814 19,470 20,653 — 1989/1997 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Eaves Pleasanton Pleasanton, CA 456 11,610 46,552 21,755 11,610 68,307 79,917 40,146 39,771 41,764 — 1988/1994 Eaves Union City Union City, CA 208 4,249 16,820 3,312 4,249 20,132 24,381 13,659 10,722 11,342 — 1973/1996 Eaves Fremont Fremont, CA 235 6,581 26,583 9,992 6,581 36,575 43,156 22,733 20,423 21,385 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 982 14,732 105,006 119,738 30,647 89,091 92,395 — 2009 Avalon Walnut Creek (1) Walnut Creek, CA 422 — 148,370 3,245 — 151,615 151,615 39,014 112,601 115,817 3,557 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 599 7,772 72,741 80,513 9,650 70,863 72,802 — 2014 Eaves Walnut Creek (2) Walnut Creek, CA 510 30,320 82,375 16,828 30,320 99,203 129,523 19,294 110,229 111,534 — 1987/2013 Avalon Walnut Ridge II Walnut Creek, CA 360 27,190 57,041 5,864 27,190 62,905 90,095 13,372 76,723 76,821 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,622 — 4,500 28,622 33,122 3,523 29,599 30,607 — 2014 Total Oakland - East Bay, CA 3,489 $ 122,976 $ 645,570 $ 81,599 $ 122,976 $ 727,169 $ 850,145 $ 243,375 $ 606,770 $ 623,218 $ 3,557 San Francisco, CA Eaves Daly City Daly City, CA 195 $ 4,230 $ 9,659 $ 19,858 $ 4,230 $ 29,517 $ 33,747 $ 17,704 $ 16,043 $ 16,173 $ — 1972/1997 AVA Nob Hill San Francisco, CA 185 5,403 21,567 7,597 5,403 29,164 34,567 17,103 17,464 17,980 20,800 1990/1995 Eaves San Rafael San Rafael, CA 254 5,982 16,885 24,752 5,982 41,637 47,619 22,224 25,395 26,689 — 1973/1996 Eaves Foster City Foster City, CA 288 7,852 31,445 11,629 7,852 43,074 50,926 25,622 25,304 26,440 — 1973/1994 Eaves Pacifica Pacifica, CA 220 6,125 24,796 3,116 6,125 27,912 34,037 18,647 15,390 16,175 17,600 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,321 16,129 3,561 37,450 41,011 19,817 21,194 21,819 — 1961/1996 Eaves Diamond Heights San Francisco, CA 154 4,726 19,130 6,189 4,726 25,319 30,045 15,390 14,655 15,313 — 1972/1994 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 3,759 14,029 82,211 96,240 41,915 54,325 56,826 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 447 28,687 119,603 148,290 35,003 113,287 117,091 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 1,877 5,544 52,783 58,327 10,581 47,746 49,580 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,258 20,267 98,579 118,846 13,135 105,711 109,414 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,232 — 12,595 81,232 93,827 7,855 85,972 88,745 — 2015 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 4,974 40,780 73,658 114,438 15,334 99,104 100,274 64,450 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 1,906 23,787 46,840 70,627 9,205 61,422 62,879 29,533 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,028 33,303 65,938 99,241 12,956 86,285 88,243 53,315 2010/2013 Total San Francisco, CA 3,349 $ 216,871 $ 748,398 $ 106,519 $ 216,871 $ 854,917 $ 1,071,788 $ 282,491 $ 789,297 $ 813,641 $ 185,698 TOTAL NORTHERN CALIFORNIA 10,325 $ 600,520 $ 1,955,648 $ 274,795 $ 600,520 $ 2,230,443 $ 2,830,963 $ 757,376 $ 2,073,587 $ 2,135,171 $ 228,055 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 748 $ 22,483 $ 28,104 $ 48,565 $ 22,483 $ 76,669 $ 99,152 $ 40,761 $ 58,391 $ 60,868 $ — 1961/1997 Avalon Woodland Hills Woodland Hills, CA 663 23,828 40,372 49,385 23,828 89,757 113,585 45,441 68,144 70,434 — 1989/1997 Eaves Warner Center Woodland Hills, CA 227 7,045 12,986 9,609 7,045 22,595 29,640 15,855 13,785 14,591 — 1979/1998 Avalon Glendale (1) Glendale, CA 223 — 42,564 2,070 — 44,634 44,634 21,703 22,931 24,122 — 2003 Avalon Burbank Burbank, CA 400 14,053 56,827 24,724 14,053 81,551 95,604 37,558 58,046 60,327 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,290 908 8,446 41,198 49,644 16,389 33,255 34,405 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 1,206 5,459 42,388 47,847 15,562 32,285 33,601 — 2007 Avalon Encino Encino, CA 131 12,789 49,073 1,091 12,789 50,164 62,953 15,966 46,987 48,412 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,845 589 7,920 45,434 53,354 15,109 38,245 39,727 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 93,985 462 14,734 94,447 109,181 10,574 98,607 101,914 — 2015 Eaves Phillips Ranch Pomona, CA 501 9,796 41,740 1,964 9,796 43,704 53,500 10,314 43,186 44,058 — 1989/2011 Eaves San Dimas San Dimas, CA 102 1,916 7,819 1,389 1,916 9,208 11,124 2,202 8,922 9,214 — 1978/2011 Eaves San Dimas Canyon San Dimas, CA 156 2,953 12,428 736 2,953 13,164 16,117 3,145 12,972 13,289 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 5,522 8,400 17,069 25,469 3,214 22,255 22,879 11,073 1973/2012 Eaves Cerritos Artesia, CA 151 8,305 21,195 1,474 8,305 22,669 30,974 4,391 26,583 27,343 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 72,008 2,428 30,900 74,436 105,336 14,228 91,108 93,776 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,727 — 9,141 30,727 39,868 3,778 36,090 37,250 — 2014 Avalon Mission Oaks Camarillo, CA 160 9,600 35,842 3,002 9,600 38,844 48,444 5,595 42,849 44,281 — 2014 Avalon Simi Valley Simi Valley, CA 500 42,020 73,361 4,940 42,020 78,301 120,321 17,394 102,927 105,475 — 2007/2013 Avalon Studio City Studio City, CA 276 15,756 78,178 5,778 15,756 83,956 99,712 17,139 82,573 84,242 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,642 9,921 42,720 117,563 160,283 27,970 132,313 136,511 96,502 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,974 5,842 43,540 85,816 129,356 21,276 108,080 111,280 — 2004/2013 Avalon Del Mar Station Pasadena, CA 347 20,560 106,556 3,731 20,560 110,287 130,847 20,717 110,130 113,568 — 2006/2013 Eaves Thousand Oaks Thousand Oaks, CA 154 13,950 20,211 2,546 13,950 22,757 36,707 6,158 30,549 31,486 — 1992/2013 Eaves Los Feliz (2) Los Angeles, CA 263 18,940 43,661 4,556 18,940 48,217 67,157 10,545 56,612 57,563 41,400 1989/2013 Eaves Woodland Hills Woodland Hills, CA 883 68,940 90,549 11,203 68,940 101,752 170,692 25,353 145,339 148,867 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,581 2,300 12,810 24,881 37,691 6,132 31,559 32,257 — 2002/2013 Total Los Angeles, CA 8,380 $ 477,004 $ 1,306,247 $ 205,941 $ 477,004 $ 1,512,188 $ 1,989,192 $ 434,469 $ 1,554,723 $ 1,601,740 $ 260,475 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 9,840 $ 1,975 $ 13,654 $ 15,629 $ 6,995 $ 8,634 $ 9,130 $ — 1956/1996 Eaves Mission Viejo Mission Viejo, CA 166 2,517 9,257 3,580 2,517 12,837 15,354 8,660 6,694 7,145 7,635 1984/1996 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Eaves South Coast Costa Mesa, CA 258 4,709 16,063 13,442 4,709 29,505 34,214 16,883 17,331 17,829 — 1973/1996 Eaves Santa Margarita Rancho Santa Margarita, CA 301 4,607 16,911 10,917 4,607 27,828 32,435 15,849 16,586 17,224 — 1990/1997 Eaves Huntington Beach Huntington Beach, CA 304 4,871 19,745 10,267 4,871 30,012 34,883 19,912 14,971 15,964 — 1971/1997 Avalon Anaheim Stadium Anaheim, CA 251 27,874 69,156 1,608 27,874 70,764 98,638 21,751 76,887 78,955 — 2009 Avalon Irvine I Irvine, CA 279 9,911 67,520 776 9,911 68,296 78,207 19,629 58,578 60,694 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,912 — 4,358 40,912 45,270 7,217 38,053 39,535 — 2013 Eaves Lake Forest Lake Forest, CA 225 5,199 21,134 3,248 5,199 24,382 29,581 5,614 23,967 23,870 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,411 — 31,689 98,411 130,100 9,406 120,694 124,442 — 2015 Eaves Seal Beach (2) Seal Beach, CA 549 46,790 99,999 5,640 46,790 105,639 152,429 22,914 129,515 132,659 — 1971/2013 Total Orange County, CA 3,087 $ 144,500 $ 462,922 $ 59,318 $ 144,500 $ 522,240 $ 666,740 $ 154,830 $ 511,910 $ 527,447 $ 7,635 San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 40,849 $ 9,922 $ 81,429 $ 91,351 $ 41,108 $ 50,243 $ 53,224 $ — 1969/1997 Eaves Mission Ridge San Diego, CA 200 2,710 10,924 12,128 2,710 23,052 25,762 14,637 11,125 11,696 — 1960/1997 AVA Cortez Hill (1) San Diego, CA 299 2,768 20,134 23,567 2,768 43,701 46,469 23,459 23,010 24,543 — 1973/1998 Avalon Fashion Valley San Diego, CA 161 19,627 44,972 696 19,627 45,668 65,295 14,567 50,728 52,186 — 2008 Eaves Rancho Penasquitos San Diego, CA 250 6,692 27,143 3,242 6,692 30,385 37,077 6,960 30,117 30,727 — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,327 — 12,689 43,327 56,016 4,125 51,891 53,512 — 2015 Eaves La Mesa La Mesa, CA 168 9,490 28,482 1,962 9,490 30,444 39,934 7,189 32,745 33,840 — 1989/2013 Total San Diego, CA 1,863 $ 63,898 $ 215,562 $ 82,444 $ 63,898 $ 298,006 $ 361,904 $ 112,045 $ 249,859 $ 259,728 $ — TOTAL SOUTHERN CALIFORNIA 13,330 $ 685,402 $ 1,984,731 $ 347,703 $ 685,402 $ 2,332,434 $ 3,017,836 $ 701,344 $ 2,316,492 $ 2,388,915 $ 268,110 TOTAL ESTABLISHED COMMUNITIES 54,713 $ 2,857,946 $ 9,575,234 $ 1,132,583 $ 2,857,946 $ 10,707,817 $ 13,565,763 $ 3,325,891 $ 10,239,872 $ 10,455,896 $ 1,207,475 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of OTHER STABILIZED Avalon Silicon Valley Sunnyvale, CA 710 $ 20,713 $ 99,573 $ 34,963 $ 20,713 $ 134,536 $ 155,249 $ 71,577 $ 83,672 $ 85,041 $ — 1998 Avalon Towers on the Peninsula Mountain View, CA 211 9,560 56,136 14,467 9,560 70,603 80,163 31,563 48,600 45,523 — 2002 Eaves San Marcos San Marcos, CA 184 3,277 13,385 4,557 3,277 17,942 21,219 3,641 17,578 18,302 — 1988/2011 Avalon Glendora Glendora, CA 280 18,311 64,759 100 18,311 64,859 83,170 4,974 78,196 80,358 — 2016 Avalon Irvine III Irvine, CA 156 11,607 43,977 — 11,607 43,977 55,584 2,842 52,742 54,232 — 2016 Avalon Dublin Station II Dublin, CA 252 7,762 76,584 26 7,762 76,610 84,372 4,821 79,551 82,106 — 2016 AVA North Hollywood North Hollywood, CA 156 18,408 49,940 4,089 18,408 54,029 72,437 3,810 68,627 70,816 — 2015/2016 AVA Studio City II Studio City, CA 101 4,626 22,954 5,487 4,626 28,441 33,067 5,160 27,907 24,848 — 1991/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,770 13,179 32,000 73,949 105,949 13,764 92,185 94,217 — 2007/2013 Avalon La Jolla Colony San Diego, CA 180 16,760 27,694 12,052 16,760 39,746 56,506 7,968 48,538 50,383 — 1987/2013 Eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 6,778 9,110 22,149 31,259 4,085 27,174 22,644 — 1972/2013 Avalon Walnut Ridge I Walnut Creek, CA 106 9,860 19,850 5,268 9,860 25,118 34,978 4,802 30,176 30,921 — 2000/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 6,679 10,240 38,237 48,477 7,273 41,204 42,580 — 2004/2013 AVA Studio City I Studio City, CA 450 17,658 90,715 32,819 17,658 123,534 141,192 20,681 120,511 116,321 — 1987/2013 The Lodge Denver West Lakewood, CO 252 8,047 63,586 5,284 8,047 68,870 76,917 1,966 74,951 N/A — 2016/2017 850 Boca Boca Raton, FL 370 21,430 108,585 8,717 21,430 117,302 138,732 333 138,399 N/A — 2017/2017 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,911 10,260 14,572 56,171 70,743 19,293 51,450 45,640 38,097 2007 AVA Back Bay Boston, MA 271 9,034 36,540 47,327 9,034 83,867 92,901 34,038 58,863 60,700 — 1968/1998 AVA Theater District Boston, MA 398 17,070 163,580 40 17,070 163,620 180,690 13,499 167,191 172,387 — 2015 Avalon Marlborough Marlborough, MA 350 15,317 60,397 11 15,317 60,408 75,725 5,353 70,372 72,339 — 2015 Avalon Framingham Framingham, MA 180 9,315 34,632 — 9,315 34,632 43,947 2,731 41,216 42,395 — 2015 Avalon Bear Hill Waltham, MA 324 27,350 94,168 28,764 27,350 122,932 150,282 23,723 126,559 131,023 — 1999/2013 Avalon at Edgewater Edgewater, NJ 168 5,982 24,389 9,182 5,982 33,571 39,553 15,351 24,202 21,123 — 2002 Avalon Bloomfield Station Bloomfield, NJ 224 10,701 39,927 — 10,701 39,927 50,628 3,594 47,034 48,031 — 2015 Avalon Union Union, NJ 202 11,695 36,282 — 11,695 36,282 47,977 2,519 45,458 46,615 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 87,220 8,327 37,237 95,547 132,784 11,390 121,394 124,435 67,904 2008/2016 Avalon Towers Long Beach, NY 109 3,118 11,973 24,372 3,118 36,345 39,463 16,198 23,265 21,775 — 1990/1995 Avalon Riverview North (1) Long Island City, NY 602 — 165,966 14,176 — 180,142 180,142 59,765 120,377 122,418 — 2008 AVA DoBro Brooklyn, NY 500 77,416 203,827 — 77,416 203,827 281,243 10,586 270,657 294,503 — 2017 Avalon Green III Elmsford, NY 68 4,985 17,300 — 4,985 17,300 22,285 1,248 21,037 21,585 — 2016 Archstone Lexington Flower Mound, TX 222 4,540 25,946 2,073 4,540 28,019 32,559 6,883 25,676 26,669 21,700 2000/2013 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Archstone Toscano Houston, TX 474 15,607 72,889 — 15,607 72,889 88,496 11,044 77,452 79,819 — 2014 Memorial Heights Villages Houston, TX 318 9,607 48,448 — 9,607 48,448 58,055 10,516 47,539 48,508 — 2014 Eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,475 2,152 14,382 16,534 8,176 8,358 8,773 — 1988/1997 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 31,555 22,041 121,851 143,892 54,059 89,833 87,446 — 2001 Avalon Potomac Yard Alexandria, VA 323 24,225 77,137 7,648 24,225 84,785 109,010 8,659 100,351 103,333 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 91,001 8,521 22,573 99,522 122,095 8,530 113,565 117,845 — 2002/2016 Avalon Columbia Pike Arlington, VA 269 18,830 78,395 6,460 18,830 84,855 103,685 5,993 97,692 100,352 68,637 2009/2016 Avalon Dunn Loring Vienna, VA 440 29,377 107,775 14,301 29,377 122,076 151,453 3,972 147,481 N/A — 2012/2017 Avalon Falls Church Falls Church, VA 384 39,544 66,160 — 39,544 66,160 105,704 5,899 99,805 102,279 — 2016 Oakwood Arlington Arlington, VA 184 18,850 38,545 3,052 18,850 41,597 60,447 8,608 51,839 53,139 — 1987/2013 AVA Capitol Hill Seattle, WA 249 20,613 60,014 — 20,613 60,014 80,627 4,194 76,433 78,906 — 2016 Avalon Alderwood II Redmond, WA 124 5,072 21,369 — 5,072 21,369 26,441 1,104 25,337 26,115 — 2016 TOTAL OTHER STABILIZED 11,844 $ 696,192 $ 2,654,431 $ 376,009 $ 696,192 $ 3,030,440 $ 3,726,632 $ 546,185 $ 3,180,447 $ 2,876,445 $ 196,338 LEASE-UP Avalon West Hollywood West Hollywood, CA 294 $ 35,187 $ 115,385 $ — $ 35,187 $ 115,385 $ 150,572 $ 1,697 $ 148,875 $ 130,173 $ — 2017 Avalon Chino Hills Chino Hills, CA 331 16,615 81,753 — 16,615 81,753 98,368 2,127 96,241 87,406 — 2017 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,719 222 13,055 105,941 118,996 4,995 114,001 115,269 — 2017 Avalon North Station Boston, MA 503 22,788 245,234 306 22,788 245,540 268,328 5,918 262,410 249,022 — 2017 Avalon Quincy Quincy, MA 395 14,674 78,151 — 14,674 78,151 92,825 2,972 89,853 84,132 — 2017 Avalon Easton Easton, MA 290 3,151 59,245 — 3,151 59,245 62,396 840 61,556 29,074 — 2017 Avalon Hunt Valley Hunt Valley, MD 332 10,842 62,596 — 10,842 62,596 73,438 2,144 71,294 67,019 — 2017 Avalon Laurel Laurel, MD 344 10,122 61,803 — 10,122 61,803 71,925 2,919 69,006 69,532 — 2017 Avalon Princeton Princeton, NJ 280 26,459 68,175 303 26,459 68,478 94,937 2,363 92,574 88,360 — 2017 Avalon Willoughby Square Brooklyn, NY 326 50,475 132,892 — 50,475 132,892 183,367 6,901 176,466 153,310 — 2017 Avalon Great Neck Great Neck, NY 191 14,776 64,459 — 14,776 64,459 79,235 931 78,304 55,671 — 2017 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 49,115 — 7,534 49,115 56,649 267 56,382 26,796 — 2017 Avalon Esterra Park Redmond, WA 482 22,668 112,441 305 22,668 112,746 135,414 4,963 130,451 127,986 — 2017 Avalon Newcastle Commons I Newcastle, WA 378 9,622 109,453 — 9,622 109,453 119,075 1,889 117,186 92,267 — 2017 TOTAL LEASE-UP 4,689 $ 257,968 $ 1,346,421 $ 1,136 $ 257,968 $ 1,347,557 $ 1,605,525 $ 40,926 $ 1,564,599 $ 1,376,017 $ — 2017 2016 2017 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of REDEVELOPMENT Avalon on the Alameda San Jose, CA 305 $ 6,119 $ 50,225 $ 10,087 $ 6,119 $ 60,312 $ 66,431 $ 33,696 $ 32,735 $ 27,497 $ — 1999 AVA Toluca Hills Los Angeles, CA 1,151 86,450 161,256 37,513 86,450 198,769 285,219 39,361 245,858 227,814 — 1973/2013 AVA Van Ness Washington, D.C. 269 22,890 58,691 9,030 22,890 67,721 90,611 13,443 77,168 74,556 — 1978/2013 Avalon Prudential Center II Boston, MA 266 8,776 35,496 52,864 8,776 88,360 97,136 32,7 |
Organization, Basis of Presen22
Organization, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. At December 31, 2017 , the Company owned or held a direct or indirect ownership interest in 267 operating apartment communities containing 77,614 apartment homes in 12 states and the District of Columbia, of which nine communities containing 3,752 apartment homes were under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 21 communities under development that are expected to contain an aggregate of 6,544 apartment homes (unaudited) 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 29 communities that, if developed as expected, will contain an estimated 9,496 apartment homes (unaudited). Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, under all other potential scenarios, including where the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the cost method. |
Revenue and Gain Recognition | Revenue and Gain Recognition Rental income related to the Company’s residential and retail leases is recognized on an accrual basis when due from residents and/or retail tenants, as required by the accounting guidance applicable to leases, which provides guidance on classification and recognition. In accordance with the Company's standard residential 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. |
Real Estate | Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. 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 land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company defers external costs associated with originating new leases, recognizing the impact of these costs in earnings over the term of the lease. The adoption of ASU 2017-01 on October 1, 2016, impacted the Company's accounting framework for the acquisition of operating communities. Prior to adoption, the acquisition of an operating community was viewed as an acquisition of a business, and the Company identified and recorded each asset acquired and liability assumed in such transaction at its estimated fair value at the date of acquisition, and expensed all costs incurred related to acquisitions of operating communities. Subsequent to adoption of ASU 2017-01 on October 1, 2016, the Company assesses each acquisition of an operating community to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, and results in the capitalization of acquisition costs, and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. The purchase price allocation to tangible assets, such as land and improvements, buildings and improvements, and furniture, fixtures and equipment, and the in-place lease intangible assets, is as reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities. The approach applied industry standard replacement costs adjusted for geographic specific considerations and reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and was adjusted for estimated depreciation. The fair value of buildings acquired is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for an estimate of depreciation. The estimate of depreciation is made considering industry standard information, depreciation curves for the identified asset classes and estimated useful life of the acquired property. The value of the acquired lease-related intangibles considered the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. The lease-up period for an apartment community is assumed to be 12 months to achieve stabilized occupancy. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market rents obtained for market comparables, and considered a market derived discount rate. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is calculated on buildings and improvements using the straight-line method over their estimated useful lives, which range from seven to 30 years. Furniture, fixtures and equipment are generally depreciated using the straight-line method over their estimated useful lives, which range from three years (primarily computer-related equipment) to seven years. |
Income Taxes | Income Taxes The Company elected to be treated as a REIT for U.S. federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2017 , 2016 and 2015 . 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 $141,000 , $305,000 and $1,483,000 in 2017 , 2016 and 2015 , respectively, associated primarily with activities transacted through a TRS. As of December 31, 2017 and 2016 , 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 2014 through 2016 . On December 22, 2017, H.R. 1, the Tax Cuts and Jobs Act (the “TCJA”), was enacted. The TCJA makes major changes to the Code, including lowering the statutory U.S. federal income tax rate from 35% to 21% effective January 1, 2018. The Company has completed its assessment of the Act and does not believe it will have a material impact on its financial position or results of operations. The following reconciles net income attributable to common stockholders to taxable net income for the years ended December 31, 2017 , 2016 and 2015 (unaudited, dollars in thousands): 2017 Estimate 2016 Actual 2015 Actual Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 GAAP gain on sale of communities (in excess of) less than tax gain (85,873 ) (195,029 ) (20,900 ) Depreciation/amortization timing differences on real estate 11,868 (947 ) (24,657 ) Amortization of debt/mark to market interest (17,430 ) (18,985 ) (64,676 ) Tax compensation expense less than (in excess of) GAAP (3,828 ) 9,821 (1,244 ) Casualty and impairment (gain) loss, net 6,250 (657 ) (10,542 ) Other adjustments (40,381 ) 11,533 (12,829 ) Taxable net income $ 747,527 $ 839,738 $ 607,190 The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2017 , 2016 and 2015 (unaudited): 2017 2016 2015 Ordinary income 75 % 68 % 83 % 20% capital gain 18 % 26 % 12 % Unrecaptured §1250 gain 7 % 6 % 5 % |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $16,984,000 and $14,008,000 as of December 31, 2017 and 2016 , respectively, and related to mortgage notes payable was $4,991,000 and $10,562,000 as of December 31, 2017 and 2016 , respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $8,299,000 and $6,490,000 as of December 31, 2017 and 2016 , respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. |
Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. |
Comprehensive Income | Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share (“EPS”). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/17 12/31/16 12/31/15 Basic and diluted shares outstanding Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 535,415 525,886 1,019,966 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Net income allocated to unvested restricted shares (2,463 ) (2,610 ) (1,774 ) Net income attributable to common stockholders, adjusted $ 874,458 $ 1,031,392 $ 740,264 Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Earnings per common share—basic $ 6.36 $ 7.53 $ 5.54 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 42 41 38 Adjusted net income attributable to common stockholders $ 876,963 $ 1,034,043 $ 742,076 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Earnings per common share—diluted $ 6.35 $ 7.52 $ 5.51 Dividends per common share $ 5.68 $ 5.40 $ 5.00 All options to purchase shares of common stock outstanding as of December 31, 2017 , 2016 and 2015 are included in the computation of diluted earnings per share. As discussed under "Recently Issued and Adopted Accounting Standards," as of January 1, 2017, the Company adopted the provisions of ASU 2016-09 using the modified retrospective approach to recognize forfeitures as they occur. Prior to the adoption of this standard, the Company was required to estimate the forfeiture of stock options and recognized compensation cost net of the estimated forfeitures. The estimated forfeitures included in compensation cost were adjusted to reflect actual forfeitures at the end of the vesting period. This change in accounting principle had no impact on the Company's financial position and no adjustment to retained earnings or the Company's diluted shares outstanding, as prescribed under the modified retrospective approach. Refer to "Change in Accounting Principle" for discussion of the impact to the accompanying Consolidated Statements of Cash Flows. |
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss | Abandoned Pursuit Costs and Impairment of Long-Lived Assets The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable (“Development Rights”). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any capitalized pre-development costs are expensed. The Company expensed costs related to the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $2,370,000 , $4,183,000 and $3,016,000 during the years ended December 31, 2017 , 2016 and 2015 , respectively. These costs are included in expensed acquisition, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or long-lived asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2017 , 2016 and 2015 , the Company did not recognize any impairment losses for wholly-owned operating real estate assets, and did not record any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage as discussed below. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. During the year ended December 31, 2017 , the Company recognized an impairment charge of $9,350,000 related to a land parcel the Company had acquired for development in 2004 and sold during 2017. During the year ended December 31, 2016 , the Company recognized $10,500,000 of aggregate impairment charges related to three ancillary land parcels for which the Company has either sold or intends to sell. These charges were determined as the excess of the Company's carrying basis over the expected sales price for each parcel, and is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. The Company did not recognize any material impairment charges on its investment in land during the year ended December 31, 2015 . The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2017 , 2016 or 2015 . Casualty Gains and Losses In February 2017, a fire occurred at the Company's Avalon Maplewood Development Community, located in Maplewood, NJ, which was under construction and not yet occupied. The Company has commenced reconstruction of the damaged and destroyed portions of the community. See Note 7, “Commitments and Contingencies,” for additional discussion of the related casualty loss. During the year ended December 31, 2017 , the Company recorded a casualty loss of $19,481,000 composed of a charge of $16,361,000 to write-off the net book value of the fixed assets destroyed in the Maplewood casualty loss and $3,120,000 for demolition and additional incident expenses. The casualty loss was partially offset by $17,143,000 of expected third-party property damage insurance proceeds. The net casualty loss of $2,338,000 for the year ended December 31, 2017 is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2017 , the Company reached a final insurance settlement for the property damage and lost income for the Maplewood casualty loss of $19,696,000 , after self-insurance and deductibles, of which the Company recognized $3,495,000 as business interruption insurance proceeds. In January 2015, a fire occurred at the Company's Avalon at Edgewater apartment community located in Edgewater, NJ. Edgewater consisted of two residential buildings. One building, containing 240 apartment homes, was destroyed. The second building, containing 168 apartment homes, suffered minimal damage and has been repaired. See Note 7, “Commitments and Contingencies,” for discussion of the related legal matters. During the year ended December 31, 2016 , the Company reached a final insurance settlement for the Company's property damage and lost income for the Edgewater casualty loss, for which it received aggregate insurance proceeds for Edgewater of $73,150,000 , after self-insurance and deductibles, as discussed below. During the year ended December 31, 2015 , the Company received $44,142,000 in insurance proceeds, which were partially offset by casualty charges of $21,844,000 to write off the net book value of the building destroyed by the fire at Edgewater, and $6,760,000 to record demolition and additional incident expenses, resulting in a net casualty gain of $15,538,000 . During the year ended December 31, 2016 , the Company received the final $29,008,000 of insurance proceeds, of which $8,702,000 was recognized as an additional net casualty gain and $20,306,000 as business interruption insurance proceeds. The Company reported the net casualty gains from each of the respective years as casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income, and reported the business interruption insurance proceeds as a component of rental and other income on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2015 , several of the Company's communities in its Northeast markets incurred property and casualty damages from severe winter storms, for which the Company recorded an impairment due to a casualty loss of $4,195,000 . During the year ended December 31, 2016 , the Company recorded a net casualty gain related to the 2015 severe winter storms of $5,732,000 , which is comprised of $8,493,000 in third-party insurance proceeds received, partially offset by incremental costs of $2,761,000 . These amounts are included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. A casualty loss may also result in lost operating income from one or more communities that is covered by the Company’s business interruption insurance policies. The Company recognizes income for amounts received under its business interruption insurance policies as a component of rental and other income in the Consolidated Statements of Comprehensive Income. Revenue is recognized upon resolution of all contingencies related to the receipt, typically upon written confirmation by the insurer or receipt of the actual proceeds. The Company recognized $3,498,000 , $20,564,000 and $1,509,000 in income related business interruption insurance proceeds for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had no real estate that qualified as held for sale presentation at December 31, 2017 . |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Redeemable noncontrolling interests are comprised of potential future obligations of the Company, which allow the investors holding the noncontrolling interest to require the Company to purchase their interest. The Company classifies obligations under the redeemable noncontrolling interests at fair value, with a corresponding offset for changes in the fair value recorded in accumulated earnings less dividends. Reductions in fair value are recorded only to the extent that the Company has previously recorded increases in fair value above the redeemable noncontrolling interest's initial basis. The redeemable noncontrolling interests are presented outside of permanent equity as settlement in shares of the Company's common stock, where permitted, may not be within the Company's control. The nature and valuation of the Company's redeemable noncontrolling interests are discussed further in Note 11, “Fair Value. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities 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. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the effective portion of cumulative changes in the fair value of Hedging Derivatives in other comprehensive income (loss). Amounts recorded in other comprehensive income (loss) will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification and disposition activity. |
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle | Recently Issued and Adopted Accounting Standards In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. This ASU expands hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also simplifies the application of hedge accounting guidance and eases the administrative burden of hedge documentation requirements and assessing hedge effectiveness. The guidance will be effective in the first quarter of 2019, allows for early adoption, and will be applied prospectively at adoption. The Company will adopt the guidance as of January 1, 2018 and does not believe it will have a material effect on the Company’s financial position or results of operations. In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This ASU (i) clarifies the scope of the nonfinancial asset guidance and the derecognition of certain businesses and nonprofit activities, (ii) eliminates the exception in the financial asset guidance for transfers of investments (including equity method investments) in real estate entities and supersedes the guidance in the Exchanges of a Nonfinancial Asset for a Noncontrolling Ownership Interest and (iii) provides guidance on the accounting of partial sales of nonfinancial assets and contributions of nonfinancial assets to a joint venture or other noncontrolled investee. The new standard allows for either a retrospective or modified retrospective approach. The guidance will be effective in the first quarter of 2018 and allows for early adoption. The Company will adopt the new standard as of January 1, 2018 using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. See "Revenue and Gain Recognition" above for additional discussion of the impact of adopting the guidance. In November 2016, the FASB issued ASU 2016-18-Statement of Cash Flows (Topic 230): Restricted Cash, which requires statements of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard requires a retrospective approach. The guidance will be effective in the first quarter of 2018 and allows for early adoption. The Company adopted the guidance as of October 1, 2017 and it did not have a material effect on the Company’s financial position or results of operations. See discussion of the impact to the Company's Consolidated Statements of Cash Flows under "Change in Accounting Principle." In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses eight specific cash flow issues including debt prepayment or debt extinguishment costs, proceeds from the settlement of insurance claims, distributions received from equity method investees and separately identifiable cash flows and application of the predominance principle. The new standard requires a retrospective approach. The guidance will be effective in the first quarter of 2018 and allows for early adoption. The Company adopted this guidance as of January 1, 2017. The new standard did not have a material effect on the Company's Consolidated Statements of Cash Flows. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of share-based payment transactions, including income tax consequences, classification of awards as equity or liability, statement of cash flows classification and policy election options for forfeitures. The Company adopted this guidance as of January 1, 2017 which did not have a material effect on the Company's financial position, results of operations or earnings per share as discussed in "Earnings per Common Share." Upon adoption of the standard, the Company elected to account for forfeitures when they occur instead of estimating the forfeitures. See discussion of the impact to the Company's Consolidated Statements of Cash Flows under "Change in Accounting Principle." In February 2016, the FASB issued ASU 2016-02, Leases, amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The new standard requires a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain transition relief. ASU 2016-02 provides for transition relief, which includes not electing to (i) reassess whether any expired or existing contract is a lease or contains a lease, (ii) reassess the lease classification of any expired or existing leases and (iii) expense any capitalized initial direct costs for any existing leases. The Company anticipates adoption of the standard to have a material impact on its financial position resulting from the recognition of the right to use asset and corresponding lease obligation for its long-term ground leases, currently accounted for as operating leases. The Company will continue to assess the impact of the new standard. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers and in August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date, which defers the effective date of the new revenue recognition standard until the first quarter of 2018. Subsequently, the FASB has issued multiple ASUs clarifying ASU 2014-09 and ASU 2015-14. Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances and any taxes collected from customers and subsequently remitted to governmental authorities. The majority of the Company's revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company's other revenue streams, which are being evaluated under this ASU, include but are not limited to management fees, non-recurring rental and non-rental related income, and gains and losses from real estate dispositions. The Company will adopt the new standard as of January 1, 2018 using the modified retrospective approach, applying the provisions to open contracts as of the date of adoption. See "Revenue and Gain Recognition" above for additional discussion of the impact of adopting the guidance. Change in Accounting Principle As of January 1, 2017, the Company adopted ASU 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting, as discussed under "Recently Issued and Adopted Accounting Standards." The guidance requires payments related to tax withholding for share-based compensation to be presented separately as a financing activity on the Consolidated Statements of Cash Flows, and was adopted retrospectively. The prior period amounts that have been impacted by the new guidance and retrospectively adjusted include (i) an increase in accrued expenses, other liability and accrued interest payable (cash provided by operating activities) and (ii) payments related to tax withholding for share-based compensation (cash used in financing activities), located on the Consolidated Statements of Cash Flows. As of October 1, 2017, the Company adopted ASU 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash, as discussed under "Recently Issued and Adopted Accounting Standards." The guidance requires statements of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents, and was adopted retrospectively. The prior period amounts that have been impacted by the new guidance and retrospectively adjusted include (i) an increase in cash in operating escrows (cash provided by operating activities), (ii) an increase in cash in deposit escrows (cash provided by investing activities) and (iii) repayments of mortgage notes payable, including prepayment penalties (cash used in financing activities), located on the Consolidated Statements of Cash Flows. The following tables present the impact of the two changes in accounting principle to the Consolidated Statement of Cash Flows for the years ended December 31, 2016 and 2015 (dollars in thousands): 12/31/2016 (as previously reported) Impact of ASU 2016-09 Impact of ASU 2016-18 12/31/2016 (as adjusted and currently reported) Net cash provided by operating activities 1,143,484 8,562 8,226 1,160,272 Net cash used in investing activities (1,037,352 ) — 5,000 (1,032,352 ) Net cash used in financing activities (291,645 ) (8,562 ) (3,064 ) (303,271 ) Net decrease in cash, cash equivalents (185,513 ) — 185,513 — Net decrease in cash, cash equivalents and restricted cash — — (175,351 ) (175,351 ) Cash, cash equivalents, beginning of period 400,507 — (400,507 ) — Cash, cash equivalents and restricted cash, beginning of period — — 505,328 505,328 Cash, cash equivalents, end of period $ 214,994 — — — Cash, cash equivalents and restricted cash, end of period $ — $ 114,983 $ 329,977 12/31/2015 (as previously reported) Impact of ASU 2016-09 Impact of ASU 2016-18 12/31/2015 (as adjusted and currently reported) Net cash provided by operating activities 1,056,754 6,076 11,837 1,074,667 Net cash used in investing activities (1,199,517 ) — — (1,199,517 ) Net cash provided by (used in) financing activities 33,810 (6,076 ) (2,641 ) 25,093 Net decrease in cash, cash equivalents (108,953 ) — 108,953 — Net decrease in cash, cash equivalents and restricted cash — — (99,757 ) (99,757 ) Cash, cash equivalents, beginning of period 509,460 — (509,460 ) — Cash, cash equivalents and restricted cash, beginning of period — — 605,085 605,085 Cash, cash equivalents, end of period $ 400,507 — — — Cash, cash equivalents and restricted cash, end of period $ — $ 104,821 $ 505,328 |
Organization, Basis of Presen23
Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 (unaudited, dollars in thousands): 2017 Estimate 2016 Actual 2015 Actual Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 GAAP gain on sale of communities (in excess of) less than tax gain (85,873 ) (195,029 ) (20,900 ) Depreciation/amortization timing differences on real estate 11,868 (947 ) (24,657 ) Amortization of debt/mark to market interest (17,430 ) (18,985 ) (64,676 ) Tax compensation expense less than (in excess of) GAAP (3,828 ) 9,821 (1,244 ) Casualty and impairment (gain) loss, net 6,250 (657 ) (10,542 ) Other adjustments (40,381 ) 11,533 (12,829 ) Taxable net income $ 747,527 $ 839,738 $ 607,190 |
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, 2017 , 2016 and 2015 (unaudited): 2017 2016 2015 Ordinary income 75 % 68 % 83 % 20% capital gain 18 % 26 % 12 % Unrecaptured §1250 gain 7 % 6 % 5 % |
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 12/31/17 12/31/16 12/31/15 Basic and diluted shares outstanding Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 535,415 525,886 1,019,966 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Net income allocated to unvested restricted shares (2,463 ) (2,610 ) (1,774 ) Net income attributable to common stockholders, adjusted $ 874,458 $ 1,031,392 $ 740,264 Weighted average common shares—basic 137,523,771 136,928,251 133,565,711 Earnings per common share—basic $ 6.36 $ 7.53 $ 5.54 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 876,921 $ 1,034,002 $ 742,038 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 42 41 38 Adjusted net income attributable to common stockholders $ 876,963 $ 1,034,043 $ 742,076 Weighted average common shares—diluted 138,066,686 137,461,637 134,593,177 Earnings per common share—diluted $ 6.35 $ 7.52 $ 5.51 Dividends per common share $ 5.68 $ 5.40 $ 5.00 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following tables present the impact of the two changes in accounting principle to the Consolidated Statement of Cash Flows for the years ended December 31, 2016 and 2015 (dollars in thousands): 12/31/2016 (as previously reported) Impact of ASU 2016-09 Impact of ASU 2016-18 12/31/2016 (as adjusted and currently reported) Net cash provided by operating activities 1,143,484 8,562 8,226 1,160,272 Net cash used in investing activities (1,037,352 ) — 5,000 (1,032,352 ) Net cash used in financing activities (291,645 ) (8,562 ) (3,064 ) (303,271 ) Net decrease in cash, cash equivalents (185,513 ) — 185,513 — Net decrease in cash, cash equivalents and restricted cash — — (175,351 ) (175,351 ) Cash, cash equivalents, beginning of period 400,507 — (400,507 ) — Cash, cash equivalents and restricted cash, beginning of period — — 505,328 505,328 Cash, cash equivalents, end of period $ 214,994 — — — Cash, cash equivalents and restricted cash, end of period $ — $ 114,983 $ 329,977 12/31/2015 (as previously reported) Impact of ASU 2016-09 Impact of ASU 2016-18 12/31/2015 (as adjusted and currently reported) Net cash provided by operating activities 1,056,754 6,076 11,837 1,074,667 Net cash used in investing activities (1,199,517 ) — — (1,199,517 ) Net cash provided by (used in) financing activities 33,810 (6,076 ) (2,641 ) 25,093 Net decrease in cash, cash equivalents (108,953 ) — 108,953 — Net decrease in cash, cash equivalents and restricted cash — — (99,757 ) (99,757 ) Cash, cash equivalents, beginning of period 509,460 — (509,460 ) — Cash, cash equivalents and restricted cash, beginning of period — — 605,085 605,085 Cash, cash equivalents, end of period $ 400,507 — — — Cash, cash equivalents and restricted cash, end of period $ — $ 104,821 $ 505,328 |
Mortgage Notes Payable, Unsec24
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/17 12/31/16 Fixed rate unsecured notes (1) $ 5,350,000 $ 4,200,000 Variable rate unsecured notes (1) 300,000 — Term Loans (1) 250,000 300,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 593,987 1,668,496 Variable rate mortgage notes payable—conventional and tax-exempt (2) 910,326 908,262 Total mortgage notes payable and unsecured notes and Term Loans 7,404,313 7,076,758 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,404,313 $ 7,076,758 _________________________________ (1) Balances at December 31, 2017 and 2016 exclude $10,850 and $8,930 , respectively, of debt discount, and $36,386 and $27,768 , respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2017 and 2016 exclude $16,351 of debt discount and $1,866 of debt premium, respectively, and $11,256 and $11,046 , respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets. |
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding at December 31, 2017 are as follows (dollars in thousands): Year Secured notes payments Secured notes maturities Unsecured notes maturities Stated interest rate of unsecured notes 2018 7,258 76,663 — N/A 2019 4,696 114,721 — N/A 2020 3,624 140,429 250,000 6.100 % 400,000 3.625 % 2021 3,551 27,844 250,000 3.950 % 300,000 LIBOR + 0.43% 2022 3,795 — 450,000 2.950 % 100,000 LIBOR + .90% 2023 4,040 — 350,000 4.200 % 250,000 2.850 % 2024 4,310 — 300,000 3.500 % 150,000 LIBOR + 1.50% 2025 4,585 84,835 525,000 3.450 % 300,000 3.500 % 2026 4,894 — 475,000 2.950 % 300,000 2.900 % 2027 3,083 185,100 400,000 3.350 % Thereafter 148,468 682,417 350,000 3.900 % 300,000 4.150 % 450,000 3.200 % $ 192,304 $ 1,312,009 $ 5,900,000 |
Investments in Real Estate En25
Investments in Real Estate Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Combined summary of the financial position of the entities accounted for using the equity method | The following is a combined summary of the financial position of the entities accounted for using the equity method as of the dates presented, excluding amounts associated with development joint ventures, the Residual JV and Legacy JV (dollars in thousands): 12/31/17 12/31/16 Assets: Real estate, net $ 695,077 $ 954,493 Other assets 39,976 49,519 Total assets $ 735,053 $ 1,004,012 Liabilities and partners' capital: Mortgage notes payable, net and credit facility $ 523,815 $ 689,573 Other liabilities 10,540 16,537 Partners' capital 200,698 297,902 Total liabilities and partners' capital $ 735,053 $ 1,004,012 |
Combined summary of the operating results of the entities accounted for using the equity method | The following is a combined summary of the operating results of the entities accounted for using the equity method, for the years presented, excluding amounts associated with development joint ventures, Avalon Clarendon, the Residual JV and Legacy JV (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Rental and other income $ 101,615 $ 131,901 $ 173,578 Operating and other expenses (38,566 ) (50,945 ) (67,962 ) Gain on sale of communities 136,333 196,749 98,899 Interest expense, net (1) (27,104 ) (45,886 ) (45,517 ) Depreciation expense (25,914 ) (34,471 ) (45,324 ) Net income $ 146,364 $ 197,348 $ 113,674 |
Equity in income of unconsolidated entities | The following is a summary of the Company's equity in income of unconsolidated real estate entities for the years presented (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Fund I (1) $ — $ 87 $ 871 Fund II (2) 53,961 49,882 32,211 U.S. Fund (3) 14,773 15,635 2,052 AC JV 1,388 1,445 511 MVP I, LLC (4) 1,833 1,627 22,453 Brandywine 106 10 (1,474 ) CVP I, LLC (5) — 9 1,812 Residual JV (1,223 ) (1,374 ) 11,582 Avalon Clarendon (6) — (2,359 ) — North Point II JV, LP (122 ) — — Sudbury Development, LLC 28 — — Total $ 70,744 $ 64,962 $ 70,018 _________________________________ (1) The Company's equity in income for this entity represents its residual profits from the sale of the community, or liquidation of the venture. (2) Equity in income for the years ended December 31, 2017 , 2016 and 2015 includes the Company's proportionate share of the gain on the sale of Fund II assets of $26,322 , $41,501 , and $29,726 respectively. In addition, equity in income for the years ended December 31, 2017 and 2016 include $26,742 and $7,985 , respectively, relating to the Company's recognition of its promoted interest. (3) Equity in income for the years ended December 31, 2017 and 2016 include the Company's proportionate share of the gain on the sale of U.S. Fund assets of $13,788 and $16,568 , respectively. (4) Equity in income for the year ended December 31, 2015 includes $21,340 relating to the Company's recognition of its promoted interest, of which $20,680 was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. (5) Equity in income for the year ended December 31, 2015 includes $1,289 relating to the Company's recognition of its promoted interest. (6) In 2016, the Company and its venture partner established separate legal ownership of Avalon Clarendon, after which the Company reported the operating results of Avalon Clarendon as part of its consolidated operations. |
Real Estate Disposition Activ26
Real Estate Disposition Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Details regarding the real estate sales | Details regarding the real estate sales are summarized in the following table (dollars in thousands): Community Name Location Period of sale Apartment homes Debt Gross sales price Net cash proceeds Avalon Pines (1) Coram, NY Q117 450 $ — $ 140,000 $ 138,689 AVA University District Seattle, WA Q217 283 — 112,500 108,511 Avalon Danbury Danbury, CT Q317 234 — 52,000 51,000 Avalon Run East Lawrenceville, NJ Q417 312 — 87,500 85,033 Avalon Huntington Shelton, CT Q417 99 — 33,000 32,173 Avalon Milford Milford, CT Q417 246 — 50,500 49,161 Other real estate dispositions (2) multiple Q1-Q417 N/A — 39,154 38,472 Total of 2017 asset sales 1,624 $ — $ 514,654 $ 503,039 Total of 2016 asset sales 2,051 $ — $ 564,028 $ 532,717 Total of 2015 asset sales 851 $ — $ 289,320 $ 282,163 _________________________________ (1) Includes the sale of the adjacent golf course. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 2019 2020 2021 2022 Thereafter Operating Lease Obligations $ 21,051 $ 21,064 $ 18,781 $ 20,162 $ 20,057 $ 1,052,808 Capital Lease Obligations (1) (2) 1,073 1,075 1,077 1,080 1,082 43,976 $ 22,124 $ 22,139 $ 19,858 $ 21,242 $ 21,139 $ 1,096,784 _________________________________ (1) Aggregate capital lease payments include $25,961 in interest costs, with the timing of certain lease payments for capital land leases determined by completion of the construction of the associated apartment community. (2) Capital lease assets of $19,737 and $39,015 as of December 31, 2017 and 2016 , respectively, are included as a component of land and improvements or building and improvements on the accompanying Consolidated Balance Sheets. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2017 , 2016 and 2015 is as follows (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Net income $ 876,660 $ 1,033,708 $ 741,733 Indirect operating expenses, net of corporate income 65,398 61,403 56,973 Investments and investment management expense 5,936 4,822 4,370 Expensed acquisition, development and other pursuit costs, net of recoveries 2,736 9,922 6,822 Interest expense, net 199,661 187,510 175,615 Loss (gain) on extinguishment of debt, net 25,472 7,075 (26,736 ) General and administrative expense 50,673 45,771 42,774 Equity in income of unconsolidated real estate entities (70,744 ) (64,962 ) (70,018 ) Depreciation expense 584,150 531,434 477,923 Income tax expense 141 305 1,483 Casualty and impairment loss (gain), net 6,250 (3,935 ) (10,542 ) Gain on sale of communities (252,599 ) (374,623 ) (115,625 ) Loss (gain) on other real estate transactions 10,907 (10,224 ) (9,647 ) Net operating income from real estate assets sold or held for sale (14,573 ) (44,263 ) (59,383 ) Net operating income $ 1,490,068 $ 1,383,943 $ 1,215,742 |
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended 12/31/2017 12/31/2016 12/31/2015 Rental income from real estate assets sold or held for sale $ 23,457 $ 70,273 $ 96,297 Operating expenses from real estate assets sold or held for sale (8,884 ) (26,010 ) (36,914 ) Net operating income from real estate assets sold or held for sale $ 14,573 $ 44,263 $ 59,383 |
Schedule of details of segment information | Total revenue NOI % NOI change from prior year Gross real estate (1) For the year ended December 31, 2017 Established New England $ 233,091 $ 150,253 2.1 % $ 1,852,676 Metro NY/NJ 362,273 247,720 2.1 % 3,069,690 Mid-Atlantic 221,064 153,750 1.5 % 2,056,066 Pacific Northwest 84,189 61,527 6.3 % 738,532 Northern California 336,767 257,673 1.6 % 2,830,963 Southern California 337,876 241,549 3.9 % 3,017,836 Total Established (2) 1,575,260 1,112,472 2.5 % 13,565,763 Other Stabilized 278,868 196,733 N/A 3,189,393 Development / Redevelopment (3) 276,896 180,863 N/A 5,015,094 Land Held for Future Development N/A N/A N/A 68,364 Non-allocated (4) 4,147 N/A N/A 97,322 Total $ 2,135,171 $ 1,490,068 7.7 % $ 21,935,936 For the year ended December 31, 2016 Established New England $ 226,727 $ 145,671 4.8 % $ 1,888,524 Metro NY/NJ 359,373 245,654 1.2 % 3,212,220 Mid-Atlantic 233,711 162,243 1.3 % 2,339,395 Pacific Northwest 72,475 52,434 7.4 % 737,289 Northern California 319,121 244,458 7.0 % 2,661,258 Southern California 291,567 207,537 9.1 % 2,672,691 Total Established (2) 1,502,974 1,057,997 4.8 % 13,511,377 Other Stabilized (5) 232,977 165,130 N/A 2,330,503 Development / Redevelopment 233,432 160,816 N/A 4,755,315 Land Held for Future Development N/A N/A N/A 84,293 Non-allocated (4) 5,599 N/A N/A 74,292 Total $ 1,974,982 $ 1,383,943 13.8 % $ 20,755,780 For the year ended December 31, 2015 Established New England $ 170,287 $ 107,189 3.0 % $ 1,460,746 Metro NY/NJ 342,768 244,280 3.6 % 3,152,361 Mid-Atlantic 209,012 145,497 0.2 % 2,177,823 Pacific Northwest 67,900 48,833 8.5 % 721,040 Northern California 273,432 210,226 11.9 % 2,414,184 Southern California 252,530 173,919 9.4 % 2,465,432 Total Established (2) 1,315,929 929,944 6.0 % 12,391,586 Other Stabilized 211,633 140,167 N/A 2,040,269 Development / Redevelopment 222,222 145,631 N/A 4,238,967 Land Held for Future Development N/A N/A N/A 484,377 Non-allocated (4) 9,947 N/A N/A 73,372 Total $ 1,759,731 $ 1,215,742 13.0 % $ 19,228,571 _________________________________ (1) Does not include gross real estate assets held for sale of $20,846 and $39,528 as of December 31, 2016 and 2015 , respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $78,241 , $85,676 and $74,982 in 2017 , 2016 and 2015 , respectively. (3) Total revenue and NOI for the year ended December 31, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss. (4) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. (5) Total revenue and NOI for the year ended December 31, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of information with respect to stock options granted | Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: 2009 Plan shares Weighted average exercise price per share 1994 Plan shares Weighted average exercise price per share Options Outstanding, December 31, 2014 340,062 $ 122.67 272,402 $ 104.96 Exercised (90,884 ) 124.01 (190,207 ) 105.70 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2015 249,178 $ 122.17 82,195 $ 103.27 Exercised (71,845 ) 117.04 (59,654 ) 112.85 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 Exercised (27,360 ) 110.47 (14,763 ) 93.35 Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2017 (1) 149,973 $ 126.77 7,778 $ 48.60 Options Exercisable: December 31, 2015 188,081 $ 119.98 82,195 $ 103.27 December 31, 2016 177,333 $ 124.25 22,541 $ 77.91 December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 |
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, 2017 : 2009 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 5,158 $70.00 - $79.99 2.1 15,762 $110.00 - $119.99 3.1 29,862 $120.00 - $129.99 5.2 99,191 $130.00 - $139.99 4.6 149,973 1994 Plan Number of Options Range—Exercise Price Weighted Average Remaining Contractual Term (in years) 7,778 $40.00 - $49.99 1.1 |
Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2014 239,902 $ 95.20 Granted (1) 85,636 148.49 Change in awards based on performance (2) 14,697 78.50 Converted to restricted stock (95,826 ) 78.50 Forfeited (6,143 ) 110.34 Outstanding at December 31, 2015 238,266 $ 119.65 Granted (3) 94,054 141.92 Change in awards based on performance (2) 36,091 101.52 Converted to restricted stock (115,618 ) 94.67 Forfeited (1,630 ) 141.98 Outstanding at December 31, 2016 251,163 $ 136.74 Granted (4) 81,708 176.59 Change in awards based on performance (2) 49,323 119.26 Converted to restricted stock (128,482 ) 118.75 Forfeited (1,942 ) 159.39 Outstanding at December 31, 2017 251,770 $ 155.25 _________________________________ (1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (3) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 performance awards. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 49,374 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,334 performance awards. |
Schedule of restricted stock granted | Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2014 179,307 $ 129.06 10,933 Granted - restricted stock shares 61,953 173.04 95,826 Vested - restricted stock shares (91,847 ) 130.75 (8,412 ) Forfeited (1,529 ) 151.86 — Outstanding at December 31, 2015 147,884 $ 146.21 98,347 Granted - restricted stock shares 81,400 162.38 115,618 Vested - restricted stock shares (88,712 ) 141.38 (36,872 ) Forfeited (3,867 ) 162.43 (395 ) Outstanding at December 31, 2016 136,705 $ 158.51 176,698 Granted - restricted stock shares 73,342 179.58 128,482 Vested - restricted stock shares (73,683 ) 153.86 (70,595 ) Forfeited (2,731 ) 173.42 (657 ) Outstanding at December 31, 2017 133,633 $ 172.33 233,928 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of valuation options | There were no stock options granted in 2017 , 2016 and 2015 . |
Performance awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of valuation options | The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2017 2016 2015 Dividend yield 3.2% 3.3% 3.0% Estimated volatility over the life of the plan (1) 15.3% - 19.7% 15.2% - 22.8% 12.0% - 17.3% Risk free rate 0.69% - 1.61% 0.44% - 0.88% 0.07% - 1.09% Estimated performance award value based on total shareholder return measure $175.86 $131.24 $139.18 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated derivative positions at December 31, 2017 (dollars in thousands): Non-designated Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Caps Cash Flow Interest Rate Swaps Notional balance $ 689,059 $ 35,039 $ 300,000 Weighted average interest rate (1) 3.3 % 3.5 % N/A Weighted average swapped/capped interest rate 6.5 % 5.9 % 2.4 % Earliest maturity date August 2018 April 2019 May 2018 Latest maturity date September 2022 April 2019 May 2018 _________________________________ (1) For interest rate caps, represents the weighted average interest rate on the hedged debt. |
Summary of deferred losses reclassified from AOCI | The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/17 12/31/16 12/31/15 Cash flow hedge losses reclassified to earnings $ 7,070 $ 6,433 $ 5,774 |
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis | The following table summarizes the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 12/31/2017 Non Designated Hedges Interest Rate Caps $ 2 $ — $ 2 $ — Cash Flow Hedges Interest Rate Swaps - Assets 2,270 — 2,270 — Interest Rate Swaps - Liabilities (1,171 ) — (1,171 ) — Puts (3,245 ) — — (3,245 ) DownREIT units (1,338 ) (1,338 ) — — Indebtedness Unsecured notes (5,446,604 ) (5,446,604 ) — — Secured notes payable and unsecured term loans (1,849,851 ) — (1,849,851 ) — Total $ (7,299,937 ) $ (5,447,942 ) $ (1,848,750 ) $ (3,245 ) 12/31/2016 Non Designated Hedges Interest Rate Caps $ 79 $ — $ 79 $ — Cash Flow Hedges Interest Rate Caps 2 — 2 — Interest Rate Swaps 14,775 — 14,775 — Puts (6,002 ) — — (6,002 ) DownREIT units (1,329 ) (1,329 ) — — Indebtedness Unsecured notes (4,218,627 ) (4,218,627 ) — — Secured notes payable and unsecured term loans (2,744,462 ) — (2,744,462 ) — Total $ (6,955,564 ) $ (4,219,956 ) $ (2,729,606 ) $ (6,002 ) |
Quarterly Financial Informati31
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (dollars in thousands, except per share data): For the three months ended (1) 3/31/17 6/30/17 9/30/17 12/31/17 Total revenue $ 522,326 $ 530,512 $ 550,500 $ 555,292 Net income $ 235,781 $ 165,194 $ 238,199 $ 237,486 Net income attributable to common stockholders $ 235,875 $ 165,225 $ 238,248 $ 237,573 Net income per common share - basic $ 1.72 $ 1.20 $ 1.73 $ 1.72 Net income per common share - diluted $ 1.72 $ 1.20 $ 1.72 $ 1.72 For the three months ended (1) 3/31/16 6/30/16 9/30/16 12/31/16 Total revenue $ 508,498 $ 502,307 $ 516,211 $ 518,240 Net income $ 237,877 $ 197,319 $ 356,329 $ 242,183 Net income attributable to common stockholders $ 237,931 $ 197,444 $ 356,392 $ 242,235 Net income per common share - basic $ 1.73 $ 1.44 $ 2.60 $ 1.76 Net income per common share - diluted $ 1.73 $ 1.44 $ 2.59 $ 1.76 _________________________________ (1) Amounts may not equal full year results due to rounding. |
Organization, Basis of Presen32
Organization, Basis of Presentation, and Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)statecommunityhome | Dec. 31, 2016USD ($) | |
Organization and Basis of Presentation | ||
Number of Real Estate Properties | community | 267 | |
Number of apartment homes included in operating apartment communities owned | home | 77,614 | |
Number of states where operating apartment communities owned are located | state | 12 | |
Number of communities with apartments under reconstruction | community | 9 | |
Number of apartment homes under reconstruction | home | 3,752 | |
Number of owned communities under construction | community | 21 | |
Expected number of apartment homes under construction | home | 6,544 | |
Communities under development rights | community | 29 | |
Estimated number of apartment homes in communities to be developed | home | 9,496 | |
Period of lease (in years) | 1 year | |
Real Estate | ||
Net operating real estate | $ | $ 16,342,893 | $ 15,045,593 |
Buildings and Building Improvements | Minimum | ||
Real Estate | ||
Estimated useful life of buildings and improvements (in years) | 7 years | |
Buildings and Building Improvements | Maximum | ||
Real Estate | ||
Estimated useful life of buildings and improvements (in years) | 30 years | |
Computers and furniture | Minimum | ||
Real Estate | ||
Estimated useful life of buildings and improvements (in years) | 3 years | |
Computers and furniture | Maximum | ||
Real Estate | ||
Estimated useful life of buildings and improvements (in years) | 7 years |
Organization, Basis of Presen33
Organization, Basis of Presentation, and Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent) | 90.00% | ||||||||||
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent) | 100.00% | ||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Excise and Sales Taxes | 0 | 0 | $ 0 | ||||||||
Excise Tax Refund | 0 | 0 | 0 | 0 | 0 | ||||||
Income tax expense | 141 | 305 | 1,483 | ||||||||
Casualty and impairment loss (gain), net | 6,250 | (3,935) | (10,542) | ||||||||
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 | ||||||||
Reconciliation of Income from Book Basis to Tax Basis Adjustment | |||||||||||
Net income attributable to common stockholders | 237,573 | $ 238,248 | $ 165,225 | $ 235,875 | 242,235 | $ 356,392 | $ 197,444 | $ 237,931 | 876,921 | 1,034,002 | 742,038 |
GAAP gain on sale of communities (in excess of) less than tax gain | (85,873) | (195,029) | (20,900) | ||||||||
Depreciation/amortization timing differences on real estate | 11,868 | (947) | (24,657) | ||||||||
Amortization of debt/mark to market interest | (17,430) | (18,985) | (64,676) | ||||||||
Tax compensation expense less than (in excess of) GAAP | (3,828) | 9,821 | (1,244) | ||||||||
Casualty and impairment (gain) loss, net | 6,250 | (657) | (10,542) | ||||||||
Other adjustments | (40,381) | 11,533 | (12,829) | ||||||||
Taxable net income | $ 747,527 | $ 839,738 | $ 607,190 | ||||||||
Tax components of common stock dividends declared | |||||||||||
Ordinary income (as a percent) | 75.00% | 68.00% | 83.00% | ||||||||
20% capital gain (as a percent) | 18.00% | 26.00% | 12.00% | ||||||||
Capital gain tax rate (as a percent) | 20.00% | 20.00% | 20.00% | ||||||||
Unrecaptured 1250 gain (as a percent) | 7.00% | 6.00% | 5.00% | ||||||||
Unsecured notes | |||||||||||
Deferred Financing Costs | |||||||||||
Accumulated amortization of deferred finance costs | 16,984 | 14,008 | $ 16,984 | $ 14,008 | |||||||
Secured notes | |||||||||||
Deferred Financing Costs | |||||||||||
Accumulated amortization of deferred finance costs | 4,991 | 10,562 | 4,991 | 10,562 | |||||||
Line of Credit [Member] | |||||||||||
Deferred Financing Costs | |||||||||||
Accumulated amortization of deferred finance costs | $ 8,299 | $ 6,490 | 8,299 | 6,490 | |||||||
Land [Member] | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Casualty and impairment loss (gain), net | $ 9,350 | $ 0 | |||||||||
New England [Member] | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Casualty and impairment loss (gain), net | (5,732) | ||||||||||
Deferred Financing Costs | |||||||||||
Insurance Recoveries | $ 8,493 |
Organization, Basis of Presen34
Organization, Basis of Presentation, and Significant Accounting Policies (Details 3) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||
Dec. 31, 2017USD ($)communityhomebuilding$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)communityhomebuilding$ / sharesshares | Dec. 31, 2016USD ($)land_parcel$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | |
Basic and diluted shares outstanding | ||||||||||||
Weighted average common shares—basic | shares | 137,523,771 | 136,928,251 | 133,565,711 | |||||||||
Weighted average DownREIT units outstanding (in shares) | shares | 7,500 | 7,500 | 7,500 | |||||||||
Effect of dilutive securities (in shares) | shares | 535,415 | 525,886 | 1,019,966 | |||||||||
Weighted average common shares - diluted (in shares) | shares | 138,066,686 | 137,461,637 | 134,593,177 | |||||||||
Calculation of Earnings per Share—basic | ||||||||||||
Net income attributable to common stockholders | $ 237,573 | $ 238,248 | $ 165,225 | $ 235,875 | $ 242,235 | $ 356,392 | $ 197,444 | $ 237,931 | $ 876,921 | $ 1,034,002 | $ 742,038 | |
Net income allocated to unvested restricted shares | (2,463) | (2,610) | (1,774) | |||||||||
Net income attributable to common stockholders, adjusted | $ 874,458 | $ 1,031,392 | $ 740,264 | |||||||||
Weighted average common shares—basic | shares | 137,523,771 | 136,928,251 | 133,565,711 | |||||||||
Earnings per common share - basic (in dollars per share) | $ / shares | $ 1.72 | $ 1.73 | $ 1.20 | $ 1.72 | $ 1.76 | $ 2.60 | $ 1.44 | $ 1.73 | $ 6.36 | $ 7.53 | $ 5.54 | |
Calculation of Earnings per Share—diluted | ||||||||||||
Net income attributable to common stockholders | $ 237,573 | $ 238,248 | $ 165,225 | $ 235,875 | $ 242,235 | $ 356,392 | $ 197,444 | $ 237,931 | $ 876,921 | $ 1,034,002 | $ 742,038 | |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 42 | 41 | 38 | |||||||||
Adjusted net income attributable to common stockholders | $ 876,963 | $ 1,034,043 | $ 742,076 | |||||||||
Weighted average common shares—diluted | shares | 138,066,686 | 137,461,637 | 134,593,177 | |||||||||
Earnings per common share - diluted (in dollars per share) | $ / shares | $ 1.72 | $ 1.72 | $ 1.20 | $ 1.72 | $ 1.76 | $ 2.59 | $ 1.44 | $ 1.73 | $ 6.35 | $ 7.52 | $ 5.51 | |
Dividends per common share: (in dollars per share) | $ / shares | $ 5.68 | $ 5.4 | $ 5 | |||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Abandoned pursuits costs | $ 2,370 | $ 4,183 | $ 3,016 | |||||||||
Casualty and impairment loss (gain), net | 6,250 | $ (3,935) | (10,542) | |||||||||
Number of Land Parcels Impaired | land_parcel | 3 | |||||||||||
Impairment of investment in unconsolidated entities | 0 | $ 0 | 0 | |||||||||
Net operating real estate | $ 16,342,893 | $ 15,045,593 | 16,342,893 | 15,045,593 | ||||||||
Gain on Business Interruption Insurance Recovery | $ 3,498 | 20,564 | 1,509 | |||||||||
Number of Real Estate Properties | community | 267 | 267 | ||||||||||
Number of Units in Real Estate Property | home | 77,614 | 77,614 | ||||||||||
Number of Land Parcels Held for Sale | community | 0 | 0 | ||||||||||
Land [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | $ 9,350 | 0 | ||||||||||
Avalon at Edgewater [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | (8,702) | (15,538) | ||||||||||
Insurance Proceeds | 29,008 | 44,142 | $ 73,150 | |||||||||
Net operating real estate | 21,844 | |||||||||||
Casualty Loss | 6,760 | |||||||||||
Gain on Business Interruption Insurance Recovery | 20,306 | |||||||||||
Number of Real Estate Properties | building | 2 | 2 | ||||||||||
Number Of Real Estate Properties, Uninhabitable | building | 1 | 1 | ||||||||||
Number Of Units In Real Estate Property, Uninhabitable | home | 240 | 240 | ||||||||||
Number of Units in Real Estate Property | home | 168 | 168 | ||||||||||
New England [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | (5,732) | |||||||||||
Casualty Loss | 2,761 | |||||||||||
Insurance Recoveries | 8,493 | |||||||||||
Land Parcel [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | $ 10,500 | |||||||||||
Avalon Maplewood [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | $ 2,338 | |||||||||||
Insurance Proceeds | 17,143 | |||||||||||
Net operating real estate | $ 16,361 | 16,361 | ||||||||||
Casualty Loss | 19,481 | |||||||||||
Gain on Business Interruption Insurance Recovery | 3,495 | |||||||||||
Other Nonrecurring Expense | 3,120 | |||||||||||
Insurance Recoveries | $ 19,696 | |||||||||||
New England [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | 4,195 | |||||||||||
New England [Member] | Avalon at Edgewater [Member] | ||||||||||||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | ||||||||||||
Casualty and impairment loss (gain), net | $ 26,039 |
Organization, Basis of Presen35
Organization, Basis of Presentation, and Significant Accounting Policies - Schedule of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ 1,256,257 | $ 1,160,272 | $ 1,074,667 |
Net cash used in investing activities | (965,381) | (1,032,352) | (1,199,517) |
Net cash used in financing activities | (418,947) | (303,271) | 25,093 |
Net decrease in cash, cash equivalents and restricted cash | (128,071) | (175,351) | (99,757) |
Cash, cash equivalents, beginning of period | 214,994 | 400,507 | |
Cash and cash equivalents and restricted cash, beginning of year | 329,977 | 505,328 | 605,085 |
Cash, cash equivalents, end of period | 67,088 | 214,994 | 400,507 |
Cash and cash equivalents and restricted cash, end of year | 201,906 | 329,977 | 505,328 |
Scenario, Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 1,143,484 | 1,056,754 | |
Net cash used in investing activities | (1,037,352) | (1,199,517) | |
Net cash used in financing activities | (291,645) | 33,810 | |
Net decrease in cash, cash equivalents | (185,513) | (108,953) | |
Cash, cash equivalents, beginning of period | 214,994 | 400,507 | 509,460 |
Cash, cash equivalents, end of period | 214,994 | 400,507 | |
Impact of ASU 2016-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 8,562 | 6,076 | |
Net cash used in financing activities | (8,562) | (6,076) | |
Impact of ASU 2016-18 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | 8,226 | 11,837 | |
Net cash used in investing activities | 5,000 | 0 | |
Net cash used in financing activities | (3,064) | (2,641) | |
Net decrease in cash, cash equivalents | 185,513 | 108,953 | |
Net decrease in cash, cash equivalents and restricted cash | (175,351) | (99,757) | |
Cash, cash equivalents, beginning of period | (400,507) | (509,460) | |
Cash and cash equivalents and restricted cash, beginning of year | $ 114,983 | 104,821 | 605,085 |
Cash, cash equivalents, end of period | (400,507) | ||
Cash and cash equivalents and restricted cash, end of year | $ 114,983 | $ 104,821 |
Interest Capitalized (Details)
Interest Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Capitalized | |||
Capitalized interest during the development and redevelopment of real estate assets | $ 64,420 | $ 78,872 | $ 79,834 |
Mortgage Notes Payable, Unsec37
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Total mortgage notes payable and unsecured notes and Term Loans | $ 7,404,313 | $ 7,076,758 |
Variable rate unsecured credit facility | 0 | 0 |
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility | 7,404,313 | 7,076,758 |
Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | 5,350,000 | 4,200,000 |
Variable rate notes | 300,000 | 0 |
Total mortgage notes payable and unsecured notes and Term Loans | 5,900,000 | |
Amount of debt discount | 10,850 | 8,930 |
Deferred financing costs, net | 36,386 | 27,768 |
Term loan | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate notes | 250,000 | 300,000 |
Mortgage notes payable | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | 593,987 | 1,668,496 |
Variable rate notes | 910,326 | 908,262 |
Total mortgage notes payable and unsecured notes and Term Loans | 1,312,009 | |
Amount of debt discount | 16,351 | |
Deferred financing costs, net | $ 11,256 | 11,046 |
Amount of debt premium | $ (1,866) |
Mortgage Notes Payable, Unsec38
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2017USD ($) | Oct. 31, 2017USD ($) | Jun. 30, 2017USD ($)community | May 31, 2017USD ($)community | Feb. 28, 2017USD ($) | Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2017USD ($) | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Gains (losses) on extinguishment of debt | $ (25,472,000) | $ (7,075,000) | $ 26,736,000 | ||||||
Number of Real Estate Properties | community | 267 | ||||||||
Repayments of Unsecured Debt | $ 300,000,000 | 504,403,000 | $ 0 | ||||||
Variable rate unsecured credit facility | LIBOR | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.39% | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.825% | ||||||||
Variable Rate Unsecured Term Loan $250 Million [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 250,000,000 | ||||||||
Variable Rate Unsecured Term Loan $100 Million [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 100,000,000 | ||||||||
Variable Rate Unsecured Term Loan $100 Million [Member] | LIBOR | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | ||||||||
Variable Rate Unsecured Term Loan $150 Million [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 150,000,000 | ||||||||
Variable Rate Unsecured Term Loan $150 Million [Member] | LIBOR | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | ||||||||
Unsecured notes | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Amount drawn | $ 300,000,000 | 0 | |||||||
Unsecured notes | Variable Rate Unsecured Term Loan $300 Million [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Write off of Deferred Debt Issuance Cost | $ (1,367,000) | ||||||||
Repayments of Unsecured Debt | $ 300,000,000 | ||||||||
Unsecured notes | Unsecured Notes 3.20 Percent [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 3.20% | ||||||||
Unsecured notes | Notes Payable 2.900 Maturities 2026 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 2.90% | ||||||||
Unsecured notes | Notes Payable Maturities 2027 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 3.35% | ||||||||
Unsecured notes | Notes Payable Maturities 2046 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 3.90% | ||||||||
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million [Member] | LIBOR | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | ||||||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million [Member] | LIBOR | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | ||||||||
Unsecured notes | Notes Payable 3.350 Maturities 2027 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 3.35% | ||||||||
Unsecured notes | Unsecured Notes 4.15 Percent [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Stated interest rate (as a percent) | 4.15% | ||||||||
Unsecured Notes 4.15 Percent [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 300,000,000 | ||||||||
Net proceeds from issuance of debt | 297,372,000 | ||||||||
Mortgage notes payable | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Amount drawn | $ 910,326,000 | 908,262,000 | |||||||
Mortgage notes payable | Notes Payable Maturities 2019 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Repayments of secured mortgages | 556,313,000 | ||||||||
Gains (losses) on extinguishment of debt | $ (34,965,000) | ||||||||
Stated interest rate (as a percent) | 5.86% | ||||||||
Number of Real Estate Properties | community | 12 | ||||||||
Prepayment Penalty | $ (33,515,000) | ||||||||
Write off of Deferred Debt Issuance Cost | $ (1,450,000) | ||||||||
Mortgage notes payable | Notes payable maturing in 2017 | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Repayments of secured mortgages | $ 670,590,000 | $ 17,300,000 | |||||||
Gains (losses) on extinguishment of debt | $ 10,839,000 | ||||||||
Stated interest rate (as a percent) | 6.256% | ||||||||
Number of Real Estate Properties | community | 11 | ||||||||
Mortgage notes payable | Notes Payable Maturities 2027 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 185,100,000 | ||||||||
Stated interest rate (as a percent) | 3.61% | ||||||||
Number of Real Estate Properties | community | 3 | ||||||||
Unsecured Notes 3.20 Percent [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 450,000,000 | ||||||||
Net proceeds from issuance of debt | $ 445,271,000 | ||||||||
Unsecured Notes 3.35 Percent [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Principal amount of notes issued | $ 400,000,000 | ||||||||
Net proceeds from issuance of debt | $ 396,016,000 | ||||||||
Avalon Hoboken [Member] | Mortgage notes payable | Notes Payable Maturities 2020 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Assumed principal amount of indebtedness | 67,904,000 | ||||||||
Avalon Columbia Pike [Member] | Mortgage notes payable | Notes Payable Maturities 2020 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Assumed principal amount of indebtedness | $ 70,507,000 | ||||||||
Archstone Lexington [Member] | Mortgage notes payable | Notes Payable Maturities 2020 [Member] | |||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||||
Amount drawn | $ 21,700,000 | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% |
Mortgage Notes Payable, Unsec39
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2017 | Oct. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Variable rate unsecured credit facility | $ 0 | $ 0 | |||
Net carrying value of apartment communities and improved land parcels securing debt | 2,293,583,000 | ||||
Mortgage notes payable | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Mortgage notes payable held by wholly owned subsidiaries guaranteed by the Company | 100,000,000 | ||||
Variable rate unsecured credit facility | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Available borrowing capacity | $ 1,500,000,000 | ||||
Line of credit facility, extension period | 9 months | ||||
Extension fee | $ 1,500,000 | ||||
Annual facility fee | 1,875,000 | ||||
Outstanding balance of letters of credit | $ 47,315,000 | $ 46,711,000 | |||
Debt Instrument Assumed Period of Borrowing Rate | 1 month | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | ||||
Fixed rate mortgage notes payable | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Weighted average interest rate, debt (as a percent) | 4.00% | 4.40% | |||
Variable rate mortgage notes payable, unsecured term loan and Credit Facility | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Weighted average interest rate, debt (as a percent) | 3.00% | 2.30% | |||
Variable Rate Unsecured Term Loan $100 Million [Member] | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt Instrument, Face Amount | $ 100,000,000 | ||||
Variable Rate Unsecured Term Loan $150 Million [Member] | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||
Floating Rate Unsecured Notes 300 Million [Member] | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||
Net proceeds from issuance of debt | $ 298,800,000 | ||||
LIBOR | Variable rate unsecured credit facility | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.825% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.39% | ||||
LIBOR | Variable Rate Unsecured Term Loan $100 Million [Member] | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | ||||
LIBOR | Variable Rate Unsecured Term Loan $100 Million [Member] | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | ||||
LIBOR | Variable Rate Unsecured Term Loan $150 Million [Member] | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | ||||
LIBOR | Variable Rate Unsecured Term Loan $150 Million [Member] | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | ||||
LIBOR | Floating Rate Unsecured Notes 300 Million [Member] | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.43% | 0.43% | |||
Minimum [Member] | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.20% | ||||
Maximum | Unsecured notes | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.45% | ||||
Archstone Lexington [Member] | Notes Payable Maturities 2020 [Member] | Mortgage notes payable | |||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||
Debt instrument, basis spread on variable rate (as a percent) | 1.35% |
Mortgage Notes Payable, Unsec40
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 4) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2017 | Feb. 28, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Dec. 31, 2016 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 7,404,313 | $ 7,076,758 | ||||
Percentage of principle amount at which the entity may redeem some or all of the notes | 100.00% | |||||
Variable Rate Unsecured Term Loan $100 Million [Member] | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |||||
Variable Rate Unsecured Term Loan $150 Million [Member] | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | |||||
Unsecured notes | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 5,900,000 | |||||
Unsecured notes | Minimum | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.20% | |||||
Unsecured notes | Maximum | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.45% | |||||
Unsecured notes | Notes Payable 6.100 Percent Maturities 2020 | ||||||
Mortgage 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 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 400,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.625% | |||||
Unsecured notes | Notes payable maturing in 2021 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 250,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.95% | |||||
Unsecured notes | Floating Rate Unsecured Notes 300 Million [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000 | |||||
Unsecured notes | Floating Rate Unsecured Notes 300 Million [Member] | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.43% | 0.43% | ||||
Unsecured notes | Notes payable maturing in 2022 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 450,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 2.95% | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 100,000 | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million [Member] | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |||||
Unsecured notes | Notes Payable 4.200 Maturities 2023 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 350,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 4.20% | |||||
Unsecured notes | Notes Payable 2.850 Maturities 2023 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 250,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 2.85% | |||||
Unsecured notes | Notes Payable 2024 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.50% | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 150,000 | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million [Member] | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.50% | |||||
Unsecured notes | Notes Payable 3.450 Maturities 2025 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 525,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.45% | |||||
Unsecured notes | Notes Payable 3.500 Maturities 2025 [Member] | ||||||
Mortgage 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% | |||||
Unsecured notes | Notes Payable 2.950 Maturities 2026 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 475,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 2.95% | |||||
Unsecured notes | Notes Payable 2.900 Maturities 2026 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 2.90% | |||||
Unsecured notes | Notes Payable Maturities 2027 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 400,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.35% | |||||
Unsecured notes | Notes Payable Maturities 2046 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 350,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.90% | |||||
Unsecured notes | Notes Payable Maturities 2047 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 4.15% | |||||
Unsecured notes | Notes Payable Maturities 2028 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 450,000 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.20% | |||||
Secured notes | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | $ 192,304 | |||||
Mortgage notes payable and unsecured notes | 1,312,009 | |||||
Secured notes | Notes payable maturing in 2017 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Stated interest rate of unsecured notes (as a percent) | 6.256% | |||||
Secured notes | Notes payable maturing in 2018 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 7,258 | |||||
Mortgage notes payable and unsecured notes | 76,663 | |||||
Secured notes | Notes payable maturing in 2019 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 4,696 | |||||
Mortgage notes payable and unsecured notes | 114,721 | |||||
Stated interest rate of unsecured notes (as a percent) | 5.86% | |||||
Secured notes | Notes Payable Maturities 2020 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 3,624 | |||||
Mortgage notes payable and unsecured notes | 140,429 | |||||
Secured notes | Notes payable maturing in 2021 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 3,551 | |||||
Mortgage notes payable and unsecured notes | 27,844 | |||||
Secured notes | Notes payable maturing in 2022 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 3,795 | |||||
Secured notes | Notes Payable Maturities 2023 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 4,040 | |||||
Secured notes | Notes Payable 2024 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 4,310 | |||||
Secured notes | Notes Payable Maturities 2025 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 4,585 | |||||
Mortgage notes payable and unsecured notes | 84,835 | |||||
Secured notes | Notes Payable Maturities 2026 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 4,894 | |||||
Secured notes | Notes Payable Maturities 2027 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 3,083 | |||||
Mortgage notes payable and unsecured notes | 185,100 | |||||
Stated interest rate of unsecured notes (as a percent) | 3.61% | |||||
Secured notes | Notes Payable Maturities Thereafter [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 148,468 | |||||
Mortgage notes payable and unsecured notes | $ 682,417 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 42,123 | ||
Common stock shares issued through dividend reinvestment plan | 3,058 | 2,396 | 2,142 |
Number of shares of stock grants withheld | 60,319 | 53,453 | 45,090 |
Common shares issued under Employee Stock Purchase Plan | 11,528 | ||
Number of shares forfeited | 3,388 | ||
Issuance of common stock, net | $ 111,093,000 | $ 15,526,000 | $ 690,184,000 |
Continuous Equity Program CEP IV [Member] | |||
Class of Stock [Line Items] | |||
Maximum value of shares of common stock that can be sold | $ 1,000,000,000 | ||
Percentage of compensation received by sales agent | 2.00% | ||
Issuance of common stock, net of withholdings (in shares) | 568,424 | ||
Shares issued, weighted average price per share (in dollars per share) | $ 188.39 | ||
Issuance of common stock, net | $ 105,478,000 | ||
Common stock value, remaining to be authorized under continuous equity program | $ 892,915,000 | ||
Maximum [Member] | Continuous Equity Program CEP IV [Member] | |||
Class of Stock [Line Items] | |||
Percentage of compensation received by sales agent | 2.00% | ||
Restricted Stock Converted From Performance Shares [Member] | |||
Class of Stock [Line Items] | |||
Common stock shares issued in connection with stock grants | 201,824 | 197,018 | 157,779 |
Investments in Real Estate En42
Investments in Real Estate Entities (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)communityhomeloanextensionagreementinvestorft²mi | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 27, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
(Loss) gain on other real estate transactions | $ (10,907) | $ 10,224 | $ 9,647 | |
Gain on sale of communities | $ 136,333 | 196,749 | 98,899 | |
Number of Communities Acquired | community | 3 | |||
Payments to Acquire Other Real Estate | $ 462,317 | 393,316 | 0 | |
Loss (gain) on extinguishment of debt, net | $ 25,472 | 7,075 | (26,736) | |
Number of Apartment Homes in Communities Owned | home | 81,517 | |||
Preferred interest obligation redemption and dividends | $ (2,000) | (1,960) | (14,410) | |
Investments in unconsolidated real estate entities | 163,475 | 175,116 | ||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | 35,402 | 38,015 | ||
Expensed acquisition, development and other pursuit costs, net of recoveries | 2,736 | 9,922 | 6,822 | |
The Lodge Denver West [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Other Real Estate | $ 76,750 | |||
Number of Apartment Homes, Acquired | home | 252 | |||
Avalon Dunn Loring [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Other Real Estate | $ 151,000 | |||
Number of Apartment Homes, Acquired | home | 440 | |||
Retail square feet acquired | ft² | 27,000 | |||
850 Boca [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Other Real Estate | $ 138,000 | |||
Number of Apartment Homes, Acquired | home | 370 | |||
Acquired Real Estate [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Expensed acquisition, development and other pursuit costs, net of recoveries | 5,139 | 3,806 | ||
Archstone Enterprise LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | |||
Equity Residential and its Operating Partnership and ERP Operating Limited Partnership [Member] | Archstone Enterprise LP | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 60.00% | |||
Fund II | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Institutional Investors | investor | 6 | |||
Real Estate Investments, Joint Ventures | $ 2,576 | |||
Equity Method Investment, Ownership Percentage | 31.30% | |||
Number of apartment communities sold | community | 3 | |||
Apartment homes | home | 1,366 | |||
Gain on sale of communities | $ 26,322 | 41,501 | 29,726 | |
Repayments of secured mortgages | $ 127,179 | |||
Percentage of Right of Distribution | 40.00% | |||
Percentage of Right of Remaining Distribution | 60.00% | |||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | $ 26,742 | 7,985 | ||
Fund II | Eaves Gaithersburg [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Real Estate | 117,000 | |||
Fund II | Briarwood Apartments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Real Estate | 64,750 | |||
Fund II | Avalon Watchung [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from Sale of Real Estate | $ 90,300 | |||
US Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Institutional Investors | investor | 6 | |||
Real Estate Investments, Joint Ventures | $ 39,896 | |||
Equity Method Investment, Ownership Percentage | 28.60% | |||
Gain on sale of communities | $ 13,788 | $ 16,568 | ||
Number of loans secured by individual assets | loan | 6 | |||
Debt outstanding | $ 237,469 | |||
Number of extension options | extension | 2 | |||
Period of extension (in years) | 1 year | |||
US Fund | Eaves Sunnyvale [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Apartment homes | home | 192 | |||
Proceeds from Sale of Real Estate | $ 107,000 | |||
Repayments of secured mortgages | 32,542 | |||
Loss (gain) on extinguishment of debt, net | $ 406 | |||
ACJV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Institutional Investors | investor | 4 | |||
Real Estate Investments, Joint Ventures | $ 49,492 | |||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Maximum geographic radius for existing assets within considered for right of first offer | mi | 1 | |||
Number of loans secured by individual assets | loan | 8 | |||
Debt outstanding | $ 162,300 | |||
MVPI LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 25.00% | |||
Percentage of Right of Distribution | 45.00% | |||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 21,340 | |||
Number of Apartment Homes in Communities Owned | home | 313 | |||
MVPI LLC | Joint Venture Agreement Modification [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments for (Proceeds from) Other Real Estate Partnerships | $ 20,680 | |||
Brandywine [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 28.70% | |||
Debt outstanding | $ 22,760 | |||
Number of Apartment Homes in Communities Owned | home | 305 | |||
Number of Members who Hold Various Interests in Joint Venture | investor | 5 | |||
SWIB [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Residual JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 40.00% | |||
Number of Limited Liability Company Agreements | agreement | 3 | |||
Legacy JV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 40.00% | |||
Preferred Interest Obligation Liquidation Value | $ 37,579 | |||
Sudbury [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Real Estate Investments, Joint Ventures | $ (4,340) | |||
Equity Method Investment, Ownership Percentage | 60.00% | |||
Land | $ 19,200 | |||
AVA North Point [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Real Estate Investments, Joint Ventures | $ 36,370 | |||
Equity Method Investment, Ownership Percentage | 55.00% | |||
(Loss) gain on other real estate transactions | $ 10,621 | |||
Number of Apartment Homes in Communities Owned | home | 265 | |||
AVA North Point [Member] | Joint Venture Partner [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 45.00% | |||
Avalon Brooklyn Bay [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 70.00% | |||
Variable Interest Entity, Ownership Interest by Partner | 30.00% | |||
Due from Related Parties | $ 44,831 |
Investments in Real Estate En43
Investments in Real Estate Entities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Real estate, net | $ 695,077 | $ 954,493 |
Other assets | 39,976 | 49,519 |
Total assets | 735,053 | 1,004,012 |
Liabilities and partners' capital: | ||
Mortgage notes payable, net and credit facility | 523,815 | 689,573 |
Other liabilities | 10,540 | 16,537 |
Partners' capital | 200,698 | 297,902 |
Total liabilities and partners' capital | $ 735,053 | $ 1,004,012 |
Investments in Real Estate En44
Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Combined summary of the operating results of the accounted for using the equity method | |||
Rental and other income | $ 101,615 | $ 131,901 | $ 173,578 |
Operating and other expenses | (38,566) | (50,945) | (67,962) |
Gain on sale of communities | 136,333 | 196,749 | 98,899 |
Interest expense, net | (27,104) | (45,886) | (45,517) |
Depreciation expense | (25,914) | (34,471) | (45,324) |
Net income | 146,364 | 197,348 | 113,674 |
Schedule of Equity Method Investments [Line Items] | |||
Loss (gain) on extinguishment of debt, net | 25,472 | 7,075 | (26,736) |
Funds [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Loss (gain) on extinguishment of debt, net | 1,591 | 12,659 | 4,481 |
Fund II | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Gain on sale of communities | 26,322 | 41,501 | $ 29,726 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | $ 26,742 | $ 7,985 |
Investments in Real Estate En45
Investments in Real Estate Entities (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | $ 70,744 | $ 64,962 | $ 70,018 |
Gain on sale of communities | 136,333 | 196,749 | 98,899 |
Fund I | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 0 | 87 | 871 |
Fund II | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 53,961 | 49,882 | 32,211 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 26,742 | 7,985 | |
Gain on sale of communities | 26,322 | 41,501 | 29,726 |
US Fund | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 14,773 | 15,635 | 2,052 |
Gain on sale of communities | 13,788 | 16,568 | |
ACJV | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 1,388 | 1,445 | 511 |
MVPI LLC | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 1,833 | 1,627 | 22,453 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 21,340 | ||
MVPI LLC | Joint Venture Agreement Modification [Member] | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Payments for (Proceeds from) Other Real Estate Partnerships | 20,680 | ||
Brandywine [Member] | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 106 | 10 | (1,474) |
CVP I, LLC | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 0 | 9 | 1,812 |
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | 1,289 | ||
Residual JV | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | (1,223) | (1,374) | 11,582 |
Avalon Clarendon [Member] | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | 0 | (2,359) | 0 |
AVA North Point [Member] | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | (122) | 0 | 0 |
Sudbury [Member] | |||
Summary of the Company's equity in income of unconsolidated entities | |||
Equity in income of unconsolidated real estate entities | $ 28 | $ 0 | $ 0 |
Real Estate Disposition Activ46
Real Estate Disposition Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)communityland_parcelhome | Dec. 31, 2016USD ($)home | Dec. 31, 2015USD ($)home | |
Summary of income from discontinued operations | |||
Gain on sale of communities | $ 252,599 | $ 374,623 | $ 115,625 |
Number of Land Parcels Sold | land_parcel | 3 | ||
(Loss) gain on other real estate transactions | $ (10,907) | $ 10,224 | $ 9,647 |
Avalon Pines [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 450 | ||
Gross sales price | $ 140,000 | ||
Net cash proceeds | $ 138,689 | ||
AVA University District [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 283 | ||
Gross sales price | $ 112,500 | ||
Net cash proceeds | $ 108,511 | ||
Avalon Danbury [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 234 | ||
Gross sales price | $ 52,000 | ||
Net cash proceeds | $ 51,000 | ||
Avalon Run East [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 312 | ||
Gross sales price | $ 87,500 | ||
Net cash proceeds | $ 85,033 | ||
Avalon Huntington [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 99 | ||
Gross sales price | $ 33,000 | ||
Net cash proceeds | $ 32,173 | ||
Avalon Milford [Member] | |||
Summary of income from discontinued operations | |||
Apartment homes | home | 246 | ||
Gross sales price | $ 50,500 | ||
Net cash proceeds | 49,161 | ||
Other Real Estate Sales [Member] | |||
Summary of income from discontinued operations | |||
(Loss) gain on other real estate transactions | 1,682 | ||
Gross sales price | 39,154 | ||
Net cash proceeds | $ 38,472 | ||
Newcastle Land [Member] | |||
Summary of income from discontinued operations | |||
Number of Land Parcels Sold | land_parcel | 2 | ||
Tysons West Land [Member] | |||
Summary of income from discontinued operations | |||
Number of Land Parcels Sold | land_parcel | 1 | ||
Wholly Owned Properties | |||
Summary of income from discontinued operations | |||
Number of apartment communities sold | community | 6 | ||
Sale of Communities Gross Sales Price | $ 475,500 | ||
Gain on sale of communities | $ 251,163 | ||
Apartment homes | home | 1,624 | 2,051 | 851 |
Repayments of secured mortgages | $ 0 | $ 0 | $ 0 |
Gross sales price | 514,654 | 564,028 | 289,320 |
Net cash proceeds | $ 503,039 | $ 532,717 | $ 282,163 |
Commitments and Contingencies47
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)communitypropertyClaimmultiplierLeaseplaintiff | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | $ | $ 6,118 | $ 0 | $ 417 |
Capital Leased Assets, Gross | $ | 19,737 | 39,015 | |
Lease Obligations [Abstract] | |||
Cost related to operating lease | $ | $ 23,431 | 23,343 | 21,295 |
Number of Office Leases | Lease | 14 | ||
Payments to Acquire Other Real Estate | $ | $ 462,317 | 393,316 | 0 |
(Loss) gain on other real estate transactions | $ | (10,907) | 10,224 | 9,647 |
Repayments of Long-term Capital Lease Obligations | $ | $ 18,951 | $ 0 | $ 0 |
Properties on Land Subject to Land Leases | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | community | 13 | ||
Number of Operating Apartment Communities Under Construction | community | 1 | ||
Number of commercial properties owned | property | 2 | ||
Number of leased properties accounted for as operating leases | community | 13 | ||
Number of Dual Branded Properties with Operating Land Leases | community | 2 | ||
Land Subject to Ground Leases | Lease | 1 | ||
Number of leased properties with purchase options | property | 5 | ||
Assets Held under Capital Leases | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | community | 1 | ||
Capital lease obligations | $ | $ 20,118 | ||
Restricted stock and stock options | |||
Employment Agreements and Arrangements [Abstract] | |||
Retirement age (in years) | 50 years | ||
Period of the non-compete agreement (in years) | 1 year | ||
Restricted stock and stock options | Minimum | |||
Employment Agreements and Arrangements [Abstract] | |||
Service period (in years) | 10 years | ||
Employee's age at retirement plus years of employment (in years) | 70 years | ||
Written notice period (in years) | 6 months | ||
Restricted stock and stock options | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Options exercise period upon termination without cause or retirement (in months) | 12 months | ||
Officer Severance Program | Vice President and Senior Vice President | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 1 | ||
Officer Severance Program | Executive Vice Presidents | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 2 | ||
Officer Severance Program | Chief Executive Officer [Member] | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 3 | ||
Officer Severance Program | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Termination period following a sale event (in years) | 18 months | ||
Memorial Heights Villages [Member] | |||
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | $ | $ 5,438 | ||
Avalon at Edgewater [Member] | |||
Employment Agreements and Arrangements [Abstract] | |||
Loss Contingency New Class Action Claims Filed Number | 3 | ||
Loss Contingency Class Action Claims Filed, Additional, Number | 4 | ||
Loss Contingency, Claims Filed, Number, Consolidated | 18 | ||
Loss Contingency, New Claims Filed, Number | 19 | ||
Loss Contingency, Number of Plaintiffs | plaintiff | 143 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments in Settlement Resolved | 50 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments in Settlement Previously Resolved | 10 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments in Settlement, Number of Lawsuits Remaining | 1 | ||
Loss Contingency New Subrogation Claims Filed Number | 7 | ||
Loss Contingency Subrogation Claims Filed Dismissed Number | 1 | ||
Loss Contingency Subrogation Claims Filed Pending Not Dismissed Number | 1 | ||
Loss Contingency Subrogation Claims Filed Resolved Number | 1 | ||
Loss Contingency Subrogation Claims Filed Pending Number | 4 | ||
Lease Obligations [Abstract] | |||
Loss Contingency Class Action Claims Filed, Number of Apartments Included in Settlement | 66 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments Included in Settlement Remaining | 1 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments Included in Settlement Submitted | 44 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments Included in Settlement Submitted Amount | $ | $ 6,900 | ||
Loss Contingency Class Action Claims Filed, Number of Apartments Issued Awards By Claims Adjuster | 3 | ||
Avalon Morningside Park [Member] | |||
Lease Obligations [Abstract] | |||
Payments to Acquire Other Real Estate | $ | $ 95,000 | ||
(Loss) gain on other real estate transactions | $ | (11,153) | ||
Avalon at Assembly Row and AVA Somerville [Member] | |||
Lease Obligations [Abstract] | |||
Repayments of Long-term Capital Lease Obligations | $ | $ 17,285 |
Commitments and Contingencies48
Commitments and Contingencies (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Future minimum lease payments under the Company's current leases | ||
2,018 | $ 22,124 | |
2,019 | 22,139 | |
2,020 | 19,858 | |
2,021 | 21,242 | |
2,022 | 21,139 | |
Thereafter | 1,096,784 | |
Operating Lease Obligations | ||
2,018 | 21,051 | |
2,019 | 21,064 | |
2,020 | 18,781 | |
2,021 | 20,162 | |
2,022 | 20,057 | |
Thereafter | 1,052,808 | |
Capital lease obligations | ||
2,018 | 1,073 | |
2,019 | 1,075 | |
2,020 | 1,077 | |
2,021 | 1,080 | |
2,022 | 1,082 | |
Thereafter | 43,976 | |
Imputed interest on capital leases | 25,961 | |
Capital Leased Assets, Gross | $ 19,737 | $ 39,015 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 237,486 | $ 238,199 | $ 165,194 | $ 235,781 | $ 242,183 | $ 356,329 | $ 197,319 | $ 237,877 | $ 876,660 | $ 1,033,708 | $ 741,733 |
Indirect operating expenses, net of corporate income | 65,398 | 61,403 | 56,973 | ||||||||
Investments and investment management expense | 5,936 | 4,822 | 4,370 | ||||||||
Expensed acquisition, development and other pursuit costs, net of recoveries | 2,736 | 9,922 | 6,822 | ||||||||
Interest expense, net | 199,661 | 187,510 | 175,615 | ||||||||
Loss (gain) on extinguishment of debt, net | 25,472 | 7,075 | (26,736) | ||||||||
General and administrative expense | 50,673 | 45,771 | 42,774 | ||||||||
Equity in income of unconsolidated real estate entities | (70,744) | (64,962) | (70,018) | ||||||||
Depreciation expense | 584,150 | 531,434 | 477,923 | ||||||||
Income tax expense | 141 | 305 | 1,483 | ||||||||
Casualty and impairment loss (gain), net | 6,250 | (3,935) | (10,542) | ||||||||
Gain on sale of communities | (252,599) | (374,623) | (115,625) | ||||||||
(Loss) gain on other real estate transactions | 10,907 | (10,224) | (9,647) | ||||||||
Net operating income from real estate assets sold or held for sale | (14,573) | (44,263) | (59,383) | ||||||||
Net operating income | $ 1,490,068 | $ 1,383,943 | $ 1,215,742 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||
Rental income from real estate assets sold or held for sale | $ 23,457 | $ 70,273 | $ 96,297 |
Operating expenses from real estate assets sold or held for sale | (8,884) | (26,010) | (36,914) |
Net operating income from real estate assets sold or held for sale | $ 14,573 | $ 44,263 | $ 59,383 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting | |||||||||||
Total revenue | $ 555,292 | $ 550,500 | $ 530,512 | $ 522,326 | $ 518,240 | $ 516,211 | $ 502,307 | $ 508,498 | $ 2,158,628 | $ 2,045,255 | $ 1,856,028 |
NOI | $ 1,490,068 | $ 1,383,943 | $ 1,215,742 | ||||||||
% NOI change from prior year (percent) | 7.70% | 13.80% | 13.00% | ||||||||
Gross real estate | 21,935,936 | 20,755,780 | $ 21,935,936 | $ 20,755,780 | $ 19,228,571 | ||||||
Gross real estate assets held for sale | 20,846 | 20,846 | 39,528 | ||||||||
Gain on Business Interruption Insurance Recovery | 3,498 | 20,564 | 1,509 | ||||||||
Established | |||||||||||
Segment Reporting | |||||||||||
Real estate capitalized additions | 78,241 | 85,676 | 78,241 | 85,676 | 74,982 | ||||||
Operating segment | Established | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 1,575,260 | 1,502,974 | 1,315,929 | ||||||||
NOI | $ 1,112,472 | $ 1,057,997 | $ 929,944 | ||||||||
% NOI change from prior year (percent) | 2.50% | 4.80% | 6.00% | ||||||||
Gross real estate | 13,565,763 | 13,511,377 | $ 13,565,763 | $ 13,511,377 | $ 12,391,586 | ||||||
Operating segment | Established | New England | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 233,091 | 226,727 | 170,287 | ||||||||
NOI | $ 150,253 | $ 145,671 | $ 107,189 | ||||||||
% NOI change from prior year (percent) | 2.10% | 4.80% | 3.00% | ||||||||
Gross real estate | 1,852,676 | 1,888,524 | $ 1,852,676 | $ 1,888,524 | $ 1,460,746 | ||||||
Operating segment | Established | Metro NY/NJ | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 362,273 | 359,373 | 342,768 | ||||||||
NOI | $ 247,720 | $ 245,654 | $ 244,280 | ||||||||
% NOI change from prior year (percent) | 2.10% | 1.20% | 3.60% | ||||||||
Gross real estate | 3,069,690 | 3,212,220 | $ 3,069,690 | $ 3,212,220 | $ 3,152,361 | ||||||
Operating segment | Established | Mid-Atlantic | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 221,064 | 233,711 | 209,012 | ||||||||
NOI | $ 153,750 | $ 162,243 | $ 145,497 | ||||||||
% NOI change from prior year (percent) | 1.50% | 1.30% | 0.20% | ||||||||
Gross real estate | 2,056,066 | 2,339,395 | $ 2,056,066 | $ 2,339,395 | $ 2,177,823 | ||||||
Operating segment | Established | Pacific Northwest | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 84,189 | 72,475 | 67,900 | ||||||||
NOI | $ 61,527 | $ 52,434 | $ 48,833 | ||||||||
% NOI change from prior year (percent) | 6.30% | 7.40% | 8.50% | ||||||||
Gross real estate | 738,532 | 737,289 | $ 738,532 | $ 737,289 | $ 721,040 | ||||||
Operating segment | Established | Northern California | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 336,767 | 319,121 | 273,432 | ||||||||
NOI | $ 257,673 | $ 244,458 | $ 210,226 | ||||||||
% NOI change from prior year (percent) | 1.60% | 7.00% | 11.90% | ||||||||
Gross real estate | 2,830,963 | 2,661,258 | $ 2,830,963 | $ 2,661,258 | $ 2,414,184 | ||||||
Operating segment | Established | Southern California | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 337,876 | 291,567 | 252,530 | ||||||||
NOI | $ 241,549 | $ 207,537 | $ 173,919 | ||||||||
% NOI change from prior year (percent) | 3.90% | 9.10% | 9.40% | ||||||||
Gross real estate | 3,017,836 | 2,672,691 | $ 3,017,836 | $ 2,672,691 | $ 2,465,432 | ||||||
Operating segment | Other Stabilized | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 278,868 | 232,977 | 211,633 | ||||||||
NOI | 196,733 | 165,130 | 140,167 | ||||||||
Gross real estate | 3,189,393 | 2,330,503 | 3,189,393 | 2,330,503 | 2,040,269 | ||||||
Operating segment | Development / Redevelopment | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 276,896 | 233,432 | 222,222 | ||||||||
NOI | 180,863 | 160,816 | 145,631 | ||||||||
Gross real estate | 5,015,094 | 4,755,315 | 5,015,094 | 4,755,315 | 4,238,967 | ||||||
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting | |||||||||||
Gross real estate | 68,364 | 84,293 | 68,364 | 84,293 | 484,377 | ||||||
Non-allocated | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 4,147 | 5,599 | 9,947 | ||||||||
Gross real estate | $ 97,322 | $ 74,292 | 97,322 | 74,292 | 73,372 | ||||||
Continuing Operations | |||||||||||
Segment Reporting | |||||||||||
Total revenue | 2,135,171 | 1,974,982 | $ 1,759,731 | ||||||||
Avalon Maplewood [Member] | |||||||||||
Segment Reporting | |||||||||||
Gain on Business Interruption Insurance Recovery | $ 3,495 | ||||||||||
Avalon at Edgewater [Member] | |||||||||||
Segment Reporting | |||||||||||
Gain on Business Interruption Insurance Recovery | $ 20,306 |
Stock-Based Compensation Plan52
Stock-Based Compensation Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation Plans | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Shares | |||
Exercised (in shares) | (42,123) | ||
2009 Plan | |||
Stock-Based Compensation Plans | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Common stock shares available for grant | 7,994,292 | ||
2009 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 177,333 | 249,178 | 340,062 |
Exercised (in shares) | (27,360) | (71,845) | (90,884) |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Options outstanding at the end of the period (in shares) | 149,973 | 177,333 | 249,178 |
Options exercisable at the end of the period (in shares) | 149,973 | 177,333 | 188,081 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 124.25 | $ 122.17 | $ 122.67 |
Exercised (in dollars per share) | 110.47 | 117.04 | 124.01 |
Granted (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Options outstanding at the end of the period (in dollars per share) | 126.77 | 124.25 | 122.17 |
Options exercisable at the end of the period (in dollars per share) | $ 126.77 | $ 124.25 | $ 119.98 |
1994 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 22,541 | 82,195 | 272,402 |
Exercised (in shares) | (14,763) | (59,654) | (190,207) |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Options outstanding at the end of the period (in shares) | 7,778 | 22,541 | 82,195 |
Options exercisable at the end of the period (in shares) | 7,778 | 22,541 | 82,195 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 77.91 | $ 103.27 | $ 104.96 |
Exercised (in dollars per share) | 93.35 | 112.85 | 105.70 |
Granted (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Options outstanding at the end of the period (in dollars per share) | 48.60 | 77.91 | 103.27 |
Options exercisable at the end of the period (in dollars per share) | $ 48.60 | $ 77.91 | $ 103.27 |
Stock-Based Compensation Plan53
Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Intrinsic value of options exercised | $ 3,592 | $ 9,187 | $ 18,080 |
2009 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding intrinsic value | 7,745 | ||
Options exercisable intrinsic value | $ 7,745 | ||
Options exercisable weighted average contractual life (in years) | 4 years 7 months 6 days | ||
2009 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 149,973 | ||
1994 Plan | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding intrinsic value | $ 1,010 | ||
Options exercisable intrinsic value | $ 1,010 | ||
Options exercisable weighted average contractual life (in years) | 1 year 1 month 6 days | ||
40.00 - 49.99 | 1994 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 7,778 | ||
Exercise Price, lower limit (in dollars per share) | $ 40 | ||
Exercise Price, upper limit (in dollars per share) | $ 49.99 | ||
Weighted Average Remaining Contractual Term | 1 year 1 month 6 days | ||
70.00 - 79.99 | 2009 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 5,158 | ||
Exercise Price, lower limit (in dollars per share) | $ 70 | ||
Exercise Price, upper limit (in dollars per share) | $ 79.99 | ||
Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | ||
110.00 - 119.99 | 2009 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 15,762 | ||
Exercise Price, lower limit (in dollars per share) | $ 110 | ||
Exercise Price, upper limit (in dollars per share) | $ 119.99 | ||
Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | ||
120.00 - 129.99 | 2009 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 29,862 | ||
Exercise Price, lower limit (in dollars per share) | $ 120 | ||
Exercise Price, upper limit (in dollars per share) | $ 129.99 | ||
Weighted Average Remaining Contractual Term | 5 years 2 months 12 days | ||
130.00 - 139.99 | 2009 Plan | Stock Options | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 99,191 | ||
Exercise Price, lower limit (in dollars per share) | $ 130 | ||
Exercise Price, upper limit (in dollars per share) | $ 139.99 | ||
Weighted Average Remaining Contractual Term | 4 years 7 months 6 days |
Stock-Based Compensation Plan54
Stock-Based Compensation Plans (Details 3) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)periodshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Oct. 31, 1996shares | |
Additional disclosures | ||||
Stock-based compensation expense | $ 17,085 | $ 14,666 | $ 14,703 | |
Capitalized stock-based compensation cost | $ 9,474 | 9,266 | 9,667 | |
Employee Stock Purchase Plan [Abstract] | ||||
Shares issued under Employee Stock Purchase Plan | shares | 11,528 | |||
Stock-based compensation expense | $ 17,085 | 14,666 | 14,703 | |
Stock Options | ||||
Additional disclosures | ||||
Forfeiture rate (as a percent) | 0.70% | |||
Performance awards | ||||
Additional disclosures | ||||
Maximum Measurement Period (in years) | 3 years | |||
Award vesting period (in years) | 3 years | |||
Performance awards | Maximum | ||||
Additional disclosures | ||||
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient | 25.00% | |||
Restricted Stock and Restricted Stock Units [Member] | ||||
Additional disclosures | ||||
Unrecognized compensation cost for unvested stock options | $ 26,305 | |||
Weighted average period for recognition of unrecognized compensation cost | 3 years 7 months 6 days | |||
Non Qualified Employee Stock Purchase Plan [Member] | ||||
Additional disclosures | ||||
Stock-based compensation expense | $ 418 | $ 289 | $ 321 | |
Employee Stock Purchase Plan [Abstract] | ||||
Employee stock purchase plan, shares of common stock reserved for issuance | shares | 1,000,000 | |||
Employee stock purchase plan, remaining shares of common stock available for issuance | shares | 681,284 | |||
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 | |||
Number of purchase periods | period | 2 | |||
Employee stock purchase plan, discounted stock price percentage | 85.00% | |||
Shares issued under Employee Stock Purchase Plan | shares | 11,528 | 11,348 | 10,667 | |
Stock-based compensation expense | $ 418 | $ 289 | $ 321 |
Stock-Based Compensation Plan55
Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Performance awards | |||
Outstanding at the beginning of the period (in shares) | 251,163 | 238,266 | 239,902 |
Granted (in shares) | 81,708 | 94,054 | 85,636 |
Increase (decrease) in awards based on performance (in shares) | 49,323 | 36,091 | 14,697 |
Converted to restricted stock (in shares) | (128,482) | (115,618) | (95,826) |
Forfeited (in shares) | (1,942) | (1,630) | (6,143) |
Outstanding at the ending of the period (in shares) | 251,770 | 251,163 | 238,266 |
Weighted average grant date fair value per award | |||
Outstanding at the beginning of the period (in dollars per share) | $ 136.74 | $ 119.65 | $ 95.20 |
Granted (in dollars per share) | 176.59 | 141.92 | 148.49 |
Change in awards based on performance (in dollars per share) | 119.26 | 101.52 | 78.50 |
Converted to restricted stock (in dollars per share) | 118.75 | 94.67 | 78.50 |
Forfeited (in dollars per share) | 159.39 | 141.98 | 110.34 |
Outstanding at the ending of the period (in dollars per share) | $ 155.25 | $ 136.74 | $ 119.65 |
Grants in period based on shareholder metrics (in shares) | 49,374 | 61,039 | 55,162 |
Grants in period based on financial metrics (in shares) | 32,334 | 33,015 | 30,474 |
Stock-Based Compensation Plan56
Stock-Based Compensation Plans (Details 5) - Performance awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 3.20% | 3.30% | 3.00% |
Estimated volatility, minimum (as a percent) | 15.30% | 15.20% | 12.00% |
Estimated volatility, maximum (as a percent) | 19.70% | 22.80% | 17.30% |
Risk-free interest rate, minimum (as a percent) | 0.69% | 0.44% | 0.07% |
Risk-free interest rate, maximum (as a percent) | 1.61% | 0.88% | 1.09% |
Estimated performance award value based on total shareholder return measure (in dollars per share) | $ 175.86 | $ 131.24 | $ 139.18 |
Historical volatility (as a percent) | 50.00% | 50.00% | 50.00% |
Implied volatility (as a percent) | 50.00% | 50.00% | 50.00% |
Market closing price (in dollars per share) | $ 179.07 | $ 161.66 | $ 166.23 |
Stock-Based Compensation Plan57
Stock-Based Compensation Plans (Details 6) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted stock | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 136,705 | 147,884 | 179,307 |
Granted (in shares) | 73,342 | 81,400 | 61,953 |
Vested (in shares) | (73,683) | (88,712) | (91,847) |
Forfeited (in shares) | (2,731) | (3,867) | (1,529) |
Outstanding at the ending of the period (in shares) | 133,633 | 136,705 | 147,884 |
Restricted stock shares weighted average grant date fair value per share | |||
Outstanding at the beginning of the period (in dollars per share) | $ 158.51 | $ 146.21 | $ 129.06 |
Granted (in dollars per share) | 179.58 | 162.38 | 173.04 |
Vested (in dollars per share) | 153.86 | 141.38 | 130.75 |
Forfeited (in dollars per share) | 173.42 | 162.43 | 151.86 |
Outstanding at the ending of the period (in dollars per share) | $ 172.33 | $ 158.51 | $ 146.21 |
Restricted stock converted from performance shares | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 176,698 | 98,347 | 10,933 |
Granted (in shares) | 128,482 | 115,618 | 95,826 |
Vested (in shares) | (70,595) | (36,872) | (8,412) |
Forfeited (in shares) | (657) | (395) | 0 |
Outstanding at the ending of the period (in shares) | 233,928 | 176,698 | 98,347 |
Related Party Arrangements (Det
Related Party Arrangements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Arrangements | |||
Management fees revenue | $ 4,147,000 | $ 5,599,000 | $ 9,947,000 |
Compensation expense | 17,085,000 | 14,666,000 | 14,703,000 |
Unconsolidated real estate entities | |||
Related Party Arrangements | |||
Outstanding receivables | 2,449,000 | 5,239,000 | |
Non-employee directors | |||
Related Party Arrangements | |||
Payable to related parties | 80,000 | ||
Payable to related parties in quarterly installments | 20,000 | ||
Non-employee directors | Restricted stock and deferred stock awards | |||
Related Party Arrangements | |||
Payable to related parties | 135,000 | ||
Compensation expense | 1,524,000 | 1,216,000 | 1,135,000 |
Amount of deferred compensation | 525,000 | $ 531,000 | $ 488,000 |
Lead Independent Director | |||
Related Party Arrangements | |||
Payable to related parties | 30,000 | ||
Payable to related parties in quarterly installments | 7,500 | ||
Non-employees directors serving as a chairperson | |||
Related Party Arrangements | |||
Payable to related parties | 20,000 | ||
Payable to related parties in quarterly installments | 5,000 | ||
Non Employee Director Serving As A Chairperson of the Nominating and Corporate Governance or Investment and Finance Committees [Member] | |||
Related Party Arrangements | |||
Payable to related parties | 15,000 | ||
Payable to related parties in quarterly installments | $ 3,750 |
Fair Value (Details)
Fair Value (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | May 31, 2017USD ($)community | Apr. 30, 2017USD ($) | Dec. 31, 2017USD ($)communityderivativeventure | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Derivative instruments and Hedging Activities | ||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 376,000 | |||||
Number of Real Estate Properties | community | 267 | |||||
Gain on Fair Value Hedge Ineffectiveness | $ 753,000 | |||||
Amortization Period of Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 10 years | |||||
Derivative, Notional Amounts Settled During Period | $ 214,900,000 | $ 400,000,000 | $ 185,100,000 | $ 800,000,000 | ||
Receipts (payments) for termination of forward interest rate swaps | $ (4,078,000) | $ 1,361,000 | $ 2,326,000 | (391,000) | $ 14,847,000 | $ 0 |
Income (loss) on cash flow hedges | $ (13,979,000) | $ (5,556,000) | $ 5,354,000 | |||
Cash Flow Hedges Interest Rate Caps | ||||||
Derivative instruments and Hedging Activities | ||||||
Number of derivative instruments held | derivative | 7 | |||||
Puts | ||||||
Derivative instruments and Hedging Activities | ||||||
Number of ventures in which entity is required to purchase interest in investment at guaranteed minimum amount | venture | 3 | |||||
Interest Rate Caps | Cash Flow Hedges Interest Rate Caps | ||||||
Derivative instruments and Hedging Activities | ||||||
Notional balance | $ 35,039,000 | |||||
Weighted average interest rate (as a percent) | 3.50% | |||||
Weighted average capped interest rate (as a percent) | 5.90% | |||||
Interest Rate Swap [Member] | Cash Flow Hedges Interest Rate Caps | ||||||
Derivative instruments and Hedging Activities | ||||||
Notional balance | $ 300,000,000 | |||||
Weighted average capped interest rate (as a percent) | 2.40% | |||||
Derivative, Notional Amounts Entered into During Period | $ 300,000,000 | |||||
Non-designated Hedges Interest Rate Caps | ||||||
Derivative instruments and Hedging Activities | ||||||
Number of derivative instruments held | derivative | 14 | |||||
Non-designated Hedges Interest Rate Caps | Interest Rate Caps | ||||||
Derivative instruments and Hedging Activities | ||||||
Notional balance | $ 689,059,000 | |||||
Weighted average interest rate (as a percent) | 3.30% | |||||
Weighted average capped interest rate (as a percent) | 6.50% | |||||
Notes Payable Maturities 2027 [Member] | Secured notes | ||||||
Derivative instruments and Hedging Activities | ||||||
Number of Real Estate Properties | community | 3 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||
Derivative instruments and Hedging Activities | ||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 7,012,000 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Cash flow hedge losses reclassified to earnings | $ 7,070 | $ 6,433 | $ 5,774 |
Fair Value (Details 3)
Fair Value (Details 3) $ in Thousands | Dec. 31, 2017USD ($)derivative | Dec. 31, 2016USD ($) |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | $ (1,338) | $ (1,329) |
Total | (5,447,942) | (4,219,956) |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total | (1,848,750) | (2,729,606) |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total | (3,245) | (6,002) |
Recurring basis | Significant Unobservable Inputs (Level 3) | Puts | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Fair value of remaining outstanding Puts | $ (3,245) | (6,002) |
Cash Flow Hedges Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative, Number of Instruments Held | derivative | 7 | |
Cash Flow Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 2 | |
Cash Flow Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Swap [Member] | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | $ 2,270 | 14,775 |
Derivative Liability | (1,171) | |
Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | (1,338) | (1,329) |
Total | (7,299,937) | (6,955,564) |
Total Fair Value | Recurring basis | Puts | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Fair value of remaining outstanding Puts | (3,245) | (6,002) |
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 2 | |
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap [Member] | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 2,270 | 14,775 |
Derivative Liability | $ (1,171) | |
Non-designated Hedges Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative, Number of Instruments Held | derivative | 14 | |
Non-designated Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | $ 2 | 79 |
Non-designated Hedges Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 2 | 79 |
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (1,849,851) | (2,744,462) |
Secured Debt and Variable Rate Unsecured Term Loan [Member] | Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (1,849,851) | (2,744,462) |
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (5,446,604) | (4,218,627) |
Unsecured notes | Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | $ (5,446,604) | $ (4,218,627) |
Quarterly Financial Informati62
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 555,292 | $ 550,500 | $ 530,512 | $ 522,326 | $ 518,240 | $ 516,211 | $ 502,307 | $ 508,498 | $ 2,158,628 | $ 2,045,255 | $ 1,856,028 |
Net income | 237,486 | 238,199 | 165,194 | 235,781 | 242,183 | 356,329 | 197,319 | 237,877 | 876,660 | 1,033,708 | 741,733 |
Net income attributable to common stockholders | $ 237,573 | $ 238,248 | $ 165,225 | $ 235,875 | $ 242,235 | $ 356,392 | $ 197,444 | $ 237,931 | $ 876,921 | $ 1,034,002 | $ 742,038 |
Net income per common share - basic (in dollars per share) | $ 1.72 | $ 1.73 | $ 1.20 | $ 1.72 | $ 1.76 | $ 2.60 | $ 1.44 | $ 1.73 | $ 6.36 | $ 7.53 | $ 5.54 |
Net income per common share - diluted (in dollars per share) | $ 1.72 | $ 1.72 | $ 1.20 | $ 1.72 | $ 1.76 | $ 2.59 | $ 1.44 | $ 1.73 | $ 6.35 | $ 7.52 | $ 5.51 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event $ in Thousands | 1 Months Ended | 2 Months Ended |
Feb. 23, 2018USD ($) | Feb. 23, 2018USD ($)land_parcel | |
Subsequent events | ||
Number of Land Parcels Acquired | land_parcel | 4 | |
Payments to Acquire Land | $ 76,758 | |
Secured notes | Notes Payable Maturities 2043 [Member] | ||
Subsequent events | ||
Repayments of secured mortgages | $ 15,174 | |
Stated interest rate (as a percent) | 6.60% | 6.60% |
Prepayment Penalty | $ 152 |
REAL ESTATE AND ACCUMULATED D64
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | Dec. 31, 2017USD ($)home | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 81,517 | |||
Initial Cost | ||||
Land and improvements | $ 4,305,682 | |||
Building / Construction in Progress & Improvements | 14,684,237 | |||
Costs Subsequent to Acquisition / Construction | 2,946,017 | |||
Total Cost | ||||
Land | 4,305,682 | |||
Building / Construction in Progress & Improvements | 17,630,254 | |||
Total | 21,935,936 | $ 20,776,626 | $ 19,268,099 | $ 17,849,316 |
Accumulated Depreciation | 4,218,379 | 3,743,632 | $ 3,325,790 | $ 2,913,576 |
Total Cost, Net of Accumulated Depreciation | 17,717,557 | 17,032,994 | ||
Encumbrances | $ 7,404,313 | |||
Current Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 75,238 | |||
Initial Cost | ||||
Land and improvements | $ 4,175,565 | |||
Building / Construction in Progress & Improvements | 14,353,940 | |||
Costs Subsequent to Acquisition / Construction | 1,711,986 | |||
Total Cost | ||||
Land | 4,175,565 | |||
Building / Construction in Progress & Improvements | 16,065,926 | |||
Total | 20,241,491 | |||
Accumulated Depreciation | 4,169,850 | |||
Total Cost, Net of Accumulated Depreciation | 16,071,641 | 15,721,244 | ||
Encumbrances | $ 1,504,313 | |||
Current Communities | Avalon at Lexington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 198 | |||
Initial Cost | ||||
Land and improvements | $ 2,124 | |||
Building / Construction in Progress & Improvements | 12,567 | |||
Costs Subsequent to Acquisition / Construction | 10,093 | |||
Total Cost | ||||
Land | 2,124 | |||
Building / Construction in Progress & Improvements | 22,660 | |||
Total | 24,784 | |||
Accumulated Depreciation | 14,080 | |||
Total Cost, Net of Accumulated Depreciation | 10,704 | 11,290 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 2,129 | |||
Building / Construction in Progress & Improvements | 17,567 | |||
Costs Subsequent to Acquisition / Construction | 5,488 | |||
Total Cost | ||||
Land | 2,129 | |||
Building / Construction in Progress & Improvements | 23,055 | |||
Total | 25,184 | |||
Accumulated Depreciation | 13,755 | |||
Total Cost, Net of Accumulated Depreciation | 11,429 | 12,153 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Quincy [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 245 | |||
Initial Cost | ||||
Land and improvements | $ 1,743 | |||
Building / Construction in Progress & Improvements | 14,662 | |||
Costs Subsequent to Acquisition / Construction | 10,184 | |||
Total Cost | ||||
Land | 1,743 | |||
Building / Construction in Progress & Improvements | 24,846 | |||
Total | 26,589 | |||
Accumulated Depreciation | 14,456 | |||
Total Cost, Net of Accumulated Depreciation | 12,133 | 12,799 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oaks West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 3,318 | |||
Building / Construction in Progress & Improvements | 13,465 | |||
Costs Subsequent to Acquisition / Construction | 1,224 | |||
Total Cost | ||||
Land | 3,318 | |||
Building / Construction in Progress & Improvements | 14,689 | |||
Total | 18,007 | |||
Accumulated Depreciation | 8,054 | |||
Total Cost, Net of Accumulated Depreciation | 9,953 | 10,442 | ||
Encumbrances | $ 15,213 | |||
Current Communities | Avalon Orchards [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 2,983 | |||
Building / Construction in Progress & Improvements | 17,970 | |||
Costs Subsequent to Acquisition / Construction | 2,702 | |||
Total Cost | ||||
Land | 2,983 | |||
Building / Construction in Progress & Improvements | 20,672 | |||
Total | 23,655 | |||
Accumulated Depreciation | 11,463 | |||
Total Cost, Net of Accumulated Depreciation | 12,192 | 12,865 | ||
Encumbrances | $ 15,579 | |||
Current Communities | Avalon at Newton Highlands [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 294 | |||
Initial Cost | ||||
Land and improvements | $ 11,039 | |||
Building / Construction in Progress & Improvements | 45,547 | |||
Costs Subsequent to Acquisition / Construction | 5,196 | |||
Total Cost | ||||
Land | 11,039 | |||
Building / Construction in Progress & Improvements | 50,743 | |||
Total | 61,782 | |||
Accumulated Depreciation | 25,369 | |||
Total Cost, Net of Accumulated Depreciation | 36,413 | 37,670 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at the Pinehills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 192 | |||
Initial Cost | ||||
Land and improvements | $ 6,876 | |||
Building / Construction in Progress & Improvements | 30,401 | |||
Costs Subsequent to Acquisition / Construction | 721 | |||
Total Cost | ||||
Land | 6,876 | |||
Building / Construction in Progress & Improvements | 31,122 | |||
Total | 37,998 | |||
Accumulated Depreciation | 11,155 | |||
Total Cost, Net of Accumulated Depreciation | 26,843 | 27,716 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Peabody [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 286 | |||
Initial Cost | ||||
Land and improvements | $ 4,645 | |||
Building / Construction in Progress & Improvements | 18,919 | |||
Costs Subsequent to Acquisition / Construction | 13,420 | |||
Total Cost | ||||
Land | 4,645 | |||
Building / Construction in Progress & Improvements | 32,339 | |||
Total | 36,984 | |||
Accumulated Depreciation | 13,190 | |||
Total Cost, Net of Accumulated Depreciation | 23,794 | 24,329 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bedford Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 139 | |||
Initial Cost | ||||
Land and improvements | $ 4,258 | |||
Building / Construction in Progress & Improvements | 20,551 | |||
Costs Subsequent to Acquisition / Construction | 1,457 | |||
Total Cost | ||||
Land | 4,258 | |||
Building / Construction in Progress & Improvements | 22,008 | |||
Total | 26,266 | |||
Accumulated Depreciation | 8,923 | |||
Total Cost, Net of Accumulated Depreciation | 17,343 | 17,570 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Lexington Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 387 | |||
Initial Cost | ||||
Land and improvements | $ 8,691 | |||
Building / Construction in Progress & Improvements | 79,121 | |||
Costs Subsequent to Acquisition / Construction | 4,158 | |||
Total Cost | ||||
Land | 8,691 | |||
Building / Construction in Progress & Improvements | 83,279 | |||
Total | 91,970 | |||
Accumulated Depreciation | 28,415 | |||
Total Cost, Net of Accumulated Depreciation | 63,555 | 66,241 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Acton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 380 | |||
Initial Cost | ||||
Land and improvements | $ 13,124 | |||
Building / Construction in Progress & Improvements | 48,695 | |||
Costs Subsequent to Acquisition / Construction | 3,504 | |||
Total Cost | ||||
Land | 13,124 | |||
Building / Construction in Progress & Improvements | 52,199 | |||
Total | 65,323 | |||
Accumulated Depreciation | 17,459 | |||
Total Cost, Net of Accumulated Depreciation | 47,864 | 49,275 | ||
Encumbrances | $ 45,000 | |||
Current Communities | Avalon at the Hingham Shipyard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 12,218 | |||
Building / Construction in Progress & Improvements | 41,656 | |||
Costs Subsequent to Acquisition / Construction | 2,412 | |||
Total Cost | ||||
Land | 12,218 | |||
Building / Construction in Progress & Improvements | 44,068 | |||
Total | 56,286 | |||
Accumulated Depreciation | 13,882 | |||
Total Cost, Net of Accumulated Depreciation | 42,404 | 43,641 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Sharon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 4,719 | |||
Building / Construction in Progress & Improvements | 25,478 | |||
Costs Subsequent to Acquisition / Construction | 892 | |||
Total Cost | ||||
Land | 4,719 | |||
Building / Construction in Progress & Improvements | 26,370 | |||
Total | 31,089 | |||
Accumulated Depreciation | 8,759 | |||
Total Cost, Net of Accumulated Depreciation | 22,330 | 22,960 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Northborough [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 382 | |||
Initial Cost | ||||
Land and improvements | $ 8,144 | |||
Building / Construction in Progress & Improvements | 52,184 | |||
Costs Subsequent to Acquisition / Construction | 1,691 | |||
Total Cost | ||||
Land | 8,144 | |||
Building / Construction in Progress & Improvements | 53,875 | |||
Total | 62,019 | |||
Accumulated Depreciation | 14,899 | |||
Total Cost, Net of Accumulated Depreciation | 47,120 | 48,460 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Blue Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 276 | |||
Initial Cost | ||||
Land and improvements | $ 11,110 | |||
Building / Construction in Progress & Improvements | 34,580 | |||
Costs Subsequent to Acquisition / Construction | 1,549 | |||
Total Cost | ||||
Land | 11,110 | |||
Building / Construction in Progress & Improvements | 36,129 | |||
Total | 47,239 | |||
Accumulated Depreciation | 10,781 | |||
Total Cost, Net of Accumulated Depreciation | 36,458 | 37,314 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Cohasset [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 220 | |||
Initial Cost | ||||
Land and improvements | $ 8,802 | |||
Building / Construction in Progress & Improvements | 46,166 | |||
Costs Subsequent to Acquisition / Construction | 259 | |||
Total Cost | ||||
Land | 8,802 | |||
Building / Construction in Progress & Improvements | 46,425 | |||
Total | 55,227 | |||
Accumulated Depreciation | 9,890 | |||
Total Cost, Net of Accumulated Depreciation | 45,337 | 46,935 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Andover [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 115 | |||
Initial Cost | ||||
Land and improvements | $ 4,276 | |||
Building / Construction in Progress & Improvements | 21,871 | |||
Costs Subsequent to Acquisition / Construction | 210 | |||
Total Cost | ||||
Land | 4,276 | |||
Building / Construction in Progress & Improvements | 22,081 | |||
Total | 26,357 | |||
Accumulated Depreciation | 4,527 | |||
Total Cost, Net of Accumulated Depreciation | 21,830 | 22,625 | ||
Encumbrances | $ 13,498 | |||
Current Communities | Avalon Exeter [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 187 | |||
Initial Cost | ||||
Land and improvements | $ 16,313 | |||
Building / Construction in Progress & Improvements | 110,028 | |||
Costs Subsequent to Acquisition / Construction | 214 | |||
Total Cost | ||||
Land | 16,313 | |||
Building / Construction in Progress & Improvements | 110,242 | |||
Total | 126,555 | |||
Accumulated Depreciation | 13,672 | |||
Total Cost, Net of Accumulated Depreciation | 112,883 | 116,744 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Natick [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 407 | |||
Initial Cost | ||||
Land and improvements | $ 15,645 | |||
Building / Construction in Progress & Improvements | 64,845 | |||
Costs Subsequent to Acquisition / Construction | 34 | |||
Total Cost | ||||
Land | 15,645 | |||
Building / Construction in Progress & Improvements | 64,879 | |||
Total | 80,524 | |||
Accumulated Depreciation | 10,430 | |||
Total Cost, Net of Accumulated Depreciation | 70,094 | 72,419 | ||
Encumbrances | $ 48,870 | |||
Current Communities | Avalon at Assembly Row [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 195 | |||
Initial Cost | ||||
Land and improvements | $ 8,599 | |||
Building / Construction in Progress & Improvements | 52,494 | |||
Costs Subsequent to Acquisition / Construction | 26 | |||
Total Cost | ||||
Land | 8,599 | |||
Building / Construction in Progress & Improvements | 52,520 | |||
Total | 61,119 | |||
Accumulated Depreciation | 6,780 | |||
Total Cost, Net of Accumulated Depreciation | 54,339 | 56,030 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Somerville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 10,945 | |||
Building / Construction in Progress & Improvements | 56,470 | |||
Costs Subsequent to Acquisition / Construction | 12 | |||
Total Cost | ||||
Land | 10,945 | |||
Building / Construction in Progress & Improvements | 56,482 | |||
Total | 67,427 | |||
Accumulated Depreciation | 6,208 | |||
Total Cost, Net of Accumulated Depreciation | 61,219 | 63,066 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Prudential Center I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 243 | |||
Initial Cost | ||||
Land and improvements | $ 8,002 | |||
Building / Construction in Progress & Improvements | 32,370 | |||
Costs Subsequent to Acquisition / Construction | 38,384 | |||
Total Cost | ||||
Land | 8,002 | |||
Building / Construction in Progress & Improvements | 70,754 | |||
Total | 78,756 | |||
Accumulated Depreciation | 28,947 | |||
Total Cost, Net of Accumulated Depreciation | 49,809 | 47,586 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Burlington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 7,714 | |||
Building / Construction in Progress & Improvements | 32,499 | |||
Costs Subsequent to Acquisition / Construction | 6,512 | |||
Total Cost | ||||
Land | 7,714 | |||
Building / Construction in Progress & Improvements | 39,011 | |||
Total | 46,725 | |||
Accumulated Depreciation | 6,538 | |||
Total Cost, Net of Accumulated Depreciation | 40,187 | 41,107 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Canton at Blue Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 196 | |||
Initial Cost | ||||
Land and improvements | $ 6,562 | |||
Building / Construction in Progress & Improvements | 33,956 | |||
Costs Subsequent to Acquisition / Construction | 132 | |||
Total Cost | ||||
Land | 6,562 | |||
Building / Construction in Progress & Improvements | 34,088 | |||
Total | 40,650 | |||
Accumulated Depreciation | 4,503 | |||
Total Cost, Net of Accumulated Depreciation | 36,147 | 37,391 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burlington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 312 | |||
Initial Cost | ||||
Land and improvements | $ 15,600 | |||
Building / Construction in Progress & Improvements | 58,499 | |||
Costs Subsequent to Acquisition / Construction | 18,176 | |||
Total Cost | ||||
Land | 15,600 | |||
Building / Construction in Progress & Improvements | 76,675 | |||
Total | 92,275 | |||
Accumulated Depreciation | 13,196 | |||
Total Cost, Net of Accumulated Depreciation | 79,079 | 81,135 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves North Quincy [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 224 | |||
Initial Cost | ||||
Land and improvements | $ 11,940 | |||
Building / Construction in Progress & Improvements | 39,400 | |||
Costs Subsequent to Acquisition / Construction | 3,544 | |||
Total Cost | ||||
Land | 11,940 | |||
Building / Construction in Progress & Improvements | 42,944 | |||
Total | 54,884 | |||
Accumulated Depreciation | 9,297 | |||
Total Cost, Net of Accumulated Depreciation | 45,587 | 46,492 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Center Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 225 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 26,816 | |||
Costs Subsequent to Acquisition / Construction | 13,271 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 40,087 | |||
Total | 40,087 | |||
Accumulated Depreciation | 24,342 | |||
Total Cost, Net of Accumulated Depreciation | 15,745 | 15,575 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Stamford [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 238 | |||
Initial Cost | ||||
Land and improvements | $ 5,956 | |||
Building / Construction in Progress & Improvements | 23,993 | |||
Costs Subsequent to Acquisition / Construction | 13,117 | |||
Total Cost | ||||
Land | 5,956 | |||
Building / Construction in Progress & Improvements | 37,110 | |||
Total | 43,066 | |||
Accumulated Depreciation | 24,215 | |||
Total Cost, Net of Accumulated Depreciation | 18,851 | 20,058 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilton on River Rd [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 102 | |||
Initial Cost | ||||
Land and improvements | $ 2,116 | |||
Building / Construction in Progress & Improvements | 14,664 | |||
Costs Subsequent to Acquisition / Construction | 6,422 | |||
Total Cost | ||||
Land | 2,116 | |||
Building / Construction in Progress & Improvements | 21,086 | |||
Total | 23,202 | |||
Accumulated Depreciation | 12,077 | |||
Total Cost, Net of Accumulated Depreciation | 11,125 | 11,314 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon New Canaan [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 104 | |||
Initial Cost | ||||
Land and improvements | $ 4,834 | |||
Building / Construction in Progress & Improvements | 22,990 | |||
Costs Subsequent to Acquisition / Construction | 2,163 | |||
Total Cost | ||||
Land | 4,834 | |||
Building / Construction in Progress & Improvements | 25,153 | |||
Total | 29,987 | |||
Accumulated Depreciation | 13,192 | |||
Total Cost, Net of Accumulated Depreciation | 16,795 | 17,589 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Stamford [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 306 | |||
Initial Cost | ||||
Land and improvements | $ 13,819 | |||
Building / Construction in Progress & Improvements | 56,499 | |||
Costs Subsequent to Acquisition / Construction | 5,887 | |||
Total Cost | ||||
Land | 13,819 | |||
Building / Construction in Progress & Improvements | 62,386 | |||
Total | 76,205 | |||
Accumulated Depreciation | 32,700 | |||
Total Cost, Net of Accumulated Depreciation | 43,505 | 45,461 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Darien [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 189 | |||
Initial Cost | ||||
Land and improvements | $ 6,926 | |||
Building / Construction in Progress & Improvements | 34,558 | |||
Costs Subsequent to Acquisition / Construction | 2,734 | |||
Total Cost | ||||
Land | 6,926 | |||
Building / Construction in Progress & Improvements | 37,292 | |||
Total | 44,218 | |||
Accumulated Depreciation | 18,089 | |||
Total Cost, Net of Accumulated Depreciation | 26,129 | 27,188 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Norwalk [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 311 | |||
Initial Cost | ||||
Land and improvements | $ 11,320 | |||
Building / Construction in Progress & Improvements | 62,904 | |||
Costs Subsequent to Acquisition / Construction | 887 | |||
Total Cost | ||||
Land | 11,320 | |||
Building / Construction in Progress & Improvements | 63,791 | |||
Total | 75,111 | |||
Accumulated Depreciation | 16,187 | |||
Total Cost, Net of Accumulated Depreciation | 58,924 | 60,986 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilton on Danbury Rd [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 100 | |||
Initial Cost | ||||
Land and improvements | $ 6,604 | |||
Building / Construction in Progress & Improvements | 23,758 | |||
Costs Subsequent to Acquisition / Construction | 150 | |||
Total Cost | ||||
Land | 6,604 | |||
Building / Construction in Progress & Improvements | 23,908 | |||
Total | 30,512 | |||
Accumulated Depreciation | 5,573 | |||
Total Cost, Net of Accumulated Depreciation | 24,939 | 25,681 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Shelton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 7,749 | |||
Building / Construction in Progress & Improvements | 40,264 | |||
Costs Subsequent to Acquisition / Construction | 88 | |||
Total Cost | ||||
Land | 7,749 | |||
Building / Construction in Progress & Improvements | 40,352 | |||
Total | 48,101 | |||
Accumulated Depreciation | 6,697 | |||
Total Cost, Net of Accumulated Depreciation | 41,404 | 42,826 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon East Norwalk [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 10,395 | |||
Building / Construction in Progress & Improvements | 36,245 | |||
Costs Subsequent to Acquisition / Construction | 119 | |||
Total Cost | ||||
Land | 10,395 | |||
Building / Construction in Progress & Improvements | 36,364 | |||
Total | 46,759 | |||
Accumulated Depreciation | 5,670 | |||
Total Cost, Net of Accumulated Depreciation | 41,089 | 42,317 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Stratford [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 130 | |||
Initial Cost | ||||
Land and improvements | $ 2,564 | |||
Building / Construction in Progress & Improvements | 27,157 | |||
Costs Subsequent to Acquisition / Construction | 33 | |||
Total Cost | ||||
Land | 2,564 | |||
Building / Construction in Progress & Improvements | 27,190 | |||
Total | 29,754 | |||
Accumulated Depreciation | 3,274 | |||
Total Cost, Net of Accumulated Depreciation | 26,480 | 27,424 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 372 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 94,061 | |||
Costs Subsequent to Acquisition / Construction | 9,867 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 103,928 | |||
Total | 103,928 | |||
Accumulated Depreciation | 52,510 | |||
Total Cost, Net of Accumulated Depreciation | 51,418 | 54,912 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bowery Place I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 206 | |||
Initial Cost | ||||
Land and improvements | $ 18,575 | |||
Building / Construction in Progress & Improvements | 75,009 | |||
Costs Subsequent to Acquisition / Construction | 2,890 | |||
Total Cost | ||||
Land | 18,575 | |||
Building / Construction in Progress & Improvements | 77,899 | |||
Total | 96,474 | |||
Accumulated Depreciation | 30,174 | |||
Total Cost, Net of Accumulated Depreciation | 66,300 | 68,882 | ||
Encumbrances | $ 93,800 | |||
Current Communities | Avalon Bowery Place II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 90 | |||
Initial Cost | ||||
Land and improvements | $ 9,106 | |||
Building / Construction in Progress & Improvements | 47,199 | |||
Costs Subsequent to Acquisition / Construction | 3,811 | |||
Total Cost | ||||
Land | 9,106 | |||
Building / Construction in Progress & Improvements | 51,010 | |||
Total | 60,116 | |||
Accumulated Depreciation | 17,750 | |||
Total Cost, Net of Accumulated Depreciation | 42,366 | 44,607 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Morningside Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 295 | |||
Initial Cost | ||||
Land and improvements | $ 95,465 | |||
Building / Construction in Progress & Improvements | 114,233 | |||
Costs Subsequent to Acquisition / Construction | 1,580 | |||
Total Cost | ||||
Land | 95,465 | |||
Building / Construction in Progress & Improvements | 115,813 | |||
Total | 211,278 | |||
Accumulated Depreciation | 36,625 | |||
Total Cost, Net of Accumulated Depreciation | 174,653 | 83,027 | ||
Encumbrances | $ 100,000 | |||
Current Communities | Avalon Fort Greene [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 631 | |||
Initial Cost | ||||
Land and improvements | $ 83,038 | |||
Building / Construction in Progress & Improvements | 216,802 | |||
Costs Subsequent to Acquisition / Construction | 2,052 | |||
Total Cost | ||||
Land | 83,038 | |||
Building / Construction in Progress & Improvements | 218,854 | |||
Total | 301,892 | |||
Accumulated Depreciation | 57,941 | |||
Total Cost, Net of Accumulated Depreciation | 243,951 | 251,213 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Chelsea [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 305 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 119,882 | |||
Costs Subsequent to Acquisition / Construction | 243 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 120,125 | |||
Total | 120,125 | |||
Accumulated Depreciation | 13,643 | |||
Total Cost, Net of Accumulated Depreciation | 106,482 | 102,820 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA High Line [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 405 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 159,187 | |||
Costs Subsequent to Acquisition / Construction | 33 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 159,220 | |||
Total | 159,220 | |||
Accumulated Depreciation | 20,451 | |||
Total Cost, Net of Accumulated Depreciation | 138,769 | 152,127 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Clinton North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 339 | |||
Initial Cost | ||||
Land and improvements | $ 84,069 | |||
Building / Construction in Progress & Improvements | 105,821 | |||
Costs Subsequent to Acquisition / Construction | 11,529 | |||
Total Cost | ||||
Land | 84,069 | |||
Building / Construction in Progress & Improvements | 117,350 | |||
Total | 201,419 | |||
Accumulated Depreciation | 23,412 | |||
Total Cost, Net of Accumulated Depreciation | 178,007 | 180,740 | ||
Encumbrances | $ 147,000 | |||
Current Communities | Avalon Clinton South [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 71,421 | |||
Building / Construction in Progress & Improvements | 89,851 | |||
Costs Subsequent to Acquisition / Construction | 6,181 | |||
Total Cost | ||||
Land | 71,421 | |||
Building / Construction in Progress & Improvements | 96,032 | |||
Total | 167,453 | |||
Accumulated Depreciation | 20,089 | |||
Total Cost, Net of Accumulated Depreciation | 147,364 | 150,330 | ||
Encumbrances | $ 121,500 | |||
Current Communities | Avalon Commons [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 312 | |||
Initial Cost | ||||
Land and improvements | $ 4,679 | |||
Building / Construction in Progress & Improvements | 28,286 | |||
Costs Subsequent to Acquisition / Construction | 6,335 | |||
Total Cost | ||||
Land | 4,679 | |||
Building / Construction in Progress & Improvements | 34,621 | |||
Total | 39,300 | |||
Accumulated Depreciation | 22,581 | |||
Total Cost, Net of Accumulated Depreciation | 16,719 | 17,712 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 105 | |||
Initial Cost | ||||
Land and improvements | $ 1,820 | |||
Building / Construction in Progress & Improvements | 10,525 | |||
Costs Subsequent to Acquisition / Construction | 7,522 | |||
Total Cost | ||||
Land | 1,820 | |||
Building / Construction in Progress & Improvements | 18,047 | |||
Total | 19,867 | |||
Accumulated Depreciation | 9,870 | |||
Total Cost, Net of Accumulated Depreciation | 9,997 | 10,633 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Court [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 494 | |||
Initial Cost | ||||
Land and improvements | $ 9,228 | |||
Building / Construction in Progress & Improvements | 50,063 | |||
Costs Subsequent to Acquisition / Construction | 6,681 | |||
Total Cost | ||||
Land | 9,228 | |||
Building / Construction in Progress & Improvements | 56,744 | |||
Total | 65,972 | |||
Accumulated Depreciation | 35,091 | |||
Total Cost, Net of Accumulated Depreciation | 30,881 | 32,294 | ||
Encumbrances | $ 0 | |||
Current Communities | The Avalon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 110 | |||
Initial Cost | ||||
Land and improvements | $ 2,889 | |||
Building / Construction in Progress & Improvements | 28,324 | |||
Costs Subsequent to Acquisition / Construction | 8,661 | |||
Total Cost | ||||
Land | 2,889 | |||
Building / Construction in Progress & Improvements | 36,985 | |||
Total | 39,874 | |||
Accumulated Depreciation | 19,772 | |||
Total Cost, Net of Accumulated Depreciation | 20,102 | 21,064 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Glen Cove [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 256 | |||
Initial Cost | ||||
Land and improvements | $ 7,871 | |||
Building / Construction in Progress & Improvements | 59,969 | |||
Costs Subsequent to Acquisition / Construction | 4,245 | |||
Total Cost | ||||
Land | 7,871 | |||
Building / Construction in Progress & Improvements | 64,214 | |||
Total | 72,085 | |||
Accumulated Depreciation | 28,810 | |||
Total Cost, Net of Accumulated Depreciation | 43,275 | 44,881 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glen Cove North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 111 | |||
Initial Cost | ||||
Land and improvements | $ 2,577 | |||
Building / Construction in Progress & Improvements | 37,336 | |||
Costs Subsequent to Acquisition / Construction | 531 | |||
Total Cost | ||||
Land | 2,577 | |||
Building / Construction in Progress & Improvements | 37,867 | |||
Total | 40,444 | |||
Accumulated Depreciation | 13,875 | |||
Total Cost, Net of Accumulated Depreciation | 26,569 | 27,768 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon White Plains [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 407 | |||
Initial Cost | ||||
Land and improvements | $ 15,391 | |||
Building / Construction in Progress & Improvements | 137,353 | |||
Costs Subsequent to Acquisition / Construction | 996 | |||
Total Cost | ||||
Land | 15,391 | |||
Building / Construction in Progress & Improvements | 138,349 | |||
Total | 153,740 | |||
Accumulated Depreciation | 41,499 | |||
Total Cost, Net of Accumulated Depreciation | 112,241 | 116,188 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 349 | |||
Initial Cost | ||||
Land and improvements | $ 32,212 | |||
Building / Construction in Progress & Improvements | 78,806 | |||
Costs Subsequent to Acquisition / Construction | 1,013 | |||
Total Cost | ||||
Land | 32,212 | |||
Building / Construction in Progress & Improvements | 79,819 | |||
Total | 112,031 | |||
Accumulated Depreciation | 17,284 | |||
Total Cost, Net of Accumulated Depreciation | 94,747 | 97,195 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 444 | |||
Initial Cost | ||||
Land and improvements | $ 27,765 | |||
Building / Construction in Progress & Improvements | 77,560 | |||
Costs Subsequent to Acquisition / Construction | 223 | |||
Total Cost | ||||
Land | 27,765 | |||
Building / Construction in Progress & Improvements | 77,783 | |||
Total | 105,548 | |||
Accumulated Depreciation | 15,714 | |||
Total Cost, Net of Accumulated Depreciation | 89,834 | 92,537 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Garden City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 18,205 | |||
Building / Construction in Progress & Improvements | 49,326 | |||
Costs Subsequent to Acquisition / Construction | 416 | |||
Total Cost | ||||
Land | 18,205 | |||
Building / Construction in Progress & Improvements | 49,742 | |||
Total | 67,947 | |||
Accumulated Depreciation | 9,436 | |||
Total Cost, Net of Accumulated Depreciation | 58,511 | 60,173 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ossining [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 6,392 | |||
Building / Construction in Progress & Improvements | 30,313 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 6,392 | |||
Building / Construction in Progress & Improvements | 30,313 | |||
Total | 36,705 | |||
Accumulated Depreciation | 4,078 | |||
Total Cost, Net of Accumulated Depreciation | 32,627 | 33,734 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 303 | |||
Initial Cost | ||||
Land and improvements | $ 21,898 | |||
Building / Construction in Progress & Improvements | 58,457 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 21,898 | |||
Building / Construction in Progress & Improvements | 58,457 | |||
Total | 80,355 | |||
Accumulated Depreciation | 7,224 | |||
Total Cost, Net of Accumulated Depreciation | 73,131 | 75,462 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Westbury [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 396 | |||
Initial Cost | ||||
Land and improvements | $ 69,620 | |||
Building / Construction in Progress & Improvements | 43,781 | |||
Costs Subsequent to Acquisition / Construction | 10,941 | |||
Total Cost | ||||
Land | 69,620 | |||
Building / Construction in Progress & Improvements | 54,722 | |||
Total | 124,342 | |||
Accumulated Depreciation | 15,286 | |||
Total Cost, Net of Accumulated Depreciation | 109,056 | 110,752 | ||
Encumbrances | $ 78,650 | |||
Current Communities | Avalon Cove [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 504 | |||
Initial Cost | ||||
Land and improvements | $ 8,760 | |||
Building / Construction in Progress & Improvements | 82,422 | |||
Costs Subsequent to Acquisition / Construction | 22,967 | |||
Total Cost | ||||
Land | 8,760 | |||
Building / Construction in Progress & Improvements | 105,389 | |||
Total | 114,149 | |||
Accumulated Depreciation | 64,885 | |||
Total Cost, Net of Accumulated Depreciation | 49,264 | 51,954 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Lawrenceville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 632 | |||
Initial Cost | ||||
Land and improvements | $ 14,650 | |||
Building / Construction in Progress & Improvements | 60,486 | |||
Costs Subsequent to Acquisition / Construction | 11,899 | |||
Total Cost | ||||
Land | 14,650 | |||
Building / Construction in Progress & Improvements | 72,385 | |||
Total | 87,035 | |||
Accumulated Depreciation | 32,099 | |||
Total Cost, Net of Accumulated Depreciation | 54,936 | 57,334 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Princeton Junction [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 512 | |||
Initial Cost | ||||
Land and improvements | $ 5,585 | |||
Building / Construction in Progress & Improvements | 22,382 | |||
Costs Subsequent to Acquisition / Construction | 21,675 | |||
Total Cost | ||||
Land | 5,585 | |||
Building / Construction in Progress & Improvements | 44,057 | |||
Total | 49,642 | |||
Accumulated Depreciation | 26,010 | |||
Total Cost, Net of Accumulated Depreciation | 23,632 | 24,587 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Tinton Falls [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 216 | |||
Initial Cost | ||||
Land and improvements | $ 7,939 | |||
Building / Construction in Progress & Improvements | 33,170 | |||
Costs Subsequent to Acquisition / Construction | 520 | |||
Total Cost | ||||
Land | 7,939 | |||
Building / Construction in Progress & Improvements | 33,690 | |||
Total | 41,629 | |||
Accumulated Depreciation | 11,225 | |||
Total Cost, Net of Accumulated Depreciation | 30,404 | 31,528 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Long Branch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 2,721 | |||
Building / Construction in Progress & Improvements | 22,925 | |||
Costs Subsequent to Acquisition / Construction | 136 | |||
Total Cost | ||||
Land | 2,721 | |||
Building / Construction in Progress & Improvements | 23,061 | |||
Total | 25,782 | |||
Accumulated Depreciation | 6,054 | |||
Total Cost, Net of Accumulated Depreciation | 19,728 | 20,549 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Bergen [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 164 | |||
Initial Cost | ||||
Land and improvements | $ 8,984 | |||
Building / Construction in Progress & Improvements | 30,994 | |||
Costs Subsequent to Acquisition / Construction | 949 | |||
Total Cost | ||||
Land | 8,984 | |||
Building / Construction in Progress & Improvements | 31,943 | |||
Total | 40,927 | |||
Accumulated Depreciation | 6,495 | |||
Total Cost, Net of Accumulated Depreciation | 34,432 | 35,686 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 266 | |||
Initial Cost | ||||
Land and improvements | $ 14,682 | |||
Building / Construction in Progress & Improvements | 41,635 | |||
Costs Subsequent to Acquisition / Construction | 1,101 | |||
Total Cost | ||||
Land | 14,682 | |||
Building / Construction in Progress & Improvements | 42,736 | |||
Total | 57,418 | |||
Accumulated Depreciation | 8,365 | |||
Total Cost, Net of Accumulated Depreciation | 49,053 | 49,991 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hackensack at Riverside [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 226 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 44,619 | |||
Costs Subsequent to Acquisition / Construction | 128 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 44,747 | |||
Total | 44,747 | |||
Accumulated Depreciation | 7,140 | |||
Total Cost, Net of Accumulated Depreciation | 37,607 | 39,099 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Somerset [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 384 | |||
Initial Cost | ||||
Land and improvements | $ 18,241 | |||
Building / Construction in Progress & Improvements | 58,338 | |||
Costs Subsequent to Acquisition / Construction | 226 | |||
Total Cost | ||||
Land | 18,241 | |||
Building / Construction in Progress & Improvements | 58,564 | |||
Total | 76,805 | |||
Accumulated Depreciation | 9,817 | |||
Total Cost, Net of Accumulated Depreciation | 66,988 | 69,023 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 140 | |||
Initial Cost | ||||
Land and improvements | $ 6,502 | |||
Building / Construction in Progress & Improvements | 16,865 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 6,502 | |||
Building / Construction in Progress & Improvements | 16,865 | |||
Total | 23,367 | |||
Accumulated Depreciation | 2,865 | |||
Total Cost, Net of Accumulated Depreciation | 20,502 | 21,131 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomingdale [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 174 | |||
Initial Cost | ||||
Land and improvements | $ 3,006 | |||
Building / Construction in Progress & Improvements | 27,801 | |||
Costs Subsequent to Acquisition / Construction | 71 | |||
Total Cost | ||||
Land | 3,006 | |||
Building / Construction in Progress & Improvements | 27,872 | |||
Total | 30,878 | |||
Accumulated Depreciation | 4,119 | |||
Total Cost, Net of Accumulated Depreciation | 26,759 | 27,635 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wharton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 247 | |||
Initial Cost | ||||
Land and improvements | $ 2,273 | |||
Building / Construction in Progress & Improvements | 48,609 | |||
Costs Subsequent to Acquisition / Construction | 98 | |||
Total Cost | ||||
Land | 2,273 | |||
Building / Construction in Progress & Improvements | 48,707 | |||
Total | 50,980 | |||
Accumulated Depreciation | 5,167 | |||
Total Cost, Net of Accumulated Depreciation | 45,813 | 47,455 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Roseland [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 136 | |||
Initial Cost | ||||
Land and improvements | $ 11,288 | |||
Building / Construction in Progress & Improvements | 34,928 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 11,288 | |||
Building / Construction in Progress & Improvements | 34,928 | |||
Total | 46,216 | |||
Accumulated Depreciation | 3,260 | |||
Total Cost, Net of Accumulated Depreciation | 42,956 | 44,078 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Foxhall [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 308 | |||
Initial Cost | ||||
Land and improvements | $ 6,848 | |||
Building / Construction in Progress & Improvements | 27,614 | |||
Costs Subsequent to Acquisition / Construction | 15,456 | |||
Total Cost | ||||
Land | 6,848 | |||
Building / Construction in Progress & Improvements | 43,070 | |||
Total | 49,918 | |||
Accumulated Depreciation | 29,439 | |||
Total Cost, Net of Accumulated Depreciation | 20,479 | 20,360 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Gallery Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 8,800 | |||
Building / Construction in Progress & Improvements | 39,658 | |||
Costs Subsequent to Acquisition / Construction | 2,167 | |||
Total Cost | ||||
Land | 8,800 | |||
Building / Construction in Progress & Improvements | 41,825 | |||
Total | 50,625 | |||
Accumulated Depreciation | 21,005 | |||
Total Cost, Net of Accumulated Depreciation | 29,620 | 31,047 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA H Street [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 138 | |||
Initial Cost | ||||
Land and improvements | $ 7,425 | |||
Building / Construction in Progress & Improvements | 25,282 | |||
Costs Subsequent to Acquisition / Construction | 44 | |||
Total Cost | ||||
Land | 7,425 | |||
Building / Construction in Progress & Improvements | 25,326 | |||
Total | 32,751 | |||
Accumulated Depreciation | 4,717 | |||
Total Cost, Net of Accumulated Depreciation | 28,034 | 28,998 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon The Albemarle [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 231 | |||
Initial Cost | ||||
Land and improvements | $ 25,140 | |||
Building / Construction in Progress & Improvements | 52,459 | |||
Costs Subsequent to Acquisition / Construction | 6,592 | |||
Total Cost | ||||
Land | 25,140 | |||
Building / Construction in Progress & Improvements | 59,051 | |||
Total | 84,191 | |||
Accumulated Depreciation | 12,774 | |||
Total Cost, Net of Accumulated Depreciation | 71,417 | 72,134 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Tunlaw Gardens [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 16,430 | |||
Building / Construction in Progress & Improvements | 22,902 | |||
Costs Subsequent to Acquisition / Construction | 2,344 | |||
Total Cost | ||||
Land | 16,430 | |||
Building / Construction in Progress & Improvements | 25,246 | |||
Total | 41,676 | |||
Accumulated Depreciation | 5,727 | |||
Total Cost, Net of Accumulated Depreciation | 35,949 | 36,751 | ||
Encumbrances | $ 0 | |||
Current Communities | The Statesman [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 281 | |||
Initial Cost | ||||
Land and improvements | $ 38,140 | |||
Building / Construction in Progress & Improvements | 35,352 | |||
Costs Subsequent to Acquisition / Construction | 4,111 | |||
Total Cost | ||||
Land | 38,140 | |||
Building / Construction in Progress & Improvements | 39,463 | |||
Total | 77,603 | |||
Accumulated Depreciation | 9,916 | |||
Total Cost, Net of Accumulated Depreciation | 67,687 | 68,834 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Glover Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 9,580 | |||
Building / Construction in Progress & Improvements | 26,532 | |||
Costs Subsequent to Acquisition / Construction | 2,408 | |||
Total Cost | ||||
Land | 9,580 | |||
Building / Construction in Progress & Improvements | 28,940 | |||
Total | 38,520 | |||
Accumulated Depreciation | 6,575 | |||
Total Cost, Net of Accumulated Depreciation | 31,945 | 32,944 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon First and M [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 469 | |||
Initial Cost | ||||
Land and improvements | $ 43,700 | |||
Building / Construction in Progress & Improvements | 153,950 | |||
Costs Subsequent to Acquisition / Construction | 3,195 | |||
Total Cost | ||||
Land | 43,700 | |||
Building / Construction in Progress & Improvements | 157,145 | |||
Total | 200,845 | |||
Accumulated Depreciation | 28,554 | |||
Total Cost, Net of Accumulated Depreciation | 172,291 | 177,621 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Fairway Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 720 | |||
Initial Cost | ||||
Land and improvements | $ 8,603 | |||
Building / Construction in Progress & Improvements | 34,432 | |||
Costs Subsequent to Acquisition / Construction | 16,302 | |||
Total Cost | ||||
Land | 8,603 | |||
Building / Construction in Progress & Improvements | 50,734 | |||
Total | 59,337 | |||
Accumulated Depreciation | 33,393 | |||
Total Cost, Net of Accumulated Depreciation | 25,944 | 27,384 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Washingtonian Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 4,047 | |||
Building / Construction in Progress & Improvements | 18,553 | |||
Costs Subsequent to Acquisition / Construction | 2,784 | |||
Total Cost | ||||
Land | 4,047 | |||
Building / Construction in Progress & Improvements | 21,337 | |||
Total | 25,384 | |||
Accumulated Depreciation | 14,268 | |||
Total Cost, Net of Accumulated Depreciation | 11,116 | 11,258 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Columbia Town Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 392 | |||
Initial Cost | ||||
Land and improvements | $ 8,802 | |||
Building / Construction in Progress & Improvements | 35,536 | |||
Costs Subsequent to Acquisition / Construction | 12,155 | |||
Total Cost | ||||
Land | 8,802 | |||
Building / Construction in Progress & Improvements | 47,691 | |||
Total | 56,493 | |||
Accumulated Depreciation | 20,971 | |||
Total Cost, Net of Accumulated Depreciation | 35,522 | 36,814 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Grosvenor Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 497 | |||
Initial Cost | ||||
Land and improvements | $ 29,159 | |||
Building / Construction in Progress & Improvements | 52,993 | |||
Costs Subsequent to Acquisition / Construction | 2,642 | |||
Total Cost | ||||
Land | 29,159 | |||
Building / Construction in Progress & Improvements | 55,635 | |||
Total | 84,794 | |||
Accumulated Depreciation | 27,043 | |||
Total Cost, Net of Accumulated Depreciation | 57,751 | 59,405 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Traville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 520 | |||
Initial Cost | ||||
Land and improvements | $ 14,365 | |||
Building / Construction in Progress & Improvements | 55,398 | |||
Costs Subsequent to Acquisition / Construction | 4,155 | |||
Total Cost | ||||
Land | 14,365 | |||
Building / Construction in Progress & Improvements | 59,553 | |||
Total | 73,918 | |||
Accumulated Depreciation | 27,917 | |||
Total Cost, Net of Accumulated Depreciation | 46,001 | 48,065 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Russett [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 238 | |||
Initial Cost | ||||
Land and improvements | $ 10,200 | |||
Building / Construction in Progress & Improvements | 47,524 | |||
Costs Subsequent to Acquisition / Construction | 3,220 | |||
Total Cost | ||||
Land | 10,200 | |||
Building / Construction in Progress & Improvements | 50,744 | |||
Total | 60,944 | |||
Accumulated Depreciation | 11,037 | |||
Total Cost, Net of Accumulated Depreciation | 49,907 | 51,425 | ||
Encumbrances | $ 32,200 | |||
Current Communities | Eaves Fair Lakes [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 420 | |||
Initial Cost | ||||
Land and improvements | $ 6,096 | |||
Building / Construction in Progress & Improvements | 24,400 | |||
Costs Subsequent to Acquisition / Construction | 8,904 | |||
Total Cost | ||||
Land | 6,096 | |||
Building / Construction in Progress & Improvements | 33,304 | |||
Total | 39,400 | |||
Accumulated Depreciation | 21,265 | |||
Total Cost, Net of Accumulated Depreciation | 18,135 | 18,986 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Ballston [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 344 | |||
Initial Cost | ||||
Land and improvements | $ 7,291 | |||
Building / Construction in Progress & Improvements | 29,177 | |||
Costs Subsequent to Acquisition / Construction | 16,302 | |||
Total Cost | ||||
Land | 7,291 | |||
Building / Construction in Progress & Improvements | 45,479 | |||
Total | 52,770 | |||
Accumulated Depreciation | 29,144 | |||
Total Cost, Net of Accumulated Depreciation | 23,626 | 25,196 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Tysons Corner [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 558 | |||
Initial Cost | ||||
Land and improvements | $ 13,851 | |||
Building / Construction in Progress & Improvements | 43,397 | |||
Costs Subsequent to Acquisition / Construction | 12,788 | |||
Total Cost | ||||
Land | 13,851 | |||
Building / Construction in Progress & Improvements | 56,185 | |||
Total | 70,036 | |||
Accumulated Depreciation | 32,826 | |||
Total Cost, Net of Accumulated Depreciation | 37,210 | 38,956 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Park Crest [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 354 | |||
Initial Cost | ||||
Land and improvements | $ 13,554 | |||
Building / Construction in Progress & Improvements | 63,526 | |||
Costs Subsequent to Acquisition / Construction | 274 | |||
Total Cost | ||||
Land | 13,554 | |||
Building / Construction in Progress & Improvements | 63,800 | |||
Total | 77,354 | |||
Accumulated Depreciation | 11,932 | |||
Total Cost, Net of Accumulated Depreciation | 65,422 | 67,595 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fairfax Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 415 | |||
Initial Cost | ||||
Land and improvements | $ 17,889 | |||
Building / Construction in Progress & Improvements | 74,727 | |||
Costs Subsequent to Acquisition / Construction | 4,446 | |||
Total Cost | ||||
Land | 17,889 | |||
Building / Construction in Progress & Improvements | 79,173 | |||
Total | 97,062 | |||
Accumulated Depreciation | 18,433 | |||
Total Cost, Net of Accumulated Depreciation | 78,629 | 79,263 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mosaic [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 531 | |||
Initial Cost | ||||
Land and improvements | $ 33,490 | |||
Building / Construction in Progress & Improvements | 75,802 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 33,490 | |||
Building / Construction in Progress & Improvements | 75,802 | |||
Total | 109,292 | |||
Accumulated Depreciation | 10,461 | |||
Total Cost, Net of Accumulated Depreciation | 98,831 | 101,637 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ballston Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 383 | |||
Initial Cost | ||||
Land and improvements | $ 38,490 | |||
Building / Construction in Progress & Improvements | 123,645 | |||
Costs Subsequent to Acquisition / Construction | 5,049 | |||
Total Cost | ||||
Land | 38,490 | |||
Building / Construction in Progress & Improvements | 128,694 | |||
Total | 167,184 | |||
Accumulated Depreciation | 24,830 | |||
Total Cost, Net of Accumulated Depreciation | 142,354 | 146,479 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Tysons Corner [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 217 | |||
Initial Cost | ||||
Land and improvements | $ 16,030 | |||
Building / Construction in Progress & Improvements | 45,420 | |||
Costs Subsequent to Acquisition / Construction | 2,967 | |||
Total Cost | ||||
Land | 16,030 | |||
Building / Construction in Progress & Improvements | 48,387 | |||
Total | 64,417 | |||
Accumulated Depreciation | 11,140 | |||
Total Cost, Net of Accumulated Depreciation | 53,277 | 54,923 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Courthouse Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 564 | |||
Initial Cost | ||||
Land and improvements | $ 56,550 | |||
Building / Construction in Progress & Improvements | 178,032 | |||
Costs Subsequent to Acquisition / Construction | 10,254 | |||
Total Cost | ||||
Land | 56,550 | |||
Building / Construction in Progress & Improvements | 188,286 | |||
Total | 244,836 | |||
Accumulated Depreciation | 37,860 | |||
Total Cost, Net of Accumulated Depreciation | 206,976 | 213,114 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arlington North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 228 | |||
Initial Cost | ||||
Land and improvements | $ 21,600 | |||
Building / Construction in Progress & Improvements | 59,076 | |||
Costs Subsequent to Acquisition / Construction | 34 | |||
Total Cost | ||||
Land | 21,600 | |||
Building / Construction in Progress & Improvements | 59,110 | |||
Total | 80,710 | |||
Accumulated Depreciation | 7,797 | |||
Total Cost, Net of Accumulated Depreciation | 72,913 | 74,995 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Reston Landing [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 400 | |||
Initial Cost | ||||
Land and improvements | $ 26,710 | |||
Building / Construction in Progress & Improvements | 83,084 | |||
Costs Subsequent to Acquisition / Construction | 6,212 | |||
Total Cost | ||||
Land | 26,710 | |||
Building / Construction in Progress & Improvements | 89,296 | |||
Total | 116,006 | |||
Accumulated Depreciation | 20,027 | |||
Total Cost, Net of Accumulated Depreciation | 95,979 | 98,438 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Redmond Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 222 | |||
Initial Cost | ||||
Land and improvements | $ 4,558 | |||
Building / Construction in Progress & Improvements | 18,368 | |||
Costs Subsequent to Acquisition / Construction | 10,501 | |||
Total Cost | ||||
Land | 4,558 | |||
Building / Construction in Progress & Improvements | 28,869 | |||
Total | 33,427 | |||
Accumulated Depreciation | 17,567 | |||
Total Cost, Net of Accumulated Depreciation | 15,860 | 16,642 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bear Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 264 | |||
Initial Cost | ||||
Land and improvements | $ 6,786 | |||
Building / Construction in Progress & Improvements | 27,641 | |||
Costs Subsequent to Acquisition / Construction | 4,893 | |||
Total Cost | ||||
Land | 6,786 | |||
Building / Construction in Progress & Improvements | 32,534 | |||
Total | 39,320 | |||
Accumulated Depreciation | 21,197 | |||
Total Cost, Net of Accumulated Depreciation | 18,123 | 18,645 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bellevue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 201 | |||
Initial Cost | ||||
Land and improvements | $ 6,664 | |||
Building / Construction in Progress & Improvements | 24,119 | |||
Costs Subsequent to Acquisition / Construction | 2,110 | |||
Total Cost | ||||
Land | 6,664 | |||
Building / Construction in Progress & Improvements | 26,229 | |||
Total | 32,893 | |||
Accumulated Depreciation | 15,292 | |||
Total Cost, Net of Accumulated Depreciation | 17,601 | 18,441 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon RockMeadow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 206 | |||
Initial Cost | ||||
Land and improvements | $ 4,777 | |||
Building / Construction in Progress & Improvements | 19,765 | |||
Costs Subsequent to Acquisition / Construction | 2,930 | |||
Total Cost | ||||
Land | 4,777 | |||
Building / Construction in Progress & Improvements | 22,695 | |||
Total | 27,472 | |||
Accumulated Depreciation | 13,423 | |||
Total Cost, Net of Accumulated Depreciation | 14,049 | 14,457 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon ParcSquare [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 124 | |||
Initial Cost | ||||
Land and improvements | $ 3,789 | |||
Building / Construction in Progress & Improvements | 15,139 | |||
Costs Subsequent to Acquisition / Construction | 3,286 | |||
Total Cost | ||||
Land | 3,789 | |||
Building / Construction in Progress & Improvements | 18,425 | |||
Total | 22,214 | |||
Accumulated Depreciation | 10,718 | |||
Total Cost, Net of Accumulated Depreciation | 11,496 | 12,060 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Belltown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 100 | |||
Initial Cost | ||||
Land and improvements | $ 5,644 | |||
Building / Construction in Progress & Improvements | 12,733 | |||
Costs Subsequent to Acquisition / Construction | 1,253 | |||
Total Cost | ||||
Land | 5,644 | |||
Building / Construction in Progress & Improvements | 13,986 | |||
Total | 19,630 | |||
Accumulated Depreciation | 7,940 | |||
Total Cost, Net of Accumulated Depreciation | 11,690 | 12,003 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Meydenbauer [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 368 | |||
Initial Cost | ||||
Land and improvements | $ 12,697 | |||
Building / Construction in Progress & Improvements | 77,450 | |||
Costs Subsequent to Acquisition / Construction | 1,366 | |||
Total Cost | ||||
Land | 12,697 | |||
Building / Construction in Progress & Improvements | 78,816 | |||
Total | 91,513 | |||
Accumulated Depreciation | 26,487 | |||
Total Cost, Net of Accumulated Depreciation | 65,026 | 67,686 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers Bellevue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 397 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 123,029 | |||
Costs Subsequent to Acquisition / Construction | 1,341 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 124,370 | |||
Total | 124,370 | |||
Accumulated Depreciation | 32,339 | |||
Total Cost, Net of Accumulated Depreciation | 92,031 | 95,998 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Queen Anne [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 12,081 | |||
Building / Construction in Progress & Improvements | 41,618 | |||
Costs Subsequent to Acquisition / Construction | 431 | |||
Total Cost | ||||
Land | 12,081 | |||
Building / Construction in Progress & Improvements | 42,049 | |||
Total | 54,130 | |||
Accumulated Depreciation | 9,060 | |||
Total Cost, Net of Accumulated Depreciation | 45,070 | 46,642 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Ballard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 265 | |||
Initial Cost | ||||
Land and improvements | $ 16,460 | |||
Building / Construction in Progress & Improvements | 46,926 | |||
Costs Subsequent to Acquisition / Construction | 1,002 | |||
Total Cost | ||||
Land | 16,460 | |||
Building / Construction in Progress & Improvements | 47,928 | |||
Total | 64,388 | |||
Accumulated Depreciation | 8,335 | |||
Total Cost, Net of Accumulated Depreciation | 56,053 | 57,893 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 367 | |||
Initial Cost | ||||
Land and improvements | $ 12,294 | |||
Building / Construction in Progress & Improvements | 55,626 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 12,294 | |||
Building / Construction in Progress & Improvements | 55,626 | |||
Total | 67,920 | |||
Accumulated Depreciation | 6,553 | |||
Total Cost, Net of Accumulated Depreciation | 61,367 | 63,391 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Redmond Campus [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 422 | |||
Initial Cost | ||||
Land and improvements | $ 22,580 | |||
Building / Construction in Progress & Improvements | 88,001 | |||
Costs Subsequent to Acquisition / Construction | 10,267 | |||
Total Cost | ||||
Land | 22,580 | |||
Building / Construction in Progress & Improvements | 98,268 | |||
Total | 120,848 | |||
Accumulated Depreciation | 21,097 | |||
Total Cost, Net of Accumulated Depreciation | 99,751 | 99,157 | ||
Encumbrances | $ 0 | |||
Current Communities | Archstone Redmond Lakeview [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 10,250 | |||
Building / Construction in Progress & Improvements | 26,842 | |||
Costs Subsequent to Acquisition / Construction | 3,315 | |||
Total Cost | ||||
Land | 10,250 | |||
Building / Construction in Progress & Improvements | 30,157 | |||
Total | 40,407 | |||
Accumulated Depreciation | 6,852 | |||
Total Cost, Net of Accumulated Depreciation | 33,555 | 34,398 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Campbell [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 348 | |||
Initial Cost | ||||
Land and improvements | $ 11,830 | |||
Building / Construction in Progress & Improvements | 47,828 | |||
Costs Subsequent to Acquisition / Construction | 13,561 | |||
Total Cost | ||||
Land | 11,830 | |||
Building / Construction in Progress & Improvements | 61,389 | |||
Total | 73,219 | |||
Accumulated Depreciation | 35,368 | |||
Total Cost, Net of Accumulated Depreciation | 37,851 | 39,955 | ||
Encumbrances | $ 38,800 | |||
Current Communities | Eaves San Jose [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 440 | |||
Initial Cost | ||||
Land and improvements | $ 12,920 | |||
Building / Construction in Progress & Improvements | 53,047 | |||
Costs Subsequent to Acquisition / Construction | 18,931 | |||
Total Cost | ||||
Land | 12,920 | |||
Building / Construction in Progress & Improvements | 71,978 | |||
Total | 84,898 | |||
Accumulated Depreciation | 36,145 | |||
Total Cost, Net of Accumulated Depreciation | 48,753 | 51,143 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mountain View [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 248 | |||
Initial Cost | ||||
Land and improvements | $ 9,755 | |||
Building / Construction in Progress & Improvements | 39,393 | |||
Costs Subsequent to Acquisition / Construction | 10,321 | |||
Total Cost | ||||
Land | 9,755 | |||
Building / Construction in Progress & Improvements | 49,714 | |||
Total | 59,469 | |||
Accumulated Depreciation | 30,458 | |||
Total Cost, Net of Accumulated Depreciation | 29,011 | 30,562 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Creekside [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 296 | |||
Initial Cost | ||||
Land and improvements | $ 6,546 | |||
Building / Construction in Progress & Improvements | 26,263 | |||
Costs Subsequent to Acquisition / Construction | 21,316 | |||
Total Cost | ||||
Land | 6,546 | |||
Building / Construction in Progress & Improvements | 47,579 | |||
Total | 54,125 | |||
Accumulated Depreciation | 25,798 | |||
Total Cost, Net of Accumulated Depreciation | 28,327 | 29,992 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Cahill Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 218 | |||
Initial Cost | ||||
Land and improvements | $ 4,765 | |||
Building / Construction in Progress & Improvements | 47,600 | |||
Costs Subsequent to Acquisition / Construction | 2,020 | |||
Total Cost | ||||
Land | 4,765 | |||
Building / Construction in Progress & Improvements | 49,620 | |||
Total | 54,385 | |||
Accumulated Depreciation | 26,084 | |||
Total Cost, Net of Accumulated Depreciation | 28,301 | 29,836 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Morrison Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 13,837 | |||
Building / Construction in Progress & Improvements | 64,534 | |||
Costs Subsequent to Acquisition / Construction | 72 | |||
Total Cost | ||||
Land | 13,837 | |||
Building / Construction in Progress & Improvements | 64,606 | |||
Total | 78,443 | |||
Accumulated Depreciation | 8,779 | |||
Total Cost, Net of Accumulated Depreciation | 69,664 | 72,002 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willow Glen [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 412 | |||
Initial Cost | ||||
Land and improvements | $ 46,060 | |||
Building / Construction in Progress & Improvements | 81,957 | |||
Costs Subsequent to Acquisition / Construction | 4,707 | |||
Total Cost | ||||
Land | 46,060 | |||
Building / Construction in Progress & Improvements | 86,664 | |||
Total | 132,724 | |||
Accumulated Depreciation | 19,887 | |||
Total Cost, Net of Accumulated Depreciation | 112,837 | 115,648 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves West Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 873 | |||
Initial Cost | ||||
Land and improvements | $ 90,890 | |||
Building / Construction in Progress & Improvements | 132,040 | |||
Costs Subsequent to Acquisition / Construction | 10,251 | |||
Total Cost | ||||
Land | 90,890 | |||
Building / Construction in Progress & Improvements | 142,291 | |||
Total | 233,181 | |||
Accumulated Depreciation | 31,153 | |||
Total Cost, Net of Accumulated Depreciation | 202,028 | 205,771 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mountain View at Middlefield [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 402 | |||
Initial Cost | ||||
Land and improvements | $ 64,070 | |||
Building / Construction in Progress & Improvements | 69,018 | |||
Costs Subsequent to Acquisition / Construction | 5,498 | |||
Total Cost | ||||
Land | 64,070 | |||
Building / Construction in Progress & Improvements | 74,516 | |||
Total | 138,586 | |||
Accumulated Depreciation | 17,838 | |||
Total Cost, Net of Accumulated Depreciation | 120,748 | 123,403 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fremont [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 308 | |||
Initial Cost | ||||
Land and improvements | $ 10,746 | |||
Building / Construction in Progress & Improvements | 43,399 | |||
Costs Subsequent to Acquisition / Construction | 6,656 | |||
Total Cost | ||||
Land | 10,746 | |||
Building / Construction in Progress & Improvements | 50,055 | |||
Total | 60,801 | |||
Accumulated Depreciation | 33,523 | |||
Total Cost, Net of Accumulated Depreciation | 27,278 | 28,098 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Dublin [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 5,276 | |||
Building / Construction in Progress & Improvements | 19,642 | |||
Costs Subsequent to Acquisition / Construction | 12,366 | |||
Total Cost | ||||
Land | 5,276 | |||
Building / Construction in Progress & Improvements | 32,008 | |||
Total | 37,284 | |||
Accumulated Depreciation | 17,814 | |||
Total Cost, Net of Accumulated Depreciation | 19,470 | 20,653 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Pleasanton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 456 | |||
Initial Cost | ||||
Land and improvements | $ 11,610 | |||
Building / Construction in Progress & Improvements | 46,552 | |||
Costs Subsequent to Acquisition / Construction | 21,755 | |||
Total Cost | ||||
Land | 11,610 | |||
Building / Construction in Progress & Improvements | 68,307 | |||
Total | 79,917 | |||
Accumulated Depreciation | 40,146 | |||
Total Cost, Net of Accumulated Depreciation | 39,771 | 41,764 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Union City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 208 | |||
Initial Cost | ||||
Land and improvements | $ 4,249 | |||
Building / Construction in Progress & Improvements | 16,820 | |||
Costs Subsequent to Acquisition / Construction | 3,312 | |||
Total Cost | ||||
Land | 4,249 | |||
Building / Construction in Progress & Improvements | 20,132 | |||
Total | 24,381 | |||
Accumulated Depreciation | 13,659 | |||
Total Cost, Net of Accumulated Depreciation | 10,722 | 11,342 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fremont [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 6,581 | |||
Building / Construction in Progress & Improvements | 26,583 | |||
Costs Subsequent to Acquisition / Construction | 9,992 | |||
Total Cost | ||||
Land | 6,581 | |||
Building / Construction in Progress & Improvements | 36,575 | |||
Total | 43,156 | |||
Accumulated Depreciation | 22,733 | |||
Total Cost, Net of Accumulated Depreciation | 20,423 | 21,385 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 439 | |||
Initial Cost | ||||
Land and improvements | $ 14,732 | |||
Building / Construction in Progress & Improvements | 104,024 | |||
Costs Subsequent to Acquisition / Construction | 982 | |||
Total Cost | ||||
Land | 14,732 | |||
Building / Construction in Progress & Improvements | 105,006 | |||
Total | 119,738 | |||
Accumulated Depreciation | 30,647 | |||
Total Cost, Net of Accumulated Depreciation | 89,091 | 92,395 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 422 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 148,370 | |||
Costs Subsequent to Acquisition / Construction | 3,245 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 151,615 | |||
Total | 151,615 | |||
Accumulated Depreciation | 39,014 | |||
Total Cost, Net of Accumulated Depreciation | 112,601 | 115,817 | ||
Encumbrances | $ 3,557 | |||
Current Communities | Avalon Dublin Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 253 | |||
Initial Cost | ||||
Land and improvements | $ 7,772 | |||
Building / Construction in Progress & Improvements | 72,142 | |||
Costs Subsequent to Acquisition / Construction | 599 | |||
Total Cost | ||||
Land | 7,772 | |||
Building / Construction in Progress & Improvements | 72,741 | |||
Total | 80,513 | |||
Accumulated Depreciation | 9,650 | |||
Total Cost, Net of Accumulated Depreciation | 70,863 | 72,802 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Walnut Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 510 | |||
Initial Cost | ||||
Land and improvements | $ 30,320 | |||
Building / Construction in Progress & Improvements | 82,375 | |||
Costs Subsequent to Acquisition / Construction | 16,828 | |||
Total Cost | ||||
Land | 30,320 | |||
Building / Construction in Progress & Improvements | 99,203 | |||
Total | 129,523 | |||
Accumulated Depreciation | 19,294 | |||
Total Cost, Net of Accumulated Depreciation | 110,229 | 111,534 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 360 | |||
Initial Cost | ||||
Land and improvements | $ 27,190 | |||
Building / Construction in Progress & Improvements | 57,041 | |||
Costs Subsequent to Acquisition / Construction | 5,864 | |||
Total Cost | ||||
Land | 27,190 | |||
Building / Construction in Progress & Improvements | 62,905 | |||
Total | 90,095 | |||
Accumulated Depreciation | 13,372 | |||
Total Cost, Net of Accumulated Depreciation | 76,723 | 76,821 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Berkeley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 94 | |||
Initial Cost | ||||
Land and improvements | $ 4,500 | |||
Building / Construction in Progress & Improvements | 28,622 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 4,500 | |||
Building / Construction in Progress & Improvements | 28,622 | |||
Total | 33,122 | |||
Accumulated Depreciation | 3,523 | |||
Total Cost, Net of Accumulated Depreciation | 29,599 | 30,607 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Daly City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 195 | |||
Initial Cost | ||||
Land and improvements | $ 4,230 | |||
Building / Construction in Progress & Improvements | 9,659 | |||
Costs Subsequent to Acquisition / Construction | 19,858 | |||
Total Cost | ||||
Land | 4,230 | |||
Building / Construction in Progress & Improvements | 29,517 | |||
Total | 33,747 | |||
Accumulated Depreciation | 17,704 | |||
Total Cost, Net of Accumulated Depreciation | 16,043 | 16,173 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Nob Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 185 | |||
Initial Cost | ||||
Land and improvements | $ 5,403 | |||
Building / Construction in Progress & Improvements | 21,567 | |||
Costs Subsequent to Acquisition / Construction | 7,597 | |||
Total Cost | ||||
Land | 5,403 | |||
Building / Construction in Progress & Improvements | 29,164 | |||
Total | 34,567 | |||
Accumulated Depreciation | 17,103 | |||
Total Cost, Net of Accumulated Depreciation | 17,464 | 17,980 | ||
Encumbrances | $ 20,800 | |||
Current Communities | Eaves San Rafael [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 254 | |||
Initial Cost | ||||
Land and improvements | $ 5,982 | |||
Building / Construction in Progress & Improvements | 16,885 | |||
Costs Subsequent to Acquisition / Construction | 24,752 | |||
Total Cost | ||||
Land | 5,982 | |||
Building / Construction in Progress & Improvements | 41,637 | |||
Total | 47,619 | |||
Accumulated Depreciation | 22,224 | |||
Total Cost, Net of Accumulated Depreciation | 25,395 | 26,689 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Foster City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 7,852 | |||
Building / Construction in Progress & Improvements | 31,445 | |||
Costs Subsequent to Acquisition / Construction | 11,629 | |||
Total Cost | ||||
Land | 7,852 | |||
Building / Construction in Progress & Improvements | 43,074 | |||
Total | 50,926 | |||
Accumulated Depreciation | 25,622 | |||
Total Cost, Net of Accumulated Depreciation | 25,304 | 26,440 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Pacifica [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 220 | |||
Initial Cost | ||||
Land and improvements | $ 6,125 | |||
Building / Construction in Progress & Improvements | 24,796 | |||
Costs Subsequent to Acquisition / Construction | 3,116 | |||
Total Cost | ||||
Land | 6,125 | |||
Building / Construction in Progress & Improvements | 27,912 | |||
Total | 34,037 | |||
Accumulated Depreciation | 18,647 | |||
Total Cost, Net of Accumulated Depreciation | 15,390 | 16,175 | ||
Encumbrances | $ 17,600 | |||
Current Communities | Avalon Sunset Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 243 | |||
Initial Cost | ||||
Land and improvements | $ 3,561 | |||
Building / Construction in Progress & Improvements | 21,321 | |||
Costs Subsequent to Acquisition / Construction | 16,129 | |||
Total Cost | ||||
Land | 3,561 | |||
Building / Construction in Progress & Improvements | 37,450 | |||
Total | 41,011 | |||
Accumulated Depreciation | 19,817 | |||
Total Cost, Net of Accumulated Depreciation | 21,194 | 21,819 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Diamond Heights [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 154 | |||
Initial Cost | ||||
Land and improvements | $ 4,726 | |||
Building / Construction in Progress & Improvements | 19,130 | |||
Costs Subsequent to Acquisition / Construction | 6,189 | |||
Total Cost | ||||
Land | 4,726 | |||
Building / Construction in Progress & Improvements | 25,319 | |||
Total | 30,045 | |||
Accumulated Depreciation | 15,390 | |||
Total Cost, Net of Accumulated Depreciation | 14,655 | 15,313 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 14,029 | |||
Building / Construction in Progress & Improvements | 78,452 | |||
Costs Subsequent to Acquisition / Construction | 3,759 | |||
Total Cost | ||||
Land | 14,029 | |||
Building / Construction in Progress & Improvements | 82,211 | |||
Total | 96,240 | |||
Accumulated Depreciation | 41,915 | |||
Total Cost, Net of Accumulated Depreciation | 54,325 | 56,826 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 260 | |||
Initial Cost | ||||
Land and improvements | $ 28,687 | |||
Building / Construction in Progress & Improvements | 119,156 | |||
Costs Subsequent to Acquisition / Construction | 447 | |||
Total Cost | ||||
Land | 28,687 | |||
Building / Construction in Progress & Improvements | 119,603 | |||
Total | 148,290 | |||
Accumulated Depreciation | 35,003 | |||
Total Cost, Net of Accumulated Depreciation | 113,287 | 117,091 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ocean Avenue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 173 | |||
Initial Cost | ||||
Land and improvements | $ 5,544 | |||
Building / Construction in Progress & Improvements | 50,906 | |||
Costs Subsequent to Acquisition / Construction | 1,877 | |||
Total Cost | ||||
Land | 5,544 | |||
Building / Construction in Progress & Improvements | 52,783 | |||
Total | 58,327 | |||
Accumulated Depreciation | 10,581 | |||
Total Cost, Net of Accumulated Depreciation | 47,746 | 49,580 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA 55 Ninth [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 273 | |||
Initial Cost | ||||
Land and improvements | $ 20,267 | |||
Building / Construction in Progress & Improvements | 97,321 | |||
Costs Subsequent to Acquisition / Construction | 1,258 | |||
Total Cost | ||||
Land | 20,267 | |||
Building / Construction in Progress & Improvements | 98,579 | |||
Total | 118,846 | |||
Accumulated Depreciation | 13,135 | |||
Total Cost, Net of Accumulated Depreciation | 105,711 | 109,414 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hayes Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 182 | |||
Initial Cost | ||||
Land and improvements | $ 12,595 | |||
Building / Construction in Progress & Improvements | 81,232 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 12,595 | |||
Building / Construction in Progress & Improvements | 81,232 | |||
Total | 93,827 | |||
Accumulated Depreciation | 7,855 | |||
Total Cost, Net of Accumulated Depreciation | 85,972 | 88,745 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Bruno I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 300 | |||
Initial Cost | ||||
Land and improvements | $ 40,780 | |||
Building / Construction in Progress & Improvements | 68,684 | |||
Costs Subsequent to Acquisition / Construction | 4,974 | |||
Total Cost | ||||
Land | 40,780 | |||
Building / Construction in Progress & Improvements | 73,658 | |||
Total | 114,438 | |||
Accumulated Depreciation | 15,334 | |||
Total Cost, Net of Accumulated Depreciation | 99,104 | 100,274 | ||
Encumbrances | $ 64,450 | |||
Current Communities | Avalon San Bruno II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 185 | |||
Initial Cost | ||||
Land and improvements | $ 23,787 | |||
Building / Construction in Progress & Improvements | 44,934 | |||
Costs Subsequent to Acquisition / Construction | 1,906 | |||
Total Cost | ||||
Land | 23,787 | |||
Building / Construction in Progress & Improvements | 46,840 | |||
Total | 70,627 | |||
Accumulated Depreciation | 9,205 | |||
Total Cost, Net of Accumulated Depreciation | 61,422 | 62,879 | ||
Encumbrances | $ 29,533 | |||
Current Communities | Avalon San Bruno III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 187 | |||
Initial Cost | ||||
Land and improvements | $ 33,303 | |||
Building / Construction in Progress & Improvements | 62,910 | |||
Costs Subsequent to Acquisition / Construction | 3,028 | |||
Total Cost | ||||
Land | 33,303 | |||
Building / Construction in Progress & Improvements | 65,938 | |||
Total | 99,241 | |||
Accumulated Depreciation | 12,956 | |||
Total Cost, Net of Accumulated Depreciation | 86,285 | 88,243 | ||
Encumbrances | $ 53,315 | |||
Current Communities | AVA Burbank [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 748 | |||
Initial Cost | ||||
Land and improvements | $ 22,483 | |||
Building / Construction in Progress & Improvements | 28,104 | |||
Costs Subsequent to Acquisition / Construction | 48,565 | |||
Total Cost | ||||
Land | 22,483 | |||
Building / Construction in Progress & Improvements | 76,669 | |||
Total | 99,152 | |||
Accumulated Depreciation | 40,761 | |||
Total Cost, Net of Accumulated Depreciation | 58,391 | 60,868 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Woodland Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 663 | |||
Initial Cost | ||||
Land and improvements | $ 23,828 | |||
Building / Construction in Progress & Improvements | 40,372 | |||
Costs Subsequent to Acquisition / Construction | 49,385 | |||
Total Cost | ||||
Land | 23,828 | |||
Building / Construction in Progress & Improvements | 89,757 | |||
Total | 113,585 | |||
Accumulated Depreciation | 45,441 | |||
Total Cost, Net of Accumulated Depreciation | 68,144 | 70,434 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Warner Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 227 | |||
Initial Cost | ||||
Land and improvements | $ 7,045 | |||
Building / Construction in Progress & Improvements | 12,986 | |||
Costs Subsequent to Acquisition / Construction | 9,609 | |||
Total Cost | ||||
Land | 7,045 | |||
Building / Construction in Progress & Improvements | 22,595 | |||
Total | 29,640 | |||
Accumulated Depreciation | 15,855 | |||
Total Cost, Net of Accumulated Depreciation | 13,785 | 14,591 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendale [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 223 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 42,564 | |||
Costs Subsequent to Acquisition / Construction | 2,070 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 44,634 | |||
Total | 44,634 | |||
Accumulated Depreciation | 21,703 | |||
Total Cost, Net of Accumulated Depreciation | 22,931 | 24,122 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burbank [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 400 | |||
Initial Cost | ||||
Land and improvements | $ 14,053 | |||
Building / Construction in Progress & Improvements | 56,827 | |||
Costs Subsequent to Acquisition / Construction | 24,724 | |||
Total Cost | ||||
Land | 14,053 | |||
Building / Construction in Progress & Improvements | 81,551 | |||
Total | 95,604 | |||
Accumulated Depreciation | 37,558 | |||
Total Cost, Net of Accumulated Depreciation | 58,046 | 60,327 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Camarillo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 249 | |||
Initial Cost | ||||
Land and improvements | $ 8,446 | |||
Building / Construction in Progress & Improvements | 40,290 | |||
Costs Subsequent to Acquisition / Construction | 908 | |||
Total Cost | ||||
Land | 8,446 | |||
Building / Construction in Progress & Improvements | 41,198 | |||
Total | 49,644 | |||
Accumulated Depreciation | 16,389 | |||
Total Cost, Net of Accumulated Depreciation | 33,255 | 34,405 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilshire [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 123 | |||
Initial Cost | ||||
Land and improvements | $ 5,459 | |||
Building / Construction in Progress & Improvements | 41,182 | |||
Costs Subsequent to Acquisition / Construction | 1,206 | |||
Total Cost | ||||
Land | 5,459 | |||
Building / Construction in Progress & Improvements | 42,388 | |||
Total | 47,847 | |||
Accumulated Depreciation | 15,562 | |||
Total Cost, Net of Accumulated Depreciation | 32,285 | 33,601 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Encino [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 131 | |||
Initial Cost | ||||
Land and improvements | $ 12,789 | |||
Building / Construction in Progress & Improvements | 49,073 | |||
Costs Subsequent to Acquisition / Construction | 1,091 | |||
Total Cost | ||||
Land | 12,789 | |||
Building / Construction in Progress & Improvements | 50,164 | |||
Total | 62,953 | |||
Accumulated Depreciation | 15,966 | |||
Total Cost, Net of Accumulated Depreciation | 46,987 | 48,412 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Warner Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 210 | |||
Initial Cost | ||||
Land and improvements | $ 7,920 | |||
Building / Construction in Progress & Improvements | 44,845 | |||
Costs Subsequent to Acquisition / Construction | 589 | |||
Total Cost | ||||
Land | 7,920 | |||
Building / Construction in Progress & Improvements | 45,434 | |||
Total | 53,354 | |||
Accumulated Depreciation | 15,109 | |||
Total Cost, Net of Accumulated Depreciation | 38,245 | 39,727 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Little Tokyo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 14,734 | |||
Building / Construction in Progress & Improvements | 93,985 | |||
Costs Subsequent to Acquisition / Construction | 462 | |||
Total Cost | ||||
Land | 14,734 | |||
Building / Construction in Progress & Improvements | 94,447 | |||
Total | 109,181 | |||
Accumulated Depreciation | 10,574 | |||
Total Cost, Net of Accumulated Depreciation | 98,607 | 101,914 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Phillips Ranch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 501 | |||
Initial Cost | ||||
Land and improvements | $ 9,796 | |||
Building / Construction in Progress & Improvements | 41,740 | |||
Costs Subsequent to Acquisition / Construction | 1,964 | |||
Total Cost | ||||
Land | 9,796 | |||
Building / Construction in Progress & Improvements | 43,704 | |||
Total | 53,500 | |||
Accumulated Depreciation | 10,314 | |||
Total Cost, Net of Accumulated Depreciation | 43,186 | 44,058 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Dimas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 102 | |||
Initial Cost | ||||
Land and improvements | $ 1,916 | |||
Building / Construction in Progress & Improvements | 7,819 | |||
Costs Subsequent to Acquisition / Construction | 1,389 | |||
Total Cost | ||||
Land | 1,916 | |||
Building / Construction in Progress & Improvements | 9,208 | |||
Total | 11,124 | |||
Accumulated Depreciation | 2,202 | |||
Total Cost, Net of Accumulated Depreciation | 8,922 | 9,214 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Dimas Canyon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 2,953 | |||
Building / Construction in Progress & Improvements | 12,428 | |||
Costs Subsequent to Acquisition / Construction | 736 | |||
Total Cost | ||||
Land | 2,953 | |||
Building / Construction in Progress & Improvements | 13,164 | |||
Total | 16,117 | |||
Accumulated Depreciation | 3,145 | |||
Total Cost, Net of Accumulated Depreciation | 12,972 | 13,289 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 84 | |||
Initial Cost | ||||
Land and improvements | $ 8,400 | |||
Building / Construction in Progress & Improvements | 11,547 | |||
Costs Subsequent to Acquisition / Construction | 5,522 | |||
Total Cost | ||||
Land | 8,400 | |||
Building / Construction in Progress & Improvements | 17,069 | |||
Total | 25,469 | |||
Accumulated Depreciation | 3,214 | |||
Total Cost, Net of Accumulated Depreciation | 22,255 | 22,879 | ||
Encumbrances | $ 11,073 | |||
Current Communities | Eaves Cerritos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 151 | |||
Initial Cost | ||||
Land and improvements | $ 8,305 | |||
Building / Construction in Progress & Improvements | 21,195 | |||
Costs Subsequent to Acquisition / Construction | 1,474 | |||
Total Cost | ||||
Land | 8,305 | |||
Building / Construction in Progress & Improvements | 22,669 | |||
Total | 30,974 | |||
Accumulated Depreciation | 4,391 | |||
Total Cost, Net of Accumulated Depreciation | 26,583 | 27,343 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Playa Vista [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 309 | |||
Initial Cost | ||||
Land and improvements | $ 30,900 | |||
Building / Construction in Progress & Improvements | 72,008 | |||
Costs Subsequent to Acquisition / Construction | 2,428 | |||
Total Cost | ||||
Land | 30,900 | |||
Building / Construction in Progress & Improvements | 74,436 | |||
Total | 105,336 | |||
Accumulated Depreciation | 14,228 | |||
Total Cost, Net of Accumulated Depreciation | 91,108 | 93,776 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Dimas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 9,141 | |||
Building / Construction in Progress & Improvements | 30,727 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 9,141 | |||
Building / Construction in Progress & Improvements | 30,727 | |||
Total | 39,868 | |||
Accumulated Depreciation | 3,778 | |||
Total Cost, Net of Accumulated Depreciation | 36,090 | 37,250 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mission Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 160 | |||
Initial Cost | ||||
Land and improvements | $ 9,600 | |||
Building / Construction in Progress & Improvements | 35,842 | |||
Costs Subsequent to Acquisition / Construction | 3,002 | |||
Total Cost | ||||
Land | 9,600 | |||
Building / Construction in Progress & Improvements | 38,844 | |||
Total | 48,444 | |||
Accumulated Depreciation | 5,595 | |||
Total Cost, Net of Accumulated Depreciation | 42,849 | 44,281 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Simi Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 500 | |||
Initial Cost | ||||
Land and improvements | $ 42,020 | |||
Building / Construction in Progress & Improvements | 73,361 | |||
Costs Subsequent to Acquisition / Construction | 4,940 | |||
Total Cost | ||||
Land | 42,020 | |||
Building / Construction in Progress & Improvements | 78,301 | |||
Total | 120,321 | |||
Accumulated Depreciation | 17,394 | |||
Total Cost, Net of Accumulated Depreciation | 102,927 | 105,475 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Studio City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 276 | |||
Initial Cost | ||||
Land and improvements | $ 15,756 | |||
Building / Construction in Progress & Improvements | 78,178 | |||
Costs Subsequent to Acquisition / Construction | 5,778 | |||
Total Cost | ||||
Land | 15,756 | |||
Building / Construction in Progress & Improvements | 83,956 | |||
Total | 99,712 | |||
Accumulated Depreciation | 17,139 | |||
Total Cost, Net of Accumulated Depreciation | 82,573 | 84,242 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Calabasas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 600 | |||
Initial Cost | ||||
Land and improvements | $ 42,720 | |||
Building / Construction in Progress & Improvements | 107,642 | |||
Costs Subsequent to Acquisition / Construction | 9,921 | |||
Total Cost | ||||
Land | 42,720 | |||
Building / Construction in Progress & Improvements | 117,563 | |||
Total | 160,283 | |||
Accumulated Depreciation | 27,970 | |||
Total Cost, Net of Accumulated Depreciation | 132,313 | 136,511 | ||
Encumbrances | $ 96,502 | |||
Current Communities | Avalon Oak Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 336 | |||
Initial Cost | ||||
Land and improvements | $ 43,540 | |||
Building / Construction in Progress & Improvements | 79,974 | |||
Costs Subsequent to Acquisition / Construction | 5,842 | |||
Total Cost | ||||
Land | 43,540 | |||
Building / Construction in Progress & Improvements | 85,816 | |||
Total | 129,356 | |||
Accumulated Depreciation | 21,276 | |||
Total Cost, Net of Accumulated Depreciation | 108,080 | 111,280 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Del Mar Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 347 | |||
Initial Cost | ||||
Land and improvements | $ 20,560 | |||
Building / Construction in Progress & Improvements | 106,556 | |||
Costs Subsequent to Acquisition / Construction | 3,731 | |||
Total Cost | ||||
Land | 20,560 | |||
Building / Construction in Progress & Improvements | 110,287 | |||
Total | 130,847 | |||
Accumulated Depreciation | 20,717 | |||
Total Cost, Net of Accumulated Depreciation | 110,130 | 113,568 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Thousand Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 154 | |||
Initial Cost | ||||
Land and improvements | $ 13,950 | |||
Building / Construction in Progress & Improvements | 20,211 | |||
Costs Subsequent to Acquisition / Construction | 2,546 | |||
Total Cost | ||||
Land | 13,950 | |||
Building / Construction in Progress & Improvements | 22,757 | |||
Total | 36,707 | |||
Accumulated Depreciation | 6,158 | |||
Total Cost, Net of Accumulated Depreciation | 30,549 | 31,486 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Los Feliz [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 263 | |||
Initial Cost | ||||
Land and improvements | $ 18,940 | |||
Building / Construction in Progress & Improvements | 43,661 | |||
Costs Subsequent to Acquisition / Construction | 4,556 | |||
Total Cost | ||||
Land | 18,940 | |||
Building / Construction in Progress & Improvements | 48,217 | |||
Total | 67,157 | |||
Accumulated Depreciation | 10,545 | |||
Total Cost, Net of Accumulated Depreciation | 56,612 | 57,563 | ||
Encumbrances | $ 41,400 | |||
Current Communities | Eaves Woodland Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 883 | |||
Initial Cost | ||||
Land and improvements | $ 68,940 | |||
Building / Construction in Progress & Improvements | 90,549 | |||
Costs Subsequent to Acquisition / Construction | 11,203 | |||
Total Cost | ||||
Land | 68,940 | |||
Building / Construction in Progress & Improvements | 101,752 | |||
Total | 170,692 | |||
Accumulated Depreciation | 25,353 | |||
Total Cost, Net of Accumulated Depreciation | 145,339 | 148,867 | ||
Encumbrances | $ 111,500 | |||
Current Communities | Avalon Thousand Oaks Plaza [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 148 | |||
Initial Cost | ||||
Land and improvements | $ 12,810 | |||
Building / Construction in Progress & Improvements | 22,581 | |||
Costs Subsequent to Acquisition / Construction | 2,300 | |||
Total Cost | ||||
Land | 12,810 | |||
Building / Construction in Progress & Improvements | 24,881 | |||
Total | 37,691 | |||
Accumulated Depreciation | 6,132 | |||
Total Cost, Net of Accumulated Depreciation | 31,559 | 32,257 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Newport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 145 | |||
Initial Cost | ||||
Land and improvements | $ 1,975 | |||
Building / Construction in Progress & Improvements | 3,814 | |||
Costs Subsequent to Acquisition / Construction | 9,840 | |||
Total Cost | ||||
Land | 1,975 | |||
Building / Construction in Progress & Improvements | 13,654 | |||
Total | 15,629 | |||
Accumulated Depreciation | 6,995 | |||
Total Cost, Net of Accumulated Depreciation | 8,634 | 9,130 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mission Viejo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 2,517 | |||
Building / Construction in Progress & Improvements | 9,257 | |||
Costs Subsequent to Acquisition / Construction | 3,580 | |||
Total Cost | ||||
Land | 2,517 | |||
Building / Construction in Progress & Improvements | 12,837 | |||
Total | 15,354 | |||
Accumulated Depreciation | 8,660 | |||
Total Cost, Net of Accumulated Depreciation | 6,694 | 7,145 | ||
Encumbrances | $ 7,635 | |||
Current Communities | Eaves South Coast [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 258 | |||
Initial Cost | ||||
Land and improvements | $ 4,709 | |||
Building / Construction in Progress & Improvements | 16,063 | |||
Costs Subsequent to Acquisition / Construction | 13,442 | |||
Total Cost | ||||
Land | 4,709 | |||
Building / Construction in Progress & Improvements | 29,505 | |||
Total | 34,214 | |||
Accumulated Depreciation | 16,883 | |||
Total Cost, Net of Accumulated Depreciation | 17,331 | 17,829 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Santa Margarita [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 301 | |||
Initial Cost | ||||
Land and improvements | $ 4,607 | |||
Building / Construction in Progress & Improvements | 16,911 | |||
Costs Subsequent to Acquisition / Construction | 10,917 | |||
Total Cost | ||||
Land | 4,607 | |||
Building / Construction in Progress & Improvements | 27,828 | |||
Total | 32,435 | |||
Accumulated Depreciation | 15,849 | |||
Total Cost, Net of Accumulated Depreciation | 16,586 | 17,224 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Huntington Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 304 | |||
Initial Cost | ||||
Land and improvements | $ 4,871 | |||
Building / Construction in Progress & Improvements | 19,745 | |||
Costs Subsequent to Acquisition / Construction | 10,267 | |||
Total Cost | ||||
Land | 4,871 | |||
Building / Construction in Progress & Improvements | 30,012 | |||
Total | 34,883 | |||
Accumulated Depreciation | 19,912 | |||
Total Cost, Net of Accumulated Depreciation | 14,971 | 15,964 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Anaheim Stadium [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 251 | |||
Initial Cost | ||||
Land and improvements | $ 27,874 | |||
Building / Construction in Progress & Improvements | 69,156 | |||
Costs Subsequent to Acquisition / Construction | 1,608 | |||
Total Cost | ||||
Land | 27,874 | |||
Building / Construction in Progress & Improvements | 70,764 | |||
Total | 98,638 | |||
Accumulated Depreciation | 21,751 | |||
Total Cost, Net of Accumulated Depreciation | 76,887 | 78,955 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 279 | |||
Initial Cost | ||||
Land and improvements | $ 9,911 | |||
Building / Construction in Progress & Improvements | 67,520 | |||
Costs Subsequent to Acquisition / Construction | 776 | |||
Total Cost | ||||
Land | 9,911 | |||
Building / Construction in Progress & Improvements | 68,296 | |||
Total | 78,207 | |||
Accumulated Depreciation | 19,629 | |||
Total Cost, Net of Accumulated Depreciation | 58,578 | 60,694 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 179 | |||
Initial Cost | ||||
Land and improvements | $ 4,358 | |||
Building / Construction in Progress & Improvements | 40,912 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 4,358 | |||
Building / Construction in Progress & Improvements | 40,912 | |||
Total | 45,270 | |||
Accumulated Depreciation | 7,217 | |||
Total Cost, Net of Accumulated Depreciation | 38,053 | 39,535 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Lake Forest [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 225 | |||
Initial Cost | ||||
Land and improvements | $ 5,199 | |||
Building / Construction in Progress & Improvements | 21,134 | |||
Costs Subsequent to Acquisition / Construction | 3,248 | |||
Total Cost | ||||
Land | 5,199 | |||
Building / Construction in Progress & Improvements | 24,382 | |||
Total | 29,581 | |||
Accumulated Depreciation | 5,614 | |||
Total Cost, Net of Accumulated Depreciation | 23,967 | 23,870 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Baker Ranch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 430 | |||
Initial Cost | ||||
Land and improvements | $ 31,689 | |||
Building / Construction in Progress & Improvements | 98,411 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 31,689 | |||
Building / Construction in Progress & Improvements | 98,411 | |||
Total | 130,100 | |||
Accumulated Depreciation | 9,406 | |||
Total Cost, Net of Accumulated Depreciation | 120,694 | 124,442 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Seal Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 549 | |||
Initial Cost | ||||
Land and improvements | $ 46,790 | |||
Building / Construction in Progress & Improvements | 99,999 | |||
Costs Subsequent to Acquisition / Construction | 5,640 | |||
Total Cost | ||||
Land | 46,790 | |||
Building / Construction in Progress & Improvements | 105,639 | |||
Total | 152,429 | |||
Accumulated Depreciation | 22,914 | |||
Total Cost, Net of Accumulated Depreciation | 129,515 | 132,659 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pacific Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 564 | |||
Initial Cost | ||||
Land and improvements | $ 9,922 | |||
Building / Construction in Progress & Improvements | 40,580 | |||
Costs Subsequent to Acquisition / Construction | 40,849 | |||
Total Cost | ||||
Land | 9,922 | |||
Building / Construction in Progress & Improvements | 81,429 | |||
Total | 91,351 | |||
Accumulated Depreciation | 41,108 | |||
Total Cost, Net of Accumulated Depreciation | 50,243 | 53,224 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mission Ridge [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 200 | |||
Initial Cost | ||||
Land and improvements | $ 2,710 | |||
Building / Construction in Progress & Improvements | 10,924 | |||
Costs Subsequent to Acquisition / Construction | 12,128 | |||
Total Cost | ||||
Land | 2,710 | |||
Building / Construction in Progress & Improvements | 23,052 | |||
Total | 25,762 | |||
Accumulated Depreciation | 14,637 | |||
Total Cost, Net of Accumulated Depreciation | 11,125 | 11,696 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Cortez Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 299 | |||
Initial Cost | ||||
Land and improvements | $ 2,768 | |||
Building / Construction in Progress & Improvements | 20,134 | |||
Costs Subsequent to Acquisition / Construction | 23,567 | |||
Total Cost | ||||
Land | 2,768 | |||
Building / Construction in Progress & Improvements | 43,701 | |||
Total | 46,469 | |||
Accumulated Depreciation | 23,459 | |||
Total Cost, Net of Accumulated Depreciation | 23,010 | 24,543 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fashion Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 161 | |||
Initial Cost | ||||
Land and improvements | $ 19,627 | |||
Building / Construction in Progress & Improvements | 44,972 | |||
Costs Subsequent to Acquisition / Construction | 696 | |||
Total Cost | ||||
Land | 19,627 | |||
Building / Construction in Progress & Improvements | 45,668 | |||
Total | 65,295 | |||
Accumulated Depreciation | 14,567 | |||
Total Cost, Net of Accumulated Depreciation | 50,728 | 52,186 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Rancho Penasquitos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 6,692 | |||
Building / Construction in Progress & Improvements | 27,143 | |||
Costs Subsequent to Acquisition / Construction | 3,242 | |||
Total Cost | ||||
Land | 6,692 | |||
Building / Construction in Progress & Improvements | 30,385 | |||
Total | 37,077 | |||
Accumulated Depreciation | 6,960 | |||
Total Cost, Net of Accumulated Depreciation | 30,117 | 30,727 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Vista [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 221 | |||
Initial Cost | ||||
Land and improvements | $ 12,689 | |||
Building / Construction in Progress & Improvements | 43,327 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 12,689 | |||
Building / Construction in Progress & Improvements | 43,327 | |||
Total | 56,016 | |||
Accumulated Depreciation | 4,125 | |||
Total Cost, Net of Accumulated Depreciation | 51,891 | 53,512 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves La Mesa [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 9,490 | |||
Building / Construction in Progress & Improvements | 28,482 | |||
Costs Subsequent to Acquisition / Construction | 1,962 | |||
Total Cost | ||||
Land | 9,490 | |||
Building / Construction in Progress & Improvements | 30,444 | |||
Total | 39,934 | |||
Accumulated Depreciation | 7,189 | |||
Total Cost, Net of Accumulated Depreciation | 32,745 | 33,840 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Silicon Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 710 | |||
Initial Cost | ||||
Land and improvements | $ 20,713 | |||
Building / Construction in Progress & Improvements | 99,573 | |||
Costs Subsequent to Acquisition / Construction | 34,963 | |||
Total Cost | ||||
Land | 20,713 | |||
Building / Construction in Progress & Improvements | 134,536 | |||
Total | 155,249 | |||
Accumulated Depreciation | 71,577 | |||
Total Cost, Net of Accumulated Depreciation | 83,672 | 85,041 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers on the Peninsula [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 211 | |||
Initial Cost | ||||
Land and improvements | $ 9,560 | |||
Building / Construction in Progress & Improvements | 56,136 | |||
Costs Subsequent to Acquisition / Construction | 14,467 | |||
Total Cost | ||||
Land | 9,560 | |||
Building / Construction in Progress & Improvements | 70,603 | |||
Total | 80,163 | |||
Accumulated Depreciation | 31,563 | |||
Total Cost, Net of Accumulated Depreciation | 48,600 | 45,523 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Marcos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 184 | |||
Initial Cost | ||||
Land and improvements | $ 3,277 | |||
Building / Construction in Progress & Improvements | 13,385 | |||
Costs Subsequent to Acquisition / Construction | 4,557 | |||
Total Cost | ||||
Land | 3,277 | |||
Building / Construction in Progress & Improvements | 17,942 | |||
Total | 21,219 | |||
Accumulated Depreciation | 3,641 | |||
Total Cost, Net of Accumulated Depreciation | 17,578 | 18,302 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendora [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 18,311 | |||
Building / Construction in Progress & Improvements | 64,759 | |||
Costs Subsequent to Acquisition / Construction | 100 | |||
Total Cost | ||||
Land | 18,311 | |||
Building / Construction in Progress & Improvements | 64,859 | |||
Total | 83,170 | |||
Accumulated Depreciation | 4,974 | |||
Total Cost, Net of Accumulated Depreciation | 78,196 | 80,358 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 11,607 | |||
Building / Construction in Progress & Improvements | 43,977 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 11,607 | |||
Building / Construction in Progress & Improvements | 43,977 | |||
Total | 55,584 | |||
Accumulated Depreciation | 2,842 | |||
Total Cost, Net of Accumulated Depreciation | 52,742 | 54,232 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dublin Station II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 7,762 | |||
Building / Construction in Progress & Improvements | 76,584 | |||
Costs Subsequent to Acquisition / Construction | 26 | |||
Total Cost | ||||
Land | 7,762 | |||
Building / Construction in Progress & Improvements | 76,610 | |||
Total | 84,372 | |||
Accumulated Depreciation | 4,821 | |||
Total Cost, Net of Accumulated Depreciation | 79,551 | 82,106 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA North Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 18,408 | |||
Building / Construction in Progress & Improvements | 49,940 | |||
Costs Subsequent to Acquisition / Construction | 4,089 | |||
Total Cost | ||||
Land | 18,408 | |||
Building / Construction in Progress & Improvements | 54,029 | |||
Total | 72,437 | |||
Accumulated Depreciation | 3,810 | |||
Total Cost, Net of Accumulated Depreciation | 68,627 | 70,816 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 101 | |||
Initial Cost | ||||
Land and improvements | $ 4,626 | |||
Building / Construction in Progress & Improvements | 22,954 | |||
Costs Subsequent to Acquisition / Construction | 5,487 | |||
Total Cost | ||||
Land | 4,626 | |||
Building / Construction in Progress & Improvements | 28,441 | |||
Total | 33,067 | |||
Accumulated Depreciation | 5,160 | |||
Total Cost, Net of Accumulated Depreciation | 27,907 | 24,848 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Santa Monica on Main [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 133 | |||
Initial Cost | ||||
Land and improvements | $ 32,000 | |||
Building / Construction in Progress & Improvements | 60,770 | |||
Costs Subsequent to Acquisition / Construction | 13,179 | |||
Total Cost | ||||
Land | 32,000 | |||
Building / Construction in Progress & Improvements | 73,949 | |||
Total | 105,949 | |||
Accumulated Depreciation | 13,764 | |||
Total Cost, Net of Accumulated Depreciation | 92,185 | 94,217 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon La Jolla Colony [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 16,760 | |||
Building / Construction in Progress & Improvements | 27,694 | |||
Costs Subsequent to Acquisition / Construction | 12,052 | |||
Total Cost | ||||
Land | 16,760 | |||
Building / Construction in Progress & Improvements | 39,746 | |||
Total | 56,506 | |||
Accumulated Depreciation | 7,968 | |||
Total Cost, Net of Accumulated Depreciation | 48,538 | 50,383 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Old Town Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 96 | |||
Initial Cost | ||||
Land and improvements | $ 9,110 | |||
Building / Construction in Progress & Improvements | 15,371 | |||
Costs Subsequent to Acquisition / Construction | 6,778 | |||
Total Cost | ||||
Land | 9,110 | |||
Building / Construction in Progress & Improvements | 22,149 | |||
Total | 31,259 | |||
Accumulated Depreciation | 4,085 | |||
Total Cost, Net of Accumulated Depreciation | 27,174 | 22,644 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 106 | |||
Initial Cost | ||||
Land and improvements | $ 9,860 | |||
Building / Construction in Progress & Improvements | 19,850 | |||
Costs Subsequent to Acquisition / Construction | 5,268 | |||
Total Cost | ||||
Land | 9,860 | |||
Building / Construction in Progress & Improvements | 25,118 | |||
Total | 34,978 | |||
Accumulated Depreciation | 4,802 | |||
Total Cost, Net of Accumulated Depreciation | 30,176 | 30,921 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 10,240 | |||
Building / Construction in Progress & Improvements | 31,558 | |||
Costs Subsequent to Acquisition / Construction | 6,679 | |||
Total Cost | ||||
Land | 10,240 | |||
Building / Construction in Progress & Improvements | 38,237 | |||
Total | 48,477 | |||
Accumulated Depreciation | 7,273 | |||
Total Cost, Net of Accumulated Depreciation | 41,204 | 42,580 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 450 | |||
Initial Cost | ||||
Land and improvements | $ 17,658 | |||
Building / Construction in Progress & Improvements | 90,715 | |||
Costs Subsequent to Acquisition / Construction | 32,819 | |||
Total Cost | ||||
Land | 17,658 | |||
Building / Construction in Progress & Improvements | 123,534 | |||
Total | 141,192 | |||
Accumulated Depreciation | 20,681 | |||
Total Cost, Net of Accumulated Depreciation | 120,511 | 116,321 | ||
Encumbrances | $ 0 | |||
Current Communities | The Lodge Denver West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 8,047 | |||
Building / Construction in Progress & Improvements | 63,586 | |||
Costs Subsequent to Acquisition / Construction | 5,284 | |||
Total Cost | ||||
Land | 8,047 | |||
Building / Construction in Progress & Improvements | 68,870 | |||
Total | 76,917 | |||
Accumulated Depreciation | 1,966 | |||
Total Cost, Net of Accumulated Depreciation | 74,951 | |||
Encumbrances | $ 0 | |||
Current Communities | 850 Boca [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 370 | |||
Initial Cost | ||||
Land and improvements | $ 21,430 | |||
Building / Construction in Progress & Improvements | 108,585 | |||
Costs Subsequent to Acquisition / Construction | 8,717 | |||
Total Cost | ||||
Land | 21,430 | |||
Building / Construction in Progress & Improvements | 117,302 | |||
Total | 138,732 | |||
Accumulated Depreciation | 333 | |||
Total Cost, Net of Accumulated Depreciation | 138,399 | |||
Encumbrances | $ 0 | |||
Current Communities | Avalon Chestnut Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 14,572 | |||
Building / Construction in Progress & Improvements | 45,911 | |||
Costs Subsequent to Acquisition / Construction | 10,260 | |||
Total Cost | ||||
Land | 14,572 | |||
Building / Construction in Progress & Improvements | 56,171 | |||
Total | 70,743 | |||
Accumulated Depreciation | 19,293 | |||
Total Cost, Net of Accumulated Depreciation | 51,450 | 45,640 | ||
Encumbrances | $ 38,097 | |||
Current Communities | AVA Back Bay [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 271 | |||
Initial Cost | ||||
Land and improvements | $ 9,034 | |||
Building / Construction in Progress & Improvements | 36,540 | |||
Costs Subsequent to Acquisition / Construction | 47,327 | |||
Total Cost | ||||
Land | 9,034 | |||
Building / Construction in Progress & Improvements | 83,867 | |||
Total | 92,901 | |||
Accumulated Depreciation | 34,038 | |||
Total Cost, Net of Accumulated Depreciation | 58,863 | 60,700 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Theater District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 398 | |||
Initial Cost | ||||
Land and improvements | $ 17,070 | |||
Building / Construction in Progress & Improvements | 163,580 | |||
Costs Subsequent to Acquisition / Construction | 40 | |||
Total Cost | ||||
Land | 17,070 | |||
Building / Construction in Progress & Improvements | 163,620 | |||
Total | 180,690 | |||
Accumulated Depreciation | 13,499 | |||
Total Cost, Net of Accumulated Depreciation | 167,191 | 172,387 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Marlborough [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 15,317 | |||
Building / Construction in Progress & Improvements | 60,397 | |||
Costs Subsequent to Acquisition / Construction | 11 | |||
Total Cost | ||||
Land | 15,317 | |||
Building / Construction in Progress & Improvements | 60,408 | |||
Total | 75,725 | |||
Accumulated Depreciation | 5,353 | |||
Total Cost, Net of Accumulated Depreciation | 70,372 | 72,339 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Framingham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 9,315 | |||
Building / Construction in Progress & Improvements | 34,632 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 9,315 | |||
Building / Construction in Progress & Improvements | 34,632 | |||
Total | 43,947 | |||
Accumulated Depreciation | 2,731 | |||
Total Cost, Net of Accumulated Depreciation | 41,216 | 42,395 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bear Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 324 | |||
Initial Cost | ||||
Land and improvements | $ 27,350 | |||
Building / Construction in Progress & Improvements | 94,168 | |||
Costs Subsequent to Acquisition / Construction | 28,764 | |||
Total Cost | ||||
Land | 27,350 | |||
Building / Construction in Progress & Improvements | 122,932 | |||
Total | 150,282 | |||
Accumulated Depreciation | 23,723 | |||
Total Cost, Net of Accumulated Depreciation | 126,559 | 131,023 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 5,982 | |||
Building / Construction in Progress & Improvements | 24,389 | |||
Costs Subsequent to Acquisition / Construction | 9,182 | |||
Total Cost | ||||
Land | 5,982 | |||
Building / Construction in Progress & Improvements | 33,571 | |||
Total | 39,553 | |||
Accumulated Depreciation | 15,351 | |||
Total Cost, Net of Accumulated Depreciation | 24,202 | 21,123 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomfield Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 224 | |||
Initial Cost | ||||
Land and improvements | $ 10,701 | |||
Building / Construction in Progress & Improvements | 39,927 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 10,701 | |||
Building / Construction in Progress & Improvements | 39,927 | |||
Total | 50,628 | |||
Accumulated Depreciation | 3,594 | |||
Total Cost, Net of Accumulated Depreciation | 47,034 | 48,031 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 202 | |||
Initial Cost | ||||
Land and improvements | $ 11,695 | |||
Building / Construction in Progress & Improvements | 36,282 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 11,695 | |||
Building / Construction in Progress & Improvements | 36,282 | |||
Total | 47,977 | |||
Accumulated Depreciation | 2,519 | |||
Total Cost, Net of Accumulated Depreciation | 45,458 | 46,615 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hoboken [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 217 | |||
Initial Cost | ||||
Land and improvements | $ 37,237 | |||
Building / Construction in Progress & Improvements | 87,220 | |||
Costs Subsequent to Acquisition / Construction | 8,327 | |||
Total Cost | ||||
Land | 37,237 | |||
Building / Construction in Progress & Improvements | 95,547 | |||
Total | 132,784 | |||
Accumulated Depreciation | 11,390 | |||
Total Cost, Net of Accumulated Depreciation | 121,394 | 124,435 | ||
Encumbrances | $ 67,904 | |||
Current Communities | Avalon Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 109 | |||
Initial Cost | ||||
Land and improvements | $ 3,118 | |||
Building / Construction in Progress & Improvements | 11,973 | |||
Costs Subsequent to Acquisition / Construction | 24,372 | |||
Total Cost | ||||
Land | 3,118 | |||
Building / Construction in Progress & Improvements | 36,345 | |||
Total | 39,463 | |||
Accumulated Depreciation | 16,198 | |||
Total Cost, Net of Accumulated Depreciation | 23,265 | 21,775 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 602 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 165,966 | |||
Costs Subsequent to Acquisition / Construction | 14,176 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 180,142 | |||
Total | 180,142 | |||
Accumulated Depreciation | 59,765 | |||
Total Cost, Net of Accumulated Depreciation | 120,377 | 122,418 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA DoBro [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 500 | |||
Initial Cost | ||||
Land and improvements | $ 77,416 | |||
Building / Construction in Progress & Improvements | 203,827 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 77,416 | |||
Building / Construction in Progress & Improvements | 203,827 | |||
Total | 281,243 | |||
Accumulated Depreciation | 10,586 | |||
Total Cost, Net of Accumulated Depreciation | 270,657 | 294,503 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 68 | |||
Initial Cost | ||||
Land and improvements | $ 4,985 | |||
Building / Construction in Progress & Improvements | 17,300 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 4,985 | |||
Building / Construction in Progress & Improvements | 17,300 | |||
Total | 22,285 | |||
Accumulated Depreciation | 1,248 | |||
Total Cost, Net of Accumulated Depreciation | 21,037 | 21,585 | ||
Encumbrances | $ 0 | |||
Current Communities | Archstone Lexington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 222 | |||
Initial Cost | ||||
Land and improvements | $ 4,540 | |||
Building / Construction in Progress & Improvements | 25,946 | |||
Costs Subsequent to Acquisition / Construction | 2,073 | |||
Total Cost | ||||
Land | 4,540 | |||
Building / Construction in Progress & Improvements | 28,019 | |||
Total | 32,559 | |||
Accumulated Depreciation | 6,883 | |||
Total Cost, Net of Accumulated Depreciation | 25,676 | 26,669 | ||
Encumbrances | $ 21,700 | |||
Current Communities | Archstone Toscano [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 474 | |||
Initial Cost | ||||
Land and improvements | $ 15,607 | |||
Building / Construction in Progress & Improvements | 72,889 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 15,607 | |||
Building / Construction in Progress & Improvements | 72,889 | |||
Total | 88,496 | |||
Accumulated Depreciation | 11,044 | |||
Total Cost, Net of Accumulated Depreciation | 77,452 | 79,819 | ||
Encumbrances | $ 0 | |||
Current Communities | Memorial Heights Villages [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 318 | |||
Initial Cost | ||||
Land and improvements | $ 9,607 | |||
Building / Construction in Progress & Improvements | 48,448 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 9,607 | |||
Building / Construction in Progress & Improvements | 48,448 | |||
Total | 58,055 | |||
Accumulated Depreciation | 10,516 | |||
Total Cost, Net of Accumulated Depreciation | 47,539 | 48,508 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fairfax City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 141 | |||
Initial Cost | ||||
Land and improvements | $ 2,152 | |||
Building / Construction in Progress & Improvements | 8,907 | |||
Costs Subsequent to Acquisition / Construction | 5,475 | |||
Total Cost | ||||
Land | 2,152 | |||
Building / Construction in Progress & Improvements | 14,382 | |||
Total | 16,534 | |||
Accumulated Depreciation | 8,176 | |||
Total Cost, Net of Accumulated Depreciation | 8,358 | 8,773 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Arlington Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 842 | |||
Initial Cost | ||||
Land and improvements | $ 22,041 | |||
Building / Construction in Progress & Improvements | 90,296 | |||
Costs Subsequent to Acquisition / Construction | 31,555 | |||
Total Cost | ||||
Land | 22,041 | |||
Building / Construction in Progress & Improvements | 121,851 | |||
Total | 143,892 | |||
Accumulated Depreciation | 54,059 | |||
Total Cost, Net of Accumulated Depreciation | 89,833 | 87,446 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Potomac Yard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 323 | |||
Initial Cost | ||||
Land and improvements | $ 24,225 | |||
Building / Construction in Progress & Improvements | 77,137 | |||
Costs Subsequent to Acquisition / Construction | 7,648 | |||
Total Cost | ||||
Land | 24,225 | |||
Building / Construction in Progress & Improvements | 84,785 | |||
Total | 109,010 | |||
Accumulated Depreciation | 8,659 | |||
Total Cost, Net of Accumulated Depreciation | 100,351 | 103,333 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Clarendon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 300 | |||
Initial Cost | ||||
Land and improvements | $ 22,573 | |||
Building / Construction in Progress & Improvements | 91,001 | |||
Costs Subsequent to Acquisition / Construction | 8,521 | |||
Total Cost | ||||
Land | 22,573 | |||
Building / Construction in Progress & Improvements | 99,522 | |||
Total | 122,095 | |||
Accumulated Depreciation | 8,530 | |||
Total Cost, Net of Accumulated Depreciation | 113,565 | 117,845 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Columbia Pike [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 269 | |||
Initial Cost | ||||
Land and improvements | $ 18,830 | |||
Building / Construction in Progress & Improvements | 78,395 | |||
Costs Subsequent to Acquisition / Construction | 6,460 | |||
Total Cost | ||||
Land | 18,830 | |||
Building / Construction in Progress & Improvements | 84,855 | |||
Total | 103,685 | |||
Accumulated Depreciation | 5,993 | |||
Total Cost, Net of Accumulated Depreciation | 97,692 | 100,352 | ||
Encumbrances | $ 68,637 | |||
Current Communities | Avalon Dunn Loring [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 440 | |||
Initial Cost | ||||
Land and improvements | $ 29,377 | |||
Building / Construction in Progress & Improvements | 107,775 | |||
Costs Subsequent to Acquisition / Construction | 14,301 | |||
Total Cost | ||||
Land | 29,377 | |||
Building / Construction in Progress & Improvements | 122,076 | |||
Total | 151,453 | |||
Accumulated Depreciation | 3,972 | |||
Total Cost, Net of Accumulated Depreciation | 147,481 | |||
Encumbrances | $ 0 | |||
Current Communities | Avalon Falls Church [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 384 | |||
Initial Cost | ||||
Land and improvements | $ 39,544 | |||
Building / Construction in Progress & Improvements | 66,160 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 39,544 | |||
Building / Construction in Progress & Improvements | 66,160 | |||
Total | 105,704 | |||
Accumulated Depreciation | 5,899 | |||
Total Cost, Net of Accumulated Depreciation | 99,805 | 102,279 | ||
Encumbrances | $ 0 | |||
Current Communities | Oakwood Arlington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 184 | |||
Initial Cost | ||||
Land and improvements | $ 18,850 | |||
Building / Construction in Progress & Improvements | 38,545 | |||
Costs Subsequent to Acquisition / Construction | 3,052 | |||
Total Cost | ||||
Land | 18,850 | |||
Building / Construction in Progress & Improvements | 41,597 | |||
Total | 60,447 | |||
Accumulated Depreciation | 8,608 | |||
Total Cost, Net of Accumulated Depreciation | 51,839 | 53,139 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Capitol Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 249 | |||
Initial Cost | ||||
Land and improvements | $ 20,613 | |||
Building / Construction in Progress & Improvements | 60,014 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 20,613 | |||
Building / Construction in Progress & Improvements | 60,014 | |||
Total | 80,627 | |||
Accumulated Depreciation | 4,194 | |||
Total Cost, Net of Accumulated Depreciation | 76,433 | 78,906 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 124 | |||
Initial Cost | ||||
Land and improvements | $ 5,072 | |||
Building / Construction in Progress & Improvements | 21,369 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 5,072 | |||
Building / Construction in Progress & Improvements | 21,369 | |||
Total | 26,441 | |||
Accumulated Depreciation | 1,104 | |||
Total Cost, Net of Accumulated Depreciation | 25,337 | 26,115 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 294 | |||
Initial Cost | ||||
Land and improvements | $ 35,187 | |||
Building / Construction in Progress & Improvements | 115,385 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 35,187 | |||
Building / Construction in Progress & Improvements | 115,385 | |||
Total | 150,572 | |||
Accumulated Depreciation | 1,697 | |||
Total Cost, Net of Accumulated Depreciation | 148,875 | 130,173 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Chino Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 331 | |||
Initial Cost | ||||
Land and improvements | $ 16,615 | |||
Building / Construction in Progress & Improvements | 81,753 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 16,615 | |||
Building / Construction in Progress & Improvements | 81,753 | |||
Total | 98,368 | |||
Accumulated Depreciation | 2,127 | |||
Total Cost, Net of Accumulated Depreciation | 96,241 | 87,406 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 378 | |||
Initial Cost | ||||
Land and improvements | $ 13,055 | |||
Building / Construction in Progress & Improvements | 105,719 | |||
Costs Subsequent to Acquisition / Construction | 222 | |||
Total Cost | ||||
Land | 13,055 | |||
Building / Construction in Progress & Improvements | 105,941 | |||
Total | 118,996 | |||
Accumulated Depreciation | 4,995 | |||
Total Cost, Net of Accumulated Depreciation | 114,001 | 115,269 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 503 | |||
Initial Cost | ||||
Land and improvements | $ 22,788 | |||
Building / Construction in Progress & Improvements | 245,234 | |||
Costs Subsequent to Acquisition / Construction | 306 | |||
Total Cost | ||||
Land | 22,788 | |||
Building / Construction in Progress & Improvements | 245,540 | |||
Total | 268,328 | |||
Accumulated Depreciation | 5,918 | |||
Total Cost, Net of Accumulated Depreciation | 262,410 | 249,022 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Quincy [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 395 | |||
Initial Cost | ||||
Land and improvements | $ 14,674 | |||
Building / Construction in Progress & Improvements | 78,151 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 14,674 | |||
Building / Construction in Progress & Improvements | 78,151 | |||
Total | 92,825 | |||
Accumulated Depreciation | 2,972 | |||
Total Cost, Net of Accumulated Depreciation | 89,853 | 84,132 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Easton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 290 | |||
Initial Cost | ||||
Land and improvements | $ 3,151 | |||
Building / Construction in Progress & Improvements | 59,245 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 3,151 | |||
Building / Construction in Progress & Improvements | 59,245 | |||
Total | 62,396 | |||
Accumulated Depreciation | 840 | |||
Total Cost, Net of Accumulated Depreciation | 61,556 | 29,074 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hunt Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 332 | |||
Initial Cost | ||||
Land and improvements | $ 10,842 | |||
Building / Construction in Progress & Improvements | 62,596 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 10,842 | |||
Building / Construction in Progress & Improvements | 62,596 | |||
Total | 73,438 | |||
Accumulated Depreciation | 2,144 | |||
Total Cost, Net of Accumulated Depreciation | 71,294 | 67,019 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Laurel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 344 | |||
Initial Cost | ||||
Land and improvements | $ 10,122 | |||
Building / Construction in Progress & Improvements | 61,803 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 10,122 | |||
Building / Construction in Progress & Improvements | 61,803 | |||
Total | 71,925 | |||
Accumulated Depreciation | 2,919 | |||
Total Cost, Net of Accumulated Depreciation | 69,006 | 69,532 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Princeton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 26,459 | |||
Building / Construction in Progress & Improvements | 68,175 | |||
Costs Subsequent to Acquisition / Construction | 303 | |||
Total Cost | ||||
Land | 26,459 | |||
Building / Construction in Progress & Improvements | 68,478 | |||
Total | 94,937 | |||
Accumulated Depreciation | 2,363 | |||
Total Cost, Net of Accumulated Depreciation | 92,574 | 88,360 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willoughby Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 326 | |||
Initial Cost | ||||
Land and improvements | $ 50,475 | |||
Building / Construction in Progress & Improvements | 132,892 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 50,475 | |||
Building / Construction in Progress & Improvements | 132,892 | |||
Total | 183,367 | |||
Accumulated Depreciation | 6,901 | |||
Total Cost, Net of Accumulated Depreciation | 176,466 | 153,310 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Great Neck [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 191 | |||
Initial Cost | ||||
Land and improvements | $ 14,776 | |||
Building / Construction in Progress & Improvements | 64,459 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 14,776 | |||
Building / Construction in Progress & Improvements | 64,459 | |||
Total | 79,235 | |||
Accumulated Depreciation | 931 | |||
Total Cost, Net of Accumulated Depreciation | 78,304 | 55,671 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 165 | |||
Initial Cost | ||||
Land and improvements | $ 7,534 | |||
Building / Construction in Progress & Improvements | 49,115 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 7,534 | |||
Building / Construction in Progress & Improvements | 49,115 | |||
Total | 56,649 | |||
Accumulated Depreciation | 267 | |||
Total Cost, Net of Accumulated Depreciation | 56,382 | 26,796 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Esterra Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 482 | |||
Initial Cost | ||||
Land and improvements | $ 22,668 | |||
Building / Construction in Progress & Improvements | 112,441 | |||
Costs Subsequent to Acquisition / Construction | 305 | |||
Total Cost | ||||
Land | 22,668 | |||
Building / Construction in Progress & Improvements | 112,746 | |||
Total | 135,414 | |||
Accumulated Depreciation | 4,963 | |||
Total Cost, Net of Accumulated Depreciation | 130,451 | 127,986 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Newcastle Commons I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 378 | |||
Initial Cost | ||||
Land and improvements | $ 9,622 | |||
Building / Construction in Progress & Improvements | 109,453 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 9,622 | |||
Building / Construction in Progress & Improvements | 109,453 | |||
Total | 119,075 | |||
Accumulated Depreciation | 1,889 | |||
Total Cost, Net of Accumulated Depreciation | 117,186 | 92,267 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon on the Alameda [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 305 | |||
Initial Cost | ||||
Land and improvements | $ 6,119 | |||
Building / Construction in Progress & Improvements | 50,225 | |||
Costs Subsequent to Acquisition / Construction | 10,087 | |||
Total Cost | ||||
Land | 6,119 | |||
Building / Construction in Progress & Improvements | 60,312 | |||
Total | 66,431 | |||
Accumulated Depreciation | 33,696 | |||
Total Cost, Net of Accumulated Depreciation | 32,735 | 27,497 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Toluca Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 1,151 | |||
Initial Cost | ||||
Land and improvements | $ 86,450 | |||
Building / Construction in Progress & Improvements | 161,256 | |||
Costs Subsequent to Acquisition / Construction | 37,513 | |||
Total Cost | ||||
Land | 86,450 | |||
Building / Construction in Progress & Improvements | 198,769 | |||
Total | 285,219 | |||
Accumulated Depreciation | 39,361 | |||
Total Cost, Net of Accumulated Depreciation | 245,858 | 227,814 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Van Ness [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 269 | |||
Initial Cost | ||||
Land and improvements | $ 22,890 | |||
Building / Construction in Progress & Improvements | 58,691 | |||
Costs Subsequent to Acquisition / Construction | 9,030 | |||
Total Cost | ||||
Land | 22,890 | |||
Building / Construction in Progress & Improvements | 67,721 | |||
Total | 90,611 | |||
Accumulated Depreciation | 13,443 | |||
Total Cost, Net of Accumulated Depreciation | 77,168 | 74,556 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Prudential Center II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 266 | |||
Initial Cost | ||||
Land and improvements | $ 8,776 | |||
Building / Construction in Progress & Improvements | 35,496 | |||
Costs Subsequent to Acquisition / Construction | 52,864 | |||
Total Cost | ||||
Land | 8,776 | |||
Building / Construction in Progress & Improvements | 88,360 | |||
Total | 97,136 | |||
Accumulated Depreciation | 32,748 | |||
Total Cost, Net of Accumulated Depreciation | 64,388 | 59,218 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Florham Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 270 | |||
Initial Cost | ||||
Land and improvements | $ 6,647 | |||
Building / Construction in Progress & Improvements | 34,906 | |||
Costs Subsequent to Acquisition / Construction | 7,083 | |||
Total Cost | ||||
Land | 6,647 | |||
Building / Construction in Progress & Improvements | 41,989 | |||
Total | 48,636 | |||
Accumulated Depreciation | 22,468 | |||
Total Cost, Net of Accumulated Depreciation | 26,168 | 23,830 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 299 | |||
Costs Subsequent to Acquisition / Construction | 37,003 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 37,302 | |||
Total | 37,302 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 37,302 | |||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 227 | |||
Initial Cost | ||||
Land and improvements | $ 6,207 | |||
Building / Construction in Progress & Improvements | 40,791 | |||
Costs Subsequent to Acquisition / Construction | 9,010 | |||
Total Cost | ||||
Land | 6,207 | |||
Building / Construction in Progress & Improvements | 49,801 | |||
Total | 56,008 | |||
Accumulated Depreciation | 26,424 | |||
Total Cost, Net of Accumulated Depreciation | 29,584 | 24,153 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Midtown West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 550 | |||
Initial Cost | ||||
Land and improvements | $ 154,730 | |||
Building / Construction in Progress & Improvements | 180,253 | |||
Costs Subsequent to Acquisition / Construction | 23,290 | |||
Total Cost | ||||
Land | 154,730 | |||
Building / Construction in Progress & Improvements | 203,543 | |||
Total | 358,273 | |||
Accumulated Depreciation | 41,452 | |||
Total Cost, Net of Accumulated Depreciation | 316,821 | 313,096 | ||
Encumbrances | $ 100,500 | |||
Current Communities | Avalon Ballston Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 714 | |||
Initial Cost | ||||
Land and improvements | $ 71,640 | |||
Building / Construction in Progress & Improvements | 215,937 | |||
Costs Subsequent to Acquisition / Construction | 16,378 | |||
Total Cost | ||||
Land | 71,640 | |||
Building / Construction in Progress & Improvements | 232,315 | |||
Total | 303,955 | |||
Accumulated Depreciation | 47,256 | |||
Total Cost, Net of Accumulated Depreciation | 256,699 | 262,722 | ||
Encumbrances | $ 0 | |||
Boston, MA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 6,427 | |||
Initial Cost | ||||
Land and improvements | $ 211,519 | |||
Building / Construction in Progress & Improvements | 1,048,777 | |||
Costs Subsequent to Acquisition / Construction | 145,465 | |||
Total Cost | ||||
Land | 211,519 | |||
Building / Construction in Progress & Improvements | 1,194,242 | |||
Total | 1,405,761 | |||
Accumulated Depreciation | 352,970 | |||
Total Cost, Net of Accumulated Depreciation | 1,052,791 | 1,081,830 | ||
Encumbrances | $ 138,160 | |||
Fairfield-New Haven, CT [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 1,970 | |||
Initial Cost | ||||
Land and improvements | $ 72,283 | |||
Building / Construction in Progress & Improvements | 343,032 | |||
Costs Subsequent to Acquisition / Construction | 31,600 | |||
Total Cost | ||||
Land | 72,283 | |||
Building / Construction in Progress & Improvements | 374,632 | |||
Total | 446,915 | |||
Accumulated Depreciation | 137,674 | |||
Total Cost, Net of Accumulated Depreciation | 309,241 | 320,844 | ||
Encumbrances | $ 0 | |||
New England | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 8,397 | |||
Initial Cost | ||||
Land and improvements | $ 283,802 | |||
Building / Construction in Progress & Improvements | 1,391,809 | |||
Costs Subsequent to Acquisition / Construction | 177,065 | |||
Total Cost | ||||
Land | 283,802 | |||
Building / Construction in Progress & Improvements | 1,568,874 | |||
Total | 1,852,676 | |||
Accumulated Depreciation | 490,644 | |||
Total Cost, Net of Accumulated Depreciation | 1,362,032 | 1,402,674 | ||
Encumbrances | $ 138,160 | |||
New York City, NY [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 2,931 | |||
Initial Cost | ||||
Land and improvements | $ 361,674 | |||
Building / Construction in Progress & Improvements | 1,022,045 | |||
Costs Subsequent to Acquisition / Construction | 38,186 | |||
Total Cost | ||||
Land | 361,674 | |||
Building / Construction in Progress & Improvements | 1,060,231 | |||
Total | 1,421,905 | |||
Accumulated Depreciation | 272,595 | |||
Total Cost, Net of Accumulated Depreciation | 1,149,310 | 1,088,658 | ||
Encumbrances | $ 462,300 | |||
New York - Suburban [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,659 | |||
Initial Cost | ||||
Land and improvements | $ 220,547 | |||
Building / Construction in Progress & Improvements | 690,099 | |||
Costs Subsequent to Acquisition / Construction | 47,564 | |||
Total Cost | ||||
Land | 220,547 | |||
Building / Construction in Progress & Improvements | 737,663 | |||
Total | 958,210 | |||
Accumulated Depreciation | 240,520 | |||
Total Cost, Net of Accumulated Depreciation | 717,690 | 740,393 | ||
Encumbrances | $ 78,650 | |||
New Jersey [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,781 | |||
Initial Cost | ||||
Land and improvements | $ 104,631 | |||
Building / Construction in Progress & Improvements | 525,174 | |||
Costs Subsequent to Acquisition / Construction | 59,770 | |||
Total Cost | ||||
Land | 104,631 | |||
Building / Construction in Progress & Improvements | 584,944 | |||
Total | 689,575 | |||
Accumulated Depreciation | 187,501 | |||
Total Cost, Net of Accumulated Depreciation | 502,074 | 520,050 | ||
Encumbrances | $ 0 | |||
Metro NY/NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 10,371 | |||
Initial Cost | ||||
Land and improvements | $ 686,852 | |||
Building / Construction in Progress & Improvements | 2,237,318 | |||
Costs Subsequent to Acquisition / Construction | 145,520 | |||
Total Cost | ||||
Land | 686,852 | |||
Building / Construction in Progress & Improvements | 2,382,838 | |||
Total | 3,069,690 | |||
Accumulated Depreciation | 700,616 | |||
Total Cost, Net of Accumulated Depreciation | 2,369,074 | 2,349,101 | ||
Encumbrances | $ 540,950 | |||
Mid-Atlantic | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 8,985 | |||
Initial Cost | ||||
Land and improvements | $ 482,790 | |||
Building / Construction in Progress & Improvements | 1,428,471 | |||
Costs Subsequent to Acquisition / Construction | 144,805 | |||
Total Cost | ||||
Land | 482,790 | |||
Building / Construction in Progress & Improvements | 1,573,276 | |||
Total | 2,056,066 | |||
Accumulated Depreciation | 479,051 | |||
Total Cost, Net of Accumulated Depreciation | 1,577,015 | 1,622,622 | ||
Encumbrances | $ 32,200 | |||
Pacific Northwest | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,305 | |||
Initial Cost | ||||
Land and improvements | $ 118,580 | |||
Building / Construction in Progress & Improvements | 577,257 | |||
Costs Subsequent to Acquisition / Construction | 42,695 | |||
Total Cost | ||||
Land | 118,580 | |||
Building / Construction in Progress & Improvements | 619,952 | |||
Total | 738,532 | |||
Accumulated Depreciation | 196,860 | |||
Total Cost, Net of Accumulated Depreciation | 541,672 | 557,413 | ||
Encumbrances | $ 0 | |||
San Jose, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,487 | |||
Initial Cost | ||||
Land and improvements | $ 260,673 | |||
Building / Construction in Progress & Improvements | 561,680 | |||
Costs Subsequent to Acquisition / Construction | 86,677 | |||
Total Cost | ||||
Land | 260,673 | |||
Building / Construction in Progress & Improvements | 648,357 | |||
Total | 909,030 | |||
Accumulated Depreciation | 231,510 | |||
Total Cost, Net of Accumulated Depreciation | 677,520 | 698,312 | ||
Encumbrances | $ 38,800 | |||
Oakland - East Bay, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,489 | |||
Initial Cost | ||||
Land and improvements | $ 122,976 | |||
Building / Construction in Progress & Improvements | 645,570 | |||
Costs Subsequent to Acquisition / Construction | 81,599 | |||
Total Cost | ||||
Land | 122,976 | |||
Building / Construction in Progress & Improvements | 727,169 | |||
Total | 850,145 | |||
Accumulated Depreciation | 243,375 | |||
Total Cost, Net of Accumulated Depreciation | 606,770 | 623,218 | ||
Encumbrances | $ 3,557 | |||
San Francisco, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,349 | |||
Initial Cost | ||||
Land and improvements | $ 216,871 | |||
Building / Construction in Progress & Improvements | 748,398 | |||
Costs Subsequent to Acquisition / Construction | 106,519 | |||
Total Cost | ||||
Land | 216,871 | |||
Building / Construction in Progress & Improvements | 854,917 | |||
Total | 1,071,788 | |||
Accumulated Depreciation | 282,491 | |||
Total Cost, Net of Accumulated Depreciation | 789,297 | 813,641 | ||
Encumbrances | $ 185,698 | |||
Northern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 10,325 | |||
Initial Cost | ||||
Land and improvements | $ 600,520 | |||
Building / Construction in Progress & Improvements | 1,955,648 | |||
Costs Subsequent to Acquisition / Construction | 274,795 | |||
Total Cost | ||||
Land | 600,520 | |||
Building / Construction in Progress & Improvements | 2,230,443 | |||
Total | 2,830,963 | |||
Accumulated Depreciation | 757,376 | |||
Total Cost, Net of Accumulated Depreciation | 2,073,587 | 2,135,171 | ||
Encumbrances | $ 228,055 | |||
Los Angeles, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 8,380 | |||
Initial Cost | ||||
Land and improvements | $ 477,004 | |||
Building / Construction in Progress & Improvements | 1,306,247 | |||
Costs Subsequent to Acquisition / Construction | 205,941 | |||
Total Cost | ||||
Land | 477,004 | |||
Building / Construction in Progress & Improvements | 1,512,188 | |||
Total | 1,989,192 | |||
Accumulated Depreciation | 434,469 | |||
Total Cost, Net of Accumulated Depreciation | 1,554,723 | 1,601,740 | ||
Encumbrances | $ 260,475 | |||
Orange County, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,087 | |||
Initial Cost | ||||
Land and improvements | $ 144,500 | |||
Building / Construction in Progress & Improvements | 462,922 | |||
Costs Subsequent to Acquisition / Construction | 59,318 | |||
Total Cost | ||||
Land | 144,500 | |||
Building / Construction in Progress & Improvements | 522,240 | |||
Total | 666,740 | |||
Accumulated Depreciation | 154,830 | |||
Total Cost, Net of Accumulated Depreciation | 511,910 | 527,447 | ||
Encumbrances | $ 7,635 | |||
San Diego, CA [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 1,863 | |||
Initial Cost | ||||
Land and improvements | $ 63,898 | |||
Building / Construction in Progress & Improvements | 215,562 | |||
Costs Subsequent to Acquisition / Construction | 82,444 | |||
Total Cost | ||||
Land | 63,898 | |||
Building / Construction in Progress & Improvements | 298,006 | |||
Total | 361,904 | |||
Accumulated Depreciation | 112,045 | |||
Total Cost, Net of Accumulated Depreciation | 249,859 | 259,728 | ||
Encumbrances | $ 0 | |||
Southern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 13,330 | |||
Initial Cost | ||||
Land and improvements | $ 685,402 | |||
Building / Construction in Progress & Improvements | 1,984,731 | |||
Costs Subsequent to Acquisition / Construction | 347,703 | |||
Total Cost | ||||
Land | 685,402 | |||
Building / Construction in Progress & Improvements | 2,332,434 | |||
Total | 3,017,836 | |||
Accumulated Depreciation | 701,344 | |||
Total Cost, Net of Accumulated Depreciation | 2,316,492 | 2,388,915 | ||
Encumbrances | $ 268,110 | |||
Established [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 54,713 | |||
Initial Cost | ||||
Land and improvements | $ 2,857,946 | |||
Building / Construction in Progress & Improvements | 9,575,234 | |||
Costs Subsequent to Acquisition / Construction | 1,132,583 | |||
Total Cost | ||||
Land | 2,857,946 | |||
Building / Construction in Progress & Improvements | 10,707,817 | |||
Total | 13,565,763 | |||
Accumulated Depreciation | 3,325,891 | |||
Total Cost, Net of Accumulated Depreciation | 10,239,872 | 10,455,896 | ||
Encumbrances | $ 1,207,475 | |||
Lease-Up Communities [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 4,689 | |||
Initial Cost | ||||
Land and improvements | $ 257,968 | |||
Building / Construction in Progress & Improvements | 1,346,421 | |||
Costs Subsequent to Acquisition / Construction | 1,136 | |||
Total Cost | ||||
Land | 257,968 | |||
Building / Construction in Progress & Improvements | 1,347,557 | |||
Total | 1,605,525 | |||
Accumulated Depreciation | 40,926 | |||
Total Cost, Net of Accumulated Depreciation | 1,564,599 | 1,376,017 | ||
Encumbrances | $ 0 | |||
Redevelopment Communities [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 3,992 | |||
Initial Cost | ||||
Land and improvements | $ 363,459 | |||
Building / Construction in Progress & Improvements | 777,854 | |||
Costs Subsequent to Acquisition / Construction | 202,258 | |||
Total Cost | ||||
Land | 363,459 | |||
Building / Construction in Progress & Improvements | 980,112 | |||
Total | 1,343,571 | |||
Accumulated Depreciation | 256,848 | |||
Total Cost, Net of Accumulated Depreciation | 1,086,723 | 1,012,886 | ||
Encumbrances | $ 100,500 | |||
Other Stabilized | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 11,844 | |||
Initial Cost | ||||
Land and improvements | $ 696,192 | |||
Building / Construction in Progress & Improvements | 2,654,431 | |||
Costs Subsequent to Acquisition / Construction | 376,009 | |||
Total Cost | ||||
Land | 696,192 | |||
Building / Construction in Progress & Improvements | 3,030,440 | |||
Total | 3,726,632 | |||
Accumulated Depreciation | 546,185 | |||
Total Cost, Net of Accumulated Depreciation | 3,180,447 | 2,876,445 | ||
Encumbrances | $ 196,338 | |||
Development Communities [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 6,279 | |||
Initial Cost | ||||
Land and improvements | $ 47,713 | |||
Building / Construction in Progress & Improvements | 319,551 | |||
Costs Subsequent to Acquisition / Construction | 1,156,842 | |||
Total Cost | ||||
Land | 47,713 | |||
Building / Construction in Progress & Improvements | 1,476,393 | |||
Total | 1,524,106 | |||
Accumulated Depreciation | 3,699 | |||
Total Cost, Net of Accumulated Depreciation | 1,520,407 | 930,496 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Dogpatch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 326 | |||
Initial Cost | ||||
Land and improvements | $ 9,494 | |||
Building / Construction in Progress & Improvements | 73,702 | |||
Costs Subsequent to Acquisition / Construction | 99,991 | |||
Total Cost | ||||
Land | 9,494 | |||
Building / Construction in Progress & Improvements | 173,693 | |||
Total | 183,187 | |||
Accumulated Depreciation | 621 | |||
Total Cost, Net of Accumulated Depreciation | 182,566 | 108,565 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Public Market [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 289 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 83 | |||
Costs Subsequent to Acquisition / Construction | 55,789 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 55,872 | |||
Total | 55,872 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 55,872 | 29,698 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | AVA Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 695 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 275 | |||
Costs Subsequent to Acquisition / Construction | 168,732 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 169,007 | |||
Total | 169,007 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 169,007 | 123,267 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Walnut Creek II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 200 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 8,812 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 8,812 | |||
Total | 8,812 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 8,812 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | AVA NoMa [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 438 | |||
Initial Cost | ||||
Land and improvements | $ 18,831 | |||
Building / Construction in Progress & Improvements | 91,621 | |||
Costs Subsequent to Acquisition / Construction | 27,007 | |||
Total Cost | ||||
Land | 18,831 | |||
Building / Construction in Progress & Improvements | 118,628 | |||
Total | 137,459 | |||
Accumulated Depreciation | 1,592 | |||
Total Cost, Net of Accumulated Depreciation | 135,867 | 109,200 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon at the Hingham Shipyard II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 190 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 23,792 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 23,792 | |||
Total | 23,792 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 23,792 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Sudbury [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 33,595 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 33,595 | |||
Total | 33,595 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 33,595 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | AVA Wheaton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 319 | |||
Initial Cost | ||||
Land and improvements | $ 2,624 | |||
Building / Construction in Progress & Improvements | 29,826 | |||
Costs Subsequent to Acquisition / Construction | 38,017 | |||
Total Cost | ||||
Land | 2,624 | |||
Building / Construction in Progress & Improvements | 67,843 | |||
Total | 70,467 | |||
Accumulated Depreciation | 279 | |||
Total Cost, Net of Accumulated Depreciation | 70,188 | 35,361 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Towson [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 371 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 3,985 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 3,985 | |||
Total | 3,985 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 3,985 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Maplewood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 3,230 | |||
Building / Construction in Progress & Improvements | 13,019 | |||
Costs Subsequent to Acquisition / Construction | 45,009 | |||
Total Cost | ||||
Land | 3,230 | |||
Building / Construction in Progress & Improvements | 58,028 | |||
Total | 61,258 | |||
Accumulated Depreciation | 56 | |||
Total Cost, Net of Accumulated Depreciation | 61,202 | 48,453 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Boonton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 124 | |||
Costs Subsequent to Acquisition / Construction | 29,830 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 29,954 | |||
Total | 29,954 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 29,954 | 8,292 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Teaneck [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 248 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 42 | |||
Costs Subsequent to Acquisition / Construction | 18,567 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 18,609 | |||
Total | 18,609 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 18,609 | 14,034 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Piscataway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 360 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 248 | |||
Costs Subsequent to Acquisition / Construction | 28,055 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 28,303 | |||
Total | 28,303 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 28,303 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Brooklyn Bay [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 8,830 | |||
Building / Construction in Progress & Improvements | 76,690 | |||
Costs Subsequent to Acquisition / Construction | 5,004 | |||
Total Cost | ||||
Land | 8,830 | |||
Building / Construction in Progress & Improvements | 81,694 | |||
Total | 90,524 | |||
Accumulated Depreciation | 781 | |||
Total Cost, Net of Accumulated Depreciation | 89,743 | 58,833 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Somers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 152 | |||
Initial Cost | ||||
Land and improvements | $ 4,704 | |||
Building / Construction in Progress & Improvements | 33,404 | |||
Costs Subsequent to Acquisition / Construction | 4,046 | |||
Total Cost | ||||
Land | 4,704 | |||
Building / Construction in Progress & Improvements | 37,450 | |||
Total | 42,154 | |||
Accumulated Depreciation | 370 | |||
Total Cost, Net of Accumulated Depreciation | 41,784 | 16,586 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | 11 West 61st Street [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 172 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 339 | |||
Costs Subsequent to Acquisition / Construction | 440,373 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 440,712 | |||
Total | 440,712 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 440,712 | 348,821 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Yonkers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 590 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 23,300 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 23,300 | |||
Total | 23,300 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 23,300 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon Belltown Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 275 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 55 | |||
Costs Subsequent to Acquisition / Construction | 50,581 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 50,636 | |||
Total | 50,636 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 50,636 | 29,386 | ||
Encumbrances | $ 0 | |||
Development Communities [Member] | AVA Esterra Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 323 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 123 | |||
Costs Subsequent to Acquisition / Construction | 36,925 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 37,048 | |||
Total | 37,048 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 37,048 | |||
Encumbrances | $ 0 | |||
Development Communities [Member] | Avalon North Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of Apartment Homes in Communities Owned | home | 316 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 15,432 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 15,432 | |||
Total | 15,432 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 15,432 | |||
Encumbrances | 0 | |||
Land Held for Development | ||||
Initial Cost | ||||
Land and improvements | 68,364 | |||
Total Cost | ||||
Land | 68,364 | |||
Total | 68,364 | |||
Total Cost, Net of Accumulated Depreciation | 68,364 | 84,293 | ||
Corporate overhead | ||||
Initial Cost | ||||
Land and improvements | 14,040 | |||
Building / Construction in Progress & Improvements | 10,746 | |||
Costs Subsequent to Acquisition / Construction | 77,189 | |||
Total Cost | ||||
Land | 14,040 | |||
Building / Construction in Progress & Improvements | 87,935 | |||
Total | 101,975 | |||
Accumulated Depreciation | 44,830 | |||
Total Cost, Net of Accumulated Depreciation | 57,145 | 53,309 | ||
Encumbrances | $ 5,900,000 | |||
2017 Disposals [Member] | ||||
Total Cost | ||||
Total Cost, Net of Accumulated Depreciation | $ 243,652 |
REAL ESTATE AND ACCUMULATED D65
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Estimated useful lives | |||
Aggregate cost of total real estate for federal income tax purposes | $ 21,271 | ||
Changes in total real estate assets | |||
Balance, beginning of period | 20,776,626 | $ 19,268,099 | $ 17,849,316 |
Acquisitions, construction costs and improvements | 1,526,516 | 1,788,515 | 1,667,989 |
Dispositions, including impairment loss on planned dispositions | (367,206) | (279,988) | (249,206) |
Balance, end of period | 21,935,936 | 20,776,626 | 19,268,099 |
Changes in accumulated depreciation | |||
Balance, beginning of period | 3,743,632 | 3,325,790 | 2,913,576 |
Depreciation, including discontinued operations | 584,150 | 531,434 | 477,923 |
Dispositions | (109,403) | (113,592) | (65,709) |
Balance, end of period | $ 4,218,379 | $ 3,743,632 | $ 3,325,790 |
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 |