Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Registrant Name | AVALONBAY COMMUNITIES, INC. | ||
Entity Central Index Key | 0000915912 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 1-12672 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 139,527,493 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21,698,072,550 | ||
Entity Tax Identification Number | 77-0404318 | ||
Trading Symbol | AVB | ||
Security Exchange Name | NYSE | ||
Entity Address, Address Line One | 4040 Wilson Blvd., Suite 1000 | ||
Entity Address, City or Town | Arlington | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22203 | ||
City Area Code | 703 | ||
Local Phone Number | 329-6300 | ||
Documents Incorporated by Reference | Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2021 annual meeting of stockholders, a definitive copy of which will be filed with the SEC within 120 days after the year end of the year covered by this Form 10-K, are incorporated by reference herein as portions of Part III of this Form 10-K. | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate: | ||
Land and improvements | $ 4,394,298 | $ 4,299,162 |
Buildings and improvements | 17,231,275 | 16,668,496 |
Furniture, fixtures and equipment | 924,583 | 829,242 |
Total capitalized cost | 22,550,156 | 21,796,900 |
Less accumulated depreciation | (5,700,179) | (5,164,398) |
Operating Real Estate Investment Property, Net | 16,849,977 | 16,632,502 |
Construction in progress, including land | 989,765 | 1,303,751 |
Land held for development | 110,142 | 0 |
Inventory, Real Estate | 267,219 | 457,809 |
Gross real estate assets held for sale | 16,678 | 38,927 |
Net operating real estate | 18,233,781 | 18,432,989 |
Cash and cash equivalents | 216,976 | 39,687 |
Cash in escrow | 96,556 | 87,927 |
Resident security deposits | 30,811 | 34,224 |
Investments in unconsolidated real estate entities | 202,612 | 165,806 |
Deferred development costs | 55,427 | 70,486 |
Right of use lease assets | 207,715 | 164,971 |
Lease, Right-Of-Use Asset | 155,266 | 124,961 |
Total assets | 19,199,144 | 19,121,051 |
LIABILITIES AND EQUITY | ||
Unsecured notes, net | 6,702,005 | 6,358,648 |
Variable rate unsecured credit facility | 0 | 0 |
Mortgage notes payable, net | 862,332 | 937,642 |
Dividends payable | 224,897 | 215,414 |
Payables for construction | 93,609 | 92,135 |
Accrued expenses and other liabilities | 274,699 | 274,013 |
Lease, Liability | 181,479 | 140,468 |
Accrued interest payable | 49,033 | 47,154 |
Resident security deposits | 55,928 | 61,752 |
Liabilities related to real estate assets held for sale | 311 | 375 |
Total liabilities | 8,444,293 | 8,127,601 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | $ 2,677 | $ 3,252 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Equity: | ||
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Common Stock, Value, Issued | 1,395 | 1,406 |
Additional paid-in capital | 10,664,416 | 10,736,733 |
Accumulated earnings less dividends | 126,022 | 282,913 |
Accumulated other comprehensive loss | (40,250) | (31,503) |
Stockholders' Equity Attributable to Parent | 10,751,583 | 10,989,549 |
Stockholders' Equity Attributable to Noncontrolling Interest | 591 | 649 |
Total equity | 10,752,174 | 10,990,198 |
Total liabilities and equity | $ 19,199,144 | $ 19,121,051 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 25 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares, Outstanding | 139,526,671 | 140,643,962 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 280,000,000 | 280,000,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 25 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 280,000,000 | 280,000,000 |
Common Stock, Shares, Issued | 139,526,671 | 140,643,962 |
Common Stock, Shares, Outstanding | 139,526,671 | 140,643,962 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Operating Lease, Lease Income | $ 2,297,442 | $ 2,319,666 | $ 2,280,963 |
Management, development and other fees | 3,819 | 4,960 | 3,572 |
Total revenue | 2,301,261 | 2,324,626 | 2,284,535 |
Expenses: | |||
Cost of Other Property Operating Expense | 549,913 | 515,145 | 524,993 |
Property taxes | 273,189 | 252,961 | 241,563 |
Interest expense, net | 214,151 | 203,585 | 220,974 |
Loss on extinguishment of debt, net | 9,333 | 602 | 17,492 |
Depreciation expense | 707,331 | 661,578 | 631,196 |
General and administrative expense | 60,343 | 58,042 | 60,369 |
Other Nonoperating Expense | 12,399 | 4,991 | 3,265 |
Casualty and impairment loss, net | 0 | 0 | 215 |
Costs and Expenses, Total | 1,826,659 | 1,696,904 | 1,700,067 |
Equity in income of unconsolidated real estate entities | 6,422 | 8,652 | 15,270 |
Gain on sale of communities | 340,444 | 166,105 | 374,976 |
Gain on other real estate transactions, net | 440 | 439 | 345 |
Gain (Loss) on Sale of Other Investments, Net of Marketing and Administrative Costs | 2,551 | (3,812) | (1,044) |
Income before income taxes | 824,459 | 799,106 | 974,015 |
Income Tax Expense (Benefit) | 3,247 | (13,003) | 160 |
Net income | 827,706 | 786,103 | 974,175 |
Net (income) loss attributable to noncontrolling interests | (76) | (129) | 350 |
Net income attributable to common stockholders | 827,630 | 785,974 | 974,525 |
Other comprehensive income (loss): | |||
(Loss) gain on cash flow hedges | (17,731) | (11,930) | 5,132 |
Cash flow hedge losses reclassified to earnings | (8,984) | (6,571) | (6,143) |
Comprehensive income | $ 818,883 | $ 780,615 | $ 985,800 |
Earnings per common share - basic: | |||
Net income per common share - basic (in dollars per share) | $ 5.89 | $ 5.64 | $ 7.05 |
Earnings per common share - diluted: | |||
Net income per common share - diluted (in dollars per share) | $ 5.89 | $ 5.63 | $ 7.05 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive loss | Parent [Member] | Noncontrolling Interest [Member] |
Beginning Balance (in shares) at Dec. 31, 2017 | 138,094,154 | ||||||
Beginning Balance at Dec. 31, 2017 | $ 10,388,046 | $ 1,381 | $ 10,235,475 | $ 188,609 | $ (37,419) | $ 10,388,046 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) Available to Common Stockholders, Basic | 974,525 | 974,525 | 974,525 | ||||
(Loss) gain on cash flow hedges | 5,132 | 5,132 | 5,132 | ||||
Cash flow hedge losses reclassified to earnings | 6,143 | 6,143 | 6,143 | ||||
Change in redemption value of redeemable noncontrolling interest | 223 | 223 | 223 | ||||
Dividends declared to common stockholders | (813,722) | (813,722) | (813,722) | ||||
Issuance of common stock, net of withholdings (in shares) | 414,270 | ||||||
Issuance of common stock, net of withholdings | 40,554 | $ 4 | 39,408 | 1,142 | 40,554 | ||
Amortization of deferred compensation | 31,705 | 31,705 | 31,705 | ||||
Ending Balance (in shares) at Dec. 31, 2018 | 138,508,424 | ||||||
Ending Balance at Dec. 31, 2018 | $ 10,632,606 | $ 1,385 | 10,306,588 | 350,777 | (26,144) | 10,632,606 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared to common stockholders (in dollars per share) | $ 5.88 | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 785,974 | 785,974 | 785,974 | ||||
(Loss) gain on cash flow hedges | (11,930) | (11,930) | (11,930) | ||||
Cash flow hedge losses reclassified to earnings | 6,571 | 6,571 | 6,571 | ||||
Change in redemption value of redeemable noncontrolling interest | (373) | (373) | (373) | ||||
Noncontrolling Interest, Period Increase (Decrease) | 649 | 649 | |||||
Dividends declared to common stockholders | (851,287) | (851,287) | (851,287) | ||||
Issuance of common stock, net of withholdings (in shares) | 2,135,538 | ||||||
Issuance of common stock, net of withholdings | 393,118 | $ 21 | 395,275 | (2,178) | 393,118 | ||
Amortization of deferred compensation | 34,870 | 34,870 | 34,870 | ||||
Ending Balance (in shares) at Dec. 31, 2019 | 140,643,962 | ||||||
Ending Balance at Dec. 31, 2019 | $ 10,990,198 | $ 1,406 | 10,736,733 | 282,913 | (31,503) | 10,989,549 | 649 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared to common stockholders (in dollars per share) | $ 6.08 | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 827,630 | 827,630 | 827,630 | ||||
(Loss) gain on cash flow hedges | (17,731) | (17,731) | (17,731) | ||||
Cash flow hedge losses reclassified to earnings | 8,984 | 8,984 | 8,984 | ||||
Change in redemption value of redeemable noncontrolling interest | 210 | 210 | 210 | ||||
Noncontrolling Interest, Period Increase (Decrease) | (58) | (58) | |||||
Dividends declared to common stockholders | (893,152) | (893,152) | (893,152) | ||||
Issuance of common stock, net of withholdings (in shares) | 108,499 | ||||||
Issuance of common stock, net of withholdings | $ (10,997) | $ 1 | (9,571) | (1,427) | (10,997) | ||
Treasury Stock, Shares, Acquired | (1,225,790) | (1,225,790) | |||||
Stock Repurchased During Period, Value | $ (183,876) | $ 12 | (93,712) | (90,152) | (183,876) | ||
Amortization of deferred compensation | 30,966 | 30,966 | 30,966 | ||||
Ending Balance (in shares) at Dec. 31, 2020 | 139,526,671 | ||||||
Ending Balance at Dec. 31, 2020 | $ 10,752,174 | $ 1,395 | $ 10,664,416 | $ 126,022 | $ (40,250) | $ 10,751,583 | $ 591 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared to common stockholders (in dollars per share) | $ 6.36 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared to common stockholders (in dollars per share) | $ 6.36 | $ 6.08 | $ 5.88 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 827,706 | $ 786,103 | $ 974,175 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation expense | 707,331 | 661,578 | 631,196 |
Amortization of deferred financing costs | 7,454 | 7,346 | 7,939 |
Amortization of debt discount | 1,880 | 1,591 | 1,701 |
Loss on extinguishment of debt, net | 9,333 | 602 | 17,492 |
Amortization of stock-based compensation | 21,603 | 25,621 | 20,280 |
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations | 8,673 | 12,278 | 6,583 |
Casualty and impairment gain, net | 0 | 0 | 826 |
Abandonment of development pursuits | 9,262 | 2,943 | 501 |
Unrealized Gain (Loss) on Derivatives | (2,894) | 0 | 0 |
Cash flow hedge losses reclassified to earnings | 8,984 | 6,571 | 6,143 |
Gain on sale of real estate assets | (346,041) | (172,332) | (385,976) |
Gain (Loss) on Sale of Other Investments | (8,213) | 0 | 0 |
(Increase) decrease in resident security deposits, prepaid expenses and other assets | (28,675) | (19,118) | 12,583 |
Increase in accrued expenses, other liabilities and accrued interest payable | 3,212 | 8,621 | 7,668 |
Net cash provided by operating activities | 1,219,615 | 1,321,804 | 1,301,111 |
Cash flows from investing activities: | |||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | (843,907) | (1,052,011) | (1,139,954) |
Acquisition of real estate assets, including partnership interest | 0 | (420,517) | (338,620) |
Capital expenditures - existing real estate assets | (108,531) | (135,626) | (83,607) |
Payments for Capital Improvements, Non Real Estate | (28,505) | (5,266) | (3,325) |
Increase (decrease) in payables for construction | 1,474 | (4,848) | 11,606 |
Proceeds from sale of real estate, net of selling costs | 619,773 | 422,041 | 883,313 |
Proceeds from Sale of Other Real Estate | 202,033 | 0 | 0 |
Mortgage note receivable lending | (258) | (692) | (3,699) |
Mortgage note receivable payments | 3,419 | 2,779 | 53,136 |
Distributions from unconsolidated real estate entities | 11,157 | 10,454 | 35,516 |
Investments in unconsolidated real estate entities | (36,088) | (10,183) | (11,017) |
Net cash used in investing activities | (179,433) | (1,193,869) | (596,651) |
Cash flows from financing activities: | |||
Issuance of common stock, net | 3,464 | 409,725 | 52,261 |
Payments for Repurchase of Common Stock | (183,876) | 0 | |
Payments of Ordinary Dividends | (883,212) | (839,646) | (805,239) |
Proceeds from Secured Notes Payable | 51,000 | 30,250 | 295,939 |
Repayments of mortgage notes payable, including prepayment penalties | (126,712) | (227,570) | (255,452) |
Issuance of unsecured notes | 1,296,581 | 449,804 | 299,442 |
Repayment of unsecured notes, including prepayment penalties | (958,680) | 0 | (258,579) |
Payment of deferred financing costs | (11,277) | (10,909) | (16,258) |
Finance Lease, Principal Payments | 0 | 0 | (1,070) |
(Payment) receipt for termination of forward interest rate swaps | (25,135) | (12,309) | 12,598 |
Proceeds from (Payments to) Noncontrolling Interests | (68) | 456 | 0 |
Payments related to tax withholding for share-based compensation | (14,917) | (16,101) | (10,556) |
Distributions to DownREIT partnership unitholders | (48) | (46) | (44) |
Payments of Distributions to Affiliates | (384) | (439) | (424) |
Preferred interest obligation redemption and dividends | (1,000) | (1,400) | (1,120) |
Net cash used in financing activities | (854,264) | (218,185) | (688,502) |
Net increase in cash, cash equivalents and cash in escrow | 185,918 | (90,250) | 15,958 |
Cash and cash equivalents and restricted cash, beginning of year | 127,614 | 217,864 | 201,906 |
Cash and cash equivalents and restricted cash, end of year | 313,532 | 127,614 | 217,864 |
Cash paid during the year for interest, net of amount capitalized | 196,848 | 187,570 | 201,659 |
Supplemental Cash Flow Information [Abstract] | |||
Cash and cash equivalents and restricted cash, end of year | $ 313,532 | $ 127,614 | $ 201,906 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Leaseshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jan. 01, 2019USD ($) | |
Operating Lease, Liability | $ 161,313 | $ 120,261 | ||
Supplemental disclosures of non-cash investing and financing activities | ||||
Common stock issued through the dividend reinvestment plan (in shares) | shares | 2,747 | 2,069 | 2,272 | |
Common stock issued through the dividend reinvestment plan | $ 458 | $ 418 | $ 387 | |
Number of shares withheld to satisfy employees' tax withholding and other liabilities | shares | 74,173 | 84,710 | 68,565 | |
Shares withheld to satisfy employees' tax withholding and other liabilities, value | $ 14,919 | $ 16,101 | $ 10,556 | |
Number of shares forfeited | shares | 7,683 | |||
Shares cancelled upon forfeiture | $ 1,240 | 399 | 717 | |
Common stock dividends declared but not paid | 223,262 | 214,832 | 204,191 | |
Change in redemption value of redeemable noncontrolling interest | (210) | 373 | (223) | |
Increase (decrease) in derivative liabilities | 6,379 | 6,366 | ||
Cash flow hedge losses reclassified to earnings | (8,984) | (6,571) | $ (6,143) | |
Right of use lease assets | 133,581 | 103,063 | ||
Investments in unconsolidated real estate entities | 202,612 | 165,806 | ||
Increase (decrease) in derivative assets | 4,308 | $ 388 | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, after Tax | 1,413 | |||
New Office Leases | ||||
Operating Lease, Liability | 46,875 | |||
Supplemental disclosures of non-cash investing and financing activities | ||||
Right of use lease assets | $ 46,875 | |||
Number of New Office Leases [Line Items] | Lease | 2 | |||
Restricted Stock and Restricted Stock Converted From Performance Shares | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Granted (in shares) | shares | 165,545 | 152,502 | 187,010 | |
Restricted Stock Converted From Performance Shares [Member] | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Granted (in shares) | shares | 96,317 | 73,072 | 88,297 | |
Restricted stock | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Granted (in shares) | shares | 69,228 | 79,430 | 98,713 | |
Fair value of shares issued | $ 15,305 | $ 15,603 | $ 15,950 | |
Number of shares forfeited | shares | 7,683 | 2,361 | 4,860 | |
Accumulated earnings less dividends | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Change in redemption value of redeemable noncontrolling interest | $ (210) | $ 373 | $ (223) | |
Deferred Compensation, Share-based Payments [Member] | Non-employee directors | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Granted (in shares) | shares | 1,838 | |||
Fair value of shares issued | $ 205 | |||
NYC JV | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Repayments of secured debt | 395,939 | |||
NYC JV | ||||
Supplemental disclosures of non-cash investing and financing activities | ||||
Investments in unconsolidated real estate entities | $ 74,159 | |||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Accounting Standards Update 2016-02 | ||||
Operating Lease, Liability | $ 122,276 | |||
Supplemental disclosures of non-cash investing and financing activities | ||||
Right of use lease assets | $ 122,276 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At December 31, 2020, the Company owned or held a direct or indirect ownership interest in 273 operating apartment communities containing 80,094 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 18 communities under development that are expected to contain an aggregate of 5,931 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 70 have been sold as of December 31, 2020, and 66,000 square feet of commercial space, of which 69% has been leased as of December 31, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 24 communities that, if developed as expected, will contain an estimated 7,853 apartment homes (unaudited). Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the cost method. Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Abandoned Pursuit Costs and Impairment of Long-Lived Assets" below. Income Taxes The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2020, 2019 and 2018. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax benefit of $3,247,000 in 2020, recorded an income tax expense of $13,003,000 in 2019 and recognized income tax benefit of $160,000 in 2018, related to its activities through its TRSs. The income tax benefit in 2020 was primarily due to provisions of the Coronavirus Aid, Relief, and Economic Security Act, allowing for further carryback of net operating losses and operating losses for tax purposes. The income tax expense in 2019 was primarily due to (i) a net deferred tax liability of $5,782,000 for the GAAP to tax basis differences at the Company's for-sale condominiums, The Park Loggia, and the associated 66,000 square feet of commercial space and (ii) expense for current and net deferred tax liabilities of $7,221,000, associated with the disposition of two wholly-owned operating communities, as well as the Company's sustainability initiatives. As of December 31, 2020 and 2019, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2017 through 2019. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 % Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $25,239,000 and $25,995,000 as of December 31, 2020 and 2019, respectively, and related to mortgage notes payable was $2,046,000 and $1,784,000 as of December 31, 2020 and 2019, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $13,501,000 and $11,815,000 as of December 31, 2020 and 2019, respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share (“EPS”). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05 All options to purchase shares of common stock outstanding as of December 31, 2020, 2019 and 2018 are included in the computation of diluted earnings per share. Abandoned Pursuit Costs and Impairment of Long-Lived Assets The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable (“Development Rights”). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any non-recoverable capitalized pre-development costs are expensed. The Company expensed costs related to development pursuits not yet considered probable for development and the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $12,317,000, $4,896,000 and $4,388,000 during the years ended December 31, 2020, 2019 and 2018, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company no longer expects is probable. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. In the Company's evaluation of its real estate portfolio for impairment, as discussed below, it considered the impact of the COVID-19 pandemic and did not identify any indicators of impairment as a result. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or long-lived asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2020, 2019 and 2018, the Company did not recognize any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage as discussed below. The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory using estimated undiscounted future cash flows. For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment losses on its for-sale condominium inventory. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. The Company did not recognize any impairment charges on its investment in land during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company recognized an impairment charge of $826,000 related to a land parcel the Company had previously acquired for development and subsequently sold. This charge was determined as the excess of the Company's carrying basis over the sales price, and is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2020, 2019 or 2018. Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community that qualified as held for sale presentation at December 31, 2020. Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification. Leases The Company is party to leases as both a lessor and a lessee, primarily as follows: • lessor of residential and commercial space within its apartment communities; and • lessee under (i) ground leases for land underlying current operating or development communities and certain commercial and parking facilities and (ii) office leases for its corporate headquarters and regional offices. Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements. Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. Additionally, for the Company’s residential and commercial leases, which are comprised of the lease component and common area maintenance as a non-lease component, the Company determined that (i) the leases are operating leases, (ii) the lease component is the predominant component and (iii) that all components of its operating leases share the same timing and pattern of transfer. The Company changed its presentation of charges for uncollectible lease revenue associated with its residential and commercial leasing activity, reflecting those amounts as a component of rental and other income on the accompanying Consolidated Statement of Comprehensive Income beginning with the year ended December 31, 2019. However, in accordance with its prospective adoption of the lease standard, the Company did not adjust the presentation of charges for uncollectible lease revenue associated with its residential and commercial leasing activity as a component of operating expenses, excluding property taxes, on the accompanying Consolidated Statement of Comprehensive Income for the year ended December 31, 2018. Revenue and Gain Recognition Under ASU 2014-09, Revenue from Contracts with Customers, the Company recognizes revenue in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The majority of the Company’s revenue is derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842, Leases, discussed above. The Company's revenue streams that are not accounted for under ASC 842 include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis. • Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsoli |
Interest Capitalized
Interest Capitalized | 12 Months Ended |
Dec. 31, 2020 | |
Interest Capitalized | |
Interest Capitalized | Interest CapitalizedThe Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $44,157,000, $62,823,000 and $60,331,000 for years ended December 31, 2020, 2019 and 2018, respectively. |
Mortgage Notes Payable, Unsecur
Mortgage Notes Payable, Unsecured Notes and Credit Facility | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | The following debt activity occurred during the year ended December 31, 2020: • In February 2020, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $694,701,000. The notes mature in March 2030 and were issued at a 2.30% interest rate. • In February 2020, the Company refinanced the secured borrowing for Avalon San Bruno III. The secured borrowing had a fixed interest rate of 3.08% and was refinanced for a principal balance of $51,000,000, with a fixed interest rate of 2.38% and maturity date of March 2027. • In March 2020, the Company repaid (i) $400,000,000 principal amount of its 3.625% unsecured notes in advance of the October 2020 scheduled maturity and (ii) $250,000,000 principal amount of its 3.95% unsecured notes in advance of the January 2021 scheduled maturity. In conjunction with these repayments, the Company recognized a loss on debt extinguishment of $9,170,000 for prepayment penalties and the non-cash write-off of unamortized deferred financing costs. • In May 2020, the Company issued $600,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $593,430,000. The notes mature in January 2031 and were issued at a 2.45% interest rate. • In May 2020, the Company repaid $300,000,000 principal amount of its variable rate unsecured notes in advance of the January 2021 scheduled maturity, recognizing a charge of $268,000 for the non-cash write-off of deferred financing costs. • In August 2020, the Company repaid $67,904,000 principal amount of 4.18% fixed rate debt secured by Avalon Hoboken at par in advance of its December 2020 maturity date. At December 31, 2020, the Company has a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (0.92% at December 31, 2020), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating. The Company had no borrowings outstanding under the Credit Facility and had $2,900,000 and $11,488,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2020 and 2019, respectively. In addition, the Company had $32,079,000 and $24,939,000 outstanding in additional letters of credit on a separate facility unrelated to the Credit Facility as of December 31, 2020 and 2019, respectively. In the aggregate, secured notes payable mature at various dates from April 2021 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,448,551,000, excluding communities classified as held for sale, as of December 31, 2020). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% and 3.9% at December 31, 2020 and 2019, respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax exempt) including the effect of certain financing related fees, was 1.7% and 3.2% at December 31, 2020 and 2019, respectively. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2020 are as follows (dollars in thousands): Year Secured notes Secured notes Unsecured notes and Stated interest rate of 2021 $ 9,304 $ 27,844 $ — N/A 2022 9,918 — 450,000 2.950 % 100,000 LIBOR + 0.90% 2023 10,739 — 350,000 4.200 % 250,000 2.850 % 2024 11,677 — 300,000 3.500 % 150,000 LIBOR + 0.85% 2025 12,408 — 525,000 3.450 % 300,000 3.500 % 2026 13,445 — 475,000 2.950 % 300,000 2.900 % 2027 15,880 236,100 400,000 3.350 % 2028 20,707 — 450,000 3.200 % 2029 11,742 66,250 450,000 3.300 % 2030 12,384 — 700,000 2.300 % Thereafter 176,078 245,338 600,000 2.450 % 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 304,282 $ 575,532 $ 6,750,000 The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 20 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date. The Company is subject to financial covenants contained in the Credit Facility, the Term Loans and the indentures under which the unsecured notes were issued. The principal financial covenants include the following: • limitations on the amount of total and secured debt in relation to our overall capital structure; • limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and • minimum levels of debt service coverage. The Company was in compliance with these covenants at December 31, 2020. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity As of December 31, 2020 and 2019, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock. During the year ended December 31, 2020, the Company: i. issued 1,902 shares of common stock in connection with stock options exercised; ii. issued 2,747 common shares through the Company's dividend reinvestment plan; iii. issued 165,545 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. withheld 74,173 common shares to satisfy employees' tax withholding and other liabilities; v. issued 20,161 common shares through the Employee Stock Purchase Plan; vi. canceled 7,683 common shares of restricted stock upon forfeiture; and vii. purchased 1,225,790 common shares through the 2020 Stock Repurchase Program, discussed below. Any deferred compensation related to the Company’s stock option, restricted stock and performance award grants during the year ended December 31, 2020 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2020, and will not be reflected until recognized as compensation cost. In July 2020, the Company’s Board of Directors voted to terminate the Company’s prior $500,000,000 Stock Repurchase Program (the "Amended 2005 Stock Repurchase Program") and approved a new stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "2020 Stock Repurchase Program"). Purchases of common stock under the 2020 Stock Repurchase Program may be exercised from time to time in the Company’s discretion and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The 2020 Stock Repurchase Program does not have an expiration date and may be suspended or terminated at any time without prior notice. During the year ended December 31, 2020, the Company repurchased 1,225,790 shares of common stock at an average price of $149.99 per share. As of December 31, 2020, the Company had $316,148,000 remaining authorized for purchase under this program. |
Investments in Real Estate Enti
Investments in Real Estate Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Entities | Investments in Real Estate Entities Investments in Unconsolidated Real Estate Entities The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation . The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects. Certain of these investments are subject to various buy‑sell provisions or other rights which are customary in real estate joint venture agreements. The Company and its partners in these entities may initiate these provisions to either sell the Company's interest or acquire the joint venture interest from the Company's partner. The following presents the Company's activities in unconsolidated real estate entities for the years ended December 31, 2020, 2019 and 2018: Archstone Multifamily Partners AC LP (the “U.S. Fund”) —The Company is the general partner of the U.S. Fund and has a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition (as defined in Note 5, “Investments in Real Estate Entities,” of the Consolidated Financial Statements in Item 8 in the Company's Form 10-K filed February 22, 2019). During 2020, the U.S. Fund sold Avalon Venice on Rose, located in Venice, CA, containing 70 apartment homes and 9,000 square feet of commercial space for $65,000,000. The Company's proportionate share of the gain in accordance with GAAP was $5,157,000. In conjunction with the disposition of the community, the U.S. Fund repaid $27,117,000 of secured indebtedness at par. The U.S. Fund sold one community in each 2019 and 2018, and the Company's proportionate share of the gains in accordance with GAAP was $5,788,000 and $8,636,000, respectively. Multifamily Partners AC JV LP (the “AC JV”) —The Company has a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition. During 2018, the AC JV sold one community, and the Company's proportionate share of the gain in accordance with GAAP was $2,019,000. Legacy JV —As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2020, 2019 and 2018, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, of which the Company's portion was $1,000,000, $1,400,000 and $1,120,000, respectively. At December 31, 2020, the remaining preferred interests had an aggregate liquidation value of $35,382,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. North Point II JV, LP —During 2016, the Company entered into a joint venture to develop, own, and operate AVA North Point, an apartment community located in Cambridge, MA, which completed construction during 2018 and contains 265 apartment homes. The Company owned a 55.0% interest in the venture. During the year ended December 31, 2019, the Company acquired the 45.0% equity interest of AVA North Point that was owned by the venture partner, for a purchase price of $71,280,000. Upon acquisition, the Company consolidated AVA North Point as a wholly-owned operating community. NYTA MF Investors LLC (“NYC Joint Venture”) —During 2018, the Company contributed five wholly-owned operating communities located in New York City, NY to a newly formed joint venture with the intent to own and operate the communities. The Company retained a 20.0% interest in the venture with the partners sharing in returns in accordance with their ownership interests. In conjunction with the formation of the venture in 2018, the Company sold the five communities, containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial space, to the venture for a sales price of $758,900,000. The Company received net cash proceeds of $276,799,000 and the venture assumed $395,939,000 of secured indebtedness from the Company. The Company recognized a gain on sale of $179,861,000, including the recognition of the Company's 20.0% retained interest at fair value. Avalon Alderwood MF Member, LLC —During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Mall, an apartment community located in Lynnwood, WA, which is currently under construction and expected to contain 328 apartment homes (unaudited) when complete. The Company has a 50.0% interest in the venture, which is considered a VIE, though the Company was not considered to be the primary beneficiary because it shares control with its venture partner. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure, and the capital budget to construct Avalon Alderwood Mall. Arts District Joint Venture —During 2020, the Company entered into a joint venture to develop, own, and operate AVA Arts District, an apartment community located in Los Angeles, CA, which is currently under construction and expected to contain 475 apartment homes (unaudited) and 56,000 square feet (unaudited) of commercial space when completed. The Company has a 25.0% interest in the venture with a total expected equity investment of approximately $27,600,000, of which $19,500,000 has already been contributed. The venture has secured a $165,600,000 variable rate construction loan to fund approximately 60% of the development of AVA Arts District, of which no amounts have been drawn as of December 31, 2020. The venture will commence draws under the loan subsequent to required equity contributions by the venture partners. The Company has guaranteed the construction loan on behalf of the venture, and any obligations under the construction loan guarantee, except for obligations arising from misconduct by the Company, are required capital contributions of the partners based on ownership interest. The venture is considered an unconsolidated VIE as the Company was not considered to be the primary beneficiary due to shared control and decision making with its venture partner. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership, changes to the development plan or budget, and major operating decisions including annual business plans. AvalonBay Value Added Fund II, L.P. (“Fund II”) —During 2018, the Company held an investment in and received the final distributions for the AvalonBay Value Added Fund II, L.P. (“Fund II”), a private, discretionary real estate investment vehicle formed in 2008. The Company completed the dissolution of Fund II in 2018. A wholly owned subsidiary of the Company was the general partner of Fund II. The Company had an equity interest of 31.3% in Fund II, and upon achievement of a threshold return the Company had a right to incentive distributions for its promoted interest based on current returns earned by Fund II which represented 40.0% of further Fund II distributions, which was in addition to its proportionate share of the remaining 60.0% of distributions. During the year ended December 31, 2018, the Company recognized income of $925,000 for its promoted interest which was reported as a component of equity in income of unconsolidated real estate entities on the accompanying Consolidated Statements of Comprehensive Income. The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 12/31/20 12/31/19 Assets: Real estate, net $ 1,249,730 $ 1,204,470 Other assets 255,606 196,488 Total assets $ 1,505,336 $ 1,400,958 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 751,257 $ 782,257 Other liabilities 163,808 157,379 Partners' capital 590,271 461,322 Total liabilities and partners' capital $ 1,505,336 $ 1,400,958 _________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so. The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands): For the year ended 12/31/20 12/31/19 (1) 12/31/18 (2) Rental and other income $ 118,474 $ 144,431 $ 92,533 Operating and other expenses (49,509) (55,732) (35,840) Gain on sale of communities 18,450 21,748 54,202 Interest expense, net (31,982) (33,896) (22,500) Depreciation expense (34,606) (58,387) (26,706) Net income $ 20,827 $ 18,164 $ 61,689 Company's share of net income (3) $ 8,538 $ 10,779 $ 17,519 Amortization of excess investment and other (2,116) (2,127) (2,249) Equity in income from unconsolidated real estate investments $ 6,422 $ 8,652 $ 15,270 _________________________________ (1) Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest. (2) Amounts include results from the NYC Joint Venture from the date the venture was formed. (3) Includes the Company's share of gain on sale of communities and income recognized for its promoted interest. Investments in Consolidated Real Estate Entities During the year ended December 31, 2020, the Company did not acquire any communities. In addition to AVA North Point, during the year ended December 31, 2019, the Company acquired five communities, containing an aggregate 1,175 apartment homes, which were acquired for an aggregate purchase price of $345,450,000. During the year ended December 31, 2018, the Company acquired four communities, containing an aggregate 1,096 apartment homes, which were acquired for an aggregate purchase price of $334,450,000. The Company accounted for these as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. The Company used third party pricing or internal models for the values of the land, a valuation model for the values of the buildings, and an internal model to determine the fair values of the remaining real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. |
Real Estate Disposition Activit
Real Estate Disposition Activities | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate Disposition Activities | Real Estate Disposition Activities During the year ended December 31, 2020, the Company sold nine wholly-owned operating communities, containing an aggregate of 1,817 apartment homes for an aggregate sales price of $627,750,000 and an aggregate gain in accordance with GAAP of $340,444,000. Details regarding the real estate sales, excluding for-sale residential condominiums at the Park Loggia, are summarized in the following table (dollars in thousands): Community Name Location Period Apartment Debt Gross Net cash Avalon Shelton Shelton, CT Q120 250 $ — $ 64,750 $ 63,030 Avalon Tinton Falls Tinton Falls, NJ Q220 216 — 64,900 63,371 Avalon Towers Long Beach, NY Q320 109 — 54,000 53,079 Avalon Somerset Somerset, NJ Q420 384 — 110,000 107,415 eaves San Rafael San Rafael, CA Q420 254 — 106,000 104,462 Avalon Cohasset Cohasset, MA Q420 220 — 90,250 88,673 Avalon Wilton on Danbury Rd Wilton, CT Q420 100 — 34,750 33,744 Avalon Stratford Stratford, CT Q420 130 — 30,600 29,808 eaves Diamond Heights San Francisco, CA Q420 154 — 72,500 69,469 Other real estate (1) Brooklyn, NY 2020 N/A — 6,500 6,722 Total of 2020 asset sales 1,817 $ — $ 634,250 $ 619,773 Total of 2019 asset sales 1,660 $ 21,700 $ 431,280 $ 422,041 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 _________________________________ (1) Represents the sale of commercial space. As of December 31, 2020, the Company had one community that qualified as held for sale. The Park Loggia The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the year ended December 31, 2020, the Company sold 70 residential condominiums at The Park Loggia, for gross proceeds of $216,372,000 resulting in a gain in accordance with GAAP of $8,213,000. As of December 31, 2020, there were 102 residential condominiums remaining to be sold. The Company incurred $5,662,000, $3,812,000 and $1,044,000 during the years ended December 31, 2020, 2019 and 2018, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2020 and 2019, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $267,219,000 and $457,809,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets. The Company recognized a net deferred tax liability of $5,782,000 during the year ended December 31, 2019 for the GAAP to tax basis differences of The Park Loggia and the associated 66,000 square feet of commercial space. See Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," for further discussion of the income tax associated to The Park Loggia. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2020, the Company has no employment agreements with its executive officers other than an agreement executed on December 4, 2020, with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors. The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement. The Company also has an Officer Severance Program (the “Program”). Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or chooses to terminate his or her employment for good reason (as defined), in either case in connection with or within 24 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one time for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock and options would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Legal Contingencies The Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the net cost basis of a community to which the suit related. During the years ended December 31, 2019 and 2018, the Company recognized $6,292,000 and $946,000 in legal recoveries, respectively. Legal recoveries recognized during the year ended December 31, 2019 include $3,126,000 in proceeds related to a former Development Right and $2,237,000 in proceeds related to a construction defect at a community, reported as a component of general and administrative expense on the accompanying Consolidated Statements of Comprehensive Income. Amounts recognized during the year ended December 31, 2018 include $554,000 in legal settlement proceeds relating to construction defects at communities acquired as part of the Archstone Acquisition, reported as a component of casualty and impairment loss, net on the accompanying Consolidated Statements of Comprehensive Income. There were no material receipts during the year ended December 31, 2020. The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Lease Obligations The Company owns 10 apartment communities and two commercial properties, located on land subject to ground leases expiring between May 2041 and March 2142. The Company has purchase options for all ground leases expiring prior to 2060. The ground leases for nine of the 10 of the apartment communities and the rest of the ground leases, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 14 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of December 31, 2020 and 2019, the Company has total operating lease assets of $133,581,000 and $103,063,000, respectively, and lease obligations of $161,313,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. The Company incurred costs of $16,011,000, $14,371,000 and $21,788,000 in the years ended December 31, 2020, 2019 and 2018, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are finance leases. As of December 31, 2020 and 2019, the Company has total finance lease assets of $21,685,000 and $21,898,000, respectively, and total finance lease obligations of $20,166,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. During the year ended December 31, 2018, the Company contributed a dual-branded apartment community, Avalon West Chelsea and AVA High Line, located on land subject to a single land lease, to the newly formed NYC Joint Venture. See Note 5, “Investments in Real Estate Entities,” for discussion of the formation of the venture. The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 25 years Weighted-average remaining lease term - operating leases 42 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases 4.74 % The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's reportable operating segments include Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. • Established Communities (also known as Same Store Communities) are consolidated communities where the Company has a significant presence (New England, New York/New Jersey, Mid-Atlantic, Pacific Northwest, Northern and Southern California and the expansion markets of Southeast Florida and Denver, Colorado) and where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy as of the beginning of the prior year. The Established Communities for the year ended December 31, 2020, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2019, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment. • Other Stabilized Communities includes all other completed consolidated communities that have stabilized occupancy, as defined above, as January 1, 2020, or which were acquired during the years ended December 31, 2020 or 2019. Other Stabilized Communities excludes communities that are conducting or planning to conduct substantial redevelopment activities within the fiscal year. • Development/Redevelopment Communities consists of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is planned to begin during the fiscal year and (iii) communities under lease-up that have been complete for less than one year and have not reached stabilized occupancy, as defined above, as of January 1, 2020. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment. The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, (gain) loss on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income. A reconciliation of NOI to net income for years ended December 31, 2020, 2019 and 2018 is as follows (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Net income $ 827,706 $ 786,103 $ 974,175 Indirect operating expenses, net of corporate income 97,443 83,008 80,227 Expensed transaction, development and other pursuit costs, net of recoveries 12,399 4,991 3,265 Interest expense, net 214,151 203,585 220,974 Loss on extinguishment of debt, net 9,333 602 17,492 General and administrative expense 60,343 58,042 60,369 Equity in income of unconsolidated real estate entities (6,422) (8,652) (15,270) Depreciation expense 707,331 661,578 631,196 Income tax (benefit) expense (3,247) 13,003 (160) Casualty and impairment loss, net — — 215 Gain on sale of communities (340,444) (166,105) (374,976) Gain on other real estate transactions, net (440) (439) (345) Net for-sale condominium activity (2,551) 3,812 1,044 Net operating income from real estate assets sold or held for sale (28,412) (45,354) (113,074) Net operating income $ 1,547,190 $ 1,594,174 $ 1,485,132 The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended 12/31/2020 12/31/2019 12/31/2018 Rental income from real estate assets sold or held for sale $ 44,951 $ 73,168 $ 175,915 Operating expenses from real estate assets sold or held for sale (16,539) (27,814) (62,841) Net operating income from real estate assets sold or held for sale $ 28,412 $ 45,354 $ 113,074 The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget. The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019 and at January 1, 2019, for the year ended December 31, 2018. Segment information for the years ended December 31, 2020, 2019 and 2018 has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, “Real Estate Disposition Activities.” In addition to NOI, the Company's CODM considers total revenue in assessing each segment's performance. As discussed in Note 1, "Organization, Basis of Presentation and Significant Accounting Policies," the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses, as it is presented for prior year periods on the accompanying Consolidated Statements of Comprehensive Income. Consistent with how the Company's CODM evaluates total revenue, and to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. Total NOI Gross For the period ended December 31, 2020 Established New England $ 297,674 $ 193,053 $ 2,617,725 Metro NY/NJ 445,939 305,408 4,235,524 Mid-Atlantic 341,311 237,063 3,511,960 Pacific Northwest 109,321 76,093 996,317 Northern California 378,362 283,012 3,201,926 Southern California 432,441 298,900 4,160,754 Expansion Markets 23,269 13,376 321,252 Total Established (2) 2,028,317 1,406,905 19,045,458 Other Stabilized 140,173 92,040 1,596,656 Development / Redevelopment 84,001 48,245 2,789,062 Land Held for Future Development N/A N/A 110,142 Non-allocated (3) 3,819 N/A 375,964 Total $ 2,256,310 $ 1,547,190 $ 23,917,282 For the period ended December 31, 2019 Established New England $ 303,816 $ 202,812 $ 2,595,907 Metro NY/NJ 466,135 327,356 4,214,565 Mid-Atlantic 351,680 250,142 3,484,610 Pacific Northwest 113,021 82,186 990,563 Northern California 397,593 305,450 3,186,075 Southern California 451,640 321,776 4,131,539 Expansion Markets 23,403 13,578 320,355 Total Established (2) 2,107,288 1,503,300 18,923,614 Other Stabilized 110,434 74,814 1,587,398 Development / Redevelopment 28,776 16,060 2,086,519 Land Held for Future Development N/A N/A — Non-allocated (3) 4,960 N/A 559,777 Total $ 2,251,458 $ 1,594,174 $ 23,157,308 For the year ended December 31, 2018 Established New England $ 223,594 $ 148,310 $ 1,890,304 Metro NY/NJ 379,968 271,767 3,367,198 Mid-Atlantic 284,381 200,381 2,669,040 Pacific Northwest 108,861 78,313 985,102 Northern California 340,247 262,055 2,753,596 Southern California 394,519 283,795 3,573,952 Expansion Markets (4) N/A N/A N/A Total Established (2) 1,731,570 1,244,621 15,239,192 Other Stabilized 238,584 159,745 3,063,670 Development / Redevelopment 120,822 80,766 2,652,968 Land Held for Future Development N/A N/A 84,712 Non-allocated (3) 3,572 N/A 504,230 Total $ 2,094,548 $ 1,485,132 $ 21,544,772 _________________________________ (1) Does not include gross real estate assets held for sale of $44,940 as of December 31, 2020 and gross real estate either sold or classified as held for sale subsequent to December 31, 2019 and 2018 of $401,152 and $732,397, respectively. (2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $126,548, $128,324 and $78,469 in 2020, 2019 and 2018, respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities." (4) The Company had no communities in its Established Communities Expansion Markets for the year ended December 31, 2018. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”) includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2020, the Company had 6,913,585 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. In addition, any awards that were outstanding under the Company's 1994 Stock Option and Incentive Plan (the “1994 Plan”) on May 21, 2009, the date the Company adopted the 2009 Plan, that are subsequently forfeited, canceled, surrendered or terminated (other than by exercise) will become available for awards under the 2009 Plan. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted stock, restricted stock units, stock options that qualify as incentive stock options (“ISOs”) under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. No grants of stock options and other awards will be made after May 15, 2027, and no grants of incentive stock options will be made after February 16, 2027. Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: 2009 Plan Weighted 1994 Plan Weighted Options Outstanding, December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 Exercised (32,756) 126.24 (7,778) 48.60 Granted (1) 6,995 161.10 — — Forfeited — — — — Options Outstanding, December 31, 2018 124,212 $ 128.84 — $ — Exercised (109,804) 129.47 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2019 14,408 $ 124.05 — $ — Exercised (1,902) 89.17 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2020 12,506 $ 129.35 — $ — Options Exercisable: December 31, 2018 117,217 $ 126.91 — $ — December 31, 2019 14,408 $ 124.05 — $ — December 31, 2020 12,506 $ 129.35 — $ — _________________________________ (1) Options granted during the year ended December 31, 2018 are a result of recipient elections to receive a portion of earned performance awards and time-vesting restricted stock in the form of stock options. The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2020: 2009 Plan Range—Exercise Price Weighted Average 1,387 $110.00 - $119.99 0.1 11,119 $130.00 - $139.99 1.8 12,506 Options outstanding and exercisable at December 31, 2020 had an intrinsic value of $389,000. Options exercisable had a weighted average contractual life of 1.6 years. The intrinsic value of options exercised under the 2009 Plan during 2020, 2019 and 2018 was $251,000, $7,970,000 and $3,016,000, respectively. There were no stock options granted in 2020, 2019 and 2018, other than those elected under the Company's performance award plan discussed below. The Company has a compensation framework under which share-based compensation granted is composed of annual restricted stock awards for which one third of the award vests annually over a three-year period, and multi-year long term incentive performance awards. For annual restricted stock awards, in lieu of time-vesting restricted stock, the recipient may elect to receive up to 100% of the award value, in increments of 25%, in the form of stock options, for which one third of the award vests annually over a three-year period. Under the Company's multi-year long term incentive compensation framework, the Company grants a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. Performance units for awards granted in 2017 or earlier that were earned at the end of the measurement period were settled in the form of time-vesting restricted stock. Performance units for awards granted in 2018 and later years that are earned at the end of the measurement period are settled in fully vested shares of common stock and an amount of cash equal to the dividends that were paid, while the performance award was outstanding, on a number of shares equal to the number of units earned. After the first year of the performance period, if the employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee shall vest in a pro rata portion of the award (based on the employee's service time during the performance period), with such vested portion to be earned and converted into shares and the cash amount for the dividends described above at the end of the performance period based on actual achievement under the performance award. For other terminating events, performance awards are generally forfeited. Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2017 251,770 $ 155.25 Granted (1) 100,965 155.31 Change in awards based on performance (2) 5,990 148.79 Converted to restricted stock (88,477) 148.79 Forfeited (3,119) 160.33 Outstanding at December 31, 2018 267,129 $ 157.21 Granted (3) 80,512 200.75 Change in awards based on performance (2) (16,760) 142.03 Converted to restricted stock (73,072) 142.03 Forfeited (4,377) 166.44 Outstanding at December 31, 2019 253,432 $ 176.27 Granted (4) 77,182 238.03 Change in awards based on performance (2) 18,112 177.26 Converted to restricted stock (96,317) 177.26 Forfeited (10,488) 188.52 Outstanding at December 31, 2020 241,921 $ 195.13 _________________________________ (1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 62,043 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 38,922 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (3) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,010 performance awards. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2020 2019 2018 Dividend yield 2.8% 3.1% 3.7% Estimated volatility over the life of the plan (1) 11.1% - 15.5% 13.9% - 18.8% 11.8% - 18.7% Risk free rate 1.45% - 1.62% 2.46% - 2.57% 1.86% - 2.46% Estimated performance award value based on total shareholder return measure $254.72 $204.15 $151.67 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted for which achievement is determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $224.64, $195.86 and $161.10, for the years ended December 31, 2020, 2019 and 2018, respectively, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2017 133,633 $ 172.33 233,928 Granted - restricted stock shares 98,713 161.58 88,297 Vested - restricted stock shares (67,832) 171.22 (112,230) Forfeited (4,103) 166.40 (757) Outstanding at December 31, 2018 160,411 $ 166.33 209,238 Granted - restricted stock shares 79,430 196.43 73,072 Vested - restricted stock shares (89,289) 168.06 (119,064) Forfeited (2,226) 174.45 (135) Outstanding at December 31, 2019 148,326 $ 181.29 163,111 Granted - restricted stock shares 69,228 221.08 96,317 Vested - restricted stock shares (79,931) 178.41 (111,325) Forfeited (5,899) 196.22 (1,784) Outstanding at December 31, 2020 131,724 $ 203.28 146,319 Total employee stock-based compensation cost recognized in income was $21,110,000, $24,885,000 and $19,707,000 for the years ended December 31, 2020, 2019 and 2018, respectively, and total capitalized stock-based compensation cost was $9,974,000, $9,396,000 and $10,208,000 for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, there was a total unrecognized compensation cost of $25,200,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 1.8 years. Forfeitures are included in compensation cost as they occur. Employee Stock Purchase Plan In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the “ESPP”). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 634,274 shares remaining available for issuance under the ESPP. Employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable purchase period, they have been employed by the Company for at least one month. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations, during two purchase periods. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 20,161, 13,894 and 12,955 shares and recognized compensation expense of $537,000, $761,000 and $436,000 under the ESPP for the years ended December 31, 2020, 2019 and 2018, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans. |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements Unconsolidated Entities The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company earned fees of $3,819,000, $4,960,000 and $3,572,000 in the years ended December 31, 2020, 2019 and 2018, respectively. In addition, the Company had outstanding receivables associated with its property and construction management role of $5,408,000 and $3,924,000 as of December 31, 2020 and 2019, respectively. Director Compensation Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $170,000 and (ii) a cash payment of $90,000, payable in equal quarterly installments of $22,500. The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250, the non-employee director serving as the chairperson of the Compensation Committee receives additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments The Company uses interest rate swap and interest rate cap agreements to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. In adjusting the fair value of its derivative contracts for the effect of counterparty nonperformance risk, the Company has considered the impact of its net position with a given counterparty, as well as any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group. As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus reducing credit risk concentration. The Company believes the likelihood of realizing losses from counterparty nonperformance is remote. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, such as interest rate, term to maturity and volatility, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined it is not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. The following table summarizes the consolidated derivative positions at December 31, 2020 (dollars in thousands): Non-designated Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 679,167 $ 150,000 Weighted average interest rate (1) 1.7 % N/A Weighted average swapped/capped interest rate 6.4 % 0.7 % Earliest maturity date January 2021 May 2021 Latest maturity date January 2024 May 2021 _________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps. The following activity occurred during the year ended December 31, 2020: • The Company settled an aggregate of $600,000,000 of forward interest rate swap agreements, making aggregate payments of $25,135,000. Of the positions settled by the Company, $250,000,000 were forward interest swaps that the Company had entered into during 2020. The settled positions were comprised of the following: ◦ In conjunction with the issuance of the Company's $700,000,000 unsecured notes due 2030 in February 2020, the Company settled $350,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $20,314,000. ◦ In conjunction with the issuance of the Company's $600,000,000 unsecured notes due 2031 in May 2020, the Company settled $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $4,821,000. The Company has deferred these amounts in accumulated other comprehensive loss on the accompanying Condensed Consolidated Balance Sheets, and is recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt. • The Company entered into an additional $150,000,000 of new forward interest rate swap agreements executed to reduce the impact of variability of interest rates on a portion of the Company's expected debt issuance activity in 2021 (the "Swaps"). Based on changes in the Company's expected capital requirements for 2021 as of December 31, 2020, while the Company may still issue debt in 2021, it is no longer probable that the Company will issue the debt for which the Swaps were executed. As a result, the Company ceased hedge accounting and recognized a gain of $2,894,000 for the change in fair value of the Swaps for the three months ended December 31, 2020, in interest expense, net, on the accompanying Consolidated Statements of Comprehensive Income. The Company had ten derivatives not designated as hedges at December 31, 2020 including the Swaps discussed above. Other than the Swaps, fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2020 and 2019, were not material. During 2020, the Company deferred $17,731,000 of net losses for cash flow hedges reported as a component of accumulated other comprehensive loss. The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Cash flow hedge losses reclassified to earnings $ 8,984 $ 6,571 $ 6,143 The Company anticipates reclassifying approximately $9,467,000 of net hedging losses from accumulated other comprehensive loss into earnings within the next 12 months as an offset to the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of December 31, 2020 and 2019. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents Cash and cash equivalent balances are held with various financial institutions within accounts designed to preserve principal. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy. Other Financial Instruments Rents and other receivables and prepaid expenses, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. In conjunction with the development of Avalon Brooklyn Bay, the Company entered into a joint venture agreement to construct a mixed-use building that included for-sale residential condominium units and related common elements, in addition to the Company's rental apartments, in which the Company has a 100% interest. The venture partner has a 100% interest in the for-sale residential condominium units. The Company was responsible for the development and construction of the structure, and provided a loan to the venture partner for the venture partner's share of costs for the for-sale residential condominium units. As of December 31, 2020, the Company has a receivable from the venture partner in the form of a variable rate mortgage note, secured by the remaining for-sale residential condominium units. The balance as of December 31, 2020 was $3,645,000, representing outstanding principal and interest, net of repayments, and as of December 31, 2019, was $10,650,000, representing outstanding principal and interest. These amounts are reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company recognizes interest income on the accrual basis. The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility and Term Loans using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company’s nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loans are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Quoted Prices Significant Significant 12/31/2020 Non Designated Hedges Interest Rate Caps $ 6 $ — $ 6 $ — Interest Rate Swaps - Assets 4,308 — 4,308 — DownREIT units (1,203) (1,203) — — Indebtedness Fixed rate unsecured notes (7,271,799) (7,271,799) — — Secured notes and variable rate unsecured indebtedness (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ — 12/31/2019 Cash Flow Hedges Interest Rate Swaps - Assets $ 388 $ — $ 388 $ — Interest Rate Swaps - Liabilities (6,379) — (6,379) — DownREIT units (1,573) (1,573) — — Indebtedness Fixed rate unsecured notes (6,197,771) (6,197,771) — — Secured notes and variable rate unsecured indebtedness (1,398,147) — (1,398,147) — Total $ (7,603,482) $ (6,199,344) $ (1,404,138) $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated subsequent events, through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion. |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of ESTABLISHED COMMUNITIES NEW ENGLAND Boston, MA Avalon at Lexington Lexington, MA 198 $ 2,124 $ 12,567 $ 13,086 $ 2,124 $ 25,653 $ 27,777 $ 17,145 $ 10,632 $ 10,379 $ — 1994 Avalon Oaks Wilmington, MA 204 2,129 17,567 7,097 2,129 24,664 26,793 16,793 10,000 10,505 — 1999 eaves Quincy Quincy, MA 245 1,743 14,662 12,135 1,743 26,797 28,540 17,533 11,007 11,313 — 1986/1995 Avalon Oaks West Wilmington, MA 120 3,318 13,465 2,281 3,318 15,746 19,064 9,971 9,093 9,471 — 2002 Avalon at Newton Highlands Newton, MA 294 10,905 45,547 17,181 10,905 62,728 73,633 33,615 40,018 42,916 — 2003 Avalon at The Pinehills Plymouth, MA 192 6,876 30,401 4,211 6,876 34,612 41,488 15,261 26,227 26,568 — 2004 eaves Peabody Peabody, MA 286 4,645 18,919 15,548 4,645 34,467 39,112 17,409 21,703 22,478 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 5,337 4,258 25,888 30,146 12,523 17,623 17,853 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,911 12,756 14,572 58,667 73,239 26,740 46,499 48,521 36,399 2007 Avalon at Lexington Hills Lexington, MA 387 8,691 79,121 14,396 8,691 93,517 102,208 41,062 61,146 65,554 — 2008 Avalon Acton Acton, MA 380 13,124 48,695 6,554 13,124 55,249 68,373 23,793 44,580 45,774 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,656 10,189 12,218 51,845 64,063 21,037 43,026 44,584 — 2009 Avalon Sharon Sharon, MA 156 4,719 25,478 5,498 4,719 30,976 35,695 13,090 22,605 24,150 — 2008 Avalon Northborough Northborough, MA 382 8,144 52,184 4,937 8,144 57,121 65,265 21,532 43,733 44,632 — 2009 Avalon Exeter (2) Boston, MA 187 — 110,028 587 — 110,615 110,615 25,549 85,066 88,811 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 931 15,645 65,776 81,421 17,499 63,922 65,755 — 2013 Avalon at Assembly Row Somerville, MA 195 8,599 52,454 610 8,599 53,064 61,663 12,462 49,201 50,793 — 2015 AVA Somerville Somerville, MA 250 10,944 56,460 516 10,944 56,976 67,920 12,370 55,550 57,350 — 2015 AVA Back Bay Boston, MA 271 9,034 36,540 51,869 9,034 88,409 97,443 43,310 54,133 56,613 — 1968/1998 Avalon Prudential Center II (1) Boston, MA 266 8,776 35,496 63,118 8,776 98,614 107,390 42,832 64,558 66,259 — 1968/1998 Avalon Prudential Center I (1) Boston, MA 243 8,002 32,370 53,105 8,002 85,475 93,477 37,266 56,211 58,745 — 1968/1998 eaves Burlington Burlington, MA 203 7,714 32,499 7,663 7,714 40,162 47,876 11,251 36,625 37,640 — 1988/2012 AVA Theater District Boston, MA 398 17,072 163,633 341 17,072 163,974 181,046 30,786 150,260 155,934 — 2015 Avalon Burlington Burlington, MA 312 15,600 60,649 17,159 15,600 77,808 93,408 22,048 71,360 74,002 — 1989/2013 Avalon Marlborough Marlborough, MA 350 15,367 60,397 641 15,367 61,038 76,405 12,057 64,348 66,420 — 2015 Avalon North Station Boston, MA 503 22,796 247,270 777 22,796 248,047 270,843 32,110 238,733 247,196 — 2017 Avalon Framingham Framingham, MA 180 9,315 34,631 13 9,315 34,644 43,959 6,511 37,448 38,701 — 2015 Avalon Quincy Quincy, MA 395 14,694 79,655 14 14,694 79,669 94,363 11,728 82,635 84,923 — 2017 Avalon Easton Easton, MA 290 3,170 60,837 134 3,170 60,971 64,141 8,059 56,082 58,660 — 2017 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Bear Hill Waltham, MA 324 $ 27,350 $ 94,168 $ 29,528 $ 27,350 $ 123,696 $ 151,046 $ 37,513 $ 113,533 $ 117,841 $ — 1999/2013 Avalon at Center Place (3) Providence, RI 225 — 26,816 19,569 — 46,385 46,385 30,843 15,542 16,512 — 1991/1997 Total Boston, MA 8,421 $ 291,544 $ 1,715,472 $ 377,781 $ 291,544 $ 2,093,253 $ 2,384,797 $ 681,698 $ 1,703,099 $ 1,766,853 $ 81,399 Fairfield, CT Avalon Wilton on River Rd Wilton, CT 102 $ 2,116 $ 14,664 $ 7,411 $ 2,116 $ 22,075 $ 24,191 $ 14,686 $ 9,505 $ 10,193 $ — 1997 Avalon New Canaan (1) New Canaan, CT 104 4,834 22,990 6,710 4,834 29,700 34,534 16,734 17,800 18,780 — 2002 Avalon Darien (1) Darien, CT 189 6,926 34,558 9,401 6,926 43,959 50,885 23,024 27,861 29,263 — 2004 Avalon Norwalk Norwalk, CT 311 11,320 62,904 1,762 11,320 64,666 75,986 22,877 53,109 54,892 — 2011 Avalon East Norwalk Norwalk, CT 240 10,395 36,451 486 10,395 36,937 47,332 9,840 37,492 38,771 — 2013 Total Fairfield, CT 946 $ 35,591 $ 171,567 $ 25,770 $ 35,591 $ 197,337 $ 232,928 $ 87,161 $ 145,767 $ 151,899 $ — TOTAL NEW ENGLAND 9,367 $ 327,135 $ 1,887,039 $ 403,551 $ 327,135 $ 2,290,590 $ 2,617,725 $ 768,859 $ 1,848,866 $ 1,918,752 $ 81,399 METRO NY/NJ New York City, NY Avalon Riverview (3) Long Island City, NY 372 $ — $ 94,061 $ 12,153 $ — $ 106,214 $ 106,214 $ 66,956 $ 39,258 $ 42,922 $ — 2002 Avalon Riverview North (3) Long Island City, NY 602 — 165,954 15,704 — 181,658 181,658 78,907 102,751 108,866 — 2008 AVA Fort Greene Brooklyn, NY 631 83,038 216,802 7,957 83,038 224,759 307,797 80,404 227,393 230,971 — 2010 AVA DoBro Brooklyn, NY 500 76,127 206,955 184 76,127 207,139 283,266 34,745 248,521 259,093 — 2017 Avalon Willoughby Square Brooklyn, NY 326 49,635 134,935 89 49,635 135,024 184,659 20,414 164,245 168,970 — 2017 Avalon Brooklyn Bay Brooklyn, NY 180 18,310 74,344 263 18,310 74,607 92,917 10,961 81,956 85,531 — 2018 Avalon Midtown West (1) New York, NY 550 154,730 180,253 47,906 154,730 228,159 382,889 62,877 320,012 321,720 93,500 1998/2013 Avalon Clinton North New York, NY 339 84,069 105,821 12,891 84,069 118,712 202,781 35,382 167,399 170,860 147,000 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 7,469 71,421 97,320 168,741 30,009 138,732 141,704 121,500 2007/2013 Total New York City, NY 3,788 $ 537,330 $ 1,268,976 $ 104,616 $ 537,330 $ 1,373,592 $ 1,910,922 $ 420,655 $ 1,490,267 $ 1,530,637 $ 362,000 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 28,286 $ 8,010 $ 4,679 $ 36,296 $ 40,975 $ 26,396 $ 14,579 $ 15,021 $ — 1997 Avalon Green I Elmsford, NY 105 1,820 10,525 7,878 1,820 18,403 20,223 11,815 8,408 9,011 — 1995 Avalon Mamaroneck (1) Mamaroneck, NY 229 6,207 40,791 16,119 6,207 56,910 63,117 33,090 30,027 31,880 — 2000 Avalon Bronxville Bronxville, NY 110 2,889 28,324 9,026 2,889 37,350 40,239 23,789 16,450 17,679 — 1999 Avalon at Glen Cove Glen Cove, NY 256 7,871 59,969 5,909 7,871 65,878 73,749 36,817 36,932 39,003 — 2004 Avalon Glen Cove North Glen Cove, NY 111 2,577 37,336 909 2,577 38,245 40,822 17,877 22,945 24,245 — 2007 Avalon White Plains White Plains, NY 407 15,391 137,353 2,223 15,391 139,576 154,967 55,731 99,236 103,560 — 2009 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Rockville Centre I Rockville Centre, NY 349 $ 32,212 $ 78,806 $ 6,794 $ 32,212 $ 85,600 $ 117,812 $ 27,871 $ 89,941 $ 92,738 $ — 2012 Avalon Green II Elmsford, NY 444 27,765 77,560 2,962 27,765 80,522 108,287 24,407 83,880 86,207 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,326 941 18,205 50,267 68,472 14,885 53,587 55,172 — 2013 Avalon Ossining Ossining, NY 168 6,392 30,313 404 6,392 30,717 37,109 7,421 29,688 30,465 — 2014 Avalon Huntington Station Huntington Station, NY 303 21,899 58,437 266 21,899 58,703 80,602 13,467 67,135 69,236 — 2014 Avalon Green III Elmsford, NY 68 4,985 17,300 183 4,985 17,483 22,468 3,122 19,346 19,984 — 2016 Avalon Great Neck Great Neck, NY 191 14,777 65,505 16 14,777 65,521 80,298 9,029 71,269 74,002 — 2017 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 50,983 — 7,534 50,983 58,517 6,604 51,913 54,008 — 2017 Avalon Somers Somers, NY 152 5,608 40,591 24 5,608 40,615 46,223 5,169 41,054 42,538 — 2018 Avalon Westbury Westbury, NY 396 69,620 43,781 13,323 69,620 57,104 126,724 23,188 103,536 105,632 74,370 2006/2013 Total New York - Suburban 3,970 $ 250,431 $ 855,186 $ 74,987 $ 250,431 $ 930,173 $ 1,180,604 $ 340,678 $ 839,926 $ 870,381 $ 74,370 New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 29,303 $ 8,760 $ 111,725 $ 120,485 $ 76,960 $ 43,525 $ 45,546 $ — 1997 eaves Lawrenceville Lawrenceville, NJ 632 14,650 60,486 13,893 14,650 74,379 89,029 41,003 48,026 50,285 — 1994 Avalon Princeton Junction West Windsor, NJ 512 5,585 22,382 26,214 5,585 48,596 54,181 31,307 22,874 23,620 — 1988/1993 Avalon at Edgewater I Edgewater, NJ 168 5,982 24,389 9,615 5,982 34,004 39,986 19,783 20,203 21,621 — 2002 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 16,440 6,647 51,346 57,993 29,412 28,581 30,831 — 2001 Avalon West Long Branch West Long Branch, NJ 180 2,721 22,925 478 2,721 23,403 26,124 8,433 17,691 18,427 — 2011 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 1,048 8,984 32,042 41,026 9,834 31,192 32,177 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,635 2,139 14,682 43,774 58,456 13,243 45,213 46,598 — 2012 Avalon Hackensack at Riverside (3) Hackensack, NJ 226 — 44,619 1,071 — 45,690 45,690 12,139 33,551 34,886 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,863 337 6,502 17,200 23,702 4,757 18,945 19,356 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 200 3,006 28,001 31,007 7,193 23,814 24,777 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 509 2,273 49,118 51,391 10,444 40,947 42,380 — 2015 Avalon Bloomfield Station (2) Bloomfield, NJ 224 10,701 36,513 63 10,701 36,576 47,277 7,359 39,918 41,287 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,868 55 11,288 34,923 46,211 7,027 39,184 40,439 — 2015 Avalon Princeton Princeton, NJ 280 26,461 68,003 717 26,461 68,720 95,181 10,260 84,921 87,418 — 2017 Avalon Union Union, NJ 202 11,695 36,315 72 11,695 36,387 48,082 6,416 41,666 43,002 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 90,475 6,316 37,237 96,791 134,028 21,972 112,056 115,062 — 2008/2016 Avalon Maplewood Maplewood, NJ 235 15,179 49,556 — 15,179 49,556 64,735 6,277 58,458 60,644 — 2018 Avalon at Edgewater II Edgewater, NJ 240 8,605 60,809 — 8,605 60,809 69,414 6,220 63,194 65,247 — 2018 Total New Jersey 5,017 $ 200,958 $ 834,570 $ 108,470 $ 200,958 $ 943,040 $ 1,143,998 $ 330,039 $ 813,959 $ 843,603 $ — TOTAL METRO NY/NJ 12,775 $ 988,719 $ 2,958,732 $ 288,073 $ 988,719 $ 3,246,805 $ 4,235,524 $ 1,091,372 $ 3,144,152 $ 3,244,621 $ 436,370 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall Washington, D.C. 308 $ 6,848 $ 27,614 $ 19,628 $ 6,848 $ 47,242 $ 54,090 $ 35,637 $ 18,453 $ 18,459 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 3,720 8,800 43,378 52,178 25,889 26,289 27,288 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 199 7,425 25,481 32,906 7,592 25,314 26,176 — 2013 Avalon The Albemarle Washington, D.C. 234 25,140 52,459 9,046 25,140 61,505 86,645 20,065 66,580 68,693 — 1966/2013 eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,532 16,430 25,434 41,864 8,414 33,450 34,310 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 5,564 38,140 40,916 79,056 14,346 64,710 65,908 — 1961/2013 eaves Glover Park Washington, D.C. 120 9,580 26,532 2,651 9,580 29,183 38,763 9,843 28,920 29,891 — 1953/2013 AVA Van Ness (1) Washington, D.C. 269 22,890 58,691 21,816 22,890 80,507 103,397 22,068 81,329 82,670 — 1978/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 4,143 43,700 158,093 201,793 45,061 156,732 161,867 — 2012/2013 AVA NoMa Washington, D.C. 438 25,246 114,933 815 25,246 115,748 140,994 17,048 123,946 128,637 — 2018 eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 4,910 4,047 23,463 27,510 17,544 9,966 10,482 — 1996 eaves Columbia Town Center Columbia, MD 392 8,802 35,536 13,210 8,802 48,746 57,548 25,984 31,564 32,794 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 5,816 29,159 58,809 87,968 33,621 54,347 54,793 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 7,071 14,365 62,469 76,834 35,479 41,355 42,541 — 2004 AVA Wheaton Wheaton, MD 319 6,494 69,027 — 6,494 69,027 75,521 8,945 66,576 69,508 — 2018 Avalon Hunt Valley Hunt Valley, MD 332 10,872 62,992 43 10,872 63,035 73,907 9,225 64,682 67,052 — 2017 Avalon Laurel Laurel, MD 344 10,130 61,685 41 10,130 61,726 71,856 9,686 62,170 64,437 — 2017 Avalon Fairway Hills - Meadows Columbia, MD 192 2,323 9,297 5,040 2,323 14,337 16,660 10,539 6,121 6,565 — 1987/1996 Avalon Fairway Hills - Woods (1) Columbia, MD 336 3,958 15,839 13,338 3,958 29,177 33,135 17,781 15,354 11,716 — 1987/1996 Avalon Arundel Crossing Linthicum Heights, MD 310 12,208 69,888 2,555 12,208 72,443 84,651 9,506 75,145 78,253 — 2018/2018 Avalon Russett Laurel, MD 238 10,200 47,524 4,083 10,200 51,607 61,807 16,789 45,018 46,563 32,200 1999/2013 eaves Fair Lakes Fairfax, VA 420 6,096 24,400 12,454 6,096 36,854 42,950 25,440 17,510 17,524 — 1989/1996 eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,698 2,152 14,605 16,757 9,626 7,131 7,543 — 1988/1997 Avalon Tysons Corner Tysons Corner, VA 558 13,851 43,397 14,285 13,851 57,682 71,533 39,051 32,482 34,017 — 1996 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 32,893 22,041 123,189 145,230 66,934 78,296 81,854 — 2001 Avalon Park Crest Tysons Corner, VA 354 13,554 63,526 1,017 13,554 64,543 78,097 18,875 59,222 61,053 — 2013 eaves Fairfax Towers (1) Falls Church, VA 415 17,889 74,727 15,576 17,889 90,303 108,192 28,382 79,810 83,103 — 1978/2011 Avalon Mosaic Fairfax, VA 531 33,490 75,801 415 33,490 76,216 109,706 18,954 90,752 93,460 — 2014 Avalon Potomac Yard Alexandria, VA 323 24,225 81,982 2,951 24,225 84,933 109,158 18,607 90,551 93,826 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 95,355 9,290 22,573 104,645 127,218 20,760 106,458 109,983 — 2002/2016 Avalon Columbia Pike Arlington, VA 269 18,830 82,427 4,017 18,830 86,444 105,274 16,083 89,191 91,868 — 2009/2016 Avalon Dunn Loring Vienna, VA 440 29,377 115,465 8,268 29,377 123,733 153,110 22,651 130,459 135,716 — 2012/2017 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Tysons Corner Vienna, VA 217 $ 16,030 $ 45,420 $ 3,255 $ 16,030 $ 48,675 $ 64,705 $ 16,883 $ 47,822 $ 49,535 $ — 1980/2013 AVA Ballston Square (1) Arlington, VA 714 71,640 215,937 41,022 71,640 256,959 328,599 74,288 254,311 260,618 — 1992/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 12,240 56,550 190,272 246,822 57,506 189,316 194,468 — 1999/2013 Avalon Arlington North Arlington, VA 228 21,600 59,076 497 21,600 59,573 81,173 14,222 66,951 68,838 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 8,728 26,710 91,812 118,522 31,260 87,262 90,175 — 2000/2013 Avalon Falls Church Falls Church, VA 384 39,544 66,160 127 39,544 66,287 105,831 13,300 92,531 94,976 — 2016 TOTAL MID-ATLANTIC 13,494 $ 752,909 $ 2,460,097 $ 298,954 $ 752,909 $ 2,759,051 $ 3,511,960 $ 893,884 $ 2,618,076 $ 2,697,160 $ 32,200 PACIFIC NORTHWEST Seattle, WA Avalon Redmond Place (1) Redmond, WA 222 $ 4,558 $ 18,368 $ 11,457 $ 4,558 $ 29,825 $ 34,383 $ 20,694 $ 13,689 $ 14,151 $ — 1991/1997 Avalon at Bear Creek Redmond, WA 264 6,786 27,641 5,810 6,786 33,451 40,237 25,033 15,204 16,054 — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 3,243 6,664 27,362 34,026 18,354 15,672 15,794 — 2001 Avalon RockMeadow Bothell, WA 206 4,777 19,765 3,818 4,777 23,583 28,360 16,382 11,978 12,668 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 3,956 3,789 19,095 22,884 12,952 9,932 10,524 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 1,373 5,644 14,106 19,750 9,467 10,283 10,687 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 4,066 12,697 81,516 94,213 35,254 58,959 61,540 — 2008 Avalon Towers Bellevue (3) Bellevue, WA 397 — 123,029 1,858 — 124,887 124,887 44,866 80,021 84,214 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 989 12,081 42,607 54,688 13,549 41,139 42,373 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 1,244 16,460 48,170 64,630 13,794 50,836 52,449 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,627 31 12,294 55,658 67,952 12,680 55,272 57,297 — 2015 AVA Capitol Hill Seattle, WA 249 20,613 59,986 1,510 20,613 61,496 82,109 11,473 70,636 72,495 — 2016 Avalon Esterra Park Redmond, WA 482 23,178 112,986 1,318 23,178 114,304 137,482 17,698 119,784 123,811 — 2017 Avalon Alderwood II Redmond, WA 124 5,072 21,418 13 5,072 21,431 26,503 3,376 23,127 23,886 — 2016 Avalon Newcastle Commons I Newcastle, WA 378 9,649 112,456 699 9,649 113,155 122,804 13,994 108,810 111,990 — 2017 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 4,317 10,250 31,159 41,409 11,192 30,217 31,269 — 1987/2013 TOTAL PACIFIC NORTHWEST 4,116 $ 154,512 $ 796,103 $ 45,702 $ 154,512 $ 841,805 $ 996,317 $ 280,758 $ 715,559 $ 741,202 $ — NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 14,624 $ 11,830 $ 62,452 $ 74,282 $ 41,905 $ 32,377 $ 34,327 $ — 1995 eaves San Jose San Jose, CA 440 12,920 53,047 19,539 12,920 72,586 85,506 43,395 42,111 44,301 — 1985/1996 Avalon on the Alameda San Jose, CA 305 6,119 50,225 13,069 6,119 63,294 69,413 41,300 28,113 30,846 — 1999 Avalon Silicon Valley (1) Sunnyvale, CA 710 20,713 99,573 35,541 20,713 135,114 155,827 85,905 69,922 74,334 — 1998 Avalon Mountain View Mountain View, CA 248 9,755 39,393 12,001 9,755 51,394 61,149 35,672 25,477 26,378 — 1986 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Creekside Mountain View, CA 296 $ 6,546 $ 26,263 $ 21,834 $ 6,546 $ 48,097 $ 54,643 $ 30,784 $ 23,859 $ 25,203 $ — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 3,267 4,765 50,867 55,632 31,597 24,035 25,377 — 2002 Avalon Towers on the Peninsula (1) Mountain View, CA 211 9,560 56,136 14,701 9,560 70,837 80,397 39,203 41,194 43,782 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,534 586 13,837 65,120 78,957 15,938 63,019 65,123 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 7,299 46,060 89,256 135,316 30,101 105,215 107,802 — 2002/2013 eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 13,812 64,070 82,830 146,900 28,024 118,876 120,633 — 1969/2013 Total San Jose, CA 3,840 $ 206,175 $ 635,574 $ 156,273 $ 206,175 $ 791,847 $ 998,022 $ 423,824 $ 574,198 $ 598,106 $ — Oakland - East Bay, CA Avalon Fremont (1) Fremont, CA 308 $ 10,746 $ 43,399 $ 11,110 $ 10,746 $ 54,509 $ 65,255 $ 39,179 $ 26,076 $ 24,767 $ — 1992/1994 eaves Dublin Dublin, CA 204 5,276 19,642 12,448 5,276 32,090 37,366 21,162 16,204 17,245 — 1989/1997 eaves Pleasanton Pleasanton, CA 456 11,610 46,552 23,236 11,610 69,788 81,398 46,808 34,590 36,309 — 1988/1994 eaves Union City Union City, CA 208 4,249 16,820 4,227 4,249 21,047 25,296 15,978 9,318 10,036 — 1973/1996 eaves Fremont Fremont, CA 235 6,581 26,583 10,779 6,581 37,362 43,943 26,302 17,641 18,725 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 1,848 14,732 105,872 120,604 41,569 79,035 82,462 — 2009 Avalon Walnut Creek (3) Walnut Creek, CA 422 — 148,846 5,778 — 154,624 154,624 54,886 99,738 104,792 4,001 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 1,086 7,772 73,228 81,000 17,581 63,419 65,600 — 2014 Avalon Dublin Station II Dublin, CA 252 7,762 76,587 290 7,762 76,877 84,639 12,920 71,719 74,056 — 2016 eaves Walnut Creek Walnut Creek, CA 510 30,320 82,375 17,483 30,320 99,858 130,178 30,551 99,627 103,110 — 1987/2013 Avalon Walnut Ridge I (1) Walnut Creek, CA 106 9,860 19,850 5,432 9,860 25,282 35,142 7,701 27,441 28,424 — 2000/2013 Avalon Walnut Ridge II (1) Walnut Creek, CA 360 27,190 57,041 13,751 27,190 70,792 97,982 21,941 76,041 78,864 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,689 66 4,500 28,755 33,255 6,503 26,752 27,604 — 2014 Total Oakland - East Bay, CA 3,847 $ 140,598 $ 742,550 $ 107,534 $ 140,598 $ 850,084 $ 990,682 $ 343,081 $ 647,601 $ 671,994 $ 4,001 San Francisco, CA eaves Daly City Daly City, CA 195 $ 4,230 $ 9,659 $ 20,869 $ 4,230 $ 30,528 $ 34,758 $ 21,113 $ 13,645 $ 14,663 $ — 1972/1997 AVA Nob Hill San Francisco, CA 185 5,403 21,567 8,558 5,403 30,125 35,528 20,376 15,152 15,827 — 1990/1995 eaves Foster City Foster City, CA 288 7,852 31,445 13,154 7,852 44,599 52,451 30,377 22,074 23,375 — 1973/1994 eaves Pacifica Pacifica, CA 220 6,125 24,796 4,530 6,125 29,326 35,451 21,942 13,509 14,230 — 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,321 16,719 3,561 38,040 41,601 23,912 17,689 18,809 — 1961/1996 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 9,105 14,029 87,557 101,586 52,019 49,567 53,392 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 766 28,687 119,922 148,609 46,994 101,615 105,579 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 2,215 5,544 53,121 58,665 16,216 42,449 44,109 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,197 20,267 98,518 118,785 23,805 94,980 98,351 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,228 88 12,595 81,316 93,911 16,680 77,231 80,105 — 2015 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Dogpatch San Francisco, CA 326 $ 23,523 $ 180,922 $ 232 $ 23,523 $ 181,154 $ 204,677 $ 20,350 $ 184,327 $ 190,207 $ — 2018 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 6,936 40,780 75,620 116,400 24,600 91,800 94,626 63,850 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 2,649 23,787 47,583 71,370 14,066 57,304 58,683 27,844 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,217 33,303 66,127 99,430 19,770 79,660 81,815 51,000 2010/2013 Total San Francisco, CA 3,267 $ 229,686 $ 893,301 $ 90,235 $ 229,686 $ 983,536 $ 1,213,222 $ 352,220 $ 861,002 $ 893,771 $ 142,694 TOTAL NORTHERN CALIFORNIA 10,954 $ 576,459 $ 2,271,425 $ 354,042 $ 576,459 $ 2,625,467 $ 3,201,926 $ 1,119,125 $ 2,082,801 $ 2,163,871 $ 146,695 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 748 $ 22,483 $ 28,104 $ 51,677 $ 22,483 $ 79,781 $ 102,264 $ 49,082 $ 53,182 $ 54,487 $ — 1961/1997 Avalon Woodland Hills Woodland Hills, CA 663 23,828 40,372 52,697 23,828 93,069 116,897 55,380 61,517 63,689 — 1989/1997 eaves Warner Center Woodland Hills, CA 227 7,045 12,986 12,287 7,045 25,273 32,318 18,575 13,743 14,257 — 1979/1998 Avalon Glendale (3) Glendale, CA 223 — 42,564 2,838 — 45,402 45,402 26,859 18,543 20,114 — 2003 Avalon Burbank Burbank, CA 400 14,053 56,827 26,328 14,053 83,155 97,208 46,040 51,168 53,271 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,290 2,907 8,446 43,197 51,643 21,254 30,389 31,827 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 5,619 5,459 46,801 52,260 20,773 31,487 32,263 — 2007 Avalon Encino Encino, CA 131 12,789 49,073 1,313 12,789 50,386 63,175 21,172 42,003 43,719 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,845 1,251 7,920 46,096 54,016 19,897 34,119 35,586 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 94,001 1,765 14,734 95,766 110,500 21,336 89,164 92,661 — 2015 eaves Phillips Ranch Pomona, CA 501 9,796 41,740 4,502 9,796 46,242 56,038 16,011 40,027 41,622 — 1989/2011 eaves San Dimas San Dimas, CA 102 1,916 7,819 1,661 1,916 9,480 11,396 3,503 7,893 8,302 — 1978/2011 eaves San Dimas Canyon San Dimas, CA 156 2,953 12,428 1,173 2,953 13,601 16,554 4,823 11,731 12,213 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 6,019 8,400 17,566 25,966 5,104 20,862 21,136 — 1973/2012 eaves Cerritos Artesia, CA 151 8,305 21,195 1,786 8,305 22,981 31,286 6,813 24,473 25,176 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 72,008 7,305 30,900 79,313 110,213 23,820 86,393 89,198 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,726 125 9,141 30,851 39,992 7,212 32,780 33,915 — 2014 Avalon Glendora Glendora, CA 280 18,311 64,303 542 18,311 64,845 83,156 12,166 70,990 73,347 — 2016 Avalon West Hollywood West Hollywood, CA 294 35,214 119,105 1,742 35,214 120,847 156,061 16,159 139,902 143,523 — 2017 Avalon Mission Oaks Camarillo, CA 160 9,600 37,602 1,627 9,600 39,229 48,829 10,178 38,651 40,139 — 2014 Avalon Chino Hills Chino Hills, CA 331 16,617 79,829 30 16,617 79,859 96,476 10,846 85,630 89,569 — 2017 AVA North Hollywood North Hollywood, CA 156 18,408 52,280 2,069 18,408 54,349 72,757 10,083 62,674 64,702 — 2015/2016 Avalon Simi Valley Simi Valley, CA 500 42,020 73,361 6,555 42,020 79,916 121,936 25,959 95,977 97,812 — 2007/2013 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of AVA Studio City II Studio City, CA 101 $ 4,626 $ 22,954 $ 7,778 $ 4,626 $ 30,732 $ 35,358 $ 8,821 $ 26,537 $ 27,541 $ — 1991/2013 Avalon Studio City (1) Studio City, CA 276 15,756 78,178 18,092 15,756 96,270 112,026 27,640 84,386 86,885 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,642 22,787 42,720 130,429 173,149 45,312 127,837 130,597 — 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,974 7,049 43,540 87,023 130,563 32,908 97,655 101,247 — 2004/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,770 14,022 32,000 74,792 106,792 21,760 85,032 87,273 — 2007/2013 Avalon Del Mar Station Pasadena, CA 347 20,560 106,556 4,377 20,560 110,933 131,493 32,061 99,432 103,043 — 2006/2013 eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 7,302 9,110 22,673 31,783 6,869 24,914 25,730 — 1972/2013 eaves Thousand Oaks Thousand Oaks, CA 154 13,950 20,211 5,247 13,950 25,458 39,408 9,933 29,475 30,784 — 1992/2013 eaves Los Feliz (1) Los Angeles, CA 263 18,940 43,661 12,883 18,940 56,544 75,484 16,799 58,685 60,126 41,400 1989/2013 AVA Toluca Hills (1) Los Angeles, CA 1,151 86,450 161,256 90,048 86,450 251,304 337,754 66,816 270,938 279,477 — 1973/2013 eaves Woodland Hills Woodland Hills, CA 883 68,940 90,549 17,757 68,940 108,306 177,246 38,484 138,762 138,107 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,581 2,714 12,810 25,295 38,105 9,238 28,867 29,749 — 2002/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 6,801 10,240 38,359 48,599 11,400 37,199 38,562 — 2004/2013 AVA Studio City I Studio City, CA 450 17,658 90,715 36,469 17,658 127,184 144,842 34,710 110,132 113,607 — 1987/2013 Total Los Angeles, CA 11,492 $ 725,638 $ 2,006,163 $ 447,144 $ 725,638 $ 2,453,307 $ 3,178,945 $ 815,796 $ 2,363,149 $ 2,435,256 $ 152,900 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 10,040 $ 1,975 $ 13,854 $ 15,829 $ 8,415 $ 7,414 $ 7,797 $ — 1956/1996 eaves Mission Viejo Mission Viejo, CA 166 2,517 9,257 4,453 2,517 13,710 16,227 10,312 5,915 6,066 — 1984/1996 eaves South Coast Costa Mesa, CA 258 4,709 16,063 13,852 4,709 29,915 34,624 19,944 14,680 15,673 — 1973/1996 eaves Santa Margarita Rancho Santa Margarita, CA 301 4,607 16,911 11,940 4,607 28,851 33,458 18,974 14,484 15,207 — 1990/1997 eaves Huntington Beach Huntington Beach, CA 304 4,871 19,745 11,461 4,871 31,206 36,077 23,463 12,614 13,657 — 1971/1997 Avalon Irvine I Irvine, CA 279 9,911 67,520 2,555 9,911 70,075 79,986 26,972 53,014 54,867 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,905 429 4,358 41,334 45,692 11,644 34,048 35,396 — 2013 eaves Lake Forest Lake Forest, CA 225 5,199 21,134 4,411 5,199 25,545 30,744 8,928 21,816 23,044 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,004 85 31,689 98,089 129,778 20,193 109,585 113,169 — 2015 Avalon Irvine III Irvine, CA 156 11,607 43,973 65 11,607 44,038 55,645 7,663 47,982 49,581 — 2016 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,981 527 13,055 106,508 119,563 16,553 103,010 106,776 — 2017 Total Orange County, CA 2,821 $ 94,498 $ 443,307 $ 59,818 $ 94,498 $ 503,125 $ 597,623 $ 173,061 $ 424,562 $ 441,233 $ — San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 42,504 $ 9,922 $ 83,084 $ 93,006 $ 49,934 $ 43,072 $ 45,340 $ — 1969/1997 eaves Mission Ridge San Diego, CA 200 2,710 10,924 13,546 2,710 24,470 27,180 17,558 9,622 10,471 — 1960/1997 AVA Cortez Hill (3) San Diego, CA 299 2,768 20,134 25,170 2,768 45,304 48,072 28,143 19,929 21,012 — 1973/1998 eaves San Marcos San Marcos, CA 184 3,277 13,385 5,211 3,277 18,596 21,873 5,658 16,215 16,800 — 1988/2011 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Rancho Penasquitos San Diego, CA 250 $ 6,692 $ 27,143 $ 5,901 6,692 33,044 39,736 $ 11,105 $ 28,631 $ 29,085 $ — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,328 476 12,689 43,804 56,493 9,091 47,402 48,862 — 2015 eaves La Mesa La Mesa, CA 168 9,490 28,482 3,338 9,490 31,820 41,310 11,666 29,644 30,880 — 1989/2013 Avalon La Jolla Colony (1) San Diego, CA 180 16,760 27,694 12,062 16,760 39,756 56,516 12,955 43,561 45,624 — 1987/2013 Total San Diego, CA 2,066 $ 64,308 $ 211,670 $ 108,208 $ 64,308 $ 319,878 $ 384,186 $ 146,110 $ 238,076 $ 248,074 $ — TOTAL SOUTHERN CALIFORNIA 16,379 $ 884,444 $ 2,661,140 $ 615,170 $ 884,444 $ 3,276,310 $ 4,160,754 $ 1,134,967 $ 3,025,787 $ 3,124,563 $ 152,900 EXPANSION MARKETS Denver, CO Avalon Denver West Lakewood, CO 252 $ 8,047 $ 67,820 $ 1,903 $ 8,047 $ 69,723 $ 77,770 $ 11,204 $ 66,566 $ 69,273 $ — 2016/2017 Total Denver, CO 252 $ 8,047 $ 67,820 $ 1,903 $ 8,047 $ 69,723 $ 77,770 $ 11,204 $ 66,566 $ 69,273 $ — Southeast Florida Avalon 850 Boca Boca Raton, FL 370 $ 21,430 $ 114,085 $ 4,134 $ 21,430 $ 118,219 $ 139,649 $ 17,589 $ 122,060 $ 126,509 $ — 2017/2017 Avalon West Palm Beach West Palm Beach, FL 290 9,597 90,950 3,286 9,597 94,236 103,833 10,934 92,899 96,306 — 2018/2018 Total Southeast Florida 660 $ 31,027 $ 205,035 $ 7,420 $ 31,027 $ 212,455 $ 243,482 $ 28,523 $ 214,959 $ 222,815 $ — TOTAL EXPANSION MARKETS 912 $ 39,074 $ 272,855 $ 9,323 $ 39,074 $ 282,178 $ 321,252 $ 39,727 $ 281,525 $ 292,088 $ — TOTAL ESTABLISHED COMMUNITIES 67,997 $ 3,723,252 $ 13,307,391 $ 2,014,815 $ 3,723,252 $ 15,322,206 $ 19,045,458 $ 5,328,692 $ 13,716,766 $ 14,182,257 $ 849,564 2020 2019 2020 Initial Cost Total Cost Community City and state # of homes Land and improvements Building / Costs Land and improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of OTHER STABILIZED Avalon Cerritos Cerritos, CA 132 $ 8,869 $ 51,452 $ 611 $ 8,869 $ 52,063 $ 60,932 $ 4,106 $ 56,826 $ 58,779 $ 30,250 2017/2019 eaves West Valley San Jose, CA 873 90,890 132,040 13,434 90,890 145,474 236,364 48,144 188,220 191,439 — 1970/2013 eaves Seal Beach Seal Beach, CA 549 46,790 99,999 37,814 46,790 137,813 184,603 36,618 147,985 151,864 — 1971/2013 eaves Stamford (4) Stamford, CT 238 5,956 23,993 14,991 5,956 38,984 44,940 28,261 16,679 17,338 1991 Avalon Meadows at Castle Rock Castle Rock, CO 240 8,527 64,564 816 8,527 65,380 73,907 7,177 66,730 69,266 — 2018/2018 Avalon Red Rocks Littleton, CO 256 4,461 70,111 1,494 4,461 71,605 76,066 8,324 67,742 70,604 — 2018/2018 Avalon Southlands Aurora, CO 338 5,101 85,184 1,534 5,101 86,718 91,819 8,763 83,056 86,815 — 2018/2019 Avalon Bonterra Hialeah, FL 314 16,655 70,822 2,585 16,655 73,407 90,062 7,437 82,625 86,934 — 2018/2019 Avalon Toscana Margate, FL 240 9,213 49,705 1,464 9,213 51,169 60,382 3,841 56,541 60,217 — 2016/2019 Avalon at the Hingham Shipyard II Hingham, MA 190 8,998 55,358 16 8,998 55,374 64,372 4,553 59,819 61,335 — 2019 Avalon Sudbury Sudbury, MA 250 20,248 66,544 33 20,248 66,577 86,825 5,944 80,881 83,537 — 2019 AVA North Point Cambridge, MA 265 31,263 81,196 2,645 31,263 83,841 115,104 6,120 108,984 115,009 2018/2019 Portico at Silver Spring Metro Silver Spring, MD 151 3,471 41,393 900 3,471 42,293 45,764 3,040 42,724 43,078 — 2009/2019 Avalon Piscataway Piscataway, NJ 360 14,329 75,738 — 14,329 75,738 90,067 6,093 83,974 86,843 — 2019 Avalon Melville Melville, NY 494 9,228 50,063 22,903 9,228 72,966 82,194 44,437 37,757 40,879 — 1997 AVA Esterra Park Redmond, WA 323 16,405 74,564 — 16,405 74,564 90,969 5,124 85,845 88,859 — 2019 eaves Redmond Campus Redmond, WA 422 22,580 88,001 33,045 22,580 121,046 143,626 34,024 109,602 112 |
Organization, Basis of Presen_2
Organization, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Inventory, Real Estate, Policy [Policy Text Block] | For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Abandoned Pursuit Costs and Impairment of Long-Lived Assets" below. |
Organization | Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986 (the “Code”). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities primarily in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At December 31, 2020, the Company owned or held a direct or indirect ownership interest in 273 operating apartment communities containing 80,094 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 18 communities under development that are expected to contain an aggregate of 5,931 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 70 have been sold as of December 31, 2020, and 66,000 square feet of commercial space, of which 69% has been leased as of December 31, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 24 communities that, if developed as expected, will contain an estimated 7,853 apartment homes (unaudited). |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the VOE model, the Company consolidates an investment when 1) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or 2) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the cost method. |
Real Estate | Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred. The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven |
Income Taxes | Income Taxes The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2020, 2019 and 2018. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax benefit of $3,247,000 in 2020, recorded an income tax expense of $13,003,000 in 2019 and recognized income tax benefit of $160,000 in 2018, related to its activities through its TRSs. The income tax benefit in 2020 was primarily due to provisions of the Coronavirus Aid, Relief, and Economic Security Act, allowing for further carryback of net operating losses and operating losses for tax purposes. The income tax expense in 2019 was primarily due to (i) a net deferred tax liability of $5,782,000 for the GAAP to tax basis differences at the Company's for-sale condominiums, The Park Loggia, and the associated 66,000 square feet of commercial space and (ii) expense for current and net deferred tax liabilities of $7,221,000, associated with the disposition of two wholly-owned operating communities, as well as the Company's sustainability initiatives. As of December 31, 2020 and 2019, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2017 through 2019. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 % |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $25,239,000 and $25,995,000 as of December 31, 2020 and 2019, respectively, and related to mortgage notes payable was $2,046,000 and $1,784,000 as of December 31, 2020 and 2019, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $13,501,000 and $11,815,000 as of December 31, 2020 and 2019, respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. |
Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks. |
Derivatives, Methods of Accounting, Hedging Derivatives | Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. |
Comprehensive Income | Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share (“EPS”). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05 |
Abandoned Pursuit Costs, Impairment of Long-Lived Assets and Casualty Loss | Abandoned Pursuit Costs and Impairment of Long-Lived Assets The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable (“Development Rights”). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any non-recoverable capitalized pre-development costs are expensed. The Company expensed costs related to development pursuits not yet considered probable for development and the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $12,317,000, $4,896,000 and $4,388,000 during the years ended December 31, 2020, 2019 and 2018, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company no longer expects is probable. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. In the Company's evaluation of its real estate portfolio for impairment, as discussed below, it considered the impact of the COVID-19 pandemic and did not identify any indicators of impairment as a result. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or long-lived asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2020, 2019 and 2018, the Company did not recognize any impairment losses other than those related to the impairment on land held for investment and casualty gains and losses from property damage as discussed below. The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory using estimated undiscounted future cash flows. For the years ended December 31, 2020 and 2019, the Company did not recognize any impairment losses on its for-sale condominium inventory. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. The Company did not recognize any impairment charges on its investment in land during the years ended December 31, 2020 and 2019. During the year ended December 31, 2018, the Company recognized an impairment charge of $826,000 related to a land parcel the Company had previously acquired for development and subsequently sold. This charge was determined as the excess of the Company's carrying basis over the sales price, and is included in casualty and impairment loss (gain), net on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized by any of the Company's investments in unconsolidated real estate entities during the years ended December 31, 2020, 2019 or 2018. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Both the real estate assets and corresponding liabilities are presented separately in the accompanying Consolidated Balance Sheets. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community that qualified as held for sale presentation at December 31, 2020. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification. |
Lessee, Leases [Policy Text Block] | Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements. |
Lessor, Leases [Policy Text Block] | Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. |
Revenue and Gain Recognition | Revenue and Gain Recognition Under ASU 2014-09, Revenue from Contracts with Customers, the Company recognizes revenue in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The majority of the Company’s revenue is derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842, Leases, discussed above. The Company's revenue streams that are not accounted for under ASC 842 include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis. • Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity is recognized at 100%, and not the Company’s proportionate ownership percentage. The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2020 Management, development and other fees $ — $ — $ — $ 3,819 $ 3,819 Rental and non-rental related income (2) 6,970 1,790 1,064 — 9,824 Total non-lease revenue (3) 6,970 1,790 1,064 3,819 13,643 Lease income (4) 2,021,232 138,113 82,937 — 2,242,282 Business interruption insurance proceeds 115 270 — — 385 Total revenue $ 2,028,317 $ 140,173 $ 84,001 $ 3,819 $ 2,256,310 For the year ended December 31, 2019 Management, development and other fees $ — $ — $ — $ 4,960 $ 4,960 Rental and non-rental related income (2) 7,028 1,224 400 — 8,652 Total non-lease revenue (3) 7,028 1,224 400 4,960 13,612 Lease income (4) 2,099,273 108,756 28,376 — 2,236,405 Business interruption insurance proceeds 987 454 — — 1,441 Total revenue $ 2,107,288 $ 110,434 $ 28,776 $ 4,960 $ 2,251,458 For the year ended December 31, 2018 Management Fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 4,245 1,732 269 — 6,246 Total non-lease revenue (3) 4,245 1,732 269 3,572 9,818 Lease income (4) 1,727,299 236,852 120,553 — 2,084,704 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,731,570 $ 238,584 $ 120,822 $ 3,572 $ 2,094,548 __________________________________ (1) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2) Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3) Represents all revenue accounted for under ASU 2014-09. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842. |
Revenue Recognition, Leases | Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an on-going basis. Under ASC 842, Lease Accounting, the Company assesses the probability of receiving all remaining lease amounts due on a lease by lease basis, reserving for revenue and the related receivables for those leases where collection of substantially all of the remaining lease payments is not probable. Subsequently, the Company will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement. |
COVID-19 Pandemic | COVID-19 Pandemic In March 2020, the World Health Organization designated COVID-19 as a pandemic. While the Company has taken various actions in response to the COVID-19 pandemic, the ultimate impact on its consolidated results of operations, cash flows, financial condition and liquidity will depend on (i) the duration and severity of the pandemic, (ii) the effectiveness of vaccines and the timing of vaccine availability, (iii) the duration and nature of governmental responses to contain the spread of the disease and assist consumers and businesses, (iv) consumer and business responses to the pandemic, including preferences for where and how to live and work, and (iv) how quickly and to what extent normal economic and operating conditions can resume. Because of this uncertainty, any estimate of the expected impact of the COVID-19 pandemic on results of operations, cash flows, financial condition, or liquidity for periods beyond the year ended December 31, 2020 is uncertain. As of December 31, 2020, the Company assessed the collectibility of the outstanding lease income receivables as a result of the impact of the COVID-19 pandemic on its residential and commercial lease portfolios. The Company recorded an aggregate offset to income for uncollectible lease revenue for its residential and commercial portfolios of $66,763,000 for the year ended December 31, 2020 under ASC 842 and ASC 450, Contingencies. |
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle | Recently Issued and Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including (i) trade and other receivables, (ii) other long term financings including available for sale and held-to-maturity debt securities and (iii) loans. Subsequently, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the scope of ASU 2016-13 and clarified that receivables arising from operating leases are not within the scope of the standard and should continue to be accounted for in accordance with the leases standard (Topic 842). The new standard was adopted on January 1, 2020 and does not have a material effect on the Company’s financial position or results of operations. |
Organization, Basis of Presen_3
Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of new accounting pronouncements and changes in accounting principles | The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2020, 2019 and 2018. The segments are classified based on the individual community's status at January 1, 2020 for the years ended December 31, 2020 and 2019, and at January 1, 2019 for the year ended December 31, 2018. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2018 through December 31, 2020, or otherwise qualify as held for sale as of December 31, 2020, as described in Note 6, "Real Estate Disposition Activities." Additionally, as discussed above, the Company changed its presentation of charges for uncollectible lease revenue beginning with the year ended December 31, 2019, including it as an adjustment to revenue and not as a component of operating expenses. In order to provide comparability between periods presented in the Company's segment reporting, the Company has included charges for uncollectible lease revenue for its segment results as a component of revenue for the year ended December 31, 2018. Total revenue for the year ended December 31, 2018 as presented in the following table includes $14,072,000 of charges for uncollectible lease revenue. See Note 8, "Segment Reporting," for further discussion (dollars in thousands): Established Other Development/ Non- Total For the year ended December 31, 2020 Management, development and other fees $ — $ — $ — $ 3,819 $ 3,819 Rental and non-rental related income (2) 6,970 1,790 1,064 — 9,824 Total non-lease revenue (3) 6,970 1,790 1,064 3,819 13,643 Lease income (4) 2,021,232 138,113 82,937 — 2,242,282 Business interruption insurance proceeds 115 270 — — 385 Total revenue $ 2,028,317 $ 140,173 $ 84,001 $ 3,819 $ 2,256,310 For the year ended December 31, 2019 Management, development and other fees $ — $ — $ — $ 4,960 $ 4,960 Rental and non-rental related income (2) 7,028 1,224 400 — 8,652 Total non-lease revenue (3) 7,028 1,224 400 4,960 13,612 Lease income (4) 2,099,273 108,756 28,376 — 2,236,405 Business interruption insurance proceeds 987 454 — — 1,441 Total revenue $ 2,107,288 $ 110,434 $ 28,776 $ 4,960 $ 2,251,458 For the year ended December 31, 2018 Management Fees $ — $ — $ — $ 3,572 $ 3,572 Rental and non-rental related income (2) 4,245 1,732 269 — 6,246 Total non-lease revenue (3) 4,245 1,732 269 3,572 9,818 Lease income (4) 1,727,299 236,852 120,553 — 2,084,704 Business interruption insurance proceeds 26 — — — 26 Total revenue $ 1,731,570 $ 238,584 $ 120,822 $ 3,572 $ 2,094,548 __________________________________ (1) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2) Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3) Represents all revenue accounted for under ASU 2014-09. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842. |
Schedule of tax components of the entity's common dividends declared | The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2020, 2019 and 2018 (unaudited): 2020 2019 2018 Ordinary income 66 % 96 % 76 % 20% capital gain 24 % 3 % 11 % Unrecaptured §1250 gain 10 % 1 % 13 % |
Schedule of earnings per common share | The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended 12/31/20 12/31/19 12/31/18 Basic and diluted shares outstanding Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Weighted average DownREIT units outstanding 7,500 7,500 7,500 Effect of dilutive securities 332,973 509,859 436,986 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Calculation of Earnings per Share—basic Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Net income allocated to unvested restricted shares (1,955) (2,063) (2,839) Net income attributable to common stockholders, adjusted $ 825,675 $ 783,911 $ 971,686 Weighted average common shares—basic 140,094,722 139,054,191 137,844,755 Earnings per common share—basic $ 5.89 $ 5.64 $ 7.05 Calculation of Earnings per Share—diluted Net income attributable to common stockholders $ 827,630 $ 785,974 $ 974,525 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 48 46 44 Adjusted net income attributable to common stockholders $ 827,678 $ 786,020 $ 974,569 Weighted average common shares—diluted 140,435,195 139,571,550 138,289,241 Earnings per common share—diluted $ 5.89 $ 5.63 $ 7.05 |
Mortgage Notes Payable, Unsec_2
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility | The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2020 and 2019, as shown on the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). 12/31/20 12/31/19 Fixed rate unsecured notes (1) $ 6,500,000 $ 5,850,000 Variable rate unsecured notes (1) — 300,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable—conventional and tax-exempt (2) 408,964 479,221 Variable rate mortgage notes payable—conventional and tax-exempt (2) 470,850 476,150 Total mortgage notes payable and unsecured notes and Term Loans 7,629,814 7,355,371 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,629,814 $ 7,355,371 _________________________________ (1) Balances at December 31, 2020 and 2019 exclude $10,380 and $8,610, respectively, of debt discount, and $37,615 and $32,742, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets. (2) Balances at December 31, 2020 and 2019 exclude $14,478 and $14,464 of debt discount, respectively, and $3,004 and $3,265, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets. |
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2020 are as follows (dollars in thousands): Year Secured notes Secured notes Unsecured notes and Stated interest rate of 2021 $ 9,304 $ 27,844 $ — N/A 2022 9,918 — 450,000 2.950 % 100,000 LIBOR + 0.90% 2023 10,739 — 350,000 4.200 % 250,000 2.850 % 2024 11,677 — 300,000 3.500 % 150,000 LIBOR + 0.85% 2025 12,408 — 525,000 3.450 % 300,000 3.500 % 2026 13,445 — 475,000 2.950 % 300,000 2.900 % 2027 15,880 236,100 400,000 3.350 % 2028 20,707 — 450,000 3.200 % 2029 11,742 66,250 450,000 3.300 % 2030 12,384 — 700,000 2.300 % Thereafter 176,078 245,338 600,000 2.450 % 350,000 3.900 % 300,000 4.150 % 300,000 4.350 % $ 304,282 $ 575,532 $ 6,750,000 |
Investments in Real Estate En_2
Investments in Real Estate Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Combined summary of the financial position of the entities accounted for using the equity method | The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 12/31/20 12/31/19 Assets: Real estate, net $ 1,249,730 $ 1,204,470 Other assets 255,606 196,488 Total assets $ 1,505,336 $ 1,400,958 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 751,257 $ 782,257 Other liabilities 163,808 157,379 Partners' capital 590,271 461,322 Total liabilities and partners' capital $ 1,505,336 $ 1,400,958 _________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so. |
Combined summary of the operating results of the entities accounted for using the equity method | The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands): For the year ended 12/31/20 12/31/19 (1) 12/31/18 (2) Rental and other income $ 118,474 $ 144,431 $ 92,533 Operating and other expenses (49,509) (55,732) (35,840) Gain on sale of communities 18,450 21,748 54,202 Interest expense, net (31,982) (33,896) (22,500) Depreciation expense (34,606) (58,387) (26,706) Net income $ 20,827 $ 18,164 $ 61,689 Company's share of net income (3) $ 8,538 $ 10,779 $ 17,519 Amortization of excess investment and other (2,116) (2,127) (2,249) Equity in income from unconsolidated real estate investments $ 6,422 $ 8,652 $ 15,270 _________________________________ (1) Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest. (2) Amounts include results from the NYC Joint Venture from the date the venture was formed. (3) Includes the Company's share of gain on sale of communities and income recognized for its promoted interest. |
Real Estate Disposition Activ_2
Real Estate Disposition Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Details regarding the real estate sales | Details regarding the real estate sales, excluding for-sale residential condominiums at the Park Loggia, are summarized in the following table (dollars in thousands): Community Name Location Period Apartment Debt Gross Net cash Avalon Shelton Shelton, CT Q120 250 $ — $ 64,750 $ 63,030 Avalon Tinton Falls Tinton Falls, NJ Q220 216 — 64,900 63,371 Avalon Towers Long Beach, NY Q320 109 — 54,000 53,079 Avalon Somerset Somerset, NJ Q420 384 — 110,000 107,415 eaves San Rafael San Rafael, CA Q420 254 — 106,000 104,462 Avalon Cohasset Cohasset, MA Q420 220 — 90,250 88,673 Avalon Wilton on Danbury Rd Wilton, CT Q420 100 — 34,750 33,744 Avalon Stratford Stratford, CT Q420 130 — 30,600 29,808 eaves Diamond Heights San Francisco, CA Q420 154 — 72,500 69,469 Other real estate (1) Brooklyn, NY 2020 N/A — 6,500 6,722 Total of 2020 asset sales 1,817 $ — $ 634,250 $ 619,773 Total of 2019 asset sales 1,660 $ 21,700 $ 431,280 $ 422,041 Total of 2018 asset sales 3,099 $ 395,939 $ 1,378,289 $ 883,313 _________________________________ (1) Represents the sale of commercial space. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Finance Lease, Liability, Maturity [Table Text Block] | The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958 |
Lease, Weighted-Average Remaining Lease Term and Discount Rate [Table Text Block] | The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 25 years Weighted-average remaining lease term - operating leases 42 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases 4.74 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands): Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958 |
Future Minimum Lease Payments Under Current Leases | Payments due by period 2021 2022 2023 2024 2025 Thereafter Operating Lease Obligations $ 14,270 $ 13,950 $ 13,469 $ 13,316 $ 13,526 $ 350,440 Finance Lease Obligations 1,080 1,082 1,084 1,087 1,089 39,044 $ 15,350 $ 15,032 $ 14,553 $ 14,403 $ 14,615 $ 389,484 Total undiscounted Total lease Difference between Operating Lease Obligations $ 418,971 $ 161,313 $ 257,658 Finance Lease Obligations 44,466 20,166 24,300 $ 463,437 $ 181,479 $ 281,958 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2020, 2019 and 2018 is as follows (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Net income $ 827,706 $ 786,103 $ 974,175 Indirect operating expenses, net of corporate income 97,443 83,008 80,227 Expensed transaction, development and other pursuit costs, net of recoveries 12,399 4,991 3,265 Interest expense, net 214,151 203,585 220,974 Loss on extinguishment of debt, net 9,333 602 17,492 General and administrative expense 60,343 58,042 60,369 Equity in income of unconsolidated real estate entities (6,422) (8,652) (15,270) Depreciation expense 707,331 661,578 631,196 Income tax (benefit) expense (3,247) 13,003 (160) Casualty and impairment loss, net — — 215 Gain on sale of communities (340,444) (166,105) (374,976) Gain on other real estate transactions, net (440) (439) (345) Net for-sale condominium activity (2,551) 3,812 1,044 Net operating income from real estate assets sold or held for sale (28,412) (45,354) (113,074) Net operating income $ 1,547,190 $ 1,594,174 $ 1,485,132 |
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended 12/31/2020 12/31/2019 12/31/2018 Rental income from real estate assets sold or held for sale $ 44,951 $ 73,168 $ 175,915 Operating expenses from real estate assets sold or held for sale (16,539) (27,814) (62,841) Net operating income from real estate assets sold or held for sale $ 28,412 $ 45,354 $ 113,074 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of information with respect to stock options granted | Information with respect to stock options granted under the 2009 and 1994 Plans is as follows: 2009 Plan Weighted 1994 Plan Weighted Options Outstanding, December 31, 2017 149,973 $ 126.77 7,778 $ 48.60 Exercised (32,756) 126.24 (7,778) 48.60 Granted (1) 6,995 161.10 — — Forfeited — — — — Options Outstanding, December 31, 2018 124,212 $ 128.84 — $ — Exercised (109,804) 129.47 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2019 14,408 $ 124.05 — $ — Exercised (1,902) 89.17 — — Granted — — — — Forfeited — — — — Options Outstanding, December 31, 2020 12,506 $ 129.35 — $ — Options Exercisable: December 31, 2018 117,217 $ 126.91 — $ — December 31, 2019 14,408 $ 124.05 — $ — December 31, 2020 12,506 $ 129.35 — $ — |
Summary of exercise prices and contractual lives of options outstanding | The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2020: 2009 Plan Range—Exercise Price Weighted Average 1,387 $110.00 - $119.99 0.1 11,119 $130.00 - $139.99 1.8 12,506 |
Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2017 251,770 $ 155.25 Granted (1) 100,965 155.31 Change in awards based on performance (2) 5,990 148.79 Converted to restricted stock (88,477) 148.79 Forfeited (3,119) 160.33 Outstanding at December 31, 2018 267,129 $ 157.21 Granted (3) 80,512 200.75 Change in awards based on performance (2) (16,760) 142.03 Converted to restricted stock (73,072) 142.03 Forfeited (4,377) 166.44 Outstanding at December 31, 2019 253,432 $ 176.27 Granted (4) 77,182 238.03 Change in awards based on performance (2) 18,112 177.26 Converted to restricted stock (96,317) 177.26 Forfeited (10,488) 188.52 Outstanding at December 31, 2020 241,921 $ 195.13 _________________________________ (1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 62,043 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 38,922 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. (3) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,010 performance awards. (4) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards. |
Summary of valuation options | The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2020 2019 2018 Dividend yield 2.8% 3.1% 3.7% Estimated volatility over the life of the plan (1) 11.1% - 15.5% 13.9% - 18.8% 11.8% - 18.7% Risk free rate 1.45% - 1.62% 2.46% - 2.57% 1.86% - 2.46% Estimated performance award value based on total shareholder return measure $254.72 $204.15 $151.67 _________________________________ (1) Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. |
Schedule of restricted stock granted | Information with respect to restricted stock granted is as follows: Restricted stock shares Restricted stock shares weighted average grant date fair value per share Restricted stock shares converted from performance awards Outstanding at December 31, 2017 133,633 $ 172.33 233,928 Granted - restricted stock shares 98,713 161.58 88,297 Vested - restricted stock shares (67,832) 171.22 (112,230) Forfeited (4,103) 166.40 (757) Outstanding at December 31, 2018 160,411 $ 166.33 209,238 Granted - restricted stock shares 79,430 196.43 73,072 Vested - restricted stock shares (89,289) 168.06 (119,064) Forfeited (2,226) 174.45 (135) Outstanding at December 31, 2019 148,326 $ 181.29 163,111 Granted - restricted stock shares 69,228 221.08 96,317 Vested - restricted stock shares (79,931) 178.41 (111,325) Forfeited (5,899) 196.22 (1,784) Outstanding at December 31, 2020 131,724 $ 203.28 146,319 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated derivative positions at December 31, 2020 (dollars in thousands): Non-designated Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 679,167 $ 150,000 Weighted average interest rate (1) 1.7 % N/A Weighted average swapped/capped interest rate 6.4 % 0.7 % Earliest maturity date January 2021 May 2021 Latest maturity date January 2024 May 2021 _________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps. |
Summary of deferred losses reclassified from AOCI | The following table summarizes the deferred losses reclassified from accumulated other comprehensive income as a component of interest expense, net (dollars in thousands): For the year ended 12/31/20 12/31/19 12/31/18 Cash flow hedge losses reclassified to earnings $ 8,984 $ 6,571 $ 6,143 |
Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis | The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Quoted Prices Significant Significant 12/31/2020 Non Designated Hedges Interest Rate Caps $ 6 $ — $ 6 $ — Interest Rate Swaps - Assets 4,308 — 4,308 — DownREIT units (1,203) (1,203) — — Indebtedness Fixed rate unsecured notes (7,271,799) (7,271,799) — — Secured notes and variable rate unsecured indebtedness (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ — 12/31/2019 Cash Flow Hedges Interest Rate Swaps - Assets $ 388 $ — $ 388 $ — Interest Rate Swaps - Liabilities (6,379) — (6,379) — DownREIT units (1,573) (1,573) — — Indebtedness Fixed rate unsecured notes (6,197,771) (6,197,771) — — Secured notes and variable rate unsecured indebtedness (1,398,147) — (1,398,147) — Total $ (7,603,482) $ (6,199,344) $ (1,404,138) $ — |
Organization, Basis of Presen_4
Organization, Basis of Presentation, and Significant Accounting Policies (Details) ft² in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²communityresidential_condominiumstatehome | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate | |||
Number of real estate properties | 273 | ||
Number of apartment homes included in operating apartment communities owned | home | 80,094 | ||
Number of states where operating apartment communities owned are located | state | 11 | ||
Number of owned communities under construction | 18 | ||
Expected number of apartment homes under construction | home | 5,931 | ||
Communities under development rights | 24 | ||
Estimated number of apartment homes in communities to be developed | home | 7,853 | ||
Number of communities held for sale | 1 | ||
Right of use lease assets | $ | $ 133,581,000 | $ 103,063,000 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ | 66,763,000 | $ 14,072,000 | |
Impairment of Long-Lived Assets Held-for-use | $ | $ 0 | $ 0 | $ 0 |
Buildings and Building Improvements | Minimum | |||
Real Estate | |||
Estimated useful life of buildings and improvements (in years) | 7 years | ||
Buildings and Building Improvements | Maximum | |||
Real Estate | |||
Estimated useful life of buildings and improvements (in years) | 30 years | ||
Furniture and Fixtures | Minimum | |||
Real Estate | |||
Estimated useful life of buildings and improvements (in years) | 3 years | ||
Furniture and Fixtures | Maximum | |||
Real Estate | |||
Estimated useful life of buildings and improvements (in years) | 7 years | ||
The Park Loggia [Member] | |||
Real Estate | |||
Number of residential units in development | residential_condominium | 172 | ||
Retail square feet development | ft² | 66 | ||
Percent of Commercial Square Feet Leased | 69.00% |
Organization, Basis of Presen_5
Organization, Basis of Presentation, and Significant Accounting Policies (Details 2) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)community | Dec. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |||
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent) | 90.00% | ||
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent) | 100.00% | ||
Accounting Policies [Line Items] | |||
Right of use lease assets | $ 133,581,000 | $ 103,063,000 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits | 0 | 0 | |
Excise and sales taxes | 0 | 0 | $ 0 |
Excise tax refund | 0 | 0 | 0 |
Income Tax Expense (Benefit) | (3,247,000) | 13,003,000 | (160,000) |
Casualty and impairment loss, net | 0 | 0 | 215,000 |
Impairment of investment in unconsolidated entities | $ 0 | $ 0 | $ 0 |
Deferred Financing Costs | |||
Number Of Communities Sold With Deferred Tax Obligations | community | 2 | ||
Tax components of common stock dividends declared | |||
Ordinary income (as a percent) | 66.00% | 96.00% | 76.00% |
20% capital gain (as a percent) | 24.00% | 3.00% | 11.00% |
Capital gain tax rate (as a percent) | 20.00% | 20.00% | 20.00% |
Unrecaptured 1250 gain (as a percent) | 10.00% | 1.00% | 13.00% |
Unsecured notes | |||
Deferred Financing Costs | |||
Accumulated amortization of deferred finance costs | $ 25,239,000 | $ 25,995,000 | |
Secured notes | |||
Deferred Financing Costs | |||
Accumulated amortization of deferred finance costs | 2,046,000 | 1,784,000 | |
Variable rate unsecured credit facility | |||
Deferred Financing Costs | |||
Accumulated amortization of deferred finance costs | 13,501,000 | 11,815,000 | |
The Park Loggia [Member] | |||
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit) | 5,782,000,000 | ||
TRS Disposed Communities [Member] | |||
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit) | 7,221,000,000 | ||
Land | |||
Income Tax Disclosure [Abstract] | |||
Casualty and impairment loss, net | 0 | 0 | $ 826,000 |
Development Communities | The Park Loggia [Member] | |||
Income Tax Disclosure [Abstract] | |||
Casualty and impairment loss, net | $ 0 | $ 0 | |
Minimum | Buildings and Building Improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful life of buildings and improvements (in years) | 7 years |
Organization, Basis of Presen_6
Organization, Basis of Presentation, and Significant Accounting Policies (Details 3) | 12 Months Ended | ||
Dec. 31, 2020USD ($)communityhome$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Basic and diluted shares outstanding | |||
Weighted average common shares—basic | shares | 140,094,722 | 139,054,191 | 137,844,755 |
Weighted average DownREIT units outstanding (in shares) | shares | 7,500 | 7,500 | 7,500 |
Effect of dilutive securities (in shares) | shares | 332,973 | 509,859 | 436,986 |
Weighted average common shares - diluted (in shares) | shares | 140,435,195 | 139,571,550 | 138,289,241 |
Calculation of Earnings per Share—basic | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 827,630,000 | $ 785,974,000 | $ 974,525,000 |
Net income allocated to unvested restricted shares | (1,955,000) | (2,063,000) | (2,839,000) |
Net income attributable to common stockholders, adjusted | $ 825,675,000 | $ 783,911,000 | $ 971,686,000 |
Weighted average common shares—basic | shares | 140,094,722 | 139,054,191 | 137,844,755 |
Earnings per common share - basic (in dollars per share) | $ / shares | $ 5.89 | $ 5.64 | $ 7.05 |
Calculation of Earnings per Share—diluted | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 827,630,000 | $ 785,974,000 | $ 974,525,000 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 48,000 | 46,000 | 44,000 |
Adjusted net income attributable to common stockholders | $ 827,678,000 | $ 786,020,000 | $ 974,569,000 |
Weighted average common shares—diluted | shares | 140,435,195 | 139,571,550 | 138,289,241 |
Earnings per common share - diluted (in dollars per share) | $ / shares | $ 5.89 | $ 5.63 | $ 7.05 |
Real Estate [Line Items] | |||
Operating Lease, Lease Income | $ 2,297,442,000 | $ 2,319,666,000 | $ 2,280,963,000 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Abandoned pursuits costs | 12,317,000 | 4,896,000 | 4,388,000 |
Casualty and impairment loss, net | 0 | 0 | 215,000 |
Impairment of investment in unconsolidated entities | 0 | 0 | 0 |
Management, development and other fees | 3,819,000 | 4,960,000 | 3,572,000 |
Revenues | $ 2,301,261,000 | 2,324,626,000 | 2,284,535,000 |
Number of real estate properties | community | 273 | ||
Number of Units in Real Estate Property | home | 80,094 | ||
New York City, NY | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Abandoned pursuits costs | $ 7,264,000 | ||
Land | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Casualty and impairment loss, net | 0 | 0 | 826,000 |
Continuing Operations | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 2,242,282,000 | 2,236,405,000 | 2,084,704,000 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 13,643,000 | 13,612,000 | 9,818,000 |
Business interruption insurance proceeds | 385,000 | 1,441,000 | 26,000 |
Revenues | 2,256,310,000 | 2,251,458,000 | 2,094,548,000 |
Management, Development And Other [Member] | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 3,819,000 | 4,960,000 | 3,572,000 |
Rental and non-rental related income | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 9,824,000 | 8,652,000 | 6,246,000 |
Corporate, Non-Segment [Member] | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Revenues | 3,819,000 | 4,960,000 | 3,572,000 |
Corporate, Non-Segment [Member] | Continuing Operations | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 0 | 0 | 0 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 3,819,000 | 4,960,000 | 3,572,000 |
Business interruption insurance proceeds | 0 | 0 | 0 |
Revenues | 3,819,000 | 4,960,000 | 3,572,000 |
Corporate, Non-Segment [Member] | Management, Development And Other [Member] | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 3,819,000 | 4,960,000 | 3,572,000 |
Corporate, Non-Segment [Member] | Rental and non-rental related income | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 0 | 0 | 0 |
Established Communities | Operating segment | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Revenues | 2,028,317,000 | 2,107,288,000 | 1,731,570,000 |
Established Communities | Operating segment | Continuing Operations | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 2,021,232,000 | 2,099,273,000 | 1,727,299,000 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 6,970,000 | 7,028,000 | 4,245,000 |
Business interruption insurance proceeds | 115,000 | 987,000 | 26,000 |
Revenues | 2,028,317,000 | 2,107,288,000 | 1,731,570,000 |
Established Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 0 | 0 | 0 |
Established Communities | Operating segment | Rental and non-rental related income | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 6,970,000 | 7,028,000 | 4,245,000 |
Other Stabilized Communities | Operating segment | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Revenues | 140,173,000 | 110,434,000 | 238,584,000 |
Other Stabilized Communities | Operating segment | Continuing Operations | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 138,113,000 | 108,756,000 | 236,852,000 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 1,790,000 | 1,224,000 | 1,732,000 |
Business interruption insurance proceeds | 270,000 | 454,000 | 0 |
Revenues | 140,173,000 | 110,434,000 | 238,584,000 |
Other Stabilized Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 0 | 0 | 0 |
Other Stabilized Communities | Operating segment | Rental and non-rental related income | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 1,790,000 | 1,224,000 | 1,732,000 |
Development/Redevelopment Communities | Operating segment | Continuing Operations | |||
Real Estate [Line Items] | |||
Operating Lease, Lease Income | 82,937,000 | 28,376,000 | 120,553,000 |
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 1,064,000 | 400,000 | 269,000 |
Business interruption insurance proceeds | 0 | 0 | 0 |
Revenues | 84,001,000 | 28,776,000 | 120,822,000 |
Development/Redevelopment Communities | Operating segment | Management, Development And Other [Member] | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | 0 | 0 | 0 |
Development/Redevelopment Communities | Operating segment | Rental and non-rental related income | Continuing Operations | |||
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets | |||
Management, development and other fees | $ 1,064,000 | $ 400,000 | $ 269,000 |
Organization, Basis of Presen_7
Organization, Basis of Presentation, and Significant Accounting Policies Organization, Basis of Presentation, and Significant Accounting Policies (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | $ 3,819 | $ 4,960 | $ 3,572 |
Operating Lease, Lease Income | 2,297,442 | 2,319,666 | 2,280,963 |
Total revenue | 2,301,261 | 2,324,626 | 2,284,535 |
Non-allocated | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 3,819 | 4,960 | 3,572 |
Established Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 2,028,317 | 2,107,288 | 1,731,570 |
Other Stabilized Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 140,173 | 110,434 | 238,584 |
Continuing Operations | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 13,643 | 13,612 | 9,818 |
Operating Lease, Lease Income | 2,242,282 | 2,236,405 | 2,084,704 |
Business interruption insurance proceeds | 385 | 1,441 | 26 |
Total revenue | 2,256,310 | 2,251,458 | 2,094,548 |
Continuing Operations | Management, Development And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 3,819 | 4,960 | 3,572 |
Continuing Operations | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 9,824 | 8,652 | 6,246 |
Continuing Operations | Non-allocated | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 3,819 | 4,960 | 3,572 |
Operating Lease, Lease Income | 0 | 0 | 0 |
Business interruption insurance proceeds | 0 | 0 | 0 |
Total revenue | 3,819 | 4,960 | 3,572 |
Continuing Operations | Non-allocated | Management, Development And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 3,819 | 4,960 | 3,572 |
Continuing Operations | Non-allocated | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Established Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 6,970 | 7,028 | 4,245 |
Operating Lease, Lease Income | 2,021,232 | 2,099,273 | 1,727,299 |
Business interruption insurance proceeds | 115 | 987 | 26 |
Total revenue | 2,028,317 | 2,107,288 | 1,731,570 |
Continuing Operations | Established Communities | Operating segment | Management, Development And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Established Communities | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 6,970 | 7,028 | 4,245 |
Continuing Operations | Other Stabilized Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 1,790 | 1,224 | 1,732 |
Operating Lease, Lease Income | 138,113 | 108,756 | 236,852 |
Business interruption insurance proceeds | 270 | 454 | 0 |
Total revenue | 140,173 | 110,434 | 238,584 |
Continuing Operations | Other Stabilized Communities | Operating segment | Management, Development And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Other Stabilized Communities | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 1,790 | 1,224 | 1,732 |
Continuing Operations | Development/Redevelopment Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 1,064 | 400 | 269 |
Operating Lease, Lease Income | 82,937 | 28,376 | 120,553 |
Business interruption insurance proceeds | 0 | 0 | 0 |
Total revenue | 84,001 | 28,776 | 120,822 |
Continuing Operations | Development/Redevelopment Communities | Operating segment | Management, Development And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Development/Redevelopment Communities | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | $ 1,064 | $ 400 | $ 269 |
Interest Capitalized (Details)
Interest Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Capitalized | |||
Capitalized interest during the development and redevelopment of real estate assets | $ 44,157 | $ 62,823 | $ 60,331 |
Mortgage Notes Payable, Unsec_3
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Total mortgage notes payable and unsecured notes and Term Loans | $ 7,629,814,000 | $ 7,355,371,000 | |||||
Variable rate unsecured credit facility | 0 | 0 | |||||
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility | 7,629,814,000 | 7,355,371,000 | |||||
Repayment of unsecured debt | 958,680,000 | 0 | $ 258,579,000 | ||||
Gain (Loss) on Extinguishment of Debt | (9,333,000) | (602,000) | $ (17,492,000) | ||||
Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Fixed rate notes | 6,500,000,000 | 5,850,000,000 | |||||
Variable rate notes | 0 | 300,000,000 | |||||
Total mortgage notes payable and unsecured notes and Term Loans | 6,750,000,000 | ||||||
Amount of debt discount | 10,380,000 | 8,610,000 | |||||
Deferred financing costs, net | 37,615,000 | 32,742,000 | |||||
Term loan | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Variable rate notes | 250,000,000 | 250,000,000 | |||||
Secured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Fixed rate notes | 408,964,000 | 479,221,000 | |||||
Variable rate notes | 470,850,000 | 476,150,000 | |||||
Total mortgage notes payable and unsecured notes and Term Loans | 575,532,000 | ||||||
Amount of debt discount | 14,478,000 | 14,464,000 | |||||
Deferred financing costs, net | 3,004,000 | $ 3,265,000 | |||||
Unsecured Notes 2.30 Percent [Member] | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Proceeds from Issuance of Debt | $ 694,701,000 | ||||||
Unsecured Notes 2.45 Percent [Member] | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Proceeds from Issuance of Debt | $ 593,430,000 | ||||||
Unsecured Notes 2.30 Percent [Member] | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Stated interest rate (as a percent) | 2.30% | ||||||
Notes Payable Maturities 2020 | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Stated interest rate (as a percent) | 4.18% | 3.08% | |||||
Notes Payable Maturities 2027 | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Stated interest rate (as a percent) | 2.38% | ||||||
Notes Payable Maturities 2027 | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Total mortgage notes payable and unsecured notes and Term Loans | $ 400,000,000 | ||||||
Stated interest rate (as a percent) | 3.35% | ||||||
Notes Payable Maturities 2027 | Secured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Total mortgage notes payable and unsecured notes and Term Loans | $ 236,100,000 | ||||||
Notes Payable Maturities 2027 | Secured notes | Avalon San Bruno III [Member] | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Fixed rate notes | $ 51,000,000 | ||||||
Notes Payable 3.625 Maturities 2020 [Member] | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Stated interest rate (as a percent) | 3.625% | ||||||
Repayment of unsecured debt | $ 400,000,000 | ||||||
Notes Payable Maturities 2021 [Member] | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Total mortgage notes payable and unsecured notes and Term Loans | 0 | ||||||
Stated interest rate (as a percent) | 3.95% | ||||||
Repayment of unsecured debt | $ 250,000,000 | ||||||
Notes Payable Maturities 2021 [Member] | Secured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Total mortgage notes payable and unsecured notes and Term Loans | $ 27,844,000 | ||||||
Notes Payable 3.625 Maturities 2020 and 2021 [Member] | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Gain (Loss) on Extinguishment of Debt | $ 9,170,000 | ||||||
Unsecured Notes 2.45 Percent [Member] | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Stated interest rate (as a percent) | 2.45% | ||||||
Floating Rate Unsecured Notes 300 Million | Unsecured notes | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Repayments of secured debt | $ 300,000,000 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 268,000 | ||||||
Notes Payable Maturities 2020, Fixed Rate [Member] | Secured notes | Avalon Hoboken [Member] | |||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | |||||||
Repayments of secured debt | $ 67,904,000 |
Mortgage Notes Payable, Unsec_4
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Letter of Credit [Member] | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Outstanding balance of letters of credit | $ 32,079 | $ 24,939 |
Mortgage Notes Payable, Unsec_5
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate unsecured credit facility | $ 0 | $ 0 |
Net carrying value of apartment communities and improved land parcels securing debt | 1,448,551,000 | |
Variable rate unsecured credit facility | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Available borrowing capacity | $ 1,750,000,000 | |
Line of credit facility, commitment fee percentage | 0.125% | |
Annual facility fee | $ 2,188,000 | |
Outstanding balance of letters of credit | 2,900,000 | 11,488,000 |
Variable rate unsecured credit facility | $ 0 | $ 0 |
Fixed rate mortgage notes payable | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Weighted average interest rate, debt (as a percent) | 3.80% | 3.90% |
Variable rate mortgage notes payable, unsecured term loan and Credit Facility | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Weighted average interest rate, debt (as a percent) | 1.70% | 3.20% |
LIBOR | Variable rate unsecured credit facility | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.775% | |
Debt instrument, interest rate, effective percentage | 0.92% | |
LIBOR | Variable Rate Unsecured Term Loan $100 Million | Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |
LIBOR | Variable Rate Unsecured Term Loan $150 Million | Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.85% | |
Minimum [Member] | Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.20% | |
Maximum | Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Debt instrument, basis spread on variable rate (as a percent) | 0.45% |
Mortgage Notes Payable, Unsec_6
Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 4) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2020 | Dec. 31, 2020 | Aug. 31, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 7,629,814,000 | $ 7,355,371,000 | ||||
Percentage of principle amount at which the entity may redeem some or all of the notes | 100.00% | |||||
Variable rate unsecured credit facility | $ 0 | 0 | ||||
Variable rate unsecured credit facility | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Available borrowing capacity | 1,750,000,000 | |||||
Outstanding balance of letters of credit | 2,900,000 | 11,488,000 | ||||
Variable rate unsecured credit facility | $ 0 | 0 | ||||
Variable rate unsecured credit facility | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.92% | |||||
Debt instrument, basis spread on variable rate (as a percent) | 0.775% | |||||
Other Letter of Credit [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Outstanding balance of letters of credit | $ 32,079,000 | $ 24,939,000 | ||||
Notes Payable Maturities 2020 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Stated interest rate (as a percent) | 4.18% | 3.08% | ||||
Notes Payable Maturities 2027 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Stated interest rate (as a percent) | 2.38% | |||||
Unsecured notes | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 6,750,000,000 | |||||
Unsecured notes | Minimum | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.20% | |||||
Unsecured notes | Maximum | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.45% | |||||
Unsecured notes | Notes Payable 3.625 Maturities 2020 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Stated interest rate (as a percent) | 3.625% | |||||
Unsecured notes | Notes Payable Maturities 2021 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 0 | |||||
Stated interest rate (as a percent) | 3.95% | |||||
Unsecured notes | Floating Rate Unsecured Notes 300 Million | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Repayments of secured debt | $ 300,000,000 | |||||
Unsecured notes | Notes payable maturing in 2022 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 450,000,000 | |||||
Stated interest rate (as a percent) | 2.95% | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 100,000,000 | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.90% | |||||
Unsecured notes | Notes Payable 4.200 Maturities 2023 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 350,000,000 | |||||
Stated interest rate (as a percent) | 4.20% | |||||
Unsecured notes | Notes Payable 2.850 Maturities 2023 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 250,000,000 | |||||
Stated interest rate (as a percent) | 2.85% | |||||
Unsecured notes | Notes Payable 2024 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000,000 | |||||
Stated interest rate (as a percent) | 3.50% | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 150,000,000 | |||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | LIBOR | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.85% | |||||
Unsecured notes | Notes Payable 3.450 Maturities 2025 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 525,000,000 | |||||
Stated interest rate (as a percent) | 3.45% | |||||
Unsecured notes | Notes Payable 3.500 Maturities 2025 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000,000 | |||||
Stated interest rate (as a percent) | 3.50% | |||||
Unsecured notes | Notes Payable 2.950 Maturities 2026 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 475,000,000 | |||||
Stated interest rate (as a percent) | 2.95% | |||||
Unsecured notes | Notes Payable 2.900 Maturities 2026 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000,000 | |||||
Stated interest rate (as a percent) | 2.90% | |||||
Unsecured notes | Notes Payable Maturities 2027 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 400,000,000 | |||||
Stated interest rate (as a percent) | 3.35% | |||||
Unsecured notes | Notes Payable Maturities 2028 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 450,000,000 | |||||
Stated interest rate (as a percent) | 3.20% | |||||
Unsecured notes | Notes Payable Maturities 2029 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 450,000,000 | |||||
Stated interest rate (as a percent) | 3.30% | |||||
Unsecured notes | Notes Payable Maturities 2030 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 700,000,000 | |||||
Stated interest rate (as a percent) | 2.30% | |||||
Unsecured notes | Notes Payable Maturities 2031 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 600,000,000 | |||||
Stated interest rate (as a percent) | 2.45% | |||||
Unsecured notes | Notes Payable Maturities 2046 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 350,000,000 | |||||
Stated interest rate (as a percent) | 3.90% | |||||
Unsecured notes | Notes Payable Maturities 2047 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000,000 | |||||
Stated interest rate (as a percent) | 4.15% | |||||
Unsecured notes | Notes Payable Maturities 2048 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Mortgage notes payable and unsecured notes | $ 300,000,000 | |||||
Stated interest rate (as a percent) | 4.35% | |||||
Secured notes | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | $ 304,282,000 | |||||
Mortgage notes payable and unsecured notes | 575,532,000 | |||||
Secured notes | Notes Payable Maturities 2021 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 9,304,000 | |||||
Mortgage notes payable and unsecured notes | 27,844,000 | |||||
Secured notes | Notes payable maturing in 2022 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 9,918,000 | |||||
Secured notes | Notes Payable Maturities 2023 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 10,739,000 | |||||
Secured notes | Notes Payable 2024 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 11,677,000 | |||||
Secured notes | Notes Payable Maturities 2025 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 12,408,000 | |||||
Mortgage notes payable and unsecured notes | 0 | |||||
Secured notes | Notes Payable Maturities 2026 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 13,445,000 | |||||
Secured notes | Notes Payable Maturities 2027 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 15,880,000 | |||||
Mortgage notes payable and unsecured notes | 236,100,000 | |||||
Secured notes | Notes Payable Maturities 2028 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 20,707,000 | |||||
Mortgage notes payable and unsecured notes | 0 | |||||
Secured notes | Notes Payable Maturities 2029 [Member] | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 11,742,000 | |||||
Mortgage notes payable and unsecured notes | 66,250,000 | |||||
Secured notes | Notes Payable Maturities 2030 | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 12,384,000 | |||||
Secured notes | Notes Payable Maturities Thereafter | ||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||
Secured notes payments | 176,078,000 | |||||
Mortgage notes payable and unsecured notes | $ 245,338,000 |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2020 | |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 280,000,000 | 280,000,000 | ||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||
Common stock shares issued in connection with stock options exercised | 1,902 | |||
Common stock shares issued through dividend reinvestment plan | 2,747 | 2,069 | 2,272 | |
Number of shares of stock grants withheld | 74,173 | 84,710 | 68,565 | |
Common shares issued under Employee Stock Purchase Plan | 20,161 | |||
Number of shares forfeited | 7,683 | |||
Treasury Stock, Shares, Acquired | 1,225,790 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 149.99 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 316,148,000 | |||
Amended 2005 Stock Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000,000 | |||
2020 Stock Repurchase Program [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 500,000,000 | |||
Continuous Equity Program CEP V [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock, net of withholdings (in shares) | 0 | |||
Maximum value of shares of common stock that can be sold | $ 1,000,000,000 | |||
Common stock value, remaining to be authorized under continuous equity program | $ 752,878,000 | |||
Maximum [Member] | Continuous Equity Program CEP V [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of compensation received by sales agent | 1.50% | |||
Restricted Stock and Restricted Stock Converted From Performance Shares | ||||
Class of Stock [Line Items] | ||||
Common stock shares issued in connection with stock grants | 165,545 | 152,502 | 187,010 |
Investments in Real Estate En_3
Investments in Real Estate Entities (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)communityhomeft² | Dec. 31, 2019USD ($)homecommunity | Dec. 31, 2018USD ($)communityhomeft² | |
Schedule of Equity Method Investments [Line Items] | |||
Preferred interest obligation redemption and dividends | $ (1,000,000) | $ (1,400,000) | $ (1,120,000) |
Number of apartment homes in communities owned | home | 82,103 | ||
Gain on sale of communities | $ 340,444,000 | $ 166,105,000 | $ 374,976,000 |
Number of communities acquired | community | 0 | 5 | 4 |
Payments to acquire other real estate | $ 0 | $ 420,517,000 | $ 338,620,000 |
Number of apartment homes acquired | home | 1,175 | 1,096 | |
AVA North Point | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire other real estate | $ 71,280,000 | ||
2018 Acquisitions [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire other real estate | $ 334,450,000 | ||
Avalon Venice on Rose [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Retail square feet development | ft² | 9,000 | ||
2019 Acquisitions [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire other real estate | $ 345,450,000 | ||
US Fund | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 28.60% | ||
Net cash proceeds | $ 65,000,000 | ||
Number of apartment communities sold | community | 1 | 1 | |
US Fund | Avalon Marina Bay [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of communities | $ 5,788,000 | ||
US Fund | Avalon Venice on Rose [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number Of Apartment Homes Sold | home | 70 | ||
Gain on sale of communities | $ 5,157,000 | ||
US Fund | Avalon Kirkland at Carillon [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of communities | $ 8,636,000 | ||
ACJV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Number of apartment communities sold | community | 1 | ||
ACJV | Avalon Woodland Park [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of communities | $ 2,019,000 | ||
Legacy JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 40.00% | ||
Preferred interest obligation liquidation value | $ 35,382,000 | ||
AVA North Point | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 55.00% | ||
Number of apartment homes in communities owned | home | 265 | ||
AVA North Point | Joint Venture Partner | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 45.00% | ||
NYC JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Avalon Alderwood Mall [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Number of apartment communities | home | 328 | ||
Fund II | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 31.30% | ||
Percentage of right of distribution | 40.00% | ||
Percentage of right of remaining distribution | 60.00% | ||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | $ 925,000 | ||
AVA Arts District [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Retail square feet development | ft² | 56,000 | ||
Number of apartment communities | home | 475 | ||
Equity Method Investments | $ 19,500,000 | ||
Long-term Construction Loan | $ 165,600,000 | ||
Real Estate Investments, Percent of Development Funded by Borrowings | 60.00% | ||
Proceeds from Construction Loans Payable | $ 0 | ||
AVA Arts District [Member] | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 27,600,000 | ||
NYC JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Repayments of secured debt | $ 395,939,000 | ||
retail square feet sold | ft² | 58,000 | ||
NYC JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Number Of Apartment Homes Sold | home | 1,301 | ||
Net cash proceeds | $ 276,799,000 | ||
Number of apartment communities sold | community | 5 | ||
Gain on sale of communities | $ 179,861,000 | ||
Gross sales price | $ 758,900,000 | ||
Notes Payable Maturities 2020 | Secured notes | Avalon Venice on Rose [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Repayments of secured debt | $ 27,117,000 |
Investments in Real Estate En_4
Investments in Real Estate Entities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Real estate, net | $ 18,233,781 | $ 18,432,989 |
Total assets | 19,199,144 | 19,121,051 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 862,332 | 937,642 |
Partners' capital | 10,751,583 | 10,989,549 |
Total liabilities and equity | 19,199,144 | 19,121,051 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
ASSETS | ||
Real estate, net | 1,249,730 | 1,204,470 |
Other assets | 255,606 | 196,488 |
Total assets | 1,505,336 | 1,400,958 |
LIABILITIES AND EQUITY | ||
Mortgage notes payable, net | 751,257 | 782,257 |
Other liabilities | 163,808 | 157,379 |
Partners' capital | 590,271 | 461,322 |
Total liabilities and equity | $ 1,505,336 | $ 1,400,958 |
Investments in Real Estate En_5
Investments in Real Estate Entities (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Combined summary of the operating results of the accounted for using the equity method | |||
Revenues | $ 2,301,261 | $ 2,324,626 | $ 2,284,535 |
Operating and other expenses | (1,826,659) | (1,696,904) | (1,700,067) |
Gain on sale of communities | 340,444 | 166,105 | 374,976 |
Interest expense, net | (214,151) | (203,585) | (220,974) |
Depreciation expense | (707,331) | (661,578) | (631,196) |
Net income | 827,706 | 786,103 | 974,175 |
Company's share of net income | 8,538 | 10,779 | 17,519 |
Amortization of excess investment and other | (2,116) | (2,127) | (2,249) |
Equity in income from unconsolidated real estate investments | 6,422 | 8,652 | 15,270 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Combined summary of the operating results of the accounted for using the equity method | |||
Revenues | 118,474 | 144,431 | 92,533 |
Operating and other expenses | (49,509) | (55,732) | (35,840) |
Gain on sale of communities | 18,450 | 21,748 | 54,202 |
Interest expense, net | (31,982) | (33,896) | (22,500) |
Depreciation expense | (34,606) | (58,387) | (26,706) |
Net income | $ 20,827 | $ 18,164 | $ 61,689 |
Investments in Real Estate En_6
Investments in Real Estate Entities (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fund II | ||
Summary of the Company's equity in income of unconsolidated entities | ||
Equity in income of unconsolidated entities relating to the Company's recognition of promoted interest | $ 925 | |
Avalon Kirkland at Carillon [Member] | US Fund | ||
Summary of the Company's equity in income of unconsolidated entities | ||
Gain on sale of communities | $ 8,636 |
Real Estate Disposition Activ_3
Real Estate Disposition Activities (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²homeresidential_condominiumcommunity | Dec. 31, 2019USD ($)home | Dec. 31, 2018USD ($)home | |
Summary of income from discontinued operations | |||
Gain on sale of communities | $ 340,444 | $ 166,105 | $ 374,976 |
Number of communities held for sale | community | 1 | ||
Gain (Loss) on Sale of Other Investments | $ 8,213 | 0 | 0 |
Other Selling, General and Administrative Expense | 5,662 | 3,812 | 1,044 |
Inventory, Real Estate | 267,219 | 457,809 | |
Income Tax Expense (Benefit) | $ (3,247) | $ 13,003 | $ (160) |
Number of Residential Condominiums Sold | residential_condominium | 70 | ||
Number of Residential Condominiums Remaining to be Sold | residential_condominium | 102 | ||
Avalon Shelton [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 250 | ||
Gross sales price | $ 64,750 | ||
Net cash proceeds | $ 63,030 | ||
Avalon Tinton Falls [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 216 | ||
Gross sales price | $ 64,900 | ||
Net cash proceeds | $ 63,371 | ||
Avalon Towers [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 109 | ||
Gross sales price | $ 54,000 | ||
Net cash proceeds | $ 53,079 | ||
Avalon Somerset [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 384 | ||
Gross sales price | $ 110,000 | ||
Net cash proceeds | $ 107,415 | ||
Eaves San Rafael [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 254 | ||
Gross sales price | $ 106,000 | ||
Net cash proceeds | $ 104,462 | ||
Avalon Cohasset [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 220 | ||
Gross sales price | $ 90,250 | ||
Net cash proceeds | $ 88,673 | ||
Avalon Wilton on Danbury Rd [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 100 | ||
Gross sales price | $ 34,750 | ||
Net cash proceeds | $ 33,744 | ||
Avalon at Stratford [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 130 | ||
Gross sales price | $ 30,600 | ||
Net cash proceeds | $ 29,808 | ||
Eaves Diamond Heights [Member] | |||
Summary of income from discontinued operations | |||
Number Of Apartment Homes Sold | home | 154 | ||
Gross sales price | $ 72,500 | ||
Net cash proceeds | 69,469 | ||
Other Real Estate Sales | |||
Summary of income from discontinued operations | |||
Gross sales price | 6,500 | ||
Net cash proceeds | $ 6,722 | ||
Wholly Owned Properties | |||
Summary of income from discontinued operations | |||
Number of apartment communities sold | community | 9 | ||
Number Of Apartment Homes Sold | home | 1,817 | 1,660 | 3,099 |
Sale of communities gross sales price | $ 627,750 | ||
Gain on sale of communities | 340,444 | ||
Gross sales price | 634,250 | $ 431,280 | $ 1,378,289 |
Net cash proceeds | 619,773 | 422,041 | 883,313 |
Repayments of secured debt | 21,700 | $ 395,939 | |
The Park Loggia [Member] | |||
Summary of income from discontinued operations | |||
Net cash proceeds | $ 216,372 | ||
Number of residential units in development | residential_condominium | 172 | ||
Retail square feet development | ft² | 66 | ||
Gain (Loss) on Sale of Other Investments | $ 8,213 | ||
Income Tax Expense (Benefit) | $ 5,782,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)multipliercommunitypropertyLease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||
Finance Lease, Right-of-Use Asset | $ 21,685 | $ 21,898 | |
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | (6,292) | $ (946) | |
Lease Obligations [Abstract] | |||
Number of office leases | Lease | 14 | ||
Finance Lease, Liability | $ 20,166 | 20,207 | |
Right of use lease assets | 133,581 | 103,063 | |
Operating Lease, Liability | 161,313 | 120,261 | |
Operating Lease, Expense | $ 16,011 | $ 14,371 | 21,788 |
Properties on Land Subject to Land Leases | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | community | 10 | ||
Number of commercial properties owned | property | 2 | ||
Assets Held under Operating Leases [Member] | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | community | 9 | ||
Assets Held under Finance Leases [Member] | |||
Lease Obligations [Abstract] | |||
Number of apartment communities | community | 1 | ||
Number Of Finance Leases For Parking Garages Adjacent To Communities | Lease | 2 | ||
Restricted stock and stock options | |||
Employment Agreements and Arrangements [Abstract] | |||
Retirement age (in years) | 50 years | ||
Period of the non-compete agreement (in years) | 1 year | ||
Restricted stock and stock options | Minimum | |||
Employment Agreements and Arrangements [Abstract] | |||
Service period (in years) | 10 years | ||
Employee's age at retirement plus years of employment (in years) | 70 years | ||
Share Based Compensation Arrangement by Share Based Payment Award Requisite Period of Written Notice for Retirement | 6 months | ||
Restricted stock and stock options | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Options exercise period upon termination without cause or retirement (in months) | 12 months | ||
Officer Severance Program | Vice President and Senior Vice President | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 1 | ||
Officer Severance Program | Executive Vice Presidents | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 2 | ||
Officer Severance Program | Chief Executive Officer | |||
Employment Agreements and Arrangements [Abstract] | |||
Compensation multiplier | multiplier | 3 | ||
Officer Severance Program | Maximum | |||
Employment Agreements and Arrangements [Abstract] | |||
Termination period following a sale event (in years) | 24 months | ||
Former Development Right [Member] | |||
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | $ (3,126) | ||
Avalon Towers [Member] | |||
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | $ (2,237) | ||
Memorial Heights Villages | |||
Employment Agreements and Arrangements [Abstract] | |||
Proceeds from legal recoveries | $ (554) |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details 2) | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |
Finance Lease, Weighted Average Remaining Lease Term | 25 years |
Operating Lease, Weighted Average Remaining Lease Term | 42 years |
Finance Lease, Weighted Average Discount Rate, Percent | 4.63% |
Operating Lease, Weighted Average Discount Rate, Percent | 4.74% |
Commitments and Contingencies_3
Commitments and Contingencies (Details 3) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 14,270 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 13,950 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 13,469 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 13,316 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 13,526 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 350,440 | |
Lessee, Operating Lease, Liability, Payments, Due | 418,971 | |
Operating Lease, Liability | 161,313 | $ 120,261 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 257,658 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months | 1,080 | |
Finance Lease, Liability, Payments, Due Year Two | 1,082 | |
Finance Lease, Liability, Payments, Due Year Three | 1,084 | |
Finance Lease, Liability, Payments, Due Year Four | 1,087 | |
Finance Lease, Liability, Payments, Due Year Five | 1,089 | |
Finance Lease, Liability, Payment, Due | 44,466 | |
Finance Lease, Liability | 20,166 | 20,207 |
Finance Lease, Liability, Undiscounted Excess Amount | 24,300 | |
Finance Lease, Liability, Payments, Due after Year Five | 39,044 | |
Lease, Liability, Payments, Remainder Of Fiscal Year | 15,350 | |
Lease, Liability, Payments, Due Year Two | 15,032 | |
Lease, Liability, Payments, Due Year Three | 14,553 | |
Lease, Liability, Payments, Due Year Four | 14,403 | |
Lease, Liability, Payments, Due Year Five | 14,615 | |
Lease, Liability, Payments, Due After Year Five | 389,484 | |
Lease, Liability, Payments, Due | 463,437 | |
Lease, Liability | 181,479 | $ 140,468 |
Lease, Liability, Undiscounted Excess Amount | $ 281,958 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Percentage of physical occupancy | 90.00% | ||
Anniversary of Completion of Development or Redevelopment (in years) | 1 year | ||
Reconciliation of NOI to net income | |||
Net income | $ 827,706 | $ 786,103 | $ 974,175 |
Indirect operating expenses, net of corporate income | 97,443 | 83,008 | 80,227 |
Other Nonoperating Expense | 12,399 | 4,991 | 3,265 |
Interest expense, net | 214,151 | 203,585 | 220,974 |
Loss on extinguishment of debt, net | 9,333 | 602 | 17,492 |
General and administrative expense | 60,343 | 58,042 | 60,369 |
Equity in income of unconsolidated real estate entities | (6,422) | (8,652) | (15,270) |
Depreciation expense | 707,331 | 661,578 | 631,196 |
Income Tax Expense (Benefit) | (3,247) | 13,003 | (160) |
Casualty and impairment loss, net | 0 | 0 | 215 |
Gain on sale of communities | (340,444) | (166,105) | (374,976) |
(Loss) gain on other real estate transactions | (440) | (439) | (345) |
Gain (Loss) on Sale of Other Investments, Net of Marketing and Administrative Costs | (2,551) | 3,812 | 1,044 |
Other Selling, General and Administrative Expense | 5,662 | 3,812 | 1,044 |
Net operating income from real estate assets sold or held for sale | (28,412) | (45,354) | (113,074) |
Net operating income | $ 1,547,190 | $ 1,594,174 | $ 1,485,132 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Rental income from real estate assets sold or held for sale | $ 44,951 | $ 73,168 | $ 175,915 |
Operating expenses from real estate assets sold or held for sale | (16,539) | (27,814) | (62,841) |
Net operating income from real estate assets sold or held for sale | $ 28,412 | $ 45,354 | $ 113,074 |
Segment Reporting (Details 3)
Segment Reporting (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 66,763 | $ 14,072 | |
Total revenue | 2,301,261 | $ 2,324,626 | 2,284,535 |
NOI | 1,547,190 | 1,594,174 | 1,485,132 |
Gross real estate | 23,917,282 | 23,157,308 | 21,544,772 |
Gross real estate assets held for sale | 44,940 | ||
Established Communities | |||
Segment Reporting | |||
Real estate capitalized additions | 126,548 | 128,324 | 78,469 |
Operating segment | Established Communities | |||
Segment Reporting | |||
Total revenue | 2,028,317 | 2,107,288 | 1,731,570 |
NOI | 1,406,905 | 1,503,300 | 1,244,621 |
Gross real estate | 19,045,458 | 18,923,614 | 15,239,192 |
Operating segment | Established Communities | New England | |||
Segment Reporting | |||
Total revenue | 297,674 | 303,816 | 223,594 |
NOI | 193,053 | 202,812 | 148,310 |
Gross real estate | 2,617,725 | 2,595,907 | 1,890,304 |
Operating segment | Established Communities | Metro NY/NJ | |||
Segment Reporting | |||
Total revenue | 445,939 | 466,135 | 379,968 |
NOI | 305,408 | 327,356 | 271,767 |
Gross real estate | 4,235,524 | 4,214,565 | 3,367,198 |
Operating segment | Established Communities | Mid-Atlantic | |||
Segment Reporting | |||
Total revenue | 341,311 | 351,680 | 284,381 |
NOI | 237,063 | 250,142 | 200,381 |
Gross real estate | 3,511,960 | 3,484,610 | 2,669,040 |
Operating segment | Established Communities | Pacific Northwest | |||
Segment Reporting | |||
Total revenue | 109,321 | 113,021 | 108,861 |
NOI | 76,093 | 82,186 | 78,313 |
Gross real estate | 996,317 | 990,563 | 985,102 |
Operating segment | Established Communities | Northern California | |||
Segment Reporting | |||
Total revenue | 378,362 | 397,593 | 340,247 |
NOI | 283,012 | 305,450 | 262,055 |
Gross real estate | 3,201,926 | 3,186,075 | 2,753,596 |
Operating segment | Established Communities | Southern California | |||
Segment Reporting | |||
Total revenue | 432,441 | 451,640 | 394,519 |
NOI | 298,900 | 321,776 | 283,795 |
Gross real estate | 4,160,754 | 4,131,539 | 3,573,952 |
Operating segment | Established Communities | Expansion Markets | |||
Segment Reporting | |||
Total revenue | 23,269 | 23,403 | |
NOI | 13,376 | 13,578 | |
Gross real estate | 321,252 | 320,355 | |
Operating segment | Other Stabilized Communities | |||
Segment Reporting | |||
Total revenue | 140,173 | 110,434 | 238,584 |
NOI | 92,040 | 74,814 | 159,745 |
Gross real estate | 1,596,656 | 1,587,398 | 3,063,670 |
Operating segment | Development / Redevelopment | |||
Segment Reporting | |||
Total revenue | 84,001 | 28,776 | 120,822 |
NOI | 48,245 | 16,060 | 80,766 |
Gross real estate | 2,789,062 | 2,086,519 | 2,652,968 |
Operating segment | Disposals [Member] | |||
Segment Reporting | |||
Gross real estate | 401,152 | 732,397 | |
Segment Reconciling Items | |||
Segment Reporting | |||
Gross real estate | 110,142 | 0 | 84,712 |
Non-allocated | |||
Segment Reporting | |||
Total revenue | 3,819 | 4,960 | 3,572 |
Gross real estate | 375,964 | 559,777 | 504,230 |
Continuing Operations | |||
Segment Reporting | |||
Total revenue | 2,256,310 | 2,251,458 | 2,094,548 |
Continuing Operations | Operating segment | Established Communities | |||
Segment Reporting | |||
Total revenue | 2,028,317 | 2,107,288 | 1,731,570 |
Continuing Operations | Operating segment | Other Stabilized Communities | |||
Segment Reporting | |||
Total revenue | 140,173 | 110,434 | 238,584 |
Continuing Operations | Non-allocated | |||
Segment Reporting | |||
Total revenue | $ 3,819 | $ 4,960 | $ 3,572 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-Based Compensation Plans | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Shares | |||
Exercised (in shares) | (1,902) | ||
2009 Plan | |||
Stock-Based Compensation Plans | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common stock shares available for grant | 6,913,585 | ||
2009 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 14,408 | 124,212 | 149,973 |
Exercised (in shares) | (1,902) | (109,804) | (32,756) |
Granted (in shares) | 0 | 0 | 6,995 |
Forfeited (in shares) | 0 | 0 | 0 |
Options outstanding at the end of the period (in shares) | 12,506 | 14,408 | 124,212 |
Options exercisable at the end of the period (in shares) | 12,506 | 14,408 | 117,217 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 124.05 | $ 128.84 | $ 126.77 |
Exercised (in dollars per share) | 89.17 | 129.47 | 126.24 |
Granted (in dollars per share) | 0 | 0 | 161.10 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Options outstanding at the end of the period (in dollars per share) | 129.35 | 124.05 | 128.84 |
Options exercisable at the end of the period (in dollars per share) | $ 129.35 | $ 124.05 | $ 126.91 |
1994 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 0 | 0 | 7,778 |
Exercised (in shares) | 0 | 0 | (7,778) |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Options outstanding at the end of the period (in shares) | 0 | 0 | 0 |
Options exercisable at the end of the period (in shares) | 0 | 0 | 0 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 0 | $ 0 | $ 48.60 |
Exercised (in dollars per share) | 0 | 0 | 48.60 |
Granted (in dollars per share) | 0 | 0 | 0 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Options outstanding at the end of the period (in dollars per share) | 0 | 0 | 0 |
Options exercisable at the end of the period (in dollars per share) | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Intrinsic value of options exercised | $ 251 | $ 7,970 | $ 3,016 |
2009 Plan | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Options outstanding intrinsic value | 389 | ||
Options exercisable intrinsic value | $ 389 | ||
Options exercisable weighted average contractual life (in years) | 1 year 7 months 6 days | ||
2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 12,506 | ||
110.00 - 119.99 | 2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 1,387 | ||
Exercise Price, lower limit (in dollars per share) | $ 110 | ||
Exercise Price, upper limit (in dollars per share) | $ 119.99 | ||
Weighted Average Remaining Contractual Term | 1 month 6 days | ||
130.00 - 139.99 | 2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 11,119 | ||
Exercise Price, lower limit (in dollars per share) | $ 130 | ||
Exercise Price, upper limit (in dollars per share) | $ 139.99 | ||
Weighted Average Remaining Contractual Term | 1 year 9 months 18 days |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details 3) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)periodshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Oct. 31, 1996shares | |
Additional disclosures | ||||
Stock-based compensation expense | $ 21,110 | $ 24,885 | $ 19,707 | |
Capitalized stock-based compensation cost | $ 9,974 | 9,396 | 10,208 | |
Employee Stock Purchase Plan [Abstract] | ||||
Shares issued under Employee Stock Purchase Plan | shares | 20,161 | |||
Stock-based compensation expense | $ 21,110 | 24,885 | 19,707 | |
Performance awards | ||||
Additional disclosures | ||||
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient | 25.00% | |||
Award vesting period (in years) | 3 years | |||
Maximum Measurement Period (in years) | 3 years | |||
Performance awards | Maximum | ||||
Additional disclosures | ||||
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient | 100.00% | |||
Restricted Stock and Restricted Stock Units | ||||
Additional disclosures | ||||
Unrecognized compensation cost for unvested stock options | $ 25,200 | |||
Weighted average period for recognition of unrecognized compensation cost | 1 year 9 months 18 days | |||
Non Qualified Employee Stock Purchase Plan | ||||
Additional disclosures | ||||
Stock-based compensation expense | $ 537 | $ 761 | $ 436 | |
Employee Stock Purchase Plan [Abstract] | ||||
Employee stock purchase plan, shares of common stock reserved for issuance | shares | 1,000,000 | |||
Employee stock purchase plan, remaining shares of common stock available for issuance | shares | 634,274 | |||
Employment period of full-time employees for becoming eligible to participate in the plan (in months) | 1 month | |||
Number of purchase periods | period | 2 | |||
Employee stock purchase plan, discounted stock price percentage | 85.00% | |||
Shares issued under Employee Stock Purchase Plan | shares | 20,161 | 13,894 | 12,955 | |
Stock-based compensation expense | $ 537 | $ 761 | $ 436 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details 4) - Performance awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Arrangement By Share Based Payment Award Maximum Measurement Period | 3 years | ||
Performance awards | |||
Outstanding at the beginning of the period (in shares) | 253,432 | 267,129 | 251,770 |
Granted (in shares) | 77,182 | 80,512 | 100,965 |
Increase (decrease) in awards based on performance (in shares) | 18,112 | (16,760) | 5,990 |
Converted to restricted stock (in shares) | (96,317) | (73,072) | (88,477) |
Forfeited (in shares) | (10,488) | (4,377) | (3,119) |
Outstanding at the ending of the period (in shares) | 241,921 | 253,432 | 267,129 |
Weighted average grant date fair value per award | |||
Outstanding at the beginning of the period (in dollars per share) | $ 176.27 | $ 157.21 | $ 155.25 |
Granted (in dollars per share) | 238.03 | 200.75 | 155.31 |
Change in awards based on performance (in dollars per share) | 177.26 | 142.03 | 148.79 |
Converted to restricted stock (in dollars per share) | 177.26 | 142.03 | 148.79 |
Forfeited (in dollars per share) | 188.52 | 166.44 | 160.33 |
Outstanding at the ending of the period (in dollars per share) | $ 195.13 | $ 176.27 | $ 157.21 |
Grants in period based on shareholder metrics (in shares) | 38,823 | 47,502 | 62,043 |
Grants in period based on financial metrics (in shares) | 38,359 | 33,010 | 38,922 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Details 5) - Performance awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 2.80% | 3.10% | 3.70% |
Estimated volatility, minimum (as a percent) | 11.10% | 13.90% | 11.80% |
Estimated volatility, maximum (as a percent) | 15.50% | 18.80% | 18.70% |
Risk-free interest rate, minimum (as a percent) | 1.45% | 2.46% | 1.86% |
Risk-free interest rate, maximum (as a percent) | 1.62% | 2.57% | 2.46% |
Estimated performance award value based on total shareholder return measure (in dollars per share) | $ 254.72 | $ 204.15 | $ 151.67 |
Historical volatility (as a percent) | 50.00% | 50.00% | 50.00% |
Implied volatility (as a percent) | 50.00% | 50.00% | 50.00% |
Market closing price (in dollars per share) | $ 224.64 | $ 195.86 | $ 161.10 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans (Details 6) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted stock | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 148,326 | 160,411 | 133,633 |
Granted (in shares) | 69,228 | 79,430 | 98,713 |
Vested (in shares) | (79,931) | (89,289) | (67,832) |
Forfeited (in shares) | (5,899) | (2,226) | (4,103) |
Outstanding at the ending of the period (in shares) | 131,724 | 148,326 | 160,411 |
Restricted stock shares weighted average grant date fair value per share | |||
Outstanding at the beginning of the period (in dollars per share) | $ 181.29 | $ 166.33 | $ 172.33 |
Granted (in dollars per share) | 221.08 | 196.43 | 161.58 |
Vested (in dollars per share) | 178.41 | 168.06 | 171.22 |
Forfeited (in dollars per share) | 196.22 | 174.45 | 166.40 |
Outstanding at the ending of the period (in dollars per share) | $ 203.28 | $ 181.29 | $ 166.33 |
Restricted stock converted from performance shares | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 163,111 | 209,238 | 233,928 |
Granted (in shares) | 96,317 | 73,072 | 88,297 |
Vested (in shares) | (111,325) | (119,064) | (112,230) |
Forfeited (in shares) | (1,784) | (135) | (757) |
Outstanding at the ending of the period (in shares) | 146,319 | 163,111 | 209,238 |
Related Party Arrangements (Det
Related Party Arrangements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Arrangements | |||
Management, development and other fees | $ 3,819,000 | $ 4,960,000 | $ 3,572,000 |
Compensation expense | 21,110,000 | 24,885,000 | 19,707,000 |
Unconsolidated Real Estate Entities [Member] | |||
Related Party Arrangements | |||
Outstanding receivables | 5,408,000 | 3,924,000 | |
Non-employee directors | |||
Related Party Arrangements | |||
Payable to related parties | 90,000 | ||
Payable to related parties in quarterly installments | 22,500 | ||
Non-employee directors | Restricted stock and deferred stock awards | |||
Related Party Arrangements | |||
Payable to related parties | 170,000 | ||
Compensation expense | 1,819,000 | 1,725,000 | 1,624,000 |
Amount of deferred compensation | 614,000 | $ 594,000 | $ 571,000 |
Lead Independent Director | |||
Related Party Arrangements | |||
Payable to related parties | 30,000 | ||
Payable to related parties in quarterly installments | 7,500 | ||
Non Employee Director Serving As A Chairperson of the Audit Committee [Member] | |||
Related Party Arrangements | |||
Payable to related parties | 25,000 | ||
Payable to related parties in quarterly installments | 6,250 | ||
Non Employee Director Serving As A Chairperson of the Compensation Committee [Member] | |||
Related Party Arrangements | |||
Payable to related parties | 20,000 | ||
Payable to related parties in quarterly installments | 5,000 | ||
Non Employee Director Serving As A Chairperson of the Nominating and Corporate Governance or Investment and Finance Committees | |||
Related Party Arrangements | |||
Payable to related parties | 15,000 | ||
Payable to related parties in quarterly installments | $ 3,750 |
Fair Value (Details)
Fair Value (Details) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)derivative | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2020USD ($) | Feb. 29, 2020USD ($) | |
Derivative instruments and Hedging Activities | ||||||||
Derivative, Notional Amounts Settled During Period | $ 250,000,000 | $ 350,000,000 | $ 600,000,000 | |||||
Receipts (payments) for termination of forward interest rate swaps | $ (4,821,000) | $ (20,314,000) | (25,135,000) | $ (12,309,000) | $ 12,598,000 | |||
(Loss) gain on cash flow hedges | (17,731,000) | (11,930,000) | 5,132,000 | |||||
Unrealized Gain (Loss) on Derivatives | $ 2,894,000 | 2,894,000 | 0 | $ 0 | ||||
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Derivative, Notional Amount | $ 150,000,000 | $ 150,000,000 | ||||||
Weighted average capped interest rate (as a percent) | 0.70% | 0.70% | ||||||
Derivative, notional amounts entered into during period | $ 150,000,000 | |||||||
Interest Rate Caps | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Number of derivative instruments held | derivative | 10 | 10 | ||||||
Interest Rate Caps | Interest Rate Caps | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Derivative, Notional Amount | $ 679,167,000 | $ 679,167,000 | ||||||
Weighted average interest rate (as a percent) | 1.70% | 1.70% | ||||||
Weighted average capped interest rate (as a percent) | 6.40% | 6.40% | ||||||
Unsecured Notes 2.30 Percent [Member] | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||
Unsecured Notes 2.45 Percent [Member] | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Debt Instrument, Face Amount | $ 600,000,000 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred | $ 9,467,000 | |||||||
Avalon Brooklyn Bay | ||||||||
Derivative instruments and Hedging Activities | ||||||||
Due from Related Parties | $ 3,645,000 | $ 3,645,000 | $ 10,650,000 |
Fair Value (Details 2)
Fair Value (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Cash flow hedge losses reclassified to earnings | $ (8,984) | $ (6,571) | $ (6,143) |
Fair Value (Details 3)
Fair Value (Details 3) $ in Thousands | Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | $ (1,203) | $ (1,573) |
Total | (7,273,002) | (6,199,344) |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total | (1,039,662) | (1,404,138) |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total | 0 | 0 |
Cash Flow Hedges Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative Liability | (6,379) | |
Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
DownREIT units | (1,203) | (1,573) |
Total | (8,312,664) | (7,603,482) |
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | $ 4,308 | 388 |
Derivative Liability | (6,379) | |
Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Number of derivative instruments held | derivative | 10 | |
Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | $ 6 | |
Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 6 | |
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (7,271,799) | (6,197,771) |
Unsecured notes | Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (7,271,799) | (6,197,771) |
Secured Notes Payable and Variable Rate Unsecured Term Loan | Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | (1,043,976) | (1,398,147) |
Secured Notes Payable and Variable Rate Unsecured Term Loan | Total Fair Value | Recurring basis | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | $ (1,043,976) | $ (1,398,147) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | 1 Months Ended |
Jan. 31, 2021USD ($)home | |
Eaves Stamford [Member] | |
Subsequent Event [Line Items] | |
Number Of Apartment Homes Sold | home | 238 |
Gross sales price | $ 72,000 |
Notes Payable Maturities 2021 [Member] | |
Subsequent Event [Line Items] | |
Stated interest rate (as a percent) | 5.37% |
Avalon San Bruno II [Member] | Secured notes | Notes Payable Maturities 2021 [Member] | |
Subsequent Event [Line Items] | |
Repayments of secured debt | $ 27,795 |
REAL ESTATE AND ACCUMULATED D_2
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2020USD ($)homeft²residential_condominium | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 82,103 | |||
Initial Cost | ||||
Land and improvements | $ 4,642,330 | |||
Building / Construction in Progress & Improvements | 16,221,983 | |||
Costs Subsequent to Acquisition / Construction | 3,097,909 | |||
Total Cost | ||||
Land | 4,642,330 | |||
Building / Construction in Progress & Improvements | 19,319,892 | |||
Total | 23,962,222 | $ 23,606,872 | $ 22,342,576 | $ 21,935,936 |
Accumulated Depreciation | 5,728,440 | 5,173,883 | $ 4,611,646 | $ 4,218,379 |
Total Cost, Net of Accumulated Depreciation | 18,233,782 | 18,432,989 | ||
Encumbrances | $ 7,629,814 | |||
The Park Loggia [Member] | ||||
Total Cost | ||||
Number of residential units in development | residential_condominium | 172 | |||
Retail square feet development | ft² | 66 | |||
Current Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 76,975 | |||
Initial Cost | ||||
Land and improvements | $ 4,204,414 | |||
Building / Construction in Progress & Improvements | 15,449,619 | |||
Costs Subsequent to Acquisition / Construction | 2,171,634 | |||
Total Cost | ||||
Land | 4,204,414 | |||
Building / Construction in Progress & Improvements | 17,621,253 | |||
Total | 21,825,667 | |||
Accumulated Depreciation | 5,658,853 | |||
Total Cost, Net of Accumulated Depreciation | 16,166,814 | 16,582,216 | ||
Encumbrances | $ 879,814 | |||
Current Communities | Avalon at Lexington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 198 | |||
Initial Cost | ||||
Land and improvements | $ 2,124 | |||
Building / Construction in Progress & Improvements | 12,567 | |||
Costs Subsequent to Acquisition / Construction | 13,086 | |||
Total Cost | ||||
Land | 2,124 | |||
Building / Construction in Progress & Improvements | 25,653 | |||
Total | 27,777 | |||
Accumulated Depreciation | 17,145 | |||
Total Cost, Net of Accumulated Depreciation | 10,632 | 10,379 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 2,129 | |||
Building / Construction in Progress & Improvements | 17,567 | |||
Costs Subsequent to Acquisition / Construction | 7,097 | |||
Total Cost | ||||
Land | 2,129 | |||
Building / Construction in Progress & Improvements | 24,664 | |||
Total | 26,793 | |||
Accumulated Depreciation | 16,793 | |||
Total Cost, Net of Accumulated Depreciation | 10,000 | 10,505 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Quincy [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 245 | |||
Initial Cost | ||||
Land and improvements | $ 1,743 | |||
Building / Construction in Progress & Improvements | 14,662 | |||
Costs Subsequent to Acquisition / Construction | 12,135 | |||
Total Cost | ||||
Land | 1,743 | |||
Building / Construction in Progress & Improvements | 26,797 | |||
Total | 28,540 | |||
Accumulated Depreciation | 17,533 | |||
Total Cost, Net of Accumulated Depreciation | 11,007 | 11,313 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oaks West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 3,318 | |||
Building / Construction in Progress & Improvements | 13,465 | |||
Costs Subsequent to Acquisition / Construction | 2,281 | |||
Total Cost | ||||
Land | 3,318 | |||
Building / Construction in Progress & Improvements | 15,746 | |||
Total | 19,064 | |||
Accumulated Depreciation | 9,971 | |||
Total Cost, Net of Accumulated Depreciation | 9,093 | 9,471 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Newton Highlands [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 294 | |||
Initial Cost | ||||
Land and improvements | $ 10,905 | |||
Building / Construction in Progress & Improvements | 45,547 | |||
Costs Subsequent to Acquisition / Construction | 17,181 | |||
Total Cost | ||||
Land | 10,905 | |||
Building / Construction in Progress & Improvements | 62,728 | |||
Total | 73,633 | |||
Accumulated Depreciation | 33,615 | |||
Total Cost, Net of Accumulated Depreciation | 40,018 | 42,916 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at the Pinehills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 192 | |||
Initial Cost | ||||
Land and improvements | $ 6,876 | |||
Building / Construction in Progress & Improvements | 30,401 | |||
Costs Subsequent to Acquisition / Construction | 4,211 | |||
Total Cost | ||||
Land | 6,876 | |||
Building / Construction in Progress & Improvements | 34,612 | |||
Total | 41,488 | |||
Accumulated Depreciation | 15,261 | |||
Total Cost, Net of Accumulated Depreciation | 26,227 | 26,568 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Peabody [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 286 | |||
Initial Cost | ||||
Land and improvements | $ 4,645 | |||
Building / Construction in Progress & Improvements | 18,919 | |||
Costs Subsequent to Acquisition / Construction | 15,548 | |||
Total Cost | ||||
Land | 4,645 | |||
Building / Construction in Progress & Improvements | 34,467 | |||
Total | 39,112 | |||
Accumulated Depreciation | 17,409 | |||
Total Cost, Net of Accumulated Depreciation | 21,703 | 22,478 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bedford Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 139 | |||
Initial Cost | ||||
Land and improvements | $ 4,258 | |||
Building / Construction in Progress & Improvements | 20,551 | |||
Costs Subsequent to Acquisition / Construction | 5,337 | |||
Total Cost | ||||
Land | 4,258 | |||
Building / Construction in Progress & Improvements | 25,888 | |||
Total | 30,146 | |||
Accumulated Depreciation | 12,523 | |||
Total Cost, Net of Accumulated Depreciation | 17,623 | 17,853 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Chestnut Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 14,572 | |||
Building / Construction in Progress & Improvements | 45,911 | |||
Costs Subsequent to Acquisition / Construction | 12,756 | |||
Total Cost | ||||
Land | 14,572 | |||
Building / Construction in Progress & Improvements | 58,667 | |||
Total | 73,239 | |||
Accumulated Depreciation | 26,740 | |||
Total Cost, Net of Accumulated Depreciation | 46,499 | 48,521 | ||
Encumbrances | $ 36,399 | |||
Current Communities | Avalon at Lexington Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 387 | |||
Initial Cost | ||||
Land and improvements | $ 8,691 | |||
Building / Construction in Progress & Improvements | 79,121 | |||
Costs Subsequent to Acquisition / Construction | 14,396 | |||
Total Cost | ||||
Land | 8,691 | |||
Building / Construction in Progress & Improvements | 93,517 | |||
Total | 102,208 | |||
Accumulated Depreciation | 41,062 | |||
Total Cost, Net of Accumulated Depreciation | 61,146 | 65,554 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Acton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 380 | |||
Initial Cost | ||||
Land and improvements | $ 13,124 | |||
Building / Construction in Progress & Improvements | 48,695 | |||
Costs Subsequent to Acquisition / Construction | 6,554 | |||
Total Cost | ||||
Land | 13,124 | |||
Building / Construction in Progress & Improvements | 55,249 | |||
Total | 68,373 | |||
Accumulated Depreciation | 23,793 | |||
Total Cost, Net of Accumulated Depreciation | 44,580 | 45,774 | ||
Encumbrances | $ 45,000 | |||
Current Communities | Avalon at the Hingham Shipyard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 12,218 | |||
Building / Construction in Progress & Improvements | 41,656 | |||
Costs Subsequent to Acquisition / Construction | 10,189 | |||
Total Cost | ||||
Land | 12,218 | |||
Building / Construction in Progress & Improvements | 51,845 | |||
Total | 64,063 | |||
Accumulated Depreciation | 21,037 | |||
Total Cost, Net of Accumulated Depreciation | 43,026 | 44,584 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Sharon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 4,719 | |||
Building / Construction in Progress & Improvements | 25,478 | |||
Costs Subsequent to Acquisition / Construction | 5,498 | |||
Total Cost | ||||
Land | 4,719 | |||
Building / Construction in Progress & Improvements | 30,976 | |||
Total | 35,695 | |||
Accumulated Depreciation | 13,090 | |||
Total Cost, Net of Accumulated Depreciation | 22,605 | 24,150 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Northborough [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 382 | |||
Initial Cost | ||||
Land and improvements | $ 8,144 | |||
Building / Construction in Progress & Improvements | 52,184 | |||
Costs Subsequent to Acquisition / Construction | 4,937 | |||
Total Cost | ||||
Land | 8,144 | |||
Building / Construction in Progress & Improvements | 57,121 | |||
Total | 65,265 | |||
Accumulated Depreciation | 21,532 | |||
Total Cost, Net of Accumulated Depreciation | 43,733 | 44,632 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Exeter [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 187 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 110,028 | |||
Costs Subsequent to Acquisition / Construction | 587 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 110,615 | |||
Total | 110,615 | |||
Accumulated Depreciation | 25,549 | |||
Total Cost, Net of Accumulated Depreciation | 85,066 | 88,811 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Natick [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 407 | |||
Initial Cost | ||||
Land and improvements | $ 15,645 | |||
Building / Construction in Progress & Improvements | 64,845 | |||
Costs Subsequent to Acquisition / Construction | 931 | |||
Total Cost | ||||
Land | 15,645 | |||
Building / Construction in Progress & Improvements | 65,776 | |||
Total | 81,421 | |||
Accumulated Depreciation | 17,499 | |||
Total Cost, Net of Accumulated Depreciation | 63,922 | 65,755 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Assembly Row [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 195 | |||
Initial Cost | ||||
Land and improvements | $ 8,599 | |||
Building / Construction in Progress & Improvements | 52,454 | |||
Costs Subsequent to Acquisition / Construction | 610 | |||
Total Cost | ||||
Land | 8,599 | |||
Building / Construction in Progress & Improvements | 53,064 | |||
Total | 61,663 | |||
Accumulated Depreciation | 12,462 | |||
Total Cost, Net of Accumulated Depreciation | 49,201 | 50,793 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Somerville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 10,944 | |||
Building / Construction in Progress & Improvements | 56,460 | |||
Costs Subsequent to Acquisition / Construction | 516 | |||
Total Cost | ||||
Land | 10,944 | |||
Building / Construction in Progress & Improvements | 56,976 | |||
Total | 67,920 | |||
Accumulated Depreciation | 12,370 | |||
Total Cost, Net of Accumulated Depreciation | 55,550 | 57,350 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Back Bay [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 271 | |||
Initial Cost | ||||
Land and improvements | $ 9,034 | |||
Building / Construction in Progress & Improvements | 36,540 | |||
Costs Subsequent to Acquisition / Construction | 51,869 | |||
Total Cost | ||||
Land | 9,034 | |||
Building / Construction in Progress & Improvements | 88,409 | |||
Total | 97,443 | |||
Accumulated Depreciation | 43,310 | |||
Total Cost, Net of Accumulated Depreciation | 54,133 | 56,613 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Prudential Center II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 266 | |||
Initial Cost | ||||
Land and improvements | $ 8,776 | |||
Building / Construction in Progress & Improvements | 35,496 | |||
Costs Subsequent to Acquisition / Construction | 63,118 | |||
Total Cost | ||||
Land | 8,776 | |||
Building / Construction in Progress & Improvements | 98,614 | |||
Total | 107,390 | |||
Accumulated Depreciation | 42,832 | |||
Total Cost, Net of Accumulated Depreciation | 64,558 | 66,259 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Prudential Center I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 243 | |||
Initial Cost | ||||
Land and improvements | $ 8,002 | |||
Building / Construction in Progress & Improvements | 32,370 | |||
Costs Subsequent to Acquisition / Construction | 53,105 | |||
Total Cost | ||||
Land | 8,002 | |||
Building / Construction in Progress & Improvements | 85,475 | |||
Total | 93,477 | |||
Accumulated Depreciation | 37,266 | |||
Total Cost, Net of Accumulated Depreciation | 56,211 | 58,745 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Burlington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 7,714 | |||
Building / Construction in Progress & Improvements | 32,499 | |||
Costs Subsequent to Acquisition / Construction | 7,663 | |||
Total Cost | ||||
Land | 7,714 | |||
Building / Construction in Progress & Improvements | 40,162 | |||
Total | 47,876 | |||
Accumulated Depreciation | 11,251 | |||
Total Cost, Net of Accumulated Depreciation | 36,625 | 37,640 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Theater District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 398 | |||
Initial Cost | ||||
Land and improvements | $ 17,072 | |||
Building / Construction in Progress & Improvements | 163,633 | |||
Costs Subsequent to Acquisition / Construction | 341 | |||
Total Cost | ||||
Land | 17,072 | |||
Building / Construction in Progress & Improvements | 163,974 | |||
Total | 181,046 | |||
Accumulated Depreciation | 30,786 | |||
Total Cost, Net of Accumulated Depreciation | 150,260 | 155,934 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burlington [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 312 | |||
Initial Cost | ||||
Land and improvements | $ 15,600 | |||
Building / Construction in Progress & Improvements | 60,649 | |||
Costs Subsequent to Acquisition / Construction | 17,159 | |||
Total Cost | ||||
Land | 15,600 | |||
Building / Construction in Progress & Improvements | 77,808 | |||
Total | 93,408 | |||
Accumulated Depreciation | 22,048 | |||
Total Cost, Net of Accumulated Depreciation | 71,360 | 74,002 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Marlborough [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 15,367 | |||
Building / Construction in Progress & Improvements | 60,397 | |||
Costs Subsequent to Acquisition / Construction | 641 | |||
Total Cost | ||||
Land | 15,367 | |||
Building / Construction in Progress & Improvements | 61,038 | |||
Total | 76,405 | |||
Accumulated Depreciation | 12,057 | |||
Total Cost, Net of Accumulated Depreciation | 64,348 | 66,420 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 503 | |||
Initial Cost | ||||
Land and improvements | $ 22,796 | |||
Building / Construction in Progress & Improvements | 247,270 | |||
Costs Subsequent to Acquisition / Construction | 777 | |||
Total Cost | ||||
Land | 22,796 | |||
Building / Construction in Progress & Improvements | 248,047 | |||
Total | 270,843 | |||
Accumulated Depreciation | 32,110 | |||
Total Cost, Net of Accumulated Depreciation | 238,733 | 247,196 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Framingham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 9,315 | |||
Building / Construction in Progress & Improvements | 34,631 | |||
Costs Subsequent to Acquisition / Construction | 13 | |||
Total Cost | ||||
Land | 9,315 | |||
Building / Construction in Progress & Improvements | 34,644 | |||
Total | 43,959 | |||
Accumulated Depreciation | 6,511 | |||
Total Cost, Net of Accumulated Depreciation | 37,448 | 38,701 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Quincy [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 395 | |||
Initial Cost | ||||
Land and improvements | $ 14,694 | |||
Building / Construction in Progress & Improvements | 79,655 | |||
Costs Subsequent to Acquisition / Construction | 14 | |||
Total Cost | ||||
Land | 14,694 | |||
Building / Construction in Progress & Improvements | 79,669 | |||
Total | 94,363 | |||
Accumulated Depreciation | 11,728 | |||
Total Cost, Net of Accumulated Depreciation | 82,635 | 84,923 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bear Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 324 | |||
Initial Cost | ||||
Land and improvements | $ 27,350 | |||
Building / Construction in Progress & Improvements | 94,168 | |||
Costs Subsequent to Acquisition / Construction | 29,528 | |||
Total Cost | ||||
Land | 27,350 | |||
Building / Construction in Progress & Improvements | 123,696 | |||
Total | 151,046 | |||
Accumulated Depreciation | 37,513 | |||
Total Cost, Net of Accumulated Depreciation | 113,533 | 117,841 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Center Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 225 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 26,816 | |||
Costs Subsequent to Acquisition / Construction | 19,569 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 46,385 | |||
Total | 46,385 | |||
Accumulated Depreciation | 30,843 | |||
Total Cost, Net of Accumulated Depreciation | 15,542 | 16,512 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilton on River Rd [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 102 | |||
Initial Cost | ||||
Land and improvements | $ 2,116 | |||
Building / Construction in Progress & Improvements | 14,664 | |||
Costs Subsequent to Acquisition / Construction | 7,411 | |||
Total Cost | ||||
Land | 2,116 | |||
Building / Construction in Progress & Improvements | 22,075 | |||
Total | 24,191 | |||
Accumulated Depreciation | 14,686 | |||
Total Cost, Net of Accumulated Depreciation | 9,505 | 10,193 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon New Canaan [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 104 | |||
Initial Cost | ||||
Land and improvements | $ 4,834 | |||
Building / Construction in Progress & Improvements | 22,990 | |||
Costs Subsequent to Acquisition / Construction | 6,710 | |||
Total Cost | ||||
Land | 4,834 | |||
Building / Construction in Progress & Improvements | 29,700 | |||
Total | 34,534 | |||
Accumulated Depreciation | 16,734 | |||
Total Cost, Net of Accumulated Depreciation | 17,800 | 18,780 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Darien [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 189 | |||
Initial Cost | ||||
Land and improvements | $ 6,926 | |||
Building / Construction in Progress & Improvements | 34,558 | |||
Costs Subsequent to Acquisition / Construction | 9,401 | |||
Total Cost | ||||
Land | 6,926 | |||
Building / Construction in Progress & Improvements | 43,959 | |||
Total | 50,885 | |||
Accumulated Depreciation | 23,024 | |||
Total Cost, Net of Accumulated Depreciation | 27,861 | 29,263 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Norwalk [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 311 | |||
Initial Cost | ||||
Land and improvements | $ 11,320 | |||
Building / Construction in Progress & Improvements | 62,904 | |||
Costs Subsequent to Acquisition / Construction | 1,762 | |||
Total Cost | ||||
Land | 11,320 | |||
Building / Construction in Progress & Improvements | 64,666 | |||
Total | 75,986 | |||
Accumulated Depreciation | 22,877 | |||
Total Cost, Net of Accumulated Depreciation | 53,109 | 54,892 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon East Norwalk [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 10,395 | |||
Building / Construction in Progress & Improvements | 36,451 | |||
Costs Subsequent to Acquisition / Construction | 486 | |||
Total Cost | ||||
Land | 10,395 | |||
Building / Construction in Progress & Improvements | 36,937 | |||
Total | 47,332 | |||
Accumulated Depreciation | 9,840 | |||
Total Cost, Net of Accumulated Depreciation | 37,492 | 38,771 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 372 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 94,061 | |||
Costs Subsequent to Acquisition / Construction | 12,153 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 106,214 | |||
Total | 106,214 | |||
Accumulated Depreciation | 66,956 | |||
Total Cost, Net of Accumulated Depreciation | 39,258 | 42,922 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 602 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 165,954 | |||
Costs Subsequent to Acquisition / Construction | 15,704 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 181,658 | |||
Total | 181,658 | |||
Accumulated Depreciation | 78,907 | |||
Total Cost, Net of Accumulated Depreciation | 102,751 | 108,866 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fort Greene [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 631 | |||
Initial Cost | ||||
Land and improvements | $ 83,038 | |||
Building / Construction in Progress & Improvements | 216,802 | |||
Costs Subsequent to Acquisition / Construction | 7,957 | |||
Total Cost | ||||
Land | 83,038 | |||
Building / Construction in Progress & Improvements | 224,759 | |||
Total | 307,797 | |||
Accumulated Depreciation | 80,404 | |||
Total Cost, Net of Accumulated Depreciation | 227,393 | 230,971 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA DoBro [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 500 | |||
Initial Cost | ||||
Land and improvements | $ 76,127 | |||
Building / Construction in Progress & Improvements | 206,955 | |||
Costs Subsequent to Acquisition / Construction | 184 | |||
Total Cost | ||||
Land | 76,127 | |||
Building / Construction in Progress & Improvements | 207,139 | |||
Total | 283,266 | |||
Accumulated Depreciation | 34,745 | |||
Total Cost, Net of Accumulated Depreciation | 248,521 | 259,093 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willoughby Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 326 | |||
Initial Cost | ||||
Land and improvements | $ 49,635 | |||
Building / Construction in Progress & Improvements | 134,935 | |||
Costs Subsequent to Acquisition / Construction | 89 | |||
Total Cost | ||||
Land | 49,635 | |||
Building / Construction in Progress & Improvements | 135,024 | |||
Total | 184,659 | |||
Accumulated Depreciation | 20,414 | |||
Total Cost, Net of Accumulated Depreciation | 164,245 | 168,970 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Brooklyn Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 18,310 | |||
Building / Construction in Progress & Improvements | 74,344 | |||
Costs Subsequent to Acquisition / Construction | 263 | |||
Total Cost | ||||
Land | 18,310 | |||
Building / Construction in Progress & Improvements | 74,607 | |||
Total | 92,917 | |||
Accumulated Depreciation | 10,961 | |||
Total Cost, Net of Accumulated Depreciation | 81,956 | 85,531 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Midtown West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 550 | |||
Initial Cost | ||||
Land and improvements | $ 154,730 | |||
Building / Construction in Progress & Improvements | 180,253 | |||
Costs Subsequent to Acquisition / Construction | 47,906 | |||
Total Cost | ||||
Land | 154,730 | |||
Building / Construction in Progress & Improvements | 228,159 | |||
Total | 382,889 | |||
Accumulated Depreciation | 62,877 | |||
Total Cost, Net of Accumulated Depreciation | 320,012 | 321,720 | ||
Encumbrances | $ 93,500 | |||
Current Communities | Avalon Clinton North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 339 | |||
Initial Cost | ||||
Land and improvements | $ 84,069 | |||
Building / Construction in Progress & Improvements | 105,821 | |||
Costs Subsequent to Acquisition / Construction | 12,891 | |||
Total Cost | ||||
Land | 84,069 | |||
Building / Construction in Progress & Improvements | 118,712 | |||
Total | 202,781 | |||
Accumulated Depreciation | 35,382 | |||
Total Cost, Net of Accumulated Depreciation | 167,399 | 170,860 | ||
Encumbrances | $ 147,000 | |||
Current Communities | Avalon Clinton South [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 71,421 | |||
Building / Construction in Progress & Improvements | 89,851 | |||
Costs Subsequent to Acquisition / Construction | 7,469 | |||
Total Cost | ||||
Land | 71,421 | |||
Building / Construction in Progress & Improvements | 97,320 | |||
Total | 168,741 | |||
Accumulated Depreciation | 30,009 | |||
Total Cost, Net of Accumulated Depreciation | 138,732 | 141,704 | ||
Encumbrances | $ 121,500 | |||
Current Communities | Avalon Commons [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 312 | |||
Initial Cost | ||||
Land and improvements | $ 4,679 | |||
Building / Construction in Progress & Improvements | 28,286 | |||
Costs Subsequent to Acquisition / Construction | 8,010 | |||
Total Cost | ||||
Land | 4,679 | |||
Building / Construction in Progress & Improvements | 36,296 | |||
Total | 40,975 | |||
Accumulated Depreciation | 26,396 | |||
Total Cost, Net of Accumulated Depreciation | 14,579 | 15,021 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 105 | |||
Initial Cost | ||||
Land and improvements | $ 1,820 | |||
Building / Construction in Progress & Improvements | 10,525 | |||
Costs Subsequent to Acquisition / Construction | 7,878 | |||
Total Cost | ||||
Land | 1,820 | |||
Building / Construction in Progress & Improvements | 18,403 | |||
Total | 20,223 | |||
Accumulated Depreciation | 11,815 | |||
Total Cost, Net of Accumulated Depreciation | 8,408 | 9,011 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 229 | |||
Initial Cost | ||||
Land and improvements | $ 6,207 | |||
Building / Construction in Progress & Improvements | 40,791 | |||
Costs Subsequent to Acquisition / Construction | 16,119 | |||
Total Cost | ||||
Land | 6,207 | |||
Building / Construction in Progress & Improvements | 56,910 | |||
Total | 63,117 | |||
Accumulated Depreciation | 33,090 | |||
Total Cost, Net of Accumulated Depreciation | 30,027 | 31,880 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bronxville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 110 | |||
Initial Cost | ||||
Land and improvements | $ 2,889 | |||
Building / Construction in Progress & Improvements | 28,324 | |||
Costs Subsequent to Acquisition / Construction | 9,026 | |||
Total Cost | ||||
Land | 2,889 | |||
Building / Construction in Progress & Improvements | 37,350 | |||
Total | 40,239 | |||
Accumulated Depreciation | 23,789 | |||
Total Cost, Net of Accumulated Depreciation | 16,450 | 17,679 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Glen Cove [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 256 | |||
Initial Cost | ||||
Land and improvements | $ 7,871 | |||
Building / Construction in Progress & Improvements | 59,969 | |||
Costs Subsequent to Acquisition / Construction | 5,909 | |||
Total Cost | ||||
Land | 7,871 | |||
Building / Construction in Progress & Improvements | 65,878 | |||
Total | 73,749 | |||
Accumulated Depreciation | 36,817 | |||
Total Cost, Net of Accumulated Depreciation | 36,932 | 39,003 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glen Cove North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 111 | |||
Initial Cost | ||||
Land and improvements | $ 2,577 | |||
Building / Construction in Progress & Improvements | 37,336 | |||
Costs Subsequent to Acquisition / Construction | 909 | |||
Total Cost | ||||
Land | 2,577 | |||
Building / Construction in Progress & Improvements | 38,245 | |||
Total | 40,822 | |||
Accumulated Depreciation | 17,877 | |||
Total Cost, Net of Accumulated Depreciation | 22,945 | 24,245 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon White Plains [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 407 | |||
Initial Cost | ||||
Land and improvements | $ 15,391 | |||
Building / Construction in Progress & Improvements | 137,353 | |||
Costs Subsequent to Acquisition / Construction | 2,223 | |||
Total Cost | ||||
Land | 15,391 | |||
Building / Construction in Progress & Improvements | 139,576 | |||
Total | 154,967 | |||
Accumulated Depreciation | 55,731 | |||
Total Cost, Net of Accumulated Depreciation | 99,236 | 103,560 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 349 | |||
Initial Cost | ||||
Land and improvements | $ 32,212 | |||
Building / Construction in Progress & Improvements | 78,806 | |||
Costs Subsequent to Acquisition / Construction | 6,794 | |||
Total Cost | ||||
Land | 32,212 | |||
Building / Construction in Progress & Improvements | 85,600 | |||
Total | 117,812 | |||
Accumulated Depreciation | 27,871 | |||
Total Cost, Net of Accumulated Depreciation | 89,941 | 92,738 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 444 | |||
Initial Cost | ||||
Land and improvements | $ 27,765 | |||
Building / Construction in Progress & Improvements | 77,560 | |||
Costs Subsequent to Acquisition / Construction | 2,962 | |||
Total Cost | ||||
Land | 27,765 | |||
Building / Construction in Progress & Improvements | 80,522 | |||
Total | 108,287 | |||
Accumulated Depreciation | 24,407 | |||
Total Cost, Net of Accumulated Depreciation | 83,880 | 86,207 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Garden City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 18,205 | |||
Building / Construction in Progress & Improvements | 49,326 | |||
Costs Subsequent to Acquisition / Construction | 941 | |||
Total Cost | ||||
Land | 18,205 | |||
Building / Construction in Progress & Improvements | 50,267 | |||
Total | 68,472 | |||
Accumulated Depreciation | 14,885 | |||
Total Cost, Net of Accumulated Depreciation | 53,587 | 55,172 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ossining [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 6,392 | |||
Building / Construction in Progress & Improvements | 30,313 | |||
Costs Subsequent to Acquisition / Construction | 404 | |||
Total Cost | ||||
Land | 6,392 | |||
Building / Construction in Progress & Improvements | 30,717 | |||
Total | 37,109 | |||
Accumulated Depreciation | 7,421 | |||
Total Cost, Net of Accumulated Depreciation | 29,688 | 30,465 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 303 | |||
Initial Cost | ||||
Land and improvements | $ 21,899 | |||
Building / Construction in Progress & Improvements | 58,437 | |||
Costs Subsequent to Acquisition / Construction | 266 | |||
Total Cost | ||||
Land | 21,899 | |||
Building / Construction in Progress & Improvements | 58,703 | |||
Total | 80,602 | |||
Accumulated Depreciation | 13,467 | |||
Total Cost, Net of Accumulated Depreciation | 67,135 | 69,236 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Green III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 68 | |||
Initial Cost | ||||
Land and improvements | $ 4,985 | |||
Building / Construction in Progress & Improvements | 17,300 | |||
Costs Subsequent to Acquisition / Construction | 183 | |||
Total Cost | ||||
Land | 4,985 | |||
Building / Construction in Progress & Improvements | 17,483 | |||
Total | 22,468 | |||
Accumulated Depreciation | 3,122 | |||
Total Cost, Net of Accumulated Depreciation | 19,346 | 19,984 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Great Neck [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 191 | |||
Initial Cost | ||||
Land and improvements | $ 14,777 | |||
Building / Construction in Progress & Improvements | 65,505 | |||
Costs Subsequent to Acquisition / Construction | 16 | |||
Total Cost | ||||
Land | 14,777 | |||
Building / Construction in Progress & Improvements | 65,521 | |||
Total | 80,298 | |||
Accumulated Depreciation | 9,029 | |||
Total Cost, Net of Accumulated Depreciation | 71,269 | 74,002 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 165 | |||
Initial Cost | ||||
Land and improvements | $ 7,534 | |||
Building / Construction in Progress & Improvements | 50,983 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 7,534 | |||
Building / Construction in Progress & Improvements | 50,983 | |||
Total | 58,517 | |||
Accumulated Depreciation | 6,604 | |||
Total Cost, Net of Accumulated Depreciation | 51,913 | 54,008 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Somers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 152 | |||
Initial Cost | ||||
Land and improvements | $ 5,608 | |||
Building / Construction in Progress & Improvements | 40,591 | |||
Costs Subsequent to Acquisition / Construction | 24 | |||
Total Cost | ||||
Land | 5,608 | |||
Building / Construction in Progress & Improvements | 40,615 | |||
Total | 46,223 | |||
Accumulated Depreciation | 5,169 | |||
Total Cost, Net of Accumulated Depreciation | 41,054 | 42,538 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Westbury [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 396 | |||
Initial Cost | ||||
Land and improvements | $ 69,620 | |||
Building / Construction in Progress & Improvements | 43,781 | |||
Costs Subsequent to Acquisition / Construction | 13,323 | |||
Total Cost | ||||
Land | 69,620 | |||
Building / Construction in Progress & Improvements | 57,104 | |||
Total | 126,724 | |||
Accumulated Depreciation | 23,188 | |||
Total Cost, Net of Accumulated Depreciation | 103,536 | 105,632 | ||
Encumbrances | $ 74,370 | |||
Current Communities | Avalon Cove [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 504 | |||
Initial Cost | ||||
Land and improvements | $ 8,760 | |||
Building / Construction in Progress & Improvements | 82,422 | |||
Costs Subsequent to Acquisition / Construction | 29,303 | |||
Total Cost | ||||
Land | 8,760 | |||
Building / Construction in Progress & Improvements | 111,725 | |||
Total | 120,485 | |||
Accumulated Depreciation | 76,960 | |||
Total Cost, Net of Accumulated Depreciation | 43,525 | 45,546 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Lawrenceville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 632 | |||
Initial Cost | ||||
Land and improvements | $ 14,650 | |||
Building / Construction in Progress & Improvements | 60,486 | |||
Costs Subsequent to Acquisition / Construction | 13,893 | |||
Total Cost | ||||
Land | 14,650 | |||
Building / Construction in Progress & Improvements | 74,379 | |||
Total | 89,029 | |||
Accumulated Depreciation | 41,003 | |||
Total Cost, Net of Accumulated Depreciation | 48,026 | 50,285 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Princeton Junction [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 512 | |||
Initial Cost | ||||
Land and improvements | $ 5,585 | |||
Building / Construction in Progress & Improvements | 22,382 | |||
Costs Subsequent to Acquisition / Construction | 26,214 | |||
Total Cost | ||||
Land | 5,585 | |||
Building / Construction in Progress & Improvements | 48,596 | |||
Total | 54,181 | |||
Accumulated Depreciation | 31,307 | |||
Total Cost, Net of Accumulated Depreciation | 22,874 | 23,620 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 5,982 | |||
Building / Construction in Progress & Improvements | 24,389 | |||
Costs Subsequent to Acquisition / Construction | 9,615 | |||
Total Cost | ||||
Land | 5,982 | |||
Building / Construction in Progress & Improvements | 34,004 | |||
Total | 39,986 | |||
Accumulated Depreciation | 19,783 | |||
Total Cost, Net of Accumulated Depreciation | 20,203 | 21,621 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Florham Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 270 | |||
Initial Cost | ||||
Land and improvements | $ 6,647 | |||
Building / Construction in Progress & Improvements | 34,906 | |||
Costs Subsequent to Acquisition / Construction | 16,440 | |||
Total Cost | ||||
Land | 6,647 | |||
Building / Construction in Progress & Improvements | 51,346 | |||
Total | 57,993 | |||
Accumulated Depreciation | 29,412 | |||
Total Cost, Net of Accumulated Depreciation | 28,581 | 30,831 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Long Branch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 2,721 | |||
Building / Construction in Progress & Improvements | 22,925 | |||
Costs Subsequent to Acquisition / Construction | 478 | |||
Total Cost | ||||
Land | 2,721 | |||
Building / Construction in Progress & Improvements | 23,403 | |||
Total | 26,124 | |||
Accumulated Depreciation | 8,433 | |||
Total Cost, Net of Accumulated Depreciation | 17,691 | 18,427 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Bergen [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 164 | |||
Initial Cost | ||||
Land and improvements | $ 8,984 | |||
Building / Construction in Progress & Improvements | 30,994 | |||
Costs Subsequent to Acquisition / Construction | 1,048 | |||
Total Cost | ||||
Land | 8,984 | |||
Building / Construction in Progress & Improvements | 32,042 | |||
Total | 41,026 | |||
Accumulated Depreciation | 9,834 | |||
Total Cost, Net of Accumulated Depreciation | 31,192 | 32,177 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 266 | |||
Initial Cost | ||||
Land and improvements | $ 14,682 | |||
Building / Construction in Progress & Improvements | 41,635 | |||
Costs Subsequent to Acquisition / Construction | 2,139 | |||
Total Cost | ||||
Land | 14,682 | |||
Building / Construction in Progress & Improvements | 43,774 | |||
Total | 58,456 | |||
Accumulated Depreciation | 13,243 | |||
Total Cost, Net of Accumulated Depreciation | 45,213 | 46,598 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hackensack at Riverside [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 226 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 44,619 | |||
Costs Subsequent to Acquisition / Construction | 1,071 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 45,690 | |||
Total | 45,690 | |||
Accumulated Depreciation | 12,139 | |||
Total Cost, Net of Accumulated Depreciation | 33,551 | 34,886 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 140 | |||
Initial Cost | ||||
Land and improvements | $ 6,502 | |||
Building / Construction in Progress & Improvements | 16,863 | |||
Costs Subsequent to Acquisition / Construction | 337 | |||
Total Cost | ||||
Land | 6,502 | |||
Building / Construction in Progress & Improvements | 17,200 | |||
Total | 23,702 | |||
Accumulated Depreciation | 4,757 | |||
Total Cost, Net of Accumulated Depreciation | 18,945 | 19,356 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomingdale [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 174 | |||
Initial Cost | ||||
Land and improvements | $ 3,006 | |||
Building / Construction in Progress & Improvements | 27,801 | |||
Costs Subsequent to Acquisition / Construction | 200 | |||
Total Cost | ||||
Land | 3,006 | |||
Building / Construction in Progress & Improvements | 28,001 | |||
Total | 31,007 | |||
Accumulated Depreciation | 7,193 | |||
Total Cost, Net of Accumulated Depreciation | 23,814 | 24,777 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wharton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 247 | |||
Initial Cost | ||||
Land and improvements | $ 2,273 | |||
Building / Construction in Progress & Improvements | 48,609 | |||
Costs Subsequent to Acquisition / Construction | 509 | |||
Total Cost | ||||
Land | 2,273 | |||
Building / Construction in Progress & Improvements | 49,118 | |||
Total | 51,391 | |||
Accumulated Depreciation | 10,444 | |||
Total Cost, Net of Accumulated Depreciation | 40,947 | 42,380 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomfield Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 224 | |||
Initial Cost | ||||
Land and improvements | $ 10,701 | |||
Building / Construction in Progress & Improvements | 36,513 | |||
Costs Subsequent to Acquisition / Construction | 63 | |||
Total Cost | ||||
Land | 10,701 | |||
Building / Construction in Progress & Improvements | 36,576 | |||
Total | 47,277 | |||
Accumulated Depreciation | 7,359 | |||
Total Cost, Net of Accumulated Depreciation | 39,918 | 41,287 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Roseland [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 136 | |||
Initial Cost | ||||
Land and improvements | $ 11,288 | |||
Building / Construction in Progress & Improvements | 34,868 | |||
Costs Subsequent to Acquisition / Construction | 55 | |||
Total Cost | ||||
Land | 11,288 | |||
Building / Construction in Progress & Improvements | 34,923 | |||
Total | 46,211 | |||
Accumulated Depreciation | 7,027 | |||
Total Cost, Net of Accumulated Depreciation | 39,184 | 40,439 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Princeton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 26,461 | |||
Building / Construction in Progress & Improvements | 68,003 | |||
Costs Subsequent to Acquisition / Construction | 717 | |||
Total Cost | ||||
Land | 26,461 | |||
Building / Construction in Progress & Improvements | 68,720 | |||
Total | 95,181 | |||
Accumulated Depreciation | 10,260 | |||
Total Cost, Net of Accumulated Depreciation | 84,921 | 87,418 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 202 | |||
Initial Cost | ||||
Land and improvements | $ 11,695 | |||
Building / Construction in Progress & Improvements | 36,315 | |||
Costs Subsequent to Acquisition / Construction | 72 | |||
Total Cost | ||||
Land | 11,695 | |||
Building / Construction in Progress & Improvements | 36,387 | |||
Total | 48,082 | |||
Accumulated Depreciation | 6,416 | |||
Total Cost, Net of Accumulated Depreciation | 41,666 | 43,002 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hoboken [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 217 | |||
Initial Cost | ||||
Land and improvements | $ 37,237 | |||
Building / Construction in Progress & Improvements | 90,475 | |||
Costs Subsequent to Acquisition / Construction | 6,316 | |||
Total Cost | ||||
Land | 37,237 | |||
Building / Construction in Progress & Improvements | 96,791 | |||
Total | 134,028 | |||
Accumulated Depreciation | 21,972 | |||
Total Cost, Net of Accumulated Depreciation | 112,056 | 115,062 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Maplewood | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 15,179 | |||
Building / Construction in Progress & Improvements | 49,556 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 15,179 | |||
Building / Construction in Progress & Improvements | 49,556 | |||
Total | 64,735 | |||
Accumulated Depreciation | 6,277 | |||
Total Cost, Net of Accumulated Depreciation | 58,458 | 60,644 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 8,605 | |||
Building / Construction in Progress & Improvements | 60,809 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 8,605 | |||
Building / Construction in Progress & Improvements | 60,809 | |||
Total | 69,414 | |||
Accumulated Depreciation | 6,220 | |||
Total Cost, Net of Accumulated Depreciation | 63,194 | 65,247 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Foxhall [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 308 | |||
Initial Cost | ||||
Land and improvements | $ 6,848 | |||
Building / Construction in Progress & Improvements | 27,614 | |||
Costs Subsequent to Acquisition / Construction | 19,628 | |||
Total Cost | ||||
Land | 6,848 | |||
Building / Construction in Progress & Improvements | 47,242 | |||
Total | 54,090 | |||
Accumulated Depreciation | 35,637 | |||
Total Cost, Net of Accumulated Depreciation | 18,453 | 18,459 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Gallery Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 8,800 | |||
Building / Construction in Progress & Improvements | 39,658 | |||
Costs Subsequent to Acquisition / Construction | 3,720 | |||
Total Cost | ||||
Land | 8,800 | |||
Building / Construction in Progress & Improvements | 43,378 | |||
Total | 52,178 | |||
Accumulated Depreciation | 25,889 | |||
Total Cost, Net of Accumulated Depreciation | 26,289 | 27,288 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA H Street [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 138 | |||
Initial Cost | ||||
Land and improvements | $ 7,425 | |||
Building / Construction in Progress & Improvements | 25,282 | |||
Costs Subsequent to Acquisition / Construction | 199 | |||
Total Cost | ||||
Land | 7,425 | |||
Building / Construction in Progress & Improvements | 25,481 | |||
Total | 32,906 | |||
Accumulated Depreciation | 7,592 | |||
Total Cost, Net of Accumulated Depreciation | 25,314 | 26,176 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon The Albemarle [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 234 | |||
Initial Cost | ||||
Land and improvements | $ 25,140 | |||
Building / Construction in Progress & Improvements | 52,459 | |||
Costs Subsequent to Acquisition / Construction | 9,046 | |||
Total Cost | ||||
Land | 25,140 | |||
Building / Construction in Progress & Improvements | 61,505 | |||
Total | 86,645 | |||
Accumulated Depreciation | 20,065 | |||
Total Cost, Net of Accumulated Depreciation | 66,580 | 68,693 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Tunlaw Gardens [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 16,430 | |||
Building / Construction in Progress & Improvements | 22,902 | |||
Costs Subsequent to Acquisition / Construction | 2,532 | |||
Total Cost | ||||
Land | 16,430 | |||
Building / Construction in Progress & Improvements | 25,434 | |||
Total | 41,864 | |||
Accumulated Depreciation | 8,414 | |||
Total Cost, Net of Accumulated Depreciation | 33,450 | 34,310 | ||
Encumbrances | $ 0 | |||
Current Communities | The Statesman [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 281 | |||
Initial Cost | ||||
Land and improvements | $ 38,140 | |||
Building / Construction in Progress & Improvements | 35,352 | |||
Costs Subsequent to Acquisition / Construction | 5,564 | |||
Total Cost | ||||
Land | 38,140 | |||
Building / Construction in Progress & Improvements | 40,916 | |||
Total | 79,056 | |||
Accumulated Depreciation | 14,346 | |||
Total Cost, Net of Accumulated Depreciation | 64,710 | 65,908 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Glover Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 9,580 | |||
Building / Construction in Progress & Improvements | 26,532 | |||
Costs Subsequent to Acquisition / Construction | 2,651 | |||
Total Cost | ||||
Land | 9,580 | |||
Building / Construction in Progress & Improvements | 29,183 | |||
Total | 38,763 | |||
Accumulated Depreciation | 9,843 | |||
Total Cost, Net of Accumulated Depreciation | 28,920 | 29,891 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Van Ness [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 269 | |||
Initial Cost | ||||
Land and improvements | $ 22,890 | |||
Building / Construction in Progress & Improvements | 58,691 | |||
Costs Subsequent to Acquisition / Construction | 21,816 | |||
Total Cost | ||||
Land | 22,890 | |||
Building / Construction in Progress & Improvements | 80,507 | |||
Total | 103,397 | |||
Accumulated Depreciation | 22,068 | |||
Total Cost, Net of Accumulated Depreciation | 81,329 | 82,670 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon First and M [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 469 | |||
Initial Cost | ||||
Land and improvements | $ 43,700 | |||
Building / Construction in Progress & Improvements | 153,950 | |||
Costs Subsequent to Acquisition / Construction | 4,143 | |||
Total Cost | ||||
Land | 43,700 | |||
Building / Construction in Progress & Improvements | 158,093 | |||
Total | 201,793 | |||
Accumulated Depreciation | 45,061 | |||
Total Cost, Net of Accumulated Depreciation | 156,732 | 161,867 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA NoMa [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 438 | |||
Initial Cost | ||||
Land and improvements | $ 25,246 | |||
Building / Construction in Progress & Improvements | 114,933 | |||
Costs Subsequent to Acquisition / Construction | 815 | |||
Total Cost | ||||
Land | 25,246 | |||
Building / Construction in Progress & Improvements | 115,748 | |||
Total | 140,994 | |||
Accumulated Depreciation | 17,048 | |||
Total Cost, Net of Accumulated Depreciation | 123,946 | 128,637 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Washingtonian Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 4,047 | |||
Building / Construction in Progress & Improvements | 18,553 | |||
Costs Subsequent to Acquisition / Construction | 4,910 | |||
Total Cost | ||||
Land | 4,047 | |||
Building / Construction in Progress & Improvements | 23,463 | |||
Total | 27,510 | |||
Accumulated Depreciation | 17,544 | |||
Total Cost, Net of Accumulated Depreciation | 9,966 | 10,482 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Columbia Town Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 392 | |||
Initial Cost | ||||
Land and improvements | $ 8,802 | |||
Building / Construction in Progress & Improvements | 35,536 | |||
Costs Subsequent to Acquisition / Construction | 13,210 | |||
Total Cost | ||||
Land | 8,802 | |||
Building / Construction in Progress & Improvements | 48,746 | |||
Total | 57,548 | |||
Accumulated Depreciation | 25,984 | |||
Total Cost, Net of Accumulated Depreciation | 31,564 | 32,794 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Grosvenor Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 497 | |||
Initial Cost | ||||
Land and improvements | $ 29,159 | |||
Building / Construction in Progress & Improvements | 52,993 | |||
Costs Subsequent to Acquisition / Construction | 5,816 | |||
Total Cost | ||||
Land | 29,159 | |||
Building / Construction in Progress & Improvements | 58,809 | |||
Total | 87,968 | |||
Accumulated Depreciation | 33,621 | |||
Total Cost, Net of Accumulated Depreciation | 54,347 | 54,793 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Traville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 520 | |||
Initial Cost | ||||
Land and improvements | $ 14,365 | |||
Building / Construction in Progress & Improvements | 55,398 | |||
Costs Subsequent to Acquisition / Construction | 7,071 | |||
Total Cost | ||||
Land | 14,365 | |||
Building / Construction in Progress & Improvements | 62,469 | |||
Total | 76,834 | |||
Accumulated Depreciation | 35,479 | |||
Total Cost, Net of Accumulated Depreciation | 41,355 | 42,541 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Wheaton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 319 | |||
Initial Cost | ||||
Land and improvements | $ 6,494 | |||
Building / Construction in Progress & Improvements | 69,027 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 6,494 | |||
Building / Construction in Progress & Improvements | 69,027 | |||
Total | 75,521 | |||
Accumulated Depreciation | 8,945 | |||
Total Cost, Net of Accumulated Depreciation | 66,576 | 69,508 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hunt Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 332 | |||
Initial Cost | ||||
Land and improvements | $ 10,872 | |||
Building / Construction in Progress & Improvements | 62,992 | |||
Costs Subsequent to Acquisition / Construction | 43 | |||
Total Cost | ||||
Land | 10,872 | |||
Building / Construction in Progress & Improvements | 63,035 | |||
Total | 73,907 | |||
Accumulated Depreciation | 9,225 | |||
Total Cost, Net of Accumulated Depreciation | 64,682 | 67,052 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Laurel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 344 | |||
Initial Cost | ||||
Land and improvements | $ 10,130 | |||
Building / Construction in Progress & Improvements | 61,685 | |||
Costs Subsequent to Acquisition / Construction | 41 | |||
Total Cost | ||||
Land | 10,130 | |||
Building / Construction in Progress & Improvements | 61,726 | |||
Total | 71,856 | |||
Accumulated Depreciation | 9,686 | |||
Total Cost, Net of Accumulated Depreciation | 62,170 | 64,437 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Fairway Hills - Meadows [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 192 | |||
Initial Cost | ||||
Land and improvements | $ 2,323 | |||
Building / Construction in Progress & Improvements | 9,297 | |||
Costs Subsequent to Acquisition / Construction | 5,040 | |||
Total Cost | ||||
Land | 2,323 | |||
Building / Construction in Progress & Improvements | 14,337 | |||
Total | 16,660 | |||
Accumulated Depreciation | 10,539 | |||
Total Cost, Net of Accumulated Depreciation | 6,121 | 6,565 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Fairway Hills - Woods [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 336 | |||
Initial Cost | ||||
Land and improvements | $ 3,958 | |||
Building / Construction in Progress & Improvements | 15,839 | |||
Costs Subsequent to Acquisition / Construction | 13,338 | |||
Total Cost | ||||
Land | 3,958 | |||
Building / Construction in Progress & Improvements | 29,177 | |||
Total | 33,135 | |||
Accumulated Depreciation | 17,781 | |||
Total Cost, Net of Accumulated Depreciation | 15,354 | 11,716 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arundel Crossing | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 310 | |||
Initial Cost | ||||
Land and improvements | $ 12,208 | |||
Building / Construction in Progress & Improvements | 69,888 | |||
Costs Subsequent to Acquisition / Construction | 2,555 | |||
Total Cost | ||||
Land | 12,208 | |||
Building / Construction in Progress & Improvements | 72,443 | |||
Total | 84,651 | |||
Accumulated Depreciation | 9,506 | |||
Total Cost, Net of Accumulated Depreciation | 75,145 | 78,253 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Russett [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 238 | |||
Initial Cost | ||||
Land and improvements | $ 10,200 | |||
Building / Construction in Progress & Improvements | 47,524 | |||
Costs Subsequent to Acquisition / Construction | 4,083 | |||
Total Cost | ||||
Land | 10,200 | |||
Building / Construction in Progress & Improvements | 51,607 | |||
Total | 61,807 | |||
Accumulated Depreciation | 16,789 | |||
Total Cost, Net of Accumulated Depreciation | 45,018 | 46,563 | ||
Encumbrances | $ 32,200 | |||
Current Communities | Eaves Fair Lakes [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 420 | |||
Initial Cost | ||||
Land and improvements | $ 6,096 | |||
Building / Construction in Progress & Improvements | 24,400 | |||
Costs Subsequent to Acquisition / Construction | 12,454 | |||
Total Cost | ||||
Land | 6,096 | |||
Building / Construction in Progress & Improvements | 36,854 | |||
Total | 42,950 | |||
Accumulated Depreciation | 25,440 | |||
Total Cost, Net of Accumulated Depreciation | 17,510 | 17,524 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fairfax City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 141 | |||
Initial Cost | ||||
Land and improvements | $ 2,152 | |||
Building / Construction in Progress & Improvements | 8,907 | |||
Costs Subsequent to Acquisition / Construction | 5,698 | |||
Total Cost | ||||
Land | 2,152 | |||
Building / Construction in Progress & Improvements | 14,605 | |||
Total | 16,757 | |||
Accumulated Depreciation | 9,626 | |||
Total Cost, Net of Accumulated Depreciation | 7,131 | 7,543 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Tysons Corner [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 558 | |||
Initial Cost | ||||
Land and improvements | $ 13,851 | |||
Building / Construction in Progress & Improvements | 43,397 | |||
Costs Subsequent to Acquisition / Construction | 14,285 | |||
Total Cost | ||||
Land | 13,851 | |||
Building / Construction in Progress & Improvements | 57,682 | |||
Total | 71,533 | |||
Accumulated Depreciation | 39,051 | |||
Total Cost, Net of Accumulated Depreciation | 32,482 | 34,017 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Arlington Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 842 | |||
Initial Cost | ||||
Land and improvements | $ 22,041 | |||
Building / Construction in Progress & Improvements | 90,296 | |||
Costs Subsequent to Acquisition / Construction | 32,893 | |||
Total Cost | ||||
Land | 22,041 | |||
Building / Construction in Progress & Improvements | 123,189 | |||
Total | 145,230 | |||
Accumulated Depreciation | 66,934 | |||
Total Cost, Net of Accumulated Depreciation | 78,296 | 81,854 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Park Crest [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 354 | |||
Initial Cost | ||||
Land and improvements | $ 13,554 | |||
Building / Construction in Progress & Improvements | 63,526 | |||
Costs Subsequent to Acquisition / Construction | 1,017 | |||
Total Cost | ||||
Land | 13,554 | |||
Building / Construction in Progress & Improvements | 64,543 | |||
Total | 78,097 | |||
Accumulated Depreciation | 18,875 | |||
Total Cost, Net of Accumulated Depreciation | 59,222 | 61,053 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fairfax Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 415 | |||
Initial Cost | ||||
Land and improvements | $ 17,889 | |||
Building / Construction in Progress & Improvements | 74,727 | |||
Costs Subsequent to Acquisition / Construction | 15,576 | |||
Total Cost | ||||
Land | 17,889 | |||
Building / Construction in Progress & Improvements | 90,303 | |||
Total | 108,192 | |||
Accumulated Depreciation | 28,382 | |||
Total Cost, Net of Accumulated Depreciation | 79,810 | 83,103 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mosaic [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 531 | |||
Initial Cost | ||||
Land and improvements | $ 33,490 | |||
Building / Construction in Progress & Improvements | 75,801 | |||
Costs Subsequent to Acquisition / Construction | 415 | |||
Total Cost | ||||
Land | 33,490 | |||
Building / Construction in Progress & Improvements | 76,216 | |||
Total | 109,706 | |||
Accumulated Depreciation | 18,954 | |||
Total Cost, Net of Accumulated Depreciation | 90,752 | 93,460 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Potomac Yard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 323 | |||
Initial Cost | ||||
Land and improvements | $ 24,225 | |||
Building / Construction in Progress & Improvements | 81,982 | |||
Costs Subsequent to Acquisition / Construction | 2,951 | |||
Total Cost | ||||
Land | 24,225 | |||
Building / Construction in Progress & Improvements | 84,933 | |||
Total | 109,158 | |||
Accumulated Depreciation | 18,607 | |||
Total Cost, Net of Accumulated Depreciation | 90,551 | 93,826 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Clarendon | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 300 | |||
Initial Cost | ||||
Land and improvements | $ 22,573 | |||
Building / Construction in Progress & Improvements | 95,355 | |||
Costs Subsequent to Acquisition / Construction | 9,290 | |||
Total Cost | ||||
Land | 22,573 | |||
Building / Construction in Progress & Improvements | 104,645 | |||
Total | 127,218 | |||
Accumulated Depreciation | 20,760 | |||
Total Cost, Net of Accumulated Depreciation | 106,458 | 109,983 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Columbia Pike [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 269 | |||
Initial Cost | ||||
Land and improvements | $ 18,830 | |||
Building / Construction in Progress & Improvements | 82,427 | |||
Costs Subsequent to Acquisition / Construction | 4,017 | |||
Total Cost | ||||
Land | 18,830 | |||
Building / Construction in Progress & Improvements | 86,444 | |||
Total | 105,274 | |||
Accumulated Depreciation | 16,083 | |||
Total Cost, Net of Accumulated Depreciation | 89,191 | 91,868 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dunn Loring [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 440 | |||
Initial Cost | ||||
Land and improvements | $ 29,377 | |||
Building / Construction in Progress & Improvements | 115,465 | |||
Costs Subsequent to Acquisition / Construction | 8,268 | |||
Total Cost | ||||
Land | 29,377 | |||
Building / Construction in Progress & Improvements | 123,733 | |||
Total | 153,110 | |||
Accumulated Depreciation | 22,651 | |||
Total Cost, Net of Accumulated Depreciation | 130,459 | 135,716 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Tysons Corner [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 217 | |||
Initial Cost | ||||
Land and improvements | $ 16,030 | |||
Building / Construction in Progress & Improvements | 45,420 | |||
Costs Subsequent to Acquisition / Construction | 3,255 | |||
Total Cost | ||||
Land | 16,030 | |||
Building / Construction in Progress & Improvements | 48,675 | |||
Total | 64,705 | |||
Accumulated Depreciation | 16,883 | |||
Total Cost, Net of Accumulated Depreciation | 47,822 | 49,535 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Ballston Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 714 | |||
Initial Cost | ||||
Land and improvements | $ 71,640 | |||
Building / Construction in Progress & Improvements | 215,937 | |||
Costs Subsequent to Acquisition / Construction | 41,022 | |||
Total Cost | ||||
Land | 71,640 | |||
Building / Construction in Progress & Improvements | 256,959 | |||
Total | 328,599 | |||
Accumulated Depreciation | 74,288 | |||
Total Cost, Net of Accumulated Depreciation | 254,311 | 260,618 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Courthouse Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 564 | |||
Initial Cost | ||||
Land and improvements | $ 56,550 | |||
Building / Construction in Progress & Improvements | 178,032 | |||
Costs Subsequent to Acquisition / Construction | 12,240 | |||
Total Cost | ||||
Land | 56,550 | |||
Building / Construction in Progress & Improvements | 190,272 | |||
Total | 246,822 | |||
Accumulated Depreciation | 57,506 | |||
Total Cost, Net of Accumulated Depreciation | 189,316 | 194,468 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arlington North [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 228 | |||
Initial Cost | ||||
Land and improvements | $ 21,600 | |||
Building / Construction in Progress & Improvements | 59,076 | |||
Costs Subsequent to Acquisition / Construction | 497 | |||
Total Cost | ||||
Land | 21,600 | |||
Building / Construction in Progress & Improvements | 59,573 | |||
Total | 81,173 | |||
Accumulated Depreciation | 14,222 | |||
Total Cost, Net of Accumulated Depreciation | 66,951 | 68,838 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Reston Landing [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 400 | |||
Initial Cost | ||||
Land and improvements | $ 26,710 | |||
Building / Construction in Progress & Improvements | 83,084 | |||
Costs Subsequent to Acquisition / Construction | 8,728 | |||
Total Cost | ||||
Land | 26,710 | |||
Building / Construction in Progress & Improvements | 91,812 | |||
Total | 118,522 | |||
Accumulated Depreciation | 31,260 | |||
Total Cost, Net of Accumulated Depreciation | 87,262 | 90,175 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Falls Church [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 384 | |||
Initial Cost | ||||
Land and improvements | $ 39,544 | |||
Building / Construction in Progress & Improvements | 66,160 | |||
Costs Subsequent to Acquisition / Construction | 127 | |||
Total Cost | ||||
Land | 39,544 | |||
Building / Construction in Progress & Improvements | 66,287 | |||
Total | 105,831 | |||
Accumulated Depreciation | 13,300 | |||
Total Cost, Net of Accumulated Depreciation | 92,531 | 94,976 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Redmond Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 222 | |||
Initial Cost | ||||
Land and improvements | $ 4,558 | |||
Building / Construction in Progress & Improvements | 18,368 | |||
Costs Subsequent to Acquisition / Construction | 11,457 | |||
Total Cost | ||||
Land | 4,558 | |||
Building / Construction in Progress & Improvements | 29,825 | |||
Total | 34,383 | |||
Accumulated Depreciation | 20,694 | |||
Total Cost, Net of Accumulated Depreciation | 13,689 | 14,151 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bear Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 264 | |||
Initial Cost | ||||
Land and improvements | $ 6,786 | |||
Building / Construction in Progress & Improvements | 27,641 | |||
Costs Subsequent to Acquisition / Construction | 5,810 | |||
Total Cost | ||||
Land | 6,786 | |||
Building / Construction in Progress & Improvements | 33,451 | |||
Total | 40,237 | |||
Accumulated Depreciation | 25,033 | |||
Total Cost, Net of Accumulated Depreciation | 15,204 | 16,054 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bellevue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 201 | |||
Initial Cost | ||||
Land and improvements | $ 6,664 | |||
Building / Construction in Progress & Improvements | 24,119 | |||
Costs Subsequent to Acquisition / Construction | 3,243 | |||
Total Cost | ||||
Land | 6,664 | |||
Building / Construction in Progress & Improvements | 27,362 | |||
Total | 34,026 | |||
Accumulated Depreciation | 18,354 | |||
Total Cost, Net of Accumulated Depreciation | 15,672 | 15,794 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon RockMeadow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 206 | |||
Initial Cost | ||||
Land and improvements | $ 4,777 | |||
Building / Construction in Progress & Improvements | 19,765 | |||
Costs Subsequent to Acquisition / Construction | 3,818 | |||
Total Cost | ||||
Land | 4,777 | |||
Building / Construction in Progress & Improvements | 23,583 | |||
Total | 28,360 | |||
Accumulated Depreciation | 16,382 | |||
Total Cost, Net of Accumulated Depreciation | 11,978 | 12,668 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon ParcSquare [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 124 | |||
Initial Cost | ||||
Land and improvements | $ 3,789 | |||
Building / Construction in Progress & Improvements | 15,139 | |||
Costs Subsequent to Acquisition / Construction | 3,956 | |||
Total Cost | ||||
Land | 3,789 | |||
Building / Construction in Progress & Improvements | 19,095 | |||
Total | 22,884 | |||
Accumulated Depreciation | 12,952 | |||
Total Cost, Net of Accumulated Depreciation | 9,932 | 10,524 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Belltown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 100 | |||
Initial Cost | ||||
Land and improvements | $ 5,644 | |||
Building / Construction in Progress & Improvements | 12,733 | |||
Costs Subsequent to Acquisition / Construction | 1,373 | |||
Total Cost | ||||
Land | 5,644 | |||
Building / Construction in Progress & Improvements | 14,106 | |||
Total | 19,750 | |||
Accumulated Depreciation | 9,467 | |||
Total Cost, Net of Accumulated Depreciation | 10,283 | 10,687 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Meydenbauer [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 368 | |||
Initial Cost | ||||
Land and improvements | $ 12,697 | |||
Building / Construction in Progress & Improvements | 77,450 | |||
Costs Subsequent to Acquisition / Construction | 4,066 | |||
Total Cost | ||||
Land | 12,697 | |||
Building / Construction in Progress & Improvements | 81,516 | |||
Total | 94,213 | |||
Accumulated Depreciation | 35,254 | |||
Total Cost, Net of Accumulated Depreciation | 58,959 | 61,540 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers Bellevue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 397 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 123,029 | |||
Costs Subsequent to Acquisition / Construction | 1,858 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 124,887 | |||
Total | 124,887 | |||
Accumulated Depreciation | 44,866 | |||
Total Cost, Net of Accumulated Depreciation | 80,021 | 84,214 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Queen Anne [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 203 | |||
Initial Cost | ||||
Land and improvements | $ 12,081 | |||
Building / Construction in Progress & Improvements | 41,618 | |||
Costs Subsequent to Acquisition / Construction | 989 | |||
Total Cost | ||||
Land | 12,081 | |||
Building / Construction in Progress & Improvements | 42,607 | |||
Total | 54,688 | |||
Accumulated Depreciation | 13,549 | |||
Total Cost, Net of Accumulated Depreciation | 41,139 | 42,373 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Ballard [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 265 | |||
Initial Cost | ||||
Land and improvements | $ 16,460 | |||
Building / Construction in Progress & Improvements | 46,926 | |||
Costs Subsequent to Acquisition / Construction | 1,244 | |||
Total Cost | ||||
Land | 16,460 | |||
Building / Construction in Progress & Improvements | 48,170 | |||
Total | 64,630 | |||
Accumulated Depreciation | 13,794 | |||
Total Cost, Net of Accumulated Depreciation | 50,836 | 52,449 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 367 | |||
Initial Cost | ||||
Land and improvements | $ 12,294 | |||
Building / Construction in Progress & Improvements | 55,627 | |||
Costs Subsequent to Acquisition / Construction | 31 | |||
Total Cost | ||||
Land | 12,294 | |||
Building / Construction in Progress & Improvements | 55,658 | |||
Total | 67,952 | |||
Accumulated Depreciation | 12,680 | |||
Total Cost, Net of Accumulated Depreciation | 55,272 | 57,297 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Capitol Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 249 | |||
Initial Cost | ||||
Land and improvements | $ 20,613 | |||
Building / Construction in Progress & Improvements | 59,986 | |||
Costs Subsequent to Acquisition / Construction | 1,510 | |||
Total Cost | ||||
Land | 20,613 | |||
Building / Construction in Progress & Improvements | 61,496 | |||
Total | 82,109 | |||
Accumulated Depreciation | 11,473 | |||
Total Cost, Net of Accumulated Depreciation | 70,636 | 72,495 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Esterra Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 482 | |||
Initial Cost | ||||
Land and improvements | $ 23,178 | |||
Building / Construction in Progress & Improvements | 112,986 | |||
Costs Subsequent to Acquisition / Construction | 1,318 | |||
Total Cost | ||||
Land | 23,178 | |||
Building / Construction in Progress & Improvements | 114,304 | |||
Total | 137,482 | |||
Accumulated Depreciation | 17,698 | |||
Total Cost, Net of Accumulated Depreciation | 119,784 | 123,811 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 124 | |||
Initial Cost | ||||
Land and improvements | $ 5,072 | |||
Building / Construction in Progress & Improvements | 21,418 | |||
Costs Subsequent to Acquisition / Construction | 13 | |||
Total Cost | ||||
Land | 5,072 | |||
Building / Construction in Progress & Improvements | 21,431 | |||
Total | 26,503 | |||
Accumulated Depreciation | 3,376 | |||
Total Cost, Net of Accumulated Depreciation | 23,127 | 23,886 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Newcastle Commons I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 378 | |||
Initial Cost | ||||
Land and improvements | $ 9,649 | |||
Building / Construction in Progress & Improvements | 112,456 | |||
Costs Subsequent to Acquisition / Construction | 699 | |||
Total Cost | ||||
Land | 9,649 | |||
Building / Construction in Progress & Improvements | 113,155 | |||
Total | 122,804 | |||
Accumulated Depreciation | 13,994 | |||
Total Cost, Net of Accumulated Depreciation | 108,810 | 111,990 | ||
Encumbrances | $ 0 | |||
Current Communities | Archstone Redmond Lakeview [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 10,250 | |||
Building / Construction in Progress & Improvements | 26,842 | |||
Costs Subsequent to Acquisition / Construction | 4,317 | |||
Total Cost | ||||
Land | 10,250 | |||
Building / Construction in Progress & Improvements | 31,159 | |||
Total | 41,409 | |||
Accumulated Depreciation | 11,192 | |||
Total Cost, Net of Accumulated Depreciation | 30,217 | 31,269 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Campbell [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 348 | |||
Initial Cost | ||||
Land and improvements | $ 11,830 | |||
Building / Construction in Progress & Improvements | 47,828 | |||
Costs Subsequent to Acquisition / Construction | 14,624 | |||
Total Cost | ||||
Land | 11,830 | |||
Building / Construction in Progress & Improvements | 62,452 | |||
Total | 74,282 | |||
Accumulated Depreciation | 41,905 | |||
Total Cost, Net of Accumulated Depreciation | 32,377 | 34,327 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Jose [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 440 | |||
Initial Cost | ||||
Land and improvements | $ 12,920 | |||
Building / Construction in Progress & Improvements | 53,047 | |||
Costs Subsequent to Acquisition / Construction | 19,539 | |||
Total Cost | ||||
Land | 12,920 | |||
Building / Construction in Progress & Improvements | 72,586 | |||
Total | 85,506 | |||
Accumulated Depreciation | 43,395 | |||
Total Cost, Net of Accumulated Depreciation | 42,111 | 44,301 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon on the Alameda [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 305 | |||
Initial Cost | ||||
Land and improvements | $ 6,119 | |||
Building / Construction in Progress & Improvements | 50,225 | |||
Costs Subsequent to Acquisition / Construction | 13,069 | |||
Total Cost | ||||
Land | 6,119 | |||
Building / Construction in Progress & Improvements | 63,294 | |||
Total | 69,413 | |||
Accumulated Depreciation | 41,300 | |||
Total Cost, Net of Accumulated Depreciation | 28,113 | 30,846 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Silicon Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 710 | |||
Initial Cost | ||||
Land and improvements | $ 20,713 | |||
Building / Construction in Progress & Improvements | 99,573 | |||
Costs Subsequent to Acquisition / Construction | 35,541 | |||
Total Cost | ||||
Land | 20,713 | |||
Building / Construction in Progress & Improvements | 135,114 | |||
Total | 155,827 | |||
Accumulated Depreciation | 85,905 | |||
Total Cost, Net of Accumulated Depreciation | 69,922 | 74,334 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mountain View [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 248 | |||
Initial Cost | ||||
Land and improvements | $ 9,755 | |||
Building / Construction in Progress & Improvements | 39,393 | |||
Costs Subsequent to Acquisition / Construction | 12,001 | |||
Total Cost | ||||
Land | 9,755 | |||
Building / Construction in Progress & Improvements | 51,394 | |||
Total | 61,149 | |||
Accumulated Depreciation | 35,672 | |||
Total Cost, Net of Accumulated Depreciation | 25,477 | 26,378 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Creekside [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 296 | |||
Initial Cost | ||||
Land and improvements | $ 6,546 | |||
Building / Construction in Progress & Improvements | 26,263 | |||
Costs Subsequent to Acquisition / Construction | 21,834 | |||
Total Cost | ||||
Land | 6,546 | |||
Building / Construction in Progress & Improvements | 48,097 | |||
Total | 54,643 | |||
Accumulated Depreciation | 30,784 | |||
Total Cost, Net of Accumulated Depreciation | 23,859 | 25,203 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Cahill Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 218 | |||
Initial Cost | ||||
Land and improvements | $ 4,765 | |||
Building / Construction in Progress & Improvements | 47,600 | |||
Costs Subsequent to Acquisition / Construction | 3,267 | |||
Total Cost | ||||
Land | 4,765 | |||
Building / Construction in Progress & Improvements | 50,867 | |||
Total | 55,632 | |||
Accumulated Depreciation | 31,597 | |||
Total Cost, Net of Accumulated Depreciation | 24,035 | 25,377 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers on the Peninsula [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 211 | |||
Initial Cost | ||||
Land and improvements | $ 9,560 | |||
Building / Construction in Progress & Improvements | 56,136 | |||
Costs Subsequent to Acquisition / Construction | 14,701 | |||
Total Cost | ||||
Land | 9,560 | |||
Building / Construction in Progress & Improvements | 70,837 | |||
Total | 80,397 | |||
Accumulated Depreciation | 39,203 | |||
Total Cost, Net of Accumulated Depreciation | 41,194 | 43,782 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Morrison Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 13,837 | |||
Building / Construction in Progress & Improvements | 64,534 | |||
Costs Subsequent to Acquisition / Construction | 586 | |||
Total Cost | ||||
Land | 13,837 | |||
Building / Construction in Progress & Improvements | 65,120 | |||
Total | 78,957 | |||
Accumulated Depreciation | 15,938 | |||
Total Cost, Net of Accumulated Depreciation | 63,019 | 65,123 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willow Glen [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 412 | |||
Initial Cost | ||||
Land and improvements | $ 46,060 | |||
Building / Construction in Progress & Improvements | 81,957 | |||
Costs Subsequent to Acquisition / Construction | 7,299 | |||
Total Cost | ||||
Land | 46,060 | |||
Building / Construction in Progress & Improvements | 89,256 | |||
Total | 135,316 | |||
Accumulated Depreciation | 30,101 | |||
Total Cost, Net of Accumulated Depreciation | 105,215 | 107,802 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mountain View at Middlefield [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 402 | |||
Initial Cost | ||||
Land and improvements | $ 64,070 | |||
Building / Construction in Progress & Improvements | 69,018 | |||
Costs Subsequent to Acquisition / Construction | 13,812 | |||
Total Cost | ||||
Land | 64,070 | |||
Building / Construction in Progress & Improvements | 82,830 | |||
Total | 146,900 | |||
Accumulated Depreciation | 28,024 | |||
Total Cost, Net of Accumulated Depreciation | 118,876 | 120,633 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fremont [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 308 | |||
Initial Cost | ||||
Land and improvements | $ 10,746 | |||
Building / Construction in Progress & Improvements | 43,399 | |||
Costs Subsequent to Acquisition / Construction | 11,110 | |||
Total Cost | ||||
Land | 10,746 | |||
Building / Construction in Progress & Improvements | 54,509 | |||
Total | 65,255 | |||
Accumulated Depreciation | 39,179 | |||
Total Cost, Net of Accumulated Depreciation | 26,076 | 24,767 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Dublin [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 204 | |||
Initial Cost | ||||
Land and improvements | $ 5,276 | |||
Building / Construction in Progress & Improvements | 19,642 | |||
Costs Subsequent to Acquisition / Construction | 12,448 | |||
Total Cost | ||||
Land | 5,276 | |||
Building / Construction in Progress & Improvements | 32,090 | |||
Total | 37,366 | |||
Accumulated Depreciation | 21,162 | |||
Total Cost, Net of Accumulated Depreciation | 16,204 | 17,245 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Pleasanton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 456 | |||
Initial Cost | ||||
Land and improvements | $ 11,610 | |||
Building / Construction in Progress & Improvements | 46,552 | |||
Costs Subsequent to Acquisition / Construction | 23,236 | |||
Total Cost | ||||
Land | 11,610 | |||
Building / Construction in Progress & Improvements | 69,788 | |||
Total | 81,398 | |||
Accumulated Depreciation | 46,808 | |||
Total Cost, Net of Accumulated Depreciation | 34,590 | 36,309 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Union City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 208 | |||
Initial Cost | ||||
Land and improvements | $ 4,249 | |||
Building / Construction in Progress & Improvements | 16,820 | |||
Costs Subsequent to Acquisition / Construction | 4,227 | |||
Total Cost | ||||
Land | 4,249 | |||
Building / Construction in Progress & Improvements | 21,047 | |||
Total | 25,296 | |||
Accumulated Depreciation | 15,978 | |||
Total Cost, Net of Accumulated Depreciation | 9,318 | 10,036 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Fremont [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 235 | |||
Initial Cost | ||||
Land and improvements | $ 6,581 | |||
Building / Construction in Progress & Improvements | 26,583 | |||
Costs Subsequent to Acquisition / Construction | 10,779 | |||
Total Cost | ||||
Land | 6,581 | |||
Building / Construction in Progress & Improvements | 37,362 | |||
Total | 43,943 | |||
Accumulated Depreciation | 26,302 | |||
Total Cost, Net of Accumulated Depreciation | 17,641 | 18,725 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 439 | |||
Initial Cost | ||||
Land and improvements | $ 14,732 | |||
Building / Construction in Progress & Improvements | 104,024 | |||
Costs Subsequent to Acquisition / Construction | 1,848 | |||
Total Cost | ||||
Land | 14,732 | |||
Building / Construction in Progress & Improvements | 105,872 | |||
Total | 120,604 | |||
Accumulated Depreciation | 41,569 | |||
Total Cost, Net of Accumulated Depreciation | 79,035 | 82,462 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 422 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 148,846 | |||
Costs Subsequent to Acquisition / Construction | 5,778 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 154,624 | |||
Total | 154,624 | |||
Accumulated Depreciation | 54,886 | |||
Total Cost, Net of Accumulated Depreciation | 99,738 | 104,792 | ||
Encumbrances | $ 4,001 | |||
Current Communities | Avalon Dublin Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 253 | |||
Initial Cost | ||||
Land and improvements | $ 7,772 | |||
Building / Construction in Progress & Improvements | 72,142 | |||
Costs Subsequent to Acquisition / Construction | 1,086 | |||
Total Cost | ||||
Land | 7,772 | |||
Building / Construction in Progress & Improvements | 73,228 | |||
Total | 81,000 | |||
Accumulated Depreciation | 17,581 | |||
Total Cost, Net of Accumulated Depreciation | 63,419 | 65,600 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dublin Station II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 7,762 | |||
Building / Construction in Progress & Improvements | 76,587 | |||
Costs Subsequent to Acquisition / Construction | 290 | |||
Total Cost | ||||
Land | 7,762 | |||
Building / Construction in Progress & Improvements | 76,877 | |||
Total | 84,639 | |||
Accumulated Depreciation | 12,920 | |||
Total Cost, Net of Accumulated Depreciation | 71,719 | 74,056 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Walnut Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 510 | |||
Initial Cost | ||||
Land and improvements | $ 30,320 | |||
Building / Construction in Progress & Improvements | 82,375 | |||
Costs Subsequent to Acquisition / Construction | 17,483 | |||
Total Cost | ||||
Land | 30,320 | |||
Building / Construction in Progress & Improvements | 99,858 | |||
Total | 130,178 | |||
Accumulated Depreciation | 30,551 | |||
Total Cost, Net of Accumulated Depreciation | 99,627 | 103,110 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 106 | |||
Initial Cost | ||||
Land and improvements | $ 9,860 | |||
Building / Construction in Progress & Improvements | 19,850 | |||
Costs Subsequent to Acquisition / Construction | 5,432 | |||
Total Cost | ||||
Land | 9,860 | |||
Building / Construction in Progress & Improvements | 25,282 | |||
Total | 35,142 | |||
Accumulated Depreciation | 7,701 | |||
Total Cost, Net of Accumulated Depreciation | 27,441 | 28,424 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 360 | |||
Initial Cost | ||||
Land and improvements | $ 27,190 | |||
Building / Construction in Progress & Improvements | 57,041 | |||
Costs Subsequent to Acquisition / Construction | 13,751 | |||
Total Cost | ||||
Land | 27,190 | |||
Building / Construction in Progress & Improvements | 70,792 | |||
Total | 97,982 | |||
Accumulated Depreciation | 21,941 | |||
Total Cost, Net of Accumulated Depreciation | 76,041 | 78,864 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Berkeley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 94 | |||
Initial Cost | ||||
Land and improvements | $ 4,500 | |||
Building / Construction in Progress & Improvements | 28,689 | |||
Costs Subsequent to Acquisition / Construction | 66 | |||
Total Cost | ||||
Land | 4,500 | |||
Building / Construction in Progress & Improvements | 28,755 | |||
Total | 33,255 | |||
Accumulated Depreciation | 6,503 | |||
Total Cost, Net of Accumulated Depreciation | 26,752 | 27,604 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Daly City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 195 | |||
Initial Cost | ||||
Land and improvements | $ 4,230 | |||
Building / Construction in Progress & Improvements | 9,659 | |||
Costs Subsequent to Acquisition / Construction | 20,869 | |||
Total Cost | ||||
Land | 4,230 | |||
Building / Construction in Progress & Improvements | 30,528 | |||
Total | 34,758 | |||
Accumulated Depreciation | 21,113 | |||
Total Cost, Net of Accumulated Depreciation | 13,645 | 14,663 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Nob Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 185 | |||
Initial Cost | ||||
Land and improvements | $ 5,403 | |||
Building / Construction in Progress & Improvements | 21,567 | |||
Costs Subsequent to Acquisition / Construction | 8,558 | |||
Total Cost | ||||
Land | 5,403 | |||
Building / Construction in Progress & Improvements | 30,125 | |||
Total | 35,528 | |||
Accumulated Depreciation | 20,376 | |||
Total Cost, Net of Accumulated Depreciation | 15,152 | 15,827 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Foster City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 288 | |||
Initial Cost | ||||
Land and improvements | $ 7,852 | |||
Building / Construction in Progress & Improvements | 31,445 | |||
Costs Subsequent to Acquisition / Construction | 13,154 | |||
Total Cost | ||||
Land | 7,852 | |||
Building / Construction in Progress & Improvements | 44,599 | |||
Total | 52,451 | |||
Accumulated Depreciation | 30,377 | |||
Total Cost, Net of Accumulated Depreciation | 22,074 | 23,375 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Pacifica [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 220 | |||
Initial Cost | ||||
Land and improvements | $ 6,125 | |||
Building / Construction in Progress & Improvements | 24,796 | |||
Costs Subsequent to Acquisition / Construction | 4,530 | |||
Total Cost | ||||
Land | 6,125 | |||
Building / Construction in Progress & Improvements | 29,326 | |||
Total | 35,451 | |||
Accumulated Depreciation | 21,942 | |||
Total Cost, Net of Accumulated Depreciation | 13,509 | 14,230 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Sunset Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 243 | |||
Initial Cost | ||||
Land and improvements | $ 3,561 | |||
Building / Construction in Progress & Improvements | 21,321 | |||
Costs Subsequent to Acquisition / Construction | 16,719 | |||
Total Cost | ||||
Land | 3,561 | |||
Building / Construction in Progress & Improvements | 38,040 | |||
Total | 41,601 | |||
Accumulated Depreciation | 23,912 | |||
Total Cost, Net of Accumulated Depreciation | 17,689 | 18,809 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 14,029 | |||
Building / Construction in Progress & Improvements | 78,452 | |||
Costs Subsequent to Acquisition / Construction | 9,105 | |||
Total Cost | ||||
Land | 14,029 | |||
Building / Construction in Progress & Improvements | 87,557 | |||
Total | 101,586 | |||
Accumulated Depreciation | 52,019 | |||
Total Cost, Net of Accumulated Depreciation | 49,567 | 53,392 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 260 | |||
Initial Cost | ||||
Land and improvements | $ 28,687 | |||
Building / Construction in Progress & Improvements | 119,156 | |||
Costs Subsequent to Acquisition / Construction | 766 | |||
Total Cost | ||||
Land | 28,687 | |||
Building / Construction in Progress & Improvements | 119,922 | |||
Total | 148,609 | |||
Accumulated Depreciation | 46,994 | |||
Total Cost, Net of Accumulated Depreciation | 101,615 | 105,579 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ocean Avenue [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 173 | |||
Initial Cost | ||||
Land and improvements | $ 5,544 | |||
Building / Construction in Progress & Improvements | 50,906 | |||
Costs Subsequent to Acquisition / Construction | 2,215 | |||
Total Cost | ||||
Land | 5,544 | |||
Building / Construction in Progress & Improvements | 53,121 | |||
Total | 58,665 | |||
Accumulated Depreciation | 16,216 | |||
Total Cost, Net of Accumulated Depreciation | 42,449 | 44,109 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA 55 Ninth [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 273 | |||
Initial Cost | ||||
Land and improvements | $ 20,267 | |||
Building / Construction in Progress & Improvements | 97,321 | |||
Costs Subsequent to Acquisition / Construction | 1,197 | |||
Total Cost | ||||
Land | 20,267 | |||
Building / Construction in Progress & Improvements | 98,518 | |||
Total | 118,785 | |||
Accumulated Depreciation | 23,805 | |||
Total Cost, Net of Accumulated Depreciation | 94,980 | 98,351 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hayes Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 182 | |||
Initial Cost | ||||
Land and improvements | $ 12,595 | |||
Building / Construction in Progress & Improvements | 81,228 | |||
Costs Subsequent to Acquisition / Construction | 88 | |||
Total Cost | ||||
Land | 12,595 | |||
Building / Construction in Progress & Improvements | 81,316 | |||
Total | 93,911 | |||
Accumulated Depreciation | 16,680 | |||
Total Cost, Net of Accumulated Depreciation | 77,231 | 80,105 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dogpatch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 326 | |||
Initial Cost | ||||
Land and improvements | $ 23,523 | |||
Building / Construction in Progress & Improvements | 180,922 | |||
Costs Subsequent to Acquisition / Construction | 232 | |||
Total Cost | ||||
Land | 23,523 | |||
Building / Construction in Progress & Improvements | 181,154 | |||
Total | 204,677 | |||
Accumulated Depreciation | 20,350 | |||
Total Cost, Net of Accumulated Depreciation | 184,327 | 190,207 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Bruno I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 300 | |||
Initial Cost | ||||
Land and improvements | $ 40,780 | |||
Building / Construction in Progress & Improvements | 68,684 | |||
Costs Subsequent to Acquisition / Construction | 6,936 | |||
Total Cost | ||||
Land | 40,780 | |||
Building / Construction in Progress & Improvements | 75,620 | |||
Total | 116,400 | |||
Accumulated Depreciation | 24,600 | |||
Total Cost, Net of Accumulated Depreciation | 91,800 | 94,626 | ||
Encumbrances | $ 63,850 | |||
Current Communities | Avalon San Bruno II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 185 | |||
Initial Cost | ||||
Land and improvements | $ 23,787 | |||
Building / Construction in Progress & Improvements | 44,934 | |||
Costs Subsequent to Acquisition / Construction | 2,649 | |||
Total Cost | ||||
Land | 23,787 | |||
Building / Construction in Progress & Improvements | 47,583 | |||
Total | 71,370 | |||
Accumulated Depreciation | 14,066 | |||
Total Cost, Net of Accumulated Depreciation | 57,304 | 58,683 | ||
Encumbrances | $ 27,844 | |||
Current Communities | Avalon San Bruno III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 187 | |||
Initial Cost | ||||
Land and improvements | $ 33,303 | |||
Building / Construction in Progress & Improvements | 62,910 | |||
Costs Subsequent to Acquisition / Construction | 3,217 | |||
Total Cost | ||||
Land | 33,303 | |||
Building / Construction in Progress & Improvements | 66,127 | |||
Total | 99,430 | |||
Accumulated Depreciation | 19,770 | |||
Total Cost, Net of Accumulated Depreciation | 79,660 | 81,815 | ||
Encumbrances | $ 51,000 | |||
Current Communities | AVA Burbank [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 748 | |||
Initial Cost | ||||
Land and improvements | $ 22,483 | |||
Building / Construction in Progress & Improvements | 28,104 | |||
Costs Subsequent to Acquisition / Construction | 51,677 | |||
Total Cost | ||||
Land | 22,483 | |||
Building / Construction in Progress & Improvements | 79,781 | |||
Total | 102,264 | |||
Accumulated Depreciation | 49,082 | |||
Total Cost, Net of Accumulated Depreciation | 53,182 | 54,487 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Woodland Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 663 | |||
Initial Cost | ||||
Land and improvements | $ 23,828 | |||
Building / Construction in Progress & Improvements | 40,372 | |||
Costs Subsequent to Acquisition / Construction | 52,697 | |||
Total Cost | ||||
Land | 23,828 | |||
Building / Construction in Progress & Improvements | 93,069 | |||
Total | 116,897 | |||
Accumulated Depreciation | 55,380 | |||
Total Cost, Net of Accumulated Depreciation | 61,517 | 63,689 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Warner Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 227 | |||
Initial Cost | ||||
Land and improvements | $ 7,045 | |||
Building / Construction in Progress & Improvements | 12,986 | |||
Costs Subsequent to Acquisition / Construction | 12,287 | |||
Total Cost | ||||
Land | 7,045 | |||
Building / Construction in Progress & Improvements | 25,273 | |||
Total | 32,318 | |||
Accumulated Depreciation | 18,575 | |||
Total Cost, Net of Accumulated Depreciation | 13,743 | 14,257 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendale [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 223 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 42,564 | |||
Costs Subsequent to Acquisition / Construction | 2,838 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 45,402 | |||
Total | 45,402 | |||
Accumulated Depreciation | 26,859 | |||
Total Cost, Net of Accumulated Depreciation | 18,543 | 20,114 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burbank [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 400 | |||
Initial Cost | ||||
Land and improvements | $ 14,053 | |||
Building / Construction in Progress & Improvements | 56,827 | |||
Costs Subsequent to Acquisition / Construction | 26,328 | |||
Total Cost | ||||
Land | 14,053 | |||
Building / Construction in Progress & Improvements | 83,155 | |||
Total | 97,208 | |||
Accumulated Depreciation | 46,040 | |||
Total Cost, Net of Accumulated Depreciation | 51,168 | 53,271 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Camarillo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 249 | |||
Initial Cost | ||||
Land and improvements | $ 8,446 | |||
Building / Construction in Progress & Improvements | 40,290 | |||
Costs Subsequent to Acquisition / Construction | 2,907 | |||
Total Cost | ||||
Land | 8,446 | |||
Building / Construction in Progress & Improvements | 43,197 | |||
Total | 51,643 | |||
Accumulated Depreciation | 21,254 | |||
Total Cost, Net of Accumulated Depreciation | 30,389 | 31,827 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilshire [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 123 | |||
Initial Cost | ||||
Land and improvements | $ 5,459 | |||
Building / Construction in Progress & Improvements | 41,182 | |||
Costs Subsequent to Acquisition / Construction | 5,619 | |||
Total Cost | ||||
Land | 5,459 | |||
Building / Construction in Progress & Improvements | 46,801 | |||
Total | 52,260 | |||
Accumulated Depreciation | 20,773 | |||
Total Cost, Net of Accumulated Depreciation | 31,487 | 32,263 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Encino [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 131 | |||
Initial Cost | ||||
Land and improvements | $ 12,789 | |||
Building / Construction in Progress & Improvements | 49,073 | |||
Costs Subsequent to Acquisition / Construction | 1,313 | |||
Total Cost | ||||
Land | 12,789 | |||
Building / Construction in Progress & Improvements | 50,386 | |||
Total | 63,175 | |||
Accumulated Depreciation | 21,172 | |||
Total Cost, Net of Accumulated Depreciation | 42,003 | 43,719 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Warner Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 210 | |||
Initial Cost | ||||
Land and improvements | $ 7,920 | |||
Building / Construction in Progress & Improvements | 44,845 | |||
Costs Subsequent to Acquisition / Construction | 1,251 | |||
Total Cost | ||||
Land | 7,920 | |||
Building / Construction in Progress & Improvements | 46,096 | |||
Total | 54,016 | |||
Accumulated Depreciation | 19,897 | |||
Total Cost, Net of Accumulated Depreciation | 34,119 | 35,586 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Little Tokyo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 14,734 | |||
Building / Construction in Progress & Improvements | 94,001 | |||
Costs Subsequent to Acquisition / Construction | 1,765 | |||
Total Cost | ||||
Land | 14,734 | |||
Building / Construction in Progress & Improvements | 95,766 | |||
Total | 110,500 | |||
Accumulated Depreciation | 21,336 | |||
Total Cost, Net of Accumulated Depreciation | 89,164 | 92,661 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Phillips Ranch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 501 | |||
Initial Cost | ||||
Land and improvements | $ 9,796 | |||
Building / Construction in Progress & Improvements | 41,740 | |||
Costs Subsequent to Acquisition / Construction | 4,502 | |||
Total Cost | ||||
Land | 9,796 | |||
Building / Construction in Progress & Improvements | 46,242 | |||
Total | 56,038 | |||
Accumulated Depreciation | 16,011 | |||
Total Cost, Net of Accumulated Depreciation | 40,027 | 41,622 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Dimas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 102 | |||
Initial Cost | ||||
Land and improvements | $ 1,916 | |||
Building / Construction in Progress & Improvements | 7,819 | |||
Costs Subsequent to Acquisition / Construction | 1,661 | |||
Total Cost | ||||
Land | 1,916 | |||
Building / Construction in Progress & Improvements | 9,480 | |||
Total | 11,396 | |||
Accumulated Depreciation | 3,503 | |||
Total Cost, Net of Accumulated Depreciation | 7,893 | 8,302 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Dimas Canyon [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 2,953 | |||
Building / Construction in Progress & Improvements | 12,428 | |||
Costs Subsequent to Acquisition / Construction | 1,173 | |||
Total Cost | ||||
Land | 2,953 | |||
Building / Construction in Progress & Improvements | 13,601 | |||
Total | 16,554 | |||
Accumulated Depreciation | 4,823 | |||
Total Cost, Net of Accumulated Depreciation | 11,731 | 12,213 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 84 | |||
Initial Cost | ||||
Land and improvements | $ 8,400 | |||
Building / Construction in Progress & Improvements | 11,547 | |||
Costs Subsequent to Acquisition / Construction | 6,019 | |||
Total Cost | ||||
Land | 8,400 | |||
Building / Construction in Progress & Improvements | 17,566 | |||
Total | 25,966 | |||
Accumulated Depreciation | 5,104 | |||
Total Cost, Net of Accumulated Depreciation | 20,862 | 21,136 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Cerritos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 151 | |||
Initial Cost | ||||
Land and improvements | $ 8,305 | |||
Building / Construction in Progress & Improvements | 21,195 | |||
Costs Subsequent to Acquisition / Construction | 1,786 | |||
Total Cost | ||||
Land | 8,305 | |||
Building / Construction in Progress & Improvements | 22,981 | |||
Total | 31,286 | |||
Accumulated Depreciation | 6,813 | |||
Total Cost, Net of Accumulated Depreciation | 24,473 | 25,176 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Playa Vista [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 309 | |||
Initial Cost | ||||
Land and improvements | $ 30,900 | |||
Building / Construction in Progress & Improvements | 72,008 | |||
Costs Subsequent to Acquisition / Construction | 7,305 | |||
Total Cost | ||||
Land | 30,900 | |||
Building / Construction in Progress & Improvements | 79,313 | |||
Total | 110,213 | |||
Accumulated Depreciation | 23,820 | |||
Total Cost, Net of Accumulated Depreciation | 86,393 | 89,198 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Dimas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 9,141 | |||
Building / Construction in Progress & Improvements | 30,726 | |||
Costs Subsequent to Acquisition / Construction | 125 | |||
Total Cost | ||||
Land | 9,141 | |||
Building / Construction in Progress & Improvements | 30,851 | |||
Total | 39,992 | |||
Accumulated Depreciation | 7,212 | |||
Total Cost, Net of Accumulated Depreciation | 32,780 | 33,915 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendora [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 18,311 | |||
Building / Construction in Progress & Improvements | 64,303 | |||
Costs Subsequent to Acquisition / Construction | 542 | |||
Total Cost | ||||
Land | 18,311 | |||
Building / Construction in Progress & Improvements | 64,845 | |||
Total | 83,156 | |||
Accumulated Depreciation | 12,166 | |||
Total Cost, Net of Accumulated Depreciation | 70,990 | 73,347 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 294 | |||
Initial Cost | ||||
Land and improvements | $ 35,214 | |||
Building / Construction in Progress & Improvements | 119,105 | |||
Costs Subsequent to Acquisition / Construction | 1,742 | |||
Total Cost | ||||
Land | 35,214 | |||
Building / Construction in Progress & Improvements | 120,847 | |||
Total | 156,061 | |||
Accumulated Depreciation | 16,159 | |||
Total Cost, Net of Accumulated Depreciation | 139,902 | 143,523 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mission Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 160 | |||
Initial Cost | ||||
Land and improvements | $ 9,600 | |||
Building / Construction in Progress & Improvements | 37,602 | |||
Costs Subsequent to Acquisition / Construction | 1,627 | |||
Total Cost | ||||
Land | 9,600 | |||
Building / Construction in Progress & Improvements | 39,229 | |||
Total | 48,829 | |||
Accumulated Depreciation | 10,178 | |||
Total Cost, Net of Accumulated Depreciation | 38,651 | 40,139 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Chino Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 331 | |||
Initial Cost | ||||
Land and improvements | $ 16,617 | |||
Building / Construction in Progress & Improvements | 79,829 | |||
Costs Subsequent to Acquisition / Construction | 30 | |||
Total Cost | ||||
Land | 16,617 | |||
Building / Construction in Progress & Improvements | 79,859 | |||
Total | 96,476 | |||
Accumulated Depreciation | 10,846 | |||
Total Cost, Net of Accumulated Depreciation | 85,630 | 89,569 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA North Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 18,408 | |||
Building / Construction in Progress & Improvements | 52,280 | |||
Costs Subsequent to Acquisition / Construction | 2,069 | |||
Total Cost | ||||
Land | 18,408 | |||
Building / Construction in Progress & Improvements | 54,349 | |||
Total | 72,757 | |||
Accumulated Depreciation | 10,083 | |||
Total Cost, Net of Accumulated Depreciation | 62,674 | 64,702 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Simi Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 500 | |||
Initial Cost | ||||
Land and improvements | $ 42,020 | |||
Building / Construction in Progress & Improvements | 73,361 | |||
Costs Subsequent to Acquisition / Construction | 6,555 | |||
Total Cost | ||||
Land | 42,020 | |||
Building / Construction in Progress & Improvements | 79,916 | |||
Total | 121,936 | |||
Accumulated Depreciation | 25,959 | |||
Total Cost, Net of Accumulated Depreciation | 95,977 | 97,812 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 101 | |||
Initial Cost | ||||
Land and improvements | $ 4,626 | |||
Building / Construction in Progress & Improvements | 22,954 | |||
Costs Subsequent to Acquisition / Construction | 7,778 | |||
Total Cost | ||||
Land | 4,626 | |||
Building / Construction in Progress & Improvements | 30,732 | |||
Total | 35,358 | |||
Accumulated Depreciation | 8,821 | |||
Total Cost, Net of Accumulated Depreciation | 26,537 | 27,541 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Studio City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 276 | |||
Initial Cost | ||||
Land and improvements | $ 15,756 | |||
Building / Construction in Progress & Improvements | 78,178 | |||
Costs Subsequent to Acquisition / Construction | 18,092 | |||
Total Cost | ||||
Land | 15,756 | |||
Building / Construction in Progress & Improvements | 96,270 | |||
Total | 112,026 | |||
Accumulated Depreciation | 27,640 | |||
Total Cost, Net of Accumulated Depreciation | 84,386 | 86,885 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Calabasas [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 600 | |||
Initial Cost | ||||
Land and improvements | $ 42,720 | |||
Building / Construction in Progress & Improvements | 107,642 | |||
Costs Subsequent to Acquisition / Construction | 22,787 | |||
Total Cost | ||||
Land | 42,720 | |||
Building / Construction in Progress & Improvements | 130,429 | |||
Total | 173,149 | |||
Accumulated Depreciation | 45,312 | |||
Total Cost, Net of Accumulated Depreciation | 127,837 | 130,597 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oak Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 336 | |||
Initial Cost | ||||
Land and improvements | $ 43,540 | |||
Building / Construction in Progress & Improvements | 79,974 | |||
Costs Subsequent to Acquisition / Construction | 7,049 | |||
Total Cost | ||||
Land | 43,540 | |||
Building / Construction in Progress & Improvements | 87,023 | |||
Total | 130,563 | |||
Accumulated Depreciation | 32,908 | |||
Total Cost, Net of Accumulated Depreciation | 97,655 | 101,247 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Santa Monica on Main [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 133 | |||
Initial Cost | ||||
Land and improvements | $ 32,000 | |||
Building / Construction in Progress & Improvements | 60,770 | |||
Costs Subsequent to Acquisition / Construction | 14,022 | |||
Total Cost | ||||
Land | 32,000 | |||
Building / Construction in Progress & Improvements | 74,792 | |||
Total | 106,792 | |||
Accumulated Depreciation | 21,760 | |||
Total Cost, Net of Accumulated Depreciation | 85,032 | 87,273 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Del Mar Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 347 | |||
Initial Cost | ||||
Land and improvements | $ 20,560 | |||
Building / Construction in Progress & Improvements | 106,556 | |||
Costs Subsequent to Acquisition / Construction | 4,377 | |||
Total Cost | ||||
Land | 20,560 | |||
Building / Construction in Progress & Improvements | 110,933 | |||
Total | 131,493 | |||
Accumulated Depreciation | 32,061 | |||
Total Cost, Net of Accumulated Depreciation | 99,432 | 103,043 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Old Town Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 96 | |||
Initial Cost | ||||
Land and improvements | $ 9,110 | |||
Building / Construction in Progress & Improvements | 15,371 | |||
Costs Subsequent to Acquisition / Construction | 7,302 | |||
Total Cost | ||||
Land | 9,110 | |||
Building / Construction in Progress & Improvements | 22,673 | |||
Total | 31,783 | |||
Accumulated Depreciation | 6,869 | |||
Total Cost, Net of Accumulated Depreciation | 24,914 | 25,730 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Thousand Oaks [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 154 | |||
Initial Cost | ||||
Land and improvements | $ 13,950 | |||
Building / Construction in Progress & Improvements | 20,211 | |||
Costs Subsequent to Acquisition / Construction | 5,247 | |||
Total Cost | ||||
Land | 13,950 | |||
Building / Construction in Progress & Improvements | 25,458 | |||
Total | 39,408 | |||
Accumulated Depreciation | 9,933 | |||
Total Cost, Net of Accumulated Depreciation | 29,475 | 30,784 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Los Feliz [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 263 | |||
Initial Cost | ||||
Land and improvements | $ 18,940 | |||
Building / Construction in Progress & Improvements | 43,661 | |||
Costs Subsequent to Acquisition / Construction | 12,883 | |||
Total Cost | ||||
Land | 18,940 | |||
Building / Construction in Progress & Improvements | 56,544 | |||
Total | 75,484 | |||
Accumulated Depreciation | 16,799 | |||
Total Cost, Net of Accumulated Depreciation | 58,685 | 60,126 | ||
Encumbrances | $ 41,400 | |||
Current Communities | AVA Toluca Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 1,151 | |||
Initial Cost | ||||
Land and improvements | $ 86,450 | |||
Building / Construction in Progress & Improvements | 161,256 | |||
Costs Subsequent to Acquisition / Construction | 90,048 | |||
Total Cost | ||||
Land | 86,450 | |||
Building / Construction in Progress & Improvements | 251,304 | |||
Total | 337,754 | |||
Accumulated Depreciation | 66,816 | |||
Total Cost, Net of Accumulated Depreciation | 270,938 | 279,477 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Woodland Hills [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 883 | |||
Initial Cost | ||||
Land and improvements | $ 68,940 | |||
Building / Construction in Progress & Improvements | 90,549 | |||
Costs Subsequent to Acquisition / Construction | 17,757 | |||
Total Cost | ||||
Land | 68,940 | |||
Building / Construction in Progress & Improvements | 108,306 | |||
Total | 177,246 | |||
Accumulated Depreciation | 38,484 | |||
Total Cost, Net of Accumulated Depreciation | 138,762 | 138,107 | ||
Encumbrances | $ 111,500 | |||
Current Communities | Avalon Thousand Oaks Plaza [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 148 | |||
Initial Cost | ||||
Land and improvements | $ 12,810 | |||
Building / Construction in Progress & Improvements | 22,581 | |||
Costs Subsequent to Acquisition / Construction | 2,714 | |||
Total Cost | ||||
Land | 12,810 | |||
Building / Construction in Progress & Improvements | 25,295 | |||
Total | 38,105 | |||
Accumulated Depreciation | 9,238 | |||
Total Cost, Net of Accumulated Depreciation | 28,867 | 29,749 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Pasadena [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 120 | |||
Initial Cost | ||||
Land and improvements | $ 10,240 | |||
Building / Construction in Progress & Improvements | 31,558 | |||
Costs Subsequent to Acquisition / Construction | 6,801 | |||
Total Cost | ||||
Land | 10,240 | |||
Building / Construction in Progress & Improvements | 38,359 | |||
Total | 48,599 | |||
Accumulated Depreciation | 11,400 | |||
Total Cost, Net of Accumulated Depreciation | 37,199 | 38,562 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 450 | |||
Initial Cost | ||||
Land and improvements | $ 17,658 | |||
Building / Construction in Progress & Improvements | 90,715 | |||
Costs Subsequent to Acquisition / Construction | 36,469 | |||
Total Cost | ||||
Land | 17,658 | |||
Building / Construction in Progress & Improvements | 127,184 | |||
Total | 144,842 | |||
Accumulated Depreciation | 34,710 | |||
Total Cost, Net of Accumulated Depreciation | 110,132 | 113,607 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Newport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 145 | |||
Initial Cost | ||||
Land and improvements | $ 1,975 | |||
Building / Construction in Progress & Improvements | 3,814 | |||
Costs Subsequent to Acquisition / Construction | 10,040 | |||
Total Cost | ||||
Land | 1,975 | |||
Building / Construction in Progress & Improvements | 13,854 | |||
Total | 15,829 | |||
Accumulated Depreciation | 8,415 | |||
Total Cost, Net of Accumulated Depreciation | 7,414 | 7,797 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mission Viejo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 166 | |||
Initial Cost | ||||
Land and improvements | $ 2,517 | |||
Building / Construction in Progress & Improvements | 9,257 | |||
Costs Subsequent to Acquisition / Construction | 4,453 | |||
Total Cost | ||||
Land | 2,517 | |||
Building / Construction in Progress & Improvements | 13,710 | |||
Total | 16,227 | |||
Accumulated Depreciation | 10,312 | |||
Total Cost, Net of Accumulated Depreciation | 5,915 | 6,066 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves South Coast [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 258 | |||
Initial Cost | ||||
Land and improvements | $ 4,709 | |||
Building / Construction in Progress & Improvements | 16,063 | |||
Costs Subsequent to Acquisition / Construction | 13,852 | |||
Total Cost | ||||
Land | 4,709 | |||
Building / Construction in Progress & Improvements | 29,915 | |||
Total | 34,624 | |||
Accumulated Depreciation | 19,944 | |||
Total Cost, Net of Accumulated Depreciation | 14,680 | 15,673 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Santa Margarita [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 301 | |||
Initial Cost | ||||
Land and improvements | $ 4,607 | |||
Building / Construction in Progress & Improvements | 16,911 | |||
Costs Subsequent to Acquisition / Construction | 11,940 | |||
Total Cost | ||||
Land | 4,607 | |||
Building / Construction in Progress & Improvements | 28,851 | |||
Total | 33,458 | |||
Accumulated Depreciation | 18,974 | |||
Total Cost, Net of Accumulated Depreciation | 14,484 | 15,207 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Huntington Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 304 | |||
Initial Cost | ||||
Land and improvements | $ 4,871 | |||
Building / Construction in Progress & Improvements | 19,745 | |||
Costs Subsequent to Acquisition / Construction | 11,461 | |||
Total Cost | ||||
Land | 4,871 | |||
Building / Construction in Progress & Improvements | 31,206 | |||
Total | 36,077 | |||
Accumulated Depreciation | 23,463 | |||
Total Cost, Net of Accumulated Depreciation | 12,614 | 13,657 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine I [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 279 | |||
Initial Cost | ||||
Land and improvements | $ 9,911 | |||
Building / Construction in Progress & Improvements | 67,520 | |||
Costs Subsequent to Acquisition / Construction | 2,555 | |||
Total Cost | ||||
Land | 9,911 | |||
Building / Construction in Progress & Improvements | 70,075 | |||
Total | 79,986 | |||
Accumulated Depreciation | 26,972 | |||
Total Cost, Net of Accumulated Depreciation | 53,014 | 54,867 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 179 | |||
Initial Cost | ||||
Land and improvements | $ 4,358 | |||
Building / Construction in Progress & Improvements | 40,905 | |||
Costs Subsequent to Acquisition / Construction | 429 | |||
Total Cost | ||||
Land | 4,358 | |||
Building / Construction in Progress & Improvements | 41,334 | |||
Total | 45,692 | |||
Accumulated Depreciation | 11,644 | |||
Total Cost, Net of Accumulated Depreciation | 34,048 | 35,396 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Lake Forest [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 225 | |||
Initial Cost | ||||
Land and improvements | $ 5,199 | |||
Building / Construction in Progress & Improvements | 21,134 | |||
Costs Subsequent to Acquisition / Construction | 4,411 | |||
Total Cost | ||||
Land | 5,199 | |||
Building / Construction in Progress & Improvements | 25,545 | |||
Total | 30,744 | |||
Accumulated Depreciation | 8,928 | |||
Total Cost, Net of Accumulated Depreciation | 21,816 | 23,044 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Baker Ranch [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 430 | |||
Initial Cost | ||||
Land and improvements | $ 31,689 | |||
Building / Construction in Progress & Improvements | 98,004 | |||
Costs Subsequent to Acquisition / Construction | 85 | |||
Total Cost | ||||
Land | 31,689 | |||
Building / Construction in Progress & Improvements | 98,089 | |||
Total | 129,778 | |||
Accumulated Depreciation | 20,193 | |||
Total Cost, Net of Accumulated Depreciation | 109,585 | 113,169 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine III [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 156 | |||
Initial Cost | ||||
Land and improvements | $ 11,607 | |||
Building / Construction in Progress & Improvements | 43,973 | |||
Costs Subsequent to Acquisition / Construction | 65 | |||
Total Cost | ||||
Land | 11,607 | |||
Building / Construction in Progress & Improvements | 44,038 | |||
Total | 55,645 | |||
Accumulated Depreciation | 7,663 | |||
Total Cost, Net of Accumulated Depreciation | 47,982 | 49,581 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 378 | |||
Initial Cost | ||||
Land and improvements | $ 13,055 | |||
Building / Construction in Progress & Improvements | 105,981 | |||
Costs Subsequent to Acquisition / Construction | 527 | |||
Total Cost | ||||
Land | 13,055 | |||
Building / Construction in Progress & Improvements | 106,508 | |||
Total | 119,563 | |||
Accumulated Depreciation | 16,553 | |||
Total Cost, Net of Accumulated Depreciation | 103,010 | 106,776 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pacific Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 564 | |||
Initial Cost | ||||
Land and improvements | $ 9,922 | |||
Building / Construction in Progress & Improvements | 40,580 | |||
Costs Subsequent to Acquisition / Construction | 42,504 | |||
Total Cost | ||||
Land | 9,922 | |||
Building / Construction in Progress & Improvements | 83,084 | |||
Total | 93,006 | |||
Accumulated Depreciation | 49,934 | |||
Total Cost, Net of Accumulated Depreciation | 43,072 | 45,340 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Mission Ridge [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 200 | |||
Initial Cost | ||||
Land and improvements | $ 2,710 | |||
Building / Construction in Progress & Improvements | 10,924 | |||
Costs Subsequent to Acquisition / Construction | 13,546 | |||
Total Cost | ||||
Land | 2,710 | |||
Building / Construction in Progress & Improvements | 24,470 | |||
Total | 27,180 | |||
Accumulated Depreciation | 17,558 | |||
Total Cost, Net of Accumulated Depreciation | 9,622 | 10,471 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Cortez Hill [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 299 | |||
Initial Cost | ||||
Land and improvements | $ 2,768 | |||
Building / Construction in Progress & Improvements | 20,134 | |||
Costs Subsequent to Acquisition / Construction | 25,170 | |||
Total Cost | ||||
Land | 2,768 | |||
Building / Construction in Progress & Improvements | 45,304 | |||
Total | 48,072 | |||
Accumulated Depreciation | 28,143 | |||
Total Cost, Net of Accumulated Depreciation | 19,929 | 21,012 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves San Marcos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 184 | |||
Initial Cost | ||||
Land and improvements | $ 3,277 | |||
Building / Construction in Progress & Improvements | 13,385 | |||
Costs Subsequent to Acquisition / Construction | 5,211 | |||
Total Cost | ||||
Land | 3,277 | |||
Building / Construction in Progress & Improvements | 18,596 | |||
Total | 21,873 | |||
Accumulated Depreciation | 5,658 | |||
Total Cost, Net of Accumulated Depreciation | 16,215 | 16,800 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Rancho Penasquitos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 6,692 | |||
Building / Construction in Progress & Improvements | 27,143 | |||
Costs Subsequent to Acquisition / Construction | 5,901 | |||
Total Cost | ||||
Land | 6,692 | |||
Building / Construction in Progress & Improvements | 33,044 | |||
Total | 39,736 | |||
Accumulated Depreciation | 11,105 | |||
Total Cost, Net of Accumulated Depreciation | 28,631 | 29,085 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Vista [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 221 | |||
Initial Cost | ||||
Land and improvements | $ 12,689 | |||
Building / Construction in Progress & Improvements | 43,328 | |||
Costs Subsequent to Acquisition / Construction | 476 | |||
Total Cost | ||||
Land | 12,689 | |||
Building / Construction in Progress & Improvements | 43,804 | |||
Total | 56,493 | |||
Accumulated Depreciation | 9,091 | |||
Total Cost, Net of Accumulated Depreciation | 47,402 | 48,862 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves La Mesa [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 168 | |||
Initial Cost | ||||
Land and improvements | $ 9,490 | |||
Building / Construction in Progress & Improvements | 28,482 | |||
Costs Subsequent to Acquisition / Construction | 3,338 | |||
Total Cost | ||||
Land | 9,490 | |||
Building / Construction in Progress & Improvements | 31,820 | |||
Total | 41,310 | |||
Accumulated Depreciation | 11,666 | |||
Total Cost, Net of Accumulated Depreciation | 29,644 | 30,880 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon La Jolla Colony [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 180 | |||
Initial Cost | ||||
Land and improvements | $ 16,760 | |||
Building / Construction in Progress & Improvements | 27,694 | |||
Costs Subsequent to Acquisition / Construction | 12,062 | |||
Total Cost | ||||
Land | 16,760 | |||
Building / Construction in Progress & Improvements | 39,756 | |||
Total | 56,516 | |||
Accumulated Depreciation | 12,955 | |||
Total Cost, Net of Accumulated Depreciation | 43,561 | 45,624 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Denver West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 8,047 | |||
Building / Construction in Progress & Improvements | 67,820 | |||
Costs Subsequent to Acquisition / Construction | 1,903 | |||
Total Cost | ||||
Land | 8,047 | |||
Building / Construction in Progress & Improvements | 69,723 | |||
Total | 77,770 | |||
Accumulated Depreciation | 11,204 | |||
Total Cost, Net of Accumulated Depreciation | 66,566 | 69,273 | ||
Encumbrances | $ 0 | |||
Current Communities | 850 Boca [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 370 | |||
Initial Cost | ||||
Land and improvements | $ 21,430 | |||
Building / Construction in Progress & Improvements | 114,085 | |||
Costs Subsequent to Acquisition / Construction | 4,134 | |||
Total Cost | ||||
Land | 21,430 | |||
Building / Construction in Progress & Improvements | 118,219 | |||
Total | 139,649 | |||
Accumulated Depreciation | 17,589 | |||
Total Cost, Net of Accumulated Depreciation | 122,060 | 126,509 | ||
Encumbrances | $ 0 | |||
Current Communities | The Alexander & Alexander Lofts | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 290 | |||
Initial Cost | ||||
Land and improvements | $ 9,597 | |||
Building / Construction in Progress & Improvements | 90,950 | |||
Costs Subsequent to Acquisition / Construction | 3,286 | |||
Total Cost | ||||
Land | 9,597 | |||
Building / Construction in Progress & Improvements | 94,236 | |||
Total | 103,833 | |||
Accumulated Depreciation | 10,934 | |||
Total Cost, Net of Accumulated Depreciation | 92,899 | 96,306 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Easton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 290 | |||
Initial Cost | ||||
Land and improvements | $ 3,170 | |||
Building / Construction in Progress & Improvements | 60,837 | |||
Costs Subsequent to Acquisition / Construction | 134 | |||
Total Cost | ||||
Land | 3,170 | |||
Building / Construction in Progress & Improvements | 60,971 | |||
Total | 64,141 | |||
Accumulated Depreciation | 8,059 | |||
Total Cost, Net of Accumulated Depreciation | 56,082 | 58,660 | ||
Encumbrances | $ 0 | |||
Boston, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 8,421 | |||
Initial Cost | ||||
Land and improvements | $ 291,544 | |||
Building / Construction in Progress & Improvements | 1,715,472 | |||
Costs Subsequent to Acquisition / Construction | 377,781 | |||
Total Cost | ||||
Land | 291,544 | |||
Building / Construction in Progress & Improvements | 2,093,253 | |||
Total | 2,384,797 | |||
Accumulated Depreciation | 681,698 | |||
Total Cost, Net of Accumulated Depreciation | 1,703,099 | 1,766,853 | ||
Encumbrances | $ 81,399 | |||
Fairfield, CT | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 946 | |||
Initial Cost | ||||
Land and improvements | $ 35,591 | |||
Building / Construction in Progress & Improvements | 171,567 | |||
Costs Subsequent to Acquisition / Construction | 25,770 | |||
Total Cost | ||||
Land | 35,591 | |||
Building / Construction in Progress & Improvements | 197,337 | |||
Total | 232,928 | |||
Accumulated Depreciation | 87,161 | |||
Total Cost, Net of Accumulated Depreciation | 145,767 | 151,899 | ||
Encumbrances | $ 0 | |||
New England | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 9,367 | |||
Initial Cost | ||||
Land and improvements | $ 327,135 | |||
Building / Construction in Progress & Improvements | 1,887,039 | |||
Costs Subsequent to Acquisition / Construction | 403,551 | |||
Total Cost | ||||
Land | 327,135 | |||
Building / Construction in Progress & Improvements | 2,290,590 | |||
Total | 2,617,725 | |||
Accumulated Depreciation | 768,859 | |||
Total Cost, Net of Accumulated Depreciation | 1,848,866 | 1,918,752 | ||
Encumbrances | $ 81,399 | |||
New York City, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 3,788 | |||
Initial Cost | ||||
Land and improvements | $ 537,330 | |||
Building / Construction in Progress & Improvements | 1,268,976 | |||
Costs Subsequent to Acquisition / Construction | 104,616 | |||
Total Cost | ||||
Land | 537,330 | |||
Building / Construction in Progress & Improvements | 1,373,592 | |||
Total | 1,910,922 | |||
Accumulated Depreciation | 420,655 | |||
Total Cost, Net of Accumulated Depreciation | 1,490,267 | 1,530,637 | ||
Encumbrances | $ 362,000 | |||
New York - Suburban | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 3,970 | |||
Initial Cost | ||||
Land and improvements | $ 250,431 | |||
Building / Construction in Progress & Improvements | 855,186 | |||
Costs Subsequent to Acquisition / Construction | 74,987 | |||
Total Cost | ||||
Land | 250,431 | |||
Building / Construction in Progress & Improvements | 930,173 | |||
Total | 1,180,604 | |||
Accumulated Depreciation | 340,678 | |||
Total Cost, Net of Accumulated Depreciation | 839,926 | 870,381 | ||
Encumbrances | $ 74,370 | |||
New Jersey | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 5,017 | |||
Initial Cost | ||||
Land and improvements | $ 200,958 | |||
Building / Construction in Progress & Improvements | 834,570 | |||
Costs Subsequent to Acquisition / Construction | 108,470 | |||
Total Cost | ||||
Land | 200,958 | |||
Building / Construction in Progress & Improvements | 943,040 | |||
Total | 1,143,998 | |||
Accumulated Depreciation | 330,039 | |||
Total Cost, Net of Accumulated Depreciation | 813,959 | 843,603 | ||
Encumbrances | $ 0 | |||
Metro NY/NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 12,775 | |||
Initial Cost | ||||
Land and improvements | $ 988,719 | |||
Building / Construction in Progress & Improvements | 2,958,732 | |||
Costs Subsequent to Acquisition / Construction | 288,073 | |||
Total Cost | ||||
Land | 988,719 | |||
Building / Construction in Progress & Improvements | 3,246,805 | |||
Total | 4,235,524 | |||
Accumulated Depreciation | 1,091,372 | |||
Total Cost, Net of Accumulated Depreciation | 3,144,152 | 3,244,621 | ||
Encumbrances | $ 436,370 | |||
Mid-Atlantic | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 13,494 | |||
Initial Cost | ||||
Land and improvements | $ 752,909 | |||
Building / Construction in Progress & Improvements | 2,460,097 | |||
Costs Subsequent to Acquisition / Construction | 298,954 | |||
Total Cost | ||||
Land | 752,909 | |||
Building / Construction in Progress & Improvements | 2,759,051 | |||
Total | 3,511,960 | |||
Accumulated Depreciation | 893,884 | |||
Total Cost, Net of Accumulated Depreciation | 2,618,076 | 2,697,160 | ||
Encumbrances | $ 32,200 | |||
Pacific Northwest | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 4,116 | |||
Initial Cost | ||||
Land and improvements | $ 154,512 | |||
Building / Construction in Progress & Improvements | 796,103 | |||
Costs Subsequent to Acquisition / Construction | 45,702 | |||
Total Cost | ||||
Land | 154,512 | |||
Building / Construction in Progress & Improvements | 841,805 | |||
Total | 996,317 | |||
Accumulated Depreciation | 280,758 | |||
Total Cost, Net of Accumulated Depreciation | 715,559 | 741,202 | ||
Encumbrances | $ 0 | |||
San Jose, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 3,840 | |||
Initial Cost | ||||
Land and improvements | $ 206,175 | |||
Building / Construction in Progress & Improvements | 635,574 | |||
Costs Subsequent to Acquisition / Construction | 156,273 | |||
Total Cost | ||||
Land | 206,175 | |||
Building / Construction in Progress & Improvements | 791,847 | |||
Total | 998,022 | |||
Accumulated Depreciation | 423,824 | |||
Total Cost, Net of Accumulated Depreciation | 574,198 | 598,106 | ||
Encumbrances | $ 0 | |||
Oakland - East Bay, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 3,847 | |||
Initial Cost | ||||
Land and improvements | $ 140,598 | |||
Building / Construction in Progress & Improvements | 742,550 | |||
Costs Subsequent to Acquisition / Construction | 107,534 | |||
Total Cost | ||||
Land | 140,598 | |||
Building / Construction in Progress & Improvements | 850,084 | |||
Total | 990,682 | |||
Accumulated Depreciation | 343,081 | |||
Total Cost, Net of Accumulated Depreciation | 647,601 | 671,994 | ||
Encumbrances | $ 4,001 | |||
San Francisco, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 3,267 | |||
Initial Cost | ||||
Land and improvements | $ 229,686 | |||
Building / Construction in Progress & Improvements | 893,301 | |||
Costs Subsequent to Acquisition / Construction | 90,235 | |||
Total Cost | ||||
Land | 229,686 | |||
Building / Construction in Progress & Improvements | 983,536 | |||
Total | 1,213,222 | |||
Accumulated Depreciation | 352,220 | |||
Total Cost, Net of Accumulated Depreciation | 861,002 | 893,771 | ||
Encumbrances | $ 142,694 | |||
Northern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 10,954 | |||
Initial Cost | ||||
Land and improvements | $ 576,459 | |||
Building / Construction in Progress & Improvements | 2,271,425 | |||
Costs Subsequent to Acquisition / Construction | 354,042 | |||
Total Cost | ||||
Land | 576,459 | |||
Building / Construction in Progress & Improvements | 2,625,467 | |||
Total | 3,201,926 | |||
Accumulated Depreciation | 1,119,125 | |||
Total Cost, Net of Accumulated Depreciation | 2,082,801 | 2,163,871 | ||
Encumbrances | $ 146,695 | |||
Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 11,492 | |||
Initial Cost | ||||
Land and improvements | $ 725,638 | |||
Building / Construction in Progress & Improvements | 2,006,163 | |||
Costs Subsequent to Acquisition / Construction | 447,144 | |||
Total Cost | ||||
Land | 725,638 | |||
Building / Construction in Progress & Improvements | 2,453,307 | |||
Total | 3,178,945 | |||
Accumulated Depreciation | 815,796 | |||
Total Cost, Net of Accumulated Depreciation | 2,363,149 | 2,435,256 | ||
Encumbrances | $ 152,900 | |||
Orange County, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 2,821 | |||
Initial Cost | ||||
Land and improvements | $ 94,498 | |||
Building / Construction in Progress & Improvements | 443,307 | |||
Costs Subsequent to Acquisition / Construction | 59,818 | |||
Total Cost | ||||
Land | 94,498 | |||
Building / Construction in Progress & Improvements | 503,125 | |||
Total | 597,623 | |||
Accumulated Depreciation | 173,061 | |||
Total Cost, Net of Accumulated Depreciation | 424,562 | 441,233 | ||
Encumbrances | $ 0 | |||
San Diego, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 2,066 | |||
Initial Cost | ||||
Land and improvements | $ 64,308 | |||
Building / Construction in Progress & Improvements | 211,670 | |||
Costs Subsequent to Acquisition / Construction | 108,208 | |||
Total Cost | ||||
Land | 64,308 | |||
Building / Construction in Progress & Improvements | 319,878 | |||
Total | 384,186 | |||
Accumulated Depreciation | 146,110 | |||
Total Cost, Net of Accumulated Depreciation | 238,076 | 248,074 | ||
Encumbrances | $ 0 | |||
Southern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 16,379 | |||
Initial Cost | ||||
Land and improvements | $ 884,444 | |||
Building / Construction in Progress & Improvements | 2,661,140 | |||
Costs Subsequent to Acquisition / Construction | 615,170 | |||
Total Cost | ||||
Land | 884,444 | |||
Building / Construction in Progress & Improvements | 3,276,310 | |||
Total | 4,160,754 | |||
Accumulated Depreciation | 1,134,967 | |||
Total Cost, Net of Accumulated Depreciation | 3,025,787 | 3,124,563 | ||
Encumbrances | $ 152,900 | |||
Denver, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 8,047 | |||
Building / Construction in Progress & Improvements | 67,820 | |||
Costs Subsequent to Acquisition / Construction | 1,903 | |||
Total Cost | ||||
Land | 8,047 | |||
Building / Construction in Progress & Improvements | 69,723 | |||
Total | 77,770 | |||
Accumulated Depreciation | 11,204 | |||
Total Cost, Net of Accumulated Depreciation | 66,566 | 69,273 | ||
Encumbrances | $ 0 | |||
Southeast Florida | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 660 | |||
Initial Cost | ||||
Land and improvements | $ 31,027 | |||
Building / Construction in Progress & Improvements | 205,035 | |||
Costs Subsequent to Acquisition / Construction | 7,420 | |||
Total Cost | ||||
Land | 31,027 | |||
Building / Construction in Progress & Improvements | 212,455 | |||
Total | 243,482 | |||
Accumulated Depreciation | 28,523 | |||
Total Cost, Net of Accumulated Depreciation | 214,959 | 222,815 | ||
Encumbrances | $ 0 | |||
Expansion Markets | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 912 | |||
Initial Cost | ||||
Land and improvements | $ 39,074 | |||
Building / Construction in Progress & Improvements | 272,855 | |||
Costs Subsequent to Acquisition / Construction | 9,323 | |||
Total Cost | ||||
Land | 39,074 | |||
Building / Construction in Progress & Improvements | 282,178 | |||
Total | 321,252 | |||
Accumulated Depreciation | 39,727 | |||
Total Cost, Net of Accumulated Depreciation | 281,525 | 292,088 | ||
Encumbrances | $ 0 | |||
Established Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 67,997 | |||
Initial Cost | ||||
Land and improvements | $ 3,723,252 | |||
Building / Construction in Progress & Improvements | 13,307,391 | |||
Costs Subsequent to Acquisition / Construction | 2,014,815 | |||
Total Cost | ||||
Land | 3,723,252 | |||
Building / Construction in Progress & Improvements | 15,322,206 | |||
Total | 19,045,458 | |||
Accumulated Depreciation | 5,328,692 | |||
Total Cost, Net of Accumulated Depreciation | 13,716,766 | 14,182,257 | ||
Encumbrances | $ 849,564 | |||
Lease-Up Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 2,999 | |||
Initial Cost | ||||
Land and improvements | $ 150,887 | |||
Building / Construction in Progress & Improvements | 932,324 | |||
Costs Subsequent to Acquisition / Construction | 3,335 | |||
Total Cost | ||||
Land | 150,887 | |||
Building / Construction in Progress & Improvements | 935,659 | |||
Total | 1,086,546 | |||
Accumulated Depreciation | 34,373 | |||
Total Cost, Net of Accumulated Depreciation | 1,052,173 | 954,196 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Public Market [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 289 | |||
Initial Cost | ||||
Land and improvements | $ 27,390 | |||
Building / Construction in Progress & Improvements | 142,843 | |||
Costs Subsequent to Acquisition / Construction | 11 | |||
Total Cost | ||||
Land | 27,390 | |||
Building / Construction in Progress & Improvements | 142,854 | |||
Total | 170,244 | |||
Accumulated Depreciation | 5,037 | |||
Total Cost, Net of Accumulated Depreciation | 165,207 | 152,921 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Walnut Creek II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 200 | |||
Initial Cost | ||||
Land and improvements | $ 1,663 | |||
Building / Construction in Progress & Improvements | 109,026 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 1,663 | |||
Building / Construction in Progress & Improvements | 109,026 | |||
Total | 110,689 | |||
Accumulated Depreciation | 1,188 | |||
Total Cost, Net of Accumulated Depreciation | 109,501 | 86,978 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Doral [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 21,884 | |||
Building / Construction in Progress & Improvements | 88,245 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 21,884 | |||
Building / Construction in Progress & Improvements | 88,245 | |||
Total | 110,129 | |||
Accumulated Depreciation | 808 | |||
Total Cost, Net of Accumulated Depreciation | 109,321 | 82,807 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Saugus [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 280 | |||
Initial Cost | ||||
Land and improvements | $ 17,801 | |||
Building / Construction in Progress & Improvements | 72,460 | |||
Costs Subsequent to Acquisition / Construction | 1,068 | |||
Total Cost | ||||
Land | 17,801 | |||
Building / Construction in Progress & Improvements | 73,528 | |||
Total | 91,329 | |||
Accumulated Depreciation | 4,361 | |||
Total Cost, Net of Accumulated Depreciation | 86,968 | 87,955 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Norwood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 198 | |||
Initial Cost | ||||
Land and improvements | $ 9,436 | |||
Building / Construction in Progress & Improvements | 50,958 | |||
Costs Subsequent to Acquisition / Construction | 933 | |||
Total Cost | ||||
Land | 9,436 | |||
Building / Construction in Progress & Improvements | 51,891 | |||
Total | 61,327 | |||
Accumulated Depreciation | 2,378 | |||
Total Cost, Net of Accumulated Depreciation | 58,949 | 57,590 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Marlborough II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 123 | |||
Initial Cost | ||||
Land and improvements | $ 5,522 | |||
Building / Construction in Progress & Improvements | 34,594 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 5,522 | |||
Building / Construction in Progress & Improvements | 34,594 | |||
Total | 40,116 | |||
Accumulated Depreciation | 326 | |||
Total Cost, Net of Accumulated Depreciation | 39,790 | 15,293 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Towson [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 371 | |||
Initial Cost | ||||
Land and improvements | $ 12,876 | |||
Building / Construction in Progress & Improvements | 95,269 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 12,876 | |||
Building / Construction in Progress & Improvements | 95,269 | |||
Total | 108,145 | |||
Accumulated Depreciation | 1,657 | |||
Total Cost, Net of Accumulated Depreciation | 106,488 | 86,409 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Boonton [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 3,592 | |||
Building / Construction in Progress & Improvements | 88,933 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 3,592 | |||
Building / Construction in Progress & Improvements | 88,933 | |||
Total | 92,525 | |||
Accumulated Depreciation | 5,219 | |||
Total Cost, Net of Accumulated Depreciation | 87,306 | 89,741 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Teaneck [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 248 | |||
Initial Cost | ||||
Land and improvements | $ 12,587 | |||
Building / Construction in Progress & Improvements | 59,929 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 12,587 | |||
Building / Construction in Progress & Improvements | 59,929 | |||
Total | 72,516 | |||
Accumulated Depreciation | 2,916 | |||
Total Cost, Net of Accumulated Depreciation | 69,600 | 70,333 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon Belltown Towers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 274 | |||
Initial Cost | ||||
Land and improvements | $ 24,638 | |||
Building / Construction in Progress & Improvements | 121,065 | |||
Costs Subsequent to Acquisition / Construction | 1,323 | |||
Total Cost | ||||
Land | 24,638 | |||
Building / Construction in Progress & Improvements | 122,388 | |||
Total | 147,026 | |||
Accumulated Depreciation | 6,838 | |||
Total Cost, Net of Accumulated Depreciation | 140,188 | 144,328 | ||
Encumbrances | $ 0 | |||
Lease-Up Communities | Avalon North Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 316 | |||
Initial Cost | ||||
Land and improvements | $ 13,498 | |||
Building / Construction in Progress & Improvements | 69,002 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 13,498 | |||
Building / Construction in Progress & Improvements | 69,002 | |||
Total | 82,500 | |||
Accumulated Depreciation | 3,645 | |||
Total Cost, Net of Accumulated Depreciation | 78,855 | 79,841 | ||
Encumbrances | $ 0 | |||
Redevelopment Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 344 | |||
Initial Cost | ||||
Land and improvements | $ 7,291 | |||
Building / Construction in Progress & Improvements | 29,177 | |||
Costs Subsequent to Acquisition / Construction | 19,199 | |||
Total Cost | ||||
Land | 7,291 | |||
Building / Construction in Progress & Improvements | 48,376 | |||
Total | 55,667 | |||
Accumulated Depreciation | 33,782 | |||
Total Cost, Net of Accumulated Depreciation | 21,885 | 20,825 | ||
Encumbrances | $ 0 | |||
Redevelopment Communities | AVA Ballston [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 344 | |||
Initial Cost | ||||
Land and improvements | $ 7,291 | |||
Building / Construction in Progress & Improvements | 29,177 | |||
Costs Subsequent to Acquisition / Construction | 19,199 | |||
Total Cost | ||||
Land | 7,291 | |||
Building / Construction in Progress & Improvements | 48,376 | |||
Total | 55,667 | |||
Accumulated Depreciation | 33,782 | |||
Total Cost, Net of Accumulated Depreciation | 21,885 | 20,825 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 5,635 | |||
Initial Cost | ||||
Land and improvements | $ 322,984 | |||
Building / Construction in Progress & Improvements | 1,180,727 | |||
Costs Subsequent to Acquisition / Construction | 134,285 | |||
Total Cost | ||||
Land | 322,984 | |||
Building / Construction in Progress & Improvements | 1,315,012 | |||
Total | 1,637,996 | |||
Accumulated Depreciation | 262,006 | |||
Total Cost, Net of Accumulated Depreciation | 1,375,990 | 1,424,938 | ||
Encumbrances | $ 30,250 | |||
Other Stabilized Communities | Avalon Cerritos [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 132 | |||
Initial Cost | ||||
Land and improvements | $ 8,869 | |||
Building / Construction in Progress & Improvements | 51,452 | |||
Costs Subsequent to Acquisition / Construction | 611 | |||
Total Cost | ||||
Land | 8,869 | |||
Building / Construction in Progress & Improvements | 52,063 | |||
Total | 60,932 | |||
Accumulated Depreciation | 4,106 | |||
Total Cost, Net of Accumulated Depreciation | 56,826 | 58,779 | ||
Encumbrances | $ 30,250 | |||
Other Stabilized Communities | Eaves West Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 873 | |||
Initial Cost | ||||
Land and improvements | $ 90,890 | |||
Building / Construction in Progress & Improvements | 132,040 | |||
Costs Subsequent to Acquisition / Construction | 13,434 | |||
Total Cost | ||||
Land | 90,890 | |||
Building / Construction in Progress & Improvements | 145,474 | |||
Total | 236,364 | |||
Accumulated Depreciation | 48,144 | |||
Total Cost, Net of Accumulated Depreciation | 188,220 | 191,439 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Eaves Seal Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 549 | |||
Initial Cost | ||||
Land and improvements | $ 46,790 | |||
Building / Construction in Progress & Improvements | 99,999 | |||
Costs Subsequent to Acquisition / Construction | 37,814 | |||
Total Cost | ||||
Land | 46,790 | |||
Building / Construction in Progress & Improvements | 137,813 | |||
Total | 184,603 | |||
Accumulated Depreciation | 36,618 | |||
Total Cost, Net of Accumulated Depreciation | 147,985 | 151,864 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Eaves Stamford [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 238 | |||
Initial Cost | ||||
Land and improvements | $ 5,956 | |||
Building / Construction in Progress & Improvements | 23,993 | |||
Costs Subsequent to Acquisition / Construction | 14,991 | |||
Total Cost | ||||
Land | 5,956 | |||
Building / Construction in Progress & Improvements | 38,984 | |||
Total | 44,940 | |||
Accumulated Depreciation | 28,261 | |||
Total Cost, Net of Accumulated Depreciation | 16,679 | 17,338 | ||
Encumbrances | ||||
Other Stabilized Communities | Avalon Meadows at Castle Rock | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 8,527 | |||
Building / Construction in Progress & Improvements | 64,564 | |||
Costs Subsequent to Acquisition / Construction | 816 | |||
Total Cost | ||||
Land | 8,527 | |||
Building / Construction in Progress & Improvements | 65,380 | |||
Total | 73,907 | |||
Accumulated Depreciation | 7,177 | |||
Total Cost, Net of Accumulated Depreciation | 66,730 | 69,266 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Red Rocks | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 256 | |||
Initial Cost | ||||
Land and improvements | $ 4,461 | |||
Building / Construction in Progress & Improvements | 70,111 | |||
Costs Subsequent to Acquisition / Construction | 1,494 | |||
Total Cost | ||||
Land | 4,461 | |||
Building / Construction in Progress & Improvements | 71,605 | |||
Total | 76,066 | |||
Accumulated Depreciation | 8,324 | |||
Total Cost, Net of Accumulated Depreciation | 67,742 | 70,604 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Southlands [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 338 | |||
Initial Cost | ||||
Land and improvements | $ 5,101 | |||
Building / Construction in Progress & Improvements | 85,184 | |||
Costs Subsequent to Acquisition / Construction | 1,534 | |||
Total Cost | ||||
Land | 5,101 | |||
Building / Construction in Progress & Improvements | 86,718 | |||
Total | 91,819 | |||
Accumulated Depreciation | 8,763 | |||
Total Cost, Net of Accumulated Depreciation | 83,056 | 86,815 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Bonterra [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 314 | |||
Initial Cost | ||||
Land and improvements | $ 16,655 | |||
Building / Construction in Progress & Improvements | 70,822 | |||
Costs Subsequent to Acquisition / Construction | 2,585 | |||
Total Cost | ||||
Land | 16,655 | |||
Building / Construction in Progress & Improvements | 73,407 | |||
Total | 90,062 | |||
Accumulated Depreciation | 7,437 | |||
Total Cost, Net of Accumulated Depreciation | 82,625 | 86,934 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Toscana [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 240 | |||
Initial Cost | ||||
Land and improvements | $ 9,213 | |||
Building / Construction in Progress & Improvements | 49,705 | |||
Costs Subsequent to Acquisition / Construction | 1,464 | |||
Total Cost | ||||
Land | 9,213 | |||
Building / Construction in Progress & Improvements | 51,169 | |||
Total | 60,382 | |||
Accumulated Depreciation | 3,841 | |||
Total Cost, Net of Accumulated Depreciation | 56,541 | 60,217 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon at the Hingham Shipyard II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 190 | |||
Initial Cost | ||||
Land and improvements | $ 8,998 | |||
Building / Construction in Progress & Improvements | 55,358 | |||
Costs Subsequent to Acquisition / Construction | 16 | |||
Total Cost | ||||
Land | 8,998 | |||
Building / Construction in Progress & Improvements | 55,374 | |||
Total | 64,372 | |||
Accumulated Depreciation | 4,553 | |||
Total Cost, Net of Accumulated Depreciation | 59,819 | 61,335 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Sudbury [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 250 | |||
Initial Cost | ||||
Land and improvements | $ 20,248 | |||
Building / Construction in Progress & Improvements | 66,544 | |||
Costs Subsequent to Acquisition / Construction | 33 | |||
Total Cost | ||||
Land | 20,248 | |||
Building / Construction in Progress & Improvements | 66,577 | |||
Total | 86,825 | |||
Accumulated Depreciation | 5,944 | |||
Total Cost, Net of Accumulated Depreciation | 80,881 | 83,537 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | AVA North Point | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 265 | |||
Initial Cost | ||||
Land and improvements | $ 31,263 | |||
Building / Construction in Progress & Improvements | 81,196 | |||
Costs Subsequent to Acquisition / Construction | 2,645 | |||
Total Cost | ||||
Land | 31,263 | |||
Building / Construction in Progress & Improvements | 83,841 | |||
Total | 115,104 | |||
Accumulated Depreciation | 6,120 | |||
Total Cost, Net of Accumulated Depreciation | 108,984 | 115,009 | ||
Encumbrances | ||||
Other Stabilized Communities | Portico at Silver Spring Metro [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 151 | |||
Initial Cost | ||||
Land and improvements | $ 3,471 | |||
Building / Construction in Progress & Improvements | 41,393 | |||
Costs Subsequent to Acquisition / Construction | 900 | |||
Total Cost | ||||
Land | 3,471 | |||
Building / Construction in Progress & Improvements | 42,293 | |||
Total | 45,764 | |||
Accumulated Depreciation | 3,040 | |||
Total Cost, Net of Accumulated Depreciation | 42,724 | 43,078 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Piscataway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 360 | |||
Initial Cost | ||||
Land and improvements | $ 14,329 | |||
Building / Construction in Progress & Improvements | 75,738 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 14,329 | |||
Building / Construction in Progress & Improvements | 75,738 | |||
Total | 90,067 | |||
Accumulated Depreciation | 6,093 | |||
Total Cost, Net of Accumulated Depreciation | 83,974 | 86,843 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Melville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 494 | |||
Initial Cost | ||||
Land and improvements | $ 9,228 | |||
Building / Construction in Progress & Improvements | 50,063 | |||
Costs Subsequent to Acquisition / Construction | 22,903 | |||
Total Cost | ||||
Land | 9,228 | |||
Building / Construction in Progress & Improvements | 72,966 | |||
Total | 82,194 | |||
Accumulated Depreciation | 44,437 | |||
Total Cost, Net of Accumulated Depreciation | 37,757 | 40,879 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | AVA Esterra Park [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 323 | |||
Initial Cost | ||||
Land and improvements | $ 16,405 | |||
Building / Construction in Progress & Improvements | 74,564 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 16,405 | |||
Building / Construction in Progress & Improvements | 74,564 | |||
Total | 90,969 | |||
Accumulated Depreciation | 5,124 | |||
Total Cost, Net of Accumulated Depreciation | 85,845 | 88,859 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Eaves Redmond Campus [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 422 | |||
Initial Cost | ||||
Land and improvements | $ 22,580 | |||
Building / Construction in Progress & Improvements | 88,001 | |||
Costs Subsequent to Acquisition / Construction | 33,045 | |||
Total Cost | ||||
Land | 22,580 | |||
Building / Construction in Progress & Improvements | 121,046 | |||
Total | 143,626 | |||
Accumulated Depreciation | 34,024 | |||
Total Cost, Net of Accumulated Depreciation | 109,602 | 112,142 | ||
Encumbrances | $ 0 | |||
Development Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 5,128 | |||
Initial Cost | ||||
Land and improvements | $ 188,026 | |||
Building / Construction in Progress & Improvements | 527,156 | |||
Costs Subsequent to Acquisition / Construction | 929,514 | |||
Total Cost | ||||
Land | 188,026 | |||
Building / Construction in Progress & Improvements | 1,456,670 | |||
Total | 1,644,696 | |||
Accumulated Depreciation | 13,312 | |||
Total Cost, Net of Accumulated Depreciation | 1,631,384 | 1,067,278 | ||
Encumbrances | $ 0 | |||
Development Communities | AVA Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 695 | |||
Initial Cost | ||||
Land and improvements | $ 81,731 | |||
Building / Construction in Progress & Improvements | 228,194 | |||
Costs Subsequent to Acquisition / Construction | 59,491 | |||
Total Cost | ||||
Land | 81,731 | |||
Building / Construction in Progress & Improvements | 287,685 | |||
Total | 369,416 | |||
Accumulated Depreciation | 5,682 | |||
Total Cost, Net of Accumulated Depreciation | 363,734 | 325,576 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Brea Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 653 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 2,011 | |||
Costs Subsequent to Acquisition / Construction | 200,834 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 202,845 | |||
Total | 202,845 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 202,845 | 112,025 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Monrovia [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 154 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 405 | |||
Costs Subsequent to Acquisition / Construction | 46,166 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 46,571 | |||
Total | 46,571 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 46,571 | 15,830 | ||
Encumbrances | $ 0 | |||
Development Communities | AVA RiNo [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 246 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 34 | |||
Costs Subsequent to Acquisition / Construction | 49,245 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 49,279 | |||
Total | 49,279 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 49,279 | 18,226 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Acton II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 86 | |||
Initial Cost | ||||
Land and improvements | $ 1,159 | |||
Building / Construction in Progress & Improvements | 19,741 | |||
Costs Subsequent to Acquisition / Construction | 8,032 | |||
Total Cost | ||||
Land | 1,159 | |||
Building / Construction in Progress & Improvements | 27,773 | |||
Total | 28,932 | |||
Accumulated Depreciation | 129 | |||
Total Cost, Net of Accumulated Depreciation | 28,803 | 4,474 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Easton 2 | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 44 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 2,589 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 2,589 | |||
Total | 2,589 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 2,589 | |||
Encumbrances | $ 0 | |||
Development Communities | Avalon Woburn [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 350 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 52 | |||
Costs Subsequent to Acquisition / Construction | 67,850 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 67,902 | |||
Total | 67,902 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 67,902 | 29,689 | ||
Encumbrances | $ 0 | |||
Development Communities | Twinbrook Station [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 238 | |||
Initial Cost | ||||
Land and improvements | $ 1,537 | |||
Building / Construction in Progress & Improvements | 10,336 | |||
Costs Subsequent to Acquisition / Construction | 46,506 | |||
Total Cost | ||||
Land | 1,537 | |||
Building / Construction in Progress & Improvements | 56,842 | |||
Total | 58,379 | |||
Accumulated Depreciation | 31 | |||
Total Cost, Net of Accumulated Depreciation | 58,348 | 30,788 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon East Harbor [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 400 | |||
Initial Cost | ||||
Land and improvements | $ 3,387 | |||
Building / Construction in Progress & Improvements | 34,696 | |||
Costs Subsequent to Acquisition / Construction | 87,836 | |||
Total Cost | ||||
Land | 3,387 | |||
Building / Construction in Progress & Improvements | 122,532 | |||
Total | 125,919 | |||
Accumulated Depreciation | 198 | |||
Total Cost, Net of Accumulated Depreciation | 125,721 | 86,367 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Foundry Row [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 437 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 2,011 | |||
Costs Subsequent to Acquisition / Construction | 77,227 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 79,238 | |||
Total | 79,238 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 79,238 | 21,480 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Old Bridge [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 252 | |||
Initial Cost | ||||
Land and improvements | $ 3,008 | |||
Building / Construction in Progress & Improvements | 28,990 | |||
Costs Subsequent to Acquisition / Construction | 31,299 | |||
Total Cost | ||||
Land | 3,008 | |||
Building / Construction in Progress & Improvements | 60,289 | |||
Total | 63,297 | |||
Accumulated Depreciation | 244 | |||
Total Cost, Net of Accumulated Depreciation | 63,053 | 35,463 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Somerville Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 375 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 25,385 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 25,385 | |||
Total | 25,385 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 25,385 | |||
Encumbrances | $ 0 | |||
Development Communities | Avalon Yonkers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 590 | |||
Initial Cost | ||||
Land and improvements | $ 19,500 | |||
Building / Construction in Progress & Improvements | 117,593 | |||
Costs Subsequent to Acquisition / Construction | 68,889 | |||
Total Cost | ||||
Land | 19,500 | |||
Building / Construction in Progress & Improvements | 186,482 | |||
Total | 205,982 | |||
Accumulated Depreciation | 3,321 | |||
Total Cost, Net of Accumulated Depreciation | 202,661 | 165,749 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Harrison [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 143 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 38,436 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 38,436 | |||
Total | 38,436 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 38,436 | 26,158 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Harbor Isle | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 172 | |||
Initial Cost | ||||
Land and improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 27,163 | |||
Total Cost | ||||
Land | 0 | |||
Building / Construction in Progress & Improvements | 27,163 | |||
Total | 27,163 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 27,163 | |||
Encumbrances | $ 0 | |||
Development Communities | Avalon Newcastle Commons II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of apartment homes in communities owned | home | 293 | |||
Initial Cost | ||||
Land and improvements | $ 310 | |||
Building / Construction in Progress & Improvements | 6,807 | |||
Costs Subsequent to Acquisition / Construction | 92,566 | |||
Total Cost | ||||
Land | 310 | |||
Building / Construction in Progress & Improvements | 99,373 | |||
Total | 99,683 | |||
Accumulated Depreciation | 14 | |||
Total Cost, Net of Accumulated Depreciation | 99,669 | 43,966 | ||
Encumbrances | 0 | |||
Development Communities | The Park Loggia [Member] | ||||
Initial Cost | ||||
Land and improvements | 77,394 | |||
Building / Construction in Progress & Improvements | 76,286 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 77,394 | |||
Building / Construction in Progress & Improvements | 76,286 | |||
Total | 153,680 | |||
Accumulated Depreciation | 3,693 | |||
Total Cost, Net of Accumulated Depreciation | 149,987 | 151,487 | ||
Encumbrances | 0 | |||
Land Held for Development | ||||
Initial Cost | ||||
Land and improvements | 110,142 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land | 110,142 | |||
Building / Construction in Progress & Improvements | 0 | |||
Total | 110,142 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 110,142 | 0 | ||
Encumbrances | 0 | |||
Corporate overhead | ||||
Initial Cost | ||||
Land and improvements | 7,814 | |||
Building / Construction in Progress & Improvements | 11,414 | |||
Costs Subsequent to Acquisition / Construction | 95,270 | |||
Total Cost | ||||
Land | 7,814 | |||
Building / Construction in Progress & Improvements | 106,684 | |||
Total | 114,498 | |||
Accumulated Depreciation | 56,275 | |||
Total Cost, Net of Accumulated Depreciation | 58,223 | 45,115 | ||
Encumbrances | 6,750,000 | |||
For-Sale Condominium Inventory | ||||
Initial Cost | ||||
Land and improvements | 131,934 | |||
Building / Construction in Progress & Improvements | 233,794 | |||
Costs Subsequent to Acquisition / Construction | (98,509) | |||
Total Cost | ||||
Land | 131,934 | |||
Building / Construction in Progress & Improvements | 135,285 | |||
Total | 267,219 | |||
Accumulated Depreciation | 0 | |||
Total Cost, Net of Accumulated Depreciation | 267,219 | 457,809 | ||
Encumbrances | 0 | |||
2020 Disposals | ||||
Total Cost | ||||
Total Cost, Net of Accumulated Depreciation | $ 280,571 | |||
Unsecured notes | ||||
Total Cost | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 47,995 | |||
Secured notes | ||||
Total Cost | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 17,482 |
REAL ESTATE AND ACCUMULATED D_3
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)residential_condominium | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Estimated useful lives | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | $ 22,969,235 | ||
Number of Residential Condominiums Sold | residential_condominium | 70 | ||
Aggregate cost of total real estate for federal income tax purposes | $ 22,969,235 | ||
Changes in total real estate assets | |||
Balance, beginning of period | 23,606,872 | $ 22,342,576 | $ 21,935,936 |
Acquisitions, construction costs and improvements | 860,594 | 1,615,949 | 1,568,878 |
Dispositions, including impairment loss on planned dispositions | (505,244) | (351,653) | (1,162,238) |
Balance, end of period | 23,962,222 | 23,606,872 | 22,342,576 |
Changes in accumulated depreciation | |||
Balance, beginning of period | 5,173,883 | 4,611,646 | 4,218,379 |
Depreciation, including discontinued operations | 707,331 | 661,578 | 631,196 |
Dispositions | (152,774) | (99,341) | (237,929) |
Balance, end of period | $ 5,728,440 | $ 5,173,883 | $ 4,611,646 |
Building | |||
Estimated useful lives | |||
Estimated useful lives of assets (in years) | 30 years | ||
Improvements, upgrades and FF&E | |||
Estimated useful lives | |||
Estimated useful lives of assets (in years) | 7 years |