(State or other jurisdiction of | (I.R.S. Employer | |||||||||||||||||||
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
PAGE | ||||||||
PART I - FINANCIAL INFORMATION | ||||||||
ITEM 1. | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||
9/30/2020 | 12/31/2019 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate: | |||||||||||
Land and improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Net operating real estate | |||||||||||
Construction in progress, including land | |||||||||||
Land held for development | |||||||||||
For-sale condominium inventory | |||||||||||
Real estate assets held for sale, net | |||||||||||
Total real estate, net | |||||||||||
Cash and cash equivalents | |||||||||||
Cash in escrow | |||||||||||
Resident security deposits | |||||||||||
Investments in unconsolidated real estate entities | |||||||||||
Deferred development costs | |||||||||||
Prepaid expenses and other assets | |||||||||||
Right of use lease assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured notes, net | $ | $ | |||||||||
Variable rate unsecured credit facility | |||||||||||
Mortgage notes payable, net | |||||||||||
Dividends payable | |||||||||||
Payables for construction | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Lease liabilities | |||||||||||
Accrued interest payable | |||||||||||
Resident security deposits | |||||||||||
Liabilities related to real estate assets held for sale | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | |||||||||||
Equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated earnings less dividends | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental and other income | $ | $ | $ | $ | |||||||||||||||||||
Management, development and other fees | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Operating expenses, excluding property taxes | |||||||||||||||||||||||
Property taxes | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
(Gain) loss on extinguishment of debt, net | ( | ||||||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Equity in income of unconsolidated real estate entities | |||||||||||||||||||||||
Gain on sale of communities | |||||||||||||||||||||||
Gain on other real estate transactions, net | |||||||||||||||||||||||
Gain on for-sale condominiums, net of marketing and administrative costs | ( | ( | ( | ||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Gain (loss) on cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share - basic: | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share - diluted: | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ |
For the nine months ended | |||||||||||
9/30/2020 | 9/30/2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation expense | |||||||||||
Amortization of deferred financing costs | |||||||||||
Amortization of debt discount | |||||||||||
Loss on extinguishment of debt, net | |||||||||||
Amortization of stock-based compensation | |||||||||||
Equity in loss of, and return on, unconsolidated real estate entities and noncontrolling interests, net of eliminations | |||||||||||
Abandonment of development pursuits | |||||||||||
Cash flow hedge losses reclassified to earnings | |||||||||||
Gain on sale of real estate assets | ( | ( | |||||||||
Gain on for-sale condominiums | ( | ||||||||||
Increase in resident security deposits, prepaid expenses and other assets | ( | ( | |||||||||
Increase in accrued expenses, other liabilities and accrued interest payable | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | ( | ( | |||||||||
Acquisition of real estate assets, including partnership interest | ( | ||||||||||
Capital expenditures - existing real estate assets | ( | ( | |||||||||
Capital expenditures - non-real estate assets | ( | ( | |||||||||
Decrease in payables for construction | ( | ( | |||||||||
Proceeds from sale of real estate, net of selling costs | |||||||||||
Proceeds from the sale of for-sale condominiums, net of selling costs | |||||||||||
Mortgage note receivable lending | ( | ( | |||||||||
Mortgage note receivable payments | |||||||||||
Distributions from unconsolidated real estate entities | |||||||||||
Investments in unconsolidated real estate entities | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock, net | |||||||||||
Repurchase of common stock, net | ( | ||||||||||
Dividends paid | ( | ( | |||||||||
Issuance of mortgage notes payable | |||||||||||
Repayments of mortgage notes payable, including prepayment penalties | ( | ( | |||||||||
Issuance of unsecured notes | |||||||||||
Repayment of unsecured notes, including prepayment penalties | ( | ||||||||||
Payment of deferred financing costs | ( | ( | |||||||||
Payment for termination of forward interest rate swaps | ( | ( | |||||||||
(Payment to) contribution from noncontrolling interest | ( | ||||||||||
Payments related to tax withholding for share-based compensation | ( | ( | |||||||||
Distributions to DownREIT partnership unitholders | ( | ( | |||||||||
Distributions to joint venture and profit-sharing partners | ( | ( | |||||||||
Preferred interest obligation redemption and dividends | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase in cash, cash equivalents and cash in escrow | |||||||||||
Cash, cash equivalents and cash in escrow, beginning of period | |||||||||||
Cash, cash equivalents and cash in escrow, end of period | $ | $ | |||||||||
Cash paid during the period for interest, net of amount capitalized | $ | $ |
For the nine months ended | ||||||||||||||
9/30/2020 | 9/30/2019 | |||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Cash in escrow | ||||||||||||||
Cash, cash equivalents and cash in escrow reported in the Condensed Consolidated Statements of Cash Flows | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Basic and diluted shares outstanding | |||||||||||||||||||||||
Weighted average common shares - basic | |||||||||||||||||||||||
Weighted average DownREIT units outstanding | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Weighted average common shares - diluted | |||||||||||||||||||||||
Calculation of Earnings per Share - basic | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Net income allocated to unvested restricted shares | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to common stockholders, adjusted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares - basic | |||||||||||||||||||||||
Earnings per common share - basic | $ | $ | $ | $ | |||||||||||||||||||
Calculation of Earnings per Share - diluted | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships | |||||||||||||||||||||||
Adjusted net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares - diluted | |||||||||||||||||||||||
Earnings per common share - diluted | $ | $ | $ | $ |
For the three months ended | ||||||||||||||||||||||||||||||||
Established Communities | Other Stabilized Communities | Development/ Redevelopment Communities | Non- allocated (1) | Total | ||||||||||||||||||||||||||||
For the period ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Management, development and other fees | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Rental and non-rental related income (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
For the period ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Management, development and other fees | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Rental and non-rental related income (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ |
For the nine months ended | ||||||||||||||||||||||||||||||||
Established Communities | Other Stabilized Communities | Development/ Redevelopment Communities | Non- allocated (1) | Total | ||||||||||||||||||||||||||||
For the period ended September 30, 2020 | ||||||||||||||||||||||||||||||||
Management, development and other fees | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Rental and non-rental related income (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
For the period ended September 30, 2019 | ||||||||||||||||||||||||||||||||
Management, development and other fees | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Rental and non-rental related income (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ |
9/30/2020 | 12/31/2019 | ||||||||||
Fixed rate unsecured notes (1) | $ | $ | |||||||||
Variable rate unsecured notes (1) | |||||||||||
Term Loans (1) | |||||||||||
Fixed rate mortgage notes payable - conventional and tax-exempt (2) | |||||||||||
Variable rate mortgage notes payable - conventional and tax-exempt (2) | |||||||||||
Total mortgage notes payable and unsecured notes and Term Loans | |||||||||||
Credit Facility | |||||||||||
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility | $ | $ |
Year | Secured notes principal payments | Secured notes maturities | Unsecured notes and Term Loans maturities | Stated interest rate of unsecured notes and Term Loans | ||||||||||||||||||||||
2020 | $ | $ | $ | — | N/A | |||||||||||||||||||||
2021 | — | N/A | ||||||||||||||||||||||||
2022 | — | % | ||||||||||||||||||||||||
LIBOR + | ||||||||||||||||||||||||||
2023 | — | % | ||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2024 | — | % | ||||||||||||||||||||||||
LIBOR + | ||||||||||||||||||||||||||
2025 | — | % | ||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2026 | — | % | ||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2027 | % | |||||||||||||||||||||||||
2028 | — | % | ||||||||||||||||||||||||
2029 | % | |||||||||||||||||||||||||
Thereafter | % | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
$ | $ | $ |
Common stock | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive loss | Total AvalonBay stockholder's equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Noncontrolling interest distribution and income allocation | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interest distribution and income allocation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Gain on cash flow hedges, net | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Noncontrolling interest distribution and income allocation | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Repurchase of common stock, including repurchase costs | ( | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | ( | $ | $ | $ |
Common stock | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive loss | Total AvalonBay stockholder's equity | Noncontrolling interests | Total equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | $ | $ | — | $ | ||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | $ | $ | — | $ | ||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests income allocation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interest | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests income allocation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | $ | ( | $ | $ | $ |
9/30/2020 | 12/31/2019 | ||||||||||
(unaudited) | |||||||||||
Assets: | |||||||||||
Real estate, net | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and partners' capital: | |||||||||||
Mortgage notes payable, net (1) | $ | $ | |||||||||
Other liabilities | |||||||||||
Partners' capital | |||||||||||
Total liabilities and partners' capital | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||||
Rental and other income | $ | $ | $ | $ | |||||||||||||||||||
Operating and other expenses | ( | ( | ( | ( | |||||||||||||||||||
Gain on sale of communities | |||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | |||||||||||||||||||
Depreciation expense | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ||||||||||||||||||
Company's share of net income (loss) (1) | $ | $ | $ | $ | |||||||||||||||||||
Amortization of excess investment and other | ( | ( | ( | ( | |||||||||||||||||||
Equity in income from unconsolidated real estate investments | $ | $ | $ | $ |
Community Name | Location | Period of sale | Apartment homes | Gross sales price | Gain on Disposition (1) | |||||||||||||||||||||||||||
Avalon Shelton | Shelton, CT | Q120 | $ | $ | ||||||||||||||||||||||||||||
Avalon Tinton Falls | Tinton Falls, NJ | Q220 | $ | $ | ||||||||||||||||||||||||||||
Avalon Towers | Long Beach, NY | Q320 | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Indirect operating expenses, net of corporate income | |||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
(Gain) loss on extinguishment of debt, net | ( | ||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Equity in income of unconsolidated real estate entities | ( | ( | ( | ( | |||||||||||||||||||
Depreciation expense | |||||||||||||||||||||||
Income tax (benefit) expense | ( | ( | |||||||||||||||||||||
Gain on sale of communities | ( | ( | ( | ( | |||||||||||||||||||
Gain on other real estate transactions, net | ( | ( | ( | ( | |||||||||||||||||||
Gain on for-sale condominiums, net of marketing and administrative costs | ( | ||||||||||||||||||||||
Net operating income from real estate assets sold or held for sale | ( | ( | ( | ( | |||||||||||||||||||
Net operating income | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Rental income from real estate assets sold or held for sale | $ | $ | $ | $ | |||||||||||||||||||
Operating expenses from real estate assets sold or held for sale | ( | ( | ( | ( | |||||||||||||||||||
Net operating income from real estate assets sold or held for sale | $ | $ | $ | $ |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||
Total revenue | NOI | Total revenue | NOI | Gross real estate (1) | |||||||||||||||||||||||||
For the period ended September 30, 2020 | |||||||||||||||||||||||||||||
Established | |||||||||||||||||||||||||||||
New England | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Metro NY/NJ | |||||||||||||||||||||||||||||
Mid-Atlantic | |||||||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||
Expansion Markets | |||||||||||||||||||||||||||||
Total Established | |||||||||||||||||||||||||||||
Other Stabilized | |||||||||||||||||||||||||||||
Development / Redevelopment | |||||||||||||||||||||||||||||
Land Held for Development | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
Non-allocated (2) | N/A | N/A | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
For the period ended September 30, 2019 | |||||||||||||||||||||||||||||
Established | |||||||||||||||||||||||||||||
New England | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Metro NY/NJ | |||||||||||||||||||||||||||||
Mid-Atlantic | |||||||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||
Expansion Markets | |||||||||||||||||||||||||||||
Total Established | |||||||||||||||||||||||||||||
Other Stabilized | |||||||||||||||||||||||||||||
Development / Redevelopment | |||||||||||||||||||||||||||||
Land Held for Development | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
Non-allocated (2) | N/A | N/A | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Performance awards | Weighted average grant date fair value per award | |||||||||||||
Outstanding at December 31, 2019 | $ | |||||||||||||
Granted (1) | ||||||||||||||
Change in awards based on performance (2) | ||||||||||||||
Converted to restricted stock | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Outstanding at September 30, 2020 | $ |
2020 | ||||||||
Dividend yield | ||||||||
Estimated volatility over the life of the plan (1) | ||||||||
Risk free rate | ||||||||
Estimated performance award value based on total shareholder return measure | $ |
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, 2019 | $ | |||||||||||||||||||
Granted - restricted stock shares | ||||||||||||||||||||
Vested - restricted stock shares | ( | ( | ||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||
Outstanding at September 30, 2020 | $ |
Non-designated Hedges Interest Rate Caps | Cash Flow Hedges Interest Rate Swaps | ||||||||||
Notional balance | $ | $ | |||||||||
Weighted average interest rate (1) | % | N/A | |||||||||
Weighted average swapped/capped interest rate | % | % | |||||||||
Earliest maturity date | January 2021 | May 2021 | |||||||||
Latest maturity date | November 2021 | May 2021 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | $ | $ | $ | $ |
9/30/2020 | ||||||||||||||||||||||||||
Description | Total Fair Value | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
Interest Rate Swaps - Assets | $ | $ | — | $ | $ | — | ||||||||||||||||||||
DownREIT units | ( | ( | — | — | ||||||||||||||||||||||
Indebtedness | ||||||||||||||||||||||||||
Fixed rate unsecured notes | ( | ( | — | — | ||||||||||||||||||||||
Secured notes and variable rate unsecured indebtedness | ( | — | ( | — | ||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ |
12/31/2019 | ||||||||||||||||||||||||||
Description | Total Fair Value | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
Interest Rate Swaps - Assets | $ | $ | — | $ | $ | — | ||||||||||||||||||||
Interest Rate Swaps - Liabilities | ( | — | ( | — | ||||||||||||||||||||||
Puts | ( | — | — | ( | ||||||||||||||||||||||
DownREIT units | ( | ( | — | — | ||||||||||||||||||||||
Indebtedness | ||||||||||||||||||||||||||
Fixed rate unsecured notes | ( | ( | — | — | ||||||||||||||||||||||
Secured notes and variable rate unsecured indebtedness | ( | — | ( | — | ||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
At quarter end (1)(2) | At October 31, 2020 (3)(4) | ||||||||||
Q2 2020 | 95.5% | 97.7% | |||||||||
Q3 2020 | 95.2% | 96.2% |
Number of communities | Number of apartment homes | |||||||||||||
Current Communities | ||||||||||||||
Established Communities: | ||||||||||||||
New England | 40 | 10,055 | ||||||||||||
Metro NY/NJ | 46 | 13,159 | ||||||||||||
Mid-Atlantic | 38 | 13,494 | ||||||||||||
Pacific Northwest | 16 | 4,116 | ||||||||||||
Northern California | 40 | 11,362 | ||||||||||||
Southern California | 56 | 16,379 | ||||||||||||
Expansion Markets | 3 | 912 | ||||||||||||
Total Established | 239 | 69,477 | ||||||||||||
Other Stabilized Communities: | ||||||||||||||
New England | 3 | 705 | ||||||||||||
Metro NY/NJ | 2 | 854 | ||||||||||||
Mid-Atlantic | 1 | 151 | ||||||||||||
Pacific Northwest | 2 | 745 | ||||||||||||
Northern California | 1 | 873 | ||||||||||||
Southern California | 2 | 681 | ||||||||||||
Expansion Markets | 5 | 1,388 | ||||||||||||
Total Other Stabilized | 16 | 5,397 | ||||||||||||
Lease-Up Communities | 7 | 1,955 | ||||||||||||
Redevelopment Communities | 1 | 344 | ||||||||||||
Unconsolidated Communities | 12 | 3,119 | ||||||||||||
Total Current Communities | 275 | 80,292 | ||||||||||||
Development Communities | 17 | 5,581 | ||||||||||||
Unconsolidated Development Communities | 2 | 803 | ||||||||||||
Total Communities | 294 | 86,676 | ||||||||||||
Development Rights | 27 | 9,320 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 9/30/2019 | $ Change | % Change | 9/30/2020 | 9/30/2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||
Rental and other income | $ | 566,387 | $ | 586,382 | $ | (19,995) | (3.4) | % | $ | 1,742,509 | $ | 1,727,576 | $ | 14,933 | 0.9 | % | |||||||||||||||||||||||||||||||
Management, development and other fees | 1,017 | 1,231 | (214) | (17.4) | % | 2,950 | 3,484 | (534) | (15.3) | % | |||||||||||||||||||||||||||||||||||||
Total revenue | 567,404 | 587,613 | (20,209) | (3.4) | % | 1,745,459 | 1,731,060 | 14,399 | 0.8 | % | |||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Direct property operating expenses, excluding property taxes | 119,064 | 112,003 | 7,061 | 6.3 | % | 333,998 | 323,368 | 10,630 | 3.3 | % | |||||||||||||||||||||||||||||||||||||
Property taxes | 68,934 | 64,374 | 4,560 | 7.1 | % | 202,973 | 187,890 | 15,083 | 8.0 | % | |||||||||||||||||||||||||||||||||||||
Total community operating expenses | 187,998 | 176,377 | 11,621 | 6.6 | % | 536,971 | 511,258 | 25,713 | 5.0 | % | |||||||||||||||||||||||||||||||||||||
Corporate-level property management and other indirect operating expenses | 24,845 | 21,442 | 3,403 | 15.9 | % | 72,993 | 66,457 | 6,536 | 9.8 | % | |||||||||||||||||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 567 | 175 | 392 | 224.0 | % | 4,289 | 2,562 | 1,727 | 67.4 | % | |||||||||||||||||||||||||||||||||||||
Interest expense, net | 53,249 | 51,493 | 1,756 | 3.4 | % | 162,562 | 149,395 | 13,167 | 8.8 | % | |||||||||||||||||||||||||||||||||||||
(Gain) loss on extinguishment of debt, net | (105) | 93 | (198) | N/A (1) | 9,333 | 602 | 8,731 | 1,450.3 | % | ||||||||||||||||||||||||||||||||||||||
Depreciation expense | 175,348 | 165,463 | 9,885 | 6.0 | % | 529,508 | 490,213 | 39,295 | 8.0 | % | |||||||||||||||||||||||||||||||||||||
General and administrative expense | 13,985 | 12,769 | 1,216 | 9.5 | % | 46,878 | 45,440 | 1,438 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
Total other expenses | 267,889 | 251,435 | 16,454 | 6.5 | % | 825,563 | 754,669 | 70,894 | 9.4 | % | |||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated real estate entities | 5,083 | 1,643 | 3,440 | 209.4 | % | 6,770 | 780 | 5,990 | 767.9 | % | |||||||||||||||||||||||||||||||||||||
Gain on sale of communities | 31,607 | 130,484 | (98,877) | (75.8) | % | 91,338 | 165,849 | (74,511) | (44.9) | % | |||||||||||||||||||||||||||||||||||||
Gain on other real estate transactions, net | 129 | 73 | 56 | 76.7 | % | 328 | 374 | (46) | (12.3) | % | |||||||||||||||||||||||||||||||||||||
Gain on for-sale condominiums, net of marketing and administrative costs | (646) | (1,108) | 462 | (41.7) | % | 4,162 | (2,526) | 6,688 | N/A (1) | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | 147,690 | 290,893 | (143,203) | (49.2) | % | 485,523 | 629,610 | (144,087) | (22.9) | % | |||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 27 | (11,184) | 11,211 | N/A (1) | 1,069 | (11,178) | 12,247 | N/A (1) | |||||||||||||||||||||||||||||||||||||||
Net income | 147,717 | 279,709 | (131,992) | (47.2) | % | 486,592 | 618,432 | (131,840) | (21.3) | % | |||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (14) | (32) | 18 | (56.3) | % | (90) | (108) | 18 | (16.7) | % | |||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 147,703 | $ | 279,677 | $ | (131,974) | (47.2) | % | $ | 486,502 | $ | 618,324 | $ | (131,822) | (21.3) | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Net income | $ | 147,717 | $ | 279,709 | $ | 486,592 | $ | 618,432 | |||||||||||||||
Indirect operating expenses, net of corporate income | 23,837 | 20,195 | 70,043 | 62,935 | |||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 567 | 175 | 4,289 | 2,562 | |||||||||||||||||||
Interest expense, net | 53,249 | 51,493 | 162,562 | 149,395 | |||||||||||||||||||
(Gain) loss on extinguishment of debt, net | (105) | 93 | 9,333 | 602 | |||||||||||||||||||
General and administrative expense | 13,985 | 12,769 | 46,878 | 45,440 | |||||||||||||||||||
Equity in income of unconsolidated real estate entities | (5,083) | (1,643) | (6,770) | (780) | |||||||||||||||||||
Depreciation expense | 175,348 | 165,463 | 529,508 | 490,213 | |||||||||||||||||||
Income tax (benefit) expense | (27) | 11,184 | (1,069) | 11,178 | |||||||||||||||||||
Gain on sale of real estate assets | (31,607) | (130,484) | (91,338) | (165,849) | |||||||||||||||||||
Gain on other real estate transactions, net | (129) | (73) | (328) | (374) | |||||||||||||||||||
Gain on for-sale condominiums, net of marketing and administrative costs | 646 | 1,108 | (4,162) | 2,526 | |||||||||||||||||||
Net operating income from real estate assets sold or held for sale | (720) | (3,404) | (3,572) | (16,161) | |||||||||||||||||||
Net operating income | $ | 377,678 | $ | 406,585 | $ | 1,201,966 | $ | 1,200,119 |
For the three months ended | For the nine months ended | ||||||||||
9/30/2020 | 9/30/2019 | ||||||||||
Established Communities | $ | (38,712) | $ | (41,871) | |||||||
Other Stabilized Communities | 2,709 | 17,347 | |||||||||
Development / Redevelopment | 7,096 | 26,371 | |||||||||
Total | $ | (28,907) | $ | 1,847 |
For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental revenue (000s) | Average rental rates | Economic Occupancy (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ Change | % Change | % Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 to 2019 | 2020 to 2019 | 2020 | 2019 | 2020 to 2019 | 2020 | 2019 | 2020 to 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New England | $ | 239,623 | $ | 240,331 | $ | (708) | (0.3) | % | $ | 2,808 | $ | 2,785 | 0.8 | % | 94.3 | % | 95.4 | % | (1.1) | % | |||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | 344,191 | 355,474 | (11,283) | (3.2) | % | 3,070 | 3,125 | (1.8) | % | 94.7 | % | 96.1 | % | (1.4) | % | ||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 258,830 | 262,408 | (3,578) | (1.4) | % | 2,260 | 2,248 | 0.5 | % | 94.3 | % | 96.2 | % | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | 83,224 | 84,287 | (1,063) | (1.3) | % | 2,351 | 2,367 | (0.7) | % | 95.6 | % | 96.2 | % | (0.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Northern California | 300,454 | 306,565 | (6,111) | (2.0) | % | 3,107 | 3,118 | (0.4) | % | 94.6 | % | 96.2 | % | (1.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Southern California | 327,580 | 337,057 | (9,477) | (2.8) | % | 2,327 | 2,391 | (2.7) | % | 95.5 | % | 95.6 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Expansion Markets | 17,423 | 17,607 | (184) | (1.0) | % | 2,273 | 2,268 | 0.2 | % | 93.4 | % | 94.6 | % | (1.2) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Established | $ | 1,571,325 | $ | 1,603,729 | $ | (32,404) | (2.0) | % | $ | 2,652 | $ | 2,674 | (0.8) | % | 94.7 | % | 95.9 | % | (1.2) | % |
For the three months ended | For the nine months ended | ||||||||||
9/30/2020 | 9/30/2020 | ||||||||||
Residential rental revenue | |||||||||||
Lease rates | (0.1) | % | 1.5 | % | |||||||
Concessions and other discounts | (0.9) | % | (0.4) | % | |||||||
Economic occupancy | (2.7) | % | (1.2) | % | |||||||
Other rental revenue | — | % | (0.2) | % | |||||||
Uncollectible lease revenue | (2.1) | % | (1.4) | % | |||||||
Total residential rental revenue | (5.8) | % | (1.7) | % | |||||||
Commercial rental revenue (1) | (0.3) | % | (0.3) | % | |||||||
Total Established Communities change in rental revenue | (6.1) | % | (2.0) | % |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Net income attributable to common stockholders | $ | 147,703 | $ | 279,677 | $ | 486,502 | $ | 618,324 | |||||||||||||||
Depreciation - real estate assets, including joint venture adjustments | 174,505 | 165,673 | 527,491 | 495,249 | |||||||||||||||||||
Distributions to noncontrolling interests | 12 | 11 | 36 | 34 | |||||||||||||||||||
Gain on sale of unconsolidated entities holding previously depreciated real estate | (5,157) | — | (5,157) | — | |||||||||||||||||||
Gain on sale of previously depreciated real estate | (31,607) | (130,484) | (91,338) | (165,849) | |||||||||||||||||||
FFO attributable to common stockholders | 285,456 | 314,877 | 917,534 | 947,758 | |||||||||||||||||||
Adjusting items: | |||||||||||||||||||||||
Joint venture losses | 86 | — | 86 | — | |||||||||||||||||||
Business interruption insurance proceeds | (282) | (307) | (385) | (914) | |||||||||||||||||||
Lost NOI from casualty losses covered by business interruption insurance | — | 410 | 48 | 410 | |||||||||||||||||||
(Gain) loss on extinguishment of consolidated debt | (105) | 93 | 9,333 | 602 | |||||||||||||||||||
Advocacy contributions | 1,308 | — | 3,074 | — | |||||||||||||||||||
Severance related costs | 75 | 895 | 2,115 | 2,267 | |||||||||||||||||||
Development pursuit write-offs and expensed transaction costs, net | 147 | 85 | 3,536 | 1,689 | |||||||||||||||||||
Gain on for-sale condominiums (1)(2) | (727) | — | (8,174) | — | |||||||||||||||||||
For-sale condominium marketing and administrative costs (2) | 1,373 | 1,108 | 4,012 | 2,526 | |||||||||||||||||||
For-sale condominium imputed carry cost (3) | 2,580 | 1,724 | 9,013 | 2,230 | |||||||||||||||||||
Gain on other real estate transactions | (129) | (73) | (328) | (374) | |||||||||||||||||||
Legal settlements (4) | 59 | (3,093) | 35 | (4,071) | |||||||||||||||||||
Income tax (benefit) expense (5) | (27) | 11,184 | (1,069) | 11,178 | |||||||||||||||||||
Core FFO attributable to common stockholders | $ | 289,814 | $ | 326,903 | $ | 938,830 | $ | 963,301 | |||||||||||||||
Weighted average common shares outstanding - diluted | 140,603,722 | 139,852,674 | 140,702,803 | 139,438,064 | |||||||||||||||||||
EPS per common share - diluted | $ | 1.05 | $ | 2.00 | $ | 3.46 | $ | 4.43 | |||||||||||||||
FFO per common share - diluted | $ | 2.03 | $ | 2.25 | $ | 6.52 | $ | 6.80 | |||||||||||||||
Core FFO per common share - diluted | $ | 2.06 | $ | 2.34 | $ | 6.67 | $ | 6.91 |
For the three months ended | For the nine months ended | ||||||||||||||||||||||
9/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 333,157 | $ | 377,190 | $ | 962,074 | $ | 1,014,922 | |||||||||||||||
Net cash used in investing activities | $ | (136,195) | $ | (167,180) | $ | (321,323) | $ | (757,204) | |||||||||||||||
Net cash used in financing activities | $ | (430,256) | $ | (205,300) | $ | (585,965) | $ | (140,828) |
All-In interest rate (1) | Principal maturity date | Balance Outstanding (2) | Scheduled Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Community | 12/31/2019 | 9/30/2020 | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Chestnut Hill | 6.16 | % | Oct-2047 | $ | 36,995 | $ | 36,551 | $ | 152 | $ | 629 | $ | 663 | $ | 699 | $ | 737 | $ | 33,671 | |||||||||||||||||||||||||||||||||||||||||||
Avalon Westbury | 3.86 | % | Nov-2036 | (3) | 62,200 | 62,200 | — | — | — | — | — | 62,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||
99,195 | 98,751 | 152 | 629 | 663 | 699 | 737 | 95,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Acton | 1.15 | % | Jul-2040 | (4) | 45,000 | 45,000 | — | — | — | — | — | 45,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton North | 1.80 | % | Nov-2038 | (4) | 147,000 | 147,000 | — | — | — | — | — | 147,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton South | 1.80 | % | Nov-2038 | (4) | 121,500 | 121,500 | — | — | — | — | — | 121,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Midtown West | 1.72 | % | May-2029 | (4) | 98,200 | 93,500 | — | 5,200 | 5,600 | 6,100 | 6,800 | 69,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno I | 1.69 | % | Dec-2037 | (4) | 64,450 | 64,450 | 600 | 1,900 | 2,000 | 2,200 | 2,300 | 55,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||
476,150 | 471,450 | 600 | 7,100 | 7,600 | 8,300 | 9,100 | 438,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$250 million unsecured notes | 4.04 | % | Jan-2021 | (5) | 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 | (5) | 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 | — | — | — | — | — | 525,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$300 million unsecured notes | 3.62 | % | Nov-2025 | 300,000 | 300,000 | — | — | — | — | — | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$475 million unsecured notes | 3.35 | % | May-2026 | 475,000 | 475,000 | — | — | — | — | — | 475,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$300 million unsecured notes | 3.01 | % | Oct-2026 | 300,000 | 300,000 | — | — | — | — | — | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$350 million unsecured notes | 3.95 | % | Oct-2046 | 350,000 | 350,000 | — | — | — | — | — | 350,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$400 million unsecured notes | 3.50 | % | May-2027 | 400,000 | 400,000 | — | — | — | — | — | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$300 million unsecured notes | 4.09 | % | Jul-2047 | 300,000 | 300,000 | — | — | — | — | — | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$450 million unsecured notes | 3.32 | % | Jan-2028 | 450,000 | 450,000 | — | — | — | — | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$300 million unsecured notes | 3.97 | % | Apr-2048 | 300,000 | 300,000 | — | — | — | — | — | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$450 million unsecured notes | 3.66 | % | Jun-2029 | 450,000 | 450,000 | — | — | — | — | — | 450,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$700 million unsecured notes | 2.69 | % | Mar-2030 | — | 700,000 | — | — | — | — | — | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$600 million unsecured notes | 2.65 | % | Jan-2031 | — | 600,000 | — | — | — | — | — | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Creek | 4.00 | % | Jul-2066 | 3,847 | 4,001 | — | — | — | — | — | 4,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Eaves Los Feliz | 3.68 | % | Jun-2027 | 41,400 | 41,400 | — | — | — | — | — | 41,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Eaves Woodland Hills | 3.67 | % | Jun-2027 | 111,500 | 111,500 | — | — | — | — | — | 111,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Russett | 3.77 | % | Jun-2027 | 32,200 | 32,200 | — | — | — | — | — | 32,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno II | 3.85 | % | Apr-2021 | 28,435 | 27,997 | 153 | 27,844 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Westbury | 4.88 | % | Nov-2036 | (3) | 13,665 | 12,550 | 380 | 1,575 | 1,655 | 1,740 | 1,840 | 5,360 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno III | 3.18 | % | Jun-2020 | (6) | 50,825 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno III | 2.38 | % | Mar-2027 | (6) | — | 51,000 | — | — | — | — | — | 51,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hoboken | 3.55 | % | Dec-2020 | (5) | 67,904 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cerritos | 3.35 | % | Aug-2029 | 30,250 | 30,250 | — | — | — | — | — | 30,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||
6,230,026 | 6,810,898 | 533 | 29,419 | 451,655 | 601,740 | 301,840 | 5,425,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan - $100 million | 1.24 | % | Feb-2022 | 100,000 | 100,000 | — | — | 100,000 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan - $150 million | 1.17 | % | Feb-2024 | 150,000 | 150,000 | — | — | — | — | 150,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
$300 million unsecured notes | 2.45 | % | Jan-2021 | (5) | 300,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
550,000 | 250,000 | — | — | 100,000 | — | 150,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indebtedness - excluding Credit Facility | $ | 7,355,371 | $ | 7,631,099 | $ | 1,285 | $ | 37,148 | $ | 559,918 | $ | 610,739 | $ | 461,677 | $ | 5,960,332 |
Company ownership percentage | # of apartment homes | Total capitalized cost | Debt (1) | |||||||||||||||||||||||||||||||||||||||||
Interest rate | Maturity date | |||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Real Estate Investments | Amount | Type | ||||||||||||||||||||||||||||||||||||||||||
NYC Joint Venture | ||||||||||||||||||||||||||||||||||||||||||||
1. Avalon Bowery Place I - New York, NY | 206 | $ | 209,163 | $ | 93,800 | Fixed | 4.01 | % | Jan 2029 | |||||||||||||||||||||||||||||||||||
2. Avalon Bowery Place II - New York, NY | 90 | 90,928 | 39,639 | Fixed | 4.01 | % | Jan 2029 | |||||||||||||||||||||||||||||||||||||
3. Avalon Morningside - New York, NY (2) | 295 | 210,964 | 112,500 | Fixed | 3.55 | % | Jan 2029/May 2046 | |||||||||||||||||||||||||||||||||||||
4. Avalon West Chelsea - New York, NY (3) | 305 | 127,813 | 66,000 | Fixed | 4.01 | % | Jan 2029 | |||||||||||||||||||||||||||||||||||||
5. AVA High Line - New York, NY (3) | 405 | 121,344 | 84,000 | Fixed | 4.01 | % | Jan 2029 | |||||||||||||||||||||||||||||||||||||
Total NYC Joint Venture | 20.0 | % | 1,301 | 760,212 | 395,939 | 3.88 | % | |||||||||||||||||||||||||||||||||||||
Archstone Multifamily Partners AC LP (the "U.S. Fund") | ||||||||||||||||||||||||||||||||||||||||||||
1. Avalon Studio 4121 - Studio City, CA | 149 | 57,189 | 27,158 | Fixed | 3.34 | % | Nov 2022 | |||||||||||||||||||||||||||||||||||||
2. Avalon Station 250 - Dedham, MA | 285 | 98,355 | 52,904 | Fixed | 3.73 | % | Sep 2022 | |||||||||||||||||||||||||||||||||||||
3. Avalon Grosvenor Tower - Bethesda, MD | 237 | 80,664 | 41,009 | Fixed | 3.74 | % | Sep 2022 | |||||||||||||||||||||||||||||||||||||
Total U.S. Fund | 28.6 | % | 671 | 236,208 | 121,071 | 3.65 | % | |||||||||||||||||||||||||||||||||||||
Multifamily Partners AC JV LP (the “AC JV”) | ||||||||||||||||||||||||||||||||||||||||||||
1. Avalon North Point - Cambridge, MA (4) | 426 | 190,178 | 111,653 | Fixed | 6.00 | % | Aug 2021 | |||||||||||||||||||||||||||||||||||||
2. Avalon North Point Lofts - Cambridge, MA | 103 | 26,893 | — | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Total AC JV | 20.0 | % | 529 | 217,071 | 111,653 | 6.00 | % | |||||||||||||||||||||||||||||||||||||
Other Operating Joint Ventures | ||||||||||||||||||||||||||||||||||||||||||||
1. MVP I, LLC | 25.0 | % | 313 | 127,922 | 103,000 | Fixed | 3.24 | % | Jul 2025 | |||||||||||||||||||||||||||||||||||
2. Brandywine Apartments of Maryland, LLC | 28.7 | % | 305 | 19,383 | 21,158 | Fixed | 3.40 | % | Jun 2028 | |||||||||||||||||||||||||||||||||||
Total Other Joint Ventures | 618 | 147,305 | 124,158 | 3.27 | % | |||||||||||||||||||||||||||||||||||||||
Total Unconsolidated Investments | 3,119 | $ | 1,360,796 | $ | 752,821 | 4.06 | % |
Unconsolidated Development Community | Company ownership percentage | # of apartment homes | Projected total capitalized cost (1) ($ millions) | Construction start | Initial projected occupancy (2) | Estimated completion | |||||||||||||||||||||||||||||||||||
1. | Avalon Alderwood Mall Lynnwood, WA | 50.0 | % | 328 | $ | 110 | Q4 2019 | Q4 2021 | Q2 2022 | ||||||||||||||||||||||||||||||||
2. | AVA Arts District (3) Los Angeles, CA | 25.0 | % | 475 | 276 | Q3 2020 | Q1 2023 | Q4 2023 | |||||||||||||||||||||||||||||||||
Total | 803 | $ | 386 |
Number of apartment homes | Projected total capitalized cost (1) ($ millions) | Construction start | Initial projected or actual occupancy (2) | Estimated completion | Estimated stabilized operations (3) | ||||||||||||||||||||||||||||||||||||
1. | Avalon Yonkers Yonkers, NY | 590 | $ | 196 | Q4 2017 | Q3 2019 | Q2 2021 | Q4 2021 | |||||||||||||||||||||||||||||||||
2. | AVA Hollywood (4) Hollywood, CA | 695 | 375 | Q4 2016 | Q4 2019 | Q1 2021 | Q3 2021 | ||||||||||||||||||||||||||||||||||
3. | Avalon Towson Towson, MD | 371 | 114 | Q4 2017 | Q1 2020 | Q4 2020 | Q3 2021 | ||||||||||||||||||||||||||||||||||
4. | Avalon Walnut Creek II Walnut Creek, CA | 200 | 113 | Q4 2017 | Q3 2020 | Q4 2020 | Q2 2021 | ||||||||||||||||||||||||||||||||||
5. | Avalon Doral Doral, FL | 350 | 116 | Q2 2018 | Q3 2020 | Q4 2020 | Q3 2021 | ||||||||||||||||||||||||||||||||||
6. | Avalon Old Bridge Old Bridge, NJ | 252 | 72 | Q3 2018 | Q3 2020 | Q2 2021 | Q3 2021 | ||||||||||||||||||||||||||||||||||
7. | Avalon 555 President Baltimore, MD | 400 | 139 | Q3 2018 | Q3 2020 | Q3 2021 | Q4 2021 | ||||||||||||||||||||||||||||||||||
8. | Avalon Newcastle Commons II Newcastle, WA | 293 | 107 | Q4 2018 | Q4 2020 | Q3 2021 | Q1 2022 | ||||||||||||||||||||||||||||||||||
9. | Kanso Twinbrook Rockville, MD | 238 | 66 | Q4 2018 | Q4 2020 | Q2 2021 | Q4 2021 | ||||||||||||||||||||||||||||||||||
10. | Avalon Harrison (4) Harrison, NY | 143 | 77 | Q4 2018 | Q2 2021 | Q2 2022 | Q3 2022 | ||||||||||||||||||||||||||||||||||
11. | Avalon Brea Place Brea, CA | 653 | 290 | Q2 2019 | Q1 2021 | Q2 2022 | Q3 2022 | ||||||||||||||||||||||||||||||||||
12. | Avalon Foundry Row Owings Mill, MD | 437 | 100 | Q2 2019 | Q1 2021 | Q1 2022 | Q3 2022 | ||||||||||||||||||||||||||||||||||
13. | Avalon Marlborough II Marlborough, MA | 123 | 42 | Q2 2019 | Q3 2020 | Q4 2020 | Q1 2021 | ||||||||||||||||||||||||||||||||||
14. | Avalon Acton II Acton, MA | 86 | 32 | Q4 2019 | Q3 2020 | Q1 2021 | Q2 2021 | ||||||||||||||||||||||||||||||||||
15. | Avalon Woburn Woburn, MA | 350 | 121 | Q4 2019 | Q3 2021 | Q2 2022 | Q3 2022 | ||||||||||||||||||||||||||||||||||
16. | AVA RiNo Denver, CO | 246 | 87 | Q4 2019 | Q1 2022 | Q2 2022 | Q4 2022 | ||||||||||||||||||||||||||||||||||
17. | Avalon Monrovia Monrovia, CA | 154 | 68 | Q4 2019 | Q1 2021 | Q3 2021 | Q4 2021 | ||||||||||||||||||||||||||||||||||
Total | 5,581 | $ | 2,115 |
Market | Number of rights | Estimated number of homes | Projected total capitalized cost ($ millions) (1) | |||||||||||||||||
New England | 3 | 394 | $ | 156 | ||||||||||||||||
Metro NY/NJ | 13 | 5,371 | 2,225 | |||||||||||||||||
Mid-Atlantic | — | — | — | |||||||||||||||||
Pacific Northwest | 3 | 1,122 | 443 | |||||||||||||||||
Northern California | 4 | 1,198 | 666 | |||||||||||||||||
Southern California | — | — | — | |||||||||||||||||
Southeast Florida | 1 | 254 | 95 | |||||||||||||||||
Denver, CO | 3 | 981 | 322 | |||||||||||||||||
Total | 27 | 9,320 | $ | 3,907 |
Period | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid Per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Dollar Amount that May Yet be Purchased Under the Plans or Programs (in thousands) (2) | ||||||||||||||||||||||
July 1 - July 31, 2020 | — | $ | — | — | $ | 500,000 | ||||||||||||||||||||
August 1 - August 31, 2020 | 287,792 | $ | 152.90 | 287,792 | $ | 455,997 | ||||||||||||||||||||
September 1 - September 30, 2020 | 624,955 | $ | 149.51 | 624,941 | $ | 362,560 |
Exhibit No. | Description | |||||||||||||
3(i).1 | — | |||||||||||||
3(i).2 | — | |||||||||||||
3(i).3 | — | |||||||||||||
3(i).4 | — | |||||||||||||
3(ii).1 | — | |||||||||||||
10.1+ | — | |||||||||||||
31.1 | — | |||||||||||||
31.2 | — | |||||||||||||
32 | — | |||||||||||||
101 | — | The following financial materials from AvalonBay Communities, Inc.'s Quarterly Report on Form 10-Q for the period ended September 30, 2020 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Statements of Cash Flows and (iv) Notes to the Consolidated Financial Statements. (Filed herewith.) | ||||||||||||
104 | — | Cover Page Interactive Data File (embedded within the Inline XBRL document). (Filed herewith.) |
AVALONBAY COMMUNITIES, INC. | ||||||||
Date: | November 4, 2020 | /s/ Timothy J. Naughton | ||||||
Timothy J. Naughton | ||||||||
Chairman, Chief Executive Officer and President | ||||||||
(Principal Executive Officer) | ||||||||
Date: | November 4, 2020 | /s/ Kevin P. O'Shea | ||||||
Kevin P. O'Shea | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ Timothy J. Naughton | |||||
Timothy J. Naughton | |||||
Chairman, Chief Executive Officer and President | |||||
(Principal Executive Officer) |
/s/ Kevin P. O'Shea | |||||
Kevin P. O'Shea | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ Timothy J. Naughton | |||||
Timothy J. Naughton | |||||
Chairman, Chief Executive Officer and President | |||||
(Principal Executive Officer) | |||||
/s/ Kevin P. O'Shea | |||||
Kevin P. O'Shea | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 |
Common stock, shares issued (in shares) | 139,828,685 | 140,643,962 |
Common stock, shares outstanding (in shares) | 139,828,685 | 140,643,962 |
Organization, Basis of Presentation and Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Basis of Presentation and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the "Company," which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust ("REIT") for federal income tax purposes under the Internal Revenue Code of 1986 (the "Code"). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At September 30, 2020, the Company owned or held a direct or indirect ownership interest in 275 operating apartment communities containing 80,292 apartment homes in 11 states and the District of Columbia, of which one community containing 344 apartment homes was under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 19 communities under development that are expected to contain an aggregate of 6,384 apartment homes when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 59 have been sold as of September 30, 2020, and 67,000 square feet of commercial space, of which 64% has been leased as of September 30, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 27 communities that, if developed as expected, will contain an estimated 9,320 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's 2019 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q. Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
All options to purchase shares of common stock outstanding as of September 30, 2020 and 2019 are included in the computation of diluted earnings per share. Derivative Instruments and Hedging Activities The Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. See Note 11, "Fair Value," for further discussion of derivative financial instruments. Legal and Other Contingencies The Company is involved in various claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations. Acquisitions of Investments in Real Estate The Company accounts for acquisitions of investments in real estate in accordance with the authoritative guidance for the initial measurement, which first requires that the Company determine if the real estate investment is the acquisition of an asset or a business combination. Under either model, the Company must identify and determine the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes various sources, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. For a business combination, the Company records the assets acquired and liabilities assumed based on the fair value of each respective item. For an asset acquisition, the allocation of the purchase price is based on the relative fair value of the net assets. The Company expenses all applicable acquisition costs for a business combination and capitalizes all applicable acquisition costs for an asset acquisition. The Company expects that acquisitions of individual operating communities will generally be viewed as asset acquisitions. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification. For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominium inventory for impairment when potential indicators exist, as further discussed in Note 6, "Real Estate Disposition Activities." Leases The Company is party to leases as both a lessor and a lessee, primarily as follows: •lessor of residential and commercial space within its apartment communities; and •lessee under (i) ground leases for land underlying current operating or development communities and (ii) office leases for its corporate headquarters and regional offices. Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements. Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. Revenue and Gain Recognition Revenue from contracts with customers is recognized in accordance with the transfer of goods and services to customers at an amount that reflects the consideration that the Company expects to be entitled to for those goods and services. The majority of the Company’s revenue is derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842, Leases, discussed above. The Company's revenue streams that are not accounted for under ASC 842 include (i) management fees, (ii) rental and non-rental related income and (iii) gains or losses on the sale of real estate. The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the three and nine months ended September 30, 2020 and 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through September 30, 2020, or otherwise qualify as held for sale as of September 30, 2020, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):
__________________________________ (1)Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2)Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3)Represents all revenue accounted for under ASU 2014-09. (4)Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there are no material amounts of outstanding or unsatisfied performance obligations as of September 30, 2020. COVID-19 Pandemic In March 2020, the World Health Organization designated COVID-19 as a pandemic. While the Company has taken various actions in response to the COVID-19 pandemic, the ultimate impact on its consolidated results of operations, cash flows, financial condition and liquidity will depend on (i) the duration and severity of the pandemic, (ii) the duration and nature of governmental responses to contain the spread of the disease and assist consumers and businesses, (iii) consumer and business responses to the pandemic, including preference for where and how to live and work, and (iv) how quickly and to what extent normal economic and operating conditions can resume. Because of this uncertainty, the Company is not able to estimate the expected impact of the COVID-19 pandemic on its results of operations, cash flows, financial condition, or liquidity for the year ending December 31, 2020 at this time. As of September 30, 2020, the Company assessed the collectibility of the outstanding lease income receivables as a result of the impact of the COVID-19 pandemic on its residential and commercial lease portfolios. The Company recorded an aggregate offset to income for uncollectible lease revenue for its residential and commercial portfolios of $18,755,000 and $43,034,000 for the three and nine months ended September 30, 2020, respectively, under ASC 842 and ASC 450, Contingencies. Recently Issued and Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including (i) trade and other receivables, (ii) other long term financings including available for sale and held-to-maturity debt securities and (iii) loans. Subsequently, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the scope of ASU 2016-13 and clarified that receivables arising from operating leases are not within the scope of the standard and should continue to be accounted for in accordance with the leases standard (Topic 842). The new standard was adopted on January 1, 2020 and does not have a material effect on the Company’s financial position or results of operations.
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Interest Capitalized |
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Interest Capitalized | |
Interest Capitalized | Interest CapitalizedThe Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $11,221,000 and $15,443,000 for the three months ended September 30, 2020 and 2019, respectively, and $33,738,000 and $50,159,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Mortgage Notes Payable, Unsecured Notes and Credit Facility |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable, Unsecured Notes and Credit Facility | Mortgage Notes Payable, Unsecured Notes, Term Loans and Credit Facility The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans (the "Term Loans") and Credit Facility, as defined below, as of September 30, 2020 and December 31, 2019 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of September 30, 2020 and December 31, 2019, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").
_____________________________________ (1)Balances at September 30, 2020 and December 31, 2019 exclude $10,782 and $8,610, respectively, of debt discount, and $38,968 and $32,742, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets. (2)Balances at September 30, 2020 and December 31, 2019 exclude $14,636 and $14,464, respectively, of debt discount, and $3,067 and $3,265, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets. The following debt activity occurred during the nine months ended September 30, 2020: •In February 2020, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $694,701,000. The notes mature in March 2030 and were issued at a 2.30% interest rate. •In February 2020, the Company refinanced the secured borrowing for Avalon San Bruno III. The secured borrowing had a fixed interest rate of 3.08% and was refinanced for a principal balance of $51,000,000, with a fixed interest rate of 2.38% and maturity date of March 2027. •In March 2020, the Company repaid (i) $400,000,000 principal amount of its 3.625% unsecured notes in advance of the October 2020 scheduled maturity and (ii) $250,000,000 principal amount of its 3.95% unsecured notes in advance of the January 2021 scheduled maturity. In conjunction with these repayments, the Company recognized a loss on debt extinguishment of $9,170,000 for prepayment penalties and the non-cash write-off of unamortized deferred financing costs. •In May 2020, the Company issued $600,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for net proceeds of approximately $593,430,000. The notes mature in January 2031 and were issued at a 2.45% interest rate. •In May 2020, the Company repaid $300,000,000 principal amount of its variable rate unsecured notes in advance of the January 2021 scheduled maturity, recognizing a charge of $268,000 for the non-cash write-off of deferred financing costs. •In August 2020, the Company repaid $67,904,000 principal amount of 4.18% fixed rate debt secured by Avalon Hoboken at par in advance of its December 2020 maturity date. At September 30, 2020, the Company had a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (0.92% at September 30, 2020), assuming a one month borrowing rate. The annual facility fee is 0.125% (or approximately $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating). The Company had no borrowings outstanding under the Credit Facility as of September 30, 2020 and December 31, 2019. The Company had $3,752,000 and $11,488,000 outstanding in letters of credit that reduced the borrowing capacity as of September 30, 2020 and December 31, 2019, respectively. In addition, the Company had $31,822,000 and $24,939,000 outstanding in additional letters of credit on a separate facility unrelated to the Credit Facility as of September 30, 2020 and December 31, 2019, respectively. In the aggregate, secured notes payable mature at various dates from April 2021 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,455,524,000, excluding communities classified as held for sale, as of September 30, 2020). The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% and 3.9% at September 30, 2020 and December 31, 2019, respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax-exempt) including the effect of certain financing related fees, was 1.7% and 3.2% at September 30, 2020 and December 31, 2019, respectively. Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at September 30, 2020 are as follows (dollars in thousands):
The Company was in compliance at September 30, 2020 with customary financial covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.
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Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The following summarizes the changes in equity for the nine months ended September 30, 2020 (dollars in thousands):
The following summarizes the changes in equity for the nine months ended September 30, 2019 (dollars in thousands):
As of September 30, 2020 and December 31, 2019, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock. During the nine months ended September 30, 2020, the Company: i.issued 1,902 shares of common stock in connection with stock options exercised; ii.issued 1,967 common shares through the Company's dividend reinvestment plan; iii.issued 165,426 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares; iv.withheld 73,103 common shares to satisfy employees' tax withholding and other liabilities; v.issued 8,685 common shares through the Employee Stock Purchase Plan; vi.canceled 7,421 common shares of restricted stock upon forfeiture; and vii.purchased 912,733 common shares through the 2020 Stock Repurchase Program. Any deferred compensation related to the Company's stock option, restricted stock and performance award grants during the nine months ended September 30, 2020 is not reflected on the accompanying Condensed Consolidated Balance Sheets as of September 30, 2020, and will not be reflected until recognized as compensation cost. In July 2020, the Company’s Board of Directors voted to terminate the Company’s prior $500,000,000 Stock Repurchase Program (the "Amended 2005 Stock Repurchase Program") and approved a new stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "2020 Stock Repurchase Program"). Purchases of common stock under the 2020 Stock Repurchase Program may be exercised from time to time in the Company’s discretion and in such amounts as market conditions warrant. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The 2020 Stock Repurchase Program does not have an expiration date and may be suspended or terminated at any time without prior notice. During the three months ended September 30, 2020, the Company repurchased 912,733 shares of common stock at an average price of $150.58 per share. As of September 30, 2020, the Company had $362,560,000 remaining authorized for purchase under this program. In May 2019, the Company commenced a fifth continuous equity program ("CEP V") under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP V, the Company engaged sales agents who will receive compensation of up to 1.5% of the gross sales price for shares sold. The Company expects that, if entered into, it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, a commission of up to 1.5% of the sales prices of all borrowed shares of common stock sold. During the three and nine months ended September 30, 2020, the Company had no sales under the program. As of September 30, 2020, the Company had $752,878,000 remaining authorized for issuance under this program.
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Investments in Real Estate Entities |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Real Estate Entities | Investments in Real Estate Entities Investments in Unconsolidated Real Estate Entities As of September 30, 2020, the Company had investments in eight unconsolidated real estate entities with ownership interest percentages ranging from 20.0% to 50.0%. The Company accounts for its investments in unconsolidated real estate entities under the equity method of accounting. The significant accounting policies of the Company's unconsolidated real estate entities are consistent with those of the Company in all material respects. During the three and nine months ended September 30, 2020, Archstone Multifamily Partners AC LP (the "U.S. Fund") sold Avalon Venice on Rose, located in Venice, CA, containing 70 apartment homes and 9,000 square feet of commercial space for $65,000,000. The Company's share of the gain was $5,157,000. In conjunction with the disposition of this community, the U.S. Fund repaid $27,117,000 of secured indebtedness at par. During the three and nine months ended September 30, 2020, the Company entered into a joint venture to develop, own, and operate AVA Arts District, an apartment community located in Los Angeles, CA, which is currently under construction and expected to contain 475 apartment homes when complete. The Company has a 25.0% interest in the venture, and the venture partner owns the remaining 75.0% interest. The Company's total expected equity investment is approximately $27,600,000, of which $14,800,000 has already been contributed. The venture has secured a $165,600,000 variable rate construction loan to fund approximately 60% of the development of AVA Arts District, of which no amounts have been drawn as of September 30, 2020. The venture will commence draws under the loan subsequent to required equity contributions by the venture partners. The Company has guaranteed the construction loan on behalf of the venture, and any obligations under the construction loan guarantee, except for obligations arising from misconduct by the Company, are required capital contributions of the partners based on ownership interest. The venture is considered an unconsolidated VIE as the Company was not considered to be the primary beneficiary due to shared control and decision making with its venture partner. The Company and its venture partner share decision making authority for all significant aspects of the venture's activities including, but not limited to, changes in the ownership, changes to the development plan or budget, and major operating decisions including annual business plans. The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):
_________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so. The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above for the periods presented (dollars in thousands):
_________________________________ (1) Includes the Company's share of gain on sale of communities. Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes pre-development costs incurred in pursuit of new development opportunities for which the Company currently believes future development is probable ("Development Rights"). Future development of these Development Rights is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and the availability of capital. Initial pre-development costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, making future development by the Company no longer probable, any non-recoverable capitalized pre-development costs are expensed. The Company expensed costs related to development pursuits not yet considered probable for development and the abandonment of Development Rights, as well as costs incurred in pursuing the acquisition or disposition of assets for which such acquisition and disposition activity did not occur, in the amounts of $4,289,000 and $2,562,000 for the nine months ended September 30, 2020 and 2019, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Condensed Consolidated Statements of Comprehensive Income. Abandoned pursuit costs can vary greatly, and the costs incurred in any given period may be significantly different in future periods. Casualty and Impairment of Long-Lived Assets In the Company's evaluation of its real estate portfolio for impairment, as discussed below, it considered the impact of the COVID-19 pandemic and did not identify any indicators of impairment as a result. The Company evaluates its real estate and other long-lived assets for impairment when potential indicators of impairment exist. Such assets are stated at cost, less accumulated depreciation and amortization, unless the carrying amount of the asset is not recoverable. If events or circumstances indicate that the carrying amount of a property or long-lived asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the property or long-lived asset to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, the Company recognizes an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property or long-lived asset. Based on periodic tests of recoverability of long-lived assets, the Company did not recognize any impairment losses for the three and nine months ended September 30, 2020 and 2019. The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the for-sale condominium units exceeds the carrying value. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value. The Company determines the fair value of its for-sale condominium inventory as the estimated sales price less direct costs to sell. In addition, the Company incurs marketing and administrative costs related to the for-sale condominiums. For the three and nine months ended September 30, 2020 and 2019, the Company did not identify any indicators of impairment for its for-sale condominium inventory. The Company assesses its portfolio of land held for both development and investment for impairment if the intent of the Company changes with respect to either the development of, or the expected holding period for, the land. During the three and nine months ended September 30, 2020 and 2019, the Company did not recognize any impairment charges on its investment in land. The Company evaluates its unconsolidated investments for other than temporary impairment, considering both the extent and amount by which the carrying value of the investment exceeds the fair value, and the Company's intent and ability to hold the investment to recover its carrying value. The Company also evaluates its proportionate share of any impairment of assets held by unconsolidated investments. There were no other than temporary impairment losses recognized for any of the Company's investments in unconsolidated real estate entities, or impairments recognized by those entities, during the three and nine months ended September 30, 2020 and 2019.
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Real Estate Disposition Activities |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Disposition Activities | Real Estate Disposition Activities The following real estate sales occurred during the nine months ended September 30, 2020:
_________________________________ (1) Gain on disposition was reported in gain on sale of communities on the accompanying Condensed Consolidated Statements of Comprehensive Income. At September 30, 2020, the Company had no real estate assets that qualified as held for sale. The Park Loggia The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 67,000 square feet of commercial space. During the three and nine months ended September 30, 2020, the Company sold seven and 59 residential condominiums at The Park Loggia, for gross proceeds of $15,699,000 and $182,512,000, respectively, resulting in a gain in accordance with GAAP of $727,000 and $8,174,000, respectively. The Company incurred $1,373,000 and $1,108,000 during the three months ended September 30, 2020 and 2019, respectively, and $4,012,000 and $2,526,000 during the nine months ended September 30, 2020 and 2019, respectively, in marketing and administrative costs associated with The Park Loggia. All amounts are included in gain (loss) on for-sale condominiums, net of marketing and administrative costs, on the accompanying Condensed Consolidated Statements of Comprehensive Income. As of September 30, 2020, the unsold for-sale residential condominiums at The Park Loggia have an aggregate carrying value of $298,429,000, presented as for-sale condominium inventory on the accompanying Condensed Consolidated Balance Sheets.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company owns 11 apartment communities, one community under development and two commercial properties, located on land subject to ground leases expiring between October 2026 and March 2142. The Company has purchase options for all ground leases expiring prior to 2030, which allow the Company to buyout the respective leases for nominal consideration as such leases were structured public finance vehicles. The ground leases for 10 of 11 of the apartment communities and the rest of the ground leases are accounted for as operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for or will be accounted for as operating leases. As of September 30, 2020 and December 31, 2019, the Company has total operating lease assets of $135,885,000 and $103,063,000, respectively, and total operating lease obligations of $162,683,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,958,000 and $3,618,000 for the three months ended September 30, 2020 and 2019, respectively, and $12,115,000 and $10,723,000 for the nine months ended September 30, 2020 and 2019, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are accounted for as finance leases. As of September 30, 2020 and December 31, 2019, the Company has total finance lease assets of $21,738,000 and $21,898,000, respectively, and total finance lease obligations of $20,176,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.
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Commitments and Contingencies | Commitments and Contingencies Lease Obligations The Company owns 11 apartment communities, one community under development and two commercial properties, located on land subject to ground leases expiring between October 2026 and March 2142. The Company has purchase options for all ground leases expiring prior to 2030, which allow the Company to buyout the respective leases for nominal consideration as such leases were structured public finance vehicles. The ground leases for 10 of 11 of the apartment communities and the rest of the ground leases are accounted for as operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 15 leases for its corporate and regional offices with varying terms through 2031, all of which are accounted for or will be accounted for as operating leases. As of September 30, 2020 and December 31, 2019, the Company has total operating lease assets of $135,885,000 and $103,063,000, respectively, and total operating lease obligations of $162,683,000 and $120,261,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets. The Company incurred costs of $3,958,000 and $3,618,000 for the three months ended September 30, 2020 and 2019, respectively, and $12,115,000 and $10,723,000 for the nine months ended September 30, 2020 and 2019, respectively, related to operating leases. The Company has one apartment community located on land subject to a ground lease and two leases for portions of parking garages, adjacent to apartment communities, that are accounted for as finance leases. As of September 30, 2020 and December 31, 2019, the Company has total finance lease assets of $21,738,000 and $21,898,000, respectively, and total finance lease obligations of $20,176,000 and $20,207,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Condensed Consolidated Balance Sheets.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company's reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment. The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker ("CODM") is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, (gain) loss on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net, gain on for-sale condominiums, net of marketing and administrative costs and net operating income from real estate assets sold or held for sale. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income. A reconciliation of NOI to net income for the three and nine months ended September 30, 2020 and 2019 is as follows (dollars in thousands):
The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget. The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2020. Segment information for the three and nine months ended September 30, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through September 30, 2020, or otherwise qualify as held for sale as of September 30, 2020, as described in Note 6, "Real Estate Disposition Activities."
__________________________________ (1)Does not include gross real estate either sold or classified as held for sale subsequent to September 30, 2019 of $131,790. (2)Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."
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Stock-Based Compensation Plans |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans As part of its long-term compensation plans, the Company has granted stock options, performance awards and restricted stock. Information with respect to performance awards granted is as follows:
__________________________________ (1)The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 38,461 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 37,997 performance awards. (2)Represents the change in the number of performance awards earned based on performance achievement for the performance period. The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2020 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
__________________________________ (1)Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted in 2020 for which achievement will be determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $225.30, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows:
Total employee stock-based compensation cost recognized in income was $17,385,000 and $20,291,000 for the nine months ended September 30, 2020 and 2019, respectively, and total capitalized stock-based compensation cost was $8,291,000 and $7,622,000 for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020, there was a total unrecognized compensation cost of $30,677,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 1.9 years.
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Related Party Arrangements |
9 Months Ended |
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Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements Unconsolidated Entities The Company manages unconsolidated real estate entities for which it receives asset management, property management, development and redevelopment fee revenue. From these entities, the Company earned fees of $1,017,000 and $1,231,000 for the three months ended September 30, 2020 and 2019, respectively and $2,950,000 and $3,484,000 for the nine months ended September 30, 2020 and 2019, respectively. In addition, the Company had outstanding receivables associated with its property and construction management role of $5,241,000 and $3,924,000 as of September 30, 2020 and December 31, 2019, respectively. Director Compensation The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $459,000 and $458,000 in the three months ended September 30, 2020 and 2019, respectively, and $1,360,000 and $1,288,000 in the nine months ended September 30, 2020 and 2019, respectively, as a component of general and administrative expense. Deferred compensation relating to these restricted stock grants and deferred stock units to non-employee directors was $996,000 and $594,000 on September 30, 2020 and December 31, 2019, respectively, reported as a component of prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments The Company uses interest rate swap and interest rate cap agreements to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. In adjusting the fair value of its derivative contracts for the effect of counterparty nonperformance risk, the Company has considered the impact of its net position with a given counterparty, as well as any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group. As part of its on-going control procedures, the Company monitors the credit ratings of counterparties and the exposure of the Company to any single entity, thus reducing credit risk concentration. The Company believes the likelihood of realizing losses from counterparty nonperformance is remote. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, such as interest rate, term to maturity and volatility, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. As of September 30, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined it is not significant. As a result, the Company has determined that its derivative valuations are classified in Level 2 of the fair value hierarchy. The following table summarizes the consolidated derivative positions at September 30, 2020 (dollars in thousands):
____________________________________ (1)For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate cap. The following activity occurred during the nine months ended September 30, 2020: •The Company settled an aggregate of $600,000,000 of forward interest rate swap agreements, making aggregate payments of $25,135,000. Of the positions settled by the Company, $250,000,000 were forward interest swaps that the Company had entered into during 2020. ◦In conjunction with the issuance of the Company's $700,000,000 unsecured notes due 2030 in February 2020, the Company settled $350,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $20,314,000. ◦In conjunction with the issuance of the Company's $600,000,000 unsecured notes due 2031 in May 2020, the Company settled $250,000,000 of forward interest rate swap agreements designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a payment of $4,821,000. The Company has deferred these amounts in accumulated other comprehensive loss on the accompanying Condensed Consolidated Balance Sheets, and is recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt. •The Company entered into an additional $150,000,000 of new forward interest rate swap agreements executed to reduce the impact of variability of interest rates on a portion of the Company's expected debt issuance activity in 2021. At the maturity of the remaining outstanding swap agreements, the Company expects to cash settle the contracts and either pay or receive cash for the then current fair value. Assuming that the Company issues the debt as expected, the hedging impact from these positions will then be recognized over the life of the issued debt as a yield adjustment. The Company had three derivatives designated as cash flow hedges and five derivatives not designated as hedges at September 30, 2020. Fair value changes for derivatives not in qualifying hedge relationships for the three and nine months ended September 30, 2020 and 2019 were not material. During the nine months ended September 30, 2020, the Company deferred $17,731,000 of losses for cash flow hedges reported as a component of accumulated other comprehensive loss. The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss as a component of interest expense, net (dollars in thousands):
The Company anticipates reclassifying approximately $9,467,000 of net hedging losses from accumulated other comprehensive loss into earnings within the next 12 months as an offset to the hedged item during this period. The Company did not have any derivatives designated as fair value hedges as of September 30, 2020 and 2019. Redeemable Noncontrolling Interests The Company is party to investments in two consolidated ventures, which contain redemption options (the "Puts") that allow joint venture partners of the Company to require the Company to purchase their interests in the investment at a guaranteed minimum amount. The Puts are payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations, applying a guaranteed rate of return to the joint venture partners' net capital contribution balances as of period end. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The Company issued units of limited partnership interest in a DownREIT which provides the DownREIT limited partners the ability to present all or some of their units for redemption for cash as determined by the partnership agreement. Under the DownREIT agreement, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company's common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares of the Company's common stock. The limited partnership units in the DownREIT are valued using the market price of the Company's common stock, a Level 1 price under the fair value hierarchy. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents Cash and cash equivalent balances are held with various financial institutions within accounts designed to preserve principal. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy. Other Financial Instruments Rents and other receivables and prepaid expenses, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. The Company values its unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its notes payable and outstanding amounts under the Credit Facility and Term Loans using a discounted cash flow analysis on the expected cash flows of each instrument. This analysis reflects the contractual terms of the instrument, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The process also considers credit valuation adjustments to appropriately reflect the Company's nonperformance risk. The Company has concluded that the value of its notes payable and amounts outstanding under its Credit Facility and Term Loans are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion. In October 2020, the Company repurchased 219,186 shares of common stock at an average price of $148.17 per share. In October 2020, the Company entered into agreements to sell three wholly-owned operating communities containing an aggregate of 858 apartment homes and net real estate of $126,397,000 as of September 30, 2020, resulting in the communities qualifying as held for sale subsequent to September 30, 2020. The Company expects to complete the sales of these communities in the fourth quarter of 2020. In October 2020, the Company acquired three parcels of land for development for an aggregate investment of $59,145,000. As of November 4, 2020, the Company has $183,000,000 outstanding under its Credit Facility.
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Organization, Basis of Presentation and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation AvalonBay Communities, Inc. (the "Company," which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust ("REIT") for federal income tax purposes under the Internal Revenue Code of 1986 (the "Code"). The Company focuses on the development, redevelopment, acquisition, ownership and operation of multifamily communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion markets in Southeast Florida and Denver, Colorado (the "Expansion Markets"). At September 30, 2020, the Company owned or held a direct or indirect ownership interest in 275 operating apartment communities containing 80,292 apartment homes in 11 states and the District of Columbia, of which one community containing 344 apartment homes was under redevelopment. In addition, the Company owned or held a direct or indirect ownership interest in 19 communities under development that are expected to contain an aggregate of 6,384 apartment homes when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 59 have been sold as of September 30, 2020, and 67,000 square feet of commercial space, of which 64% has been leased as of September 30, 2020. The Company also owned or held a direct or indirect ownership interest in land or rights to land on which the Company expects to develop an additional 27 communities that, if developed as expected, will contain an estimated 9,320 apartment homes. The interim unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements required by GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited financial statements should be read in conjunction with the financial statements and notes included in the Company's 2019 Annual Report on Form 10-K. The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results for the full year. Management believes the disclosures are adequate to ensure the information presented is not misleading. In the opinion of management, all adjustments and eliminations, consisting only of normal, recurring adjustments necessary for a fair presentation of the financial statements for the interim periods, have been included. Capitalized terms used without definition have meanings provided elsewhere in this Form 10-Q.
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Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share ("EPS"). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
All options to purchase shares of common stock outstanding as of September 30, 2020 and 2019 are included in the computation of diluted earnings per share.
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Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging ActivitiesThe Company enters into interest rate swap and interest rate cap agreements (collectively, "Hedging Derivatives") for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Company does not enter into Hedging Derivative transactions for trading or other speculative purposes. The Company assesses the effectiveness of qualifying cash flow and fair value hedges, both at inception and on an on-going basis. Hedge ineffectiveness is reported as a component of interest expense, net. The fair values of Hedging Derivatives that are in an asset position are recorded in prepaid expenses and other assets. The fair value of Hedging Derivatives that are in a liability position are included in accrued expenses and other liabilities. The Company does not present or disclose the fair value of Hedging Derivatives on a net basis. Fair value changes for derivatives that are not in qualifying hedge relationships are reported as a component of interest expense, net. For the Hedging Derivative positions that the Company has determined qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in other comprehensive loss. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. The effective portion of the change in fair value of the Hedging Derivatives that the Company has determined qualified as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding debt being hedged. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal and Other Contingencies | Legal and Other Contingencies The Company is involved in various claims and/or administrative proceedings that arise in the ordinary course of its business. While no assurances can be given, the Company does not currently believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on its financial condition or results of operations.
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Real Estate, Policy | Acquisitions of Investments in Real Estate The Company accounts for acquisitions of investments in real estate in accordance with the authoritative guidance for the initial measurement, which first requires that the Company determine if the real estate investment is the acquisition of an asset or a business combination. Under either model, the Company must identify and determine the fair value of any assets acquired, liabilities assumed and any noncontrolling interest in the acquiree. Typical assets acquired and liabilities assumed include land, building, furniture, fixtures and equipment, debt and identified intangible assets and liabilities, consisting of the value of above or below market leases and in-place leases. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes various sources, including its own analysis of recently acquired and existing comparable properties in its portfolio and other market data. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed. For a business combination, the Company records the assets acquired and liabilities assumed based on the fair value of each respective item. For an asset acquisition, the allocation of the purchase price is based on the relative fair value of the net assets. The Company expenses all applicable acquisition costs for a business combination and capitalizes all applicable acquisition costs for an asset acquisition. The Company expects that acquisitions of individual operating communities will generally be viewed as asset acquisitions.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
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Reclassifications | ReclassificationsCertain reclassifications have been made to amounts in prior years' notes to financial statements to conform to current year presentations as a result of changes in held for sale classification, disposition activity and segment classification. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For-Sale Condominium Inventory | For-Sale Condominium Inventory The Company presents for-sale condominium inventory at historical cost and evaluates the condominium inventory for impairment when potential indicators exist, as further discussed in Note 6, "Real Estate Disposition Activities." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee Considerations | Lessee Considerations The Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset, including specified portions of larger assets, for a period of time in exchange for consideration. The Company’s leases include both fixed and variable lease payments, which are based on an index or rate such as the consumer price index (CPI) or percentage rents based on total sales. Lease payments included in the lease liability include only payments that depend on an index or rate. For leases that have options to extend the term or terminate the lease early, the Company only factored the impact of such options into the lease term if the option was considered reasonably certain to be exercised. The Company determined the discount rate associated with its ground and office leases on a lease by lease basis using the Company’s actual borrowing rates as well as indicative market pricing for longer term rates and taking into consideration the remaining term of each of the lease agreements.
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Lessor Considerations | Lessor Considerations The Company evaluates leases in which it is the lessor, which are composed of residential and commercial leases at its apartment communities, and determined these leases to be operating leases. For lease agreements that provide for rent concessions and/or scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the noncancellable term of the lease, which, for residential leases, is generally one year. Some of the Company’s commercial leases have fixed-price renewal options, and the lessee may be able to exercise its renewal option at an amount less than the fair value of the rent at such time. The Company only includes renewal options in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option.
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New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued and Adopted Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including (i) trade and other receivables, (ii) other long term financings including available for sale and held-to-maturity debt securities and (iii) loans. Subsequently, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which amends the scope of ASU 2016-13 and clarified that receivables arising from operating leases are not within the scope of the standard and should continue to be accounted for in accordance with the leases standard (Topic 842). The new standard was adopted on January 1, 2020 and does not have a material effect on the Company’s financial position or results of operations.
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Organization, Basis of Presentation and Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per common share | The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
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Disaggregation of revenue | The following table provides details of the Company’s revenue streams disaggregated by the Company’s reportable operating segments, further discussed in Note 8, “Segment Reporting,” for the three and nine months ended September 30, 2020 and 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through September 30, 2020, or otherwise qualify as held for sale as of September 30, 2020, as described in Note 6, "Real Estate Disposition Activities" (dollars in thousands):
__________________________________ (1)Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. (2)Amounts include revenue streams related to leasing activities that are not considered components of a lease, including but not limited to, apartment hold fees and application fees, as well as revenue streams not related to leasing activities, including but not limited to, vendor revenue sharing, building advertising, vending and dry cleaning revenue. (3)Represents all revenue accounted for under ASU 2014-09. (4)Amounts include all revenue streams derived from residential and commercial rental income and other lease income, which are accounted for under ASC 842.
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Mortgage Notes Payable, Unsecured Notes and Credit Facility (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale | The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of September 30, 2020 and December 31, 2019, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").
_____________________________________ (1)Balances at September 30, 2020 and December 31, 2019 exclude $10,782 and $8,610, respectively, of debt discount, and $38,968 and $32,742, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets. (2)Balances at September 30, 2020 and December 31, 2019 exclude $14,636 and $14,464, respectively, of debt discount, and $3,067 and $3,265, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets.
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Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at September 30, 2020 are as follows (dollars in thousands):
|
Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in equity | The following summarizes the changes in equity for the nine months ended September 30, 2020 (dollars in thousands):
The following summarizes the changes in equity for the nine months ended September 30, 2019 (dollars in thousands):
|
Investments in Real Estate Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial information of equity method investments | The following is a combined summary of the financial position of the entities accounted for using the equity method discussed above as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):
_________________________________ (1) The Company has not guaranteed the outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so. The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above for the periods presented (dollars in thousands):
|
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for the three and nine months ended September 30, 2020 and 2019 is as follows (dollars in thousands):
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Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
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Schedule of details of segment information |
__________________________________ (1)Does not include gross real estate either sold or classified as held for sale subsequent to September 30, 2019 of $131,790. (2)Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."
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Stock-Based Compensation Plans (Tables) |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows:
__________________________________ (1)The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 38,461 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 37,997 performance awards. (2)Represents the change in the number of performance awards earned based on performance achievement for the performance period.
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Summary of valuation options | The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2020 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
__________________________________ (1)Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.
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Schedule of restricted stock granted | Information with respect to restricted stock granted is as follows:
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Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of consolidated Hedging Derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated derivative positions at September 30, 2020 (dollars in thousands):
____________________________________ (1)For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate cap.
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss as a component of interest expense, net (dollars in thousands):
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Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis | The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
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Organization, Basis of Presentation and Significant Accounting Policies (Details 2) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Basic and diluted shares outstanding | ||||||||
Weighted average common shares - basic (in shares) | 140,271,574 | 139,340,142 | 140,366,438 | 138,931,955 | ||||
Weighted average DownREIT units outstanding (in shares) | 7,500 | 7,500 | 7,500 | 7,500 | ||||
Effect of dilutive securities (in shares) | 324,648 | 505,032 | 328,865 | 498,609 | ||||
Weighted average common shares - diluted (in shares) | 140,603,722 | 139,852,674 | 140,702,803 | 139,438,064 | ||||
Calculation of Earnings per Share - basic | ||||||||
Net income attributable to common stockholders | $ 147,703 | $ 170,828 | $ 167,971 | $ 279,677 | $ 168,281 | $ 170,366 | $ 486,502 | $ 618,324 |
Net income allocated to unvested restricted shares | (342) | (704) | (1,158) | (1,655) | ||||
Net income attributable to common stockholders, adjusted | $ 147,361 | $ 278,973 | $ 485,344 | $ 616,669 | ||||
Weighted average common shares - basic (in shares) | 140,271,574 | 139,340,142 | 140,366,438 | 138,931,955 | ||||
Earnings per common share - basic (in dollars per share) | $ 1.05 | $ 2.00 | $ 3.46 | $ 4.44 | ||||
Calculation of Earnings per Share - diluted | ||||||||
Net income attributable to common stockholders | $ 147,703 | $ 170,828 | $ 167,971 | $ 279,677 | $ 168,281 | $ 170,366 | $ 486,502 | $ 618,324 |
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships | 12 | 11 | 36 | 34 | ||||
Adjusted net income attributable to common stockholders | $ 147,715 | $ 279,688 | $ 486,538 | $ 618,358 | ||||
Weighted average common shares - diluted (in shares) | 140,603,722 | 139,852,674 | 140,702,803 | 139,438,064 | ||||
Earnings per common share - diluted (in dollars per share) | $ 1.05 | $ 2.00 | $ 3.46 | $ 4.43 |
Interest Capitalized (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Interest Capitalized | ||||
Capitalized interest during the development and redevelopment of real estate assets | $ 11,221 | $ 15,443 | $ 33,738 | $ 50,159 |
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Class of Stock [Line Items] | ||||||||
Issuance of common stock, net | $ 1,599 | $ 207,789 | ||||||
Changes in equity | ||||||||
Beginning Balance | $ 10,870,805 | $ 10,912,542 | $ 10,990,198 | $ 10,750,530 | $ 10,733,999 | $ 10,632,606 | 10,990,198 | 10,632,606 |
Net income attributable to common stockholders | 147,703 | 170,828 | 167,971 | 279,677 | 168,281 | 170,366 | 486,502 | 618,324 |
Gain (loss) on cash flow hedges | 1,333 | (1,461) | (17,603) | (13,644) | (2,888) | (7,231) | (17,731) | (23,763) |
Cash flow hedge losses reclassified to earnings | 2,367 | 2,301 | 1,949 | 1,746 | 1,611 | 1,468 | 6,617 | 4,825 |
Change in redemption value of redeemable noncontrolling interest | 62 | (146) | 471 | (113) | (45) | (224) | ||
Noncontrolling interest distribution and income allocation | (17) | 1 | (35) | 118 | 530 | |||
Dividends, Common Stock | (222,694) | (224,172) | (224,083) | (212,526) | (212,549) | (212,166) | ||
Issuance of common stock, net of withholdings | 105 | 1,188 | (14,107) | (717) | 50,806 | 141,319 | ||
Stock Repurchased During Period, Value | (137,458) | |||||||
Amortization of deferred compensation | 8,036 | 9,724 | 7,781 | 10,002 | 10,785 | 7,861 | ||
Ending Balance | $ 10,670,242 | $ 10,870,805 | $ 10,912,542 | $ 10,815,073 | $ 10,750,530 | $ 10,733,999 | 10,670,242 | 10,815,073 |
Dividends declared to common stockholders (in dollars per share) | $ 1.59 | $ 1.59 | $ 1.59 | $ 1.52 | $ 1.52 | $ 1.52 | ||
Common stock | ||||||||
Changes in equity | ||||||||
Beginning Balance | $ 1,407 | $ 1,407 | $ 1,406 | $ 1,397 | $ 1,394 | $ 1,385 | 1,406 | 1,385 |
Issuance of common stock, net of withholdings | 0 | 1 | 3 | 9 | ||||
Stock Repurchased During Period, Value | (9) | |||||||
Ending Balance | 1,398 | 1,407 | 1,407 | 1,397 | 1,397 | 1,394 | 1,398 | 1,397 |
Additional paid-in capital | ||||||||
Changes in equity | ||||||||
Beginning Balance | 10,742,796 | 10,732,022 | 10,736,733 | 10,519,239 | 10,457,651 | 10,306,588 | 10,736,733 | 10,306,588 |
Issuance of common stock, net of withholdings | 105 | 1,050 | (12,492) | (454) | 50,803 | 143,202 | ||
Stock Repurchased During Period, Value | (69,779) | |||||||
Amortization of deferred compensation | 8,036 | 9,724 | 7,781 | 10,002 | 10,785 | 7,861 | ||
Ending Balance | 10,681,158 | 10,742,796 | 10,732,022 | 10,528,787 | 10,519,239 | 10,457,651 | 10,681,158 | 10,528,787 |
Accumulated earnings less dividends | ||||||||
Changes in equity | ||||||||
Beginning Balance | 172,304 | 225,656 | 282,913 | 262,548 | 306,861 | 350,777 | 282,913 | 350,777 |
Net income attributable to common stockholders | 147,703 | 170,828 | 167,971 | 279,677 | 168,281 | 170,366 | ||
Change in redemption value of redeemable noncontrolling interest | 62 | (146) | 471 | (113) | (45) | (224) | 387 | (382) |
Dividends, Common Stock | (222,694) | (224,172) | (224,083) | (212,526) | (212,549) | (212,166) | ||
Issuance of common stock, net of withholdings | 138 | (1,616) | (263) | 0 | (1,892) | |||
Stock Repurchased During Period, Value | (67,670) | |||||||
Ending Balance | 29,705 | 172,304 | 225,656 | 329,323 | 262,548 | 306,861 | 29,705 | 329,323 |
Accumulated other comprehensive loss | ||||||||
Changes in equity | ||||||||
Beginning Balance | (46,317) | (47,157) | (31,503) | (33,184) | (31,907) | (26,144) | (31,503) | (26,144) |
Gain (loss) on cash flow hedges | 1,333 | (1,461) | (17,603) | (13,644) | (2,888) | (7,231) | ||
Cash flow hedge losses reclassified to earnings | 2,367 | 2,301 | 1,949 | 1,746 | 1,611 | 1,468 | ||
Ending Balance | (42,617) | (46,317) | (47,157) | (45,082) | (33,184) | (31,907) | (42,617) | (45,082) |
Parent [Member] | ||||||||
Changes in equity | ||||||||
Beginning Balance | 10,870,190 | 10,911,928 | 10,989,549 | 10,750,000 | 10,733,999 | 10,632,606 | 10,989,549 | 10,632,606 |
Net income attributable to common stockholders | 147,703 | 170,828 | 167,971 | 279,677 | 168,281 | 170,366 | ||
Gain (loss) on cash flow hedges | 1,333 | (1,461) | (17,603) | (13,644) | (2,888) | (7,231) | ||
Cash flow hedge losses reclassified to earnings | 2,367 | 2,301 | 1,949 | 1,746 | 1,611 | 1,468 | ||
Change in redemption value of redeemable noncontrolling interest | 62 | (146) | 471 | (113) | (45) | (224) | ||
Dividends, Common Stock | (222,694) | (224,172) | (224,083) | (212,526) | (212,549) | (212,166) | ||
Issuance of common stock, net of withholdings | 105 | 1,188 | (14,107) | (717) | 50,806 | 141,319 | ||
Stock Repurchased During Period, Value | (137,458) | |||||||
Amortization of deferred compensation | 8,036 | 9,724 | 7,781 | 10,002 | 10,785 | 7,861 | ||
Ending Balance | 10,669,644 | 10,870,190 | 10,911,928 | 10,814,425 | 10,750,000 | $ 10,733,999 | 10,669,644 | 10,814,425 |
Noncontrolling Interest [Member] | ||||||||
Changes in equity | ||||||||
Beginning Balance | 615 | 614 | 649 | 530 | 649 | |||
Noncontrolling interest distribution and income allocation | (17) | 1 | (35) | 118 | 530 | |||
Ending Balance | $ 598 | $ 615 | $ 614 | $ 648 | $ 530 | 598 | $ 648 | |
Continuous Equity Program CEP V [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock, net | $ 0 |
Investments in Real Estate Entities - Narrative of Investment in Real Estate Entities (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
entity
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
entity
|
Sep. 30, 2019
USD ($)
|
|
Equity method investment | ||||
Expensed transaction, development and other pursuit costs, net of recoveries | $ | $ 567 | $ 175 | $ 4,289 | $ 2,562 |
Unconsolidated real estate entities | ||||
Equity method investment | ||||
Number of unconsolidated real estate entities | entity | 8 | 8 | ||
Minimum | Unconsolidated real estate entities | ||||
Equity method investment | ||||
Ownership percentage | 20.00% | 20.00% | ||
Maximum | Unconsolidated real estate entities | ||||
Equity method investment | ||||
Ownership percentage | 50.00% | 50.00% |
Investments in Real Estate Entities - Expensed Acquisition, Development and Other Pursuit Costs and Impairment of Long-Lived Assets & Casualty Gains and Losses (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Equity method investment | ||||
Expensed transaction, development and other pursuit costs, net of recoveries | $ 567,000 | $ 175,000 | $ 4,289,000 | $ 2,562,000 |
Impairment of investment in unconsolidated entities | 0 | 0 | 0 | 0 |
Land Parcel [Member] | ||||
Equity method investment | ||||
Casualty and impairment (gain) loss, net | 0 | $ 0 | 0 | $ 0 |
The Park Loggia [Member] | ||||
Equity method investment | ||||
Casualty and impairment (gain) loss, net | $ 0 | $ 0 |
Segment Reporting (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting [Abstract] | ||||
Rental income from real estate assets sold or held for sale | $ 1,449 | $ 6,094 | $ 6,159 | $ 28,116 |
Operating expenses from real estate assets sold or held for sale | (729) | (2,690) | (2,587) | (11,955) |
Net operating income from real estate assets sold or held for sale | $ 720 | $ 3,404 | $ 3,572 | $ 16,161 |
Segment Reporting (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Segment Reporting | ||||
Total revenue | $ 567,404 | $ 587,613 | $ 1,745,459 | $ 1,731,060 |
NOI | 377,678 | 406,585 | 1,201,966 | 1,200,119 |
Gross real estate | 23,941,920 | 22,991,068 | 23,941,920 | 22,991,068 |
Operating Segments | Established | ||||
Segment Reporting | ||||
Total revenue | 508,558 | 541,737 | 1,572,701 | 1,605,891 |
NOI | 342,942 | 381,654 | 1,097,902 | 1,139,773 |
Gross real estate | 19,325,453 | 19,190,276 | 19,325,453 | 19,190,276 |
Operating Segments | Established | New England | ||||
Segment Reporting | ||||
Total revenue | 78,057 | 81,924 | 239,456 | 240,178 |
NOI | 49,089 | 54,244 | 155,604 | 158,801 |
Gross real estate | 2,774,519 | 2,742,940 | 2,774,519 | 2,742,940 |
Operating Segments | Established | Metro NY/NJ | ||||
Segment Reporting | ||||
Total revenue | 112,507 | 119,857 | 344,475 | 355,990 |
NOI | 75,193 | 82,602 | 236,138 | 248,530 |
Gross real estate | 4,303,971 | 4,284,077 | 4,303,971 | 4,284,077 |
Operating Segments | Established | Mid-Atlantic | ||||
Segment Reporting | ||||
Total revenue | 84,038 | 88,829 | 259,086 | 262,806 |
NOI | 56,190 | 62,430 | 180,886 | 185,431 |
Gross real estate | 3,505,272 | 3,475,939 | 3,505,272 | 3,475,939 |
Operating Segments | Established | Pacific Northwest | ||||
Segment Reporting | ||||
Total revenue | 27,125 | 28,589 | 83,539 | 84,615 |
NOI | 18,578 | 20,684 | 59,042 | 61,498 |
Gross real estate | 994,486 | 988,952 | 994,486 | 988,952 |
Operating Segments | Established | Northern California | ||||
Segment Reporting | ||||
Total revenue | 95,234 | 103,511 | 300,856 | 307,207 |
NOI | 69,752 | 79,076 | 228,047 | 235,884 |
Gross real estate | 3,274,052 | 3,258,942 | 3,274,052 | 3,258,942 |
Operating Segments | Established | Southern California | ||||
Segment Reporting | ||||
Total revenue | 105,964 | 113,202 | 327,865 | 337,488 |
NOI | 71,125 | 79,357 | 228,181 | 239,452 |
Gross real estate | 4,152,209 | 4,119,312 | 4,152,209 | 4,119,312 |
Operating Segments | Established | Expansion Markets [Member] | ||||
Segment Reporting | ||||
Total revenue | 5,633 | 5,825 | 17,424 | 17,607 |
NOI | 3,015 | 3,261 | 10,004 | 10,177 |
Gross real estate | 320,944 | 320,114 | 320,944 | 320,114 |
Operating Segments | Other Stabilized | ||||
Segment Reporting | ||||
Total revenue | 35,080 | 30,199 | 105,246 | 77,749 |
NOI | 22,834 | 20,125 | 69,438 | 52,091 |
Gross real estate | 1,595,739 | 1,404,506 | 1,595,739 | 1,404,506 |
Operating Segments | Development / Redevelopment | ||||
Segment Reporting | ||||
Total revenue | 21,300 | 8,352 | 58,403 | 15,820 |
NOI | 11,902 | 4,806 | 34,626 | 8,255 |
Gross real estate | 2,569,413 | 1,824,012 | 2,569,413 | 1,824,012 |
Operating Segments | Disposals [Member] | ||||
Segment Reporting | ||||
Gross real estate | 131,790 | 131,790 | ||
Land Held for Future Development | ||||
Segment Reporting | ||||
Gross real estate | 43,494 | 20,095 | 43,494 | 20,095 |
Non-allocated | ||||
Segment Reporting | ||||
Total revenue | 1,017 | 1,231 | 2,950 | 3,484 |
Gross real estate | 407,821 | 552,179 | 407,821 | 552,179 |
Continuing Operations | ||||
Segment Reporting | ||||
Total revenue | 565,955 | 581,519 | 1,739,300 | 1,702,944 |
Continuing Operations | Operating Segments | Established | ||||
Segment Reporting | ||||
Total revenue | 508,558 | 541,737 | 1,572,701 | 1,605,891 |
Continuing Operations | Operating Segments | Other Stabilized | ||||
Segment Reporting | ||||
Total revenue | 35,080 | 30,199 | 105,246 | 77,749 |
Continuing Operations | Non-allocated | ||||
Segment Reporting | ||||
Total revenue | $ 1,017 | $ 1,231 | $ 2,950 | $ 3,484 |
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 3) - Performance Shares |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 2.80% |
Estimated volatility, Minimum (as a percent) | 11.10% |
Estimated volatility, Maximum (as a percent) | 15.50% |
Risk-free interest rate, minimum (as a percent) | 1.45% |
Risk-free interest rate, maximum (as a percent) | 1.62% |
Average estimated fair value (in dollars per share) | $ 254.72 |
Historical volatility (as a percent) | 50.00% |
Implied volatility (as a percent) | 50.00% |
Stock-Based Compensation Plans (Details 5) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Additional disclosures | ||
Stock-based compensation expense | $ 17,385 | $ 20,291 |
Capitalized stock-based compensation cost | $ 8,291 | $ 7,622 |
Performance Shares | ||
Additional disclosures | ||
Grant date value (in dollars per share) | $ 225.30 | |
Restricted stock and restricted stock units | ||
Additional disclosures | ||
Unrecognized compensation cost for unvested restricted stock | $ 30,677 | |
Weighted average period for recognition of unrecognized compensation cost | 1 year 10 months 24 days |
Related Party Arrangements (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Related Party Arrangements | |||||
Management, development and other fees | $ 1,017 | $ 1,231 | $ 2,950 | $ 3,484 | |
Compensation expense | 17,385 | 20,291 | |||
Unconsolidated real estate entities | |||||
Related Party Arrangements | |||||
Outstanding receivables | 5,241 | 5,241 | $ 3,924 | ||
Non Employee Director | Restricted stock and deferred stock awards | |||||
Related Party Arrangements | |||||
Compensation expense | 459 | $ 458 | 1,360 | $ 1,288 | |
Amount of deferred compensation | $ 996 | $ 996 | $ 594 |
Fair Value Fair Value (Details 2) |
Sep. 30, 2020
USD ($)
|
---|---|
Not Designated as Hedging Instrument | Interest Rate Cap | |
Derivative instruments and Hedging Activities | |
Derivative, Notional Amount | $ 440,097,000 |
Derivative weighted average interest rate | 1.70% |
Derivative, average cap interest rate | 6.50% |
Cash Flow Hedges | Interest Rate Swap | |
Derivative instruments and Hedging Activities | |
Derivative, Notional Amount | $ 150,000,000 |
Derivative, average cap interest rate | 0.70% |
Fair Value (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Fair Value Disclosures [Abstract] | ||||||||
Cash flow hedge losses reclassified to earnings | $ (2,367) | $ (2,301) | $ (1,949) | $ (1,746) | $ (1,611) | $ (1,468) | $ (6,617) | $ (4,825) |
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