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
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Accelerated filer
o
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Non-accelerated filer
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(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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•
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257
operating apartment communities containing
75,549
apartment homes in
10
states and the District of Columbia, of which
238
communities containing
69,652
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
17
communities containing
5,279
apartment homes were owned by the Funds (as defined below).
Nine
of the consolidated communities containing
2,795
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
8,112
apartment homes when completed; and
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•
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rights to develop an additional
32
communities that, if developed in the manner expected, will contain an estimated
9,634
apartment homes.
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•
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Boston, Massachusetts;
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•
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Fairfield, Connecticut;
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•
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Irvine, California;
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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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San Diego, CA;
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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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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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•
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we use national negotiated contracts and also purchase supplies in bulk where possible;
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•
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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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•
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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;
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•
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we have established a customer care center, centralizing and improving the efficiency and consistency in the application of Company policies for many of the administrative tasks associated with owning and operating apartment communities; 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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•
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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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•
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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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•
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fees paid to secure air rights and/or tax abatements;
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•
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construction or reconstruction costs;
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•
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costs of environmental remediation;
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•
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real estate taxes;
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•
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capitalized interest and insurance;
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loan fees;
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•
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permits;
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•
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professional fees;
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•
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allocated development or redevelopment overhead; and
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•
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other regulatory fees.
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•
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corporate restructurings and/or layoffs, industry slowdowns and other factors that adversely affect the local economy;
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•
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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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•
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the inability or unwillingness of residents to pay rent increases;
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•
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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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•
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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 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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•
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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 to the current year is meaningful, as these communities were owned and had stabilized occupancy as of the beginning of the prior year. The Established Communities for the year ended
December 31, 2015
are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2014, 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.
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Other Stabilized Communities
includes all other completed communities that we own and that are consolidated for financial reporting purposes, 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.
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•
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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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•
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Unconsolidated Communities
are communities that we have an indirect ownership interest in through our investment interest in an unconsolidated joint venture, and that have stabilized occupancy, as defined above.
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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:
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New England
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33
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7,277
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Metro NY/NJ
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34
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11,355
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Mid-Atlantic
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26
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8,789
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Pacific Northwest
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14
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3,444
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Northern California
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30
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9,201
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Southern California
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40
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11,068
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Total Established
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177
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51,134
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Other Stabilized Communities:
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New England
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10
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2,477
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Metro NY/NJ
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6
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|
1,404
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Mid-Atlantic
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3
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|
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970
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Pacific Northwest
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1
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|
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283
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Northern California
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6
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1,201
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Southern California
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7
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3,313
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Non-Core
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3
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1,014
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Total Other Stabilized
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36
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10,662
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Lease-Up Communities
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17
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4,844
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Redevelopment Communities
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9
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2,795
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Unconsolidated Communities
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20
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6,149
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Total Current Communities
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259
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75,584
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Development Communities
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26
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8,112
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Total Communities
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285
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83,696
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Development Rights
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32
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9,634
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Number of
communities
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Established Communities as of December 31, 2012
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103
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Communities added
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19
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Communities removed (1):
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—
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Redevelopment Communities
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(5
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)
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Disposed Communities
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(2
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)
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Established Communities as of December 31, 2013
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115
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Communities added
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67
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Communities removed (1):
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—
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Redevelopment Communities
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(8
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)
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Disposed Communities
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(2
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)
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Established Communities as of December 31, 2014
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172
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Communities added
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13
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Communities removed (1):
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—
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Redevelopment Communities
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(4
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)
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Disposed Communities
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(3
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)
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Other Stabilized (2)
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(1
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)
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Established Communities as of December 31, 2015
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177
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(1)
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The Company removes a community from its Established Communities portfolio for the upcoming year (and then generally maintains that designation) if the Company believes that planned activity for a community for the upcoming year will result in that community's expected operations not being comparable to the prior year period. The Company believes that a community's expected operations will not be comparable to the prior year period when it intends either (i) to undertake a significant capital renovation of the community, such that the Company would consider the community to be classified as a Redevelopment Community; or (ii) to dispose of a community through a sale or other disposition transaction.
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(2)
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Avalon at Edgewater was moved from the Established Communities portfolio to the Other Stabilized portfolio as a result of the fire that occurred 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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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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1/31/2015
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|
1/31/2016
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1/31/2015
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1/31/2016
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1/31/2015
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1/31/2016
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||||||
New England
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50
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53
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11,444
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12,528
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15.5
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%
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16.6
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%
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Boston, MA
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36
|
|
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39
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8,555
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9,639
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11.6
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%
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12.8
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%
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Fairfield-New Haven, CT
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14
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|
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14
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2,889
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2,889
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3.9
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%
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3.8
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%
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||||||
Metro NY/NJ
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47
|
|
|
49
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15,018
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14,843
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20.2
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%
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|
19.7
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%
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New York City, NY
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10
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|
12
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3,582
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4,292
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4.8
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%
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|
5.7
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%
|
New York Suburban
|
19
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|
|
17
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5,554
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4,949
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|
7.5
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%
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|
6.6
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%
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New Jersey
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18
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|
|
20
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|
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5,882
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5,602
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7.9
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%
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|
7.4
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%
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||||||
Mid-Atlantic
|
37
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|
|
36
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13,308
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13,308
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18.0
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%
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17.6
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%
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Washington Metro/Baltimore, MD
|
37
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36
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13,308
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13,308
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18.0
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%
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17.6
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%
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|
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||||||
Pacific Northwest
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16
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17
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3,858
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4,225
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5.2
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%
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|
5.6
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%
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Seattle, WA
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16
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|
17
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3,858
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|
4,225
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5.2
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%
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|
5.6
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%
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||||||
Northern California
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41
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|
|
41
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11,974
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12,158
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16.2
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%
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16.0
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%
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San Jose, CA
|
14
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|
|
14
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4,903
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5,158
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6.6
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%
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6.8
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%
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Oakland-East Bay, CA
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12
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|
|
11
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3,591
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3,338
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4.9
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%
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|
4.4
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%
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San Francisco, CA
|
15
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|
|
16
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|
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3,480
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|
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3,662
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|
4.7
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%
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4.8
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%
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||||||
Southern California
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57
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|
|
58
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|
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17,132
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17,473
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23.2
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%
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23.2
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%
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Los Angeles, CA
|
35
|
|
|
36
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|
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10,575
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|
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10,855
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14.4
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%
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14.5
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%
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Orange County, CA
|
12
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|
|
12
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3,425
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|
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3,715
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4.6
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%
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4.9
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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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2,903
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4.2
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%
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3.8
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%
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|
|
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|
|
|
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||||||
Non-Core
|
4
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|
|
3
|
|
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1,266
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|
|
1,014
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|
1.7
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%
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1.3
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%
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|
|
|
|
|
|
|
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||||||
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252
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|
|
257
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|
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74,000
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|
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75,549
|
|
|
100.0
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%
|
|
100.0
|
%
|
•
|
a full fee simple, or absolute, ownership interest in
236
operating communities,
16
of which are on land subject to land leases, four of which are dual-branded communities with each pair of dual-branded communities being governed by a single land lease. The leases expire in October 2026, November 2028, May 2041, July 2046, December 2061, September 2065, November 2067, December 2086, April 2095, May 2105, September 2105, April 2106, November 2106 and March 2142;
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•
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a general partnership interest and an indirect limited partnership interest in Fund II, the U.S. Fund and the AC JV. Subsidiaries of Fund II own a fee simple interest in
six
operating communities, subsidiaries of the U.S. Fund own a fee simple interest in
eight
operating communities, of which one is subject to a land lease, 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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a membership interest in
three
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
12/31/15
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|
Average economic occupancy
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|
Average rental rate
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|
Financial
reporting
cost (3)
|
||||||||||||||||
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City and state
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Number
of homes
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2015
|
|
2014
|
|
$ per
Apt (2)
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|
$ per
Sq. Ft.
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|||
METRO NY/NJ
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New York City, NY
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Riverview I (5)
|
|
Long Island City, NY
|
|
372
|
|
|
333,165
|
|
|
2002
|
|
896
|
|
|
96.0
|
%
|
|
96.1
|
%
|
|
97.6
|
%
|
|
3,827
|
|
|
4.27
|
|
|
100,708
|
|
|||
Avalon Bowery Place
|
|
New York, NY
|
|
206
|
|
|
152,725
|
|
|
2006
|
|
741
|
|
|
93.2
|
%
|
|
96.2
|
%
|
|
96.9
|
%
|
|
5,477
|
|
|
7.39
|
|
|
95,967
|
|
|||
Avalon Riverview North (5)
|
|
Long Island City, NY
|
|
602
|
|
|
477,665
|
|
|
2008
|
|
793
|
|
|
95.2
|
%
|
|
95.7
|
%
|
|
97.2
|
%
|
|
3,607
|
|
|
4.55
|
|
|
169,005
|
|
|||
Avalon Bowery Place II
|
|
New York, NY
|
|
90
|
|
|
73,596
|
|
|
2007
|
|
818
|
|
|
100.0
|
%
|
|
96.2
|
%
|
|
96.9
|
%
|
|
5,142
|
|
|
6.29
|
|
|
59,603
|
|
|||
Avalon Morningside Park (5)
|
|
New York, NY
|
|
295
|
|
|
245,320
|
|
|
2009
|
|
832
|
|
|
96.3
|
%
|
|
95.5
|
%
|
|
96.5
|
%
|
|
3,859
|
|
|
4.64
|
|
|
115,270
|
|
|||
Avalon Fort Greene
|
|
Brooklyn, NY
|
|
631
|
|
|
498,651
|
|
|
2010
|
|
790
|
|
|
95.7
|
%
|
|
96.1
|
%
|
|
97.0
|
%
|
|
3,405
|
|
|
4.31
|
|
|
300,700
|
|
|||
Avalon Midtown West
|
|
New York, NY
|
|
550
|
|
|
393,480
|
|
|
1998/2013
|
|
715
|
|
|
95.3
|
%
|
|
95.5
|
%
|
|
95.2
|
%
|
|
4,029
|
|
|
5.63
|
|
|
347,282
|
|
|||
Avalon Clinton North
|
|
New York, NY
|
|
339
|
|
|
222,862
|
|
|
2008/2013
|
|
657
|
|
|
95.9
|
%
|
|
94.6
|
%
|
|
94.0
|
%
|
|
3,379
|
|
|
5.14
|
|
|
197,190
|
|
|||
Avalon Clinton South
|
|
New York, NY
|
|
288
|
|
|
196,798
|
|
|
2007/2013
|
|
683
|
|
|
94.8
|
%
|
|
93.7
|
%
|
|
94.3
|
%
|
|
3,450
|
|
|
5.05
|
|
|
166,510
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
New York - Suburban
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Commons
|
|
Smithtown, NY
|
|
312
|
|
|
377,318
|
|
|
1997
|
|
1,209
|
|
|
95.8
|
%
|
|
96.2
|
%
|
|
96.5
|
%
|
|
2,467
|
|
|
2.04
|
|
|
38,775
|
|
|||
Eaves Nanuet
|
|
Nanuet, NY
|
|
504
|
|
|
608,842
|
|
|
1998
|
|
1,208
|
|
|
96.4
|
%
|
|
95.9
|
%
|
|
96.9
|
%
|
|
2,391
|
|
|
1.98
|
|
|
58,459
|
|
|||
Avalon Willow
|
|
Mamaroneck, NY
|
|
227
|
|
|
216,289
|
|
|
2000
|
|
953
|
|
|
95.6
|
%
|
|
94.4
|
%
|
|
95.6
|
%
|
|
2,605
|
|
|
2.73
|
|
|
48,725
|
|
|||
Avalon Court
|
|
Melville, NY
|
|
494
|
|
|
596,874
|
|
|
1997
|
|
1,208
|
|
|
94.1
|
%
|
|
95.4
|
%
|
|
96.3
|
%
|
|
2,865
|
|
|
2.37
|
|
|
62,395
|
|
|||
The Avalon
|
|
Bronxville, NY
|
|
110
|
|
|
118,952
|
|
|
1999
|
|
1,081
|
|
|
92.7
|
%
|
|
92.3
|
%
|
|
93.6
|
%
|
|
4,677
|
|
|
4.33
|
|
|
39,216
|
|
|||
Avalon at Glen Cove (5)
|
|
Glen Cove, NY
|
|
256
|
|
|
261,425
|
|
|
2004
|
|
1,021
|
|
|
94.1
|
%
|
|
95.6
|
%
|
|
96.2
|
%
|
|
2,734
|
|
|
2.68
|
|
|
69,303
|
|
|||
Avalon Pines
|
|
Coram, NY
|
|
450
|
|
|
545,989
|
|
|
2005
|
|
1,213
|
|
|
95.3
|
%
|
|
96.1
|
%
|
|
96.9
|
%
|
|
2,301
|
|
|
1.90
|
|
|
72,577
|
|
|||
Avalon Glen Cove North (5)
|
|
Glen Cove, NY
|
|
111
|
|
|
100,754
|
|
|
2007
|
|
908
|
|
|
95.5
|
%
|
|
94.9
|
%
|
|
96.1
|
%
|
|
2,517
|
|
|
2.77
|
|
|
40,277
|
|
|||
Avalon White Plains
|
|
White Plains, NY
|
|
407
|
|
|
372,406
|
|
|
2009
|
|
915
|
|
|
94.8
|
%
|
|
95.0
|
%
|
|
95.6
|
%
|
|
3,141
|
|
|
3.43
|
|
|
152,954
|
|
|||
Avalon Rockville Centre
|
|
Rockville Centre, NY
|
|
349
|
|
|
349,048
|
|
|
2012
|
|
1,000
|
|
|
98.6
|
%
|
|
96.1
|
%
|
|
96.4
|
%
|
|
3,100
|
|
|
3.10
|
|
|
111,029
|
|
|||
Avalon Green II
|
|
Elmsford, NY
|
|
444
|
|
|
533,544
|
|
|
2012
|
|
1,202
|
|
|
91.0
|
%
|
|
94.8
|
%
|
|
94.8
|
%
|
|
2,804
|
|
|
2.33
|
|
|
105,326
|
|
|||
Avalon Garden City
|
|
Garden City, NY
|
|
204
|
|
|
288,443
|
|
|
2013
|
|
1,414
|
|
|
93.6
|
%
|
|
95.5
|
%
|
|
97.2
|
%
|
|
3,902
|
|
|
2.76
|
|
|
67,577
|
|
|||
Avalon Westbury
|
|
Westbury, NY
|
|
396
|
|
|
401,496
|
|
|
2006/2013
|
|
1,014
|
|
|
96.0
|
%
|
|
95.9
|
%
|
|
96.5
|
%
|
|
2,776
|
|
|
2.74
|
|
|
123,283
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Cove
|
|
Jersey City, NJ
|
|
504
|
|
|
575,393
|
|
|
1997
|
|
1,142
|
|
|
95.2
|
%
|
|
96.8
|
%
|
|
96.5
|
%
|
|
3,630
|
|
|
3.18
|
|
|
112,301
|
|
|||
Eaves Lawrenceville (6)
|
|
Lawrenceville, NJ
|
|
632
|
|
|
707,592
|
|
|
1994
|
|
1,120
|
|
|
94.6
|
%
|
|
95.4
|
%
|
|
95.3
|
%
|
|
1,639
|
|
|
1.46
|
|
|
82,880
|
|
|||
Avalon Princeton Junction
|
|
West Windsor, NJ
|
|
512
|
|
|
486,069
|
|
|
1988/1993
|
|
949
|
|
|
94.3
|
%
|
|
95.5
|
%
|
|
95.9
|
%
|
|
1,771
|
|
|
1.87
|
|
|
48,894
|
|
|||
Avalon at Florham Park
|
|
Florham Park, NJ
|
|
270
|
|
|
330,410
|
|
|
2001
|
|
1,224
|
|
|
96.7
|
%
|
|
95.1
|
%
|
|
96.0
|
%
|
|
2,886
|
|
|
2.36
|
|
|
44,105
|
|
|||
Avalon at Freehold
|
|
Freehold, NJ
|
|
296
|
|
|
317,356
|
|
|
2002
|
|
1,072
|
|
|
94.2
|
%
|
|
96.0
|
%
|
|
95.8
|
%
|
|
1,959
|
|
|
1.83
|
|
|
35,683
|
|
|||
Avalon Run East
|
|
Lawrenceville, NJ
|
|
312
|
|
|
341,320
|
|
|
2005
|
|
1,094
|
|
|
93.9
|
%
|
|
95.7
|
%
|
|
96.0
|
%
|
|
2,006
|
|
|
1.83
|
|
|
53,239
|
|
|||
Avalon at Tinton Falls
|
|
Tinton Falls, NJ
|
|
216
|
|
|
237,747
|
|
|
2008
|
|
1,101
|
|
|
93.1
|
%
|
|
95.4
|
%
|
|
95.7
|
%
|
|
1,984
|
|
|
1.80
|
|
|
41,504
|
|
|||
Avalon at West Long Branch
|
|
West Long Branch, NJ
|
|
180
|
|
|
193,511
|
|
|
2011
|
|
1,075
|
|
|
93.9
|
%
|
|
95.2
|
%
|
|
95.9
|
%
|
|
2,071
|
|
|
1.93
|
|
|
25,717
|
|
|||
Avalon North Bergen
|
|
North Bergen, NJ
|
|
164
|
|
|
146,170
|
|
|
2012
|
|
891
|
|
|
93.9
|
%
|
|
96.1
|
%
|
|
97.5
|
%
|
|
2,406
|
|
|
2.70
|
|
|
40,900
|
|
|||
Avalon at Wesmont Station
|
|
Wood-Ridge, NJ
|
|
266
|
|
|
242,637
|
|
|
2012
|
|
912
|
|
|
94.0
|
%
|
|
96.1
|
%
|
|
96.7
|
%
|
|
2,096
|
|
|
2.30
|
|
|
57,017
|
|
|||
Avalon Hackensack at Riverside (5)
|
|
Hackensack, NJ
|
|
226
|
|
|
228,393
|
|
|
2013
|
|
1,011
|
|
|
95.1
|
%
|
|
96.9
|
%
|
|
96.8
|
%
|
|
2,655
|
|
|
2.63
|
|
|
44,625
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/15
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (3)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2015
|
|
2014
|
|
$ per
Apt (2)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon at Wesmont Station II
|
|
Wood-Ridge, NJ
|
|
140
|
|
|
146,799
|
|
|
2013
|
|
1,049
|
|
|
97.9
|
%
|
|
94.9
|
%
|
|
97.2
|
%
|
|
2,110
|
|
|
2.01
|
|
|
23,365
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
MID-ATLANTIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Washington Metro/Baltimore, MD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon at Foxhall
|
|
Washington, DC
|
|
308
|
|
|
297,700
|
|
|
1982/1994
|
|
967
|
|
|
95.8
|
%
|
|
94.4
|
%
|
|
92.4
|
%
|
|
2,799
|
|
|
2.90
|
|
|
47,018
|
|
|||
Avalon at Gallery Place
|
|
Washington, DC
|
|
203
|
|
|
184,157
|
|
|
2003
|
|
907
|
|
|
97.5
|
%
|
|
96.9
|
%
|
|
95.7
|
%
|
|
2,916
|
|
|
3.21
|
|
|
50,452
|
|
|||
AVA H Street
|
|
Washington, DC
|
|
138
|
|
|
95,594
|
|
|
2013
|
|
693
|
|
|
94.9
|
%
|
|
94.4
|
%
|
|
95.5
|
%
|
|
2,215
|
|
|
3.20
|
|
|
32,707
|
|
|||
Avalon The Albemarle
|
|
Washington, DC
|
|
228
|
|
|
255,002
|
|
|
1966/2013
|
|
1,118
|
|
|
93.0
|
%
|
|
94.5
|
%
|
|
95.6
|
%
|
|
2,641
|
|
|
2.36
|
|
|
82,207
|
|
|||
Eaves Tunlaw Gardens
|
|
Washington, DC
|
|
166
|
|
|
113,512
|
|
|
1944/2013
|
|
684
|
|
|
97.6
|
%
|
|
95.7
|
%
|
|
96.8
|
%
|
|
1,749
|
|
|
2.56
|
|
|
41,432
|
|
|||
The Statesman
|
|
Washington, DC
|
|
281
|
|
|
190,420
|
|
|
1961/2013
|
|
678
|
|
|
94.0
|
%
|
|
95.3
|
%
|
|
94.0
|
%
|
|
2,027
|
|
|
2.99
|
|
|
77,207
|
|
|||
Eaves Glover Park
|
|
Washington, DC
|
|
120
|
|
|
104,162
|
|
|
1953/2013
|
|
868
|
|
|
93.3
|
%
|
|
95.6
|
%
|
|
95.2
|
%
|
|
2,274
|
|
|
2.62
|
|
|
38,258
|
|
|||
AVA Van Ness
|
|
Washington, DC
|
|
269
|
|
|
225,592
|
|
|
1978/2013
|
|
839
|
|
|
94.0
|
%
|
|
95.8
|
%
|
|
94.3
|
%
|
|
2,118
|
|
|
2.53
|
|
|
85,237
|
|
|||
Avalon First & M
|
|
Washington, DC
|
|
469
|
|
|
410,812
|
|
|
2012/2013
|
|
876
|
|
|
93.8
|
%
|
|
95.4
|
%
|
|
93.1
|
%
|
|
2,806
|
|
|
3.20
|
|
|
200,315
|
|
|||
Avalon at Fairway Hills (6)
|
|
Columbia, MD
|
|
720
|
|
|
724,027
|
|
|
1987/1996
|
|
1,006
|
|
|
95.7
|
%
|
|
95.4
|
%
|
|
95.4
|
%
|
|
1,545
|
|
|
1.54
|
|
|
59,127
|
|
|||
Eaves Washingtonian Center I
|
|
North Potomac, MD
|
|
192
|
|
|
191,280
|
|
|
1996
|
|
996
|
|
|
92.7
|
%
|
|
96.1
|
%
|
|
96.9
|
%
|
|
1,549
|
|
|
1.55
|
|
|
15,191
|
|
|||
Eaves Washingtonian Center II
|
|
North Potomac, MD
|
|
96
|
|
|
99,386
|
|
|
1998
|
|
1,035
|
|
|
96.9
|
%
|
|
96.8
|
%
|
|
95.7
|
%
|
|
1,724
|
|
|
1.67
|
|
|
8,505
|
|
|||
Eaves Columbia Town Center
|
|
Columbia, MD
|
|
392
|
|
|
395,860
|
|
|
1986/1993
|
|
1,010
|
|
|
40.8
|
%
|
|
95.7
|
%
|
|
96.5
|
%
|
|
1,552
|
|
|
1.54
|
|
|
55,950
|
|
|||
Avalon at Grosvenor Station
|
|
Bethesda, MD
|
|
497
|
|
|
476,687
|
|
|
2004
|
|
959
|
|
|
95.0
|
%
|
|
96.2
|
%
|
|
95.4
|
%
|
|
1,948
|
|
|
2.03
|
|
|
84,301
|
|
|||
Avalon at Traville
|
|
Rockville, MD
|
|
520
|
|
|
573,717
|
|
|
2004
|
|
1,103
|
|
|
92.1
|
%
|
|
94.9
|
%
|
|
96.2
|
%
|
|
1,925
|
|
|
1.74
|
|
|
72,519
|
|
|||
Avalon Russett
|
|
Laurel, MD
|
|
238
|
|
|
274,663
|
|
|
1999/2013
|
|
1,154
|
|
|
97.5
|
%
|
|
96.4
|
%
|
|
96.6
|
%
|
|
1,849
|
|
|
1.60
|
|
|
60,537
|
|
|||
Eaves Fair Lakes
|
|
Fairfax, VA
|
|
420
|
|
|
355,228
|
|
|
1989/1996
|
|
846
|
|
|
95.5
|
%
|
|
96.0
|
%
|
|
96.7
|
%
|
|
1,606
|
|
|
1.90
|
|
|
38,848
|
|
|||
AVA Ballston
|
|
Arlington, VA
|
|
344
|
|
|
294,271
|
|
|
1990
|
|
855
|
|
|
93.9
|
%
|
|
94.8
|
%
|
|
94.4
|
%
|
|
2,175
|
|
|
2.54
|
|
|
52,585
|
|
|||
Eaves Fairfax City
|
|
Fairfax, VA
|
|
141
|
|
|
148,282
|
|
|
1988/1997
|
|
1,052
|
|
|
97.2
|
%
|
|
95.0
|
%
|
|
96.4
|
%
|
|
1,873
|
|
|
1.78
|
|
|
16,449
|
|
|||
Avalon Park Crest
|
|
Tysons Corner, VA
|
|
354
|
|
|
288,231
|
|
|
2013
|
|
814
|
|
|
96.3
|
%
|
|
97.3
|
%
|
|
96.3
|
%
|
|
2,054
|
|
|
2.52
|
|
|
77,112
|
|
|||
Eaves Fairfax Towers
|
|
Falls Church, VA
|
|
415
|
|
|
336,051
|
|
|
1978/2011
|
|
810
|
|
|
96.6
|
%
|
|
96.3
|
%
|
|
96.4
|
%
|
|
1,775
|
|
|
2.19
|
|
|
94,495
|
|
|||
Avalon Ballston Place
|
|
Arlington, VA
|
|
383
|
|
|
333,225
|
|
|
2001/2013
|
|
870
|
|
|
94.5
|
%
|
|
94.8
|
%
|
|
94.9
|
%
|
|
2,447
|
|
|
2.81
|
|
|
166,042
|
|
|||
Eaves Tysons Corner
|
|
Vienna, VA
|
|
217
|
|
|
209,940
|
|
|
1980/2013
|
|
967
|
|
|
98.2
|
%
|
|
96.6
|
%
|
|
96.4
|
%
|
|
1,820
|
|
|
1.88
|
|
|
64,031
|
|
|||
Avalon Ballston Square
|
|
Arlington, VA
|
|
714
|
|
|
626,170
|
|
|
1992/2013
|
|
877
|
|
|
95.9
|
%
|
|
96.1
|
%
|
|
96.0
|
%
|
|
2,335
|
|
|
2.66
|
|
|
299,649
|
|
|||
Avalon Courthouse Place
|
|
Arlington, VA
|
|
564
|
|
|
478,896
|
|
|
1999/2013
|
|
849
|
|
|
95.4
|
%
|
|
94.5
|
%
|
|
94.6
|
%
|
|
2,379
|
|
|
2.80
|
|
|
243,450
|
|
|||
Avalon Reston Landing
|
|
Reston, VA
|
|
400
|
|
|
398,192
|
|
|
2000/2013
|
|
995
|
|
|
95.5
|
%
|
|
95.8
|
%
|
|
96.4
|
%
|
|
1,826
|
|
|
1.83
|
|
|
114,199
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
PACIFIC NORTHWEST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Seattle, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Redmond Place
|
|
Redmond, WA
|
|
222
|
|
|
211,450
|
|
|
1991/1997
|
|
952
|
|
|
95.5
|
%
|
|
95.4
|
%
|
|
95.8
|
%
|
|
1,824
|
|
|
1.91
|
|
|
33,173
|
|
|||
Avalon at Bear Creek
|
|
Redmond, WA
|
|
264
|
|
|
288,250
|
|
|
1998/1998
|
|
1,092
|
|
|
95.8
|
%
|
|
95.5
|
%
|
|
95.1
|
%
|
|
1,837
|
|
|
1.68
|
|
|
38,022
|
|
|||
Avalon Bellevue
|
|
Bellevue, WA
|
|
201
|
|
|
165,504
|
|
|
2001
|
|
823
|
|
|
91.5
|
%
|
|
95.7
|
%
|
|
94.9
|
%
|
|
1,998
|
|
|
2.43
|
|
|
32,509
|
|
|||
Avalon RockMeadow
|
|
Bothell, WA
|
|
206
|
|
|
243,958
|
|
|
2000/2000
|
|
1,184
|
|
|
95.6
|
%
|
|
94.4
|
%
|
|
95.4
|
%
|
|
1,634
|
|
|
1.38
|
|
|
26,756
|
|
|||
Avalon ParcSquare
|
|
Redmond, WA
|
|
124
|
|
|
127,251
|
|
|
2000/2000
|
|
1,026
|
|
|
94.4
|
%
|
|
93.8
|
%
|
|
94.8
|
%
|
|
1,986
|
|
|
1.93
|
|
|
21,598
|
|
|||
Avalon Brandemoor
|
|
Lynnwood, WA
|
|
424
|
|
|
453,602
|
|
|
2001/2001
|
|
1,070
|
|
|
95.3
|
%
|
|
94.5
|
%
|
|
94.8
|
%
|
|
1,478
|
|
|
1.38
|
|
|
47,098
|
|
|||
AVA Belltown
|
|
Seattle, WA
|
|
100
|
|
|
82,418
|
|
|
2001
|
|
824
|
|
|
97.0
|
%
|
|
94.0
|
%
|
|
95.5
|
%
|
|
2,185
|
|
|
2.65
|
|
|
19,265
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/15
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (3)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2015
|
|
2014
|
|
$ per
Apt (2)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Avalon Irvine II
|
|
Irvine, CA
|
|
179
|
|
|
160,844
|
|
|
2013
|
|
899
|
|
|
94.4
|
%
|
|
94.6
|
%
|
|
94.6
|
%
|
|
2,155
|
|
|
2.40
|
|
|
45,264
|
|
|||
Eaves Lake Forest
|
|
Lake Forest, CA
|
|
225
|
|
|
215,319
|
|
|
1975/2011
|
|
957
|
|
|
94.2
|
%
|
|
95.1
|
%
|
|
94.8
|
%
|
|
1,730
|
|
|
1.81
|
|
|
28,464
|
|
|||
Eaves Seal Beach
|
|
Seal Beach, CA
|
|
549
|
|
|
388,254
|
|
|
1971/2013
|
|
707
|
|
|
95.2
|
%
|
|
95.9
|
%
|
|
95.8
|
%
|
|
1,977
|
|
|
2.80
|
|
|
151,537
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
San Diego, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Eaves Mission Ridge
|
|
San Diego, CA
|
|
200
|
|
|
207,700
|
|
|
1960/1997
|
|
1,039
|
|
|
97.0
|
%
|
|
95.4
|
%
|
|
96.0
|
%
|
|
1,970
|
|
|
1.90
|
|
|
24,991
|
|
|||
AVA Cortez Hill (5)
|
|
San Diego, CA
|
|
299
|
|
|
230,395
|
|
|
1973/1998
|
|
771
|
|
|
94.6
|
%
|
|
95.4
|
%
|
|
95.6
|
%
|
|
1,878
|
|
|
2.44
|
|
|
46,399
|
|
|||
Avalon Fashion Valley
|
|
San Diego, CA
|
|
161
|
|
|
183,802
|
|
|
2008
|
|
1,142
|
|
|
94.4
|
%
|
|
95.2
|
%
|
|
95.3
|
%
|
|
2,309
|
|
|
2.02
|
|
|
64,998
|
|
|||
Eaves San Marcos
|
|
San Marcos, CA
|
|
184
|
|
|
161,352
|
|
|
1988/2011
|
|
877
|
|
|
94.5
|
%
|
|
95.5
|
%
|
|
96.6
|
%
|
|
1,775
|
|
|
2.02
|
|
|
17,644
|
|
|||
Eaves Rancho Penasquitos
|
|
San Diego, CA
|
|
250
|
|
|
191,256
|
|
|
1986/2011
|
|
765
|
|
|
95.2
|
%
|
|
95.1
|
%
|
|
95.4
|
%
|
|
1,692
|
|
|
2.21
|
|
|
35,862
|
|
|||
Eaves La Mesa
|
|
La Mesa, CA
|
|
168
|
|
|
139,428
|
|
|
1989/2013
|
|
830
|
|
|
95.2
|
%
|
|
95.6
|
%
|
|
95.5
|
%
|
|
1,698
|
|
|
2.05
|
|
|
39,326
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
OTHER STABILIZED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Eaves Dublin (7)
|
|
Dublin, CA
|
|
204
|
|
|
179,004
|
|
|
1989/1997
|
|
877
|
|
|
93.1
|
%
|
|
95.6
|
%
|
|
96.0
|
%
|
|
2,272
|
|
|
2.59
|
|
|
37,228
|
|
|||
AVA Burbank (7)
|
|
Burbank, CA
|
|
748
|
|
|
530,160
|
|
|
1961/1997
|
|
709
|
|
|
94.9
|
%
|
|
96.2
|
%
|
|
96.0
|
%
|
|
1,890
|
|
|
2.67
|
|
|
98,752
|
|
|||
AVA Pacific Beach (7)
|
|
San Diego, CA
|
|
564
|
|
|
402,285
|
|
|
1969/1997
|
|
713
|
|
|
94.1
|
%
|
|
93.8
|
%
|
|
95.7
|
%
|
|
1,840
|
|
|
2.58
|
|
|
90,609
|
|
|||
Eaves Creekside (7)
|
|
Mountain View, CA
|
|
296
|
|
|
216,076
|
|
|
1962/1997
|
|
730
|
|
|
96.6
|
%
|
|
95.6
|
%
|
|
95.2
|
%
|
|
2,581
|
|
|
3.54
|
|
|
54,119
|
|
|||
AVA Pasadena (7)
|
|
Pasadena, CA
|
|
84
|
|
|
70,648
|
|
|
1973/2012
|
|
841
|
|
|
94.0
|
%
|
|
95.8
|
%
|
|
94.1
|
%
|
|
2,288
|
|
|
2.72
|
|
|
25,461
|
|
|||
AVA 55 Ninth (8)
|
|
San Francisco, CA
|
|
273
|
|
|
236,907
|
|
|
2014
|
|
868
|
|
|
93.4
|
%
|
|
95.5
|
%
|
|
56.3
|
%
|
|
3,831
|
|
|
4.41
|
|
|
118,613
|
|
|||
Avalon Morrison Park (8)
|
|
San Jose, CA
|
|
250
|
|
|
277,710
|
|
|
2014
|
|
1,111
|
|
|
97.6
|
%
|
|
96.0
|
%
|
|
66.8
|
%
|
|
3,040
|
|
|
2.74
|
|
|
78,364
|
|
|||
Avalon San Dimas (8)
|
|
San Dimas, CA
|
|
156
|
|
|
159,937
|
|
|
2014
|
|
1,025
|
|
|
94.9
|
%
|
|
96.8
|
%
|
|
47.7
|
%
|
|
1,835
|
|
|
1.79
|
|
|
39,849
|
|
|||
Avalon Mission Oaks (9)
|
|
Camarillo, CA
|
|
160
|
|
|
157,120
|
|
|
2014
|
|
982
|
|
|
96.3
|
%
|
|
95.8
|
%
|
|
100.0
|
%
|
|
1,967
|
|
|
2.00
|
|
|
47,029
|
|
|||
Toluca Hills Apartments by Avalon (11)
|
|
Los Angeles, CA
|
|
1,151
|
|
|
797,851
|
|
|
1973/2013
|
|
693
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
257,877
|
|
|||
Avalon Berkeley (8)
|
|
Berkeley, CA
|
|
94
|
|
|
78,858
|
|
|
2014
|
|
839
|
|
|
94.7
|
%
|
|
95.6
|
%
|
|
66.3
|
%
|
|
2,773
|
|
|
3.31
|
|
|
32,930
|
|
|||
Eaves West Valley II
|
|
San Jose, CA
|
|
84
|
|
|
71,136
|
|
|
2013
|
|
847
|
|
|
94.0
|
%
|
|
95.4
|
%
|
|
93.1
|
%
|
|
2,674
|
|
|
3.16
|
|
|
18,412
|
|
|||
Avalon Studio City (7)
|
|
Studio City, CA
|
|
450
|
|
|
331,324
|
|
|
1987/2013
|
|
736
|
|
|
94.6
|
%
|
|
96.3
|
%
|
|
96.5
|
%
|
|
1,950
|
|
|
2.65
|
|
|
113,210
|
|
|||
Eaves Trumbull
|
|
Trumbull, CT
|
|
340
|
|
|
379,382
|
|
|
1997
|
|
1,116
|
|
|
96.8
|
%
|
|
96.2
|
%
|
|
95.6
|
%
|
|
1,815
|
|
|
1.63
|
|
|
39,528
|
|
|||
Avalon Shelton III
|
|
Shelton, CT
|
|
250
|
|
|
249,190
|
|
|
2013
|
|
997
|
|
|
94.4
|
%
|
|
96.0
|
%
|
|
94.5
|
%
|
|
1,864
|
|
|
1.87
|
|
|
48,018
|
|
|||
Avalon East Norwalk
|
|
Norwalk, CT
|
|
240
|
|
|
223,698
|
|
|
2013
|
|
932
|
|
|
95.0
|
%
|
|
97.0
|
%
|
|
94.5
|
%
|
|
2,075
|
|
|
2.23
|
|
|
46,641
|
|
|||
Avalon at Stratford (8)
|
|
Stratford, CT
|
|
130
|
|
|
148,136
|
|
|
2014
|
|
1,140
|
|
|
93.0
|
%
|
|
96.1
|
%
|
|
48.6
|
%
|
|
1,810
|
|
|
1.59
|
|
|
29,673
|
|
|||
Avalon Oaks
|
|
Wilmington, MA
|
|
204
|
|
|
229,932
|
|
|
1999
|
|
1,127
|
|
|
93.6
|
%
|
|
94.5
|
%
|
|
92.4
|
%
|
|
1,771
|
|
|
1.57
|
|
|
24,696
|
|
|||
Avalon Natick
|
|
Natick, MA
|
|
407
|
|
|
362,702
|
|
|
2013
|
|
891
|
|
|
95.6
|
%
|
|
96.0
|
%
|
|
96.5
|
%
|
|
2,081
|
|
|
2.33
|
|
|
80,490
|
|
|||
Avalon at Assembly Row (5)(8)
|
|
Somerville, MA
|
|
195
|
|
|
181,910
|
|
|
2015
|
|
933
|
|
|
97.9
|
%
|
|
97.1
|
%
|
|
44.7
|
%
|
|
2,679
|
|
|
2.87
|
|
|
55,936
|
|
|||
Eaves Burlington (7)
|
|
Burlington, MA
|
|
203
|
|
|
198,230
|
|
|
1988/2012
|
|
977
|
|
|
95.6
|
%
|
|
96.7
|
%
|
|
95.9
|
%
|
|
1,718
|
|
|
1.76
|
|
|
45,426
|
|
|||
Avalon Canton at Blue Hills (8)
|
|
Canton, MA
|
|
196
|
|
|
235,465
|
|
|
2014
|
|
1,201
|
|
|
94.9
|
%
|
|
95.5
|
%
|
|
58.8
|
%
|
|
1,954
|
|
|
1.63
|
|
|
40,557
|
|
|||
Avalon Burlington
|
|
Burlington, MA
|
|
312
|
|
|
315,515
|
|
|
1989/2013
|
|
1,011
|
|
|
94.2
|
%
|
|
95.5
|
%
|
|
93.2
|
%
|
|
1,886
|
|
|
1.87
|
|
|
88,841
|
|
|||
Avalon at Edgewater (10)
|
|
Edgewater, NJ
|
|
168
|
|
|
175,562
|
|
|
2002
|
|
1,045
|
|
|
94.6
|
%
|
|
92.9
|
%
|
|
96.4
|
%
|
|
2,342
|
|
|
2.24
|
|
|
40,434
|
|
|||
Avalon Somerset
|
|
Somerset, NJ
|
|
384
|
|
|
390,365
|
|
|
2013
|
|
1,017
|
|
|
95.6
|
%
|
|
95.3
|
%
|
|
95.5
|
%
|
|
2,043
|
|
|
2.01
|
|
|
76,584
|
|
|||
Avalon Bloomingdale (8)
|
|
Bloomingdale, NJ
|
|
174
|
|
|
176,542
|
|
|
2014
|
|
1,015
|
|
|
98.3
|
%
|
|
95.2
|
%
|
|
90.8
|
%
|
|
2,114
|
|
|
2.08
|
|
|
30,806
|
|
|||
Avalon Green (7)
|
|
Elmsford, NY
|
|
105
|
|
|
113,538
|
|
|
1995
|
|
1,081
|
|
|
91.4
|
%
|
|
94.1
|
%
|
|
95.2
|
%
|
|
2,631
|
|
|
2.43
|
|
|
19,296
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/15
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (3)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2015
|
|
2014
|
|
$ per
Apt (2)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
AVA High Line (5)(8)
|
|
New York, NY
|
|
405
|
|
|
271,324
|
|
|
2015
|
|
670
|
|
|
94.8
|
%
|
|
96.2
|
%
|
|
59.9
|
%
|
|
2,991
|
|
|
4.46
|
|
|
155,989
|
|
|||
Avalon Ossining (8)
|
|
Ossining, NY
|
|
168
|
|
|
184,137
|
|
|
2014
|
|
1,096
|
|
|
96.4
|
%
|
|
95.3
|
%
|
|
61.5
|
%
|
|
2,540
|
|
|
2.32
|
|
|
36,687
|
|
|||
Archstone Lexington
|
|
Flower Mound, TX
|
|
222
|
|
|
218,309
|
|
|
2000/2013
|
|
983
|
|
|
91.9
|
%
|
|
94.3
|
%
|
|
95.9
|
%
|
|
1,427
|
|
|
1.45
|
|
|
32,349
|
|
|||
Archstone Toscano (8)
|
|
Houston, TX
|
|
474
|
|
|
460,983
|
|
|
2014
|
|
973
|
|
|
92.8
|
%
|
|
95.2
|
%
|
|
72.1
|
%
|
|
1,710
|
|
|
1.76
|
|
|
87,972
|
|
|||
Memorial Heights Villages (8)
|
|
Houston, TX
|
|
318
|
|
|
305,262
|
|
|
2014
|
|
960
|
|
|
83.2
|
%
|
|
88.0
|
%
|
|
35.4
|
%
|
|
1,762
|
|
|
1.84
|
|
|
52,543
|
|
|||
Avalon Tysons Corner (7)
|
|
Tysons Corner, VA
|
|
558
|
|
|
613,426
|
|
|
1996
|
|
1,099
|
|
|
93.4
|
%
|
|
95.5
|
%
|
|
94.4
|
%
|
|
2,105
|
|
|
1.91
|
|
|
69,733
|
|
|||
Avalon Arlington North (8)
|
|
Arlington, VA
|
|
228
|
|
|
268,499
|
|
|
2014
|
|
1,178
|
|
|
94.7
|
%
|
|
95.8
|
%
|
|
55.3
|
%
|
|
2,919
|
|
|
2.48
|
|
|
80,677
|
|
|||
Oakwood Arlington (11)
|
|
Arlington, VA
|
|
184
|
|
|
154,376
|
|
|
1987/2013
|
|
839
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
59,551
|
|
|||
AVA University District (8)
|
|
Seattle, WA
|
|
283
|
|
|
201,389
|
|
|
2014
|
|
712
|
|
|
89.7
|
%
|
|
91.1
|
%
|
|
67.3
|
%
|
|
2,262
|
|
|
3.18
|
|
|
73,660
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
LEASE-UP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Exeter (5)(8)
|
|
Boston, MA
|
|
187
|
|
|
200,641
|
|
|
2014
|
|
1,073
|
|
|
94.6
|
%
|
|
91.4
|
%
|
|
28.0
|
%
|
|
5,531
|
|
|
5.15
|
|
|
126,504
|
|
|||
AVA Somerville (5)(8)
|
|
Somerville, MA
|
|
250
|
|
|
200,207
|
|
|
2015
|
|
801
|
|
|
96.8
|
%
|
|
82.1
|
%
|
|
7.9
|
%
|
|
2,436
|
|
|
3.04
|
|
|
71,712
|
|
|||
AVA Theater District (8)
|
|
Boston, MA
|
|
398
|
|
|
324,982
|
|
|
2015
|
|
817
|
|
|
56.9
|
%
|
|
22.2
|
%
|
|
N/A
|
|
|
3,851
|
|
|
4.72
|
|
|
177,181
|
|
|||
Avalon Marlborough (8)
|
|
Marlborough, MA
|
|
350
|
|
|
417,647
|
|
|
2015
|
|
1,193
|
|
|
82.2
|
%
|
|
43.8
|
%
|
|
N/A
|
|
|
2,054
|
|
|
1.72
|
|
|
74,391
|
|
|||
Avalon Framingham (8)
|
|
Framingham, MA
|
|
180
|
|
|
211,095
|
|
|
2015
|
|
1,173
|
|
|
62.0
|
%
|
|
34.5
|
%
|
|
N/A
|
|
|
2,259
|
|
|
1.93
|
|
|
43,307
|
|
|||
Avalon Huntington Station (8)
|
|
Huntington Station, NY
|
|
303
|
|
|
364,602
|
|
|
2014
|
|
1,203
|
|
|
95.4
|
%
|
|
97.2
|
%
|
|
40.9
|
%
|
|
2,489
|
|
|
2.07
|
|
|
80,498
|
|
|||
Avalon Wharton (8)
|
|
Wharton, NJ
|
|
247
|
|
|
245,531
|
|
|
2015
|
|
994
|
|
|
97.6
|
%
|
|
84.5
|
%
|
|
18.3
|
%
|
|
2,008
|
|
|
2.02
|
|
|
50,777
|
|
|||
Avalon Bloomfield Station (8)
|
|
Bloomfield, NJ
|
|
224
|
|
|
211,102
|
|
|
2015
|
|
942
|
|
|
98.2
|
%
|
|
45.8
|
%
|
|
N/A
|
|
|
2,384
|
|
|
2.53
|
|
|
50,592
|
|
|||
Avalon Roseland (8)
|
|
Roseland, NJ
|
|
136
|
|
|
192,530
|
|
|
2015
|
|
1,416
|
|
|
93.3
|
%
|
|
61.5
|
%
|
|
N/A
|
|
|
2,940
|
|
|
2.08
|
|
|
45,769
|
|
|||
Avalon West Chelsea (5)(8)
|
|
New York, NY
|
|
305
|
|
|
226,556
|
|
|
2015
|
|
743
|
|
|
96.4
|
%
|
|
91.3
|
%
|
|
26.7
|
%
|
|
3,837
|
|
|
5.17
|
|
|
119,361
|
|
|||
Avalon Mosaic (8)
|
|
Fairfax, VA
|
|
531
|
|
|
458,198
|
|
|
2014
|
|
863
|
|
|
92.8
|
%
|
|
94.2
|
%
|
|
52.0
|
%
|
|
2,050
|
|
|
2.38
|
|
|
109,211
|
|
|||
Avalon Alderwood I (8)
|
|
Lynnwood, WA
|
|
367
|
|
|
352,238
|
|
|
2015
|
|
960
|
|
|
93.2
|
%
|
|
90.3
|
%
|
|
30.1
|
%
|
|
1,629
|
|
|
1.70
|
|
|
67,717
|
|
|||
Avalon Dublin Station (8)
|
|
Dublin, CA
|
|
253
|
|
|
247,430
|
|
|
2014
|
|
978
|
|
|
95.7
|
%
|
|
91.1
|
%
|
|
63.8
|
%
|
|
2,576
|
|
|
2.63
|
|
|
78,674
|
|
|||
Avalon Hayes Valley (8)
|
|
San Francisco, CA
|
|
182
|
|
|
135,082
|
|
|
2015
|
|
742
|
|
|
97.2
|
%
|
|
58.4
|
%
|
|
N/A
|
|
|
4,353
|
|
|
5.87
|
|
|
92,394
|
|
|||
Avalon Vista (8)
|
|
Vista, CA
|
|
221
|
|
|
222,814
|
|
|
2015
|
|
1,008
|
|
|
92.2
|
%
|
|
50.2
|
%
|
|
N/A
|
|
|
2,005
|
|
|
1.99
|
|
|
55,347
|
|
|||
Avalon Baker Ranch (8)
|
|
Lake Forest, CA
|
|
430
|
|
|
425,497
|
|
|
2015
|
|
990
|
|
|
96.7
|
%
|
|
54.5
|
%
|
|
5.7
|
%
|
|
2,251
|
|
|
2.27
|
|
|
129,106
|
|
|||
AVA Little Tokyo (8)
|
|
Los Angeles, CA
|
|
280
|
|
|
285,220
|
|
|
2015
|
|
1,019
|
|
|
93.9
|
%
|
|
83.6
|
%
|
|
18.9
|
%
|
|
2,751
|
|
|
2.70
|
|
|
108,426
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
REDEVELOPMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Avalon Silicon Valley (7)
|
|
Sunnyvale, CA
|
|
710
|
|
|
653,929
|
|
|
1998
|
|
921
|
|
|
95.6
|
%
|
|
94.8
|
%
|
|
96.0
|
%
|
|
2,795
|
|
|
3.03
|
|
|
131,449
|
|
|||
Avalon Santa Monica on Main (7)
|
|
Santa Monica, CA
|
|
133
|
|
|
122,460
|
|
|
2007/2013
|
|
921
|
|
|
89.9
|
%
|
|
93.8
|
%
|
|
95.9
|
%
|
|
4,341
|
|
|
4.71
|
|
|
103,770
|
|
|||
Avalon La Jolla Colony (7)
|
|
San Diego, CA
|
|
180
|
|
|
137,036
|
|
|
1987/2013
|
|
761
|
|
|
92.7
|
%
|
|
95.2
|
%
|
|
96.6
|
%
|
|
1,849
|
|
|
2.43
|
|
|
48,141
|
|
|||
Avalon Walnut Ridge I (7)
|
|
Walnut Creek, CA
|
|
106
|
|
|
80,942
|
|
|
2000/2013
|
|
764
|
|
|
94.3
|
%
|
|
95.9
|
%
|
|
96.9
|
%
|
|
2,181
|
|
|
2.86
|
|
|
32,259
|
|
|||
Avalon Pasadena (7)
|
|
Pasadena, CA
|
|
120
|
|
|
102,516
|
|
|
2004/2013
|
|
854
|
|
|
94.1
|
%
|
|
96.2
|
%
|
|
96.1
|
%
|
|
2,537
|
|
|
2.97
|
|
|
44,517
|
|
|||
AVA Back Bay (7)
|
|
Boston, MA
|
|
271
|
|
|
246,830
|
|
|
1968/1998
|
|
911
|
|
|
95.8
|
%
|
|
94.1
|
%
|
|
93.2
|
%
|
|
3,510
|
|
|
3.85
|
|
|
85,080
|
|
|||
Avalon Bear Hill (7)
|
|
Waltham, MA
|
|
324
|
|
|
391,394
|
|
|
1999/2013
|
|
1,208
|
|
|
90.3
|
%
|
|
93.5
|
%
|
|
94.2
|
%
|
|
2,631
|
|
|
2.18
|
|
|
142,358
|
|
|||
Avalon Towers (7)
|
|
Long Beach, NY
|
|
109
|
|
|
124,611
|
|
|
1990/1995
|
|
1,143
|
|
|
91.7
|
%
|
|
93.5
|
%
|
|
96.5
|
%
|
|
4,000
|
|
|
3.50
|
|
|
35,218
|
|
|||
Avalon at Arlington Square (7)
|
|
Arlington, VA
|
|
842
|
|
|
896,262
|
|
|
2001
|
|
1,064
|
|
|
94.5
|
%
|
|
93.5
|
%
|
|
95.3
|
%
|
|
2,098
|
|
|
1.97
|
|
|
130,407
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approx.
rentable area
(Sq. Ft.)
|
|
Year of
completion/
acquisition
|
|
Average
size
(Sq. Ft.)
|
|
Physical
occupancy
at
12/31/15
|
|
Average economic occupancy
|
|
Average rental rate
|
|
Financial
reporting
cost (3)
|
||||||||||||||||
|
|
City and state
|
|
Number
of homes
|
|
|
|
|
|
2015
|
|
2014
|
|
$ per
Apt (2)
|
|
$ per
Sq. Ft.
|
|
|||||||||||||||||
Brandywine (12)
|
|
Washington, DC
|
|
305
|
|
|
308,050
|
|
|
1954/2013
|
|
1,010
|
|
|
N/A
|
|
|
95.8
|
%
|
|
92.4
|
%
|
|
2,419
|
|
|
2.39
|
|
|
N/A
|
|
|||
Avalon Woodland Park (14)
|
|
Herndon, VA
|
|
392
|
|
|
393,112
|
|
|
2000/2013
|
|
1,003
|
|
|
96.9
|
%
|
|
95.7
|
%
|
|
95.6
|
%
|
|
1,703
|
|
|
1.70
|
|
|
N/A
|
|
|||
Avalon Grosvenor Tower (15)
|
|
North Bethesda, MD
|
|
237
|
|
|
230,439
|
|
|
1987/2013
|
|
972
|
|
|
96.6
|
%
|
|
95.9
|
%
|
|
94.6
|
%
|
|
2,038
|
|
|
2.10
|
|
|
N/A
|
|
|||
Eaves Sunnyvale (15)
|
|
Sunnyvale, CA
|
|
192
|
|
|
204,060
|
|
|
1991/2013
|
|
1,063
|
|
|
95.3
|
%
|
|
95.8
|
%
|
|
96.7
|
%
|
|
2,986
|
|
|
2.81
|
|
|
N/A
|
|
|||
Archstone Boca Town Center (15)(16)
|
|
Boca Raton, FL
|
|
252
|
|
|
268,200
|
|
|
1988/2013
|
|
1,064
|
|
|
96.8
|
%
|
|
97.0
|
%
|
|
94.5
|
%
|
|
1,645
|
|
|
1.55
|
|
|
N/A
|
|
|||
Avalon Kirkland at Carillon (15)
|
|
Kirkland, WA
|
|
131
|
|
|
176,160
|
|
|
1990/2013
|
|
1,345
|
|
|
92.2
|
%
|
|
94.1
|
%
|
|
94.4
|
%
|
|
2,630
|
|
|
1.96
|
|
|
N/A
|
|
|||
Avalon Studio 4041 (15)
|
|
Studio City, CA
|
|
149
|
|
|
120,354
|
|
|
2009/2013
|
|
808
|
|
|
90.6
|
%
|
|
94.7
|
%
|
|
96.0
|
%
|
|
2,366
|
|
|
2.93
|
|
|
N/A
|
|
|||
Avalon Marina Bay (5)(15)
|
|
Marina del Rey, CA
|
|
205
|
|
|
177,945
|
|
|
1968/2013
|
|
868
|
|
|
95.1
|
%
|
|
95.4
|
%
|
|
80.3
|
%
|
|
3,070
|
|
|
3.54
|
|
|
N/A
|
|
|||
Avalon Venice on Rose (15)
|
|
Venice, CA
|
|
70
|
|
|
84,508
|
|
|
2012/2013
|
|
1,207
|
|
|
92.9
|
%
|
|
93.7
|
%
|
|
95.6
|
%
|
|
5,005
|
|
|
4.15
|
|
|
N/A
|
|
1.
|
We own a fee simple interest in the communities listed, excepted as noted below.
|
2.
|
Represents the average per occupied apartment home.
|
3.
|
Dollars in thousands. Costs are presented in accordance with GAAP. For current Development Communities, cost represents total costs incurred through
December 31, 2015
without reduction for deprecation. Financial reporting costs are excluded for unconsolidated communities, see Note 5, "Investments in Real Estate Entities."
|
4.
|
We own a general partnership interest in a partnership structured as a DownREIT that owns this community.
|
5.
|
Community is located on land subject to a land lease.
|
6.
|
We own a general partnership interest in a partnership that owns a fee simple interest in this community.
|
7.
|
Community was under redevelopment during 2015 and/or 2014, which could result in lower average economic occupancy and average rental rate per square foot for the year.
|
8.
|
Community was under construction or completed development during 2015 and/or 2014, which could result in lower average economic occupancy and average rental rate per square foot for the year.
|
9.
|
Community was purchased during 2014, which could result in lower average economic occupancy and average rental rate per square foot for the year.
|
10.
|
Does not include the 240 apartment homes which were destroyed as a result of the fire at Avalon at Edgewater in January 2015. The financial reporting cost includes the basis for the land parcel which held the apartment homes which were destroyed, and is net of the recognized impairment to write-off the net book value of the fixed assets destroyed by the fire.
|
11.
|
During 2015, the community was master leased to a third party manager.
|
12.
|
We own a membership interest in a limited liability company that holds a fee simple interest in this community.
|
13.
|
We own a
31.3%
combined general partnership and indirect limited partner equity interest in this community.
|
14.
|
We own a
20.0%
combined general partnership and indirect limited partner equity interest in this community.
|
15.
|
We own a
28.6%
combined general partnership and indirect limited partner equity interest in this community.
|
16.
|
The venture sold this community in 2016.
|
|
Number of
apartment
homes
|
|
Projected total
capitalized cost (1)
($ millions)
|
|
Construction
start
|
|
Initial projected occupancy (2)
|
|
Estimated
completion
|
|
Estimated
stabilization (3)
|
|||||
1.
|
|
Avalon Falls Church
Falls Church, VA
|
384
|
|
|
$
|
109.8
|
|
|
Q1 2014
|
|
Q1 2015
|
|
Q1 2016
|
|
Q3 2016
|
2.
|
|
Avalon Glendora
Glendora, CA
|
280
|
|
|
82.5
|
|
|
Q4 2013
|
|
Q2 2015
|
|
Q1 2016
|
|
Q3 2016
|
|
3.
|
|
Avalon Green III
Elmsford, NY
|
68
|
|
|
22.1
|
|
|
Q4 2014
|
|
Q3 2015
|
|
Q1 2016
|
|
Q3 2016
|
|
4.
|
|
Avalon Willoughby Square/AVA DoBro
Brooklyn, NY
|
826
|
|
|
444.9
|
|
|
Q3 2013
|
|
Q4 2015
|
|
Q4 2016
|
|
Q3 2017
|
|
5.
|
|
AVA Capitol Hill
Seattle, WA
|
249
|
|
|
81.4
|
|
|
Q1 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
6.
|
|
Avalon Dublin Station II
Dublin, CA
|
252
|
|
|
83.7
|
|
|
Q2 2014
|
|
Q4 2015
|
|
Q3 2016
|
|
Q4 2016
|
|
7.
|
|
Avalon Union
Union, NJ
|
202
|
|
|
50.7
|
|
|
Q4 2014
|
|
Q4 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
8.
|
|
Avalon Irvine III
Irvine, CA
|
156
|
|
|
55.0
|
|
|
Q2 2014
|
|
Q1 2016
|
|
Q2 2016
|
|
Q4 2016
|
|
9.
|
|
Avalon Huntington Beach
Huntington Beach, CA
|
378
|
|
|
120.3
|
|
|
Q2 2014
|
|
Q1 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
10.
|
|
Avalon West Hollywood
West Hollywood, CA
|
294
|
|
|
151.7
|
|
|
Q2 2014
|
|
Q4 2016
|
|
Q3 2017
|
|
Q2 2018
|
|
11.
|
|
Avalon Esterra Park
Redmond, WA
|
482
|
|
|
137.8
|
|
|
Q3 2014
|
|
Q1 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
12.
|
|
Avalon North Station
Boston, MA
|
503
|
|
|
257.9
|
|
|
Q3 2014
|
|
Q4 2016
|
|
Q4 2017
|
|
Q2 2018
|
|
13.
|
|
Avalon Princeton
Princeton, NJ
|
280
|
|
|
95.5
|
|
|
Q4 2014
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
14.
|
|
Avalon Alderwood II
Lynnwood, WA
|
124
|
|
|
26.1
|
|
|
Q1 2015
|
|
Q2 2016
|
|
Q3 2016
|
|
Q4 2016
|
|
15.
|
|
Avalon Hunt Valley
Hunt Valley, MD
|
332
|
|
|
74.0
|
|
|
Q1 2015
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
16.
|
|
Avalon Laurel
Laurel, MD
|
344
|
|
|
72.4
|
|
|
Q2 2015
|
|
Q1 2016
|
|
Q1 2017
|
|
Q3 2017
|
|
17
|
|
Avalon Quincy
Quincy, MA
|
395
|
|
|
95.3
|
|
|
Q2 2015
|
|
Q3 2016
|
|
Q2 2017
|
|
Q4 2017
|
|
18.
|
|
Avalon Great Neck
Great Neck, NY
|
191
|
|
|
78.9
|
|
|
Q2 2015
|
|
Q1 2017
|
|
Q2 2017
|
|
Q4 2017
|
|
19.
|
|
AVA NoMa
Washington, D.C.
|
438
|
|
|
148.3
|
|
|
Q2 2015
|
|
Q2 2017
|
|
Q1 2018
|
|
Q3 2018
|
|
20.
|
|
Avalon Newcastle I
Newcastle, WA
|
378
|
|
|
110.1
|
|
|
Q3 2015
|
|
Q4 2016
|
|
Q4 2017
|
|
Q2 2018
|
|
21.
|
|
Avalon Chino Hills
Chino Hills, CA
|
331
|
|
|
96.9
|
|
|
Q3 2015
|
|
Q1 2017
|
|
Q4 2017
|
|
Q2 2018
|
|
22.
|
|
Avalon Sheepshead Bay (4)
Brooklyn, NY
|
180
|
|
|
86.4
|
|
|
Q3 2015
|
|
Q3 2017
|
|
Q4 2017
|
|
Q2 2018
|
|
23.
|
|
Avalon Maplewood
Maplewood, NJ
|
235
|
|
|
66.3
|
|
|
Q4 2015
|
|
Q3 2017
|
|
Q1 2018
|
|
Q3 2018
|
|
24.
|
|
Avalon Rockville Centre II
Rockville Centre, NY
|
165
|
|
|
57.8
|
|
|
Q4 2015
|
|
Q3 2017
|
|
Q4 2017
|
|
Q2 2018
|
|
25.
|
|
AVA Wheaton
Wheaton, MD
|
319
|
|
|
75.6
|
|
|
Q4 2015
|
|
Q2 2017
|
|
Q1 2018
|
|
Q3 2018
|
|
26.
|
|
Avalon Dogpatch
San Francisco, CA
|
326
|
|
|
203.4
|
|
|
Q4 2015
|
|
Q4 2017
|
|
Q3 2018
|
|
Q1 2019
|
|
|
|
Total
|
8,112
|
|
|
$
|
2,884.8
|
|
|
|
|
|
|
|
|
|
(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)
|
We are developing this project with a private development partner. We will own the rental portion of the development on floors 3 through 19 and the partner will own the for-sale condominium portion on floors 20 through 30 of the development. The information above represents only our portion of the project. We are providing a construction loan to the development partner, expected to be $48,800,000 which together with the partner's contributed equity is expected to fund the condominium portion of the project. A more detailed description of Avalon Sheepshead Bay can be found in Note 5, "Investments in Real Estate Entities," of the Consolidated Financial Statements set forth in Item 8 of this report.
|
|
Number of
apartment homes |
|
Total capitalized
cost (1)
($ millions) |
|
Approximate rentable area
(sq. ft.)
|
|
Total capitalized cost per sq. ft.
|
|
Quarter of completion
|
||||||||
1.
|
|
Avalon West Chelsea/AVA High Line (2) (3)
New York, NY
|
710
|
|
|
$
|
271.9
|
|
|
497,880
|
|
|
$
|
546
|
|
|
Q1 2015
|
2.
|
|
Avalon Alderwood I
Lynnwood, WA
|
367
|
|
|
67.8
|
|
|
352,238
|
|
|
$
|
192
|
|
|
Q1 2015
|
|
3.
|
|
AVA Little Tokyo (2)
Los Angeles, CA
|
280
|
|
|
112.4
|
|
|
285,220
|
|
|
$
|
394
|
|
|
Q1 2015
|
|
4.
|
|
Avalon Assembly Row/AVA Somerville (3)
Somerville, MA
|
445
|
|
|
129.0
|
|
|
382,117
|
|
|
$
|
338
|
|
|
Q2 2015
|
|
5.
|
|
Avalon Wharton
Wharton, NJ
|
247
|
|
|
51.1
|
|
|
245,531
|
|
|
$
|
208
|
|
|
Q2 2015
|
|
6.
|
|
Avalon Hayes Valley
San Francisco, CA
|
182
|
|
|
95.4
|
|
|
135,082
|
|
|
$
|
706
|
|
|
Q2 2015
|
|
7.
|
|
Avalon Vista
Vista, CA
|
221
|
|
|
56.7
|
|
|
222,814
|
|
|
$
|
254
|
|
|
Q3 2015
|
|
8.
|
|
Avalon Roseland
Roseland, NJ
|
136
|
|
|
46.3
|
|
|
192,641
|
|
|
$
|
240
|
|
|
Q3 2015
|
|
9.
|
|
Avalon Baker Ranch
Lake Forest, CA
|
430
|
|
|
130.2
|
|
|
425,497
|
|
|
$
|
306
|
|
|
Q4 2015
|
|
10.
|
|
Avalon Marlborough
Marlborough, MA
|
350
|
|
|
75.6
|
|
|
417,647
|
|
|
$
|
181
|
|
|
Q4 2015
|
|
11.
|
|
AVA Theater District
Boston, MA
|
398
|
|
|
181.4
|
|
|
324,982
|
|
|
$
|
558
|
|
|
Q4 2015
|
|
12.
|
|
Avalon Bloomfield Station
Bloomfield, NJ
|
224
|
|
|
51.0
|
|
|
211,156
|
|
|
$
|
242
|
|
|
Q4 2015
|
|
13.
|
|
Avalon Framingham
Framingham, MA
|
180
|
|
|
43.9
|
|
|
211,095
|
|
|
$
|
208
|
|
|
Q4 2015
|
|
|
|
Total
|
4,170
|
|
|
$
|
1,312.7
|
|
|
|
|
|
|
|
|
(1)
|
Total capitalized cost is as of
December 31, 2015
. The Company generally anticipates incurring additional costs associated with these communities that are customary for new developments.
|
(2)
|
Development contains at least 10,000 square feet of retail space.
|
(3)
|
Upon completion of construction we considered each phase of these dual-branded developments as separate operating communities, both of which we own subject to a single land lease.
|
|
|
|
|
Number of
apartment
homes
|
|
Projected total
capitalized cost (1)
($ millions)
|
|
Reconstruction
start
|
|
Estimated
reconstruction
completion
|
|
Estimated
restabilized
operations (2)
|
|||
1.
|
|
Avalon Towers
Long Beach, NY
|
|
109
|
|
|
$
|
10.2
|
|
|
Q4 2014
|
|
Q2 2016
|
|
Q4 2016
|
2.
|
|
Avalon at Arlington Square
Arlington, VA
|
|
842
|
|
|
21.3
|
|
|
Q4 2014
|
|
Q1 2016
|
|
Q3 2017
|
|
3.
|
|
Avalon Bear Hill
Waltham, MA
|
|
324
|
|
|
21.4
|
|
|
Q2 2015
|
|
Q3 2016
|
|
Q1 2017
|
|
4.
|
|
Avalon Santa Monica on Main
Santa Monica, CA
|
|
133
|
|
|
10.0
|
|
|
Q4 2014
|
|
Q1 2016
|
|
Q3 2016
|
|
5.
|
|
Avalon Silicon Valley
Sunnyvale, CA
|
|
710
|
|
|
29.9
|
|
|
Q4 2014
|
|
Q1 2017
|
|
Q3 2017
|
|
6.
|
|
AVA Back Bay
Boston, MA
|
|
271
|
|
|
8.8
|
|
|
Q3 2015
|
|
Q1 2017
|
|
Q3 2017
|
|
7.
|
|
Avalon La Jolla Colony
San Diego, CA
|
|
180
|
|
|
10.2
|
|
|
Q3 2015
|
|
Q3 2016
|
|
Q1 2017
|
|
8.
|
|
Avalon Walnut Ridge I
Walnut Creek, CA
|
|
106
|
|
|
5.0
|
|
|
Q3 2015
|
|
Q2 2016
|
|
Q4 2016
|
|
9.
|
|
Avalon Pasadena
Pasadena, CA
|
|
120
|
|
|
5.2
|
|
|
Q4 2015
|
|
Q3 2016
|
|
Q1 2017
|
|
|
|
Total
|
|
2,795
|
|
|
$
|
122.0
|
|
|
|
|
|
|
|
(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.
|
Market
|
|
Number of rights
|
|
Estimated
number of homes
|
|
Projected total
capitalized cost ($ millions) (1)
|
||||
|
|
|
|
|
|
|
||||
New England
|
|
7
|
|
|
1,759
|
|
|
$
|
575
|
|
Metro NY/NJ
|
|
12
|
|
|
3,673
|
|
|
1,295
|
|
|
Mid-Atlantic
|
|
4
|
|
|
1,305
|
|
|
352
|
|
|
Pacific Northwest
|
|
4
|
|
|
1,224
|
|
|
374
|
|
|
Northern California
|
|
4
|
|
|
978
|
|
|
481
|
|
|
Southern California
|
|
1
|
|
|
695
|
|
|
341
|
|
|
Total
|
|
32
|
|
|
9,634
|
|
|
$
|
3,418
|
|
(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 Newcastle I
Newcastle, WA
|
378
|
|
|
$
|
110.1
|
|
|
January 2015
|
2.
|
|
Avalon Newcastle II
Newcastle, WA
|
272
|
|
|
73.7
|
|
|
January 2015
|
|
3.
|
|
Avalon Columbus Circle
New York, NY
|
262
|
|
|
335.4
|
|
|
January 2015
|
|
4.
|
|
Avalon Dogpatch
San Francisco, CA
|
326
|
|
|
203.4
|
|
|
February 2015
|
|
5.
|
|
Avalon Quincy
Quincy, MA
|
395
|
|
|
95.3
|
|
|
March 2015
|
|
6.
|
|
Avalon Maplewood
Maplewood, NJ
|
235
|
|
|
66.3
|
|
|
May 2015
|
|
7.
|
|
AVA Hollywood
Los Angeles, CA
|
695
|
|
|
340.7
|
|
|
July 2015
|
|
8.
|
|
Avalon Sudbury West (2)
Sudbury, MA
|
250
|
|
|
81.8
|
|
|
December 2015
|
|
|
|
Total
|
2,813
|
|
|
$
|
1,306.7
|
|
|
|
(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, net of projected proceeds for any planned sales of associated outparcels and other real estate.
|
(2)
|
We acquired an indirect interest in this land parcel through an unconsolidated joint venture.
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
|
Sales Price
|
|
Dividends
declared
|
|
Sales Price
|
|
Dividends
declared
|
||||||||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
|||||||||||||||
Quarter ended March 31
|
|
$
|
181.69
|
|
|
$
|
163.81
|
|
|
$
|
1.25
|
|
|
$
|
132.17
|
|
|
$
|
114.16
|
|
|
$
|
1.16
|
|
Quarter ended June 30
|
|
$
|
176.43
|
|
|
$
|
158.72
|
|
|
$
|
1.25
|
|
|
$
|
144.51
|
|
|
$
|
130.04
|
|
|
$
|
1.16
|
|
Quarter ended September 30
|
|
$
|
180.24
|
|
|
$
|
158.97
|
|
|
$
|
1.25
|
|
|
$
|
157.16
|
|
|
$
|
139.27
|
|
|
$
|
1.16
|
|
Quarter ended December 31
|
|
$
|
186.89
|
|
|
$
|
168.83
|
|
|
$
|
1.25
|
|
|
$
|
170.14
|
|
|
$
|
141.00
|
|
|
$
|
1.16
|
|
(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
|
||||||||||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental and other income
|
$
|
1,846,081
|
|
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
|
$
|
990,370
|
|
|
$
|
890,431
|
|
Management, development and other fees
|
9,947
|
|
|
11,050
|
|
|
11,502
|
|
|
10,257
|
|
|
9,656
|
|
|||||
Total revenue
|
1,856,028
|
|
|
1,685,061
|
|
|
1,462,921
|
|
|
1,000,627
|
|
|
900,087
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses, excluding property taxes
|
448,747
|
|
|
410,672
|
|
|
352,245
|
|
|
259,350
|
|
|
246,872
|
|
|||||
Property taxes
|
193,499
|
|
|
178,634
|
|
|
158,774
|
|
|
97,555
|
|
|
88,964
|
|
|||||
Interest expense, net
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|||||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|
1,179
|
|
|
1,940
|
|
|||||
Loss on interest rate contract
|
—
|
|
|
—
|
|
|
51,000
|
|
|
—
|
|
|
—
|
|
|||||
Depreciation expense
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|
226,728
|
|
|||||
General and administrative expense
|
42,396
|
|
|
41,425
|
|
|
39,573
|
|
|
34,101
|
|
|
29,371
|
|
|||||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
6,822
|
|
|
(3,717
|
)
|
|
45,050
|
|
|
11,350
|
|
|
2,967
|
|
|||||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
—
|
|
|
1,449
|
|
|
14,052
|
|
|||||
Total expenses
|
1,307,724
|
|
|
1,250,726
|
|
|
1,394,180
|
|
|
785,584
|
|
|
778,708
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in income (loss) of unconsolidated entities
|
70,018
|
|
|
148,766
|
|
|
(11,154
|
)
|
|
20,914
|
|
|
5,120
|
|
|||||
Gain on sale of real estate
|
9,647
|
|
|
490
|
|
|
240
|
|
|
280
|
|
|
13,716
|
|
|||||
Gain on sale of communities
|
115,625
|
|
|
84,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gain on acquisition of unconsolidated entity
|
—
|
|
|
—
|
|
|
—
|
|
|
14,194
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations before taxes
|
743,594
|
|
|
668,516
|
|
|
57,827
|
|
|
250,431
|
|
|
140,215
|
|
|||||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
741,733
|
|
|
659,148
|
|
|
57,827
|
|
|
250,431
|
|
|
140,215
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from discontinued operations
|
—
|
|
|
310
|
|
|
16,713
|
|
|
26,820
|
|
|
20,065
|
|
|||||
Gain on sale of discontinued operations
|
—
|
|
|
37,869
|
|
|
278,231
|
|
|
146,311
|
|
|
281,090
|
|
|||||
Total discontinued operations
|
—
|
|
|
38,179
|
|
|
294,944
|
|
|
173,131
|
|
|
301,155
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
741,733
|
|
|
697,327
|
|
|
352,771
|
|
|
423,562
|
|
|
441,370
|
|
|||||
Net loss (income) attributable to noncontrolling interests
|
305
|
|
|
(13,760
|
)
|
|
370
|
|
|
307
|
|
|
252
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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)
|
$
|
5.54
|
|
|
$
|
4.93
|
|
|
$
|
0.46
|
|
|
$
|
2.57
|
|
|
$
|
1.55
|
|
Discontinued operations attributable to common stockholders
|
—
|
|
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|
3.34
|
|
|||||
Net income attributable to common stockholders
|
$
|
5.54
|
|
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
$
|
4.34
|
|
|
$
|
4.89
|
|
Weighted average shares outstanding—basic (1)
|
133,565,711
|
|
|
130,586,718
|
|
|
126,855,754
|
|
|
97,416,401
|
|
|
89,922,465
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share—diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income from continuing operations attributable to common stockholders (net of dividends attributable to preferred stock)
|
$
|
5.51
|
|
|
$
|
4.92
|
|
|
$
|
0.46
|
|
|
$
|
2.55
|
|
|
$
|
1.55
|
|
Discontinued operations attributable to common stockholders
|
—
|
|
|
0.29
|
|
|
2.32
|
|
|
1.77
|
|
|
3.32
|
|
|||||
Net income attributable to common stockholders
|
$
|
5.51
|
|
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
$
|
4.32
|
|
|
$
|
4.87
|
|
Weighted average shares outstanding—diluted
|
134,593,177
|
|
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|
90,777,462
|
|
|||||
Cash dividends declared
|
$
|
5.00
|
|
|
$
|
4.64
|
|
|
$
|
4.28
|
|
|
$
|
3.88
|
|
|
$
|
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
|
||||||||||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
||||||||||
Other Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
Depreciation—continuing operations
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|
243,680
|
|
|
226,728
|
|
|||||
Depreciation—discontinued operations
|
—
|
|
|
—
|
|
|
13,500
|
|
|
16,414
|
|
|
23,541
|
|
|||||
Interest expense, net—continuing operations (1)
|
148,879
|
|
|
181,030
|
|
|
238,323
|
|
|
138,099
|
|
|
169,754
|
|
|||||
Interest expense, net—discontinued operations (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
735
|
|
|
8,688
|
|
|||||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
EBITDA (2)
|
$
|
1,370,701
|
|
|
$
|
1,316,647
|
|
|
$
|
1,165,179
|
|
|
$
|
822,797
|
|
|
$
|
870,333
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations (3)
|
$
|
1,083,085
|
|
|
$
|
951,035
|
|
|
$
|
642,814
|
|
|
$
|
521,047
|
|
|
$
|
414,482
|
|
Core Funds from Operations (3)
|
$
|
1,016,035
|
|
|
$
|
890,081
|
|
|
$
|
792,888
|
|
|
$
|
532,490
|
|
|
$
|
420,763
|
|
Number of Current Communities (4)
|
259
|
|
|
251
|
|
|
244
|
|
|
180
|
|
|
181
|
|
|||||
Number of apartment homes
|
75,584
|
|
|
73,963
|
|
|
72,811
|
|
|
52,792
|
|
|
53,294
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate, before accumulated depreciation
|
$
|
19,268,099
|
|
|
$
|
17,849,316
|
|
|
$
|
16,800,321
|
|
|
$
|
10,071,342
|
|
|
$
|
9,288,496
|
|
Total assets (5)
|
$
|
16,931,305
|
|
|
$
|
16,140,578
|
|
|
$
|
15,292,922
|
|
|
$
|
11,128,662
|
|
|
$
|
8,453,547
|
|
Notes payable and unsecured credit facilities, net
|
$
|
6,456,948
|
|
|
$
|
6,489,707
|
|
|
$
|
6,110,083
|
|
|
$
|
3,819,617
|
|
|
$
|
3,603,454
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash flows provided by operating activities
|
$
|
1,056,754
|
|
|
$
|
886,641
|
|
|
$
|
724,315
|
|
|
$
|
540,819
|
|
|
$
|
429,354
|
|
Net cash flows used in investing activities
|
$
|
(1,199,517
|
)
|
|
$
|
(816,760
|
)
|
|
$
|
(1,181,174
|
)
|
|
$
|
(623,386
|
)
|
|
$
|
(443,141
|
)
|
Net cash flows (used in) provided by financing activities
|
$
|
33,810
|
|
|
$
|
158,224
|
|
|
$
|
(1,995,404
|
)
|
|
$
|
2,199,332
|
|
|
$
|
326,233
|
|
(1)
|
Interest expense, net includes any gain or loss 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)
|
Refer to "Reconciliation of Non-GAAP Financial Measures" below.
|
(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.
|
(5)
|
Amounts for 2011 through 2014 reflect the retrospective adjustment of the presentation of deferred financing costs discussed in Note 1, "Change in Accounting Principle."
|
•
|
gains or losses on sales of previously depreciated operating communities;
|
•
|
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.
|
•
|
joint venture gains, costs, and promoted interests;
|
•
|
casualty (gain) loss and impairment loss, net;
|
•
|
early extinguishment of consolidated borrowings;
|
•
|
acquisition costs and abandoned pursuits;
|
•
|
business interruption insurance proceeds and legal settlements;
|
•
|
severance related costs; and
|
•
|
other non-core items.
|
|
For the year ended
|
||||||||||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
|
12/31/12
|
|
12/31/11
|
||||||||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
423,869
|
|
|
$
|
441,622
|
|
Depreciation—real estate assets, including discontinued operations and joint venture adjustments
|
486,019
|
|
|
449,769
|
|
|
582,325
|
|
|
265,627
|
|
|
256,986
|
|
|||||
Distributions to noncontrolling interests, including discontinued operations
|
38
|
|
|
35
|
|
|
32
|
|
|
28
|
|
|
27
|
|
|||||
Gain on sale of unconsolidated entities holding previously depreciated real estate assets
|
(33,580
|
)
|
|
(73,674
|
)
|
|
(14,453
|
)
|
|
(7,972
|
)
|
|
(3,063
|
)
|
|||||
Gain on sale of previously depreciated real estate assets (1)
|
(115,625
|
)
|
|
(108,662
|
)
|
|
(278,231
|
)
|
|
(146,311
|
)
|
|
(281,090
|
)
|
|||||
Gain on acquisition of unconsolidated real estate entity
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,194
|
)
|
|
—
|
|
|||||
Impairment due to casualty loss
|
4,195
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
FFO attributable to common stockholders
|
$
|
1,083,085
|
|
|
$
|
951,035
|
|
|
$
|
642,814
|
|
|
$
|
521,047
|
|
|
$
|
414,482
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares outstanding—diluted
|
134,593,177
|
|
|
131,237,502
|
|
|
127,265,903
|
|
|
98,025,152
|
|
|
90,777,462
|
|
|||||
FFO per common share—diluted
|
$
|
8.05
|
|
|
$
|
7.25
|
|
|
$
|
5.05
|
|
|
$
|
5.32
|
|
|
$
|
4.57
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FFO attributable to common stockholders
|
$
|
1,083,085
|
|
|
$
|
951,035
|
|
|
$
|
642,814
|
|
|
$
|
521,047
|
|
|
$
|
414,482
|
|
Joint venture (gains) and costs (2)
|
(9,059
|
)
|
|
(5,194
|
)
|
|
35,554
|
|
|
(940
|
)
|
|
1,493
|
|
|||||
Casualty (gain) loss and impairment loss, net (3)
|
(16,247
|
)
|
|
(2,494
|
)
|
|
(299
|
)
|
|
3,321
|
|
|
14,052
|
|
|||||
Lost NOI from casualty losses (4)
|
7,862
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Early extinguishment of consolidated borrowings
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|
2,070
|
|
|
5,820
|
|
|||||
Gain on sale of real estate
|
(9,647
|
)
|
|
(490
|
)
|
|
(240
|
)
|
|
(280
|
)
|
|
(13,716
|
)
|
|||||
Joint venture promote (5)
|
(21,969
|
)
|
|
(58,128
|
)
|
|
—
|
|
|
(4,055
|
)
|
|
—
|
|
|||||
Income taxes (6)
|
1,103
|
|
|
9,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on interest rate protection agreement
|
—
|
|
|
—
|
|
|
51,000
|
|
|
—
|
|
|
—
|
|
|||||
Development pursuits and other write-offs (7)
|
1,838
|
|
|
2,564
|
|
|
1,506
|
|
|
—
|
|
|
—
|
|
|||||
Acquisition costs (8)
|
3,806
|
|
|
(7,682
|
)
|
|
44,052
|
|
|
9,965
|
|
|
1,010
|
|
|||||
Severance related costs
|
1,999
|
|
|
815
|
|
|
3,580
|
|
|
587
|
|
|
100
|
|
|||||
Legal settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
775
|
|
|
—
|
|
|||||
Interest income on escrow
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,478
|
)
|
|||||
Core FFO attributable to common stockholders
|
$
|
1,016,035
|
|
|
$
|
890,081
|
|
|
$
|
792,888
|
|
|
$
|
532,490
|
|
|
$
|
420,763
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Core FFO per common share—diluted
|
7.55
|
|
|
6.78
|
|
|
6.23
|
|
|
5.43
|
|
|
4.64
|
|
(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.
|
(2)
|
Amounts for 2014 and 2015 are primarily composed of the Company's proportionate share of gains and operating results for joint ventures formed with Equity Residential as part of the Archstone Acquisition. Amount for 2013 includes Archstone Acquisition related costs.
|
(3)
|
Amount for 2015 is primarily composed of property damage and business interruption insurance proceeds, partially offset by costs from the fire at Edgewater. Amounts for 2013 and 2014 are composed of business interruption insurance proceeds. Amount for 2012 includes losses incurred related to Superstorm Sandy, and the write-off of certain costs related to a commercial tenant. Amount for 2011 relates to the impairment of unimproved land parcels.
|
(4)
|
Amount for 2015 primarily relates to lost NOI resulting from the fire at Edgewater.
|
(5)
|
Amount for 2015 is primarily composed of amounts received related to the modification of the joint venture agreement for the entity that owns Avalon at Mission Bay North II to eliminate our promoted interest in future distributions. Amount for 2014 relates to our promoted interests from the sale of Avalon Chrystie Place, and the amount for 2012 relates to our promoted interests from the acquisition of our joint venture partner's interest in Avalon Del Rey.
|
(6)
|
Amounts for 2015 and 2014 are composed of income taxes on income that was earned in taxable REIT subsidiaries and that is not considered to be a component of primary operations.
|
(7)
|
Composed of the write-off of capitalized pursuit costs for Development Rights as well as the write-off of certain retail tenant improvements at an operating community in 2014.
|
(8)
|
Amount for 2014 is primarily composed of receipts related to communities acquired as part of the Archstone Acquisition for periods prior to the Company’s ownership, which are primarily comprised of property tax and mortgage insurance refunds. Amounts for 2012 and 2013 primarily consist of costs related to the Archstone Acquisition.
|
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Rental and other income
|
$
|
1,846,081
|
|
|
$
|
1,674,011
|
|
|
$
|
172,070
|
|
|
10.3
|
%
|
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
|
$
|
222,592
|
|
|
15.3
|
%
|
Management, development and other fees
|
9,947
|
|
|
11,050
|
|
|
$
|
(1,103
|
)
|
|
(10.0
|
)%
|
|
11,050
|
|
|
11,502
|
|
|
(452
|
)
|
|
(3.9
|
)%
|
|||||
Total revenue
|
1,856,028
|
|
|
1,685,061
|
|
|
170,967
|
|
|
10.1
|
%
|
|
1,685,061
|
|
|
1,462,921
|
|
|
222,140
|
|
|
15.2
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Direct property operating expenses, excluding property taxes
|
377,317
|
|
|
345,846
|
|
|
31,471
|
|
|
9.1
|
%
|
|
345,846
|
|
|
295,150
|
|
|
50,696
|
|
|
17.2
|
%
|
||||||
Property taxes
|
193,499
|
|
|
178,634
|
|
|
14,865
|
|
|
8.3
|
%
|
|
178,634
|
|
|
158,774
|
|
|
19,860
|
|
|
12.5
|
%
|
||||||
Total community operating expenses
|
570,816
|
|
|
524,480
|
|
|
46,336
|
|
|
8.8
|
%
|
|
524,480
|
|
|
453,924
|
|
|
70,556
|
|
|
15.5
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Corporate-level property management and other indirect operating expenses
|
67,060
|
|
|
60,341
|
|
|
6,719
|
|
|
11.1
|
%
|
|
60,341
|
|
|
53,105
|
|
|
7,236
|
|
|
13.6
|
%
|
||||||
Investments and investment management expense
|
4,370
|
|
|
4,485
|
|
|
(115
|
)
|
|
(2.6
|
)%
|
|
4,485
|
|
|
3,990
|
|
|
495
|
|
|
12.4
|
%
|
||||||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
6,822
|
|
|
(3,717
|
)
|
|
10,539
|
|
|
N/A (1)
|
|
|
(3,717
|
)
|
|
45,050
|
|
|
(48,767
|
)
|
|
N/A (1)
|
|
||||||
Interest expense, net
|
175,615
|
|
|
180,618
|
|
|
(5,003
|
)
|
|
(2.8
|
)%
|
|
180,618
|
|
|
172,402
|
|
|
8,216
|
|
|
4.8
|
%
|
||||||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
(27,148
|
)
|
|
N/A (1)
|
|
|
412
|
|
|
14,921
|
|
|
(14,509
|
)
|
|
(97.2
|
)%
|
||||||
Loss on interest rate contract
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
51,000
|
|
|
(51,000
|
)
|
|
(100.0
|
)%
|
||||||
Depreciation expense
|
477,923
|
|
|
442,682
|
|
|
35,241
|
|
|
8.0
|
%
|
|
442,682
|
|
|
560,215
|
|
|
(117,533
|
)
|
|
(21.0
|
)%
|
||||||
General and administrative expense
|
42,396
|
|
|
41,425
|
|
|
971
|
|
|
2.3
|
%
|
|
41,425
|
|
|
39,573
|
|
|
1,852
|
|
|
4.7
|
%
|
||||||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
(10,542
|
)
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||
Total other expenses
|
736,908
|
|
|
726,246
|
|
|
10,662
|
|
|
1.5
|
%
|
|
726,246
|
|
|
940,256
|
|
|
(214,010
|
)
|
|
(22.8
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity in income (loss) of unconsolidated entities
|
70,018
|
|
|
148,766
|
|
|
(78,748
|
)
|
|
(52.9
|
)%
|
|
148,766
|
|
|
(11,154
|
)
|
|
159,920
|
|
|
N/A (1)
|
|
||||||
Gain on sale of real estate
|
9,647
|
|
|
490
|
|
|
9,157
|
|
|
1,868.8
|
%
|
|
490
|
|
|
240
|
|
|
250
|
|
|
104.2
|
%
|
||||||
Gain on sale of communities
|
115,625
|
|
|
84,925
|
|
|
30,700
|
|
|
36.1
|
%
|
|
84,925
|
|
|
—
|
|
|
84,925
|
|
|
100.0
|
%
|
||||||
Income from continuing operations before taxes
|
743,594
|
|
|
668,516
|
|
|
75,078
|
|
|
11.2
|
%
|
|
668,516
|
|
|
57,827
|
|
|
610,689
|
|
|
1,056.1
|
%
|
||||||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
(7,507
|
)
|
|
(80.1
|
)%
|
|
9,368
|
|
|
—
|
|
|
9,368
|
|
|
100.0
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income from continuing operations
|
741,733
|
|
|
659,148
|
|
|
82,585
|
|
|
12.5
|
%
|
|
659,148
|
|
|
57,827
|
|
|
601,321
|
|
|
1,039.9
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income from discontinued operations
|
—
|
|
|
310
|
|
|
(310
|
)
|
|
(100.0
|
)%
|
|
310
|
|
|
16,713
|
|
|
(16,403
|
)
|
|
(98.1
|
)%
|
||||||
Gain on sale of discontinued operations
|
—
|
|
|
37,869
|
|
|
(37,869
|
)
|
|
(100.0
|
)%
|
|
37,869
|
|
|
278,231
|
|
|
(240,362
|
)
|
|
(86.4
|
)%
|
||||||
Total discontinued operations
|
—
|
|
|
38,179
|
|
|
(38,179
|
)
|
|
(100.0
|
)%
|
|
38,179
|
|
|
294,944
|
|
|
(256,765
|
)
|
|
(87.1
|
)%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income
|
741,733
|
|
|
697,327
|
|
|
44,406
|
|
|
6.4
|
%
|
|
697,327
|
|
|
352,771
|
|
|
344,556
|
|
|
97.7
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
305
|
|
|
(13,760
|
)
|
|
14,065
|
|
|
N/A (1)
|
|
|
(13,760
|
)
|
|
370
|
|
|
(14,130
|
)
|
|
N/A (1)
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
58,471
|
|
|
8.6
|
%
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
$
|
330,426
|
|
|
93.6
|
%
|
(1)
|
Percent change is not meaningful.
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Net income
|
$
|
741,733
|
|
|
$
|
697,327
|
|
|
$
|
352,771
|
|
Indirect operating expenses, net of corporate income
|
56,973
|
|
|
49,055
|
|
|
41,554
|
|
|||
Investments and investment management expense
|
4,370
|
|
|
4,485
|
|
|
3,990
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
6,822
|
|
|
(3,717
|
)
|
|
45,050
|
|
|||
Interest expense, net (1)
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|||
Loss on interest rate contract
|
—
|
|
|
—
|
|
|
51,000
|
|
|||
General and administrative expense
|
42,396
|
|
|
41,425
|
|
|
39,573
|
|
|||
Equity in (income) loss of unconsolidated real estate entities
|
(70,018
|
)
|
|
(148,766
|
)
|
|
11,154
|
|
|||
Depreciation expense (1)
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
—
|
|
|||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of real estate assets
|
(125,272
|
)
|
|
(85,415
|
)
|
|
(240
|
)
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
(37,869
|
)
|
|
(278,231
|
)
|
|||
Income from discontinued operations
|
—
|
|
|
(310
|
)
|
|
(16,713
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
(10,920
|
)
|
|
(27,357
|
)
|
|
(31,388
|
)
|
|||
Net operating income
|
$
|
1,264,205
|
|
|
$
|
1,121,938
|
|
|
$
|
966,058
|
|
(1)
|
Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
|
|
Full Year
|
||||||
|
2015
|
|
2014
|
||||
Established Communities
|
$
|
53,656
|
|
|
$
|
22,728
|
|
Other Stabilized Communities
|
28,129
|
|
|
74,322
|
|
||
Development and Redevelopment Communities
|
60,482
|
|
|
58,830
|
|
||
Total
|
$
|
142,267
|
|
|
$
|
155,880
|
|
•
|
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 and corporate overhead expenses.
|
•
|
we invested approximately
$1,569,326,000
in the development and redevelopment of communities including
$475,150,000
for the acquisition of direct interests in land for development; and
|
•
|
we had capital expenditures of
55,865,000
for our operating communities and non-real estate assets.
|
•
|
proceeds from dispositions of
$282,163,000
;
|
•
|
insurance recoveries for property damage claims related to Edgewater of $44,142,000; and
|
•
|
net distributions from unconsolidated joint ventures in the amount of
$102,599,000
.
|
•
|
proceeds from the issuance of unsecured notes in the aggregate principal amount of $823,088,000;
|
•
|
issuance of common stock in the amount of
$690,184,000
, including
$659,423,000
from the settlement of the Forward, and
|
•
|
borrowing the final
$50,000,000
available under the
$300,000,000
variable rate unsecured term loan (the “Term Loan”).
|
•
|
repayment of secured notes in the amount of
$850,963,000
;
|
•
|
payment of cash dividends in the amount of
$655,248,000
; and
|
•
|
redemption of preferred interest obligation in the amount of
$14,410,000
.
|
•
|
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 January 2015, in conjunction with the disposition of Avalon on Stamford Harbor, another operating community, AVA Belltown, was substituted as collateral for the disposed community's outstanding fixed rate secured mortgage loan.
|
•
|
In March 2015, we borrowed the final
$50,000,000
available under the Term Loan, maturing in
March 2021
.
|
•
|
In April 2015, we repaid an aggregate of
$481,582,000
principal amount of secured indebtedness, which includes
eight
fixed rate mortgage loans secured by
eight
wholly-owned operating communities, at par. The indebtedness had an aggregate effective interest rate of
3.12%
, and a stated maturity date of
November 2015
. We incurred a gain on the early debt extinguishment of
$8,724,000
, representing the excess of the write-off of unamortized premium from the debt assumed in the Archstone Acquisition.
|
•
|
In May 2015, we issued
$525,000,000
principal amount of unsecured notes in a public offering under our existing shelf registration statement for net proceeds of approximately
$520,653,000
. The notes mature in
June 2025
and were issued at a
3.45%
coupon interest rate.
|
•
|
In June 2015, we repaid a
$15,778,000
fixed rate secured mortgage note with an effective interest rate of
7.50%
at par in advance of its
February 2041
maturity date, recognizing a charge of
$455,000
for a prepayment penalty and write-off of unamortized deferred financing costs.
|
•
|
In June 2015, we repaid a
$7,805,000
fixed rate secured mortgage note with an effective interest rate of
7.84%
at par and without penalty in advance of its
May 2027
maturity date, recognizing a charge of
$263,000
for the write-off of unamortized deferred financing costs.
|
•
|
In June 2015, we repaid the
$74,531,000
fixed rate secured mortgage note secured by Edgewater, with an effective interest rate of
5.95%
at par and without penalty in advance of its
May 2019
maturity date, recognizing a charge of
$259,000
for the write-off of unamortized deferred financing costs.
|
•
|
In July 2015, we repaid a
$140,346,000
fixed rate secured mortgage note with an effective interest rate of
5.56%
in advance of its
May 2053
maturity date, resulting in a recognized gain of
$18,987,000
, consisting of the write off of unamortized premium net of unamortized deferred financing costs of
$30,215,000
, partially offset by a prepayment penalty of
$11,228,000
.
|
•
|
In November 2015, we issued
$300,000,000
principal amount of unsecured notes in a public offering under our existing shelf registration statement for net proceeds of approximately
$297,072,000
. The notes mature in
November 2025
and were issued at a
3.5%
coupon interest rate.
|
•
|
In December 2015, we repaid a
$46,938,000
fixed rate secured mortgage note with an effective interest rate of
6.23%
, at par, pursuant to its scheduled maturity date.
|
•
|
In December 2015, we repaid a
$56,492,000
fixed rate secured mortgage note with an effective interest rate of
6.13%
, at par, pursuant to its scheduled maturity date.
|
|
|
All-In
interest rate (1) |
|
Principal
maturity date |
Balance Outstanding (2)
|
|
|||||||||||||||||||||||||||||||
Community
|
|
|
|
12/31/2014
|
|
12/31/2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|||||||||||||||||||
Tax-exempt bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Eaves Washingtonian Center I
|
|
7.84
|
%
|
|
May-2027
|
(3)
|
$
|
8,011
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Avalon Oaks
|
|
7.50
|
%
|
|
Feb-2041
|
(3)
|
15,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Oaks West
|
|
7.54
|
%
|
|
Apr-2043
|
|
15,847
|
|
|
15,649
|
|
|
211
|
|
|
225
|
|
|
241
|
|
|
257
|
|
|
275
|
|
|
14,440
|
|
||||||||
Avalon at Chestnut Hill
|
|
6.16
|
%
|
|
Oct-2047
|
|
39,545
|
|
|
39,088
|
|
|
482
|
|
|
509
|
|
|
536
|
|
|
566
|
|
|
596
|
|
|
36,399
|
|
||||||||
Avalon Westbury
|
|
4.13
|
%
|
|
Nov-2036
|
(4)
|
62,200
|
|
|
62,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,200
|
|
||||||||
|
|
|
|
|
|
|
141,490
|
|
|
116,937
|
|
|
693
|
|
|
734
|
|
|
777
|
|
|
823
|
|
|
871
|
|
|
113,039
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Variable rate (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Avalon at Mountain View
|
|
0.77
|
%
|
|
Feb-2017
|
(6)
|
18,100
|
|
|
17,700
|
|
|
—
|
|
|
17,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Mission Viejo
|
|
1.20
|
%
|
|
Jun-2025
|
(6)
|
7,635
|
|
|
7,635
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,635
|
|
||||||||
AVA Nob Hill
|
|
1.11
|
%
|
|
Jun-2025
|
(6)
|
20,800
|
|
|
20,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,800
|
|
||||||||
Avalon Campbell
|
|
1.43
|
%
|
|
Jun-2025
|
(6)
|
38,800
|
|
|
38,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,800
|
|
||||||||
Eaves Pacifica
|
|
1.45
|
%
|
|
Jun-2025
|
(6)
|
17,600
|
|
|
17,600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,600
|
|
||||||||
Avalon Bowery Place
|
|
2.78
|
%
|
|
Nov-2037
|
(6)
|
93,800
|
|
|
93,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,800
|
|
||||||||
Avalon Acton
|
|
1.48
|
%
|
|
Jul-2040
|
(6)
|
45,000
|
|
|
45,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,000
|
|
||||||||
Avalon Walnut Creek
|
|
1.39
|
%
|
|
Mar-2046
|
(4)
|
116,000
|
|
|
116,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
116,000
|
|
||||||||
Avalon Walnut Creek
|
|
1.39
|
%
|
|
Mar-2046
|
(4)
|
10,000
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
||||||||
Avalon Morningside Park
|
|
1.32
|
%
|
|
May-2046
|
(4)
|
100,000
|
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
||||||||
Avalon Clinton North
|
|
1.70
|
%
|
|
Nov-2038
|
(6)
|
147,000
|
|
|
147,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147,000
|
|
||||||||
Avalon Clinton South
|
|
1.70
|
%
|
|
Nov-2038
|
(6)
|
121,500
|
|
|
121,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121,500
|
|
||||||||
Avalon Midtown West
|
|
1.61
|
%
|
|
May-2029
|
(6)
|
100,500
|
|
|
100,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100,500
|
|
||||||||
Avalon San Bruno
|
|
1.59
|
%
|
|
Dec-2037
|
(6)
|
64,450
|
|
|
64,450
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,450
|
|
||||||||
Avalon Calabasas
|
|
1.67
|
%
|
|
Apr-2028
|
(6)
|
44,410
|
|
|
44,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,410
|
|
||||||||
|
|
|
|
|
|
945,595
|
|
|
945,195
|
|
|
—
|
|
|
17,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
927,495
|
|
|||||||||
Conventional loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
$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
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
||||||||
$525 Million unsecured notes
|
|
3.55
|
%
|
|
Jun-2025
|
|
—
|
|
|
525,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
525,000
|
|
||||||||
$300 Million unsecured notes
|
|
3.62
|
%
|
|
Nov-2025
|
|
—
|
|
|
300,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
||||||||
Avalon Orchards
|
|
7.79
|
%
|
|
Jul-2033
|
|
17,091
|
|
|
16,621
|
|
|
503
|
|
|
539
|
|
|
577
|
|
|
619
|
|
|
663
|
|
|
13,720
|
|
||||||||
Avalon Darien
|
|
6.23
|
%
|
|
Dec-2015
|
(7)
|
47,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
AVA Stamford
|
|
6.13
|
%
|
|
Dec-2015
|
(7)
|
57,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Walnut Creek
|
|
4.34
|
%
|
|
Jul-2066
|
|
3,042
|
|
|
3,289
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,289
|
|
||||||||
Avalon Shrewsbury
|
|
5.92
|
%
|
|
May-2019
|
|
20,174
|
|
|
19,867
|
|
|
323
|
|
|
346
|
|
|
367
|
|
|
18,831
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Trumbull
|
|
5.93
|
%
|
|
May-2019
|
(8)
|
39,452
|
|
|
38,852
|
|
|
631
|
|
|
676
|
|
|
717
|
|
|
36,828
|
|
|
—
|
|
|
—
|
|
||||||||
AVA Belltown
|
|
6.00
|
%
|
|
May-2019
|
(9)
|
62,724
|
|
|
61,769
|
|
|
1,003
|
|
|
1,075
|
|
|
1,140
|
|
|
58,551
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Freehold
|
|
5.95
|
%
|
|
May-2019
|
|
34,973
|
|
|
34,441
|
|
|
559
|
|
|
599
|
|
|
636
|
|
|
32,647
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Run East
|
|
5.95
|
%
|
|
May-2019
|
|
37,475
|
|
|
36,904
|
|
|
599
|
|
|
642
|
|
|
681
|
|
|
34,982
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Nanuet
|
|
6.07
|
%
|
|
May-2019
|
|
63,242
|
|
|
62,279
|
|
|
1,011
|
|
|
1,083
|
|
|
1,150
|
|
|
59,035
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Edgewater
|
|
5.95
|
%
|
|
May-2019
|
(3)
|
75,012
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Foxhall
|
|
6.06
|
%
|
|
May-2019
|
|
56,341
|
|
|
55,484
|
|
|
901
|
|
|
965
|
|
|
1,024
|
|
|
52,594
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Gallery Place
|
|
6.06
|
%
|
|
May-2019
|
|
43,776
|
|
|
43,110
|
|
|
700
|
|
|
750
|
|
|
796
|
|
|
40,864
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Traville
|
|
5.91
|
%
|
|
May-2019
|
|
74,186
|
|
|
73,057
|
|
|
1,186
|
|
|
1,271
|
|
|
1,348
|
|
|
69,252
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Bellevue
|
|
5.92
|
%
|
|
May-2019
|
|
25,491
|
|
|
25,103
|
|
|
408
|
|
|
437
|
|
|
463
|
|
|
23,795
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon on the Alameda
|
|
5.91
|
%
|
|
May-2019
|
|
51,539
|
|
|
50,754
|
|
|
824
|
|
|
883
|
|
|
937
|
|
|
48,110
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon at Mission Bay North
|
|
5.90
|
%
|
|
May-2019
|
|
69,955
|
|
|
68,890
|
|
|
1,118
|
|
|
1,198
|
|
|
1,272
|
|
|
65,302
|
|
|
—
|
|
|
—
|
|
AVA Pasadena
|
|
4.06
|
%
|
|
Jun-2018
|
|
11,683
|
|
|
11,489
|
|
|
202
|
|
|
213
|
|
|
11,074
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Seal Beach
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
85,122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Toluca Hills Apartments by Avalon
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
165,561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Mountain View at Middlefield
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
71,496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Tunlaw Gardens
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
28,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves Glover Park
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
23,569
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Oakwood Arlington
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
42,185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves North Quincy
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
36,761
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Thousand Oaks Plaza
|
|
3.12
|
%
|
|
Nov-2015
|
(10)
|
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
|
|
3.36
|
%
|
|
Nov-2017
|
|
28,079
|
|
|
28,079
|
|
|
—
|
|
|
28,079
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves West Valley
|
|
3.36
|
%
|
|
Nov-2017
|
|
75,092
|
|
|
75,092
|
|
|
—
|
|
|
75,092
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Eaves West Valley II
|
|
3.36
|
%
|
|
Nov-2017
|
|
7,995
|
|
|
7,995
|
|
|
—
|
|
|
7,995
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
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
|
(11)
|
140,964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon San Bruno II
|
|
3.85
|
%
|
|
Apr-2021
|
|
30,968
|
|
|
30,514
|
|
|
475
|
|
|
506
|
|
|
534
|
|
|
564
|
|
|
591
|
|
|
27,844
|
|
||||||||
Avalon Westbury
|
|
4.13
|
%
|
|
Nov-2036
|
(4)
|
20,145
|
|
|
18,975
|
|
|
1,231
|
|
|
1,293
|
|
|
1,358
|
|
|
1,426
|
|
|
1,499
|
|
|
12,168
|
|
||||||||
Archstone Lexington
|
|
3.32
|
%
|
|
Mar-2016
|
|
16,525
|
|
|
16,255
|
|
|
16,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon San Bruno III
|
|
4.87
|
%
|
|
Jun-2020
|
|
56,210
|
|
|
55,650
|
|
|
1,147
|
|
|
1,188
|
|
|
1,226
|
|
|
1,264
|
|
|
50,825
|
|
|
—
|
|
||||||||
Avalon Andover
|
|
3.29
|
%
|
|
Apr-2018
|
|
14,505
|
|
|
14,179
|
|
|
336
|
|
|
346
|
|
|
13,497
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Natick
|
|
3.14
|
%
|
|
Apr-2019
|
|
14,818
|
|
|
14,499
|
|
|
329
|
|
|
339
|
|
|
349
|
|
|
13,482
|
|
|
—
|
|
|
—
|
|
||||||||
|
|
|
|
|
|
|
5,009,187
|
|
|
5,019,172
|
|
|
279,741
|
|
|
956,540
|
|
|
39,146
|
|
|
558,146
|
|
|
703,578
|
|
|
2,482,021
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Variable rate (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Avalon Walnut Creek
|
|
1.73
|
%
|
|
Mar-2046
|
(4)
|
8,500
|
|
|
8,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,500
|
|
||||||||
Avalon Calabasas
|
|
2.41
|
%
|
|
Aug-2018
|
(6)
|
55,827
|
|
|
54,756
|
|
|
1,152
|
|
|
1,225
|
|
|
52,379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Avalon Natick
|
|
2.69
|
%
|
|
Apr-2019
|
(6)
|
37,539
|
|
|
36,731
|
|
|
833
|
|
|
858
|
|
|
884
|
|
|
34,156
|
|
|
—
|
|
|
—
|
|
||||||||
Term Loan
|
|
1.99
|
%
|
|
Mar-2021
|
|
250,000
|
|
|
300,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
||||||||
|
|
|
|
|
|
|
351,866
|
|
|
399,987
|
|
|
1,985
|
|
|
2,083
|
|
|
53,263
|
|
|
34,156
|
|
|
—
|
|
|
308,500
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total indebtedness - excluding Credit Facility
|
|
|
|
|
|
|
$
|
6,448,138
|
|
|
$
|
6,481,291
|
|
|
$
|
282,419
|
|
|
$
|
977,057
|
|
|
$
|
93,186
|
|
|
$
|
593,125
|
|
|
$
|
704,449
|
|
|
$
|
3,831,055
|
|
(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)
|
Balances outstanding represent total amounts due at maturity, and exclude deferred financing costs, debt discount and basis adjustments associated with the hedged unsecured note of
$29,326
and
$24,467
as of
December 31, 2015
and
2014
, respectively, and premium associated with secured notes, net of deferred financing costs, of
$4,983
and
$66,036
as of
December 31, 2015
and
2014
, respectively, as reflected on our Consolidated Balance Sheets included elsewhere in this report.
|
(3)
|
In June 2015, we repaid this borrowing in advance of its maturity date.
|
(4)
|
Maturity date reflects the contractual maturity of the underlying bond. There is also an associated earlier credit enhancement maturity date.
|
(5)
|
Variable rates are given as of
December 31, 2015
.
|
(6)
|
Financed by variable rate debt, but interest rate is capped through an interest rate protection agreement.
|
(7)
|
Borrowing was repaid at par in accordance with its scheduled maturity.
|
(8)
|
In January 2016, another community, Avalon at Stratford, was substituted as collateral for the outstanding borrowing.
|
(9)
|
In conjunction with the disposition of Avalon on Stamford Harbor in January 2015, this community was substituted as collateral for the outstanding borrowing.
|
(10)
|
In April 2015, we repaid this borrowing at par in advance of its maturity date.
|
(11)
|
In July 2015, we elected to repay this borrowing in advance of its maturity date, incurring a prepayment penalty of $11,228,000.
|
|
|
|
|
|
|
|
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
|
|
|
$
|
45,936
|
|
|
$
|
25,808
|
|
|
Fixed
|
|
3.64
|
%
|
|
Nov 2017
|
2. Eaves Gaithersburg - Gaithersburg, MD (4)
|
|
|
|
684
|
|
|
102,847
|
|
|
63,200
|
|
|
Fixed
|
|
5.42
|
%
|
|
Jan 2018
|
||
3. Eaves Tustin - Tustin, CA
|
|
|
|
628
|
|
|
101,353
|
|
|
59,100
|
|
|
Fixed
|
|
3.81
|
%
|
|
Oct 2017
|
||
4. Eaves Rockville - Rockville, MD
|
|
|
|
210
|
|
|
51,721
|
|
|
29,653
|
|
|
Fixed
|
|
4.26
|
%
|
|
Aug 2019
|
||
5. Eaves Rancho San Diego - El Cajon, CA (5)
|
|
|
|
676
|
|
|
127,939
|
|
|
68,349
|
|
|
Fixed
|
|
3.45
|
%
|
|
Nov 2018
|
||
6. Avalon Watchung - Watchung, NJ
|
|
|
|
334
|
|
|
66,650
|
|
|
40,433
|
|
|
Fixed
|
|
3.37
|
%
|
|
Apr 2019
|
||
Total Fund II
|
31.3
|
%
|
|
2,880
|
|
|
$
|
496,446
|
|
|
$
|
286,543
|
|
|
|
|
4.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Eaves Sunnyvale—Sunnyvale, CA (4)
|
|
|
|
192
|
|
|
$
|
67,115
|
|
|
$
|
33,351
|
|
|
Fixed
|
|
5.33
|
%
|
|
Nov 2019
|
2. Avalon Studio 4041—Studio City, CA
|
|
|
|
149
|
|
|
56,843
|
|
|
30,101
|
|
|
Fixed
|
|
3.34
|
%
|
|
Nov 2022
|
||
3. Avalon Marina Bay—Marina del Rey, CA (6)
|
|
|
|
205
|
|
|
77,146
|
|
|
51,300
|
|
|
Fixed
|
|
1.56
|
%
|
|
Dec 2020
|
||
4. Avalon Venice on Rose—Venice, CA
|
|
|
|
70
|
|
|
57,207
|
|
|
30,462
|
|
|
Fixed
|
|
3.28
|
%
|
|
Jun 2020
|
||
5. Archstone Boca Town Center—Boca Raton, FL (7)
|
|
|
|
252
|
|
|
46,311
|
|
|
27,367
|
|
|
Fixed/Variable
|
|
3.57
|
%
|
|
Feb 2019
|
||
6. Avalon Station 250—Dedham, MA
|
|
|
|
285
|
|
|
95,667
|
|
|
58,647
|
|
|
Fixed
|
|
3.73
|
%
|
|
Sep 2022
|
||
7. Avalon Grosvenor Tower—Bethesda, MD
|
|
|
|
237
|
|
|
79,670
|
|
|
45,454
|
|
|
Fixed
|
|
3.74
|
%
|
|
Sep 2022
|
||
8. Avalon Kips Bay—New York, NY (8)
|
|
|
|
209
|
|
|
134,569
|
|
|
67,589
|
|
|
Fixed
|
|
4.25
|
%
|
|
Jan 2019
|
||
9. Avalon Kirkland at Carillon—Kirkland, WA
|
|
|
|
131
|
|
|
53,138
|
|
|
29,592
|
|
|
Fixed
|
|
3.75
|
%
|
|
Feb 2019
|
||
Total U.S. Fund
|
28.6
|
%
|
|
1,730
|
|
|
$
|
667,666
|
|
|
$
|
373,863
|
|
|
|
|
3.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AC JV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. Avalon North Point—Cambridge, MA (9)
|
|
|
|
426
|
|
|
$
|
186,785
|
|
|
$
|
111,653
|
|
|
Fixed
|
|
6.00
|
%
|
|
Aug 2021
|
2. Avalon Woodland Park—Herndon, VA (9)
|
|
|
|
392
|
|
|
85,467
|
|
|
50,647
|
|
|
Fixed
|
|
6.00
|
%
|
|
Aug 2021
|
||
3. Avalon North Points Lofts — Cambridge, MA
|
|
|
103
|
|
|
26,839
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
|
N/A
|
|||
Total AC JV
|
20.0
|
%
|
|
921
|
|
|
$
|
299,091
|
|
|
$
|
162,300
|
|
|
|
|
6.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Other Operating Joint Ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
1. MVP I, LLC (10)
|
25.0
|
%
|
|
313
|
|
|
$
|
124,457
|
|
|
$
|
103,000
|
|
|
Fixed
|
|
3.24
|
%
|
|
Jul 2025
|
2. Brandywine Apartments of Maryland, LLC
|
28.7
|
%
|
|
305
|
|
|
18,443
|
|
|
23,835
|
|
|
Fixed
|
|
3.40
|
%
|
|
Jun 2028
|
||
Total Other Joint Ventures
|
|
|
|
618
|
|
|
$
|
142,900
|
|
|
$
|
126,835
|
|
|
|
|
3.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Unconsolidated Investments
|
|
|
|
6,149
|
|
|
$
|
1,606,103
|
|
|
$
|
949,541
|
|
|
|
|
4.10
|
%
|
|
|
(1)
|
Represents total capitalized cost as of
December 31, 2015
.
|
(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, 2015
.
|
(4)
|
Borrowing on this community is comprised of
two
mortgage loans.
|
(5)
|
In February 2016, this community was sold for a sales price of
$158,000
, a portion of which was used to repay the outstanding indebtedness.
|
(6)
|
In December 2015, Avalon Marina Bay obtained a
$51,300
variable rate loan with a maturity date of
December 2020
, which has been converted to an effective fixed rate borrowing with an interest rate swap.
|
(7)
|
In January 2016 this community was sold for a sales price of
$56,300
, a portion of which was used to repay the outstanding indebtedness.
|
(8)
|
In February 2016, this community was sold for a sales price of
$173,000
, a portion of which was used to repay the outstanding indebtedness.
|
(9)
|
Borrowing is comprised of
four
mortgage loans made by the equity investors in the venture in proportion to their equity interests.
|
(10)
|
In June 2015, MVP I, LLC obtained a
$103,000
fixed rate loan, with a maturity date of July 2025, and used the proceeds and cash on hand to repay its existing
$105,000
, variable rate loan which was scheduled to mature in December 2015, at par.
|
|
Payments due by period
|
||||||||||||||||||
|
Total
|
|
Less than 1
Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More than 5
Years
|
||||||||||
Debt Obligations
|
$
|
6,481,291
|
|
|
$
|
282,419
|
|
|
$
|
1,070,243
|
|
|
$
|
1,297,574
|
|
|
$
|
3,831,055
|
|
Interest on Debt Obligations
|
1,420,913
|
|
|
241,423
|
|
|
390,254
|
|
|
261,225
|
|
|
528,011
|
|
|||||
Capital Lease Obligations (1) (2)
|
69,785
|
|
|
2,098
|
|
|
19,931
|
|
|
2,136
|
|
|
45,620
|
|
|||||
Operating Lease Obligations (1)
|
1,245,596
|
|
|
21,056
|
|
|
41,436
|
|
|
39,569
|
|
|
1,143,535
|
|
|||||
|
$
|
9,217,585
|
|
|
$
|
546,996
|
|
|
$
|
1,521,864
|
|
|
$
|
1,600,504
|
|
|
$
|
5,548,221
|
|
(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
$29,069
in interest costs.
|
•
|
For taxable years beginning after December 31, 2015, the Act expands the exclusion of certain hedging income from the REIT gross income tests to include income from hedges of previously acquired hedges that a REIT entered to manage risk associated with liabilities or property that have been extinguished or disposed.
|
•
|
For taxable years beginning before January 1, 2018, no more than 25% of the value of our assets may consist of stock or securities of one or more taxable REIT subsidiaries. For taxable years beginning after December 31, 2017, the Act reduces this limit to 20%. At this time, the securities we own in our taxable REIT subsidiaries do not, in the aggregate, exceed 20% of the total value of our assets.
|
•
|
For taxable years beginning after December 31, 2015, for purposes of the REIT asset tests, the Act provides that debt instruments issued by publicly offered REITs will constitute “real estate assets.” However, unless such a debt instrument is secured by a mortgage or otherwise would have qualified as a real estate asset under prior law, (i) interest income and gain from such a debt instrument is not qualifying income for purposes of the 75% gross income test and (ii) all such debt instruments may represent no more than 25% of the value of our total assets.
|
•
|
For taxable years beginning after December 31, 2015, certain obligations secured by a mortgage on both real property and personal property will be treated as a qualifying real estate asset and give rise to qualifying income for purposes of the 75% gross income test if the fair market value of such personal property does not exceed 15% of the total fair market value of all such property.
|
•
|
A 100% excise tax is imposed on “redetermined TRS service income,” which is income of a taxable REIT subsidiary attributable to services provided to, or on behalf of its associated REIT and which would otherwise be increased on distribution, apportionment, or allocation under Section 482 of the Code.
|
•
|
For distributions made in taxable years beginning after December 31, 2014, the preferential dividend rules no longer to apply to us.
|
•
|
Additional exceptions to the rules under the Foreign Investment in Real Property Act (“FIRPTA”) were introduced for non-U.S. persons that constitute “qualified shareholders” (within the meaning of Section 897(k)(3) of the Code) or “qualified foreign pension funds” (within the meaning of Section 897(l)(2) of the Code).
|
•
|
After February 16, 2016, the FIRPTA withholding rate under Section 1445 of the Code for dispositions of U.S. real property interests is increased from 10% to 15%.
|
•
|
The Act increases from 5% to 10% the maximum stock ownership of the REIT that a non-U.S. shareholder may hold to avail itself of the FIRPTA exception for shares regularly traded on an established securities market.
|
•
|
For assets we acquired from a C corporation in a carry-over basis transaction, the Act permanently reduces the recognition period during which we could be subject to corporate tax on any built-in gains recognized on the sale of such assets from 10 years to 5 years.
|
•
|
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 current economic conditions;
|
•
|
trends affecting our financial condition or results of operations; and
|
•
|
the impact of legal proceedings relating to the Edgewater fire and related matters.
|
•
|
our expectations and assumptions as of the date of this filing regarding the outcome of investigations and/or legal proceedings resulting from the Edgewater fire, as well as the ultimate cost and timing of replacing the Edgewater building and achieving stabilized occupancy in the event the Company chooses to rebuild this community, are subject to change and could materially affect our current expectations regarding the impact of the fire on our business, financial condition and results of operations;
|
•
|
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 II, the U.S. Fund, the AC JV or the REIT vehicles that are used with each respective joint venture; 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
|
(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 and the 1994 Plan.
|
(2)
|
Includes
54,454
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, 2015
,
2016
and
2017
. Does not include
246,231
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 November 12, 2015. (Filed herewith.)
|
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
|
|
—
|
|
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.)
|
10.2
|
|
—
|
|
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.)
|
10.3
|
|
—
|
|
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.)
|
10.4
|
|
—
|
|
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.)
|
10.5+
|
|
—
|
|
Endorsement Split Dollar Agreements and Amendments thereto with Messrs. Naughton and Horey. (Incorporated by reference to Exhibit 10.8 to Form 10-K of the Company filed February 23, 2011.)
|
10.6+
|
|
—
|
|
Form of Amendment to Endorsement Split Dollar Agreement with Messrs. Naughton and Horey. (Incorporated by reference to Exhibit 10.4 to Form 10-K of the Company filed March 2, 2009.)
|
10.7+
|
|
—
|
|
Employment Agreement between the Company and Timothy J. Naughton, dated as of December 16, 2011. (Expired December 31, 2015.) (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed December 21, 2011.)
|
10.8+
|
|
—
|
|
Employment Agreement between the Company and Leo S. Horey dated as of December 16, 2011. (Expired December 31, 2015.) (Incorporated by reference to Exhibit 10.3 to Form 8-K of the Company filed December 21, 2011.)
|
10.9+
|
|
—
|
|
AvalonBay Communities, Inc. Amended and Restated 2009 Stock Option and Incentive Plan. (Incorporated by reference to Exhibit 99.1 to Form 8-K of the Company filed February 16, 2016.)
|
10.10+
|
|
—
|
|
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.)
|
10.11+
|
|
—
|
|
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.)
|
10.12+
|
|
—
|
|
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.)
|
10.13+
|
|
—
|
|
Form of Stock Grant and Restricted Stock Agreement adopted February 11, 2016 (2009 Stock Option and Incentive Plan). (Incorporated by reference to Exhibit 99.3 to Form 8-K of the Company filed February 16, 2016.)
|
10.14+
|
|
—
|
|
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.)
|
10.15+
|
|
—
|
|
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.)
|
10.16+
|
|
—
|
|
Form of Indemnity Agreement between the Company and its Directors. (Incorporated by reference to Exhibit 10.19 to Form 10-K of the Company filed February 19, 2015.)
|
10.17+
|
|
—
|
|
The Company's Officer Severance Plan, as amended and restated on February 11, 2016. (Incorporated by reference to Exhibit 99.2 to Form 8-K of the Company filed February 16, 2016.)
|
10.18+
|
|
—
|
|
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.)
|
10.19+
|
|
—
|
|
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.)
|
10.20+
|
|
—
|
|
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.)
|
10.21+
|
|
—
|
|
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.)
|
10.22+
|
|
—
|
|
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.)
|
10.23+
|
|
—
|
|
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.)
|
10.24+
|
|
—
|
|
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.)
|
10.25+
|
|
—
|
|
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.)
|
10.26+
|
|
—
|
|
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.)
|
10.27
|
|
—
|
|
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.)
|
10.28
|
|
—
|
|
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.)
|
10.29+
|
|
—
|
|
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.)
|
10.30+
|
|
—
|
|
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.)
|
10.31+
|
|
—
|
|
Retirement Agreement between the Company and Thomas J. Sargeant dated as of May 20, 2014. (Incorporated by reference to Exhibit 10.36 to Form 10-K on the Company filed February 19, 2015.)
|
10.32+
|
|
—
|
|
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.)
|
10.33+
|
|
—
|
|
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 4, 2015.)
|
10.34+
|
|
—
|
|
Form of AvalonBay Communities, Inc. Award Terms of Performance-Based Restricted Stock Units, approved February 11, 2016. (Incorporated by reference to Exhibit 99.4 to Form 8-K of the Company filed February 16, 2016.)
|
10.35
|
|
—
|
|
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.)
|
10.36
|
|
—
|
|
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.)
|
10.37
|
|
—
|
|
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.)
|
10.38
|
|
—
|
|
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.)
|
10.39
|
|
—
|
|
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.)
|
10.40
|
|
---
|
|
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, 2015, 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 25, 2016
|
|
By:
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
|
|
Timothy J. Naughton, Director, Chairman, Chief Executive Officer and President (Principal Executive Officer)
|
|
|
|
|
|
Date: February 25, 2016
|
|
By:
|
|
/s/ TIMOTHY J. NAUGHTON
|
|
|
|
|
Timothy J. Naughton, Director, Chairman, Chief Executive Officer and President (Principal Executive Officer)
|
Date: February 25, 2016
|
|
By:
|
|
/s/ KEVIN P. O’SHEA
|
|
|
|
|
Kevin P. O’Shea, Chief Financial Officer
(Principal Financial Officer) |
Date: February 25, 2016
|
|
By:
|
|
/s/ KERI A. SHEA
|
|
|
|
|
Keri A. Shea, Senior Vice President—Finance & Treasurer
(Principal Accounting Officer)
|
Date: February 25, 2016
|
|
By:
|
|
/s/ GLYN F. AEPPEL
|
|
|
|
|
Glyn F. Aeppel, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ TERRY S. BROWN
|
|
|
|
|
Terry S. Brown, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ ALAN B. BUCKELEW
|
|
|
|
|
Alan B. Buckelew, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ RONALD L. HAVNER, JR.
|
|
|
|
|
Ronald L. Havner, Jr., Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ JOHN J. HEALY, JR.
|
|
|
|
|
John J. Healy, Jr., Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ LANCE R. PRIMIS
|
|
|
|
|
Lance R. Primis, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ PETER S. RUMMELL
|
|
|
|
|
Peter S. Rummell, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ H. JAY SARLES
|
|
|
|
|
H. Jay Sarles, Director
|
Date: February 25, 2016
|
|
By:
|
|
/s/ W. EDWARD WALTER
|
|
|
|
|
W. Edward Walter, Director
|
|
12/31/15
|
|
12/31/14
|
||||
ASSETS
|
|
|
|
|
|
||
Real estate:
|
|
|
|
|
|
||
Land and improvements
|
$
|
3,636,761
|
|
|
$
|
3,413,641
|
|
Buildings and improvements
|
13,056,292
|
|
|
12,191,883
|
|
||
Furniture, fixtures and equipment
|
458,224
|
|
|
400,720
|
|
||
|
17,151,277
|
|
|
16,006,244
|
|
||
Less accumulated depreciation
|
(3,303,751
|
)
|
|
(2,847,058
|
)
|
||
Net operating real estate
|
13,847,526
|
|
|
13,159,186
|
|
||
Construction in progress, including land
|
1,592,917
|
|
|
1,417,107
|
|
||
Land held for development
|
484,377
|
|
|
180,516
|
|
||
Operating real estate assets held for sale, net
|
17,489
|
|
|
178,931
|
|
||
Total real estate, net
|
15,942,309
|
|
|
14,935,740
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
400,507
|
|
|
509,460
|
|
||
Cash in escrow
|
104,821
|
|
|
95,625
|
|
||
Resident security deposits
|
30,077
|
|
|
29,617
|
|
||
Investments in unconsolidated real estate entities
|
216,919
|
|
|
298,315
|
|
||
Deferred development costs
|
37,577
|
|
|
67,029
|
|
||
Prepaid expenses and other assets
|
199,095
|
|
|
204,792
|
|
||
Total assets
|
$
|
16,931,305
|
|
|
$
|
16,140,578
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Unsecured notes, net
|
$
|
3,845,674
|
|
|
$
|
2,975,533
|
|
Variable rate unsecured credit facility
|
—
|
|
|
—
|
|
||
Mortgage notes payable, net
|
2,611,274
|
|
|
3,514,174
|
|
||
Dividends payable
|
171,257
|
|
|
153,207
|
|
||
Construction payables
|
98,802
|
|
|
101,916
|
|
||
Accrued expenses and other liabilities
|
260,005
|
|
|
244,117
|
|
||
Accrued interest payable
|
40,085
|
|
|
41,635
|
|
||
Resident security deposits
|
53,132
|
|
|
48,826
|
|
||
Liabilities related to real estate assets held for sale
|
553
|
|
|
2,000
|
|
||
Total liabilities
|
7,080,782
|
|
|
7,081,408
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interests
|
9,997
|
|
|
12,765
|
|
||
|
|
|
|
||||
Equity:
|
|
|
|
|
|
||
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2015 and 2014; zero shares issued and outstanding at December 31, 2015 and 2014
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2015 and 2014; 137,002,031 and 132,050,382 shares issued and outstanding at December 31, 2015 and 2014, respectively
|
1,370
|
|
|
1,320
|
|
||
Additional paid-in capital
|
10,068,532
|
|
|
9,354,685
|
|
||
Accumulated earnings less dividends
|
(197,989
|
)
|
|
(267,085
|
)
|
||
Accumulated other comprehensive loss
|
(31,387
|
)
|
|
(42,515
|
)
|
||
Total equity
|
9,840,526
|
|
|
9,046,405
|
|
||
Total liabilities and equity
|
$
|
16,931,305
|
|
|
$
|
16,140,578
|
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Revenue:
|
|
|
|
|
|
|
|
|
|||
Rental and other income
|
$
|
1,846,081
|
|
|
$
|
1,674,011
|
|
|
$
|
1,451,419
|
|
Management, development and other fees
|
9,947
|
|
|
11,050
|
|
|
11,502
|
|
|||
Total revenue
|
1,856,028
|
|
|
1,685,061
|
|
|
1,462,921
|
|
|||
|
|
|
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|||
Operating expenses, excluding property taxes
|
448,747
|
|
|
410,672
|
|
|
352,245
|
|
|||
Property taxes
|
193,499
|
|
|
178,634
|
|
|
158,774
|
|
|||
Interest expense, net
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|||
Loss on interest rate contract
|
—
|
|
|
—
|
|
|
51,000
|
|
|||
Depreciation expense
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|||
General and administrative expense
|
42,396
|
|
|
41,425
|
|
|
39,573
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
6,822
|
|
|
(3,717
|
)
|
|
45,050
|
|
|||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
—
|
|
|||
Total expenses
|
1,307,724
|
|
|
1,250,726
|
|
|
1,394,180
|
|
|||
|
|
|
|
|
|
||||||
Equity in income (loss) of unconsolidated entities
|
70,018
|
|
|
148,766
|
|
|
(11,154
|
)
|
|||
Gain on sale of real estate
|
9,647
|
|
|
490
|
|
|
240
|
|
|||
Gain on sale of communities
|
115,625
|
|
|
84,925
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations before taxes
|
743,594
|
|
|
668,516
|
|
|
57,827
|
|
|||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations
|
741,733
|
|
|
659,148
|
|
|
57,827
|
|
|||
|
|
|
|
|
|
||||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|||
Income from discontinued operations
|
—
|
|
|
310
|
|
|
16,713
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
37,869
|
|
|
278,231
|
|
|||
Total discontinued operations
|
—
|
|
|
38,179
|
|
|
294,944
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
741,733
|
|
|
697,327
|
|
|
352,771
|
|
|||
Net loss (income) attributable to noncontrolling interests
|
305
|
|
|
(13,760
|
)
|
|
370
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
|
|
|
|
|
|
||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|||
Unrealized gain (loss) on cash flow hedges
|
5,354
|
|
|
(121
|
)
|
|
—
|
|
|||
Cash flow hedge losses reclassified to earnings
|
5,774
|
|
|
6,237
|
|
|
59,376
|
|
|||
Comprehensive income
|
$
|
753,166
|
|
|
$
|
689,683
|
|
|
$
|
412,517
|
|
|
|
|
|
|
|
||||||
Earnings per common share—basic:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations attributable to common stockholders
|
$
|
5.54
|
|
|
$
|
4.93
|
|
|
$
|
0.46
|
|
Discontinued operations attributable to common stockholders
|
—
|
|
|
0.29
|
|
|
2.32
|
|
|||
Net income attributable to common stockholders
|
$
|
5.54
|
|
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
||||||
Earnings per common share—diluted:
|
|
|
|
|
|
|
|
|
|||
Income from continuing operations attributable to common stockholders
|
$
|
5.51
|
|
|
$
|
4.92
|
|
|
$
|
0.46
|
|
Discontinued operations attributable to common stockholders
|
—
|
|
|
0.29
|
|
|
2.32
|
|
|||
Net income attributable to common stockholders
|
$
|
5.51
|
|
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
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, 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
|
|
||||||||
Net income attributable to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
742,038
|
|
|
—
|
|
|
742,038
|
|
|
—
|
|
|
742,038
|
|
||||||||
Unrealized gain on cash flow hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,354
|
|
|
5,354
|
|
|
—
|
|
|
5,354
|
|
||||||||
Cash flow hedge losses reclassified to earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,774
|
|
|
5,774
|
|
|
—
|
|
|
5,774
|
|
||||||||
Change in redemption value and acquisition of noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,088
|
)
|
|
2,053
|
|
|
—
|
|
|
965
|
|
|
—
|
|
|
965
|
|
||||||||
Dividends declared to common stockholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(673,670
|
)
|
|
—
|
|
|
(673,670
|
)
|
|
—
|
|
|
(673,670
|
)
|
||||||||
Issuance of common stock, net of withholdings
|
—
|
|
|
4,951,649
|
|
|
—
|
|
|
50
|
|
|
688,677
|
|
|
(1,325
|
)
|
|
—
|
|
|
687,402
|
|
|
—
|
|
|
687,402
|
|
||||||||
Amortization of deferred compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,258
|
|
|
—
|
|
|
—
|
|
|
26,258
|
|
|
—
|
|
|
26,258
|
|
||||||||
Balance at December 31, 2015
|
—
|
|
|
137,002,031
|
|
|
$
|
—
|
|
|
$
|
1,370
|
|
|
$
|
10,068,532
|
|
|
$
|
(197,989
|
)
|
|
$
|
(31,387
|
)
|
|
$
|
9,840,526
|
|
|
$
|
—
|
|
|
$
|
9,840,526
|
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
741,733
|
|
|
$
|
697,327
|
|
|
$
|
352,771
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation expense
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|||
Depreciation expense from discontinued operations
|
—
|
|
|
—
|
|
|
13,500
|
|
|||
Amortization of deferred financing costs
|
6,871
|
|
|
6,383
|
|
|
6,803
|
|
|||
Amortization of debt premium
|
(24,261
|
)
|
|
(34,961
|
)
|
|
(29,750
|
)
|
|||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|||
Amortization of stock-based compensation
|
15,321
|
|
|
13,927
|
|
|
15,160
|
|
|||
Equity in loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations
|
12,225
|
|
|
4,906
|
|
|
33,125
|
|
|||
Casualty (gain) loss and impairment loss, net
|
(17,303
|
)
|
|
—
|
|
|
—
|
|
|||
Abandonment of development pursuits
|
—
|
|
|
1,455
|
|
|
—
|
|
|||
Cash flow hedge losses reclassified to earnings
|
5,774
|
|
|
6,237
|
|
|
59,376
|
|
|||
Gain on sale of real estate assets
|
(158,852
|
)
|
|
(255,300
|
)
|
|
(278,471
|
)
|
|||
(Increase) decrease in cash in operating escrows
|
(11,837
|
)
|
|
55
|
|
|
(28,960
|
)
|
|||
Decrease (increase) in resident security deposits, prepaid expenses and other assets
|
12,783
|
|
|
(3,441
|
)
|
|
(5,372
|
)
|
|||
Increase in accrued expenses, other liabilities and accrued interest payable
|
23,113
|
|
|
6,959
|
|
|
10,997
|
|
|||
Net cash provided by operating activities
|
1,056,754
|
|
|
886,641
|
|
|
724,315
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs
|
(1,569,326
|
)
|
|
(1,241,832
|
)
|
|
(1,285,715
|
)
|
|||
Acquisition of real estate assets, including partnership interest
|
—
|
|
|
(47,000
|
)
|
|
(839,469
|
)
|
|||
Capital expenditures - existing real estate assets
|
(48,170
|
)
|
|
(46,902
|
)
|
|
(24,415
|
)
|
|||
Capital expenditures - non-real estate assets
|
(7,695
|
)
|
|
(5,923
|
)
|
|
(2,200
|
)
|
|||
Proceeds from sale of real estate, net of selling costs
|
282,163
|
|
|
297,466
|
|
|
919,682
|
|
|||
Insurance recoveries for property damage claims
|
44,142
|
|
|
—
|
|
|
—
|
|
|||
Mortgage note receivable payment
|
—
|
|
|
21,748
|
|
|
—
|
|
|||
(Decrease) increase in payables for construction
|
(3,230
|
)
|
|
7,400
|
|
|
34,779
|
|
|||
Distributions from unconsolidated real estate entities
|
109,181
|
|
|
203,945
|
|
|
42,955
|
|
|||
Investments in unconsolidated real estate entities
|
(6,582
|
)
|
|
(5,662
|
)
|
|
(26,791
|
)
|
|||
Net cash used in investing activities
|
(1,199,517
|
)
|
|
(816,760
|
)
|
|
(1,181,174
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
Issuance of common stock, net
|
690,184
|
|
|
346,134
|
|
|
4,703
|
|
|||
Dividends paid
|
(655,248
|
)
|
|
(593,643
|
)
|
|
(526,050
|
)
|
|||
Issuance of mortgage notes payable
|
—
|
|
|
53,000
|
|
|
84,928
|
|
|||
Repayments of mortgage notes payable, including prepayment penalties
|
(850,963
|
)
|
|
(32,859
|
)
|
|
(2,110,347
|
)
|
|||
Settlement of interest rate contract
|
—
|
|
|
—
|
|
|
(51,000
|
)
|
|||
Issuance of unsecured notes
|
873,088
|
|
|
550,000
|
|
|
750,000
|
|
|||
Repayment of unsecured notes
|
—
|
|
|
(150,000
|
)
|
|
(100,000
|
)
|
|||
Payment of deferred financing costs
|
(7,343
|
)
|
|
(7,820
|
)
|
|
(10,100
|
)
|
|||
Redemption of noncontrolling interest and units for cash by minority partners
|
(1,088
|
)
|
|
—
|
|
|
(1,965
|
)
|
|||
Distributions to DownREIT partnership unitholders
|
(38
|
)
|
|
(26
|
)
|
|
(32
|
)
|
|||
Distributions to joint venture and profit-sharing partners
|
(372
|
)
|
|
(262
|
)
|
|
(317
|
)
|
|||
Redemption of preferred interest obligation
|
(14,410
|
)
|
|
(6,300
|
)
|
|
(35,224
|
)
|
|||
Net cash provided by (used in) financing activities
|
33,810
|
|
|
158,224
|
|
|
(1,995,404
|
)
|
|||
|
|
|
|
|
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(108,953
|
)
|
|
228,105
|
|
|
(2,452,263
|
)
|
|||
|
|
|
|
|
|
||||||
Cash and cash equivalents, beginning of year
|
509,460
|
|
|
281,355
|
|
|
2,733,618
|
|
|||
Cash and cash equivalents, end of year
|
$
|
400,507
|
|
|
$
|
509,460
|
|
|
$
|
281,355
|
|
|
|
|
|
|
|
||||||
Cash paid during the year for interest, net of amount capitalized
|
$
|
188,782
|
|
|
$
|
191,966
|
|
|
$
|
179,325
|
|
•
|
As described in Note 4, “Equity,”
157,779
shares of common stock were issued as part of the Company's stock based compensation plans, of which
95,826
shares related to the conversion of performance awards to restricted shares, and the remaining
61,953
shares valued at
$10,720,000
were issued in connection with new stock grants;
46,589
shares valued at
$3,552,000
at the grant date, were issued in conjunction with the conversion of deferred stock awards;
2,142
shares valued at
$372,000
were issued through the Company’s dividend reinvestment plan;
45,090
shares valued at
$5,979,000
were withheld to satisfy employees’ tax withholding and other liabilities; and
1,529
restricted shares as well as performance awards with an aggregate value of
$726,000
previously issued in connection with employee compensation were canceled upon forfeiture.
|
•
|
Common stock dividends declared but not paid totaled
$171,257,000
.
|
•
|
The Company recorded a decrease of
$2,053,000
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 11, “Fair Value.”
|
•
|
The Company recorded an increase in prepaid expenses and other assets and a corresponding gain to other comprehensive income of
$5,354,000
, and reclassified
$5,774,000
of 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.
|
•
|
As discussed in Note 1, "Organization and Basis of Presentation, Casualty Gains and Losses," the Company recognized a charge of
$26,039,000
to write off the net book value of the fixed assets destroyed by the Edgewater fire and winter storm damage.
|
•
|
The Company recognized a capital lease associated with a parking garage adjacent to a Development Community, recording a capital lease obligation of
$3,299,000
in accrued expenses and other liabilities, with a corresponding asset to buildings and improvements.
|
•
|
The Company issued
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 performance awards 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 performance awards 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 11, “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
|
•
|
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.
|
|
2015 Estimate
|
|
2014 Actual
|
|
2013 Actual
|
||||||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
GAAP gain on sale of communities (in excess of) less than tax gain
|
(43,873
|
)
|
|
22,127
|
|
|
29,388
|
|
|||
Depreciation/amortization timing differences on real estate
|
(3,105
|
)
|
|
(10,735
|
)
|
|
180,293
|
|
|||
Deductible acquisition costs
|
—
|
|
|
—
|
|
|
(26,427
|
)
|
|||
Amortization of debt/mark to market interest
|
(64,676
|
)
|
|
(38,202
|
)
|
|
(31,965
|
)
|
|||
Tax compensation expense less than (in excess of) GAAP
|
(5,696
|
)
|
|
(5,252
|
)
|
|
12,886
|
|
|||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
—
|
|
|||
Other adjustments
|
(38,553
|
)
|
|
14,323
|
|
|
1,018
|
|
|||
Taxable net income
|
$
|
575,593
|
|
|
$
|
665,828
|
|
|
$
|
518,334
|
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Basic and diluted shares outstanding
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares—basic
|
133,565,711
|
|
|
130,586,718
|
|
|
126,855,754
|
|
|||
Weighted average DownREIT units outstanding
|
7,500
|
|
|
7,500
|
|
|
7,500
|
|
|||
Effect of dilutive securities
|
1,019,966
|
|
|
643,284
|
|
|
402,649
|
|
|||
Weighted average common shares—diluted
|
134,593,177
|
|
|
131,237,502
|
|
|
127,265,903
|
|
|||
|
|
|
|
|
|
||||||
Calculation of Earnings per Share—basic
|
|
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
Net income allocated to unvested restricted shares
|
(1,774
|
)
|
|
(1,523
|
)
|
|
(563
|
)
|
|||
Net income attributable to common stockholders, adjusted
|
$
|
740,264
|
|
|
$
|
682,044
|
|
|
$
|
352,578
|
|
|
|
|
|
|
|
||||||
Weighted average common shares—basic
|
133,565,711
|
|
|
130,586,718
|
|
|
126,855,754
|
|
|||
|
|
|
|
|
|
||||||
Earnings per common share—basic
|
$
|
5.54
|
|
|
$
|
5.22
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
||||||
Calculation of Earnings per Share—diluted
|
|
|
|
|
|
|
|
|
|||
Net income attributable to common stockholders
|
$
|
742,038
|
|
|
$
|
683,567
|
|
|
$
|
353,141
|
|
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations
|
38
|
|
|
35
|
|
|
32
|
|
|||
Adjusted net income attributable to common stockholders
|
$
|
742,076
|
|
|
$
|
683,602
|
|
|
$
|
353,173
|
|
|
|
|
|
|
|
||||||
Weighted average common shares—diluted
|
134,593,177
|
|
|
131,237,502
|
|
|
127,265,903
|
|
|||
|
|
|
|
|
|
||||||
Earnings per common share—diluted
|
$
|
5.51
|
|
|
$
|
5.21
|
|
|
$
|
2.78
|
|
|
|
|
|
|
|
||||||
Dividends per common share
|
$
|
5.00
|
|
|
$
|
4.64
|
|
|
$
|
4.28
|
|
|
12/31/14
|
|
Impact of change in accounting principle
|
|
12/31/14
|
||||||
|
(as previously reported)
|
|
|
(as adjusted and currently reported)
|
|||||||
ASSETS
|
|
|
|
|
|
|
|
||||
Total real estate, net
|
$
|
14,935,740
|
|
|
$
|
—
|
|
|
$
|
14,935,740
|
|
Cash and cash equivalents
|
509,460
|
|
|
—
|
|
|
509,460
|
|
|||
Cash in escrow
|
95,625
|
|
|
—
|
|
|
95,625
|
|
|||
Resident security deposits
|
29,617
|
|
|
—
|
|
|
29,617
|
|
|||
Investments in unconsolidated real estate entities
|
298,315
|
|
|
—
|
|
|
298,315
|
|
|||
Deferred development costs
|
67,029
|
|
|
—
|
|
|
67,029
|
|
|||
Prepaid expenses and other assets
|
240,937
|
|
|
(36,145
|
)
|
|
204,792
|
|
|||
Total assets
|
$
|
16,176,723
|
|
|
$
|
(36,145
|
)
|
|
$
|
16,140,578
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|||
Unsecured notes, net
|
$
|
2,993,265
|
|
|
$
|
(17,732
|
)
|
|
$
|
2,975,533
|
|
Variable rate unsecured credit facility
|
—
|
|
|
—
|
|
|
—
|
|
|||
Mortgage notes payable, net
|
3,532,587
|
|
|
(18,413
|
)
|
|
3,514,174
|
|
|||
Other liabilities
|
591,701
|
|
|
—
|
|
|
591,701
|
|
|||
Total liabilities
|
7,117,553
|
|
|
(36,145
|
)
|
|
7,081,408
|
|
|||
|
|
|
|
|
|
||||||
Redeemable noncontrolling interests
|
12,765
|
|
|
—
|
|
|
12,765
|
|
|||
|
|
|
|
|
|
||||||
Total equity
|
9,046,405
|
|
|
—
|
|
|
9,046,405
|
|
|||
Total liabilities and equity
|
$
|
16,176,723
|
|
|
$
|
(36,145
|
)
|
|
$
|
16,140,578
|
|
|
12/31/15
|
|
12/31/14
|
||||
Fixed rate unsecured notes (1)
|
$
|
3,575,000
|
|
|
$
|
2,750,000
|
|
Term Loan
|
300,000
|
|
|
250,000
|
|
||
Fixed rate mortgage notes payable—conventional and tax-exempt (2)
|
1,561,109
|
|
|
2,400,677
|
|
||
Variable rate mortgage notes payable—conventional and tax-exempt (2)
|
1,045,182
|
|
|
1,047,461
|
|
||
Total notes payable and unsecured notes
|
6,481,291
|
|
|
6,448,138
|
|
||
Credit Facility
|
—
|
|
|
—
|
|
||
Total mortgage notes payable, unsecured notes and Credit Facility
|
$
|
6,481,291
|
|
|
$
|
6,448,138
|
|
(1)
|
Balances at
December 31, 2015
and
December 31, 2014
exclude
$7,601
and
$6,735
, respectively, of debt discount, and
$21,725
and
$17,732
, respectively, of deferred financing costs, as reflected in unsecured notes, net on the Company's Consolidated Balance Sheets.
|
(2)
|
Balances at
December 31, 2015
and
December 31, 2014
exclude
$19,686
and
$84,449
, respectively, of debt premium, and
$14,703
and
$18,413
, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the Company's Consolidated Balance Sheets.
|
•
|
In January 2015, in conjunction with the disposition of Avalon on Stamford Harbor, another operating community, AVA Belltown, was substituted as collateral for the disposed community's outstanding fixed rate secured mortgage loan.
|
•
|
In March 2015, the Company borrowed the final
$50,000,000
available under the
$300,000,000
variable rate unsecured term loan (the “Term Loan”), maturing in
March 2021
.
|
•
|
In April 2015, the Company repaid an aggregate of
$481,582,000
principal amount of secured indebtedness, which includes
eight
fixed rate mortgage loans secured by
eight
wholly-owned operating communities, at par. The indebtedness had an aggregate effective interest rate of
3.12%
, and a stated maturity date of
November 2015
. The Company incurred a gain on the early debt extinguishment of
$8,724,000
, representing the excess of the write-off of unamortized premium resulting from the debt assumed in the Archstone Acquisition.
|
•
|
In May 2015, the Company issued
$525,000,000
principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately
$520,653,000
. The notes mature in
June 2025
and were issued at a
3.45%
coupon interest rate.
|
•
|
In June 2015, the Company repaid a
$15,778,000
fixed rate secured mortgage note with an effective interest rate of
7.50%
at par in advance of its
February 2041
maturity date, recognizing a charge of
$455,000
for a prepayment penalty and write-off of unamortized deferred financing costs.
|
•
|
In June 2015, the Company repaid a
$7,805,000
fixed rate secured mortgage note with an effective interest rate of
7.84%
at par and without penalty in advance of its
May 2027
maturity date, recognizing a charge of
$263,000
for the write-off of unamortized deferred financing costs.
|
•
|
In June 2015, the Company repaid the
$74,531,000
fixed rate secured mortgage note secured by Edgewater, with an effective interest rate of
5.95%
at par and without penalty in advance of its
May 2019
maturity date, recognizing a charge of
$259,000
for the write-off of unamortized deferred financing costs.
|
•
|
In July 2015, the Company repaid a
$140,346,000
fixed rate secured mortgage note with an effective interest rate of
5.56%
in advance of its
May 2053
maturity date, resulting in a recognized gain of
$18,987,000
, consisting of the write off of unamortized premium net of unamortized deferred financing costs of
$30,215,000
, partially offset by a prepayment penalty of
$11,228,000
.
|
•
|
In November 2015, the Company issued
$300,000,000
principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately
$297,072,000
. The notes mature in
November 2025
and were issued at a
3.5%
coupon interest rate.
|
•
|
In December 2015, the Company repaid a
$46,938,000
fixed rate secured mortgage note with an effective interest rate of
6.23%
, at par, pursuant to its scheduled maturity date.
|
•
|
In December 2015, the Company repaid a
$56,492,000
fixed rate secured mortgage note with an effective interest rate of
6.13%
, at par, pursuant to its scheduled maturity date.
|
Year
|
Secured
notes
payments
|
|
Secured
notes
maturities
|
|
Unsecured
notes
maturities
|
|
Stated interest
rate of
unsecured notes
|
|||||||
2016
|
$
|
16,164
|
|
|
$
|
16,255
|
|
|
$
|
250,000
|
|
|
5.750
|
%
|
|
|
|
|
|
|
|
|
|||||||
2017
|
17,166
|
|
|
709,891
|
|
|
250,000
|
|
|
5.700
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2018
|
16,236
|
|
|
76,950
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2019
|
4,696
|
|
|
588,429
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2020
|
3,624
|
|
|
50,825
|
|
|
250,000
|
|
|
6.100
|
%
|
|||
|
|
|
|
|
400,000
|
|
|
3.625
|
%
|
|||||
|
|
|
|
|
|
|
|
|||||||
2021
|
3,551
|
|
|
27,844
|
|
|
250,000
|
|
|
3.950
|
%
|
|||
|
|
|
|
|
|
|
300,000
|
|
|
LIBOR + 1.450%
|
|
|||
|
|
|
|
|
|
|
|
|||||||
2022
|
3,795
|
|
|
—
|
|
|
450,000
|
|
|
2.950
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2023
|
4,040
|
|
|
—
|
|
|
350,000
|
|
|
4.200
|
%
|
|||
|
|
|
|
|
250,000
|
|
|
2.850
|
%
|
|||||
|
|
|
|
|
|
|
|
|||||||
2024
|
4,310
|
|
|
—
|
|
|
300,000
|
|
|
3.500
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
2025
|
4,553
|
|
|
84,835
|
|
|
525,000
|
|
|
3.450
|
%
|
|||
|
|
|
|
|
300,000
|
|
|
3.500
|
%
|
|||||
|
|
|
|
|
|
|
|
|||||||
Thereafter
|
218,678
|
|
|
754,449
|
|
|
—
|
|
|
—
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
|
$
|
296,813
|
|
|
$
|
2,309,478
|
|
|
$
|
3,875,000
|
|
|
|
|
i.
|
issued
281,091
shares of common stock in connection with stock options exercised;
|
ii.
|
issued
2,142
common shares through the Company's dividend reinvestment plan;
|
iii.
|
issued
157,779
common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares;
|
iv.
|
issued
46,589
common shares in conjunction with the conversion of deferred stock awards;
|
v.
|
withheld
45,090
common shares to satisfy employees' tax withholding and other liabilities;
|
vi.
|
canceled
1,529
shares of restricted stock upon forfeiture;
|
vii.
|
issued
10,667
shares through the Employee Stock Purchase Plan; and
|
viii.
|
issued
4,500,000
shares of common stock in settlement of the Forward.
|
•
|
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, 2015
, excluding costs incurred in excess of equity in the underlying net assets of Fund II, the Company has an equity investment of
$50,443,000
(net of distributions), representing a
31.3%
combined general partner and limited partner equity interest.
|
•
|
Eaves Plainsboro, located in Plainsboro, NJ, for
$117,000,000
,
|
•
|
Eaves Los Alisos, located in Lake Forest, CA, for
$39,500,000
,
|
•
|
Captain Parker Arms, located in Lexington, MA,for
$31,600,000
, and
|
•
|
Eaves Carlsbad, located in Carlsbad, CA, for
$112,000,000
.
|
•
|
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, 2015
excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, the Company has an equity investment of
$68,683,000
(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, 2015
the Company has an equity investment of
$52,148,000
(net of distributions), representing a
20.0%
equity interest. The Company acquired its interest in the AC JV as part of the Archstone Acquisition.
|
•
|
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. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement.
|
•
|
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, 2015
, holds a
28.7%
equity interest in the venture.
|
•
|
Residual JV
—Through subsidiaries, the Company and Equity Residential entered into
three
limited liability company agreements (collectively, the “Residual JV”) through which the Company and Equity Residential acquired (i) certain assets of Archstone that the Company and Equity Residential have divested (to third parties or to the Company or Equity Residential) (the “Residual Assets”), and (ii) various liabilities of Archstone that the Company and Equity Residential agreed to assume in conjunction with the Archstone Acquisition (the “Residual Liabilities”). The Residual Assets included a
20.0%
interest in Lake Mendota Investments, LLC and Subsidiaries ("SWIB"), a joint venture which disposed the last of its communities in
2015
as discussed below, as well as various licenses, insurance policies, contracts, office leases and other miscellaneous assets.
|
•
|
During
2015
, the Company entered into a joint venture agreement to purchase land and pursue entitlements and pre-development activity for a mixed-use development project in Sudbury, MA, including multifamily apartment homes, retail, senior housing and age-restricted housing. The Company has a
60.0%
ownership interest in the venture. The venture is considered a variable interest entity, though the Company is not considered to be the primary beneficiary because the Company and its third party partner share control of the joint venture as approval from both parties is required for decisions about the pre-development and related activities to be performed by the venture. During
2015
, the Company contributed
$5,688,000
to the venture for the Company's share of land acquisition and pre-development costs. The Company's investment in the joint venture is reported as a component of investments in unconsolidated real estate entities on the Consolidated Balance Sheets.
|
|
12/31/15
|
|
12/31/14
|
||||
Assets:
|
|
|
|
|
|
||
Real estate, net
|
$
|
1,392,833
|
|
|
$
|
1,617,627
|
|
Other assets (1)
|
57,044
|
|
|
68,693
|
|
||
Total assets
|
$
|
1,449,877
|
|
|
$
|
1,686,320
|
|
Liabilities and partners' capital:
|
|
|
|
|
|
||
Mortgage notes payable and credit facility, net (1)
|
$
|
947,205
|
|
|
$
|
976,531
|
|
Other liabilities
|
20,471
|
|
|
23,130
|
|
||
Partners' capital
|
482,201
|
|
|
686,659
|
|
||
Total liabilities and partners' capital
|
$
|
1,449,877
|
|
|
$
|
1,686,320
|
|
(1)
|
2014 amounts reflect certain reclassifications as a result of the retrospective adjustment of the presentation of deferred financing costs discussed in Note 1, "Change in Accounting Principle."
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Rental and other income
|
$
|
173,578
|
|
|
$
|
198,939
|
|
|
$
|
212,994
|
|
Operating and other expenses
|
(67,962
|
)
|
|
(80,301
|
)
|
|
(86,434
|
)
|
|||
Gain on sale of communities
|
98,899
|
|
|
333,221
|
|
|
96,152
|
|
|||
Interest expense, net
|
(45,517
|
)
|
|
(61,458
|
)
|
|
(61,404
|
)
|
|||
Depreciation expense
|
(45,324
|
)
|
|
(52,116
|
)
|
|
(61,002
|
)
|
|||
Net income
|
$
|
113,674
|
|
|
$
|
338,285
|
|
|
$
|
100,306
|
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Fund I (1)
|
$
|
871
|
|
|
$
|
475
|
|
|
$
|
10,924
|
|
Fund II (2)
|
32,211
|
|
|
24,808
|
|
|
6,206
|
|
|||
U.S. Fund
|
2,052
|
|
|
342
|
|
|
(661
|
)
|
|||
AC JV
|
511
|
|
|
1,579
|
|
|
2,569
|
|
|||
CVP I, LLC (3)
|
1,812
|
|
|
113,127
|
|
|
5,783
|
|
|||
MVP I, LLC (4)
|
22,453
|
|
|
1,651
|
|
|
1,137
|
|
|||
Brandywine
|
(1,474
|
)
|
|
828
|
|
|
661
|
|
|||
Residual JV (5)
|
11,582
|
|
|
3,547
|
|
|
(38,332
|
)
|
|||
Arna Valley View LP (6)
|
—
|
|
|
2,406
|
|
|
—
|
|
|||
Avalon Del Rey, LLC (7)
|
—
|
|
|
—
|
|
|
181
|
|
|||
Juanita Village (6)
|
—
|
|
|
3
|
|
|
378
|
|
|||
Total
|
$
|
70,018
|
|
|
$
|
148,766
|
|
|
$
|
(11,154
|
)
|
(1)
|
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 I assets of
$944
and
$11,484
, respectively.
|
(2)
|
Equity in income for the years ended
December 31, 2015
,
2014
and
2013
includes the Company's proportionate share of the gain on the sale of Fund II assets of
$29,726
,
$21,624
, and
$2,790
respectively.
|
(3)
|
Equity in income for the years ended
December 31, 2015
,
2014
and
2013
includes
$1,289
,
$61,218
and
$5,527
, 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.
|
(4)
|
Equity in income for the years ended
December 31, 2015
,
2014
and
2013
includes
$21,340
,
$930
and
$516
relating to the Company's recognition of its promoted interest. For 2015,
$20,680
was from the joint venture partner upon agreement to modify the joint venture agreement to eliminate the Company's promoted interest from associated distribution for future return calculations. Prospectively, earnings and distributions will be based on the Company's
25.0%
equity interest in the venture.
|
(5)
|
Equity in income (loss) from this entity for 2013 includes certain expensed Archstone Acquisition costs borne by the venture.
|
(6)
|
The Company's equity in income for this entity represents its residual profits from the sale of the community.
|
(7)
|
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 on Stamford Harbor
|
|
Stamford, CT
|
|
Q115
|
|
323
|
|
|
$
|
—
|
|
|
$
|
115,500
|
|
|
$
|
112,504
|
|
Other real estate dispositions (1)
|
|
New York Metro region
|
|
Q215
|
|
N/A
|
|
|
—
|
|
|
23,820
|
|
|
23,337
|
|
|||
Avalon Lyndhurst
|
|
Lyndhurst, NJ
|
|
Q315
|
|
328
|
|
|
—
|
|
|
99,000
|
|
|
96,574
|
|
|||
Avalon Charles Pond
|
|
Coram, NY
|
|
Q415
|
|
200
|
|
|
—
|
|
|
51,000
|
|
|
49,748
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2015 asset sales
|
|
|
|
|
|
851
|
|
|
$
|
—
|
|
|
$
|
289,320
|
|
|
$
|
282,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2014 asset sales
|
|
|
|
|
|
1,337
|
|
|
$
|
16,341
|
|
(2)
|
$
|
304,250
|
|
|
$
|
281,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total of 2013 asset sales (3)
|
|
|
|
|
|
3,299
|
|
|
$
|
—
|
|
|
$
|
932,880
|
|
|
$
|
919,442
|
|
(1)
|
Includes
two
undeveloped land parcels and air rights, representing the right to increase density for future residential development.
|
(2)
|
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.
|
(3)
|
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
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Rental income
|
$
|
—
|
|
|
$
|
579
|
|
|
$
|
42,874
|
|
Operating and other expenses
|
—
|
|
|
(269
|
)
|
|
(12,661
|
)
|
|||
Interest expense, net
|
—
|
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|||
Depreciation expense
|
—
|
|
|
—
|
|
|
(13,500
|
)
|
|||
Income (loss) from discontinued operations
|
$
|
—
|
|
|
$
|
310
|
|
|
$
|
16,713
|
|
|
Payments due by period
|
||||||||||||||||||||||
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
||||||||||||
Operating Lease Obligations
|
$
|
21,056
|
|
|
$
|
20,629
|
|
|
$
|
20,807
|
|
|
$
|
20,894
|
|
|
$
|
18,675
|
|
|
$
|
1,143,535
|
|
Capital Lease Obligations (1) (2)
|
2,098
|
|
|
18,866
|
|
|
1,065
|
|
|
1,067
|
|
|
1,069
|
|
|
45,620
|
|
||||||
|
$
|
23,154
|
|
|
$
|
39,495
|
|
|
$
|
21,872
|
|
|
$
|
21,961
|
|
|
$
|
19,744
|
|
|
$
|
1,189,155
|
|
(1)
|
Aggregate capital lease payments include
$29,069
in interest costs, with the timing of certain lease payments for capital land leases determined by completion of the construction of the associated apartment community.
|
(2)
|
Capital lease assets of
$39,019
and
$31,784
as of
December 31, 2015
and
2014
, respectively, are included as a component of land and improvements or building 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 is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. The Established Communities for the year ended
December 31, 2015
, are communities that are consolidated for financial reporting purposes, had stabilized occupancy as of January 1,
2014
, 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.
|
•
|
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,
2015
.
|
|
For the year ended
|
||||||||||
|
12/31/15
|
|
12/31/14
|
|
12/31/13
|
||||||
Net income
|
$
|
741,733
|
|
|
$
|
697,327
|
|
|
$
|
352,771
|
|
Indirect operating expenses, net of corporate income
|
56,973
|
|
|
49,055
|
|
|
41,554
|
|
|||
Investments and investment management expense
|
4,370
|
|
|
4,485
|
|
|
3,990
|
|
|||
Expensed acquisition, development and other pursuit costs, net of recoveries
|
6,822
|
|
|
(3,717
|
)
|
|
45,050
|
|
|||
Interest expense, net (1)
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|||
(Gain) loss on extinguishment of debt, net
|
(26,736
|
)
|
|
412
|
|
|
14,921
|
|
|||
Loss on interest rate contract
|
—
|
|
|
—
|
|
|
51,000
|
|
|||
General and administrative expense
|
42,396
|
|
|
41,425
|
|
|
39,573
|
|
|||
Equity in (income) loss of unconsolidated entities
|
(70,018
|
)
|
|
(148,766
|
)
|
|
11,154
|
|
|||
Depreciation expense (1)
|
477,923
|
|
|
442,682
|
|
|
560,215
|
|
|||
Income tax expense
|
1,861
|
|
|
9,368
|
|
|
—
|
|
|||
Casualty (gain) loss and impairment loss, net
|
(10,542
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of real estate assets
|
(125,272
|
)
|
|
(85,415
|
)
|
|
(240
|
)
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
(37,869
|
)
|
|
(278,231
|
)
|
|||
Income from discontinued operations
|
—
|
|
|
(310
|
)
|
|
(16,713
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
(10,920
|
)
|
|
(27,357
|
)
|
|
(31,388
|
)
|
|||
Net operating income
|
$
|
1,264,205
|
|
|
$
|
1,121,938
|
|
|
$
|
966,058
|
|
(1)
|
Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
|
|
For the year ended
|
||||||||||
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2013
|
||||||
|
|
|
|
|
|
||||||
Rental income from real estate assets sold or held for sale, not classified as discontinued operations
|
$
|
17,973
|
|
|
$
|
44,645
|
|
|
$
|
50,638
|
|
Operating expenses real estate assets sold or held for sale, not classified as discontinued operations
|
(7,053
|
)
|
|
(17,288
|
)
|
|
(19,250
|
)
|
|||
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
|
$
|
10,920
|
|
|
$
|
27,357
|
|
|
$
|
31,388
|
|
|
Total
revenue
|
|
NOI
|
|
% NOI change
from prior year
|
|
Gross
real estate (1)
|
|||||||
For the year ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
190,802
|
|
|
$
|
120,026
|
|
|
2.8
|
%
|
|
$
|
1,460,746
|
|
Metro NY/NJ
|
382,457
|
|
|
268,986
|
|
|
3.3
|
%
|
|
3,152,361
|
|
|||
Mid-Atlantic
|
209,013
|
|
|
145,497
|
|
|
0.2
|
%
|
|
2,177,823
|
|
|||
Pacific Northwest
|
76,589
|
|
|
54,751
|
|
|
8.2
|
%
|
|
721,040
|
|
|||
Northern California
|
273,432
|
|
|
210,226
|
|
|
11.9
|
%
|
|
2,414,184
|
|
|||
Southern California
|
252,530
|
|
|
173,919
|
|
|
9.4
|
%
|
|
2,465,432
|
|
|||
Total Established (2)
|
1,384,823
|
|
|
973,405
|
|
|
5.8
|
%
|
|
12,391,586
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
221,063
|
|
|
145,170
|
|
|
N/A
|
|
|
2,040,269
|
|
|||
Development / Redevelopment
|
222,222
|
|
|
145,630
|
|
|
N/A
|
|
|
4,238,967
|
|
|||
Land Held for Future Development
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
484,377
|
|
|||
Non-allocated (3)
|
9,947
|
|
|
N/A
|
|
|
N/A
|
|
|
73,372
|
|
|||
Total
|
$
|
1,838,055
|
|
|
$
|
1,264,205
|
|
|
12.7
|
%
|
|
$
|
19,228,571
|
|
|
|
|
|
|
|
|
|
|||||||
For the year ended December 31, 2014 (4)
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
172,153
|
|
|
$
|
109,745
|
|
|
0.8
|
%
|
|
$
|
1,333,854
|
|
Metro NY/NJ
|
305,496
|
|
|
215,239
|
|
|
3.1
|
%
|
|
2,251,697
|
|
|||
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 (2)
|
944,837
|
|
|
660,644
|
|
|
3.6
|
%
|
|
7,360,944
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
497,677
|
|
|
343,415
|
|
|
N/A
|
|
|
6,057,783
|
|
|||
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 (3)
|
11,050
|
|
|
N/A
|
|
|
N/A
|
|
|
32,444
|
|
|||
Total
|
$
|
1,640,416
|
|
|
$
|
1,121,938
|
|
|
16.1
|
%
|
|
$
|
17,603,867
|
|
|
|
|
|
|
|
|
|
|||||||
For the year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||
Established
|
|
|
|
|
|
|
|
|
|
|
|
|||
New England
|
$
|
152,800
|
|
|
$
|
99,484
|
|
|
2.4
|
%
|
|
$
|
1,189,040
|
|
Metro NY/NJ
|
236,920
|
|
|
164,827
|
|
|
4.6
|
%
|
|
1,793,902
|
|
|||
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 (2)
|
796,894
|
|
|
555,372
|
|
|
5.0
|
%
|
|
6,354,099
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Other Stabilized
|
486,701
|
|
|
331,338
|
|
|
N/A
|
|
|
6,621,825
|
|
|||
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 (3)
|
11,502
|
|
|
N/A
|
|
|
N/A
|
|
|
10,279
|
|
|||
Total
|
$
|
1,412,283
|
|
|
$
|
966,058
|
|
|
47.2
|
%
|
|
$
|
16,310,602
|
|
(1)
|
Does not include gross real estate assets held for sale of
$39,528
,
$245,449
and
$489,720
as of
December 31, 2015
,
2014
and
2013
, respectively.
|
(2)
|
Gross real estate for the Company's Established Communities includes capitalized additions of approximately
$74,982
,
$52,635
and
$33,553
in
2015
,
2014
and
2013
, respectively.
|
(3)
|
Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.
|
(4)
|
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.
|
|
2009 Plan
shares
|
|
Weighted
average
exercise price
per share
|
|
1994 Plan
shares
|
|
Weighted
average
exercise price
per share
|
||||||
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
|
|
Exercised
|
(90,884
|
)
|
|
124.01
|
|
|
(190,207
|
)
|
|
105.70
|
|
||
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options Outstanding, December 31, 2015
|
249,178
|
|
|
$
|
122.17
|
|
|
82,195
|
|
|
$
|
103.27
|
|
Options Exercisable:
|
|
|
|
|
|
|
|
|
|
|
|
||
December 31, 2013
|
184,167
|
|
|
$
|
107.18
|
|
|
691,526
|
|
|
$
|
106.19
|
|
December 31, 2014
|
185,227
|
|
|
$
|
116.71
|
|
|
272,402
|
|
|
$
|
104.96
|
|
December 31, 2015
|
188,081
|
|
|
$
|
119.98
|
|
|
82,195
|
|
|
$
|
103.27
|
|
2009 Plan
Number of Options
|
|
Range—Exercise Price
|
|
Weighted Average
Remaining Contractual Term
(in years)
|
|||
25,622
|
|
$70.00
|
-
|
|
$79.99
|
|
4.1
|
38,326
|
|
110.00
|
-
|
|
119.99
|
|
5.1
|
44,135
|
|
120.00
|
-
|
|
129.99
|
|
7.2
|
141,095
|
|
130.00
|
-
|
|
139.99
|
|
6.6
|
249,178
|
|
|
|
|
|
|
|
1994 Plan
Number of Options
|
|
Range—Exercise Price
|
|
Weighted Average
Remaining Contractual Term
(in years)
|
|||
9,854
|
|
$40.00
|
-
|
|
$49.99
|
|
3.1
|
35,511
|
|
80.00
|
-
|
|
89.99
|
|
2.1
|
7,174
|
|
90.00
|
-
|
|
99.99
|
|
0.1
|
29,656
|
|
140.00
|
-
|
|
149.99
|
|
1.1
|
82,195
|
|
|
|
|
|
|
|
|
|
2013
|
||
Weighted average fair value per share
|
|
$
|
26.78
|
|
Life of options (in years)
|
|
5.0
|
|
|
Dividend yield
|
|
3.7
|
%
|
|
Volatility
|
|
34.00
|
%
|
|
Risk-free interest rate
|
|
0.91
|
%
|
|
|
Performance awards
|
|
Weighted average grant date fair value per award
|
|||
Outstanding at December 31, 2012
|
|
—
|
|
|
$
|
—
|
|
Granted (1)
|
|
191,008
|
|
|
70.00
|
|
|
Forfeited
|
|
(1,243
|
)
|
|
70.00
|
|
|
Outstanding at December 31, 2013
|
|
189,765
|
|
|
$
|
70.00
|
|
Granted (2)
|
|
136,276
|
|
|
117.43
|
|
|
Change in awards based on performance (3)
|
|
(46,790
|
)
|
|
74.37
|
|
|
Converted to restricted stock
|
|
(16,209
|
)
|
|
74.37
|
|
|
Forfeited
|
|
(23,140
|
)
|
|
76.22
|
|
|
Outstanding at December 31, 2014
|
|
239,902
|
|
|
$
|
95.20
|
|
Granted (4)
|
|
85,636
|
|
|
148.49
|
|
|
Change in awards based on performance (3)
|
|
14,697
|
|
|
78.50
|
|
|
Converted to restricted stock
|
|
(95,826
|
)
|
|
78.50
|
|
|
Forfeited
|
|
(6,143
|
)
|
|
110.34
|
|
|
Outstanding at December 31, 2015
|
|
238,266
|
|
|
$
|
119.65
|
|
(1)
|
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock.
|
(2)
|
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for
60,391
performance awards and financial metrics related to operating performance and leverage metrics of the Company for
75,885
performance awards.
|
(3)
|
Represents the change in the number of performance awards converted to restricted stock shares based on performance achievement.
|
(4)
|
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for
55,162
performance awards and financial metrics related to operating performance and leverage metrics of the Company for
30,474
performance awards.
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Dividend yield
|
|
3.0%
|
|
3.6%
|
|
3.3%
|
Estimated volatility over the life of the plan (1)
|
|
12.0% - 17.3%
|
|
17.6% - 18.6%
|
|
17.0% - 21.0%
|
Risk free rate
|
|
0.07% - 1.09%
|
|
0.04% - 0.72%
|
|
0.09% - 0.46%
|
Estimated performance award value based on total shareholder return measure
|
|
$139.18
|
|
$103.20
|
|
$70.00
|
(1)
|
Estimated volatility of the life of the plan is using
50%
historical volatility and
50%
implied volatility.
|
|
|
Restricted stock shares
|
|
Restricted stock shares weighted average grant date fair value per share
|
|
Restricted stock shares converted from performance awards
|
||||
Outstanding at December 31, 2012
|
|
202,218
|
|
|
$
|
107.58
|
|
|
—
|
|
Granted
|
|
123,977
|
|
|
129.21
|
|
|
—
|
|
|
Vested
|
|
(141,673
|
)
|
|
104.69
|
|
|
—
|
|
|
Forfeited
|
|
(2,439
|
)
|
|
123.05
|
|
|
—
|
|
|
Outstanding at December 31, 2013
|
|
182,083
|
|
|
$
|
124.35
|
|
|
—
|
|
Granted
|
|
98,954
|
|
|
129.35
|
|
|
16,209
|
|
|
Vested
|
|
(93,963
|
)
|
|
120.81
|
|
|
(5,073
|
)
|
|
Forfeited
|
|
(7,767
|
)
|
|
128.62
|
|
|
(203
|
)
|
|
Outstanding at December 31, 2014
|
|
179,307
|
|
|
$
|
129.06
|
|
|
10,933
|
|
Granted
|
|
61,953
|
|
|
173.04
|
|
|
95,826
|
|
|
Vested
|
|
(91,847
|
)
|
|
130.75
|
|
|
(8,412
|
)
|
|
Forfeited
|
|
(1,529
|
)
|
|
151.86
|
|
|
—
|
|
|
Outstanding at December 31, 2015
|
|
147,884
|
|
|
$
|
146.21
|
|
|
98,347
|
|
|
|
Non-designated
Hedges
Interest Rate Caps
|
|
Cash Flow
Hedges
Interest Rate Caps
|
|
Cash Flow
Hedges
Interest Rate Swaps
|
||||||
Notional balance
|
|
$
|
725,832
|
|
|
$
|
36,731
|
|
|
$
|
600,000
|
|
Weighted average interest rate (1)
|
|
1.8
|
%
|
|
2.7
|
%
|
|
N/A
|
|
|||
Weighted average swapped/capped interest rate
|
|
5.8
|
%
|
|
5.9
|
%
|
|
2.3
|
%
|
|||
Earliest maturity date
|
|
February 2016
|
|
|
April 2019
|
|
|
May 2016
|
|
|||
Latest maturity date
|
|
June 2020
|
|
|
April 2019
|
|
|
November 2017
|
|
(1)
|
For interest rate caps, 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)
|
||||||||
|
12/31/2015
|
||||||||||||||
Non Designated Hedges
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
—
|
|
Cash Flow Hedges
|
|
|
|
|
|
|
|
||||||||
Interest Rate Caps
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
Interest Rate Swaps
|
5,422
|
|
|
—
|
|
|
5,422
|
|
|
—
|
|
||||
Put(s)
|
(8,181
|
)
|
|
—
|
|
|
—
|
|
|
(8,181
|
)
|
||||
DownREIT units
|
(1,381
|
)
|
|
(1,381
|
)
|
|
—
|
|
|
—
|
|
||||
Indebtedness
|
|
|
|
|
|
|
|
||||||||
Unsecured notes
|
(3,668,417
|
)
|
|
(3,668,417
|
)
|
|
—
|
|
|
—
|
|
||||
Mortgage notes payable and unsecured term loan
|
(2,700,341
|
)
|
|
—
|
|
|
(2,700,341
|
)
|
|
—
|
|
||||
Total
|
$
|
(6,372,867
|
)
|
|
$
|
(3,669,798
|
)
|
|
$
|
(2,694,888
|
)
|
|
$
|
(8,181
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
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
|
|
|
|
|
|
|
|
||||||||
Unsecured notes
|
(2,874,147
|
)
|
|
(2,874,147
|
)
|
|
—
|
|
|
—
|
|
||||
Mortgage notes payable and unsecured term loan
|
(3,683,875
|
)
|
|
—
|
|
|
(3,683,875
|
)
|
|
—
|
|
||||
Total
|
$
|
(6,570,244
|
)
|
|
$
|
(2,875,373
|
)
|
|
$
|
(3,683,767
|
)
|
|
$
|
(11,104
|
)
|
|
For the three months ended (1)
|
||||||||||||||
|
3/31/15
|
|
6/30/15
|
|
9/30/15
|
|
12/31/15
|
||||||||
Total revenue
|
$
|
442,367
|
|
|
$
|
457,459
|
|
|
$
|
475,360
|
|
|
$
|
480,840
|
|
Income from continuing operations
|
$
|
208,053
|
|
|
$
|
172,253
|
|
|
$
|
206,076
|
|
|
$
|
155,352
|
|
Total discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income
|
$
|
208,053
|
|
|
$
|
172,253
|
|
|
$
|
206,076
|
|
|
$
|
155,352
|
|
Net income attributable to common stockholders
|
$
|
208,144
|
|
|
$
|
172,324
|
|
|
$
|
206,142
|
|
|
$
|
155,428
|
|
Net income per common share - basic
|
$
|
1.57
|
|
|
$
|
1.30
|
|
|
$
|
1.54
|
|
|
$
|
1.13
|
|
Net income per common share - diluted
|
$
|
1.56
|
|
|
$
|
1.29
|
|
|
$
|
1.53
|
|
|
$
|
1.13
|
|
|
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
|
$
|
141,599
|
|
|
$
|
172,197
|
|
|
$
|
241,001
|
|
|
$
|
142,530
|
|
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
|
|
(1)
|
Amounts may not equal full year results due to rounding.
|
•
|
Avalon Hoboken located in Hoboken, NJ, contains
217
apartment homes and was acquired for a purchase price of
$129,700,000
. In conjunction with the acquisition, the Company assumed a fixed rate secured mortgage note with a principal balance of
$67,904,000
and an effective interest rate of
4.18%
maturing in
December 2020
.
|
•
|
Avalon Potomac Yard located in Alexandria, VA, contains
323
apartment homes and was acquired for a purchase price of
$108,250,000
.
|
•
|
Archstone Boca Town Center, located in Boca Raton, FL, containing
252
apartment homes was sold for
$56,300,000
.
|
•
|
Avalon Kips Bay, located in New York, NY, containing
209
apartment homes was sold for
$173,000,000
.
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Avalon Danbury
|
|
Danbury, CT
|
|
4,933
|
|
|
30,638
|
|
|
797
|
|
|
4,933
|
|
|
31,435
|
|
|
36,368
|
|
|
11,478
|
|
|
24,890
|
|
|
25,889
|
|
|
—
|
|
|
2005
|
||||||||||
Avalon Darien
|
|
Darien, CT
|
|
6,926
|
|
|
34,579
|
|
|
2,074
|
|
|
6,926
|
|
|
36,653
|
|
|
43,579
|
|
|
15,216
|
|
|
28,363
|
|
|
29,457
|
|
|
—
|
|
|
2004
|
||||||||||
Avalon Milford I
|
|
Milford, CT
|
|
8,746
|
|
|
22,699
|
|
|
1,014
|
|
|
8,746
|
|
|
23,713
|
|
|
32,459
|
|
|
9,357
|
|
|
23,102
|
|
|
23,677
|
|
|
—
|
|
|
2004
|
||||||||||
Avalon Norwalk
|
|
Norwalk, CT
|
|
11,320
|
|
|
62,910
|
|
|
440
|
|
|
11,320
|
|
|
63,350
|
|
|
74,670
|
|
|
11,606
|
|
|
63,064
|
|
|
64,883
|
|
|
—
|
|
|
2011
|
||||||||||
Avalon Huntington
|
|
Shelton, CT
|
|
5,277
|
|
|
20,029
|
|
|
137
|
|
|
5,277
|
|
|
20,166
|
|
|
25,443
|
|
|
5,132
|
|
|
20,311
|
|
|
21,000
|
|
|
—
|
|
|
2008
|
||||||||||
Avalon Wilton II
|
|
Wilton, CT
|
|
6,604
|
|
|
23,763
|
|
|
—
|
|
|
6,604
|
|
|
23,763
|
|
|
30,367
|
|
|
3,853
|
|
|
26,514
|
|
|
27,371
|
|
|
—
|
|
|
2011
|
||||||||||
Total Fairfield-New Haven, CT
|
|
$
|
70,531
|
|
|
$
|
312,764
|
|
|
$
|
29,635
|
|
|
$
|
70,531
|
|
|
$
|
342,399
|
|
|
$
|
412,930
|
|
|
$
|
127,467
|
|
|
$
|
285,463
|
|
|
$
|
294,748
|
|
|
$
|
—
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
TOTAL NEW ENGLAND
|
|
$
|
232,227
|
|
|
$
|
1,063,492
|
|
|
$
|
165,027
|
|
|
$
|
232,227
|
|
|
$
|
1,228,519
|
|
|
$
|
1,460,746
|
|
|
$
|
415,211
|
|
|
$
|
1,045,535
|
|
|
$
|
1,060,952
|
|
|
$
|
150,404
|
|
|
|
METRO NY/NJ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
New York City, NY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Riverview I (1)
|
|
Long Island City, NY
|
|
$
|
—
|
|
|
$
|
94,061
|
|
|
$
|
6,647
|
|
|
$
|
—
|
|
|
$
|
100,708
|
|
|
$
|
100,708
|
|
|
$
|
45,214
|
|
|
$
|
55,494
|
|
|
$
|
57,407
|
|
|
$
|
—
|
|
|
2002
|
Avalon Bowery Place
|
|
New York, NY
|
|
18,575
|
|
|
75,009
|
|
|
2,383
|
|
|
18,575
|
|
|
77,392
|
|
|
95,967
|
|
|
24,711
|
|
|
71,256
|
|
|
73,529
|
|
|
93,800
|
|
|
2006
|
||||||||||
Avalon Riverview North
|
|
Long Island City, NY
|
|
—
|
|
|
166,099
|
|
|
2,906
|
|
|
—
|
|
|
169,005
|
|
|
169,005
|
|
|
47,953
|
|
|
121,052
|
|
|
125,242
|
|
|
—
|
|
|
2008
|
||||||||||
Avalon Bowery Place II
|
|
New York, NY
|
|
9,106
|
|
|
47,199
|
|
|
3,298
|
|
|
9,106
|
|
|
50,497
|
|
|
59,603
|
|
|
13,624
|
|
|
45,979
|
|
|
46,034
|
|
|
—
|
|
|
2007
|
||||||||||
Avalon Morningside Park
|
|
New York, NY
|
|
—
|
|
|
114,233
|
|
|
1,037
|
|
|
—
|
|
|
115,270
|
|
|
115,270
|
|
|
28,731
|
|
|
86,539
|
|
|
90,555
|
|
|
100,000
|
|
|
2009
|
||||||||||
Avalon Fort Greene
|
|
Brooklyn, NY
|
|
83,038
|
|
|
216,802
|
|
|
860
|
|
|
83,038
|
|
|
217,662
|
|
|
300,700
|
|
|
42,653
|
|
|
258,047
|
|
|
266,954
|
|
|
—
|
|
|
2010
|
||||||||||
Avalon Midtown West
|
|
New York, NY
|
|
154,730
|
|
|
180,253
|
|
|
12,299
|
|
|
154,730
|
|
|
192,552
|
|
|
347,282
|
|
|
29,236
|
|
|
318,046
|
|
|
323,993
|
|
|
100,500
|
|
|
1998/2013
|
||||||||||
Avalon Clinton North (1)
|
|
New York, NY
|
|
84,069
|
|
|
105,821
|
|
|
7,300
|
|
|
84,069
|
|
|
113,121
|
|
|
197,190
|
|
|
16,054
|
|
|
181,136
|
|
|
183,684
|
|
|
147,000
|
|
|
2008/2013
|
||||||||||
Avalon Clinton South
|
|
New York, NY
|
|
71,421
|
|
|
89,851
|
|
|
5,238
|
|
|
71,421
|
|
|
95,089
|
|
|
166,510
|
|
|
13,810
|
|
|
152,700
|
|
|
155,715
|
|
|
121,500
|
|
|
2007/2013
|
||||||||||
Total New York City, NY
|
|
$
|
420,939
|
|
|
$
|
1,089,328
|
|
|
$
|
41,968
|
|
|
$
|
420,939
|
|
|
$
|
1,131,296
|
|
|
$
|
1,552,235
|
|
|
$
|
261,986
|
|
|
$
|
1,290,249
|
|
|
$
|
1,323,113
|
|
|
$
|
562,800
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
New York - Suburban
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Commons
|
|
Smithtown, NY
|
|
$
|
4,679
|
|
|
$
|
28,286
|
|
|
$
|
5,810
|
|
|
$
|
4,679
|
|
|
$
|
34,096
|
|
|
$
|
38,775
|
|
|
$
|
19,958
|
|
|
$
|
18,817
|
|
|
$
|
19,961
|
|
|
$
|
—
|
|
|
1997
|
Eaves Nanuet
|
|
Nanuet, NY
|
|
8,428
|
|
|
45,660
|
|
|
4,371
|
|
|
8,428
|
|
|
50,031
|
|
|
58,459
|
|
|
30,225
|
|
|
28,234
|
|
|
29,666
|
|
|
62,279
|
|
|
1998
|
||||||||||
Avalon Willow
|
|
Mamaroneck, NY
|
|
6,207
|
|
|
40,791
|
|
|
1,727
|
|
|
6,207
|
|
|
42,518
|
|
|
48,725
|
|
|
23,346
|
|
|
25,379
|
|
|
26,575
|
|
|
—
|
|
|
2000
|
||||||||||
Avalon Court
|
|
Melville, NY
|
|
9,228
|
|
|
50,063
|
|
|
3,104
|
|
|
9,228
|
|
|
53,167
|
|
|
62,395
|
|
|
30,699
|
|
|
31,696
|
|
|
33,465
|
|
|
—
|
|
|
1997
|
||||||||||
The Avalon
|
|
Bronxville, NY
|
|
2,889
|
|
|
28,324
|
|
|
8,003
|
|
|
2,889
|
|
|
36,327
|
|
|
39,216
|
|
|
17,178
|
|
|
22,038
|
|
|
23,324
|
|
|
—
|
|
|
1999
|
||||||||||
Avalon at Glen Cove
|
|
Glen Cove, NY
|
|
7,871
|
|
|
59,969
|
|
|
1,463
|
|
|
7,871
|
|
|
61,432
|
|
|
69,303
|
|
|
24,106
|
|
|
45,197
|
|
|
46,967
|
|
|
—
|
|
|
2004
|
||||||||||
Avalon Pines
|
|
Coram, NY
|
|
8,700
|
|
|
62,931
|
|
|
946
|
|
|
8,700
|
|
|
63,877
|
|
|
72,577
|
|
|
22,979
|
|
|
49,598
|
|
|
51,424
|
|
|
—
|
|
|
2005
|
||||||||||
Avalon Glen Cove North
|
|
Glen Cove, NY
|
|
2,577
|
|
|
37,336
|
|
|
364
|
|
|
2,577
|
|
|
37,700
|
|
|
40,277
|
|
|
11,287
|
|
|
28,990
|
|
|
30,129
|
|
|
—
|
|
|
2007
|
||||||||||
Avalon White Plains
|
|
White Plains, NY
|
|
15,391
|
|
|
137,353
|
|
|
210
|
|
|
15,391
|
|
|
137,563
|
|
|
152,954
|
|
|
32,264
|
|
|
120,690
|
|
|
125,356
|
|
|
—
|
|
|
2009
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Avalon Rockville Centre
|
|
Rockville Centre, NY
|
|
32,212
|
|
|
78,807
|
|
|
10
|
|
|
32,212
|
|
|
78,817
|
|
|
111,029
|
|
|
11,305
|
|
|
99,724
|
|
|
102,539
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon Green II
|
|
Elmsford, NY
|
|
27,765
|
|
|
77,561
|
|
|
—
|
|
|
27,765
|
|
|
77,561
|
|
|
105,326
|
|
|
10,116
|
|
|
95,210
|
|
|
97,995
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon Garden City
|
|
Garden City, NY
|
|
18,205
|
|
|
49,372
|
|
|
—
|
|
|
18,205
|
|
|
49,372
|
|
|
67,577
|
|
|
5,802
|
|
|
61,775
|
|
|
63,578
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon Westbury
|
|
Westbury, NY
|
|
69,620
|
|
|
43,781
|
|
|
9,882
|
|
|
69,620
|
|
|
53,663
|
|
|
123,283
|
|
|
10,584
|
|
|
112,699
|
|
|
112,091
|
|
|
81,175
|
|
|
2006/2013
|
||||||||||
Total New York - Suburban
|
|
|
|
$
|
213,772
|
|
|
$
|
740,234
|
|
|
$
|
35,890
|
|
|
$
|
213,772
|
|
|
$
|
776,124
|
|
|
$
|
989,896
|
|
|
$
|
249,849
|
|
|
$
|
740,047
|
|
|
$
|
763,070
|
|
|
$
|
143,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Cove
|
|
Jersey City, NJ
|
|
8,760
|
|
|
82,422
|
|
|
21,119
|
|
|
8,760
|
|
|
103,541
|
|
|
112,301
|
|
|
57,650
|
|
|
54,651
|
|
|
58,185
|
|
|
—
|
|
|
1997
|
||||||||||
Eaves Lawrenceville (1)
|
|
Lawrenceville, NJ
|
|
14,650
|
|
|
60,486
|
|
|
7,744
|
|
|
14,650
|
|
|
68,230
|
|
|
82,880
|
|
|
26,489
|
|
|
56,391
|
|
|
56,757
|
|
|
—
|
|
|
1994
|
||||||||||
Avalon Princeton Junction
|
|
West Windsor, NJ
|
|
5,585
|
|
|
22,382
|
|
|
20,927
|
|
|
5,585
|
|
|
43,309
|
|
|
48,894
|
|
|
22,942
|
|
|
25,952
|
|
|
27,366
|
|
|
—
|
|
|
1988/1993
|
||||||||||
Avalon at Florham Park
|
|
Florham Park, NJ
|
|
6,647
|
|
|
34,906
|
|
|
2,552
|
|
|
6,647
|
|
|
37,458
|
|
|
44,105
|
|
|
19,437
|
|
|
24,668
|
|
|
25,723
|
|
|
—
|
|
|
2001
|
||||||||||
Avalon at Freehold
|
|
Freehold, NJ
|
|
4,119
|
|
|
30,514
|
|
|
1,050
|
|
|
4,119
|
|
|
31,564
|
|
|
35,683
|
|
|
15,051
|
|
|
20,632
|
|
|
21,574
|
|
|
34,441
|
|
|
2002
|
||||||||||
Avalon Run East
|
|
Lawrenceville, NJ
|
|
6,766
|
|
|
45,366
|
|
|
1,107
|
|
|
6,766
|
|
|
46,473
|
|
|
53,239
|
|
|
17,909
|
|
|
35,330
|
|
|
36,765
|
|
|
36,904
|
|
|
2005
|
||||||||||
Avalon at Tinton Falls
|
|
Tinton Falls, NJ
|
|
7,939
|
|
|
33,173
|
|
|
392
|
|
|
7,939
|
|
|
33,565
|
|
|
41,504
|
|
|
8,928
|
|
|
32,576
|
|
|
33,453
|
|
|
—
|
|
|
2008
|
||||||||||
Avalon at West Long Branch
|
|
West Long Branch, NJ
|
|
2,721
|
|
|
22,940
|
|
|
56
|
|
|
2,721
|
|
|
22,996
|
|
|
25,717
|
|
|
4,335
|
|
|
21,382
|
|
|
22,182
|
|
|
—
|
|
|
2011
|
||||||||||
Avalon North Bergen
|
|
North Bergen, NJ
|
|
8,984
|
|
|
30,997
|
|
|
919
|
|
|
8,984
|
|
|
31,916
|
|
|
40,900
|
|
|
4,000
|
|
|
36,900
|
|
|
37,694
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon at Wesmont Station
|
|
Wood-Ridge, NJ
|
|
14,682
|
|
|
41,635
|
|
|
700
|
|
|
14,682
|
|
|
42,335
|
|
|
57,017
|
|
|
5,385
|
|
|
51,632
|
|
|
53,332
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon Hackensack at Riverside
|
|
Hackensack, NJ
|
|
—
|
|
|
44,625
|
|
|
—
|
|
|
—
|
|
|
44,625
|
|
|
44,625
|
|
|
3,903
|
|
|
40,722
|
|
|
42,218
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon at Wesmont Station II
|
|
Wood-Ridge, NJ
|
|
6,502
|
|
|
16,863
|
|
|
—
|
|
|
6,502
|
|
|
16,863
|
|
|
23,365
|
|
|
1,603
|
|
|
21,762
|
|
|
22,372
|
|
|
—
|
|
|
2013
|
||||||||||
Total New Jersey
|
|
|
|
$
|
87,355
|
|
|
$
|
466,309
|
|
|
$
|
56,566
|
|
|
$
|
87,355
|
|
|
$
|
522,875
|
|
|
$
|
610,230
|
|
|
$
|
187,632
|
|
|
$
|
422,598
|
|
|
$
|
437,621
|
|
|
$
|
71,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TOTAL Metro NY/NJ
|
|
$
|
722,066
|
|
|
$
|
2,295,871
|
|
|
$
|
134,424
|
|
|
$
|
722,066
|
|
|
$
|
2,430,295
|
|
|
$
|
3,152,361
|
|
|
$
|
699,467
|
|
|
$
|
2,452,894
|
|
|
$
|
2,523,804
|
|
|
$
|
777,599
|
|
|
|
MID-ATLANTIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Washington Metro/Baltimore, MD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon at Foxhall
|
|
Washington, DC
|
|
$
|
6,848
|
|
|
$
|
27,614
|
|
|
$
|
12,556
|
|
|
$
|
6,848
|
|
|
$
|
40,170
|
|
|
$
|
47,018
|
|
|
$
|
26,355
|
|
|
$
|
20,663
|
|
|
$
|
21,183
|
|
|
$
|
55,484
|
|
|
1982/1994
|
Avalon at Gallery Place
|
|
Washington, DC
|
|
8,800
|
|
|
39,658
|
|
|
1,994
|
|
|
8,800
|
|
|
41,652
|
|
|
50,452
|
|
|
17,969
|
|
|
32,483
|
|
|
33,603
|
|
|
43,110
|
|
|
2003
|
||||||||||
AVA H Street
|
|
Washington, DC
|
|
7,425
|
|
|
25,282
|
|
|
—
|
|
|
7,425
|
|
|
25,282
|
|
|
32,707
|
|
|
2,755
|
|
|
29,952
|
|
|
30,925
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon The Albemarle
|
|
Washington, DC
|
|
25,140
|
|
|
52,459
|
|
|
4,608
|
|
|
25,140
|
|
|
57,067
|
|
|
82,207
|
|
|
8,821
|
|
|
73,386
|
|
|
74,336
|
|
|
—
|
|
|
1966/2013
|
||||||||||
Eaves Tunlaw Gardens
|
|
Washington, DC
|
|
16,430
|
|
|
22,902
|
|
|
2,100
|
|
|
16,430
|
|
|
25,002
|
|
|
41,432
|
|
|
4,006
|
|
|
37,426
|
|
|
38,195
|
|
|
—
|
|
|
1944/2013
|
||||||||||
The Statesman
|
|
Washington, DC
|
|
38,140
|
|
|
35,352
|
|
|
3,715
|
|
|
38,140
|
|
|
39,067
|
|
|
77,207
|
|
|
7,149
|
|
|
70,058
|
|
|
71,130
|
|
|
—
|
|
|
1961/2013
|
||||||||||
Eaves Glover Park
|
|
Washington, DC
|
|
9,580
|
|
|
26,532
|
|
|
2,146
|
|
|
9,580
|
|
|
28,678
|
|
|
38,258
|
|
|
4,422
|
|
|
33,836
|
|
|
34,681
|
|
|
—
|
|
|
1953/2013
|
||||||||||
AVA Van Ness
|
|
Washington, DC
|
|
22,890
|
|
|
58,691
|
|
|
3,656
|
|
|
22,890
|
|
|
62,347
|
|
|
85,237
|
|
|
8,982
|
|
|
76,255
|
|
|
78,192
|
|
|
—
|
|
|
1978/2013
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Avalon First & M
|
|
Washington, DC
|
|
43,700
|
|
|
153,950
|
|
|
2,665
|
|
|
43,700
|
|
|
156,615
|
|
|
200,315
|
|
|
17,656
|
|
|
182,659
|
|
|
187,806
|
|
|
—
|
|
|
2012/2013
|
||||||||||
Avalon at Fairway Hills
|
|
Columbia, MD
|
|
8,603
|
|
|
34,432
|
|
|
16,092
|
|
|
8,603
|
|
|
50,524
|
|
|
59,127
|
|
|
30,110
|
|
|
29,017
|
|
|
30,674
|
|
|
—
|
|
|
1987/1996
|
||||||||||
Eaves Washingtonian Center I
|
|
North Potomac, MD
|
|
2,608
|
|
|
11,707
|
|
|
876
|
|
|
2,608
|
|
|
12,583
|
|
|
15,191
|
|
|
8,378
|
|
|
6,813
|
|
|
7,031
|
|
|
—
|
|
|
1996
|
||||||||||
Eaves Washingtonian Center II
|
|
North Potomac, MD
|
|
1,439
|
|
|
6,846
|
|
|
220
|
|
|
1,439
|
|
|
7,066
|
|
|
8,505
|
|
|
4,215
|
|
|
4,290
|
|
|
4,495
|
|
|
—
|
|
|
1998
|
||||||||||
Eaves Columbia Town Center
|
|
Columbia, MD
|
|
8,802
|
|
|
35,536
|
|
|
11,612
|
|
|
8,802
|
|
|
47,148
|
|
|
55,950
|
|
|
17,857
|
|
|
38,093
|
|
|
39,494
|
|
|
—
|
|
|
1986/1993
|
||||||||||
Avalon at Grosvenor Station
|
|
Bethesda, MD
|
|
29,159
|
|
|
53,001
|
|
|
2,141
|
|
|
29,159
|
|
|
55,142
|
|
|
84,301
|
|
|
23,018
|
|
|
61,283
|
|
|
63,142
|
|
|
—
|
|
|
2004
|
||||||||||
Avalon at Traville
|
|
Rockville, MD
|
|
14,365
|
|
|
55,398
|
|
|
2,756
|
|
|
14,365
|
|
|
58,154
|
|
|
72,519
|
|
|
23,257
|
|
|
49,262
|
|
|
49,241
|
|
|
73,057
|
|
|
2004
|
||||||||||
Avalon Russett
|
|
Laurel, MD
|
|
10,200
|
|
|
47,524
|
|
|
2,813
|
|
|
10,200
|
|
|
50,337
|
|
|
60,537
|
|
|
7,350
|
|
|
53,187
|
|
|
54,836
|
|
|
39,972
|
|
|
1999/2013
|
||||||||||
Eaves Fair Lakes
|
|
Fairfax, VA
|
|
6,096
|
|
|
24,400
|
|
|
8,352
|
|
|
6,096
|
|
|
32,752
|
|
|
38,848
|
|
|
18,921
|
|
|
19,927
|
|
|
20,965
|
|
|
—
|
|
|
1989/1996
|
||||||||||
AVA Ballston
|
|
Arlington, VA
|
|
7,291
|
|
|
29,177
|
|
|
16,117
|
|
|
7,291
|
|
|
45,294
|
|
|
52,585
|
|
|
25,962
|
|
|
26,623
|
|
|
28,291
|
|
|
—
|
|
|
1990
|
||||||||||
Eaves Fairfax City
|
|
Fairfax, VA
|
|
2,152
|
|
|
8,907
|
|
|
5,390
|
|
|
2,152
|
|
|
14,297
|
|
|
16,449
|
|
|
7,157
|
|
|
9,292
|
|
|
9,825
|
|
|
—
|
|
|
1988/1997
|
||||||||||
Avalon Park Crest
|
|
Tysons Corner, VA
|
|
13,554
|
|
|
63,527
|
|
|
31
|
|
|
13,554
|
|
|
63,558
|
|
|
77,112
|
|
|
7,227
|
|
|
69,885
|
|
|
72,195
|
|
|
—
|
|
|
2013
|
||||||||||
Eaves Fairfax Towers
|
|
Falls Church, VA
|
|
17,889
|
|
|
74,727
|
|
|
1,879
|
|
|
17,889
|
|
|
76,606
|
|
|
94,495
|
|
|
12,627
|
|
|
81,868
|
|
|
84,552
|
|
|
—
|
|
|
1978/2011
|
||||||||||
Avalon Ballston Place
|
|
Arlington, VA
|
|
38,490
|
|
|
123,645
|
|
|
3,907
|
|
|
38,490
|
|
|
127,552
|
|
|
166,042
|
|
|
15,895
|
|
|
150,147
|
|
|
154,371
|
|
|
—
|
|
|
2001/2013
|
||||||||||
Eaves Tysons Corner
|
|
Vienna, VA
|
|
16,030
|
|
|
45,420
|
|
|
2,581
|
|
|
16,030
|
|
|
48,001
|
|
|
64,031
|
|
|
7,362
|
|
|
56,669
|
|
|
58,495
|
|
|
—
|
|
|
1980/2013
|
||||||||||
Avalon Ballston Square
|
|
Arlington, VA
|
|
71,640
|
|
|
215,937
|
|
|
12,072
|
|
|
71,640
|
|
|
228,009
|
|
|
299,649
|
|
|
31,147
|
|
|
268,502
|
|
|
274,405
|
|
|
—
|
|
|
1992/2013
|
||||||||||
Avalon Courthouse Place
|
|
Arlington, VA
|
|
56,550
|
|
|
178,032
|
|
|
8,868
|
|
|
56,550
|
|
|
186,900
|
|
|
243,450
|
|
|
25,150
|
|
|
218,300
|
|
|
223,792
|
|
|
140,332
|
|
|
1999/2013
|
||||||||||
Avalon Reston Landing
|
|
Reston, VA
|
|
26,710
|
|
|
83,084
|
|
|
4,405
|
|
|
26,710
|
|
|
87,489
|
|
|
114,199
|
|
|
13,195
|
|
|
101,004
|
|
|
104,285
|
|
|
—
|
|
|
2000/2013
|
||||||||||
TOTAL MID-ATLANTIC
|
|
$
|
510,531
|
|
|
$
|
1,533,740
|
|
|
$
|
133,552
|
|
|
$
|
510,531
|
|
|
$
|
1,667,292
|
|
|
$
|
2,177,823
|
|
|
$
|
376,943
|
|
|
$
|
1,800,880
|
|
|
$
|
1,850,140
|
|
|
$
|
351,955
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
PACIFIC NORTHWEST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Seattle, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Redmond Place
|
|
Redmond, WA
|
|
$
|
4,558
|
|
|
$
|
18,368
|
|
|
$
|
10,247
|
|
|
$
|
4,558
|
|
|
$
|
28,615
|
|
|
$
|
33,173
|
|
|
$
|
15,527
|
|
|
$
|
17,646
|
|
|
$
|
18,264
|
|
|
$
|
—
|
|
|
1991/1997
|
Avalon at Bear Creek
|
|
Redmond, WA
|
|
6,786
|
|
|
27,641
|
|
|
3,595
|
|
|
6,786
|
|
|
31,236
|
|
|
38,022
|
|
|
18,732
|
|
|
19,290
|
|
|
20,397
|
|
|
—
|
|
|
1998/1998
|
||||||||||
Avalon Bellevue
|
|
Bellevue, WA
|
|
6,664
|
|
|
24,119
|
|
|
1,726
|
|
|
6,664
|
|
|
25,845
|
|
|
32,509
|
|
|
13,251
|
|
|
19,258
|
|
|
20,223
|
|
|
25,103
|
|
|
2001
|
||||||||||
Avalon RockMeadow
|
|
Bothell, WA
|
|
4,777
|
|
|
19,765
|
|
|
2,214
|
|
|
4,777
|
|
|
21,979
|
|
|
26,756
|
|
|
11,565
|
|
|
15,191
|
|
|
15,748
|
|
|
—
|
|
|
2000/2000
|
||||||||||
Avalon ParcSquare
|
|
Redmond, WA
|
|
3,789
|
|
|
15,139
|
|
|
2,670
|
|
|
3,789
|
|
|
17,809
|
|
|
21,598
|
|
|
9,306
|
|
|
12,292
|
|
|
12,971
|
|
|
—
|
|
|
2000/2000
|
||||||||||
Avalon Brandemoor
|
|
Lynnwood, WA
|
|
8,608
|
|
|
36,679
|
|
|
1,811
|
|
|
8,608
|
|
|
38,490
|
|
|
47,098
|
|
|
19,547
|
|
|
27,551
|
|
|
28,800
|
|
|
—
|
|
|
2001/2001
|
||||||||||
AVA Belltown
|
|
Seattle, WA
|
|
5,644
|
|
|
12,733
|
|
|
888
|
|
|
5,644
|
|
|
13,621
|
|
|
19,265
|
|
|
6,856
|
|
|
12,409
|
|
|
12,877
|
|
|
61,769
|
|
|
2001
|
||||||||||
Avalon Meydenbauer
|
|
Bellevue, WA
|
|
12,697
|
|
|
77,451
|
|
|
951
|
|
|
12,697
|
|
|
78,402
|
|
|
91,099
|
|
|
20,691
|
|
|
70,408
|
|
|
73,031
|
|
|
—
|
|
|
2008
|
||||||||||
Avalon Towers Bellevue
|
|
Bellevue, WA
|
|
—
|
|
|
123,030
|
|
|
815
|
|
|
—
|
|
|
123,845
|
|
|
123,845
|
|
|
23,476
|
|
|
100,369
|
|
|
104,838
|
|
|
—
|
|
|
2011
|
||||||||||
AVA Queen Anne
|
|
Seattle, WA
|
|
12,081
|
|
|
41,618
|
|
|
347
|
|
|
12,081
|
|
|
41,965
|
|
|
54,046
|
|
|
5,917
|
|
|
48,129
|
|
|
49,689
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon Brandemoor II
|
|
Lynnwood, WA
|
|
2,655
|
|
|
11,343
|
|
|
—
|
|
|
2,655
|
|
|
11,343
|
|
|
13,998
|
|
|
1,849
|
|
|
12,149
|
|
|
12,563
|
|
|
—
|
|
|
2011
|
||||||||||
AVA Ballard
|
|
Seattle, WA
|
|
16,460
|
|
|
46,926
|
|
|
918
|
|
|
16,460
|
|
|
47,844
|
|
|
64,304
|
|
|
4,620
|
|
|
59,684
|
|
|
60,540
|
|
|
—
|
|
|
2013
|
NORTHERN CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
San Jose, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Campbell
|
|
Campbell, CA
|
|
$
|
11,830
|
|
|
$
|
47,828
|
|
|
$
|
13,436
|
|
|
$
|
11,830
|
|
|
$
|
61,264
|
|
|
$
|
73,094
|
|
|
$
|
30,932
|
|
|
$
|
42,162
|
|
|
$
|
44,418
|
|
|
$
|
38,800
|
|
|
1995
|
Eaves San Jose
|
|
San Jose, CA
|
|
12,920
|
|
|
53,047
|
|
|
18,868
|
|
|
12,920
|
|
|
71,915
|
|
|
84,835
|
|
|
31,204
|
|
|
53,631
|
|
|
56,089
|
|
|
—
|
|
|
1985/1996
|
||||||||||
Avalon on the Alameda
|
|
San Jose, CA
|
|
6,119
|
|
|
50,225
|
|
|
1,860
|
|
|
6,119
|
|
|
52,085
|
|
|
58,204
|
|
|
29,869
|
|
|
28,335
|
|
|
29,953
|
|
|
50,754
|
|
|
1999
|
||||||||||
Avalon Mountain View
|
|
Mountain View, CA
|
|
9,755
|
|
|
39,393
|
|
|
9,960
|
|
|
9,755
|
|
|
49,353
|
|
|
59,108
|
|
|
27,178
|
|
|
31,930
|
|
|
33,117
|
|
|
17,700
|
|
|
1986
|
||||||||||
Avalon at Cahill Park
|
|
San Jose, CA
|
|
4,765
|
|
|
47,600
|
|
|
1,484
|
|
|
4,765
|
|
|
49,084
|
|
|
53,849
|
|
|
22,565
|
|
|
31,284
|
|
|
33,049
|
|
|
—
|
|
|
2002
|
||||||||||
Avalon Towers on the Peninsula
|
|
Mountain View, CA
|
|
9,560
|
|
|
56,136
|
|
|
1,118
|
|
|
9,560
|
|
|
57,254
|
|
|
66,814
|
|
|
27,109
|
|
|
39,705
|
|
|
41,684
|
|
|
—
|
|
|
2002
|
||||||||||
Avalon Willow Glen
|
|
San Jose, CA
|
|
46,060
|
|
|
81,957
|
|
|
4,096
|
|
|
46,060
|
|
|
86,053
|
|
|
132,113
|
|
|
13,139
|
|
|
118,974
|
|
|
122,271
|
|
|
—
|
|
|
2002/2013
|
||||||||||
Eaves West Valley
|
|
San Jose, CA
|
|
90,890
|
|
|
113,628
|
|
|
7,402
|
|
|
90,890
|
|
|
121,030
|
|
|
211,920
|
|
|
19,133
|
|
|
192,787
|
|
|
196,891
|
|
|
75,092
|
|
|
1970/2013
|
||||||||||
Eaves Mountain View at Middlefield
|
|
Mountain View, CA
|
|
64,070
|
|
|
69,018
|
|
|
5,112
|
|
|
64,070
|
|
|
74,130
|
|
|
138,200
|
|
|
12,194
|
|
|
126,006
|
|
|
128,519
|
|
|
—
|
|
|
1969/2013
|
||||||||||
Total San Jose, CA
|
|
|
|
$
|
255,969
|
|
|
$
|
558,832
|
|
|
$
|
63,336
|
|
|
$
|
255,969
|
|
|
$
|
622,168
|
|
|
$
|
878,137
|
|
|
$
|
213,323
|
|
|
$
|
664,814
|
|
|
$
|
685,991
|
|
|
$
|
182,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Oakland - East Bay, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Fremont
|
|
Fremont, CA
|
|
$
|
10,746
|
|
|
$
|
43,399
|
|
|
$
|
5,270
|
|
|
$
|
10,746
|
|
|
$
|
48,669
|
|
|
$
|
59,415
|
|
|
$
|
29,899
|
|
|
$
|
29,516
|
|
|
$
|
31,121
|
|
|
$
|
—
|
|
|
1992/1994
|
Eaves Pleasanton
|
|
Pleasanton, CA
|
|
11,610
|
|
|
46,552
|
|
|
21,421
|
|
|
11,610
|
|
|
67,973
|
|
|
79,583
|
|
|
35,631
|
|
|
43,952
|
|
|
46,042
|
|
|
—
|
|
|
1988/1994
|
||||||||||
Eaves Union City
|
|
Union City, CA
|
|
4,249
|
|
|
16,820
|
|
|
2,918
|
|
|
4,249
|
|
|
19,738
|
|
|
23,987
|
|
|
12,153
|
|
|
11,834
|
|
|
12,499
|
|
|
—
|
|
|
1973/1996
|
||||||||||
Eaves Fremont
|
|
Fremont, CA
|
|
6,581
|
|
|
26,583
|
|
|
9,731
|
|
|
6,581
|
|
|
36,314
|
|
|
42,895
|
|
|
20,388
|
|
|
22,507
|
|
|
23,696
|
|
|
—
|
|
|
1985/1994
|
||||||||||
Avalon Union City
|
|
Union City, CA
|
|
14,732
|
|
|
104,025
|
|
|
710
|
|
|
14,732
|
|
|
104,735
|
|
|
119,467
|
|
|
23,419
|
|
|
96,048
|
|
|
99,329
|
|
|
—
|
|
|
2009
|
||||||||||
Avalon Walnut Creek
|
|
Walnut Creek, CA
|
|
—
|
|
|
146,035
|
|
|
2,208
|
|
|
—
|
|
|
148,243
|
|
|
148,243
|
|
|
27,731
|
|
|
120,512
|
|
|
125,195
|
|
|
137,789
|
|
|
2010
|
||||||||||
Eaves Walnut Creek (1)
|
|
Walnut Creek, CA
|
|
30,320
|
|
|
82,375
|
|
|
11,632
|
|
|
30,320
|
|
|
94,007
|
|
|
124,327
|
|
|
12,658
|
|
|
111,669
|
|
|
108,646
|
|
|
—
|
|
|
1987/2013
|
||||||||||
Avalon Walnut Ridge II
|
|
Walnut Creek, CA
|
|
27,190
|
|
|
57,041
|
|
|
3,386
|
|
|
27,190
|
|
|
60,427
|
|
|
87,617
|
|
|
9,093
|
|
|
78,524
|
|
|
80,540
|
|
|
—
|
|
|
1989/2013
|
||||||||||
Total Oakland - East Bay, CA
|
|
|
|
$
|
105,428
|
|
|
$
|
522,830
|
|
|
$
|
57,276
|
|
|
$
|
105,428
|
|
|
$
|
580,106
|
|
|
$
|
685,534
|
|
|
$
|
170,972
|
|
|
$
|
514,562
|
|
|
$
|
527,068
|
|
|
$
|
137,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
San Francisco, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Eaves Daly City
|
|
Daly City, CA
|
|
4,230
|
|
|
9,659
|
|
|
18,742
|
|
|
4,230
|
|
|
28,401
|
|
|
32,631
|
|
|
15,793
|
|
|
16,838
|
|
|
17,747
|
|
|
—
|
|
|
1972/1997
|
||||||||||
AVA Nob Hill
|
|
San Francisco, CA
|
|
5,403
|
|
|
21,567
|
|
|
6,934
|
|
|
5,403
|
|
|
28,501
|
|
|
33,904
|
|
|
15,043
|
|
|
18,861
|
|
|
19,825
|
|
|
20,800
|
|
|
1990/1995
|
||||||||||
Eaves San Rafael
|
|
San Rafael, CA
|
|
5,982
|
|
|
16,885
|
|
|
24,396
|
|
|
5,982
|
|
|
41,281
|
|
|
47,263
|
|
|
19,364
|
|
|
27,899
|
|
|
29,067
|
|
|
—
|
|
|
1973/1996
|
||||||||||
Eaves Foster City
|
|
Foster City, CA
|
|
7,852
|
|
|
31,445
|
|
|
11,207
|
|
|
7,852
|
|
|
42,652
|
|
|
50,504
|
|
|
22,693
|
|
|
27,811
|
|
|
29,298
|
|
|
—
|
|
|
1973/1994
|
||||||||||
Eaves Pacifica
|
|
Pacifica, CA
|
|
6,125
|
|
|
24,796
|
|
|
2,727
|
|
|
6,125
|
|
|
27,523
|
|
|
33,648
|
|
|
16,591
|
|
|
17,057
|
|
|
17,867
|
|
|
17,600
|
|
|
1971/1995
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Avalon Sunset Towers
|
|
San Francisco, CA
|
|
3,561
|
|
|
21,321
|
|
|
15,034
|
|
|
3,561
|
|
|
36,355
|
|
|
39,916
|
|
|
17,333
|
|
|
22,583
|
|
|
23,640
|
|
|
—
|
|
|
1961/1996
|
||||||||||
Eaves Diamond Heights
|
|
San Francisco, CA
|
|
4,726
|
|
|
19,130
|
|
|
5,844
|
|
|
4,726
|
|
|
24,974
|
|
|
29,700
|
|
|
13,772
|
|
|
15,928
|
|
|
16,670
|
|
|
—
|
|
|
1972/1994
|
||||||||||
Avalon at Mission Bay North
|
|
San Francisco, CA
|
|
14,029
|
|
|
78,452
|
|
|
2,855
|
|
|
14,029
|
|
|
81,307
|
|
|
95,336
|
|
|
36,002
|
|
|
59,334
|
|
|
61,896
|
|
|
68,890
|
|
|
2003
|
||||||||||
Avalon at Mission Bay III
|
|
San Francisco, CA
|
|
28,687
|
|
|
119,156
|
|
|
75
|
|
|
28,687
|
|
|
119,231
|
|
|
147,918
|
|
|
26,937
|
|
|
120,981
|
|
|
125,215
|
|
|
—
|
|
|
2009
|
||||||||||
Avalon Ocean Avenue
|
|
San Francisco, CA
|
|
5,544
|
|
|
50,883
|
|
|
1,759
|
|
|
5,544
|
|
|
52,642
|
|
|
58,186
|
|
|
6,740
|
|
|
51,446
|
|
|
53,340
|
|
|
—
|
|
|
2012
|
||||||||||
Avalon San Bruno
|
|
San Bruno, CA
|
|
40,780
|
|
|
68,684
|
|
|
3,028
|
|
|
40,780
|
|
|
71,712
|
|
|
112,492
|
|
|
10,028
|
|
|
102,464
|
|
|
104,932
|
|
|
64,450
|
|
|
2004/2013
|
||||||||||
Avalon San Bruno II
|
|
San Bruno, CA
|
|
23,787
|
|
|
44,934
|
|
|
1,669
|
|
|
23,787
|
|
|
46,603
|
|
|
70,390
|
|
|
6,080
|
|
|
64,310
|
|
|
65,862
|
|
|
30,514
|
|
|
2007/2013
|
||||||||||
Avalon San Bruno III
|
|
San Bruno, CA
|
|
33,303
|
|
|
62,910
|
|
|
2,412
|
|
|
33,303
|
|
|
65,322
|
|
|
98,625
|
|
|
8,517
|
|
|
90,108
|
|
|
92,222
|
|
|
55,650
|
|
|
2010/2013
|
||||||||||
Total San Francisco, CA
|
|
|
|
$
|
184,009
|
|
|
$
|
569,822
|
|
|
$
|
96,682
|
|
|
$
|
184,009
|
|
|
$
|
666,504
|
|
|
$
|
850,513
|
|
|
$
|
214,893
|
|
|
$
|
635,620
|
|
|
$
|
657,581
|
|
|
$
|
257,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TOTAL NORTHERN CALIFORNIA
|
|
$
|
545,406
|
|
|
$
|
1,651,484
|
|
|
$
|
217,294
|
|
|
$
|
545,406
|
|
|
$
|
1,868,778
|
|
|
$
|
2,414,184
|
|
|
$
|
599,188
|
|
|
$
|
1,814,996
|
|
|
$
|
1,870,640
|
|
|
$
|
578,039
|
|
|
|
SOUTHERN CALIFORNIA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Los Angeles, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Woodland Hills
|
|
Woodland Hills, CA
|
|
$
|
23,828
|
|
|
$
|
40,372
|
|
|
$
|
47,354
|
|
|
$
|
23,828
|
|
|
$
|
87,726
|
|
|
$
|
111,554
|
|
|
$
|
39,443
|
|
|
$
|
72,111
|
|
|
$
|
74,700
|
|
|
$
|
—
|
|
|
1989/1997
|
Eaves Warner Center
|
|
Woodland Hills, CA
|
|
7,045
|
|
|
12,986
|
|
|
9,445
|
|
|
7,045
|
|
|
22,431
|
|
|
29,476
|
|
|
13,887
|
|
|
15,589
|
|
|
16,318
|
|
|
—
|
|
|
1979/1998
|
||||||||||
Avalon at Glendale
|
|
Glendale, CA
|
|
—
|
|
|
42,564
|
|
|
1,319
|
|
|
—
|
|
|
43,883
|
|
|
43,883
|
|
|
18,482
|
|
|
25,401
|
|
|
26,796
|
|
|
—
|
|
|
2003
|
||||||||||
Avalon Burbank
|
|
Burbank, CA
|
|
14,053
|
|
|
56,827
|
|
|
23,979
|
|
|
14,053
|
|
|
80,806
|
|
|
94,859
|
|
|
32,102
|
|
|
62,757
|
|
|
65,454
|
|
|
—
|
|
|
1988/2002
|
||||||||||
Avalon Camarillo
|
|
Camarillo , CA
|
|
8,446
|
|
|
40,290
|
|
|
409
|
|
|
8,446
|
|
|
40,699
|
|
|
49,145
|
|
|
13,574
|
|
|
35,571
|
|
|
36,646
|
|
|
—
|
|
|
2006
|
||||||||||
Avalon Wilshire
|
|
Los Angeles, CA
|
|
5,459
|
|
|
41,182
|
|
|
1,058
|
|
|
5,459
|
|
|
42,240
|
|
|
47,699
|
|
|
12,740
|
|
|
34,959
|
|
|
36,418
|
|
|
—
|
|
|
2007
|
||||||||||
Avalon Encino
|
|
Encino, CA
|
|
12,789
|
|
|
49,073
|
|
|
576
|
|
|
12,789
|
|
|
49,649
|
|
|
62,438
|
|
|
12,575
|
|
|
49,863
|
|
|
51,445
|
|
|
—
|
|
|
2008
|
||||||||||
Avalon Warner Place
|
|
Canoga Park, CA
|
|
7,920
|
|
|
44,848
|
|
|
224
|
|
|
7,920
|
|
|
45,072
|
|
|
52,992
|
|
|
12,078
|
|
|
40,914
|
|
|
42,429
|
|
|
—
|
|
|
2008
|
||||||||||
Eaves Phillips Ranch
|
|
Pomona, CA
|
|
9,796
|
|
|
41,740
|
|
|
429
|
|
|
9,796
|
|
|
42,169
|
|
|
51,965
|
|
|
7,038
|
|
|
44,927
|
|
|
46,266
|
|
|
—
|
|
|
1989/2011
|
||||||||||
Eaves San Dimas
|
|
San Dimas, CA
|
|
1,916
|
|
|
7,819
|
|
|
1,037
|
|
|
1,916
|
|
|
8,856
|
|
|
10,772
|
|
|
1,391
|
|
|
9,381
|
|
|
9,165
|
|
|
—
|
|
|
1978/2011
|
||||||||||
Eaves San Dimas Canyon
|
|
San Dimas, CA
|
|
2,953
|
|
|
12,428
|
|
|
322
|
|
|
2,953
|
|
|
12,750
|
|
|
15,703
|
|
|
2,135
|
|
|
13,568
|
|
|
13,909
|
|
|
—
|
|
|
1981/2011
|
||||||||||
Eaves Cerritos
|
|
Artesia, CA
|
|
8,305
|
|
|
21,195
|
|
|
1,430
|
|
|
8,305
|
|
|
22,625
|
|
|
30,930
|
|
|
2,787
|
|
|
28,143
|
|
|
28,901
|
|
|
—
|
|
|
1973/2012
|
||||||||||
Avalon Playa Vista
|
|
Los Angeles, CA
|
|
30,900
|
|
|
72,008
|
|
|
2,160
|
|
|
30,900
|
|
|
74,168
|
|
|
105,068
|
|
|
8,456
|
|
|
96,612
|
|
|
97,584
|
|
|
—
|
|
|
2006/2012
|
||||||||||
Avalon Simi Valley
|
|
Simi Valley, CA
|
|
42,020
|
|
|
73,361
|
|
|
4,564
|
|
|
42,020
|
|
|
77,925
|
|
|
119,945
|
|
|
11,883
|
|
|
108,062
|
|
|
110,634
|
|
|
—
|
|
|
2007/2013
|
||||||||||
Avalon Studio City II
|
|
Studio City, CA
|
|
4,626
|
|
|
22,954
|
|
|
1,222
|
|
|
4,626
|
|
|
24,176
|
|
|
28,802
|
|
|
3,353
|
|
|
25,449
|
|
|
26,306
|
|
|
—
|
|
|
1991/2013
|
||||||||||
Avalon Studio City III
|
|
Studio City, CA
|
|
15,756
|
|
|
78,178
|
|
|
3,607
|
|
|
15,756
|
|
|
81,785
|
|
|
97,541
|
|
|
11,304
|
|
|
86,237
|
|
|
88,924
|
|
|
—
|
|
|
2002/2013
|
||||||||||
Avalon Calabasas
|
|
Calabasas, CA
|
|
42,720
|
|
|
107,642
|
|
|
8,461
|
|
|
42,720
|
|
|
116,103
|
|
|
158,823
|
|
|
18,337
|
|
|
140,486
|
|
|
143,201
|
|
|
99,166
|
|
|
1988/2013
|
||||||||||
Avalon Oak Creek
|
|
Agoura Hills, CA
|
|
43,540
|
|
|
79,974
|
|
|
4,999
|
|
|
43,540
|
|
|
84,973
|
|
|
128,513
|
|
|
13,868
|
|
|
114,645
|
|
|
117,487
|
|
|
85,288
|
|
|
2004/2013
|
||||||||||
Avalon Del Mar Station
|
|
Pasadena, CA
|
|
20,560
|
|
|
106,556
|
|
|
3,363
|
|
|
20,560
|
|
|
109,919
|
|
|
130,479
|
|
|
13,319
|
|
|
117,160
|
|
|
120,743
|
|
|
76,471
|
|
|
2006/2013
|
||||||||||
Eaves Old Town Pasadena
|
|
Pasadena, CA
|
|
9,110
|
|
|
15,371
|
|
|
1,376
|
|
|
9,110
|
|
|
16,747
|
|
|
25,857
|
|
|
2,686
|
|
|
23,171
|
|
|
23,616
|
|
|
15,669
|
|
|
1972/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Eaves Thousand Oaks
|
|
Thousand Oaks, CA
|
|
13,950
|
|
|
20,211
|
|
|
2,153
|
|
|
13,950
|
|
|
22,364
|
|
|
36,314
|
|
|
4,166
|
|
|
32,148
|
|
|
33,006
|
|
|
27,411
|
|
|
1992/2013
|
||||||||||
Eaves Los Feliz
|
|
Los Angeles, CA
|
|
18,940
|
|
|
43,661
|
|
|
3,433
|
|
|
18,940
|
|
|
47,094
|
|
|
66,034
|
|
|
7,096
|
|
|
58,938
|
|
|
60,298
|
|
|
43,258
|
|
|
1989/2013
|
||||||||||
Eaves Woodland Hills
|
|
Woodland Hills, CA
|
|
68,940
|
|
|
90,549
|
|
|
9,449
|
|
|
68,940
|
|
|
99,998
|
|
|
168,938
|
|
|
17,097
|
|
|
151,841
|
|
|
155,277
|
|
|
104,694
|
|
|
1971/2013
|
||||||||||
Avalon Thousand Oaks Plaza
|
|
Thousand Oaks, CA
|
|
12,810
|
|
|
22,581
|
|
|
1,873
|
|
|
12,810
|
|
|
24,454
|
|
|
37,264
|
|
|
4,172
|
|
|
33,092
|
|
|
33,972
|
|
|
—
|
|
|
2002/2013
|
||||||||||
Total Los Angeles, CA
|
|
|
|
$
|
426,382
|
|
|
$
|
1,144,370
|
|
|
$
|
134,242
|
|
|
$
|
426,382
|
|
|
$
|
1,278,612
|
|
|
$
|
1,704,994
|
|
|
$
|
283,969
|
|
|
$
|
1,421,025
|
|
|
$
|
1,459,495
|
|
|
$
|
451,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Orange County, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
AVA Newport
|
|
Costa Mesa, CA
|
|
$
|
1,975
|
|
|
$
|
3,814
|
|
|
$
|
9,801
|
|
|
$
|
1,975
|
|
|
$
|
13,615
|
|
|
$
|
15,590
|
|
|
$
|
5,998
|
|
|
$
|
9,592
|
|
|
$
|
10,100
|
|
|
$
|
—
|
|
|
1956/1996
|
Eaves Mission Viejo
|
|
Mission Viejo, CA
|
|
2,517
|
|
|
9,257
|
|
|
3,466
|
|
|
2,517
|
|
|
12,723
|
|
|
15,240
|
|
|
7,564
|
|
|
7,676
|
|
|
7,400
|
|
|
7,635
|
|
|
1984/1996
|
||||||||||
Eaves South Coast
|
|
Costa Mesa, CA
|
|
4,709
|
|
|
16,063
|
|
|
12,895
|
|
|
4,709
|
|
|
28,958
|
|
|
33,667
|
|
|
14,897
|
|
|
18,770
|
|
|
19,657
|
|
|
—
|
|
|
1973/1996
|
||||||||||
Eaves Santa Margarita
|
|
Rancho Santa Margarita, CA
|
|
4,607
|
|
|
16,911
|
|
|
10,427
|
|
|
4,607
|
|
|
27,338
|
|
|
31,945
|
|
|
13,779
|
|
|
18,166
|
|
|
19,012
|
|
|
—
|
|
|
1990/1997
|
||||||||||
Eaves Huntington Beach
|
|
Huntington Beach, CA
|
|
4,871
|
|
|
19,745
|
|
|
9,656
|
|
|
4,871
|
|
|
29,401
|
|
|
34,272
|
|
|
17,769
|
|
|
16,503
|
|
|
17,489
|
|
|
—
|
|
|
1971/1997
|
||||||||||
Avalon Anaheim Stadium
|
|
Anaheim, CA
|
|
27,874
|
|
|
69,156
|
|
|
706
|
|
|
27,874
|
|
|
69,862
|
|
|
97,736
|
|
|
16,932
|
|
|
80,804
|
|
|
83,316
|
|
|
—
|
|
|
2009
|
||||||||||
Avalon Irvine
|
|
Irvine, CA
|
|
9,911
|
|
|
67,524
|
|
|
68
|
|
|
9,911
|
|
|
67,592
|
|
|
77,503
|
|
|
14,941
|
|
|
62,562
|
|
|
64,983
|
|
|
—
|
|
|
2010
|
||||||||||
Avalon Irvine II
|
|
Irvine, CA
|
|
4,358
|
|
|
40,906
|
|
|
—
|
|
|
4,358
|
|
|
40,906
|
|
|
45,264
|
|
|
4,241
|
|
|
41,023
|
|
|
42,511
|
|
|
—
|
|
|
2013
|
||||||||||
Eaves Lake Forest
|
|
Lake Forest, CA
|
|
5,199
|
|
|
21,134
|
|
|
2,131
|
|
|
5,199
|
|
|
23,265
|
|
|
28,464
|
|
|
3,866
|
|
|
24,598
|
|
|
25,441
|
|
|
—
|
|
|
1975/2011
|
||||||||||
Eaves Seal Beach
|
|
Seal Beach, CA
|
|
46,790
|
|
|
99,999
|
|
|
4,748
|
|
|
46,790
|
|
|
104,747
|
|
|
151,537
|
|
|
15,067
|
|
|
136,470
|
|
|
140,246
|
|
|
—
|
|
|
1971/2013
|
||||||||||
Total Orange County, CA
|
|
|
|
$
|
112,811
|
|
|
$
|
364,509
|
|
|
$
|
53,898
|
|
|
$
|
112,811
|
|
|
$
|
418,407
|
|
|
$
|
531,218
|
|
|
$
|
115,054
|
|
|
$
|
416,164
|
|
|
$
|
430,155
|
|
|
$
|
7,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
San Diego, CA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Eaves Mission Ridge
|
|
San Diego, CA
|
|
$
|
2,710
|
|
|
$
|
10,924
|
|
|
$
|
11,357
|
|
|
$
|
2,710
|
|
|
$
|
22,281
|
|
|
$
|
24,991
|
|
|
$
|
12,987
|
|
|
$
|
12,004
|
|
|
$
|
12,684
|
|
|
$
|
—
|
|
|
1960/1997
|
AVA Cortez Hill
|
|
San Diego, CA
|
|
2,768
|
|
|
20,134
|
|
|
23,497
|
|
|
2,768
|
|
|
43,631
|
|
|
46,399
|
|
|
20,396
|
|
|
26,003
|
|
|
27,513
|
|
|
—
|
|
|
1973/1998
|
||||||||||
Avalon Fashion Valley
|
|
San Diego, CA
|
|
19,627
|
|
|
44,972
|
|
|
399
|
|
|
19,627
|
|
|
45,371
|
|
|
64,998
|
|
|
11,485
|
|
|
53,513
|
|
|
55,029
|
|
|
—
|
|
|
2008
|
||||||||||
Eaves San Marcos
|
|
San Marcos, CA
|
|
3,277
|
|
|
13,385
|
|
|
982
|
|
|
3,277
|
|
|
14,367
|
|
|
17,644
|
|
|
2,377
|
|
|
15,267
|
|
|
15,653
|
|
|
—
|
|
|
1988/2011
|
||||||||||
Eaves Rancho Penasquitos
|
|
San Diego, CA
|
|
6,692
|
|
|
27,143
|
|
|
2,027
|
|
|
6,692
|
|
|
29,170
|
|
|
35,862
|
|
|
4,715
|
|
|
31,147
|
|
|
31,972
|
|
|
—
|
|
|
1986/2011
|
||||||||||
Eaves La Mesa
|
|
La Mesa, CA
|
|
9,490
|
|
|
28,482
|
|
|
1,354
|
|
|
9,490
|
|
|
29,836
|
|
|
39,326
|
|
|
4,513
|
|
|
34,813
|
|
|
36,077
|
|
|
—
|
|
|
1989/2013
|
||||||||||
Total San Diego, CA
|
|
|
|
$
|
44,564
|
|
|
$
|
145,040
|
|
|
$
|
39,616
|
|
|
$
|
44,564
|
|
|
$
|
184,656
|
|
|
$
|
229,220
|
|
|
$
|
56,473
|
|
|
$
|
172,747
|
|
|
$
|
178,928
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TOTAL SOUTHERN CALIFORNIA
|
|
$
|
583,757
|
|
|
$
|
1,653,919
|
|
|
$
|
227,756
|
|
|
$
|
583,757
|
|
|
$
|
1,881,675
|
|
|
$
|
2,465,432
|
|
|
$
|
455,496
|
|
|
$
|
2,009,936
|
|
|
$
|
2,068,578
|
|
|
$
|
459,592
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TOTAL ESTABLISHED COMMUNITIES
|
|
$
|
2,711,536
|
|
|
$
|
8,768,161
|
|
|
$
|
911,889
|
|
|
$
|
2,711,536
|
|
|
$
|
9,680,050
|
|
|
$
|
12,391,586
|
|
|
$
|
2,715,827
|
|
|
$
|
9,675,759
|
|
|
$
|
9,945,347
|
|
|
$
|
2,404,461
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
OTHER STABILIZED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Eaves Dublin
|
|
Dublin, CA
|
|
$
|
5,276
|
|
|
$
|
19,642
|
|
|
$
|
12,310
|
|
|
$
|
5,276
|
|
|
$
|
31,952
|
|
|
$
|
37,228
|
|
|
$
|
15,397
|
|
|
$
|
21,831
|
|
|
$
|
19,902
|
|
|
$
|
—
|
|
|
1989/1997
|
AVA Burbank
|
|
Burbank, CA
|
|
22,483
|
|
|
28,104
|
|
|
48,165
|
|
|
22,483
|
|
|
76,269
|
|
|
98,752
|
|
|
35,042
|
|
|
63,710
|
|
|
66,594
|
|
|
—
|
|
|
1961/1997
|
||||||||||
AVA Pacific Beach
|
|
San Diego, CA
|
|
9,922
|
|
|
40,580
|
|
|
40,107
|
|
|
9,922
|
|
|
80,687
|
|
|
90,609
|
|
|
35,087
|
|
|
55,522
|
|
|
49,113
|
|
|
—
|
|
|
1969/1997
|
||||||||||
Eaves Creekside
|
|
Mountain View, CA
|
|
6,546
|
|
|
26,263
|
|
|
21,310
|
|
|
6,546
|
|
|
47,573
|
|
|
54,119
|
|
|
22,428
|
|
|
31,691
|
|
|
33,054
|
|
|
—
|
|
|
1962/1997
|
||||||||||
AVA Pasadena
|
|
Pasadena, CA
|
|
8,400
|
|
|
11,547
|
|
|
5,514
|
|
|
8,400
|
|
|
17,061
|
|
|
25,461
|
|
|
1,950
|
|
|
23,511
|
|
|
24,016
|
|
|
11,489
|
|
|
1973/2012
|
||||||||||
AVA 55 Ninth
|
|
San Francisco, CA
|
|
20,267
|
|
|
97,211
|
|
|
1,135
|
|
|
20,267
|
|
|
98,346
|
|
|
118,613
|
|
|
5,709
|
|
|
112,904
|
|
|
114,536
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Morrison Park
|
|
San Jose, CA
|
|
13,837
|
|
|
64,527
|
|
|
—
|
|
|
13,837
|
|
|
64,527
|
|
|
78,364
|
|
|
4,128
|
|
|
74,236
|
|
|
76,418
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon San Dimas
|
|
San Dimas, CA
|
|
9,141
|
|
|
30,708
|
|
|
—
|
|
|
9,141
|
|
|
30,708
|
|
|
39,849
|
|
|
1,458
|
|
|
38,391
|
|
|
39,272
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Mission Oaks
|
|
Camarillo, CA
|
|
9,600
|
|
|
34,540
|
|
|
2,889
|
|
|
9,600
|
|
|
37,429
|
|
|
47,029
|
|
|
2,606
|
|
|
44,423
|
|
|
46,907
|
|
|
—
|
|
|
2014
|
||||||||||
Toluca Hills Apartments by Avalon
|
|
Los Angeles, CA
|
|
85,450
|
|
|
161,256
|
|
|
11,171
|
|
|
85,450
|
|
|
172,427
|
|
|
257,877
|
|
|
26,708
|
|
|
231,169
|
|
|
236,149
|
|
|
—
|
|
|
1973/2013
|
||||||||||
Avalon Berkeley
|
|
Berkeley, CA
|
|
4,500
|
|
|
28,430
|
|
|
—
|
|
|
4,500
|
|
|
28,430
|
|
|
32,930
|
|
|
1,484
|
|
|
31,446
|
|
|
32,679
|
|
|
—
|
|
|
2014
|
||||||||||
Eaves West Valley II
|
|
San Jose, CA
|
|
—
|
|
|
18,412
|
|
|
—
|
|
|
—
|
|
|
18,412
|
|
|
18,412
|
|
|
1,411
|
|
|
17,001
|
|
|
17,676
|
|
|
7,995
|
|
|
2013
|
||||||||||
Avalon Studio City
|
|
Studio City, CA
|
|
17,658
|
|
|
90,715
|
|
|
4,837
|
|
|
17,658
|
|
|
95,552
|
|
|
113,210
|
|
|
13,012
|
|
|
100,198
|
|
|
102,765
|
|
|
—
|
|
|
1987/2013
|
||||||||||
Eaves Trumbull
|
|
Trumbull, CT
|
|
4,414
|
|
|
31,254
|
|
|
3,860
|
|
|
4,414
|
|
|
35,114
|
|
|
39,528
|
|
|
22,039
|
|
|
17,489
|
|
|
18,515
|
|
|
38,852
|
|
|
1997
|
||||||||||
Avalon Shelton III
|
|
Shelton, CT
|
|
7,749
|
|
|
40,269
|
|
|
—
|
|
|
7,749
|
|
|
40,269
|
|
|
48,018
|
|
|
3,732
|
|
|
44,286
|
|
|
46,440
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon East Norwalk
|
|
Norwalk, CT
|
|
10,395
|
|
|
36,246
|
|
|
—
|
|
|
10,395
|
|
|
36,246
|
|
|
46,641
|
|
|
2,981
|
|
|
43,660
|
|
|
44,875
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon at Stratford
|
|
Stratford, CT
|
|
2,564
|
|
|
27,109
|
|
|
—
|
|
|
2,564
|
|
|
27,109
|
|
|
29,673
|
|
|
1,322
|
|
|
28,351
|
|
|
29,107
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Oaks
|
|
Wilmington, MA
|
|
2,129
|
|
|
18,302
|
|
|
4,265
|
|
|
2,129
|
|
|
22,567
|
|
|
24,696
|
|
|
11,925
|
|
|
12,771
|
|
|
11,749
|
|
|
—
|
|
|
1999
|
||||||||||
Avalon Natick
|
|
Natick, MA
|
|
15,645
|
|
|
64,845
|
|
|
—
|
|
|
15,645
|
|
|
64,845
|
|
|
80,490
|
|
|
5,752
|
|
|
74,738
|
|
|
76,754
|
|
|
51,230
|
|
|
2013
|
||||||||||
Avalon at Assembly Row
|
|
Somerville, MA
|
|
8,504
|
|
|
—
|
|
|
47,432
|
|
|
8,504
|
|
|
47,432
|
|
|
55,936
|
|
|
2,179
|
|
|
53,757
|
|
|
56,158
|
|
|
—
|
|
|
2015
|
||||||||||
Eaves Burlington
|
|
Burlington, MA
|
|
7,714
|
|
|
32,502
|
|
|
5,210
|
|
|
7,714
|
|
|
37,712
|
|
|
45,426
|
|
|
3,726
|
|
|
41,700
|
|
|
42,947
|
|
|
—
|
|
|
1988/2012
|
||||||||||
Avalon Canton at Blue Hills
|
|
Canton, MA
|
|
6,562
|
|
|
33,890
|
|
|
105
|
|
|
6,562
|
|
|
33,995
|
|
|
40,557
|
|
|
2,014
|
|
|
38,543
|
|
|
38,984
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Burlington
|
|
Burlington, MA
|
|
15,600
|
|
|
58,312
|
|
|
14,929
|
|
|
15,600
|
|
|
73,241
|
|
|
88,841
|
|
|
7,761
|
|
|
81,080
|
|
|
76,409
|
|
|
—
|
|
|
1989/2013
|
||||||||||
Avalon at Edgewater (2)
|
|
Edgewater, NJ
|
|
14,528
|
|
|
24,389
|
|
|
1,517
|
|
|
14,528
|
|
|
25,906
|
|
|
40,434
|
|
|
12,981
|
|
|
27,453
|
|
|
50,185
|
|
|
—
|
|
|
2002
|
||||||||||
Avalon Somerset
|
|
Somerset, NJ
|
|
18,241
|
|
|
58,343
|
|
|
—
|
|
|
18,241
|
|
|
58,343
|
|
|
76,584
|
|
|
5,510
|
|
|
71,074
|
|
|
73,201
|
|
|
—
|
|
|
2013
|
||||||||||
Avalon Bloomingdale
|
|
Bloomingdale, NJ
|
|
3,006
|
|
|
27,800
|
|
|
—
|
|
|
3,006
|
|
|
27,800
|
|
|
30,806
|
|
|
2,136
|
|
|
28,670
|
|
|
29,628
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Green
|
|
Elmsford, NY
|
|
1,820
|
|
|
10,525
|
|
|
6,951
|
|
|
1,820
|
|
|
17,476
|
|
|
19,296
|
|
|
8,585
|
|
|
10,711
|
|
|
5,989
|
|
|
—
|
|
|
1995
|
||||||||||
AVA High Line
|
|
New York, NY
|
|
—
|
|
|
155,989
|
|
|
—
|
|
|
—
|
|
|
155,989
|
|
|
155,989
|
|
|
3,878
|
|
|
152,111
|
|
|
150,721
|
|
|
—
|
|
|
2015
|
||||||||||
Avalon Ossining
|
|
Ossining, NY
|
|
6,390
|
|
|
30,297
|
|
|
—
|
|
|
6,390
|
|
|
30,297
|
|
|
36,687
|
|
|
1,876
|
|
|
34,811
|
|
|
35,722
|
|
|
—
|
|
|
2014
|
||||||||||
Archstone Lexington
|
|
Flower Mound, TX
|
|
4,540
|
|
|
25,946
|
|
|
1,863
|
|
|
4,540
|
|
|
27,809
|
|
|
32,349
|
|
|
4,643
|
|
|
27,706
|
|
|
28,758
|
|
|
16,255
|
|
|
2000/2013
|
||||||||||
Archstone Toscano
|
|
Houston, TX
|
|
15,607
|
|
|
72,365
|
|
|
—
|
|
|
15,607
|
|
|
72,365
|
|
|
87,972
|
|
|
5,817
|
|
|
82,155
|
|
|
84,442
|
|
|
—
|
|
|
2014
|
||||||||||
Memorial Heights Villages
|
|
Houston, TX
|
|
9,607
|
|
|
42,936
|
|
|
—
|
|
|
9,607
|
|
|
42,936
|
|
|
52,543
|
|
|
2,232
|
|
|
50,311
|
|
|
51,047
|
|
|
—
|
|
|
2014
|
||||||||||
Avalon Tysons Corner
|
|
Tysons Corner, VA
|
|
13,851
|
|
|
43,397
|
|
|
12,485
|
|
|
13,851
|
|
|
55,882
|
|
|
69,733
|
|
|
28,807
|
|
|
40,926
|
|
|
42,570
|
|
|
—
|
|
|
1996
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
REDEVELOPMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Silicon Valley
|
|
Sunnyvale, CA
|
|
$
|
20,713
|
|
|
$
|
99,573
|
|
|
$
|
11,163
|
|
|
$
|
20,713
|
|
|
$
|
110,736
|
|
|
$
|
131,449
|
|
|
$
|
62,735
|
|
|
$
|
68,714
|
|
|
$
|
65,997
|
|
|
$
|
—
|
|
|
1998
|
Avalon Santa Monica on Main
|
|
Santa Monica, CA
|
|
32,000
|
|
|
60,770
|
|
|
11,000
|
|
|
32,000
|
|
|
71,770
|
|
|
103,770
|
|
|
8,732
|
|
|
95,038
|
|
|
89,409
|
|
|
—
|
|
|
2007/2013
|
||||||||||
Avalon La Jolla Colony
|
|
San Diego, CA
|
|
16,760
|
|
|
27,694
|
|
|
3,687
|
|
|
16,760
|
|
|
31,381
|
|
|
48,141
|
|
|
4,852
|
|
|
43,289
|
|
|
42,888
|
|
|
27,176
|
|
|
1987/2013
|
||||||||||
Avalon Walnut Ridge I
|
|
Walnut Creek, CA
|
|
9,860
|
|
|
19,850
|
|
|
2,549
|
|
|
9,860
|
|
|
22,399
|
|
|
32,259
|
|
|
2,908
|
|
|
29,351
|
|
|
28,429
|
|
|
20,754
|
|
|
2000/2013
|
||||||||||
Avalon Pasadena
|
|
Pasadena, CA
|
|
10,240
|
|
|
31,558
|
|
|
2,719
|
|
|
10,240
|
|
|
34,277
|
|
|
44,517
|
|
|
4,627
|
|
|
39,890
|
|
|
40,103
|
|
|
28,079
|
|
|
2004/2013
|
||||||||||
AVA Back Bay
|
|
Boston, MA
|
|
9,034
|
|
|
36,540
|
|
|
39,506
|
|
|
9,034
|
|
|
76,046
|
|
|
85,080
|
|
|
28,618
|
|
|
56,462
|
|
|
55,733
|
|
|
—
|
|
|
1968/1998
|
||||||||||
Avalon Bear Hill
|
|
Waltham, MA
|
|
27,350
|
|
|
96,387
|
|
|
18,621
|
|
|
27,350
|
|
|
115,008
|
|
|
142,358
|
|
|
14,991
|
|
|
127,367
|
|
|
118,155
|
|
|
—
|
|
|
1999/2013
|
||||||||||
Avalon Towers
|
|
Long Beach, NY
|
|
3,118
|
|
|
11,973
|
|
|
20,127
|
|
|
3,118
|
|
|
32,100
|
|
|
35,218
|
|
|
12,753
|
|
|
22,465
|
|
|
13,914
|
|
|
—
|
|
|
1990/1995
|
||||||||||
Avalon at Arlington Square
|
|
Arlington, VA
|
|
22,041
|
|
|
90,296
|
|
|
18,070
|
|
|
22,041
|
|
|
108,366
|
|
|
130,407
|
|
|
46,173
|
|
|
84,234
|
|
|
72,275
|
|
|
—
|
|
|
2001
|
||||||||||
TOTAL REDEVLOPMENT
|
|
$
|
151,116
|
|
|
$
|
474,641
|
|
|
$
|
127,442
|
|
|
$
|
151,116
|
|
|
$
|
602,083
|
|
|
$
|
753,199
|
|
|
$
|
186,389
|
|
|
$
|
566,810
|
|
|
$
|
526,903
|
|
|
$
|
76,009
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
TOTAL CURRENT COMMUNITIES
|
|
$
|
3,537,870
|
|
|
$
|
12,067,407
|
|
|
$
|
1,349,015
|
|
|
$
|
3,537,870
|
|
|
$
|
13,416,422
|
|
|
$
|
16,954,292
|
|
|
$
|
3,270,732
|
|
|
$
|
13,683,560
|
|
|
$
|
13,812,553
|
|
|
$
|
2,606,291
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
DEVELOPMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Avalon Glendora
|
|
Glendora, CA
|
|
$
|
10,530
|
|
|
$
|
37,448
|
|
|
$
|
34,090
|
|
|
$
|
10,530
|
|
|
$
|
71,538
|
|
|
$
|
82,068
|
|
|
$
|
338
|
|
|
$
|
81,730
|
|
|
$
|
52,146
|
|
|
$
|
—
|
|
|
N/A
|
Avalon Irvine III
|
|
Irvine, CA
|
|
—
|
|
|
774
|
|
|
51,534
|
|
|
—
|
|
|
52,308
|
|
|
52,308
|
|
|
—
|
|
|
52,308
|
|
|
26,303
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Dublin Station II
|
|
Dublin, CA
|
|
1,848
|
|
|
18,949
|
|
|
59,948
|
|
|
1,848
|
|
|
78,897
|
|
|
80,745
|
|
|
54
|
|
|
80,691
|
|
|
43,422
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon West Hollywood
|
|
West Hollywood, CA
|
|
—
|
|
|
—
|
|
|
93,676
|
|
|
—
|
|
|
93,676
|
|
|
93,676
|
|
|
—
|
|
|
93,676
|
|
|
58,128
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Chino Hills
|
|
Chino Hills, CA
|
|
—
|
|
|
72
|
|
|
24,567
|
|
|
—
|
|
|
24,639
|
|
|
24,639
|
|
|
—
|
|
|
24,639
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Dogpatch
|
|
San Francisco, CA
|
|
—
|
|
|
182
|
|
|
62,124
|
|
|
—
|
|
|
62,306
|
|
|
62,306
|
|
|
—
|
|
|
62,306
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Huntington Beach
|
|
Huntington Beach, CA
|
|
—
|
|
|
981
|
|
|
87,648
|
|
|
—
|
|
|
88,629
|
|
|
88,629
|
|
|
—
|
|
|
88,629
|
|
|
40,739
|
|
|
—
|
|
|
N/A
|
||||||||||
AVA NoMa
|
|
Washington, DC
|
|
—
|
|
|
211
|
|
|
47,583
|
|
|
—
|
|
|
47,794
|
|
|
47,794
|
|
|
—
|
|
|
47,794
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon North Station
|
|
Boston, MA
|
|
—
|
|
|
117
|
|
|
142,794
|
|
|
—
|
|
|
142,911
|
|
|
142,911
|
|
|
—
|
|
|
142,911
|
|
|
46,268
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Quincy
|
|
Quincy, MA
|
|
—
|
|
|
40
|
|
|
34,458
|
|
|
—
|
|
|
34,498
|
|
|
34,498
|
|
|
—
|
|
|
34,498
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
AVA Wheaton
|
|
Wheaton, MD
|
|
—
|
|
|
144
|
|
|
18,151
|
|
|
—
|
|
|
18,295
|
|
|
18,295
|
|
|
—
|
|
|
18,295
|
|
|
14,347
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Hunt Valley
|
|
Hunt Valley, MD
|
|
—
|
|
|
310
|
|
|
28,920
|
|
|
—
|
|
|
29,230
|
|
|
29,230
|
|
|
—
|
|
|
29,230
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Laurel
|
|
Laurel, MD
|
|
—
|
|
|
220
|
|
|
30,788
|
|
|
—
|
|
|
31,008
|
|
|
31,008
|
|
|
—
|
|
|
31,008
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Princeton
|
|
Princeton, NJ
|
|
—
|
|
|
202
|
|
|
49,869
|
|
|
—
|
|
|
50,071
|
|
|
50,071
|
|
|
—
|
|
|
50,071
|
|
|
35,456
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Union
|
|
Union, NJ
|
|
468
|
|
|
2,126
|
|
|
36,867
|
|
|
468
|
|
|
38,993
|
|
|
39,461
|
|
|
5
|
|
|
39,456
|
|
|
12,717
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Maplewood
|
|
Maplewood, NJ
|
|
—
|
|
|
79
|
|
|
19,101
|
|
|
—
|
|
|
19,180
|
|
|
19,180
|
|
|
—
|
|
|
19,180
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Willoughby Square/AVA DoBro
|
|
Brooklyn, NY
|
|
9,145
|
|
|
25,827
|
|
|
373,975
|
|
|
9,145
|
|
|
399,802
|
|
|
408,947
|
|
|
135
|
|
|
408,812
|
|
|
266,318
|
|
|
—
|
|
|
N/A
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Initial Cost
|
|
|
|
Total Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Community
|
|
City and state
|
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Costs
Subsequent to Acquisition / Construction |
|
Land and improvements
|
|
Building /
Construction in Progress & Improvements |
|
Total
|
|
Accumulated
Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Total Cost,
Net of Accumulated Depreciation |
|
Encumbrances
|
|
Year of
Completion/ Acquisition |
||||||||||||||||||||
Avalon Green III
|
|
Elmsford, NY
|
|
2,786
|
|
|
9,674
|
|
|
8,689
|
|
|
2,786
|
|
|
18,363
|
|
|
21,149
|
|
|
46
|
|
|
21,103
|
|
|
1,447
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Great Neck
|
|
Great Neck, NY
|
|
—
|
|
|
69
|
|
|
26,168
|
|
|
—
|
|
|
26,237
|
|
|
26,237
|
|
|
—
|
|
|
26,237
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Sheepshead Bay
|
|
Brooklyn, NY
|
|
—
|
|
|
104
|
|
|
20,290
|
|
|
—
|
|
|
20,394
|
|
|
20,394
|
|
|
—
|
|
|
20,394
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Rockville Centre II
|
|
Rockville Centre, NY
|
|
—
|
|
|
—
|
|
|
11,302
|
|
|
—
|
|
|
11,302
|
|
|
11,302
|
|
|
—
|
|
|
11,302
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Falls Church
|
|
Falls Church, VA
|
|
35,018
|
|
|
61,217
|
|
|
8,243
|
|
|
35,018
|
|
|
69,460
|
|
|
104,478
|
|
|
1,040
|
|
|
103,438
|
|
|
69,631
|
|
|
—
|
|
|
N/A
|
||||||||||
AVA Capitol Hill
|
|
Seattle, WA
|
|
4,139
|
|
|
13,031
|
|
|
61,910
|
|
|
4,139
|
|
|
74,941
|
|
|
79,080
|
|
|
72
|
|
|
79,008
|
|
|
39,870
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Esterra Park
|
|
Redmond, WA
|
|
—
|
|
|
179
|
|
|
84,249
|
|
|
—
|
|
|
84,428
|
|
|
84,428
|
|
|
—
|
|
|
84,428
|
|
|
33,523
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Alderwood II
|
|
Redmond, WA
|
|
—
|
|
|
—
|
|
|
14,264
|
|
|
—
|
|
|
14,264
|
|
|
14,264
|
|
|
—
|
|
|
14,264
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
Avalon Newcastle I
|
|
Newcastle, WA
|
|
—
|
|
|
—
|
|
|
27,140
|
|
|
—
|
|
|
27,140
|
|
|
27,140
|
|
|
—
|
|
|
27,140
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
||||||||||
TOTAL DEVELOPMENT
|
|
$
|
63,934
|
|
|
$
|
171,956
|
|
|
$
|
1,458,348
|
|
|
$
|
63,934
|
|
|
$
|
1,630,304
|
|
|
$
|
1,694,238
|
|
|
$
|
1,690
|
|
|
$
|
1,692,548
|
|
|
$
|
740,315
|
|
|
$
|
—
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Land Held for Development
|
|
|
|
$
|
484,377
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
484,377
|
|
|
$
|
—
|
|
|
$
|
484,377
|
|
|
$
|
—
|
|
|
$
|
484,377
|
|
|
$
|
180,516
|
|
|
$
|
—
|
|
|
|
Corporate Overhead
|
|
|
|
39,371
|
|
|
29,535
|
|
|
66,286
|
|
|
39,371
|
|
|
95,821
|
|
|
135,192
|
|
|
53,368
|
|
|
81,824
|
|
|
41,940
|
|
|
3,875,000
|
|
|
|
||||||||||
2015 Disposed Communities
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160,416
|
|
|
—
|
|
|
|
||||||||||
TOTAL
|
|
|
|
$
|
4,125,552
|
|
|
$
|
12,268,898
|
|
|
$
|
2,873,649
|
|
|
$
|
4,125,552
|
|
|
$
|
15,142,547
|
|
|
$
|
19,268,099
|
|
|
$
|
3,325,790
|
|
|
$
|
15,942,309
|
|
|
$
|
14,935,740
|
|
|
$
|
6,481,291
|
|
|
|
(1)
|
This community was under redevelopment for some or all of 2015, with the redevelopment effort primarily focused on the exterior and/or common area, with no expected material impact on community operations. This community is therefore included in the Established Community portfolio and not classified as a Redevelopment Community.
|
(2)
|
The 2015 financial reporting cost includes the basis for the land parcel which held the apartment homes which were destroyed, and is net of the recognized impairment to write-off the net book value of the fixed assets destroyed by the fire.
|
|
For the year ended
|
||||||||||
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2013
|
||||||
Balance, beginning of period
|
$
|
17,849,316
|
|
|
$
|
16,800,321
|
|
|
$
|
10,071,342
|
|
Acquisitions, construction costs and improvements
|
1,667,989
|
|
|
1,311,003
|
|
|
7,157,639
|
|
|||
Dispositions, including casualty losses and impairment loss on planned dispositions
|
(249,206
|
)
|
|
(262,008
|
)
|
|
(428,660
|
)
|
|||
Balance, end of period
|
$
|
19,268,099
|
|
|
$
|
17,849,316
|
|
|
$
|
16,800,321
|
|
|
For the year ended
|
||||||||||
|
12/31/2015
|
|
12/31/2014
|
|
12/31/2013
|
||||||
Balance, beginning of period
|
$
|
2,913,576
|
|
|
$
|
2,516,112
|
|
|
$
|
2,056,222
|
|
Depreciation, including discontinued operations
|
477,923
|
|
|
442,682
|
|
|
573,715
|
|
|||
Dispositions, including casualty losses
|
(65,709
|
)
|
|
(45,218
|
)
|
|
(113,825
|
)
|
|||
Balance, end of period
|
$
|
3,325,790
|
|
|
$
|
2,913,576
|
|
|
$
|
2,516,112
|
|
|
|
Page
|
|
ARTICLE I MEETINGS OF STOCKHOLDERS.........................................
|
|
1
|
|
1.01
PLACE.
|
|
1
|
|
1.02
ANNUAL MEETINGS.
|
|
1
|
|
1.03
MATTERS TO BE CONSIDERED AT ANNUAL MEETING.
|
|
4
|
|
1.04
SPECIAL MEETINGS.
|
|
7
|
|
1.05
NOTICE.
|
|
7
|
|
1.06
SCOPE OF NOTICE.
|
|
7
|
|
1.07
QUORUM.
|
|
7
|
|
1.08
VOTING.
|
|
7
|
|
1.09
PROXIES.
|
|
9
|
|
1.10
CONDUCT OF MEETINGS.
|
|
9
|
|
1.11
TABULATION OF VOTES.
|
|
10
|
|
1.12
VOTING OF STOCK BY CERTAIN HOLDERS.
|
|
10
|
|
1.13
INFORMAL ACTION BY STOCKHOLDERS.
|
|
11
|
|
1.14
VOTING BY BALLOT.
|
|
11
|
|
1.15
PROXY ACCESS.
|
|
11
|
|
|
|
|
|
ARTICLE II DIRECTORS
|
|
18
|
|
2.01
GENERAL POWERS.
|
|
18
|
|
2.02
OUTSIDE ACTIVITIES.
|
|
18
|
|
2.03
NUMBER, TENURE AND QUALIFICATION.
|
|
19
|
|
2.04
NOMINATION OF DIRECTORS.
|
|
19
|
|
2.05
ANNUAL AND REGULAR MEETINGS.
|
|
23
|
|
2.06
SPECIAL MEETINGS.
|
|
23
|
|
2.07
NOTICE.
|
|
23
|
|
2.08
QUORUM.
|
|
24
|
|
2.09
VOTING.
|
|
24
|
|
2.10
CONDUCT OF MEETINGS.
|
|
24
|
|
2.11
RESIGNATIONS.
|
|
25
|
|
2.12
REMOVAL OF DIRECTORS.
|
|
25
|
|
2.13
VACANCIES.
|
|
25
|
|
2.14
CONSENT BY DIRECTORS WITHOUT A MEETING.
|
|
25
|
|
2.15
COMPENSATION.
|
|
25
|
|
2.16
LEAD INDEPENDENT DIRECTOR.
|
|
25
|
|
2.17
RELIANCE.
|
|
25
|
|
2.18
RATIFICATION.
|
|
25
|
|
2.19
EMERGENCY PROVISIONS.
|
|
26
|
|
|
|
|
|
ARTICLE III COMMITTEES
|
|
26
|
|
3.01
NUMBER, TENURE AND QUALIFICATION.
|
|
26
|
|
3.02
DELEGATION OF POWER.
|
|
27
|
|
|
|
|
3.03
QUORUM AND VOTING.
|
|
27
|
|
3.04
CONDUCT OF MEETINGS.
|
|
27
|
|
3.05
CONSENT BY COMMITTEES WITHOUT A MEETING.
|
|
28
|
|
3.06
VACANCIES.
|
|
28
|
|
|
|
|
|
ARTICLE IV OFFICERS
|
|
28
|
|
4.01
TITLES AND ELECTION.
|
|
28
|
|
4.02
REMOVAL AND RESIGNATION.
|
|
28
|
|
4.03
OUTSIDE ACTIVITIES.
|
|
29
|
|
4.04
VACANCIES.
|
|
29
|
|
4.05
CHAIRMAN OF THE BOARD.
|
|
29
|
|
4.06
CHIEF EXECUTIVE OFFICER.
|
|
29
|
|
4.07
PRESIDENT.
|
|
29
|
|
4.08
VICE PRESIDENTS.
|
|
29
|
|
4.09
CHIEF FINANCIAL OFFICER.
|
|
30
|
|
4.10
CHIEF OPERATING OFFICER.
|
|
30
|
|
4.11
SECRETARY.
|
|
30
|
|
4.12
TREASURER.
|
|
30
|
|
4.13
ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.
|
|
30
|
|
4.14
SUBORDINATE OFFICERS.
|
|
31
|
|
4.15
COMPENSATION.
|
|
31
|
|
|
|
|
|
ARTICLE V SHARES OF STOCK
|
|
31
|
|
5.01
FORM OF CERTIFICATES.
|
|
31
|
|
5.02
TRANSFER OF SHARES.
|
|
31
|
|
5.03
STOCK LEDGER.
|
|
32
|
|
5.04
LOST CERTIFICATE.
|
|
32
|
|
5.05
EMPLOYEE STOCK PURCHASE PLANS.
|
|
32
|
|
5.06
FIXING OF RECORD DATE.
|
|
32
|
|
|
|
|
|
ARTICLE VI DIVIDENDS AND DISTRIBUTIONS
|
|
33
|
|
6.01
AUTHORIZATION.
|
|
33
|
|
6.02
CONTINGENCIES.
|
|
33
|
|
|
|
|
|
ARTICLE VII INDEMNIFICATION AND ADVANCE OF EXPENSES
|
|
33
|
|
7.01
INDEMNIFICATION TO THE EXTENT PERMITTED BY LAW.
|
|
33
|
|
7.02
INDEMNIFICATION OF EMPLOYEES AND AGENTS OF THE CORPORATION.
|
|
34
|
|
7.03
INSURANCE.
|
|
34
|
|
7.04
NON-EXCLUSIVE RIGHTS TO INDEMNITY; HEIRS AND PERSONAL REPRESENTATIVES.
|
|
34
|
|
7.05
NO LIMITATION.
|
|
34
|
|
7.06
AMENDMENT, REPEAL OR MODIFICATION.
|
|
35
|
|
7.07
RIGHT OF CLAIMANT TO BRING SUIT.
|
|
35
|
|
7.08
VESTING.
|
|
35
|
|
|
|
|
ARTICLE VIII NOTICES
|
|
35
|
|
8.01
NOTICES.
|
|
35
|
|
8.02
SECRETARY TO GIVE NOTICE.
|
|
36
|
|
8.03
WAIVER OF NOTICE.
|
|
36
|
|
|
|
|
|
ARTICLE IX MISCELLANEOUS
|
|
36
|
|
9.01
EXEMPTION FROM MARYLAND CONTROL SHARE ACQUISITION ACT.
|
|
36
|
|
9.02
OFFICES OF THE CORPORATION.
|
|
36
|
|
9.03
BOOKS AND RECORDS.
|
|
37
|
|
9.04
INSPECTION OF BYLAWS AND CORPORATE RECORDS.
|
|
37
|
|
9.05
CONTRACTS.
|
|
37
|
|
9.06
CHECKS, DRAFTS, ETC.
|
|
37
|
|
9.07
LOANS.
|
|
37
|
|
9.08
FISCAL YEAR.
|
|
38
|
|
9.09
ANNUAL REPORT.
|
|
38
|
|
9.10
INTERIM REPORTS.
|
|
38
|
|
9.11
BYLAWS SEVERABLE.
|
|
38
|
|
|
|
|
|
ARTICLE X AMENDMENT OF BYLAWS
|
|
38
|
|
10.01
BY DIRECTORS.
|
|
38
|
|
10.02
BY STOCKHOLDERS.
|
|
38
|
|
|
|
|
|
ARTICLE XI EXCLUSIVE FORUM FOR CERTAIN LITIGATION
|
|
39
|
|
|
|
|
|
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 (1) |
|
Year Ended
December 31, 2013 (1) |
|
Year Ended
December 31, 2012 (1) |
|
Year Ended
December 31, 2011 (1) |
||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle
|
|
$
|
743,594
|
|
|
$
|
668,516
|
|
|
$
|
57,827
|
|
|
$
|
250,431
|
|
|
$
|
140,215
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in income of unconsolidated entities, net of distributions received
|
|
84,764
|
|
|
71,781
|
|
|
74,575
|
|
|
11,170
|
|
|
618
|
|
|||||
Amortization of capitalized interest (2)
|
|
25,150
|
|
|
22,489
|
|
|
20,157
|
|
|
17,929
|
|
|
16,277
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before fixed charges
|
|
853,508
|
|
|
762,786
|
|
|
152,559
|
|
|
279,530
|
|
|
157,110
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus) Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Portion of rents representative of the interest factor
|
|
7,790
|
|
|
7,504
|
|
|
7,112
|
|
|
6,873
|
|
|
6,933
|
|
|||||
Interest expense
|
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|||||
Interest capitalized
|
|
79,834
|
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|||||
Preferred dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges (3)
|
|
263,239
|
|
|
258,083
|
|
|
246,352
|
|
|
193,349
|
|
|
208,610
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Less):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest capitalized
|
|
79,834
|
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|||||
Preferred dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges
|
|
—
|
|
|
14,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (4)
|
|
$
|
1,036,913
|
|
|
$
|
936,776
|
|
|
$
|
332,073
|
|
|
$
|
423,323
|
|
|
$
|
331,857
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio (4 divided by 3)
|
|
3.94
|
|
|
3.63
|
|
|
1.35
|
|
|
2.19
|
|
|
1.59
|
|
|
|
Year Ended
December 31, 2015 |
|
Year Ended
December 31, 2014 (1) |
|
Year Ended
December 31, 2013 (1) |
|
Year Ended
December 31, 2012 (1) |
|
Year Ended
December 31, 2011 (1) |
||||||||||
Income (loss) from continuing operations before cumulative effect of change in accounting principle
|
|
$
|
743,594
|
|
|
$
|
668,516
|
|
|
$
|
57,827
|
|
|
$
|
250,431
|
|
|
$
|
140,215
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in income of unconsolidated entities, net of distributions received
|
|
84,764
|
|
|
71,781
|
|
|
74,575
|
|
|
11,170
|
|
|
618
|
|
|||||
Amortization of capitalized interest (2)
|
|
25,150
|
|
|
22,489
|
|
|
20,157
|
|
|
17,929
|
|
|
16,277
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before fixed charges
|
|
853,508
|
|
|
762,786
|
|
|
152,559
|
|
|
279,530
|
|
|
157,110
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Plus) Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Portion of rents representative of the interest factor
|
|
7,790
|
|
|
7,504
|
|
|
7,112
|
|
|
6,873
|
|
|
6,933
|
|
|||||
Interest expense
|
|
175,615
|
|
|
180,618
|
|
|
172,402
|
|
|
136,920
|
|
|
167,814
|
|
|||||
Interest capitalized
|
|
79,834
|
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total fixed charges (3)
|
|
263,239
|
|
|
258,083
|
|
|
246,352
|
|
|
193,349
|
|
|
208,610
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Less):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest capitalized
|
|
79,834
|
|
|
69,961
|
|
|
66,838
|
|
|
49,556
|
|
|
33,863
|
|
|||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges
|
|
—
|
|
|
14,132
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (4)
|
|
$
|
1,036,913
|
|
|
$
|
936,776
|
|
|
$
|
332,073
|
|
|
$
|
423,323
|
|
|
$
|
331,857
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio (4 divided by 3)
|
|
3.94
|
|
|
3.63
|
|
|
1.35
|
|
|
2.19
|
|
|
1.59
|
|
(1)
|
The results of operations for 2010 through 2014 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 For-Sale, LLC
|
|
1865 Broadway Retail, LLC
|
|
Alameda Financing, L.P.
|
|
AMP Apartments Subtenant, LLC
|
|
AMP Apartments, LLC
|
|
AMP Manager LLC
|
|
AOP GP LLC
|
|
Archstone Bay Club Marina 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 Champions Park LLC
|
|
Archstone Charter Oak LLC
|
|
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 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 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 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 Venice GP LLC
|
|
Archstone Venice LP
|
|
Archstone Venice REIT GP LLC
|
|
Archstone Venice REIT LP
|
|
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.
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Avalon at Pacific Bay, L.P.
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Avalon at Providence Park, LLC
|
|
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Avalon at Stratford, LLC
|
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Avalon Baker Ranch, L.P.
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Avalon Ballard, LLC
|
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Avalon Belltown, LLC
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Avalon Brandemoor II, LLC
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Avalon Burlington, LLC
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Avalon Chino Hills, L.P.
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Avalon Clark and Polk, LLC
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Avalon Columbus Circle, LLC
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Avalon DownREIT V, L.P.
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Avalon Dublin Station II, L.P.
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Avalon Encino, L.P.
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Avalon Exeter, LLC
|
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Avalon Fair Lakes, LLC
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Avalon Fairfax City, LLC
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Avalon Fashion Valley, L.P.
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Avalon Framingham, LLC
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Avalon Glendora, L.P.
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Avalon Gold, LLC
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Avalon Great Neck, LLC
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Avalon Green II, LLC
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Avalon Grosvenor, L.P.
|
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Avalon Hoboken, LLC
|
|
Avalon Hoboken TRS, LLC
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Avalon Hoboken JV, LLC
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|
Avalon Hollywood GP, LLC
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Avalon Hollywood, L.P.
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|
Avalon Hunt Valley, LLC
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Avalon II California Value I, L.P.
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Avalon II California Value II, L.P.
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Avalon II California Value III, L.P.
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Avalon II California Value IV, L.P.
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Avalon II Maryland Value I, L.P.
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Avalon II Maryland Value II, L.P.
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Avalon II Maryland Value III, L.P.
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Avalon II Maryland Value IV, L.P.
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Avalon II Massachusetts Value I, L.P.
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Avalon II New Jersey Value I, L.P.
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Avalon II New Jersey Value II, L.P.
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Avalon Irvine III, L.P.
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Avalon Irvine, L.P.
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Avalon Laurel, LLC
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Avalon Lyndhurst, LLC
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Avalon Marlborough, LLC
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Avalon Milazzo, L.P.
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Avalon Mission Oaks, L.P.
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Avalon Morrison Park, L.P.
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Avalon Mosaic II, LLC
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Avalon Mosaic, LLC
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Avalon Nashua, LLC
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Avalon New Canaan, LLC
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Avalon New Jersey Value II, LLC
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Avalon New York Value I, LLC
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Avalon Newport, L.P.
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Avalon Norden Place, LLC
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Avalon North Bergen, LLC
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Avalon Ocean Avenue, L.P.
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Avalon Ossining, LLC
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Avalon Overlake, LLC
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Avalon Oyster, LLC
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Avalon Park Crest, LLC
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Avalon Phoenixville, LLC
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Avalon Potomac Yard, LLC
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Avalon Princeton, LLC
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Avalon Queen Anne, LLC
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Avalon Rancho Vallecitos, L.P.
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Avalon Riverview I, LLC
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Avalon Riverview North, LLC
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Avalon Roseland, LLC
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Avalon Run, LLC
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Avalon San Dimas, L.P.
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Avalon Shelton III, LLC
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Avalon Shipyard, LLC
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Avalon Somers, LLC
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Avalon Stuart, LLC
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Avalon Tinton Falls, LLC
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Avalon Towers Bellevue, LLC
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Avalon Union City, L.P.
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Avalon University District, LLC
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Avalon Upper Falls Limited Partnership
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Avalon Upper Falls, LLC
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Avalon Villa Bonita, L.P.
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Avalon Villa San Dimas, L.P.
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Avalon Village Square, L.P.
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Avalon Vista, L.P.
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Avalon Watch, LLC
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Avalon West Chelsea, LLC
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Avalon West Hollywood, L.P.
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Avalon West Long Branch, LLC
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Avalon White Plains II, LLC
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Avalon Willoughby West, LLC
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Avalon Wilshire, L.P.
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Avalon Winbrook Redevelopment, LLC
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Avalon Woodland Hills, L.P.
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Avalon WP I, LLC
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Avalon WP II, LLC
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Avalon WP III, LLC
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Avalon WP IV, LLC
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Avalon WP V, LLC
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Avalon WP VI, LLC
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Avalon Yonkers ATI Site, LLC
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Avalon Yonkers Sun Sites, LLC
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AvalonBay Capital Management II, LLC
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AvalonBay Fund II Subsidiary GP, LLC
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AvalonBay Trade Zone Village, LLC
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AvalonBay VAF II Acquisition, LLC
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AvalonBay Value Added Fund II Feeder, L.P.
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AvalonBay Value Added Fund II, L.P.
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AvalonBay Value Added Fund Liquidating Trust
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AvalonBay Value Added REIT II, L.P.
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AVB 1865 Broadway, LLC
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AVB Albemarle, LLC
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AVB Bloomfield Station Urban Renewal, LLC
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AVB Brandywine Member, LLC
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AVB Broadway Developer, LLC
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AVB Broadway Member, LLC
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AVB Consulate, LLC
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AVB Del Rey, L.P.
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AVB Glover Park, LLC
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AVB Hillwood Holding, LLC
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AVB La Mesa GP LLC
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AVB La Mesa II GP LLC
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AVB La Mesa II LP
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AVB La Mesa LP
|
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AVB Legacy DownREIT, LLC
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AVB Manager II, LLC
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AVB Maple Leaf Apartments GP, LLC
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AVB Maple Leaf Apartments Limited Partnership
|
|
AVB Maple Leaf REIT, LLC
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|
AVB Opera Warehouse GP, LLC
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AVB Opera Warehouse, L.P.
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|
AVB Princeton Homes, LLC
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AVB Residual Parallel II, LLC
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|
AVB Santa Monica on Main GP LLC
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AVB Santa Monica on Main LP
|
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AVB Simi Valley GP LLC
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AVB Simi Valley LP
|
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AVB Southwest Berkeley GP LLC
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|
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AVB Southwest Berkeley LP
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AVB Statesman, LLC
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|
AVB Studio City GP LLC
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AVB Studio City III-A GP LLC
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|
AVB Studio City III-A LP
|
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AVB Studio City III-B GP LLC
|
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AVB Studio City III-B LP
|
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AVB Studio City III-C GP LLC
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|
AVB Studio City III-C LP
|
|
AVB Studio City LP
|
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AVB Trademark, LLC
|
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AVB Tunlaw Gardens, LLC
|
|
AVB Walnut Creek GP LLC
|
|
AVB Walnut Creek LP
|
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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
|
|
BPR Sudbury Development LLC
|
|
Briarwood Borrower, LLLP
|
|
Capital Mezz LLC
|
|
CG-N Affordable LLC
|
|
CG-N Affordable Manager LLC
|
|
CG-S Affordable LLC
|
|
CG-S Affordable Manager 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 II, LLC
|
|
CVP III, LLC
|
|
Darien Financing, LLC
|
|
Dermont Clinton Green, 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
|
|
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 Pembroke Landings LLC
|
|
LMI Preston Park LLC
|
|
LMI Riverbend LLC
|
|
LMI Rosemont 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
|
|
Oak Road Office, LLC
|
|
OEC Holdings LLC
|
|
Parallel Residual JV LLC
|
|
Pennsylvania Entity GP, LLC
|
|
PHVP I GP, LLC
|
|
PHVP I, LP
|
|
|
Pleasant Hill Manager, LLC
|
|
Pleasant Hill Transit Village Associates LLC
|
|
Quincy Avalon, LLC
|
|
Ridgefield Park Urban Renewal, LLC
|
|
Roselle Park Urban Renewal, LLC
|
|
Roselle Park VP, LLC
|
|
Run East II Financing, LLC
|
|
San Bruno III Financing, L.P.
|
|
Shady Grove Road Financing, LLC
|
|
Sheepshead Bay Road Lender, LLC
|
|
Sheepshead Bay Road Manager, LLC
|
|
Sheepshead Bay Road Owner, LLC
|
|
Sheepshead Bay Road Partner, LLC
|
|
Silicon Valley Financing, LLC
|
|
Smith Property Holdings Ballston Place L.L.C.
|
|
Smith Property Holdings Consulate L.L.C.
|
|
Smith Property Holdings Crystal Towers L.P.
|
|
Smith Property Holdings Five (D.C.) L.P.
|
|
Smith Property Holdings One (D.C.) L.P.
|
|
Smith Property Holdings Reston Landing L.L.C.
|
|
Smith Property Holdings Seven L.P.
|
|
Smith Property Holdings Two LP
|
|
Smith Property Holdings Two (D.C.) L.P.
|
|
Sudbury Land Avalon, LLC
|
|
Tysons West, LLC
|
|
Union Urban Renewal, LLC
|
|
Valet Waste Holdings, Inc.
|
|
Wesmont Station Licensee, LLC
|
|
Wesmont Station Residential I Urban Renewal, LLC
|
|
Wesmont Station Residential II Urban Renewal, LLC
|
|
Wesmont Station Retail I Urban Renewal, LLC
|
|
Wesmont Station Retail II Urban Renewal, LLC
|
|
West Chelsea Transaction, LLC
|
|
West Windsor Urban Renewal, LLC
|
|
Wharton Urban Renewal, LLC
|
|
Woodland Park REIT Holdings GP LLC
|
|
Woodland Park REIT Holdings LP
|
|
Woodland Park REIT LLC
|
|
WP Apartments GP LLC
|
|
WP Apartments LP
|
|
4100 Massachusetts Avenue Associates, L.P.
|
|
|
Archstone
|
|
Archstone Inc.
|
|
Archstone Multifamily Series I Trust
|
|
Avalon 4100 Massachusetts Avenue, Inc.
|
|
Avalon Acton, Inc.
|
|
Avalon at Chestnut Hill, Inc.
|
|
Avalon at Great Meadow, Inc.
|
|
Avalon at St. Clare, Inc.
|
|
Avalon BFG, Inc.
|
|
Avalon Blue Hills, Inc.
|
|
Avalon Canton, Inc.
|
|
Avalon Chase Glen, Inc.
|
|
Avalon Chase Grove, Inc.
|
|
Avalon Chino Hills Manager, Inc.
|
|
Avalon Cohasset, Inc.
|
|
Avalon Collateral, Inc.
|
|
Avalon Commons, Inc.
|
|
Avalon DownREIT V, Inc.
|
|
Avalon Fairway Hills I Associates
|
|
Avalon Fairway Hills II Associates
|
|
Avalon Fairway II, Inc.
|
|
Avalon Glendora Manager, Inc.
|
|
Avalon Grosvenor LLC
|
|
Avalon Hayes Valley Manager, Inc.
|
|
Avalon Hingham, Inc.
|
|
Avalon Hingham PM, Inc.
|
|
Avalon Mission Oaks Manager, Inc.
|
|
Avalon Natick, Inc.
|
|
Avalon Oaks, Inc.
|
|
Avalon Oaks West, Inc.
|
|
Avalon Promenade, Inc.
|
|
Avalon Sharon, Inc.
|
|
Avalon Symphony Woods, Inc.
|
|
Avalon Twinbrook Station, Inc.
|
|
Avalon Upper Falls Limited Dividend Corporation
|
|
Avalon West Hollywood Manager, Inc.
|
|
AvalonBay Assembly Row TRS, Inc.
|
|
AvalonBay Capital Management, Inc.
|
|
AvalonBay Construction Services, Inc.
|
|
AvalonBay Grosvenor, Inc.
|
|
AvalonBay NYC Development, Inc.
|
|
AvalonBay Orchards, Inc.
|
|
AvalonBay Shrewsbury, Inc.
|
|
AvalonBay Traville, LLC
|
|
AVB Development Transactions, Inc.
|
|
AVB Northborough, Inc.
|
|
|
AVB Pennsylvania Realty Trust
|
|
AVB Pleasant Hill TRS, Inc.
|
|
AVB Realty Management Services, Inc.
|
|
AVB Service Provider, Inc.
|
|
AVB Tysons Development, Inc.
|
|
Bay Asset Group, Inc.
|
|
Bay Development Partners, Inc.
|
|
Bay GP, Inc.
|
|
Brandywine Apartments of Maryland, LLC
|
|
California Multiple Financing, Inc.
|
|
California San Bruno III Financing, Inc.
|
|
Easton Avalon, Inc.
|
|
Georgia Avenue, Inc.
|
|
Hingham Shipyard Avalon II, Inc
|
|
JP Construction in Milford, Inc.
|
|
Juanita Construction, Inc.
|
|
Lexington Ridge-Avalon, Inc.
|
|
Norwood Avalon, Inc.
|
|
Pomorum Holdings, Inc.
|
|
Smith Realty Company
|
|
Sudbury Avalon, Inc.
|
|
AvalonBay BFG Limited Partnership
|
|
Hingham Shipyard East Property Owners Association, Inc.
|
|
Smith Property Holdings Cronin’s Landing L.P.
|
|
Town Cove Jersey City Urban Renewal, Inc.
|
|
Town Run Associates
|
|
Avalon Huntington Former S Corp
|
|
Hillwood Square Mutual Association
|
|
Archstone B.V.
|
|
Archstone Deutsche RE Holding GmbH
|
|
Archstone Holdings Germany Ltd.
|
|
Archstone LT Holdings Germany Ltd.
|
|
Archstone Management Germany B.V.
|
|
Archstone Management Germany II Cooperatief U.A.
|
|
Archstone Management Germany II S.a.r.l.
|
|
|
Archstone Management Germany S.a.r.l.
|
|
DeWAG 1. Objektgesselschaft mbH
|
|
DeWAG 10. Objektgesellschaft B.V.
|
|
DeWAG 11. Objektgessellschaft B.V.
|
|
DeWAG 12. Objektgesselschaft mbH
|
|
DeWAG 13. Objektgesselschaft mbH
|
|
DeWAG 14. Objektgesselschaft B.V.
|
|
DeWAG 15. Objektgesselschaft B.V.
|
|
DeWAG 16. Objektgesselschaft B.V.
|
|
DeWAG 17. Objektgesselschaft B.V.
|
|
DeWAG 18. Objektgesselschaft B.V.
|
|
DeWAG 19. Objektgesselschaft B.V.
|
|
DeWAG 2. Objektgesselschaft mbH
|
|
DeWAG 20. Objektgesselschaft B.V.
|
|
DeWAG 21. Objektgesselschaft B.V.
|
|
DeWAG 22. Objektgesselschaft B.V.
|
|
DeWAG 23. Objektgesselschaft B.V.
|
|
DeWAG 24. Objektgesselschaft B.V.
|
|
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. 333-202185, 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 25, 2016
|
|
|
|
|
/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)
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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
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(b)
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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.
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Date: February 25, 2016
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/s/ KEVIN P. O’SHEA
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Kevin P. O’Shea
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Chief Financial Officer
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Date: February 25, 2016
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/s/ TIMOTHY J. NAUGHTON
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Timothy J. Naughton
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Chairman, Chief Executive Officer and President
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/s/ KEVIN P. O’SHEA
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Kevin P. O’Shea
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Chief Financial Officer
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