REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	$	2,124	$	12,599	$	9,199	$	2,124	$	21,798	$	23,922	$	11,484	$	12,438	$	—	1994
Avalon Oaks	Wilmington, MA	2,129		18,676		2,038		2,129		20,714		22,843		11,094		11,749		15,887		1999
Eaves Quincy	Quincy, MA	1,743		14,662		9,283		1,743		23,945		25,688		11,805		13,883		—		1986/1995
Avalon Essex	Peabody, MA	5,184		16,320		1,821		5,184		18,141		23,325		9,289		14,036		—		2000
Avalon Oaks West	Wilmington, MA	3,318		13,467		746		3,318		14,213		17,531		6,376		11,155		15,847		2002
Avalon Orchards	Marlborough, MA	2,983		18,037		1,943		2,983		19,980		22,963		8,902		14,061		17,091		2002
Avalon at Newton Highlands	Newton, MA	11,039		45,590		3,423		11,039		49,013		60,052		19,353		40,699		—		2003
Avalon at The Pinehills	Plymouth, MA	6,876		30,401		183		6,876		30,584		37,460		7,836		29,624		—		2004
Eaves Peabody	Peabody, MA	4,645		19,007		12,019		4,645		31,026		35,671		9,746		25,925		—		1962/2004
Avalon at Bedford Center	Bedford, MA	4,258		20,569		316		4,258		20,885		25,143		6,630		18,513		—		2006
Avalon Chestnut Hill	Chestnut Hill, MA	14,572		45,911		1,899		14,572		47,810		62,382		13,588		48,794		39,545		2007
Avalon Shrewsbury	Shrewsbury, MA	5,152		30,608		757		5,152		31,365		36,517		9,062		27,455		20,174		2007
Avalon at Lexington Hills	Lexington, MA	8,691		79,153		1,112		8,691		80,265		88,956		19,446		69,510		—		2008
Avalon Acton	Acton, MA	13,124		49,905		276		13,124		50,181		63,305		12,089		51,216		45,000		2008
Avalon Sharon	Sharon, MA	4,719		25,522		269		4,719		25,791		30,510		6,030		24,480		—		2008
Avalon at Center Place	Providence, RI	—		26,816		10,230		—		37,046		37,046		19,919		17,127		—		1991/1997
Avalon at Hingham Shipyard	Hingham, MA	12,218		41,725		339		12,218		42,064		54,282		9,089		45,193		—		2009
Avalon Northborough	Northborough, MA	8,144		52,454		16		8,144		52,470		60,614		9,170		51,444		—		2009
Avalon Blue Hills	Randolph, MA	11,110		34,736		80		11,110		34,816		45,926		6,856		39,070		—		2009
Avalon Cohasset	Cohasset, MA	8,802		46,233		16		8,802		46,249		55,051		4,910		50,141		—		2012
Avalon Andover	Andover, MA	4,276		21,903		—		4,276		21,903		26,179		2,114		24,065		14,505		2012
Eaves Burlington	Burlington, MA	7,714		32,536		5,080		7,714		37,616		45,330		2,383		42,947		—		1988/2012
AVA Back Bay	Boston, MA	9,034		36,540		36,364		9,034		72,904		81,938		26,205		55,733		—		1968/1998
Avalon at Prudential Center II	Boston, MA	8,776		35,496		31,783		8,776		67,279		76,055		25,100		50,955		—		1968/1998
Avalon at Prudential Center I	Boston, MA	8,002		32,370		19,773		8,002		52,143		60,145		22,772		37,373		—		1968/1998
Avalon Burlington	Burlington, MA	15,600		59,200		6,943		15,600		66,143		81,743		5,334		76,409		—		1989/2013
Avalon Bear Hill	Waltham, MA	27,350		96,999		5,110		27,350		102,109		129,459		11,304		118,155		—		1999/2013
Eaves North Quincy	Quincy, MA	11,940		39,400		2,491		11,940		41,891		53,831		4,784		49,047		36,761		1977/2013
Avalon Natick	Natick, MA	15,645		64,585		—		15,645		64,585		80,230		3,476		76,754		52,357		2013
Avalon Canton at Blue Hills	Canton, MA	6,562		33,191		—		6,562		33,191		39,753		769		38,984		—		2014
Avalon Exeter	Andover, MA	16,304		108,126		—		16,304		108,126		124,430		1,842		122,588		—		2014
Fairfield-New Haven, CT

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Trumbull	Trumbull, CT	4,414		31,268		3,529		4,414		34,797		39,211		20,696		18,515		39,452		1997
Eaves Stamford	Stamford, CT	5,956		23,993		12,748		5,956		36,741		42,697		20,049		22,648		—		1991
Avalon Wilton I	Wilton, CT	2,116		14,664		5,841		2,116		20,505		22,621		9,855		12,766		—		1997
Avalon on Stamford Harbor	Stamford, CT	10,836		51,883		1,778		10,836		53,661		64,497		22,322		42,175		62,724		2003
Avalon New Canaan	New Canaan, CT	4,834		19,485		1,559		4,834		21,044		25,878		8,672		17,206		—		2002
AVA Stamford	Stamford, CT	13,819		56,499		4,602		13,819		61,101		74,920		25,069		49,851		57,423		2002/2002
Avalon Danbury	Danbury, CT	4,933		30,638		670		4,933		31,308		36,241		10,352		25,889		—		2005
Avalon Darien	Darien, CT	6,926		34,659		1,689		6,926		36,348		43,274		13,817		29,457		47,700		2004
Avalon Milford I	Milford, CT	8,746		22,699		725		8,746		23,424		32,170		8,493		23,677		—		2004
Avalon Huntington	Shelton, CT	5,277		20,029		100		5,277		20,129		25,406		4,406		21,000		—		2008
Avalon Norwalk	Norwalk, CT	11,320		62,910		25		11,320		62,935		74,255		9,372		64,883		—		2011
Avalon Wilton II	Wilton, CT	6,604		23,758		6		6,604		23,764		30,368		2,997		27,371		—		2011
Avalon Shelton III	Shelton, CT	7,853		40,866		—		7,853		40,866		48,719		2,279		46,440		—		2013
Avalon East Norwalk	Norwalk, CT	10,394		36,126		—		10,394		36,126		46,520		1,645		44,875		—		2013
Avalon at Stratford	Stratford, CT	2,564		26,884		—		2,564		26,884		29,448		341		29,107		—		2014
TOTAL NEW ENGLAND		$	368,626	$	1,699,098	$	196,781	$	368,626	$	1,895,879	$	2,264,505	$	479,122	$	1,785,383	$	464,466
METRO NY/NJ
New York Suburban, NY
Avalon Commons	Smithtown, NY	$	4,679	$	28,286	$	5,660	$	4,679	$	33,946	$	38,625	$	18,664	$	19,961	$	—	1997
Eaves Nanuet	Nanuet, NY	8,428		45,660		3,903		8,428		49,563		57,991		28,325		29,666		63,242		1998
Avalon Green	Elmsford, NY	1,820		10,525		1,675		1,820		12,200		14,020		8,031		5,989		—		1995
Avalon Towers	Long Beach, NY	3,118		11,973		10,260		3,118		22,233		25,351		11,437		13,914		—		1990/1995
Avalon Willow	Mamaroneck, NY	6,207		40,791		1,423		6,207		42,214		48,421		21,846		26,575		—		2000
Avalon Court	Melville, NY	9,228		50,063		2,908		9,228		52,971		62,199		28,734		33,465		—		1997
The Avalon	Bronxville, NY	2,889		28,324		7,993		2,889		36,317		39,206		15,882		23,324		—		1999
Avalon at Glen Cove	Glen Cove, NY	7,871		59,969		1,097		7,871		61,066		68,937		21,970		46,967		—		2004
Avalon Pines	Coram, NY	8,700		62,931		621		8,700		63,552		72,252		20,828		51,424		—		2005
Avalon Glen Cove North	Glen Cove, NY	2,577		37,336		232		2,577		37,568		40,145		10,016		30,129		—		2007
Avalon White Plains	White Plains, NY	15,391		137,353		46		15,391		137,399		152,790		27,434		125,356		—		2009
Avalon Charles Pond	Coram, NY	14,715		33,640		48		14,715		33,688		48,403		6,824		41,579		—		2009
Avalon Rockville Centre	Rockville Centre, NY	32,212		78,807		—		32,212		78,807		111,019		8,480		102,539		—		2012
Avalon Green II	Elmsford, NY	27,765		77,560		—		27,765		77,560		105,325		7,330		97,995		—		2012
Avalon Garden City	Garden City, NY	18,205		49,372		—		18,205		49,372		67,577		3,999		63,578		—		2013
Avalon Westbury	Westbury, NY	69,620		43,781		7,410		69,620		51,191		120,811		8,720		112,091		82,345		2006/2013

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Ossining	Ossining, NY	6,385		30,099		—		6,385		30,099		36,484		762		35,722		—		2014
Avalon Huntington Station	Huntington Station, NY	21,870		57,545		—		21,870		57,545		79,415		844		78,571		—		2014
New Jersey
Avalon Cove	Jersey City, NJ	8,760		82,422		21,060		8,760		103,482		112,242		54,057		58,185		—		1997
Avalon Run	Lawrenceville, NJ	14,650		60,486		5,526		14,650		66,012		80,662		23,905		56,757		—		1994
Avalon Princeton Junction	West Windsor, NJ	5,585		22,382		20,791		5,585		43,173		48,758		21,392		27,366		—		1988/1993
Avalon at Edgewater (1)	Edgewater, NJ	14,528		60,240		4,302		14,528		64,542		79,070		28,885		50,185		75,012		2002
Avalon at Florham Park	Florham Park, NJ	6,647		34,906		2,179		6,647		37,085		43,732		18,009		25,723		—		2001
Avalon at Freehold	Freehold, NJ	4,119		30,514		900		4,119		31,414		35,533		13,959		21,574		34,973		2002
Avalon Run East	Lawrenceville, NJ	6,766		45,366		919		6,766		46,285		53,051		16,286		36,765		37,475		2005
Avalon Lyndhurst	Lyndhurst, NJ	18,620		59,879		579		18,620		60,458		79,078		16,676		62,402		—		2007
Avalon at Tinton Falls	Tinton Falls, NJ	7,939		33,173		96		7,939		33,269		41,208		7,755		33,453		—		2008
Avalon at West Long Branch	West Long Branch, NJ	2,721		22,940		—		2,721		22,940		25,661		3,479		22,182		—		2011
Avalon North Bergen	North Bergen, NJ	8,984		31,015		514		8,984		31,529		40,513		2,819		37,694		—		2012
Avalon at Wesmont Station	Wood-Ridge, NJ	14,682		41,635		875		14,682		42,510		57,192		3,860		53,332		—		2012
Avalon Hackensack at Riverside	Hackensack, NJ	—		44,530		—		—		44,530		44,530		2,312		42,218		—		2013
Avalon Somerset	Somerset, NJ	18,241		58,326		—		18,241		58,326		76,567		3,366		73,201		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	6,502		16,862		—		6,502		16,862		23,364		992		22,372		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	3,005		27,721		—		3,005		27,721		30,726		1,098		29,628		—		2014
New York, NY
Avalon Riverview I	Long Island City, NY	—		94,061		4,894		—		98,955		98,955		41,548		57,407		—		2002
Avalon Bowery Place	New York, NY	18,575		75,009		1,992		18,575		77,001		95,576		22,047		73,529		93,800		2006
Avalon Riverview North	Long Island City, NY	—		164,808		2,404		—		167,212		167,212		41,970		125,242		—		2008
Avalon Bowery Place II	New York, NY	9,106		47,199		1,633		9,106		48,832		57,938		11,904		46,034		—		2007
Avalon Morningside Park	New York, NY	—		114,327		870		—		115,197		115,197		24,642		90,555		100,000		2009
Avalon Fort Greene	Brooklyn, NY	83,038		218,444		642		83,038		219,086		302,124		35,170		266,954		—		2010
Avalon Midtown West	New York, NY	154,730		180,253		12,012		154,730		192,265		346,995		23,002		323,993		100,500		1998/2013
Avalon Clinton North	New York, NY	84,069		105,821		6,352		84,069		112,173		196,242		12,558		183,684		147,000		2008/2013
Avalon Clinton South	New York, NY	71,421		89,851		5,175		71,421		95,026		166,447		10,732		155,715		121,500		2007/2013
TOTAL METRO NY/NJ		$	824,368	$	2,646,185	$	136,991	$	824,368	$	2,783,176	$	3,607,544	$	692,549	$	2,914,995	$	855,847
MID-ATLANTIC
Washington Metro

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon at Foxhall	Washington, DC	$	6,848	$	27,614	$	11,671	$	6,848	$	39,285	$	46,133	$	24,950	$	21,183	$	56,341	1982/1994
Avalon at Gallery Place	Washington, DC	8,800		39,658		1,557		8,800		41,215		50,015		16,412		33,603		43,776		2003
Avalon at Fairway Hills	Columbia, MD	8,603		34,432		16,036		8,603		50,468		59,071		28,397		30,674		—		1987/1996
Eaves Washingtonian Center I	North Potomac, MD	2,608		11,707		629		2,608		12,336		14,944		7,913		7,031		8,011		1996
Eaves Washingtonian Center II	North Potomac, MD	1,439		6,846		180		1,439		7,026		8,465		3,970		4,495		—		1998
Eaves Columbia Town Center	Columbia, MD	8,802		35,536		11,429		8,802		46,965		55,767		16,273		39,494		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	29,159		53,001		2,002		29,159		55,003		84,162		21,020		63,142		—		2004
Avalon at Traville	Rockville, MD	14,365		55,398		863		14,365		56,261		70,626		21,385		49,241		74,186		2004
Avalon Russett	Laurel, MD	10,200		47,524		2,659		10,200		50,183		60,383		5,547		54,836		39,972		1999/2013
Eaves Fair Lakes	Fairfax, VA	6,096		24,400		8,246		6,096		32,646		38,742		17,777		20,965		—		1989/1996
AVA Ballston	Arlington, VA	7,291		29,177		16,117		7,291		45,294		52,585		24,294		28,291		—		1990
Eaves Fairfax City	Fairfax, VA	2,152		8,907		5,390		2,152		14,297		16,449		6,624		9,825		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	13,851		43,397		12,106		13,851		55,503		69,354		26,784		42,570		—		1996
Avalon at Arlington Square	Arlington, VA	22,041		90,296		2,818		22,041		93,114		115,155		42,880		72,275		—		2001
Avalon Park Crest	Tysons Corner, VA	13,554		63,527		—		13,554		63,527		77,081		4,886		72,195		—		2013
Eaves Fairfax Towers	Falls Church, VA	17,889		74,727		1,718		17,889		76,445		94,334		9,782		84,552		—		1978/2011
AVA H Street	Washington, DC	7,425		25,282		—		7,425		25,282		32,707		1,782		30,925		—		2013
Avalon First and M	Washington, DC	43,700		153,950		2,411		43,700		156,361		200,061		12,255		187,806		140,964		2012/2013
Avalon The Albemarle	Washington, DC	25,140		52,459		3,717		25,140		56,176		81,316		6,980		74,336		—		1966/2013
Eaves Tunlaw Gardens	Washington, DC	16,430		22,902		2,025		16,430		24,927		41,357		3,162		38,195		28,494		1944/2013
The Statesman	Washington, DC	38,140		35,352		3,453		38,140		38,805		76,945		5,815		71,130		—		1961/2013
Eaves Glover Park	Washington, DC	9,580		26,532		1,954		9,580		28,486		38,066		3,385		34,681		23,569		1953/2013
AVA Van Ness	Washington, DC	22,890		58,691		3,455		22,890		62,146		85,036		6,844		78,192		—		1978/2013
Avalon Ballston Place	Arlington, VA	38,490		123,645		3,768		38,490		127,413		165,903		11,532		154,371		—		2001/2013
Eaves Tysons Corner	Vienna, VA	16,030		45,420		2,554		16,030		47,974		64,004		5,509		58,495		—		1980/2013
Avalon Ballston Square	Arlington, VA	71,640		215,937		10,200		71,640		226,137		297,777		23,372		274,405		—		1992/2013
Avalon Courthouse Place	Arlington, VA	56,550		178,032		8,131		56,550		186,163		242,713		18,921		223,792		140,332		1999/2013
Avalon Reston Landing	Reston, VA	26,710		83,084		4,354		26,710		87,438		114,148		9,863		104,285		—		2000/2013
Oakwood Arlington	Arlington, VA	18,850		38,545		1,856		18,850		40,401		59,251		4,324		54,927		42,185		1987/2013
Avalon Mosaic	Merrifield, VA	33,483		75,081		—		33,483		75,081		108,564		2,108		106,456		—		2014
Avalon Arlington North	Arlington, VA	21,600		58,763		—		21,600		58,763		80,363		1,468		78,895		—		2014
TOTAL MID-ATLANTIC		$	620,356	$	1,839,822	$	141,299	$	620,356	$	1,981,121	$	2,601,477	$	396,214	$	2,205,263	$	597,830
PACIFIC NORTHWEST
Seattle, WA

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Redmond Place	Redmond, WA	$	4,558	$	18,368	$	9,879	$	4,558	$	28,247	$	32,805	$	14,541	$	18,264	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	6,786		27,641		3,427		6,786		31,068		37,854		17,457		20,397		—		1998/1998
Avalon Bellevue	Bellevue, WA	6,664		24,119		1,685		6,664		25,804		32,468		12,245		20,223		25,491		2001
Avalon RockMeadow	Bothell, WA	4,777		19,765		1,901		4,777		21,666		26,443		10,695		15,748		—		2000/2000
Avalon ParcSquare	Redmond, WA	3,789		15,139		2,630		3,789		17,769		21,558		8,587		12,971		—		2000/2000
Avalon Brandemoor	Lynnwood, WA	8,608		36,679		1,656		8,608		38,335		46,943		18,143		28,800		—		2001/2001
AVA Belltown	Seattle, WA	5,644		12,733		830		5,644		13,563		19,207		6,330		12,877		—		2001
Avalon Meydenbauer	Bellevue, WA	12,697		77,451		936		12,697		78,387		91,084		18,053		73,031		—		2008
Avalon Towers Bellevue	Bellevue, WA	—		123,030		811		—		123,841		123,841		19,003		104,838		—		2011
AVA Queen Anne	Seattle, WA	12,081		41,618		347		12,081		41,965		54,046		4,357		49,689		—		2012
Avalon Brandemoor II	Lynnwood, WA	2,655		11,343		—		2,655		11,343		13,998		1,435		12,563		—		2011
AVA Ballard	Seattle, WA	16,460		46,885		6		16,460		46,891		63,351		2,811		60,540		—		2013
Eaves Redmond Campus	Redmond, WA	22,580		88,001		5,248		22,580		93,249		115,829		10,158		105,671		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA	10,250		26,842		1,831		10,250		28,673		38,923		3,302		35,621		—		1987/2013
AVA University District	Seattle, WA	12,594		60,566		294		12,594		60,860		73,454		2,087		71,367		—		2014
TOTAL PACIFIC NORTHWEST		$	130,143	$	630,180	$	31,481	$	130,143	$	661,661	$	791,804	$	149,204	$	642,600	$	25,491
NORTHERN CALIFORNIA
Oakland-East Bay, CA
Avalon Fremont	Fremont, CA	$	10,746	$	43,399	$	5,059	$	10,746	$	48,458	$	59,204	$	28,083	$	31,121	$	—	1992/1994
Eaves Dublin	Dublin, CA	5,276		19,642		9,167		5,276		28,809		34,085		14,183		19,902		—		1989/1997
Eaves Pleasanton	Pleasanton, CA	11,610		46,552		21,254		11,610		67,806		79,416		33,374		46,042		—		1988/1994
Eaves Union City	Union City, CA	4,249		16,820		2,832		4,249		19,652		23,901		11,402		12,499		—		1973/1996
Eaves Fremont	Fremont, CA	6,581		26,583		9,730		6,581		36,313		42,894		19,198		23,696		—		1985/1994
Avalon Union City	Union City, CA	14,732		104,025		294		14,732		104,319		119,051		19,722		99,329		—		2009
Avalon Walnut Creek	Walnut Creek, CA	—		145,906		1,643		—		147,549		147,549		22,354		125,195		137,542		2010
Eaves Walnut Creek	Walnut Creek, CA	30,320		82,375		5,597		30,320		87,972		118,292		9,646		108,646		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	9,860		19,850		878		9,860		20,728		30,588		2,159		28,429		20,754		2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	27,190		57,041		3,299		27,190		60,340		87,530		6,990		80,540		—		1989/2013
Avalon Berkeley	Berkeley, CA	4,500		28,646		—		4,500		28,646		33,146		467		32,679		—		2014
Avalon Dublin Station	Dublin, CA	7,771		71,026		—		7,771		71,026		78,797		1,782		77,015		—		2014
San Francisco, CA
Eaves Daly City	Daly City, CA	4,230		9,659		18,662		4,230		28,321		32,551		14,804		17,747		—		1972/1997
AVA Nob Hill	San Francisco, CA	5,403		21,567		6,888		5,403		28,455		33,858		14,033		19,825		20,800		1990/1995

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves San Rafael	San Rafael, CA	5,982		16,885		24,197		5,982		41,082		47,064		17,997		29,067		—		1973/1996
Eaves Foster City	Foster City, CA	7,852		31,445		11,207		7,852		42,652		50,504		21,206		29,298		—		1973/1994
Eaves Pacifica	Pacifica, CA	6,125		24,796		2,541		6,125		27,337		33,462		15,595		17,867		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA	3,561		21,321		14,894		3,561		36,215		39,776		16,136		23,640		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	4,726		19,130		5,790		4,726		24,920		29,646		12,976		16,670		—		1972/1994
Avalon at Mission Bay North	San Francisco, CA	14,029		78,452		2,482		14,029		80,934		94,963		33,067		61,896		69,955		2003
Avalon at Mission Bay III	San Francisco, CA	28,687		119,156		74		28,687		119,230		147,917		22,702		125,215		—		2009
Avalon Ocean Avenue	San Francisco, CA	5,544		50,883		1,740		5,544		52,623		58,167		4,827		53,340		—		2012
Avalon San Bruno	San Bruno, CA	40,780		68,684		2,891		40,780		71,575		112,355		7,423		104,932		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	23,787		44,934		1,668		23,787		46,602		70,389		4,527		65,862		30,968		2007/2013
Avalon San Bruno III	San Bruno, CA	33,303		62,910		2,349		33,303		65,259		98,562		6,340		92,222		56,210		2010/2013
AVA 55 Ninth	San Francisco, CA	20,267		96,291		—		20,267		96,291		116,558		2,022		114,536		—		2014
San Jose, CA
Avalon Campbell	Campbell, CA	11,830		47,828		13,431		11,830		61,259		73,089		28,671		44,418		38,800		1995
Eaves San Jose	San Jose, CA	12,920		53,047		18,810		12,920		71,857		84,777		28,688		56,089		—		1985/1996
Avalon on the Alameda	San Jose, CA	6,119		50,225		1,644		6,119		51,869		57,988		28,035		29,953		51,539		1999
Avalon Silicon Valley	Sunnyvale, CA	20,713		99,573		4,987		20,713		104,560		125,273		59,276		65,997		—		1998
Avalon Mountain View	Mountain View, CA	9,755		39,393		9,511		9,755		48,904		58,659		25,542		33,117		18,100		1986
Eaves Creekside	Mountain View, CA	6,546		26,263		20,984		6,546		47,247		53,793		20,739		33,054		—		1962/1997
Avalon at Cahill Park	San Jose, CA	4,765		47,600		1,433		4,765		49,033		53,798		20,749		33,049		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	9,560		56,136		1,103		9,560		57,239		66,799		25,115		41,684		—		2002
Avalon Willow Glen	San Jose, CA	46,060		81,957		4,034		46,060		85,991		132,051		9,780		122,271		—		2002/2013
Eaves West Valley	San Jose, CA	90,890		113,628		7,019		90,890		120,647		211,537		14,646		196,891		83,087		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA	64,070		69,018		4,847		64,070		73,865		137,935		9,416		128,519		71,496		1969/2013
Eaves West Valley II	San Jose, CA	—		18,411		—		—		18,411		18,411		735		17,676		—		2013
Avalon Morrison Park	San Jose, CA	13,837		64,337		—		13,837		64,337		78,174		1,756		76,418		—		2014
TOTAL NORTHERN CALIFORNIA		$	634,176	$	2,095,394	$	242,939	$	634,176	$	2,338,333	$	2,972,509	$	636,163	$	2,336,346	$	681,301
SOUTHERN CALIFORNIA
Orange County, CA
AVA Newport	Costa Mesa, CA	$	1,975	$	3,814	$	9,802	$	1,975	$	13,616	$	15,591	$	5,491	$	10,100	$	—	1956/1996
Avalon Mission Viejo	Mission Viejo, CA	2,517		9,257		2,783		2,517		12,040		14,557		7,157		7,400		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA	4,709		16,063		12,772		4,709		28,835		33,544		13,887		19,657		—		1973/1996

		Initial Cost			Total Cost
Community	City and state	Land and improvements	Building / Construction in Progress & Improvements	Costs Subsequent to Acquisition / Construction	Land	Building / Construction in Progress & Improvements	Total	Accumulated Depreciation	Total Cost, Net of Accumulated Depreciation	Encumbrances	Year of Completion/ Acquisition
Eaves Santa Margarita	Rancho Santa Margarita, CA	4,607	16,911	10,247	4,607	27,158	31,765	12,753	19,012	—	1990/1997
Eaves Huntington Beach	Huntington Beach, CA	4,871	19,745	9,530	4,871	29,275	34,146	16,657	17,489	—	1971/1997
Avalon Anaheim Stadium	Anaheim, CA	27,874	69,156	645	27,874	69,801	97,675	14,359	83,316	—	2009
Avalon Irvine	Irvine, CA	9,911	67,524	69	9,911	67,593	77,504	12,521	64,983	—	2010
Eaves Lake Forest	Lake Forest, CA	5,199	21,134	2,114	5,199	23,248	28,447	3,006	25,441	—	1975/2011
Avalon Irvine II	Irvine, CA	4,358	40,906	—	4,358	40,906	45,264	2,753	42,511	—	2013
Eaves Seal Beach	Seal Beach, CA	46,790	99,999	4,635	46,790	104,634	151,424	11,178	140,246	85,122	1971/2013
San Diego, CA
AVA Pacific Beach	San Diego, CA	9,922	40,580	30,927	9,922	71,507	81,429	32,316	49,113	—	1969/1997
Eaves Mission Ridge	San Diego, CA	2,710	10,924	11,263	2,710	22,187	24,897	12,213	12,684	—	1960/1997
AVA Cortez Hill	San Diego, CA	2,768	20,134	23,464	2,768	43,598	46,366	18,853	27,513	—	1973/1998
Avalon Fashion Valley	San Diego, CA	19,627	44,972	290	19,627	45,262	64,889	9,860	55,029	—	2008
Eaves San Marcos	San Marcos, CA	3,277	13,385	860	3,277	14,245	17,522	1,869	15,653	—	1988/2011
Eaves Rancho Penasquitos	San Diego, CA	6,692	27,143	1,834	6,692	28,977	35,669	3,697	31,972	—	1986/2011
Avalon La Jolla Colony	San Diego, CA	16,760	27,694	2,099	16,760	29,793	46,553	3,665	42,888	27,176	1987/2013
Eaves La Mesa	La Mesa, CA	9,490	28,482	1,335	9,490	29,817	39,307	3,230	36,077	—	1989/2013
Los Angeles, CA
AVA Burbank	Burbank, CA	22,483	28,104	48,076	22,483	76,180	98,663	32,069	66,594	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	23,828	40,372	46,946	23,828	87,318	111,146	36,446	74,700	—	1989/1997
Eaves Warner Center	Woodland Hills, CA	7,045	12,986	9,304	7,045	22,290	29,335	13,017	16,318	—	1979/1998
Avalon at Glendale	Glendale, CA	—	42,564	1,155	—	43,719	43,719	16,923	26,796	—	2003
Avalon Burbank	Burbank, CA	14,053	56,827	23,842	14,053	80,669	94,722	29,268	65,454	—	1988/2002
Avalon Camarillo	Camarillo , CA	8,446	40,290	142	8,446	40,432	48,878	12,232	36,646	—	2006
Avalon Wilshire	Los Angeles, CA	5,459	41,182	1,045	5,459	42,227	47,686	11,268	36,418	—	2007
Avalon Encino	Encino, CA	12,789	49,073	395	12,789	49,468	62,257	10,812	51,445	—	2008
Avalon Warner Place	Canoga Park, CA	7,920	44,848	183	7,920	45,031	52,951	10,522	42,429	—	2008
Eaves Phillips Ranch	Pomona, CA	9,796	41,740	246	9,796	41,986	51,782	5,516	46,266	—	1989/2011
Eaves San Dimas	San Dimas, CA	1,916	7,819	519	1,916	8,338	10,254	1,089	9,165	—	1978/2011
Eaves San Dimas Canyon	San Dimas, CA	2,953	12,428	191	2,953	12,619	15,572	1,663	13,909	—	1981/2011
AVA Pasadena	Pasadena, CA	8,400	11,547	5,388	8,400	16,935	25,335	1,319	24,016	11,683	1973/2012
Eaves Cerritos	Artesia, CA	8,305	21,195	1,392	8,305	22,587	30,892	1,991	28,901	—	1973/2012
Avalon Del Rey	Los Angeles, CA	30,900	72,008	654	30,900	72,662	103,562	5,978	97,584	—	2006/2012

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Simi Valley	Simi Valley, CA	42,020		73,361		4,411		42,020		77,772		119,792		9,158		110,634		—		2007/2013
Avalon Studio City II	Studio City, CA	4,626		22,954		1,210		4,626		24,164		28,790		2,484		26,306		—		1991/2013
Avalon Studio City III	Studio City, CA	15,756		78,178		3,418		15,756		81,596		97,352		8,428		88,924		—		2002/2013
Avalon Calabasas	Calabasas, CA	42,720		107,642		6,649		42,720		114,291		157,011		13,810		143,201		100,237		1988/2013
Avalon Oak Creek	Agoura Hills, CA	43,540		79,974		4,277		43,540		84,251		127,791		10,304		117,487		85,288		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	32,000		60,770		3,359		32,000		64,129		96,129		6,720		89,409		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	20,560		106,556		3,277		20,560		109,833		130,393		9,650		120,743		76,471		2006/2013
Eaves Old Town Pasadena	Pasadena, CA	9,110		15,371		1,188		9,110		16,559		25,669		2,053		23,616		15,669		1972/2013
Eaves Thousand Oaks	Thousand Oaks, CA	13,950		20,211		2,053		13,950		22,264		36,214		3,208		33,006		27,411		1992/2013
Eaves Los Feliz	Los Angeles, CA	18,940		43,661		3,160		18,940		46,821		65,761		5,463		60,298		43,258		1989/2013
Oakwood Toluca Hills	Los Angeles, CA	85,450		161,256		9,933		85,450		171,189		256,639		20,490		236,149		165,561		1973/2013
Eaves Woodland Hills	Woodland Hills, CA	68,940		90,549		9,014		68,940		99,563		168,503		13,226		155,277		104,694		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	12,810		22,581		1,807		12,810		24,388		37,198		3,226		33,972		28,394		2002/2013
Avalon Pasadena	Pasadena, CA	10,240		31,558		1,808		10,240		33,366		43,606		3,503		40,103		28,079		2004/2013
Avalon Studio City	Studio City, CA	17,658		90,715		4,094		17,658		94,809		112,467		9,702		102,765		—		1987/2013
Avalon San Dimas	San Dimas, CA	9,140		30,445		—		9,140		30,445		39,585		313		39,272		—		2014
Avalon Mission Oaks	Camarillo, CA	9,600		34,540		2,860		9,600		37,400		47,000		93		46,907		—		2014
TOTAL SOUTHERN CALIFORNIA		$	805,410	$	2,171,128	$	326,665	$	805,410	$	2,497,793	$	3,303,203	$	497,409	$	2,805,794	$	806,678
Non-Core
Archstone Lexington	Flower Mound, TX	$	4,540	$	25,946	$	1,823	$	4,540	$	27,769	$	32,309	$	3,551	$	28,758	$	16,525	2000/2013
Archstone Toscano	Houston, TX	15,607		72,154		5		15,607		72,159		87,766		3,324		84,442		—		2014
Memorial Heights Villages	Houston, TX	9,607		42,164		—		9,607		42,164		51,771		724		51,047		—		2014
TOTAL NON-CORE		$	29,754	$	140,264	$	1,828	$	29,754	$	142,092	$	171,846	$	7,599	$	164,247	$	16,525
TOTAL CURRENT COMMUNITIES		$	3,412,833	$	11,222,071	$	1,077,984	$	3,412,833	$	12,300,055	$	15,712,888	$	2,858,260	$	12,854,628	$	3,448,138
DEVELOPMENT COMMUNITIES
Avalon West Chelsea/AVA High Line	New York, NY	$	—	$	260,762	$	11,823	$	—	$	272,585	$	272,585	$	4,302	$	268,283	$	—	N/A
Avalon North Station	Boston, MA	—		—		46,268		—		46,268		46,268		—		46,268		—		N/A
Avalon at Assembly Row/AVA Somerville	Somerville, MA	15,239		80,685		33,327		15,239		114,012		129,251		1,095		128,156		—		N/A
Avalon Framingham	Framingham, MA	—		—		18,335		—		18,335		18,335		—		18,335		—		N/A
Avalon West Hollywood	West Hollywood, CA	—		233		57,895		—		58,128		58,128		—		58,128		—		N/A
Avalon Dublin Station II	Dublin, CA	—		84		43,338		—		43,422		43,422		—		43,422		—		N/A
Avalon Wharton	Wharton, NJ	874		20,455		27,318		874		47,773		48,647		116		48,531		—		N/A

		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Green III	New York, NY	—		4		1,443		—		1,447		1,447		—		1,447		—		N/A
AVA Little Tokyo	Los Angeles, CA	5,479		35,923		64,425		5,479		100,348		105,827		423		105,404		—		N/A
AVA Theater District	Boston, MA	—		315		132,767		—		133,082		133,082		—		133,082		—		N/A
Avalon Marlborough	Boston, MA	—		95		46,808		—		46,903		46,903		—		46,903		—		N/A
Avalon Vista	Vista, CA	—		292		36,338		—		36,630		36,630		—		36,630		—		N/A
Avalon Bloomfield Station	Bloomfield, NJ	—		56		29,624		—		29,680		29,680		—		29,680		—		N/A
Avalon Willoughby Square/AVA DoBro	Brooklyn, NY	—		80		266,238		—		266,318		266,318		—		266,318		—		N/A
Avalon Alderwood I	Lynnwood, WA	7,033		32,783		26,290		7,033		59,073		66,106		492		65,614		—		N/A
AVA Capitol Hill	Seattle, WA	—		—		39,870		—		39,870		39,870		—		39,870		—		N/A
Avalon Esterra Park	Redmond, WA	—		8		33,515		—		33,523		33,523		—		33,523		—		N/A
Avalon Hayes Valley	San Francisco, CA	—		887		78,685		—		79,572		79,572		—		79,572		—		N/A
Avalon Baker Ranch	Lake Forest, CA	3,684		12,815		94,303		3,684		107,118		110,802		54		110,748		—		N/A
Avalon Irvine III	Irvine, CA	—		50		26,253		—		26,303		26,303		—		26,303		—		N/A
Avalon Huntington Beach	Huntington Beach, CA	—		78		40,661		—		40,739		40,739		—		40,739		—		N/A
Avalon Glendora	Glendora, CA	—		55		52,091		—		52,146		52,146		—		52,146		—		N/A
Avalon Falls Church	Falls Church, VA	—		240		69,391		—		69,631		69,631		—		69,631		—		N/A
Avalon Roseland	Roseland, NJ	—		372		32,771		—		33,143		33,143		—		33,143		—		N/A
Avalon Princeton	Princeton, NJ	—		70		35,386		—		35,456		35,456		—		35,456		—		N/A
Avalon Union	Union, NJ	—		—		12,717		—		12,717		12,717		—		12,717		—		N/A
TOTAL DEVELOPMENT COMMUNITIES		$	32,309	$	446,342	$	1,357,880	$	32,309	$	1,804,222	$	1,836,531	$	6,482	$	1,830,049	$	—
Land Held for Development		$	180,516	$	—	$	—	$	180,516	$	—	$	180,516	$	—	$	180,516	$	—
Corporate Overhead		31,344		31,699		56,338		31,344		88,037		119,381		48,834		70,547		3,000,000
TOTAL		$	3,657,002	$	11,700,112	$	2,492,202	$	3,657,002	$	14,192,314	$	17,849,316	$	2,913,576	$	14,935,740	$	6,448,138

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(1) Includes 240 apartment homes which were destroyed and are uninhabitable as a result of the fire at Avalon at Edgewater in January 2015.

Amounts include real estate assets held for sale.

Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&E) is calculated over the following useful lives, on a straight line basis:

Building—30 years

Improvements, upgrades and FF&E—not to exceed 7 years

The aggregate cost of total real estate for federal income tax purposes was approximately $17,561,706 at December 31, 2014.

The changes in total real estate assets for the years ended December 31, 2014, 2013 and 2012 are as follows:

	For the year ended
	12/31/2014			12/31/2013			12/31/2012
Balance, beginning of period	$	16,800,321		$	10,071,342		$	9,288,496
Acquisitions, construction costs and improvements	1,311,003			7,157,639			934,935
Dispositions, including impairment loss on planned dispositions	(262,008		)	(428,660		)	(152,089		)
Balance, end of period	$	17,849,316		$	16,800,321		$	10,071,342

The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012, are as follows:

	For the year ended
	12/31/2014			12/31/2013			12/31/2012
Balance, beginning of period	$	2,516,112		$	2,056,222		$	1,863,466
Depreciation, including discontinued operations	442,682			573,715			260,094
Dispositions	(45,218		)	(113,825		)	(67,338		)
Balance, end of period	$	2,913,576		$	2,516,112		$	2,056,222