Maryland
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77-0404318
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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(Title of each class)
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(Name of each exchange on which registered)
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Common Stock, par value $.01 per share
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New York Stock Exchange
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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•
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252
operating apartment communities containing
74,240
apartment homes in
11
states and the District of Columbia, of which
228
communities containing
66,631
apartment homes were consolidated for financial reporting purposes,
two
communities containing
618
apartment homes were held by joint ventures in which we hold an ownership interest, and
22
communities containing
6,991
apartment homes were owned by the Funds (as defined below).
12
of the consolidated communities containing
3,998
apartment homes were under redevelopment, as discussed below;
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•
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26
wholly-owned communities under construction that are expected to contain an aggregate of
7,924
apartment homes when completed; and
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•
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rights to develop an additional
37
communities that, if developed in the manner expected, will contain an estimated
10,384
apartment homes; and
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•
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an indirect interest in the Residual JV (as defined in this Form 10-K) which owns direct and indirect interests in assets acquired as part of the Archstone Acquisition (as defined in this Form 10-K), including
two
land parcels and an indirect interest in a joint venture which owns
four
apartment communities with
1,410
apartment homes in the United States.
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•
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Boston, Massachusetts;
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•
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Long Island, New York;
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•
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Los Angeles, California;
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•
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New York, New York;
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•
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Newport Beach, California;
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•
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San Francisco, California;
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•
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San Jose, California;
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•
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Seattle, Washington;
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•
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Fairfield, Connecticut;
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•
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Virginia Beach, Virginia; and
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•
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Woodbridge, New Jersey.
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•
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focusing on resident satisfaction;
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•
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staggering lease terms such that lease expirations are better matched to traffic patterns;
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•
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balancing high occupancy with premium pricing and increasing rents as market conditions permit; and
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•
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employing revenue management software to optimize the pricing and term of leases.
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•
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we use purchase order controls, acquiring goods and services from pre-approved vendors;
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we use national negotiated contracts and also purchase supplies in bulk where possible;
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we bid third-party contracts on a volume basis;
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•
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we strive to retain residents through high levels of service in order to eliminate the cost of preparing an apartment home for a new resident and to reduce marketing and vacant apartment utility costs;
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we perform turnover work in-house or hire third parties, generally considering the most cost effective approach as well as expertise needed to perform the work;
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•
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we undertake preventive maintenance regularly to maximize resident safety and satisfaction, as well as to maximize property and equipment life; and
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•
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we aggressively pursue real estate tax appeals.
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•
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we may abandon opportunities that we have already begun to explore for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover expenses already incurred in exploring those opportunities;
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•
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occupancy rates and rents at a community may fail to meet our original expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development by competitors of competing communities;
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•
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we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities;
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•
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we may incur costs that exceed our original estimates due to increased material, labor or other costs;
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we may be unable to complete construction and lease-up of a community on schedule, resulting in increased construction and financing costs and a decrease in expected rental revenues;
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•
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we may be unable to obtain financing with favorable terms, or at all, for the proposed development of a community, which may cause us to delay or abandon an opportunity;
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•
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we may incur liabilities to third parties during the development process, for example, in connection with managing existing improvements on the site prior to tenant terminations and demolition (such as commercial space) or in connection with providing services to third parties (such as the construction of shared infrastructure or other improvements); and
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we may incur liability if our communities are not constructed and operated in compliance with the accessibility provisions of the Americans with Disabilities Acts, the Fair Housing Act or other federal, state or local requirements. Noncompliance could result in imposition of fines, an award of damages to private litigants, and a requirement that we undertake structural modifications to remedy the noncompliance.
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•
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land and/or property acquisition costs;
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fees paid to secure air rights and/or tax abatements;
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construction or reconstruction costs;
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costs of environmental remediation;
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real estate taxes;
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capitalized interest and insurance;
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loan fees;
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permits;
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professional fees;
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allocated development or redevelopment overhead; and
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other regulatory fees.
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plant closings, industry slowdowns and other factors that adversely affect the local economy;
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an oversupply of, or a reduced demand for, apartment homes;
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•
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a decline in household formation or employment or lack of employment growth;
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the inability or unwillingness of residents to pay rent increases;
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rent control or rent stabilization laws, or other laws regulating housing, that could prevent us from raising rents to offset increases in operating costs; and
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economic conditions that could cause an increase in our operating expenses, such as increases in property taxes, utilities, compensation of on-site associates and routine maintenance.
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an acquired property may fail to perform as we expected in analyzing our investment; and
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our estimate of the costs of repositioning or redeveloping an acquired property may prove inaccurate.
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our subsidiaries that are the general partners of the Funds are generally liable, under partnership law, for the debts and obligations of the respective Funds, subject to certain exculpation and indemnification rights pursuant to the terms of the partnership agreement of the Funds;
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investors in the Funds holding a majority of the partnership interests may remove us as the general partner without cause, in the case of Fund I and Fund II, subject to our right to receive compensation for an additional period of management fees after such removal and our right to acquire one of the properties then held by such Funds;
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while we have broad discretion to manage the Funds, the investors or an advisory committee comprised of representatives of the investors must approve certain matters, and as a result we may be unable to cause the Funds to implement certain decisions that we consider beneficial; and
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we may be liable and/or our status as a REIT may be jeopardized if either the Funds, or the REIT entities associated with the Funds and/or the U.S. Fund and/or AC JV, fail to comply with various tax or other regulatory matters.
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the environmental assessments described above have identified all potential environmental liabilities;
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no prior owner created any material environmental condition not known to us or the consultants who prepared the assessments;
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no environmental liabilities have developed since the environmental assessments were prepared;
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the condition of land or operations in the vicinity of our communities, such as the presence of underground storage tanks, will not affect the environmental condition of our communities;
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future uses or conditions, including, without limitation, changes in applicable environmental laws and regulations, will not result in the imposition of environmental liability; and
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no environmental liabilities will arise at communities that we have sold for which we may have liability.
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Established Communities (also known as Same Store Communities)
are consolidated communities where a comparison of operating results from the prior year period to the current year period is meaningful, as these communities were owned and had stabilized occupancy as of the beginning of the prior year period. The Company generally establishes the classification of communities as of the beginning of the calendar year; however, in 2014, effective April 1, 2014, the Company updated its classification of communities primarily to include communities acquired as part of the Archstone Acquisition in the results of operations of our Established Community portfolio for the balance of the year. The Established Communities for the year ended
December 31, 2014
are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2013, are not conducting or planning to conduct substantial redevelopment activities, and are not held for sale or planned for disposition within the current year period. Any discussion of results of operations for the Established Communities for the year ended
December 31, 2014
excludes communities acquired as part of the Archstone Acquisition. The Established Communities as of
December 31, 2014
, as updated effective April 1, 2014, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of April 1, 2013, are not conducting or planning to conduct substantial redevelopment activities, and are not held for sale or planned for disposition within the current year period. Established Communities as of
December 31, 2014
include most of the stabilized operating communities acquired as part of the Archstone Acquisition. A community is considered to have stabilized occupancy at the earlier of (i) attainment of
95%
physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.
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•
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Other Stabilized Communities
includes all other completed communities that we own or have a direct or indirect ownership interest in, and that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. Other Stabilized Communities for the year ended
December 31, 2014
include the stabilized operating communities acquired as part of the Archstone Acquisition.
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Lease-Up Communities
are communities where construction has been complete for less than one year and where physical occupancy has not reached
95%
.
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•
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Redevelopment Communities
are communities where substantial redevelopment is in progress or is planned to begin during the current year. Redevelopment is considered substantial when capital invested during the reconstruction effort is expected to exceed the lesser of
$5,000,000
or
10%
of the community's pre-redevelopment basis and is expected to have a material impact on the operations of the community, including occupancy levels and future rental rates.
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Number of
communities
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Number of
apartment homes
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Current Communities
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Established Communities (1):
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New England
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33
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7,379
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Metro NY/NJ (2)
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33
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11,611
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Mid-Atlantic
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22
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7,108
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Pacific Northwest
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13
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3,179
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Northern California
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29
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8,519
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Southern California
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42
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11,639
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Total Established
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172
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49,435
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Other Stabilized Communities:
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New England
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12
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3,306
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Metro NY/NJ
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9
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2,557
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Mid-Atlantic
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12
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4,599
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Pacific Northwest
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2
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396
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Northern California
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7
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1,765
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Southern California
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12
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4,640
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Non-Core
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2
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474
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Total Other Stabilized
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56
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17,737
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||
Lease-Up Communities
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15
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3,853
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Redevelopment Communities
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8
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2,938
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Total Current Communities
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251
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73,963
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Development Communities
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26
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8,524
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Development Rights
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37
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10,384
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(1)
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Reflects the community classification effective April 1, 2014, which includes most stabilized communities acquired as part of the Archstone Acquisition in our Established Communities portfolio.
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(2)
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Metro NY/NJ Established Communities includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.
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fully-equipped kitchens;
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•
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lofts and vaulted ceilings;
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•
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walk-in closets;
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•
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fireplaces;
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•
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patios/decks; and
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•
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modern appliances.
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•
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swimming pools;
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•
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fitness centers;
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•
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tennis courts; and
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•
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wi-fi lounges.
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Number of
communities at
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Number of
apartment homes at
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Percentage of total
apartment homes at
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||||||||||||
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1/31/2014
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|
1/31/2015
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1/31/2014
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1/31/2015
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1/31/2014
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1/31/2015
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||||||
New England
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49
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50
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11,868
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11,444
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16.3
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%
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15.4
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%
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Boston, MA
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34
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36
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8,518
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8,555
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11.7
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%
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11.5
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%
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Fairfield County, CT
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15
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14
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3,350
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2,889
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4.6
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%
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3.9
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%
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||||||
Metro NY/NJ
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45
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47
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14,676
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15,258
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20.1
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%
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20.6
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%
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New York City, NY
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10
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10
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3,581
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3,582
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4.9
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%
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|
4.8
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%
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New York Suburban
|
17
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|
19
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5,039
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5,554
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6.9
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%
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|
7.5
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%
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New Jersey (1)
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18
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18
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6,056
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6,122
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8.3
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%
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8.3
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%
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||||||
Mid-Atlantic
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37
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37
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13,118
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13,308
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18.0
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%
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17.9
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%
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Washington Metro
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37
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|
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37
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13,118
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13,308
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18.0
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%
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17.9
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%
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||||||
Pacific Northwest
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16
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16
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3,794
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3,858
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5.2
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%
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5.2
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%
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Seattle, WA
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16
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16
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3,794
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3,858
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5.2
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%
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5.2
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%
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||||||
Northern California
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37
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|
|
41
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|
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11,104
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11,974
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15.3
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%
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16.1
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%
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Oakland-East Bay, CA
|
10
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|
12
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|
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3,244
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3,591
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4.5
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%
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4.8
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%
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San Francisco, CA
|
14
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|
|
15
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|
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3,207
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3,480
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4.4
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%
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|
4.7
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%
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San Jose, CA
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13
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|
|
14
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|
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4,653
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4,903
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6.4
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%
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6.6
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%
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|
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||||||
Southern California
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57
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|
|
57
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17,221
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17,132
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23.7
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%
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23.1
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%
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Los Angeles, CA
|
34
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|
|
35
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|
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10,344
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|
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10,575
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14.3
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%
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14.3
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%
|
Orange County, CA
|
13
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|
|
12
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3,745
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3,425
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5.1
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%
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|
4.6
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%
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San Diego, CA
|
10
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|
|
10
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3,132
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|
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3,132
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4.3
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%
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|
4.2
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%
|
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|
|
|
|
|
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||||||
Non-Core
|
3
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|
|
4
|
|
|
1,030
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|
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1,266
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1.4
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%
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|
1.7
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%
|
|
|
|
|
|
|
|
|
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||||||
|
244
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|
|
252
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|
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72,811
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74,240
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|
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100.0
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%
|
|
100.0
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%
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(1)
|
New Jersey Current Communities includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.
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•
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a full fee simple, or absolute, ownership interest in
225
operating communities,
12
of which are on land subject to land leases expiring in October 2026, November 2028, May 2041, July 2046, December 2061, September 2065, November 2067, April 2095, May 2105, September 2105, April 2106 and March 2142;
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•
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a general partnership interest and an indirect limited partnership interest in Fund I, Fund II, the U.S. Fund and the AC JV. Subsidiaries of Fund II own a fee simple interest in
10
operating communities, subsidiaries of the U.S. Fund own a fee simple interest in
nine
operating communities, and subsidiaries of the AC JV own a fee simple interest in
three
operating communities;
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•
|
a general partnership interest in
one
partnership structured as a "DownREIT," as described more fully below, that owns
one
community; and
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•
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a membership interest in
four
limited liability companies, that each hold a fee simple interest in an operating community.
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Approx.
rentable area
(Sq. Ft.)
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Year of
completion/
acquisition
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Average
size
(Sq. Ft.)
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|
Physical
occupancy
at
12/31/14
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|
Average economic occupancy
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|
Average rental rate
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|
Financial
reporting
cost (5)
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||||||||||||||||
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City and state
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Number
of homes
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2014
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|
2013
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|
$ per
Apt (4)
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|
$ per
Sq. Ft.
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|||||||||||||||||
CURRENT COMMUNITIES
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|||
NEW ENGLAND
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|||
Boston, MA
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|||
Avalon at Lexington
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|
Lexington, MA
|
|
198
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|
|
230,956
|
|
|
1994
|
|
1,166
|
|
|
88.9
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%
|
|
93.8
|
%
|
|
95.1
|
%
|
|
$
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2,213
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|
|
$
|
1.90
|
|
|
$
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23,922
|
|
Avalon Oaks
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|
Wilmington, MA
|
|
204
|
|
|
229,932
|
|
|
1999
|
|
1,127
|
|
|
90.1
|
%
|
|
92.4
|
%
|
|
95.9
|
%
|
|
1,608
|
|
|
1.43
|
|
|
22,843
|
|
|||
Eaves Quincy
|
|
Quincy, MA
|
|
245
|
|
|
224,538
|
|
|
1986/1995
|
|
916
|
|
|
96.3
|
%
|
|
94.6
|
%
|
|
96.5
|
%
|
|
1,674
|
|
|
1.83
|
|
|
25,688
|
|
|||
Avalon Essex
|
|
Peabody, MA
|
|
154
|
|
|
198,478
|
|
|
2000
|
|
1,289
|
|
|
95.5
|
%
|
|
95.9
|
%
|
|
96.3
|
%
|
|
1,933
|
|
|
1.50
|
|
|
23,325
|
|
|||
Avalon Oaks West
|
|
Wilmington, MA
|
|
120
|
|
|
133,376
|
|
|
2002
|
|
1,111
|
|
|
95.0
|
%
|
|
95.8
|
%
|
|
96.1
|
%
|
|
1,628
|
|
|
1.47
|
|
|
17,531
|
|
|||
Avalon Orchards
|
|
Marlborough, MA
|
|
156
|
|
|
175,832
|
|
|
2002
|
|
1,127
|
|
|
92.3
|
%
|
|
95.3
|
%
|
|
96.6
|
%
|
|
1,713
|
|
|
1.52
|
|
|
22,963
|
|
|||
Avalon at Newton Highlands (10)
|
|
Newton, MA
|
|
294
|
|
|
341,717
|
|
|
2003
|
|
1,162
|
|
|
96.9
|
%
|
|
96.4
|
%
|
|
96.2
|
%
|
|
2,611
|
|
|
2.25
|
|
|
60,052
|
|
|||
Avalon at The Pinehills
|
|
Plymouth, MA
|
|
192
|
|
|
255,240
|
|
|
2004
|
|
1,329
|
|
|
92.7
|
%
|
|
95.3
|
%
|
|
97.0
|
%
|
|
2,084
|
|
|
1.57
|
|
|
37,460
|
|
|||
Eaves Peabody
|
|
Peabody, MA
|
|
286
|
|
|
250,624
|
|
|
1962/2004
|
|
876
|
|
|
96.9
|
%
|
|
95.8
|
%
|
|
96.0
|
%
|
|
1,538
|
|
|
1.76
|
|
|
35,671
|
|
|||
Avalon at Bedford Center
|
|
Bedford, MA
|
|
139
|
|
|
159,914
|
|
|
2006
|
|
1,150
|
|
|
96.4
|
%
|
|
97.4
|
%
|
|
96.4
|
%
|
|
2,113
|
|
|
1.84
|
|
|
25,143
|
|
|||
Avalon Chestnut Hill
|
|
Chestnut Hill, MA
|
|
204
|
|
|
270,956
|
|
|
2007
|
|
1,328
|
|
|
98.0
|
%
|
|
97.2
|
%
|
|
96.6
|
%
|
|
3,056
|
|
|
2.30
|
|
|
62,382
|
|
|||
Avalon Shrewsbury
|
|
Shrewsbury, MA
|
|
251
|
|
|
272,805
|
|
|
2007
|
|
1,087
|
|
|
95.2
|
%
|
|
94.4
|
%
|
|
96.1
|
%
|
|
1,598
|
|
|
1.47
|
|
|
36,517
|
|
|||
Avalon at Lexington Hills
|
|
Lexington, MA
|
|
387
|
|
|
484,216
|
|
|
2008
|
|
1,251
|
|
|
93.0
|
%
|
|
95.9
|
%
|
|
95.8
|
%
|
|
2,452
|
|
|
1.96
|
|
|
88,956
|
|
|||
Avalon Acton
|
|
Acton, MA
|
|
380
|
|
|
375,074
|
|
|
2008
|
|
987
|
|
|
94.5
|
%
|
|
95.0
|
%
|
|
96.7
|
%
|
|
1,636
|
|
|
1.66
|
|
|
63,305
|
|
|||
Avalon Sharon
|
|
Sharon, MA
|
|
156
|
|
|
175,389
|
|
|
2008
|
|
1,124
|
|
|
99.4
|
%
|
|
94.9
|
%
|
|
97.3
|
%
|
|
1,937
|
|
|
1.72
|
|
|
30,510
|
|
|||
Avalon at Center Place (12)
|
|
Providence, RI
|
|
225
|
|
|
222,835
|
|
|
1991/1997
|
|
990
|
|
|
96.9
|
%
|
|
95.2
|
%
|
|
96.1
|
%
|
|
2,679
|
|
|
2.70
|
|
|
37,046
|
|
|||
Avalon at Hingham Shipyard
|
|
Hingham, MA
|
|
235
|
|
|
290,790
|
|
|
2009
|
|
1,237
|
|
|
94.0
|
%
|
|
94.1
|
%
|
|
95.3
|
%
|
|
2,469
|
|
|
2.00
|
|
|
54,282
|
|
|||
Avalon Northborough
|
|
Northborough, MA
|
|
382
|
|
|
454,033
|
|
|
2009
|
|
1,189
|
|
|
96.6
|
%
|
|
94.2
|
%
|
|
94.5
|
%
|
|
1,778
|
|
|
1.50
|
|
|
60,614
|
|
|||
Avalon Blue Hills
|
|
Randolph, MA
|
|
276
|
|
|
269,990
|
|
|
2009
|
|
978
|
|
|
96.4
|
%
|
|
95.3
|
%
|
|
94.7
|
%
|
|
1,563
|
|
|
1.60
|
|
|
45,926
|
|
|||
Avalon Cohasset
|
|
Cohasset, MA
|
|
220
|
|
|
293,272
|
|
|
2012
|
|
1,333
|
|
|
93.2
|
%
|
|
93.0
|
%
|
|
94.2
|
%
|
|
2,097
|
|
|
1.57
|
|
|
55,051
|
|
|||
Avalon Andover
|
|
Andover, MA
|
|
115
|
|
|
132,918
|
|
|
2012
|
|
1,156
|
|
|
92.1
|
%
|
|
92.8
|
%
|
|
94.4
|
%
|
|
1,926
|
|
|
1.67
|
|
|
26,179
|
|
|||
Eaves Burlington
|
|
Burlington, MA
|
|
203
|
|
|
198,233
|
|
|
1988/2012
|
|
977
|
|
|
96.6
|
%
|
|
95.9
|
%
|
(2)
|
96.4
|
%
|
|
1,619
|
|
|
1.66
|
|
|
45,330
|
|
|||
AVA Back Bay
|
|
Boston, MA
|
|
271
|
|
|
246,774
|
|
|
1968/1998
|
|
911
|
|
|
88.9
|
%
|
|
93.2
|
%
|
|
95.4
|
%
|
|
3,343
|
|
|
3.67
|
|
(2)
|
81,938
|
|
|||
Avalon at Prudential Center II
|
|
Boston, MA
|
|
266
|
|
|
243,315
|
|
|
1968/1998
|
|
915
|
|
|
94.4
|
%
|
|
95.0
|
%
|
|
94.9
|
%
|
|
3,475
|
|
|
3.80
|
|
|
76,055
|
|
|||
Avalon at Prudential Center I
|
|
Boston, MA
|
|
243
|
|
|
242,410
|
|
|
1968/1998
|
|
998
|
|
|
94.2
|
%
|
|
95.4
|
%
|
|
94.7
|
%
|
|
3,694
|
|
|
3.70
|
|
|
60,145
|
|
|||
Avalon Burlington
|
|
Burlington, MA
|
|
312
|
|
|
315,545
|
|
|
1989/2013
|
|
1,011
|
|
|
97.1
|
%
|
|
93.2
|
%
|
|
91.8
|
%
|
(3)
|
1,824
|
|
|
1.80
|
|
|
81,743
|
|
|||
Avalon Bear Hill
|
|
Waltham, MA
|
|
324
|
|
|
391,394
|
|
|
1999/2013
|
|
1,208
|
|
|
96.0
|
%
|
|
94.2
|
%
|
|
93.4
|
%
|
(3)
|
2,529
|
|
|
2.09
|
|
|
129,459
|
|
|||
Eaves North Quincy
|
|
Quincy, MA
|
|
224
|
|
|
157,908
|
|
|
1977/2013
|
|
705
|
|
|
95.1
|
%
|
|
96.3
|
%
|
|
95.1
|
%
|
(3)
|
1,792
|
|
|
2.54
|
|
|
53,831
|
|
|||
Avalon Natick
|
|
Natick, MA
|
|
407
|
|
|
362,744
|
|
|
2013
|
|
891
|
|
|
96.3
|
%
|
|
96.5
|
%
|
|
46.1
|
%
|
(3)
|
1,908
|
|
|
2.14
|
|
|
80,230
|
|
|||
Avalon Canton at Blue Hills
|
|
Canton, MA
|
|
196
|
|
|
235,465
|
|
|
2014
|
|
1,201
|
|
|
98.0
|
%
|
|
58.8
|
%
|
(3)
|
N/A
|
|
(3)
|
1,847
|
|
|
1.54
|
|
(3)
|
39,753
|
|
|||
Avalon Exeter (12)
|
|
Andover, MA
|
|
187
|
|
|
200,641
|
|
|
2014
|
|
1,073
|
|
|
74.7
|
%
|
|
28.0
|
%
|
(3)
|
N/A
|
|
(3)
|
5,611
|
|
|
5.23
|
|
(3)
|
124,430
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fairfield-New Haven, CT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eaves Trumbull
|
|
Trumbull, CT
|
|
340
|
|
|
379,382
|
|
|
1997
|
|
1,116
|
|
|
95.0
|
%
|
|
95.6
|
%
|
|
96.0
|
%
|
|
1,786
|
|
|
1.60
|
|
|
39,211
|
|
|||
Eaves Stamford
|
|
Stamford, CT
|
|
238
|
|
|
222,165
|
|
|
1991
|
|
933
|
|
|
92.0
|
%
|
|
94.3
|
%
|
|
96.1
|
%
|
(2)
|
2,177
|
|
|
2.33
|
|
|
42,697
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/14
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (5)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2014
|
|
2013
|
|
$ per
Apt (4)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon Wilton I
|
|
Wilton, CT
|
|
102
|
|
|
158,259
|
|
|
1997
|
|
1,552
|
|
|
99.0
|
%
|
|
96.0
|
%
|
|
95.5
|
%
|
|
3,330
|
|
|
2.15
|
|
|
22,621
|
|
|||
Avalon on Stamford Harbor
|
|
Stamford, CT
|
|
323
|
|
|
322,461
|
|
|
2003
|
|
998
|
|
|
96.0
|
%
|
|
96.1
|
%
|
|
95.7
|
%
|
|
2,575
|
|
|
2.58
|
|
|
64,497
|
|
|||
Avalon New Canaan
|
|
New Canaan, CT
|
|
104
|
|
|
132,080
|
|
|
2002
|
|
1,270
|
|
|
90.4
|
%
|
|
92.8
|
%
|
|
93.7
|
%
|
|
3,287
|
|
|
2.59
|
|
|
25,878
|
|
|||
AVA Stamford
|
|
Stamford, CT
|
|
306
|
|
|
315,380
|
|
|
2002/2002
|
|
1,031
|
|
|
96.4
|
%
|
|
95.5
|
%
|
|
95.5
|
%
|
|
2,344
|
|
|
2.27
|
|
|
74,920
|
|
|||
Avalon Danbury
|
|
Danbury, CT
|
|
234
|
|
|
235,320
|
|
|
2005
|
|
1,006
|
|
|
96.6
|
%
|
|
96.4
|
%
|
|
95.9
|
%
|
|
1,720
|
|
|
1.71
|
|
|
36,241
|
|
|||
Avalon Darien
|
|
Darien, CT
|
|
189
|
|
|
242,675
|
|
|
2004
|
|
1,284
|
|
|
96.3
|
%
|
|
94.7
|
%
|
|
95.8
|
%
|
|
2,841
|
|
|
2.21
|
|
|
43,274
|
|
|||
Avalon Milford I
|
|
Milford, CT
|
|
246
|
|
|
217,077
|
|
|
2004
|
|
882
|
|
|
97.2
|
%
|
|
95.5
|
%
|
|
96.0
|
%
|
|
1,605
|
|
|
1.82
|
|
|
32,170
|
|
|||
Avalon Huntington
|
|
Shelton, CT
|
|
99
|
|
|
139,869
|
|
|
2008
|
|
1,413
|
|
|
96.9
|
%
|
|
96.7
|
%
|
|
97.3
|
%
|
|
2,306
|
|
|
1.63
|
|
|
25,406
|
|
|||
Avalon Norwalk
|
|
Norwalk, CT
|
|
311
|
|
|
310,629
|
|
|
2011
|
|
999
|
|
|
95.5
|
%
|
|
96.3
|
%
|
|
96.7
|
%
|
|
2,065
|
|
|
2.07
|
|
|
74,255
|
|
|||
Avalon Wilton II
|
|
Wilton, CT
|
|
100
|
|
|
128,716
|
|
|
2011
|
|
1,287
|
|
|
98.0
|
%
|
|
96.6
|
%
|
|
95.6
|
%
|
|
2,430
|
|
|
1.89
|
|
|
30,368
|
|
|||
Avalon Shelton III
|
|
Shelton, CT
|
|
250
|
|
|
249,190
|
|
|
2013
|
|
997
|
|
|
93.6
|
%
|
|
94.5
|
%
|
|
41.8
|
%
|
(3)
|
1,702
|
|
|
1.71
|
|
|
48,719
|
|
|||
Avalon East Norwalk
|
|
Norwalk, CT
|
|
240
|
|
|
223,698
|
|
|
2013
|
|
932
|
|
|
96.7
|
%
|
|
94.5
|
%
|
|
32.8
|
%
|
(3)
|
1,938
|
|
|
2.08
|
|
|
46,520
|
|
|||
Avalon at Stratford
|
|
Stratford, CT
|
|
130
|
|
|
148,136
|
|
|
2014
|
|
1,140
|
|
|
95.3
|
%
|
|
48.6
|
%
|
(3)
|
N/A
|
|
(3)
|
1,797
|
|
|
1.58
|
|
(3)
|
29,448
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
METRO NY/NJ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York Suburban, NY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Commons
|
|
Smithtown, NY
|
|
312
|
|
|
377,240
|
|
|
1997
|
|
1,209
|
|
|
95.2
|
%
|
|
96.5
|
%
|
|
96.6
|
%
|
|
2,446
|
|
|
2.02
|
|
|
38,625
|
|
|||
Eaves Nanuet
|
|
Nanuet, NY
|
|
504
|
|
|
608,842
|
|
|
1998
|
|
1,208
|
|
|
96.8
|
%
|
|
96.9
|
%
|
|
96.9
|
%
|
|
2,283
|
|
|
1.89
|
|
|
57,991
|
|
|||
Avalon Green
|
|
Elmsford, NY
|
|
105
|
|
|
113,538
|
|
|
1995
|
|
1,081
|
|
|
94.2
|
%
|
|
95.2
|
%
|
(2)
|
95.5
|
%
|
|
2,478
|
|
|
2.29
|
|
(2)
|
14,020
|
|
|||
Avalon Towers
|
|
Long Beach, NY
|
|
109
|
|
|
124,611
|
|
|
1990/1995
|
|
1,143
|
|
|
96.3
|
%
|
|
96.5
|
%
|
(2)
|
95.7
|
%
|
|
3,719
|
|
|
3.25
|
|
(2)
|
25,351
|
|
|||
Avalon Willow
|
|
Mamaroneck, NY
|
|
227
|
|
|
216,289
|
|
|
2000
|
|
953
|
|
|
96.5
|
%
|
|
95.6
|
%
|
|
96.0
|
%
|
|
2,534
|
|
|
2.66
|
|
|
48,421
|
|
|||
Avalon Court
|
|
Melville, NY
|
|
494
|
|
|
596,874
|
|
|
1997
|
|
1,208
|
|
|
95.9
|
%
|
|
96.3
|
%
|
|
96.2
|
%
|
|
2,785
|
|
|
2.31
|
|
|
62,199
|
|
|||
The Avalon
|
|
Bronxville, NY
|
|
110
|
|
|
118,952
|
|
|
1999
|
|
1,081
|
|
|
94.5
|
%
|
|
93.6
|
%
|
|
93.2
|
%
|
(2)
|
4,519
|
|
|
4.18
|
|
|
39,206
|
|
|||
Avalon at Glen Cove (12)
|
|
Glen Cove, NY
|
|
256
|
|
|
261,425
|
|
|
2004
|
|
1,021
|
|
|
94.9
|
%
|
|
96.2
|
%
|
|
96.9
|
%
|
|
2,672
|
|
|
2.62
|
|
|
68,937
|
|
|||
Avalon Pines
|
|
Coram, NY
|
|
450
|
|
|
545,989
|
|
|
2005
|
|
1,213
|
|
|
95.6
|
%
|
|
96.9
|
%
|
|
96.8
|
%
|
|
2,226
|
|
|
1.83
|
|
|
72,252
|
|
|||
Avalon Glen Cove North (12)
|
|
Glen Cove, NY
|
|
111
|
|
|
100,754
|
|
|
2007
|
|
908
|
|
|
93.7
|
%
|
|
96.1
|
%
|
|
96.5
|
%
|
|
2,546
|
|
|
2.80
|
|
|
40,145
|
|
|||
Avalon White Plains
|
|
White Plains, NY
|
|
407
|
|
|
372,406
|
|
|
2009
|
|
915
|
|
|
95.8
|
%
|
|
95.6
|
%
|
|
96.2
|
%
|
|
3,019
|
|
|
3.30
|
|
|
152,790
|
|
|||
Avalon Charles Pond
|
|
Coram, NY
|
|
200
|
|
|
208,532
|
|
|
2009
|
|
1,043
|
|
|
95.0
|
%
|
|
96.6
|
%
|
|
96.6
|
%
|
|
1,958
|
|
|
1.88
|
|
|
48,403
|
|
|||
Avalon Rockville Centre
|
|
Rockville Centre, NY
|
|
349
|
|
|
349,048
|
|
|
2012
|
|
1,000
|
|
|
96.8
|
%
|
|
96.4
|
%
|
|
96.7
|
%
|
|
2,966
|
|
|
2.97
|
|
|
111,019
|
|
|||
Avalon Green II
|
|
Elmsford, NY
|
|
444
|
|
|
533,544
|
|
|
2012
|
|
1,202
|
|
|
96.4
|
%
|
|
94.8
|
%
|
|
95.9
|
%
|
|
2,684
|
|
|
2.23
|
|
|
105,325
|
|
|||
Avalon Garden City
|
|
Garden City, NY
|
|
204
|
|
|
288,443
|
|
|
2013
|
|
1,414
|
|
|
95.6
|
%
|
|
97.2
|
%
|
|
95.4
|
%
|
(3)
|
3,680
|
|
|
2.60
|
|
|
67,577
|
|
|||
Avalon Westbury
|
|
Westbury, NY
|
|
396
|
|
|
401,496
|
|
|
2006/2013
|
|
1,014
|
|
|
95.7
|
%
|
|
96.5
|
%
|
|
96.6
|
%
|
(3)
|
2,719
|
|
|
2.68
|
|
|
120,811
|
|
|||
Avalon Ossining
|
|
Ossining, NY
|
|
168
|
|
|
184,137
|
|
|
2014
|
|
1,096
|
|
|
97.6
|
%
|
|
61.5
|
%
|
(3)
|
N/A
|
|
(3)
|
2,388
|
|
|
2.18
|
|
(3)
|
36,484
|
|
|||
Avalon Huntington Station
|
|
Huntington Station, NY
|
|
303
|
|
|
364,602
|
|
|
2014
|
|
1,203
|
|
|
90.7
|
%
|
|
40.9
|
%
|
(3)
|
N/A
|
|
(3)
|
2,393
|
|
|
1.99
|
|
(3)
|
79,415
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Cove
|
|
Jersey City, NJ
|
|
504
|
|
|
574,339
|
|
|
1997
|
|
1,140
|
|
|
96.4
|
%
|
|
96.5
|
%
|
|
96.1
|
%
|
|
3,419
|
|
|
3.00
|
|
|
112,242
|
|
|||
Avalon Run (9)
|
|
Lawrenceville, NJ
|
|
632
|
|
|
707,592
|
|
|
1994
|
|
1,120
|
|
|
95.9
|
%
|
|
95.3
|
%
|
|
96.1
|
%
|
|
1,597
|
|
|
1.43
|
|
|
80,662
|
|
|||
Avalon Princeton Junction
|
|
West Windsor, NJ
|
|
512
|
|
|
486,069
|
|
|
1988/1993
|
|
949
|
|
|
96.7
|
%
|
|
95.9
|
%
|
|
96.7
|
%
|
|
1,719
|
|
|
1.81
|
|
|
48,758
|
|
|||
Avalon at Edgewater (15)
|
|
Edgewater, NJ
|
|
408
|
|
|
428,792
|
|
|
2002
|
|
1,051
|
|
|
97.5
|
%
|
|
96.4
|
%
|
|
96.5
|
%
|
|
2,725
|
|
|
2.59
|
|
|
79,070
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/14
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (5)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2014
|
|
2013
|
|
$ per
Apt (4)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon at Florham Park
|
|
Florham Park, NJ
|
|
270
|
|
|
330,410
|
|
|
2001
|
|
1,224
|
|
|
94.4
|
%
|
|
96.0
|
%
|
|
96.7
|
%
|
|
2,895
|
|
|
2.37
|
|
|
43,732
|
|
|||
Avalon at Freehold
|
|
Freehold, NJ
|
|
296
|
|
|
317,356
|
|
|
2002
|
|
1,072
|
|
|
94.9
|
%
|
|
95.8
|
%
|
|
96.7
|
%
|
|
1,904
|
|
|
1.78
|
|
|
35,533
|
|
|||
Avalon Run East
|
|
Lawrenceville, NJ
|
|
312
|
|
|
341,320
|
|
|
2005
|
|
1,094
|
|
|
96.8
|
%
|
|
96.0
|
%
|
|
96.5
|
%
|
|
1,945
|
|
|
1.78
|
|
|
53,051
|
|
|||
Avalon Lyndhurst
|
|
Lyndhurst, NJ
|
|
328
|
|
|
330,408
|
|
|
2007
|
|
1,007
|
|
|
95.7
|
%
|
|
96.9
|
%
|
|
96.2
|
%
|
|
2,274
|
|
|
2.26
|
|
|
79,078
|
|
|||
Avalon at Tinton Falls
|
|
Tinton Falls, NJ
|
|
216
|
|
|
237,747
|
|
|
2008
|
|
1,101
|
|
|
96.3
|
%
|
|
95.7
|
%
|
|
96.4
|
%
|
|
1,908
|
|
|
1.73
|
|
|
41,208
|
|
|||
Avalon at West Long Branch
|
|
West Long Branch, NJ
|
|
180
|
|
|
193,511
|
|
|
2011
|
|
1,075
|
|
|
96.7
|
%
|
|
95.9
|
%
|
|
96.8
|
%
|
|
2,051
|
|
|
1.91
|
|
|
25,661
|
|
|||
Avalon North Bergen
|
|
North Bergen, NJ
|
|
164
|
|
|
146,170
|
|
|
2012
|
|
891
|
|
|
95.7
|
%
|
|
97.5
|
%
|
|
97.0
|
%
|
|
2,212
|
|
|
2.48
|
|
|
40,513
|
|
|||
Avalon at Wesmont Station
|
|
Wood-Ridge, NJ
|
|
266
|
|
|
242,637
|
|
|
2012
|
|
912
|
|
|
96.2
|
%
|
|
96.7
|
%
|
|
95.9
|
%
|
|
2,093
|
|
|
2.29
|
|
|
57,192
|
|
|||
Avalon Hackensack at Riverside (12)
|
|
Hackensack, NJ
|
|
226
|
|
|
228,393
|
|
|
2013
|
|
1,011
|
|
|
96.4
|
%
|
|
96.8
|
%
|
|
49.3
|
%
|
(3)
|
2,401
|
|
|
2.38
|
|
|
44,530
|
|
|||
Avalon Somerset
|
|
Somerset, NJ
|
|
384
|
|
|
390,365
|
|
|
2013
|
|
1,017
|
|
|
95.6
|
%
|
|
95.5
|
%
|
|
51.9
|
%
|
(3)
|
1,911
|
|
|
1.88
|
|
|
76,567
|
|
|||
Avalon at Wesmont Station II
|
|
Wood-Ridge, NJ
|
|
140
|
|
|
146,799
|
|
|
2013
|
|
1,049
|
|
|
95.7
|
%
|
|
97.2
|
%
|
|
65.8
|
%
|
(3)
|
1,992
|
|
|
1.90
|
|
|
23,364
|
|
|||
Avalon Bloomingdale
|
|
Bloomingdale, NJ
|
|
174
|
|
|
176,542
|
|
|
2014
|
|
1,015
|
|
|
96.0
|
%
|
|
90.8
|
%
|
(3)
|
27.2
|
%
|
(3)
|
1,948
|
|
|
1.92
|
|
(3)
|
30,726
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York, NY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Riverview I (12)
|
|
Long Island City, NY
|
|
372
|
|
|
332,991
|
|
|
2002
|
|
895
|
|
|
97.8
|
%
|
|
97.6
|
%
|
|
96.8
|
%
|
|
3,534
|
|
|
3.95
|
|
|
98,955
|
|
|||
Avalon Bowery Place
|
|
New York, NY
|
|
206
|
|
|
152,725
|
|
|
2006
|
|
741
|
|
|
94.2
|
%
|
|
96.9
|
%
|
|
96.7
|
%
|
|
5,306
|
|
|
7.16
|
|
|
95,576
|
|
|||
Avalon Riverview North (12)
|
|
Long Island City, NY
|
|
602
|
|
|
477,665
|
|
|
2008
|
|
793
|
|
|
97.3
|
%
|
|
97.2
|
%
|
|
96.6
|
%
|
|
3,367
|
|
|
4.24
|
|
|
167,212
|
|
|||
Avalon Bowery Place II
|
|
New York, NY
|
|
90
|
|
|
73,596
|
|
|
2007
|
|
818
|
|
|
96.7
|
%
|
|
96.9
|
%
|
|
96.5
|
%
|
|
4,969
|
|
|
6.08
|
|
|
57,938
|
|
|||
Avalon Morningside Park (12)
|
|
New York, NY
|
|
295
|
|
|
245,320
|
|
|
2009
|
|
832
|
|
|
95.6
|
%
|
|
96.5
|
%
|
|
96.2
|
%
|
|
3,655
|
|
|
4.40
|
|
|
115,197
|
|
|||
Avalon Fort Greene
|
|
Brooklyn, NY
|
|
631
|
|
|
498,651
|
|
|
2010
|
|
790
|
|
|
94.8
|
%
|
|
97.0
|
%
|
|
96.0
|
%
|
|
3,241
|
|
|
4.10
|
|
|
302,124
|
|
|||
Avalon Midtown West
|
|
New York, NY
|
|
550
|
|
|
393,480
|
|
|
1998/2013
|
|
715
|
|
|
95.5
|
%
|
|
95.2
|
%
|
|
93.4
|
%
|
(3)
|
3,985
|
|
|
5.57
|
|
|
346,995
|
|
|||
Avalon Clinton North
|
|
New York, NY
|
|
339
|
|
|
222,862
|
|
|
2008/2013
|
|
657
|
|
|
93.8
|
%
|
|
94.0
|
%
|
|
94.6
|
%
|
(3)
|
3,265
|
|
|
4.97
|
|
|
196,242
|
|
|||
Avalon Clinton South
|
|
New York, NY
|
|
288
|
|
|
196,798
|
|
|
2007/2013
|
|
683
|
|
|
93.8
|
%
|
|
94.3
|
%
|
|
93.7
|
%
|
(3)
|
3,298
|
|
|
4.83
|
|
|
166,447
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MID-ATLANTIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Washington Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon at Foxhall
|
|
Washington, DC
|
|
308
|
|
|
297,875
|
|
|
1982/1994
|
|
967
|
|
|
92.8
|
%
|
|
92.4
|
%
|
|
94.6
|
%
|
|
2,708
|
|
|
2.80
|
|
|
46,133
|
|
|||
Avalon at Gallery Place
|
|
Washington, DC
|
|
203
|
|
|
184,157
|
|
|
2003
|
|
907
|
|
|
96.0
|
%
|
|
95.7
|
%
|
|
96.1
|
%
|
|
2,901
|
|
|
3.20
|
|
|
50,015
|
|
|||
Avalon at Fairway Hills (9)
|
|
Columbia, MD
|
|
720
|
|
|
724,027
|
|
|
1987/1996
|
|
1,006
|
|
|
94.6
|
%
|
|
95.4
|
%
|
|
95.9
|
%
|
(2)
|
1,552
|
|
|
1.54
|
|
|
59,071
|
|
|||
Eaves Washingtonian Center I
|
|
North Potomac, MD
|
|
192
|
|
|
191,280
|
|
|
1996
|
|
996
|
|
|
93.7
|
%
|
|
96.9
|
%
|
|
97.0
|
%
|
|
1,549
|
|
|
1.55
|
|
|
14,944
|
|
|||
Eaves Washingtonian Center II
|
|
North Potomac, MD
|
|
96
|
|
|
99,386
|
|
|
1998
|
|
1,035
|
|
|
94.8
|
%
|
|
95.7
|
%
|
|
96.7
|
%
|
|
1,709
|
|
|
1.65
|
|
|
8,465
|
|
|||
Eaves Columbia Town Center
|
|
Columbia, MD
|
|
392
|
|
|
395,860
|
|
|
1986/1993
|
|
1,010
|
|
|
97.2
|
%
|
|
96.5
|
%
|
|
96.1
|
%
|
|
1,558
|
|
|
1.54
|
|
|
55,767
|
|
|||
Avalon at Grosvenor Station
|
|
Bethesda, MD
|
|
497
|
|
|
476,687
|
|
|
2004
|
|
959
|
|
|
96.6
|
%
|
|
95.4
|
%
|
|
95.2
|
%
|
|
1,956
|
|
|
2.04
|
|
|
84,162
|
|
|||
Avalon at Traville
|
|
Rockville, MD
|
|
520
|
|
|
574,825
|
|
|
2004
|
|
1,105
|
|
|
95.8
|
%
|
|
96.2
|
%
|
|
96.8
|
%
|
|
1,928
|
|
|
1.74
|
|
|
70,626
|
|
|||
Avalon Russett
|
|
Laurel, MD
|
|
238
|
|
|
274,663
|
|
|
1999/2013
|
|
1,154
|
|
|
97.5
|
%
|
|
96.6
|
%
|
|
95.1
|
%
|
(3)
|
1,808
|
|
|
1.57
|
|
|
60,383
|
|
|||
Eaves Fair Lakes
|
|
Fairfax, VA
|
|
420
|
|
|
355,228
|
|
|
1989/1996
|
|
846
|
|
|
95.9
|
%
|
|
96.7
|
%
|
|
96.4
|
%
|
|
1,571
|
|
|
1.86
|
|
|
38,742
|
|
|||
AVA Ballston
|
|
Arlington, VA
|
|
344
|
|
|
294,271
|
|
|
1990
|
|
855
|
|
|
93.0
|
%
|
|
94.4
|
%
|
|
95.3
|
%
|
|
2,183
|
|
|
2.55
|
|
|
52,585
|
|
|||
Eaves Fairfax City
|
|
Fairfax, VA
|
|
141
|
|
|
148,282
|
|
|
1988/1997
|
|
1,052
|
|
|
86.5
|
%
|
|
96.4
|
%
|
|
96.1
|
%
|
|
1,693
|
|
|
1.61
|
|
|
16,449
|
|
|||
Avalon Tysons Corner
|
|
Tysons Corner, VA
|
|
558
|
|
|
613,426
|
|
|
1996
|
|
1,099
|
|
|
93.2
|
%
|
|
94.4
|
%
|
(2)
|
95.8
|
%
|
|
2,037
|
|
|
1.85
|
|
|
69,354
|
|
|||
Avalon at Arlington Square
|
|
Arlington, VA
|
|
842
|
|
|
895,781
|
|
|
2001
|
|
1,064
|
|
|
95.5
|
%
|
|
95.3
|
%
|
(2)
|
95.4
|
%
|
|
2,096
|
|
|
1.97
|
|
(2)
|
115,155
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/14
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (5)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2014
|
|
2013
|
|
$ per
Apt (4)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon Park Crest
|
|
Tysons Corner, VA
|
|
354
|
|
|
288,231
|
|
|
2013
|
|
814
|
|
|
93.8
|
%
|
|
96.3
|
%
|
|
83.7
|
%
|
(3)
|
2,085
|
|
|
2.56
|
|
|
77,081
|
|
|||
Eaves Fairfax Towers
|
|
Falls Church, VA
|
|
415
|
|
|
336,051
|
|
|
1978/2011
|
|
810
|
|
|
96.6
|
%
|
|
96.4
|
%
|
|
96.4
|
%
|
|
1,741
|
|
|
2.15
|
|
|
94,334
|
|
|||
AVA H Street
|
|
Washington, DC
|
|
138
|
|
|
95,594
|
|
|
2013
|
|
693
|
|
|
94.2
|
%
|
|
95.5
|
%
|
|
72.2
|
%
|
(3)
|
2,185
|
|
|
3.15
|
|
|
32,707
|
|
|||
Avalon First and M
|
|
Washington, DC
|
|
469
|
|
|
410,812
|
|
|
2012/2013
|
|
876
|
|
|
95.3
|
%
|
|
93.1
|
%
|
|
80.6
|
%
|
(3)
|
2,779
|
|
|
3.17
|
|
|
200,061
|
|
|||
Avalon The Albemarle
|
|
Washington, DC
|
|
228
|
|
|
254,591
|
|
|
1966/2013
|
|
1,117
|
|
|
93.4
|
%
|
|
95.6
|
%
|
|
96.9
|
%
|
(3)
|
2,642
|
|
|
2.37
|
|
|
81,316
|
|
|||
Eaves Tunlaw Gardens
|
|
Washington, DC
|
|
166
|
|
|
113,512
|
|
|
1944/2013
|
|
684
|
|
|
96.4
|
%
|
|
96.8
|
%
|
|
96.3
|
%
|
(3)
|
1,763
|
|
|
2.58
|
|
|
41,357
|
|
|||
The Statesman
|
|
Washington, DC
|
|
281
|
|
|
190,420
|
|
|
1961/2013
|
|
678
|
|
|
90.7
|
%
|
|
94.0
|
%
|
|
96.1
|
%
|
(3)
|
1,967
|
|
|
2.90
|
|
|
76,945
|
|
|||
Eaves Glover Park
|
|
Washington, DC
|
|
120
|
|
|
104,162
|
|
|
1953/2013
|
|
868
|
|
|
95.8
|
%
|
|
95.2
|
%
|
|
96.6
|
%
|
(3)
|
2,258
|
|
|
2.60
|
|
|
38,066
|
|
|||
AVA Van Ness
|
|
Washington, DC
|
|
269
|
|
|
225,592
|
|
|
1978/2013
|
|
839
|
|
|
95.9
|
%
|
|
94.3
|
%
|
|
94.2
|
%
|
(3)
|
2,121
|
|
|
2.53
|
|
|
85,036
|
|
|||
Avalon Ballston Place
|
|
Arlington, VA
|
|
383
|
|
|
333,225
|
|
|
2001/2013
|
|
870
|
|
|
95.8
|
%
|
|
94.9
|
%
|
|
95.3
|
%
|
(3)
|
2,482
|
|
|
2.85
|
|
|
165,903
|
|
|||
Eaves Tysons Corner
|
|
Vienna, VA
|
|
217
|
|
|
209,940
|
|
|
1980/2013
|
|
967
|
|
|
96.3
|
%
|
|
96.4
|
%
|
|
96.8
|
%
|
(3)
|
1,786
|
|
|
1.85
|
|
|
64,004
|
|
|||
Avalon Ballston Square
|
|
Arlington, VA
|
|
714
|
|
|
626,170
|
|
|
1992/2013
|
|
877
|
|
|
96.2
|
%
|
|
96.0
|
%
|
|
94.8
|
%
|
(3)
|
2,334
|
|
|
2.66
|
|
|
297,777
|
|
|||
Avalon Courthouse Place
|
|
Arlington, VA
|
|
564
|
|
|
478,896
|
|
|
1999/2013
|
|
849
|
|
|
95.2
|
%
|
|
94.6
|
%
|
|
94.9
|
%
|
(3)
|
2,404
|
|
|
2.83
|
|
|
242,713
|
|
|||
Avalon Reston Landing
|
|
Reston, VA
|
|
400
|
|
|
398,192
|
|
|
2000/2013
|
|
995
|
|
|
96.8
|
%
|
|
96.4
|
%
|
|
96.5
|
%
|
(3)
|
1,792
|
|
|
1.80
|
|
|
114,148
|
|
|||
Oakwood Arlington (14)
|
|
Arlington, VA
|
|
184
|
|
|
154,376
|
|
|
1987/2013
|
|
839
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
(3)
|
N/A
|
|
|
N/A
|
|
|
59,251
|
|
|||
Avalon Mosaic
|
|
Merrifield, VA
|
|
531
|
|
|
458,198
|
|
|
2014
|
|
863
|
|
|
88.5
|
%
|
|
52.0
|
%
|
(3)
|
6.5
|
%
|
(3)
|
2,030
|
|
|
2.35
|
|
(3)
|
108,564
|
|
|||
Avalon Arlington North
|
|
Arlington, VA
|
|
228
|
|
|
268,618
|
|
|
2014
|
|
1,178
|
|
|
97.8
|
%
|
|
55.3
|
%
|
(3)
|
0.6
|
%
|
(3)
|
2,769
|
|
|
2.35
|
|
(3)
|
80,363
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
PACIFIC NORTHWEST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Seattle, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Redmond Place
|
|
Redmond, WA
|
|
222
|
|
|
211,450
|
|
|
1991/1997
|
|
952
|
|
|
98.2
|
%
|
|
95.8
|
%
|
|
95.4
|
%
|
|
1,683
|
|
|
1.77
|
|
|
32,805
|
|
|||
Avalon at Bear Creek
|
|
Redmond, WA
|
|
264
|
|
|
288,250
|
|
|
1998/1998
|
|
1,092
|
|
|
95.8
|
%
|
|
95.1
|
%
|
|
95.6
|
%
|
|
1,681
|
|
|
1.54
|
|
|
37,854
|
|
|||
Avalon Bellevue
|
|
Bellevue, WA
|
|
201
|
|
|
165,504
|
|
|
2001
|
|
823
|
|
|
94.0
|
%
|
|
94.9
|
%
|
|
95.6
|
%
|
|
1,857
|
|
|
2.26
|
|
|
32,468
|
|
|||
Avalon RockMeadow
|
|
Bothell, WA
|
|
206
|
|
|
243,958
|
|
|
2000/2000
|
|
1,184
|
|
|
96.6
|
%
|
|
95.4
|
%
|
|
95.5
|
%
|
|
1,497
|
|
|
1.26
|
|
|
26,443
|
|
|||
Avalon ParcSquare
|
|
Redmond, WA
|
|
124
|
|
|
127,251
|
|
|
2000/2000
|
|
1,026
|
|
|
94.4
|
%
|
|
94.8
|
%
|
|
95.9
|
%
|
|
1,852
|
|
|
1.80
|
|
|
21,558
|
|
|||
Avalon Brandemoor
|
|
Lynnwood, WA
|
|
424
|
|
|
453,602
|
|
|
2001/2001
|
|
1,070
|
|
|
94.3
|
%
|
|
94.8
|
%
|
|
95.9
|
%
|
|
1,389
|
|
|
1.30
|
|
|
46,943
|
|
|||
AVA Belltown
|
|
Seattle, WA
|
|
100
|
|
|
82,418
|
|
|
2001
|
|
824
|
|
|
96.0
|
%
|
|
95.5
|
%
|
|
96.1
|
%
|
|
2,019
|
|
|
2.45
|
|
|
19,207
|
|
|||
Avalon Meydenbauer
|
|
Bellevue, WA
|
|
368
|
|
|
331,945
|
|
|
2008
|
|
902
|
|
|
97.3
|
%
|
|
96.3
|
%
|
|
96.5
|
%
|
|
1,980
|
|
|
2.19
|
|
|
91,084
|
|
|||
Avalon Towers Bellevue (12)
|
|
Bellevue, WA
|
|
397
|
|
|
331,366
|
|
|
2011
|
|
835
|
|
|
99.2
|
%
|
|
95.4
|
%
|
|
95.3
|
%
|
|
2,317
|
|
|
2.78
|
|
|
123,841
|
|
|||
AVA Queen Anne
|
|
Seattle, WA
|
|
203
|
|
|
164,644
|
|
|
2012
|
|
811
|
|
|
96.0
|
%
|
|
95.4
|
%
|
|
95.6
|
%
|
|
2,109
|
|
|
2.60
|
|
|
54,046
|
|
|||
Avalon Brandemoor II
|
|
Lynnwood, WA
|
|
82
|
|
|
93,320
|
|
|
2011
|
|
1,138
|
|
|
98.8
|
%
|
|
94.2
|
%
|
|
96.3
|
%
|
|
1,603
|
|
|
1.41
|
|
|
13,998
|
|
|||
AVA Ballard
|
|
Seattle, WA
|
|
265
|
|
|
190,043
|
|
|
2013
|
|
717
|
|
|
97.3
|
%
|
|
96.2
|
%
|
|
47.9
|
%
|
(3)
|
1,808
|
|
|
2.52
|
|
|
63,351
|
|
|||
Eaves Redmond Campus
|
|
Redmond, WA
|
|
422
|
|
|
429,190
|
|
|
1991/2013
|
|
1,017
|
|
|
94.5
|
%
|
|
94.4
|
%
|
|
94.4
|
%
|
(3)
|
1,844
|
|
|
1.81
|
|
|
115,829
|
|
|||
Archstone Redmond Lakeview
|
|
Redmond, WA
|
|
166
|
|
|
141,000
|
|
|
1987/2013
|
|
849
|
|
|
90.4
|
%
|
|
95.9
|
%
|
|
96.0
|
%
|
(3)
|
1,543
|
|
|
1.82
|
|
|
38,923
|
|
|||
AVA University District
|
|
Seattle, WA
|
|
283
|
|
|
201,389
|
|
|
2014
|
|
712
|
|
|
95.7
|
%
|
|
67.3
|
%
|
(3)
|
22.6
|
%
|
(3)
|
2,133
|
|
|
3.00
|
|
(3)
|
73,454
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NORTHERN CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oakland-East Bay, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Fremont
|
|
Fremont, CA
|
|
308
|
|
|
316,052
|
|
|
1992/1994
|
|
1,026
|
|
|
97.7
|
%
|
|
96.9
|
%
|
|
96.3
|
%
|
|
2,218
|
|
|
2.16
|
|
|
59,204
|
|
|||
Eaves Dublin
|
|
Dublin, CA
|
|
204
|
|
|
179,004
|
|
|
1989/1997
|
|
877
|
|
|
94.0
|
%
|
|
96.0
|
%
|
(2)
|
96.4
|
%
|
|
1,998
|
|
|
2.28
|
|
(2)
|
34,085
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/14
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (5)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2014
|
|
2013
|
|
$ per
Apt (4)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Eaves Pleasanton
|
|
Pleasanton, CA
|
|
456
|
|
|
366,062
|
|
|
1988/1994
|
|
803
|
|
|
94.5
|
%
|
|
96.2
|
%
|
|
96.5
|
%
|
|
1,960
|
|
|
2.44
|
|
|
79,416
|
|
|||
Eaves Union City
|
|
Union City, CA
|
|
208
|
|
|
150,225
|
|
|
1973/1996
|
|
722
|
|
|
97.1
|
%
|
|
96.4
|
%
|
|
96.4
|
%
|
|
1,715
|
|
|
2.37
|
|
|
23,901
|
|
|||
Eaves Fremont
|
|
Fremont, CA
|
|
235
|
|
|
191,935
|
|
|
1985/1994
|
|
817
|
|
|
96.6
|
%
|
|
96.1
|
%
|
|
96.4
|
%
|
|
2,055
|
|
|
2.52
|
|
|
42,894
|
|
|||
Avalon Union City
|
|
Union City, CA
|
|
439
|
|
|
429,800
|
|
|
2009
|
|
979
|
|
|
96.8
|
%
|
|
96.4
|
%
|
|
96.7
|
%
|
|
1,986
|
|
|
2.03
|
|
|
119,051
|
|
|||
Avalon Walnut Creek (12)
|
|
Walnut Creek, CA
|
|
418
|
|
|
410,218
|
|
|
2010
|
|
981
|
|
|
97.6
|
%
|
|
96.3
|
%
|
|
95.8
|
%
|
|
2,532
|
|
|
2.58
|
|
|
147,549
|
|
|||
Eaves Walnut Creek
|
|
Walnut Creek, CA
|
|
510
|
|
|
380,542
|
|
|
1987/2013
|
|
746
|
|
|
94.5
|
%
|
|
96.3
|
%
|
|
95.7
|
%
|
(3)
|
1,712
|
|
|
2.29
|
|
|
118,292
|
|
|||
Avalon Walnut Ridge I
|
|
Walnut Creek, CA
|
|
106
|
|
|
80,942
|
|
|
2000/2013
|
|
764
|
|
|
95.3
|
%
|
|
96.9
|
%
|
|
95.0
|
%
|
(3)
|
1,986
|
|
|
2.60
|
|
|
30,588
|
|
|||
Avalon Walnut Ridge II
|
|
Walnut Creek, CA
|
|
360
|
|
|
251,901
|
|
|
1989/2013
|
|
700
|
|
|
94.7
|
%
|
|
96.5
|
%
|
|
94.7
|
%
|
(3)
|
1,778
|
|
|
2.54
|
|
|
87,530
|
|
|||
Avalon Berkeley
|
|
Berkeley, CA
|
|
94
|
|
|
78,858
|
|
|
2014
|
|
839
|
|
|
93.6
|
%
|
|
66.3
|
%
|
(3)
|
N/A
|
|
(3)
|
2,625
|
|
|
3.13
|
|
(3)
|
33,146
|
|
|||
Avalon Dublin Station
|
|
Dublin, CA
|
|
253
|
|
|
247,430
|
|
|
2014
|
|
978
|
|
|
82.0
|
%
|
|
63.8
|
%
|
(3)
|
0.8
|
%
|
(3)
|
2,369
|
|
|
2.42
|
|
(3)
|
78,797
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
San Francisco, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Eaves Daly City
|
|
Daly City, CA
|
|
195
|
|
|
141,411
|
|
|
1972/1997
|
|
725
|
|
|
95.9
|
%
|
|
96.9
|
%
|
|
96.0
|
%
|
|
2,100
|
|
|
2.90
|
|
|
32,551
|
|
|||
AVA Nob Hill
|
|
San Francisco, CA
|
|
185
|
|
|
108,962
|
|
|
1990/1995
|
|
589
|
|
|
96.2
|
%
|
|
95.7
|
%
|
|
97.0
|
%
|
|
2,689
|
|
|
4.57
|
|
|
33,858
|
|
|||
Eaves San Rafael
|
|
San Rafael, CA
|
|
254
|
|
|
221,780
|
|
|
1973/1996
|
|
873
|
|
|
97.6
|
%
|
|
97.1
|
%
|
|
97.4
|
%
|
|
2,099
|
|
|
2.40
|
|
|
47,064
|
|
|||
Eaves Foster City
|
|
Foster City, CA
|
|
288
|
|
|
222,364
|
|
|
1973/1994
|
|
772
|
|
|
96.2
|
%
|
|
96.5
|
%
|
|
95.2
|
%
|
|
2,248
|
|
|
2.91
|
|
|
50,504
|
|
|||
Eaves Pacifica
|
|
Pacifica, CA
|
|
220
|
|
|
186,800
|
|
|
1971/1995
|
|
849
|
|
|
98.2
|
%
|
|
97.6
|
%
|
|
96.9
|
%
|
|
2,053
|
|
|
2.42
|
|
|
33,462
|
|
|||
Avalon Sunset Towers
|
|
San Francisco, CA
|
|
243
|
|
|
171,836
|
|
|
1961/1996
|
|
707
|
|
|
96.7
|
%
|
|
95.4
|
%
|
|
95.2
|
%
|
|
2,571
|
|
|
3.64
|
|
|
39,776
|
|
|||
Eaves Diamond Heights
|
|
San Francisco, CA
|
|
154
|
|
|
123,047
|
|
|
1972/1994
|
|
799
|
|
|
98.1
|
%
|
|
96.7
|
%
|
|
96.7
|
%
|
|
2,480
|
|
|
3.10
|
|
|
29,646
|
|
|||
Avalon at Mission Bay North
|
|
San Francisco, CA
|
|
250
|
|
|
241,788
|
|
|
2003
|
|
967
|
|
|
97.2
|
%
|
|
96.6
|
%
|
|
96.1
|
%
|
|
4,120
|
|
|
4.26
|
|
|
94,963
|
|
|||
Avalon at Mission Bay III
|
|
San Francisco, CA
|
|
260
|
|
|
261,169
|
|
|
2009
|
|
1,004
|
|
|
96.9
|
%
|
|
96.2
|
%
|
|
96.2
|
%
|
|
4,127
|
|
|
4.11
|
|
|
147,917
|
|
|||
Avalon Ocean Avenue
|
|
San Francisco, CA
|
|
173
|
|
|
161,083
|
|
|
2012
|
|
931
|
|
|
94.8
|
%
|
|
96.1
|
%
|
|
96.5
|
%
|
|
3,265
|
|
|
3.51
|
|
|
58,167
|
|
|||
Avalon San Bruno
|
|
San Bruno, CA
|
|
300
|
|
|
267,171
|
|
|
2004/2013
|
|
891
|
|
|
97.3
|
%
|
|
96.1
|
%
|
|
94.9
|
%
|
(3)
|
2,471
|
|
|
2.78
|
|
|
112,355
|
|
|||
Avalon San Bruno II
|
|
San Bruno, CA
|
|
185
|
|
|
156,583
|
|
|
2007/2013
|
|
846
|
|
|
96.2
|
%
|
|
96.6
|
%
|
|
95.8
|
%
|
(3)
|
2,394
|
|
|
2.83
|
|
|
70,389
|
|
|||
Avalon San Bruno III
|
|
San Bruno, CA
|
|
187
|
|
|
232,147
|
|
|
2010/2013
|
|
1,241
|
|
|
97.3
|
%
|
|
96.1
|
%
|
|
95.6
|
%
|
(3)
|
3,389
|
|
|
2.73
|
|
|
98,562
|
|
|||
AVA 55 Ninth
|
|
San Francisco, CA
|
|
273
|
|
|
236,907
|
|
|
2014
|
|
868
|
|
|
96.3
|
%
|
|
56.3
|
%
|
(3)
|
N/A
|
|
(3)
|
3,620
|
|
|
4.17
|
|
(3)
|
116,558
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
San Jose, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Avalon Campbell
|
|
Campbell, CA
|
|
348
|
|
|
326,796
|
|
|
1995
|
|
939
|
|
|
96.0
|
%
|
|
95.3
|
%
|
|
95.2
|
%
|
(2)
|
2,316
|
|
|
2.47
|
|
|
73,089
|
|
|||
Eaves San Jose
|
|
San Jose, CA
|
|
440
|
|
|
387,420
|
|
|
1985/1996
|
|
881
|
|
|
97.5
|
%
|
|
96.4
|
%
|
|
96.5
|
%
|
|
2,098
|
|
|
2.38
|
|
|
84,777
|
|
|||
Avalon on the Alameda
|
|
San Jose, CA
|
|
305
|
|
|
299,762
|
|
|
1999
|
|
983
|
|
|
96.7
|
%
|
|
96.0
|
%
|
|
96.5
|
%
|
|
2,535
|
|
|
2.58
|
|
|
57,988
|
|
|||
Avalon Silicon Valley
|
|
Sunnyvale, CA
|
|
710
|
|
|
653,929
|
|
|
1998
|
|
921
|
|
|
96.5
|
%
|
|
96.0
|
%
|
(2)
|
96.2
|
%
|
|
2,503
|
|
|
2.72
|
|
(2)
|
125,273
|
|
|||
Avalon Mountain View
|
|
Mountain View, CA
|
|
248
|
|
|
211,525
|
|
|
1986
|
|
853
|
|
|
96.4
|
%
|
|
96.3
|
%
|
|
96.0
|
%
|
|
2,714
|
|
|
3.18
|
|
|
58,659
|
|
|||
Eaves Creekside
|
|
Mountain View, CA
|
|
294
|
|
|
215,680
|
|
|
1962/1997
|
|
734
|
|
|
96.9
|
%
|
|
95.2
|
%
|
(2)
|
95.9
|
%
|
(2)
|
2,211
|
|
|
3.01
|
|
(2)
|
53,793
|
|
|||
Avalon at Cahill Park
|
|
San Jose, CA
|
|
218
|
|
|
218,177
|
|
|
2002
|
|
1,001
|
|
|
96.3
|
%
|
|
96.2
|
%
|
|
96.2
|
%
|
|
2,581
|
|
|
2.58
|
|
|
53,798
|
|
|||
Avalon Towers on the Peninsula
|
|
Mountain View, CA
|
|
211
|
|
|
218,392
|
|
|
2002
|
|
1,035
|
|
|
97.6
|
%
|
|
96.8
|
%
|
|
96.0
|
%
|
|
3,520
|
|
|
3.40
|
|
|
66,799
|
|
|||
Avalon Willow Glen
|
|
San Jose, CA
|
|
412
|
|
|
382,147
|
|
|
2002/2013
|
|
928
|
|
|
95.9
|
%
|
|
95.2
|
%
|
|
95.0
|
%
|
(3)
|
2,276
|
|
|
2.45
|
|
|
132,051
|
|
|||
Eaves West Valley
|
|
San Jose, CA
|
|
789
|
|
|
504,813
|
|
|
1970/2013
|
|
640
|
|
|
97.1
|
%
|
|
96.6
|
%
|
|
95.0
|
%
|
(3)
|
1,738
|
|
|
2.72
|
|
|
211,537
|
|
|||
Eaves Mountain View at Middlefield
|
|
Mountain View, CA
|
|
402
|
|
|
261,600
|
|
|
1969/2013
|
|
651
|
|
|
97.5
|
%
|
|
96.1
|
%
|
|
96.0
|
%
|
(3)
|
2,253
|
|
|
3.46
|
|
|
137,935
|
|
|||
Eaves West Valley II
|
|
San Jose, CA
|
|
84
|
|
|
71,136
|
|
|
2013
|
|
847
|
|
|
98.8
|
%
|
|
93.1
|
%
|
|
26.2
|
%
|
(3)
|
2,215
|
|
|
2.62
|
|
|
18,411
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/14
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (5)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2014
|
|
2013
|
|
$ per
Apt (4)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon Morrison Park
|
|
San Jose, CA
|
|
250
|
|
|
277,710
|
|
|
2014
|
|
1,111
|
|
|
95.2
|
%
|
|
66.8
|
%
|
(3)
|
4.0
|
%
|
(3)
|
2,741
|
|
|
2.47
|
|
(3)
|
78,174
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SOUTHERN CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Orange County, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
AVA Newport
|
|
Costa Mesa, CA
|
|
145
|
|
|
122,415
|
|
|
1956/1996
|
|
844
|
|
|
95.9
|
%
|
|
93.3
|
%
|
|
96.0
|
%
|
|
2,043
|
|
|
2.42
|
|
|
15,591
|
|
|||
Avalon Mission Viejo
|
|
Mission Viejo, CA
|
|
166
|
|
|
124,550
|
|
|
1984/1996
|
|
750
|
|
|
96.4
|
%
|
|
96.1
|
%
|
|
95.9
|
%
|
|
1,433
|
|
|
1.91
|
|
|
14,557
|
|
|||
Eaves South Coast
|
|
Costa Mesa, CA
|
|
258
|
|
|
207,672
|
|
|
1973/1996
|
|
805
|
|
|
95.7
|
%
|
|
95.8
|
%
|
|
95.4
|
%
|
|
1,699
|
|
|
2.11
|
|
|
33,544
|
|
|||
Eaves Santa Margarita
|
|
Rancho Santa Margarita, CA
|
|
301
|
|
|
229,593
|
|
|
1990/1997
|
|
763
|
|
|
95.7
|
%
|
|
95.3
|
%
|
|
96.2
|
%
|
|
1,587
|
|
|
2.08
|
|
|
31,765
|
|
|||
Eaves Huntington Beach
|
|
Huntington Beach, CA
|
|
304
|
|
|
268,000
|
|
|
1971/1997
|
|
882
|
|
|
95.0
|
%
|
|
95.9
|
%
|
|
96.0
|
%
|
|
1,706
|
|
|
1.94
|
|
|
34,146
|
|
|||
Avalon Anaheim Stadium
|
|
Anaheim, CA
|
|
251
|
|
|
302,480
|
|
|
2009
|
|
1,205
|
|
|
98.8
|
%
|
|
95.7
|
%
|
|
96.1
|
%
|
|
2,346
|
|
|
1.95
|
|
|
97,675
|
|
|||
Avalon Irvine
|
|
Irvine, CA
|
|
279
|
|
|
243,157
|
|
|
2010
|
|
872
|
|
|
94.2
|
%
|
|
95.9
|
%
|
|
95.0
|
%
|
|
1,919
|
|
|
2.20
|
|
|
77,504
|
|
|||
Eaves Lake Forest
|
|
Lake Forest, CA
|
|
225
|
|
|
215,319
|
|
|
1975/2011
|
|
957
|
|
|
98.2
|
%
|
|
94.8
|
%
|
|
96.4
|
%
|
|
1,608
|
|
|
1.68
|
|
|
28,447
|
|
|||
Avalon Irvine II
|
|
Irvine, CA
|
|
179
|
|
|
160,844
|
|
|
2013
|
|
899
|
|
|
95.5
|
%
|
|
94.6
|
%
|
|
76.1
|
%
|
(3)
|
2,029
|
|
|
2.26
|
|
|
45,264
|
|
|||
Eaves Seal Beach
|
|
Seal Beach, CA
|
|
549
|
|
|
388,244
|
|
|
1971/2013
|
|
707
|
|
|
95.1
|
%
|
|
95.8
|
%
|
|
94.7
|
%
|
(3)
|
1,848
|
|
|
2.61
|
|
|
151,424
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
San Diego, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
AVA Pacific Beach
|
|
San Diego, CA
|
|
564
|
|
|
402,285
|
|
|
1969/1997
|
|
713
|
|
|
90.7
|
%
|
|
95.7
|
%
|
(2)
|
96.5
|
%
|
|
1,615
|
|
|
2.26
|
|
(2)
|
81,429
|
|
|||
Eaves Mission Ridge
|
|
San Diego, CA
|
|
200
|
|
|
207,700
|
|
|
1960/1997
|
|
1,039
|
|
|
95.5
|
%
|
|
96.0
|
%
|
|
96.3
|
%
|
|
1,834
|
|
|
1.77
|
|
|
24,897
|
|
|||
AVA Cortez Hill (12)
|
|
San Diego, CA
|
|
299
|
|
|
230,395
|
|
|
1973/1998
|
|
771
|
|
|
95.3
|
%
|
|
95.6
|
%
|
|
95.8
|
%
|
|
1,795
|
|
|
2.33
|
|
|
46,366
|
|
|||
Avalon Fashion Valley
|
|
San Diego, CA
|
|
161
|
|
|
183,802
|
|
|
2008
|
|
1,142
|
|
|
95.6
|
%
|
|
95.3
|
%
|
|
96.8
|
%
|
|
2,216
|
|
|
1.94
|
|
|
64,889
|
|
|||
Eaves San Marcos
|
|
San Marcos, CA
|
|
184
|
|
|
161,352
|
|
|
1988/2011
|
|
877
|
|
|
97.3
|
%
|
|
96.6
|
%
|
|
96.2
|
%
|
|
1,627
|
|
|
1.86
|
|
|
17,522
|
|
|||
Eaves Rancho Penasquitos
|
|
San Diego, CA
|
|
250
|
|
|
191,256
|
|
|
1986/2011
|
|
765
|
|
|
95.2
|
%
|
|
95.4
|
%
|
|
96.2
|
%
|
|
1,561
|
|
|
2.04
|
|
|
35,669
|
|
|||
Avalon La Jolla Colony
|
|
San Diego, CA
|
|
180
|
|
|
137,036
|
|
|
1987/2013
|
|
761
|
|
|
92.2
|
%
|
|
96.6
|
%
|
|
97.0
|
%
|
(3)
|
1,707
|
|
|
2.24
|
|
|
46,553
|
|
|||
Eaves La Mesa
|
|
La Mesa, CA
|
|
168
|
|
|
139,428
|
|
|
1989/2013
|
|
830
|
|
|
93.5
|
%
|
|
95.5
|
%
|
|
95.8
|
%
|
(3)
|
1,586
|
|
|
1.91
|
|
|
39,307
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Los Angeles, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
AVA Burbank
|
|
Burbank, CA
|
|
748
|
|
|
530,160
|
|
|
1961/1997
|
|
709
|
|
|
95.3
|
%
|
|
96.0
|
%
|
(2)
|
95.1
|
%
|
(2)
|
1,723
|
|
|
2.43
|
|
(2)
|
98,663
|
|
|||
Avalon Woodland Hills
|
|
Woodland Hills, CA
|
|
663
|
|
|
594,396
|
|
|
1989/1997
|
|
897
|
|
|
95.9
|
%
|
|
96.4
|
%
|
|
96.7
|
%
|
|
1,795
|
|
|
2.00
|
|
|
111,146
|
|
|||
Eaves Warner Center
|
|
Woodland Hills, CA
|
|
227
|
|
|
191,443
|
|
|
1979/1998
|
|
843
|
|
|
96.0
|
%
|
|
96.8
|
%
|
|
97.4
|
%
|
|
1,727
|
|
|
2.05
|
|
|
29,335
|
|
|||
Avalon at Glendale (12)
|
|
Glendale, CA
|
|
223
|
|
|
241,714
|
|
|
2003
|
|
1,084
|
|
|
96.8
|
%
|
|
97.1
|
%
|
|
95.6
|
%
|
|
2,452
|
|
|
2.26
|
|
|
43,719
|
|
|||
Avalon Burbank
|
|
Burbank, CA
|
|
400
|
|
|
360,587
|
|
|
1988/2002
|
|
901
|
|
|
96.5
|
%
|
|
96.8
|
%
|
|
96.3
|
%
|
|
2,378
|
|
|
2.64
|
|
|
94,722
|
|
|||
Avalon Camarillo
|
|
Camarillo , CA
|
|
249
|
|
|
233,273
|
|
|
2006
|
|
937
|
|
|
97.2
|
%
|
|
96.8
|
%
|
|
96.1
|
%
|
|
1,792
|
|
|
1.91
|
|
|
48,878
|
|
|||
Avalon Wilshire
|
|
Los Angeles, CA
|
|
123
|
|
|
125,093
|
|
|
2007
|
|
1,017
|
|
|
95.1
|
%
|
|
96.9
|
%
|
|
95.1
|
%
|
|
2,961
|
|
|
2.91
|
|
|
47,686
|
|
|||
Avalon Encino
|
|
Encino, CA
|
|
131
|
|
|
131,220
|
|
|
2008
|
|
1,002
|
|
|
99.2
|
%
|
|
96.9
|
%
|
|
97.7
|
%
|
|
2,765
|
|
|
2.76
|
|
|
62,257
|
|
|||
Avalon Warner Place
|
|
Canoga Park, CA
|
|
210
|
|
|
186,402
|
|
|
2008
|
|
888
|
|
|
96.2
|
%
|
|
96.8
|
%
|
|
97.0
|
%
|
|
1,778
|
|
|
2.00
|
|
|
52,951
|
|
|||
Eaves Phillips Ranch
|
|
Pomona, CA
|
|
501
|
|
|
498,036
|
|
|
1989/2011
|
|
994
|
|
|
94.6
|
%
|
|
96.2
|
%
|
|
96.6
|
%
|
|
1,588
|
|
|
1.60
|
|
|
51,782
|
|
|||
Eaves San Dimas
|
|
San Dimas, CA
|
|
102
|
|
|
94,200
|
|
|
1978/2011
|
|
924
|
|
|
95.1
|
%
|
|
97.2
|
%
|
(3)
|
97.2
|
%
|
|
1,404
|
|
|
1.52
|
|
(3)
|
10,254
|
|
|||
Eaves San Dimas Canyon
|
|
San Dimas, CA
|
|
156
|
|
|
144,669
|
|
|
1981/2011
|
|
927
|
|
|
95.5
|
%
|
|
96.6
|
%
|
|
97.1
|
%
|
|
1,517
|
|
|
1.64
|
|
|
15,572
|
|
|||
AVA Pasadena
|
|
Pasadena, CA
|
|
84
|
|
|
70,648
|
|
|
1973/2012
|
|
841
|
|
|
98.8
|
%
|
|
94.1
|
%
|
(2)
|
87.8
|
%
|
(2)
|
2,045
|
|
|
2.43
|
|
(2)
|
25,335
|
|
|||
Eaves Cerritos
|
|
Artesia, CA
|
|
151
|
|
|
106,961
|
|
|
1973/2012
|
|
708
|
|
|
96.7
|
%
|
|
97.3
|
%
|
|
95.2
|
%
|
|
1,503
|
|
|
2.12
|
|
|
30,892
|
|
1.
|
We own a fee simple interest in the communities listed, excepted as noted below.
|
2.
|
Represents a community that was under redevelopment during the year, which could result in lower average economic occupancy and average rental rate per square foot for the year.
|
3.
|
Represents a community that is under construction at the respective year end or that completed development or was purchased during the year, which could result in lower average economic occupancy and average rental rate per square foot for the year.
|
4.
|
Represents the averages per occupied apartment home.
|
5.
|
Dollars in thousands. Costs are presented in accordance with GAAP. For current Development Communities, cost represents total costs incurred through
December 31, 2014
without reduction for deprecation. Financial reporting costs are excluded for unconsolidated communities, see Note 6, "Investments in Real Estate Entities."
|
6.
|
We own a
31.3%
combined general partnership and indirect limited partner equity interest in this community.
|
7.
|
We own a
28.6%
combined general partnership and indirect limited partner equity interest in this community.
|
8.
|
We own a
20.0%
combined general partnership and indirect limited partner equity interest in this community.
|
9.
|
We own a general partnership interest in a partnership that owns a fee simple interest in this community.
|
10.
|
We own a general partnership interest in a partnership structured as a DownREIT that owns this community.
|
11.
|
We own a membership interest in a limited liability company that holds a fee simple interest in this community.
|
12.
|
Community is located on land subject to a land lease.
|
13.
|
Does not include our indirect interest in the joint venture formed with Equity Residential (as defined in this Form 10-K).
|
14.
|
Community is master leased to a third party manager.
|
15.
|
Includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.
|
|
Number of
apartment
homes
|
|
Projected total
capitalized cost (1)
($ millions)
|
|
Construction
start
|
|
Initial projected occupancy (2)
|
|
Estimated
completion
|
|
Estimated
stabilization (3)
|
|||||
1.
|
|
Avalon West Chelsea/AVA High Line (4)
New York, NY
|
710
|
|
|
$
|
276.1
|
|
|
Q4 2011
|
|
Q4 2013
|
|
Q1 2015
|
|
Q3 2015
|
2.
|
|
Avalon Assembly Row/AVA Somerville (4)
Somerville, MA
|
445
|
|
|
122.1
|
|
|
Q2 2012
|
|
Q2 2014
|
|
Q1 2015
|
|
Q3 2015
|
|
3.
|
|
Avalon Alderwood I
Lynnwood, WA
|
367
|
|
|
68.4
|
|
|
Q2 2013
|
|
Q2 2014
|
|
Q1 2015
|
|
Q3 2015
|
|
4.
|
|
AVA Little Tokyo
Los Angeles, CA
|
280
|
|
|
109.8
|
|
|
Q4 2012
|
|
Q3 2014
|
|
Q2 2015
|
|
Q4 2015
|
|
5.
|
|
Avalon Wharton
Wharton, NJ
|
247
|
|
|
53.9
|
|
|
Q4 2012
|
|
Q3 2014
|
|
Q2 2015
|
|
Q4 2015
|
|
6.
|
|
Avalon Baker Ranch
Lake Forest, CA
|
430
|
|
|
132.9
|
|
|
Q4 2013
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
7.
|
|
Avalon Hayes Valley
San Francisco, CA
|
182
|
|
|
90.2
|
|
|
Q3 2013
|
|
Q1 2015
|
|
Q3 2015
|
|
Q1 2016
|
|
8.
|
|
Avalon Roseland
Roseland, NJ
|
136
|
|
|
46.2
|
|
|
Q1 2014
|
|
Q1 2015
|
|
Q3 2015
|
|
Q1 2016
|
|
9.
|
|
Avalon Falls Church
Falls Church, VA
|
384
|
|
|
109.8
|
|
|
Q1 2014
|
|
Q1 2015
|
|
Q1 2016
|
|
Q3 2016
|
|
10.
|
|
Avalon Vista
Vista, CA
|
221
|
|
|
58.3
|
|
|
Q4 2013
|
|
Q2 2015
|
|
Q4 2015
|
|
Q2 2016
|
|
11.
|
|
Avalon Marlborough
Marlborough, MA
|
350
|
|
|
77.1
|
|
|
Q1 2014
|
|
Q2 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
12.
|
|
AVA Theater District
Boston, MA
|
398
|
|
|
175.7
|
|
|
Q1 2013
|
|
Q2 2015
|
|
Q4 2015
|
|
Q2 2016
|
|
13.
|
|
Avalon Willoughby Square/AVA DoBro
Brooklyn, NY
|
826
|
|
|
444.9
|
|
|
Q3 2013
|
|
Q3 2015
|
|
Q4 2016
|
|
Q2 2017
|
|
14.
|
|
Avalon Bloomfield Station
Bloomfield, NJ
|
224
|
|
|
53.4
|
|
|
Q4 2013
|
|
Q2 2015
|
|
Q4 2015
|
|
Q2 2016
|
|
15.
|
|
Avalon Glendora
Glendora, CA
|
280
|
|
|
82.5
|
|
|
Q4 2013
|
|
Q2 2015
|
|
Q1 2016
|
|
Q3 2016
|
|
16.
|
|
AVA Capitol Hill
Seattle, WA
|
249
|
|
|
81.4
|
|
|
Q1 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
17
|
|
Avalon Irvine III
Irvine, CA
|
156
|
|
|
55.0
|
|
|
Q2 2014
|
|
Q4 2015
|
|
Q1 2016
|
|
Q3 2016
|
|
18.
|
|
Avalon Dublin Station II
Dublin, CA
|
252
|
|
|
83.7
|
|
|
Q2 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
19.
|
|
Avalon Huntington Beach
Huntington Beach, CA
|
378
|
|
|
120.3
|
|
|
Q2 2014
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
20.
|
|
Avalon West Hollywood
West Hollywood, CA
|
294
|
|
|
162.4
|
|
|
Q2 2014
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
21.
|
|
Avalon Framingham
Framingham, MA
|
180
|
|
|
43.9
|
|
|
Q3 2014
|
|
Q3 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
22.
|
|
Avalon Esterra Park
Redmond, WA
|
482
|
|
|
137.8
|
|
|
Q3 2014
|
|
Q2 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
23.
|
|
Avalon North Station
Boston, MA
|
503
|
|
|
256.9
|
|
|
Q3 2014
|
|
Q4 2016
|
|
Q4 2017
|
|
Q2 2018
|
|
24.
|
|
Avalon Green III
Elmsford, NY
|
68
|
|
|
22.1
|
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
25.
|
|
Avalon Union
Union, NJ
|
202
|
|
|
50.7
|
|
|
Q4 2014
|
|
Q2 2016
|
|
Q4 2016
|
|
Q1 2017
|
|
26.
|
|
Avalon Princeton
Princeton, NJ
|
280
|
|
|
95.5
|
|
|
Q4 2014
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
|
|
Total
|
8,524
|
|
|
$
|
3,011.0
|
|
|
|
|
|
|
|
|
|
(1)
|
Projected total capitalized cost includes all capitalized costs projected to be or actually incurred to develop the respective Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees. Projected total capitalized cost for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint venture contribution amount.
|
(2)
|
Future initial occupancy dates are estimates. There can be no assurance that we will pursue to completion any or all of these proposed developments.
|
(3)
|
Stabilized operations is defined as the earlier of (i) attainment of
95%
or greater physical occupancy or (ii) the
one
-year anniversary of completion of development.
|
(4)
|
Development community subject to a ground lease.
|
|
Number of
apartment homes |
|
Total capitalized
cost (1)
($ millions) |
|
Approximate rentable area
(sq. ft.)
|
|
Total capitalized cost per sq. ft.
|
|
Quarter of completion
|
||||||||
1.
|
|
Archstone Toscano
Houston, TX
|
474
|
|
|
$
|
87.5
|
|
|
460,983
|
|
|
$
|
190
|
|
|
Q1 2014
|
2.
|
|
Avalon Bloomingdale
Bloomingdale, NJ
|
174
|
|
|
31.5
|
|
|
176,542
|
|
|
$
|
178
|
|
|
Q1 2014
|
|
3.
|
|
AVA University District
Seattle, WA
|
283
|
|
|
75.2
|
|
|
201,389
|
|
|
$
|
373
|
|
|
Q2 2014
|
|
4.
|
|
Avalon Morrison Park
San Jose, CA
|
250
|
|
|
79.1
|
|
|
277,710
|
|
|
$
|
285
|
|
|
Q2 2014
|
|
5.
|
|
Avalon Ossining
Ossining, NY
|
168
|
|
|
36.8
|
|
|
184,137
|
|
|
$
|
200
|
|
|
Q2 2014
|
|
6.
|
|
Avalon Arlington North
Arlington, VA
|
228
|
|
|
82.0
|
|
|
268,618
|
|
|
$
|
305
|
|
|
Q3 2014
|
|
7.
|
|
Avalon Dublin Station
Dublin, CA
|
253
|
|
|
77.7
|
|
|
247,430
|
|
|
$
|
314
|
|
|
Q3 2014
|
|
8.
|
|
AVA 55 Ninth
San Francisco, CA
|
273
|
|
|
121.0
|
|
|
236,907
|
|
|
$
|
511
|
|
|
Q3 2014
|
|
9.
|
|
Avalon Canton at Blue Hills
Canton, MA
|
196
|
|
|
40.9
|
|
|
235,465
|
|
|
$
|
174
|
|
|
Q3 2014
|
|
10.
|
|
Memorial Heights Villages
Houston, TX
|
318
|
|
|
52.7
|
|
|
305,055
|
|
|
$
|
173
|
|
|
Q3 2014
|
|
11.
|
|
Avalon Berkeley
Berkeley, CA
|
94
|
|
|
33.7
|
|
|
78,858
|
|
|
$
|
427
|
|
|
Q3 2014
|
|
12.
|
|
Avalon at Stratford
Stratford, CT
|
130
|
|
|
29.7
|
|
|
148,136
|
|
|
$
|
200
|
|
|
Q3 2014
|
|
13.
|
|
Avalon North Point Lofts (2)
Cambridge, MA
|
103
|
|
|
28.0
|
|
|
46,506
|
|
|
$
|
602
|
|
|
Q3 2014
|
|
14.
|
|
Avalon Exeter
Boston, MA
|
187
|
|
|
126.6
|
|
|
200,641
|
|
|
$
|
631
|
|
|
Q4 2014
|
|
15.
|
|
Avalon Mosaic
Fairfax, VA
|
531
|
|
|
110.6
|
|
|
458,198
|
|
|
$
|
241
|
|
|
Q4 2014
|
|
16.
|
|
Avalon Huntington Station
Huntington Station, NY
|
303
|
|
|
81.2
|
|
|
364,602
|
|
|
$
|
223
|
|
|
Q4 2014
|
|
17.
|
|
Avalon San Dimas
San Dimas, CA
|
156
|
|
|
40.1
|
|
|
159,937
|
|
|
$
|
251
|
|
|
Q4 2014
|
|
|
|
Total
|
4,121
|
|
|
$
|
1,134.3
|
|
|
|
|
|
|
|
|
(1)
|
Total capitalized cost is as of
December 31, 2014
. The Company generally anticipates incurring additional costs associated with these communities that are customary for new developments.
|
(2)
|
The Company has a
20.0%
ownership interest in this community through the AC JV.
|
|
|
|
|
Number of
apartment
homes
|
|
Projected total
capitalized cost (1)
($ millions)
|
|
Reconstruction
start
|
|
Estimated
reconstruction
completion
|
|
Estimated
restabilized
operations (2)
|
|||
1.
|
|
AVA Back Bay
Boston, MA
|
|
271
|
|
|
$
|
21.0
|
|
|
Q1 2013
|
|
Q1 2015
|
|
Q3 2015
|
2.
|
|
AVA Pacific Beach
San Diego, CA
|
|
564
|
|
|
23.6
|
|
|
Q1 2014
|
|
Q1 2016
|
|
Q3 2016
|
|
3.
|
|
Eaves Dublin
Dublin, CA
|
|
204
|
|
|
9.2
|
|
|
Q2 2014
|
|
Q2 2015
|
|
Q4 2015
|
|
4.
|
|
Avalon Green
Elmsford, NY
|
|
105
|
|
|
6.5
|
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
5.
|
|
Avalon Santa Monica on Main
Santa Monica, CA
|
|
133
|
|
|
10.0
|
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
6.
|
|
Avalon Towers
Long Beach, NY
|
|
109
|
|
|
10.2
|
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
7.
|
|
Avalon Silicon Valley
Sunnyvale, CA
|
|
710
|
|
|
29.9
|
|
|
Q4 2014
|
|
Q1 2017
|
|
Q3 2017
|
|
8.
|
|
Avalon at Arlington Square
Arlington, VA
|
|
842
|
|
|
21.3
|
|
|
Q4 2014
|
|
Q2 2016
|
|
Q4 2016
|
|
|
|
Total
|
|
2,938
|
|
|
$
|
131.7
|
|
|
|
|
|
|
|
(1)
|
Projected total capitalized cost does not include capitalized costs incurred prior to redevelopment.
|
(2)
|
Restabilized operations is defined as the earlier of (i) attainment of 95% or greater physical occupancy or (ii) the one-year anniversary of completion of redevelopment.
|
Location
|
|
Number of rights
|
|
Estimated
number of homes
|
|
Projected total
capitalized cost ($ millions) (1)
|
||||
|
|
|
|
|
|
|
||||
Boston, MA
|
|
3
|
|
|
974
|
|
|
$
|
240
|
|
Fairfield-New Haven, CT
|
|
1
|
|
|
160
|
|
|
40
|
|
|
New York City
|
|
2
|
|
|
429
|
|
|
401
|
|
|
New York Suburban
|
|
4
|
|
|
598
|
|
|
219
|
|
|
New Jersey
|
|
13
|
|
|
3,918
|
|
|
963
|
|
|
Baltimore, MD
|
|
1
|
|
|
332
|
|
|
73
|
|
|
Washington, DC Metro
|
|
6
|
|
|
1,929
|
|
|
509
|
|
|
Seattle, WA
|
|
3
|
|
|
772
|
|
|
201
|
|
|
Oakland-East Bay, CA
|
|
2
|
|
|
615
|
|
|
282
|
|
|
San Francisco, CA
|
|
1
|
|
|
326
|
|
|
168
|
|
|
Riverside-San Bernardino, CA
|
|
1
|
|
|
331
|
|
|
91
|
|
|
Total
|
|
37
|
|
|
10,384
|
|
|
$
|
3,187
|
|
(1)
|
Projected total capitalized cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the respective community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees.
|
|
|
|
Estimated
number of
apartment
homes
|
|
Projected total
capitalized
cost(1)
($ millions)
|
|
Date
acquired
|
|||
1.
|
|
Avalon Rockville Centre II
Rockville Centre, NY
|
112
|
|
|
$
|
42.3
|
|
|
January 2014
|
2.
|
|
Avalon Princeton
Princeton, NJ
|
280
|
|
|
95.5
|
|
|
February 2014
|
|
3.
|
|
Avalon Sheepshead Bay (2)
Brooklyn, NY
|
167
|
|
|
65.9
|
|
|
April 2014
|
|
4.
|
|
Avalon Esterra Park
Redmond, WA
|
482
|
|
|
137.8
|
|
|
June 2014
|
|
5.
|
|
Avalon Chino Hills
Chino Hills, CA
|
331
|
|
|
90.9
|
|
|
July 2014
|
|
6.
|
|
Avalon Glendora (3)
Glendora, CA
|
24
|
|
|
7.4
|
|
|
July 2014
|
|
7.
|
|
Avalon Framingham
Framingham, MA
|
180
|
|
|
43.9
|
|
|
August 2014
|
|
8.
|
|
Avalon Laurel
Laurel, MD
|
344
|
|
|
68.8
|
|
|
September 2014
|
|
9.
|
|
Avalon Hunt Valley
Baltimore, MD
|
332
|
|
|
73.0
|
|
|
December 2014
|
|
10.
|
|
Avalon Great Neck
Great Neck, NY
|
191
|
|
|
79.1
|
|
|
December 2014
|
|
11.
|
|
Avalon Union
Union, NJ
|
202
|
|
|
50.7
|
|
|
December 2014
|
|
12.
|
|
Avalon Alderwood II
Lynnwood, WA
|
124
|
|
|
26.1
|
|
|
December 2014
|
|
|
|
Total
|
2,769
|
|
|
$
|
781.4
|
|
|
|
(1)
|
Projected total capitalized cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the respective community, determined in accordance with GAAP, including land and related acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees.
|
(2)
|
Land was acquired through a joint venture in which the Company owns a 70.0% interest.
|
(3)
|
In 2014, we acquired this additional parcel of land for the development of Avalon Glendora, expected to have a total of 280 apartment homes for a projected total capitalized cost of $82.5 million.
|
|
|
2014
|
|
2013
|
||||||||||||||||||||
|
|
Sales Price
|
|
Dividends
declared
|
|
Sales Price
|
|
Dividends
declared
|
||||||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
|||||||||||||||
Quarter ended March 31
|
|
$
|
132.17
|
|
|
$
|
114.16
|
|
|
$
|
1.16
|
|
|
$
|
139.15
|
|
|
$
|
124.02
|
|
|
$
|
1.07
|
|
Quarter ended June 30
|
|
$
|
144.51
|
|
|
$
|
130.04
|
|
|
$
|
1.16
|
|
|
$
|
141.46
|
|
|
$
|
127.97
|
|
|
$
|
1.07
|
|
Quarter ended September 30
|
|
$
|
157.16
|
|
|
$
|
139.27
|
|
|
$
|
1.16
|
|
|
$
|
141.04
|
|
|
$
|
122.36
|
|
|
$
|
1.07
|
|
Quarter ended December 31
|
|
$
|
170.14
|
|
|
$
|
141.00
|
|
|
$
|
1.16
|
|
|
$
|
134.25
|
|
|
$
|
116.86
|
|
|
$
|
1.07
|
|
(1)
|
Reflects shares surrendered to the Company in connection with exercise of stock options as payment of exercise price, as well as for taxes associated with the vesting of restricted share grants.
|
(2)
|
As disclosed in our Form 10-Q for the quarter ended March 31, 2008, represents amounts outstanding under the Company's $500,000,000 Stock Repurchase Program. There is no scheduled expiration date to this program.
|
|
For the year ended
|
||||||||||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
|
12/31/10
|
||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental and other income
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
|
$
|
990,370
|
|
|
$
|
890,431
|
|
|
$
|
800,689
|
|
Management, development and other fees
|
11,050
|
|
|
11,502
|
|
|
10,257
|
|
|
9,656
|
|
|
7,354
|
|
|||||
Total revenue
|
1,685,061
|
|
|
1,462,921
|
|
|
1,000,627
|
|
|
900,087
|
|
|
808,043
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses, excluding property taxes
|
410,672
|
|
|
352,245
|
|
|
259,350
|
|
|
246,872
|
|
|
235,168
|
|
|||||
Property taxes
|
178,634
|
|
|
158,774
|
|
|
97,555
|
|
|
88,964
|
|
|
84,319
|
|
|||||
Interest expense, net
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|
169,997
|
|
|||||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
1,179
|
|
|
1,940
|
|
|
—
|
|
|||||
Loss on interest rate contract
|
—
|
|
|
51,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Depreciation expense
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|
226,728
|
|
|
208,662
|
|
|||||
General and administrative expense
|
41,425
|
|
|
39,573
|
|
|
34,101
|
|
|
29,371
|
|
|
27,081
|
|
|||||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
(3,717
|
)
|
|
45,050
|
|
|
11,350
|
|
|
2,967
|
|
|
2,741
|
|
|||||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
1,449
|
|
|
14,052
|
|
|
—
|
|
|||||
Total expenses
|
1,250,726
|
|
|
1,394,180
|
|
|
785,584
|
|
|
778,708
|
|
|
727,968
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in (loss) income of unconsolidated entities
|
148,766
|
|
|
(11,154
|
)
|
|
20,914
|
|
|
5,120
|
|
|
762
|
|
|||||
Gain on sale of land
|
490
|
|
|
240
|
|
|
280
|
|
|
13,716
|
|
|
—
|
|
|||||
Gain on sale of communities
|
84,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on acquisition of unconsolidated entity
|
—
|
|
|
—
|
|
|
14,194
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations before taxes
|
668,516
|
|
|
57,827
|
|
|
250,431
|
|
|
140,215
|
|
|
80,837
|
|
|||||
Income tax expense
|
9,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(235
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
659,148
|
|
|
57,827
|
|
|
250,431
|
|
|
140,215
|
|
|
81,072
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations
|
310
|
|
|
16,713
|
|
|
26,820
|
|
|
20,065
|
|
|
18,933
|
|
|||||
Gain on sale of discontinued operations
|
37,869
|
|
|
278,231
|
|
|
146,311
|
|
|
281,090
|
|
|
74,074
|
|
|||||
Total discontinued operations
|
38,179
|
|
|
294,944
|
|
|
173,131
|
|
|
301,155
|
|
|
93,007
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
697,327
|
|
|
352,771
|
|
|
423,562
|
|
|
441,370
|
|
|
174,079
|
|
|||||
Net (income) loss attributable to noncontrolling interests
|
(13,760
|
)
|
|
370
|
|
|
307
|
|
|
252
|
|
|
1,252
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
|
$
|
175,331
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Common Share and Share Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share—basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations attributable to common stockholders (net of dividends attributable to preferred stock)
|
$
|
4.93
|
|
|
$
|
0.46
|
|
|
$
|
2.57
|
|
|
$
|
1.55
|
|
|
$
|
0.97
|
|
Discontinued operations attributable to common stockholders
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|
3.34
|
|
|
1.11
|
|
|||||
Net income attributable to common stockholders
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
$
|
4.34
|
|
|
$
|
4.89
|
|
|
$
|
2.08
|
|
Weighted average shares outstanding—basic (1)
|
130,586,718
|
|
|
126,855,754
|
|
|
97,416,401
|
|
|
89,922,465
|
|
|
83,859,936
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share—diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations attributable to common stockholders (net of dividends attributable to preferred stock)
|
$
|
4.92
|
|
|
$
|
0.46
|
|
|
$
|
2.55
|
|
|
$
|
1.55
|
|
|
$
|
0.97
|
|
Discontinued operations attributable to common stockholders
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|
3.32
|
|
|
1.10
|
|
|||||
Net income attributable to common stockholders
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
$
|
4.32
|
|
|
$
|
4.87
|
|
|
$
|
2.07
|
|
Weighted average shares outstanding—diluted
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|
90,777,462
|
|
|
84,632,869
|
|
|||||
Cash dividends declared
|
$
|
4.64
|
|
|
$
|
4.28
|
|
|
$
|
3.88
|
|
|
$
|
3.57
|
|
|
$
|
3.57
|
|
(1)
|
Amounts do not include unvested restricted shares included in the calculation of Earnings per Share. Please refer to Note 1, "Organization and Basis of Presentation—Earnings per Common Share," of the Consolidated Financial Statements set forth in Item 8 of this report for a discussion of the calculation of Earnings per Share.
|
|
For the year ended
|
||||||||||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
|
12/31/10
|
||||||||||
Other Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
|
$
|
175,331
|
|
Depreciation—continuing operations
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|
226,728
|
|
|
208,662
|
|
|||||
Depreciation—discontinued operations
|
—
|
|
|
13,500
|
|
|
16,414
|
|
|
23,541
|
|
|
24,280
|
|
|||||
Interest expense, net—continuing operations (1)
|
181,030
|
|
|
238,323
|
|
|
138,099
|
|
|
169,754
|
|
|
169,997
|
|
|||||
Interest expense, net—discontinued operations (1)
|
—
|
|
|
—
|
|
|
735
|
|
|
8,688
|
|
|
5,212
|
|
|||||
Income tax expense
|
9,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(235
|
)
|
|||||
EBITDA (2)
|
$
|
1,316,647
|
|
|
$
|
1,165,179
|
|
|
$
|
822,797
|
|
|
$
|
870,333
|
|
|
$
|
583,247
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations (3)
|
$
|
951,035
|
|
|
$
|
642,814
|
|
|
$
|
521,047
|
|
|
$
|
414,482
|
|
|
$
|
338,353
|
|
Number of Current Communities (4)
|
251
|
|
|
244
|
|
|
180
|
|
|
181
|
|
|
172
|
|
|||||
Number of apartment homes
|
73,963
|
|
|
72,811
|
|
|
52,792
|
|
|
53,294
|
|
|
51,245
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate, before accumulated depreciation
|
$
|
17,849,316
|
|
|
$
|
16,800,321
|
|
|
$
|
10,049,484
|
|
|
$
|
9,288,496
|
|
|
$
|
8,661,211
|
|
Total assets
|
$
|
16,176,723
|
|
|
$
|
15,328,143
|
|
|
$
|
11,160,078
|
|
|
$
|
8,482,390
|
|
|
$
|
7,821,488
|
|
Notes payable and unsecured credit facilities
|
$
|
6,525,852
|
|
|
$
|
6,145,391
|
|
|
$
|
3,851,033
|
|
|
$
|
3,632,296
|
|
|
$
|
4,067,657
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash flows provided by operating activities
|
$
|
886,641
|
|
|
$
|
724,315
|
|
|
$
|
540,819
|
|
|
$
|
429,354
|
|
|
$
|
332,106
|
|
Net cash flows used in investing activities
|
$
|
(816,760
|
)
|
|
$
|
(1,181,174
|
)
|
|
$
|
(623,386
|
)
|
|
$
|
(443,141
|
)
|
|
$
|
(298,936
|
)
|
Net cash flows (used in) provided by financing activities
|
$
|
158,224
|
|
|
$
|
(1,995,404
|
)
|
|
$
|
2,199,332
|
|
|
$
|
326,233
|
|
|
$
|
167,565
|
|
(1)
|
Interest expense, net includes any loss or gain incurred from the extinguishment of debt.
|
(2)
|
EBITDA is defined as net income before interest income and expense, income taxes, depreciation and amortization from both continuing and discontinued operations. Under this definition, EBITDA includes gains on sale of assets and gain on sale of partnership interests. Management generally considers EBITDA to be an appropriate supplemental measure to net income of our operating performance because it helps investors to understand our ability to incur and service debt and to make capital expenditures. EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies.
|
(3)
|
We generally consider Funds from Operations, or "FFO," as defined below, to be an appropriate supplemental measure of our operating and financial performance because, by excluding gains or losses related to dispositions of previously depreciated property and excluding real estate depreciation, which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates, FFO can help one compare the operating performance of a real estate company between periods or as compared to different companies. We believe that in order to understand our operating results, FFO should be examined with net income as presented in the Consolidated Statements of Comprehensive Income included elsewhere in this report.
|
•
|
gains or losses on sales of previously depreciated operating communities;
|
•
|
extraordinary gains or losses (as defined by GAAP);
|
•
|
cumulative effect of change in accounting principle;
|
•
|
impairment write-downs of depreciable real estate assets;
|
•
|
write-downs of investments in affiliates due to a decrease in the value of depreciable real estate assets held by those affiliates;
|
•
|
depreciation of real estate assets; and
|
•
|
adjustments for unconsolidated partnerships and joint ventures.
|
|
For the year ended
|
||||||||||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
|
12/31/10
|
||||||||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
|
$
|
175,331
|
|
Depreciation—real estate assets, including discontinued operations and joint venture adjustments
|
449,769
|
|
|
582,325
|
|
|
265,627
|
|
|
256,986
|
|
|
237,041
|
|
|||||
Distributions to noncontrolling interests, including discontinued operations
|
35
|
|
|
32
|
|
|
28
|
|
|
27
|
|
|
55
|
|
|||||
Gain on sale of unconsolidated entities holding previously depreciated real estate assets
|
(73,674
|
)
|
|
(14,453
|
)
|
|
(7,972
|
)
|
|
(3,063
|
)
|
|
—
|
|
|||||
Gain on sale of previously depreciated real estate assets (1)
|
(108,662
|
)
|
|
(278,231
|
)
|
|
(146,311
|
)
|
|
(281,090
|
)
|
|
(74,074
|
)
|
|||||
Gain on acquisition of unconsolidated real estate entity
|
—
|
|
|
—
|
|
|
(14,194
|
)
|
|
—
|
|
|
—
|
|
|||||
FFO attributable to common stockholders
|
$
|
951,035
|
|
|
$
|
642,814
|
|
|
$
|
521,047
|
|
|
$
|
414,482
|
|
|
$
|
338,353
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding—diluted
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|
90,777,462
|
|
|
84,632,869
|
|
|||||
FFO per common share—diluted
|
$
|
7.25
|
|
|
$
|
5.05
|
|
|
$
|
5.32
|
|
|
$
|
4.57
|
|
|
$
|
4.00
|
|
(1)
|
Amount for 2014 excludes a gain of $14,132, representing our joint venture partners' portion of the gain on sale from a Fund I community which we consolidated for financial reporting purposes.
|
(4)
|
Current Communities consist of all communities other than those which are still under construction and for which a certificate or certificates of occupancy for the entire community have not been received
|
•
|
CVP I, LLC, the entity that owned Avalon Chrystie Place, located in New York, NY containing 361 apartment homes and approximately 71,000 square feet of retail space, sold the community for
$365,000,000
. We own a 20.0% interest in the entity, and our share of the gain in accordance with GAAP for the disposition was
$50,478,000
. In addition, we received
$58,128,000
for our promoted interest in CVP I, LLC.
|
•
|
Fund I sold its final
four
communities, containing an aggregate of
724
homes for an aggregate gross sales price of
$125,000,000
. Our share of the aggregate total gain in accordance with GAAP was
$3,317,000
.
|
•
|
Fund II sold
two
communities containing an aggregate of
711
apartment homes for an aggregate sales price of
$166,950,000
. Our share of the total gain in accordance with GAAP was
$21,624,000
.
|
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|
2013
|
|
2012
|
|
$ Change
|
|
% Change
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rental and other income
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
|
$
|
222,592
|
|
|
15.3
|
%
|
|
$
|
1,451,419
|
|
|
$
|
990,370
|
|
|
$
|
461,049
|
|
|
46.6
|
%
|
Management, development and other fees
|
11,050
|
|
|
11,502
|
|
|
$
|
(452
|
)
|
|
(3.9
|
)%
|
|
11,502
|
|
|
10,257
|
|
|
1,245
|
|
|
12.1
|
%
|
|||||
Total revenue
|
1,685,061
|
|
|
1,462,921
|
|
|
222,140
|
|
|
15.2
|
%
|
|
1,462,921
|
|
|
1,000,627
|
|
|
462,294
|
|
|
46.2
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct property operating expenses, excluding property taxes
|
345,846
|
|
|
295,150
|
|
|
50,696
|
|
|
17.2
|
%
|
|
295,150
|
|
|
211,086
|
|
|
84,064
|
|
|
39.8
|
%
|
||||||
Property taxes
|
178,634
|
|
|
158,774
|
|
|
19,860
|
|
|
12.5
|
%
|
|
158,774
|
|
|
97,555
|
|
|
61,219
|
|
|
62.8
|
%
|
||||||
Total community operating expenses
|
524,480
|
|
|
453,924
|
|
|
70,556
|
|
|
15.5
|
%
|
|
453,924
|
|
|
308,641
|
|
|
145,283
|
|
|
47.1
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Corporate-level property management and other indirect operating expenses
|
60,341
|
|
|
53,105
|
|
|
7,236
|
|
|
13.6
|
%
|
|
53,105
|
|
|
42,193
|
|
|
10,912
|
|
|
25.9
|
%
|
||||||
Investments and investment management expense
|
4,485
|
|
|
3,990
|
|
|
495
|
|
|
12.4
|
%
|
|
3,990
|
|
|
6,071
|
|
|
(2,081
|
)
|
|
(34.3
|
)%
|
||||||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
(3,717
|
)
|
|
45,050
|
|
|
(48,767
|
)
|
|
N/A (1)
|
|
|
45,050
|
|
|
11,350
|
|
|
33,700
|
|
|
296.9
|
%
|
||||||
Interest expense, net
|
180,618
|
|
|
172,402
|
|
|
8,216
|
|
|
4.8
|
%
|
|
172,402
|
|
|
136,920
|
|
|
35,482
|
|
|
25.9
|
%
|
||||||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
(14,509
|
)
|
|
(97.2
|
)%
|
|
14,921
|
|
|
1,179
|
|
|
13,742
|
|
|
1,165.6
|
%
|
||||||
Loss on interest rate contract
|
—
|
|
|
51,000
|
|
|
(51,000
|
)
|
|
(100.0
|
)%
|
|
51,000
|
|
|
—
|
|
|
51,000
|
|
|
100.0
|
%
|
||||||
Depreciation expense
|
442,682
|
|
|
560,215
|
|
|
(117,533
|
)
|
|
(21.0
|
)%
|
|
560,215
|
|
|
243,680
|
|
|
316,535
|
|
|
129.9
|
%
|
||||||
General and administrative expense
|
41,425
|
|
|
39,573
|
|
|
1,852
|
|
|
4.7
|
%
|
|
39,573
|
|
|
34,101
|
|
|
5,472
|
|
|
16.0
|
%
|
||||||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
1,449
|
|
|
(1,449
|
)
|
|
(100.0
|
)%
|
||||||
Total other expenses
|
726,246
|
|
|
940,256
|
|
|
(214,010
|
)
|
|
(22.8
|
)%
|
|
940,256
|
|
|
476,943
|
|
|
463,313
|
|
|
97.1
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity in income (loss) of unconsolidated entities
|
148,766
|
|
|
(11,154
|
)
|
|
159,920
|
|
|
N/A (1)
|
|
|
(11,154
|
)
|
|
20,914
|
|
|
(32,068
|
)
|
|
N/A (1)
|
|
||||||
Gain on sale of land
|
490
|
|
|
240
|
|
|
250
|
|
|
104.2
|
%
|
|
240
|
|
|
280
|
|
|
(40
|
)
|
|
(14.3
|
)%
|
||||||
Gain on sale of communities
|
84,925
|
|
|
—
|
|
|
84,925
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Gain on acquisition of unconsolidated
real estate entity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
14,194
|
|
|
(14,194
|
)
|
|
(100.0
|
)%
|
||||||
Income from continuing operations before taxes
|
668,516
|
|
|
57,827
|
|
|
610,689
|
|
|
1,056.1
|
%
|
|
57,827
|
|
|
250,431
|
|
|
(192,604
|
)
|
|
(76.9
|
)%
|
||||||
Income tax expense
|
9,368
|
|
|
—
|
|
|
9,368
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income from continuing operations
|
659,148
|
|
|
57,827
|
|
|
601,321
|
|
|
1,039.9
|
%
|
|
57,827
|
|
|
250,431
|
|
|
(192,604
|
)
|
|
(76.9
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
310
|
|
|
16,713
|
|
|
(16,403
|
)
|
|
(98.1
|
)%
|
|
16,713
|
|
|
26,820
|
|
|
(10,107
|
)
|
|
(37.7
|
)%
|
||||||
Gain on sale of communities
|
37,869
|
|
|
278,231
|
|
|
(240,362
|
)
|
|
(86.4
|
)%
|
|
278,231
|
|
|
146,311
|
|
|
131,920
|
|
|
90.2
|
%
|
||||||
Total discontinued operations
|
38,179
|
|
|
294,944
|
|
|
(256,765
|
)
|
|
(87.1
|
)%
|
|
294,944
|
|
|
173,131
|
|
|
121,813
|
|
|
70.4
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income
|
697,327
|
|
|
352,771
|
|
|
344,556
|
|
|
97.7
|
%
|
|
352,771
|
|
|
423,562
|
|
|
(70,791
|
)
|
|
(16.7
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net (income) loss attributable to noncontrolling interests
|
(13,760
|
)
|
|
370
|
|
|
(14,130
|
)
|
|
N/A (1)
|
|
|
370
|
|
|
307
|
|
|
63
|
|
|
20.5
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
330,426
|
|
|
93.6
|
%
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
(70,728
|
)
|
|
(16.7
|
)%
|
(1)
|
Percentage change is not meaningful.
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Net income
|
$
|
697,327
|
|
|
$
|
352,771
|
|
|
$
|
423,562
|
|
Indirect operating expenses, net of corporate income
|
49,055
|
|
|
41,554
|
|
|
31,911
|
|
|||
Investments and investment management expense
|
4,485
|
|
|
3,990
|
|
|
6,071
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
(3,717
|
)
|
|
45,050
|
|
|
11,350
|
|
|||
Interest expense, net (1)
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
1,179
|
|
|||
Loss on interest rate contract
|
—
|
|
|
51,000
|
|
|
—
|
|
|||
General and administrative expense
|
41,425
|
|
|
39,573
|
|
|
34,101
|
|
|||
Equity in (income) loss of unconsolidated real estate entities
|
(148,766
|
)
|
|
11,154
|
|
|
(20,914
|
)
|
|||
Depreciation expense (1)
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|||
Income tax expense
|
9,368
|
|
|
—
|
|
|
—
|
|
|||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
1,449
|
|
|||
Gain on acquisition of unconsolidated real estate entity
|
—
|
|
|
—
|
|
|
(14,194
|
)
|
|||
Gain on sale of real estate assets
|
(85,415
|
)
|
|
(240
|
)
|
|
(280
|
)
|
|||
Gain on sale of discontinued operations
|
(37,869
|
)
|
|
(278,231
|
)
|
|
(146,311
|
)
|
|||
Income from discontinued operations
|
(310
|
)
|
|
(16,713
|
)
|
|
(26,820
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
(15,199
|
)
|
|
(19,448
|
)
|
|
(13,776
|
)
|
|||
Net operating income
|
$
|
1,134,096
|
|
|
$
|
977,998
|
|
|
$
|
667,928
|
|
(1)
|
Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
|
|
Full Year
|
||||||
|
2014
|
|
2013
|
||||
Established Communities
|
$
|
22,961
|
|
|
$
|
26,417
|
|
Other Stabilized Communities
|
74,307
|
|
|
248,545
|
|
||
Development and Redevelopment Communities
|
58,830
|
|
|
35,108
|
|
||
Total
|
$
|
156,098
|
|
|
$
|
310,070
|
|
•
|
development and redevelopment activity in which we are currently engaged;
|
•
|
the minimum dividend payments on our common stock required to maintain our REIT qualification under the Code;
|
•
|
debt service and principal payments either at maturity or opportunistically before maturity; and
|
•
|
normal recurring operating expenses.
|
•
|
we invested
$1,241,832,000
in the development and redevelopment of communities;
|
•
|
we had capital expenditures of
$52,825,000
for our operating communities and non-real estate assets; and
|
•
|
we acquired one operating community for
$47,000,000
.
|
•
|
issuance of $300,000,000 principal amount of unsecured notes;
|
•
|
issuance of common stock in the amount of
$295,465,000
through CEP III;
|
•
|
borrowing $250,000,000 under the Term Loan; and
|
•
|
secured borrowings of
$53,000,000
.
|
•
|
payment of cash dividends in the amount of
$593,643,000
;
|
•
|
repayment of unsecured notes in the amount of
$150,000,000
; and
|
•
|
repayment of secured notes in the amount of
$32,859,000
.
|
•
|
limitations on the amount of total and secured debt in relation to our overall capital structure;
|
•
|
limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and
|
•
|
minimum levels of debt service coverage.
|
•
|
In March 2014, we entered into a
$300,000,000
variable rate unsecured term loan that matures in March 2021 (the “Term Loan”). At
December 31, 2014
, we had drawn
$250,000,000
of the available
$300,000,000
, with the option to draw the additional
$50,000,000
until March 2015.
|
•
|
In April 2014, in conjunction with certain requirements associated with the development of an apartment community, we entered into a
$53,000,000
secured mortgage loan maturing in 2019, with an option to extend the maturity to 2024. The mortgage is comprised of a
$15,000,000
fixed rate note with an interest rate of
2.99%
and a
$38,000,000
variable rate note at LIBOR plus
2.00%
.
|
•
|
Pursuant to its scheduled maturity in April 2014, we repaid
$150,000,000
principal amount of unsecured notes with a stated coupon of
5.375%
.
|
•
|
In June 2014, in conjunction with the disposition of an operating community, we repaid a fixed rate secured mortgage loan in the amount of
$10,427,000
with an interest rate of
6.19%
in advance of its November 2015 maturity date. In accordance with the requirements of the master credit agreement governing this and certain other secured borrowings, we repaid an additional
$5,914,000
principal amount of secured borrowings for eight other operating communities. We incurred a charge for early debt extinguishment of
$412,000
.
|
•
|
In November 2014, we issued
$300,000,000
principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately
$295,803,000
. The notes mature in
November 2024
and were issued at a stated coupon of
3.50%
.
|
|
|
All-In
interest rate (1) |
|
Principal
maturity date |
|
Balance Outstanding
|
|
Scheduled Maturities
|
|||||||||||||||||||||||||||||
Community
|
|
|
|
12/31/2013
|
|
12/31/2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|||||||||||||||||||
Tax-exempt bonds (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eaves Washingtonian Center I
|
|
7.84
|
%
|
|
May-2027
|
|
$
|
8,401
|
|
|
$
|
8,011
|
|
|
$
|
419
|
|
|
$
|
449
|
|
|
$
|
482
|
|
|
$
|
517
|
|
|
$
|
554
|
|
|
$
|
5,590
|
|
Avalon Oaks
|
|
7.50
|
%
|
|
Feb-2041
|
|
16,094
|
|
|
15,887
|
|
|
222
|
|
|
238
|
|
|
255
|
|
|
276
|
|
|
293
|
|
|
14,603
|
|
||||||||
Avalon Oaks West
|
|
7.54
|
%
|
|
Apr-2043
|
|
16,032
|
|
|
15,847
|
|
|
198
|
|
|
211
|
|
|
225
|
|
|
241
|
|
|
257
|
|
|
14,715
|
|
||||||||
Avalon at Chestnut Hill
|
|
6.15
|
%
|
|
Oct-2047
|
|
39,979
|
|
|
39,545
|
|
|
457
|
|
|
482
|
|
|
509
|
|
|
536
|
|
|
566
|
|
|
36,995
|
|
||||||||
Avalon Westbury
|
|
4.13
|
%
|
|
Nov-2036
|
(5)
|
62,200
|
|
|
62,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,200
|
|
||||||||
|
|
|
|
|
|
|
142,706
|
|
|
141,490
|
|
|
1,296
|
|
|
1,380
|
|
|
1,471
|
|
|
1,570
|
|
|
1,670
|
|
|
134,103
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Variable rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Avalon at Mountain View
|
|
0.78
|
%
|
|
Feb-2017
|
|
18,300
|
|
|
18,100
|
|
(3)
|
—
|
|
|
—
|
|
|
18,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Mission Viejo
|
|
1.21
|
%
|
|
Jun-2025
|
|
7,635
|
|
|
7,635
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,635
|
|
||||||||
AVA Nob Hill
|
|
1.14
|
%
|
|
Jun-2025
|
|
20,800
|
|
|
20,800
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,800
|
|
||||||||
Avalon Campbell
|
|
1.47
|
%
|
|
Jun-2025
|
|
38,800
|
|
|
38,800
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,800
|
|
||||||||
Eaves Pacifica
|
|
1.49
|
%
|
|
Jun-2025
|
|
17,600
|
|
|
17,600
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,600
|
|
||||||||
Avalon Bowery Place I
|
|
3.01
|
%
|
|
Nov-2037
|
|
93,800
|
|
|
93,800
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,800
|
|
||||||||
Avalon Acton
|
|
1.51
|
%
|
|
Jul-2040
|
|
45,000
|
|
|
45,000
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,000
|
|
||||||||
Avalon Walnut Creek
|
|
1.36
|
%
|
|
Mar-2046
|
(5)
|
116,000
|
|
|
116,000
|
|
(6)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
116,000
|
|
||||||||
Avalon Walnut Creek
|
|
1.36
|
%
|
|
Mar-2046
|
(5)
|
10,000
|
|
|
10,000
|
|
(6)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
||||||||
Avalon Morningside Park
|
|
1.60
|
%
|
|
May-2046
|
(5)
|
100,000
|
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||||
Avalon Clinton North
|
|
1.72
|
%
|
|
Nov-2038
|
|
147,000
|
|
|
147,000
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147,000
|
|
||||||||
Avalon Clinton South
|
|
1.72
|
%
|
|
Nov-2038
|
|
121,500
|
|
|
121,500
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,500
|
|
||||||||
Avalon Midtown West
|
|
1.63
|
%
|
|
May-2029
|
|
100,500
|
|
|
100,500
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,500
|
|
||||||||
Avalon San Bruno
|
|
1.61
|
%
|
|
Dec-2037
|
|
64,450
|
|
|
64,450
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,450
|
|
||||||||
Avalon Calabasas
|
|
1.71
|
%
|
|
Apr-2028
|
|
44,410
|
|
|
44,410
|
|
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
128
|
|
|
403
|
|
|
43,879
|
|
||||||||
|
|
|
|
|
|
945,795
|
|
|
945,595
|
|
|
—
|
|
|
—
|
|
|
18,100
|
|
|
128
|
|
|
403
|
|
|
926,964
|
|
|||||||||
Conventional loans (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
$150 Million unsecured notes
|
|
—
|
%
|
|
Apr-2014
|
|
150,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
$250 Million unsecured notes
|
|
5.89
|
%
|
|
Sep-2016
|
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
$250 Million unsecured notes
|
|
5.82
|
%
|
|
Mar-2017
|
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
$250 Million unsecured notes
|
|
6.19
|
%
|
|
Mar-2020
|
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||||||
$250 Million unsecured notes
|
|
4.04
|
%
|
|
Jan-2021
|
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||||||
$450 Million unsecured notes
|
|
4.30
|
%
|
|
Sep-2022
|
|
450,000
|
|
|
450,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
450,000
|
|
||||||||
$250 Million unsecured notes
|
|
3.00
|
%
|
|
Mar-2023
|
|
250,000
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||||||
$400 Million unsecured notes
|
|
3.78
|
%
|
|
Oct-2020
|
|
400,000
|
|
|
400,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
400,000
|
|
||||||||
$350 Million unsecured notes
|
|
4.30
|
%
|
|
Dec-2023
|
|
350,000
|
|
|
350,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350,000
|
|
||||||||
$300 Million unsecured notes
|
|
3.66
|
%
|
|
Nov-2024
|
|
—
|
|
|
300,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
||||||||
Avalon Orchards
|
|
7.79
|
%
|
|
Jul-2033
|
|
17,530
|
|
|
17,091
|
|
|
470
|
|
|
503
|
|
|
539
|
|
|
577
|
|
|
619
|
|
|
14,383
|
|
||||||||
Avalon Darien
|
|
6.22
|
%
|
|
Dec-2015
|
|
48,484
|
|
|
47,700
|
|
(7)
|
47,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
AVA Stamford
|
|
6.13
|
%
|
|
Dec-2015
|
|
58,385
|
|
|
57,423
|
|
(7)
|
57,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Walnut Creek
|
|
4.30
|
%
|
|
Jul-2066
|
|
3,042
|
|
|
3,042
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,042
|
|
||||||||
Avalon Shrewsbury
|
|
5.92
|
%
|
|
May-2019
|
|
20,464
|
|
|
20,174
|
|
|
307
|
|
|
323
|
|
|
346
|
|
|
367
|
|
|
18,831
|
|
|
—
|
|
||||||||
Eaves Trumbull
|
|
5.93
|
%
|
|
May-2019
|
|
40,018
|
|
|
39,452
|
|
|
601
|
|
|
631
|
|
|
676
|
|
|
717
|
|
|
36,827
|
|
|
—
|
|
||||||||
Avalon on Stamford Harbor
|
|
5.93
|
%
|
|
May-2019
|
|
63,624
|
|
|
62,724
|
|
(9)
|
955
|
|
|
1,003
|
|
|
1,075
|
|
|
1,140
|
|
|
58,551
|
|
|
—
|
|
||||||||
Avalon Freehold
|
|
5.95
|
%
|
|
May-2019
|
|
35,475
|
|
|
34,973
|
|
|
532
|
|
|
559
|
|
|
599
|
|
|
636
|
|
|
32,647
|
|
|
—
|
|
||||||||
Avalon Run East
|
|
5.95
|
%
|
|
May-2019
|
|
38,013
|
|
|
37,475
|
|
|
571
|
|
|
599
|
|
|
642
|
|
|
681
|
|
|
34,982
|
|
|
—
|
|
||||||||
Eaves Nanuet
|
|
6.06
|
%
|
|
May-2019
|
|
64,149
|
|
|
63,242
|
|
|
963
|
|
|
1,011
|
|
|
1,083
|
|
|
1,150
|
|
|
59,035
|
|
|
—
|
|
||||||||
Avalon at Edgewater (10)
|
|
5.95
|
%
|
|
May-2019
|
|
76,088
|
|
|
75,012
|
|
|
1,142
|
|
|
1,199
|
|
|
1,285
|
|
|
1,363
|
|
|
70,023
|
|
|
—
|
|
||||||||
Avalon Foxhall
|
|
6.06
|
%
|
|
May-2019
|
|
57,150
|
|
|
56,341
|
|
|
858
|
|
|
901
|
|
|
965
|
|
|
1,024
|
|
|
52,593
|
|
|
—
|
|
||||||||
Avalon at Gallery Place
|
|
6.06
|
%
|
|
May-2019
|
|
44,405
|
|
|
43,776
|
|
|
667
|
|
|
700
|
|
|
750
|
|
|
796
|
|
|
40,863
|
|
|
—
|
|
||||||||
Avalon at Traville
|
|
5.91
|
%
|
|
May-2019
|
|
75,251
|
|
|
74,186
|
|
|
1,130
|
|
|
1,186
|
|
|
1,271
|
|
|
1,348
|
|
|
69,251
|
|
|
—
|
|
||||||||
Avalon Bellevue
|
|
5.92
|
%
|
|
May-2019
|
|
25,856
|
|
|
25,491
|
|
|
388
|
|
|
408
|
|
|
437
|
|
|
463
|
|
|
23,795
|
|
|
—
|
|
||||||||
Avalon on The Alameda
|
|
5.91
|
%
|
|
May-2019
|
|
52,278
|
|
|
51,539
|
|
|
785
|
|
|
824
|
|
|
883
|
|
|
937
|
|
|
48,110
|
|
|
—
|
|
||||||||
Avalon at Mission Bay North
|
|
5.90
|
%
|
|
May-2019
|
|
70,959
|
|
|
69,955
|
|
|
1,065
|
|
|
1,118
|
|
|
1,198
|
|
|
1,272
|
|
|
65,302
|
|
|
—
|
|
||||||||
AVA Pasadena
|
|
4.05
|
%
|
|
Jun-2018
|
|
11,869
|
|
|
11,683
|
|
|
195
|
|
|
202
|
|
|
213
|
|
|
11,073
|
|
|
—
|
|
|
—
|
|
Eaves Seal Beach
|
|
3.12
|
%
|
|
Nov-2015
|
|
86,167
|
|
|
85,122
|
|
(8)
|
85,122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Oakwood Toluca Hills
|
|
3.12
|
%
|
|
Nov-2015
|
|
167,595
|
|
|
165,561
|
|
(8)
|
165,561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Mountain View at Middlefield
|
|
3.12
|
%
|
|
Nov-2015
|
|
72,374
|
|
|
71,496
|
|
(8)
|
71,496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Tunlaw Gardens
|
|
3.12
|
%
|
|
Nov-2015
|
|
28,844
|
|
|
28,494
|
|
(8)
|
28,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Glover Park
|
|
3.12
|
%
|
|
Nov-2015
|
|
23,858
|
|
|
23,569
|
|
(8)
|
23,569
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Oakwood Arlington
|
|
3.12
|
%
|
|
Nov-2015
|
|
42,703
|
|
|
42,185
|
|
(8)
|
42,185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves North Quincy
|
|
3.12
|
%
|
|
Nov-2015
|
|
37,212
|
|
|
36,761
|
|
(8)
|
36,761
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Thousand Oaks Plaza
|
|
3.12
|
%
|
|
Nov-2015
|
|
28,742
|
|
|
28,394
|
|
(8)
|
28,394
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon La Jolla Colony
|
|
3.36
|
%
|
|
Nov-2017
|
|
27,176
|
|
|
27,176
|
|
|
—
|
|
|
—
|
|
|
27,176
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Old Town Pasadena
|
|
3.36
|
%
|
|
Nov-2017
|
|
15,669
|
|
|
15,669
|
|
|
—
|
|
|
—
|
|
|
15,669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Thousand Oaks
|
|
3.36
|
%
|
|
Nov-2017
|
|
27,411
|
|
|
27,411
|
|
|
—
|
|
|
—
|
|
|
27,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Walnut Ridge I
|
|
3.36
|
%
|
|
Nov-2017
|
|
20,754
|
|
|
20,754
|
|
|
—
|
|
|
—
|
|
|
20,754
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Los Feliz
|
|
3.36
|
%
|
|
Nov-2017
|
|
43,258
|
|
|
43,258
|
|
|
—
|
|
|
—
|
|
|
43,258
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Oak Creek
|
|
3.36
|
%
|
|
Nov-2017
|
|
85,288
|
|
|
85,288
|
|
|
—
|
|
|
—
|
|
|
85,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Del Mar Station
|
|
3.36
|
%
|
|
Nov-2017
|
|
76,471
|
|
|
76,471
|
|
|
—
|
|
|
—
|
|
|
76,471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Courthouse Place
|
|
3.36
|
%
|
|
Nov-2017
|
|
140,332
|
|
|
140,332
|
|
|
—
|
|
|
—
|
|
|
140,332
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Pasadena
|
|
3.34
|
%
|
|
Nov-2017
|
|
28,079
|
|
|
28,079
|
|
|
—
|
|
|
—
|
|
|
28,079
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves West Valley
|
|
3.36
|
%
|
|
Nov-2017
|
|
83,087
|
|
|
83,087
|
|
|
—
|
|
|
—
|
|
|
83,087
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Woodland Hills
|
|
3.36
|
%
|
|
Nov-2017
|
|
104,694
|
|
|
104,694
|
|
|
—
|
|
|
—
|
|
|
104,694
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Russett
|
|
3.36
|
%
|
|
Nov-2017
|
|
39,972
|
|
|
39,972
|
|
|
—
|
|
|
—
|
|
|
39,972
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon First & M
|
|
5.56
|
%
|
|
May-2053
|
|
142,061
|
|
|
140,964
|
|
|
954
|
|
|
987
|
|
|
1,067
|
|
|
1,129
|
|
|
1,195
|
|
|
135,632
|
|
||||||||
Avalon San Bruno II
|
|
3.85
|
%
|
|
Apr-2021
|
|
31,398
|
|
|
30,968
|
|
|
454
|
|
|
475
|
|
|
506
|
|
|
534
|
|
|
564
|
|
|
28,435
|
|
||||||||
Avalon Westbury
|
|
4.13
|
%
|
|
Nov-2036
|
(5)
|
21,260
|
|
|
20,145
|
|
|
1,172
|
|
|
1,231
|
|
|
1,293
|
|
|
1,358
|
|
|
1,426
|
|
|
13,665
|
|
||||||||
Archstone Lexington
|
|
3.32
|
%
|
|
Mar-2016
|
|
16,780
|
|
|
16,525
|
|
|
270
|
|
|
16,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon San Bruno III
|
|
4.87
|
%
|
|
Jun-2020
|
|
56,210
|
|
|
56,210
|
|
|
561
|
|
|
1,147
|
|
|
1,188
|
|
|
1,226
|
|
|
1,264
|
|
|
50,824
|
|
||||||||
Avalon Andover
|
|
3.28
|
%
|
|
Apr-2018
|
|
14,821
|
|
|
14,505
|
|
|
325
|
|
|
336
|
|
|
346
|
|
|
13,498
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Natick
|
|
3.13
|
%
|
|
Apr-2019
|
|
—
|
|
|
14,818
|
|
|
319
|
|
|
329
|
|
|
339
|
|
|
349
|
|
|
13,482
|
|
|
—
|
|
||||||||
|
|
|
|
|
|
|
4,865,256
|
|
|
5,009,187
|
|
|
601,389
|
|
|
281,927
|
|
|
958,892
|
|
|
41,638
|
|
|
629,360
|
|
|
2,495,981
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Variable rate (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Avalon Walnut Creek
|
|
1.70
|
%
|
|
Mar-2046
|
(5)
|
8,500
|
|
|
8,500
|
|
(6)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,500
|
|
||||||||
Avalon Calabasas
|
|
2.41
|
%
|
|
Aug-2018
|
|
57,314
|
|
|
55,827
|
|
(3)
|
1,084
|
|
|
1,152
|
|
|
1,225
|
|
|
52,366
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Natick
|
|
2.44
|
%
|
|
Apr-2019
|
|
—
|
|
|
37,539
|
|
(3)
|
809
|
|
|
833
|
|
|
858
|
|
|
884
|
|
|
34,155
|
|
|
—
|
|
||||||||
Term Loan
|
|
1.77
|
%
|
|
Mar-2021
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||||||
|
|
|
|
|
|
|
65,814
|
|
|
351,866
|
|
|
1,893
|
|
|
1,985
|
|
|
2,083
|
|
|
53,250
|
|
|
34,155
|
|
|
258,500
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total indebtedness - excluding Credit Facility
|
|
|
|
|
|
|
$
|
6,019,571
|
|
|
$
|
6,448,138
|
|
|
$
|
604,578
|
|
|
$
|
285,292
|
|
|
$
|
980,546
|
|
|
$
|
96,586
|
|
|
$
|
665,588
|
|
|
$
|
3,815,548
|
|
(1)
|
Includes credit enhancement fees, facility fees, trustees' fees, the impact of interest rate hedges, offering costs, mark to market amortization and other fees.
|
(2)
|
Variable rates are given as of
December 31, 2014
.
|
(3)
|
Financed by variable rate debt, but interest rate is capped through an interest rate protection agreement.
|
(4)
|
Balances outstanding represent total amounts due at maturity, and are net of
$6,735
of debt discount and
$5,291
of debt discount and basis adjustments associated with the hedged unsecured notes as of
December 31, 2014
and
December 31, 2013
, respectively, and
$84,449
and
$120,071
of premium associated with secured notes as of
December 31, 2014
and
December 31, 2013
, respectively, as reflected on our Consolidated Balance Sheets included elsewhere in this report.
|
(5)
|
Maturity date reflects the contractual maturity of the underlying bond. There is also an associated earlier credit enhancement maturity date.
|
(6)
|
In July 2013 we remarketed the bonds and converted them to variable rate through July 2018.
|
(7)
|
Borrowing is scheduled to mature in December 2015, and contractually includes an automatic one-year extension of the loan through December 2016.
|
(8)
|
Outstanding principal balance was reduced in June 2014 in conjunction with the prepayment of a secured mortgage note under the master credit agreement.
|
(9)
|
This community was sold in January 2015, at which time we substituted another operating community as collateral for the borrowing.
|
(10)
|
In January 2015, we experienced a fire at Edgewater. As of the date of this Form 10-K there has been no change in the terms and conditions of the financing secured by Edgewater, and we are complying with all lender requirements. The mortgage note stipulates that in the event of a casualty loss such as the Edgewater fire, the lender has absolute discretion to determine the disposition of the insurance proceeds, and can compel us (i) to direct the insurance proceeds to be used for the restoration of Edgewater, or (ii) to apply the insurance proceeds to repay the outstanding loan balance, at par. We are currently working with the lender to resolve open issues related to this matter.
|
•
|
our
$1,300,000,000
Credit Facility;
|
•
|
the remaining
$50,000,000
capacity under our Term Loan;
|
•
|
cash currently on hand, invested in highly liquid overnight money market funds and repurchase agreements, and short-term investment vehicles;
|
•
|
retained operating cash;
|
•
|
the net proceeds from sales of existing communities;
|
•
|
the issuance of debt or equity securities, including through the Forward; and/or
|
•
|
private equity funding, including joint venture activity.
|
|
|
|
|
|
|
|
Debt (2)
|
|||||||||||||
Unconsolidated Real Estate Investments
|
Company
Ownership
Percentage
|
|
# of
Apartment
Homes
|
|
Total
Capitalized
Cost (1)
|
|
Principal Amount
|
|
Type
|
|
Interest
Rate (3)
|
|
Maturity
Date
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fund II
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Briarwood Apartments—Owings Mills, MD
|
|
|
|
348
|
|
|
$
|
45,765
|
|
|
$
|
26,318
|
|
|
Fixed
|
|
3.64
|
%
|
|
Nov 2017
|
2. Eaves Gaithersburg—Gaithersburg, MD (4)
|
|
|
|
684
|
|
|
102,638
|
|
|
63,200
|
|
|
Fixed
|
|
5.42
|
%
|
|
Jan 2018
|
||
3. Eaves Tustin—Tustin, CA
|
|
|
|
628
|
|
|
100,837
|
|
|
59,100
|
|
|
Fixed
|
|
3.81
|
%
|
|
Oct 2017
|
||
4. Eaves Los Alisos—Lake Forest, CA
|
|
|
|
140
|
|
|
27,466
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
|
N/A
|
||
5. Eaves Plainsboro—Plainsboro, NJ (5)
|
|
|
|
776
|
|
|
91,862
|
|
|
9,412
|
|
|
Fixed
|
|
5.04
|
%
|
|
Jan 2016
|
||
6. Eaves Carlsbad—Carlsbad, CA
|
|
|
|
450
|
|
|
80,943
|
|
|
46,141
|
|
|
Fixed
|
|
4.68
|
%
|
|
Feb 2018
|
||
7. Eaves Rockville—Rockville, MD
|
|
|
|
210
|
|
|
51,608
|
|
|
30,277
|
|
|
Fixed
|
|
4.26
|
%
|
|
Aug 2019
|
||
8. Captain Parker Arms - Lexington, MA
|
|
|
|
94
|
|
|
22,181
|
|
|
13,500
|
|
|
Fixed
|
|
3.90
|
%
|
|
Sep 2019
|
||
9. Eaves Rancho San Diego—San Diego, CA
|
|
|
|
676
|
|
|
127,847
|
|
|
69,913
|
|
|
Fixed
|
|
3.45
|
%
|
|
Nov 2018
|
||
10. Avalon Watchung—Watchung, NJ
|
|
|
|
334
|
|
|
66,425
|
|
|
40,950
|
|
|
Fixed
|
|
3.37
|
%
|
|
Apr 2019
|
||
Total Fund II
|
31.3
|
%
|
|
4,340
|
|
|
$
|
717,572
|
|
|
$
|
358,811
|
|
|
|
|
4.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Eaves Sunnyvale—Sunnyvale, CA (4)
|
|
|
|
192
|
|
|
$
|
67,031
|
|
|
$
|
33,806
|
|
|
Fixed
|
|
5.33
|
%
|
|
Nov 2019
|
2. Avalon Studio 4041—Studio City, CA
|
|
|
|
149
|
|
|
56,774
|
|
|
30,150
|
|
|
Fixed
|
|
3.34
|
%
|
|
Nov 2022
|
||
3. Marina Bay—Marina del Rey, CA
|
|
|
|
205
|
|
|
76,986
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
|
N/A
|
||
4. Avalon Venice on Rose—Venice, CA
|
|
|
|
70
|
|
|
56,405
|
|
|
31,114
|
|
|
Fixed
|
|
3.31
|
%
|
|
Jun 2020
|
||
5. Archstone Boca Town Center—Boca Raton, FL (6)
|
|
|
|
252
|
|
|
46,251
|
|
|
27,706
|
|
|
Fixed/Variable
|
|
3.54
|
%
|
|
Feb 2019
|
||
6. Avalon Station 250—Dedham, MA
|
|
|
|
285
|
|
|
95,111
|
|
|
59,733
|
|
|
Fixed
|
|
3.73
|
%
|
|
Sep 2022
|
||
7. Avalon Grosvenor Tower—Bethesda, MD
|
|
|
|
237
|
|
|
79,088
|
|
|
46,294
|
|
|
Fixed
|
|
3.74
|
%
|
|
Sep 2022
|
||
8. Avalon Kips Bay—New York, NY
|
|
|
|
209
|
|
|
134,470
|
|
|
68,920
|
|
|
Fixed
|
|
4.25
|
%
|
|
Jan 2019
|
||
9. Avalon Kirkland at Carillon—Kirkland, WA
|
|
|
|
131
|
|
|
50,023
|
|
|
30,157
|
|
|
Fixed
|
|
3.75
|
%
|
|
Feb 2019
|
||
Total U.S. Fund
|
28.6
|
%
|
|
1,730
|
|
|
$
|
662,139
|
|
|
$
|
327,880
|
|
|
|
|
3.92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AC JV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Archstone North Point—Cambridge, MA (7)
|
|
|
|
426
|
|
|
$
|
186,668
|
|
|
$
|
111,653
|
|
|
Fixed
|
|
6.00
|
%
|
|
Aug 2021
|
2. Archstone Woodland Park—Herndon, VA (7)
|
|
|
|
392
|
|
|
85,324
|
|
|
50,647
|
|
|
Fixed
|
|
6.00
|
%
|
|
Aug 2021
|
||
3. Avalon North Points Lofts — Cambridge, MA (8)
|
|
|
103
|
|
|
26,503
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
|
N/A
|
|||
Total AC JV
|
20.0
|
%
|
|
921
|
|
|
$
|
298,495
|
|
|
$
|
162,300
|
|
|
|
|
6.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residual JV (9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. SWIB
|
|
|
|
1,410
|
|
|
$
|
261,740
|
|
|
$
|
148,866
|
|
|
Fixed/Variable
|
|
2.32
|
%
|
|
Dec 2015 (10)
|
Total Residual JV
|
8.0
|
%
|
|
1,410
|
|
|
$
|
261,740
|
|
|
$
|
148,866
|
|
|
|
|
2.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other Operating Joint Ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. MVP I, LLC
|
25.0
|
%
|
|
313
|
|
|
$
|
124,344
|
|
|
$
|
105,000
|
|
|
Variable (11)
|
|
2.65
|
%
|
|
Dec 2015
|
2. Brandywine Apartments of Maryland, LLC
|
28.7
|
%
|
|
305
|
|
|
17,802
|
|
|
24,346
|
|
|
Fixed
|
|
3.40
|
%
|
|
Jun 2028
|
||
Total Other Joint Ventures
|
|
|
|
618
|
|
|
$
|
142,146
|
|
|
$
|
129,346
|
|
|
|
|
2.79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Unconsolidated Investments
|
|
|
|
9,019
|
|
|
$
|
2,082,092
|
|
|
$
|
1,127,203
|
|
|
|
|
3.95
|
%
|
|
|
(1)
|
Represents total capitalized cost as of
December 31, 2014
.
|
(2)
|
We have not guaranteed the debt of unconsolidated investees and bear no responsibility for the repayment.
|
(3)
|
Represents weighted average rate on outstanding debt as of
December 31, 2014
.
|
(4)
|
Borrowing on this community is comprised of two mortgage loans.
|
(5)
|
Fund II repaid an outstanding mortgage loan secured by this community at par during
2014
.
|
(6)
|
The debt secured by this community is a variable rate note, of which $24,868 has been converted to an effective fixed rate borrowing with an interest rate swap.
|
(7)
|
Borrowing is comprised of four mortgage loans made by the equity investors in the venture in proportion to their equity interests.
|
(8)
|
Development of this community was completed during
2014
.
|
(9)
|
Our ownership interest of 8.0% is determined by our 40.0% ownership interest in the Residual JV entity with Equity Residential, which owns a 20.0% interest in SWIB.
|
(10)
|
Maturity date represents the earliest of the maturity dates on the
two
loans and
four
draws on the credit facility relating to the
four
communities owned by SWIB, as defined below. Maturity dates range from December 2015 to December 2029.
|
(11)
|
In December 2014 the interest rate converted from fixed to variable through the December 2015 maturity.
|
•
|
As of
December 31, 2014
, subsidiaries of Fund II have
10
loans secured by individual assets with aggregate amounts outstanding of
$358,811,000
with varying maturity dates (and, in some cases, dates after which the loans can be prepaid without penalty), ranging from January 2016 to September 2019. The mortgage loans are payable by the subsidiaries of Fund II with operating cash flow or disposition proceeds from the underlying real estate. We have not guaranteed the debt of Fund II, nor do we have any obligation to fund this debt should Fund II be unable to do so.
|
•
|
As of
December 31, 2014
, subsidiaries of the U.S. Fund have
nine
loans secured by individual assets with aggregate amounts outstanding of
$327,880,000
with varying maturity dates, ranging from January 2019 to November 2022. The mortgage loans are payable by the subsidiaries of the U.S. Fund with operating cash flow or disposition proceeds from the underlying real estate. We have not guaranteed the debt of the U.S. Fund, nor do we have any obligation to fund this debt should the U.S. Fund be unable to do so.
|
•
|
As of
December 31, 2014
, subsidiaries of the AC JV have
eight
unsecured loans outstanding in the aggregate amount of
$162,300,000
which mature in August 2021, and which were made by the investors in the venture, including us, in proportion to the investors' respective equity ownership interest. The unsecured loans are payable by the subsidiaries of the AC JV with operating cash flow from the venture. We have not guaranteed the debt of the AC JV, nor do we have any obligation to fund this debt should the AC JV be unable to do so.
|
•
|
MVP I, LLC, the entity that owns Avalon at Mission Bay North II, has a loan secured by the underlying real estate assets of the community for
$105,000,000
. In December 2014, the loan converted from fixed rate to a variable rate, interest-only note bearing interest at
LIBOR
plus
2.50%
, maturing in December 2015. We have not guaranteed the debt of MVP I, LLC, nor do we have any obligation to fund this debt should MVP I, LLC be unable to do so.
|
•
|
As of
December 31, 2014
, Brandywine has an outstanding
$24,346,000
fixed rate mortgage loan that is payable by Brandywine. We have not guaranteed the debt of Brandywine, nor do we have any obligation to fund this debt should Brandywine be unable to do so.
|
•
|
As of
December 31, 2014
, SWIB, the joint venture for which we have an 8.0% indirect interest in through the Residual JV, has
two
loans and
four
draws on a credit facility secured by individual assets with aggregate amounts outstanding of
$148,866,000
with varying maturity dates, ranging from December 2015 to December 2029. We have not guaranteed the debt of SWIB, nor do we have any obligation to fund this debt should SWIB be unable to do so.
|
|
Payments due by period
|
||||||||||||||||||
|
Total
|
|
Less than 1
Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5
Years
|
||||||||||
Debt Obligations
|
$
|
6,448,138
|
|
|
$
|
604,578
|
|
|
$
|
1,265,838
|
|
|
$
|
762,174
|
|
|
$
|
3,815,548
|
|
Interest on Debt Obligations
|
1,932,230
|
|
|
269,081
|
|
|
459,352
|
|
|
319,925
|
|
|
883,872
|
|
|||||
Capital Lease Obligations (1) (2)
|
62,599
|
|
|
1,885
|
|
|
19,931
|
|
|
1,696
|
|
|
39,087
|
|
|||||
Operating Lease Obligations (1)
|
1,332,711
|
|
|
20,337
|
|
|
41,464
|
|
|
43,056
|
|
|
1,227,854
|
|
|||||
|
$
|
9,775,678
|
|
|
$
|
895,881
|
|
|
$
|
1,786,585
|
|
|
$
|
1,126,851
|
|
|
$
|
5,966,361
|
|
(1)
|
Includes land leases expiring between October 2026 and March 2142. Amounts do not include any adjustment for purchase options available under the land leases.
|
(2)
|
Aggregate capital lease payments include
$28,318
in interest costs.
|
•
|
our potential development, redevelopment, acquisition or disposition of communities;
|
•
|
the timing and cost of completion of apartment communities under construction, reconstruction, development or redevelopment;
|
•
|
the timing of lease-up, occupancy and stabilization of apartment communities;
|
•
|
the pursuit of land on which we are considering future development;
|
•
|
the anticipated operating performance of our communities;
|
•
|
cost, yield, revenue, NOI and earnings estimates;
|
•
|
our declaration or payment of distributions;
|
•
|
our joint venture and discretionary fund activities;
|
•
|
our policies regarding investments, indebtedness, acquisitions, dispositions, financings and other matters;
|
•
|
our qualification as a REIT under the Internal Revenue Code;
|
•
|
the real estate markets in Northern and Southern California and markets in selected states in the Mid-Atlantic, New England, Metro New York/New Jersey and Pacific Northwest regions of the United States and in general;
|
•
|
the availability of debt and equity financing;
|
•
|
interest rates;
|
•
|
general economic conditions including the potential impacts from economic conditions; and
|
•
|
trends affecting our financial condition or results of operations.
|
•
|
our preliminary expectations and assumptions as of the date of this filing regarding insurance coverage, lender payoff and refinancing requirements and potential uninsured loss amounts resulting from the Edgewater fire, as well as the ultimate cost and timing of replacing the Edgewater building and achieving stabilized occupancy, are subject to change and could materially affect our current expectations regarding the impact of the fire on our financial condition and results of operations;
|
•
|
the expected proceeds from settlement of the Forward are subject to adjustment for changes in the Fed Funds rate and the amount of dividends we pay on our common stock, and our receipt of settlement proceeds assumes that we will settle the Forward by physical delivery;
|
•
|
we may fail to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals;
|
•
|
we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses;
|
•
|
construction costs of a community may exceed our original estimates;
|
•
|
we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues;
|
•
|
occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control;
|
•
|
financing may not be available on favorable terms or at all, and our cash flows from operations and access to cost effective capital may be insufficient for the development of our pipeline which could limit our pursuit of opportunities;
|
•
|
our cash flows may be insufficient to meet required payments of principal and interest, and we may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness;
|
•
|
we may be unsuccessful in our management of Fund I, Fund II, the U.S. Fund, the AC JV or the REIT vehicles that are used with each of them; and
|
•
|
we may be unsuccessful in managing changes in our portfolio composition.
|
•
|
For entities not considered to be variable interest entities, the nature of the entity changed such that it would be considered a variable interest entity and we were considered the primary beneficiary.
|
•
|
For entities in which we do not hold a controlling voting and/or variable interest, the contractual arrangement changed resulting in our investment interest being either a controlling voting and/or variable interest.
|
(a)
|
Evaluation of Disclosure Controls and Procedures. As required by Rule 13a-15 under the Securities Exchange Act of 1934, as of the end of the period covered by this report, the Company carried out an evaluation under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. We continue to review and document our disclosure controls and procedures, including our internal controls and procedures for financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.
|
(b)
|
Management's Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of
December 31, 2014
based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our management concluded that our internal control over financial reporting was effective as of
December 31, 2014
.
|
(c)
|
Changes in Internal Control Over Financial Reporting. There was no change in our internal control over financial reporting that occurred during the fourth quarter of the period covered by this Annual Report on Form 10-K that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
|
(1)
|
Consists of the 2009 Plan.
|
(2)
|
Includes
93,749
deferred units granted under the 2009 Plan and the 1994 Plan, which, subject to vesting requirements, will convert in the future to common stock on a one-for-one basis. Also includes the maximum number of shares that may be issued upon settlement of outstanding Performance Awards awarded to officers and maturing on December 31, 2014, 2015 and 2016. Does not include
190,240
shares of restricted stock that are outstanding and that are already reflected in the Company's outstanding shares.
|
(3)
|
Excludes performance awards and deferred units granted under the 2009 Plan and the 1994 Plan, which, subject to vesting requirements, will convert in the future to common stock on a one-for-one basis.
|
(4)
|
Consists of the ESPP.
|
15(a)(1)
Financial Statements
|
|
|
|
Index to Financial Statements
|
|
|
|
Consolidated Financial Statements and Financial Statement Schedule:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15(a)(2)
Financial Statement Schedule
|
|
|
|
|
|
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.
|
|
|
|
15(a)(3)
Exhibits
|
|
|
|
3(i).1
|
|
—
|
|
Articles of Amendment and Restatement of Articles of Incorporation of the Company, dated as of June 4, 1998. (Incorporated by reference to Exhibit 3(i) to Form 10-K of the Company filed March 1, 2007.)
|
3(i).2
|
|
—
|
|
Articles of Amendment, dated as of October 2, 1998. (Incorporated by reference to Exhibit 3(i).2 to Form 10-K of the Company filed March 1, 2007.)
|
3(i).3
|
|
—
|
|
Articles of Amendment, dated as of May 22, 2013. (Incorporated by reference to Exhibit 3(i).3 to Form 8-K of the Company filed on May 22, 2013.)
|
3(ii).1
|
|
—
|
|
Amended and Restated Bylaws of the Company, as adopted by the Board of Directors on May 21, 2009. (Incorporated by reference to Exhibit 3(ii).1 to Form 10-Q of the Company filed November 2, 2012.)
|
3(ii).2
|
|
—
|
|
Amendment to Amended and Restated Bylaws of AvalonBay Communities, Inc., dated February 10, 2010. (Incorporated by reference to Exhibit 3(ii).2 to Form 10-Q of the Company filed November 2, 2012.)
|
3(ii).3
|
|
—
|
|
Amendment to Amended and Restated Bylaws of AvalonBay Communities, Inc., dated September 19, 2012. (Incorporated by reference to Exhibit 3.2 to Form 8-K of the Company filed September 20, 2012.)
|
4.1
|
|
—
|
|
Indenture for Senior Debt Securities, dated as of January 16, 1998, between the Company and State Street Bank and Trust Company, as Trustee. (Incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
4.2
|
|
—
|
|
First Supplemental Indenture, dated as of January 20, 1998, between the Company and State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
4.3
|
|
—
|
|
Second Supplemental Indenture, dated as of July 7, 1998, between the Company and State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.3 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
4.4
|
|
—
|
|
Amended and Restated Third Supplemental Indenture, dated as of July 10, 2000 between the Company and State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
4.5
|
|
—
|
|
Fourth Supplemental Indenture, dated as of September 18, 2006, between the Company and U.S. Bank National Association as Trustee. (Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
4.6
|
|
__
|
|
Fifth Supplemental Indenture, dated as of November 21, 2014, between the Company and the Bank of New York Mellon, as Trustee. (Incorporated by reference to Exhibit 4.1 to Form 8-K of the Company filed on November 21, 2014.)
|
4.7
|
|
—
|
|
Dividend Reinvestment and Stock Purchase Plan of the Company. (Incorporated by reference to Exhibit 8.1 to Registration Statement on Form S-3 of the Company (File No. 333-87063), filed September 14, 1999.)
|
4.8
|
|
—
|
|
Amendment to the Company's Dividend Reinvestment and Stock Purchase Plan filed on December 17, 1999. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(2) of the Securities Act of 1933 on December 17, 1999.)
|
4.9
|
|
—
|
|
Amendment to the Company's Dividend Reinvestment and Stock Purchase Plan filed on March 26, 2004. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(3) of the Securities Act of 1933 on March 26, 2004.)
|
4.10
|
|
—
|
|
Amendment to the Company's Dividend Reinvestment and Stock Purchase Plan filed on May 15, 2006. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(3) of the Securities Act of 1933 on May 15, 2006.)
|
10.1
|
|
—
|
|
Amended and Restated Limited Partnership Agreement of AvalonBay Value Added Fund, L.P., dated as of March 16, 2005. (Incorporated by reference to Exhibit 10.2 to Form 10-K of the Company filed February 23, 2011.)
|
10.2
|
|
—
|
|
Master Cross-Collateralization Agreement, dated as of April 24, 2009, between Deutsche Bank Berkshire Mortgage, Inc., parties identified on Exhibit A-Schedule 1 attached thereto, and Shady Grove Financing, LLC. (Incorporated by reference to Exhibit 10.2 to Form 10-Q of the Company filed August 10, 2009.)
|
10.3
|
|
—
|
|
Master Substitution Agreement, dated April 23, 2009, between Deutsche Bank Berkshire Mortgage, Inc., AvalonBay Traville, LLC and the entities identified on Schedule B attached thereto. (Incorporated by reference to Exhibit 10.3 to Form 10-Q of the Company filed August 10, 2009.)
|
10.4
|
|
—
|
|
Form of Multifamily Note, dated April 24, 2009. (Used in connection with the properties identified on Exhibit B to the Master Cross-Collateralization Agreement dated April 24, 2009.) (Incorporated by reference to Exhibit 10.4 to Form 10-Q of the Company filed August 10, 2009.)
|
10.5
|
|
—
|
|
Form of Guaranty, dated April 24, 2009. (Used in connection with the properties identified on Exhibit B to the Master Cross-Collateralization Agreement dated April 24, 2009.) (Incorporated by reference to Exhibit 10.5 to Form 10-Q of the Company filed August 10, 2009.)
|
10.6+
|
|
—
|
|
Endorsement Split Dollar Agreements and Amendments thereto with Messrs. Naughton, Sargeant, and Horey. (Incorporated by reference to Exhibit 10.8 to Form 10-K of the Company filed February 23, 2011.)
|
10.7+
|
|
—
|
|
Form of Amendment to Endorsement Split Dollar Agreement with Messrs. Naughton, Sargeant, and Horey. (Incorporated by reference to Exhibit 10.4 to Form 10-K of the Company filed March 2, 2009.)
|
10.8+
|
|
—
|
|
Employment Agreement between the Company and Timothy J. Naughton, dated as of December 16, 2011. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed December 21, 2011.)
|
10.9+
|
|
—
|
|
Employment Agreement between the Company and Leo S. Horey dated as of December 16, 2011. (Incorporated by reference to Exhibit 10.3 to Form 8-K of the Company filed December 21, 2011.)
|
10.10+
|
|
—
|
|
AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed May 28, 2009.)
|
10.11+
|
|
__
|
|
Amendment to the AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan approved by the Board of Directors on May 21, 2014 following a stockholder vote. (Filed herewith.)
|
10.12+
|
|
—
|
|
Form of Incentive Stock Option Agreement (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 10.1 to Registration Statement on Form S-8 of the Company filed May 22, 2009.)
|
10.13+
|
|
—
|
|
Form of Non-Qualified Stock Option Agreement (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 10.2 to Registration Statement on Form S-8 of the Company filed May 22, 2009.)
|
10.14+
|
|
—
|
|
Form of Stock Grant and Restricted Stock Agreement (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 10.3 to Registration Statement on Form S-8 of the Company filed May 22, 2009.)
|
10.15+
|
|
—
|
|
Form of Director Restricted Stock Agreement (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 10.4 to Registration Statement on Form S-8 of the Company filed May 22, 2009.)
|
10.16+
|
|
—
|
|
Form of Director Restricted Unit Agreement (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 10.5 to Registration Statement on Form S-8 of the Company filed May 22, 2009.)
|
10.17+
|
|
—
|
|
1996 Non-Qualified Employee Stock Purchase Plan, dated June 26, 1997, as amended and restated. (Incorporated by reference to Exhibit 99.1 to Post-effective Amendment No. 1 to Registration Statement on Form S-8 of the Company (File No. 333-16837), filed June 26, 1997.)
|
10.18+
|
|
—
|
|
1996 Non-Qualified Employee Stock Purchase Plan—Plan Information Statement dated June 26, 1997. (Incorporated by reference to Exhibit 99.2 to Registration Statement on Form S-8 of the Company (File No. 333-16837), filed November 26, 1996.)
|
10.19+
|
|
—
|
|
Form of Indemnity Agreement between the Company and its Directors. (Filed herewith.)
|
10.20+
|
|
—
|
|
The Company's Officer Severance Plan, as amended and restated on November 9, 2011. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed November 15, 2011.)
|
10.21+
|
|
—
|
|
AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated in full on December 8, 2004. (Incorporated by reference to Exhibit 10.21 to Form 10-K of the Company filed March 2, 2009.)
|
10.22+
|
|
—
|
|
Amendment dated February 9, 2006, to the AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated on December 8, 2004. (Incorporated by reference to Exhibit 10.23 to Form 10-K of the Company filed February 22, 2013.)
|
10.23+
|
|
—
|
|
Amendment, dated December 6, 2006, to the AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated on December 8, 2004. (Incorporated by reference to Exhibit 10.24 to Form 10-K of the Company filed February 22, 2013.)
|
10.24+
|
|
—
|
|
Amendment, dated September 20, 2007, to the AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated on December 8, 2004. (Incorporated by reference to Exhibit 10.25 to Form 10-K of the Company filed February 22, 2013.)
|
10.25+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Non-Qualified Stock Option Agreement (1994 Stock Incentive Plan, as Amended and Restated). (Incorporated by reference to Exhibit 10.26 to Form 10-K of the Company filed February 22, 2013.)
|
10.26+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Incentive Stock Option Agreement (1994 Stock Incentive Plan, as Amended and Restated.) (Incorporated by reference to Exhibit 10.27 to Form 10-K of the Company filed February 22, 2013.)
|
10.27+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Employee Stock Grant and Restricted Stock Agreement (1994 Stock Incentive Plan, as Amended and Restated.) (Incorporated by reference to Exhibit 10.33 to Form 10-K of the Company filed March 2, 2009.)
|
10.28+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Director Restricted Unit Agreement (1994 Stock Incentive Plan, as Amended and Restated). (Incorporated by reference to Exhibit 10.29 to Form 10-K of the Company filed February 22, 2013.)
|
10.29+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Director Restricted Stock Agreement (1994 Stock Incentive Plan, as Amended and Restated). (Incorporated by reference to Exhibit 10.30 to Form 10-K of the Company filed February 22, 2013.)
|
10.31
|
|
—
|
|
Third Amended and Restated Revolving Loan Agreement, dated as of September 29, 2011, with Bank of America, N.A., as administrative agent, swing lender, issuing bank and a bank, JPMorgan Chase Bank, N.A., as a bank and as syndication agent, Deutsche Bank Trust Company Americas, Morgan Stanley Bank and Wells Fargo Bank, N.A., each as a bank and as documentation agent, Barclays Bank PLC as a bank and as co-documentation agent, UBS Securities LLC as a co-documentation agent, The Bank of New York Mellon, BBVA Compass Bank, PNC Bank, National Association, and Suntrust Bank, each as a bank and as a managing agent, Branch Banking and Trust Company, Bank of Tokyo Mitsubishi UFJ, Ltd., and Citizens Bank, each as a bank and as a co-agent, and the other bank parties signatory thereto (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed November 7, 2011.)
|
10.32
|
|
—
|
|
Amendment No. 1 to Third Amended and Restated Revolving Loan Agreement, dated as of December 20, 2012, among the Company, as Borrower, the banks signatory thereto, each as a Bank, and Bank of America, N.A., as Administrative Agent. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company, filed December 21, 2012.)
|
10.33+
|
|
—
|
|
Rules and Procedures for Non-Employee Directors' Deferred Compensation Program, as adopted on November 20, 2006, as amended on December 11, 2008, February 10, 2010 and November 10, 2010. (Incorporated by reference to Exhibit 10.49 to Form 10-K of the Company filed February 23, 2011.)
|
10.34+
|
|
—
|
|
Amended and Restated AvalonBay Communities, Inc. Deferred Compensation Plan, effective as of January 1, 2011. (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed August 6, 2010.)
|
10.35
|
|
—
|
|
Asset Purchase Agreement, dated November 26, 2012, by and among AvalonBay Communities, Inc., Equity Residential and its operating partnership, ERP Operating Partnership, LP, Lehman Brothers Holdings, Inc., and Archstone Enterprise LP. (Incorporated by reference to Exhibit 2.1 to Form 8-K of the Company filed November 26, 2012.)
|
10.36+
|
|
—
|
|
Retirement Agreement between the Company and Thomas J. Sargeant dated as of May 20, 2014. (Filed herewith.)
|
10.37+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Award Terms of Performance-Based Restricted Stock Units. (Incorporated by reference to Exhibit 10.1 to Form 10-Q filed May 10, 2013.)
|
10.38
|
|
—
|
|
Shareholders Agreement, dated February 27, 2013, by and among the Company, Archstone Enterprise LP and Lehman Brothers Holdings Inc. (Incorporated by Reference to Exhibit 10.2 to Form 8-K of the Company filed March 5, 2013.)
|
10.39
|
|
—
|
|
Archstone Residual JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.3 to Form 8-K of the Company filed March 5, 2013.)
|
10.40
|
|
—
|
|
Archstone Parallel Residual JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.4 to Form 8-K of the Company filed March 5, 2013.)
|
10.41
|
|
—
|
|
Archstone Parallel Residual JV 2, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.5 to Form 8-K of the Company filed March 5, 2013.)
|
10.42
|
|
—
|
|
Legacy Holdings JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.6 to Form 8-K of the Company filed March 5, 2013.)
|
10.43
|
|
—
|
|
Master Credit Facility Agreement, dated February 27, 2013, by and among Federal National Mortgage Association and the parties named therein. (Incorporated by reference to Exhibit 10.7 to Form 8-K of the Company filed March 5, 2013.)
|
10.44
|
|
---
|
|
Term Loan Agreement, dated March 31, 2014, among the Company, as Borrower, Wells Fargo Bank, National Association, as Administrative Agent and a bank, PNC Bank, National Association, as Syndication Agent and a bank, and a syndicate of other financial institutions, serving as banks. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed April 2, 2014.)
|
12.1
|
|
—
|
|
Statements re: Computation of Ratios. (Filed herewith.)
|
21.1
|
|
—
|
|
Schedule of Subsidiaries of the Company. (Filed herewith.)
|
23.1
|
|
—
|
|
Consent of Ernst & Young LLP. (Filed herewith.)
|
31.1
|
|
—
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). (Filed herewith.)
|
31.2
|
|
—
|
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). (Filed herewith.)
|
32
|
|
—
|
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer). (Furnished herewith.)
|
101
|
|
—
|
|
XBRL (Extensible Business Reporting Language). The following materials from AvalonBay Communities, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2014, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of cash flows, (iv) consolidated changes in stockholders' equity, and (v) notes to consolidated financial statements.
|
+
|
Management contract or compensatory plan or arrangement required to be filed or incorporated by reference as an exhibit to this Form 10-K pursuant to Item 15(a)(3) of Form 10-K.
|
|
|
|
|
|
|
|
AvalonBay Communities, Inc.
|
||
Date: February 18, 2015
|
|
By:
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
|
|
Timothy J. Naughton, Director, Chairman, Chief Executive Officer and President (Principal Executive Officer)
|
|
|
|
|
|
Date: February 18, 2015
|
|
By:
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
|
|
Timothy J. Naughton, Director, Chairman, Chief Executive Officer and President (Principal Executive Officer)
|
Date: February 18, 2015
|
|
By:
|
|
/s/ KEVIN P. O’SHEA
|
|
|
|
|
Kevin P. O’Shea, Chief Financial Officer
(Principal Financial Officer) |
Date: February 18, 2015
|
|
By:
|
|
/s/ KERI A. SHEA
|
|
|
|
|
Keri A. Shea, Senior Vice President—Finance & Treasurer
(Principal Accounting Officer)
|
Date: February 18, 2015
|
|
By:
|
|
/s/ GLYN F. AEPPEL
|
|
|
|
|
Glyn F. Aeppel, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ TERRY S. BROWN
|
|
|
|
|
Terry S. Brown, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ ALAN B. BUCKELEW
|
|
|
|
|
Alan B. Buckelew, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ BRUCE A. CHOATE
|
|
|
|
|
Bruce A. Choate, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ RONALD L. HAVNER, JR.
|
|
|
|
|
Ronald L. Havner, Jr., Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ JOHN J. HEALY, JR.
|
|
|
|
|
John J. Healy, Jr., Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ LANCE R. PRIMIS
|
|
|
|
|
Lance R. Primis, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ PETER S. RUMMELL
|
|
|
|
|
Peter S. Rummell, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ H. JAY SARLES
|
|
|
|
|
H. Jay Sarles, Director
|
Date: February 18, 2015
|
|
By:
|
|
/s/ W. EDWARD WALTER
|
|
|
|
|
W. Edward Walter, Director
|
|
12/31/14
|
|
12/31/13
|
||||
ASSETS
|
|
|
|
|
|
||
Real estate:
|
|
|
|
|
|
||
Land and improvements
|
$
|
3,465,650
|
|
|
$
|
3,251,780
|
|
Buildings and improvements
|
12,317,304
|
|
|
11,007,775
|
|
||
Furniture, fixtures and equipment
|
404,103
|
|
|
338,813
|
|
||
|
16,187,057
|
|
|
14,598,368
|
|
||
Less accumulated depreciation
|
(2,891,254
|
)
|
|
(2,455,790
|
)
|
||
Net operating real estate
|
13,295,803
|
|
|
12,142,578
|
|
||
Construction in progress, including land
|
1,417,246
|
|
|
1,582,876
|
|
||
Land held for development
|
180,516
|
|
|
300,364
|
|
||
Operating real estate assets held for sale, net
|
42,175
|
|
|
258,391
|
|
||
Total real estate, net
|
14,935,740
|
|
|
14,284,209
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
509,460
|
|
|
281,355
|
|
||
Cash in escrow
|
95,625
|
|
|
98,564
|
|
||
Resident security deposits
|
29,617
|
|
|
26,672
|
|
||
Investments in unconsolidated real estate entities
|
298,315
|
|
|
367,866
|
|
||
Deferred financing costs, net
|
39,728
|
|
|
40,460
|
|
||
Deferred development costs
|
67,029
|
|
|
31,592
|
|
||
Prepaid expenses and other assets
|
201,209
|
|
|
197,425
|
|
||
Total assets
|
$
|
16,176,723
|
|
|
$
|
15,328,143
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Unsecured notes, net
|
$
|
2,993,265
|
|
|
$
|
2,594,709
|
|
Variable rate unsecured credit facility
|
—
|
|
|
—
|
|
||
Mortgage notes payable
|
3,532,587
|
|
|
3,539,642
|
|
||
Dividends payable
|
153,207
|
|
|
138,476
|
|
||
Payables for construction
|
101,946
|
|
|
94,632
|
|
||
Accrued expenses and other liabilities
|
244,821
|
|
|
240,337
|
|
||
Accrued interest payable
|
41,318
|
|
|
42,854
|
|
||
Resident security deposits
|
49,502
|
|
|
44,594
|
|
||
Liabilities related to real estate assets held for sale
|
907
|
|
|
15,852
|
|
||
Total liabilities
|
7,117,553
|
|
|
6,711,096
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interests
|
12,765
|
|
|
17,320
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2014 and 2013; zero shares issued and outstanding at December 31, 2014 and 2013
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2014 and 2013; 132,050,382 and 129,416,695 shares issued and outstanding at December 31, 2014 and 2013, respectively
|
1,320
|
|
|
1,294
|
|
||
Additional paid-in capital
|
9,354,685
|
|
|
8,988,723
|
|
||
Accumulated earnings less dividends
|
(267,085
|
)
|
|
(345,254
|
)
|
||
Accumulated other comprehensive loss
|
(42,515
|
)
|
|
(48,631
|
)
|
||
Total stockholders' equity
|
9,046,405
|
|
|
8,596,132
|
|
||
Noncontrolling interest
|
—
|
|
|
3,595
|
|
||
Total equity
|
9,046,405
|
|
|
8,599,727
|
|
||
Total liabilities and equity
|
$
|
16,176,723
|
|
|
$
|
15,328,143
|
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Revenue:
|
|
|
|
|
|
|
|
|
|||
Rental and other income
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
|
$
|
990,370
|
|
Management, development and other fees
|
11,050
|
|
|
11,502
|
|
|
10,257
|
|
|||
Total revenue
|
1,685,061
|
|
|
1,462,921
|
|
|
1,000,627
|
|
|||
|
|
|
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Operating expenses, excluding property taxes
|
410,672
|
|
|
352,245
|
|
|
259,350
|
|
|||
Property taxes
|
178,634
|
|
|
158,774
|
|
|
97,555
|
|
|||
Interest expense, net
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
1,179
|
|
|||
Loss on interest rate contract
|
—
|
|
|
51,000
|
|
|
—
|
|
|||
Depreciation expense
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|||
General and administrative expense
|
41,425
|
|
|
39,573
|
|
|
34,101
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
(3,717
|
)
|
|
45,050
|
|
|
11,350
|
|
|||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
1,449
|
|
|||
Total expenses
|
1,250,726
|
|
|
1,394,180
|
|
|
785,584
|
|
|||
|
|
|
|
|
|
||||||
Equity in income (loss) of unconsolidated entities
|
148,766
|
|
|
(11,154
|
)
|
|
20,914
|
|
|||
Gain on sale of land
|
490
|
|
|
240
|
|
|
280
|
|
|||
Gain on sale of communities
|
84,925
|
|
|
—
|
|
|
—
|
|
|||
Gain on acquisition of unconsolidated entity
|
—
|
|
|
—
|
|
|
14,194
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations before taxes
|
668,516
|
|
|
57,827
|
|
|
250,431
|
|
|||
Income tax expense
|
9,368
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations
|
659,148
|
|
|
57,827
|
|
|
250,431
|
|
|||
|
|
|
|
|
|
||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|||
Income from discontinued operations
|
310
|
|
|
16,713
|
|
|
26,820
|
|
|||
Gain on sale of real estate assets
|
37,869
|
|
|
278,231
|
|
|
146,311
|
|
|||
Total discontinued operations
|
38,179
|
|
|
294,944
|
|
|
173,131
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
697,327
|
|
|
352,771
|
|
|
423,562
|
|
|||
Net (income) loss attributable to noncontrolling interests
|
(13,760
|
)
|
|
370
|
|
|
307
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
|
|
|
|
|
||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|||
Unrealized loss on cash flow hedges
|
(121
|
)
|
|
—
|
|
|
(22,876
|
)
|
|||
Cash flow hedge losses reclassified to earnings
|
6,237
|
|
|
59,376
|
|
|
1,889
|
|
|||
Comprehensive income
|
$
|
689,683
|
|
|
$
|
412,517
|
|
|
$
|
402,882
|
|
|
|
|
|
|
|
||||||
Earnings per common share—basic:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations attributable to common stockholders
|
$
|
4.93
|
|
|
$
|
0.46
|
|
|
$
|
2.57
|
|
Discontinued operations attributable to common stockholders
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|||
Net income attributable to common stockholders
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
$
|
4.34
|
|
|
|
|
|
|
|
||||||
Earnings per common share—diluted:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations attributable to common stockholders
|
$
|
4.92
|
|
|
$
|
0.46
|
|
|
$
|
2.55
|
|
Discontinued operations attributable to common stockholders
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|||
Net income attributable to common stockholders
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
$
|
4.32
|
|
|
Shares issued
|
|
|
|
|
|
Additional
paid-in
capital
|
|
Accumulated
earnings
less
dividends
|
|
Accumulated
other
comprehensive
loss
|
|
Total
AvalonBay
stockholders'
equity
|
|
|
|
|
||||||||||||||||||||
|
Preferred
stock
|
|
Common
stock
|
|
Preferred
stock
|
|
Common
stock
|
|
|
|
|
|
Noncontrolling
interests
|
|
Total
equity
|
||||||||||||||||||||||
Balance at December 31, 2011
|
—
|
|
|
95,175,677
|
|
|
$
|
—
|
|
|
$
|
952
|
|
|
$
|
4,652,457
|
|
|
$
|
(171,648
|
)
|
|
$
|
(87,020
|
)
|
|
$
|
4,394,741
|
|
|
$
|
7,151
|
|
|
$
|
4,401,892
|
|
Net income attributable to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,869
|
|
|
—
|
|
|
423,869
|
|
|
—
|
|
|
423,869
|
|
||||||||
Unrealized loss on cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,876
|
)
|
|
(22,876
|
)
|
|
—
|
|
|
(22,876
|
)
|
||||||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,889
|
|
|
1,889
|
|
|
—
|
|
|
1,889
|
|
||||||||
Change in redemption value of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(375
|
)
|
|
—
|
|
|
(375
|
)
|
|
—
|
|
|
(375
|
)
|
||||||||
Noncontrolling interest consolidation and income allocation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,573
|
)
|
|
(3,573
|
)
|
||||||||
Dividends declared to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(391,906
|
)
|
|
—
|
|
|
(391,906
|
)
|
|
—
|
|
|
(391,906
|
)
|
||||||||
Issuance of common stock, net of withholdings
|
—
|
|
|
19,227,795
|
|
|
—
|
|
|
192
|
|
|
2,416,852
|
|
|
(2,269
|
)
|
|
—
|
|
|
2,414,775
|
|
|
—
|
|
|
2,414,775
|
|
||||||||
Amortization of deferred compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,098
|
|
|
—
|
|
|
—
|
|
|
17,098
|
|
|
—
|
|
|
17,098
|
|
||||||||
Balance at December 31, 2012
|
—
|
|
|
114,403,472
|
|
|
—
|
|
|
1,144
|
|
|
7,086,407
|
|
|
(142,329
|
)
|
|
(108,007
|
)
|
|
6,837,215
|
|
|
3,578
|
|
|
6,840,793
|
|
||||||||
Net income attributable to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
353,141
|
|
|
—
|
|
|
353,141
|
|
|
—
|
|
|
353,141
|
|
||||||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,376
|
|
|
59,376
|
|
|
—
|
|
|
59,376
|
|
||||||||
Change in redemption value of redeemable noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,246
|
)
|
|
—
|
|
|
(1,246
|
)
|
|
—
|
|
|
(1,246
|
)
|
||||||||
Noncontrolling interest consolidation and income allocation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,515
|
|
|
—
|
|
|
—
|
|
|
1,515
|
|
|
17
|
|
|
1,532
|
|
||||||||
Dividends declared to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(553,829
|
)
|
|
—
|
|
|
(553,829
|
)
|
|
—
|
|
|
(553,829
|
)
|
||||||||
Issuance of common stock, net of withholdings
|
—
|
|
|
15,013,223
|
|
|
—
|
|
|
150
|
|
|
1,873,792
|
|
|
(991
|
)
|
|
—
|
|
|
1,872,951
|
|
|
—
|
|
|
1,872,951
|
|
||||||||
Amortization of deferred compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,009
|
|
|
—
|
|
|
—
|
|
|
27,009
|
|
|
—
|
|
|
27,009
|
|
||||||||
Balance at December 31, 2013
|
—
|
|
|
129,416,695
|
|
|
—
|
|
|
1,294
|
|
|
8,988,723
|
|
|
(345,254
|
)
|
|
(48,631
|
)
|
|
8,596,132
|
|
|
3,595
|
|
|
8,599,727
|
|
||||||||
Net income attributable to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
683,567
|
|
|
—
|
|
|
683,567
|
|
|
—
|
|
|
683,567
|
|
||||||||
Unrealized loss on cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121
|
)
|
|
(121
|
)
|
|
—
|
|
|
(121
|
)
|
||||||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,237
|
|
|
6,237
|
|
|
—
|
|
|
6,237
|
|
||||||||
Change in redemption value of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,709
|
|
|
—
|
|
|
3,709
|
|
|
—
|
|
|
3,709
|
|
||||||||
Noncontrolling interests income allocation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,221
|
|
|
14,221
|
|
||||||||
Noncontrolling interests derecognition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,816
|
)
|
|
(17,816
|
)
|
||||||||
Dividends declared to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(608,709
|
)
|
|
—
|
|
|
(608,709
|
)
|
|
—
|
|
|
(608,709
|
)
|
||||||||
Issuance of common stock, net of withholdings
|
—
|
|
|
2,633,687
|
|
|
—
|
|
|
26
|
|
|
339,186
|
|
|
(398
|
)
|
|
—
|
|
|
338,814
|
|
|
—
|
|
|
338,814
|
|
||||||||
Amortization of deferred compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,776
|
|
|
—
|
|
|
—
|
|
|
26,776
|
|
|
—
|
|
|
26,776
|
|
||||||||
Balance at December 31, 2014
|
—
|
|
|
132,050,382
|
|
|
$
|
—
|
|
|
$
|
1,320
|
|
|
$
|
9,354,685
|
|
|
$
|
(267,085
|
)
|
|
$
|
(42,515
|
)
|
|
$
|
9,046,405
|
|
|
$
|
—
|
|
|
$
|
9,046,405
|
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
697,327
|
|
|
$
|
352,771
|
|
|
$
|
423,562
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation expense
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|||
Depreciation expense from discontinued operations
|
—
|
|
|
13,500
|
|
|
16,414
|
|
|||
Amortization of deferred financing costs
|
6,383
|
|
|
6,803
|
|
|
6,427
|
|
|||
Amortization of debt (premium) discount
|
(34,961
|
)
|
|
(29,750
|
)
|
|
—
|
|
|||
Amortization of stock-based compensation
|
13,927
|
|
|
15,160
|
|
|
8,707
|
|
|||
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations
|
4,906
|
|
|
33,125
|
|
|
(12,103
|
)
|
|||
Cash flow hedge losses reclassified to earnings
|
6,237
|
|
|
59,376
|
|
|
1,889
|
|
|||
Casualty loss and impairment of real estate assets
|
—
|
|
|
—
|
|
|
1,449
|
|
|||
Abandonment of development pursuits
|
1,455
|
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
1,781
|
|
|||
Gain on sale of real estate assets
|
(255,300
|
)
|
|
(278,471
|
)
|
|
(146,591
|
)
|
|||
Gain on acquisition of unconsolidated entity
|
—
|
|
|
—
|
|
|
(14,194
|
)
|
|||
Decrease (increase) in cash in operating escrows
|
55
|
|
|
(28,960
|
)
|
|
6,543
|
|
|||
(Increase) decrease in resident security deposits, prepaid expenses and other assets
|
(3,441
|
)
|
|
(5,372
|
)
|
|
7,992
|
|
|||
Decrease (increase) in accrued expenses, other liabilities and accrued interest payable
|
6,959
|
|
|
10,997
|
|
|
(4,737
|
)
|
|||
Net cash provided by operating activities
|
886,641
|
|
|
724,315
|
|
|
540,819
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs
|
(1,241,832
|
)
|
|
(1,285,715
|
)
|
|
(755,363
|
)
|
|||
Acquisition of real estate assets, including partnership interest
|
(47,000
|
)
|
|
(839,469
|
)
|
|
(155,755
|
)
|
|||
Capital expenditures—existing real estate assets
|
(46,902
|
)
|
|
(24,415
|
)
|
|
(23,452
|
)
|
|||
Capital expenditures—non-real estate assets
|
(5,923
|
)
|
|
(2,200
|
)
|
|
(3,076
|
)
|
|||
Proceeds from sale of communities, net of selling costs
|
297,466
|
|
|
919,682
|
|
|
274,018
|
|
|||
Mortgage note receivable repayment
|
21,748
|
|
|
—
|
|
|
—
|
|
|||
Increase in payables for construction
|
7,400
|
|
|
34,779
|
|
|
16,832
|
|
|||
Decrease in cash in construction escrows
|
—
|
|
|
—
|
|
|
16,824
|
|
|||
Distributions from unconsolidated real estate entities
|
203,945
|
|
|
42,955
|
|
|
26,700
|
|
|||
Investments in unconsolidated real estate entities
|
(5,662
|
)
|
|
(26,791
|
)
|
|
(20,114
|
)
|
|||
Net cash used in investing activities
|
(816,760
|
)
|
|
(1,181,174
|
)
|
|
(623,386
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
Issuance of common stock
|
346,134
|
|
|
4,703
|
|
|
2,430,190
|
|
|||
Dividends paid
|
(593,643
|
)
|
|
(526,050
|
)
|
|
(365,572
|
)
|
|||
Issuance of mortgage notes payable
|
53,000
|
|
|
84,928
|
|
|
—
|
|
|||
Repayments of mortgage notes payable, including prepayment penalties
|
(32,859
|
)
|
|
(2,110,347
|
)
|
|
(110,013
|
)
|
|||
Issuance of unsecured notes
|
550,000
|
|
|
750,000
|
|
|
700,000
|
|
|||
Settlement of interest rate contract
|
—
|
|
|
(51,000
|
)
|
|
(54,930
|
)
|
|||
Repayment of unsecured notes
|
(150,000
|
)
|
|
(100,000
|
)
|
|
(381,001
|
)
|
|||
Payment of deferred financing costs and issuance discounts
|
(7,820
|
)
|
|
(10,100
|
)
|
|
(15,664
|
)
|
|||
Redemption of units for cash by minority partners
|
—
|
|
|
(1,965
|
)
|
|
—
|
|
|||
Acquisition of joint venture partner equity interest
|
—
|
|
|
—
|
|
|
(3,350
|
)
|
|||
Distributions to DownREIT partnership unitholders
|
(26
|
)
|
|
(32
|
)
|
|
(29
|
)
|
|||
Distributions to joint venture and profit-sharing partners
|
(262
|
)
|
|
(317
|
)
|
|
(299
|
)
|
|||
Redemption of preferred interest obligation
|
(6,300
|
)
|
|
(35,224
|
)
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
158,224
|
|
|
(1,995,404
|
)
|
|
2,199,332
|
|
|||
|
|
|
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
228,105
|
|
|
(2,452,263
|
)
|
|
2,116,765
|
|
|||
|
|
|
|
|
|
||||||
Cash and cash equivalents, beginning of year
|
281,355
|
|
|
2,733,618
|
|
|
616,853
|
|
|||
Cash and cash equivalents, end of year
|
$
|
509,460
|
|
|
$
|
281,355
|
|
|
$
|
2,733,618
|
|
Cash paid during the year for interest, net of amount capitalized
|
$
|
191,966
|
|
|
$
|
179,325
|
|
|
$
|
119,268
|
|
•
|
As described in Note 4, “Equity,”
115,163
shares of common stock were issued as part of the Company's stock based compensation plan, of which
16,209
shares related to the conversion of restricted stock units to restricted shares, and the remaining
98,954
shares valued at
$12,799,000
were issued in connection with new stock grants;
2,434
shares valued at
$335,000
were issued through the Company’s dividend reinvestment plan;
55,523
shares valued at
$4,746,000
were withheld to satisfy employees’ tax withholding and other liabilities; and
7,970
restricted shares as well as restricted stock units with an aggregate value of
$2,938,000
previously issued in connection with employee compensation were canceled upon forfeiture.
|
•
|
Common dividends declared but not paid totaled
$153,207,000
.
|
•
|
The Company recorded a decrease of
$3,709,000
in redeemable noncontrolling interest with a corresponding increase to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units. For further discussion of the nature and valuation of these items, see Note 12, “Fair Value.”
|
•
|
The Company recorded a decrease in prepaid expenses and other assets and a corresponding loss to other comprehensive income of
$121,000
, and reclassified
$6,237,000
of deferred cash flow hedge losses from other comprehensive income to interest expense, net, to record the impact of the Company’s derivative and hedge accounting activity.
|
•
|
The Company derecognized
$17,816,000
in noncontrolling interest in conjunction with the deconsolidation of a Fund I subsidiary.
|
•
|
The Company issued
14,889,706
shares of common stock valued at
$1,875,210,000
as partial consideration for the Archstone Acquisition (as defined in this Form 10-K);
123,977
shares of common stock valued at
$16,019,000
were issued in connection with stock grants;
2,002
shares valued at
$269,000
were issued through the Company's dividend reinvestment plan;
48,310
shares valued at
$6,127,000
were withheld to satisfy employees' tax withholding and other liabilities; and
7,653
shares and certain options valued at
$1,105,000
previously issued in connection with employee compensation were cancelled upon forfeiture. In addition, the Company granted
215,230
options for common stock at a value of
$5,768,000
.
|
•
|
The Company reclassified
$5,892,000
of deferred cash flow hedge losses from other comprehensive income to interest expense, net, and
$53,484,000
to loss on interest rate contract, to record the impact of the Company's derivative and hedge accounting activity.
|
•
|
Common stock dividends declared but not paid totaled
$138,476,000
.
|
•
|
The Company recorded
$13,262,000
in redeemable noncontrolling interests associated with consolidated joint ventures acquired as part of the Archstone Acquisition. The Company also recorded an increase of
$1,246,000
in redeemable noncontrolling interest with a corresponding decrease to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units.
|
•
|
The Company assumed secured indebtedness with a principal amount of
$3,512,202,000
in conjunction with the Archstone Acquisition. The Company also assumed an obligation related to outstanding preferred interests of approximately
$67,500,000
, included in accrued expenses and other liabilities.
|
•
|
The Company issued
96,592
shares of common stock valued at
$12,883,000
in connection with stock grants,
2,331
shares valued at
$321,000
were issued through the Company's dividend reinvestment plan,
121,351
shares valued at
$15,543,000
were withheld to satisfy employees' tax withholding and other liabilities and
7,558
shares and options valued at
$393,000
previously issued in connection with employee compensation were cancelled upon forfeiture. In addition, the Company granted
115,303
options for common stock at a value of
$3,357,000
.
|
•
|
The Company recorded an increase to other liabilities and a corresponding loss to other comprehensive income of
$22,876,000
; reclassified
$1,889,000
of deferred cash flow hedge losses from other comprehensive income to interest expense, net and recorded a decrease to prepaid expenses and other assets of
$11,000
, with a corresponding offset to the basis of unsecured notes, net to record the impact of the Company's hedge accounting activity.
|
•
|
Common stock dividends declared but not paid totaled
$110,966,000
.
|
•
|
The Company recorded an increase of
$375,000
in redeemable noncontrolling interests with a corresponding decrease to accumulated earnings less dividends to adjust the redemption value associated with the put option held by a joint venture partner and DownREIT partnership units.
|
•
|
The Company assumed a
4.61%
fixed rate mortgage loan with an outstanding balance of
$11,958,000
in conjunction with the acquisition of The Mark Pasadena.
|
|
2014 Estimate
|
|
2013 Actual
|
|
2012 Actual
|
||||||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
GAAP gain on sale of communities (in excess of) less than tax gain
|
17,688
|
|
|
29,388
|
|
|
37,525
|
|
|||
Depreciation/amortization timing differences on real estate
|
42,195
|
|
|
180,293
|
|
|
9,572
|
|
|||
Deductible acquisition costs
|
(7,681
|
)
|
|
(26,427
|
)
|
|
—
|
|
|||
Amortization of debt/mark to market interest
|
(38,202
|
)
|
|
(31,965
|
)
|
|
—
|
|
|||
Tax compensation expense less than (in excess of) GAAP
|
(6,789
|
)
|
|
12,886
|
|
|
(26,314
|
)
|
|||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
1,449
|
|
|||
Other adjustments
|
(39,726
|
)
|
|
1,018
|
|
|
(9,034
|
)
|
|||
Taxable net income
|
$
|
651,052
|
|
|
$
|
518,334
|
|
|
$
|
437,067
|
|
|
2014
|
|
2013
|
|
2012
|
|||
Ordinary income
|
62
|
%
|
|
42
|
%
|
|
47
|
%
|
20% capital gain (15% for 2012)
|
29
|
%
|
|
40
|
%
|
|
33
|
%
|
Unrecaptured §1250 gain
|
9
|
%
|
|
18
|
%
|
|
20
|
%
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Basic and diluted shares outstanding
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares—basic
|
130,586,718
|
|
|
126,855,754
|
|
|
97,416,401
|
|
|||
Weighted average DownREIT units outstanding
|
7,500
|
|
|
7,500
|
|
|
7,500
|
|
|||
Effect of dilutive securities
|
643,284
|
|
|
402,649
|
|
|
601,251
|
|
|||
Weighted average common shares—diluted
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|||
|
|
|
|
|
|
||||||
Calculation of Earnings per Share—basic
|
|
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
Net income allocated to unvested restricted shares
|
(1,523
|
)
|
|
(563
|
)
|
|
(1,264
|
)
|
|||
Net income attributable to common stockholders, adjusted
|
$
|
682,044
|
|
|
$
|
352,578
|
|
|
$
|
422,605
|
|
|
|
|
|
|
|
||||||
Weighted average common shares—basic
|
130,586,718
|
|
|
126,855,754
|
|
|
97,416,401
|
|
|||
|
|
|
|
|
|
||||||
Earnings per common share—basic
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
$
|
4.34
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Share—diluted
|
|
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations
|
35
|
|
|
32
|
|
|
28
|
|
|||
Adjusted net income attributable to common stockholders
|
$
|
683,602
|
|
|
$
|
353,173
|
|
|
$
|
423,897
|
|
|
|
|
|
|
|
||||||
Weighted average common shares—diluted
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|||
|
|
|
|
|
|
||||||
Earnings per common share—diluted
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
$
|
4.32
|
|
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
4.64
|
|
|
$
|
4.28
|
|
|
$
|
3.88
|
|
|
12/31/14
|
|
12/31/13
|
||||
Fixed rate unsecured notes (1)
|
$
|
2,750,000
|
|
|
$
|
2,600,000
|
|
Term Loan
|
250,000
|
|
|
—
|
|
||
Fixed rate mortgage notes payable—conventional and tax-exempt (2)
|
2,400,677
|
|
|
2,407,962
|
|
||
Variable rate mortgage notes payable—conventional and tax-exempt
|
1,047,461
|
|
|
1,011,609
|
|
||
Total notes payable and unsecured notes
|
6,448,138
|
|
|
6,019,571
|
|
||
Credit Facility
|
—
|
|
|
—
|
|
||
Total mortgage notes payable, unsecured notes and Credit Facility
|
$
|
6,448,138
|
|
|
$
|
6,019,571
|
|
(1)
|
Balances at
December 31, 2014
and
December 31, 2013
exclude
$6,735
and
$5,291
, respectively, of debt discount as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
|
(2)
|
Balances at
December 31, 2014
and
December 31, 2013
exclude
$84,449
and
$120,071
, respectively, of debt premium as reflected in mortgage notes payable on the Company's Consolidated Balance Sheets.
|
•
|
In March 2014, the Company entered into a
$300,000,000
variable rate unsecured term loan that matures in March 2021 (the “Term Loan”). At
December 31, 2014
, the Company had drawn
$250,000,000
of the available
$300,000,000
, with the option to draw the additional
$50,000,000
until March 2015.
|
•
|
In April 2014, in conjunction with certain requirements associated with the development of an apartment community, the Company entered into a
$53,000,000
secured mortgage loan maturing in 2019, with an option to extend the maturity to 2024. The mortgage is comprised of a
$15,000,000
fixed rate note with an interest rate of
2.99%
and a
$38,000,000
variable rate note at the London Interbank Offered Rate ("LIBOR") plus
2.00%
.
|
•
|
Pursuant to its scheduled maturity in April 2014, the Company repaid
$150,000,000
principal amount of unsecured notes with a stated coupon of
5.375%
.
|
•
|
In June 2014, in conjunction with the disposition of an operating community, the Company repaid a fixed rate secured mortgage loan in the amount of
$10,427,000
with an interest rate of
6.19%
in advance of its November 2015 maturity date. In accordance with the requirements of the master credit agreement governing this and certain other secured borrowings, the Company repaid an additional
$5,914,000
principal amount of secured borrowings for eight other operating communities. The Company incurred a charge for early debt extinguishment of
$412,000
.
|
•
|
In November 2014, the Company issued
$300,000,000
principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately
$295,803,000
. The notes mature in
November 2024
and were issued at a stated coupon of
3.50%
.
|
Year
|
Secured
notes
payments
|
|
Secured
notes
maturities
|
|
Unsecured
notes
maturities
|
|
Stated interest
rate of
unsecured notes
|
|||||||
|
|
|
|
|
|
|
|
|||||||
2015
|
$
|
17,873
|
|
|
$
|
586,705
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|||||||
2016
|
19,037
|
|
|
16,255
|
|
|
250,000
|
|
|
5.750
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2017
|
20,255
|
|
|
710,291
|
|
|
250,000
|
|
|
5.700
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2018
|
19,649
|
|
|
76,937
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2019
|
7,141
|
|
|
658,447
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2020
|
6,209
|
|
|
50,824
|
|
|
250,000
|
|
|
6.100
|
%
|
|||
|
|
|
|
|
400,000
|
|
|
3.625
|
%
|
|||||
|
|
|
|
|
|
|
|
|||||||
2021
|
5,984
|
|
|
27,844
|
|
|
250,000
|
|
|
3.950
|
%
|
|||
|
|
|
|
|
|
|
250,000
|
|
|
LIBOR + 1.450%
|
|
|||
|
|
|
|
|
|
|
|
|||||||
2022
|
6,351
|
|
|
—
|
|
|
450,000
|
|
|
2.950
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2023
|
6,742
|
|
|
—
|
|
|
350,000
|
|
|
4.200
|
%
|
|||
|
|
|
|
|
250,000
|
|
|
2.850
|
%
|
|||||
|
|
|
|
|
|
|
|
|||||||
2024
|
4,858
|
|
|
—
|
|
|
300,000
|
|
|
3.500
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Thereafter
|
—
|
|
|
1,206,736
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
|
$
|
114,099
|
|
|
$
|
3,334,039
|
|
|
$
|
3,000,000
|
|
|
|
|
(i)
|
issued
2,069,538
common shares through public offerings under CEP III, discussed below;
|
(ii)
|
issued
500,197
shares of common stock in connection with stock options exercised;
|
(iii)
|
issued
2,434
common shares through the Company's dividend reinvestment plan;
|
(iv)
|
issued
115,163
common shares in connection with stock grants and the conversion of restricted stock units to restricted shares;
|
(v)
|
withheld
55,523
common shares to satisfy employees' tax withholding and other liabilities;
|
(vi)
|
canceled
7,970
shares of restricted stock upon forfeiture; and
|
(vii)
|
issued
9,848
shares through the Employee Stock Purchase Plan.
|
|
Acquisition Date
Fair Value
|
||
|
(dollars in thousands)
|
||
Land and land improvements
|
$
|
1,745,520
|
|
Buildings and improvements
|
3,711,853
|
|
|
FF&E
|
52,290
|
|
|
Construction-in-progress, including land and land held for development (1)
|
401,747
|
|
|
In-place lease intangibles
|
182,467
|
|
|
Other assets
|
109,717
|
|
|
Total consolidated assets
|
6,203,594
|
|
|
Interest in unconsolidated real estate entities
|
276,954
|
|
|
Total assets
|
6,480,548
|
|
|
|
|
||
Fair value of assumed mortgage notes payable
|
3,732,980
|
|
|
Liability for preferred obligations
|
67,493
|
|
|
Other liabilities
|
31,984
|
|
|
Noncontrolling interest
|
13,262
|
|
|
Net assets acquired
|
2,634,829
|
|
|
Common shares issued
|
1,875,210
|
|
|
Cash consideration
|
$
|
759,619
|
|
(1)
|
Includes amounts for in-place leases for development communities.
|
•
|
the issuance of
14,889,706
shares of the Company's common stock, valued at
$1,875,210,000
as of the market's close on the closing date, February 27, 2013;
|
•
|
cash payment of approximately
$760,000,000
;
|
•
|
the assumption of consolidated indebtedness with a fair value of approximately
$3,732,980,000
, as of February 27, 2013, consisting of
$3,512,202,000
principal amount of consolidated indebtedness and
$220,777,000
representing the amount by which fair value of the aforementioned debt exceeds the principal face value,
$70,479,000
of which excess related to debt the Company repaid concurrent with the Archstone Acquisition;
|
•
|
the acquisition with Equity Residential of interests in entities that have preferred units outstanding, some of which may be presented for redemption from time to time. The Company's
40%
share of the fair value of the collective obligations, including accrued dividends on these outstanding Archstone preferred units as of February 27, 2013, was approximately
$67,500,000
; and
|
•
|
the assumption with Equity Residential of all other liabilities, known or unknown, of Archstone, other than certain excluded liabilities. The Company shares
40%
of the responsibility for these liabilities.
|
|
For the period including
February 28, 2013 through
December 31, 2013
|
||
Revenues
|
$
|
353,427
|
|
Loss attributable to common shareholders (1)
|
$
|
(105,589
|
)
|
(1)
|
Amounts exclude acquisition costs for the Archstone Acquisition.
|
|
For the year ended
December 31, 2013
|
|
For the year ended
December 31, 2012
|
||||
Revenues
|
$
|
1,534,868
|
|
|
$
|
1,411,504
|
|
Income from continuing operations
|
$
|
348,160
|
|
|
$
|
158,738
|
|
Earnings per common share—diluted (from continuing operations)
|
$
|
2.67
|
|
|
$
|
1.22
|
|
•
|
AvalonBay Value Added Fund, LP ("Fund I")
—In March 2005, the Company formed Fund I, a private, discretionary real estate investment vehicle, which acquired and operated communities in the Company's markets. Fund I served as the principal vehicle through which the Company acquired investments in apartment communities, subject to certain exceptions, until March 2008. Fund I has a term that expires in March 2015, after having exercised
two
one
-year extension options. During 2014, Fund I sold its final
four
apartment communities. Fund I has
nine
institutional investors, including the Company. A significant portion of the investments made in Fund I by its investors were made through AvalonBay Value Added Fund, Inc., a Maryland corporation that qualifies as a REIT under the Code (the "Fund I REIT"). A wholly-owned subsidiary of the Company is the general partner of Fund I, has a
15.2%
combined general partner and limited partner equity interest, and
|
•
|
Weymouth Place, located in Weymouth, MA, for
$25,750,000
;
|
•
|
South Hills Apartments, located in West Covina, CA, for
$21,800,000
;
|
•
|
The Springs, located in Corona, CA, for
$43,200,000
; and
|
•
|
Avalon Rutherford Station, located in East Rutherford, NJ, for
$34,250,000
.
|
•
|
AvalonBay Value Added Fund II, LP ("Fund II")
—In September 2008, the Company formed Fund II, a private, discretionary real estate investment vehicle which acquired and operates communities in the Company's markets. Fund II served as the exclusive vehicle through which the Company acquired investment interests in apartment communities, subject to certain exceptions, through the close of its investment period in August 2011. Fund II has
six
institutional investors, including the Company. One of the Company's wholly owned subsidiaries is the general partner of Fund II and at
December 31, 2014
, excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of
$92,162,000
(net of distributions), representing a
31.3%
combined general partner and limited partner equity interest.
|
•
|
Avalon Fair Oaks, located in Fairfax, VA, for
$108,200,000
and
|
•
|
Avalon Bellevue Park, located in Bellevue, WA, for
$58,750,000
.
|
•
|
Archstone Multifamily Partners AC LP (the "U.S. Fund")
—The U.S. Fund was formed in July 2011 and is fully invested. The U.S. Fund has a term that expires in July 2023, assuming the exercise of
two
,
one
-year extension options. The U.S. Fund has
six
institutional investors, including the Company. The Company is the general partner of the U.S. Fund and, at
December 31, 2014
excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of
$88,220,000
(net of distributions), representing a
28.6%
combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition.
|
•
|
Multifamily Partners AC JV LP (the "AC JV")
—The AC JV is a joint venture that was formed in 2011 and has
four
institutional investors, including the Company. Excluding costs incurred in excess of equity in the underlying net assets of the AC JV, at
December 31, 2014
the Company has an equity investment of
$69,633,000
(net of distributions), representing a
20.0%
equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition.
|
•
|
CVP I, LLC—
In February 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon Chrystie Place, a
361
apartment home community located in New York, New York, for which construction was completed in 2005. The Company holds a
20.0%
equity interest in the venture (with a right to
50.0%
of distributions after achievement of a threshold return, which was achieved in
2013
and
2014
). The Company is the managing member of CVP I, LLC, however, property management services at the community were performed by an unrelated third party.
|
•
|
MVP I, LLC
—In December 2004, the Company entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay North II. Construction of Avalon at Mission Bay North II, a
313
apartment-home community located in San Francisco, California, was completed in December 2006. The Company holds a
25.0%
equity interest in the venture (with a right to
45.0%
of distributions after achievement of a threshold return, which was achieved in 2014 and 2013). See Note 14, "Subsequent Events," for further discussion of the Company's promoted interest. The
|
•
|
Brandywine Apartments of Maryland, LLC ("Brandywine")
—Brandywine owns a
305
apartment home community located in Washington, DC. The community is managed by a third party. Brandywine is comprised of
five
members who hold various interests in the joint venture. In conjunction with the Archstone Acquisition, the Company acquired a
26.1%
equity interest in the venture, and subsequently purchased an additional
2.6%
interest, and as of
December 31, 2014
, holds a
28.7%
equity interest in the venture.
|
•
|
Arna Valley View LP
—In connection with the municipal approval process to develop a consolidated community, the Company entered into a limited partnership in February 1999 to develop, finance, own and operate Arna Valley View, a
101
apartment-home community in Arlington, Virginia. During the year ended
December 31, 2014
, the limited partnership that owned Arna Valley View sold the apartment community. In conjunction with the sale of Arna Valley View, the Company received amounts due for its residual ownership interest of approximately
$2,406,000
, reported as a component of equity in income (loss) of unconsolidated entities on its Consolidated Statements of Comprehensive Income. In conjunction with the disposition of the community, the venture repaid
$8,934,000
of related secured indebtedness in advance of the scheduled maturity date.
|
•
|
Residual JV
—Through subsidiaries, the Company and Equity Residential entered into three limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential plan to divest (to third parties or to the Company or Equity Residential) over time (the “Residual Assets”), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the “Residual Liabilities”). The Residual Assets currently include a
20.0%
interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which currently owns and manages
four
apartment communities with
1,410
apartment homes in the United States, which is secured by outstanding borrowings in the amount of
$148,866,000
with varying maturity dates, ranging from December 2015 to December 2029;
two
land parcels; and various licenses, insurance policies, contracts, office leases and other miscellaneous assets. The Residual Liabilities include most existing or future litigation and claims related to Archstone’s operations for periods before the close of the Archstone Acquisition, except for (i) claims that principally relate to the physical condition of the assets acquired directly by the Company or Equity Residential, which generally remain the sole responsibility of the Company or Equity Residential, as applicable, and (ii) certain tax and other litigation between Archstone and various equity holders in Archstone related to periods before the close of the Archstone Acquisition, and claims which may arise due to changes in the capital structure of Archstone that occurred prior to closing, for which Lehman has agreed to indemnify the Company and Equity Residential. The Company and Equity Residential jointly control the Residual JV and the Company holds a
40.0%
economic interest in the assets and liabilities of the Residual JV. The Company has not guaranteed the debt of SWIB, nor does the Company have any obligation to fund this debt should SWIB be unable to do so.
|
|
12/31/14
|
|
12/31/13
|
||||
Assets:
|
|
|
|
|
|
||
Real estate, net
|
$
|
1,617,627
|
|
|
$
|
1,905,005
|
|
Other assets
|
72,290
|
|
|
164,183
|
|
||
Total assets
|
$
|
1,689,917
|
|
|
$
|
2,069,188
|
|
Liabilities and partners' capital:
|
|
|
|
|
|
||
Mortgage notes payable and credit facility
|
$
|
980,128
|
|
|
$
|
1,251,067
|
|
Other liabilities
|
24,884
|
|
|
32,257
|
|
||
Partners' capital
|
684,905
|
|
|
785,864
|
|
||
Total liabilities and partners' capital
|
$
|
1,689,917
|
|
|
$
|
2,069,188
|
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Rental and other income
|
$
|
198,939
|
|
|
$
|
212,994
|
|
|
$
|
172,076
|
|
Operating and other expenses
|
(80,301
|
)
|
|
(86,434
|
)
|
|
(73,955
|
)
|
|||
Gain on sale of real estate (1)
|
333,221
|
|
|
96,152
|
|
|
106,195
|
|
|||
Interest expense, net
|
(61,458
|
)
|
|
(61,404
|
)
|
|
(53,904
|
)
|
|||
Depreciation expense
|
(52,116
|
)
|
|
(61,002
|
)
|
|
(47,748
|
)
|
|||
Net income
|
$
|
338,285
|
|
|
$
|
100,306
|
|
|
$
|
102,664
|
|
(1)
|
Amount for the year ended
December 31, 2012
includes
$44,700
of gain recognized by the joint venture associated with the Company's acquisition of Avalon Del Rey from its joint venture partner.
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Fund I (1)
|
$
|
475
|
|
|
$
|
10,924
|
|
|
$
|
7,041
|
|
Fund II (2)
|
24,808
|
|
|
6,206
|
|
|
2,130
|
|
|||
U.S. Fund (3)
|
342
|
|
|
(661
|
)
|
|
—
|
|
|||
AC JV (3)
|
1,579
|
|
|
2,569
|
|
|
—
|
|
|||
CVP I, LLC (4)
|
113,127
|
|
|
5,783
|
|
|
5,394
|
|
|||
MVP I, LLC (5)
|
1,651
|
|
|
1,137
|
|
|
493
|
|
|||
Brandywine (3)
|
828
|
|
|
661
|
|
|
—
|
|
|||
Arna Valley View LP (6)
|
2,406
|
|
|
—
|
|
|
—
|
|
|||
Residual JV (3) (7)
|
3,547
|
|
|
(38,332
|
)
|
|
—
|
|
|||
Avalon Del Rey, LLC (8)
|
—
|
|
|
181
|
|
|
4,000
|
|
|||
Juanita Village (6)
|
3
|
|
|
378
|
|
|
1,856
|
|
|||
Total
|
$
|
148,766
|
|
|
$
|
(11,154
|
)
|
|
$
|
20,914
|
|
(1)
|
Equity in income for the years ended
December 31, 2014
,
2013
and
2012
includes the Company's proportionate share of the gain on the sale of Fund I assets of
$944
,
$11,484
and
$7,971
, respectively.
|
(2)
|
Equity in income for the years ended
December 31, 2014
and
2013
includes the Company's proportionate share of the gain on the sale of Fund II assets of
$21,624
and
$2,790
, respectively.
|
(3)
|
The Company's joint venture partner's interest was acquired in conjunction with the Archstone Acquisition.
|
(4)
|
Equity in income for the years ended
December 31, 2014
,
2013
and
2012
includes
$61,218
,
$5,527
and
$5,260
, respectively, relating to the Company's recognition of its promoted interest. Amount for 2014 also includes
$50,478
related to the disposition of Avalon Chrystie Place.
|
(5)
|
Equity in income for the years ended
December 31, 2014
and
2013
includes
$930
and
$516
relating to the Company's recognition of its promoted interest.
|
(6)
|
The Company's equity in income for this entity represents its residual profits from the sale of the community.
|
(7)
|
Equity in income from this entity for
2013
includes certain expensed Archstone Acquisition costs borne by the venture.
|
(8)
|
During 2012, the Company purchased its joint venture partner's interest in this venture.
|
Community Name
|
Location
|
|
Period
of sale
|
|
Apartment
homes
|
|
Debt
|
|
Gross
sales price
|
|
Net
proceeds
|
|||||||
Avalon Valley
|
Danbury, CT
|
|
Q114
|
|
268
|
|
|
$
|
—
|
|
|
$
|
53,325
|
|
|
$
|
52,147
|
|
Oakwood Philadelphia
|
Philadelphia, PA
|
|
Q214
|
|
80
|
|
|
16,341
|
|
(1)
|
28,875
|
|
|
10,932
|
|
|||
Avalon Danvers
|
Danvers, MA
|
|
Q214
|
|
433
|
|
|
—
|
|
|
108,500
|
|
|
107,231
|
|
|||
Archstone Memorial Heights
|
Houston, TX
|
|
Q414
|
|
556
|
|
|
—
|
|
|
105,500
|
|
|
103,182
|
|
|||
Huntington Station Land
|
Huntington Station, NY
|
|
Q414
|
|
—
|
|
|
—
|
|
|
8,050
|
|
|
7,633
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2014 asset sales
|
|
|
|
|
1,337
|
|
|
$
|
16,341
|
|
|
$
|
304,250
|
|
|
$
|
281,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2013 asset sales (2)
|
|
|
|
|
3,299
|
|
|
$
|
—
|
|
|
$
|
932,800
|
|
|
$
|
919,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2012 asset sales
|
|
|
|
|
1,578
|
|
|
$
|
—
|
|
|
$
|
280,550
|
|
|
$
|
274,018
|
|
(1)
|
Amount includes
$10,427
principal amount secured by Oakwood Philadelphia and
$5,914
principal amount of secured borrowings repaid by the Company for
eight
other operating communities, the aggregate of which is included in determining net proceeds.
|
(2)
|
Total of 2013 asset sales excludes the disposition of development rights located in Hingham, MA and Brooklyn, NY, for total net proceeds of
$1,313
.
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Rental income
|
$
|
579
|
|
|
$
|
42,874
|
|
|
$
|
63,406
|
|
Operating and other expenses
|
(269
|
)
|
|
(12,661
|
)
|
|
(19,437
|
)
|
|||
Interest expense, net
|
—
|
|
|
—
|
|
|
(133
|
)
|
|||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
(602
|
)
|
|||
Depreciation expense
|
—
|
|
|
(13,500
|
)
|
|
(16,414
|
)
|
|||
Income (loss) from discontinued operations
|
$
|
310
|
|
|
$
|
16,713
|
|
|
$
|
26,820
|
|
|
Payments due by period
|
||||||||||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
||||||||||||
Operating Lease Obligations
|
$
|
20,337
|
|
|
$
|
20,933
|
|
|
$
|
20,531
|
|
|
$
|
22,339
|
|
|
$
|
20,717
|
|
|
$
|
1,227,854
|
|
Capital Lease Obligations (1) (2)
|
1,885
|
|
|
19,083
|
|
|
848
|
|
|
848
|
|
|
848
|
|
|
39,087
|
|
||||||
|
$
|
22,222
|
|
|
$
|
40,016
|
|
|
$
|
21,379
|
|
|
$
|
23,187
|
|
|
$
|
21,565
|
|
|
$
|
1,266,941
|
|
(1)
|
Aggregate capital lease payments include
$28,318
in interest costs.
|
(2)
|
At
December 31, 2014
, capital lease assets of
$31,784
are included as a component of land and improvements on the accompanying Consolidated Balance Sheets.
|
•
|
Established Communities (also known as Same Store Communities) are consolidated communities where a comparison of operating results from the prior year to the current year period is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year period. The Established Communities for the year ended
December 31, 2014
, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1,
2013
, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year period. A community is considered to have stabilized occupancy at the earlier of (i) attainment of
95%
physical occupancy or (ii) the
one
-year anniversary of completion of development or redevelopment.
|
•
|
Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. Other Stabilized Communities for the year ended
December 31, 2014
include the stabilized operating communities acquired as part of the Archstone Acquisition.
|
•
|
Development/Redevelopment Communities consists of communities that are under construction and have not received a certificate of occupancy for the entire community, and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1,
2014
.
|
|
For the year ended
|
||||||||||
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
||||||
Net income
|
$
|
697,327
|
|
|
$
|
352,771
|
|
|
$
|
423,562
|
|
Indirect operating expenses, net of corporate income
|
49,055
|
|
|
41,554
|
|
|
31,911
|
|
|||
Investments and investment management expense
|
4,485
|
|
|
3,990
|
|
|
6,071
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
(3,717
|
)
|
|
45,050
|
|
|
11,350
|
|
|||
Interest expense, net (1)
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|||
Loss on extinguishment of debt, net
|
412
|
|
|
14,921
|
|
|
1,179
|
|
|||
Loss on interest rate contract
|
—
|
|
|
51,000
|
|
|
—
|
|
|||
General and administrative expense
|
41,425
|
|
|
39,573
|
|
|
34,101
|
|
|||
Equity in loss (income) of unconsolidated entities
|
(148,766
|
)
|
|
11,154
|
|
|
(20,914
|
)
|
|||
Depreciation expense (1)
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|||
Income tax expense
|
9,368
|
|
|
—
|
|
|
—
|
|
|||
Casualty and impairment loss
|
—
|
|
|
—
|
|
|
1,449
|
|
|||
Gain on acquisition of unconsolidated real estate entity
|
—
|
|
|
—
|
|
|
(14,194
|
)
|
|||
Gain on sale of real estate assets
|
(85,415
|
)
|
|
(240
|
)
|
|
(280
|
)
|
|||
Gain on sale of discontinued operations
|
(37,869
|
)
|
|
(278,231
|
)
|
|
(146,311
|
)
|
|||
Income from discontinued operations
|
(310
|
)
|
|
(16,713
|
)
|
|
(26,820
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
(15,199
|
)
|
|
(19,448
|
)
|
|
(13,776
|
)
|
|||
Net operating income
|
$
|
1,134,096
|
|
|
$
|
977,998
|
|
|
$
|
667,928
|
|
(1)
|
Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
|
|
For the year ended
|
||||||||||
|
12/31/2014
|
|
12/31/2013
|
|
12/31/2012
|
||||||
|
|
|
|
|
|
||||||
Rental income from real estate assets sold or held for sale, not classified as discontinued operations
|
$
|
24,389
|
|
|
$
|
30,867
|
|
|
$
|
21,463
|
|
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations
|
(9,190
|
)
|
|
(11,419
|
)
|
|
(7,687
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
$
|
15,199
|
|
|
$
|
19,448
|
|
|
$
|
13,776
|
|
|
Total
revenue
|
|
NOI
|
|
% NOI change
from prior year
|
|
Gross
real estate (1)
|
|||||||
For the year ended December 31, 2014 (2)
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
179,116
|
|
|
$
|
113,905
|
|
|
0.8
|
%
|
|
$
|
1,373,065
|
|
Metro NY/NJ
|
318,710
|
|
|
223,591
|
|
|
3.1
|
%
|
|
2,379,178
|
|
|||
Mid-Atlantic
|
98,590
|
|
|
69,498
|
|
|
(2.5
|
)%
|
|
647,374
|
|
|||
Pacific Northwest
|
54,230
|
|
|
37,637
|
|
|
7.0
|
%
|
|
500,247
|
|
|||
Northern California
|
174,527
|
|
|
132,899
|
|
|
8.2
|
%
|
|
1,402,444
|
|
|||
Southern California
|
139,841
|
|
|
95,626
|
|
|
5.2
|
%
|
|
1,225,328
|
|
|||
Total Established (3)
|
965,014
|
|
|
673,156
|
|
|
3.5
|
%
|
|
7,527,636
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
497,756
|
|
|
343,061
|
|
|
N/A
|
|
|
6,062,844
|
|
|||
Development / Redevelopment
|
186,852
|
|
|
117,879
|
|
|
N/A
|
|
|
3,972,180
|
|
|||
Land Held for Future Development
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
180,516
|
|
|||
Non-allocated (4)
|
11,050
|
|
|
N/A
|
|
|
N/A
|
|
|
41,643
|
|
|||
Total
|
$
|
1,660,672
|
|
|
$
|
1,134,096
|
|
|
16.0
|
%
|
|
$
|
17,784,819
|
|
|
|
|
|
|
|
|
|
|||||||
For the year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
159,670
|
|
|
$
|
103,679
|
|
|
2.3
|
%
|
|
$
|
1,227,582
|
|
Metro NY/NJ
|
249,742
|
|
|
172,912
|
|
|
4.4
|
%
|
|
1,921,307
|
|
|||
Mid-Atlantic
|
100,548
|
|
|
71,851
|
|
|
0.1
|
%
|
|
633,598
|
|
|||
Pacific Northwest
|
46,564
|
|
|
31,283
|
|
|
5.3
|
%
|
|
444,825
|
|
|||
Northern California
|
141,038
|
|
|
106,745
|
|
|
11.7
|
%
|
|
1,233,851
|
|
|||
Southern California
|
119,024
|
|
|
81,182
|
|
|
5.1
|
%
|
|
1,058,883
|
|
|||
Total Established (3)
|
816,586
|
|
|
567,652
|
|
|
4.9
|
%
|
|
6,520,046
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
486,780
|
|
|
330,998
|
|
|
N/A
|
|
|
6,626,884
|
|
|||
Development / Redevelopment
|
117,186
|
|
|
79,348
|
|
|
N/A
|
|
|
3,024,035
|
|
|||
Land Held for Future Development
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
300,364
|
|
|||
Non-allocated (4)
|
11,502
|
|
|
N/A
|
|
|
N/A
|
|
|
10,279
|
|
|||
Total
|
$
|
1,432,054
|
|
|
$
|
977,998
|
|
|
46.4
|
%
|
|
$
|
16,481,608
|
|
|
|
|
|
|
|
|
|
|||||||
For the year ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
145,629
|
|
|
$
|
94,481
|
|
|
5.1
|
%
|
|
$
|
1,115,098
|
|
Metro NY/NJ
|
213,360
|
|
|
148,441
|
|
|
7.4
|
%
|
|
1,760,429
|
|
|||
Mid-Atlantic
|
103,784
|
|
|
75,313
|
|
|
3.2
|
%
|
|
591,669
|
|
|||
Pacific Northwest
|
32,942
|
|
|
23,433
|
|
|
15.0
|
%
|
|
306,289
|
|
|||
Northern California
|
112,875
|
|
|
83,091
|
|
|
14.1
|
%
|
|
1,015,947
|
|
|||
Southern California
|
99,302
|
|
|
68,880
|
|
|
7.0
|
%
|
|
947,723
|
|
|||
Total Established (3)
|
707,892
|
|
|
493,639
|
|
|
7.6
|
%
|
|
5,737,155
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
131,248
|
|
|
84,504
|
|
|
N/A
|
|
|
1,284,666
|
|
|||
Development / Redevelopment
|
129,767
|
|
|
89,785
|
|
|
N/A
|
|
|
2,032,277
|
|
|||
Land Held for Future Development
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
316,037
|
|
|||
Non-allocated (4)
|
10,257
|
|
|
N/A
|
|
|
N/A
|
|
|
73,724
|
|
|||
Total
|
$
|
979,164
|
|
|
$
|
667,928
|
|
|
14.6
|
%
|
|
$
|
9,443,859
|
|
(1)
|
Does not include gross real estate assets held for sale of
$64,497
,
$318,713
and
$627,483
as of
December 31, 2014
,
2013
and
2012
, respectively.
|
(2)
|
Results for the year ended
December 31, 2014
reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment.
|
(3)
|
Gross real estate for the Company's Established Communities includes capitalized additions of approximately
$52,635
,
$33,553
and
$25,448
in
2014
,
2013
and
2012
, respectively.
|
(4)
|
Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.
|
|
2009 Plan
shares
|
|
Weighted
average
exercise price
per share
|
|
1994 Plan
shares
|
|
Weighted
average
exercise price
per share
|
||||||
Options Outstanding, December 31, 2011
|
247,403
|
|
|
$
|
98.42
|
|
|
1,112,959
|
|
|
$
|
94.10
|
|
Exercised
|
(43,265
|
)
|
|
85.09
|
|
|
(364,519
|
)
|
|
68.21
|
|
||
Granted
|
115,303
|
|
|
133.16
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(11,887
|
)
|
|
115.15
|
|
|
(28,610
|
)
|
|
139.58
|
|
||
Options Outstanding, December 31, 2012
|
307,554
|
|
|
$
|
112.67
|
|
|
719,830
|
|
|
$
|
105.40
|
|
Exercised
|
(19,949
|
)
|
|
84.43
|
|
|
(24,292
|
)
|
|
79.42
|
|
||
Granted
|
215,230
|
|
|
129.03
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(1,267
|
)
|
|
131.56
|
|
|
(4,012
|
)
|
|
127.56
|
|
||
Options Outstanding, December 31, 2013
|
501,568
|
|
|
$
|
120.77
|
|
|
691,526
|
|
|
$
|
106.19
|
|
Exercised
|
(157,454
|
)
|
|
116.40
|
|
|
(342,743
|
)
|
|
99.03
|
|
||
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(4,052
|
)
|
|
131.05
|
|
|
(76,381
|
)
|
|
142.66
|
|
||
Options Outstanding, December 31, 2014
|
340,062
|
|
|
$
|
122.67
|
|
|
272,402
|
|
|
$
|
104.96
|
|
Options Exercisable:
|
|
|
|
|
|
|
|
|
|
|
|
||
December 31, 2012
|
74,618
|
|
|
$
|
97.46
|
|
|
719,830
|
|
|
$
|
105.40
|
|
December 31, 2013
|
184,167
|
|
|
$
|
107.18
|
|
|
691,526
|
|
|
$
|
106.19
|
|
December 31, 2014
|
185,227
|
|
|
$
|
116.71
|
|
|
272,402
|
|
|
$
|
104.96
|
|
2009 Plan
Number of Options
|
|
Range—Exercise Price
|
|
Weighted Average
Remaining Contractual Term
(in years)
|
|||
32,821
|
|
$70.00
|
-
|
|
$79.99
|
|
5.1
|
51,808
|
|
110.00
|
-
|
|
119.99
|
|
6.1
|
63,961
|
|
120.00
|
-
|
|
129.99
|
|
8.2
|
189,973
|
|
130.00
|
-
|
|
139.99
|
|
7.6
|
1,499
|
|
140.00
|
-
|
|
149.99
|
|
7.5
|
340,062
|
|
|
|
|
|
|
|
1994 Plan
Number of Options
|
|
Range—Exercise Price
|
|
Weighted Average
Remaining Contractual Term
(in years)
|
|||
43,806
|
|
$40.00
|
-
|
|
$49.99
|
|
4.1
|
92
|
|
60.00
|
-
|
|
69.99
|
|
0.1
|
730
|
|
70.00
|
-
|
|
79.99
|
|
0.5
|
66,101
|
|
80.00
|
-
|
|
89.99
|
|
3.1
|
52,720
|
|
90.00
|
-
|
|
99.99
|
|
1.1
|
108,953
|
|
140.00
|
-
|
|
149.99
|
|
2.1
|
272,402
|
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
||||
Weighted average fair value per share
|
|
$
|
26.78
|
|
|
$
|
29.11
|
|
Life of options (in years)
|
|
5.0
|
|
|
5.0
|
|
||
Dividend yield
|
|
3.7
|
%
|
|
3.5
|
%
|
||
Volatility
|
|
34.00
|
%
|
|
35.00
|
%
|
||
Risk-free interest rate
|
|
0.91
|
%
|
|
0.87
|
%
|
|
|
Non-designated
Hedges
|
|
Cash Flow
Hedges
|
||||
Notional balance
|
|
$
|
605,515
|
|
|
$
|
170,909
|
|
Weighted average interest rate (1)
|
|
1.7
|
%
|
|
2.5
|
%
|
||
Weighted average capped interest rate
|
|
6.0
|
%
|
|
5.1
|
%
|
||
Earliest maturity date
|
|
February 2016
|
|
|
April 2015
|
|
||
Latest maturity date
|
|
August 2018
|
|
|
April 2019
|
|
(1)
|
Represents the weighted average interest rate on the hedged debt.
|
Description
|
Total Fair
Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
12/31/2014
|
||||||||||||||
Non Designated Hedges
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
—
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
58
|
|
|
—
|
|
|
58
|
|
|
—
|
|
||||
Put(s)
|
(11,104
|
)
|
|
—
|
|
|
—
|
|
|
(11,104
|
)
|
||||
DownREIT units
|
(1,226
|
)
|
|
(1,226
|
)
|
|
—
|
|
|
—
|
|
||||
Indebtedness
|
(6,558,022
|
)
|
|
(2,874,147
|
)
|
|
(3,683,875
|
)
|
|
—
|
|
||||
Total
|
$
|
(6,570,244
|
)
|
|
$
|
(2,875,373
|
)
|
|
$
|
(3,683,767
|
)
|
|
$
|
(11,104
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
12/31/2013
|
||||||||||||||
Non Designated Hedges
|
|
|
|
|
|
|
|
|
|||||||
Interest Rate Caps
|
$
|
106
|
|
|
$
|
—
|
|
|
$
|
106
|
|
|
$
|
—
|
|
Put(s)
|
(15,998
|
)
|
|
—
|
|
|
—
|
|
|
(15,998
|
)
|
||||
DownREIT units
|
(887
|
)
|
|
(887
|
)
|
|
—
|
|
|
—
|
|
||||
Indebtedness
|
(6,294,848
|
)
|
|
(2,657,143
|
)
|
|
(3,637,705
|
)
|
|
—
|
|
||||
Total
|
$
|
(6,311,627
|
)
|
|
$
|
(2,658,030
|
)
|
|
$
|
(3,637,599
|
)
|
|
$
|
(15,998
|
)
|
|
For the three months ended (1)
|
||||||||||||||
|
3/31/14
|
|
6/30/14
|
|
9/30/14
|
|
12/31/14
|
||||||||
Total revenue
|
$
|
400,075
|
|
|
$
|
413,806
|
|
|
$
|
430,525
|
|
|
$
|
440,656
|
|
Income from continuing operations
|
$
|
103,420
|
|
|
$
|
172,197
|
|
|
$
|
241,001
|
|
|
$
|
142,530
|
|
Total discontinued operations
|
$
|
38,179
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income attributable to common stockholders
|
$
|
141,739
|
|
|
$
|
158,086
|
|
|
$
|
241,100
|
|
|
$
|
142,642
|
|
Net income per common share—basic
|
$
|
1.09
|
|
|
$
|
1.22
|
|
|
$
|
1.83
|
|
|
$
|
1.08
|
|
Net income per common share—diluted
|
$
|
1.09
|
|
|
$
|
1.21
|
|
|
$
|
1.83
|
|
|
$
|
1.08
|
|
|
For the three months ended (1)
|
||||||||||||||
|
3/31/13
|
|
6/30/13
|
|
9/30/13
|
|
12/31/13
|
||||||||
Total revenue
|
$
|
301,356
|
|
|
$
|
378,207
|
|
|
$
|
389,189
|
|
|
$
|
394,169
|
|
Income (loss) from continuing operations
|
$
|
(14,767
|
)
|
|
$
|
334
|
|
|
$
|
(15,949
|
)
|
|
$
|
88,209
|
|
Total discontinued operations
|
$
|
90,237
|
|
|
$
|
35,763
|
|
|
$
|
5,063
|
|
|
$
|
163,881
|
|
Net income (loss) attributable to common stockholders
|
$
|
75,427
|
|
|
$
|
36,218
|
|
|
$
|
(10,715
|
)
|
|
$
|
252,212
|
|
Net income (loss) per common share—basic
|
$
|
0.63
|
|
|
$
|
0.28
|
|
|
$
|
(0.08
|
)
|
|
$
|
1.95
|
|
Net income (loss) per common share—diluted
|
$
|
0.63
|
|
|
$
|
0.28
|
|
|
$
|
(0.08
|
)
|
|
$
|
1.95
|
|
(1)
|
Amounts may not equal full year results due to rounding.
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
NEW ENGLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Boston, MA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Avalon at Lexington
|
|
Lexington, MA
|
|
$
|
2,124
|
|
|
$
|
12,599
|
|
|
$
|
9,199
|
|
|
$
|
2,124
|
|
|
$
|
21,798
|
|
|
$
|
23,922
|
|
|
$
|
11,484
|
|
|
$
|
12,438
|
|
|
$
|
—
|
|
|
1994
|
Avalon Oaks
|
|
Wilmington, MA
|
|
2,129
|
|
|
18,676
|
|
|
2,038
|
|
|
2,129
|
|
|
20,714
|
|
|
22,843
|
|
|
11,094
|
|
|
11,749
|
|
|
15,887
|
|
|
1999
|
|||||||||
Eaves Quincy
|
|
Quincy, MA
|
|
1,743
|
|
|
14,662
|
|
|
9,283
|
|
|
1,743
|
|
|
23,945
|
|
|
25,688
|
|
|
11,805
|
|
|
13,883
|
|
|
—
|
|
|
1986/1995
|
|||||||||
Avalon Essex
|
|
Peabody, MA
|
|
5,184
|
|
|
16,320
|
|
|
1,821
|
|
|
5,184
|
|
|
18,141
|
|
|
23,325
|
|
|
9,289
|
|
|
14,036
|
|
|
—
|
|
|
2000
|
|||||||||
Avalon Oaks West
|
|
Wilmington, MA
|
|
3,318
|
|
|
13,467
|
|
|
746
|
|
|
3,318
|
|
|
14,213
|
|
|
17,531
|
|
|
6,376
|
|
|
11,155
|
|
|
15,847
|
|
|
2002
|
|||||||||
Avalon Orchards
|
|
Marlborough, MA
|
|
2,983
|
|
|
18,037
|
|
|
1,943
|
|
|
2,983
|
|
|
19,980
|
|
|
22,963
|
|
|
8,902
|
|
|
14,061
|
|
|
17,091
|
|
|
2002
|
|||||||||
Avalon at Newton Highlands
|
|
Newton, MA
|
|
11,039
|
|
|
45,590
|
|
|
3,423
|
|
|
11,039
|
|
|
49,013
|
|
|
60,052
|
|
|
19,353
|
|
|
40,699
|
|
|
—
|
|
|
2003
|
|||||||||
Avalon at The Pinehills
|
|
Plymouth, MA
|
|
6,876
|
|
|
30,401
|
|
|
183
|
|
|
6,876
|
|
|
30,584
|
|
|
37,460
|
|
|
7,836
|
|
|
29,624
|
|
|
—
|
|
|
2004
|
|||||||||
Eaves Peabody
|
|
Peabody, MA
|
|
4,645
|
|
|
19,007
|
|
|
12,019
|
|
|
4,645
|
|
|
31,026
|
|
|
35,671
|
|
|
9,746
|
|
|
25,925
|
|
|
—
|
|
|
1962/2004
|
|||||||||
Avalon at Bedford Center
|
|
Bedford, MA
|
|
4,258
|
|
|
20,569
|
|
|
316
|
|
|
4,258
|
|
|
20,885
|
|
|
25,143
|
|
|
6,630
|
|
|
18,513
|
|
|
—
|
|
|
2006
|
|||||||||
Avalon Chestnut Hill
|
|
Chestnut Hill, MA
|
|
14,572
|
|
|
45,911
|
|
|
1,899
|
|
|
14,572
|
|
|
47,810
|
|
|
62,382
|
|
|
13,588
|
|
|
48,794
|
|
|
39,545
|
|
|
2007
|
|||||||||
Avalon Shrewsbury
|
|
Shrewsbury, MA
|
|
5,152
|
|
|
30,608
|
|
|
757
|
|
|
5,152
|
|
|
31,365
|
|
|
36,517
|
|
|
9,062
|
|
|
27,455
|
|
|
20,174
|
|
|
2007
|
|||||||||
Avalon at Lexington Hills
|
|
Lexington, MA
|
|
8,691
|
|
|
79,153
|
|
|
1,112
|
|
|
8,691
|
|
|
80,265
|
|
|
88,956
|
|
|
19,446
|
|
|
69,510
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon Acton
|
|
Acton, MA
|
|
13,124
|
|
|
49,905
|
|
|
276
|
|
|
13,124
|
|
|
50,181
|
|
|
63,305
|
|
|
12,089
|
|
|
51,216
|
|
|
45,000
|
|
|
2008
|
|||||||||
Avalon Sharon
|
|
Sharon, MA
|
|
4,719
|
|
|
25,522
|
|
|
269
|
|
|
4,719
|
|
|
25,791
|
|
|
30,510
|
|
|
6,030
|
|
|
24,480
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon at Center Place
|
|
Providence, RI
|
|
—
|
|
|
26,816
|
|
|
10,230
|
|
|
—
|
|
|
37,046
|
|
|
37,046
|
|
|
19,919
|
|
|
17,127
|
|
|
—
|
|
|
1991/1997
|
|||||||||
Avalon at Hingham Shipyard
|
|
Hingham, MA
|
|
12,218
|
|
|
41,725
|
|
|
339
|
|
|
12,218
|
|
|
42,064
|
|
|
54,282
|
|
|
9,089
|
|
|
45,193
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Northborough
|
|
Northborough, MA
|
|
8,144
|
|
|
52,454
|
|
|
16
|
|
|
8,144
|
|
|
52,470
|
|
|
60,614
|
|
|
9,170
|
|
|
51,444
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Blue Hills
|
|
Randolph, MA
|
|
11,110
|
|
|
34,736
|
|
|
80
|
|
|
11,110
|
|
|
34,816
|
|
|
45,926
|
|
|
6,856
|
|
|
39,070
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Cohasset
|
|
Cohasset, MA
|
|
8,802
|
|
|
46,233
|
|
|
16
|
|
|
8,802
|
|
|
46,249
|
|
|
55,051
|
|
|
4,910
|
|
|
50,141
|
|
|
—
|
|
|
2012
|
|||||||||
Avalon Andover
|
|
Andover, MA
|
|
4,276
|
|
|
21,903
|
|
|
—
|
|
|
4,276
|
|
|
21,903
|
|
|
26,179
|
|
|
2,114
|
|
|
24,065
|
|
|
14,505
|
|
|
2012
|
|||||||||
Eaves Burlington
|
|
Burlington, MA
|
|
7,714
|
|
|
32,536
|
|
|
5,080
|
|
|
7,714
|
|
|
37,616
|
|
|
45,330
|
|
|
2,383
|
|
|
42,947
|
|
|
—
|
|
|
1988/2012
|
|||||||||
AVA Back Bay
|
|
Boston, MA
|
|
9,034
|
|
|
36,540
|
|
|
36,364
|
|
|
9,034
|
|
|
72,904
|
|
|
81,938
|
|
|
26,205
|
|
|
55,733
|
|
|
—
|
|
|
1968/1998
|
|||||||||
Avalon at Prudential Center II
|
|
Boston, MA
|
|
8,776
|
|
|
35,496
|
|
|
31,783
|
|
|
8,776
|
|
|
67,279
|
|
|
76,055
|
|
|
25,100
|
|
|
50,955
|
|
|
—
|
|
|
1968/1998
|
|||||||||
Avalon at Prudential Center I
|
|
Boston, MA
|
|
8,002
|
|
|
32,370
|
|
|
19,773
|
|
|
8,002
|
|
|
52,143
|
|
|
60,145
|
|
|
22,772
|
|
|
37,373
|
|
|
—
|
|
|
1968/1998
|
|||||||||
Avalon Burlington
|
|
Burlington, MA
|
|
15,600
|
|
|
59,200
|
|
|
6,943
|
|
|
15,600
|
|
|
66,143
|
|
|
81,743
|
|
|
5,334
|
|
|
76,409
|
|
|
—
|
|
|
1989/2013
|
|||||||||
Avalon Bear Hill
|
|
Waltham, MA
|
|
27,350
|
|
|
96,999
|
|
|
5,110
|
|
|
27,350
|
|
|
102,109
|
|
|
129,459
|
|
|
11,304
|
|
|
118,155
|
|
|
—
|
|
|
1999/2013
|
|||||||||
Eaves North Quincy
|
|
Quincy, MA
|
|
11,940
|
|
|
39,400
|
|
|
2,491
|
|
|
11,940
|
|
|
41,891
|
|
|
53,831
|
|
|
4,784
|
|
|
49,047
|
|
|
36,761
|
|
|
1977/2013
|
|||||||||
Avalon Natick
|
|
Natick, MA
|
|
15,645
|
|
|
64,585
|
|
|
—
|
|
|
15,645
|
|
|
64,585
|
|
|
80,230
|
|
|
3,476
|
|
|
76,754
|
|
|
52,357
|
|
|
2013
|
|||||||||
Avalon Canton at Blue Hills
|
|
Canton, MA
|
|
6,562
|
|
|
33,191
|
|
|
—
|
|
|
6,562
|
|
|
33,191
|
|
|
39,753
|
|
|
769
|
|
|
38,984
|
|
|
—
|
|
|
2014
|
|||||||||
Avalon Exeter
|
|
Andover, MA
|
|
16,304
|
|
|
108,126
|
|
|
—
|
|
|
16,304
|
|
|
108,126
|
|
|
124,430
|
|
|
1,842
|
|
|
122,588
|
|
|
—
|
|
|
2014
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Fairfield-New Haven, CT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
Eaves Trumbull
|
|
Trumbull, CT
|
|
4,414
|
|
|
31,268
|
|
|
3,529
|
|
|
4,414
|
|
|
34,797
|
|
|
39,211
|
|
|
20,696
|
|
|
18,515
|
|
|
39,452
|
|
|
1997
|
|||||||||
Eaves Stamford
|
|
Stamford, CT
|
|
5,956
|
|
|
23,993
|
|
|
12,748
|
|
|
5,956
|
|
|
36,741
|
|
|
42,697
|
|
|
20,049
|
|
|
22,648
|
|
|
—
|
|
|
1991
|
|||||||||
Avalon Wilton I
|
|
Wilton, CT
|
|
2,116
|
|
|
14,664
|
|
|
5,841
|
|
|
2,116
|
|
|
20,505
|
|
|
22,621
|
|
|
9,855
|
|
|
12,766
|
|
|
—
|
|
|
1997
|
|||||||||
Avalon on Stamford Harbor
|
|
Stamford, CT
|
|
10,836
|
|
|
51,883
|
|
|
1,778
|
|
|
10,836
|
|
|
53,661
|
|
|
64,497
|
|
|
22,322
|
|
|
42,175
|
|
|
62,724
|
|
|
2003
|
|||||||||
Avalon New Canaan
|
|
New Canaan, CT
|
|
4,834
|
|
|
19,485
|
|
|
1,559
|
|
|
4,834
|
|
|
21,044
|
|
|
25,878
|
|
|
8,672
|
|
|
17,206
|
|
|
—
|
|
|
2002
|
|||||||||
AVA Stamford
|
|
Stamford, CT
|
|
13,819
|
|
|
56,499
|
|
|
4,602
|
|
|
13,819
|
|
|
61,101
|
|
|
74,920
|
|
|
25,069
|
|
|
49,851
|
|
|
57,423
|
|
|
2002/2002
|
|||||||||
Avalon Danbury
|
|
Danbury, CT
|
|
4,933
|
|
|
30,638
|
|
|
670
|
|
|
4,933
|
|
|
31,308
|
|
|
36,241
|
|
|
10,352
|
|
|
25,889
|
|
|
—
|
|
|
2005
|
|||||||||
Avalon Darien
|
|
Darien, CT
|
|
6,926
|
|
|
34,659
|
|
|
1,689
|
|
|
6,926
|
|
|
36,348
|
|
|
43,274
|
|
|
13,817
|
|
|
29,457
|
|
|
47,700
|
|
|
2004
|
|||||||||
Avalon Milford I
|
|
Milford, CT
|
|
8,746
|
|
|
22,699
|
|
|
725
|
|
|
8,746
|
|
|
23,424
|
|
|
32,170
|
|
|
8,493
|
|
|
23,677
|
|
|
—
|
|
|
2004
|
|||||||||
Avalon Huntington
|
|
Shelton, CT
|
|
5,277
|
|
|
20,029
|
|
|
100
|
|
|
5,277
|
|
|
20,129
|
|
|
25,406
|
|
|
4,406
|
|
|
21,000
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon Norwalk
|
|
Norwalk, CT
|
|
11,320
|
|
|
62,910
|
|
|
25
|
|
|
11,320
|
|
|
62,935
|
|
|
74,255
|
|
|
9,372
|
|
|
64,883
|
|
|
—
|
|
|
2011
|
|||||||||
Avalon Wilton II
|
|
Wilton, CT
|
|
6,604
|
|
|
23,758
|
|
|
6
|
|
|
6,604
|
|
|
23,764
|
|
|
30,368
|
|
|
2,997
|
|
|
27,371
|
|
|
—
|
|
|
2011
|
|||||||||
Avalon Shelton III
|
|
Shelton, CT
|
|
7,853
|
|
|
40,866
|
|
|
—
|
|
|
7,853
|
|
|
40,866
|
|
|
48,719
|
|
|
2,279
|
|
|
46,440
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon East Norwalk
|
|
Norwalk, CT
|
|
10,394
|
|
|
36,126
|
|
|
—
|
|
|
10,394
|
|
|
36,126
|
|
|
46,520
|
|
|
1,645
|
|
|
44,875
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon at Stratford
|
|
Stratford, CT
|
|
2,564
|
|
|
26,884
|
|
|
—
|
|
|
2,564
|
|
|
26,884
|
|
|
29,448
|
|
|
341
|
|
|
29,107
|
|
|
—
|
|
|
2014
|
|||||||||
TOTAL NEW ENGLAND
|
|
|
|
$
|
368,626
|
|
|
$
|
1,699,098
|
|
|
$
|
196,781
|
|
|
$
|
368,626
|
|
|
$
|
1,895,879
|
|
|
$
|
2,264,505
|
|
|
$
|
479,122
|
|
|
$
|
1,785,383
|
|
|
$
|
464,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
METRO NY/NJ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
New York Suburban, NY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Avalon Commons
|
|
Smithtown, NY
|
|
$
|
4,679
|
|
|
$
|
28,286
|
|
|
$
|
5,660
|
|
|
$
|
4,679
|
|
|
$
|
33,946
|
|
|
$
|
38,625
|
|
|
$
|
18,664
|
|
|
$
|
19,961
|
|
|
$
|
—
|
|
|
1997
|
Eaves Nanuet
|
|
Nanuet, NY
|
|
8,428
|
|
|
45,660
|
|
|
3,903
|
|
|
8,428
|
|
|
49,563
|
|
|
57,991
|
|
|
28,325
|
|
|
29,666
|
|
|
63,242
|
|
|
1998
|
|||||||||
Avalon Green
|
|
Elmsford, NY
|
|
1,820
|
|
|
10,525
|
|
|
1,675
|
|
|
1,820
|
|
|
12,200
|
|
|
14,020
|
|
|
8,031
|
|
|
5,989
|
|
|
—
|
|
|
1995
|
|||||||||
Avalon Towers
|
|
Long Beach, NY
|
|
3,118
|
|
|
11,973
|
|
|
10,260
|
|
|
3,118
|
|
|
22,233
|
|
|
25,351
|
|
|
11,437
|
|
|
13,914
|
|
|
—
|
|
|
1990/1995
|
|||||||||
Avalon Willow
|
|
Mamaroneck, NY
|
|
6,207
|
|
|
40,791
|
|
|
1,423
|
|
|
6,207
|
|
|
42,214
|
|
|
48,421
|
|
|
21,846
|
|
|
26,575
|
|
|
—
|
|
|
2000
|
|||||||||
Avalon Court
|
|
Melville, NY
|
|
9,228
|
|
|
50,063
|
|
|
2,908
|
|
|
9,228
|
|
|
52,971
|
|
|
62,199
|
|
|
28,734
|
|
|
33,465
|
|
|
—
|
|
|
1997
|
|||||||||
The Avalon
|
|
Bronxville, NY
|
|
2,889
|
|
|
28,324
|
|
|
7,993
|
|
|
2,889
|
|
|
36,317
|
|
|
39,206
|
|
|
15,882
|
|
|
23,324
|
|
|
—
|
|
|
1999
|
|||||||||
Avalon at Glen Cove
|
|
Glen Cove, NY
|
|
7,871
|
|
|
59,969
|
|
|
1,097
|
|
|
7,871
|
|
|
61,066
|
|
|
68,937
|
|
|
21,970
|
|
|
46,967
|
|
|
—
|
|
|
2004
|
|||||||||
Avalon Pines
|
|
Coram, NY
|
|
8,700
|
|
|
62,931
|
|
|
621
|
|
|
8,700
|
|
|
63,552
|
|
|
72,252
|
|
|
20,828
|
|
|
51,424
|
|
|
—
|
|
|
2005
|
|||||||||
Avalon Glen Cove North
|
|
Glen Cove, NY
|
|
2,577
|
|
|
37,336
|
|
|
232
|
|
|
2,577
|
|
|
37,568
|
|
|
40,145
|
|
|
10,016
|
|
|
30,129
|
|
|
—
|
|
|
2007
|
|||||||||
Avalon White Plains
|
|
White Plains, NY
|
|
15,391
|
|
|
137,353
|
|
|
46
|
|
|
15,391
|
|
|
137,399
|
|
|
152,790
|
|
|
27,434
|
|
|
125,356
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Charles Pond
|
|
Coram, NY
|
|
14,715
|
|
|
33,640
|
|
|
48
|
|
|
14,715
|
|
|
33,688
|
|
|
48,403
|
|
|
6,824
|
|
|
41,579
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Rockville Centre
|
|
Rockville Centre, NY
|
|
32,212
|
|
|
78,807
|
|
|
—
|
|
|
32,212
|
|
|
78,807
|
|
|
111,019
|
|
|
8,480
|
|
|
102,539
|
|
|
—
|
|
|
2012
|
|||||||||
Avalon Green II
|
|
Elmsford, NY
|
|
27,765
|
|
|
77,560
|
|
|
—
|
|
|
27,765
|
|
|
77,560
|
|
|
105,325
|
|
|
7,330
|
|
|
97,995
|
|
|
—
|
|
|
2012
|
|||||||||
Avalon Garden City
|
|
Garden City, NY
|
|
18,205
|
|
|
49,372
|
|
|
—
|
|
|
18,205
|
|
|
49,372
|
|
|
67,577
|
|
|
3,999
|
|
|
63,578
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon Westbury
|
|
Westbury, NY
|
|
69,620
|
|
|
43,781
|
|
|
7,410
|
|
|
69,620
|
|
|
51,191
|
|
|
120,811
|
|
|
8,720
|
|
|
112,091
|
|
|
82,345
|
|
|
2006/2013
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
Avalon Ossining
|
|
Ossining, NY
|
|
6,385
|
|
|
30,099
|
|
|
—
|
|
|
6,385
|
|
|
30,099
|
|
|
36,484
|
|
|
762
|
|
|
35,722
|
|
|
—
|
|
|
2014
|
|||||||||
Avalon Huntington Station
|
|
Huntington Station, NY
|
|
21,870
|
|
|
57,545
|
|
|
—
|
|
|
21,870
|
|
|
57,545
|
|
|
79,415
|
|
|
844
|
|
|
78,571
|
|
|
—
|
|
|
2014
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Avalon Cove
|
|
Jersey City, NJ
|
|
8,760
|
|
|
82,422
|
|
|
21,060
|
|
|
8,760
|
|
|
103,482
|
|
|
112,242
|
|
|
54,057
|
|
|
58,185
|
|
|
—
|
|
|
1997
|
|||||||||
Avalon Run
|
|
Lawrenceville, NJ
|
|
14,650
|
|
|
60,486
|
|
|
5,526
|
|
|
14,650
|
|
|
66,012
|
|
|
80,662
|
|
|
23,905
|
|
|
56,757
|
|
|
—
|
|
|
1994
|
|||||||||
Avalon Princeton Junction
|
|
West Windsor, NJ
|
|
5,585
|
|
|
22,382
|
|
|
20,791
|
|
|
5,585
|
|
|
43,173
|
|
|
48,758
|
|
|
21,392
|
|
|
27,366
|
|
|
—
|
|
|
1988/1993
|
|||||||||
Avalon at Edgewater (1)
|
|
Edgewater, NJ
|
|
14,528
|
|
|
60,240
|
|
|
4,302
|
|
|
14,528
|
|
|
64,542
|
|
|
79,070
|
|
|
28,885
|
|
|
50,185
|
|
|
75,012
|
|
|
2002
|
|||||||||
Avalon at Florham Park
|
|
Florham Park, NJ
|
|
6,647
|
|
|
34,906
|
|
|
2,179
|
|
|
6,647
|
|
|
37,085
|
|
|
43,732
|
|
|
18,009
|
|
|
25,723
|
|
|
—
|
|
|
2001
|
|||||||||
Avalon at Freehold
|
|
Freehold, NJ
|
|
4,119
|
|
|
30,514
|
|
|
900
|
|
|
4,119
|
|
|
31,414
|
|
|
35,533
|
|
|
13,959
|
|
|
21,574
|
|
|
34,973
|
|
|
2002
|
|||||||||
Avalon Run East
|
|
Lawrenceville, NJ
|
|
6,766
|
|
|
45,366
|
|
|
919
|
|
|
6,766
|
|
|
46,285
|
|
|
53,051
|
|
|
16,286
|
|
|
36,765
|
|
|
37,475
|
|
|
2005
|
|||||||||
Avalon Lyndhurst
|
|
Lyndhurst, NJ
|
|
18,620
|
|
|
59,879
|
|
|
579
|
|
|
18,620
|
|
|
60,458
|
|
|
79,078
|
|
|
16,676
|
|
|
62,402
|
|
|
—
|
|
|
2007
|
|||||||||
Avalon at Tinton Falls
|
|
Tinton Falls, NJ
|
|
7,939
|
|
|
33,173
|
|
|
96
|
|
|
7,939
|
|
|
33,269
|
|
|
41,208
|
|
|
7,755
|
|
|
33,453
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon at West Long Branch
|
|
West Long Branch, NJ
|
|
2,721
|
|
|
22,940
|
|
|
—
|
|
|
2,721
|
|
|
22,940
|
|
|
25,661
|
|
|
3,479
|
|
|
22,182
|
|
|
—
|
|
|
2011
|
|||||||||
Avalon North Bergen
|
|
North Bergen, NJ
|
|
8,984
|
|
|
31,015
|
|
|
514
|
|
|
8,984
|
|
|
31,529
|
|
|
40,513
|
|
|
2,819
|
|
|
37,694
|
|
|
—
|
|
|
2012
|
|||||||||
Avalon at Wesmont Station
|
|
Wood-Ridge, NJ
|
|
14,682
|
|
|
41,635
|
|
|
875
|
|
|
14,682
|
|
|
42,510
|
|
|
57,192
|
|
|
3,860
|
|
|
53,332
|
|
|
—
|
|
|
2012
|
|||||||||
Avalon Hackensack at Riverside
|
|
Hackensack, NJ
|
|
—
|
|
|
44,530
|
|
|
—
|
|
|
—
|
|
|
44,530
|
|
|
44,530
|
|
|
2,312
|
|
|
42,218
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon Somerset
|
|
Somerset, NJ
|
|
18,241
|
|
|
58,326
|
|
|
—
|
|
|
18,241
|
|
|
58,326
|
|
|
76,567
|
|
|
3,366
|
|
|
73,201
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon at Wesmont Station II
|
|
Wood-Ridge, NJ
|
|
6,502
|
|
|
16,862
|
|
|
—
|
|
|
6,502
|
|
|
16,862
|
|
|
23,364
|
|
|
992
|
|
|
22,372
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon Bloomingdale
|
|
Bloomingdale, NJ
|
|
3,005
|
|
|
27,721
|
|
|
—
|
|
|
3,005
|
|
|
27,721
|
|
|
30,726
|
|
|
1,098
|
|
|
29,628
|
|
|
—
|
|
|
2014
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
New York, NY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Avalon Riverview I
|
|
Long Island City, NY
|
|
—
|
|
|
94,061
|
|
|
4,894
|
|
|
—
|
|
|
98,955
|
|
|
98,955
|
|
|
41,548
|
|
|
57,407
|
|
|
—
|
|
|
2002
|
|||||||||
Avalon Bowery Place
|
|
New York, NY
|
|
18,575
|
|
|
75,009
|
|
|
1,992
|
|
|
18,575
|
|
|
77,001
|
|
|
95,576
|
|
|
22,047
|
|
|
73,529
|
|
|
93,800
|
|
|
2006
|
|||||||||
Avalon Riverview North
|
|
Long Island City, NY
|
|
—
|
|
|
164,808
|
|
|
2,404
|
|
|
—
|
|
|
167,212
|
|
|
167,212
|
|
|
41,970
|
|
|
125,242
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon Bowery Place II
|
|
New York, NY
|
|
9,106
|
|
|
47,199
|
|
|
1,633
|
|
|
9,106
|
|
|
48,832
|
|
|
57,938
|
|
|
11,904
|
|
|
46,034
|
|
|
—
|
|
|
2007
|
|||||||||
Avalon Morningside Park
|
|
New York, NY
|
|
—
|
|
|
114,327
|
|
|
870
|
|
|
—
|
|
|
115,197
|
|
|
115,197
|
|
|
24,642
|
|
|
90,555
|
|
|
100,000
|
|
|
2009
|
|||||||||
Avalon Fort Greene
|
|
Brooklyn, NY
|
|
83,038
|
|
|
218,444
|
|
|
642
|
|
|
83,038
|
|
|
219,086
|
|
|
302,124
|
|
|
35,170
|
|
|
266,954
|
|
|
—
|
|
|
2010
|
|||||||||
Avalon Midtown West
|
|
New York, NY
|
|
154,730
|
|
|
180,253
|
|
|
12,012
|
|
|
154,730
|
|
|
192,265
|
|
|
346,995
|
|
|
23,002
|
|
|
323,993
|
|
|
100,500
|
|
|
1998/2013
|
|||||||||
Avalon Clinton North
|
|
New York, NY
|
|
84,069
|
|
|
105,821
|
|
|
6,352
|
|
|
84,069
|
|
|
112,173
|
|
|
196,242
|
|
|
12,558
|
|
|
183,684
|
|
|
147,000
|
|
|
2008/2013
|
|||||||||
Avalon Clinton South
|
|
New York, NY
|
|
71,421
|
|
|
89,851
|
|
|
5,175
|
|
|
71,421
|
|
|
95,026
|
|
|
166,447
|
|
|
10,732
|
|
|
155,715
|
|
|
121,500
|
|
|
2007/2013
|
|||||||||
TOTAL METRO NY/NJ
|
|
|
|
$
|
824,368
|
|
|
$
|
2,646,185
|
|
|
$
|
136,991
|
|
|
$
|
824,368
|
|
|
$
|
2,783,176
|
|
|
$
|
3,607,544
|
|
|
$
|
692,549
|
|
|
$
|
2,914,995
|
|
|
$
|
855,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
MID-ATLANTIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Washington Metro
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
Avalon at Foxhall
|
|
Washington, DC
|
|
$
|
6,848
|
|
|
$
|
27,614
|
|
|
$
|
11,671
|
|
|
$
|
6,848
|
|
|
$
|
39,285
|
|
|
$
|
46,133
|
|
|
$
|
24,950
|
|
|
$
|
21,183
|
|
|
$
|
56,341
|
|
|
1982/1994
|
Avalon at Gallery Place
|
|
Washington, DC
|
|
8,800
|
|
|
39,658
|
|
|
1,557
|
|
|
8,800
|
|
|
41,215
|
|
|
50,015
|
|
|
16,412
|
|
|
33,603
|
|
|
43,776
|
|
|
2003
|
|||||||||
Avalon at Fairway Hills
|
|
Columbia, MD
|
|
8,603
|
|
|
34,432
|
|
|
16,036
|
|
|
8,603
|
|
|
50,468
|
|
|
59,071
|
|
|
28,397
|
|
|
30,674
|
|
|
—
|
|
|
1987/1996
|
|||||||||
Eaves Washingtonian Center I
|
|
North Potomac, MD
|
|
2,608
|
|
|
11,707
|
|
|
629
|
|
|
2,608
|
|
|
12,336
|
|
|
14,944
|
|
|
7,913
|
|
|
7,031
|
|
|
8,011
|
|
|
1996
|
|||||||||
Eaves Washingtonian Center II
|
|
North Potomac, MD
|
|
1,439
|
|
|
6,846
|
|
|
180
|
|
|
1,439
|
|
|
7,026
|
|
|
8,465
|
|
|
3,970
|
|
|
4,495
|
|
|
—
|
|
|
1998
|
|||||||||
Eaves Columbia Town Center
|
|
Columbia, MD
|
|
8,802
|
|
|
35,536
|
|
|
11,429
|
|
|
8,802
|
|
|
46,965
|
|
|
55,767
|
|
|
16,273
|
|
|
39,494
|
|
|
—
|
|
|
1986/1993
|
|||||||||
Avalon at Grosvenor Station
|
|
Bethesda, MD
|
|
29,159
|
|
|
53,001
|
|
|
2,002
|
|
|
29,159
|
|
|
55,003
|
|
|
84,162
|
|
|
21,020
|
|
|
63,142
|
|
|
—
|
|
|
2004
|
|||||||||
Avalon at Traville
|
|
Rockville, MD
|
|
14,365
|
|
|
55,398
|
|
|
863
|
|
|
14,365
|
|
|
56,261
|
|
|
70,626
|
|
|
21,385
|
|
|
49,241
|
|
|
74,186
|
|
|
2004
|
|||||||||
Avalon Russett
|
|
Laurel, MD
|
|
10,200
|
|
|
47,524
|
|
|
2,659
|
|
|
10,200
|
|
|
50,183
|
|
|
60,383
|
|
|
5,547
|
|
|
54,836
|
|
|
39,972
|
|
|
1999/2013
|
|||||||||
Eaves Fair Lakes
|
|
Fairfax, VA
|
|
6,096
|
|
|
24,400
|
|
|
8,246
|
|
|
6,096
|
|
|
32,646
|
|
|
38,742
|
|
|
17,777
|
|
|
20,965
|
|
|
—
|
|
|
1989/1996
|
|||||||||
AVA Ballston
|
|
Arlington, VA
|
|
7,291
|
|
|
29,177
|
|
|
16,117
|
|
|
7,291
|
|
|
45,294
|
|
|
52,585
|
|
|
24,294
|
|
|
28,291
|
|
|
—
|
|
|
1990
|
|||||||||
Eaves Fairfax City
|
|
Fairfax, VA
|
|
2,152
|
|
|
8,907
|
|
|
5,390
|
|
|
2,152
|
|
|
14,297
|
|
|
16,449
|
|
|
6,624
|
|
|
9,825
|
|
|
—
|
|
|
1988/1997
|
|||||||||
Avalon Tysons Corner
|
|
Tysons Corner, VA
|
|
13,851
|
|
|
43,397
|
|
|
12,106
|
|
|
13,851
|
|
|
55,503
|
|
|
69,354
|
|
|
26,784
|
|
|
42,570
|
|
|
—
|
|
|
1996
|
|||||||||
Avalon at Arlington Square
|
|
Arlington, VA
|
|
22,041
|
|
|
90,296
|
|
|
2,818
|
|
|
22,041
|
|
|
93,114
|
|
|
115,155
|
|
|
42,880
|
|
|
72,275
|
|
|
—
|
|
|
2001
|
|||||||||
Avalon Park Crest
|
|
Tysons Corner, VA
|
|
13,554
|
|
|
63,527
|
|
|
—
|
|
|
13,554
|
|
|
63,527
|
|
|
77,081
|
|
|
4,886
|
|
|
72,195
|
|
|
—
|
|
|
2013
|
|||||||||
Eaves Fairfax Towers
|
|
Falls Church, VA
|
|
17,889
|
|
|
74,727
|
|
|
1,718
|
|
|
17,889
|
|
|
76,445
|
|
|
94,334
|
|
|
9,782
|
|
|
84,552
|
|
|
—
|
|
|
1978/2011
|
|||||||||
AVA H Street
|
|
Washington, DC
|
|
7,425
|
|
|
25,282
|
|
|
—
|
|
|
7,425
|
|
|
25,282
|
|
|
32,707
|
|
|
1,782
|
|
|
30,925
|
|
|
—
|
|
|
2013
|
|||||||||
Avalon First and M
|
|
Washington, DC
|
|
43,700
|
|
|
153,950
|
|
|
2,411
|
|
|
43,700
|
|
|
156,361
|
|
|
200,061
|
|
|
12,255
|
|
|
187,806
|
|
|
140,964
|
|
|
2012/2013
|
|||||||||
Avalon The Albemarle
|
|
Washington, DC
|
|
25,140
|
|
|
52,459
|
|
|
3,717
|
|
|
25,140
|
|
|
56,176
|
|
|
81,316
|
|
|
6,980
|
|
|
74,336
|
|
|
—
|
|
|
1966/2013
|
|||||||||
Eaves Tunlaw Gardens
|
|
Washington, DC
|
|
16,430
|
|
|
22,902
|
|
|
2,025
|
|
|
16,430
|
|
|
24,927
|
|
|
41,357
|
|
|
3,162
|
|
|
38,195
|
|
|
28,494
|
|
|
1944/2013
|
|||||||||
The Statesman
|
|
Washington, DC
|
|
38,140
|
|
|
35,352
|
|
|
3,453
|
|
|
38,140
|
|
|
38,805
|
|
|
76,945
|
|
|
5,815
|
|
|
71,130
|
|
|
—
|
|
|
1961/2013
|
|||||||||
Eaves Glover Park
|
|
Washington, DC
|
|
9,580
|
|
|
26,532
|
|
|
1,954
|
|
|
9,580
|
|
|
28,486
|
|
|
38,066
|
|
|
3,385
|
|
|
34,681
|
|
|
23,569
|
|
|
1953/2013
|
|||||||||
AVA Van Ness
|
|
Washington, DC
|
|
22,890
|
|
|
58,691
|
|
|
3,455
|
|
|
22,890
|
|
|
62,146
|
|
|
85,036
|
|
|
6,844
|
|
|
78,192
|
|
|
—
|
|
|
1978/2013
|
|||||||||
Avalon Ballston Place
|
|
Arlington, VA
|
|
38,490
|
|
|
123,645
|
|
|
3,768
|
|
|
38,490
|
|
|
127,413
|
|
|
165,903
|
|
|
11,532
|
|
|
154,371
|
|
|
—
|
|
|
2001/2013
|
|||||||||
Eaves Tysons Corner
|
|
Vienna, VA
|
|
16,030
|
|
|
45,420
|
|
|
2,554
|
|
|
16,030
|
|
|
47,974
|
|
|
64,004
|
|
|
5,509
|
|
|
58,495
|
|
|
—
|
|
|
1980/2013
|
|||||||||
Avalon Ballston Square
|
|
Arlington, VA
|
|
71,640
|
|
|
215,937
|
|
|
10,200
|
|
|
71,640
|
|
|
226,137
|
|
|
297,777
|
|
|
23,372
|
|
|
274,405
|
|
|
—
|
|
|
1992/2013
|
|||||||||
Avalon Courthouse Place
|
|
Arlington, VA
|
|
56,550
|
|
|
178,032
|
|
|
8,131
|
|
|
56,550
|
|
|
186,163
|
|
|
242,713
|
|
|
18,921
|
|
|
223,792
|
|
|
140,332
|
|
|
1999/2013
|
|||||||||
Avalon Reston Landing
|
|
Reston, VA
|
|
26,710
|
|
|
83,084
|
|
|
4,354
|
|
|
26,710
|
|
|
87,438
|
|
|
114,148
|
|
|
9,863
|
|
|
104,285
|
|
|
—
|
|
|
2000/2013
|
|||||||||
Oakwood Arlington
|
|
Arlington, VA
|
|
18,850
|
|
|
38,545
|
|
|
1,856
|
|
|
18,850
|
|
|
40,401
|
|
|
59,251
|
|
|
4,324
|
|
|
54,927
|
|
|
42,185
|
|
|
1987/2013
|
|||||||||
Avalon Mosaic
|
|
Merrifield, VA
|
|
33,483
|
|
|
75,081
|
|
|
—
|
|
|
33,483
|
|
|
75,081
|
|
|
108,564
|
|
|
2,108
|
|
|
106,456
|
|
|
—
|
|
|
2014
|
|||||||||
Avalon Arlington North
|
|
Arlington, VA
|
|
21,600
|
|
|
58,763
|
|
|
—
|
|
|
21,600
|
|
|
58,763
|
|
|
80,363
|
|
|
1,468
|
|
|
78,895
|
|
|
—
|
|
|
2014
|
|||||||||
TOTAL MID-ATLANTIC
|
|
|
|
$
|
620,356
|
|
|
$
|
1,839,822
|
|
|
$
|
141,299
|
|
|
$
|
620,356
|
|
|
$
|
1,981,121
|
|
|
$
|
2,601,477
|
|
|
$
|
396,214
|
|
|
$
|
2,205,263
|
|
|
$
|
597,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
PACIFIC NORTHWEST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Seattle, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
Eaves Santa Margarita
|
|
Rancho Santa Margarita, CA
|
|
4,607
|
|
|
16,911
|
|
|
10,247
|
|
|
4,607
|
|
|
27,158
|
|
|
31,765
|
|
|
12,753
|
|
|
19,012
|
|
|
—
|
|
|
1990/1997
|
|||||||||
Eaves Huntington Beach
|
|
Huntington Beach, CA
|
|
4,871
|
|
|
19,745
|
|
|
9,530
|
|
|
4,871
|
|
|
29,275
|
|
|
34,146
|
|
|
16,657
|
|
|
17,489
|
|
|
—
|
|
|
1971/1997
|
|||||||||
Avalon Anaheim Stadium
|
|
Anaheim, CA
|
|
27,874
|
|
|
69,156
|
|
|
645
|
|
|
27,874
|
|
|
69,801
|
|
|
97,675
|
|
|
14,359
|
|
|
83,316
|
|
|
—
|
|
|
2009
|
|||||||||
Avalon Irvine
|
|
Irvine, CA
|
|
9,911
|
|
|
67,524
|
|
|
69
|
|
|
9,911
|
|
|
67,593
|
|
|
77,504
|
|
|
12,521
|
|
|
64,983
|
|
|
—
|
|
|
2010
|
|||||||||
Eaves Lake Forest
|
|
Lake Forest, CA
|
|
5,199
|
|
|
21,134
|
|
|
2,114
|
|
|
5,199
|
|
|
23,248
|
|
|
28,447
|
|
|
3,006
|
|
|
25,441
|
|
|
—
|
|
|
1975/2011
|
|||||||||
Avalon Irvine II
|
|
Irvine, CA
|
|
4,358
|
|
|
40,906
|
|
|
—
|
|
|
4,358
|
|
|
40,906
|
|
|
45,264
|
|
|
2,753
|
|
|
42,511
|
|
|
—
|
|
|
2013
|
|||||||||
Eaves Seal Beach
|
|
Seal Beach, CA
|
|
46,790
|
|
|
99,999
|
|
|
4,635
|
|
|
46,790
|
|
|
104,634
|
|
|
151,424
|
|
|
11,178
|
|
|
140,246
|
|
|
85,122
|
|
|
1971/2013
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
San Diego, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
AVA Pacific Beach
|
|
San Diego, CA
|
|
9,922
|
|
|
40,580
|
|
|
30,927
|
|
|
9,922
|
|
|
71,507
|
|
|
81,429
|
|
|
32,316
|
|
|
49,113
|
|
|
—
|
|
|
1969/1997
|
|||||||||
Eaves Mission Ridge
|
|
San Diego, CA
|
|
2,710
|
|
|
10,924
|
|
|
11,263
|
|
|
2,710
|
|
|
22,187
|
|
|
24,897
|
|
|
12,213
|
|
|
12,684
|
|
|
—
|
|
|
1960/1997
|
|||||||||
AVA Cortez Hill
|
|
San Diego, CA
|
|
2,768
|
|
|
20,134
|
|
|
23,464
|
|
|
2,768
|
|
|
43,598
|
|
|
46,366
|
|
|
18,853
|
|
|
27,513
|
|
|
—
|
|
|
1973/1998
|
|||||||||
Avalon Fashion Valley
|
|
San Diego, CA
|
|
19,627
|
|
|
44,972
|
|
|
290
|
|
|
19,627
|
|
|
45,262
|
|
|
64,889
|
|
|
9,860
|
|
|
55,029
|
|
|
—
|
|
|
2008
|
|||||||||
Eaves San Marcos
|
|
San Marcos, CA
|
|
3,277
|
|
|
13,385
|
|
|
860
|
|
|
3,277
|
|
|
14,245
|
|
|
17,522
|
|
|
1,869
|
|
|
15,653
|
|
|
—
|
|
|
1988/2011
|
|||||||||
Eaves Rancho Penasquitos
|
|
San Diego, CA
|
|
6,692
|
|
|
27,143
|
|
|
1,834
|
|
|
6,692
|
|
|
28,977
|
|
|
35,669
|
|
|
3,697
|
|
|
31,972
|
|
|
—
|
|
|
1986/2011
|
|||||||||
Avalon La Jolla Colony
|
|
San Diego, CA
|
|
16,760
|
|
|
27,694
|
|
|
2,099
|
|
|
16,760
|
|
|
29,793
|
|
|
46,553
|
|
|
3,665
|
|
|
42,888
|
|
|
27,176
|
|
|
1987/2013
|
|||||||||
Eaves La Mesa
|
|
La Mesa, CA
|
|
9,490
|
|
|
28,482
|
|
|
1,335
|
|
|
9,490
|
|
|
29,817
|
|
|
39,307
|
|
|
3,230
|
|
|
36,077
|
|
|
—
|
|
|
1989/2013
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Los Angeles, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
AVA Burbank
|
|
Burbank, CA
|
|
22,483
|
|
|
28,104
|
|
|
48,076
|
|
|
22,483
|
|
|
76,180
|
|
|
98,663
|
|
|
32,069
|
|
|
66,594
|
|
|
—
|
|
|
1961/1997
|
|||||||||
Avalon Woodland Hills
|
|
Woodland Hills, CA
|
|
23,828
|
|
|
40,372
|
|
|
46,946
|
|
|
23,828
|
|
|
87,318
|
|
|
111,146
|
|
|
36,446
|
|
|
74,700
|
|
|
—
|
|
|
1989/1997
|
|||||||||
Eaves Warner Center
|
|
Woodland Hills, CA
|
|
7,045
|
|
|
12,986
|
|
|
9,304
|
|
|
7,045
|
|
|
22,290
|
|
|
29,335
|
|
|
13,017
|
|
|
16,318
|
|
|
—
|
|
|
1979/1998
|
|||||||||
Avalon at Glendale
|
|
Glendale, CA
|
|
—
|
|
|
42,564
|
|
|
1,155
|
|
|
—
|
|
|
43,719
|
|
|
43,719
|
|
|
16,923
|
|
|
26,796
|
|
|
—
|
|
|
2003
|
|||||||||
Avalon Burbank
|
|
Burbank, CA
|
|
14,053
|
|
|
56,827
|
|
|
23,842
|
|
|
14,053
|
|
|
80,669
|
|
|
94,722
|
|
|
29,268
|
|
|
65,454
|
|
|
—
|
|
|
1988/2002
|
|||||||||
Avalon Camarillo
|
|
Camarillo , CA
|
|
8,446
|
|
|
40,290
|
|
|
142
|
|
|
8,446
|
|
|
40,432
|
|
|
48,878
|
|
|
12,232
|
|
|
36,646
|
|
|
—
|
|
|
2006
|
|||||||||
Avalon Wilshire
|
|
Los Angeles, CA
|
|
5,459
|
|
|
41,182
|
|
|
1,045
|
|
|
5,459
|
|
|
42,227
|
|
|
47,686
|
|
|
11,268
|
|
|
36,418
|
|
|
—
|
|
|
2007
|
|||||||||
Avalon Encino
|
|
Encino, CA
|
|
12,789
|
|
|
49,073
|
|
|
395
|
|
|
12,789
|
|
|
49,468
|
|
|
62,257
|
|
|
10,812
|
|
|
51,445
|
|
|
—
|
|
|
2008
|
|||||||||
Avalon Warner Place
|
|
Canoga Park, CA
|
|
7,920
|
|
|
44,848
|
|
|
183
|
|
|
7,920
|
|
|
45,031
|
|
|
52,951
|
|
|
10,522
|
|
|
42,429
|
|
|
—
|
|
|
2008
|
|||||||||
Eaves Phillips Ranch
|
|
Pomona, CA
|
|
9,796
|
|
|
41,740
|
|
|
246
|
|
|
9,796
|
|
|
41,986
|
|
|
51,782
|
|
|
5,516
|
|
|
46,266
|
|
|
—
|
|
|
1989/2011
|
|||||||||
Eaves San Dimas
|
|
San Dimas, CA
|
|
1,916
|
|
|
7,819
|
|
|
519
|
|
|
1,916
|
|
|
8,338
|
|
|
10,254
|
|
|
1,089
|
|
|
9,165
|
|
|
—
|
|
|
1978/2011
|
|||||||||
Eaves San Dimas Canyon
|
|
San Dimas, CA
|
|
2,953
|
|
|
12,428
|
|
|
191
|
|
|
2,953
|
|
|
12,619
|
|
|
15,572
|
|
|
1,663
|
|
|
13,909
|
|
|
—
|
|
|
1981/2011
|
|||||||||
AVA Pasadena
|
|
Pasadena, CA
|
|
8,400
|
|
|
11,547
|
|
|
5,388
|
|
|
8,400
|
|
|
16,935
|
|
|
25,335
|
|
|
1,319
|
|
|
24,016
|
|
|
11,683
|
|
|
1973/2012
|
|||||||||
Eaves Cerritos
|
|
Artesia, CA
|
|
8,305
|
|
|
21,195
|
|
|
1,392
|
|
|
8,305
|
|
|
22,587
|
|
|
30,892
|
|
|
1,991
|
|
|
28,901
|
|
|
—
|
|
|
1973/2012
|
|||||||||
Avalon Del Rey
|
|
Los Angeles, CA
|
|
30,900
|
|
|
72,008
|
|
|
654
|
|
|
30,900
|
|
|
72,662
|
|
|
103,562
|
|
|
5,978
|
|
|
97,584
|
|
|
—
|
|
|
2006/2012
|
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in
Progress &
Improvements
|
|
Costs
Subsequent to
Acquisition /
Construction
|
|
Land
|
|
Building /
Construction in
Progress &
Improvements
|
|
Total
|
|
Accumulated
Depreciation
|
|
Total Cost,
Net of
Accumulated
Depreciation
|
|
Encumbrances
|
|
Year of
Completion/
Acquisition
|
||||||||||||||||||
Avalon Green III
|
|
New York, NY
|
|
—
|
|
|
4
|
|
|
1,443
|
|
|
—
|
|
|
1,447
|
|
|
1,447
|
|
|
—
|
|
|
1,447
|
|
|
—
|
|
|
N/A
|
|||||||||
AVA Little Tokyo
|
|
Los Angeles, CA
|
|
5,479
|
|
|
35,923
|
|
|
64,425
|
|
|
5,479
|
|
|
100,348
|
|
|
105,827
|
|
|
423
|
|
|
105,404
|
|
|
—
|
|
|
N/A
|
|||||||||
AVA Theater District
|
|
Boston, MA
|
|
—
|
|
|
315
|
|
|
132,767
|
|
|
—
|
|
|
133,082
|
|
|
133,082
|
|
|
—
|
|
|
133,082
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Marlborough
|
|
Boston, MA
|
|
—
|
|
|
95
|
|
|
46,808
|
|
|
—
|
|
|
46,903
|
|
|
46,903
|
|
|
—
|
|
|
46,903
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Vista
|
|
Vista, CA
|
|
—
|
|
|
292
|
|
|
36,338
|
|
|
—
|
|
|
36,630
|
|
|
36,630
|
|
|
—
|
|
|
36,630
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Bloomfield Station
|
|
Bloomfield, NJ
|
|
—
|
|
|
56
|
|
|
29,624
|
|
|
—
|
|
|
29,680
|
|
|
29,680
|
|
|
—
|
|
|
29,680
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Willoughby Square/AVA DoBro
|
|
Brooklyn, NY
|
|
—
|
|
|
80
|
|
|
266,238
|
|
|
—
|
|
|
266,318
|
|
|
266,318
|
|
|
—
|
|
|
266,318
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Alderwood I
|
|
Lynnwood, WA
|
|
7,033
|
|
|
32,783
|
|
|
26,290
|
|
|
7,033
|
|
|
59,073
|
|
|
66,106
|
|
|
492
|
|
|
65,614
|
|
|
—
|
|
|
N/A
|
|||||||||
AVA Capitol Hill
|
|
Seattle, WA
|
|
—
|
|
|
—
|
|
|
39,870
|
|
|
—
|
|
|
39,870
|
|
|
39,870
|
|
|
—
|
|
|
39,870
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Esterra Park
|
|
Redmond, WA
|
|
—
|
|
|
8
|
|
|
33,515
|
|
|
—
|
|
|
33,523
|
|
|
33,523
|
|
|
—
|
|
|
33,523
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Hayes Valley
|
|
San Francisco, CA
|
|
—
|
|
|
887
|
|
|
78,685
|
|
|
—
|
|
|
79,572
|
|
|
79,572
|
|
|
—
|
|
|
79,572
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Baker Ranch
|
|
Lake Forest, CA
|
|
3,684
|
|
|
12,815
|
|
|
94,303
|
|
|
3,684
|
|
|
107,118
|
|
|
110,802
|
|
|
54
|
|
|
110,748
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Irvine III
|
|
Irvine, CA
|
|
—
|
|
|
50
|
|
|
26,253
|
|
|
—
|
|
|
26,303
|
|
|
26,303
|
|
|
—
|
|
|
26,303
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Huntington Beach
|
|
Huntington Beach, CA
|
|
—
|
|
|
78
|
|
|
40,661
|
|
|
—
|
|
|
40,739
|
|
|
40,739
|
|
|
—
|
|
|
40,739
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Glendora
|
|
Glendora, CA
|
|
—
|
|
|
55
|
|
|
52,091
|
|
|
—
|
|
|
52,146
|
|
|
52,146
|
|
|
—
|
|
|
52,146
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Falls Church
|
|
Falls Church, VA
|
|
—
|
|
|
240
|
|
|
69,391
|
|
|
—
|
|
|
69,631
|
|
|
69,631
|
|
|
—
|
|
|
69,631
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Roseland
|
|
Roseland, NJ
|
|
—
|
|
|
372
|
|
|
32,771
|
|
|
—
|
|
|
33,143
|
|
|
33,143
|
|
|
—
|
|
|
33,143
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Princeton
|
|
Princeton, NJ
|
|
—
|
|
|
70
|
|
|
35,386
|
|
|
—
|
|
|
35,456
|
|
|
35,456
|
|
|
—
|
|
|
35,456
|
|
|
—
|
|
|
N/A
|
|||||||||
Avalon Union
|
|
Union, NJ
|
|
—
|
|
|
—
|
|
|
12,717
|
|
|
—
|
|
|
12,717
|
|
|
12,717
|
|
|
—
|
|
|
12,717
|
|
|
—
|
|
|
N/A
|
|||||||||
TOTAL DEVELOPMENT COMMUNITIES
|
|
|
|
$
|
32,309
|
|
|
$
|
446,342
|
|
|
$
|
1,357,880
|
|
|
$
|
32,309
|
|
|
$
|
1,804,222
|
|
|
$
|
1,836,531
|
|
|
$
|
6,482
|
|
|
$
|
1,830,049
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Land Held for Development
|
|
|
|
$
|
180,516
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
180,516
|
|
|
$
|
—
|
|
|
$
|
180,516
|
|
|
$
|
—
|
|
|
$
|
180,516
|
|
|
$
|
—
|
|
|
|
Corporate Overhead
|
|
|
|
31,344
|
|
|
31,699
|
|
|
56,338
|
|
|
31,344
|
|
|
88,037
|
|
|
119,381
|
|
|
48,834
|
|
|
70,547
|
|
|
3,000,000
|
|
|
|
|||||||||
TOTAL
|
|
|
|
$
|
3,657,002
|
|
|
$
|
11,700,112
|
|
|
$
|
2,492,202
|
|
|
$
|
3,657,002
|
|
|
$
|
14,192,314
|
|
|
$
|
17,849,316
|
|
|
$
|
2,913,576
|
|
|
$
|
14,935,740
|
|
|
$
|
6,448,138
|
|
|
|
(1)
|
Includes
240
apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.
|
|
For the year ended
|
||||||||||
|
12/31/2014
|
|
12/31/2013
|
|
12/31/2012
|
||||||
Balance, beginning of period
|
$
|
16,800,321
|
|
|
$
|
10,071,342
|
|
|
$
|
9,288,496
|
|
Acquisitions, construction costs and improvements
|
1,311,003
|
|
|
7,157,639
|
|
|
934,935
|
|
|||
Dispositions, including impairment loss on planned dispositions
|
(262,008
|
)
|
|
(428,660
|
)
|
|
(152,089
|
)
|
|||
Balance, end of period
|
$
|
17,849,316
|
|
|
$
|
16,800,321
|
|
|
$
|
10,071,342
|
|
|
For the year ended
|
||||||||||
|
12/31/2014
|
|
12/31/2013
|
|
12/31/2012
|
||||||
Balance, beginning of period
|
$
|
2,516,112
|
|
|
$
|
2,056,222
|
|
|
$
|
1,863,466
|
|
Depreciation, including discontinued operations
|
442,682
|
|
|
573,715
|
|
|
260,094
|
|
|||
Dispositions
|
(45,218
|
)
|
|
(113,825
|
)
|
|
(67,338
|
)
|
|||
Balance, end of period
|
$
|
2,913,576
|
|
|
$
|
2,516,112
|
|
|
$
|
2,056,222
|
|
Whereas:
|
The stockholders of the Company have approved certain performance criteria used to establish performance goals under the AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan (the “Stock Incentive Plan), including the addition of “leverage” as an additional metric that can be used to establish performance goals under the Stock Incentive Plan.
|
Resolved:
|
That the definition of “
Performance Criteria
” in the Stock Incentive Plan, as approved by the shareholders of the Company on May 21, 2009, is hereby amended in its entirety to read as follows (deleted language is strikethrough; modified or added language is underscored):
|
|
|
Year Ended
December 31, 2014
|
|
Year Ended
December 31, 2013 (1)
|
|
Year Ended
December 31, 2012 (1) |
|
Year Ended
December 31, 2011 (1) |
|
Year Ended
December 31, 2010 (1) |
||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle
|
|
$
|
668,516
|
|
|
$
|
57,827
|
|
|
$
|
250,431
|
|
|
$
|
140,215
|
|
|
$
|
81,071
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in income of unconsolidated entities, net of distributions received
|
|
71,781
|
|
|
74,575
|
|
|
11,170
|
|
|
618
|
|
|
4,856
|
|
|||||
Amortization of capitalized interest (2)
|
|
22,489
|
|
|
20,157
|
|
|
17,929
|
|
|
16,277
|
|
|
15,149
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before fixed charges
|
|
762,786
|
|
|
152,559
|
|
|
279,530
|
|
|
157,110
|
|
|
101,076
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus) Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Portion of rents representative of the interest factor
|
|
7,504
|
|
|
7,112
|
|
|
6,873
|
|
|
6,933
|
|
|
11,785
|
|
|||||
Interest expense
|
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|
169,997
|
|
|||||
Interest capitalized
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|
33,393
|
|
|||||
Preferred dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges (3)
|
|
258,083
|
|
|
246,352
|
|
|
193,349
|
|
|
208,610
|
|
|
215,175
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Less):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest capitalized
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|
33,393
|
|
|||||
Preferred dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges
|
|
14,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (4)
|
|
$
|
936,776
|
|
|
$
|
332,073
|
|
|
$
|
423,323
|
|
|
$
|
331,857
|
|
|
$
|
282,858
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio (4 divided by 3)
|
|
3.63
|
|
|
1.35
|
|
|
2.19
|
|
|
1.59
|
|
|
1.31
|
|
|
|
Year Ended
December 31, 2014 |
|
Year Ended
December 31, 2013 (1) |
|
Year Ended
December 31, 2012 (1) |
|
Year Ended
December 31, 2011 (1) |
|
Year Ended
December 31, 2010 (1) |
||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle
|
|
$
|
668,516
|
|
|
$
|
57,827
|
|
|
$
|
250,431
|
|
|
$
|
140,215
|
|
|
$
|
81,071
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in income of unconsolidated entities, net of distributions received
|
|
71,781
|
|
|
74,575
|
|
|
11,170
|
|
|
618
|
|
|
4,856
|
|
|||||
Amortization of capitalized interest (2)
|
|
22,489
|
|
|
20,157
|
|
|
17,929
|
|
|
16,277
|
|
|
15,149
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before fixed charges
|
|
762,786
|
|
|
152,559
|
|
|
279,530
|
|
|
157,110
|
|
|
101,076
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus) Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Portion of rents representative of the interest factor
|
|
7,504
|
|
|
7,112
|
|
|
6,873
|
|
|
6,933
|
|
|
11,785
|
|
|||||
Interest expense
|
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|
169,997
|
|
|||||
Interest capitalized
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|
33,393
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges (3)
|
|
258,083
|
|
|
246,352
|
|
|
193,349
|
|
|
208,610
|
|
|
215,175
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Less):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest capitalized
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|
33,393
|
|
|||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges
|
|
14,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (4)
|
|
$
|
936,776
|
|
|
$
|
332,073
|
|
|
$
|
423,323
|
|
|
$
|
331,857
|
|
|
$
|
282,858
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio (4 divided by 3)
|
|
3.63
|
|
|
1.35
|
|
|
2.19
|
|
|
1.59
|
|
|
1.31
|
|
(1)
|
The results of operations for 2010 through 2013 have been adjusted to remove the Company's earnings classified as discontinued operations.
|
(2)
|
Represents an estimate of capitalized interest costs based on the Company’s established depreciation policy and an analysis of interest costs capitalized since 1998 (the year in which AvalonBay was formed).
|
|
San Francisco Bay Partners II, Ltd.
|
|
Bronxville West, LLC
|
|
Forestbroad LLC
|
|
Smithtown Galleria Associates Limited Partnership
|
|
Town Close Associates Limited Partnership
|
|
1865 Broadway Retail, LLC
|
|
Alameda Financing, L.P.
|
|
AMP Apartments Subtenant, LLC
|
|
AMP Apartments, LLC
|
|
AMP Manager LLC
|
|
AMV II, LLC
|
|
AMV III, LLC
|
|
AMV IV, LLC
|
|
AOP GP LLC
|
|
Archstone 101 West End Avenue (Nominee) GP LLC
|
|
Archstone 101 West End Avenue (Nominee) LP
|
|
Archstone 101 West End Avenue Holdings GP LLC
|
|
Archstone 101 West End Avenue Holdings LP
|
|
Archstone 101 West End Avenue Principal GP LLC
|
|
Archstone 101 West End Avenue Principal LP
|
|
Archstone Bay Club Marina LP
|
|
Archstone Boca Raton GP LLC
|
|
Archstone Boca Raton LP
|
|
Archstone Boca Raton REIT GP LLC
|
|
Archstone Boca Raton REIT LP
|
|
Archstone Builders Incorporated
|
|
Archstone Camargue III LLC
|
|
Archstone Carillon Point GP LLC
|
|
Archstone Carillon Point LP
|
|
Archstone Carillon Point REIT GP LLC
|
|
Archstone Carillon Point REIT LP
|
|
Archstone CCDC Member 1 LLC
|
|
Archstone CCDC Member 2 LLC
|
|
Archstone Champions Park LLC
|
|
Archstone Charter Oak LLC
|
|
Archstone Chelsea (Nominee) GP LLC
|
|
Archstone Chelsea (Nominee) LP
|
|
|
Archstone Chelsea Holdings GP LLC
|
|
Archstone Chelsea Holdings LP
|
|
Archstone Chelsea Principal GP LLC
|
|
Archstone Chelsea Principal LP
|
|
Archstone Communities LLC
|
|
Archstone DC One Holdings LLC
|
|
Archstone Del Mar Station LLC
|
|
Archstone Developer LLC
|
|
Archstone East 33rd Street GP LLC
|
|
Archstone East 33rd Street LP
|
|
Archstone East 33rd Street Master Lessee GP LLC
|
|
Archstone East 33rd Street Master Lessee LP
|
|
Archstone East 33rd Street REIT GP LLC
|
|
Archstone East 33rd Street REIT LP
|
|
Archstone East 39th Street (Nominee) GP LLC
|
|
Archstone East 39th Street (Nominee) LP
|
|
Archstone East 39th Street Holdings GP LLC
|
|
Archstone East 39th Street Holdings LP
|
|
Archstone East 39th Street Principal GP LLC
|
|
Archstone East 39th Street Principal LP
|
|
Archstone Financial Services LLC
|
|
Archstone Grosvenor Tower GP LLC
|
|
Archstone Grosvenor Tower LP
|
|
Archstone Grosvenor Tower REIT GP LLC
|
|
Archstone Grosvenor Tower REIT LP
|
|
Archstone HoldCO CM LLC
|
|
Archstone Holdings Germany II LLC
|
|
Archstone Holdings Germany LLC
|
|
Archstone Huntington Beach College Park LLC
|
|
Archstone Huntington Beach Member LLC
|
|
Archstone Katahdin GP LLC
|
|
Archstone Katahdin LP
|
|
Archstone Legacy Place GP LLC
|
|
Archstone Legacy Place LP
|
|
Archstone Legacy Place REIT GP LLC
|
|
Archstone Legacy Place REIT LP
|
|
Archstone Lexington Apartments GP LLC
|
|
Archstone Lexington Apartments LP
|
|
Archstone Lincoln Towers LLC
|
|
Archstone Management Germany II B LLC
|
|
Archstone Management Germany II LLC
|
|
Archstone Management Germany LLC
|
|
Archstone Management Services Incorporated
|
|
Archstone Marina Bay GP LLC
|
|
Archstone Marina Bay LP
|
|
|
Archstone Marina Bay Nominee LP
|
|
Archstone Marina Bay REIT GP LLC
|
|
Archstone Marina Bay REIT LP
|
|
Archstone Master Property Holdings LLC
|
|
Archstone Memorial Heights I GP LLC
|
|
Archstone Memorial Heights I LP
|
|
Archstone Memorial Heights Villages I LLC
|
|
Archstone Multifamily CM LLC
|
|
Archstone Multifamily Guarantor (GP) LLC
|
|
Archstone Multifamily Guarantor LLC
|
|
Archstone Multifamily Guarantor LP
|
|
Archstone Multifamily Holdings I (Borrower-A) GP LLC
|
|
Archstone Multifamily Holdings I (Borrower-A) LP
|
|
Archstone Multifamily Holdings I (Borrower-B) GP LLC
|
|
Archstone Multifamily Holdings I (Borrower-B) LP
|
|
Archstone Multifamily Holdings I (Development Borrower Pledgor) GP LLC
|
|
Archstone Multifamily Holdings I (Development Borrower Pledgor) LP
|
|
Archstone Multifamily Holdings I (Development Borrower) GP LLC
|
|
Archstone Multifamily Holdings I (Development Borrower) LP
|
|
Archstone Multifamily Holdings I (Parent Borrower-B) GP LLC
|
|
Archstone Multifamily Holdings I (Parent Borrower-B) LP
|
|
Archstone Multifamily Holdings I (Parent C) GP LLC
|
|
Archstone Multifamily Holdings I (Parent C) LP
|
|
Archstone Multifamily Holdings I LLC
|
|
Archstone Multifamily Holdings I LP
|
|
Archstone Multifamily Holdings II (Borrower) GP LLC
|
|
Archstone Multifamily Holdings II (Borrower) LP
|
|
Archstone Multifamily Holdings II LP
|
|
Archstone Multifamily Nominee (GP) LLC
|
|
Archstone Multifamily Parallel Guarantor I LLC
|
|
Archstone Multifamily Parallel Guarantor II LLC
|
|
Archstone Multifamily Parallel Guarantor LLC
|
|
Archstone Multifamily Partners AC Asset Manager LLC
|
|
Archstone Multifamily Partners AC CM LLC
|
|
Archstone Multifamily Partners AC Funding GP LLC
|
|
Archstone Multifamily Partners AC Funding LP
|
|
Archstone Multifamily Partners AC GP LLC
|
|
Archstone Multifamily Partners AC Investor I LLC
|
|
Archstone Multifamily Partners AC Investor II LLC
|
|
Archstone Multifamily Partners AC JV Asset Manager LLC
|
|
Archstone Multifamily Partners AC JV CM LLC
|
|
Archstone Multifamily Partners AC JV GP LLC
|
|
Archstone Multifamily Partners AC JV Investor I LLC
|
|
Archstone Multifamily Partners AC JV LP
|
|
Archstone Multifamily Partners AC LP
|
|
|
Archstone Multifamily Principal LP
|
|
Archstone Multifamily Series II LLC
|
|
Archstone Multifamily Series III LLC
|
|
Archstone Multifamily Series IV LLC
|
|
Archstone Multifamily Series IV Nominee (GP) LLC
|
|
Archstone Multifamily Series IV Nominee LP
|
|
Archstone Multifamily Series IV Principal LP
|
|
Archstone National Gateway I GP LLC
|
|
Archstone National Gateway I LP
|
|
Archstone National Gateway II GP LLC
|
|
Archstone National Gateway II LP
|
|
Archstone New Development Holdings GP LLC
|
|
Archstone New Development Holdings LP
|
|
Archstone Nominee LP
|
|
Archstone North Braeswood GP LLC
|
|
Archstone North Braeswood LP
|
|
Archstone North Braeswood Mezz GP LLC
|
|
Archstone North Braeswood Mezz LP
|
|
Archstone North Capitol Hill 2 GP LLC
|
|
Archstone North Capitol Hill 2 LP
|
|
Archstone North Capitol Hill GP LLC
|
|
Archstone North Capitol Hill LP
|
|
Archstone North Point II LLC
|
|
Archstone Northcreek LLC
|
|
Archstone Oak Creek I LLC
|
|
Archstone Oak Creek II LLC
|
|
Archstone Oakwood Arlington LLC
|
|
Archstone Oakwood Philadelphia LLC
|
|
Archstone Oakwood Toluca Hills LLC
|
|
Archstone OC/SD JV Holdings LLC
|
|
Archstone OC/SD JV LLC
|
|
Archstone Old Town Pasadena LLC
|
|
Archstone Parallel Residual JV 2, LLC
|
|
Archstone Parallel Residual JV, LLC
|
|
Archstone Parkland Gardens LLC
|
|
Archstone Property Holdings GP LLC
|
|
Archstone Property Holdings LLC
|
|
Archstone Property Management (California) Incorporated
|
|
Archstone Property Management LLC
|
|
Archstone Real Estate Advisory Services GP LLC
|
|
Archstone Real Estate Advisory Services LP
|
|
Archstone Redmond Campus LLC
|
|
Archstone Residual JV, LLC
|
|
Archstone San Bruno III LLC
|
|
Archstone San Bruno III-B LLC
|
|
|
Archstone San Mateo Holdings LLC
|
|
Archstone SellCo CM LLC
|
|
Archstone Smith Corporate Holdings LLC
|
|
Archstone Studio 4041 GP LLC
|
|
Archstone Studio 4041 LP
|
|
Archstone Studio 4041 REIT GP LLC
|
|
Archstone Studio 4041 REIT LP
|
|
Archstone Sunnyvale GP LLC
|
|
Archstone Sunnyvale LP
|
|
Archstone Sunnyvale REIT GP LLC
|
|
Archstone Sunnyvale REIT LP
|
|
Archstone Thousand Oaks LLC
|
|
Archstone Trademark JV, LLC
|
|
Archstone Tysons Corner LLC
|
|
Archstone VA Holdings 3 LLC
|
|
Archstone Venice GP LLC
|
|
Archstone Venice LP
|
|
Archstone Venice REIT GP LLC
|
|
Archstone Venice REIT LP
|
|
Archstone Virginia Square Holdings LLC
|
|
Archstone Waterford Place LLC
|
|
Archstone Westbury (Nominee) GP LLC
|
|
Archstone Westbury (Nominee) LP
|
|
Archstone Westbury GP LLC
|
|
Archstone Westbury Holdings GP LLC
|
|
Archstone Westbury Holdings LP
|
|
Archstone Westbury LP
|
|
Archstone Westbury Principal GP LLC
|
|
Archstone Westbury Principal LP
|
|
Archstone-Smith Unitholder Services LLC
|
|
Aria at Laurel Hill, LLC
|
|
Arlington Square Financing, LLC
|
|
ASN 50th Street LLC
|
|
ASN Bear Hill LLC
|
|
ASN Calabasas I LLC
|
|
ASN Calabasas II LLC
|
|
ASN Clinton Green Member LLC
|
|
ASN Europe Trading Incorporated
|
|
ASN Europe Trading US Incorporated
|
|
ASN Holdings LLC
|
|
ASN La Jolla Colony LLC
|
|
ASN Lake Mendota Investments LLC
|
|
ASN Long Beach LLC
|
|
ASN Los Feliz LLC
|
|
ASN Maple Leaf (Office) LLC
|
|
|
ASN Meadows at Russett I LLC
|
|
ASN Meadows at Russett II LLC
|
|
ASN Monument Park LLC
|
|
ASN Mountain View LLC
|
|
ASN Pasadena LLC
|
|
ASN Presidio View LLC
|
|
ASN Quincy LLC
|
|
ASN Redmond Lakeview LLC
|
|
ASN Redmond Park LLC
|
|
ASN San Jose LLC
|
|
ASN Tanforan Crossing I LLC
|
|
ASN Tanforan Crossing II LLC
|
|
ASN Technologies, Inc.
|
|
ASN Thousand Oaks Plaza LLC
|
|
ASN Walnut Ridge LLC
|
|
ASN Warner Center LLC
|
|
ASN Woodland Hills East LLC
|
|
AVA Capitol Hill, LLC
|
|
AVA Ninth, L.P.
|
|
Avalon 55 Ninth, LLC
|
|
Avalon Alderwood Phase I, LLC
|
|
Avalon Anaheim Stadium, L.P.
|
|
Avalon Arboretum, L.P.
|
|
Avalon at 318 I Street, LLC
|
|
Avalon at Ballston, LLC
|
|
Avalon at Diamond Heights, L.P.
|
|
Avalon at Florham Park, LLC
|
|
Avalon at Mission Bay III, L.P.
|
|
Avalon at Pacific Bay, L.P.
|
|
Avalon at Providence Park, LLC
|
|
Avalon Baker Ranch, L.P.
|
|
Avalon Ballard, LLC
|
|
Avalon Belltown, LLC
|
|
Avalon Brandemoor II, LLC
|
|
Avalon Burlington, LLC
|
|
Avalon California Value II, LLC
|
|
Avalon California Value VI, LLC
|
|
Avalon California Value VIII, LLC
|
|
Avalon Chino Hills, L.P.
|
|
Avalon Clark and Polk, LLC
|
|
Avalon Columbus Circle, LLC
|
|
Avalon DownREIT V, L.P.
|
|
Avalon Dublin Station II, L.P.
|
|
Avalon Encino, L.P.
|
|
Avalon Exeter, LLC
|
|
|
Avalon Fair Lakes, LLC
|
|
Avalon Fashion Valley, L.P.
|
|
Avalon Framingham, LLC
|
|
Avalon Glendora, L.P.
|
|
Avalon Gold, LLC
|
|
Avalon Great Neck, LLC
|
|
Avalon Green II, LLC
|
|
Avalon Grosvenor, L.P.
|
|
Avalon Hunt Valley, LLC
|
|
Avalon II California Value I, L.P.
|
|
Avalon II California Value II, L.P.
|
|
Avalon II California Value III, L.P.
|
|
Avalon II California Value IV, L.P.
|
|
Avalon II Maryland Value II, L.P.
|
|
Avalon II Maryland Value III, L.P.
|
|
Avalon II Maryland Value IV, L.P.
|
|
Avalon II Massachusetts Value I, L.P.
|
|
Avalon II New Jersey Value I, L.P.
|
|
Avalon II New Jersey Value II, L.P.
|
|
Avalon II Virginia Value I, L.P.
|
|
Avalon II Washington Value I, L.P.
|
|
Avalon Irvine III, L.P.
|
|
Avalon Irvine, L.P.
|
|
Avalon Laurel, LLC
|
|
Avalon Lyndhurst, LLC
|
|
Avalon Marlborough, LLC
|
|
Avalon Maryland Value III, LLC
|
|
Avalon Massachusetts Value I, LLC
|
|
Avalon Massachusetts Value II, LLC
|
|
Avalon Milazzo, L.P.
|
|
Avalon Mission Oaks, L.P.
|
|
Avalon Morrison Park, L.P.
|
|
Avalon Mosaic II, LLC
|
|
Avalon Mosaic, LLC
|
|
Avalon Nashua, LLC
|
|
Avalon New Jersey Value II, LLC
|
|
Avalon New York Value I, LLC
|
|
Avalon Newport, L.P.
|
|
Avalon Norden Place, LLC
|
|
Avalon North Bergen, LLC
|
|
Avalon Ocean Avenue, L.P.
|
|
Avalon Ossining, LLC
|
|
Avalon Overlake, LLC
|
|
Avalon Oyster, LLC
|
|
Avalon Park Crest, LLC
|
|
|
Avalon Phoenixville, LLC
|
|
Avalon Princeton, LLC
|
|
Avalon Queen Anne, LLC
|
|
Avalon Rancho Vallecitos, L.P.
|
|
Avalon Riverview I, LLC
|
|
Avalon Riverview North, LLC
|
|
Avalon Roseland, LLC
|
|
Avalon Run, LLC
|
|
Avalon San Dimas, L.P.
|
|
Avalon Shelton III, LLC
|
|
Avalon Shipyard, LLC
|
|
Avalon Stuart, LLC
|
|
Avalon Tinton Falls, LLC
|
|
Avalon Towers Bellevue, LLC
|
|
Avalon Union City, L.P.
|
|
Avalon University District, LLC
|
|
Avalon Upper Falls Limited Partnership
|
|
Avalon Upper Falls, LLC
|
|
Avalon Villa Bonita, L.P.
|
|
Avalon Villa San Dimas, L.P.
|
|
Avalon Village Square, L.P.
|
|
Avalon Vista, L.P.
|
|
Avalon Watch, LLC
|
|
Avalon West Chelsea, LLC
|
|
Avalon West Hollywood, L.P.
|
|
Avalon West Long Branch, LLC
|
|
Avalon WFS, LLC
|
|
Avalon White Plains II, LLC
|
|
Avalon Willoughby West, LLC
|
|
Avalon Wilshire, L.P.
|
|
Avalon Winbrook Redevelopment, LLC
|
|
Avalon Woodland Hills, L.P.
|
|
Avalon WP I, LLC
|
|
Avalon WP II, LLC
|
|
Avalon WP III, LLC
|
|
Avalon WP IV, LLC
|
|
Avalon WP V, LLC
|
|
Avalon WP VI, LLC
|
|
AvalonBay Capital Management II, LLC
|
|
AvalonBay Fund II Subsidiary GP, LLC
|
|
AvalonBay Trade Zone Village, LLC
|
|
AvalonBay VAF II Acquisition, LLC
|
|
AvalonBay Value Added Fund II Feeder, L.P.
|
|
AvalonBay Value Added Fund II, L.P.
|
|
AvalonBay Value Added Fund, L.P.
|
|
|
AvalonBay Value Added REIT II, L.P.
|
|
AVB 1865 Broadway, LLC
|
|
AVB Albemarle, LLC
|
|
AVB Bloomfield Station Urban Renewal, LLC
|
|
AVB Brandywine Member, LLC
|
|
AVB Broadway Developer, LLC
|
|
AVB Broadway Member, LLC
|
|
AVB Consulate, LLC
|
|
AVB Del Rey, L.P.
|
|
AVB Glover Park, LLC
|
|
AVB Hillwood Holding, LLC
|
|
AVB La Mesa GP LLC
|
|
AVB La Mesa II GP LLC
|
|
AVB La Mesa II LP
|
|
AVB La Mesa LP
|
|
AVB Legacy DownREIT, LLC
|
|
AVB Manager II, LLC
|
|
AVB Maple Leaf Apartments GP, LLC
|
|
AVB Maple Leaf Apartments Limited Partnership
|
|
AVB Maple Leaf REIT, LLC
|
|
AVB Opera Warehouse GP, LLC
|
|
AVB Opera Warehouse, L.P.
|
|
AVB Princeton Homes, LLC
|
|
AVB Residual Parallel II, LLC
|
|
AVB Santa Monica on Main GP LLC
|
|
AVB Santa Monica on Main LP
|
|
AVB Simi Valley GP LLC
|
|
AVB Simi Valley LP
|
|
AVB Southwest Berkeley GP LLC
|
|
AVB Southwest Berkeley LP
|
|
AVB Statesman, LLC
|
|
AVB Studio City GP LLC
|
|
AVB Studio City III-A GP LLC
|
|
AVB Studio City III-A LP
|
|
AVB Studio City III-B GP LLC
|
|
AVB Studio City III-B LP
|
|
AVB Studio City III-C GP LLC
|
|
AVB Studio City III-C LP
|
|
AVB Studio City LP
|
|
AVB Trademark, LLC
|
|
AVB Tunlaw Gardens, LLC
|
|
AVB Walnut Creek GP LLC
|
|
AVB Walnut Creek LP
|
|
AVB Walnut Creek Station GP LLC
|
|
AVB Walnut Creek Station LP
|
|
|
AVB Willow Glen GP LLC
|
|
AVB Willow Glen LP
|
|
Bay Countrybrook L.P.
|
|
Bay Pacific Northwest, L.P.
|
|
Bellevue Financing, LLC
|
|
Bloomingdale Urban Renewal, LLC
|
|
Boonton Urban Renewal, LLC
|
|
Bowery Place I Low-Income Operator, LLC
|
|
Bowery Place I Manager, LLC
|
|
Briarwood Borrower, LLLP
|
|
Capital Mezz LLC
|
|
Centerpoint Master Tenant LLC
|
|
CG-N Affordable LLC
|
|
CG-N Affordable Manager LLC
|
|
CG-S Affordable LLC
|
|
CG-S Affordable Manager LLC
|
|
Chrystie Venture Partners, LLC
|
|
Clinton Green Company, LLC
|
|
Clinton Green Condo LLC
|
|
Clinton Green Holdings LLC
|
|
Clinton Green North, LLC
|
|
Clinton Green South, LLC
|
|
Clinton Green Theatre, LLC
|
|
Courthouse Hill LLC
|
|
Crescent Financing, LLC
|
|
Crest Financing, L.P.
|
|
CVP I, LLC
|
|
CVP II, LLC
|
|
CVP III, LLC
|
|
Darien Financing, LLC
|
|
Dermont Clinton Green, LLC
|
|
Downtown Manhattan Residential LLC
|
|
Eaves Artesia, L.P.
|
|
Eaves Burlington, LLC
|
|
Edgewater Financing, LLC
|
|
El Paseo Drive Land LLC
|
|
Fairfax Towers Financing, L.P.
|
|
Freehold Financing, LLC
|
|
Gables Rothbury Borrower, LLLP
|
|
Garden City Apartments, LLC
|
|
Garden City SF, LLC
|
|
Garden City Townhomes, LLC
|
|
Gardens Financing, LLC
|
|
Gates Financing, LLC
|
|
Glen Cove Development LLC
|
|
|
Glen Cove II Development LLC
|
|
Harbor Financing, LLC
|
|
Hayes Valley, L.P.
|
|
Jones Road Residential, LLC
|
|
La Brea Gateway LLC
|
|
Lake Mendota Investments LLC
|
|
Laurel Hill Private Sewer Treatment Facility, LLC
|
|
Legacy Holdings JV, LLC
|
|
Lexford Properties, L.P.
|
|
LMI Cheshire Bridge LLC
|
|
LMI Pembroke Landings LLC
|
|
LMI Preston Park LLC
|
|
LMI Riverbend LLC
|
|
LMI Rosemont LLC
|
|
LMI Windward Park LLC
|
|
Maplewood Urban Renewal, LLC
|
|
Mark Pasadena Financing, L.P.
|
|
Mission Bay North Financing, L.P.
|
|
MVP I, LLC
|
|
Newcastle Construction Management, LLC
|
|
Newcastle For Sale, LLC
|
|
Newcastle Joint Venture, LLC
|
|
Newcastle Multifamily Rental, LLC
|
|
North Bergen Residential Urban Renewal, LLC
|
|
North Bergen Retail Urban Renewal, LLC
|
|
North Point Apartments GP LLC
|
|
North Point Apartments Limited Partnership
|
|
North Point Holdings GP LLC
|
|
North Point Holdings LP
|
|
North Point REIT LLC
|
|
Norwalk Retail, LLC
|
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Oak Road Office, LLC
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OC/SD Partners LP
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OEC Holdings LLC
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Parallel Residual JV LLC
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Pennsylvania Entity GP, LLC
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PHVP I GP, LLC
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PHVP I, LP
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Pleasant Hill Manager, LLC
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Pleasant Hill Transit Village Associates LLC
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Quincy Avalon, LLC
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Ridgefield Park Urban Renewal, LLC
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Roselle Park Urban Renewal, LLC
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Roselle Park VP, LLC
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Run East II Financing, LLC
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San Bruno III Financing, L.P.
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Shady Grove Road Financing, LLC
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Sheepshead Bay Road Lender, LLC
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Sheepshead Bay Road Manager, LLC
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Sheepshead Bay Road Owner, LLC
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Sheepshead Bay Road Partner, LLC
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Silicon Valley Financing, LLC
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Smith Property Holdings Ballston Place L.L.C.
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Smith Property Holdings Consulate L.L.C.
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Smith Property Holdings Crystal Towers L.P.
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Smith Property Holdings Four L.P.
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Smith Property Holdings Five (D.C.) L.P.
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Smith Property Holdings Five L.P.
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Smith Property Holdings One (D.C.) L.P.
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Smith Property Holdings Reston Landing L.L.C.
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Smith Property Holdings Seven L.P.
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Smith Property Holdings Two LP
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Smith Property Holdings Two (D.C.) L.P.
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Tysons West, LLC
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Union Urban Renewal, LLC
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Valet Waste Holdings, Inc.
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Wesmont Station Licensee, LLC
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Wesmont Station Residential I Urban Renewal, LLC
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Wesmont Station Residential II Urban Renewal, LLC
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Wesmont Station Retail I Urban Renewal, LLC
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Wesmont Station Retail II Urban Renewal, LLC
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West Chelsea Transaction, LLC
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Wharton Urban Renewal, LLC
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Woodland Park REIT Holdings GP LLC
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Woodland Park REIT Holdings LP
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Woodland Park REIT LLC
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WP Apartments GP LLC
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WP Apartments LP
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4100 Massachusetts Avenue Associates, L.P.
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Archstone
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Archstone Inc.
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Archstone Multifamily Series I Trust
|
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Avalon 4100 Massachusetts Avenue, Inc.
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Avalon Acton, Inc.
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Avalon at Chestnut Hill, Inc.
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Avalon at Great Meadow, Inc.
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Avalon at St. Clare, Inc.
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Avalon BFG, Inc.
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Avalon Blue Hills, Inc.
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Avalon Canton, Inc.
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Avalon Chase Glen, Inc.
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Avalon Chase Grove, Inc.
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Avalon Chino Hills Manager, Inc.
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Avalon Cohasset, Inc.
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Avalon Collateral, Inc.
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Avalon Commons, Inc.
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Avalon DownREIT V, Inc.
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Avalon Fairway Hills I Associates
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Avalon Fairway Hills II Associates
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Avalon Fairway II, Inc.
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Avalon Glendora Manager, Inc.
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Avalon Grosvenor LLC
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Avalon Hayes Valley Manager, Inc.
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Avalon Hingham, Inc.
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Avalon Hingham PM, Inc.
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Avalon Mission Oaks Manager, Inc.
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Avalon Natick, Inc.
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Avalon Oaks, Inc.
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Avalon Oaks West, Inc.
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Avalon Promenade, Inc.
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Avalon Sharon, Inc.
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Avalon Symphony Woods, Inc.
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Avalon Twinbrook Station, Inc.
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Avalon Upper Falls Limited Dividend Corporation
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Avalon West Hollywood Manager, Inc.
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AvalonBay Arna Valley, Inc.
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AvalonBay Assembly Row TRS, Inc.
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AvalonBay Capital Management, Inc.
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AvalonBay Construction Services, Inc.
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AvalonBay Grosvenor, Inc.
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AvalonBay NYC Development, Inc.
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AvalonBay Orchards, Inc.
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AvalonBay Shrewsbury, Inc.
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AvalonBay Traville, LLC
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AvalonBay Value Added Fund, Inc.
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AVB Development Transactions, Inc.
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AVB Northborough, Inc.
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AVB Pennsylvania Realty Trust
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AVB Pleasant Hill TRS, Inc.
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AVB Realty Management Services, Inc.
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AVB Service Provider, Inc.
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AVB Tysons Development, Inc.
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Bay Asset Group, Inc.
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Bay Development Partners, Inc.
|
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Bay GP, Inc.
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Brandywine Apartments of Maryland, LLC
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California Multiple Financing, Inc.
|
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California San Bruno III Financing, Inc.
|
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Centerpoint Development II LLC
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Centerpoint Eutaw LLC
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Centerpoint Eutaw/Howard Holdings LLC
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Centerpoint Garage LLC
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Centerpoint Howard LLC
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Centerpoint Tower LLC
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Centerpoint Tower/Garage Holdings LLC
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Easton Avalon, Inc.
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Georgia Avenue, Inc.
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JP Construction in Milford, Inc.
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Juanita Construction, Inc.
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Lexington Ridge-Avalon, Inc.
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Pomorum Holdings, Inc.
|
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Smith Realty Company
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AvalonBay BFG Limited Partnership
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Hingham Shipyard East Property Owners Association, Inc.
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Smith Property Holdings Cronin’s Landing L.P.
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Town Cove Jersey City Urban Renewal, Inc.
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Town Run Associates
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Avalon Huntington Former S Corp
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Arna Valley View Limited Partnership
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Hillwood Square Mutual Association
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Archstone B.V.
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Archstone Deutsche RE Holding GmbH
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Archstone Holdings Germany II Ltd.
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Archstone Holdings Germany Ltd.
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Archstone LT Holdings Germany II Ltd.
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Archstone LT Holdings Germany Ltd.
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Archstone Management Germany B.V.
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Archstone Management Germany II Cooperatief U.A.
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Archstone Management Germany II S.a.r.l.
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Archstone Management Germany S.a.r.l.
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DeWAG 1. Objektgesselschaft mbH
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DeWAG 10. Objektgesellschaft B.V.
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DeWAG 11. Objektgessellschaft B.V.
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DeWAG 12. Objektgesselschaft mbH
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DeWAG 13. Objektgesselschaft mbH
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DeWAG 14. Objektgesselschaft B.V.
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DeWAG 15. Objektgesselschaft B.V.
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DeWAG 16. Objektgesselschaft B.V.
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DeWAG 17. Objektgesselschaft B.V.
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DeWAG 18. Objektgesselschaft B.V.
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DeWAG 19. Objektgesselschaft B.V.
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DeWAG 2. Objektgesselschaft mbH
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DeWAG 20. Objektgesselschaft B.V.
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DeWAG 21. Objektgesselschaft B.V.
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DeWAG 22. Objektgesselschaft B.V.
|
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DeWAG 23. Objektgesselschaft B.V.
|
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DeWAG 24. Objektgesselschaft B.V.
|
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DeWAG 25. Objektgesselschaft B.V.
|
|
DeWAG 3. Objektgesselschaft mbH
|
|
DeWAG 4. Objektgesselschaft mbH
|
|
DeWAG 9. Objektgesellschaft B.V.
|
|
DeWAG Capital GmbH
|
|
DeWAG Deutsche WohnAnlage GmbH
|
|
DeWAG Holdings B.V.
|
|
DeWAG Holdings GmbH
|
|
DeWAG Holdings II S.a.r.l.
|
|
DeWAG Holdings S.a.r.l.
|
|
DeWAG II-1. Objektgesselschaft B.V.
|
|
DeWAG II-2. Objektgesselschaft B.V.
|
|
DeWAG II-3. Objektgesselschaft B.V.
|
|
DeWAG II-4. Objektgesselschaft B.V.
|
|
DeWAG II-5. Objektgesselschaft B.V.
|
|
DeWAG II-6. Objektgesselschaft B.V.
|
|
DeWAG II-7. Objektgesselschaft B.V.
|
|
DeWAG JV Holdings 1 B.V.
|
|
DeWAG LT Holdings II S.a.r.l.
|
|
DeWAG LT Holdings S.a.r.l.
|
|
DeWAG Management GmbH
|
|
Pomorum Insurance Company Ltd.
|
|
TSP Wega Vermoegensverwaltungs GmbH & Co. KG
|
|
TSP Wega Verwaltungs GmbH
|
|
(1)
|
Registration Statement (Forms S-3 No. 333-179720, No. 333-87063, and No. 333-107413) of AvalonBay Communities, Inc., and
|
(2)
|
Registration Statement (Forms S-8 No. 333-161258, No. 333-16837, and No. 333-115290) pertaining to the Employees' Savings Plans of AvalonBay Communities, Inc.;
|
1.
|
I have reviewed this annual report on Form 10-K of AvalonBay Communities, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 18, 2015
|
|
|
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
Timothy J. Naughton
|
|
|
Chairman, Chief Executive Officer and President
|
1.
|
I have reviewed this annual report on Form 10-K of AvalonBay Communities, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: February 18, 2015
|
|
|
|
|
/s/ KEVIN P. O’SHEA
|
|
|
Kevin P. O’Shea
|
|
|
Chief Financial Officer
|
Date: February 18, 2015
|
|
|
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
Timothy J. Naughton
|
|
|
Chairman, Chief Executive Officer and President
|
|
|
/s/ KEVIN P. O’SHEA
|
|
|
Kevin P. O’Shea
|
|
|
Chief Financial Officer
|