Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Central Index Key | 0000915912 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-12672 | ||
Entity Registrant Name | AVALONBAY COMMUNITIES, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 77-0404318 | ||
Entity Address, Address Line One | 4040 Wilson Blvd., Suite 1000 | ||
Entity Address, City or Town | Arlington | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22203 | ||
City Area Code | 703 | ||
Local Phone Number | 329-6300 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | AVB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 26,794,136,352 | ||
Entity Common Stock, Shares Outstanding | 142,025,313 | ||
Documents Incorporated by Reference | Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2024 annual meeting of stockholders, a definitive copy of which will be filed with the Securities and Exchange Commission within 120 days after the year end of the year covered by this Form 10-K, are incorporated by reference herein as portions of Part III of this Form 10-K. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Tysons, Virginia |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate: | ||
Land and improvements | $ 4,720,331 | $ 4,640,971 |
Buildings and improvements | 19,438,195 | 18,804,510 |
Furniture, fixtures and equipment | 1,303,959 | 1,174,135 |
Gross operating real estate | 25,462,485 | 24,619,616 |
Less accumulated depreciation | (7,557,614) | (6,878,556) |
Net operating real estate | 17,904,871 | 17,741,060 |
Construction in progress, including land | 1,268,915 | 1,072,543 |
Land held for development | 199,062 | 179,204 |
Real estate assets held for sale, net | 0 | 0 |
Total real estate, net | 19,372,848 | 18,992,807 |
Cash and cash equivalents | 397,890 | 613,189 |
Restricted cash | 133,070 | 121,056 |
Unconsolidated investments | 220,145 | 212,084 |
Deferred development costs | 53,122 | 58,489 |
Prepaid expenses and other assets | 366,465 | 316,808 |
Right of use lease assets | 134,674 | 143,331 |
Total assets | 20,678,214 | 20,457,764 |
LIABILITIES AND EQUITY | ||
Unsecured notes, net | 7,256,152 | 7,602,305 |
Variable rate unsecured credit facility and commercial paper, net | 0 | 0 |
Mortgage notes payable, net | 725,670 | 713,740 |
Dividends payable | 238,072 | 226,022 |
Payables for construction | 87,703 | 72,802 |
Accrued expenses and other liabilities | 310,868 | 306,186 |
Lease liabilities | 153,232 | 162,671 |
Accrued interest payable | 57,911 | 54,100 |
Resident security deposits | 63,815 | 63,700 |
Total liabilities | 8,893,423 | 9,201,526 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 1,473 | 2,685 |
Equity: | ||
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2023 and December 31, 2022; zero shares issued and outstanding at December 31, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2023 and December 31, 2022; 142,025,456 and 139,916,864 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 1,420 | 1,400 |
Additional paid-in capital | 11,287,549 | 10,765,431 |
Accumulated earnings less dividends | 478,156 | 485,221 |
Accumulated other comprehensive income | 16,116 | 1,424 |
Total stockholders' equity | 11,783,241 | 11,253,476 |
Noncontrolling interests | 77 | 77 |
Total equity | 11,783,318 | 11,253,553 |
Total liabilities and equity | $ 20,678,214 | $ 20,457,764 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (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, shares authorized (in shares) | 280,000,000 | 280,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 142,025,456 | 139,916,864 |
Common stock, shares issued (in shares) | 142,025,456 | 139,916,864 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Rental and other income | $ 2,760,187 | $ 2,587,113 | $ 2,291,766 |
Management, development and other fees | 7,722 | 6,333 | 3,084 |
Total revenue | 2,767,909 | 2,593,446 | 2,294,850 |
Expenses: | |||
Operating expenses, excluding property taxes | 681,338 | 630,154 | 570,853 |
Property taxes | 306,794 | 288,960 | 283,089 |
Expensed transaction, development and other pursuit costs, net of recoveries | 33,479 | 16,565 | 3,231 |
Interest expense, net | 205,992 | 230,074 | 220,415 |
Loss on extinguishment of debt, net | 150 | 1,646 | 17,787 |
Depreciation expense | 816,965 | 814,978 | 758,596 |
General and administrative expense | 76,534 | 74,064 | 69,611 |
Casualty loss | 9,118 | 0 | 3,119 |
Total expenses | 2,130,370 | 2,056,441 | 1,926,701 |
Income from unconsolidated investments | 13,454 | 53,394 | 38,585 |
Gains (Losses) on Sales of Investment Real Estate | 287,424 | 555,558 | 602,235 |
Other real estate activity | 174 | 5,127 | 1,120 |
Income before income taxes | 938,591 | 1,151,084 | 1,010,089 |
Income Tax Expense (Benefit) | (10,153) | (14,646) | (5,733) |
Net income | 928,438 | 1,136,438 | 1,004,356 |
Net loss (income) attributable to noncontrolling interests | 387 | 337 | (57) |
Net income attributable to common stockholders | 928,825 | 1,136,775 | 1,004,299 |
Other comprehensive income: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 13,332 | 23,647 | 993 |
Cash flow hedge losses reclassified to earnings | 1,360 | 3,883 | 13,151 |
Comprehensive income | $ 943,517 | $ 1,164,305 | $ 1,018,443 |
Earnings per common share - basic: | |||
Net income per common share - basic (in dollars per share) | $ 6.56 | $ 8.13 | $ 7.19 |
Earnings per common share - diluted: | |||
Net income per common share - diluted (in dollars per share) | $ 6.56 | $ 8.12 | $ 7.19 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive (loss) income | Total AvalonBay stockholders' equity | Noncontrolling interests |
Beginning Balance (in shares) at Dec. 31, 2020 | 139,526,671 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 10,752,174 | $ 1,395 | $ 10,664,416 | $ 126,022 | $ (40,250) | $ 10,751,583 | $ 591 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 1,004,299 | 1,004,299 | 1,004,299 | ||||
Gain on cash flow hedges, net | 993 | 993 | 993 | ||||
Cash flow hedge losses reclassified to earnings | 13,151 | 13,151 | 13,151 | ||||
Noncontrolling interest activity | (1,047) | (1,022) | (1,022) | (25) | |||
Dividends declared to common stockholders | (889,405) | (889,405) | (889,405) | ||||
Issuance of common stock, net of withholdings (in shares) | 225,255 | ||||||
Issuance of common stock, net of withholdings | $ 18,977 | $ 3 | 18,047 | 927 | 18,977 | ||
Repurchase of common stock, including repurchase costs (in shares) | 0 | ||||||
Stock-based compensation expense | $ 33,951 | 33,951 | 33,951 | ||||
Ending Balance (in shares) at Dec. 31, 2021 | 139,751,926 | ||||||
Ending Balance at Dec. 31, 2021 | 10,933,093 | $ 1,398 | 10,716,414 | 240,821 | (26,106) | 10,932,527 | 566 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 1,136,775 | 1,136,775 | 1,136,775 | ||||
Gain on cash flow hedges, net | 23,647 | 23,647 | 23,647 | ||||
Cash flow hedge losses reclassified to earnings | 3,883 | 3,883 | 3,883 | ||||
Noncontrolling interest activity | (594) | (105) | (105) | (489) | |||
Dividends declared to common stockholders | (890,809) | (890,809) | (890,809) | ||||
Issuance of common stock, net of withholdings (in shares) | 164,938 | ||||||
Issuance of common stock, net of withholdings | $ 3,118 | $ 2 | 4,577 | (1,461) | 3,118 | ||
Repurchase of common stock, including repurchase costs (in shares) | 0 | ||||||
Stock-based compensation expense | $ 44,440 | 44,440 | 44,440 | ||||
Ending Balance (in shares) at Dec. 31, 2022 | 139,916,864 | ||||||
Ending Balance at Dec. 31, 2022 | 11,253,553 | $ 1,400 | 10,765,431 | 485,221 | 1,424 | 11,253,476 | 77 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to common stockholders | 928,825 | 928,825 | 928,825 | ||||
Gain on cash flow hedges, net | 13,332 | 13,332 | 13,332 | ||||
Cash flow hedge losses reclassified to earnings | 1,360 | 1,360 | 1,360 | ||||
Noncontrolling interest activity | (1,217) | (1,217) | (1,217) | ||||
Dividends declared to common stockholders | (935,305) | (935,305) | (935,305) | ||||
Issuance of common stock, net of withholdings (in shares) | 2,120,392 | ||||||
Issuance of common stock, net of withholdings | $ 486,684 | $ 20 | 485,029 | 1,635 | 486,684 | ||
Repurchase of common stock, including repurchase costs (in shares) | (11,800) | (11,800) | |||||
Repurchase of common stock, including repurchase costs | $ (1,911) | (908) | (1,003) | (1,911) | |||
Stock-based compensation expense | 37,997 | 37,997 | 37,997 | ||||
Ending Balance (in shares) at Dec. 31, 2023 | 142,025,456 | ||||||
Ending Balance at Dec. 31, 2023 | $ 11,783,318 | $ 1,420 | $ 11,287,549 | $ 478,156 | $ 16,116 | $ 11,783,241 | $ 77 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared to common stockholders (in dollars per share) | $ 6.60 | $ 6.36 | $ 6.36 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 928,438 | $ 1,136,438 | $ 1,004,356 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 816,965 | 814,978 | 758,596 |
Amortization of deferred financing costs and debt discount | 12,732 | 11,218 | 10,143 |
Loss on extinguishment of debt, net | 150 | 1,646 | 17,787 |
Amortization of stock-based compensation | 27,142 | 33,864 | 25,505 |
Equity in loss (income) of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | 5,332 | 5,255 | (108) |
Casualty loss | 4,622 | 0 | 1,723 |
Abandonment of development pursuits | 33,479 | 5,599 | 685 |
Unrealized gain on terminated cash flow hedges | 0 | 0 | (2,654) |
Cash flow hedge losses reclassified to earnings | 1,360 | 3,883 | 7,887 |
Gain on sale of real estate assets | (287,987) | (600,958) | (630,747) |
Increase (decrease) in prepaid expenses and other assets | 5,777 | (7,167) | 5,505 |
Increase in accrued expenses, other liabilities and accrued interest payable | 12,019 | 17,176 | 4,492 |
Net cash provided by operating activities | 1,560,029 | 1,421,932 | 1,203,170 |
Cash flows from investing activities: | |||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | (901,847) | (921,203) | (654,861) |
Acquisition of real estate assets | (215,889) | (536,838) | (771,692) |
Capital expenditures - existing real estate assets | (178,312) | (160,313) | (142,688) |
Capital expenditures - non-real estate assets | (18,962) | (14,392) | (10,547) |
Increase (decrease) in payables for construction | 14,901 | 9,080 | (29,887) |
Proceeds from sale of real estate and for-sale condominiums, net of selling costs | 467,096 | 1,051,383 | 974,762 |
Note receivable lending | (82,802) | (29,352) | (1,210) |
Note receivable payments | 253 | 4,021 | 2,435 |
Distributions from unconsolidated entities | 5,468 | 51,464 | 63,171 |
Unconsolidated investments | (18,861) | (14,269) | (53,536) |
Net cash used in investing activities | (928,955) | (560,419) | (624,053) |
Cash flows from financing activities: | |||
Issuance of common stock, net | 496,706 | 20,020 | 31,874 |
Repurchase of common stock, net | (1,911) | 0 | 0 |
Dividends paid | (922,657) | (889,607) | (888,344) |
Repayments of mortgage notes payable, including prepayment penalties | (47,000) | (43,332) | (109,562) |
Issuance of unsecured notes | 399,756 | 348,565 | 1,098,643 |
Repayment of unsecured notes | (750,000) | (100,000) | (462,147) |
Payment of deferred financing costs | (3,964) | (14,301) | (8,864) |
Receipt for termination of forward interest rate swaps | 8,331 | 26,869 | 4,751 |
Payments related to tax withholding for share-based compensation | (10,639) | (16,989) | (13,463) |
Noncontrolling interests, joint venture and preferred equity transactions | (2,981) | (2,281) | (1,749) |
Net cash used in financing activities | (834,359) | (671,056) | (348,861) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (203,285) | 190,457 | 230,256 |
Cash, cash equivalents and restricted cash, beginning of year | 734,245 | 543,788 | 313,532 |
Cash, cash equivalents and restricted cash, end of year | 530,960 | 734,245 | 543,788 |
Cash paid during the year for interest, net of amount capitalized | 187,523 | 212,241 | 203,773 |
Supplemental Cash Flow Information | |||
Cash and cash equivalents | 397,890 | 613,189 | 420,251 |
Restricted cash | 133,070 | 121,056 | 123,537 |
Cash, cash equivalents and restricted cash reported in the Consolidated Statements of Cash Flows | $ 530,960 | $ 734,245 | $ 543,788 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental disclosures of non-cash investing and financing activities | |||
Common stock issued through the dividend reinvestment plan (in shares) | 3,454 | 2,810 | 2,844 |
Common stock issued through the dividend reinvestment plan | $ 619 | $ 593 | $ 566 |
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares) | 62,937 | 72,783 | 75,780 |
Shares withheld to satisfy employees' tax withholding and other liabilities, value | $ 10,639 | $ 16,989 | $ 13,463 |
Number of shares forfeited (in shares) | 2,119 | ||
Shares cancelled upon forfeiture | $ 413 | 791 | 804 |
Dividends payable | 238,072 | 226,022 | |
Increase (decrease) in derivative assets | 5,001 | 3,204 | |
Cash flow hedge losses reclassified to earnings | (1,360) | (3,883) | (13,151) |
Reclassification, cash flow hedge losses | 3,883 | ||
Interest Expense | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Reclassification, cash flow hedge losses | (7,887) | ||
Gain (Loss) on Extinguishment of Debt | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Reclassification, cash flow hedge losses | (5,264) | ||
Common stock | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Dividends payable | $ 236,133 | 224,222 | 224,012 |
Accumulated earnings less dividends | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Change in redemption value of redeemable noncontrolling interest | $ 105 | $ 1,022 | |
Restricted Stock and Common Stock Converted from Performance Shares | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | 153,162 | 140,528 | 155,836 |
Performance awards | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | 90,215 | 72,783 | 138,033 |
Conversion of performance awards to restricted shares of common stock (in shares) | 60,016 | 54,053 | 56,545 |
Restricted stock | |||
Supplemental disclosures of non-cash investing and financing activities | |||
Granted (in shares) | 93,146 | 86,475 | 99,291 |
Fair value of shares issued | $ 16,552 | $ 20,056 | $ 17,757 |
Number of shares forfeited (in shares) | 2,119 | 3,701 | 4,109 |
Organization, Basis of Presenta
Organization, Basis of Presentation, and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation, and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). The Company develops, redevelops, acquires, owns and operates multifamily communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 operating apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 30 communities that, if developed as expected, will contain an estimated 10,801 apartment homes (unaudited). Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K. Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model for each joint venture entity. The Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value. Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels acquired for development improved with operating real estate, the Company generally manages the improvements until all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings. The Company accounts for real estate acquisitions as either an asset acquisition or a business combination. Under either model, the Company identifies and determines the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. The Company utilizes various sources to determine fair value, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years. Income Taxes The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense, primarily due to dispositions at The Park Loggia, of $10,153,000, $14,646,000 and $5,733,000 in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax positions. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2020 through 2022. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 % Deferred Financing Costs Deferred financing costs include expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the loan term or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs for unsecured notes was $34,494,000 and $29,815,000 as of December 31, 2023 and 2022, respectively, and related to mortgage notes payable was $2,262,000 and $2,040,000 as of December 31, 2023 and 2022, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs for the Company's Credit Facility was $14,490,000 and $11,222,000 as of December 31, 2023 and 2022, respectively, and deferred financing costs net of accumulated amortization was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes all cash and liquid investments with an original maturity of three months or less from the date acquired. Restricted cash includes principal reserve funds that are restricted for the repayment of specified secured financing, amounts the Company has designated for planned 1031 exchange activity and resident security deposits. The majority of the Company's cash, cash equivalents and restricted cash are held at major commercial banks. Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive income (loss), as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. Earnings per Common Share Basic earnings per common 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 common share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per common share on a diluted basis. Diluted earnings per common share was computed using the treasury stock method for performance awards, options and participating securities. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19 Certain options to purchase shares of common stock in the amounts of 303,784 and 291,881 were outstanding as of December 31, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per common share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 are included in the computation of diluted earnings per common share. Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes costs associated with its development activities to the basis of land held when future development is probable (“Development Rights”), or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. The Company expensed costs related to development pursuits not yet considered probable for development and the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $33,479,000, $16,565,000 and $2,192,000 during the years ended December 31, 2023, 2022 and 2021, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2023 includes write-offs of $27,455,000 related to seven Development Rights that the Company determined are no longer probable. The amount for 2022 includes write-offs of $10,073,000 related to three development opportunities that the Company determined are no longer probable. These 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 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2023, 2022 and 2021, the Company did not recognize any material impairment losses. During the year ended December 31, 2023, the Company recognized a charge of $9,118,000 for the property and casualty damages across certain communities in its Northeast and California regions related to severe weather and other casualty events, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both whether the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. The Company did not recognize any other than temporary impairment losses during the years ended December 31, 2023, 2022 or 2021. Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the accompanying Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) are presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had no real estate assets that qualified as held for sale presentation at December 31, 2023. Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivatives for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an ongoing basis. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair values of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income. Amounts recorded in accumulated other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. Receipts or payments associated with the gains and losses on the Company’s cash flow hedges are presented as a component of cash flows from financing activities in the period the hedges are terminated and the payments for the Company’s derivatives that are not qualifying for hedging relationships are presented as a component of cash flows from operating activities. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity, segment classification and classification of for-sale condominium inventory and activity. 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 that are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Variable lease payments are generally not included in the lease liability, but recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are 12 months or less, the Company elected the practical expedient to recognize the lease payments on a straight line basis. Lessor Considerations The Company's residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. For the Company’s leases, which are comprised of a 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) all components of its operating leases share the same timing and pattern of transfer. Revenue and Gain Recognition Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under “Leases”. The Company's revenue streams that are not accounted for under ASC 842, Leases, include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the construction, development or redevelopment of those communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company also provides various third party back-office, financial administrative support services. The Company recognizes revenue for fees as earned. • Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. (2) Am |
Interest Capitalized
Interest Capitalized | 12 Months Ended |
Dec. 31, 2023 | |
Interest Capitalized | |
Interest Capitalized | Interest Capitalized The Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $47,133,000, $34,854,000 and $32,687,000 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt, which consists of unsecured notes, the variable rate unsecured term loan (the “Term Loan”), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of December 31, 2023 and 2022 is summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2023 and 2022, as shown in the accompanying Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments. December 31, 2023 December 31, 2022 Fixed rate unsecured notes $ 7,300,000 3.3 % $ 7,500,000 3.3 % Term Loan — — % 150,000 5.4 % Fixed rate mortgage notes payable—conventional and tax-exempt 333,892 3.9 % 270,677 3.4 % Variable rate mortgage notes payable—conventional and tax-exempt 410,150 5.5 % 457,150 5.3 % Total mortgage notes payable and unsecured notes and Term Loan 8,044,042 3.5 % 8,377,827 3.4 % Credit Facility — — % — — % Commercial paper — — % — — % Total principal outstanding 8,044,042 3.5 % 8,377,827 3.4 % Less deferred financing costs and debt discount (1) (62,220) (61,782) Total $ 7,981,822 $ 8,316,045 _________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company has a $2,250,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in September 2026. The interest rate that would be applicable to borrowings under the Credit Facility was 6.19% at December 31, 2023 and was composed of (i) the Secured Overnight Financing Rate (“SOFR”), 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.), plus (ii) the current borrowing spread to SOFR of 0.805% per annum, which consisted of a 0.10% SOFR adjustment plus 0.705% per annum, assuming a daily SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.63% to SOFR plus 1.38% based upon the rating of the Company's unsecured senior notes. There is also an annual facility commitment fee of 0.12% of the borrowing capacity under the facility, which can vary from 0.095% to 0.295% based upon the rating of the Company's unsecured senior notes. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually. The first determination under the sustainability-linked pricing component occurred in July 2023, resulting in reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets. The availability on the Company's Credit Facility as of December 31, 2023 and 2022, respectively, was as follows (dollars in thousands): December 31, 2023 December 31, 2022 Credit Facility commitment $ 2,250,000 $ 2,250,000 Credit Facility outstanding — — Commercial paper outstanding — — Letters of credit outstanding (1) (1,914) (1,914) Total Credit Facility available $ 2,248,086 $ 2,248,086 _____________________________________ (1) In addition, the Company had $58,116 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2023 and 2022, respectively. The Company has an unsecured commercial paper note program (the “Commercial Paper Program”) with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program. During the year ended December 31, 2023: • In March 2023, the Company repaid $250,000,000 principal amount of its 2.85% unsecured notes at par at maturity. • In September 2023, the Company repaid its $150,000,000 Term Loan at par in advance of its February 2024 scheduled maturity. • In September 2023, the Company utilized $37,600,000 of restricted cash held in a principal reserve fund to repay a portion of the outstanding secured variable rate indebtedness of Avalon Clinton North and Avalon Clinton South. • In October 2023, in conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041,000 fixed rate mortgage loan, with a contractual interest rate of 4.18% and an effective interest rate of 5.97%, maturing in May 2029. • In December 2023, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $397,156,000, before considering the impact of other offering costs. The notes mature in December 2033 and were issued at a 5.30% interest rate, resulting in a 5.19% effective rate including the impact of issuance costs and hedging activity. • In December 2023, the Company repaid $350,000,000 principal amount of its 4.20% unsecured notes at par at maturity. 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 $1,284,650,000, excluding communities classified as held for sale, as of December 31, 2023). Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2023 were as follows (dollars in thousands): Year Secured notes Unsecured notes maturities Stated interest rate of 2024 $ 9,593 $ 300,000 3.50 % 2025 10,765 525,000 3.45 % 300,000 3.50 % 2026 11,811 475,000 2.95 % 300,000 2.90 % 2027 250,159 400,000 3.35 % 2028 18,902 450,000 3.20 % 400,000 1.90 % 2029 132,661 450,000 3.30 % 2030 9,100 700,000 2.30 % 2031 9,700 600,000 2.45 % 2032 10,400 700,000 2.05 % 2033 12,000 350,000 5.00 % 400,000 5.30 % Thereafter 268,951 350,000 3.90 % 300,000 4.15 % 300,000 4.35 % $ 744,042 $ 7,300,000 The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 10 and 30 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date. The Company is subject to financial covenants contained in the Credit Facility and the indentures under which the unsecured notes were issued. The principal financial covenants include the following: • limitations on the amount of total and secured debt in relation to the Company's overall capital structure; • limitations on the amount of the Company's unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and • minimum levels of debt service coverage. The Company was in compliance with these covenants at December 31, 2023. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity As of December 31, 2023 and 2022, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock. During the year ended December 31, 2023, the Company: i. issued 5,773 shares of common stock in connection with stock options exercised; ii. issued 3,454 shares of common stock through the Company's dividend reinvestment plan; iii. issued 153,162 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv. issued 2,000,000 shares of common stock in the settlement of the forward contracts, as discussed below; v. issued 23,059 shares of common stock through the Employee Stock Purchase Plan; vi. withheld 62,937 shares of common stock to satisfy employees' tax withholding and other liabilities; vii. canceled 2,119 shares of restricted common stock upon forfeiture; and viii. repurchased 11,800 shares of common stock through the Stock Repurchase Program (as defined below). Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the “Plan”) for the year ended December 31, 2023 does not impact the Company's Consolidated Financial Statements until recognized as compensation cost. The Company has a continuous equity program (the “CEP”) 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 the Company's determinations of the appropriate funding sources. The Company engaged sales agents for the CEP who 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 receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the 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 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 years ended December 31, 2023 and 2022, the Company had no sales under this program. During the year ended December 31, 2021, the Company sold 122,343 shares of common stock at an average sales price of $226.15 per share, for net proceeds of $27,253,000 under this program. In addition, during the year ended December 31, 2022, the Company settled the outstanding forward contracts entered into in December 2021 under this program, selling 68,577 shares of common stock for $229.34 per share and net proceeds of $15,727,000. As of December 31, 2023, the Company had $705,961,000 remaining authorized for issuance under the CEP. In addition to the CEP, during the year ended December 31, 2023, the Company settled the outstanding forward contracts entered into in April 2022 (the “Equity Forward”), issuing 2,000,000 shares of common stock, net of offering fees and discounts, for $491,912,000 or $245.96 per share. The Company has a 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 “Stock Repurchase Program”). Purchases of common stock under the Stock Repurchase Program may be exercised at the Company’s discretion with the timing and number of shares repurchased depending on a variety of factors including price, corporate and regulatory requirements and other corporate liquidity requirements and priorities. The Stock Repurchase Program does not have an expiration date and may be suspended or terminated at any time without prior notice. During the year ended December 31, 2023, the Company repurchased 11,800 shares of common stock at an average price of $161.96 per share. During the years ended December 31, 2022 and 2021, the Company had no repurchases of shares under this program. As of December 31, 2023, the Company had $314,237,000 remaining authorized for purchase under this program. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Investments in Consolidated Real Estate Entities Details regarding communities acquired in 2023, 2022 and 2021, are summarized in the following table (dollars in thousands): Community name Location Number of communities Apartment Purchase price Commercial square feet Avalon Frisco at Main Frisco, TX 1 360 $ 83,100 — Avalon Mooresville Mooresville, NC 1 203 52,100 — Avalon West Plano (1) Carrollton, TX 1 568 142,000 — Total 2023 acquisitions 3 1,131 $ 277,200 — Total 2022 acquisitions 4 1,313 $ 536,200 16,000 Total 2021 acquisitions 7 1,932 $ 724,500 90,000 _____________________________________ (1) In conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041 fixed rate mortgage loan, with a contractual interest rate of 4.18%, maturing in May 2029. The Company accounted for these purchases as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. Structured Investment Program The Company operates a Structured Investment Program (the “SIP”), an investment platform through which the Company provides mezzanine loans or preferred equity to third-party multifamily developers. During the year ended December 31, 2023, the Company entered into four additional commitments, agreeing to provide an aggregate investment of up to $99,210,000 in multifamily development projects. As of December 31, 2023, the Company had seven commitments to fund up to $191,585,000 in the aggregate. The Company's investment commitments have a weighted average rate of return of 11.5% and have initial maturity dates between September 2025 and December 2027. At December 31, 2023, the Company had funded $96,461,000 of these commitments. The Company evaluates each SIP commitment to determine the classification as a loan or an investment in a real estate development project. As of December 31, 2023, all of the SIP commitments are classified as loans. The Company includes amounts outstanding under the SIP as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company evaluates the credit risk for each commitment on an ongoing basis, estimating the reserve for credit losses using relevant available information from internal and external sources. Market-based historical credit loss data provides the basis for the estimation of expected credit losses, with adjustments, if necessary, for differences in current commitment-specific risk characteristics, such as the amount of equity capital provided by a borrower, nature of the real estate being developed or other factors. For the seven existing commitments, interest is recognized as earned as interest income, and interest income and any change in the expected credit loss are included as a component of income from unconsolidated investments, on the accompanying Consolidated Statements of Comprehensive Income. Unconsolidated Investments The Company accounts for its investments in unconsolidated entities under the equity method of accounting or under the measurement alternative, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation. As of December 31, 2023, the Company had investments in five unconsolidated entities with real estate entities holdings, with ownership interest percentages ranging from 20.0% to 50.0%, coupled with other unconsolidated investments including property technology and environmentally focused companies and investment management funds. For one of the investments which owns an apartment community that is under development and in which the Company has an investment of 25.0%, the Company has guaranteed a construction loan on behalf of the venture, which had an outstanding balance of $135,983,000 as of December 31, 2023. Any amounts under the guarantee of this construction loan are obligations of the venture partners in proportion to their ownership interest. The significant accounting policies of the Company's unconsolidated investments are consistent with those of the Company in all material respects. Certain of these investments are subject to various buy‑sell provisions or other rights which are customary in real estate joint venture agreements. The Company and its partners in these entities may initiate these provisions to either sell the Company's interest or acquire the interest from the Company's partner. The Company is responsible for the day-to-day operations of the unconsolidated communities below and is the management agent subject to the terms of management agreements for all communities except for Brandywine Apartments of Maryland, LLC, which is managed by a third party. The following presents the Company's activities in unconsolidated investments for the years ended December 31, 2023, 2022 and 2021: Archstone Multifamily Partners AC LP (the “U.S. Fund”) —The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition in 2013 (as defined in Note 5, “Investments in Real Estate Entities,” of the Consolidated Financial Statements in Item 8 in the Company's Form 10-K filed February 22, 2019). The Company was the general partner of the U.S. Fund and had a 28.6% combined general partner and limited partner equity interest. During 2022, the U.S. Fund sold its final three communities and the Company's proportionate share of the gains in accordance with GAAP was $38,144,000. In conjunction with achieving a threshold return under provisions of the U.S. Fund, the Company received incentive distributions for its promoted interest. During the years ended December 31, 2023 and 2022, the Company recognized income of $1,519,000 and $4,690,000, respectively, for its promoted interest, which is included in income from unconsolidated investments on the accompanying Consolidated Statements of Comprehensive Income. During 2023, the Company completed the dissolution of the U.S. Fund. Archstone Multifamily Partners AC JV LP (the “AC JV”) —The Company had a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition in 2013. During 2021, the AC JV sold its final two communities and the Company's proportionate share of the gains in accordance with GAAP was $23,305,000. During 2022, the Company completed the dissolution of the AC JV. Legacy JV —As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2023, 2022 and 2021, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, for which the Company contributed $940,000, $860,000 and $1,340,000, respectively. At December 31, 2023, the remaining preferred interests had an aggregate liquidation value of $34,124,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. NYTA MF Investors LLC (“NYC Joint Venture”) —During 2018, the Company contributed five wholly-owned communities containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial space, located in New York City, NY, to a newly formed joint venture with the intent to own and operate the communities. The Company retained a 20.0% equity interest in the venture with the partners sharing in returns in accordance with their ownership interests. NYC Joint Venture has outstanding $394,734,000 fixed rate mortgage loans that are payable by the venture. The Company has not guaranteed the debt of NYC Joint Venture, nor does the Company have any obligation to fund this debt should NYC Joint Venture be unable to do so. At December 31, 2023, the Company has an equity investment of $55,695,000 (net of distributions). MVP I, LLC— During 2004, the Company entered into a joint venture agreement with an unrelated third-party to develop Avalon at Mission Bay II, an apartment community located in San Francisco, CA, which completed construction during 2006 and contains 313 apartment homes. The Company has a 25.0% equity interest in the venture. MVP I, LLC has an outstanding $103,000,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. The Company has fully recovered its basis as of December 31, 2023. Brandywine Apartments of Maryland, LLC (“Brandywine”)— The Company acquired its interest in Brandywine as part of the Archstone Acquisition. Brandywine owns a 305 apartment home community located in Washington, D.C. Brandywine is comprised of five members who hold various interests in the joint venture, with the Company having a 28.7% equity interest in Brandywine. Brandywine had an outstanding $19,062,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. At December 31, 2023, the Company had an equity investment of $14,602,000 (net of distributions) in Brandywine. Avalon Alderwood MF Member, LLC —During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Place, an apartment community located in Lynnwood, WA, which completed construction during 2022 and contains 328 apartment homes. The Company has a 50.0% interest in the venture and, as of December 31, 2023, the Company has a total equity investment of $53,638,000. The venture is a VIE, though the Company is not the primary beneficiary because it shares control with its venture partner. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership or capital structure, and the operating budget. Arts District Joint Venture —During 2020, the Company entered into a joint venture to develop, own, and operate AVA Arts District, an apartment community located in Los Angeles, CA, which is currently under construction and expected to contain 475 apartment homes (unaudited) and 56,000 square feet (unaudited) of commercial space when completed. As of December 31, 2023, the Company has a 25.0% interest in the venture, and excluding costs incurred in excess of equity in the underlying net assets of the venture, has an equity investment of $32,738,000. The remaining development costs are primarily expected to be funded by the venture's variable rate construction loan. The venture has drawn $135,983,000 of $167,147,000 maximum borrowing capacity of the construction loan as of December 31, 2023. While the Company guarantees the construction loan on behalf of the venture, any amounts payable under the guarantee are obligations of the venture partners in proportion to ownership interest. The venture is an unconsolidated VIE as the Company is not the primary beneficiary due to shared control and decision making with its venture partner. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership, changes to the development plan or budget, and major operating decisions including annual business plans. Property Technology and Environmental Investments —The Company has invested $46,926,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds. The Company’s interest in each individual investment represents less than 10% of the respective venture's equity interests. In addition, as of December 31, 2023, the Company has $73,892,000 in outstanding equity commitments, with the timing and amount for these commitments to be fulfilled dependent on if, and when, investment opportunities are identified by the respective funds. During the years ended December 31, 2023, 2022 and 2021, the Company recognized income and unrealized gains of $4,161,000, $8,315,000 and $15,908,000, respectively, related to these investments, which was reported as a component of income from unconsolidated investments on the accompanying Consolidated Statements of Comprehensive Income. |
Real Estate Disposition Activit
Real Estate Disposition Activities | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Real Estate Disposition Activities | Real Estate Disposition Activities Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $287,424,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands): Community name Location Period of sale Apartment Gross Net cash Commercial square feet eaves Daly City Daly City, CA Q2 2023 195 $ 67,000 $ 66,646 — Avalon at Newton Highlands Newton, MA Q2 2023 294 170,000 167,665 — Avalon Columbia Pike Arlington, VA Q3 2023 269 105,000 103,032 27,000 Avalon Mamaroneck Mamaroneck, NY Q4 2023 229 104,000 102,230 — Other real estate multiple 2023 N/A — 636 — Total of 2023 asset sales 987 $ 446,000 $ 440,209 27,000 Total of 2022 asset sales 2,062 $ 953,135 $ 934,117 — Total of 2021 asset sales 2,404 $ 875,058 $ 850,230 30,000 As of December 31, 2023, the Company had no real estate assets 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. The Company sold six, 40 and 53 residential condominiums at The Park Loggia, for gross proceeds of $25,387,000, $126,848,000 and $135,458,000 resulting in a loss in accordance with GAAP of $73,000 and gain in accordance with GAAP of $2,217,000 and $3,110,000 during the years ended December 31, 2023, 2022 and 2021, respectively. The Company incurred $389,000, $2,129,000 and $4,087,000 during the years ended December 31, 2023, 2022 and 2021, respectively, in marketing, operating and administrative costs. All amounts are included in other real estate activity on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2023, there were two residential condominiums remaining to be sold. As of December 31, 2023 and 2022, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $6,603,000 and $32,532,000, respectively, presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2023, the Company has an employment agreement with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors, and was appointed to the additional role of Chief Executive Officer effective January 3, 2022. The employment agreement expires on January 25, 2024, although provisions relating to equity awards granted during the term of the employment agreement continue to apply with respect to those awards. The standard restricted stock, option and performance award agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), (i) all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, to exercise any options then held and (ii) a pro rata share (based on the portion of the performance period that has been completed) of performance awards that have completed at least one year of their performance period shall vest, with settlement to occur at the end of the performance period in accordance with achievement thereunder. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided certain conditions are met, including that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70 and (iii) the employee provides at least six months written notice of intent to retire. If a sale event (as defined) of the Company occurs, all outstanding multiyear performance awards will vest at their target value and are settled. The Company also has an Officer Severance Program (the “Program”). Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or chooses to terminate his or her employment for good reason (as defined), in either case in connection with or within 24 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one time for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock, options and performance awards would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable. Legal Contingencies The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. In 2022 and early 2023, the Company was named as a defendant in cases brought by private litigants alleging antitrust violations by RealPage, Inc. and owners and/or operators of multifamily housing which utilize revenue management systems provided by RealPage, Inc. The Company engaged with the plaintiffs' counsel to explain why it believed that these cases were without merit as they pertained to the Company. Following these discussions, the plaintiffs filed a notice of voluntary dismissal in July 2023, which resulted in the Company being dismissed without prejudice from these cases. Subsequently, on November 1, 2023, the District of Columbia filed a lawsuit in the Superior Court of the District of Columbia against RealPage, Inc. and 14 owners and/or operators of multifamily housing in the District of Columbia, including the Company, alleging that the defendants violated the District of Columbia Antitrust Act by unlawfully agreeing to use RealPage, Inc. revenue management systems and sharing sensitive data. The Company intends to vigorously defend against this lawsuit. Given the early stage of the District of Columbia’s lawsuit, the Company is unable to predict the outcome or estimate the amount of loss, if any, that may result from the lawsuit. The Company is involved in various other claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these other outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. In addition, the Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the net cost basis of a community to which the suit related. During the year ended December 31, 2022, the Company recognized $6,000,000 in legal settlement proceeds related to a construction defect at a community, reported as a component of general and administrative expense on the accompanying Consolidated Statements of Comprehensive Income. There were no material receipts during the years ended December 31, 2023 and 2021. Lease Obligations The Company owns seven apartment communities and two commercial properties, located on land subject to ground leases expiring between July 2046 and April 2106. The Company has purchase options for all ground leases expiring prior to 2062. The ground leases for six of the seven apartment communities and the two commercial properties, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. As of December 31, 2023 and 2022, the Company had total operating lease assets of $106,146,000 and $114,977,000, respectively, and lease obligations of $133,220,000 and $142,602,000, respectively, reported as components of right of use lease assets lease liabilities The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages adjacent to apartment communities, that are finance leases. As of December 31, 2023 and 2022, the Company had total finance lease assets of $28,528,000 and $28,354,000, respectively, and total finance lease obligations of $20,012,000 and $20,069,000, respectively, reported as components of right of use lease assets lease liabilities The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 22 years Weighted-average remaining lease term - operating leases (1) 40 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases (1) 4.66 % _____________________________________ (1) Excludes two leases that have been executed but for which the Company has not yet taken control. The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. 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. • Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2023, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2022, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2023 or probable for disposition to unrelated third parties within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment. • Other Stabilized is composed of completed consolidated communities that the Company owns and that are not Same Store but that had stabilized occupancy, as defined above, as of January 1, 2023, or which were acquired during the years ended December 31, 2023 or 2022. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year. • Development/Redevelopment is composed of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year and (iii) communities that have been complete for less than one year and did not have stabilized occupancy, as defined above, as of January 1, 2023. 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 CODM for assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Same Store 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, loss on extinguishment of debt, net, general and administrative expense, income from unconsolidated investments, depreciation expense, income tax expense, casualty loss, gain on sale of communities, other real estate 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. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.8%, 2.0% and 1.7% of total NOI for the years ended December 31, 2023, 2022 and 2021, 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 years ended December 31, 2023, 2022 and 2021 is as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Net income $ 928,438 $ 1,136,438 $ 1,004,356 Property management and other indirect operating expenses, net of corporate income 121,704 114,200 98,665 Expensed transaction, development and other pursuit costs, net of recoveries 33,479 16,565 3,231 Interest expense, net 205,992 230,074 220,415 Loss on extinguishment of debt, net 150 1,646 17,787 General and administrative expense 76,534 74,064 69,611 Income from unconsolidated investments (13,454) (53,394) (38,585) Depreciation expense 816,965 814,978 758,596 Income tax expense 10,153 14,646 5,733 Casualty loss 9,118 — 3,119 Gain on sale of communities (287,424) (555,558) (602,235) Other real estate activity (174) (5,127) (1,120) Net operating income from real estate assets sold or held for sale (14,733) (46,678) (82,698) Net operating income $ 1,886,748 $ 1,741,854 $ 1,456,875 The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended December 31, 2023 2022 2021 Rental income from real estate assets sold or held for sale $ 21,197 $ 69,782 $ 131,506 Operating expenses from real estate assets sold or held for sale (6,464) (23,104) (48,808) Net operating income from real estate assets sold or held for sale $ 14,733 $ 46,678 $ 82,698 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 details 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 December 31, 2023 for the years ended December 31, 2023 and 2022 and at December 31, 2022, for the year ended December 31, 2021. Segment information for the years ended December 31, 2023, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” Total NOI Gross For the year ended December 31, 2023 Same Store New England $ 366,777 $ 244,700 $ 2,925,841 Metro NY/NJ 529,684 362,599 4,417,603 Mid-Atlantic 369,027 255,741 3,439,654 Southeast Florida 76,301 50,315 801,617 Denver, CO 28,209 20,020 322,419 Pacific Northwest 171,740 121,783 1,546,038 Northern California 425,165 303,526 3,789,965 Southern California 551,743 380,262 4,816,245 Other Expansion Regions 23,988 16,166 328,082 Total Same Store (2) 2,542,634 1,755,112 22,387,464 Other Stabilized 134,804 92,808 1,799,035 Development / Redevelopment 61,552 38,828 2,408,450 Land Held for Development N/A N/A 199,062 Non-allocated (3) 7,722 N/A 136,451 Total $ 2,746,712 $ 1,886,748 $ 26,930,462 For the year ended December 31, 2022 Same Store New England $ 341,769 $ 226,987 $ 2,893,843 Metro NY/NJ 495,107 342,511 4,401,146 Mid-Atlantic 348,096 238,970 3,396,654 Southeast Florida 69,685 44,696 798,437 Denver, CO 26,848 19,652 321,685 Pacific Northwest 165,186 117,211 1,534,208 Northern California 405,184 288,772 3,765,490 Southern California 520,483 361,809 4,762,736 Other Expansion Regions 21,934 15,098 323,573 Total Same Store (2) 2,394,292 1,655,706 22,197,772 Other Stabilized 93,305 67,462 1,515,963 Development / Redevelopment 29,734 18,686 1,574,649 Land Held for Development N/A N/A 179,204 Non-allocated (3) 6,333 N/A 122,886 Total $ 2,523,664 $ 1,741,854 $ 25,590,474 For the year ended December 31, 2021 Same Store New England $ 295,505 $ 189,571 $ 2,771,067 Metro NY/NJ 407,621 279,078 4,025,983 Mid-Atlantic 302,652 203,502 3,068,575 Southeast Florida 31,703 19,689 395,999 Denver, CO 23,742 16,451 320,435 Pacific Northwest 126,513 85,980 1,288,975 Northern California 366,215 258,756 3,605,284 Southern California 441,765 303,336 4,264,695 Total Same Store (2)(4) 1,995,716 1,356,363 19,741,013 Other Stabilized 121,659 75,422 2,413,391 Development / Redevelopment 42,885 25,090 1,580,653 Land Held for Development N/A N/A 147,546 Non-allocated (3) 3,084 N/A 257,536 Total $ 2,163,344 $ 1,456,875 $ 24,140,139 _________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2022 and 2021 of $280,889 and $760,990, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $188,507, $209,607 and $158,991 in 2023, 2022 and 2021, respectively. (3) Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, “Real Estate Disposition Activities.” (4) Communities in Same Store Other Expansion Regions were included in Other Stabilized for the year ended December 31, 2021. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's Plan includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2023, the Company had 5,424,356 shares remaining available to issue under the Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. The Plan provides for equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries in the form of restricted stock, restricted stock units, stock options that qualify as incentive stock options (“ISOs”) under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. No grants of stock options and other awards will be made after May 15, 2027, and no grants of incentive stock options will be made after February 16, 2027. The Company's share-based compensation framework includes annual restricted stock awards and multi-year performance awards (the “Performance Awards”). The annual restricted stock vests over a three-year period at one-third per year. For annual restricted stock awards, in lieu of restricted stock, an officer may elect to receive up to 100% of the award value, in increments of 25%, in the form of stock options, which vests consistent with the restricted stock awards. Annually, the Company grants a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured over a performance period of three years. Performance units earned at the end of the measurement period are settled in fully vested shares of common stock and a payment of a cash amount representing accrued dividends on earned performance awards. The Company granted supplemental stock options in February 2021, that have a ten-year term and cliff vested on March 1, 2023. The options were granted at an exercise price that equaled the closing stock price on the grant date with recipients having 12 months to exercise the option if terminated without cause, and will have until the expiration date to exercise the options if they retire. For Performance Awards, after the first year of the performance period, if an employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee's target grant will be pro-rated based on the employee's service time during the performance period. The final payout is based on actual performance, at which time the units will be converted into shares and a payment of a cash amount for accrued dividends based on actual performance. For other terminating events, performance awards are generally forfeited. Information with respect to stock options granted under the Plan is as follows: Options Weighted average Options Outstanding, December 31, 2020 12,506 $ 129.35 Granted (1) 294,115 180.32 Exercised (2,759) 124.34 Forfeited (4,713) 180.32 Options Outstanding, December 31, 2021 299,149 $ 178.71 Granted (2) 9,793 236.14 Exercised (8,670) 135.78 Forfeited (6,459) 180.32 Options Outstanding, December 31, 2022 293,813 $ 181.85 Granted (2) 15,744 177.83 Exercised (5,773) 163.56 Forfeited — — Options Outstanding, December 31, 2023 303,784 $ 181.99 Options Exercisable: December 31, 2021 9,747 $ 130.77 December 31, 2022 6,533 $ 165.51 December 31, 2023 279,894 $ 180.97 __________________________________ (1) Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2) All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows: 2023 Dividend yield 4.0 % Estimated volatility 29.2 % Risk free rate 4.09 % Expected life of options 5 years Estimated fair value $37.54 The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2023: The Plan Range—Exercise Price Weighted Average 293,991 $177.00 - $186.99 7.3 9,793 $236.00 - $245.99 8.1 303,784 Options outstanding at December 31, 2023 had an intrinsic value of $2,068,000. Options exercisable had an intrinsic value of $1,909,000 and had a weighted average contractual life of 7.2 years. The intrinsic value of options exercised under the Plan during 2023, 2022 and 2021 was $113,000, $602,000 and $186,000, respectively. 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) 138,033 191.12 Change in awards based on performance (2) (37,469) 156.00 Converted to restricted stock (56,545) 156.00 Forfeited (1,418) 207.65 Outstanding at December 31, 2021 284,522 $ 214.73 Granted (3) 72,783 254.75 Change in awards based on performance (2) (20,356) 200.92 Converted to shares of common stock (54,053) 217.33 Forfeited (3,829) 230.36 Outstanding at December 31, 2022 279,067 $ 225.46 Granted (4) 90,215 193.85 Change in awards based on performance (2) (31,345) 241.49 Converted to shares of common stock (60,016) 238.71 Forfeited (2,719) 212.05 Outstanding at December 31, 2023 275,202 $ 210.52 _________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,969 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 performance awards. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows: 2023 2022 2021 Dividend yield 3.7% 2.7% 3.5% Estimated volatility over the life of the plan (1) 22.9% - 26.1% 16.1% - 36.8% 22.0% - 49.0% Risk free rate 4.35% - 4.61% 0.72% - 1.68% 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $206.97 $271.98 $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 for which achievement will be determined by using financial metrics, the compensation cost was based on an average grant date value of $177.83, $233.94 and $178.38, for the years ended December 31, 2023, 2022 and 2021, respectively, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows: Restricted stock shares 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 99,291 178.84 — Vested (69,840) 192.32 (71,692) Forfeited (4,109) 195.77 — Outstanding at December 31, 2021 157,066 $ 192.90 74,627 Granted 86,475 231.93 — Vested (78,212) 197.51 (48,171) Forfeited (3,615) 218.19 (86) Outstanding at December 31, 2022 161,714 $ 210.97 26,370 Granted 93,146 177.70 — Vested (79,450) 207.93 (26,370) Forfeited (2,119) 194.78 — Outstanding at December 31, 2023 173,291 $ 194.68 — Total employee stock-based compensation cost recognized in income was $27,417,000, $34,131,000 and $25,100,000 for the years ended December 31, 2023, 2022 and 2021, respectively, and total capitalized stock-based compensation cost was $10,906,000, $10,431,000 and $9,472,000 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, there was a total unrecognized compensation cost of $28,204,000 for unvested restricted stock, stock options and performance awards, which is expected to be recognized over a weighted average period of 1.8 years. Forfeitures are included in compensation cost as they occur. Employee Stock Purchase Plan In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the “ESPP”). Initially, 1,000,000 shares of common stock were reserved for issuance, and as of December 31, 2023, there are 569,016 shares remaining available for issuance under the ESPP. Employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable purchase period, they have been employed by the Company for at least one calendar month |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements Unconsolidated Entities The Company manages unconsolidated real estate entities and may provide other real estate related services to third parties, for which it receives asset management, property management, construction, development and redevelopment fee revenue. From these entities, the Company earned fees of $7,722,000, $6,333,000 and $3,084,000 for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $7,946,000 and $2,855,000 as of December 31, 2023 and 2022, respectively. Director Compensation Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $175,000 and (ii) a cash payment of $100,000, payable in equal quarterly installments of $25,000. The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the non-Executive Chairman receives an additional annual fee of $250,000 payable in equal quarterly installments of $62,500, the Lead Independent Director receives in the aggregate an additional annual fee of $35,000 payable in equal quarterly installments of $8,750, the non-employee director serving as the chairperson of the Audit Committee receives an additional annual fee of $30,000 per year payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Compensation Committee receives an additional annual fee of $25,000 per year payable in equal quarterly installments of $6,250 and the Nominating, Governance and Corporate Responsibility and Investment and Finance Committee chairpersons receive an additional annual fee of $20,000 payable in equal quarterly installments of $5,000. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments The Company uses Hedging Derivatives to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. 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 or equivalent, and monitors the credit ratings of counterparties and the exposure of the Company to any single entity. 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, which the Company concluded are not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. The following table summarizes the consolidated derivative positions at December 31, 2023 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 632,215 $ 200,000 Weighted average interest rate (1) 5.5 % N/A Weighted average capped/swapped interest rate 6.5 % 3.1 % Earliest maturity date January 2024 February 2024 Latest maturity date January 2027 June 2024 _________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps. The following derivative activity occurred during the year ended December 31, 2023: • In connection with the issuance of the Company's $400,000,000 unsecured notes in December 2023 maturing in 2033, the Company terminated $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes, receiving payments of $8,331,000 which will be recognized over the life of the unsecured notes as a reduction in the effective interest rate. All of the positions settled by the Company were forward interest rate swaps that the Company had entered into during 2023. The Company has deferred these gains in accumulated other comprehensive income on the accompanying Consolidated Balance Sheets, and is recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt. • In addition, the Company entered into $200,000,000 of forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of the Company's anticipated future debt issuance activity in 2024. The Company expects to cash settle the swaps and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the hedging impact from these positions will then be recognized over the life of the issued debt as a yield adjustment. The Company had certain derivatives not designated as hedges during the years ended December 31, 2023, 2022 and 2021, for which fair value changes during each of the respective years were not material. Cash flow hedge losses reclassified from accumulated other comprehensive income into earnings were $1,360,000, $3,883,000 and $13,151,000 for the year ended December 31, 2023, 2022 and 2021, respectively. The Company anticipates reclassifying approximately $582,000 of net hedging losses from accumulated other comprehensive income into earnings within the next 12 months as an offset to the hedged item during this period. Redeemable Noncontrolling Interests During the year ended December 31, 2023, 7,500 DownREIT units were redeemed for cash by the Company in conjunction with the sale of Avalon at Newton Highlands. Under the DownREIT agreement, for each limited partnership unit, the limited partner was 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. The limited partnership units in the DownREIT were valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. Equity Securities The Company has direct equity investments in property technology and environmentally focused companies. These investments are accounted for using the measurement alternative and are valued at the market price of observable transactions. Financial Instruments Not Carried at Fair Value Cash, Cash Equivalents and Restricted Cash Cash, cash equivalent and restricted cash 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, cash equivalent and restricted cash balances with any one financial institution and believes the likelihood of realizing material losses related to cash, cash equivalent and restricted cash balances is remote. Cash, cash equivalent and restricted cash 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. The Company determined that its notes receivables approximate fair value, because interest rates, yields and other terms are consistent with interest rates, yields and other terms currently available for similar instruments and are considered to be a Level 2 price within the fair value hierarchy. 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, including the Term Loan, and any outstanding amounts under the Credit Facility and Commercial Paper Program 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 Loan and any outstanding amounts under the Credit Facility and Commercial Paper Program are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Quoted Prices Significant Significant December 31, 2023 Assets Investments Notes Receivable, net $ 118,127 $ — $ 118,127 $ — Non Designated Hedges Interest Rate Caps 85 — 85 — Interest Rate Swaps - Assets 5,163 — 5,163 — Total Assets $ 123,375 $ — $ 123,375 $ — Liabilities Interest Rate Swaps - Liabilities $ 162 $ — $ 162 $ — Indebtedness Fixed rate unsecured notes 6,716,631 6,716,631 — — Mortgage notes payable and Commercial Paper Program 644,313 — 644,313 — Total Liabilities $ 7,361,106 $ 6,716,631 $ 644,475 $ — December 31, 2022 Assets Investments Notes Receivable, net $ 28,860 $ — $ 28,860 $ — Non Designated Hedges Interest Rate Caps 455 — 455 — Total Assets $ 29,315 $ — $ 29,315 $ — Liabilities DownREIT units $ 1,211 $ 1,211 $ — $ — Indebtedness Fixed rate unsecured notes 6,653,681 6,653,681 — — Mortgage notes payable, Commercial Paper Program and variable rate unsecured note 768,984 — 768,984 — Total Liabilities $ 7,423,876 $ 6,654,892 $ 768,984 $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events, through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and did not identify any items for disclosure. |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of SAME STORE NEW ENGLAND Avalon at Lexington Lexington, MA 198 $ 2,124 $ 12,561 $ 16,103 $ 2,124 $ 28,664 $ 30,788 $ 21,263 $ 9,525 $ 8,586 $ — 1994 eaves Wilmington Wilmington, MA 204 2,129 17,563 10,350 2,129 27,913 30,042 20,505 9,537 9,960 — 1999 eaves Quincy Quincy, MA 245 1,743 14,662 16,934 1,743 31,596 33,339 22,326 11,013 11,327 — 1986/1995 eaves Wilmington West Wilmington, MA 120 3,318 13,465 5,145 3,318 18,610 21,928 12,654 9,274 9,360 — 2002 Avalon at The Pinehills Plymouth, MA 192 6,876 30,313 9,652 6,876 39,965 46,841 21,752 25,089 25,832 — 2004 eaves Peabody Peabody, MA 286 4,645 18,919 17,202 4,645 36,121 40,766 22,253 18,513 19,726 — 1962/2004 Avalon at Bedford Center Bedford, MA 139 4,258 20,551 6,060 4,258 26,611 30,869 17,272 13,597 14,919 — 2006 Avalon at Chestnut Hill Chestnut Hill, MA 204 14,572 45,868 15,868 14,572 61,736 76,308 33,909 42,399 43,505 — 2007 Avalon at Lexington Hills Lexington, MA 387 8,691 78,502 18,246 8,691 96,748 105,439 56,017 49,422 53,457 — 2008 Avalon Acton Acton, MA 380 13,124 48,630 13,026 13,124 61,656 74,780 32,568 42,212 44,469 45,000 2008 Avalon at the Hingham Shipyard Hingham, MA 235 12,218 41,516 14,550 12,218 56,066 68,284 31,342 36,942 39,025 — 2009 Avalon Acton II Acton, MA 86 1,723 29,375 — 1,723 29,375 31,098 3,506 27,592 28,638 — 2021 Avalon Northborough Northborough, MA 382 8,144 52,178 9,474 8,144 61,652 69,796 29,937 39,859 41,103 — 2009 Avalon Exeter (1) Boston, MA 187 — 109,978 3,501 — 113,479 113,479 37,241 76,238 78,840 — 2014 Avalon Natick Natick, MA 407 15,645 64,845 4,822 15,645 69,667 85,312 25,323 59,989 61,683 — 2013 Avalon at Assembly Row (2) Somerville, MA 195 8,599 52,454 8,815 8,599 61,269 69,868 21,508 48,360 48,141 — 2015 AVA Somerville (2) Somerville, MA 250 10,944 56,457 7,899 10,944 64,356 75,300 22,806 52,494 53,785 — 2015 AVA Back Bay Boston, MA 271 9,034 36,536 53,129 9,034 89,665 98,699 53,387 45,312 48,193 — 1968/1998 Avalon Prudential Center II Boston, MA 266 8,776 35,479 65,718 8,776 101,197 109,973 54,744 55,229 58,882 — 1968/1998 Avalon Prudential Center I Boston, MA 243 8,002 32,349 57,378 8,002 89,727 97,729 47,794 49,935 53,395 — 1968/1998 eaves Burlington Burlington, MA 203 7,714 32,499 10,087 7,714 42,586 50,300 16,673 33,627 35,005 — 1988/2012 AVA Theater District Boston, MA 398 17,072 163,622 978 17,072 164,600 181,672 47,828 133,844 139,145 — 2015 Avalon Burlington Burlington, MA 312 15,600 60,649 20,068 15,600 80,717 96,317 30,573 65,744 67,529 — 1989/2013 Avalon Marlborough Marlborough, MA 350 15,367 60,338 3,153 15,367 63,491 78,858 19,027 59,831 60,938 — 2015 Avalon North Station Boston, MA 503 22,796 247,270 966 22,796 248,236 271,032 58,323 212,709 221,269 — 2017 Avalon Framingham Framingham, MA 180 9,315 34,604 620 9,315 35,224 44,539 10,319 34,220 35,348 — 2015 Avalon Quincy Quincy, MA 395 14,694 79,655 1,287 14,694 80,942 95,636 20,519 75,117 77,107 — 2017 Avalon Easton Easton, MA 290 3,170 60,785 1,674 3,170 62,459 65,629 14,815 50,814 51,690 — 2017 Avalon at the Hingham Shipyard II Hingham, MA 190 8,998 55,366 971 8,998 56,337 65,335 11,244 54,091 55,416 — 2019 Avalon Sudbury Sudbury, MA 250 20,278 66,509 1,033 20,278 67,542 87,820 14,066 73,754 75,492 — 2019 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Saugus Saugus, MA 280 $ 17,809 $ 72,196 $ 1,519 $ 17,809 $ 73,715 $ 91,524 $ 13,075 $ 78,449 $ 81,490 $ — 2019 Avalon Norwood Norwood, MA 198 9,478 51,215 830 9,478 52,045 61,523 8,580 52,943 55,163 — 2020 Avalon Marlborough II Marlborough, MA 123 5,523 36,367 63 5,523 36,430 41,953 4,610 37,343 38,727 — 2020 Avalon Easton II Easton, MA 44 570 14,090 — 570 14,090 14,660 1,154 13,506 13,974 — 2021 AVA North Point Cambridge, MA 265 31,263 81,196 2,918 31,263 84,114 115,377 16,019 99,358 102,594 — 2018/2019 Avalon Bear Hill Waltham, MA 324 27,350 93,977 31,975 27,350 125,952 153,302 51,236 102,066 105,728 — 1999/2013 Avalon Wilton on River Rd Wilton, CT 102 2,116 14,664 8,311 2,116 22,975 25,091 17,406 7,685 7,957 — 1997 Avalon New Canaan New Canaan, CT 104 4,834 22,990 7,025 4,834 30,015 34,849 20,407 14,442 15,576 — 2002 Avalon Darien Darien, CT 189 6,926 34,558 9,816 6,926 44,374 51,300 28,383 22,917 24,498 — 2004 TOTAL NEW ENGLAND 9,577 $ 385,438 $ 2,094,751 $ 457,166 $ 385,438 $ 2,551,917 $ 2,937,355 $ 992,364 $ 1,944,991 $ 2,017,472 $ 45,000 METRO NY/NJ New York City, NY Avalon Riverview (3) Long Island City, NY 372 $ — $ 94,061 $ 16,257 $ — $ 110,318 $ 110,318 $ 79,750 $ 30,568 $ 32,981 $ — 2002 Avalon Riverview North (3) Long Island City, NY 602 — 165,932 19,104 — 185,036 185,036 98,183 86,853 91,224 — 2008 AVA Fort Greene Brooklyn, NY 631 83,038 216,802 11,298 83,038 228,100 311,138 106,100 205,038 212,356 — 2010 AVA DoBro Brooklyn, NY 500 76,127 206,762 1,177 76,127 207,939 284,066 56,879 227,187 233,948 — 2017 Avalon Willoughby Square Brooklyn, NY 326 49,635 134,840 1,056 49,635 135,896 185,531 35,122 150,409 155,056 — 2017 Avalon Brooklyn Bay Brooklyn, NY 180 9,690 84,361 651 9,690 85,012 94,702 19,809 74,893 77,480 — 2018 Avalon Midtown West New York, NY 550 154,730 180,253 53,204 154,730 233,457 388,187 86,980 301,207 306,317 76,600 1998/2013 Avalon Clinton North New York, NY 339 84,069 105,821 16,843 84,069 122,664 206,733 48,156 158,577 161,998 126,400 2008/2013 Avalon Clinton South New York, NY 288 71,421 89,851 10,527 71,421 100,378 171,799 40,507 131,292 133,537 104,500 2007/2013 Total New York City, NY 3,788 $ 528,710 $ 1,278,683 $ 130,117 $ 528,710 $ 1,408,800 $ 1,937,510 $ 571,486 $ 1,366,024 $ 1,404,897 $ 307,500 New York - Suburban Avalon Commons Smithtown, NY 312 $ 4,679 $ 27,811 $ 14,400 $ 4,679 $ 42,211 $ 46,890 $ 32,309 $ 14,581 $ 16,263 $ — 1997 Avalon Melville Melville, NY 494 9,228 50,059 25,486 9,228 75,545 84,773 54,955 29,818 31,352 — 1997 Avalon White Plains White Plains, NY 407 15,391 137,312 3,294 15,391 140,606 155,997 70,419 85,578 90,111 — 2009 Avalon Rockville Centre I Rockville Centre, NY 349 32,212 78,806 7,508 32,212 86,314 118,526 38,463 80,063 83,041 — 2012 Avalon Garden City Garden City, NY 204 18,205 49,301 2,054 18,205 51,355 69,560 20,281 49,279 50,691 — 2013 Avalon Huntington Station Huntington Station, NY 303 21,899 58,429 2,514 21,899 60,943 82,842 19,870 62,972 64,277 — 2014 Avalon Great Neck Great Neck, NY 191 14,777 65,412 496 14,777 65,908 80,685 16,352 64,333 66,230 — 2017 Avalon Rockville Centre II Rockville Centre, NY 165 7,534 50,981 635 7,534 51,616 59,150 12,392 46,758 47,759 — 2017 Avalon Somers Somers, NY 152 5,608 40,591 24 5,608 40,615 46,223 9,644 36,579 37,893 — 2018 Avalon Yonkers Yonkers, NY 590 28,267 172,681 57 28,267 172,738 201,005 22,948 178,057 198,438 — 2021 Avalon Westbury Westbury, NY 396 69,620 43,736 19,688 69,620 63,424 133,044 31,659 101,385 100,559 — 2006/2013 Total New York - Suburban 3,563 $ 227,420 $ 775,119 $ 76,156 $ 227,420 $ 851,275 $ 1,078,695 $ 329,292 $ 749,403 $ 786,614 $ — 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of New Jersey Avalon Cove Jersey City, NJ 504 $ 8,760 $ 82,422 $ 33,937 $ 8,760 $ 116,359 $ 125,119 $ 91,946 $ 33,173 $ 37,018 $ — 1997 eaves West Windsor (2) West Windsor, NJ 512 5,585 21,752 35,761 5,585 57,513 63,098 38,599 24,499 25,852 — 1988/1993 Avalon at Edgewater I Edgewater, NJ 168 5,982 24,389 11,248 5,982 35,637 41,619 24,235 17,384 18,548 — 2002 Avalon at Florham Park Florham Park, NJ 270 6,647 34,906 17,845 6,647 52,751 59,398 36,218 23,180 24,941 — 2001 Avalon North Bergen North Bergen, NJ 164 8,984 30,994 1,493 8,984 32,487 41,471 13,173 28,298 29,364 — 2012 Avalon at Wesmont Station I Wood-Ridge, NJ 266 14,682 41,610 4,354 14,682 45,964 60,646 18,513 42,133 43,071 — 2012 Avalon Hackensack at Riverside Hackensack, NJ 226 9,939 44,619 2,329 9,939 46,948 56,887 17,376 39,511 41,169 — 2013 Avalon at Wesmont Station II Wood-Ridge, NJ 140 6,502 16,851 856 6,502 17,707 24,209 6,685 17,524 18,010 — 2013 Avalon Bloomingdale Bloomingdale, NJ 174 3,006 27,801 1,116 3,006 28,917 31,923 10,191 21,732 22,524 — 2014 Avalon Wharton Wharton, NJ 247 2,273 48,609 1,700 2,273 50,309 52,582 15,948 36,634 38,379 — 2015 Avalon Bloomfield Station (1) Bloomfield, NJ 224 10,701 36,430 2,195 10,701 38,625 49,326 11,365 37,961 38,182 — 2015 Avalon Roseland Roseland, NJ 136 11,288 34,868 892 11,288 35,760 47,048 10,767 36,281 37,228 — 2015 Avalon Princeton Princeton, NJ 280 26,461 68,003 1,639 26,461 69,642 96,103 18,272 77,831 79,743 — 2017 Avalon Union Union, NJ 202 11,695 36,315 1,392 11,695 37,707 49,402 10,483 38,919 39,551 — 2016 Avalon Hoboken Hoboken, NJ 217 37,237 90,278 7,624 37,237 97,902 135,139 32,649 102,490 105,557 — 2008/2016 Avalon Maplewood Maplewood, NJ 235 15,179 49,425 2,630 15,179 52,055 67,234 13,085 54,149 55,666 — 2018 Avalon Boonton Boonton, NJ 350 3,595 89,407 1,379 3,595 90,786 94,381 16,042 78,339 81,519 — 2019 Avalon Teaneck Teaneck, NJ 248 12,588 60,257 89 12,588 60,346 72,934 10,161 62,773 65,193 — 2020 Avalon Piscataway Piscataway, NJ 360 14,329 75,897 628 14,329 76,525 90,854 15,443 75,411 78,417 — 2019 Avalon Old Bridge Old Bridge, NJ 252 6,895 64,907 647 6,895 65,554 72,449 7,955 64,494 67,152 — 2021 Avalon at Edgewater II Edgewater, NJ 240 8,605 60,809 162 8,605 60,971 69,576 13,723 55,853 58,059 — 2018 Total New Jersey 5,415 $ 230,933 $ 1,040,549 $ 129,916 $ 230,933 $ 1,170,465 $ 1,401,398 $ 432,829 $ 968,569 $ 1,005,143 $ — TOTAL METRO NY/NJ 12,766 $ 987,063 $ 3,094,351 $ 336,189 $ 987,063 $ 3,430,540 $ 4,417,603 $ 1,333,607 $ 3,083,996 $ 3,196,654 $ 307,500 MID-ATLANTIC Washington Metro/Baltimore, MD Avalon at Foxhall (2) Washington, D.C. 308 $ 6,848 $ 27,614 $ 26,947 $ 6,848 $ 54,561 $ 61,409 $ 43,286 $ 18,123 $ 15,542 $ — 1982/1994 Avalon at Gallery Place Washington, D.C. 203 8,800 39,658 6,850 8,800 46,508 55,308 31,375 23,933 24,523 — 2003 AVA H Street Washington, D.C. 138 7,425 25,282 759 7,425 26,041 33,466 10,132 23,334 23,824 — 2013 Avalon The Albemarle Washington, D.C. 234 25,140 52,459 11,231 25,140 63,690 88,830 27,955 60,875 62,715 — 1966/2013 eaves Tunlaw Gardens Washington, D.C. 166 16,430 22,902 2,964 16,430 25,866 42,296 11,065 31,231 32,043 — 1944/2013 The Statesman Washington, D.C. 281 38,140 35,352 7,359 38,140 42,711 80,851 18,980 61,871 62,825 — 1961/2013 eaves Glover Park Washington, D.C. 120 9,580 26,532 2,912 9,580 29,444 39,024 12,826 26,198 27,160 — 1953/2013 AVA Van Ness (2) Washington, D.C. 269 22,890 58,691 25,666 22,890 84,357 107,247 30,746 76,501 78,188 — 1978/2013 Avalon First and M Washington, D.C. 469 43,700 153,950 6,092 43,700 160,042 203,742 61,290 142,452 147,209 — 2012/2013 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of AVA NoMa Washington, D.C. 438 $ 25,246 $ 114,933 $ 1,743 $ 25,246 $ 116,676 $ 141,922 $ 30,359 $ 111,563 $ 114,529 $ — 2018 eaves Washingtonian Center North Potomac, MD 288 4,047 18,553 8,215 4,047 26,768 30,815 21,923 8,892 9,067 — 1996 eaves Columbia Town Center Columbia, MD 392 8,802 35,536 16,343 8,802 51,879 60,681 31,903 28,778 29,195 — 1986/1993 Avalon at Grosvenor Station Bethesda, MD 497 29,159 52,993 9,860 29,159 62,853 92,012 41,697 50,315 51,889 — 2004 Avalon at Traville Rockville, MD 520 14,365 55,398 10,537 14,365 65,935 80,300 44,203 36,097 37,487 — 2004 AVA Wheaton Wheaton, MD 319 6,494 69,027 260 6,494 69,287 75,781 16,799 58,982 61,221 — 2018 Kanso Twinbrook Rockville, MD 238 9,151 56,959 40 9,151 56,999 66,150 6,327 59,823 61,961 — 2021 Avalon Hunt Valley Hunt Valley, MD 332 10,872 62,992 375 10,872 63,367 74,239 16,338 57,901 59,931 — 2017 Avalon Laurel Laurel, MD 344 10,130 61,685 846 10,130 62,531 72,661 16,461 56,200 57,779 — 2017 Avalon Towson Towson, MD 371 12,906 98,307 — 12,906 98,307 111,213 13,522 97,691 101,657 — 2020 Avalon Fairway Hills - Meadows Columbia, MD 192 2,323 9,297 8,188 2,323 17,485 19,808 12,333 7,475 5,417 — 1987/1996 Avalon Fairway Hills - Woods Columbia, MD 336 3,958 15,839 16,459 3,958 32,298 36,256 21,534 14,722 14,319 — 1987/1996 Avalon Arundel Crossing II Linthicum Heights, MD 310 12,208 69,888 3,430 12,208 73,318 85,526 18,674 66,852 69,269 — 2018/2018 Kanso Silver Spring Silver Spring, MD 151 3,471 41,393 2,297 3,471 43,690 47,161 8,238 38,923 39,652 — 2009/2019 Avalon Arundel Crossing Linthicum Heights, MD 384 9,933 108,911 2,876 9,933 111,787 121,720 15,854 105,866 110,693 — 2020/2021 Avalon Russett Laurel, MD 238 10,200 47,524 7,073 10,200 54,597 64,797 23,028 41,769 42,887 32,200 1999/2013 eaves Fair Lakes Fairfax, VA 420 6,096 24,400 15,934 6,096 40,334 46,430 31,119 15,311 16,504 — 1989/1996 eaves Fairfax City Fairfax, VA 141 2,152 8,907 5,885 2,152 14,792 16,944 11,084 5,860 6,278 — 1988/1997 Avalon Tysons Corner (2) Tysons Corner, VA 558 13,851 43,397 18,581 13,851 61,978 75,829 46,096 29,733 30,382 — 1996 Avalon at Arlington Square Arlington, VA 842 22,041 90,296 38,686 22,041 128,982 151,023 80,299 70,724 71,717 — 2001 eaves Fairfax Towers Falls Church, VA 415 17,889 74,727 16,757 17,889 91,484 109,373 39,370 70,003 73,482 — 1978/2011 Avalon Mosaic Fairfax, VA 531 33,490 75,801 2,652 33,490 78,453 111,943 26,670 85,273 85,707 — 2014 Avalon Potomac Yard Alexandria, VA 323 24,225 81,982 4,294 24,225 86,276 110,501 28,224 82,277 84,838 — 2014/2016 Avalon Clarendon Arlington, VA 300 22,573 95,355 10,816 22,573 106,171 128,744 34,207 94,537 98,098 — 2002/2016 Avalon Dunn Loring Vienna, VA 440 29,377 115,465 7,358 29,377 122,823 152,200 35,634 116,566 120,242 — 2012/2017 eaves Tysons Corner Vienna, VA 217 16,030 45,420 4,547 16,030 49,967 65,997 22,594 43,403 44,851 — 1980/2013 Avalon Courthouse Place Arlington, VA 564 56,550 178,032 19,825 56,550 197,857 254,407 78,761 175,646 180,786 — 1999/2013 Avalon Arlington North (2) Arlington, VA 228 21,600 59,076 10,018 21,600 69,094 90,694 23,957 66,737 65,465 — 2014 Avalon Reston Landing Reston, VA 400 26,710 83,084 16,036 26,710 99,120 125,830 44,233 81,597 84,726 — 2000/2013 Avalon Falls Church Falls Church, VA 384 39,544 66,160 820 39,544 66,980 106,524 20,315 86,209 87,780 — 2016 TOTAL MID-ATLANTIC 13,301 $ 684,346 $ 2,403,777 $ 351,531 $ 684,346 $ 2,755,308 $ 3,439,654 $ 1,109,411 $ 2,330,243 $ 2,391,838 $ 32,200 DENVER, CO Avalon Denver West Lakewood, CO 252 $ 8,047 $ 67,861 $ 3,367 $ 8,047 $ 71,228 $ 79,275 $ 19,434 $ 59,841 $ 61,852 $ — 2016/2017 Avalon Meadows at Castle Rock Castle Rock, CO 240 8,527 64,565 1,548 8,527 66,113 74,640 16,269 58,371 61,241 — 2018/2018 Avalon Red Rocks Littleton, CO 256 4,461 70,103 1,745 4,461 71,848 76,309 17,954 58,355 61,311 — 2018/2018 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Southlands Aurora, CO 338 $ 5,101 $ 85,184 $ 1,910 $ 5,101 $ 87,094 $ 92,195 $ 20,839 $ 71,356 $ 75,302 $ — 2018/2019 TOTAL DENVER, CO 1,086 $ 26,136 $ 287,713 $ 8,570 $ 26,136 $ 296,283 $ 322,419 $ 74,496 $ 247,923 $ 259,706 $ — SOUTHEAST FLORIDA Avalon 850 Boca Boca Raton, FL 370 $ 21,430 $ 114,626 $ 5,499 $ 21,430 $ 120,125 $ 141,555 $ 31,301 $ 110,254 $ 113,769 $ — 2017/2017 Avalon Doral Doral, FL 350 23,392 92,949 — 23,392 92,949 116,341 10,744 105,597 108,861 — 2020 Avalon West Palm Beach West Palm Beach, FL 290 9,597 91,411 5,703 9,597 97,114 106,711 22,694 84,017 87,164 — 2018/2018 Avalon Bonterra Hialeah, FL 314 16,655 71,180 3,608 16,655 74,788 91,443 17,723 73,720 76,764 — 2018/2019 Avalon Toscana Margate, FL 240 9,213 49,936 2,457 9,213 52,393 61,606 10,587 51,019 52,600 — 2016/2019 Avalon Fort Lauderdale Fort Lauderdale, FL 243 20,029 122,394 6,895 20,029 129,289 149,318 13,760 135,558 140,432 — 2020/2021 Avalon Miramar Miramar, FL 380 17,959 110,895 5,789 17,959 116,684 134,643 15,283 119,360 123,611 — 2018/2021 TOTAL SOUTHEAST FLORIDA 2,187 $ 118,275 $ 653,391 $ 29,951 $ 118,275 $ 683,342 $ 801,617 $ 122,092 $ 679,525 $ 703,201 $ — PACIFIC NORTHWEST Seattle, WA Avalon at Bear Creek Redmond, WA 264 $ 6,786 $ 27,641 $ 9,169 $ 6,786 $ 36,810 $ 43,596 $ 29,552 $ 14,044 $ 14,558 $ — 1998/1998 Avalon Bellevue Bellevue, WA 201 6,664 24,119 7,705 6,664 31,824 38,488 22,409 16,079 16,052 — 2001 eaves RockMeadow Bothell, WA 206 4,777 19,765 6,227 4,777 25,992 30,769 19,364 11,405 10,508 — 2000/2000 Avalon ParcSquare Redmond, WA 124 3,789 15,139 4,654 3,789 19,793 23,582 15,326 8,256 8,973 — 2000/2000 AVA Belltown Seattle, WA 100 5,644 12,733 2,570 5,644 15,303 20,947 11,216 9,731 10,189 — 2001 Avalon Meydenbauer Bellevue, WA 368 12,697 77,450 7,778 12,697 85,228 97,925 45,089 52,836 54,763 — 2008 Avalon Towers Bellevue (3) Bellevue, WA 397 — 123,029 7,100 — 130,129 130,129 58,466 71,663 74,217 — 2011 AVA Queen Anne Seattle, WA 203 12,081 41,618 1,922 12,081 43,540 55,621 18,196 37,425 38,701 — 2012 AVA Ballard Seattle, WA 265 16,460 46,926 2,527 16,460 49,453 65,913 18,907 47,006 48,245 — 2013 Avalon Alderwood I Lynnwood, WA 367 12,294 55,627 977 12,294 56,604 68,898 18,398 50,500 51,868 — 2015 AVA Capitol Hill Seattle, WA 249 20,613 59,986 1,417 20,613 61,403 82,016 18,187 63,829 65,807 — 2016 Avalon Esterra Park Redmond, WA 482 23,178 112,986 1,603 23,178 114,589 137,767 30,391 107,376 111,314 — 2017 Avalon Alderwood II Redmond, WA 124 5,072 21,418 132 5,072 21,550 26,622 5,631 20,991 21,612 — 2016 Avalon Newcastle Commons I Newcastle, WA 378 9,649 111,600 1,377 9,649 112,977 122,626 26,105 96,521 100,143 — 2017 Avalon Belltown Towers Seattle, WA 274 24,638 121,064 1,359 24,638 122,423 147,061 21,564 125,497 130,407 — 2019 AVA Esterra Park Redmond, WA 323 16,405 74,568 13 16,405 74,581 90,986 14,291 76,695 79,748 — 2019 Avalon Newcastle Commons II Newcastle, WA 293 6,982 99,824 151 6,982 99,975 106,957 10,540 96,417 100,273 — 2021 Avalon North Creek Bothell, WA 316 13,498 69,015 — 13,498 69,015 82,513 11,989 70,524 73,315 — 2020 eaves Redmond Campus Redmond, WA 374 15,665 80,985 33,073 15,665 114,058 129,723 46,910 82,813 86,856 — 1991/2013 Archstone Redmond Lakeview Redmond, WA 166 10,250 26,842 6,807 10,250 33,649 43,899 15,980 27,919 28,921 — 1987/2013 TOTAL PACIFIC NORTHWEST 5,474 $ 227,142 $ 1,222,335 $ 96,561 $ 227,142 $ 1,318,896 $ 1,546,038 $ 458,511 $ 1,087,527 $ 1,126,470 $ — 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of NORTHERN CALIFORNIA San Jose, CA Avalon Campbell Campbell, CA 348 $ 11,830 $ 47,828 $ 15,636 $ 11,830 $ 63,464 $ 75,294 $ 48,448 $ 26,846 $ 28,834 $ — 1995 eaves San Jose San Jose, CA 442 12,920 53,047 20,565 12,920 73,612 86,532 50,866 35,666 38,016 — 1985/1996 Avalon on the Alameda San Jose, CA 307 6,119 50,217 14,862 6,119 65,079 71,198 48,958 22,240 24,383 — 1999 Avalon Silicon Valley Sunnyvale, CA 712 20,713 99,573 39,340 20,713 138,913 159,626 100,513 59,113 62,187 — 1998 Avalon Mountain View Mountain View, CA 248 9,755 39,387 13,323 9,755 52,710 62,465 41,707 20,758 22,553 — 1986 eaves Creekside Mountain View, CA 300 6,546 26,263 23,236 6,546 49,499 56,045 35,902 20,143 21,595 — 1962/1997 Avalon at Cahill Park San Jose, CA 218 4,765 47,600 5,035 4,765 52,635 57,400 37,552 19,848 21,594 — 2002 Avalon Towers on the Peninsula Mountain View, CA 211 9,560 56,136 15,744 9,560 71,880 81,440 46,823 34,617 36,518 — 2002 Avalon Morrison Park San Jose, CA 250 13,837 64,521 1,763 13,837 66,284 80,121 22,822 57,299 59,228 — 2014 Avalon Willow Glen San Jose, CA 412 46,060 81,957 8,667 46,060 90,624 136,684 41,133 95,551 98,445 — 2002/2013 eaves West Valley San Jose, CA 873 90,890 132,040 17,080 90,890 149,120 240,010 65,540 174,470 179,233 — 1970/2013 eaves Mountain View at Middlefield Mountain View, CA 402 64,070 69,018 18,536 64,070 87,554 151,624 41,619 110,005 113,785 — 1969/2013 Total San Jose, CA 4,723 $ 297,065 $ 767,587 $ 193,787 $ 297,065 $ 961,374 $ 1,258,439 $ 581,883 $ 676,556 $ 706,371 $ — Oakland - East Bay, CA Avalon Fremont (2) Fremont, CA 308 $ 10,746 $ 43,399 $ 31,654 $ 10,746 $ 75,053 $ 85,799 $ 46,363 $ 39,436 $ 40,798 $ — 1992/1994 eaves Dublin (2) Dublin, CA 204 5,276 19,642 13,991 5,276 33,633 38,909 24,315 14,594 14,722 — 1989/1997 eaves Pleasanton (2) Pleasanton, CA 456 11,610 46,552 48,872 11,610 95,424 107,034 54,990 52,044 52,344 — 1988/1994 eaves Union City Union City, CA 208 4,249 16,820 5,299 4,249 22,119 26,368 18,465 7,903 8,337 — 1973/1996 eaves Fremont Fremont, CA 237 6,581 26,583 13,046 6,581 39,629 46,210 30,582 15,628 16,761 — 1985/1994 Avalon Union City Union City, CA 439 14,732 104,024 6,787 14,732 110,811 125,543 53,676 71,867 75,293 — 2009 Avalon Walnut Creek (3) Walnut Creek, CA 422 — 148,846 7,250 — 156,096 156,096 71,711 84,385 89,055 4,501 2010 Avalon Dublin Station Dublin, CA 253 7,772 72,142 1,543 7,772 73,685 81,457 25,232 56,225 58,455 — 2014 Avalon Dublin Station II Dublin, CA 252 7,762 76,587 631 7,762 77,218 84,980 21,099 63,881 66,244 — 2016 Avalon Public Market (1) Emeryville, CA 289 27,394 145,592 260 27,394 145,852 173,246 22,366 150,880 155,467 — 2020 Avalon Walnut Creek II (3) Walnut Creek, CA 200 — 112,759 315 — 113,074 113,074 14,289 98,785 103,064 — 2020 eaves Walnut Creek Walnut Creek, CA 510 30,320 82,375 18,289 30,320 100,664 130,984 41,605 89,379 92,829 — 1987/2013 Avalon Walnut Ridge I Walnut Creek, CA 106 9,860 19,850 5,999 9,860 25,849 35,709 10,517 25,192 26,048 — 2000/2013 Avalon Walnut Ridge II Walnut Creek, CA 360 27,190 57,041 14,257 27,190 71,298 98,488 30,247 68,241 70,626 — 1989/2013 Avalon Berkeley Berkeley, CA 94 4,500 28,689 145 4,500 28,834 33,334 9,409 23,925 24,850 — 2014 Total Oakland - East Bay, CA 4,338 $ 167,992 $ 1,000,901 $ 168,338 $ 167,992 $ 1,169,239 $ 1,337,231 $ 474,866 $ 862,365 $ 894,893 $ 4,501 San Francisco, CA AVA Nob Hill San Francisco, CA 185 $ 5,403 $ 21,567 $ 11,273 $ 5,403 $ 32,840 $ 38,243 $ 24,511 $ 13,732 $ 14,850 $ — 1990/1995 eaves Foster City Foster City, CA 288 7,852 31,445 15,824 7,852 47,269 55,121 35,545 19,576 19,642 — 1973/1994 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of eaves Pacifica Pacifica, CA 220 $ 6,125 $ 24,792 $ 5,573 $ 6,125 $ 30,365 $ 36,490 $ 25,442 $ 11,048 $ 11,745 $ — 1971/1995 Avalon Sunset Towers San Francisco, CA 243 3,561 21,313 17,599 3,561 38,912 42,473 28,331 14,142 15,240 — 1961/1996 Avalon at Mission Bay I San Francisco, CA 250 14,029 78,452 10,330 14,029 88,782 102,811 63,094 39,717 42,935 — 2003 Avalon at Mission Bay III San Francisco, CA 260 28,687 119,156 1,675 28,687 120,831 149,518 59,154 90,364 94,137 — 2009 Avalon Ocean Avenue San Francisco, CA 173 5,544 50,906 3,259 5,544 54,165 59,709 21,932 37,777 39,333 — 2012 AVA 55 Ninth San Francisco, CA 273 20,267 97,321 1,710 20,267 99,031 119,298 33,915 85,383 88,357 — 2014 Avalon Hayes Valley San Francisco, CA 182 12,595 81,228 1,259 12,595 82,487 95,082 25,213 69,869 72,131 — 2015 Avalon Dogpatch San Francisco, CA 326 23,523 180,698 421 23,523 181,119 204,642 40,228 164,414 170,374 — 2018 Avalon San Bruno I San Bruno, CA 300 40,780 68,684 8,945 40,780 77,629 118,409 34,287 84,122 86,649 57,650 2004/2013 Avalon San Bruno II San Bruno, CA 185 23,787 44,934 3,840 23,787 48,774 72,561 19,334 53,227 54,746 — 2007/2013 Avalon San Bruno III San Bruno, CA 187 33,303 62,910 3,725 33,303 66,635 99,938 26,514 73,424 75,442 51,000 2010/2013 Total San Francisco, CA 3,072 $ 225,456 $ 883,406 $ 85,433 $ 225,456 $ 968,839 $ 1,194,295 $ 437,500 $ 756,795 $ 785,581 $ 108,650 TOTAL NORTHERN CALIFORNIA 12,133 $ 690,513 $ 2,651,894 $ 447,558 $ 690,513 $ 3,099,452 $ 3,789,965 $ 1,494,249 $ 2,295,716 $ 2,386,845 $ 113,151 SOUTHERN CALIFORNIA Los Angeles, CA AVA Burbank Burbank, CA 750 $ 22,483 $ 28,093 $ 54,756 $ 22,483 $ 82,849 $ 105,332 $ 58,108 $ 47,224 $ 49,720 $ — 1961/1997 Avalon Woodland Hills (2) Woodland Hills, CA 663 23,828 40,342 86,225 23,828 126,567 150,395 67,704 82,691 81,679 — 1989/1997 eaves Warner Center Woodland Hills, CA 228 7,045 12,980 14,216 7,045 27,196 34,241 22,014 12,227 12,597 — 1979/1998 Avalon Glendale (3) Glendale, CA 223 — 42,564 3,993 — 46,557 46,557 31,921 14,636 15,619 — 2003 Avalon Burbank Burbank, CA 401 14,053 56,820 28,892 14,053 85,712 99,765 55,436 44,329 46,283 — 1988/2002 Avalon Camarillo Camarillo, CA 249 8,446 40,269 4,428 8,446 44,697 53,143 26,671 26,472 27,509 — 2006 Avalon Wilshire Los Angeles, CA 123 5,459 41,182 7,326 5,459 48,508 53,967 27,843 26,124 27,803 — 2007 Avalon Encino Encino, CA 132 12,789 49,073 3,804 12,789 52,877 65,666 26,824 38,842 39,700 — 2008 Avalon Warner Place Canoga Park, CA 210 7,920 44,837 3,794 7,920 48,631 56,551 25,319 31,232 32,291 — 2008 AVA Little Tokyo Los Angeles, CA 280 14,734 93,977 2,394 14,734 96,371 111,105 31,206 79,899 82,725 — 2015 eaves Phillips Ranch Pomona, CA 503 9,796 41,740 13,163 9,796 54,903 64,699 23,162 41,537 39,164 — 1989/2011 eaves San Dimas San Dimas, CA 102 1,916 7,819 2,631 1,916 10,450 12,366 4,906 7,460 7,586 — 1978/2011 eaves San Dimas Canyon San Dimas, CA 156 2,953 12,397 2,286 2,953 14,683 17,636 6,719 10,917 11,072 — 1981/2011 AVA Pasadena Pasadena, CA 84 8,400 11,547 6,358 8,400 17,905 26,305 7,067 19,238 19,805 — 1973/2012 eaves Cerritos Artesia, CA 151 8,305 21,195 3,023 8,305 24,218 32,523 9,423 23,100 23,387 — 1973/2012 Avalon Playa Vista Los Angeles, CA 309 30,900 71,959 9,549 30,900 81,508 112,408 34,723 77,685 80,665 — 2006/2012 Avalon San Dimas San Dimas, CA 156 9,141 30,726 552 9,141 31,278 40,419 10,414 30,005 30,885 — 2014 Avalon Glendora Glendora, CA 281 18,311 64,303 1,052 18,311 65,355 83,666 19,211 64,455 66,283 — 2016 Avalon West Hollywood West Hollywood, CA 294 35,214 119,105 1,859 35,214 120,964 156,178 29,788 126,390 130,476 — 2017 AVA Hollywood at La Pietra Place Hollywood, CA 695 99,309 272,596 2,010 99,309 274,606 373,915 37,712 336,203 346,636 — 2021 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of Avalon Monrovia Monrovia, CA 154 $ 12,125 $ 56,233 $ 195 $ 12,125 $ 56,428 $ 68,553 $ 5,649 $ 62,904 $ 65,150 $ — 2021 Avalon Mission Oaks Camarillo, CA 160 9,600 37,566 2,502 9,600 40,068 49,668 14,377 35,291 36,101 — 2014 Avalon Chino Hills Chino Hills, CA 331 16,617 79,829 1,099 16,617 80,928 97,545 19,785 77,760 80,473 — 2017 AVA North Hollywood North Hollywood, CA 156 18,408 52,280 2,320 18,408 54,600 73,008 16,375 56,633 58,572 — 2015/2016 Avalon Cerritos Cerritos, CA 132 8,869 51,452 1,030 8,869 52,482 61,351 10,562 50,789 52,867 30,250 2017/2019 Avalon Simi Valley Simi Valley, CA 500 42,020 73,345 13,151 42,020 86,496 128,516 36,353 92,163 94,588 — 2007/2013 AVA Studio City II Studio City, CA 101 4,626 22,941 8,188 4,626 31,129 35,755 12,385 23,370 24,296 — 1991/2013 Avalon Studio City Studio City, CA 276 15,756 78,166 19,782 15,756 97,948 113,704 40,965 72,739 76,417 — 2002/2013 Avalon Calabasas Calabasas, CA 600 42,720 107,368 28,616 42,720 135,984 178,704 67,697 111,007 115,715 — 1988/2013 Avalon Oak Creek Agoura Hills, CA 336 43,540 79,827 12,286 43,540 92,113 135,653 45,131 90,522 92,637 — 2004/2013 Avalon Santa Monica on Main Santa Monica, CA 133 32,000 60,705 16,377 32,000 77,082 109,082 30,005 79,077 81,034 — 2007/2013 eaves Old Town Pasadena Pasadena, CA 96 9,110 15,371 7,555 9,110 22,926 32,036 9,317 22,719 23,292 — 1972/2013 eaves Thousand Oaks Thousand Oaks, CA 158 13,950 20,052 7,148 13,950 27,200 41,150 14,258 26,892 27,613 — 1992/2013 eaves Los Feliz Los Angeles, CA 263 18,940 43,661 14,420 18,940 58,081 77,021 24,175 52,846 54,878 41,400 1989/2013 AVA Toluca Hills Los Angeles, CA 1,151 86,450 161,078 95,036 86,450 256,114 342,564 94,367 248,197 253,476 — 1973/2013 eaves Woodland Hills Woodland Hills, CA 888 68,940 90,507 26,038 68,940 116,545 185,485 54,334 131,151 134,282 111,500 1971/2013 Avalon Thousand Oaks Plaza Thousand Oaks, CA 148 12,810 22,515 4,401 12,810 26,916 39,726 12,276 27,450 27,659 — 2002/2013 Avalon Pasadena Pasadena, CA 120 10,240 31,558 7,000 10,240 38,558 48,798 15,345 33,453 34,559 — 2004/2013 AVA Studio City I Studio City, CA 450 17,658 90,562 37,807 17,658 128,369 146,027 49,319 96,708 101,202 — 1987/2013 Total Los Angeles, CA 12,143 $ 825,381 $ 2,278,540 $ 557,262 $ 825,381 $ 2,835,802 $ 3,661,183 $ 1,128,846 $ 2,532,337 $ 2,606,696 $ 183,150 Orange County, CA AVA Newport Costa Mesa, CA 145 $ 1,975 $ 3,814 $ 10,806 $ 1,975 $ 14,620 $ 16,595 $ 9,899 $ 6,696 $ 6,734 $ — 1956/1996 eaves Mission Viejo Mission Viejo, CA 166 2,517 9,245 6,229 2,517 15,474 17,991 12,243 5,748 5,573 — 1984/1996 eaves South Coast Costa Mesa, CA 258 4,709 16,063 15,495 4,709 31,558 36,267 23,224 13,043 13,049 — 1973/1996 eaves Santa Margarita Rancho Santa Margarita, CA 302 4,607 16,902 14,958 4,607 31,860 36,467 22,841 13,626 13,657 — 1990/1997 eaves Huntington Beach Huntington Beach, CA 304 4,871 19,731 13,091 4,871 32,822 37,693 27,339 10,354 11,122 — 1971/1997 Avalon Irvine I Irvine, CA 279 9,911 67,520 7,686 9,911 75,206 85,117 35,582 49,535 50,566 — 2010 Avalon Irvine II Irvine, CA 179 4,358 40,905 1,654 4,358 42,559 46,917 16,074 30,843 32,044 — 2013 eaves Lake Forest Lake Forest, CA 225 5,199 21,117 7,790 5,199 28,907 34,106 12,905 21,201 21,661 — 1975/2011 Avalon Baker Ranch Lake Forest, CA 430 31,689 98,004 987 31,689 98,991 130,680 30,569 100,111 103,234 — 2015 Avalon Irvine III Irvine, CA 156 11,607 43,973 386 11,607 44,359 55,966 12,412 43,554 44,965 — 2016 eaves Seal Beach Seal Beach, CA 549 46,790 99,999 38,750 46,790 138,749 185,539 52,068 133,471 137,902 — 1971/2013 Avalon Huntington Beach Huntington Beach, CA 378 13,055 105,981 1,248 13,055 107,229 120,284 28,127 92,157 95,733 — 2017 Total Orange County, CA 3,371 $ 141,288 $ 543,254 $ 119,080 $ 141,288 $ 662,334 $ 803,622 $ 283,283 $ 520,339 $ 536,240 $ — 2023 2022 2023 Initial Cost Total Cost Community City and state # of homes Land and Improvements Building / Costs Land and Improvements Building / Total Accumulated Total Cost, Total Cost, Encumbrances Year of San Diego, CA AVA Pacific Beach San Diego, CA 564 $ 9,922 $ 40,580 $ 44,172 $ 9,922 $ 84,752 $ 94,674 $ 58,896 $ 35,778 $ 38,380 $ — 1969/1997 eaves Mission Ridge San Diego, CA 200 2,710 10,924 15,906 2,710 26,830 29,540 20,756 8,784 8,229 — 1960/1997 eaves San Marcos San Marcos, CA 184 3,277 13,385 7,260 3,277 20,645 23,922 8,165 15,757 16,014 — 1988/2011 eaves Rancho Penasquitos San Diego, CA 250 6,692 27,143 12,493 6,692 39,636 46,328 17,133 29,195 29,449 — 1986/2011 Avalon Vista Vista, CA 221 12,689 43,328 977 12,689 44,305 56,994 13,955 43,039 44,449 — 2015 eaves La Mesa La Mesa, CA 168 9,490 28,482 4,849 9,490 33,331 42,821 16,369 26,452 27,526 — 1989/2013 Avalon La Jolla Colony San Diego, CA 180 16,760 27,694 12,707 16,760 40,401 57,161 17,641 39,520 40,944 — 1987/2013 Total San Diego, CA 1,767 $ 61,540 $ 191,536 $ 98,364 $ 61,540 $ 289,900 $ 351,440 $ 152,915 $ 198,525 $ 204,991 $ — TOTAL SOUTHERN CALIFORNIA 17,281 $ 1,028,209 $ 3,013,330 $ 774,706 $ 1,028,209 $ 3,788,036 $ 4,816,245 $ 1,565,044 $ 3,251,201 $ 3,347,927 $ 183,150 OTHER EXPANSION REGIONS North Carolina Avalon South End Charlotte, NC 265 $ 13,723 $ 87,978 $ 5,176 $ 13,723 $ 93,154 $ 106,877 $ 10,916 $ 95,961 $ 97,335 $ — 2020/2021 AVA South End Charlotte, NC 164 9,367 44,623 2,133 9,367 46,756 56,123 4,756 51,367 51,675 — 2013/2021 Avalon Hawk (1) Charlotte, NC 71 2,564 44,056 227 2,564 44,283 46,847 3,729 43,118 44,649 — 2021/2021 Total North Carolina 500 $ 25,654 $ 176,657 $ 7,536 $ 25,654 $ 184,193 $ 209,847 $ 19,401 $ 190,446 $ 193,659 $ — Texas Avalon Lakeside Flower Mound, TX 425 $ 15,073 $ 98,057 $ 5,105 $ 15,073 $ 103,162 $ 118,235 $ 14,595 $ 103,640 $ 107,962 $ — 2015/2021 Total Texas 425 $ 15,073 $ 98,057 $ 5,105 $ 15,073 $ 103,162 $ 118,235 $ 14,595 $ 103,640 $ 107,962 $ — TOTAL EXPANSION REGIONS 925 $ 40,727 $ 274,714 $ 12,641 $ 40,727 $ 287,355 $ 328,082 $ 33,996 $ 294,086 $ 301,621 $ — TOTAL SAME STORE 74,730 $ 4,187,849 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization, Basis of Presen_2
Organization, Basis of Presentation, and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | 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, as amended (the “Code”). The Company develops, redevelops, acquires, owns and operates multifamily communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. At December 31, 2023, the Company owned or held a direct or indirect ownership interest in 299 operating apartment communities containing 90,669 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development. 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 30 communities that, if developed as expected, will contain an estimated 10,801 apartment homes (unaudited). |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model for each joint venture entity. The Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership. The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value. |
Real Estate | Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate. For land parcels acquired for development improved with operating real estate, the Company generally manages the improvements until all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred. For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings. The Company accounts for real estate acquisitions as either an asset acquisition or a business combination. Under either model, the Company identifies and determines the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. The Company utilizes various sources to determine fair value, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years. |
Income Taxes | Income Taxes The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders. The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances. Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense, primarily due to dispositions at The Park Loggia, of $10,153,000, $14,646,000 and $5,733,000 in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax positions. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2020 through 2022. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 % |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the loan term or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs for unsecured notes was $34,494,000 and $29,815,000 as of December 31, 2023 and 2022, respectively, and related to mortgage notes payable was $2,262,000 and $2,040,000 as of December 31, 2023 and 2022, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs for the Company's Credit Facility was $14,490,000 and $11,222,000 as of December 31, 2023 and 2022, respectively, and deferred financing costs net of accumulated amortization was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. |
Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents includes all cash and liquid investments with an original maturity of three months or less from the date acquired. Restricted cash includes principal reserve funds that are restricted for the repayment of specified secured financing, amounts the Company has designated for planned 1031 exchange activity and resident security deposits. The majority of the Company's cash, cash equivalents and restricted cash are held at major commercial banks. |
Interest Rate Contracts | Interest Rate Contracts The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. |
Comprehensive Income | Comprehensive Income Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive income (loss), as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. |
Earnings per Common Share | Earnings per Common Share Basic earnings per common 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 common share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per common share on a diluted basis. Diluted earnings per common share was computed using the treasury stock method for performance awards, options and participating securities. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19 Certain options to purchase shares of common stock in the amounts of 303,784 and 291,881 were outstanding as of December 31, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per common share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 are included in the computation of diluted earnings per common share. |
Expensed Transaction, Development and Other Pursuit Costs, and Casualty and Impairment of Long-Lived Assets | Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes costs associated with its development activities to the basis of land held when future development is probable (“Development Rights”), or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. The Company expensed costs related to development pursuits not yet considered probable for development and the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $33,479,000, $16,565,000 and $2,192,000 during the years ended December 31, 2023, 2022 and 2021, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2023 includes write-offs of $27,455,000 related to seven Development Rights that the Company determined are no longer probable. The amount for 2022 includes write-offs of $10,073,000 related to three development opportunities that the Company determined are no longer probable. These 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 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2023, 2022 and 2021, the Company did not recognize any material impairment losses. During the year ended December 31, 2023, the Company recognized a charge of $9,118,000 for the property and casualty damages across certain communities in its Northeast and California regions related to severe weather and other casualty events, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty loss on the accompanying Consolidated Statements of Comprehensive Income. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both whether the carrying value of the investment exceeds the fair value, and the Company’s intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. The Company did not recognize any other than temporary impairment losses during the years ended December 31, 2023, 2022 or 2021. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the accompanying Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) are presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had no real estate assets that qualified as held for sale presentation at December 31, 2023. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, “Hedging Derivatives”) for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivatives for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an ongoing basis. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair values of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income. Amounts recorded in accumulated other comprehensive income will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. Receipts or payments associated with the gains and losses on the Company’s cash flow hedges are presented as a component of cash flows from financing activities in the period the hedges are terminated and the payments for the Company’s derivatives that are not qualifying for hedging relationships are presented as a component of cash flows from operating activities. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts in prior years' financial statements and notes to the financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity, segment classification and classification of for-sale condominium inventory and activity. |
Lessee Considerations | 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 that are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Variable lease payments are generally not included in the lease liability, but recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are 12 months or less, the Company elected the practical expedient to recognize the lease payments on a straight line basis. |
Lessor Considerations | Lessor Considerations The Company's residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. |
Revenue and Gain Recognition | Revenue and Gain Recognition Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under “Leases”. The Company's revenue streams that are not accounted for under ASC 842, Leases, include: • Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the construction, development or redevelopment of those communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company also provides various third party back-office, financial administrative support services. The Company recognizes revenue for fees as earned. • Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. • Gains or losses on sales of real estate - The Company accounts for the sale of real estate and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3) Represents revenue accounted for under ASC 606. (4) Represents residential and commercial rental and other lease income, accounted for under ASC 842. |
Uncollectible Lease Revenue Reserves | Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an ongoing basis by (i) assessing the probability of receiving all lease amounts due on a lease-by-lease basis, (ii) reserving all amounts for those leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, 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. The Company recorded an aggregate offset to income for uncollectible lease revenue, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $57,906,000, $49,147,000 and $52,075,000 for the years ended December 31, 2023, 2022 and 2021, respectively, under ASC 842 and ASC 450. |
Recently Issued and Adopted Accounting Standards and Change in Accounting Principle | Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which requires reportable segments disclosures of significant segment expenses provided to the chief operating decision maker (“CODM”). The standard does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new standard will be effective for fiscal years beginning after December 15, 2023. The Company is assessing the standard and does not expect the standard to have a material effect on the Company’s financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires (i) a tabular rate reconciliation of the reported income tax expense (benefit) from continuing operations into specific categories, (ii) separate disclosure for any reconciling items within certain categories above a quantitative threshold, (iii) disclosure of income taxes paid disaggregated by federal, state and material jurisdictions and (iv) disclosure of income tax expense from continuing operations disaggregated by federal and state. The new standard will be effective for fiscal years beginning after December 15, 2024. The Company is assessing the standard and does not expect the standard to have a material effect on the Company’s financial position or results of operations. |
Organization, Basis of Presen_3
Organization, Basis of Presentation, and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of tax components of the entity's common dividends declared | The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2023, 2022 and 2021 (unaudited): 2023 2022 2021 Ordinary income 83 % 82 % 55 % 20% capital gain 11 % 15 % 26 % Unrecaptured §1250 gain 6 % 3 % 19 % Total 100 % 100 % 100 % |
Schedule of earnings per common share | The Company's earnings per common share are determined as follows (dollars in thousands, except per share data): For the year ended December 31, 2023 2022 2021 Basic and diluted shares outstanding Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Weighted average DownREIT units outstanding 3,503 7,500 7,500 Effect of dilutive securities 333,099 333,293 320,466 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Calculation of Earnings per Common Share—basic Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Net income allocated to unvested restricted shares (1,663) (2,091) (2,100) Net income attributable to common stockholders—basic $ 927,162 $ 1,134,684 $ 1,002,199 Weighted average common shares—basic 141,307,186 139,634,294 139,389,433 Earnings per common share—basic $ 6.56 $ 8.13 $ 7.19 Calculation of Earnings per Common Share—diluted Net income attributable to common stockholders $ 928,825 $ 1,136,775 $ 1,004,299 Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations 25 48 48 Net income attributable to common stockholders—diluted $ 928,850 $ 1,136,823 $ 1,004,347 Weighted average common shares—diluted 141,643,788 139,975,087 139,717,399 Earnings per common share—diluted $ 6.56 $ 8.12 $ 7.19 |
Disaggregation of Revenue | The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2023, 2022 and 2021. The segments are classified based on the individual community's status at December 31, 2023 for the years ended December 31, 2023 and 2022, and at December 31, 2022 for the year ended December 31, 2021. Segment information for total revenue excludes real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” (dollars in thousands): Same Store Other Development/ Non- Total For the year ended December 31, 2023 Management, development and other fees and other ancillary items $ — $ — $ — $ 7,722 $ 7,722 Non-lease related revenue (2) 10,656 5,296 282 — 16,234 Total non-lease revenue (3) 10,656 5,296 282 7,722 23,956 Lease income (4) 2,531,978 129,508 61,270 — 2,722,756 Total revenue $ 2,542,634 $ 134,804 $ 61,552 $ 7,722 $ 2,746,712 For the year ended December 31, 2022 Management, development and other fees and other ancillary items $ — $ — $ — $ 6,333 $ 6,333 Non-lease related revenue (2) 11,048 2,990 165 — 14,203 Total non-lease revenue (3) 11,048 2,990 165 6,333 20,536 Lease income (4) 2,383,244 90,315 29,569 — 2,503,128 Total revenue $ 2,394,292 $ 93,305 $ 29,734 $ 6,333 $ 2,523,664 For the year ended December 31, 2021 Management, development and other fees and other ancillary items $ — $ — $ — $ 3,084 $ 3,084 Non-lease related revenue (2) 7,368 1,879 256 — 9,503 Total non-lease revenue (3) 7,368 1,879 256 3,084 12,587 Lease income (4) 1,988,348 119,780 42,629 — 2,150,757 Total revenue $ 1,995,716 $ 121,659 $ 42,885 $ 3,084 $ 2,163,344 __________________________________ (1) Represents third-party property management, developer fees and miscellaneous income and other ancillary items 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3) Represents revenue accounted for under ASC 606. (4) Represents residential and commercial rental and other lease income, accounted for under ASC 842. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility | The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2023 and 2022, as shown in the accompanying Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments. December 31, 2023 December 31, 2022 Fixed rate unsecured notes $ 7,300,000 3.3 % $ 7,500,000 3.3 % Term Loan — — % 150,000 5.4 % Fixed rate mortgage notes payable—conventional and tax-exempt 333,892 3.9 % 270,677 3.4 % Variable rate mortgage notes payable—conventional and tax-exempt 410,150 5.5 % 457,150 5.3 % Total mortgage notes payable and unsecured notes and Term Loan 8,044,042 3.5 % 8,377,827 3.4 % Credit Facility — — % — — % Commercial paper — — % — — % Total principal outstanding 8,044,042 3.5 % 8,377,827 3.4 % Less deferred financing costs and debt discount (1) (62,220) (61,782) Total $ 7,981,822 $ 8,316,045 _________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. |
Schedule of borrowing capacity under the Credit Facility | The availability on the Company's Credit Facility as of December 31, 2023 and 2022, respectively, was as follows (dollars in thousands): December 31, 2023 December 31, 2022 Credit Facility commitment $ 2,250,000 $ 2,250,000 Credit Facility outstanding — — Commercial paper outstanding — — Letters of credit outstanding (1) (1,914) (1,914) Total Credit Facility available $ 2,248,086 $ 2,248,086 _____________________________________ (1) In addition, the Company had $58,116 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2023 and 2022, respectively. |
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2023 were as follows (dollars in thousands): Year Secured notes Unsecured notes maturities Stated interest rate of 2024 $ 9,593 $ 300,000 3.50 % 2025 10,765 525,000 3.45 % 300,000 3.50 % 2026 11,811 475,000 2.95 % 300,000 2.90 % 2027 250,159 400,000 3.35 % 2028 18,902 450,000 3.20 % 400,000 1.90 % 2029 132,661 450,000 3.30 % 2030 9,100 700,000 2.30 % 2031 9,700 600,000 2.45 % 2032 10,400 700,000 2.05 % 2033 12,000 350,000 5.00 % 400,000 5.30 % Thereafter 268,951 350,000 3.90 % 300,000 4.15 % 300,000 4.35 % $ 744,042 $ 7,300,000 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Details Regarding Acquired Communities | Details regarding communities acquired in 2023, 2022 and 2021, are summarized in the following table (dollars in thousands): Community name Location Number of communities Apartment Purchase price Commercial square feet Avalon Frisco at Main Frisco, TX 1 360 $ 83,100 — Avalon Mooresville Mooresville, NC 1 203 52,100 — Avalon West Plano (1) Carrollton, TX 1 568 142,000 — Total 2023 acquisitions 3 1,131 $ 277,200 — Total 2022 acquisitions 4 1,313 $ 536,200 16,000 Total 2021 acquisitions 7 1,932 $ 724,500 90,000 _____________________________________ (1) In conjunction with the acquisition of Avalon West Plano, the Company assumed a $63,041 fixed rate mortgage loan, with a contractual interest rate of 4.18%, maturing in May 2029. |
Real Estate Disposition Activ_2
Real Estate Disposition Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Details regarding the real estate sales | Community name Location Period of sale Apartment Gross Net cash Commercial square feet eaves Daly City Daly City, CA Q2 2023 195 $ 67,000 $ 66,646 — Avalon at Newton Highlands Newton, MA Q2 2023 294 170,000 167,665 — Avalon Columbia Pike Arlington, VA Q3 2023 269 105,000 103,032 27,000 Avalon Mamaroneck Mamaroneck, NY Q4 2023 229 104,000 102,230 — Other real estate multiple 2023 N/A — 636 — Total of 2023 asset sales 987 $ 446,000 $ 440,209 27,000 Total of 2022 asset sales 2,062 $ 953,135 $ 934,117 — Total of 2021 asset sales 2,404 $ 875,058 $ 850,230 30,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Weighted Average Remaining Lease Term and Discount Rates | The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases: Weighted-average remaining lease term - finance leases 22 years Weighted-average remaining lease term - operating leases (1) 40 years Weighted-average discount rate - finance leases 4.63 % Weighted-average discount rate - operating leases (1) 4.66 % _____________________________________ (1) Excludes two leases that have been executed but for which the Company has not yet taken control. |
Reconciliation of Undiscounted and Discounted Cash Flows for Finance Leases | The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control. |
Reconciliation of Undiscounted and Discounted Cash Flows for Operating Leases | The following table details the future minimum payments of the Company's current leases as of December 31, 2023 (dollars in thousands): Operating Leases (1) Financing Leases 2024 $ 14,246 $ 1,087 2025 14,544 1,089 2026 14,552 1,092 2027 13,884 1,094 2028 12,839 1,096 Thereafter 268,085 35,762 Total 338,150 41,220 Less discount for time value (204,930) (21,208) Lease liability $ 133,220 $ 20,012 _____________________________________ (1) Includes two leases that have been executed but for which the Company has not yet taken control. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2023, 2022 and 2021 is as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Net income $ 928,438 $ 1,136,438 $ 1,004,356 Property management and other indirect operating expenses, net of corporate income 121,704 114,200 98,665 Expensed transaction, development and other pursuit costs, net of recoveries 33,479 16,565 3,231 Interest expense, net 205,992 230,074 220,415 Loss on extinguishment of debt, net 150 1,646 17,787 General and administrative expense 76,534 74,064 69,611 Income from unconsolidated investments (13,454) (53,394) (38,585) Depreciation expense 816,965 814,978 758,596 Income tax expense 10,153 14,646 5,733 Casualty loss 9,118 — 3,119 Gain on sale of communities (287,424) (555,558) (602,235) Other real estate activity (174) (5,127) (1,120) Net operating income from real estate assets sold or held for sale (14,733) (46,678) (82,698) Net operating income $ 1,886,748 $ 1,741,854 $ 1,456,875 |
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands): For the year ended December 31, 2023 2022 2021 Rental income from real estate assets sold or held for sale $ 21,197 $ 69,782 $ 131,506 Operating expenses from real estate assets sold or held for sale (6,464) (23,104) (48,808) Net operating income from real estate assets sold or held for sale $ 14,733 $ 46,678 $ 82,698 |
Summary of Total Revenue, NOI, and Real Estate by Segment | Segment information for the years ended December 31, 2023, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.” Total NOI Gross For the year ended December 31, 2023 Same Store New England $ 366,777 $ 244,700 $ 2,925,841 Metro NY/NJ 529,684 362,599 4,417,603 Mid-Atlantic 369,027 255,741 3,439,654 Southeast Florida 76,301 50,315 801,617 Denver, CO 28,209 20,020 322,419 Pacific Northwest 171,740 121,783 1,546,038 Northern California 425,165 303,526 3,789,965 Southern California 551,743 380,262 4,816,245 Other Expansion Regions 23,988 16,166 328,082 Total Same Store (2) 2,542,634 1,755,112 22,387,464 Other Stabilized 134,804 92,808 1,799,035 Development / Redevelopment 61,552 38,828 2,408,450 Land Held for Development N/A N/A 199,062 Non-allocated (3) 7,722 N/A 136,451 Total $ 2,746,712 $ 1,886,748 $ 26,930,462 For the year ended December 31, 2022 Same Store New England $ 341,769 $ 226,987 $ 2,893,843 Metro NY/NJ 495,107 342,511 4,401,146 Mid-Atlantic 348,096 238,970 3,396,654 Southeast Florida 69,685 44,696 798,437 Denver, CO 26,848 19,652 321,685 Pacific Northwest 165,186 117,211 1,534,208 Northern California 405,184 288,772 3,765,490 Southern California 520,483 361,809 4,762,736 Other Expansion Regions 21,934 15,098 323,573 Total Same Store (2) 2,394,292 1,655,706 22,197,772 Other Stabilized 93,305 67,462 1,515,963 Development / Redevelopment 29,734 18,686 1,574,649 Land Held for Development N/A N/A 179,204 Non-allocated (3) 6,333 N/A 122,886 Total $ 2,523,664 $ 1,741,854 $ 25,590,474 For the year ended December 31, 2021 Same Store New England $ 295,505 $ 189,571 $ 2,771,067 Metro NY/NJ 407,621 279,078 4,025,983 Mid-Atlantic 302,652 203,502 3,068,575 Southeast Florida 31,703 19,689 395,999 Denver, CO 23,742 16,451 320,435 Pacific Northwest 126,513 85,980 1,288,975 Northern California 366,215 258,756 3,605,284 Southern California 441,765 303,336 4,264,695 Total Same Store (2)(4) 1,995,716 1,356,363 19,741,013 Other Stabilized 121,659 75,422 2,413,391 Development / Redevelopment 42,885 25,090 1,580,653 Land Held for Development N/A N/A 147,546 Non-allocated (3) 3,084 N/A 257,536 Total $ 2,163,344 $ 1,456,875 $ 24,140,139 _________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2022 and 2021 of $280,889 and $760,990, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $188,507, $209,607 and $158,991 in 2023, 2022 and 2021, respectively. (3) Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, “Real Estate Disposition Activities.” (4) Communities in Same Store Other Expansion Regions were included in Other Stabilized for the year ended December 31, 2021. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of information with respect to stock options granted | Options Weighted average Options Outstanding, December 31, 2020 12,506 $ 129.35 Granted (1) 294,115 180.32 Exercised (2,759) 124.34 Forfeited (4,713) 180.32 Options Outstanding, December 31, 2021 299,149 $ 178.71 Granted (2) 9,793 236.14 Exercised (8,670) 135.78 Forfeited (6,459) 180.32 Options Outstanding, December 31, 2022 293,813 $ 181.85 Granted (2) 15,744 177.83 Exercised (5,773) 163.56 Forfeited — — Options Outstanding, December 31, 2023 303,784 $ 181.99 Options Exercisable: December 31, 2021 9,747 $ 130.77 December 31, 2022 6,533 $ 165.51 December 31, 2023 279,894 $ 180.97 __________________________________ (1) Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2) All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. |
Summary of valuation options | The assumptions used are as follows: 2023 Dividend yield 4.0 % Estimated volatility 29.2 % Risk free rate 4.09 % Expected life of options 5 years Estimated fair value $37.54 2023 2022 2021 Dividend yield 3.7% 2.7% 3.5% Estimated volatility over the life of the plan (1) 22.9% - 26.1% 16.1% - 36.8% 22.0% - 49.0% Risk free rate 4.35% - 4.61% 0.72% - 1.68% 0.06% - 0.38% Estimated performance award value based on total shareholder return measure $206.97 $271.98 $213.16 _________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility. |
Summary of exercise prices and contractual lives of options outstanding | The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2023: The Plan Range—Exercise Price Weighted Average 293,991 $177.00 - $186.99 7.3 9,793 $236.00 - $245.99 8.1 303,784 |
Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows: Performance awards Weighted average grant date fair value per award Outstanding at December 31, 2020 241,921 $ 195.13 Granted (1) 138,033 191.12 Change in awards based on performance (2) (37,469) 156.00 Converted to restricted stock (56,545) 156.00 Forfeited (1,418) 207.65 Outstanding at December 31, 2021 284,522 $ 214.73 Granted (3) 72,783 254.75 Change in awards based on performance (2) (20,356) 200.92 Converted to shares of common stock (54,053) 217.33 Forfeited (3,829) 230.36 Outstanding at December 31, 2022 279,067 $ 225.46 Granted (4) 90,215 193.85 Change in awards based on performance (2) (31,345) 241.49 Converted to shares of common stock (60,016) 238.71 Forfeited (2,719) 212.05 Outstanding at December 31, 2023 275,202 $ 210.52 _________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,969 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 performance awards. |
Schedule of restricted stock granted | 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 99,291 178.84 — Vested (69,840) 192.32 (71,692) Forfeited (4,109) 195.77 — Outstanding at December 31, 2021 157,066 $ 192.90 74,627 Granted 86,475 231.93 — Vested (78,212) 197.51 (48,171) Forfeited (3,615) 218.19 (86) Outstanding at December 31, 2022 161,714 $ 210.97 26,370 Granted 93,146 177.70 — Vested (79,450) 207.93 (26,370) Forfeited (2,119) 194.78 — Outstanding at December 31, 2023 173,291 $ 194.68 — |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated derivative positions at December 31, 2023 (dollars in thousands): Non-designated Hedges Cash Flow Hedges Interest Rate Caps Interest Rate Swaps Notional balance $ 632,215 $ 200,000 Weighted average interest rate (1) 5.5 % N/A Weighted average capped/swapped interest rate 6.5 % 3.1 % Earliest maturity date January 2024 February 2024 Latest maturity date January 2027 June 2024 _________________________________ (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 summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis | The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands): Description Total Fair Quoted Prices Significant Significant December 31, 2023 Assets Investments Notes Receivable, net $ 118,127 $ — $ 118,127 $ — Non Designated Hedges Interest Rate Caps 85 — 85 — Interest Rate Swaps - Assets 5,163 — 5,163 — Total Assets $ 123,375 $ — $ 123,375 $ — Liabilities Interest Rate Swaps - Liabilities $ 162 $ — $ 162 $ — Indebtedness Fixed rate unsecured notes 6,716,631 6,716,631 — — Mortgage notes payable and Commercial Paper Program 644,313 — 644,313 — Total Liabilities $ 7,361,106 $ 6,716,631 $ 644,475 $ — December 31, 2022 Assets Investments Notes Receivable, net $ 28,860 $ — $ 28,860 $ — Non Designated Hedges Interest Rate Caps 455 — 455 — Total Assets $ 29,315 $ — $ 29,315 $ — Liabilities DownREIT units $ 1,211 $ 1,211 $ — $ — Indebtedness Fixed rate unsecured notes 6,653,681 6,653,681 — — Mortgage notes payable, Commercial Paper Program and variable rate unsecured note 768,984 — 768,984 — Total Liabilities $ 7,423,876 $ 6,654,892 $ 768,984 $ — |
Organization, Basis of Presen_4
Organization, Basis of Presentation, and Significant Accounting Policies - Organization and Basis of Presentation (Details) | Dec. 31, 2023 community home state |
Accounting Policies [Abstract] | |
Number of real estate properties | 299 |
Number of apartment homes included in operating apartment communities owned | home | 90,669 |
Number of states where operating apartment communities owned are located | state | 12 |
Number of owned communities under construction | 18 |
Communities under development rights | 30 |
Estimated number of apartment homes in communities to be developed | home | 10,801 |
Organization, Basis of Presen_5
Organization, Basis of Presentation, and Significant Accounting Policies - Real Estate (Details) | Dec. 31, 2023 |
Minimum | Buildings and related improvements | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of assets (in years) | 7 years |
Minimum | Furniture, fixtures and equipment | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of assets (in years) | 3 years |
Maximum | Buildings and related improvements | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of assets (in years) | 30 years |
Maximum | Furniture, fixtures and equipment | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of assets (in years) | 7 years |
Organization, Basis of Presen_6
Organization, Basis of Presentation, and Significant Accounting Policies - Income Taxes and Deferred Financing Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent) | 90% | ||
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent) | 100% | ||
Accounting Policies [Line Items] | |||
Income tax expense | $ 10,153,000 | $ 14,646,000 | $ 5,733,000 |
Unrecognized tax benefits | $ 0 | $ 0 | |
Tax components of common stock dividends declared | |||
Capital gain tax rate (as a percent) | 20% | 20% | 20% |
Ordinary income (as a percent) | 83% | 82% | 55% |
20% capital gain (as a percent) | 11% | 15% | 26% |
Unrecaptured 1250 gain (as a percent) | 6% | 3% | 19% |
Total dividends (as a percent) | 100% | 100% | 100% |
Unsecured notes | |||
Accounting Policies [Line Items] | |||
Accumulated amortization of deferred finance costs | $ 34,494,000 | $ 29,815,000 | |
Secured notes | |||
Accounting Policies [Line Items] | |||
Accumulated amortization of deferred finance costs | 2,262,000 | 2,040,000 | |
Variable rate unsecured credit facility | |||
Accounting Policies [Line Items] | |||
Accumulated amortization of deferred finance costs | $ 14,490,000 | $ 11,222,000 |
Organization, Basis of Presen_7
Organization, Basis of Presentation, and Significant Accounting Policies - Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic and diluted shares outstanding | |||
Weighted average common shares - basic (in shares) | 141,307,186 | 139,634,294 | 139,389,433 |
Weighted average DownREIT units outstanding (in shares) | 3,503 | 7,500 | 7,500 |
Effect of dilutive securities (in shares) | 333,099 | 333,293 | 320,466 |
Weighted average common shares - diluted (in shares) | 141,643,788 | 139,975,087 | 139,717,399 |
Calculation of Earnings per Common Share—basic | |||
Net income attributable to common stockholders | $ 928,825 | $ 1,136,775 | $ 1,004,299 |
Net income allocated to unvested restricted shares | (1,663) | (2,091) | (2,100) |
Net income attributable to common stockholders—basic | $ 927,162 | $ 1,134,684 | $ 1,002,199 |
Weighted average common shares - basic (in shares) | 141,307,186 | 139,634,294 | 139,389,433 |
Earnings per common share - basic (in dollars per share) | $ 6.56 | $ 8.13 | $ 7.19 |
Calculation of Earnings per Common Share—diluted | |||
Net income attributable to common stockholders | $ 928,825 | $ 1,136,775 | $ 1,004,299 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | 25 | 48 | 48 |
Net income attributable to common stockholders—diluted | $ 928,850 | $ 1,136,823 | $ 1,004,347 |
Weighted average common shares - diluted (in shares) | 141,643,788 | 139,975,087 | 139,717,399 |
Earnings per common share - diluted (in dollars per share) | $ 6.56 | $ 8.12 | $ 7.19 |
Antidilutive securities excluded from computation of earnings per share | 303,784 | 291,881 |
Organization, Basis of Presen_8
Organization, Basis of Presentation, and Significant Accounting Policies - Expensed Transaction, Development and Other Pursuit Costs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) developmentRight | Dec. 31, 2022 USD ($) developmentRight | Dec. 31, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Other Nonoperating Income (Expense) | $ (33,479) | $ (16,565) | $ (3,231) |
Abandoned pursuits costs | $ 27,455 | $ 10,073 | $ 2,192 |
Development rights, no longer probable | developmentRight | 7 | 3 |
Organization, Basis of Presen_9
Organization, Basis of Presentation, and Significant Accounting Policies - Casualty and Impairment of Long-Lived Assets and Assets Held for Sale and Discontinued Operations (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) community | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Impairment of long-lived assets held-for-use | $ 0 | $ 0 | $ 0 |
Casualty loss | 9,118,000 | 0 | 3,119,000 |
Impairment of investment in unconsolidated entities | $ 0 | $ 0 | 0 |
Number of communities held for sale | community | 0 | ||
Northeast and California Regions | Severe Weather | |||
Property, Plant and Equipment [Line Items] | |||
Casualty loss | $ 9,118,000 | ||
East Coast | Hurricane and Fire | |||
Property, Plant and Equipment [Line Items] | |||
Casualty loss | $ 3,119,000 |
Organization, Basis of Prese_10
Organization, Basis of Presentation, and Significant Accounting Policies - Revenue and Gain Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | $ 7,722 | $ 6,333 | $ 3,084 |
Rental and other income | 2,760,187 | 2,587,113 | 2,291,766 |
Total revenue | 2,767,909 | 2,593,446 | 2,294,850 |
Non-allocated | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 7,722 | 6,333 | 3,084 |
Same Store | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 2,542,634 | 2,394,292 | 1,995,716 |
Other Stabilized Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 134,804 | 93,305 | 121,659 |
Continuing Operations | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 23,956 | 20,536 | 12,587 |
Rental and other income | 2,722,756 | 2,503,128 | 2,150,757 |
Total revenue | 2,746,712 | 2,523,664 | 2,163,344 |
Continuing Operations | Management, development and other fees and other ancillary items | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 7,722 | 6,333 | 3,084 |
Continuing Operations | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 16,234 | 14,203 | 9,503 |
Continuing Operations | Non-allocated | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 7,722 | 6,333 | 3,084 |
Rental and other income | 0 | 0 | 0 |
Total revenue | 7,722 | 6,333 | 3,084 |
Continuing Operations | Non-allocated | Management, development and other fees and other ancillary items | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 7,722 | 6,333 | 3,084 |
Continuing Operations | Non-allocated | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Same Store | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 10,656 | 11,048 | 7,368 |
Rental and other income | 2,531,978 | 2,383,244 | 1,988,348 |
Total revenue | 2,542,634 | 2,394,292 | 1,995,716 |
Continuing Operations | Same Store | Operating segment | Management, development and other fees and other ancillary items | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Same Store | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 10,656 | 11,048 | 7,368 |
Continuing Operations | Other Stabilized Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 5,296 | 2,990 | 1,879 |
Rental and other income | 129,508 | 90,315 | 119,780 |
Total revenue | 134,804 | 93,305 | 121,659 |
Continuing Operations | Other Stabilized Communities | Operating segment | Management, development and other fees and other ancillary items | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Other Stabilized Communities | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 5,296 | 2,990 | 1,879 |
Continuing Operations | Development/ Redevelopment Communities | Operating segment | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 282 | 165 | 256 |
Rental and other income | 61,270 | 29,569 | 42,629 |
Total revenue | 61,552 | 29,734 | 42,885 |
Continuing Operations | Development/ Redevelopment Communities | Operating segment | Management, development and other fees and other ancillary items | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | 0 | 0 | 0 |
Continuing Operations | Development/ Redevelopment Communities | Operating segment | Rental and non-rental related income | |||
Disaggregation of Revenue [Line Items] | |||
Management, development and other fees | $ 282 | $ 165 | $ 256 |
Organization, Basis of Prese_11
Organization, Basis of Presentation, and Significant Accounting Policies- Uncollectible Lease Revenue Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Uncollectible lease revenue | $ 57,906 | $ 49,147 | $ 52,075 |
Interest Capitalized (Details)
Interest Capitalized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Capitalized | |||
Capitalized interest during the development and redevelopment of real estate assets | $ 47,133 | $ 34,854 | $ 32,687 |
Debt - Mortgage Notes Payable,
Debt - Mortgage Notes Payable, Unsecured Notes, Term Loan and Credit Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Credit Facility | $ 0 | $ 0 |
Commercial paper | 0 | 0 |
Total principal outstanding | 8,044,042 | 8,377,827 |
Deferred financing costs and debt discount associated with unsecured and secured notes | (62,220) | (61,782) |
Total | $ 7,981,822 | $ 8,316,045 |
Weighted average interest rate, debt (as a percent) | 3.50% | 3.40% |
Variable rate unsecured credit facility | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Commercial paper | $ 0 | $ 0 |
Weighted average interest rate, debt (as a percent) | 0% | 0% |
Commercial paper | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Weighted average interest rate, debt (as a percent) | 0% | 0% |
Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Total mortgage notes payable and unsecured notes and Term Loan | $ 7,300,000 | |
Deferred financing costs and debt discount associated with unsecured and secured notes | (43,848) | |
Unsecured notes | Fixed Rate Unsecured Notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | $ 7,300,000 | $ 7,500,000 |
Weighted average interest rate, debt (as a percent) | 3.30% | 3.30% |
Unsecured notes | Term loan | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate notes | $ 0 | $ 150,000 |
Weighted average interest rate, debt (as a percent) | 0% | 5.40% |
Secured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Total mortgage notes payable and unsecured notes and Term Loan | $ 744,042 | |
Deferred financing costs and debt discount associated with unsecured and secured notes | (18,372) | |
Secured notes | Fixed rate mortgage notes payable | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Fixed rate notes | $ 333,892 | $ 270,677 |
Weighted average interest rate, debt (as a percent) | 3.90% | 3.40% |
Secured notes | Variable rate mortgage notes payable | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Variable rate notes | $ 410,150 | $ 457,150 |
Weighted average interest rate, debt (as a percent) | 5.50% | 5.30% |
Mortgage Notes Payable, Unsecured Notes, and Term Loans | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Total mortgage notes payable and unsecured notes and Term Loan | $ 8,044,042 | $ 8,377,827 |
Weighted average interest rate, debt (as a percent) | 3.50% | 3.40% |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jul. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2023 | |
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Commercial paper, maximum aggregate amount outstanding | $ 500,000,000 | $ 500,000,000 | ||||||
Repayment of unsecured debt | 750,000,000 | $ 100,000,000 | $ 462,147,000 | |||||
Restricted cash | 133,070,000 | 133,070,000 | 121,056,000 | $ 123,537,000 | ||||
Total net real estate | 19,372,848,000 | $ 19,372,848,000 | 18,992,807,000 | |||||
Percentage of principle amount at which the entity may redeem some or all of the notes | 100% | |||||||
Avalon Clinton North and Avalon Clinton South | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Restricted cash | $ 37,600,000 | |||||||
Asset Pledged as Collateral | Notes Payable, Other Payables | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Total net real estate | 1,284,650,000 | $ 1,284,650,000 | ||||||
Variable rate unsecured credit facility | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Available borrowing capacity | $ 2,250,000,000 | $ 2,250,000,000 | $ 2,250,000,000 | |||||
Line of credit facility, commitment fee (as a percent) | 0.12% | |||||||
Line of Credit Facility, Commitment Fee Percentage, Increase (Decrease) | 0.005% | |||||||
Variable rate unsecured credit facility | Minimum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Line of credit facility, commitment fee (as a percent) | 0.095% | |||||||
Variable rate unsecured credit facility | Maximum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Line of credit facility, commitment fee (as a percent) | 0.295% | |||||||
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR) | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, effective interest rate (as a percent) | 6.19% | 6.19% | ||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.805% | |||||||
Debt Instrument, Basis Spread On Variable Rate, Increase (Decrease) | 0.02% | |||||||
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR) | Minimum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.63% | |||||||
Variable rate unsecured credit facility | Secured Overnight Financing Rate (SOFR) | Maximum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 1.38% | |||||||
Variable rate unsecured credit facility | SOFR Adjustment | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.10% | |||||||
Variable rate unsecured credit facility | SOFR Base Rate | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.705% | |||||||
Unsecured notes | Minimum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.10% | |||||||
Unsecured notes | Maximum | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, basis spread on variable rate (as a percent) | 0.30% | |||||||
Unsecured notes | Notes Payable 2.850 Maturities 2023 | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Repayment of unsecured debt | $ 250,000,000 | |||||||
Stated interest rate (as a percent) | 2.85% | |||||||
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Repayment of unsecured debt | $ 150,000,000 | |||||||
Unsecured notes | Notes Payable Maturities 2029 | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Stated interest rate (as a percent) | 3.30% | 3.30% | ||||||
Unsecured notes | Unsecured Notes 5.300 Percent | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, effective interest rate (as a percent) | 5.19% | 5.19% | ||||||
Stated interest rate (as a percent) | 5.30% | 5.30% | ||||||
Unsecured notes | Notes Payable 4.200 Maturities 2023 | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Repayment of unsecured debt | $ 350,000,000 | |||||||
Stated interest rate (as a percent) | 4.20% | 4.20% | ||||||
Secured notes | Notes Payable Maturities 2029 | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Debt instrument, effective interest rate (as a percent) | 5.97% | |||||||
Stated interest rate (as a percent) | 4.18% | |||||||
Face amount, debt instrument | $ 63,041,000 | |||||||
Unsecured Notes 5.300 Percent | ||||||||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||||||||
Face amount, debt instrument | $ 400,000,000 | $ 400,000,000 | ||||||
Proceeds from issuance of debt | $ 397,156,000 |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Commercial Paper | $ 0 | $ 0 |
Variable rate unsecured credit facility | ||
Line of Credit Facility [Line Items] | ||
Available borrowing capacity | 2,250,000,000 | 2,250,000,000 |
Commercial Paper | 0 | 0 |
Letters of Credit Outstanding, Amount | (1,914,000) | (1,914,000) |
Amount available under the Credit Facility | 2,248,086,000 | 2,248,086,000 |
Additional letters of credit | ||
Line of Credit Facility [Line Items] | ||
Letters of Credit Outstanding, Amount | $ (58,116,000) | $ (48,740,000) |
Debt - Payments and Maturities
Debt - Payments and Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Oct. 31, 2023 |
Secured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 744,042 | |
Secured notes | Notes Payable 2024 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 9,593 | |
Secured notes | Notes Payable Maturities 2025 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 10,765 | |
Secured notes | Notes Payable Maturities 2026 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 11,811 | |
Secured notes | Notes Payable Maturities 2027 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 250,159 | |
Secured notes | Notes Payable Maturities 2028 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 18,902 | |
Secured notes | Notes Payable Maturities 2029 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 132,661 | |
Stated interest rate (as a percent) | 4.18% | |
Secured notes | Notes Payable Maturities 2030 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 9,100 | |
Secured notes | Notes Payable Maturities 2031 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 9,700 | |
Secured notes | Notes Payable Maturities 2032 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 10,400 | |
Secured notes | Notes Payable Maturities 2033 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 12,000 | |
Secured notes | Notes Payable Maturities Thereafter | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 268,951 | |
Unsecured notes | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | 7,300,000 | |
Unsecured notes | Notes Payable 2024 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 300,000 | |
Stated interest rate (as a percent) | 3.50% | |
Unsecured notes | Notes Payable 3.450 Maturities 2025 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 525,000 | |
Stated interest rate (as a percent) | 3.45% | |
Unsecured notes | Notes Payable 3.500 Maturities 2025 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 300,000 | |
Stated interest rate (as a percent) | 3.50% | |
Unsecured notes | Notes Payable 2.950 Maturities 2026 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 475,000 | |
Stated interest rate (as a percent) | 2.95% | |
Unsecured notes | Notes Payable 2.900 Maturities 2026 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 300,000 | |
Stated interest rate (as a percent) | 2.90% | |
Unsecured notes | Notes Payable Maturities 2027 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 400,000 | |
Stated interest rate (as a percent) | 3.35% | |
Unsecured notes | Notes Payable Maturities 2028 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 450,000 | |
Stated interest rate (as a percent) | 3.20% | |
Unsecured notes | Notes Payable 1.900 Maturities 2028 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 400,000 | |
Stated interest rate (as a percent) | 1.90% | |
Unsecured notes | Notes Payable Maturities 2029 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 450,000 | |
Stated interest rate (as a percent) | 3.30% | |
Unsecured notes | Notes Payable Maturities 2030 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 700,000 | |
Stated interest rate (as a percent) | 2.30% | |
Unsecured notes | Notes Payable Maturities 2031 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 600,000 | |
Stated interest rate (as a percent) | 2.45% | |
Unsecured notes | Notes Payable Maturities 2032 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 700,000 | |
Stated interest rate (as a percent) | 2.05% | |
Unsecured notes | Notes Payable Maturities 2033 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 350,000 | |
Stated interest rate (as a percent) | 5% | |
Unsecured notes | Notes Payable 5.300 Maturities 2033 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 400,000 | |
Stated interest rate (as a percent) | 5.30% | |
Unsecured notes | Notes Payable Maturities 2046 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 350,000 | |
Stated interest rate (as a percent) | 3.90% | |
Unsecured notes | Notes Payable Maturities 2047 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 300,000 | |
Stated interest rate (as a percent) | 4.15% | |
Unsecured notes | Notes Payable Maturities 2048 | ||
Mortgage Notes Payable, Unsecured Notes and Credit Facility | ||
Mortgage notes payable and unsecured notes | $ 300,000 | |
Stated interest rate (as a percent) | 4.35% |
Equity (Details)
Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | |
Common stock shares issued in connection with stock options exercised (in shares) | 5,773 | ||
Common stock issued through the dividend reinvestment plan (in shares) | 3,454 | 2,810 | 2,844 |
Forward contract indexed to issuer's equity (in shares) | 2,000,000 | ||
Common shares issued under Employee Stock Purchase Plan (in shares) | 23,059 | ||
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares) | 62,937 | 72,783 | 75,780 |
Number of shares forfeited (in shares) | 2,119 | ||
Repurchase of common stock (in shares) | 11,800 | 0 | 0 |
Issuance of common stock, net proceeds | $ 496,706,000 | $ 20,020,000 | $ 31,874,000 |
Forward contract indexed to issuer's equity, settlement (in dollars per share) | $ 245.96 | ||
Forward contract indexed to issuer's equity, net proceeds | $ 491,912,000 | ||
Shares acquired, average price (in dollars per share) | $ 161.96 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 314,237,000 | ||
Stock Repurchase Program | |||
Class of Stock [Line Items] | |||
Authorized amount of stock repurchase program | 500,000,000 | ||
Continuous Equity Program CEP V | |||
Class of Stock [Line Items] | |||
Maximum value of shares of common stock that can be sold | $ 1,000,000,000 | ||
Issuance of common stock, net of withholdings (in shares) | 0 | 0 | 122,343 |
Average sales price of common stock (in shares) | $ 226.15 | ||
Issuance of common stock, net proceeds | $ 27,253,000 | ||
Forward contract indexed to issuer's equity, settlement (in shares) | 68,577 | ||
Forward contract indexed to issuer's equity, settlement (in dollars per share) | $ 229.34 | ||
Forward contract indexed to issuer's equity, settlement, net proceeds | $ 15,727,000 | ||
Common stock value, remaining to be authorized under continuous equity program | $ 705,961,000 | ||
Continuous Equity Program CEP V | Maximum | |||
Class of Stock [Line Items] | |||
Percentage of compensation received by sales agent | 1.50% | ||
Restricted Stock and Common Stock Converted from Performance Shares | |||
Class of Stock [Line Items] | |||
Common stock shares issued in connection with stock grants (in shares) | 153,162 | 140,528 | 155,836 |
Investments - Details Regarding
Investments - Details Regarding Acquired Communities (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) ft² community home | Dec. 31, 2022 USD ($) ft² community home | Dec. 31, 2021 USD ($) ft² community home | Oct. 31, 2023 USD ($) | |
Asset Acquisition [Line Items] | ||||
Payments to acquire other real estate | $ 215,889 | $ 536,838 | $ 771,692 | |
Notes Payable Maturities 2029 | Secured notes | ||||
Asset Acquisition [Line Items] | ||||
Face amount, debt instrument | $ 63,041 | |||
Stated interest rate (as a percent) | 4.18% | |||
Avalon Frisco at Main | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 1 | |||
Number of apartment homes acquired | home | 360 | |||
Payments to acquire other real estate | $ 83,100 | |||
Commercial square feet | ft² | 0 | |||
Avalon Mooresville | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 1 | |||
Number of apartment homes acquired | home | 203 | |||
Payments to acquire other real estate | $ 52,100 | |||
Commercial square feet | ft² | 0 | |||
Avalon West Plano | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 1 | |||
Number of apartment homes acquired | home | 568 | |||
Payments to acquire other real estate | $ 142,000 | |||
Commercial square feet | ft² | 0 | |||
2023 Acquisition | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 3 | |||
Number of apartment homes acquired | home | 1,131 | |||
Payments to acquire other real estate | $ 277,200 | |||
Commercial square feet | ft² | 0 | |||
2022 Acquisition | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 4 | |||
Number of apartment homes acquired | home | 1,313 | |||
Payments to acquire other real estate | $ 536,200 | |||
Commercial square feet | ft² | 16 | |||
2021 Acquisition | ||||
Asset Acquisition [Line Items] | ||||
Number of communities acquired | community | 7 | |||
Number of apartment homes acquired | home | 1,932 | |||
Payments to acquire other real estate | $ 724,500 | |||
Commercial square feet | ft² | 90 |
Investments - Narrative (Detail
Investments - Narrative (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) entity commitment home investor ft² | Dec. 31, 2022 USD ($) community | Dec. 31, 2021 USD ($) community | Dec. 31, 2018 community ft² home | |
Schedule of Equity Method Investments [Line Items] | ||||
Additional SIP commitments | commitment | 4 | |||
Other commitment, new | $ 99,210 | |||
Other Commitments, Number of SIP Commitments | commitment | 7 | |||
Other commitment | $ 191,585 | |||
Weighted average rate of return, commitments | 11.50% | |||
Outstanding funding, commitments | $ 96,461 | |||
Preferred interest obligation redemption and dividends | 940 | $ 860 | $ 1,340 | |
Total principal outstanding | $ 8,044,042 | $ 8,377,827 | ||
Number of units in real estate property | home | 90,669 | |||
NYC JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Retail square feet sold | ft² | 58 | |||
US Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of apartment communities sold | community | 3 | |||
ACJV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of apartment communities sold | community | 2 | |||
NYC JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of apartment communities sold | community | 5 | |||
Number of apartment homes sold | home | 1,301 | |||
Unconsolidated Real Estate Entity Under Development | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unconsolidated real estate entities | entity | 1 | |||
Property and construction management roles | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unconsolidated real estate entities | entity | 5 | |||
Property and construction management roles | Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 20% | |||
Property and construction management roles | Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 50% | |||
US Fund | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 28.60% | |||
Income for promoted interest | $ 1,519 | $ 4,690 | ||
US Fund | Avalon Grosvenor Tower, Avalon Studio 4121 and Avalon Station 250 | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Realized gain (loss) on disposal of equity method investment | 38,144 | |||
ACJV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 20% | |||
ACJV | Avalon North Point and Avalon North Point Lofts | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Realized gain (loss) on disposal of equity method investment | $ 23,305 | |||
Legacy JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 40% | |||
Preferred interest obligation liquidation value | $ 34,124 | |||
NYC JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 20% | |||
Total principal outstanding | $ 394,734 | |||
Equity method investments | $ 55,695 | |||
MVPI LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 25% | |||
Total principal outstanding | $ 103,000 | |||
Number of units in real estate property | home | 313 | |||
Brandywine | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 28.70% | |||
Total principal outstanding | $ 19,062 | |||
Equity method investments | $ 14,602 | |||
Number of units in real estate property | home | 305 | |||
Number of members who hold various interests in joint venture | investor | 5 | |||
Avalon Alderwood Mall | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 50% | |||
Equity method investments | $ 53,638 | |||
Number of units in real estate property | home | 328 | |||
AVA Arts District | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage of equity method investment | 25% | |||
Proceeds from construction loans payable | $ 135,983 | |||
Equity method investments | $ 32,738 | |||
Number of units in real estate property | home | 475 | |||
Commercial square feet | ft² | 56 | |||
Long-term construction loan | $ 167,147 | |||
Property Technology Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Other commitment | 73,892 | |||
Equity method investments and equity securities | 46,926 | |||
Gain (loss) on equity securities | $ 4,161 | $ 8,315 | $ 15,908 |
Real Estate Disposition Activ_3
Real Estate Disposition Activities (Details) ft² in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) ft² community residential_condominium home | Sep. 30, 2023 USD ($) home | Jun. 30, 2023 USD ($) home | Dec. 31, 2023 USD ($) ft² residential_condominium community home | Dec. 31, 2022 USD ($) ft² residential_condominium home | Dec. 31, 2021 USD ($) ft² home residential_condominium | |
Summary of income from discontinued operations | ||||||
Gains (Losses) on Sales of Investment Real Estate | $ 287,424 | $ 555,558 | $ 602,235 | |||
Number of communities held for sale | community | 0 | 0 | ||||
Number of residential condominiums sold | residential_condominium | 6 | 40 | 53 | |||
Number of residential condominiums remaining to be sold | residential_condominium | 2 | 2 | ||||
Other selling, general and administrative expense | $ 389 | $ 2,129 | $ 4,087 | |||
Inventory, real estate | $ 6,603 | 6,603 | 32,532 | |||
The Park Loggia | ||||||
Summary of income from discontinued operations | ||||||
Net cash proceeds | $ 25,387 | 126,848 | 135,458 | |||
Number of residential units in development | residential_condominium | 172 | 172 | ||||
Commercial square feet | ft² | 66 | 66 | ||||
Gain on for-sale condominiums | $ (73) | $ 2,217 | $ 3,110 | |||
eaves Daly City | ||||||
Summary of income from discontinued operations | ||||||
Number of apartment homes sold | home | 195 | |||||
Gross sales price | $ 67,000 | |||||
Net cash proceeds | $ 66,646 | |||||
Avalon at Newton Highlands | ||||||
Summary of income from discontinued operations | ||||||
Number of apartment homes sold | home | 294 | |||||
Gross sales price | $ 170,000 | |||||
Net cash proceeds | $ 167,665 | |||||
Avalon Columbia Pike | ||||||
Summary of income from discontinued operations | ||||||
Number of apartment homes sold | home | 269 | |||||
Gross sales price | $ 105,000 | |||||
Net cash proceeds | $ 103,032 | |||||
Commercial square feet | ft² | 27 | 27 | ||||
Avalon Mamaroneck | ||||||
Summary of income from discontinued operations | ||||||
Number of apartment homes sold | home | 229 | |||||
Gross sales price | $ 104,000 | |||||
Net cash proceeds | $ 102,230 | |||||
Other real estate | ||||||
Summary of income from discontinued operations | ||||||
Gross sales price | $ 0 | |||||
Net cash proceeds | $ 636 | |||||
Wholly owned properties | ||||||
Summary of income from discontinued operations | ||||||
Number of apartment homes sold | home | 987 | 2,062 | 2,404 | |||
Gross sales price | $ 446,000 | $ 953,135 | $ 875,058 | |||
Net cash proceeds | $ 440,209 | $ 934,117 | $ 850,230 | |||
Commercial square feet | ft² | 27 | 27 | 0 | 30 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) property multiplier community Lease | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 01, 2023 defendant | |
Employment Agreements and Arrangements [Abstract] | ||||
Loss contingency, other defendants | defendant | 14 | |||
Proceeds from legal recoveries | $ 0 | $ 0 | ||
Lease Obligations [Abstract] | ||||
Number of real estate properties | community | 299 | |||
Number of office leases | Lease | 15 | |||
Right of use lease assets | $ 106,146,000 | $ 114,977,000 | ||
Lease liability | 133,220,000 | 142,602,000 | ||
Operating lease, expense | 16,342,000 | 15,667,000 | $ 15,458,000 | |
Finance lease, right-of-use asset | 28,528,000 | 28,354,000 | ||
Lease liability | $ 20,012,000 | $ 20,069,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right of use lease assets | Right of use lease assets | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right of use lease assets | Right of use lease assets | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities | ||
Properties on Land Subject to Land Leases | ||||
Lease Obligations [Abstract] | ||||
Number of real estate properties | community | 7 | |||
Number of commercial properties owned | property | 2 | |||
Assets Held under Operating Leases | ||||
Lease Obligations [Abstract] | ||||
Number of real estate properties | community | 6 | |||
Assets Held under Finance Leases | ||||
Lease Obligations [Abstract] | ||||
Number of real estate properties | community | 1 | |||
Number of finance leases for parking garages adjacent to communities | Lease | 4 | |||
Avalon at Assembly Row | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Proceeds from legal recoveries | $ 6,000,000 | |||
Restricted stock and stock options | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Retirement age (in years) | 50 years | |||
Restricted stock and stock options | Minimum | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Service period (in years) | 10 years | |||
Employee's age at retirement plus years of employment (in years) | 70 years | |||
Required written notice of intent to retire | 6 months | |||
Restricted stock and stock options | Maximum | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Options exercise period upon termination without cause or retirement (in months) | 12 months | |||
Officer Severance Program | Vice President and Senior Vice President | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Compensation multiplier | multiplier | 1 | |||
Officer Severance Program | Executive Vice Presidents | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Compensation multiplier | multiplier | 2 | |||
Officer Severance Program | Chief Executive Officer | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Compensation multiplier | multiplier | 3 | |||
Officer Severance Program | Maximum | ||||
Employment Agreements and Arrangements [Abstract] | ||||
Termination period following a sale event (in years) | 24 months |
Commitments and Contingencies_2
Commitments and Contingencies - Weighted Average Remaining Lease Term and Discount Rates (Details) | Dec. 31, 2023 Lease |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted-average remaining lease term - finance leases | 22 years |
Weighted-average remaining lease term - operating leases | 40 years |
Weighted-average discount rate - finance leases | 4.63% |
Weighted-average discount rate - operating leases | 4.66% |
Lessee, Operating Lease, Not Yet Taken Control, Number Of Leases | 2 |
Commitments and Contingencies_3
Commitments and Contingencies - Future Lease Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) Lease | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2024 | $ 14,246 | |
2025 | 14,544 | |
2026 | 14,552 | |
2027 | 13,884 | |
2028 | 12,839 | |
Thereafter | 268,085 | |
Total | 338,150 | |
Less discount for time value | (204,930) | |
Lease liability | 133,220 | $ 142,602 |
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
2024 | 1,087 | |
2025 | 1,089 | |
2026 | 1,092 | |
2027 | 1,094 | |
2028 | 1,096 | |
Thereafter | 35,762 | |
Total | 41,220 | |
Less discount for time value | (21,208) | |
Lease liability | $ 20,012 | $ 20,069 |
Lessee, Operating Lease, Not Yet Taken Control, Number Of Leases | Lease | 2 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of NOI to Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Percentage of physical occupancy | 90% | ||
Anniversary of Completion of Development or Redevelopment (in years) | 1 year | ||
Reconciliation of NOI to net income | |||
Net income | $ 928,438 | $ 1,136,438 | $ 1,004,356 |
Property management and other indirect operating expenses, net of corporate income | 121,704 | 114,200 | 98,665 |
Expensed transaction, development and other pursuit costs, net of recoveries | 33,479 | 16,565 | 3,231 |
Interest expense, net | 205,992 | 230,074 | 220,415 |
Loss on extinguishment of debt, net | 150 | 1,646 | 17,787 |
General and administrative expense | 76,534 | 74,064 | 69,611 |
Income from unconsolidated investments | (13,454) | (53,394) | (38,585) |
Depreciation expense | 816,965 | 814,978 | 758,596 |
Income tax expense | 10,153 | 14,646 | 5,733 |
Casualty loss | 9,118 | 0 | 3,119 |
Gains (Losses) on Sales of Investment Real Estate | (287,424) | (555,558) | (602,235) |
Other real estate activity | (174) | (5,127) | (1,120) |
Net operating income from real estate assets sold or held for sale | (14,733) | (46,678) | (82,698) |
Net operating income | $ 1,886,748 | $ 1,741,854 | $ 1,456,875 |
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 1.80% | 2% | 1.70% |
Segment Reporting - NOI from re
Segment Reporting - NOI from real estate assets sold or held for sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Rental income from real estate assets sold or held for sale | $ 21,197 | $ 69,782 | $ 131,506 |
Operating expenses from real estate assets sold or held for sale | (6,464) | (23,104) | (48,808) |
Net operating income from real estate assets sold or held for sale | $ 14,733 | $ 46,678 | $ 82,698 |
Segment Reporting - Total Reven
Segment Reporting - Total Revenue, NOI, and Real Estate by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting | |||
Total revenue | $ 2,767,909 | $ 2,593,446 | $ 2,294,850 |
NOI | 1,886,748 | 1,741,854 | 1,456,875 |
Gross real estate | 26,930,462 | 25,590,474 | 24,140,139 |
Same Store | |||
Segment Reporting | |||
Real estate capitalized additions | 188,507 | 209,607 | 158,991 |
Operating segment | Same Store | |||
Segment Reporting | |||
Total revenue | 2,542,634 | 2,394,292 | 1,995,716 |
NOI | 1,755,112 | 1,655,706 | 1,356,363 |
Gross real estate | 22,387,464 | 22,197,772 | 19,741,013 |
Operating segment | Same Store | New England | |||
Segment Reporting | |||
Total revenue | 366,777 | 341,769 | 295,505 |
NOI | 244,700 | 226,987 | 189,571 |
Gross real estate | 2,925,841 | 2,893,843 | 2,771,067 |
Operating segment | Same Store | Metro NY/NJ | |||
Segment Reporting | |||
Total revenue | 529,684 | 495,107 | 407,621 |
NOI | 362,599 | 342,511 | 279,078 |
Gross real estate | 4,417,603 | 4,401,146 | 4,025,983 |
Operating segment | Same Store | Mid-Atlantic | |||
Segment Reporting | |||
Total revenue | 369,027 | 348,096 | 302,652 |
NOI | 255,741 | 238,970 | 203,502 |
Gross real estate | 3,439,654 | 3,396,654 | 3,068,575 |
Operating segment | Same Store | Southeast Florida | |||
Segment Reporting | |||
Total revenue | 76,301 | 69,685 | 31,703 |
NOI | 50,315 | 44,696 | 19,689 |
Gross real estate | 801,617 | 798,437 | 395,999 |
Operating segment | Same Store | Denver, CO | |||
Segment Reporting | |||
Total revenue | 28,209 | 26,848 | 23,742 |
NOI | 20,020 | 19,652 | 16,451 |
Gross real estate | 322,419 | 321,685 | 320,435 |
Operating segment | Same Store | Pacific Northwest | |||
Segment Reporting | |||
Total revenue | 171,740 | 165,186 | 126,513 |
NOI | 121,783 | 117,211 | 85,980 |
Gross real estate | 1,546,038 | 1,534,208 | 1,288,975 |
Operating segment | Same Store | Northern California | |||
Segment Reporting | |||
Total revenue | 425,165 | 405,184 | 366,215 |
NOI | 303,526 | 288,772 | 258,756 |
Gross real estate | 3,789,965 | 3,765,490 | 3,605,284 |
Operating segment | Same Store | Southern California | |||
Segment Reporting | |||
Total revenue | 551,743 | 520,483 | 441,765 |
NOI | 380,262 | 361,809 | 303,336 |
Gross real estate | 4,816,245 | 4,762,736 | 4,264,695 |
Operating segment | Same Store | Other Expansion Regions | |||
Segment Reporting | |||
Total revenue | 23,988 | 21,934 | |
NOI | 16,166 | 15,098 | |
Gross real estate | 328,082 | 323,573 | |
Operating segment | Other Stabilized Communities | |||
Segment Reporting | |||
Total revenue | 134,804 | 93,305 | 121,659 |
NOI | 92,808 | 67,462 | 75,422 |
Gross real estate | 1,799,035 | 1,515,963 | 2,413,391 |
Operating segment | Development / Redevelopment | |||
Segment Reporting | |||
Total revenue | 61,552 | 29,734 | 42,885 |
NOI | 38,828 | 18,686 | 25,090 |
Gross real estate | 2,408,450 | 1,574,649 | 1,580,653 |
Operating segment | Disposals | |||
Segment Reporting | |||
Gross real estate | 280,889 | 760,990 | |
Segment Reconciling Items | |||
Segment Reporting | |||
Gross real estate | 199,062 | 179,204 | 147,546 |
Non-allocated | |||
Segment Reporting | |||
Total revenue | 7,722 | 6,333 | 3,084 |
Gross real estate | 136,451 | 122,886 | 257,536 |
Continuing Operations | |||
Segment Reporting | |||
Total revenue | 2,746,712 | 2,523,664 | 2,163,344 |
Continuing Operations | Operating segment | Same Store | |||
Segment Reporting | |||
Total revenue | 2,542,634 | 2,394,292 | 1,995,716 |
Continuing Operations | Operating segment | Other Stabilized Communities | |||
Segment Reporting | |||
Total revenue | 134,804 | 93,305 | 121,659 |
Continuing Operations | Non-allocated | |||
Segment Reporting | |||
Total revenue | $ 7,722 | $ 6,333 | $ 3,084 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) period $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Oct. 31, 1996 shares | |
Additional disclosures | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Stock-based compensation expense | $ | $ 27,417 | $ 34,131 | $ 25,100 | |
Capitalized stock-based compensation cost | $ | $ 10,906 | 10,431 | 9,472 | |
Employee Stock Purchase Plan [Abstract] | ||||
Shares issued under Employee Stock Purchase Plan | 23,059 | |||
Stock-based compensation expense | $ | $ 27,417 | 34,131 | 25,100 | |
Stock Options | ||||
Additional disclosures | ||||
Stock options awarded, term | 10 years | |||
Performance awards | ||||
Additional disclosures | ||||
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient | 25% | |||
Maximum measurement period (in years) | 3 years | |||
Performance awards | Maximum | ||||
Additional disclosures | ||||
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient | 100% | |||
Restricted Stock and Restricted Stock Units | ||||
Additional disclosures | ||||
Unrecognized compensation cost for unvested stock options | $ | $ 28,204 | |||
Weighted average period for recognition of unrecognized compensation cost | 1 year 9 months 18 days | |||
2009 Plan | ||||
Additional disclosures | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Common stock shares available for grant | 5,424,356 | |||
Employee Stock Purchase Plan [Abstract] | ||||
Employee stock purchase plan, remaining shares of common stock available for issuance | 5,424,356 | |||
Non Qualified Employee Stock Purchase Plan | ||||
Additional disclosures | ||||
Common stock shares available for grant | 569,016 | |||
Stock-based compensation expense | $ | $ 911 | $ 564 | $ 1,609 | |
Employee Stock Purchase Plan [Abstract] | ||||
Employee stock purchase plan, shares of common stock reserved for issuance | 1,000,000 | |||
Employee stock purchase plan, remaining shares of common stock available for issuance | 569,016 | |||
Employment period of full-time employees for becoming eligible to participate in the plan (in months) | 1 month | |||
Number of purchase periods | period | 2 | |||
Employee stock purchase plan, discounted stock price percentage | 85% | |||
Shares issued under Employee Stock Purchase Plan | 23,059 | 20,837 | 21,362 | |
Stock-based compensation expense | $ | $ 911 | $ 564 | $ 1,609 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Stock Options Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Granted (in shares) | 4,847 | ||
Exercised (in shares) | (5,773) | ||
2009 Plan | Stock Options | |||
Shares | |||
Options outstanding at the beginning of the period (in shares) | 293,813 | 299,149 | 12,506 |
Granted (in shares) | 15,744 | 9,793 | 294,115 |
Exercised (in shares) | (5,773) | (8,670) | (2,759) |
Forfeited (in shares) | 0 | (6,459) | (4,713) |
Options outstanding at the end of the period (in shares) | 303,784 | 293,813 | 299,149 |
Options exercisable at the end of the period (in shares) | 279,894 | 6,533 | 9,747 |
Weighted average exercise price per share | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 181.85 | $ 178.71 | $ 129.35 |
Granted (in dollars per share) | 177.83 | 236.14 | 180.32 |
Exercised (in dollars per share) | 163.56 | 135.78 | 124.34 |
Forfeited (in dollars per share) | 0 | 180.32 | 180.32 |
Options outstanding at the end of the period (in dollars per share) | 181.99 | 181.85 | 178.71 |
Options exercisable at the end of the period (in dollars per share) | $ 180.97 | $ 165.51 | $ 130.77 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Valuation Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 4% | ||
Estimated volatility | 29.20% | ||
Risk free rate | 4.09% | ||
Expected life of options | 5 years | ||
Estimated fair value (in dollars per share) | $ 37.54 | ||
Performance awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Dividend yield (as a percent) | 3.70% | 2.70% | 3.50% |
Estimated volatility, minimum (as a percent) | 22.90% | 16.10% | 22% |
Estimated volatility, maximum (as a percent) | 26.10% | 36.80% | 49% |
Risk-free interest rate, minimum (as a percent) | 4.35% | 0.72% | 0.06% |
Risk-free interest rate, maximum (as a percent) | 4.61% | 1.68% | 0.38% |
Estimated performance award value based on total shareholder return measure (in dollars per share) | $ 206.97 | $ 271.98 | $ 213.16 |
Historical volatility (as a percent) | 50% | 50% | 50% |
Implied volatility (as a percent) | 50% | 50% | 50% |
Market closing price (in dollars per share) | $ 177.83 | $ 233.94 | $ 178.38 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Exercise Prices and Contractual Lives of Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Intrinsic value of options exercised | $ 113 | $ 602 | $ 186 |
2009 Plan | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding | 2,068 | ||
Options exercisable intrinsic value | $ 1,909 | ||
Options exercisable weighted average contractual life (in years) | 7 years 2 months 12 days | ||
2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 303,784 | ||
Exercise Price Range from Dollars 177.00 to 189.99 | 2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 293,991 | ||
Exercise Price, lower limit (in dollars per share) | $ 177 | ||
Exercise Price, upper limit (in dollars per share) | $ 186.99 | ||
Weighted Average Remaining Contractual Term | 7 years 3 months 18 days | ||
Exercise Price Range from 236.00 to 245.99 | 2009 Plan | Stock Options | |||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||
Number of Options (in shares) | 9,793 | ||
Exercise Price, lower limit (in dollars per share) | $ 236 | ||
Exercise Price, upper limit (in dollars per share) | $ 245.99 | ||
Weighted Average Remaining Contractual Term | 8 years 1 month 6 days |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Nonvested Performance Awards Granted (Details) - Performance awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance awards | |||
Outstanding at the beginning of the period (in shares) | 279,067 | 284,522 | 241,921 |
Granted (in shares) | 90,215 | 72,783 | 138,033 |
Increase (decrease) in awards based on performance (in shares) | (31,345) | (20,356) | (37,469) |
Converted to restricted stock (in shares) | (56,545) | ||
Converted to shares of common stock (in shares) | (60,016) | (54,053) | (56,545) |
Forfeited (in shares) | (2,719) | (3,829) | (1,418) |
Outstanding at the ending of the period (in shares) | 275,202 | 279,067 | 284,522 |
Weighted average grant date fair value per award | |||
Outstanding at the beginning of the period (in dollars per share) | $ 225.46 | $ 214.73 | $ 195.13 |
Granted (in dollars per share) | 193.85 | 254.75 | 191.12 |
Change in awards based on performance (in dollars per share) | 241.49 | 200.92 | 156 |
Converted to restricted stock (in dollars per share) | 156 | ||
Converted to common stock (in dollars per share) | 238.71 | 217.33 | |
Forfeited (in dollars per share) | 212.05 | 230.36 | 207.65 |
Outstanding at the ending of the period (in dollars per share) | $ 210.52 | $ 225.46 | $ 214.73 |
Grants in period based on shareholder metrics (in shares) | 49,611 | 39,972 | 69,064 |
Grants in period based on financial metrics (in shares) | 40,604 | 32,811 | 68,969 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans - Restricted Stock Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted stock | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 161,714 | 157,066 | 131,724 |
Granted (in shares) | 93,146 | 86,475 | 99,291 |
Vested (in shares) | (79,450) | (78,212) | (69,840) |
Forfeited (in shares) | (2,119) | (3,615) | (4,109) |
Outstanding at the ending of the period (in shares) | 173,291 | 161,714 | 157,066 |
Weighted average grant date fair value per share | |||
Outstanding at the beginning of the period (in dollars per share) | $ 210.97 | $ 192.90 | $ 203.28 |
Granted (in dollars per share) | 177.70 | 231.93 | 178.84 |
Vested (in dollars per share) | 207.93 | 197.51 | 192.32 |
Forfeited (in dollars per share) | 194.78 | 218.19 | 195.77 |
Outstanding at the ending of the period (in dollars per share) | $ 194.68 | $ 210.97 | $ 192.90 |
Restricted stock converted from performance shares | |||
Restricted stock shares | |||
Outstanding at the beginning of the period (in shares) | 26,370 | 74,627 | 146,319 |
Granted (in shares) | 0 | 0 | 0 |
Vested (in shares) | (26,370) | (48,171) | (71,692) |
Forfeited (in shares) | 0 | (86) | 0 |
Outstanding at the ending of the period (in shares) | 0 | 26,370 | 74,627 |
Related Party Arrangements (Det
Related Party Arrangements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Arrangements | |||
Management, development and other fees | $ 7,722,000 | $ 6,333,000 | $ 3,084,000 |
Compensation expense | 27,417,000 | 34,131,000 | 25,100,000 |
Property and construction management roles | |||
Related Party Arrangements | |||
Contract with customer, receivable, net | 7,946,000 | 2,855,000 | |
Non-employee directors | Restricted stock and deferred stock awards | |||
Related Party Arrangements | |||
Compensation expense | 2,446,000 | 2,228,000 | 1,981,000 |
Amount of deferred compensation | 799,000 | $ 794,000 | $ 696,000 |
Non-employee directors | Director Compensation, Restricted stock, value | Restricted stock and deferred stock awards | |||
Related Party Arrangements | |||
Related party transactions | 175,000 | ||
Non-employee directors | Cash Payment | |||
Related Party Arrangements | |||
Related party transactions | 100,000 | ||
Non-employee directors | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | 25,000 | ||
Lead Independent Director | Annual Fee | |||
Related Party Arrangements | |||
Related party transactions | 35,000 | ||
Lead Independent Director | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | 8,750 | ||
Non Executive Chairman | Annual Fee | |||
Related Party Arrangements | |||
Related party transactions | 250,000 | ||
Non Executive Chairman | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | 62,500 | ||
Non-employee director serving as the chairperson of the Audit Committee | Annual Fee | |||
Related Party Arrangements | |||
Related party transactions | 30,000 | ||
Non-employee director serving as the chairperson of the Audit Committee | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | 7,500 | ||
Non-employee director serving as a chairperson of the Compensation Committee | Annual Fee | |||
Related Party Arrangements | |||
Related party transactions | 25,000 | ||
Non-employee director serving as a chairperson of the Compensation Committee | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | 6,250 | ||
Non-employee director serving as a chairperson of the Nominating and Corporate Governance and Investment and Finance Committees | Annual Fee | |||
Related Party Arrangements | |||
Related party transactions | 20,000 | ||
Non-employee director serving as a chairperson of the Nominating and Corporate Governance and Investment and Finance Committees | Quarterly Installment | |||
Related Party Arrangements | |||
Related party transactions | $ 5,000 |
Fair Value - Narrative (Details
Fair Value - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative instruments and Hedging Activities | |||
Derivative, notional amounts settled during the period | $ 250,000 | ||
Payment for termination of forward interest rate swaps | 8,331 | $ 26,869 | $ 4,751 |
Cash flow hedge losses reclassified to earnings | $ (1,360) | $ (3,883) | $ (13,151) |
Partners' Capital Account, Units, Redeemed | 7,500 | ||
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps | |||
Derivative instruments and Hedging Activities | |||
Notional balance | $ 200,000 | ||
Weighted average capped interest rate (as a percent) | 3.10% | ||
Interest Rate Caps | Not Designated as Hedging Instrument [Member] | |||
Derivative instruments and Hedging Activities | |||
Notional balance | $ 632,215 | ||
Weighted average interest rate (as a percent) | 5.50% | ||
Weighted average capped interest rate (as a percent) | 6.50% | ||
Reclassification out of Accumulated Other Comprehensive Income | |||
Derivative instruments and Hedging Activities | |||
Gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred | $ 582 |
Fair Value - Financial Instrume
Fair Value - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total Assets | $ 0 | $ 0 |
Down Real Estate Investment Trust Units Fair Value | 1,211 | |
Total Liabilities | 6,716,631 | 6,654,892 |
Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Notes Receivable, net | 118,127 | 28,860 |
Total Assets | 123,375 | 29,315 |
Total Liabilities | 644,475 | 768,984 |
Significant Unobservable Inputs (Level 3) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Total Assets | 0 | 0 |
Total Liabilities | 0 | 0 |
Total Fair Value | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Notes Receivable, net | 118,127 | 28,860 |
Total Assets | 123,375 | 29,315 |
Down Real Estate Investment Trust Units Fair Value | 1,211 | |
Total Liabilities | 7,361,106 | 7,423,876 |
Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 85 | 455 |
Not Designated as Hedging Instrument [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Swap | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 5,163 | |
Derivative Liability | 162 | |
Not Designated as Hedging Instrument [Member] | Total Fair Value | Interest Rate Caps | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 85 | 455 |
Not Designated as Hedging Instrument [Member] | Total Fair Value | Interest Rate Swap | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Derivative assets | 5,163 | |
Derivative Liability | 162 | |
Unsecured notes | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | 6,716,631 | 6,653,681 |
Unsecured notes | Total Fair Value | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | 6,716,631 | 6,653,681 |
Secured Debt, Commercial Paper Program and Variable Rate Unsecured Indebtedness | Significant Other Observable Inputs (Level 2) | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | 644,313 | 768,984 |
Secured Debt, Commercial Paper Program and Variable Rate Unsecured Indebtedness | Total Fair Value | ||
Financial Instruments Measured/Discussed at Fair Value | ||
Indebtedness | $ 644,313 | $ 768,984 |
REAL ESTATE AND ACCUMULATED D_2
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) $ in Thousands | Dec. 31, 2023 USD ($) home | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 90,669 | |||
Initial Cost | ||||
Land and Improvements | $ 4,919,393 | |||
Building / Construction in Progress & Improvements | 18,019,148 | |||
Costs Subsequent to Acquisition / Construction | 3,991,921 | |||
Total Cost | ||||
Land and Improvements | 4,919,393 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,011,069 | |||
Total | 26,930,462 | $ 25,871,363 | $ 24,927,305 | $ 23,962,222 |
Accumulated Depreciation | 7,557,614 | 6,878,556 | $ 6,217,721 | $ 5,728,440 |
Total real estate, net | 19,372,848 | 18,992,807 | ||
Encumbrances | 8,044,042 | |||
Deferred financing costs and debt discount associated with unsecured and secured notes | $ 62,220 | 61,782 | ||
Current Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 80,318 | |||
Initial Cost | ||||
Land and Improvements | $ 4,581,984 | |||
Building / Construction in Progress & Improvements | 17,293,190 | |||
Costs Subsequent to Acquisition / Construction | 2,646,701 | |||
Total Cost | ||||
Land and Improvements | 4,581,984 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,939,891 | |||
Total | 24,521,875 | |||
Accumulated Depreciation | 7,451,427 | |||
Total real estate, net | 17,070,448 | 17,364,971 | ||
Encumbrances | $ 744,042 | |||
Current Communities | Avalon at Lexington | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 198 | |||
Initial Cost | ||||
Land and Improvements | $ 2,124 | |||
Building / Construction in Progress & Improvements | 12,561 | |||
Costs Subsequent to Acquisition / Construction | 16,103 | |||
Total Cost | ||||
Land and Improvements | 2,124 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,664 | |||
Total | 30,788 | |||
Accumulated Depreciation | 21,263 | |||
Total real estate, net | 9,525 | 8,586 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Wilmington | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 204 | |||
Initial Cost | ||||
Land and Improvements | $ 2,129 | |||
Building / Construction in Progress & Improvements | 17,563 | |||
Costs Subsequent to Acquisition / Construction | 10,350 | |||
Total Cost | ||||
Land and Improvements | 2,129 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,913 | |||
Total | 30,042 | |||
Accumulated Depreciation | 20,505 | |||
Total real estate, net | 9,537 | 9,960 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Quincy | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 245 | |||
Initial Cost | ||||
Land and Improvements | $ 1,743 | |||
Building / Construction in Progress & Improvements | 14,662 | |||
Costs Subsequent to Acquisition / Construction | 16,934 | |||
Total Cost | ||||
Land and Improvements | 1,743 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,596 | |||
Total | 33,339 | |||
Accumulated Depreciation | 22,326 | |||
Total real estate, net | 11,013 | 11,327 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Wilmington West | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 120 | |||
Initial Cost | ||||
Land and Improvements | $ 3,318 | |||
Building / Construction in Progress & Improvements | 13,465 | |||
Costs Subsequent to Acquisition / Construction | 5,145 | |||
Total Cost | ||||
Land and Improvements | 3,318 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 18,610 | |||
Total | 21,928 | |||
Accumulated Depreciation | 12,654 | |||
Total real estate, net | 9,274 | 9,360 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at The Pinehills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 192 | |||
Initial Cost | ||||
Land and Improvements | $ 6,876 | |||
Building / Construction in Progress & Improvements | 30,313 | |||
Costs Subsequent to Acquisition / Construction | 9,652 | |||
Total Cost | ||||
Land and Improvements | 6,876 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,965 | |||
Total | 46,841 | |||
Accumulated Depreciation | 21,752 | |||
Total real estate, net | 25,089 | 25,832 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Peabody | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 286 | |||
Initial Cost | ||||
Land and Improvements | $ 4,645 | |||
Building / Construction in Progress & Improvements | 18,919 | |||
Costs Subsequent to Acquisition / Construction | 17,202 | |||
Total Cost | ||||
Land and Improvements | 4,645 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 36,121 | |||
Total | 40,766 | |||
Accumulated Depreciation | 22,253 | |||
Total real estate, net | 18,513 | 19,726 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bedford Center | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 139 | |||
Initial Cost | ||||
Land and Improvements | $ 4,258 | |||
Building / Construction in Progress & Improvements | 20,551 | |||
Costs Subsequent to Acquisition / Construction | 6,060 | |||
Total Cost | ||||
Land and Improvements | 4,258 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,611 | |||
Total | 30,869 | |||
Accumulated Depreciation | 17,272 | |||
Total real estate, net | 13,597 | 14,919 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Chestnut Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 204 | |||
Initial Cost | ||||
Land and Improvements | $ 14,572 | |||
Building / Construction in Progress & Improvements | 45,868 | |||
Costs Subsequent to Acquisition / Construction | 15,868 | |||
Total Cost | ||||
Land and Improvements | 14,572 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,736 | |||
Total | 76,308 | |||
Accumulated Depreciation | 33,909 | |||
Total real estate, net | 42,399 | 43,505 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Lexington Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 387 | |||
Initial Cost | ||||
Land and Improvements | $ 8,691 | |||
Building / Construction in Progress & Improvements | 78,502 | |||
Costs Subsequent to Acquisition / Construction | 18,246 | |||
Total Cost | ||||
Land and Improvements | 8,691 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 96,748 | |||
Total | 105,439 | |||
Accumulated Depreciation | 56,017 | |||
Total real estate, net | 49,422 | 53,457 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Acton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 380 | |||
Initial Cost | ||||
Land and Improvements | $ 13,124 | |||
Building / Construction in Progress & Improvements | 48,630 | |||
Costs Subsequent to Acquisition / Construction | 13,026 | |||
Total Cost | ||||
Land and Improvements | 13,124 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,656 | |||
Total | 74,780 | |||
Accumulated Depreciation | 32,568 | |||
Total real estate, net | 42,212 | 44,469 | ||
Encumbrances | $ 45,000 | |||
Current Communities | Avalon at the Hingham Shipyard | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 235 | |||
Initial Cost | ||||
Land and Improvements | $ 12,218 | |||
Building / Construction in Progress & Improvements | 41,516 | |||
Costs Subsequent to Acquisition / Construction | 14,550 | |||
Total Cost | ||||
Land and Improvements | 12,218 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 56,066 | |||
Total | 68,284 | |||
Accumulated Depreciation | 31,342 | |||
Total real estate, net | 36,942 | 39,025 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Acton II [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 86 | |||
Initial Cost | ||||
Land and Improvements | $ 1,723 | |||
Building / Construction in Progress & Improvements | 29,375 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 1,723 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 29,375 | |||
Total | 31,098 | |||
Accumulated Depreciation | 3,506 | |||
Total real estate, net | 27,592 | 28,638 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Northborough | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 382 | |||
Initial Cost | ||||
Land and Improvements | $ 8,144 | |||
Building / Construction in Progress & Improvements | 52,178 | |||
Costs Subsequent to Acquisition / Construction | 9,474 | |||
Total Cost | ||||
Land and Improvements | 8,144 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,652 | |||
Total | 69,796 | |||
Accumulated Depreciation | 29,937 | |||
Total real estate, net | 39,859 | 41,103 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Exeter | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 187 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 109,978 | |||
Costs Subsequent to Acquisition / Construction | 3,501 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 113,479 | |||
Total | 113,479 | |||
Accumulated Depreciation | 37,241 | |||
Total real estate, net | 76,238 | 78,840 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Natick | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 407 | |||
Initial Cost | ||||
Land and Improvements | $ 15,645 | |||
Building / Construction in Progress & Improvements | 64,845 | |||
Costs Subsequent to Acquisition / Construction | 4,822 | |||
Total Cost | ||||
Land and Improvements | 15,645 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,667 | |||
Total | 85,312 | |||
Accumulated Depreciation | 25,323 | |||
Total real estate, net | 59,989 | 61,683 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Assembly Row | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 195 | |||
Initial Cost | ||||
Land and Improvements | $ 8,599 | |||
Building / Construction in Progress & Improvements | 52,454 | |||
Costs Subsequent to Acquisition / Construction | 8,815 | |||
Total Cost | ||||
Land and Improvements | 8,599 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,269 | |||
Total | 69,868 | |||
Accumulated Depreciation | 21,508 | |||
Total real estate, net | 48,360 | 48,141 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Somerville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 250 | |||
Initial Cost | ||||
Land and Improvements | $ 10,944 | |||
Building / Construction in Progress & Improvements | 56,457 | |||
Costs Subsequent to Acquisition / Construction | 7,899 | |||
Total Cost | ||||
Land and Improvements | 10,944 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 64,356 | |||
Total | 75,300 | |||
Accumulated Depreciation | 22,806 | |||
Total real estate, net | 52,494 | 53,785 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 271 | |||
Initial Cost | ||||
Land and Improvements | $ 9,034 | |||
Building / Construction in Progress & Improvements | 36,536 | |||
Costs Subsequent to Acquisition / Construction | 53,129 | |||
Total Cost | ||||
Land and Improvements | 9,034 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 89,665 | |||
Total | 98,699 | |||
Accumulated Depreciation | 53,387 | |||
Total real estate, net | 45,312 | 48,193 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Prudential Center II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 266 | |||
Initial Cost | ||||
Land and Improvements | $ 8,776 | |||
Building / Construction in Progress & Improvements | 35,479 | |||
Costs Subsequent to Acquisition / Construction | 65,718 | |||
Total Cost | ||||
Land and Improvements | 8,776 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 101,197 | |||
Total | 109,973 | |||
Accumulated Depreciation | 54,744 | |||
Total real estate, net | 55,229 | 58,882 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Prudential Center I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 243 | |||
Initial Cost | ||||
Land and Improvements | $ 8,002 | |||
Building / Construction in Progress & Improvements | 32,349 | |||
Costs Subsequent to Acquisition / Construction | 57,378 | |||
Total Cost | ||||
Land and Improvements | 8,002 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 89,727 | |||
Total | 97,729 | |||
Accumulated Depreciation | 47,794 | |||
Total real estate, net | 49,935 | 53,395 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Burlington | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 203 | |||
Initial Cost | ||||
Land and Improvements | $ 7,714 | |||
Building / Construction in Progress & Improvements | 32,499 | |||
Costs Subsequent to Acquisition / Construction | 10,087 | |||
Total Cost | ||||
Land and Improvements | 7,714 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,586 | |||
Total | 50,300 | |||
Accumulated Depreciation | 16,673 | |||
Total real estate, net | 33,627 | 35,005 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Theater District | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 398 | |||
Initial Cost | ||||
Land and Improvements | $ 17,072 | |||
Building / Construction in Progress & Improvements | 163,622 | |||
Costs Subsequent to Acquisition / Construction | 978 | |||
Total Cost | ||||
Land and Improvements | 17,072 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 164,600 | |||
Total | 181,672 | |||
Accumulated Depreciation | 47,828 | |||
Total real estate, net | 133,844 | 139,145 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burlington | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 312 | |||
Initial Cost | ||||
Land and Improvements | $ 15,600 | |||
Building / Construction in Progress & Improvements | 60,649 | |||
Costs Subsequent to Acquisition / Construction | 20,068 | |||
Total Cost | ||||
Land and Improvements | 15,600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 80,717 | |||
Total | 96,317 | |||
Accumulated Depreciation | 30,573 | |||
Total real estate, net | 65,744 | 67,529 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Marlborough | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 350 | |||
Initial Cost | ||||
Land and Improvements | $ 15,367 | |||
Building / Construction in Progress & Improvements | 60,338 | |||
Costs Subsequent to Acquisition / Construction | 3,153 | |||
Total Cost | ||||
Land and Improvements | 15,367 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 63,491 | |||
Total | 78,858 | |||
Accumulated Depreciation | 19,027 | |||
Total real estate, net | 59,831 | 60,938 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 503 | |||
Initial Cost | ||||
Land and Improvements | $ 22,796 | |||
Building / Construction in Progress & Improvements | 247,270 | |||
Costs Subsequent to Acquisition / Construction | 966 | |||
Total Cost | ||||
Land and Improvements | 22,796 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 248,236 | |||
Total | 271,032 | |||
Accumulated Depreciation | 58,323 | |||
Total real estate, net | 212,709 | 221,269 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Framingham | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 180 | |||
Initial Cost | ||||
Land and Improvements | $ 9,315 | |||
Building / Construction in Progress & Improvements | 34,604 | |||
Costs Subsequent to Acquisition / Construction | 620 | |||
Total Cost | ||||
Land and Improvements | 9,315 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 35,224 | |||
Total | 44,539 | |||
Accumulated Depreciation | 10,319 | |||
Total real estate, net | 34,220 | 35,348 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Quincy | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 395 | |||
Initial Cost | ||||
Land and Improvements | $ 14,694 | |||
Building / Construction in Progress & Improvements | 79,655 | |||
Costs Subsequent to Acquisition / Construction | 1,287 | |||
Total Cost | ||||
Land and Improvements | 14,694 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 80,942 | |||
Total | 95,636 | |||
Accumulated Depreciation | 20,519 | |||
Total real estate, net | 75,117 | 77,107 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Easton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 290 | |||
Initial Cost | ||||
Land and Improvements | $ 3,170 | |||
Building / Construction in Progress & Improvements | 60,785 | |||
Costs Subsequent to Acquisition / Construction | 1,674 | |||
Total Cost | ||||
Land and Improvements | 3,170 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 62,459 | |||
Total | 65,629 | |||
Accumulated Depreciation | 14,815 | |||
Total real estate, net | 50,814 | 51,690 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at the Hingham Shipyard II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 190 | |||
Initial Cost | ||||
Land and Improvements | $ 8,998 | |||
Building / Construction in Progress & Improvements | 55,366 | |||
Costs Subsequent to Acquisition / Construction | 971 | |||
Total Cost | ||||
Land and Improvements | 8,998 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 56,337 | |||
Total | 65,335 | |||
Accumulated Depreciation | 11,244 | |||
Total real estate, net | 54,091 | 55,416 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Sudbury | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 250 | |||
Initial Cost | ||||
Land and Improvements | $ 20,278 | |||
Building / Construction in Progress & Improvements | 66,509 | |||
Costs Subsequent to Acquisition / Construction | 1,033 | |||
Total Cost | ||||
Land and Improvements | 20,278 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 67,542 | |||
Total | 87,820 | |||
Accumulated Depreciation | 14,066 | |||
Total real estate, net | 73,754 | 75,492 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Saugus | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 280 | |||
Initial Cost | ||||
Land and Improvements | $ 17,809 | |||
Building / Construction in Progress & Improvements | 72,196 | |||
Costs Subsequent to Acquisition / Construction | 1,519 | |||
Total Cost | ||||
Land and Improvements | 17,809 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,715 | |||
Total | 91,524 | |||
Accumulated Depreciation | 13,075 | |||
Total real estate, net | 78,449 | 81,490 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Norwood | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 198 | |||
Initial Cost | ||||
Land and Improvements | $ 9,478 | |||
Building / Construction in Progress & Improvements | 51,215 | |||
Costs Subsequent to Acquisition / Construction | 830 | |||
Total Cost | ||||
Land and Improvements | 9,478 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,045 | |||
Total | 61,523 | |||
Accumulated Depreciation | 8,580 | |||
Total real estate, net | 52,943 | 55,163 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Marlborough II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 123 | |||
Initial Cost | ||||
Land and Improvements | $ 5,523 | |||
Building / Construction in Progress & Improvements | 36,367 | |||
Costs Subsequent to Acquisition / Construction | 63 | |||
Total Cost | ||||
Land and Improvements | 5,523 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 36,430 | |||
Total | 41,953 | |||
Accumulated Depreciation | 4,610 | |||
Total real estate, net | 37,343 | 38,727 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Easton II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 44 | |||
Initial Cost | ||||
Land and Improvements | $ 570 | |||
Building / Construction in Progress & Improvements | 14,090 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 570 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,090 | |||
Total | 14,660 | |||
Accumulated Depreciation | 1,154 | |||
Total real estate, net | 13,506 | 13,974 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA North Point | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 265 | |||
Initial Cost | ||||
Land and Improvements | $ 31,263 | |||
Building / Construction in Progress & Improvements | 81,196 | |||
Costs Subsequent to Acquisition / Construction | 2,918 | |||
Total Cost | ||||
Land and Improvements | 31,263 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 84,114 | |||
Total | 115,377 | |||
Accumulated Depreciation | 16,019 | |||
Total real estate, net | 99,358 | 102,594 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bear Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 324 | |||
Initial Cost | ||||
Land and Improvements | $ 27,350 | |||
Building / Construction in Progress & Improvements | 93,977 | |||
Costs Subsequent to Acquisition / Construction | 31,975 | |||
Total Cost | ||||
Land and Improvements | 27,350 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 125,952 | |||
Total | 153,302 | |||
Accumulated Depreciation | 51,236 | |||
Total real estate, net | 102,066 | 105,728 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilton on River Rd | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 102 | |||
Initial Cost | ||||
Land and Improvements | $ 2,116 | |||
Building / Construction in Progress & Improvements | 14,664 | |||
Costs Subsequent to Acquisition / Construction | 8,311 | |||
Total Cost | ||||
Land and Improvements | 2,116 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,975 | |||
Total | 25,091 | |||
Accumulated Depreciation | 17,406 | |||
Total real estate, net | 7,685 | 7,957 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon New Canaan | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 104 | |||
Initial Cost | ||||
Land and Improvements | $ 4,834 | |||
Building / Construction in Progress & Improvements | 22,990 | |||
Costs Subsequent to Acquisition / Construction | 7,025 | |||
Total Cost | ||||
Land and Improvements | 4,834 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 30,015 | |||
Total | 34,849 | |||
Accumulated Depreciation | 20,407 | |||
Total real estate, net | 14,442 | 15,576 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Darien | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 189 | |||
Initial Cost | ||||
Land and Improvements | $ 6,926 | |||
Building / Construction in Progress & Improvements | 34,558 | |||
Costs Subsequent to Acquisition / Construction | 9,816 | |||
Total Cost | ||||
Land and Improvements | 6,926 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,374 | |||
Total | 51,300 | |||
Accumulated Depreciation | 28,383 | |||
Total real estate, net | 22,917 | 24,498 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 372 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 94,061 | |||
Costs Subsequent to Acquisition / Construction | 16,257 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 110,318 | |||
Total | 110,318 | |||
Accumulated Depreciation | 79,750 | |||
Total real estate, net | 30,568 | 32,981 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Riverview North | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 602 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 165,932 | |||
Costs Subsequent to Acquisition / Construction | 19,104 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 185,036 | |||
Total | 185,036 | |||
Accumulated Depreciation | 98,183 | |||
Total real estate, net | 86,853 | 91,224 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Fort Greene | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 631 | |||
Initial Cost | ||||
Land and Improvements | $ 83,038 | |||
Building / Construction in Progress & Improvements | 216,802 | |||
Costs Subsequent to Acquisition / Construction | 11,298 | |||
Total Cost | ||||
Land and Improvements | 83,038 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 228,100 | |||
Total | 311,138 | |||
Accumulated Depreciation | 106,100 | |||
Total real estate, net | 205,038 | 212,356 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA DoBro | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 500 | |||
Initial Cost | ||||
Land and Improvements | $ 76,127 | |||
Building / Construction in Progress & Improvements | 206,762 | |||
Costs Subsequent to Acquisition / Construction | 1,177 | |||
Total Cost | ||||
Land and Improvements | 76,127 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 207,939 | |||
Total | 284,066 | |||
Accumulated Depreciation | 56,879 | |||
Total real estate, net | 227,187 | 233,948 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willoughby Square | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 326 | |||
Initial Cost | ||||
Land and Improvements | $ 49,635 | |||
Building / Construction in Progress & Improvements | 134,840 | |||
Costs Subsequent to Acquisition / Construction | 1,056 | |||
Total Cost | ||||
Land and Improvements | 49,635 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 135,896 | |||
Total | 185,531 | |||
Accumulated Depreciation | 35,122 | |||
Total real estate, net | 150,409 | 155,056 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Brooklyn Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 180 | |||
Initial Cost | ||||
Land and Improvements | $ 9,690 | |||
Building / Construction in Progress & Improvements | 84,361 | |||
Costs Subsequent to Acquisition / Construction | 651 | |||
Total Cost | ||||
Land and Improvements | 9,690 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 85,012 | |||
Total | 94,702 | |||
Accumulated Depreciation | 19,809 | |||
Total real estate, net | 74,893 | 77,480 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Midtown West | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 550 | |||
Initial Cost | ||||
Land and Improvements | $ 154,730 | |||
Building / Construction in Progress & Improvements | 180,253 | |||
Costs Subsequent to Acquisition / Construction | 53,204 | |||
Total Cost | ||||
Land and Improvements | 154,730 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 233,457 | |||
Total | 388,187 | |||
Accumulated Depreciation | 86,980 | |||
Total real estate, net | 301,207 | 306,317 | ||
Encumbrances | $ 76,600 | |||
Current Communities | Avalon Clinton North | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 339 | |||
Initial Cost | ||||
Land and Improvements | $ 84,069 | |||
Building / Construction in Progress & Improvements | 105,821 | |||
Costs Subsequent to Acquisition / Construction | 16,843 | |||
Total Cost | ||||
Land and Improvements | 84,069 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 122,664 | |||
Total | 206,733 | |||
Accumulated Depreciation | 48,156 | |||
Total real estate, net | 158,577 | 161,998 | ||
Encumbrances | $ 126,400 | |||
Current Communities | Avalon Clinton South | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 288 | |||
Initial Cost | ||||
Land and Improvements | $ 71,421 | |||
Building / Construction in Progress & Improvements | 89,851 | |||
Costs Subsequent to Acquisition / Construction | 10,527 | |||
Total Cost | ||||
Land and Improvements | 71,421 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 100,378 | |||
Total | 171,799 | |||
Accumulated Depreciation | 40,507 | |||
Total real estate, net | 131,292 | 133,537 | ||
Encumbrances | $ 104,500 | |||
Current Communities | Avalon Commons | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 312 | |||
Initial Cost | ||||
Land and Improvements | $ 4,679 | |||
Building / Construction in Progress & Improvements | 27,811 | |||
Costs Subsequent to Acquisition / Construction | 14,400 | |||
Total Cost | ||||
Land and Improvements | 4,679 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,211 | |||
Total | 46,890 | |||
Accumulated Depreciation | 32,309 | |||
Total real estate, net | 14,581 | 16,263 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Melville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 494 | |||
Initial Cost | ||||
Land and Improvements | $ 9,228 | |||
Building / Construction in Progress & Improvements | 50,059 | |||
Costs Subsequent to Acquisition / Construction | 25,486 | |||
Total Cost | ||||
Land and Improvements | 9,228 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 75,545 | |||
Total | 84,773 | |||
Accumulated Depreciation | 54,955 | |||
Total real estate, net | 29,818 | 31,352 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon White Plains | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 407 | |||
Initial Cost | ||||
Land and Improvements | $ 15,391 | |||
Building / Construction in Progress & Improvements | 137,312 | |||
Costs Subsequent to Acquisition / Construction | 3,294 | |||
Total Cost | ||||
Land and Improvements | 15,391 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 140,606 | |||
Total | 155,997 | |||
Accumulated Depreciation | 70,419 | |||
Total real estate, net | 85,578 | 90,111 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 349 | |||
Initial Cost | ||||
Land and Improvements | $ 32,212 | |||
Building / Construction in Progress & Improvements | 78,806 | |||
Costs Subsequent to Acquisition / Construction | 7,508 | |||
Total Cost | ||||
Land and Improvements | 32,212 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,314 | |||
Total | 118,526 | |||
Accumulated Depreciation | 38,463 | |||
Total real estate, net | 80,063 | 83,041 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Garden City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 204 | |||
Initial Cost | ||||
Land and Improvements | $ 18,205 | |||
Building / Construction in Progress & Improvements | 49,301 | |||
Costs Subsequent to Acquisition / Construction | 2,054 | |||
Total Cost | ||||
Land and Improvements | 18,205 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 51,355 | |||
Total | 69,560 | |||
Accumulated Depreciation | 20,281 | |||
Total real estate, net | 49,279 | 50,691 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 303 | |||
Initial Cost | ||||
Land and Improvements | $ 21,899 | |||
Building / Construction in Progress & Improvements | 58,429 | |||
Costs Subsequent to Acquisition / Construction | 2,514 | |||
Total Cost | ||||
Land and Improvements | 21,899 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 60,943 | |||
Total | 82,842 | |||
Accumulated Depreciation | 19,870 | |||
Total real estate, net | 62,972 | 64,277 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Great Neck | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 191 | |||
Initial Cost | ||||
Land and Improvements | $ 14,777 | |||
Building / Construction in Progress & Improvements | 65,412 | |||
Costs Subsequent to Acquisition / Construction | 496 | |||
Total Cost | ||||
Land and Improvements | 14,777 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,908 | |||
Total | 80,685 | |||
Accumulated Depreciation | 16,352 | |||
Total real estate, net | 64,333 | 66,230 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Rockville Centre II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 165 | |||
Initial Cost | ||||
Land and Improvements | $ 7,534 | |||
Building / Construction in Progress & Improvements | 50,981 | |||
Costs Subsequent to Acquisition / Construction | 635 | |||
Total Cost | ||||
Land and Improvements | 7,534 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 51,616 | |||
Total | 59,150 | |||
Accumulated Depreciation | 12,392 | |||
Total real estate, net | 46,758 | 47,759 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Somers | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 152 | |||
Initial Cost | ||||
Land and Improvements | $ 5,608 | |||
Building / Construction in Progress & Improvements | 40,591 | |||
Costs Subsequent to Acquisition / Construction | 24 | |||
Total Cost | ||||
Land and Improvements | 5,608 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,615 | |||
Total | 46,223 | |||
Accumulated Depreciation | 9,644 | |||
Total real estate, net | 36,579 | 37,893 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Yonkers [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 590 | |||
Initial Cost | ||||
Land and Improvements | $ 28,267 | |||
Building / Construction in Progress & Improvements | 172,681 | |||
Costs Subsequent to Acquisition / Construction | 57 | |||
Total Cost | ||||
Land and Improvements | 28,267 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 172,738 | |||
Total | 201,005 | |||
Accumulated Depreciation | 22,948 | |||
Total real estate, net | 178,057 | 198,438 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Westbury | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 396 | |||
Initial Cost | ||||
Land and Improvements | $ 69,620 | |||
Building / Construction in Progress & Improvements | 43,736 | |||
Costs Subsequent to Acquisition / Construction | 19,688 | |||
Total Cost | ||||
Land and Improvements | 69,620 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 63,424 | |||
Total | 133,044 | |||
Accumulated Depreciation | 31,659 | |||
Total real estate, net | 101,385 | 100,559 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Cove | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 504 | |||
Initial Cost | ||||
Land and Improvements | $ 8,760 | |||
Building / Construction in Progress & Improvements | 82,422 | |||
Costs Subsequent to Acquisition / Construction | 33,937 | |||
Total Cost | ||||
Land and Improvements | 8,760 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 116,359 | |||
Total | 125,119 | |||
Accumulated Depreciation | 91,946 | |||
Total real estate, net | 33,173 | 37,018 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves West Windsor | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 512 | |||
Initial Cost | ||||
Land and Improvements | $ 5,585 | |||
Building / Construction in Progress & Improvements | 21,752 | |||
Costs Subsequent to Acquisition / Construction | 35,761 | |||
Total Cost | ||||
Land and Improvements | 5,585 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 57,513 | |||
Total | 63,098 | |||
Accumulated Depreciation | 38,599 | |||
Total real estate, net | 24,499 | 25,852 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 168 | |||
Initial Cost | ||||
Land and Improvements | $ 5,982 | |||
Building / Construction in Progress & Improvements | 24,389 | |||
Costs Subsequent to Acquisition / Construction | 11,248 | |||
Total Cost | ||||
Land and Improvements | 5,982 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 35,637 | |||
Total | 41,619 | |||
Accumulated Depreciation | 24,235 | |||
Total real estate, net | 17,384 | 18,548 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Florham Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 270 | |||
Initial Cost | ||||
Land and Improvements | $ 6,647 | |||
Building / Construction in Progress & Improvements | 34,906 | |||
Costs Subsequent to Acquisition / Construction | 17,845 | |||
Total Cost | ||||
Land and Improvements | 6,647 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,751 | |||
Total | 59,398 | |||
Accumulated Depreciation | 36,218 | |||
Total real estate, net | 23,180 | 24,941 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Bergen | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 164 | |||
Initial Cost | ||||
Land and Improvements | $ 8,984 | |||
Building / Construction in Progress & Improvements | 30,994 | |||
Costs Subsequent to Acquisition / Construction | 1,493 | |||
Total Cost | ||||
Land and Improvements | 8,984 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,487 | |||
Total | 41,471 | |||
Accumulated Depreciation | 13,173 | |||
Total real estate, net | 28,298 | 29,364 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 266 | |||
Initial Cost | ||||
Land and Improvements | $ 14,682 | |||
Building / Construction in Progress & Improvements | 41,610 | |||
Costs Subsequent to Acquisition / Construction | 4,354 | |||
Total Cost | ||||
Land and Improvements | 14,682 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,964 | |||
Total | 60,646 | |||
Accumulated Depreciation | 18,513 | |||
Total real estate, net | 42,133 | 43,071 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hackensack at Riverside | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 226 | |||
Initial Cost | ||||
Land and Improvements | $ 9,939 | |||
Building / Construction in Progress & Improvements | 44,619 | |||
Costs Subsequent to Acquisition / Construction | 2,329 | |||
Total Cost | ||||
Land and Improvements | 9,939 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 46,948 | |||
Total | 56,887 | |||
Accumulated Depreciation | 17,376 | |||
Total real estate, net | 39,511 | 41,169 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Wesmont Station II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 140 | |||
Initial Cost | ||||
Land and Improvements | $ 6,502 | |||
Building / Construction in Progress & Improvements | 16,851 | |||
Costs Subsequent to Acquisition / Construction | 856 | |||
Total Cost | ||||
Land and Improvements | 6,502 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,707 | |||
Total | 24,209 | |||
Accumulated Depreciation | 6,685 | |||
Total real estate, net | 17,524 | 18,010 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomingdale | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 174 | |||
Initial Cost | ||||
Land and Improvements | $ 3,006 | |||
Building / Construction in Progress & Improvements | 27,801 | |||
Costs Subsequent to Acquisition / Construction | 1,116 | |||
Total Cost | ||||
Land and Improvements | 3,006 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,917 | |||
Total | 31,923 | |||
Accumulated Depreciation | 10,191 | |||
Total real estate, net | 21,732 | 22,524 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wharton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 247 | |||
Initial Cost | ||||
Land and Improvements | $ 2,273 | |||
Building / Construction in Progress & Improvements | 48,609 | |||
Costs Subsequent to Acquisition / Construction | 1,700 | |||
Total Cost | ||||
Land and Improvements | 2,273 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 50,309 | |||
Total | 52,582 | |||
Accumulated Depreciation | 15,948 | |||
Total real estate, net | 36,634 | 38,379 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bloomfield Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 224 | |||
Initial Cost | ||||
Land and Improvements | $ 10,701 | |||
Building / Construction in Progress & Improvements | 36,430 | |||
Costs Subsequent to Acquisition / Construction | 2,195 | |||
Total Cost | ||||
Land and Improvements | 10,701 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,625 | |||
Total | 49,326 | |||
Accumulated Depreciation | 11,365 | |||
Total real estate, net | 37,961 | 38,182 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Roseland | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 136 | |||
Initial Cost | ||||
Land and Improvements | $ 11,288 | |||
Building / Construction in Progress & Improvements | 34,868 | |||
Costs Subsequent to Acquisition / Construction | 892 | |||
Total Cost | ||||
Land and Improvements | 11,288 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 35,760 | |||
Total | 47,048 | |||
Accumulated Depreciation | 10,767 | |||
Total real estate, net | 36,281 | 37,228 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Princeton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 280 | |||
Initial Cost | ||||
Land and Improvements | $ 26,461 | |||
Building / Construction in Progress & Improvements | 68,003 | |||
Costs Subsequent to Acquisition / Construction | 1,639 | |||
Total Cost | ||||
Land and Improvements | 26,461 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,642 | |||
Total | 96,103 | |||
Accumulated Depreciation | 18,272 | |||
Total real estate, net | 77,831 | 79,743 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 202 | |||
Initial Cost | ||||
Land and Improvements | $ 11,695 | |||
Building / Construction in Progress & Improvements | 36,315 | |||
Costs Subsequent to Acquisition / Construction | 1,392 | |||
Total Cost | ||||
Land and Improvements | 11,695 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 37,707 | |||
Total | 49,402 | |||
Accumulated Depreciation | 10,483 | |||
Total real estate, net | 38,919 | 39,551 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hoboken | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 217 | |||
Initial Cost | ||||
Land and Improvements | $ 37,237 | |||
Building / Construction in Progress & Improvements | 90,278 | |||
Costs Subsequent to Acquisition / Construction | 7,624 | |||
Total Cost | ||||
Land and Improvements | 37,237 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 97,902 | |||
Total | 135,139 | |||
Accumulated Depreciation | 32,649 | |||
Total real estate, net | 102,490 | 105,557 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Maplewood | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 235 | |||
Initial Cost | ||||
Land and Improvements | $ 15,179 | |||
Building / Construction in Progress & Improvements | 49,425 | |||
Costs Subsequent to Acquisition / Construction | 2,630 | |||
Total Cost | ||||
Land and Improvements | 15,179 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,055 | |||
Total | 67,234 | |||
Accumulated Depreciation | 13,085 | |||
Total real estate, net | 54,149 | 55,666 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Boonton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 350 | |||
Initial Cost | ||||
Land and Improvements | $ 3,595 | |||
Building / Construction in Progress & Improvements | 89,407 | |||
Costs Subsequent to Acquisition / Construction | 1,379 | |||
Total Cost | ||||
Land and Improvements | 3,595 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 90,786 | |||
Total | 94,381 | |||
Accumulated Depreciation | 16,042 | |||
Total real estate, net | 78,339 | 81,519 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Teaneck | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 248 | |||
Initial Cost | ||||
Land and Improvements | $ 12,588 | |||
Building / Construction in Progress & Improvements | 60,257 | |||
Costs Subsequent to Acquisition / Construction | 89 | |||
Total Cost | ||||
Land and Improvements | 12,588 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 60,346 | |||
Total | 72,934 | |||
Accumulated Depreciation | 10,161 | |||
Total real estate, net | 62,773 | 65,193 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Piscataway | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 360 | |||
Initial Cost | ||||
Land and Improvements | $ 14,329 | |||
Building / Construction in Progress & Improvements | 75,897 | |||
Costs Subsequent to Acquisition / Construction | 628 | |||
Total Cost | ||||
Land and Improvements | 14,329 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 76,525 | |||
Total | 90,854 | |||
Accumulated Depreciation | 15,443 | |||
Total real estate, net | 75,411 | 78,417 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Old Bridge | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 252 | |||
Initial Cost | ||||
Land and Improvements | $ 6,895 | |||
Building / Construction in Progress & Improvements | 64,907 | |||
Costs Subsequent to Acquisition / Construction | 647 | |||
Total Cost | ||||
Land and Improvements | 6,895 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,554 | |||
Total | 72,449 | |||
Accumulated Depreciation | 7,955 | |||
Total real estate, net | 64,494 | 67,152 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Edgewater II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 240 | |||
Initial Cost | ||||
Land and Improvements | $ 8,605 | |||
Building / Construction in Progress & Improvements | 60,809 | |||
Costs Subsequent to Acquisition / Construction | 162 | |||
Total Cost | ||||
Land and Improvements | 8,605 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 60,971 | |||
Total | 69,576 | |||
Accumulated Depreciation | 13,723 | |||
Total real estate, net | 55,853 | 58,059 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Foxhall | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 308 | |||
Initial Cost | ||||
Land and Improvements | $ 6,848 | |||
Building / Construction in Progress & Improvements | 27,614 | |||
Costs Subsequent to Acquisition / Construction | 26,947 | |||
Total Cost | ||||
Land and Improvements | 6,848 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,561 | |||
Total | 61,409 | |||
Accumulated Depreciation | 43,286 | |||
Total real estate, net | 18,123 | 15,542 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Gallery Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 203 | |||
Initial Cost | ||||
Land and Improvements | $ 8,800 | |||
Building / Construction in Progress & Improvements | 39,658 | |||
Costs Subsequent to Acquisition / Construction | 6,850 | |||
Total Cost | ||||
Land and Improvements | 8,800 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 46,508 | |||
Total | 55,308 | |||
Accumulated Depreciation | 31,375 | |||
Total real estate, net | 23,933 | 24,523 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA H Street | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 138 | |||
Initial Cost | ||||
Land and Improvements | $ 7,425 | |||
Building / Construction in Progress & Improvements | 25,282 | |||
Costs Subsequent to Acquisition / Construction | 759 | |||
Total Cost | ||||
Land and Improvements | 7,425 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,041 | |||
Total | 33,466 | |||
Accumulated Depreciation | 10,132 | |||
Total real estate, net | 23,334 | 23,824 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon The Albemarle | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 234 | |||
Initial Cost | ||||
Land and Improvements | $ 25,140 | |||
Building / Construction in Progress & Improvements | 52,459 | |||
Costs Subsequent to Acquisition / Construction | 11,231 | |||
Total Cost | ||||
Land and Improvements | 25,140 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 63,690 | |||
Total | 88,830 | |||
Accumulated Depreciation | 27,955 | |||
Total real estate, net | 60,875 | 62,715 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Tunlaw Gardens | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 166 | |||
Initial Cost | ||||
Land and Improvements | $ 16,430 | |||
Building / Construction in Progress & Improvements | 22,902 | |||
Costs Subsequent to Acquisition / Construction | 2,964 | |||
Total Cost | ||||
Land and Improvements | 16,430 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 25,866 | |||
Total | 42,296 | |||
Accumulated Depreciation | 11,065 | |||
Total real estate, net | 31,231 | 32,043 | ||
Encumbrances | $ 0 | |||
Current Communities | The Statesman | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 281 | |||
Initial Cost | ||||
Land and Improvements | $ 38,140 | |||
Building / Construction in Progress & Improvements | 35,352 | |||
Costs Subsequent to Acquisition / Construction | 7,359 | |||
Total Cost | ||||
Land and Improvements | 38,140 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,711 | |||
Total | 80,851 | |||
Accumulated Depreciation | 18,980 | |||
Total real estate, net | 61,871 | 62,825 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Glover Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 120 | |||
Initial Cost | ||||
Land and Improvements | $ 9,580 | |||
Building / Construction in Progress & Improvements | 26,532 | |||
Costs Subsequent to Acquisition / Construction | 2,912 | |||
Total Cost | ||||
Land and Improvements | 9,580 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 29,444 | |||
Total | 39,024 | |||
Accumulated Depreciation | 12,826 | |||
Total real estate, net | 26,198 | 27,160 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Van Ness | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 269 | |||
Initial Cost | ||||
Land and Improvements | $ 22,890 | |||
Building / Construction in Progress & Improvements | 58,691 | |||
Costs Subsequent to Acquisition / Construction | 25,666 | |||
Total Cost | ||||
Land and Improvements | 22,890 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 84,357 | |||
Total | 107,247 | |||
Accumulated Depreciation | 30,746 | |||
Total real estate, net | 76,501 | 78,188 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon First and M | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 469 | |||
Initial Cost | ||||
Land and Improvements | $ 43,700 | |||
Building / Construction in Progress & Improvements | 153,950 | |||
Costs Subsequent to Acquisition / Construction | 6,092 | |||
Total Cost | ||||
Land and Improvements | 43,700 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 160,042 | |||
Total | 203,742 | |||
Accumulated Depreciation | 61,290 | |||
Total real estate, net | 142,452 | 147,209 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA NoMa | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 438 | |||
Initial Cost | ||||
Land and Improvements | $ 25,246 | |||
Building / Construction in Progress & Improvements | 114,933 | |||
Costs Subsequent to Acquisition / Construction | 1,743 | |||
Total Cost | ||||
Land and Improvements | 25,246 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 116,676 | |||
Total | 141,922 | |||
Accumulated Depreciation | 30,359 | |||
Total real estate, net | 111,563 | 114,529 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Washingtonian Center | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 288 | |||
Initial Cost | ||||
Land and Improvements | $ 4,047 | |||
Building / Construction in Progress & Improvements | 18,553 | |||
Costs Subsequent to Acquisition / Construction | 8,215 | |||
Total Cost | ||||
Land and Improvements | 4,047 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,768 | |||
Total | 30,815 | |||
Accumulated Depreciation | 21,923 | |||
Total real estate, net | 8,892 | 9,067 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Columbia Town Center | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 392 | |||
Initial Cost | ||||
Land and Improvements | $ 8,802 | |||
Building / Construction in Progress & Improvements | 35,536 | |||
Costs Subsequent to Acquisition / Construction | 16,343 | |||
Total Cost | ||||
Land and Improvements | 8,802 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 51,879 | |||
Total | 60,681 | |||
Accumulated Depreciation | 31,903 | |||
Total real estate, net | 28,778 | 29,195 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Grosvenor Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 497 | |||
Initial Cost | ||||
Land and Improvements | $ 29,159 | |||
Building / Construction in Progress & Improvements | 52,993 | |||
Costs Subsequent to Acquisition / Construction | 9,860 | |||
Total Cost | ||||
Land and Improvements | 29,159 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 62,853 | |||
Total | 92,012 | |||
Accumulated Depreciation | 41,697 | |||
Total real estate, net | 50,315 | 51,889 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Traville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 520 | |||
Initial Cost | ||||
Land and Improvements | $ 14,365 | |||
Building / Construction in Progress & Improvements | 55,398 | |||
Costs Subsequent to Acquisition / Construction | 10,537 | |||
Total Cost | ||||
Land and Improvements | 14,365 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,935 | |||
Total | 80,300 | |||
Accumulated Depreciation | 44,203 | |||
Total real estate, net | 36,097 | 37,487 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Wheaton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 319 | |||
Initial Cost | ||||
Land and Improvements | $ 6,494 | |||
Building / Construction in Progress & Improvements | 69,027 | |||
Costs Subsequent to Acquisition / Construction | 260 | |||
Total Cost | ||||
Land and Improvements | 6,494 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,287 | |||
Total | 75,781 | |||
Accumulated Depreciation | 16,799 | |||
Total real estate, net | 58,982 | 61,221 | ||
Encumbrances | $ 0 | |||
Current Communities | Kanso Twinbrook | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 238 | |||
Initial Cost | ||||
Land and Improvements | $ 9,151 | |||
Building / Construction in Progress & Improvements | 56,959 | |||
Costs Subsequent to Acquisition / Construction | 40 | |||
Total Cost | ||||
Land and Improvements | 9,151 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 56,999 | |||
Total | 66,150 | |||
Accumulated Depreciation | 6,327 | |||
Total real estate, net | 59,823 | 61,961 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hunt Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 332 | |||
Initial Cost | ||||
Land and Improvements | $ 10,872 | |||
Building / Construction in Progress & Improvements | 62,992 | |||
Costs Subsequent to Acquisition / Construction | 375 | |||
Total Cost | ||||
Land and Improvements | 10,872 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 63,367 | |||
Total | 74,239 | |||
Accumulated Depreciation | 16,338 | |||
Total real estate, net | 57,901 | 59,931 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Laurel | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 344 | |||
Initial Cost | ||||
Land and Improvements | $ 10,130 | |||
Building / Construction in Progress & Improvements | 61,685 | |||
Costs Subsequent to Acquisition / Construction | 846 | |||
Total Cost | ||||
Land and Improvements | 10,130 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 62,531 | |||
Total | 72,661 | |||
Accumulated Depreciation | 16,461 | |||
Total real estate, net | 56,200 | 57,779 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towson | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 371 | |||
Initial Cost | ||||
Land and Improvements | $ 12,906 | |||
Building / Construction in Progress & Improvements | 98,307 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 12,906 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 98,307 | |||
Total | 111,213 | |||
Accumulated Depreciation | 13,522 | |||
Total real estate, net | 97,691 | 101,657 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fairway Hills - Meadows | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 192 | |||
Initial Cost | ||||
Land and Improvements | $ 2,323 | |||
Building / Construction in Progress & Improvements | 9,297 | |||
Costs Subsequent to Acquisition / Construction | 8,188 | |||
Total Cost | ||||
Land and Improvements | 2,323 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,485 | |||
Total | 19,808 | |||
Accumulated Depreciation | 12,333 | |||
Total real estate, net | 7,475 | 5,417 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fairway Hills - Woods | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 336 | |||
Initial Cost | ||||
Land and Improvements | $ 3,958 | |||
Building / Construction in Progress & Improvements | 15,839 | |||
Costs Subsequent to Acquisition / Construction | 16,459 | |||
Total Cost | ||||
Land and Improvements | 3,958 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,298 | |||
Total | 36,256 | |||
Accumulated Depreciation | 21,534 | |||
Total real estate, net | 14,722 | 14,319 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arundel Crossing II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 310 | |||
Initial Cost | ||||
Land and Improvements | $ 12,208 | |||
Building / Construction in Progress & Improvements | 69,888 | |||
Costs Subsequent to Acquisition / Construction | 3,430 | |||
Total Cost | ||||
Land and Improvements | 12,208 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,318 | |||
Total | 85,526 | |||
Accumulated Depreciation | 18,674 | |||
Total real estate, net | 66,852 | 69,269 | ||
Encumbrances | $ 0 | |||
Current Communities | Kanso Silver Spring | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 151 | |||
Initial Cost | ||||
Land and Improvements | $ 3,471 | |||
Building / Construction in Progress & Improvements | 41,393 | |||
Costs Subsequent to Acquisition / Construction | 2,297 | |||
Total Cost | ||||
Land and Improvements | 3,471 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,690 | |||
Total | 47,161 | |||
Accumulated Depreciation | 8,238 | |||
Total real estate, net | 38,923 | 39,652 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arundel Crossing | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 384 | |||
Initial Cost | ||||
Land and Improvements | $ 9,933 | |||
Building / Construction in Progress & Improvements | 108,911 | |||
Costs Subsequent to Acquisition / Construction | 2,876 | |||
Total Cost | ||||
Land and Improvements | 9,933 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 111,787 | |||
Total | 121,720 | |||
Accumulated Depreciation | 15,854 | |||
Total real estate, net | 105,866 | 110,693 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Russett | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 238 | |||
Initial Cost | ||||
Land and Improvements | $ 10,200 | |||
Building / Construction in Progress & Improvements | 47,524 | |||
Costs Subsequent to Acquisition / Construction | 7,073 | |||
Total Cost | ||||
Land and Improvements | 10,200 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,597 | |||
Total | 64,797 | |||
Accumulated Depreciation | 23,028 | |||
Total real estate, net | 41,769 | 42,887 | ||
Encumbrances | $ 32,200 | |||
Current Communities | eaves Fair Lakes | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 420 | |||
Initial Cost | ||||
Land and Improvements | $ 6,096 | |||
Building / Construction in Progress & Improvements | 24,400 | |||
Costs Subsequent to Acquisition / Construction | 15,934 | |||
Total Cost | ||||
Land and Improvements | 6,096 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,334 | |||
Total | 46,430 | |||
Accumulated Depreciation | 31,119 | |||
Total real estate, net | 15,311 | 16,504 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Fairfax City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 141 | |||
Initial Cost | ||||
Land and Improvements | $ 2,152 | |||
Building / Construction in Progress & Improvements | 8,907 | |||
Costs Subsequent to Acquisition / Construction | 5,885 | |||
Total Cost | ||||
Land and Improvements | 2,152 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,792 | |||
Total | 16,944 | |||
Accumulated Depreciation | 11,084 | |||
Total real estate, net | 5,860 | 6,278 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Tysons Corner | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 558 | |||
Initial Cost | ||||
Land and Improvements | $ 13,851 | |||
Building / Construction in Progress & Improvements | 43,397 | |||
Costs Subsequent to Acquisition / Construction | 18,581 | |||
Total Cost | ||||
Land and Improvements | 13,851 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,978 | |||
Total | 75,829 | |||
Accumulated Depreciation | 46,096 | |||
Total real estate, net | 29,733 | 30,382 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Arlington Square | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 842 | |||
Initial Cost | ||||
Land and Improvements | $ 22,041 | |||
Building / Construction in Progress & Improvements | 90,296 | |||
Costs Subsequent to Acquisition / Construction | 38,686 | |||
Total Cost | ||||
Land and Improvements | 22,041 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 128,982 | |||
Total | 151,023 | |||
Accumulated Depreciation | 80,299 | |||
Total real estate, net | 70,724 | 71,717 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Fairfax Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 415 | |||
Initial Cost | ||||
Land and Improvements | $ 17,889 | |||
Building / Construction in Progress & Improvements | 74,727 | |||
Costs Subsequent to Acquisition / Construction | 16,757 | |||
Total Cost | ||||
Land and Improvements | 17,889 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 91,484 | |||
Total | 109,373 | |||
Accumulated Depreciation | 39,370 | |||
Total real estate, net | 70,003 | 73,482 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mosaic | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 531 | |||
Initial Cost | ||||
Land and Improvements | $ 33,490 | |||
Building / Construction in Progress & Improvements | 75,801 | |||
Costs Subsequent to Acquisition / Construction | 2,652 | |||
Total Cost | ||||
Land and Improvements | 33,490 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 78,453 | |||
Total | 111,943 | |||
Accumulated Depreciation | 26,670 | |||
Total real estate, net | 85,273 | 85,707 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Potomac Yard | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 323 | |||
Initial Cost | ||||
Land and Improvements | $ 24,225 | |||
Building / Construction in Progress & Improvements | 81,982 | |||
Costs Subsequent to Acquisition / Construction | 4,294 | |||
Total Cost | ||||
Land and Improvements | 24,225 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,276 | |||
Total | 110,501 | |||
Accumulated Depreciation | 28,224 | |||
Total real estate, net | 82,277 | 84,838 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Clarendon | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 300 | |||
Initial Cost | ||||
Land and Improvements | $ 22,573 | |||
Building / Construction in Progress & Improvements | 95,355 | |||
Costs Subsequent to Acquisition / Construction | 10,816 | |||
Total Cost | ||||
Land and Improvements | 22,573 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 106,171 | |||
Total | 128,744 | |||
Accumulated Depreciation | 34,207 | |||
Total real estate, net | 94,537 | 98,098 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dunn Loring | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 440 | |||
Initial Cost | ||||
Land and Improvements | $ 29,377 | |||
Building / Construction in Progress & Improvements | 115,465 | |||
Costs Subsequent to Acquisition / Construction | 7,358 | |||
Total Cost | ||||
Land and Improvements | 29,377 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 122,823 | |||
Total | 152,200 | |||
Accumulated Depreciation | 35,634 | |||
Total real estate, net | 116,566 | 120,242 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Tysons Corner | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 217 | |||
Initial Cost | ||||
Land and Improvements | $ 16,030 | |||
Building / Construction in Progress & Improvements | 45,420 | |||
Costs Subsequent to Acquisition / Construction | 4,547 | |||
Total Cost | ||||
Land and Improvements | 16,030 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 49,967 | |||
Total | 65,997 | |||
Accumulated Depreciation | 22,594 | |||
Total real estate, net | 43,403 | 44,851 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Courthouse Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 564 | |||
Initial Cost | ||||
Land and Improvements | $ 56,550 | |||
Building / Construction in Progress & Improvements | 178,032 | |||
Costs Subsequent to Acquisition / Construction | 19,825 | |||
Total Cost | ||||
Land and Improvements | 56,550 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 197,857 | |||
Total | 254,407 | |||
Accumulated Depreciation | 78,761 | |||
Total real estate, net | 175,646 | 180,786 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Arlington North | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 228 | |||
Initial Cost | ||||
Land and Improvements | $ 21,600 | |||
Building / Construction in Progress & Improvements | 59,076 | |||
Costs Subsequent to Acquisition / Construction | 10,018 | |||
Total Cost | ||||
Land and Improvements | 21,600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,094 | |||
Total | 90,694 | |||
Accumulated Depreciation | 23,957 | |||
Total real estate, net | 66,737 | 65,465 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Reston Landing | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 400 | |||
Initial Cost | ||||
Land and Improvements | $ 26,710 | |||
Building / Construction in Progress & Improvements | 83,084 | |||
Costs Subsequent to Acquisition / Construction | 16,036 | |||
Total Cost | ||||
Land and Improvements | 26,710 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 99,120 | |||
Total | 125,830 | |||
Accumulated Depreciation | 44,233 | |||
Total real estate, net | 81,597 | 84,726 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Falls Church | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 384 | |||
Initial Cost | ||||
Land and Improvements | $ 39,544 | |||
Building / Construction in Progress & Improvements | 66,160 | |||
Costs Subsequent to Acquisition / Construction | 820 | |||
Total Cost | ||||
Land and Improvements | 39,544 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 66,980 | |||
Total | 106,524 | |||
Accumulated Depreciation | 20,315 | |||
Total real estate, net | 86,209 | 87,780 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Denver West | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 252 | |||
Initial Cost | ||||
Land and Improvements | $ 8,047 | |||
Building / Construction in Progress & Improvements | 67,861 | |||
Costs Subsequent to Acquisition / Construction | 3,367 | |||
Total Cost | ||||
Land and Improvements | 8,047 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,228 | |||
Total | 79,275 | |||
Accumulated Depreciation | 19,434 | |||
Total real estate, net | 59,841 | 61,852 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Meadows at Castle Rock | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 240 | |||
Initial Cost | ||||
Land and Improvements | $ 8,527 | |||
Building / Construction in Progress & Improvements | 64,565 | |||
Costs Subsequent to Acquisition / Construction | 1,548 | |||
Total Cost | ||||
Land and Improvements | 8,527 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 66,113 | |||
Total | 74,640 | |||
Accumulated Depreciation | 16,269 | |||
Total real estate, net | 58,371 | 61,241 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Red Rocks | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 256 | |||
Initial Cost | ||||
Land and Improvements | $ 4,461 | |||
Building / Construction in Progress & Improvements | 70,103 | |||
Costs Subsequent to Acquisition / Construction | 1,745 | |||
Total Cost | ||||
Land and Improvements | 4,461 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,848 | |||
Total | 76,309 | |||
Accumulated Depreciation | 17,954 | |||
Total real estate, net | 58,355 | 61,311 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Southlands | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 338 | |||
Initial Cost | ||||
Land and Improvements | $ 5,101 | |||
Building / Construction in Progress & Improvements | 85,184 | |||
Costs Subsequent to Acquisition / Construction | 1,910 | |||
Total Cost | ||||
Land and Improvements | 5,101 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 87,094 | |||
Total | 92,195 | |||
Accumulated Depreciation | 20,839 | |||
Total real estate, net | 71,356 | 75,302 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon 850 Boca | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 370 | |||
Initial Cost | ||||
Land and Improvements | $ 21,430 | |||
Building / Construction in Progress & Improvements | 114,626 | |||
Costs Subsequent to Acquisition / Construction | 5,499 | |||
Total Cost | ||||
Land and Improvements | 21,430 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 120,125 | |||
Total | 141,555 | |||
Accumulated Depreciation | 31,301 | |||
Total real estate, net | 110,254 | 113,769 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Doral | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 350 | |||
Initial Cost | ||||
Land and Improvements | $ 23,392 | |||
Building / Construction in Progress & Improvements | 92,949 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 23,392 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 92,949 | |||
Total | 116,341 | |||
Accumulated Depreciation | 10,744 | |||
Total real estate, net | 105,597 | 108,861 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Palm Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 290 | |||
Initial Cost | ||||
Land and Improvements | $ 9,597 | |||
Building / Construction in Progress & Improvements | 91,411 | |||
Costs Subsequent to Acquisition / Construction | 5,703 | |||
Total Cost | ||||
Land and Improvements | 9,597 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 97,114 | |||
Total | 106,711 | |||
Accumulated Depreciation | 22,694 | |||
Total real estate, net | 84,017 | 87,164 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bonterra | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 314 | |||
Initial Cost | ||||
Land and Improvements | $ 16,655 | |||
Building / Construction in Progress & Improvements | 71,180 | |||
Costs Subsequent to Acquisition / Construction | 3,608 | |||
Total Cost | ||||
Land and Improvements | 16,655 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 74,788 | |||
Total | 91,443 | |||
Accumulated Depreciation | 17,723 | |||
Total real estate, net | 73,720 | 76,764 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Toscana | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 240 | |||
Initial Cost | ||||
Land and Improvements | $ 9,213 | |||
Building / Construction in Progress & Improvements | 49,936 | |||
Costs Subsequent to Acquisition / Construction | 2,457 | |||
Total Cost | ||||
Land and Improvements | 9,213 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,393 | |||
Total | 61,606 | |||
Accumulated Depreciation | 10,587 | |||
Total real estate, net | 51,019 | 52,600 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fort Lauderdale | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 243 | |||
Initial Cost | ||||
Land and Improvements | $ 20,029 | |||
Building / Construction in Progress & Improvements | 122,394 | |||
Costs Subsequent to Acquisition / Construction | 6,895 | |||
Total Cost | ||||
Land and Improvements | 20,029 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 129,289 | |||
Total | 149,318 | |||
Accumulated Depreciation | 13,760 | |||
Total real estate, net | 135,558 | 140,432 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Miramar | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 380 | |||
Initial Cost | ||||
Land and Improvements | $ 17,959 | |||
Building / Construction in Progress & Improvements | 110,895 | |||
Costs Subsequent to Acquisition / Construction | 5,789 | |||
Total Cost | ||||
Land and Improvements | 17,959 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 116,684 | |||
Total | 134,643 | |||
Accumulated Depreciation | 15,283 | |||
Total real estate, net | 119,360 | 123,611 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Bear Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 264 | |||
Initial Cost | ||||
Land and Improvements | $ 6,786 | |||
Building / Construction in Progress & Improvements | 27,641 | |||
Costs Subsequent to Acquisition / Construction | 9,169 | |||
Total Cost | ||||
Land and Improvements | 6,786 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 36,810 | |||
Total | 43,596 | |||
Accumulated Depreciation | 29,552 | |||
Total real estate, net | 14,044 | 14,558 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Bellevue | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 201 | |||
Initial Cost | ||||
Land and Improvements | $ 6,664 | |||
Building / Construction in Progress & Improvements | 24,119 | |||
Costs Subsequent to Acquisition / Construction | 7,705 | |||
Total Cost | ||||
Land and Improvements | 6,664 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,824 | |||
Total | 38,488 | |||
Accumulated Depreciation | 22,409 | |||
Total real estate, net | 16,079 | 16,052 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves RockMeadow | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 206 | |||
Initial Cost | ||||
Land and Improvements | $ 4,777 | |||
Building / Construction in Progress & Improvements | 19,765 | |||
Costs Subsequent to Acquisition / Construction | 6,227 | |||
Total Cost | ||||
Land and Improvements | 4,777 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 25,992 | |||
Total | 30,769 | |||
Accumulated Depreciation | 19,364 | |||
Total real estate, net | 11,405 | 10,508 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon ParcSquare | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 124 | |||
Initial Cost | ||||
Land and Improvements | $ 3,789 | |||
Building / Construction in Progress & Improvements | 15,139 | |||
Costs Subsequent to Acquisition / Construction | 4,654 | |||
Total Cost | ||||
Land and Improvements | 3,789 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,793 | |||
Total | 23,582 | |||
Accumulated Depreciation | 15,326 | |||
Total real estate, net | 8,256 | 8,973 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Belltown | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 100 | |||
Initial Cost | ||||
Land and Improvements | $ 5,644 | |||
Building / Construction in Progress & Improvements | 12,733 | |||
Costs Subsequent to Acquisition / Construction | 2,570 | |||
Total Cost | ||||
Land and Improvements | 5,644 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 15,303 | |||
Total | 20,947 | |||
Accumulated Depreciation | 11,216 | |||
Total real estate, net | 9,731 | 10,189 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Meydenbauer | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 368 | |||
Initial Cost | ||||
Land and Improvements | $ 12,697 | |||
Building / Construction in Progress & Improvements | 77,450 | |||
Costs Subsequent to Acquisition / Construction | 7,778 | |||
Total Cost | ||||
Land and Improvements | 12,697 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 85,228 | |||
Total | 97,925 | |||
Accumulated Depreciation | 45,089 | |||
Total real estate, net | 52,836 | 54,763 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers Bellevue | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 397 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 123,029 | |||
Costs Subsequent to Acquisition / Construction | 7,100 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 130,129 | |||
Total | 130,129 | |||
Accumulated Depreciation | 58,466 | |||
Total real estate, net | 71,663 | 74,217 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Queen Anne | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 203 | |||
Initial Cost | ||||
Land and Improvements | $ 12,081 | |||
Building / Construction in Progress & Improvements | 41,618 | |||
Costs Subsequent to Acquisition / Construction | 1,922 | |||
Total Cost | ||||
Land and Improvements | 12,081 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,540 | |||
Total | 55,621 | |||
Accumulated Depreciation | 18,196 | |||
Total real estate, net | 37,425 | 38,701 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Ballard | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 265 | |||
Initial Cost | ||||
Land and Improvements | $ 16,460 | |||
Building / Construction in Progress & Improvements | 46,926 | |||
Costs Subsequent to Acquisition / Construction | 2,527 | |||
Total Cost | ||||
Land and Improvements | 16,460 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 49,453 | |||
Total | 65,913 | |||
Accumulated Depreciation | 18,907 | |||
Total real estate, net | 47,006 | 48,245 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 367 | |||
Initial Cost | ||||
Land and Improvements | $ 12,294 | |||
Building / Construction in Progress & Improvements | 55,627 | |||
Costs Subsequent to Acquisition / Construction | 977 | |||
Total Cost | ||||
Land and Improvements | 12,294 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 56,604 | |||
Total | 68,898 | |||
Accumulated Depreciation | 18,398 | |||
Total real estate, net | 50,500 | 51,868 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Capitol Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 249 | |||
Initial Cost | ||||
Land and Improvements | $ 20,613 | |||
Building / Construction in Progress & Improvements | 59,986 | |||
Costs Subsequent to Acquisition / Construction | 1,417 | |||
Total Cost | ||||
Land and Improvements | 20,613 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,403 | |||
Total | 82,016 | |||
Accumulated Depreciation | 18,187 | |||
Total real estate, net | 63,829 | 65,807 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Esterra Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 482 | |||
Initial Cost | ||||
Land and Improvements | $ 23,178 | |||
Building / Construction in Progress & Improvements | 112,986 | |||
Costs Subsequent to Acquisition / Construction | 1,603 | |||
Total Cost | ||||
Land and Improvements | 23,178 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 114,589 | |||
Total | 137,767 | |||
Accumulated Depreciation | 30,391 | |||
Total real estate, net | 107,376 | 111,314 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Alderwood II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 124 | |||
Initial Cost | ||||
Land and Improvements | $ 5,072 | |||
Building / Construction in Progress & Improvements | 21,418 | |||
Costs Subsequent to Acquisition / Construction | 132 | |||
Total Cost | ||||
Land and Improvements | 5,072 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 21,550 | |||
Total | 26,622 | |||
Accumulated Depreciation | 5,631 | |||
Total real estate, net | 20,991 | 21,612 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Newcastle Commons I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 378 | |||
Initial Cost | ||||
Land and Improvements | $ 9,649 | |||
Building / Construction in Progress & Improvements | 111,600 | |||
Costs Subsequent to Acquisition / Construction | 1,377 | |||
Total Cost | ||||
Land and Improvements | 9,649 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 112,977 | |||
Total | 122,626 | |||
Accumulated Depreciation | 26,105 | |||
Total real estate, net | 96,521 | 100,143 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Belltown Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 274 | |||
Initial Cost | ||||
Land and Improvements | $ 24,638 | |||
Building / Construction in Progress & Improvements | 121,064 | |||
Costs Subsequent to Acquisition / Construction | 1,359 | |||
Total Cost | ||||
Land and Improvements | 24,638 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 122,423 | |||
Total | 147,061 | |||
Accumulated Depreciation | 21,564 | |||
Total real estate, net | 125,497 | 130,407 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Esterra Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 323 | |||
Initial Cost | ||||
Land and Improvements | $ 16,405 | |||
Building / Construction in Progress & Improvements | 74,568 | |||
Costs Subsequent to Acquisition / Construction | 13 | |||
Total Cost | ||||
Land and Improvements | 16,405 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 74,581 | |||
Total | 90,986 | |||
Accumulated Depreciation | 14,291 | |||
Total real estate, net | 76,695 | 79,748 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Newcastle Commons II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 293 | |||
Initial Cost | ||||
Land and Improvements | $ 6,982 | |||
Building / Construction in Progress & Improvements | 99,824 | |||
Costs Subsequent to Acquisition / Construction | 151 | |||
Total Cost | ||||
Land and Improvements | 6,982 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 99,975 | |||
Total | 106,957 | |||
Accumulated Depreciation | 10,540 | |||
Total real estate, net | 96,417 | 100,273 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon North Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 316 | |||
Initial Cost | ||||
Land and Improvements | $ 13,498 | |||
Building / Construction in Progress & Improvements | 69,015 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 13,498 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,015 | |||
Total | 82,513 | |||
Accumulated Depreciation | 11,989 | |||
Total real estate, net | 70,524 | 73,315 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Redmond Campus | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 374 | |||
Initial Cost | ||||
Land and Improvements | $ 15,665 | |||
Building / Construction in Progress & Improvements | 80,985 | |||
Costs Subsequent to Acquisition / Construction | 33,073 | |||
Total Cost | ||||
Land and Improvements | 15,665 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 114,058 | |||
Total | 129,723 | |||
Accumulated Depreciation | 46,910 | |||
Total real estate, net | 82,813 | 86,856 | ||
Encumbrances | $ 0 | |||
Current Communities | Archstone Redmond Lakeview | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 166 | |||
Initial Cost | ||||
Land and Improvements | $ 10,250 | |||
Building / Construction in Progress & Improvements | 26,842 | |||
Costs Subsequent to Acquisition / Construction | 6,807 | |||
Total Cost | ||||
Land and Improvements | 10,250 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,649 | |||
Total | 43,899 | |||
Accumulated Depreciation | 15,980 | |||
Total real estate, net | 27,919 | 28,921 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Campbell | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 348 | |||
Initial Cost | ||||
Land and Improvements | $ 11,830 | |||
Building / Construction in Progress & Improvements | 47,828 | |||
Costs Subsequent to Acquisition / Construction | 15,636 | |||
Total Cost | ||||
Land and Improvements | 11,830 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 63,464 | |||
Total | 75,294 | |||
Accumulated Depreciation | 48,448 | |||
Total real estate, net | 26,846 | 28,834 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves San Jose | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 442 | |||
Initial Cost | ||||
Land and Improvements | $ 12,920 | |||
Building / Construction in Progress & Improvements | 53,047 | |||
Costs Subsequent to Acquisition / Construction | 20,565 | |||
Total Cost | ||||
Land and Improvements | 12,920 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,612 | |||
Total | 86,532 | |||
Accumulated Depreciation | 50,866 | |||
Total real estate, net | 35,666 | 38,016 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon on the Alameda | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 307 | |||
Initial Cost | ||||
Land and Improvements | $ 6,119 | |||
Building / Construction in Progress & Improvements | 50,217 | |||
Costs Subsequent to Acquisition / Construction | 14,862 | |||
Total Cost | ||||
Land and Improvements | 6,119 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,079 | |||
Total | 71,198 | |||
Accumulated Depreciation | 48,958 | |||
Total real estate, net | 22,240 | 24,383 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Silicon Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 712 | |||
Initial Cost | ||||
Land and Improvements | $ 20,713 | |||
Building / Construction in Progress & Improvements | 99,573 | |||
Costs Subsequent to Acquisition / Construction | 39,340 | |||
Total Cost | ||||
Land and Improvements | 20,713 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 138,913 | |||
Total | 159,626 | |||
Accumulated Depreciation | 100,513 | |||
Total real estate, net | 59,113 | 62,187 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mountain View | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 248 | |||
Initial Cost | ||||
Land and Improvements | $ 9,755 | |||
Building / Construction in Progress & Improvements | 39,387 | |||
Costs Subsequent to Acquisition / Construction | 13,323 | |||
Total Cost | ||||
Land and Improvements | 9,755 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,710 | |||
Total | 62,465 | |||
Accumulated Depreciation | 41,707 | |||
Total real estate, net | 20,758 | 22,553 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Creekside | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 300 | |||
Initial Cost | ||||
Land and Improvements | $ 6,546 | |||
Building / Construction in Progress & Improvements | 26,263 | |||
Costs Subsequent to Acquisition / Construction | 23,236 | |||
Total Cost | ||||
Land and Improvements | 6,546 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 49,499 | |||
Total | 56,045 | |||
Accumulated Depreciation | 35,902 | |||
Total real estate, net | 20,143 | 21,595 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Cahill Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 218 | |||
Initial Cost | ||||
Land and Improvements | $ 4,765 | |||
Building / Construction in Progress & Improvements | 47,600 | |||
Costs Subsequent to Acquisition / Construction | 5,035 | |||
Total Cost | ||||
Land and Improvements | 4,765 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,635 | |||
Total | 57,400 | |||
Accumulated Depreciation | 37,552 | |||
Total real estate, net | 19,848 | 21,594 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Towers on the Peninsula | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 211 | |||
Initial Cost | ||||
Land and Improvements | $ 9,560 | |||
Building / Construction in Progress & Improvements | 56,136 | |||
Costs Subsequent to Acquisition / Construction | 15,744 | |||
Total Cost | ||||
Land and Improvements | 9,560 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,880 | |||
Total | 81,440 | |||
Accumulated Depreciation | 46,823 | |||
Total real estate, net | 34,617 | 36,518 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Morrison Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 250 | |||
Initial Cost | ||||
Land and Improvements | $ 13,837 | |||
Building / Construction in Progress & Improvements | 64,521 | |||
Costs Subsequent to Acquisition / Construction | 1,763 | |||
Total Cost | ||||
Land and Improvements | 13,837 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 66,284 | |||
Total | 80,121 | |||
Accumulated Depreciation | 22,822 | |||
Total real estate, net | 57,299 | 59,228 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Willow Glen | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 412 | |||
Initial Cost | ||||
Land and Improvements | $ 46,060 | |||
Building / Construction in Progress & Improvements | 81,957 | |||
Costs Subsequent to Acquisition / Construction | 8,667 | |||
Total Cost | ||||
Land and Improvements | 46,060 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 90,624 | |||
Total | 136,684 | |||
Accumulated Depreciation | 41,133 | |||
Total real estate, net | 95,551 | 98,445 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves West Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 873 | |||
Initial Cost | ||||
Land and Improvements | $ 90,890 | |||
Building / Construction in Progress & Improvements | 132,040 | |||
Costs Subsequent to Acquisition / Construction | 17,080 | |||
Total Cost | ||||
Land and Improvements | 90,890 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 149,120 | |||
Total | 240,010 | |||
Accumulated Depreciation | 65,540 | |||
Total real estate, net | 174,470 | 179,233 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Mountain View at Middlefield | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 402 | |||
Initial Cost | ||||
Land and Improvements | $ 64,070 | |||
Building / Construction in Progress & Improvements | 69,018 | |||
Costs Subsequent to Acquisition / Construction | 18,536 | |||
Total Cost | ||||
Land and Improvements | 64,070 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 87,554 | |||
Total | 151,624 | |||
Accumulated Depreciation | 41,619 | |||
Total real estate, net | 110,005 | 113,785 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Fremont | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 308 | |||
Initial Cost | ||||
Land and Improvements | $ 10,746 | |||
Building / Construction in Progress & Improvements | 43,399 | |||
Costs Subsequent to Acquisition / Construction | 31,654 | |||
Total Cost | ||||
Land and Improvements | 10,746 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 75,053 | |||
Total | 85,799 | |||
Accumulated Depreciation | 46,363 | |||
Total real estate, net | 39,436 | 40,798 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Dublin | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 204 | |||
Initial Cost | ||||
Land and Improvements | $ 5,276 | |||
Building / Construction in Progress & Improvements | 19,642 | |||
Costs Subsequent to Acquisition / Construction | 13,991 | |||
Total Cost | ||||
Land and Improvements | 5,276 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,633 | |||
Total | 38,909 | |||
Accumulated Depreciation | 24,315 | |||
Total real estate, net | 14,594 | 14,722 | ||
Encumbrances | $ 0 | |||
Current Communities | Eaves Pleasanton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 456 | |||
Initial Cost | ||||
Land and Improvements | $ 11,610 | |||
Building / Construction in Progress & Improvements | 46,552 | |||
Costs Subsequent to Acquisition / Construction | 48,872 | |||
Total Cost | ||||
Land and Improvements | 11,610 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 95,424 | |||
Total | 107,034 | |||
Accumulated Depreciation | 54,990 | |||
Total real estate, net | 52,044 | 52,344 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Union City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 208 | |||
Initial Cost | ||||
Land and Improvements | $ 4,249 | |||
Building / Construction in Progress & Improvements | 16,820 | |||
Costs Subsequent to Acquisition / Construction | 5,299 | |||
Total Cost | ||||
Land and Improvements | 4,249 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,119 | |||
Total | 26,368 | |||
Accumulated Depreciation | 18,465 | |||
Total real estate, net | 7,903 | 8,337 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Fremont | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 237 | |||
Initial Cost | ||||
Land and Improvements | $ 6,581 | |||
Building / Construction in Progress & Improvements | 26,583 | |||
Costs Subsequent to Acquisition / Construction | 13,046 | |||
Total Cost | ||||
Land and Improvements | 6,581 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,629 | |||
Total | 46,210 | |||
Accumulated Depreciation | 30,582 | |||
Total real estate, net | 15,628 | 16,761 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Union City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 439 | |||
Initial Cost | ||||
Land and Improvements | $ 14,732 | |||
Building / Construction in Progress & Improvements | 104,024 | |||
Costs Subsequent to Acquisition / Construction | 6,787 | |||
Total Cost | ||||
Land and Improvements | 14,732 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 110,811 | |||
Total | 125,543 | |||
Accumulated Depreciation | 53,676 | |||
Total real estate, net | 71,867 | 75,293 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 422 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 148,846 | |||
Costs Subsequent to Acquisition / Construction | 7,250 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 156,096 | |||
Total | 156,096 | |||
Accumulated Depreciation | 71,711 | |||
Total real estate, net | 84,385 | 89,055 | ||
Encumbrances | $ 4,501 | |||
Current Communities | Avalon Dublin Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 253 | |||
Initial Cost | ||||
Land and Improvements | $ 7,772 | |||
Building / Construction in Progress & Improvements | 72,142 | |||
Costs Subsequent to Acquisition / Construction | 1,543 | |||
Total Cost | ||||
Land and Improvements | 7,772 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,685 | |||
Total | 81,457 | |||
Accumulated Depreciation | 25,232 | |||
Total real estate, net | 56,225 | 58,455 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dublin Station II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 252 | |||
Initial Cost | ||||
Land and Improvements | $ 7,762 | |||
Building / Construction in Progress & Improvements | 76,587 | |||
Costs Subsequent to Acquisition / Construction | 631 | |||
Total Cost | ||||
Land and Improvements | 7,762 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 77,218 | |||
Total | 84,980 | |||
Accumulated Depreciation | 21,099 | |||
Total real estate, net | 63,881 | 66,244 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Public Market | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 289 | |||
Initial Cost | ||||
Land and Improvements | $ 27,394 | |||
Building / Construction in Progress & Improvements | 145,592 | |||
Costs Subsequent to Acquisition / Construction | 260 | |||
Total Cost | ||||
Land and Improvements | 27,394 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 145,852 | |||
Total | 173,246 | |||
Accumulated Depreciation | 22,366 | |||
Total real estate, net | 150,880 | 155,467 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Creek II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 200 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 112,759 | |||
Costs Subsequent to Acquisition / Construction | 315 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 113,074 | |||
Total | 113,074 | |||
Accumulated Depreciation | 14,289 | |||
Total real estate, net | 98,785 | 103,064 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Walnut Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 510 | |||
Initial Cost | ||||
Land and Improvements | $ 30,320 | |||
Building / Construction in Progress & Improvements | 82,375 | |||
Costs Subsequent to Acquisition / Construction | 18,289 | |||
Total Cost | ||||
Land and Improvements | 30,320 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 100,664 | |||
Total | 130,984 | |||
Accumulated Depreciation | 41,605 | |||
Total real estate, net | 89,379 | 92,829 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 106 | |||
Initial Cost | ||||
Land and Improvements | $ 9,860 | |||
Building / Construction in Progress & Improvements | 19,850 | |||
Costs Subsequent to Acquisition / Construction | 5,999 | |||
Total Cost | ||||
Land and Improvements | 9,860 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 25,849 | |||
Total | 35,709 | |||
Accumulated Depreciation | 10,517 | |||
Total real estate, net | 25,192 | 26,048 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Walnut Ridge II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 360 | |||
Initial Cost | ||||
Land and Improvements | $ 27,190 | |||
Building / Construction in Progress & Improvements | 57,041 | |||
Costs Subsequent to Acquisition / Construction | 14,257 | |||
Total Cost | ||||
Land and Improvements | 27,190 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,298 | |||
Total | 98,488 | |||
Accumulated Depreciation | 30,247 | |||
Total real estate, net | 68,241 | 70,626 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Berkeley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 94 | |||
Initial Cost | ||||
Land and Improvements | $ 4,500 | |||
Building / Construction in Progress & Improvements | 28,689 | |||
Costs Subsequent to Acquisition / Construction | 145 | |||
Total Cost | ||||
Land and Improvements | 4,500 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,834 | |||
Total | 33,334 | |||
Accumulated Depreciation | 9,409 | |||
Total real estate, net | 23,925 | 24,850 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Nob Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 185 | |||
Initial Cost | ||||
Land and Improvements | $ 5,403 | |||
Building / Construction in Progress & Improvements | 21,567 | |||
Costs Subsequent to Acquisition / Construction | 11,273 | |||
Total Cost | ||||
Land and Improvements | 5,403 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,840 | |||
Total | 38,243 | |||
Accumulated Depreciation | 24,511 | |||
Total real estate, net | 13,732 | 14,850 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Foster City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 288 | |||
Initial Cost | ||||
Land and Improvements | $ 7,852 | |||
Building / Construction in Progress & Improvements | 31,445 | |||
Costs Subsequent to Acquisition / Construction | 15,824 | |||
Total Cost | ||||
Land and Improvements | 7,852 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 47,269 | |||
Total | 55,121 | |||
Accumulated Depreciation | 35,545 | |||
Total real estate, net | 19,576 | 19,642 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Pacifica | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 220 | |||
Initial Cost | ||||
Land and Improvements | $ 6,125 | |||
Building / Construction in Progress & Improvements | 24,792 | |||
Costs Subsequent to Acquisition / Construction | 5,573 | |||
Total Cost | ||||
Land and Improvements | 6,125 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 30,365 | |||
Total | 36,490 | |||
Accumulated Depreciation | 25,442 | |||
Total real estate, net | 11,048 | 11,745 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Sunset Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 243 | |||
Initial Cost | ||||
Land and Improvements | $ 3,561 | |||
Building / Construction in Progress & Improvements | 21,313 | |||
Costs Subsequent to Acquisition / Construction | 17,599 | |||
Total Cost | ||||
Land and Improvements | 3,561 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,912 | |||
Total | 42,473 | |||
Accumulated Depreciation | 28,331 | |||
Total real estate, net | 14,142 | 15,240 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 250 | |||
Initial Cost | ||||
Land and Improvements | $ 14,029 | |||
Building / Construction in Progress & Improvements | 78,452 | |||
Costs Subsequent to Acquisition / Construction | 10,330 | |||
Total Cost | ||||
Land and Improvements | 14,029 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 88,782 | |||
Total | 102,811 | |||
Accumulated Depreciation | 63,094 | |||
Total real estate, net | 39,717 | 42,935 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon at Mission Bay III | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 260 | |||
Initial Cost | ||||
Land and Improvements | $ 28,687 | |||
Building / Construction in Progress & Improvements | 119,156 | |||
Costs Subsequent to Acquisition / Construction | 1,675 | |||
Total Cost | ||||
Land and Improvements | 28,687 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 120,831 | |||
Total | 149,518 | |||
Accumulated Depreciation | 59,154 | |||
Total real estate, net | 90,364 | 94,137 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Ocean Avenue | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 173 | |||
Initial Cost | ||||
Land and Improvements | $ 5,544 | |||
Building / Construction in Progress & Improvements | 50,906 | |||
Costs Subsequent to Acquisition / Construction | 3,259 | |||
Total Cost | ||||
Land and Improvements | 5,544 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,165 | |||
Total | 59,709 | |||
Accumulated Depreciation | 21,932 | |||
Total real estate, net | 37,777 | 39,333 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA 55 Ninth | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 273 | |||
Initial Cost | ||||
Land and Improvements | $ 20,267 | |||
Building / Construction in Progress & Improvements | 97,321 | |||
Costs Subsequent to Acquisition / Construction | 1,710 | |||
Total Cost | ||||
Land and Improvements | 20,267 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 99,031 | |||
Total | 119,298 | |||
Accumulated Depreciation | 33,915 | |||
Total real estate, net | 85,383 | 88,357 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hayes Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 182 | |||
Initial Cost | ||||
Land and Improvements | $ 12,595 | |||
Building / Construction in Progress & Improvements | 81,228 | |||
Costs Subsequent to Acquisition / Construction | 1,259 | |||
Total Cost | ||||
Land and Improvements | 12,595 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 82,487 | |||
Total | 95,082 | |||
Accumulated Depreciation | 25,213 | |||
Total real estate, net | 69,869 | 72,131 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Dogpatch | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 326 | |||
Initial Cost | ||||
Land and Improvements | $ 23,523 | |||
Building / Construction in Progress & Improvements | 180,698 | |||
Costs Subsequent to Acquisition / Construction | 421 | |||
Total Cost | ||||
Land and Improvements | 23,523 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 181,119 | |||
Total | 204,642 | |||
Accumulated Depreciation | 40,228 | |||
Total real estate, net | 164,414 | 170,374 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Bruno I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 300 | |||
Initial Cost | ||||
Land and Improvements | $ 40,780 | |||
Building / Construction in Progress & Improvements | 68,684 | |||
Costs Subsequent to Acquisition / Construction | 8,945 | |||
Total Cost | ||||
Land and Improvements | 40,780 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 77,629 | |||
Total | 118,409 | |||
Accumulated Depreciation | 34,287 | |||
Total real estate, net | 84,122 | 86,649 | ||
Encumbrances | $ 57,650 | |||
Current Communities | Avalon San Bruno II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 185 | |||
Initial Cost | ||||
Land and Improvements | $ 23,787 | |||
Building / Construction in Progress & Improvements | 44,934 | |||
Costs Subsequent to Acquisition / Construction | 3,840 | |||
Total Cost | ||||
Land and Improvements | 23,787 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,774 | |||
Total | 72,561 | |||
Accumulated Depreciation | 19,334 | |||
Total real estate, net | 53,227 | 54,746 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Bruno III | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 187 | |||
Initial Cost | ||||
Land and Improvements | $ 33,303 | |||
Building / Construction in Progress & Improvements | 62,910 | |||
Costs Subsequent to Acquisition / Construction | 3,725 | |||
Total Cost | ||||
Land and Improvements | 33,303 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 66,635 | |||
Total | 99,938 | |||
Accumulated Depreciation | 26,514 | |||
Total real estate, net | 73,424 | 75,442 | ||
Encumbrances | $ 51,000 | |||
Current Communities | AVA Burbank | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 750 | |||
Initial Cost | ||||
Land and Improvements | $ 22,483 | |||
Building / Construction in Progress & Improvements | 28,093 | |||
Costs Subsequent to Acquisition / Construction | 54,756 | |||
Total Cost | ||||
Land and Improvements | 22,483 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 82,849 | |||
Total | 105,332 | |||
Accumulated Depreciation | 58,108 | |||
Total real estate, net | 47,224 | 49,720 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Woodland Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 663 | |||
Initial Cost | ||||
Land and Improvements | $ 23,828 | |||
Building / Construction in Progress & Improvements | 40,342 | |||
Costs Subsequent to Acquisition / Construction | 86,225 | |||
Total Cost | ||||
Land and Improvements | 23,828 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 126,567 | |||
Total | 150,395 | |||
Accumulated Depreciation | 67,704 | |||
Total real estate, net | 82,691 | 81,679 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Warner Center | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 228 | |||
Initial Cost | ||||
Land and Improvements | $ 7,045 | |||
Building / Construction in Progress & Improvements | 12,980 | |||
Costs Subsequent to Acquisition / Construction | 14,216 | |||
Total Cost | ||||
Land and Improvements | 7,045 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,196 | |||
Total | 34,241 | |||
Accumulated Depreciation | 22,014 | |||
Total real estate, net | 12,227 | 12,597 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendale | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 223 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 42,564 | |||
Costs Subsequent to Acquisition / Construction | 3,993 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 46,557 | |||
Total | 46,557 | |||
Accumulated Depreciation | 31,921 | |||
Total real estate, net | 14,636 | 15,619 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Burbank | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 401 | |||
Initial Cost | ||||
Land and Improvements | $ 14,053 | |||
Building / Construction in Progress & Improvements | 56,820 | |||
Costs Subsequent to Acquisition / Construction | 28,892 | |||
Total Cost | ||||
Land and Improvements | 14,053 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 85,712 | |||
Total | 99,765 | |||
Accumulated Depreciation | 55,436 | |||
Total real estate, net | 44,329 | 46,283 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Camarillo | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 249 | |||
Initial Cost | ||||
Land and Improvements | $ 8,446 | |||
Building / Construction in Progress & Improvements | 40,269 | |||
Costs Subsequent to Acquisition / Construction | 4,428 | |||
Total Cost | ||||
Land and Improvements | 8,446 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,697 | |||
Total | 53,143 | |||
Accumulated Depreciation | 26,671 | |||
Total real estate, net | 26,472 | 27,509 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Wilshire | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 123 | |||
Initial Cost | ||||
Land and Improvements | $ 5,459 | |||
Building / Construction in Progress & Improvements | 41,182 | |||
Costs Subsequent to Acquisition / Construction | 7,326 | |||
Total Cost | ||||
Land and Improvements | 5,459 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,508 | |||
Total | 53,967 | |||
Accumulated Depreciation | 27,843 | |||
Total real estate, net | 26,124 | 27,803 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Encino | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 132 | |||
Initial Cost | ||||
Land and Improvements | $ 12,789 | |||
Building / Construction in Progress & Improvements | 49,073 | |||
Costs Subsequent to Acquisition / Construction | 3,804 | |||
Total Cost | ||||
Land and Improvements | 12,789 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,877 | |||
Total | 65,666 | |||
Accumulated Depreciation | 26,824 | |||
Total real estate, net | 38,842 | 39,700 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Warner Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 210 | |||
Initial Cost | ||||
Land and Improvements | $ 7,920 | |||
Building / Construction in Progress & Improvements | 44,837 | |||
Costs Subsequent to Acquisition / Construction | 3,794 | |||
Total Cost | ||||
Land and Improvements | 7,920 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,631 | |||
Total | 56,551 | |||
Accumulated Depreciation | 25,319 | |||
Total real estate, net | 31,232 | 32,291 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Little Tokyo | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 280 | |||
Initial Cost | ||||
Land and Improvements | $ 14,734 | |||
Building / Construction in Progress & Improvements | 93,977 | |||
Costs Subsequent to Acquisition / Construction | 2,394 | |||
Total Cost | ||||
Land and Improvements | 14,734 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 96,371 | |||
Total | 111,105 | |||
Accumulated Depreciation | 31,206 | |||
Total real estate, net | 79,899 | 82,725 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Phillips Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 503 | |||
Initial Cost | ||||
Land and Improvements | $ 9,796 | |||
Building / Construction in Progress & Improvements | 41,740 | |||
Costs Subsequent to Acquisition / Construction | 13,163 | |||
Total Cost | ||||
Land and Improvements | 9,796 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,903 | |||
Total | 64,699 | |||
Accumulated Depreciation | 23,162 | |||
Total real estate, net | 41,537 | 39,164 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves San Dimas | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 102 | |||
Initial Cost | ||||
Land and Improvements | $ 1,916 | |||
Building / Construction in Progress & Improvements | 7,819 | |||
Costs Subsequent to Acquisition / Construction | 2,631 | |||
Total Cost | ||||
Land and Improvements | 1,916 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,450 | |||
Total | 12,366 | |||
Accumulated Depreciation | 4,906 | |||
Total real estate, net | 7,460 | 7,586 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves San Dimas Canyon | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 156 | |||
Initial Cost | ||||
Land and Improvements | $ 2,953 | |||
Building / Construction in Progress & Improvements | 12,397 | |||
Costs Subsequent to Acquisition / Construction | 2,286 | |||
Total Cost | ||||
Land and Improvements | 2,953 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,683 | |||
Total | 17,636 | |||
Accumulated Depreciation | 6,719 | |||
Total real estate, net | 10,917 | 11,072 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pasadena | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 84 | |||
Initial Cost | ||||
Land and Improvements | $ 8,400 | |||
Building / Construction in Progress & Improvements | 11,547 | |||
Costs Subsequent to Acquisition / Construction | 6,358 | |||
Total Cost | ||||
Land and Improvements | 8,400 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,905 | |||
Total | 26,305 | |||
Accumulated Depreciation | 7,067 | |||
Total real estate, net | 19,238 | 19,805 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Cerritos | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 151 | |||
Initial Cost | ||||
Land and Improvements | $ 8,305 | |||
Building / Construction in Progress & Improvements | 21,195 | |||
Costs Subsequent to Acquisition / Construction | 3,023 | |||
Total Cost | ||||
Land and Improvements | 8,305 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 24,218 | |||
Total | 32,523 | |||
Accumulated Depreciation | 9,423 | |||
Total real estate, net | 23,100 | 23,387 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Playa Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 309 | |||
Initial Cost | ||||
Land and Improvements | $ 30,900 | |||
Building / Construction in Progress & Improvements | 71,959 | |||
Costs Subsequent to Acquisition / Construction | 9,549 | |||
Total Cost | ||||
Land and Improvements | 30,900 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 81,508 | |||
Total | 112,408 | |||
Accumulated Depreciation | 34,723 | |||
Total real estate, net | 77,685 | 80,665 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon San Dimas | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 156 | |||
Initial Cost | ||||
Land and Improvements | $ 9,141 | |||
Building / Construction in Progress & Improvements | 30,726 | |||
Costs Subsequent to Acquisition / Construction | 552 | |||
Total Cost | ||||
Land and Improvements | 9,141 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,278 | |||
Total | 40,419 | |||
Accumulated Depreciation | 10,414 | |||
Total real estate, net | 30,005 | 30,885 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Glendora | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 281 | |||
Initial Cost | ||||
Land and Improvements | $ 18,311 | |||
Building / Construction in Progress & Improvements | 64,303 | |||
Costs Subsequent to Acquisition / Construction | 1,052 | |||
Total Cost | ||||
Land and Improvements | 18,311 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,355 | |||
Total | 83,666 | |||
Accumulated Depreciation | 19,211 | |||
Total real estate, net | 64,455 | 66,283 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon West Hollywood | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 294 | |||
Initial Cost | ||||
Land and Improvements | $ 35,214 | |||
Building / Construction in Progress & Improvements | 119,105 | |||
Costs Subsequent to Acquisition / Construction | 1,859 | |||
Total Cost | ||||
Land and Improvements | 35,214 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 120,964 | |||
Total | 156,178 | |||
Accumulated Depreciation | 29,788 | |||
Total real estate, net | 126,390 | 130,476 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Hollywood at La Pietra Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 695 | |||
Initial Cost | ||||
Land and Improvements | $ 99,309 | |||
Building / Construction in Progress & Improvements | 272,596 | |||
Costs Subsequent to Acquisition / Construction | 2,010 | |||
Total Cost | ||||
Land and Improvements | 99,309 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 274,606 | |||
Total | 373,915 | |||
Accumulated Depreciation | 37,712 | |||
Total real estate, net | 336,203 | 346,636 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Monrovia | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 154 | |||
Initial Cost | ||||
Land and Improvements | $ 12,125 | |||
Building / Construction in Progress & Improvements | 56,233 | |||
Costs Subsequent to Acquisition / Construction | 195 | |||
Total Cost | ||||
Land and Improvements | 12,125 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 56,428 | |||
Total | 68,553 | |||
Accumulated Depreciation | 5,649 | |||
Total real estate, net | 62,904 | 65,150 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Mission Oaks | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 160 | |||
Initial Cost | ||||
Land and Improvements | $ 9,600 | |||
Building / Construction in Progress & Improvements | 37,566 | |||
Costs Subsequent to Acquisition / Construction | 2,502 | |||
Total Cost | ||||
Land and Improvements | 9,600 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,068 | |||
Total | 49,668 | |||
Accumulated Depreciation | 14,377 | |||
Total real estate, net | 35,291 | 36,101 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Chino Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 331 | |||
Initial Cost | ||||
Land and Improvements | $ 16,617 | |||
Building / Construction in Progress & Improvements | 79,829 | |||
Costs Subsequent to Acquisition / Construction | 1,099 | |||
Total Cost | ||||
Land and Improvements | 16,617 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 80,928 | |||
Total | 97,545 | |||
Accumulated Depreciation | 19,785 | |||
Total real estate, net | 77,760 | 80,473 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA North Hollywood | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 156 | |||
Initial Cost | ||||
Land and Improvements | $ 18,408 | |||
Building / Construction in Progress & Improvements | 52,280 | |||
Costs Subsequent to Acquisition / Construction | 2,320 | |||
Total Cost | ||||
Land and Improvements | 18,408 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,600 | |||
Total | 73,008 | |||
Accumulated Depreciation | 16,375 | |||
Total real estate, net | 56,633 | 58,572 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Cerritos | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 132 | |||
Initial Cost | ||||
Land and Improvements | $ 8,869 | |||
Building / Construction in Progress & Improvements | 51,452 | |||
Costs Subsequent to Acquisition / Construction | 1,030 | |||
Total Cost | ||||
Land and Improvements | 8,869 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,482 | |||
Total | 61,351 | |||
Accumulated Depreciation | 10,562 | |||
Total real estate, net | 50,789 | 52,867 | ||
Encumbrances | $ 30,250 | |||
Current Communities | Avalon Simi Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 500 | |||
Initial Cost | ||||
Land and Improvements | $ 42,020 | |||
Building / Construction in Progress & Improvements | 73,345 | |||
Costs Subsequent to Acquisition / Construction | 13,151 | |||
Total Cost | ||||
Land and Improvements | 42,020 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,496 | |||
Total | 128,516 | |||
Accumulated Depreciation | 36,353 | |||
Total real estate, net | 92,163 | 94,588 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 101 | |||
Initial Cost | ||||
Land and Improvements | $ 4,626 | |||
Building / Construction in Progress & Improvements | 22,941 | |||
Costs Subsequent to Acquisition / Construction | 8,188 | |||
Total Cost | ||||
Land and Improvements | 4,626 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,129 | |||
Total | 35,755 | |||
Accumulated Depreciation | 12,385 | |||
Total real estate, net | 23,370 | 24,296 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Studio City | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 276 | |||
Initial Cost | ||||
Land and Improvements | $ 15,756 | |||
Building / Construction in Progress & Improvements | 78,166 | |||
Costs Subsequent to Acquisition / Construction | 19,782 | |||
Total Cost | ||||
Land and Improvements | 15,756 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 97,948 | |||
Total | 113,704 | |||
Accumulated Depreciation | 40,965 | |||
Total real estate, net | 72,739 | 76,417 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Calabasas | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 600 | |||
Initial Cost | ||||
Land and Improvements | $ 42,720 | |||
Building / Construction in Progress & Improvements | 107,368 | |||
Costs Subsequent to Acquisition / Construction | 28,616 | |||
Total Cost | ||||
Land and Improvements | 42,720 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 135,984 | |||
Total | 178,704 | |||
Accumulated Depreciation | 67,697 | |||
Total real estate, net | 111,007 | 115,715 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Oak Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 336 | |||
Initial Cost | ||||
Land and Improvements | $ 43,540 | |||
Building / Construction in Progress & Improvements | 79,827 | |||
Costs Subsequent to Acquisition / Construction | 12,286 | |||
Total Cost | ||||
Land and Improvements | 43,540 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 92,113 | |||
Total | 135,653 | |||
Accumulated Depreciation | 45,131 | |||
Total real estate, net | 90,522 | 92,637 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Santa Monica on Main | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 133 | |||
Initial Cost | ||||
Land and Improvements | $ 32,000 | |||
Building / Construction in Progress & Improvements | 60,705 | |||
Costs Subsequent to Acquisition / Construction | 16,377 | |||
Total Cost | ||||
Land and Improvements | 32,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 77,082 | |||
Total | 109,082 | |||
Accumulated Depreciation | 30,005 | |||
Total real estate, net | 79,077 | 81,034 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Old Town Pasadena | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 96 | |||
Initial Cost | ||||
Land and Improvements | $ 9,110 | |||
Building / Construction in Progress & Improvements | 15,371 | |||
Costs Subsequent to Acquisition / Construction | 7,555 | |||
Total Cost | ||||
Land and Improvements | 9,110 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,926 | |||
Total | 32,036 | |||
Accumulated Depreciation | 9,317 | |||
Total real estate, net | 22,719 | 23,292 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Thousand Oaks | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 158 | |||
Initial Cost | ||||
Land and Improvements | $ 13,950 | |||
Building / Construction in Progress & Improvements | 20,052 | |||
Costs Subsequent to Acquisition / Construction | 7,148 | |||
Total Cost | ||||
Land and Improvements | 13,950 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,200 | |||
Total | 41,150 | |||
Accumulated Depreciation | 14,258 | |||
Total real estate, net | 26,892 | 27,613 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Los Feliz | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 263 | |||
Initial Cost | ||||
Land and Improvements | $ 18,940 | |||
Building / Construction in Progress & Improvements | 43,661 | |||
Costs Subsequent to Acquisition / Construction | 14,420 | |||
Total Cost | ||||
Land and Improvements | 18,940 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 58,081 | |||
Total | 77,021 | |||
Accumulated Depreciation | 24,175 | |||
Total real estate, net | 52,846 | 54,878 | ||
Encumbrances | $ 41,400 | |||
Current Communities | AVA Toluca Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 1,151 | |||
Initial Cost | ||||
Land and Improvements | $ 86,450 | |||
Building / Construction in Progress & Improvements | 161,078 | |||
Costs Subsequent to Acquisition / Construction | 95,036 | |||
Total Cost | ||||
Land and Improvements | 86,450 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 256,114 | |||
Total | 342,564 | |||
Accumulated Depreciation | 94,367 | |||
Total real estate, net | 248,197 | 253,476 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Woodland Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 888 | |||
Initial Cost | ||||
Land and Improvements | $ 68,940 | |||
Building / Construction in Progress & Improvements | 90,507 | |||
Costs Subsequent to Acquisition / Construction | 26,038 | |||
Total Cost | ||||
Land and Improvements | 68,940 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 116,545 | |||
Total | 185,485 | |||
Accumulated Depreciation | 54,334 | |||
Total real estate, net | 131,151 | 134,282 | ||
Encumbrances | $ 111,500 | |||
Current Communities | Avalon Thousand Oaks Plaza | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 148 | |||
Initial Cost | ||||
Land and Improvements | $ 12,810 | |||
Building / Construction in Progress & Improvements | 22,515 | |||
Costs Subsequent to Acquisition / Construction | 4,401 | |||
Total Cost | ||||
Land and Improvements | 12,810 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,916 | |||
Total | 39,726 | |||
Accumulated Depreciation | 12,276 | |||
Total real estate, net | 27,450 | 27,659 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Pasadena | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 120 | |||
Initial Cost | ||||
Land and Improvements | $ 10,240 | |||
Building / Construction in Progress & Improvements | 31,558 | |||
Costs Subsequent to Acquisition / Construction | 7,000 | |||
Total Cost | ||||
Land and Improvements | 10,240 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,558 | |||
Total | 48,798 | |||
Accumulated Depreciation | 15,345 | |||
Total real estate, net | 33,453 | 34,559 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Studio City I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 450 | |||
Initial Cost | ||||
Land and Improvements | $ 17,658 | |||
Building / Construction in Progress & Improvements | 90,562 | |||
Costs Subsequent to Acquisition / Construction | 37,807 | |||
Total Cost | ||||
Land and Improvements | 17,658 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 128,369 | |||
Total | 146,027 | |||
Accumulated Depreciation | 49,319 | |||
Total real estate, net | 96,708 | 101,202 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Newport | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 145 | |||
Initial Cost | ||||
Land and Improvements | $ 1,975 | |||
Building / Construction in Progress & Improvements | 3,814 | |||
Costs Subsequent to Acquisition / Construction | 10,806 | |||
Total Cost | ||||
Land and Improvements | 1,975 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,620 | |||
Total | 16,595 | |||
Accumulated Depreciation | 9,899 | |||
Total real estate, net | 6,696 | 6,734 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Mission Viejo | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 166 | |||
Initial Cost | ||||
Land and Improvements | $ 2,517 | |||
Building / Construction in Progress & Improvements | 9,245 | |||
Costs Subsequent to Acquisition / Construction | 6,229 | |||
Total Cost | ||||
Land and Improvements | 2,517 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 15,474 | |||
Total | 17,991 | |||
Accumulated Depreciation | 12,243 | |||
Total real estate, net | 5,748 | 5,573 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves South Coast | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 258 | |||
Initial Cost | ||||
Land and Improvements | $ 4,709 | |||
Building / Construction in Progress & Improvements | 16,063 | |||
Costs Subsequent to Acquisition / Construction | 15,495 | |||
Total Cost | ||||
Land and Improvements | 4,709 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,558 | |||
Total | 36,267 | |||
Accumulated Depreciation | 23,224 | |||
Total real estate, net | 13,043 | 13,049 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Santa Margarita | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 302 | |||
Initial Cost | ||||
Land and Improvements | $ 4,607 | |||
Building / Construction in Progress & Improvements | 16,902 | |||
Costs Subsequent to Acquisition / Construction | 14,958 | |||
Total Cost | ||||
Land and Improvements | 4,607 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,860 | |||
Total | 36,467 | |||
Accumulated Depreciation | 22,841 | |||
Total real estate, net | 13,626 | 13,657 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Huntington Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 304 | |||
Initial Cost | ||||
Land and Improvements | $ 4,871 | |||
Building / Construction in Progress & Improvements | 19,731 | |||
Costs Subsequent to Acquisition / Construction | 13,091 | |||
Total Cost | ||||
Land and Improvements | 4,871 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,822 | |||
Total | 37,693 | |||
Accumulated Depreciation | 27,339 | |||
Total real estate, net | 10,354 | 11,122 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine I | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 279 | |||
Initial Cost | ||||
Land and Improvements | $ 9,911 | |||
Building / Construction in Progress & Improvements | 67,520 | |||
Costs Subsequent to Acquisition / Construction | 7,686 | |||
Total Cost | ||||
Land and Improvements | 9,911 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 75,206 | |||
Total | 85,117 | |||
Accumulated Depreciation | 35,582 | |||
Total real estate, net | 49,535 | 50,566 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine II | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 179 | |||
Initial Cost | ||||
Land and Improvements | $ 4,358 | |||
Building / Construction in Progress & Improvements | 40,905 | |||
Costs Subsequent to Acquisition / Construction | 1,654 | |||
Total Cost | ||||
Land and Improvements | 4,358 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,559 | |||
Total | 46,917 | |||
Accumulated Depreciation | 16,074 | |||
Total real estate, net | 30,843 | 32,044 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Lake Forest | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 225 | |||
Initial Cost | ||||
Land and Improvements | $ 5,199 | |||
Building / Construction in Progress & Improvements | 21,117 | |||
Costs Subsequent to Acquisition / Construction | 7,790 | |||
Total Cost | ||||
Land and Improvements | 5,199 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,907 | |||
Total | 34,106 | |||
Accumulated Depreciation | 12,905 | |||
Total real estate, net | 21,201 | 21,661 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Baker Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 430 | |||
Initial Cost | ||||
Land and Improvements | $ 31,689 | |||
Building / Construction in Progress & Improvements | 98,004 | |||
Costs Subsequent to Acquisition / Construction | 987 | |||
Total Cost | ||||
Land and Improvements | 31,689 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 98,991 | |||
Total | 130,680 | |||
Accumulated Depreciation | 30,569 | |||
Total real estate, net | 100,111 | 103,234 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Irvine III | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 156 | |||
Initial Cost | ||||
Land and Improvements | $ 11,607 | |||
Building / Construction in Progress & Improvements | 43,973 | |||
Costs Subsequent to Acquisition / Construction | 386 | |||
Total Cost | ||||
Land and Improvements | 11,607 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,359 | |||
Total | 55,966 | |||
Accumulated Depreciation | 12,412 | |||
Total real estate, net | 43,554 | 44,965 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Seal Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 549 | |||
Initial Cost | ||||
Land and Improvements | $ 46,790 | |||
Building / Construction in Progress & Improvements | 99,999 | |||
Costs Subsequent to Acquisition / Construction | 38,750 | |||
Total Cost | ||||
Land and Improvements | 46,790 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 138,749 | |||
Total | 185,539 | |||
Accumulated Depreciation | 52,068 | |||
Total real estate, net | 133,471 | 137,902 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Huntington Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 378 | |||
Initial Cost | ||||
Land and Improvements | $ 13,055 | |||
Building / Construction in Progress & Improvements | 105,981 | |||
Costs Subsequent to Acquisition / Construction | 1,248 | |||
Total Cost | ||||
Land and Improvements | 13,055 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 107,229 | |||
Total | 120,284 | |||
Accumulated Depreciation | 28,127 | |||
Total real estate, net | 92,157 | 95,733 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA Pacific Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 564 | |||
Initial Cost | ||||
Land and Improvements | $ 9,922 | |||
Building / Construction in Progress & Improvements | 40,580 | |||
Costs Subsequent to Acquisition / Construction | 44,172 | |||
Total Cost | ||||
Land and Improvements | 9,922 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 84,752 | |||
Total | 94,674 | |||
Accumulated Depreciation | 58,896 | |||
Total real estate, net | 35,778 | 38,380 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Mission Ridge | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 200 | |||
Initial Cost | ||||
Land and Improvements | $ 2,710 | |||
Building / Construction in Progress & Improvements | 10,924 | |||
Costs Subsequent to Acquisition / Construction | 15,906 | |||
Total Cost | ||||
Land and Improvements | 2,710 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,830 | |||
Total | 29,540 | |||
Accumulated Depreciation | 20,756 | |||
Total real estate, net | 8,784 | 8,229 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves San Marcos | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 184 | |||
Initial Cost | ||||
Land and Improvements | $ 3,277 | |||
Building / Construction in Progress & Improvements | 13,385 | |||
Costs Subsequent to Acquisition / Construction | 7,260 | |||
Total Cost | ||||
Land and Improvements | 3,277 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 20,645 | |||
Total | 23,922 | |||
Accumulated Depreciation | 8,165 | |||
Total real estate, net | 15,757 | 16,014 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves Rancho Penasquitos | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 250 | |||
Initial Cost | ||||
Land and Improvements | $ 6,692 | |||
Building / Construction in Progress & Improvements | 27,143 | |||
Costs Subsequent to Acquisition / Construction | 12,493 | |||
Total Cost | ||||
Land and Improvements | 6,692 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,636 | |||
Total | 46,328 | |||
Accumulated Depreciation | 17,133 | |||
Total real estate, net | 29,195 | 29,449 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 221 | |||
Initial Cost | ||||
Land and Improvements | $ 12,689 | |||
Building / Construction in Progress & Improvements | 43,328 | |||
Costs Subsequent to Acquisition / Construction | 977 | |||
Total Cost | ||||
Land and Improvements | 12,689 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,305 | |||
Total | 56,994 | |||
Accumulated Depreciation | 13,955 | |||
Total real estate, net | 43,039 | 44,449 | ||
Encumbrances | $ 0 | |||
Current Communities | eaves La Mesa | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 168 | |||
Initial Cost | ||||
Land and Improvements | $ 9,490 | |||
Building / Construction in Progress & Improvements | 28,482 | |||
Costs Subsequent to Acquisition / Construction | 4,849 | |||
Total Cost | ||||
Land and Improvements | 9,490 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,331 | |||
Total | 42,821 | |||
Accumulated Depreciation | 16,369 | |||
Total real estate, net | 26,452 | 27,526 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon La Jolla Colony | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 180 | |||
Initial Cost | ||||
Land and Improvements | $ 16,760 | |||
Building / Construction in Progress & Improvements | 27,694 | |||
Costs Subsequent to Acquisition / Construction | 12,707 | |||
Total Cost | ||||
Land and Improvements | 16,760 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,401 | |||
Total | 57,161 | |||
Accumulated Depreciation | 17,641 | |||
Total real estate, net | 39,520 | 40,944 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon South End | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 265 | |||
Initial Cost | ||||
Land and Improvements | $ 13,723 | |||
Building / Construction in Progress & Improvements | 87,978 | |||
Costs Subsequent to Acquisition / Construction | 5,176 | |||
Total Cost | ||||
Land and Improvements | 13,723 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 93,154 | |||
Total | 106,877 | |||
Accumulated Depreciation | 10,916 | |||
Total real estate, net | 95,961 | 97,335 | ||
Encumbrances | $ 0 | |||
Current Communities | AVA South End | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 164 | |||
Initial Cost | ||||
Land and Improvements | $ 9,367 | |||
Building / Construction in Progress & Improvements | 44,623 | |||
Costs Subsequent to Acquisition / Construction | 2,133 | |||
Total Cost | ||||
Land and Improvements | 9,367 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 46,756 | |||
Total | 56,123 | |||
Accumulated Depreciation | 4,756 | |||
Total real estate, net | 51,367 | 51,675 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Hawk | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 71 | |||
Initial Cost | ||||
Land and Improvements | $ 2,564 | |||
Building / Construction in Progress & Improvements | 44,056 | |||
Costs Subsequent to Acquisition / Construction | 227 | |||
Total Cost | ||||
Land and Improvements | 2,564 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,283 | |||
Total | 46,847 | |||
Accumulated Depreciation | 3,729 | |||
Total real estate, net | 43,118 | 44,649 | ||
Encumbrances | $ 0 | |||
Current Communities | Avalon Lakeside | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 425 | |||
Initial Cost | ||||
Land and Improvements | $ 15,073 | |||
Building / Construction in Progress & Improvements | 98,057 | |||
Costs Subsequent to Acquisition / Construction | 5,105 | |||
Total Cost | ||||
Land and Improvements | 15,073 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 103,162 | |||
Total | 118,235 | |||
Accumulated Depreciation | 14,595 | |||
Total real estate, net | 103,640 | 107,962 | ||
Encumbrances | $ 0 | |||
New England | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 9,577 | |||
Initial Cost | ||||
Land and Improvements | $ 385,438 | |||
Building / Construction in Progress & Improvements | 2,094,751 | |||
Costs Subsequent to Acquisition / Construction | 457,166 | |||
Total Cost | ||||
Land and Improvements | 385,438 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 2,551,917 | |||
Total | 2,937,355 | |||
Accumulated Depreciation | 992,364 | |||
Total real estate, net | 1,944,991 | 2,017,472 | ||
Encumbrances | $ 45,000 | |||
New York City, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 3,788 | |||
Initial Cost | ||||
Land and Improvements | $ 528,710 | |||
Building / Construction in Progress & Improvements | 1,278,683 | |||
Costs Subsequent to Acquisition / Construction | 130,117 | |||
Total Cost | ||||
Land and Improvements | 528,710 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,408,800 | |||
Total | 1,937,510 | |||
Accumulated Depreciation | 571,486 | |||
Total real estate, net | 1,366,024 | 1,404,897 | ||
Encumbrances | $ 307,500 | |||
New York - Suburban | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 3,563 | |||
Initial Cost | ||||
Land and Improvements | $ 227,420 | |||
Building / Construction in Progress & Improvements | 775,119 | |||
Costs Subsequent to Acquisition / Construction | 76,156 | |||
Total Cost | ||||
Land and Improvements | 227,420 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 851,275 | |||
Total | 1,078,695 | |||
Accumulated Depreciation | 329,292 | |||
Total real estate, net | 749,403 | 786,614 | ||
Encumbrances | $ 0 | |||
New Jersey | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 5,415 | |||
Initial Cost | ||||
Land and Improvements | $ 230,933 | |||
Building / Construction in Progress & Improvements | 1,040,549 | |||
Costs Subsequent to Acquisition / Construction | 129,916 | |||
Total Cost | ||||
Land and Improvements | 230,933 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,170,465 | |||
Total | 1,401,398 | |||
Accumulated Depreciation | 432,829 | |||
Total real estate, net | 968,569 | 1,005,143 | ||
Encumbrances | $ 0 | |||
Metro NY/NJ | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 12,766 | |||
Initial Cost | ||||
Land and Improvements | $ 987,063 | |||
Building / Construction in Progress & Improvements | 3,094,351 | |||
Costs Subsequent to Acquisition / Construction | 336,189 | |||
Total Cost | ||||
Land and Improvements | 987,063 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,430,540 | |||
Total | 4,417,603 | |||
Accumulated Depreciation | 1,333,607 | |||
Total real estate, net | 3,083,996 | 3,196,654 | ||
Encumbrances | $ 307,500 | |||
Mid-Atlantic | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 13,301 | |||
Initial Cost | ||||
Land and Improvements | $ 684,346 | |||
Building / Construction in Progress & Improvements | 2,403,777 | |||
Costs Subsequent to Acquisition / Construction | 351,531 | |||
Total Cost | ||||
Land and Improvements | 684,346 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 2,755,308 | |||
Total | 3,439,654 | |||
Accumulated Depreciation | 1,109,411 | |||
Total real estate, net | 2,330,243 | 2,391,838 | ||
Encumbrances | $ 32,200 | |||
Denver, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 1,086 | |||
Initial Cost | ||||
Land and Improvements | $ 26,136 | |||
Building / Construction in Progress & Improvements | 287,713 | |||
Costs Subsequent to Acquisition / Construction | 8,570 | |||
Total Cost | ||||
Land and Improvements | 26,136 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 296,283 | |||
Total | 322,419 | |||
Accumulated Depreciation | 74,496 | |||
Total real estate, net | 247,923 | 259,706 | ||
Encumbrances | $ 0 | |||
Southeast Florida | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 2,187 | |||
Initial Cost | ||||
Land and Improvements | $ 118,275 | |||
Building / Construction in Progress & Improvements | 653,391 | |||
Costs Subsequent to Acquisition / Construction | 29,951 | |||
Total Cost | ||||
Land and Improvements | 118,275 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 683,342 | |||
Total | 801,617 | |||
Accumulated Depreciation | 122,092 | |||
Total real estate, net | 679,525 | 703,201 | ||
Encumbrances | $ 0 | |||
Pacific Northwest | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 5,474 | |||
Initial Cost | ||||
Land and Improvements | $ 227,142 | |||
Building / Construction in Progress & Improvements | 1,222,335 | |||
Costs Subsequent to Acquisition / Construction | 96,561 | |||
Total Cost | ||||
Land and Improvements | 227,142 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,318,896 | |||
Total | 1,546,038 | |||
Accumulated Depreciation | 458,511 | |||
Total real estate, net | 1,087,527 | 1,126,470 | ||
Encumbrances | $ 0 | |||
San Jose, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 4,723 | |||
Initial Cost | ||||
Land and Improvements | $ 297,065 | |||
Building / Construction in Progress & Improvements | 767,587 | |||
Costs Subsequent to Acquisition / Construction | 193,787 | |||
Total Cost | ||||
Land and Improvements | 297,065 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 961,374 | |||
Total | 1,258,439 | |||
Accumulated Depreciation | 581,883 | |||
Total real estate, net | 676,556 | 706,371 | ||
Encumbrances | $ 0 | |||
Oakland - East Bay, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 4,338 | |||
Initial Cost | ||||
Land and Improvements | $ 167,992 | |||
Building / Construction in Progress & Improvements | 1,000,901 | |||
Costs Subsequent to Acquisition / Construction | 168,338 | |||
Total Cost | ||||
Land and Improvements | 167,992 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,169,239 | |||
Total | 1,337,231 | |||
Accumulated Depreciation | 474,866 | |||
Total real estate, net | 862,365 | 894,893 | ||
Encumbrances | $ 4,501 | |||
San Francisco, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 3,072 | |||
Initial Cost | ||||
Land and Improvements | $ 225,456 | |||
Building / Construction in Progress & Improvements | 883,406 | |||
Costs Subsequent to Acquisition / Construction | 85,433 | |||
Total Cost | ||||
Land and Improvements | 225,456 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 968,839 | |||
Total | 1,194,295 | |||
Accumulated Depreciation | 437,500 | |||
Total real estate, net | 756,795 | 785,581 | ||
Encumbrances | $ 108,650 | |||
Northern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 12,133 | |||
Initial Cost | ||||
Land and Improvements | $ 690,513 | |||
Building / Construction in Progress & Improvements | 2,651,894 | |||
Costs Subsequent to Acquisition / Construction | 447,558 | |||
Total Cost | ||||
Land and Improvements | 690,513 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,099,452 | |||
Total | 3,789,965 | |||
Accumulated Depreciation | 1,494,249 | |||
Total real estate, net | 2,295,716 | 2,386,845 | ||
Encumbrances | $ 113,151 | |||
Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 12,143 | |||
Initial Cost | ||||
Land and Improvements | $ 825,381 | |||
Building / Construction in Progress & Improvements | 2,278,540 | |||
Costs Subsequent to Acquisition / Construction | 557,262 | |||
Total Cost | ||||
Land and Improvements | 825,381 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 2,835,802 | |||
Total | 3,661,183 | |||
Accumulated Depreciation | 1,128,846 | |||
Total real estate, net | 2,532,337 | 2,606,696 | ||
Encumbrances | $ 183,150 | |||
Orange County, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 3,371 | |||
Initial Cost | ||||
Land and Improvements | $ 141,288 | |||
Building / Construction in Progress & Improvements | 543,254 | |||
Costs Subsequent to Acquisition / Construction | 119,080 | |||
Total Cost | ||||
Land and Improvements | 141,288 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 662,334 | |||
Total | 803,622 | |||
Accumulated Depreciation | 283,283 | |||
Total real estate, net | 520,339 | 536,240 | ||
Encumbrances | $ 0 | |||
San Diego, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 1,767 | |||
Initial Cost | ||||
Land and Improvements | $ 61,540 | |||
Building / Construction in Progress & Improvements | 191,536 | |||
Costs Subsequent to Acquisition / Construction | 98,364 | |||
Total Cost | ||||
Land and Improvements | 61,540 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 289,900 | |||
Total | 351,440 | |||
Accumulated Depreciation | 152,915 | |||
Total real estate, net | 198,525 | 204,991 | ||
Encumbrances | $ 0 | |||
Southern California | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 17,281 | |||
Initial Cost | ||||
Land and Improvements | $ 1,028,209 | |||
Building / Construction in Progress & Improvements | 3,013,330 | |||
Costs Subsequent to Acquisition / Construction | 774,706 | |||
Total Cost | ||||
Land and Improvements | 1,028,209 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,788,036 | |||
Total | 4,816,245 | |||
Accumulated Depreciation | 1,565,044 | |||
Total real estate, net | 3,251,201 | 3,347,927 | ||
Encumbrances | $ 183,150 | |||
North Carolina | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 500 | |||
Initial Cost | ||||
Land and Improvements | $ 25,654 | |||
Building / Construction in Progress & Improvements | 176,657 | |||
Costs Subsequent to Acquisition / Construction | 7,536 | |||
Total Cost | ||||
Land and Improvements | 25,654 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 184,193 | |||
Total | 209,847 | |||
Accumulated Depreciation | 19,401 | |||
Total real estate, net | 190,446 | 193,659 | ||
Encumbrances | $ 0 | |||
Texas | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 425 | |||
Initial Cost | ||||
Land and Improvements | $ 15,073 | |||
Building / Construction in Progress & Improvements | 98,057 | |||
Costs Subsequent to Acquisition / Construction | 5,105 | |||
Total Cost | ||||
Land and Improvements | 15,073 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 103,162 | |||
Total | 118,235 | |||
Accumulated Depreciation | 14,595 | |||
Total real estate, net | 103,640 | 107,962 | ||
Encumbrances | $ 0 | |||
Expansion Regions | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 925 | |||
Initial Cost | ||||
Land and Improvements | $ 40,727 | |||
Building / Construction in Progress & Improvements | 274,714 | |||
Costs Subsequent to Acquisition / Construction | 12,641 | |||
Total Cost | ||||
Land and Improvements | 40,727 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 287,355 | |||
Total | 328,082 | |||
Accumulated Depreciation | 33,996 | |||
Total real estate, net | 294,086 | 301,621 | ||
Encumbrances | $ 0 | |||
Same Store | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 74,730 | |||
Initial Cost | ||||
Land and Improvements | $ 4,187,849 | |||
Building / Construction in Progress & Improvements | 15,696,256 | |||
Costs Subsequent to Acquisition / Construction | 2,514,873 | |||
Total Cost | ||||
Land and Improvements | 4,187,849 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 18,211,129 | |||
Total | 22,398,978 | |||
Accumulated Depreciation | 7,183,770 | |||
Total real estate, net | 15,215,208 | 15,731,734 | ||
Encumbrances | $ 681,001 | |||
Other Stabilized Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 5,588 | |||
Initial Cost | ||||
Land and Improvements | $ 394,135 | |||
Building / Construction in Progress & Improvements | 1,596,934 | |||
Costs Subsequent to Acquisition / Construction | 131,828 | |||
Total Cost | ||||
Land and Improvements | 394,135 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,728,762 | |||
Total | 2,122,897 | |||
Accumulated Depreciation | 267,657 | |||
Total real estate, net | 1,855,240 | 1,633,237 | ||
Encumbrances | $ 63,041 | |||
Other Stabilized Communities | Avalon Brea Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 653 | |||
Initial Cost | ||||
Land and Improvements | $ 72,925 | |||
Building / Construction in Progress & Improvements | 220,062 | |||
Costs Subsequent to Acquisition / Construction | 36 | |||
Total Cost | ||||
Land and Improvements | 72,925 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 220,098 | |||
Total | 293,023 | |||
Accumulated Depreciation | 17,267 | |||
Total real estate, net | 275,756 | 282,419 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | AVA RiNo | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 246 | |||
Initial Cost | ||||
Land and Improvements | $ 15,152 | |||
Building / Construction in Progress & Improvements | 71,666 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 15,152 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,666 | |||
Total | 86,818 | |||
Accumulated Depreciation | 5,460 | |||
Total real estate, net | 81,358 | 84,033 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Flatirons | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 207 | |||
Initial Cost | ||||
Land and Improvements | $ 7,390 | |||
Building / Construction in Progress & Improvements | 87,130 | |||
Costs Subsequent to Acquisition / Construction | 1,399 | |||
Total Cost | ||||
Land and Improvements | 7,390 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 88,529 | |||
Total | 95,919 | |||
Accumulated Depreciation | 8,030 | |||
Total real estate, net | 87,889 | 91,038 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Miramar Park Place | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 650 | |||
Initial Cost | ||||
Land and Improvements | $ 50,919 | |||
Building / Construction in Progress & Improvements | 230,931 | |||
Costs Subsequent to Acquisition / Construction | 15,110 | |||
Total Cost | ||||
Land and Improvements | 50,919 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 246,041 | |||
Total | 296,960 | |||
Accumulated Depreciation | 29,089 | |||
Total real estate, net | 267,871 | 277,761 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Woburn | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 350 | |||
Initial Cost | ||||
Land and Improvements | $ 21,576 | |||
Building / Construction in Progress & Improvements | 97,844 | |||
Costs Subsequent to Acquisition / Construction | 787 | |||
Total Cost | ||||
Land and Improvements | 21,576 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 98,631 | |||
Total | 120,207 | |||
Accumulated Depreciation | 8,238 | |||
Total real estate, net | 111,969 | 115,430 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon 555 President | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 400 | |||
Initial Cost | ||||
Land and Improvements | $ 13,168 | |||
Building / Construction in Progress & Improvements | 121,333 | |||
Costs Subsequent to Acquisition / Construction | 45 | |||
Total Cost | ||||
Land and Improvements | 13,168 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 121,378 | |||
Total | 134,546 | |||
Accumulated Depreciation | 15,749 | |||
Total real estate, net | 118,797 | 125,018 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Foundry Row | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 437 | |||
Initial Cost | ||||
Land and Improvements | $ 11,132 | |||
Building / Construction in Progress & Improvements | 86,261 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 11,132 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,261 | |||
Total | 97,393 | |||
Accumulated Depreciation | 8,529 | |||
Total real estate, net | 88,864 | 91,611 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Highland Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 260 | |||
Initial Cost | ||||
Land and Improvements | $ 4,586 | |||
Building / Construction in Progress & Improvements | 71,200 | |||
Costs Subsequent to Acquisition / Construction | 1,822 | |||
Total Cost | ||||
Land and Improvements | 4,586 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,022 | |||
Total | 77,608 | |||
Accumulated Depreciation | 5,715 | |||
Total real estate, net | 71,893 | 75,672 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Mooresville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 203 | |||
Initial Cost | ||||
Land and Improvements | $ 3,770 | |||
Building / Construction in Progress & Improvements | 47,565 | |||
Costs Subsequent to Acquisition / Construction | 958 | |||
Total Cost | ||||
Land and Improvements | 3,770 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,523 | |||
Total | 52,293 | |||
Accumulated Depreciation | 856 | |||
Total real estate, net | 51,437 | 0 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Addison | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 196 | |||
Initial Cost | ||||
Land and Improvements | $ 11,174 | |||
Building / Construction in Progress & Improvements | 57,809 | |||
Costs Subsequent to Acquisition / Construction | 1,237 | |||
Total Cost | ||||
Land and Improvements | 11,174 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 59,046 | |||
Total | 70,220 | |||
Accumulated Depreciation | 4,958 | |||
Total real estate, net | 65,262 | 67,180 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon Frisco at Main | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 360 | |||
Initial Cost | ||||
Land and Improvements | $ 11,919 | |||
Building / Construction in Progress & Improvements | 68,210 | |||
Costs Subsequent to Acquisition / Construction | 3,301 | |||
Total Cost | ||||
Land and Improvements | 11,919 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 71,511 | |||
Total | 83,430 | |||
Accumulated Depreciation | 3,066 | |||
Total real estate, net | 80,364 | 0 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | Avalon West Plano | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 568 | |||
Initial Cost | ||||
Land and Improvements | $ 14,100 | |||
Building / Construction in Progress & Improvements | 115,399 | |||
Costs Subsequent to Acquisition / Construction | 7,880 | |||
Total Cost | ||||
Land and Improvements | 14,100 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 123,279 | |||
Total | 137,379 | |||
Accumulated Depreciation | 4,503 | |||
Total real estate, net | 132,876 | 0 | ||
Encumbrances | $ 63,041 | |||
Other Stabilized Communities | AVA Ballston | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 344 | |||
Initial Cost | ||||
Land and Improvements | $ 7,291 | |||
Building / Construction in Progress & Improvements | 29,177 | |||
Costs Subsequent to Acquisition / Construction | 28,545 | |||
Total Cost | ||||
Land and Improvements | 7,291 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 57,722 | |||
Total | 65,013 | |||
Accumulated Depreciation | 39,188 | |||
Total real estate, net | 25,825 | 27,056 | ||
Encumbrances | $ 0 | |||
Other Stabilized Communities | AVA Ballston Square | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 714 | |||
Initial Cost | ||||
Land and Improvements | $ 71,640 | |||
Building / Construction in Progress & Improvements | 215,937 | |||
Costs Subsequent to Acquisition / Construction | 60,475 | |||
Total Cost | ||||
Land and Improvements | 71,640 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 276,412 | |||
Total | 348,052 | |||
Accumulated Depreciation | 104,173 | |||
Total real estate, net | 243,879 | 243,726 | ||
Encumbrances | 0 | |||
Other Stabilized Communities | The Park Loggia | ||||
Initial Cost | ||||
Land and Improvements | 77,393 | |||
Building / Construction in Progress & Improvements | 76,410 | |||
Costs Subsequent to Acquisition / Construction | 10,233 | |||
Total Cost | ||||
Land and Improvements | 77,393 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,643 | |||
Total | 164,036 | |||
Accumulated Depreciation | 12,836 | |||
Total real estate, net | 151,200 | 152,293 | ||
Encumbrances | $ 0 | |||
Development Communities | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 7,629 | |||
Initial Cost | ||||
Land and Improvements | $ 128,975 | |||
Building / Construction in Progress & Improvements | 714,544 | |||
Costs Subsequent to Acquisition / Construction | 1,213,990 | |||
Total Cost | ||||
Land and Improvements | 128,975 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,928,534 | |||
Total | 2,057,509 | |||
Accumulated Depreciation | 20,714 | |||
Total real estate, net | 2,036,795 | 1,230,659 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon West Dublin | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 499 | |||
Initial Cost | ||||
Land and Improvements | $ 9,003 | |||
Building / Construction in Progress & Improvements | 53,197 | |||
Costs Subsequent to Acquisition / Construction | 177,920 | |||
Total Cost | ||||
Land and Improvements | 9,003 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 231,117 | |||
Total | 240,120 | |||
Accumulated Depreciation | 280 | |||
Total real estate, net | 239,840 | 157,784 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Westminster Promenade | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 312 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 91,833 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 91,833 | |||
Total | 91,833 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 91,833 | 48,830 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Governor's Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 304 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 106,898 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 106,898 | |||
Total | 106,898 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 106,898 | 44,987 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Merrick Park | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 254 | |||
Initial Cost | ||||
Land and Improvements | $ 18,029 | |||
Building / Construction in Progress & Improvements | 77,160 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 18,029 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 77,160 | |||
Total | 95,189 | |||
Accumulated Depreciation | 1,738 | |||
Total real estate, net | 93,451 | 85,052 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon South Miami | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 290 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 43,909 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,909 | |||
Total | 43,909 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 43,909 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon North Andover | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 221 | |||
Initial Cost | ||||
Land and Improvements | $ 13,612 | |||
Building / Construction in Progress & Improvements | 61,895 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 13,612 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,895 | |||
Total | 75,507 | |||
Accumulated Depreciation | 2,190 | |||
Total real estate, net | 73,317 | 59,448 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Brighton | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 180 | |||
Initial Cost | ||||
Land and Improvements | $ 11,157 | |||
Building / Construction in Progress & Improvements | 76,931 | |||
Costs Subsequent to Acquisition / Construction | 315 | |||
Total Cost | ||||
Land and Improvements | 11,157 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 77,246 | |||
Total | 88,403 | |||
Accumulated Depreciation | 2,048 | |||
Total real estate, net | 86,355 | 76,197 | ||
Encumbrances | $ 0 | |||
Development Communities | Kanso Milford | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 162 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 38,557 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,557 | |||
Total | 38,557 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 38,557 | 15,540 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Annapolis | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 508 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 115,599 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 115,599 | |||
Total | 115,599 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 115,599 | 66,119 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Hunt Valley West | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 322 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 29,616 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 29,616 | |||
Total | 29,616 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 29,616 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Durham | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 336 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 80,784 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 80,784 | |||
Total | 80,784 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 80,784 | 33,214 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Lake Norman | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 345 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 20,233 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 20,233 | |||
Total | 20,233 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 20,233 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Montville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 349 | |||
Initial Cost | ||||
Land and Improvements | $ 1,915 | |||
Building / Construction in Progress & Improvements | 26,884 | |||
Costs Subsequent to Acquisition / Construction | 82,146 | |||
Total Cost | ||||
Land and Improvements | 1,915 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 109,030 | |||
Total | 110,945 | |||
Accumulated Depreciation | 87 | |||
Total real estate, net | 110,858 | 49,944 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Somerville Station | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 374 | |||
Initial Cost | ||||
Land and Improvements | $ 16,663 | |||
Building / Construction in Progress & Improvements | 97,348 | |||
Costs Subsequent to Acquisition / Construction | 321 | |||
Total Cost | ||||
Land and Improvements | 16,663 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 97,669 | |||
Total | 114,332 | |||
Accumulated Depreciation | 4,455 | |||
Total real estate, net | 109,877 | 98,470 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon West Windsor | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 535 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 50,414 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 50,414 | |||
Total | 50,414 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 50,414 | 30,097 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Princeton Shopping Center | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 200 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 25,615 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 25,615 | |||
Total | 25,615 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 25,615 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Wayne | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 473 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 23,811 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,811 | |||
Total | 23,811 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 23,811 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Parsippany | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 410 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 17,012 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,012 | |||
Total | 17,012 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 17,012 | 0 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Princeton Circle | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 221 | |||
Initial Cost | ||||
Land and Improvements | $ 11,705 | |||
Building / Construction in Progress & Improvements | 73,366 | |||
Costs Subsequent to Acquisition / Construction | 55 | |||
Total Cost | ||||
Land and Improvements | 11,705 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,421 | |||
Total | 85,126 | |||
Accumulated Depreciation | 644 | |||
Total real estate, net | 84,482 | 42,622 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Harrison | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 143 | |||
Initial Cost | ||||
Land and Improvements | $ 14,374 | |||
Building / Construction in Progress & Improvements | 75,589 | |||
Costs Subsequent to Acquisition / Construction | 198 | |||
Total Cost | ||||
Land and Improvements | 14,374 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 75,787 | |||
Total | 90,161 | |||
Accumulated Depreciation | 4,529 | |||
Total real estate, net | 85,632 | 80,864 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Harbor Isle | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 172 | |||
Initial Cost | ||||
Land and Improvements | $ 16,486 | |||
Building / Construction in Progress & Improvements | 75,196 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 16,486 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 75,196 | |||
Total | 91,682 | |||
Accumulated Depreciation | 3,868 | |||
Total real estate, net | 87,814 | 89,662 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Amityville | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 338 | |||
Initial Cost | ||||
Land and Improvements | $ 10,035 | |||
Building / Construction in Progress & Improvements | 50,071 | |||
Costs Subsequent to Acquisition / Construction | 62,910 | |||
Total Cost | ||||
Land and Improvements | 10,035 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 112,981 | |||
Total | 123,016 | |||
Accumulated Depreciation | 441 | |||
Total real estate, net | 122,575 | 81,899 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Bothell Commons | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 467 | |||
Initial Cost | ||||
Land and Improvements | $ 5,996 | |||
Building / Construction in Progress & Improvements | 46,907 | |||
Costs Subsequent to Acquisition / Construction | 164,309 | |||
Total Cost | ||||
Land and Improvements | 5,996 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 211,216 | |||
Total | 217,212 | |||
Accumulated Depreciation | 430 | |||
Total real estate, net | 216,782 | 126,331 | ||
Encumbrances | $ 0 | |||
Development Communities | Avalon Redmond Campus | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 214 | |||
Initial Cost | ||||
Land and Improvements | $ 0 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 81,535 | |||
Total Cost | ||||
Land and Improvements | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 81,535 | |||
Total | 81,535 | |||
Accumulated Depreciation | 4 | |||
Total real estate, net | 81,531 | 43,599 | ||
Encumbrances | 0 | |||
Land Held for Development | ||||
Initial Cost | ||||
Land and Improvements | 199,062 | |||
Building / Construction in Progress & Improvements | 0 | |||
Costs Subsequent to Acquisition / Construction | 0 | |||
Total Cost | ||||
Land and Improvements | 199,062 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 0 | |||
Total | 199,062 | |||
Accumulated Depreciation | 0 | |||
Total real estate, net | 199,062 | 179,204 | ||
Encumbrances | 0 | |||
Corporate Overhead | ||||
Initial Cost | ||||
Land and Improvements | 9,372 | |||
Building / Construction in Progress & Improvements | 11,414 | |||
Costs Subsequent to Acquisition / Construction | 131,230 | |||
Total Cost | ||||
Land and Improvements | 9,372 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 142,644 | |||
Total | 152,016 | |||
Accumulated Depreciation | 85,473 | |||
Total real estate, net | 66,543 | 60,902 | ||
Encumbrances | $ 7,300,000 | |||
Wholly owned properties | ||||
Real Estate and Accumulated Depreciation | ||||
Number of units in real estate property | home | 87,947 | |||
2023 Disposals | ||||
Total Cost | ||||
Total real estate, net | $ 157,071 | |||
Unsecured notes | ||||
Total Cost | ||||
Deferred financing costs and debt discount associated with unsecured and secured notes | $ 43,848 | |||
Secured notes | ||||
Total Cost | ||||
Deferred financing costs and debt discount associated with unsecured and secured notes | $ 18,372 |
REAL ESTATE AND ACCUMULATED D_3
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Aggregate cost of total real estate for federal income tax purposes | $ 25,437,272 | ||
Changes in total real estate assets | |||
Balance, beginning of period | 25,871,363 | $ 24,927,305 | $ 23,962,222 |
Acquisitions, construction costs and improvements | 1,338,187 | 1,599,311 | 1,588,314 |
Dispositions, including casualty losses, and other activity | (279,088) | (655,253) | (623,231) |
Balance, end of period | 26,930,462 | 25,871,363 | 24,927,305 |
Changes in accumulated depreciation | |||
Balance, beginning of period | 6,878,556 | 6,217,721 | 5,728,440 |
Depreciation | 816,965 | 814,978 | 758,596 |
Dispositions, including casualty losses | (137,907) | (154,143) | (269,315) |
Balance, end of period | $ 7,557,614 | $ 6,878,556 | $ 6,217,721 |