

			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
ESTABLISHED COMMUNITIES
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	198	$	2,124	$	12,567	$	11,632	$	2,124	$	24,199	$	26,323	$	15,944	$	10,379	$	10,469	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		6,576		2,129		24,143		26,272		15,767		10,505		11,151		—		1999
Eaves Quincy	Quincy, MA	245	1,743		14,662		11,286		1,743		25,948		27,691		16,378		11,313		11,474		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		1,966		3,318		15,431		18,749		9,278		9,471		9,801		—		2002
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		2,943		6,876		33,344		40,220		13,652		26,568		26,325		—		2004
Eaves Peabody	Peabody, MA	286	4,645		18,919		14,827		4,645		33,746		38,391		15,913		22,478		23,064		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		4,032		4,258		24,583		28,841		10,988		17,853		17,709		—		2006
Avalon at Chestnut Hill (1)	Chestnut Hill, MA	204	14,572		45,911		12,315		14,572		58,226		72,798		24,277		48,521		50,581		36,995		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		13,819		8,691		92,940		101,631		36,077		65,554		63,782		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		5,356		13,124		54,051		67,175		21,401		45,774		46,845		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		8,646		12,218		50,302		62,520		17,936		44,584		42,083		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		5,255		4,719		30,733		35,452		11,302		24,150		21,932		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		3,450		8,144		55,634		63,778		19,146		44,632		45,986		—		2009
Avalon Cohasset	Cohasset, MA	220	8,802		46,166		1,395		8,802		47,561		56,363		13,259		43,104		44,013		—		2012
Avalon Exeter (2)	Boston, MA	187	—		110,028		348		—		110,376		110,376		21,565		88,811		109,017		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		421		15,645		65,266		80,911		15,156		65,755		67,787		—		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		344		8,599		52,798		61,397		10,604		50,793		52,511		—		2015
AVA Somerville	Somerville, MA	250	10,945		56,460		304		10,945		56,764		67,709		10,359		57,350		59,196		—		2015
AVA Back Bay (1)	Boston, MA	271	9,034		36,540		50,996		9,034		87,536		96,570		39,957		56,613		57,206		—		1968/1998
Eaves Burlington	Burlington, MA	203	7,714		32,499		7,093		7,714		39,592		47,306		9,666		37,640		38,996		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		218		17,072		163,851		180,923		24,989		155,934		161,632		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		16,838		15,600		77,487		93,087		19,085		74,002		76,790		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		439		15,367		60,836		76,203		9,783		66,420		68,466		—		2015
Avalon Framingham	Framingham, MA	180	9,315		34,631		12		9,315		34,643		43,958		5,257		38,701		39,966		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,093		14		14,694		79,107		93,801		8,878		84,923		87,392		—		2017
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		29,301		27,350		123,469		150,819		32,978		117,841		122,303		—		1999/2013
Avalon at Center Place (3)	Providence, RI	225	—		26,816		18,064		—		44,880		44,880		28,368		16,512		16,139		—		1991/1997
Total Boston, MA		7,045	$	246,698	$	1,339,556	$	227,890	$	246,698	$	1,567,446	$	1,814,144	$	477,963	$	1,336,181	$	1,382,616	$	81,995



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
Fairfield, CT
Eaves Stamford	Stamford, CT	238	$	5,956	$	23,993	$	14,469	$	5,956	$	38,462	$	44,418	$	27,080	$	17,338	$	18,056	$	—	1991
Avalon Wilton on River Rd	Wilton, CT	102	2,116		14,664		7,233		2,116		21,897		24,013		13,820		10,193		10,924		—		1997
Avalon Norwalk	Norwalk, CT	311	11,320		62,904		1,291		11,320		64,195		75,515		20,623		54,892		56,950		—		2011
Avalon Wilton on Danbury Rd	Wilton, CT	100	6,604		23,758		208		6,604		23,966		30,570		7,218		23,352		24,125		—		2011
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		390		10,395		36,841		47,236		8,465		38,771		40,048		—		2013
Avalon Stratford	Stratford, CT	130	2,564		27,232		262		2,564		27,494		30,058		5,281		24,777		25,708		—		2014
Total Fairfield, CT		1,121	$	38,955	$	189,002	$	23,853	$	38,955	$	212,855	$	251,810	$	82,487	$	169,323	$	175,811	$	—

TOTAL NEW ENGLAND		8,166	$	285,653	$	1,528,558	$	251,743	$	285,653	$	1,780,301	$	2,065,954	$	560,450	$	1,505,504	$	1,558,427	$	81,995



METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	11,395	$	—	$	105,456	$	105,456	$	62,534	$	42,922	$	46,297	$	—	2002
Avalon Riverview North (3)	Long Island City, NY	602	—		165,954		15,435		—		181,389		181,389		72,523		108,866		114,953		—		2008
Avalon Fort Greene	Brooklyn, NY	631	83,038		216,802		3,827		83,038		220,629		303,667		72,696		230,971		237,426		—		2010
AVA DoBro	Brooklyn, NY	500	77,419		207,082		50		77,419		207,132		284,551		25,458		259,093		264,445		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	50,477		135,017		73		50,477		135,090		185,567		16,597		168,970		172,415		—		2017
Avalon Clinton North	New York, NY	339	84,069		105,821		12,364		84,069		118,185		202,254		31,394		170,860		174,710		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		7,132		71,421		96,983		168,404		26,700		141,704		144,705		121,500		2007/2013
Total New York City, NY		3,058	$	366,424	$	1,014,588	$	50,276	$	366,424	$	1,064,864	$	1,431,288	$	307,902	$	1,123,386	$	1,154,951	$	268,500

New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,286	$	7,147	$	4,679	$	35,433	$	40,112	$	25,091	$	15,021	$	15,925	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		7,827		1,820		18,352		20,172		11,161		9,011		9,509		—		1995
Avalon Towers (1)	Long Beach, NY	109	3,118		11,973		26,594		3,118		38,567		41,685		19,327		22,358		23,586		—		1990/1995
Avalon Bronxville	Bronxville, NY	110	2,889		28,324		8,949		2,889		37,273		40,162		22,483		17,679		18,870		—		1999
Avalon at Glen Cove (3)	Glen Cove, NY	256	7,871		59,969		5,265		7,871		65,234		73,105		34,102		39,003		41,374		—		2004
Avalon Glen Cove North (3)	Glen Cove, NY	111	2,577		37,336		871		2,577		38,207		40,784		16,539		24,245		25,465		—		2007
Avalon White Plains	White Plains, NY	407	15,391		137,353		1,731		15,391		139,084		154,475		50,915		103,560		107,895		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		6,122		32,212		84,928		117,140		24,402		92,738		92,598		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		2,297		27,765		79,857		107,622		21,415		86,207		87,318		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,326		796		18,205		50,122		68,327		13,155		55,172		56,869		—		2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		57		6,392		30,370		36,762		6,297		30,465		31,567		—		2014



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Huntington Station	Huntington Station, NY	303	$	21,899	$	58,437	$	233	$	21,899	$	58,670	$	80,569	$	11,333	$	69,236	$	71,290	$	—	2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		182		4,985		17,482		22,467		2,483		19,984		20,432		—		2016
Avalon Great Neck	Great Neck, NY	191	14,777		65,642		16		14,777		65,658		80,435		6,433		74,002		76,753		—		2017
Avalon Westbury	Westbury, NY	396	69,620		43,781		12,722		69,620		56,503		126,123		20,491		105,632		107,382		75,865		2006/2013
Total New York - Suburban		3,533	$	234,200	$	734,931	$	80,809	$	234,200	$	815,740	$	1,049,940	$	285,627	$	764,313	$	786,833	$	75,865

New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	27,056	$	8,760	$	109,478	$	118,238	$	72,692	$	45,546	$	47,406	$	—	1997
Eaves Lawrenceville	Lawrenceville, NJ	632	14,650		60,486		13,106		14,650		73,592		88,242		37,957		50,285		52,498		—		1994
Avalon Princeton Junction	West Windsor, NJ	512	5,585		22,382		24,963		5,585		47,345		52,930		29,310		23,620		22,750		—		1988/1993
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,516		5,982		33,905		39,887		18,266		21,621		23,050		—		2002
Avalon Tinton Falls	Tinton Falls, NJ	216	7,939		33,170		746		7,939		33,916		41,855		13,570		28,285		29,341		—		2008
Avalon West Long Branch	West Long Branch, NJ	180	2,721		22,925		406		2,721		23,331		26,052		7,625		18,427		19,160		—		2011
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,090		8,984		32,084		41,068		8,891		32,177		33,278		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,635		1,923		14,682		43,558		58,240		11,642		46,598		47,781		—		2012
Avalon Hackensack at Riverside (3)	Hackensack, NJ	226	—		44,619		719		—		45,338		45,338		10,452		34,886		36,006		—		2013
Avalon Somerset	Somerset, NJ	384	18,241		58,338		553		18,241		58,891		77,132		14,191		62,941		64,863		—		2013
Avalon Bloomfield Station (2)	Bloomfield, NJ	224	10,701		36,513		46		10,701		36,559		47,260		5,973		41,287		45,678		—		2015
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		131		6,502		16,994		23,496		4,140		19,356		19,879		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		138		3,006		27,939		30,945		6,168		24,777		25,736		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		171		2,273		48,780		51,053		8,673		42,380		44,054		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		49		11,288		34,917		46,205		5,766		40,439		41,676		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		67,989		635		26,461		68,624		95,085		7,667		87,418		90,156		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		53		11,695		36,368		48,063		5,061		43,002		44,294		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,475		5,724		37,237		96,199		133,436		18,374		115,062		118,205		67,904		2008/2016
Total New Jersey		4,872	$	196,707	$	780,793	$	87,025	$	196,707	$	867,818	$	1,064,525	$	286,418	$	778,107	$	805,811	$	67,904

TOTAL METRO NY/NJ		11,463	$	797,331	$	2,530,312	$	218,110	$	797,331	$	2,748,422	$	3,545,753	$	879,947	$	2,665,806	$	2,747,595	$	412,269



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, D.C.	308	$	6,848	$	27,614	$	17,340	$	6,848	$	44,954	$	51,802	$	33,343	$	18,459	$	19,141	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		3,026		8,800		42,684		51,484		24,196		27,288		28,531		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		193		7,425		25,475		32,900		6,724		26,176		27,170		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		8,649		25,140		61,108		86,248		17,555		68,693		70,248		—		1966/2013
Eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,501		16,430		25,403		41,833		7,523		34,310		35,177		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		5,297		38,140		40,649		78,789		12,881		65,908		66,726		—		1961/2013
Eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,580		9,580		29,112		38,692		8,801		29,891		30,940		—		1953/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		3,915		43,700		157,865		201,565		39,698		161,867		167,252		—		2012/2013
Eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		4,179		4,047		22,732		26,779		16,297		10,482		10,528		—		1996
Eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		12,716		8,802		48,252		57,054		24,260		32,794		34,223		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		3,879		29,159		56,872		86,031		31,238		54,793		56,205		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		5,509		14,365		60,907		75,272		32,731		42,541		44,001		—		2004
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		39		10,872		63,031		73,903		6,851		67,052		69,292		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		35		10,130		61,720		71,850		7,413		64,437		66,632		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		4,980		2,323		14,277		16,600		10,035		6,565		6,929		—		1987/1996
Avalon Fairway Hills - Woods	Columbia, MD	336	3,958		15,839		8,746		3,958		24,585		28,543		16,827		11,716		11,314		—		1987/1996
Avalon Russett	Laurel, MD	238	10,200		47,524		3,721		10,200		51,245		61,445		14,882		46,563		48,232		32,200		1999/2013
Eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		10,922		6,096		35,322		41,418		23,894		17,524		17,656		—		1989/1996
AVA Ballston	Arlington, VA	344	7,291		29,177		16,649		7,291		45,826		53,117		32,292		20,825		22,152		—		1990
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		13,665		13,851		57,062		70,913		36,896		34,017		35,481		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		32,150		22,041		122,446		144,487		62,633		81,854		85,846		—		2001
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		671		13,554		64,197		77,751		16,698		61,053		63,149		—		2013
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		282		33,490		76,083		109,573		16,113		93,460		96,179		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,896		24,225		84,878		109,103		15,277		93,826		97,127		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		8,156		22,573		103,511		126,084		16,101		109,983		111,129		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		3,233		18,830		85,660		104,490		12,622		91,868		94,521		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,467		8,068		29,377		123,535		152,912		17,196		135,716		141,118		—		2012/2017
Eaves Tysons Corner	Vienna, VA	217	16,030		45,420		3,107		16,030		48,527		64,557		15,022		49,535		51,389		—		1980/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		10,882		56,550		188,914		245,464		50,996		194,468		200,562		—		1999/2013
Avalon Arlington North	Arlington, VA	228	21,600		59,076		225		21,600		59,301		80,901		12,063		68,838		70,891		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		7,901		26,710		90,985		117,695		27,520		90,175		93,182		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		93		39,544		66,253		105,797		10,821		94,976		97,374		—		2016
TOTAL MID-ATLANTIC		11,232	$	601,681	$	1,877,166	$	206,205	$	601,681	$	2,083,371	$	2,685,052	$	677,399	$	2,007,653	$	2,070,297	$	32,200



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
PACIFIC NORTHWEST
Seattle, WA
Avalon Redmond Place (1)	Redmond, WA	222	$	4,558	$	18,368	$	10,882	$	4,558	$	29,250	$	33,808	$	19,657	$	14,151	$	14,904	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	264	6,786		27,641		5,367		6,786		33,008		39,794		23,740		16,054		17,157		—		1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		2,343		6,664		26,462		33,126		17,332		15,794		16,711		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,531		4,777		23,296		28,073		15,405		12,668		13,342		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		3,774		3,789		18,913		22,702		12,178		10,524		10,966		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		1,295		5,644		14,028		19,672		8,985		10,687		11,151		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		3,503		12,697		80,953		93,650		32,110		61,540		62,634		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		1,781		—		124,810		124,810		40,596		84,214		88,063		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		752		12,081		42,370		54,451		12,078		42,373		43,525		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,133		16,460		48,059		64,519		12,070		52,449		54,231		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		13		12,294		55,640		67,934		10,637		57,297		59,340		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		710		20,613		60,696		81,309		8,814		72,495		74,790		—		2016
Avalon Esterra Park	Redmond, WA	482	23,177		112,926		1,134		23,177		114,060		137,237		13,426		123,811		127,407		—		2017
Avalon Alderwood II	Redmond, WA	124	5,072		21,418		14		5,072		21,432		26,504		2,618		23,886		24,589		—		2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,623		111,624		696		9,623		112,320		121,943		9,953		111,990		114,975		—		2017
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		3,939		10,250		30,781		41,031		9,762		31,269		32,528		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,116	$	154,485	$	795,211	$	40,867	$	154,485	$	836,078	$	990,563	$	249,361	$	741,202	$	766,313	$	—



NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	14,424	$	11,830	$	62,252	$	74,082	$	39,755	$	34,327	$	36,004	$	—	1995
Eaves San Jose	San Jose, CA	440	12,920		53,047		19,360		12,920		72,407		85,327		41,026		44,301		46,388		—		1985/1996
Avalon Silicon Valley	Sunnyvale, CA	710	20,713		99,573		35,209		20,713		134,782		155,495		81,161		74,334		78,904		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		11,078		9,755		50,471		60,226		33,848		26,378		27,559		—		1986
Eaves Creekside	Mountain View, CA	296	6,546		26,263		21,499		6,546		47,762		54,308		29,105		25,203		26,680		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		2,741		4,765		50,341		55,106		29,729		25,377		26,811		—		2002
Avalon Towers on the Peninsula (1)	Mountain View, CA	211	9,560		56,136		14,742		9,560		70,878		80,438		36,656		43,782		46,114		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		272		13,837		64,806		78,643		13,520		65,123		67,380		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		6,627		46,060		88,584		134,644		26,842		107,802		109,662		—		2002/2013
Eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		11,550		64,070		80,568		144,638		24,005		120,633		118,299		—		1969/2013
Total San Jose, CA		3,535	$	200,056	$	585,349	$	137,502	$	200,056	$	722,851	$	922,907	$	355,647	$	567,260	$	583,801	$	—



			2019																	2018		2019
			Initial Cost							Total Cost
Community	City and state	# of homes	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
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	308	$	10,746	$	43,399	$	7,916		$	10,746	$	51,315	$	62,061	$	37,294	$	24,767	$	26,254	$	—	1992/1994
Eaves Dublin	Dublin, CA	204	5,276		19,642		12,391			5,276		32,033		37,309		20,064		17,245		18,331		—		1989/1997
Eaves Pleasanton	Pleasanton, CA	456	11,610		46,552		22,663			11,610		69,215		80,825		44,516		36,309		37,873		—		1988/1994
Eaves Union City	Union City, CA	208	4,249		16,820		4,153			4,249		20,973		25,222		15,186		10,036		10,239		—		1973/1996
Avalon Union City	Union City, CA	439	14,732		104,024		1,629			14,732		105,653		120,385		37,923		82,462		86,365		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,469		5,781			—		154,250		154,250		49,458		104,792		108,425		3,847		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		589			7,772		72,731		80,503		14,903		65,600		68,111		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		(95		)	7,762		76,492		84,254		10,198		74,056		76,646		—		2016
Eaves Walnut Creek (1)	Walnut Creek, CA	510	30,320		82,375		17,257			30,320		99,632		129,952		26,842		103,110		106,654		—		1987/2013
Avalon Walnut Ridge I (1)	Walnut Creek, CA	106	9,860		19,850		5,480			9,860		25,330		35,190		6,766		28,424		29,236		—		2000/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,615		60			4,500		28,675		33,175		5,571		27,604		28,623		—		2014
Total Oakland - East Bay, CA		3,252	$	106,827	$	658,475	$	77,824		$	106,827	$	736,299	$	843,126	$	268,721	$	574,405	$	596,757	$	3,847

San Francisco, CA
Eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	20,711		$	4,230	$	30,370	$	34,600	$	19,937	$	14,663	$	15,718	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		8,108			5,403		29,675		35,078		19,251		15,827		16,694		—		1990/1995
Eaves San Rafael	San Rafael, CA	254	5,982		16,885		25,658			5,982		42,543		48,525		25,121		23,404		24,472		—		1973/1996
Eaves Foster City	Foster City, CA	288	7,852		31,445		12,858			7,852		44,303		52,155		28,780		23,375		24,620		—		1973/1994
Eaves Pacifica	Pacifica, CA	220	6,125		24,796		4,121			6,125		28,917		35,042		20,812		14,230		14,945		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,447			3,561		37,768		41,329		22,520		18,809		19,981		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	154	4,726		19,130		6,691			4,726		25,821		30,547		17,124		13,423		14,057		—		1972/1994
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		8,817			14,029		87,269		101,298		47,906		53,392		54,203		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		717			28,687		119,873		148,560		42,981		105,579		109,469		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,064			5,544		52,970		58,514		14,405		44,109		45,895		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		853			20,267		98,174		118,441		20,090		98,351		102,006		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		13			12,595		81,241		93,836		13,731		80,105		83,030		—		2015
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		6,629			40,780		75,313		116,093		21,467		94,626		97,372		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		2,366			23,787		47,300		71,087		12,404		58,683		59,911		28,435		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,140			33,303		66,050		99,353		17,538		81,815		84,113		50,825		2010/2013
Total San Francisco, CA		3,349	$	216,871	$	748,394	$	119,193		$	216,871	$	867,587	$	1,084,458	$	344,067	$	740,391	$	766,486	$	143,710

TOTAL NORTHERN CALIFORNIA		10,136	$	523,754	$	1,992,218	$	334,519		$	523,754	$	2,326,737	$	2,850,491	$	968,435	$	1,882,056	$	1,947,044	$	147,557



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	50,163	$	22,483	$	78,267	$	100,750	$	46,263	$	54,487	$	56,386	$	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663	23,828		40,372		51,342		23,828		91,714		115,542		51,853		63,689		65,519		—		1989/1997
Eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		11,761		7,045		24,747		31,792		17,535		14,257		13,639		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		2,668		—		45,232		45,232		25,118		20,114		21,413		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		25,544		14,053		82,371		96,424		43,153		53,271		55,649		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		2,483		8,446		42,773		51,219		19,392		31,827		32,091		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		4,407		5,459		45,589		51,048		18,785		32,263		30,889		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,261		12,789		50,334		63,123		19,404		43,719		45,443		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		1,085		7,920		45,930		53,850		18,264		35,586		36,990		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		1,627		14,734		95,628		110,362		17,701		92,661		96,240		—		2015
Eaves Phillips Ranch	Pomona, CA	501	9,796		41,740		4,049		9,796		45,789		55,585		13,963		41,622		42,409		—		1989/2011
Eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,621		1,916		9,440		11,356		3,054		8,302		8,572		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,068		2,953		13,496		16,449		4,236		12,213		12,510		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		5,664		8,400		17,211		25,611		4,475		21,136		21,650		—		1973/2012
Eaves Cerritos	Artesia, CA	151	8,305		21,195		1,687		8,305		22,882		31,187		6,011		25,176		25,823		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	309	30,900		72,008		6,497		30,900		78,505		109,405		20,207		89,198		88,951		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		92		9,141		30,818		39,959		6,044		33,915		34,974		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,303		468		18,311		64,771		83,082		9,735		73,347		75,932		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		118,341		1,258		35,214		119,599		154,813		11,290		143,523		146,362		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,560		9,600		39,162		48,762		8,623		40,139		41,401		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		80,869		31		16,617		80,900		97,517		7,948		89,569		93,911		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		1,982		18,408		54,262		72,670		7,968		64,702		66,616		—		2015/2016
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		5,546		42,020		78,907		120,927		23,115		97,812		100,379		—		2007/2013
AVA Studio City II (1)	Studio City, CA	101	4,626		22,954		7,473		4,626		30,427		35,053		7,512		27,541		28,500		—		1991/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		19,098		42,720		126,740		169,460		38,863		130,597		128,594		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		6,724		43,540		86,698		130,238		28,991		101,247		104,704		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		13,583		32,000		74,353		106,353		19,080		87,273		89,640		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,234		20,560		110,790		131,350		28,307		103,043		106,735		—		2006/2013
Eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,146		9,110		22,517		31,627		5,897		25,730		26,562		—		1972/2013
Eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		5,131		13,950		25,342		39,292		8,508		30,784		29,739		—		1992/2013
Eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		12,931		68,940		103,480		172,420		34,313		138,107		141,534		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		2,609		12,810		25,190		38,000		8,251		29,749		30,731		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,792		10,240		38,350		48,590		10,028		38,562		39,850		—		2004/2013



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
AVA Studio City I	Studio City, CA	450	$	17,658	$	90,715	$	35,175	$	17,658	$	125,890	$	143,548	$	29,941	$	113,607	$	116,925	$	—	1987/2013
Total Los Angeles, CA		9,802	$	604,492	$	1,723,344	$	304,760	$	604,492	$	2,028,104	$	2,632,596	$	623,828	$	2,008,768	$	2,057,263	$	111,500

Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	9,973	$	1,975	$	13,787	$	15,762	$	7,965	$	7,797	$	8,194	$	—	1956/1996
Eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		4,012		2,517		13,269		15,786		9,720		6,066		6,250		—		1984/1996
Eaves South Coast	Costa Mesa, CA	258	4,709		16,063		13,810		4,709		29,873		34,582		18,909		15,673		16,526		—		1973/1996
Eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		11,609		4,607		28,520		33,127		17,920		15,207		15,855		—		1990/1997
Eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		11,310		4,871		31,055		35,926		22,269		13,657		14,626		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		1,882		9,911		69,402		79,313		24,446		54,867		56,970		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		360		4,358		41,265		45,623		10,227		35,396		36,611		—		2013
Eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		4,127		5,199		25,261		30,460		7,416		23,044		23,402		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		57		31,689		98,061		129,750		16,581		113,169		117,107		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		52		11,607		44,025		55,632		6,051		49,581		51,155		—		2016
Avalon Huntington Beach	Huntington Beach, CA	378	13,055		105,981		447		13,055		106,428		119,483		12,707		106,776		110,582		—		2017
Total Orange County, CA		2,821	$	94,498	$	443,307	$	57,639	$	94,498	$	500,946	$	595,444	$	154,211	$	441,233	$	457,278	$	—

San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	41,759	$	9,922	$	82,339	$	92,261	$	46,921	$	45,340	$	47,454	$	—	1969/1997
Eaves Mission Ridge	San Diego, CA	200	2,710		10,924		13,343		2,710		24,267		26,977		16,506		10,471		10,565		—		1960/1997
AVA Cortez Hill (3)	San Diego, CA	299	2,768		20,134		24,690		2,768		44,824		47,592		26,580		21,012		21,874		—		1973/1998
Eaves San Marcos (1)	San Marcos, CA	184	3,277		13,385		5,089		3,277		18,474		21,751		4,951		16,800		16,912		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		4,887		6,692		32,030		38,722		9,637		29,085		30,025		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		260		12,689		43,588		56,277		7,415		48,862		50,349		—		2015
Eaves La Mesa	La Mesa, CA	168	9,490		28,482		3,057		9,490		31,539		41,029		10,149		30,880		32,148		—		1989/2013
Avalon La Jolla Colony (1)	San Diego, CA	180	16,760		27,694		12,492		16,760		40,186		56,946		11,322		45,624		46,859		—		1987/2013
Total San Diego, CA		2,066	$	64,308	$	211,670	$	105,577	$	64,308	$	317,247	$	381,555	$	133,481	$	248,074	$	256,186	$	—

TOTAL SOUTHERN CALIFORNIA		14,689	$	763,298	$	2,378,321	$	467,976	$	763,298	$	2,846,297	$	3,609,595	$	911,520	$	2,698,075	$	2,770,727	$	111,500

TOTAL ESTABLISHED COMMUNITIES		59,802	$	3,126,202	$	11,101,786	$	1,519,420	$	3,126,202	$	12,621,206	$	15,747,408	$	4,247,112	$	11,500,296	$	11,860,403	$	785,521



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
Avalon on the Alameda (1)	San Jose, CA	305	$	6,119	$	50,225	$	12,959	$	6,119	$	63,184	$	69,303	$	38,457	$	30,846	$	32,629	$	—	1999
Eaves Fremont	Fremont, CA	235	6,581		26,583		10,626		6,581		37,209		43,790		25,065		18,725		19,632		—		1985/1994
Avalon Dogpatch	San Francisco, CA	326	23,523		179,915		172		23,523		180,087		203,610		13,403		190,207		196,411		—		2018
Avalon Cerritos	Cerritos, CA	132	8,869		51,257		646		8,869		51,903		60,772		1,993		58,779		N/A		30,250		2017/2019
Avalon Studio City	Studio City, CA	276	15,756		78,178		16,766		15,756		94,944		110,700		23,815		86,885		85,686		—		2002/2013
Eaves Los Feliz (1)	Los Angeles, CA	263	18,940		43,661		11,952		18,940		55,613		74,553		14,427		60,126		59,572		41,400		1989/2013
Eaves West Valley	San Jose, CA	873	90,890		132,040		11,081		90,890		143,121		234,011		42,572		191,439		197,477		—		1970/2013
Eaves Seal Beach	Seal Beach, CA	549	46,790		99,999		36,411		46,790		136,410		183,200		31,336		151,864		140,068		—		1971/2013
AVA Toluca Hills (1)	Los Angeles, CA	1,151	86,450		161,256		88,985		86,450		250,241		336,691		57,214		279,477		281,860		—		1973/2013
Avalon Walnut Ridge II (1)	Walnut Creek, CA	360	27,190		57,041		13,722		27,190		70,763		97,953		19,089		78,864		80,666		—		1989/2013
Avalon Denver West	Lakewood, CO	252	8,047		67,394		2,072		8,047		69,466		77,513		8,240		69,273		71,812		—		2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,054		854		8,527		64,908		73,435		4,169		69,266		72,672		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		69,717		1,515		4,461		71,232		75,693		5,089		70,604		74,563		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		84,970		1,521		5,101		86,491		91,592		4,777		86,815		N/A		—		2018/2019
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		6,368		4,834		29,358		34,192		15,412		18,780		15,876		—		2002
Avalon Darien	Darien, CT	189	6,926		34,558		8,968		6,926		43,526		50,452		21,189		29,263		25,087		—		2004
Avalon Shelton (4)	Shelton, CT	250	7,749		40,366		297		7,749		40,663		48,412		9,485		38,927		40,174		—		2013
AVA Van Ness	Washington, D.C.	269	22,890		58,691		20,196		22,890		78,887		101,777		19,107		82,670		83,096		—		1978/2013
AVA NoMa	Washington, D.C.	438	25,246		114,932		816		25,246		115,748		140,994		12,357		128,637		133,028		—		2018
850 Boca	Boca Raton, FL	370	21,430		114,085		3,830		21,430		117,915		139,345		12,836		126,509		130,932		—		2017/2017
The Alexander & Alexander Lofts	West Palm Beach, FL	290	9,597		90,950		2,951		9,597		93,901		103,498		7,192		96,306		101,387		—		2018/2018
Avalon Bonterra	Hialeah, FL	314	16,655		70,814		2,860		16,655		73,674		90,329		3,395		86,934		N/A		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,688		1,544		9,213		51,232		60,445		228		60,217		N/A		—		2016/2019
Avalon at Newton Highlands (1)	Newton, MA	294	11,039		45,547		17,047		11,039		62,594		73,633		30,717		42,916		45,028		—		2003
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		61,204		8,776		96,700		105,476		39,217		66,259		67,595		—		1968/1998
Avalon North Station	Boston, MA	503	22,796		247,118		778		22,796		247,896		270,692		23,496		247,196		255,638		—		2017
Avalon Easton	Easton, MA	290	3,170		60,838		—		3,170		60,838		64,008		5,348		58,660		60,485		—		2017
AVA Wheaton	Wheaton, MD	319	6,494		69,025		—		6,494		69,025		75,519		6,011		69,508		72,130		—		2018
AVA North Point	Cambridge, MA	265	31,263		81,597		2,655		31,263		84,252		115,515		506		115,009		N/A				2018/2019
Avalon Arundel Crossing (1)	Linthicum Heights, MD	310	12,208		69,386		3,043		12,208		72,429		84,637		6,384		78,253		82,036		—		2018/2018
Portico at Silver Spring Metro	Silver Spring, MD	151	3,471		40,079		805		3,471		40,884		44,355		1,277		43,078		N/A		—		2009/2019
Avalon at Florham Park (1)	Florham Park, NJ	270	6,647		34,906		16,287		6,647		51,193		57,840		27,009		30,831		32,680		—		2001



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Maplewood	Maplewood, NJ	235	$	15,179	$	49,558	$	—	$	15,179	$	49,558	$	64,737	$	4,093	$	60,644	$	62,608	$	—	2018
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,251		—		8,605		60,251		68,856		3,609		65,247		66,093		—		2018
Avalon Mamaroneck (1)	Mamaroneck, NY	229	6,207		40,791		15,652		6,207		56,443		62,650		30,770		31,880		33,232		—		2000
Avalon Melville	Melville, NY	494	9,228		50,063		22,445		9,228		72,508		81,736		40,857		40,879		36,100		—		1997
Avalon Brooklyn Bay	Brooklyn, NY	180	18,280		74,562		262		18,280		74,824		93,104		7,573		85,531		88,907		—		2018
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,984		—		7,534		50,984		58,518		4,510		54,008		56,114		—		2017
Avalon Somers	Somers, NY	152	5,608		40,453		25		5,608		40,478		46,086		3,548		42,538		43,958		—		2018
Avalon Midtown West (1)	New York, NY	550	154,730		180,253		42,710		154,730		222,963		377,693		55,973		321,720		325,479		98,200		1998/2013
Eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,636		2,152		14,543		16,695		9,152		7,543		7,985		—		1988/1997
Eaves Fairfax Towers	Falls Church, VA	415	17,889		74,727		15,066		17,889		89,793		107,682		24,579		83,103		79,721		—		1978/2011
AVA Ballston Square	Arlington, VA	714	71,640		215,937		37,794		71,640		253,731		325,371		64,753		260,618		258,067		—		1992/2013
TOTAL OTHER STABILIZED		14,203	$	904,700	$	3,293,842	$	498,521	$	904,700	$	3,792,363	$	4,697,063	$	780,229	$	3,916,834	$	3,516,484	$	169,850

LEASE-UP
Avalon at the Hingham Shipyard II	Hingham, MA	190	$	8,998	$	54,782	$	—	$	8,998	$	54,782	$	63,780	$	2,445	$	61,335	$	59,144	$	—	2019
Avalon Sudbury	Sudbury, MA	250	20,240		66,478		34		20,240		66,512		86,752		3,215		83,537		78,642		—		2019
Avalon Saugus	Saugus, MA	280	17,799		70,634		832		17,799		71,466		89,265		1,310		87,955		52,689		—		2019
Avalon Boonton	Boonton, NJ	350	3,592		87,821		—		3,592		87,821		91,413		1,672		89,741		72,902		—		2019
Avalon Piscataway	Piscataway, NJ	360	14,329		75,499		—		14,329		75,499		89,828		2,985		86,843		75,748		—		2019
Avalon Belltown Towers	Seattle, WA	274	24,636		120,392		1,171		24,636		121,563		146,199		1,871		144,328		117,433		—		2019
AVA Esterra Park	Redmond, WA	323	16,405		74,496		—		16,405		74,496		90,901		2,042		88,859		75,752		—		2019
TOTAL LEASE-UP		2,027	$	105,999	$	550,102	$	2,037	$	105,999	$	552,139	$	658,138	$	15,540	$	642,598	$	532,310	$	—



			2019																2018		2019
			Initial Cost						Total Cost
Community	City and state	# of homes	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
DEVELOPMENT (6)
Avalon Public Market	Emeryville, CA	289	$	12,747	$	58,425	$	82,246	$	12,747	$	140,671	$	153,418	$	497	$	152,921	$	114,134	$	—		N/A
AVA Hollywood	Hollywood, CA	695	13,146		39,914		272,691		13,146		312,605		325,751		175		325,576		221,455		—			N/A
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	—		995		85,983		—		86,978		86,978		—		86,978		32,256		—			N/A
Avalon Brea Place	Brea, CA	653	—		181		111,844		—		112,025		112,025		—		112,025		N/A		—			N/A
Avalon Monrovia	Monrovia, CA	154	—		2		15,828		—		15,830		15,830		—		15,830		N/A		—			N/A
AVA RiNo	Denver, CO	246	—		14		18,212		—		18,226		18,226		—		18,226		N/A		—			N/A
Avalon Doral	Doral, FL	350	—		491		82,316		—		82,807		82,807		—		82,807		35,154		—			N/A
Avalon Acton II	Acton, MA	86	—		1		4,473		—		4,474		4,474		—		4,474		N/A		—			N/A
Avalon Norwood	Norwood, MA	198	3,581		21,013		33,323		3,581		54,336		57,917		327		57,590		21,582		—			N/A
Avalon Marlborough II	Marlborough, MA	123	—		—		15,293		—		15,293		15,293		—		15,293		N/A		—			N/A
Avalon Woburn	Woburn, MA	350	—		—		29,689		—		29,689		29,689		—		29,689		N/A		—			N/A
Twinbrook Station	Rockville, MD	238	—		13		30,775		—		30,788		30,788		—		30,788		15,844		—			N/A
Avalon Towson	Towson, MD	371	—		768		85,641		—		86,409		86,409		—		86,409		42,686		—			N/A
Avalon East Harbor	Baltimore, MD	400	—		242		86,125		—		86,367		86,367		—		86,367		28,101		—			N/A
Avalon Foundry Row	Owings Mill, MD	437	—		1		21,479		—		21,480		21,480		—		21,480		N/A		—			N/A
Avalon Teaneck	Teaneck, NJ	248	8,273		40,614		21,969		8,273		62,583		70,856		523		70,333		43,508		—			N/A
Avalon Old Bridge	Old Bridge, NJ	252	—		219		35,244		—		35,463		35,463		—		35,463		11,573		—			N/A
Avalon Yonkers	Yonkers, NY	590	6,042		36,155		123,867		6,042		160,022		166,064		315		165,749		89,206		—			N/A
Avalon Harrison	Harrison, NY	143	—		—		26,158		—		26,158		26,158		—		26,158		5,504		—			N/A
Avalon Newcastle Commons II	Newcastle, WA	293	—		444		43,522		—		43,966		43,966		—		43,966		22,384		—			N/A
Avalon North Creek	Bothell, WA	316	10,436		54,536		15,738		10,436		70,274		80,710		869		79,841		38,058		—			N/A
The Park Loggia Retail (7)	New York, NY	N/A	77,393		75,211		—		77,393		75,211		152,604		1,117		151,487		136,627		—			2019
TOTAL DEVELOPMENT		6,632	$	131,618	$	329,239	$	1,242,416	$	131,618	$	1,571,655	$	1,703,273	$	3,823	$	1,699,450	$	858,072	$	—

Land Held for Development		N/A	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	84,712	$	—
Corporate Overhead		N/A	7,810		11,414		89,443		7,810		100,857		108,667		63,552		45,115		49,015		6,400,000
For-sale condominium inventory (7)	New York, NY	N/A	227,246		230,563		—		227,246		230,563		457,809		—		457,809		409,880		—			2019
2019 Disposed Communities		N/A	—		—		—		—		—		—		—		—		256,250		—
TOTAL		83,329	$	4,534,157	$	15,637,317	$	3,435,398	$	4,534,157	$	19,072,715	$	23,606,872	$	5,173,883	$	18,432,989	$	17,730,930	$	7,355,371	(8)