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AVB Avalonbay Communities

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Document Period End DateMar. 31,
2021
Entity File Number1-12672
Entity Registrant NameAVALONBAY COMMUNITIES, INC.
Entity Incorporation, State or Country CodeMD
Entity Tax Identification Number77-0404318
Entity Address, Address Line One4040 Wilson Blvd., Suite 1000
Entity Address, Address City or TownArlington
Entity Address, State or ProvinceVA
Entity Address, Postal Zip Code22203
City Area Code703
Local Phone Number329-6300
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Trading SymbolAVB
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding139,604,637
Entity Central Index Key0000915912
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Document Quarterly Reporttrue
Document Transition Reportfalse

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Real estate:
Land and improvements $ 4,422,683 $ 4,394,298
Buildings and improvements17,439,415 17,231,275
Furniture, fixtures and equipment941,756 924,583
Gross operating real estate22,803,854 22,550,156
Less accumulated depreciation(5,859,490)(5,700,179)
Net operating real estate16,944,364 16,849,977
Construction in Progress, Gross818,232 989,765
Land held for development184,058 110,142
For-sale condominium inventory253,859 267,219
Real estate assets held for sale, net52,776 16,678
Real Estate Investment Property, Net, Total18,253,289 18,233,781
Cash and cash equivalents129,298 216,976
Cash in escrow100,434 96,556
Resident security deposits30,914 30,811
Investments in unconsolidated real estate entities210,650 202,612
Deferred development costs47,081 55,427
Prepaid expenses and other assets195,965 207,715
Right of use lease assets152,901 155,266
Total assets19,120,532 19,199,144
LIABILITIES AND EQUITY
Unsecured notes, net6,703,759 6,702,005
Variable rate unsecured credit facility0 0
Mortgage notes payable, net834,025 862,332
Dividends payable223,805 224,897
Payables for construction84,954 93,609
Accrued expenses and other liabilities303,188 274,699
Lease liabilities179,968 181,479
Accrued interest payable62,203 49,033
Resident security deposits56,426 55,928
Liabilities related to real estate assets held for sale443 311
Total liabilities8,448,771 8,444,293
Commitments and contingencies
Redeemable noncontrolling interests2,857 2,677
Equity:
Preferred Stock, Value, Issued0 0
Common Stock, Value, Issued1,396 1,395
Additional paid-in capital10,657,665 10,664,416
Accumulated earnings less dividends47,151 126,022
Accumulated other comprehensive loss(37,883)(40,250)
Stockholders' Equity Attributable to Parent10,668,329 10,751,583
Stockholders' Equity Attributable to Noncontrolling Interest575 591
Total equity10,668,904 10,752,174
Total liabilities and equity $ 19,120,532 $ 19,199,144

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, liquidation preference (in dollars per share) $ 25 $ 25
Preferred stock, shares authorized (in shares)50,000,000 50,000,000
Preferred stock, shares issued (in shares)0 0
Preferred stock, shares outstanding (in shares)0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares)280,000,000 280,000,000
Common stock, shares issued (in shares)139,604,087 139,526,671
Common stock, shares outstanding (in shares)139,604,087 139,526,671

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenue:
Rental and other income $ 550,258 $ 601,260
Management, development and other fees877 1,007
Total revenue551,135 602,267
Expenses:
Operating expenses, excluding property taxes140,050 132,609
Property taxes69,410 67,026
Other Nonoperating Income (Expense)(170)3,334
Interest Expense52,613 55,914
Gain (Loss) on Extinguishment of Debt(122)9,170
Depreciation expense183,297 177,911
General and administrative expense17,352 17,320
Total expenses462,430 463,284
Equity in (loss) income of unconsolidated real estate entities(467)1,175
Gains (Losses) on Sales of Investment Real Estate53,727 24,436
Gain on other real estate transactions, net427 43
Net for-sale condominium activity(913)3,460
Income before income taxes141,479 168,097
Income tax benefit (expense)755 (91)
Net income142,234 168,006
Net income attributable to noncontrolling interests(11)(35)
Net income attributable to common stockholders142,223 167,971
Other comprehensive income:
Loss on cash flow hedges0 (17,603)
Cash flow hedge losses reclassified to earnings2,367 1,949
Comprehensive income $ 144,590 $ 152,317
Earnings per common share - basic:
Net income attributable to common stockholders (in dollars per share) $ 1.02 $ 1.19
Earnings per common share - diluted:
Net income attributable to common stockholders (in dollars per share) $ 1.02 $ 1.19

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Cash flows from operating activities:
Net income $ 142,234 $ 168,006
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation expense183,297 177,911
Amortization of deferred financing costs1,837 1,882
Amortization of debt discount642 411
Gain (Loss) on Extinguishment of Debt122 (9,170)
Amortization of stock-based compensation5,382 5,338
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations1,994 1,871
Abandonment of development pursuits246 1,988
Unrealized Gain (Loss) on Derivatives(2,654)0 $ 2,894
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion2,367 1,949
Gain (Loss) on Sale of Properties(54,154)(24,479)
Gain (Loss) on Sale of Other Investments(131)(4,903)
Increase (Decrease) in Prepaid Expense and Other Assets9,423 (1,239)
Increase (Decrease) in Accrued Liabilities39,784 3,799
Net Cash Provided by (Used in) Operating Activities, Total330,145 341,704
Cash flows from investing activities:
Payments to Develop Real Estate Assets(198,373)(245,789)
Payments for Capital Improvements(28,020)(32,922)
Payments for Capital Improvements, Non Real Estate(2,234)(10,663)
Increase (Decrease) in Construction Payables(8,655)462
Proceeds from Sale of Real Estate Held-for-investment76,543 63,073
Proceeds from Sale of Other Real Estate13,569 98,790
Payments to Acquire Mortgage Notes Receivable0 (179)
Proceeds from Sale and Collection of Notes Receivable1,250 960
Payments to Acquire Businesses and Interest in Affiliates(10,032)(9,799)
Net Cash Provided by (Used in) Investing Activities, Total(155,952)(136,067)
Cash flows from financing activities:
Proceeds from Issuance of Common Stock11 125
Payments of Ordinary Dividends(222,734)(213,671)
Proceeds from Unsecured Lines of Credit0 750,000
Proceeds from Secured Notes Payable0 51,000
Repayments of Notes Payable(28,488)(51,484)
Proceeds from Unsecured Notes Payable0 699,252
Repayments of Unsecured Debt0 (658,655)
Payments of Financing Costs0 (5,988)
Payments for (Proceeds from) Hedge, Financing Activities6,962 (20,314)
Proceeds from (Payments to) Noncontrolling Interests(22)(35)
Payment, Tax Withholding, Share-based Payment Arrangement(13,228)(14,346)
Payments of Capital Distribution(12)(12)
Payments of Distributions to Affiliates(82)(102)
Payment For Redemption Of Preferred Interest Obligation(400)(600)
Net Cash Provided by (Used in) Financing Activities, Total(257,993)535,170
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total(83,800)740,807
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance313,532 127,614 127,614
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance229,732 868,421 313,532
Cash paid during the period for interest, net of amount capitalized37,252 36,985
Supplemental Cash Flow Information [Abstract]
Cash and cash equivalents $ 129,298 $ 216,976 $ 777,995
Cash in escrow100,434 96,556 90,426
Cash, cash equivalents and cash in escrow reported in the Condensed Consolidated Statements of Cash Flows $ 229,732 $ 868,421 $ 127,614 $ 229,732 $ 313,532 $ 868,421

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)sharesMar. 31, 2020USD ($)Leaseshares
Supplemental disclosures of non-cash investing and financing activities
Common stock issued through the dividend reinvestment plan (in shares) | shares839 529
Common stock issued through the dividend reinvestment plan $ 138 $ 112
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares) | shares74,726 70,351
Shares withheld to satisfy employees' tax withholding and other liabilities, value $ 13,228 $ 14,346
Stock issued during period, shares, share-based compensation, forfeited (in shares) | shares343
Stock issued during period, value, share-based compensation, forfeited $ 69 660
Dividends declared but not paid223,805
Change in redemption value of redeemable noncontrolling interest(273)471
Cash flow hedge losses reclassified to earnings2,367 1,949
Operating Lease, Right-of-Use Asset131,269
Total lease liabilities $ 159,813
Increase (Decrease) in Derivative Liabilities3,302
Increase (Decrease) in Derivative Assets $ 22
Restricted Stock and Restricted Stock Converted From Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Equity instruments granted (in shares) | shares149,520 161,229
Restricted Stock Converted From Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Equity instruments granted (in shares) | shares0 96,317
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Equity instruments granted (in shares) | shares92,975 64,912
Fair value of shares issued $ 16,347 $ 14,640
Stock issued during period, shares, share-based compensation, forfeited (in shares) | shares343 3,931
Performance Shares
Supplemental disclosures of non-cash investing and financing activities
Equity instruments granted (in shares) | shares137,929
Converted to restricted stock (in shares) | shares56,545
Common stock
Supplemental disclosures of non-cash investing and financing activities
Dividends declared but not paid $ 222,424 $ 224,079
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest $ (273)471
Accounting Standards Update 2016-02
Supplemental disclosures of non-cash investing and financing activities
Operating Lease, Right-of-Use Asset46,875
Total lease liabilities $ 46,875
New Office Leases
Supplemental disclosures of non-cash investing and financing activities
Number of New Office Leases | Lease2

Organization, Basis of Presenta

Organization, Basis of Presentation and Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Organization, Basis of Presentation and Significant Accounting PoliciesOrganization, 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 in New England, the New York/New Jersey metro area, the Mid-Atlantic, Southeast Florida, Denver, Colorado, the Pacific Northwest, and Northern and Southern California. At March 31, 2021, the Company owned or held a direct or indirect ownership interest in 275 operating apartment communities containing 81,227 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 15 communities under development that are expected to contain an aggregate of 4,560 apartment homes when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 80 have been sold as of March 31, 2021, and 66,000 square feet of commercial space, of which 87% has been leased as of March 31, 2021. 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 25 communities that, if developed as expected, will contain an estimated 8,075 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's 2020 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q. 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 three months ended 3/31/2021 3/31/2020 Basic and diluted shares outstanding Weighted average common shares - basic 139,291,187 140,376,996 Weighted average DownREIT units outstanding 7,500 7,500 Effect of dilutive securities 253,726 393,377 Weighted average common shares - diluted 139,552,413 140,777,873 Calculation of Earnings per Share - basic Net income attributable to common stockholders $ 142,223 $ 167,971 Net income allocated to unvested restricted shares (324) (427) Net income attributable to common stockholders, adjusted $ 141,899 $ 167,544 Weighted average common shares - basic 139,291,187 140,376,996 Earnings per common share - basic $ 1.02 $ 1.19 Calculation of Earnings per Share - diluted Net income attributable to common stockholders $ 142,223 $ 167,971 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships 12 12 Adjusted net income attributable to common stockholders $ 142,235 $ 167,983 Weighted average common shares - diluted 139,552,413 140,777,873 Earnings per common share - diluted $ 1.02 $ 1.19 Certain options to purchase shares of common stock in the amount of 294,115 were outstanding as of March 31, 2021, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. Legal and Other Contingencies The Company is involved in various 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. 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. 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 in Note 6, "Real Estate Disposition Activities." 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. Revenue and Gain Recognition Revenue from contracts with customers is recognized 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 (i) management fees, (ii) rental and non-rental related income and (iii) gains or losses on the sale of real estate. 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 three months ended March 31, 2021 and 2020. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through March 31, 2021, or otherwise qualify as held for sale as of March 31, 2021, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands): For the three months ended Established Other Development/ Non- Total For the three months ended March 31, 2021 Management, development and other fees $ — $ — $ — $ 877 $ 877 Rental and non-rental related income (2) 1,668 427 135 — 2,230 Total non-lease revenue (3) 1,668 427 135 877 3,107 Lease income (4) 500,590 29,566 15,569 — 545,725 Business interruption insurance proceeds — — — — — Total revenue $ 502,258 $ 29,993 $ 15,704 $ 877 $ 548,832 For the three months ended March 31, 2020 Management, development and other fees $ — $ — $ — $ 1,007 $ 1,007 Rental and non-rental related income (2) 1,633 594 51 — 2,278 Total non-lease revenue (3) 1,633 594 51 1,007 3,285 Lease income (4) 551,000 27,991 4,738 — 583,729 Business interruption insurance proceeds — — — — — Total revenue $ 552,633 $ 28,585 $ 4,789 $ 1,007 $ 587,014 __________________________________ (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 ASC 606. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there are no material amounts of outstanding or unsatisfied performance obligations as of March 31, 2021. 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. In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve. 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 rate of vaccinations, (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 (v) 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 three months ended March 31, 2021 is uncertain. As of March 31, 2021, 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 $18,645,000 for the three months ended March 31, 2021 under ASC 842 and ASC 450.

Interest Capitalized

Interest Capitalized3 Months Ended
Mar. 31, 2021
Interest Capitalized
Interest CapitalizedInterest 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 $8,799,000 and $11,498,000 for the three months ended March 31, 2021 and 2020, respectively.

Mortgage Notes Payable, Unsecur

Mortgage Notes Payable, Unsecured Notes and Credit Facility3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Notes Payable, Unsecured Notes and Credit FacilityMortgage Notes Payable, Unsecured Notes, Term Loans and Credit Facility The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans (the "Term Loans") and Credit Facility, as defined below, as of March 31, 2021 and December 31, 2020 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2021 and December 31, 2020, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). 3/31/2021 12/31/2020 Fixed rate unsecured notes (1) $ 6,500,000 $ 6,500,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable - conventional and tax-exempt (2) 380,576 408,964 Variable rate mortgage notes payable - conventional and tax-exempt (2) 470,750 470,850 Total mortgage notes payable and unsecured notes and Term Loans 7,601,326 7,629,814 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,601,326 $ 7,629,814 _____________________________________ (1) Balances at March 31, 2021 and December 31, 2020 exclude $9,978 and $10,380, respectively, of debt discount, and $36,263 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets. (2) Balances at March 31, 2021 and December 31, 2020 exclude $14,361 and $14,478, respectively, of debt discount, and $2,940 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets. The following debt activity occurred during the three months ended March 31, 2021: • In January 2021, the Company repaid $27,795,000 principal amount of 5.37% fixed rate debt secured by Avalon San Bruno II at par in advance of its April 2021 maturity date. At March 31, 2021, 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 (0.89% at March 31, 2021), 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 $2,613,000 and $2,900,000 outstanding in letters of credit that reduced the borrowing capacity as of March 31, 2021 and December 31, 2020, respectively. In addition, the Company had $33,482,000 and $32,079,000 outstanding in additional letters of credit unrelated to the Credit Facility as of March 31, 2021 and December 31, 2020, respectively. In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,382,452,000, excluding communities classified as held for sale, as of March 31, 2021). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% at both March 31, 2021 and December 31, 2020. 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% at both March 31, 2021 and December 31, 2020. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2021 are as follows (dollars in thousands): Year Secured notes Secured notes maturities Unsecured notes and Term Loans maturities Stated interest rate of unsecured notes and Term Loans 2021 $ 8,660 $ — $ — 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 % $ 303,638 $ 547,688 $ 6,750,000 The Company was in compliance at March 31, 2021 with customary financial covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.

Equity

Equity3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
EquityEquity The following summarizes the changes in equity for the three months ended March 31, 2021 (dollars in thousands): Common Additional Accumulated Accumulated Total stockholder's equity Noncontrolling interests Total Balance at December 31, 2020 $ 1,395 $ 10,664,416 $ 126,022 $ (40,250) $ 10,751,583 $ 591 $ 10,752,174 Net income attributable to common stockholders — — 142,223 — 142,223 — 142,223 Cash flow hedge losses reclassified to earnings — — — 2,367 2,367 — 2,367 Change in redemption value of redeemable noncontrolling interest — — (273) — (273) — (273) Noncontrolling interest distribution and income allocation — — — — — (16) (16) Dividends declared to common stockholders ($1.59 per share) — — (221,779) — (221,779) — (221,779) Issuance of common stock, net of withholdings 1 (14,037) 958 — (13,078) — (13,078) Amortization of deferred compensation — 7,286 — — 7,286 — 7,286 Balance at March 31, 2021 $ 1,396 $ 10,657,665 $ 47,151 $ (37,883) $ 10,668,329 $ 575 $ 10,668,904 The following summarizes the changes in equity for the three months ended March 31, 2020 (dollars in thousands): Common Additional Accumulated Accumulated Total stockholder's equity Noncontrolling interests Total Balance at December 31, 2019 $ 1,406 $ 10,736,733 $ 282,913 $ (31,503) $ 10,989,549 $ 649 $ 10,990,198 Net income attributable to common stockholders — — 167,971 — 167,971 — 167,971 Loss on cash flow hedges, net — — — (17,603) (17,603) — (17,603) Cash flow hedge losses reclassified to earnings — — — 1,949 1,949 — 1,949 Change in redemption value of redeemable noncontrolling interest — — 471 — 471 — 471 Noncontrolling interests income allocation — — — — — (35) (35) Dividends declared to common stockholders ($1.59 per share) — — (224,083) — (224,083) — (224,083) Issuance of common stock, net of withholdings 1 (12,492) (1,616) — (14,107) — (14,107) Amortization of deferred compensation — 7,781 — — 7,781 — 7,781 Balance at March 31, 2020 $ 1,407 $ 10,732,022 $ 225,656 $ (47,157) $ 10,911,928 $ 614 $ 10,912,542 As of March 31, 2021 and December 31, 2020, 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 three months ended March 31, 2021, the Company: i. issued 2,126 shares of common stock in connection with stock options exercised; ii. issued 839 common shares through the Company's dividend reinvestment plan; iii. issued 149,520 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv. withheld 74,726 common shares to satisfy employees' tax withholding and other liabilities; and v. canceled 343 common shares of restricted stock upon forfeiture. Any deferred compensation related to the Company's stock option, restricted stock and performance award grants during the three months ended March 31, 2021 is not reflected on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2021, 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 three months ended March 31, 2021, the Company had no repurchases of shares under this program. As of March 31, 2021, the Company had $316,148,000 remaining authorized for purchase under this program. In May 2019, the Company commenced a fifth continuous equity program ("CEP V") under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP V, the Company engaged sales agents who will receive compensation of up to 1.5% of the gross sales price for shares sold. The Company expects that, if entered into, it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, a commission of up to 1.5% of the sales prices of all borrowed shares of common stock sold. During the three months ended March 31, 2021, the Company had no sales under the program. As of March 31, 2021, the Company had $752,878,000 remaining authorized for issuance under CEP V.

Investments in Real Estate Enti

Investments in Real Estate Entities3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Real Estate EntitiesInvestments in Real Estate Entities Investments in Unconsolidated Real Estate Entities As of March 31, 2021, the Company had investments in eight unconsolidated real estate entities with ownership interest percentages ranging from 20.0% to 50.0% and other unconsolidated investments. The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting. The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects. The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 3/31/2021 12/31/2020 (unaudited) Assets: Real estate, net $ 1,276,766 $ 1,249,730 Other assets 248,999 255,606 Total assets $ 1,525,765 $ 1,505,336 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 750,370 $ 751,257 Other liabilities 172,082 163,808 Partners' capital 603,313 590,271 Total liabilities and partners' capital $ 1,525,765 $ 1,505,336 _________________________________ (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 for the periods presented (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 (unaudited) Rental and other income $ 26,398 $ 33,072 Operating and other expenses (13,631) (12,181) Interest expense, net (7,668) (8,056) Depreciation expense (8,478) (8,689) Net (loss) income $ (3,379) $ 4,146 Company's share of net income (loss) $ 61 $ 1,705 Amortization of excess investment and other (528) (530) Equity in (loss) income from unconsolidated real estate investments $ (467) $ 1,175 Expensed Transaction, Development and Other Pursuit Costs 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 co sts incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur. The amount for the three months ended March 31, 2021, was a net recovery of $170,000. The amount for the three months ended March 31, 2020 was a net expense of $3,334,000. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Condensed Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. Casualty and Impairment of Long-Lived Assets 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, the Company did not recognize any impairment losses for the three months ended March 31, 2021 and 2020. 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 as the estimated sales price less direct costs to sell. For the three months ended March 31, 2021 and 2020, 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. During the three months ended March 31, 2021 and 2020, the Company did not recognize any impairment charges on its investment in land.

Real Estate Disposition Activit

Real Estate Disposition Activities3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Disposition ActivitiesReal Estate Disposition Activities The following real estate sale occurred during the three months ended March 31, 2021: Community Name Location Period of sale Apartment homes Gross sales price Gain on Disposition (1) eaves Stamford Stamford, CT Q121 238 $ 72,000 $ 53,775 _________________________________ (1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. At March 31, 2021, the Company had one real estate asset 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 three months ended March 31, 2021, the Company sold 10 residential condominiums at The Park Loggia, for gross proceeds of $14,609,000, resulting in a gain in accordance with GAAP of $131,000. As of March 31, 2021, there were 92 residential condominiums remaining to be sold. The Company incurred $1,044,000 and $1,443,000 during the three months ended March 31, 2021 and 2020, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of March 31, 2021 and December 31, 2020, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $253,859,000 and $267,219,000, respectively, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Commitments and ContingenciesCommitments and Contingencies 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 March 31, 2021 and December 31, 2020, the Company has total operating lease assets of $131,269,000 and $133,581,000, respectively, and lease obligations of $159,813,000 and $161,313,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,827,000 and $3,917,000 for the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and December 31, 2020, the Company has total finance lease assets of $21,632,000 and $21,685,000, respectively, and total finance lease obligations of $20,154,000 and $20,166,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.
Commitments and ContingenciesCommitments and Contingencies 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 March 31, 2021 and December 31, 2020, the Company has total operating lease assets of $131,269,000 and $133,581,000, respectively, and lease obligations of $159,813,000 and $161,313,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,827,000 and $3,917,000 for the three months ended March 31, 2021 and 2020, 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 March 31, 2021 and December 31, 2020, the Company has total finance lease assets of $21,632,000 and $21,685,000, respectively, and total finance lease obligations of $20,154,000 and $20,166,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.

Segment Reporting

Segment Reporting3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment ReportingSegment 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. 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 ("CODM") 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 (benefit) expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis, as the Company's commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represents 1.5% and 1.6% of total NOI for the three months ended March 31, 2021 and 2020, respectively. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income. A reconciliation of NOI to net income for the three months ended March 31, 2021 and 2020 is as follows (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 Net income $ 142,234 $ 168,006 Indirect operating expenses, net of corporate income 24,470 22,799 Expensed transaction, development and other pursuit costs, net of recoveries (170) 3,334 Interest expense, net 52,613 55,914 (Gain) loss on extinguishment of debt, net (122) 9,170 General and administrative expense 17,352 17,320 Equity in loss (income) of unconsolidated real estate entities 467 (1,175) Depreciation expense 183,297 177,911 Income tax (benefit) expense (755) 91 Gain on sale of communities (53,727) (24,436) Gain on other real estate transactions, net (427) (43) Net for-sale condominium activity 913 (3,460) Net operating income from real estate assets sold or held for sale (1,490) (9,918) Net operating income $ 364,655 $ 415,513 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 three months ended 3/31/2021 3/31/2020 Rental income from real estate assets sold or held for sale $ 2,303 $ 15,253 Operating expenses from real estate assets sold or held for sale (813) (5,335) Net operating income from real estate assets sold or held for sale $ 1,490 $ 9,918 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, 2021. Segment information for the three months ended March 31, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through March 31, 2021, or otherwise qualify as held for sale as of March 31, 2021, as described in Note 6, "Real Estate Disposition Activities." For the three months ended Total NOI Gross real estate (1) For the period ended March 31, 2021 Established New England $ 73,318 $ 46,267 $ 2,768,546 Metro NY/NJ 104,949 71,640 4,113,854 Mid-Atlantic 82,931 56,291 3,562,330 Southeast Florida 7,241 4,189 394,451 Denver, CO 5,653 4,019 319,667 Pacific Northwest 30,669 20,666 1,232,975 Northern California 90,406 64,063 3,443,896 Southern California 107,091 72,535 4,363,141 Total Established 502,258 339,670 20,198,860 Other Stabilized 29,993 18,464 1,279,134 Development / Redevelopment 15,704 6,521 2,041,887 Land Held for Development N/A N/A 184,058 Non-allocated (2) 877 N/A 356,064 Total $ 548,832 $ 364,655 $ 24,060,003 For the period ended March 31, 2020 Established New England $ 78,845 $ 52,269 $ 2,748,893 Metro NY/NJ 112,813 79,653 4,100,221 Mid-Atlantic 90,345 65,210 3,537,207 Southeast Florida 7,504 4,126 393,025 Denver, CO 5,170 3,340 318,624 Pacific Northwest 33,480 24,306 1,225,511 Northern California 106,877 81,879 3,425,170 Southern California 117,599 84,237 4,339,176 Total Established 552,633 395,020 20,087,827 Other Stabilized 28,585 18,396 1,260,482 Development / Redevelopment 4,789 2,097 1,413,772 Land Held for Development N/A N/A 38,115 Non-allocated (2) 1,007 N/A 472,311 Total $ 587,014 $ 415,513 $ 23,272,507 __________________________________ (1) Does not include gross real estate assets held for sale of $75,814 as of March 31, 2021 and gross real estate either sold or classified as held for sale subsequent to March 31, 2020 of $435,561. (2) 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."

Stock-Based Compensation Plans

Stock-Based Compensation Plans3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation PlansStock-Based Compensation Plans As part of its long-term compensation plans, the Company has granted stock options, performance awards and restricted stock. Details of the outstanding awards and activity are presented below. Information with respect to stock options granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") for the three months ended March 31, 2021, is as follows: 2009 Plan Weighted average Outstanding at December 31, 2020 12,506 $ 129.35 Exercised (2,126) 121.78 Granted (1) 294,115 180.32 Forfeited — — Options Outstanding, March 31, 2021 304,495 $ 178.64 Options Exercisable, March 31, 2021 10,380 $ 130.90 __________________________________ (1) Include 4,847 options resulting from recipient elections to receive a portion of earned performance awards in the form of stock options. The Company granted stock options in 2021 with the exercise price equal to the closing stock price on the date of grant. The stock options awarded in 2021 will cliff vest in two years on March 1, 2023 and they have a ten-year term. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows: 2021 Dividend yield 3.5% Estimated volatility 27.1% Risk free rate 0.81% Expected life of options 5 years Estimated fair value $28.64 Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2020 241,921 $ 195.13 Granted (1) 137,929 191.10 Change in awards based on performance (2) (37,469) 156.00 Converted to common shares (56,545) 156.00 Forfeited — — Outstanding at March 31, 2021 285,836 $ 206.05 __________________________________ (1) The amount of common shares that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 69,012 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,917 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2021 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2021 Dividend yield 3.5% Estimated volatility over the life of the plan (1) 22.0% - 49.0% Risk free rate 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $213.16 __________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted in 2021 for which achievement will be determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $178.37, 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, 2020 131,724 $ 203.28 146,319 Granted - restricted stock shares 92,975 175.83 — Vested - restricted stock shares (65,213) 192.64 (71,535) Forfeited (343) 202.25 — Outstanding at March 31, 2021 159,143 $ 191.60 74,784 Total employee stock-based compensation cost recognized in income was $5,247,000 and $5,039,000 for the three months ended March 31, 2021 and 2020, respectively, and total capitalized stock-based compensation cost was $1,903,000 and $3,178,000 for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, there was a total unrecognized compensation cost of $68,665,000 for unvested restricted stock, stock options and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 2.5 years. Forfeitures are included in compensation cost as they occur.

Related Party Arrangements

Related Party Arrangements3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party ArrangementsRelated 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 $877,000 and $1,007,000 for the three months ended March 31, 2021 and 2020, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $3,686,000 and $5,408,000 as of March 31, 2021 and December 31, 2020, respectively. Director Compensation The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $465,000 and $455,000 in the three months ended March 31, 2021 and 2020, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock units to non-employee directors was $227,000 and $614,000 on March 31, 2021 and December 31, 2020, respectively, reported as a component of prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.

Fair Value

Fair Value3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair ValueFair 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 March 31, 2021, 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 March 31, 2021 (dollars in thousands): Non-designated Hedges Interest Rate Caps Notional balance $ 410,950 Weighted average interest rate (1) 1.7 % Weighted average swapped/capped interest rate 6.1 % Earliest maturity date July 2021 Latest maturity date February 2026 ____________________________________ (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. During the three months ended March 31, 2021, the Company terminated $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020 (the "Swaps"), receiving a payment of $6,962,000. The Company recognized $2,894,000 of these proceeds as a gain in 2020, and $2,654,000 of these proceeds as a gain during the three months ended March 31, 2021 included in interest expense, net on the accompanying Condensed Consolidated Statements of Comprehensive Income. The Company is party to five derivatives not designated as hedges at March 31, 2021 for which the fair value changes for the three months ended March 31, 2021 and 2020 were not material. The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss as a component of interest expense, net (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 Cash flow hedge losses reclassified to earnings $ 2,367 $ 1,949 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. Redeemable Noncontrolling Interests The Company issued units of limited partnership interest in a DownREIT which provides the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreement, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREIT are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents Cash and cash equivalent balances are held with various financial institutions within 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. Indebtedness The Company values its fixed rate unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its mortgage notes payable, variable rate unsecured notes, Term Loans and outstanding amounts under the Credit Facility using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company's nonperformance risk. The Company has concluded that the value of its mortgage notes payable, variable rate unsecured notes, Term Loans and outstanding amounts under the Credit Facility are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following 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): 3/31/2021 Description Total Fair Value Quoted Prices Significant Significant Non Designated Hedges Interest Rate Caps $ 88 $ — $ 88 $ — DownREIT units (1,384) (1,384) — — Indebtedness Fixed rate unsecured notes (6,904,309) (6,904,309) — — Mortgage notes payable, variable rate unsecured notes and Term Loans (1,008,042) — (1,008,042) — Total $ (7,913,647) $ (6,905,693) $ (1,007,954) $ — 12/31/2020 Description Total Fair Value Quoted Prices Significant Significant 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) — — Mortgage notes payable, variable rate unsecured notes and Term Loans (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ —

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsSubsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. In April 2021, the Company: • acquired Avalon Arundel Crossing East located in Linthicum Heights, MD, containing 384 apartment homes for a purchase price of $119,000,000; and • entered into an agreement to sell one operating community containing 299 apartment homes and net real estate of $19,558,000 as of March 31, 2021, resulting in the community qualifying as held for sale subsequent to March 31, 2021. The Company expects to complete the sale in the second quarter of 2021. As of May 5, 2021, the Company has $226,000,000 outstanding under the Credit Facility.

Organization, Basis of Presen_2

Organization, Basis of Presentation and Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Organization and Basis of PresentationOrganization 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 in New England, the New York/New Jersey metro area, the Mid-Atlantic, Southeast Florida, Denver, Colorado, the Pacific Northwest, and Northern and Southern California. At March 31, 2021, the Company owned or held a direct or indirect ownership interest in 275 operating apartment communities containing 81,227 apartment homes in 11 states and the District of Columbia. In addition, the Company owned or held a direct or indirect ownership interest in 15 communities under development that are expected to contain an aggregate of 4,560 apartment homes when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 80 have been sold as of March 31, 2021, and 66,000 square feet of commercial space, of which 87% has been leased as of March 31, 2021. 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 25 communities that, if developed as expected, will contain an estimated 8,075 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's 2020 Annual Report on Form 10-K. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q.
Earnings per Common ShareEarnings 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 three months ended 3/31/2021 3/31/2020 Basic and diluted shares outstanding Weighted average common shares - basic 139,291,187 140,376,996 Weighted average DownREIT units outstanding 7,500 7,500 Effect of dilutive securities 253,726 393,377 Weighted average common shares - diluted 139,552,413 140,777,873 Calculation of Earnings per Share - basic Net income attributable to common stockholders $ 142,223 $ 167,971 Net income allocated to unvested restricted shares (324) (427) Net income attributable to common stockholders, adjusted $ 141,899 $ 167,544 Weighted average common shares - basic 139,291,187 140,376,996 Earnings per common share - basic $ 1.02 $ 1.19 Calculation of Earnings per Share - diluted Net income attributable to common stockholders $ 142,223 $ 167,971 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships 12 12 Adjusted net income attributable to common stockholders $ 142,235 $ 167,983 Weighted average common shares - diluted 139,552,413 140,777,873 Earnings per common share - diluted $ 1.02 $ 1.19 Certain options to purchase shares of common stock in the amount of 294,115 were outstanding as of March 31, 2021, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period.
Legal and Other ContingenciesLegal and Other Contingencies The Company is involved in various 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.
Use of EstimatesUse 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.
ReclassificationsReclassificationsCertain 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.
For-Sale Condominium InventoryFor-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 in Note 6, "Real Estate Disposition Activities."
Lessee ConsiderationsLessee 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 ConsiderationsLessor 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.
Revenue from Contract with CustomerRevenue and Gain Recognition Revenue from contracts with customers is recognized 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 (i) management fees, (ii) rental and non-rental related income and (iii) gains or losses on the sale of real estate. 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 three months ended March 31, 2021 and 2020. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through March 31, 2021, or otherwise qualify as held for sale as of March 31, 2021, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands): For the three months ended Established Other Development/ Non- Total For the three months ended March 31, 2021 Management, development and other fees $ — $ — $ — $ 877 $ 877 Rental and non-rental related income (2) 1,668 427 135 — 2,230 Total non-lease revenue (3) 1,668 427 135 877 3,107 Lease income (4) 500,590 29,566 15,569 — 545,725 Business interruption insurance proceeds — — — — — Total revenue $ 502,258 $ 29,993 $ 15,704 $ 877 $ 548,832 For the three months ended March 31, 2020 Management, development and other fees $ — $ — $ — $ 1,007 $ 1,007 Rental and non-rental related income (2) 1,633 594 51 — 2,278 Total non-lease revenue (3) 1,633 594 51 1,007 3,285 Lease income (4) 551,000 27,991 4,738 — 583,729 Business interruption insurance proceeds — — — — — Total revenue $ 552,633 $ 28,585 $ 4,789 $ 1,007 $ 587,014 __________________________________ (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 ASC 606. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there are no material amounts of outstanding or unsatisfied performance obligations as of March 31, 2021.
Revenue Recognition, LeasesLease 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. In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable.
COVID-19 PandemicCOVID-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 rate of vaccinations, (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 (v) 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 three months ended March 31, 2021 is uncertain. As of March 31, 2021, 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 $18,645,000 for the three months ended March 31, 2021 under ASC 842 and ASC 450.

Organization, Basis of Presen_3

Organization, Basis of Presentation and Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of earnings per common shareThe Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the three months ended 3/31/2021 3/31/2020 Basic and diluted shares outstanding Weighted average common shares - basic 139,291,187 140,376,996 Weighted average DownREIT units outstanding 7,500 7,500 Effect of dilutive securities 253,726 393,377 Weighted average common shares - diluted 139,552,413 140,777,873 Calculation of Earnings per Share - basic Net income attributable to common stockholders $ 142,223 $ 167,971 Net income allocated to unvested restricted shares (324) (427) Net income attributable to common stockholders, adjusted $ 141,899 $ 167,544 Weighted average common shares - basic 139,291,187 140,376,996 Earnings per common share - basic $ 1.02 $ 1.19 Calculation of Earnings per Share - diluted Net income attributable to common stockholders $ 142,223 $ 167,971 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships 12 12 Adjusted net income attributable to common stockholders $ 142,235 $ 167,983 Weighted average common shares - diluted 139,552,413 140,777,873 Earnings per common share - diluted $ 1.02 $ 1.19
Disaggregation of revenueThe 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 three months ended March 31, 2021 and 2020. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through March 31, 2021, or otherwise qualify as held for sale as of March 31, 2021, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands): For the three months ended Established Other Development/ Non- Total For the three months ended March 31, 2021 Management, development and other fees $ — $ — $ — $ 877 $ 877 Rental and non-rental related income (2) 1,668 427 135 — 2,230 Total non-lease revenue (3) 1,668 427 135 877 3,107 Lease income (4) 500,590 29,566 15,569 — 545,725 Business interruption insurance proceeds — — — — — Total revenue $ 502,258 $ 29,993 $ 15,704 $ 877 $ 548,832 For the three months ended March 31, 2020 Management, development and other fees $ — $ — $ — $ 1,007 $ 1,007 Rental and non-rental related income (2) 1,633 594 51 — 2,278 Total non-lease revenue (3) 1,633 594 51 1,007 3,285 Lease income (4) 551,000 27,991 4,738 — 583,729 Business interruption insurance proceeds — — — — — Total revenue $ 552,633 $ 28,585 $ 4,789 $ 1,007 $ 587,014 __________________________________ (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 ASC 606. (4) Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.

Mortgage Notes Payable, Unsec_2

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for saleThe following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2021 and December 31, 2020, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). 3/31/2021 12/31/2020 Fixed rate unsecured notes (1) $ 6,500,000 $ 6,500,000 Term Loans (1) 250,000 250,000 Fixed rate mortgage notes payable - conventional and tax-exempt (2) 380,576 408,964 Variable rate mortgage notes payable - conventional and tax-exempt (2) 470,750 470,850 Total mortgage notes payable and unsecured notes and Term Loans 7,601,326 7,629,814 Credit Facility — — Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility $ 7,601,326 $ 7,629,814 _____________________________________ (1) Balances at March 31, 2021 and December 31, 2020 exclude $9,978 and $10,380, respectively, of debt discount, and $36,263 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets. (2) Balances at March 31, 2021 and December 31, 2020 exclude $14,361 and $14,478, respectively, of debt discount, and $2,940 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstandingScheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2021 are as follows (dollars in thousands): Year Secured notes Secured notes maturities Unsecured notes and Term Loans maturities Stated interest rate of unsecured notes and Term Loans 2021 $ 8,660 $ — $ — 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 % $ 303,638 $ 547,688 $ 6,750,000

Equity (Tables)

Equity (Tables)3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Summary of changes in equityThe following summarizes the changes in equity for the three months ended March 31, 2021 (dollars in thousands): Common Additional Accumulated Accumulated Total stockholder's equity Noncontrolling interests Total Balance at December 31, 2020 $ 1,395 $ 10,664,416 $ 126,022 $ (40,250) $ 10,751,583 $ 591 $ 10,752,174 Net income attributable to common stockholders — — 142,223 — 142,223 — 142,223 Cash flow hedge losses reclassified to earnings — — — 2,367 2,367 — 2,367 Change in redemption value of redeemable noncontrolling interest — — (273) — (273) — (273) Noncontrolling interest distribution and income allocation — — — — — (16) (16) Dividends declared to common stockholders ($1.59 per share) — — (221,779) — (221,779) — (221,779) Issuance of common stock, net of withholdings 1 (14,037) 958 — (13,078) — (13,078) Amortization of deferred compensation — 7,286 — — 7,286 — 7,286 Balance at March 31, 2021 $ 1,396 $ 10,657,665 $ 47,151 $ (37,883) $ 10,668,329 $ 575 $ 10,668,904 The following summarizes the changes in equity for the three months ended March 31, 2020 (dollars in thousands): Common Additional Accumulated Accumulated Total stockholder's equity Noncontrolling interests Total Balance at December 31, 2019 $ 1,406 $ 10,736,733 $ 282,913 $ (31,503) $ 10,989,549 $ 649 $ 10,990,198 Net income attributable to common stockholders — — 167,971 — 167,971 — 167,971 Loss on cash flow hedges, net — — — (17,603) (17,603) — (17,603) Cash flow hedge losses reclassified to earnings — — — 1,949 1,949 — 1,949 Change in redemption value of redeemable noncontrolling interest — — 471 — 471 — 471 Noncontrolling interests income allocation — — — — — (35) (35) Dividends declared to common stockholders ($1.59 per share) — — (224,083) — (224,083) — (224,083) Issuance of common stock, net of withholdings 1 (12,492) (1,616) — (14,107) — (14,107) Amortization of deferred compensation — 7,781 — — 7,781 — 7,781 Balance at March 31, 2020 $ 1,407 $ 10,732,022 $ 225,656 $ (47,157) $ 10,911,928 $ 614 $ 10,912,542

Investments in Real Estate En_2

Investments in Real Estate Entities (Tables)3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of financial information of equity method investmentsThe following is a combined summary of the financial position of the entities accounted for using the equity method discussed above as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands): 3/31/2021 12/31/2020 (unaudited) Assets: Real estate, net $ 1,276,766 $ 1,249,730 Other assets 248,999 255,606 Total assets $ 1,525,765 $ 1,505,336 Liabilities and partners' capital: Mortgage notes payable, net (1) $ 750,370 $ 751,257 Other liabilities 172,082 163,808 Partners' capital 603,313 590,271 Total liabilities and partners' capital $ 1,525,765 $ 1,505,336 _________________________________ (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 for the periods presented (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 (unaudited) Rental and other income $ 26,398 $ 33,072 Operating and other expenses (13,631) (12,181) Interest expense, net (7,668) (8,056) Depreciation expense (8,478) (8,689) Net (loss) income $ (3,379) $ 4,146 Company's share of net income (loss) $ 61 $ 1,705 Amortization of excess investment and other (528) (530) Equity in (loss) income from unconsolidated real estate investments $ (467) $ 1,175

Segment Reporting (Tables)

Segment Reporting (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of reconciliation of NOI to net incomeA reconciliation of NOI to net income for the three months ended March 31, 2021 and 2020 is as follows (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 Net income $ 142,234 $ 168,006 Indirect operating expenses, net of corporate income 24,470 22,799 Expensed transaction, development and other pursuit costs, net of recoveries (170) 3,334 Interest expense, net 52,613 55,914 (Gain) loss on extinguishment of debt, net (122) 9,170 General and administrative expense 17,352 17,320 Equity in loss (income) of unconsolidated real estate entities 467 (1,175) Depreciation expense 183,297 177,911 Income tax (benefit) expense (755) 91 Gain on sale of communities (53,727) (24,436) Gain on other real estate transactions, net (427) (43) Net for-sale condominium activity 913 (3,460) Net operating income from real estate assets sold or held for sale (1,490) (9,918) Net operating income $ 364,655 $ 415,513
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operationsThe following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 Rental income from real estate assets sold or held for sale $ 2,303 $ 15,253 Operating expenses from real estate assets sold or held for sale (813) (5,335) Net operating income from real estate assets sold or held for sale $ 1,490 $ 9,918
Schedule of details of segment information For the three months ended Total NOI Gross real estate (1) For the period ended March 31, 2021 Established New England $ 73,318 $ 46,267 $ 2,768,546 Metro NY/NJ 104,949 71,640 4,113,854 Mid-Atlantic 82,931 56,291 3,562,330 Southeast Florida 7,241 4,189 394,451 Denver, CO 5,653 4,019 319,667 Pacific Northwest 30,669 20,666 1,232,975 Northern California 90,406 64,063 3,443,896 Southern California 107,091 72,535 4,363,141 Total Established 502,258 339,670 20,198,860 Other Stabilized 29,993 18,464 1,279,134 Development / Redevelopment 15,704 6,521 2,041,887 Land Held for Development N/A N/A 184,058 Non-allocated (2) 877 N/A 356,064 Total $ 548,832 $ 364,655 $ 24,060,003 For the period ended March 31, 2020 Established New England $ 78,845 $ 52,269 $ 2,748,893 Metro NY/NJ 112,813 79,653 4,100,221 Mid-Atlantic 90,345 65,210 3,537,207 Southeast Florida 7,504 4,126 393,025 Denver, CO 5,170 3,340 318,624 Pacific Northwest 33,480 24,306 1,225,511 Northern California 106,877 81,879 3,425,170 Southern California 117,599 84,237 4,339,176 Total Established 552,633 395,020 20,087,827 Other Stabilized 28,585 18,396 1,260,482 Development / Redevelopment 4,789 2,097 1,413,772 Land Held for Development N/A N/A 38,115 Non-allocated (2) 1,007 N/A 472,311 Total $ 587,014 $ 415,513 $ 23,272,507 __________________________________ (1) Does not include gross real estate assets held for sale of $75,814 as of March 31, 2021 and gross real estate either sold or classified as held for sale subsequent to March 31, 2020 of $435,561. (2) 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."

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity2009 Plan Weighted average Outstanding at December 31, 2020 12,506 $ 129.35 Exercised (2,126) 121.78 Granted (1) 294,115 180.32 Forfeited — — Options Outstanding, March 31, 2021 304,495 $ 178.64 Options Exercisable, March 31, 2021 10,380 $ 130.90
Schedule of nonvested performance awards grantedInformation with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2020 241,921 $ 195.13 Granted (1) 137,929 191.10 Change in awards based on performance (2) (37,469) 156.00 Converted to common shares (56,545) 156.00 Forfeited — — Outstanding at March 31, 2021 285,836 $ 206.05 __________________________________ (1) The amount of common shares that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 69,012 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,917 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement for the performance period.
Summary of valuation optionsThe assumptions used are as follows: 2021 Dividend yield 3.5% Estimated volatility 27.1% Risk free rate 0.81% Expected life of options 5 years Estimated fair value $28.64 2021 Dividend yield 3.5% Estimated volatility over the life of the plan (1) 22.0% - 49.0% Risk free rate 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $213.16 __________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Schedule of restricted stock grantedInformation 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, 2020 131,724 $ 203.28 146,319 Granted - restricted stock shares 92,975 175.83 — Vested - restricted stock shares (65,213) 192.64 (71,535) Forfeited (343) 202.25 — Outstanding at March 31, 2021 159,143 $ 191.60 74,784

Fair Value (Tables)

Fair Value (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of summary of consolidated Hedging Derivatives, excluding derivatives executed to hedge debt on communities classified as held for saleThe following table summarizes the consolidated derivative positions at March 31, 2021 (dollars in thousands): Non-designated Hedges Interest Rate Caps Notional balance $ 410,950 Weighted average interest rate (1) 1.7 % Weighted average swapped/capped interest rate 6.1 % Earliest maturity date July 2021 Latest maturity date February 2026 ____________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss as a component of interest expense, net (dollars in thousands): For the three months ended 3/31/2021 3/31/2020 Cash flow hedge losses reclassified to earnings $ 2,367 $ 1,949
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 basisThe 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): 3/31/2021 Description Total Fair Value Quoted Prices Significant Significant Non Designated Hedges Interest Rate Caps $ 88 $ — $ 88 $ — DownREIT units (1,384) (1,384) — — Indebtedness Fixed rate unsecured notes (6,904,309) (6,904,309) — — Mortgage notes payable, variable rate unsecured notes and Term Loans (1,008,042) — (1,008,042) — Total $ (7,913,647) $ (6,905,693) $ (1,007,954) $ — 12/31/2020 Description Total Fair Value Quoted Prices Significant Significant 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) — — Mortgage notes payable, variable rate unsecured notes and Term Loans (1,043,976) — (1,043,976) — Total $ (8,312,664) $ (7,273,002) $ (1,039,662) $ —

Organization, Basis of Presen_4

Organization, Basis of Presentation and Significant Accounting Policies (Details) ft² in Thousands, $ in Thousands3 Months Ended15 Months Ended
Mar. 31, 2021USD ($)homeresidential_condominiumcommunitystateft²Mar. 31, 2021homeresidential_condominiumcommunitystateft²
Real Estate Properties [Line Items]
Number of operating apartment communities | community275 275
Number of apartment homes included in operating apartment communities owned | home81,227 81,227
Number of states where operating apartment communities owned are located | state11 11
Number of owned communities under construction | community15 15
Expected number of apartment homes under construction | home4,560 4,560
Number of Residential Condominium Units Sold | residential_condominium10 80
Communities under development rights | community25 25
Estimated number of apartment homes in communities to be developed | home8,075 8,075
Accounts Receivable, Credit Loss Expense (Reversal) | $ $ 18,645
The Park Loggia [Member]
Real Estate Properties [Line Items]
Number Of Residential Condominium Units | residential_condominium172 172
Commercial Square Feet | ft²66 66
Percent of Commercial Square Feet Leased87.00%87.00%

Organization, Basis of Presen_5

Organization, Basis of Presentation and Significant Accounting Policies (Details 2) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic and diluted shares outstanding
Weighted average common shares - basic (in shares)139,291,187 140,376,996
Weighted average DownREIT units outstanding (in shares)7,500 7,500
Effect of dilutive securities (in shares)253,726 393,377
Weighted average common shares - diluted (in shares)139,552,413 140,777,873
Calculation of Earnings per Share - basic
Net income attributable to common stockholders $ 142,223 $ 167,971
Net income allocated to unvested restricted shares(324)(427)
Net income attributable to common stockholders, adjusted $ 141,899 $ 167,544
Weighted average common shares - basic (in shares)139,291,187 140,376,996
Earnings per common share - basic (in dollars per share) $ 1.02 $ 1.19
Calculation of Earnings per Share - diluted
Net income attributable to common stockholders $ 142,223 $ 167,971
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships12 12
Adjusted net income attributable to common stockholders $ 142,235 $ 167,983
Weighted average common shares - diluted (in shares)139,552,413 140,777,873
Earnings per common share - diluted (in dollars per share) $ 1.02 $ 1.19
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount294,115

Organization, Basis of Presen_6

Organization, Basis of Presentation and Significant Accounting Policies (Details 3) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Management, development and other fees $ 877 $ 1,007
Rental and other income550,258 601,260
Total revenue551,135 602,267
Operating Segments | Established Communities
Disaggregation of Revenue [Line Items]
Total revenue502,258 552,633
Operating Segments | Other Stabilized Communities
Disaggregation of Revenue [Line Items]
Total revenue29,993 28,585
Non-allocated
Disaggregation of Revenue [Line Items]
Total revenue877 1,007
Continuing Operations
Disaggregation of Revenue [Line Items]
Management, development and other fees3,107 3,285
Rental and other income545,725 583,729
Gain on Business Interruption Insurance Recovery0 0
Total revenue548,832 587,014
Continuing Operations | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees877 1,007
Continuing Operations | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees2,230 2,278
Continuing Operations | Operating Segments | Established Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees1,668 1,633
Rental and other income500,590 551,000
Gain on Business Interruption Insurance Recovery0 0
Total revenue502,258 552,633
Continuing Operations | Operating Segments | Other Stabilized Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees427 594
Rental and other income29,566 27,991
Gain on Business Interruption Insurance Recovery0 0
Total revenue29,993 28,585
Continuing Operations | Operating Segments | Development/ Redevelopment Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees135 51
Rental and other income15,569 4,738
Gain on Business Interruption Insurance Recovery0 0
Total revenue15,704 4,789
Continuing Operations | Operating Segments | Management, development and other fees | Established Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees0 0
Continuing Operations | Operating Segments | Management, development and other fees | Other Stabilized Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees0 0
Continuing Operations | Operating Segments | Management, development and other fees | Development/ Redevelopment Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees0 0
Continuing Operations | Operating Segments | Rental and non-rental related income | Established Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees1,668 1,633
Continuing Operations | Operating Segments | Rental and non-rental related income | Other Stabilized Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees427 594
Continuing Operations | Operating Segments | Rental and non-rental related income | Development/ Redevelopment Communities
Disaggregation of Revenue [Line Items]
Management, development and other fees135 51
Continuing Operations | Non-allocated
Disaggregation of Revenue [Line Items]
Management, development and other fees877 1,007
Rental and other income0 0
Gain on Business Interruption Insurance Recovery0 0
Total revenue877 1,007
Continuing Operations | Non-allocated | Management, development and other fees
Disaggregation of Revenue [Line Items]
Management, development and other fees877 1,007
Continuing Operations | Non-allocated | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees $ 0 $ 0

Interest Capitalized (Details)

Interest Capitalized (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets $ 8,799 $ 11,498

Mortgage Notes Payable, Unsec_3

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans $ 7,601,326,000 $ 7,629,814,000
Credit Facility0 0
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility7,601,326,000 7,629,814,000
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Long-term Debt, Percentage Bearing Fixed Interest, Amount6,500,000,000 6,500,000,000
Total mortgage notes payable and unsecured notes and Term Loans6,750,000,000
Amount of debt discount9,978,000 10,380,000
Amount of deferred financing costs, net36,263,000 37,615,000
Term Loans
Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes250,000,000 250,000,000
Secured notes
Notes Payable, Unsecured Notes and Credit Facility
Long-term Debt, Percentage Bearing Fixed Interest, Amount380,576,000 408,964,000
Variable rate notes470,750,000 470,850,000
Total mortgage notes payable and unsecured notes and Term Loans547,688,000
Amount of debt discount14,361,000 14,478,000
Amount of deferred financing costs, net2,940,000 3,004,000
Line of Credit [Member]
Notes Payable, Unsecured Notes and Credit Facility
Credit Facility $ 0 $ 0

Mortgage Notes Payable, Unsec_4

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 2) - USD ($)1 Months Ended3 Months Ended
Jan. 31, 2021Mar. 31, 2021Dec. 31, 2020
Notes Payable, Unsecured Notes and Credit Facility
Credit Facility $ 0 $ 0
Net carrying value of apartment communities and improved land parcels securing debt1,382,452,000
Secured Debt [Member]
Notes Payable, Unsecured Notes and Credit Facility
Long-term Debt, Percentage Bearing Fixed Interest, Amount380,576,000 408,964,000
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Long-term Debt, Percentage Bearing Fixed Interest, Amount6,500,000,000 6,500,000,000
Notes Payable Maturities 2021 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Debt Instrument, Interest Rate, Stated Percentage5.37%
Line of Credit [Member]
Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity $ 1,750,000,000
Annual facility fee, percentage0.125%
Annual facility fee $ 2,188,000
Credit Facility0 0
Outstanding balance of letters of credit $ 2,613,000 2,900,000
Line of Credit [Member] | LIBOR
Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)0.775%
Current interest rate (as a percent)0.89%
Other Letter of Credit [Member]
Notes Payable, Unsecured Notes and Credit Facility
Outstanding balance of letters of credit $ 33,482,000 $ 32,079,000
Fixed Rate Mortgage Notes Payable [Member]
Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)3.80%3.80%
Variable Rate Mortgage Notes Payable Unsecured Term Loan and Credit Facility [Member]
Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)1.70%1.70%
Avalon San Bruno II | Notes Payable Maturities 2021 [Member] | Secured Debt [Member]
Notes Payable, Unsecured Notes and Credit Facility
Repayments of Secured Debt $ 27,795,000

Mortgage Notes Payable, Unsec_5

Mortgage Notes Payable, Unsecured Notes and Credit Facility (Details 3) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Jan. 31, 2021Dec. 31, 2020
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 7,601,326 $ 7,629,814
Notes Payable Maturities 2021 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate of unsecured notes (as a percent)5.37%
Secured notes
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments303,638
Mortgage notes payable and unsecured notes547,688
Secured notes | Notes Payable Maturities 2021 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments8,660
Secured notes | Notes payable maturing in 2022
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments9,918
Secured notes | Notes Payable Maturities 2023
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments10,739
Secured notes | Notes Payable Maturities 2024
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments11,677
Secured notes | Notes Payable Maturities 2025
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments12,408
Secured notes | Notes Payable Maturities 2026
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments13,445
Secured notes | Notes Payable Maturities 2027
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments15,880
Mortgage notes payable and unsecured notes236,100
Secured notes | Notes Payable Maturities 2028
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments20,707
Secured notes | Notes Payable Maturities 2029 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments11,742
Mortgage notes payable and unsecured notes66,250
Secured notes | Notes Payable Maturities 2030 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments12,384
Secured notes | Notes Payable Maturities Thereafter
Notes Payable, Unsecured Notes and Credit Facility
Secured notes payments176,078
Mortgage notes payable and unsecured notes245,338
Unsecured notes
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes6,750,000
Unsecured notes | Notes payable maturing in 2022
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 450,000
Stated interest rate of unsecured notes (as a percent)2.95%
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 100,000
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million | LIBOR
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
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 350,000
Stated interest rate of unsecured notes (as a percent)4.20%
Unsecured notes | Notes Payable 2.850 Maturities 2023
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 250,000
Stated interest rate of unsecured notes (as a percent)2.85%
Unsecured notes | Notes Payable Maturities 2024
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 300,000
Stated interest rate of unsecured notes (as a percent)3.50%
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 150,000
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | LIBOR
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
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 525,000
Stated interest rate of unsecured notes (as a percent)3.45%
Unsecured notes | Notes Payable 3.500 Maturities 2025
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 300,000
Stated interest rate of unsecured notes (as a percent)3.50%
Unsecured notes | Notes Payable 2.950 Maturities 2026
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 475,000
Stated interest rate of unsecured notes (as a percent)2.95%
Unsecured notes | Notes Payable 2.900 Maturities 2026
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 300,000
Stated interest rate of unsecured notes (as a percent)2.90%
Unsecured notes | Notes Payable Maturities 2027
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 400,000
Stated interest rate of unsecured notes (as a percent)3.35%
Unsecured notes | Notes Payable Maturities 2028
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 450,000
Stated interest rate of unsecured notes (as a percent)3.20%
Unsecured notes | Notes Payable Maturities 2029 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 450,000
Stated interest rate of unsecured notes (as a percent)3.30%
Unsecured notes | Notes Payable Maturities 2030 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 700,000
Stated interest rate of unsecured notes (as a percent)2.30%
Unsecured notes | Notes Payable Maturities 2031 [Member]
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 600,000
Stated interest rate of unsecured notes (as a percent)2.45%
Unsecured notes | Notes Payable Maturities 2046
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 350,000
Stated interest rate of unsecured notes (as a percent)3.90%
Unsecured notes | Notes Payable Maturities 2047
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 300,000
Stated interest rate of unsecured notes (as a percent)4.15%
Unsecured notes | Notes Payable Maturities 2048
Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes $ 300,000
Stated interest rate of unsecured notes (as a percent)4.35%

Equity (Details)

Equity (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Jul. 31, 2020
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock $ 11,000 $ 125,000
Changes in equity
Beginning Balance10,752,174,000 10,990,198,000
Net income attributable to common stockholders142,223,000 167,971,000
Loss on cash flow hedges0 (17,603,000)
Cash flow hedge losses reclassified to earnings2,367,000 1,949,000
Change in redemption value of redeemable noncontrolling interest(273,000)471,000
Noncontrolling interest distribution and income allocation(16,000)(35,000)
Dividends, Common Stock(221,779,000)(224,083,000)
Issuance of common stock, net of withholdings(13,078,000)(14,107,000)
Amortization of deferred compensation7,286,000 7,781,000
Ending Balance $ 10,668,904,000 $ 10,912,542,000
Dividends declared to common stockholders (in dollars per share) $ 1.59 $ 1.59
Amended 2005 Stock Repurchase Program [Member]
Changes in equity
Stock Repurchase Program, Authorized Amount $ 500,000,000
Common stock
Changes in equity
Beginning Balance $ 1,395,000 $ 1,406,000
Issuance of common stock, net of withholdings1,000 1,000
Ending Balance1,396,000 1,407,000
Additional paid-in capital
Changes in equity
Beginning Balance10,664,416,000 10,736,733,000
Issuance of common stock, net of withholdings(14,037,000)(12,492,000)
Amortization of deferred compensation7,286,000 7,781,000
Ending Balance10,657,665,000 10,732,022,000
Accumulated earnings less dividends
Changes in equity
Beginning Balance126,022,000 282,913,000
Net income attributable to common stockholders142,223,000 167,971,000
Change in redemption value of redeemable noncontrolling interest(273,000)471,000
Dividends, Common Stock(221,779,000)(224,083,000)
Issuance of common stock, net of withholdings958,000 (1,616,000)
Ending Balance47,151,000 225,656,000
Accumulated other comprehensive loss
Changes in equity
Beginning Balance(40,250,000)(31,503,000)
Loss on cash flow hedges(17,603,000)
Cash flow hedge losses reclassified to earnings2,367,000 1,949,000
Ending Balance(37,883,000)(47,157,000)
Parent [Member]
Changes in equity
Beginning Balance10,751,583,000 10,989,549,000
Net income attributable to common stockholders142,223,000 167,971,000
Loss on cash flow hedges(17,603,000)
Cash flow hedge losses reclassified to earnings2,367,000 1,949,000
Change in redemption value of redeemable noncontrolling interest(273,000)471,000
Dividends, Common Stock(221,779,000)(224,083,000)
Issuance of common stock, net of withholdings(13,078,000)(14,107,000)
Amortization of deferred compensation7,286,000 7,781,000
Ending Balance10,668,329,000 10,911,928,000
Noncontrolling Interest [Member]
Changes in equity
Beginning Balance591,000 649,000
Noncontrolling interest distribution and income allocation(16,000)(35,000)
Ending Balance575,000 $ 614,000
Continuous Equity Program CEP V [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock $ 0

Equity (Details 2)

Equity (Details 2) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Jul. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)280,000,000 280,000,000
Preferred stock, shares authorized (in shares)50,000,000 50,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period2,126
Common stock issued through the dividend reinvestment plan (in shares)839 529
Number of shares of stock grants withheld (in shares)74,726 70,351
Stock issued during period, shares, share-based compensation, forfeited (in shares)343
Treasury Stock, Shares, Acquired0
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 316,148,000
Proceeds from Issuance of Common Stock11,000 $ 125,000
2020 Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount $ 500,000,000
Amended 2005 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]
Maximum value of shares of common stock that can be sold (in dollars)1,000,000,000
Common stock value, remaining to be authorized under continuous equity program752,878,000
Proceeds from Issuance of Common Stock $ 0
Maximum | Continuous Equity Program CEP V [Member]
Class of Stock [Line Items]
Percentage of compensation received by sales agent1.50%
Restricted Stock and Restricted Stock Converted From Performance Shares
Class of Stock [Line Items]
Equity instruments granted (in shares)149,520 161,229

Investments in Real Estate En_3

Investments in Real Estate Entities - Narrative of Investment in Real Estate Entities (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)entityMar. 31, 2020USD ($)
Land Parcel [Member]
Equity method investment
Impairment of Real Estate $ 0 $ 0
The Park Loggia [Member]
Equity method investment
Impairment of Real Estate $ 0 $ 0
Unconsolidated real estate entities
Equity method investment
Number of unconsolidated real estate entities | entity8
Minimum | Unconsolidated real estate entities
Equity method investment
Ownership percentage20.00%
Maximum | Unconsolidated real estate entities
Equity method investment
Ownership percentage50.00%

Investments in Real Estate En_4

Investments in Real Estate Entities - Financial Position and Operating Results (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
ASSETS
Real estate, net $ 18,253,289 $ 18,233,781
Total assets19,120,532 19,199,144
LIABILITIES AND EQUITY
Mortgage notes payable, net834,025 862,332
Partners' capital10,668,329 10,751,583
Total liabilities and equity19,120,532 19,199,144
Combined summary of the operating results of the accounted for using the equity method
Rental and other income551,135 $ 602,267
Operating and other expenses(462,430)(463,284)
Interest expense, net(52,613)(55,914)
Depreciation expense(183,297)(177,911)
Net income142,234 168,006
Equity Method Investment, Net Income (Loss), Portion Attributable To Parent61 1,705
Equity Method Investments, Amortization Of Excess Investment And Other(528)(530)
Equity in (loss) income of unconsolidated real estate entities(467)1,175
Equity Method Investment, Nonconsolidated Investee or Group of Investees
ASSETS
Real estate, net1,276,766 1,249,730
Other assets248,999 255,606
Total assets1,525,765 1,505,336
LIABILITIES AND EQUITY
Mortgage notes payable, net750,370 751,257
Other liabilities172,082 163,808
Partners' capital603,313 590,271
Total liabilities and equity1,525,765 $ 1,505,336
Combined summary of the operating results of the accounted for using the equity method
Rental and other income26,398 33,072
Operating and other expenses(13,631)(12,181)
Interest expense, net(7,668)(8,056)
Depreciation expense(8,478)(8,689)
Net income $ (3,379) $ 4,146

Investments in Real Estate En_5

Investments in Real Estate Entities - Expensed Acquisition, Development and Other Pursuit Costs and Impairment of Long-Lived Assets & Casualty Gains and Losses (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Other than Temporary Impairment Losses, Investments $ 0 $ 0

Real Estate Disposition Activ_2

Real Estate Disposition Activities (Details) ft² in Thousands3 Months Ended15 Months Ended
Mar. 31, 2021USD ($)residential_condominiumhomeft²communityMar. 31, 2020USD ($)Mar. 31, 2021USD ($)residential_condominiumft²communityDec. 31, 2020USD ($)
Summary of income from discontinued operations
Gains (Losses) on Sales of Investment Real Estate $ 53,727,000 $ 24,436,000
Number Of Communities Held For Sale | community1 1
Number of Residential Condominium Units Sold | residential_condominium10 80
Gain (Loss) on Sale of Other Investments $ 131,000 4,903,000
Other Selling, General and Administrative Expense1,044,000 $ 1,443,000
For-sale condominium inventory $ 253,859,000 $ 253,859,000 $ 267,219,000
Number of Residential Condominiums Remaining to be Sold | residential_condominium92 92
eaves Stamford
Summary of income from discontinued operations
Number Of Apartment Homes Sold | home238
Proceeds from Sale of Real Estate $ 72,000,000
Gains (Losses) on Sales of Investment Real Estate53,775,000
The Park Loggia [Member]
Summary of income from discontinued operations
Proceeds from Sale of Real Estate $ 14,609,000
Number Of Residential Condominium Units | residential_condominium172 172
Commercial Square Feet | ft²66 66
Gain (Loss) on Sale of Other Investments $ 131,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)LeasecommunitypropertyMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Number Of Office Leases | Lease14
Operating lease assets $ 131,269 $ 133,581
Operating lease obligation159,813 161,313
Operating Lease, Expense3,827 $ 3,917
Finance lease asset21,632 21,685
Finance lease obligation $ 20,154 $ 20,166
Properties on Land Subject to Land Leases
Lessee, Lease, Description [Line Items]
Number Of operating apartment communities owned | community10
Number of commercial properties owned | property2
Assets Held under Operating Leases [Member]
Lessee, Lease, Description [Line Items]
Number Of operating apartment communities owned | community9
Assets Held under Finance Leases [Member]
Lessee, Lease, Description [Line Items]
Number Of operating apartment communities owned | community1
Number Of Finance Leases For Parking Garages Adjacent To Communities | Lease2

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Reconciliation of NOI to net income
Net income $ 142,234 $ 168,006
Indirect operating expenses, net of corporate income24,470 22,799
Other Nonoperating Income (Expense)(170)3,334
Interest Expense52,613 55,914
Gain (Loss) on Extinguishment of Debt122 (9,170)
General and administrative expense17,352 17,320
Equity in loss (income) of unconsolidated real estate entities467 (1,175)
Depreciation expense183,297 177,911
Income tax (benefit) expense(755)91
Gain on sale of communities(53,727)(24,436)
Gain on other real estate transactions, net(427)(43)
Net for-sale condominium activity913 (3,460)
Net operating income from real estate assets sold or held for sale(1,490)(9,918)
Net operating income $ 364,655 $ 415,513
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration Risk, Percentage1.50%1.60%

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale $ 2,303 $ 15,253
Operating expenses from real estate assets sold or held for sale(813)(5,335)
Net operating income from real estate assets sold or held for sale $ 1,490 $ 9,918

Segment Reporting (Details 3)

Segment Reporting (Details 3) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Segment Reporting
Total revenue $ 551,135 $ 602,267
NOI364,655 415,513
Gross real estate24,060,003 23,272,507
Real Estate Held-For-Sale, Gross75,814
Operating Segments | Established
Segment Reporting
Total revenue502,258 552,633
NOI339,670 395,020
Gross real estate20,198,860 20,087,827
Operating Segments | Established | New England
Segment Reporting
Total revenue73,318 78,845
NOI46,267 52,269
Gross real estate2,768,546 2,748,893
Operating Segments | Established | Metro NY/NJ
Segment Reporting
Total revenue104,949 112,813
NOI71,640 79,653
Gross real estate4,113,854 4,100,221
Operating Segments | Established | Mid-Atlantic
Segment Reporting
Total revenue82,931 90,345
NOI56,291 65,210
Gross real estate3,562,330 3,537,207
Operating Segments | Established | Southeast Florida
Segment Reporting
Total revenue7,241 7,504
NOI4,189 4,126
Gross real estate394,451 393,025
Operating Segments | Established | Denver, Colorado
Segment Reporting
Total revenue5,653 5,170
NOI4,019 3,340
Gross real estate319,667 318,624
Operating Segments | Established | Pacific Northwest
Segment Reporting
Total revenue30,669 33,480
NOI20,666 24,306
Gross real estate1,232,975 1,225,511
Operating Segments | Established | Northern California
Segment Reporting
Total revenue90,406 106,877
NOI64,063 81,879
Gross real estate3,443,896 3,425,170
Operating Segments | Established | Southern California
Segment Reporting
Total revenue107,091 117,599
NOI72,535 84,237
Gross real estate4,363,141 4,339,176
Operating Segments | Other Stabilized
Segment Reporting
Total revenue29,993 28,585
NOI18,464 18,396
Gross real estate1,279,134 1,260,482
Operating Segments | Development / Redevelopment
Segment Reporting
Total revenue15,704 4,789
NOI6,521 2,097
Gross real estate2,041,887 1,413,772
Operating Segments | Disposals [Member]
Segment Reporting
Gross real estate435,561
Land Held for Future Development
Segment Reporting
Gross real estate184,058 38,115
Non-allocated
Segment Reporting
Total revenue877 1,007
Gross real estate356,064 472,311
Continuing Operations
Segment Reporting
Total revenue548,832 587,014
Continuing Operations | Operating Segments | Established
Segment Reporting
Total revenue502,258 552,633
Continuing Operations | Operating Segments | Other Stabilized
Segment Reporting
Total revenue29,993 28,585
Continuing Operations | Non-allocated
Segment Reporting
Total revenue $ 877 $ 1,007

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details 2) - $ / shares3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Weighted average grant date fair value per award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period(2,126)
Performance Shares
Performance awards
Equity instruments outstanding at the beginning of the period (in shares)241,921
Equity instruments granted (in shares)137,929
Change in awards based on performance (in shares)(37,469)
Converted to restricted stock (in shares)(56,545)
Forfeited (in shares)0
Equity instruments outstanding at the end of the period (in shares)285,836
Weighted average grant date fair value per award
Equity instruments outstanding at the beginning of the period (in dollars per share) $ 195.13
Grant date fair value per share (in dollars per share)191.10
Change in awards based on performance (in dollars per share)156
Converted to restricted stock (in dollars per share)156
Forfeited (in dollars per share)0
Equity instruments outstanding at the end of the period (in dollars per share) $ 206.05
Grants in period based on total shareholder metrics69,012
Grants in period based on financial metrics68,917
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend yield3.50%
Employee and Directors Stock Options
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period2 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 28.64
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term5 years
Dividend yield3.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate27.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate0.81%
Employee and Directors Stock Options | Stock Option and Incentive Plan 2009
Weighted average grant date fair value per award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number304,495 12,506
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number10,380
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period(2,126)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 180.32
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross294,115
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price $ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 178.64 $ 129.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price130.90
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price $ 121.78
Performance Options
Weighted average grant date fair value per award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross4,847

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 3) - Performance Shares3 Months Ended
Mar. 31, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield3.50%
Estimated volatility, Minimum (as a percent)22.00%
Estimated volatility, Maximum (as a percent)49.00%
Risk-free interest rate, minimum (as a percent)0.06%
Risk-free interest rate, maximum (as a percent)0.38%
Average estimated fair value (in dollars per share) $ 213.16
Historical volatility (as a percent)50.00%
Implied volatility (as a percent)50.00%

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 4) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restricted stock
Restricted stock shares
Equity instruments outstanding at the beginning of the period (in shares)131,724
Equity instruments granted (in shares)92,975 64,912
Vested (in shares)(65,213)
Forfeited (in shares)(343)
Equity instruments outstanding at the end of the period (in shares)159,143
Restricted stock shares weighted average grant date fair value per share
Equity instruments outstanding at the beginning of the period (in dollars per share) $ 203.28
Grant date fair value per share (in dollars per share)175.83
Vested (in dollars per share)192.64
Forfeited (in dollars per share)202.25
Equity instruments outstanding at the end of the period (in dollars per share) $ 191.60
Restricted Stock Converted From Performance Shares
Restricted stock shares
Equity instruments outstanding at the beginning of the period (in shares)146,319
Equity instruments granted (in shares)0 96,317
Vested (in shares)(71,535)
Forfeited (in shares)0
Equity instruments outstanding at the end of the period (in shares)74,784

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans (Details 5) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Additional disclosures
Stock-based compensation expense $ 5,247 $ 5,039
Capitalized stock-based compensation cost $ 1,903 $ 3,178
Performance Shares
Additional disclosures
Grant date value (in dollars per share) $ 178.37
Restricted stock and restricted stock units
Additional disclosures
Weighted average period for recognition of unrecognized compensation cost2 years 6 months
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 68,665

Related Party Arrangements (Det

Related Party Arrangements (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Related Party Arrangements
Management, development and other fees $ 877 $ 1,007
Compensation expense5,247 5,039
Unconsolidated real estate entities
Related Party Arrangements
Outstanding receivables3,686 $ 5,408
Non Employee Director | Restricted stock and deferred stock awards
Related Party Arrangements
Compensation expense465 $ 455
Amount of deferred compensation $ 227 $ 614

Fair Value (Details)

Fair Value (Details)3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)derivativeMar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Derivative instruments and Hedging Activities
Derivative, Notional Amounts Settled During Period $ 150,000,000
Payments for (Proceeds from) Hedge, Financing Activities6,962,000 $ (20,314,000)
Unrealized Gain (Loss) on Derivatives(2,654,000) $ 0 $ 2,894,000
Reclassification out of Accumulated Other Comprehensive Income
Derivative instruments and Hedging Activities
Estimated hedging losses to be reclassified from accumulated other comprehensive loss into earnings within the next twelve months $ 9,467,000
Not Designated as Hedging Instrument
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative5
Not Designated as Hedging Instrument | Interest Rate Cap
Derivative instruments and Hedging Activities
Derivative, Notional Amount $ 410,950,000

Fair Value Fair Value (Details

Fair Value Fair Value (Details 2) - Not Designated as Hedging Instrument - Interest Rate Cap $ in ThousandsMar. 31, 2021USD ($)
Derivative instruments and Hedging Activities
Derivative, Notional Amount $ 410,950
Derivative weighted average interest rate1.70%
Derivative, average cap interest rate6.10%

Fair Value (Details 3)

Fair Value (Details 3) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value Disclosures [Abstract]
Cash flow hedge losses reclassified to earnings $ (2,367) $ (1,949)

Fair Value (Details 4)

Fair Value (Details 4) - Recurring basis - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Estimate of Fair Value Measurement
Financial Instruments Measured/Discussed at Fair Value
DownREIT units $ (1,384) $ (1,203)
Total(7,913,647)(8,312,664)
Unsecured notes | Estimate of Fair Value Measurement
Financial Instruments Measured/Discussed at Fair Value
Indebtedness(6,904,309)(7,271,799)
Secured Debt and Variable Rate Unsecured Indebtedness | Estimate of Fair Value Measurement
Financial Instruments Measured/Discussed at Fair Value
Indebtedness(1,008,042)(1,043,976)
Interest Rate Cap | Not Designated as Hedging Instrument | Estimate of Fair Value Measurement
Financial Instruments Measured/Discussed at Fair Value
Derivative assets88 6
Interest Rate Swap | Cash Flow Hedges | Estimate of Fair Value Measurement
Financial Instruments Measured/Discussed at Fair Value
Derivative assets4,308
Fair Value, Inputs, Level 1
Financial Instruments Measured/Discussed at Fair Value
DownREIT units(1,384)(1,203)
Total(6,905,693)(7,273,002)
Fair Value, Inputs, Level 1 | Unsecured notes
Financial Instruments Measured/Discussed at Fair Value
Indebtedness(6,904,309)(7,271,799)
Fair Value, Inputs, Level 2
Financial Instruments Measured/Discussed at Fair Value
Total(1,007,954)(1,039,662)
Fair Value, Inputs, Level 2 | Secured Debt and Variable Rate Unsecured Indebtedness
Financial Instruments Measured/Discussed at Fair Value
Indebtedness(1,008,042)(1,043,976)
Fair Value, Inputs, Level 2 | Interest Rate Cap | Not Designated as Hedging Instrument
Financial Instruments Measured/Discussed at Fair Value
Derivative assets88 6
Fair Value, Inputs, Level 2 | Interest Rate Swap | Cash Flow Hedges
Financial Instruments Measured/Discussed at Fair Value
Derivative assets4,308
Fair Value, Inputs, Level 3
Financial Instruments Measured/Discussed at Fair Value
Total $ 0 $ 0

Subsequent Events (Details)

Subsequent Events (Details)1 Months Ended3 Months Ended
Apr. 30, 2021USD ($)communityhomeMar. 31, 2021USD ($)communityMay 05, 2021USD ($)Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Number Of Communities Held For Sale | community1
Credit Facility $ 0 $ 0
Subsequent EventsSubsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. In April 2021, the Company: • acquired Avalon Arundel Crossing East located in Linthicum Heights, MD, containing 384 apartment homes for a purchase price of $119,000,000; and • entered into an agreement to sell one operating community containing 299 apartment homes and net real estate of $19,558,000 as of March 31, 2021, resulting in the community qualifying as held for sale subsequent to March 31, 2021. The Company expects to complete the sale in the second quarter of 2021. As of May 5, 2021, the Company has $226,000,000 outstanding under the Credit Facility.
Line of Credit [Member]
Subsequent Event [Line Items]
Credit Facility $ 0 $ 0
Subsequent Event [Member] | Line of Credit [Member]
Subsequent Event [Line Items]
Credit Facility $ 226,000,000
Subsequent Event [Member] | Avalon Arundel Crossing East
Subsequent Event [Line Items]
Number of Apartment Homes Acquired | home384
Payments to Acquire Other Real Estate $ 119,000,000
Subsequent Event [Member] | Subsequent Event Dispositions [Member]
Subsequent Event [Line Items]
Number Of Communities Held For Sale | community1
Number of Apartment Homes Held For Sale | home299
Real Estate Investments, Net $ 19,558,000