REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
ESTABLISHED COMMUNITIES
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	198	$	2,124	$	12,567	$	13,086	$	2,124	$	25,653	$	27,777	$	17,145	$	10,632	$	10,379	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		7,097		2,129		24,664		26,793		16,793		10,000		10,505		—		1999
eaves Quincy	Quincy, MA	245	1,743		14,662		12,135		1,743		26,797		28,540		17,533		11,007		11,313		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		2,281		3,318		15,746		19,064		9,971		9,093		9,471		—		2002
Avalon at Newton Highlands	Newton, MA	294	10,905		45,547		17,181		10,905		62,728		73,633		33,615		40,018		42,916		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		4,211		6,876		34,612		41,488		15,261		26,227		26,568		—		2004
eaves Peabody	Peabody, MA	286	4,645		18,919		15,548		4,645		34,467		39,112		17,409		21,703		22,478		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		5,337		4,258		25,888		30,146		12,523		17,623		17,853		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		12,756		14,572		58,667		73,239		26,740		46,499		48,521		36,399		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		14,396		8,691		93,517		102,208		41,062		61,146		65,554		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		6,554		13,124		55,249		68,373		23,793		44,580		45,774		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		10,189		12,218		51,845		64,063		21,037		43,026		44,584		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		5,498		4,719		30,976		35,695		13,090		22,605		24,150		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		4,937		8,144		57,121		65,265		21,532		43,733		44,632		—		2009
Avalon Exeter (2)	Boston, MA	187	—		110,028		587		—		110,615		110,615		25,549		85,066		88,811		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		931		15,645		65,776		81,421		17,499		63,922		65,755		—		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		610		8,599		53,064		61,663		12,462		49,201		50,793		—		2015
AVA Somerville	Somerville, MA	250	10,944		56,460		516		10,944		56,976		67,920		12,370		55,550		57,350		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		51,869		9,034		88,409		97,443		43,310		54,133		56,613		—		1968/1998
Avalon Prudential Center II (1)	Boston, MA	266	8,776		35,496		63,118		8,776		98,614		107,390		42,832		64,558		66,259		—		1968/1998
Avalon Prudential Center I (1)	Boston, MA	243	8,002		32,370		53,105		8,002		85,475		93,477		37,266		56,211		58,745		—		1968/1998
eaves Burlington	Burlington, MA	203	7,714		32,499		7,663		7,714		40,162		47,876		11,251		36,625		37,640		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		341		17,072		163,974		181,046		30,786		150,260		155,934		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		17,159		15,600		77,808		93,408		22,048		71,360		74,002		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		641		15,367		61,038		76,405		12,057		64,348		66,420		—		2015
Avalon North Station	Boston, MA	503	22,796		247,270		777		22,796		248,047		270,843		32,110		238,733		247,196		—		2017
Avalon Framingham	Framingham, MA	180	9,315		34,631		13		9,315		34,644		43,959		6,511		37,448		38,701		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,655		14		14,694		79,669		94,363		11,728		82,635		84,923		—		2017
Avalon Easton	Easton, MA	290	3,170		60,837		134		3,170		60,971		64,141		8,059		56,082		58,660		—		2017

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Bear Hill	Waltham, MA	324	$	27,350	$	94,168	$	29,528	$	27,350	$	123,696	$	151,046	$	37,513	$	113,533	$	117,841	$	—	1999/2013
Avalon at Center Place (3)	Providence, RI	225	—		26,816		19,569		—		46,385		46,385		30,843		15,542		16,512		—		1991/1997
Total Boston, MA		8,421	$	291,544	$	1,715,472	$	377,781	$	291,544	$	2,093,253	$	2,384,797	$	681,698	$	1,703,099	$	1,766,853	$	81,399
Fairfield, CT
Avalon Wilton on River Rd	Wilton, CT	102	$	2,116	$	14,664	$	7,411	$	2,116	$	22,075	$	24,191	$	14,686	$	9,505	$	10,193	$	—	1997
Avalon New Canaan (1)	New Canaan, CT	104	4,834		22,990		6,710		4,834		29,700		34,534		16,734		17,800		18,780		—		2002
Avalon Darien (1)	Darien, CT	189	6,926		34,558		9,401		6,926		43,959		50,885		23,024		27,861		29,263		—		2004
Avalon Norwalk	Norwalk, CT	311	11,320		62,904		1,762		11,320		64,666		75,986		22,877		53,109		54,892		—		2011
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		486		10,395		36,937		47,332		9,840		37,492		38,771		—		2013
Total Fairfield, CT		946	$	35,591	$	171,567	$	25,770	$	35,591	$	197,337	$	232,928	$	87,161	$	145,767	$	151,899	$	—
TOTAL NEW ENGLAND		9,367	$	327,135	$	1,887,039	$	403,551	$	327,135	$	2,290,590	$	2,617,725	$	768,859	$	1,848,866	$	1,918,752	$	81,399

METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	12,153	$	—	$	106,214	$	106,214	$	66,956	$	39,258	$	42,922	$	—	2002
Avalon Riverview North (3)	Long Island City, NY	602	—		165,954		15,704		—		181,658		181,658		78,907		102,751		108,866		—		2008
AVA Fort Greene	Brooklyn, NY	631	83,038		216,802		7,957		83,038		224,759		307,797		80,404		227,393		230,971		—		2010
AVA DoBro	Brooklyn, NY	500	76,127		206,955		184		76,127		207,139		283,266		34,745		248,521		259,093		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	49,635		134,935		89		49,635		135,024		184,659		20,414		164,245		168,970		—		2017
Avalon Brooklyn Bay	Brooklyn, NY	180	18,310		74,344		263		18,310		74,607		92,917		10,961		81,956		85,531		—		2018
Avalon Midtown West (1)	New York, NY	550	154,730		180,253		47,906		154,730		228,159		382,889		62,877		320,012		321,720		93,500		1998/2013
Avalon Clinton North	New York, NY	339	84,069		105,821		12,891		84,069		118,712		202,781		35,382		167,399		170,860		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		7,469		71,421		97,320		168,741		30,009		138,732		141,704		121,500		2007/2013
Total New York City, NY		3,788	$	537,330	$	1,268,976	$	104,616	$	537,330	$	1,373,592	$	1,910,922	$	420,655	$	1,490,267	$	1,530,637	$	362,000
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,286	$	8,010	$	4,679	$	36,296	$	40,975	$	26,396	$	14,579	$	15,021	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		7,878		1,820		18,403		20,223		11,815		8,408		9,011		—		1995
Avalon Mamaroneck (1)	Mamaroneck, NY	229	6,207		40,791		16,119		6,207		56,910		63,117		33,090		30,027		31,880		—		2000
Avalon Bronxville	Bronxville, NY	110	2,889		28,324		9,026		2,889		37,350		40,239		23,789		16,450		17,679		—		1999
Avalon at Glen Cove	Glen Cove, NY	256	7,871		59,969		5,909		7,871		65,878		73,749		36,817		36,932		39,003		—		2004
Avalon Glen Cove North	Glen Cove, NY	111	2,577		37,336		909		2,577		38,245		40,822		17,877		22,945		24,245		—		2007
Avalon White Plains	White Plains, NY	407	15,391		137,353		2,223		15,391		139,576		154,967		55,731		99,236		103,560		—		2009

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Rockville Centre I	Rockville Centre, NY	349	$	32,212	$	78,806	$	6,794	$	32,212	$	85,600	$	117,812	$	27,871	$	89,941	$	92,738	$	—	2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		2,962		27,765		80,522		108,287		24,407		83,880		86,207		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,326		941		18,205		50,267		68,472		14,885		53,587		55,172		—		2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		404		6,392		30,717		37,109		7,421		29,688		30,465		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,437		266		21,899		58,703		80,602		13,467		67,135		69,236		—		2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		183		4,985		17,483		22,468		3,122		19,346		19,984		—		2016
Avalon Great Neck	Great Neck, NY	191	14,777		65,505		16		14,777		65,521		80,298		9,029		71,269		74,002		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,983		—		7,534		50,983		58,517		6,604		51,913		54,008		—		2017
Avalon Somers	Somers, NY	152	5,608		40,591		24		5,608		40,615		46,223		5,169		41,054		42,538		—		2018
Avalon Westbury	Westbury, NY	396	69,620		43,781		13,323		69,620		57,104		126,724		23,188		103,536		105,632		74,370		2006/2013
Total New York - Suburban		3,970	$	250,431	$	855,186	$	74,987	$	250,431	$	930,173	$	1,180,604	$	340,678	$	839,926	$	870,381	$	74,370
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	29,303	$	8,760	$	111,725	$	120,485	$	76,960	$	43,525	$	45,546	$	—	1997
eaves Lawrenceville	Lawrenceville, NJ	632	14,650		60,486		13,893		14,650		74,379		89,029		41,003		48,026		50,285		—		1994
Avalon Princeton Junction	West Windsor, NJ	512	5,585		22,382		26,214		5,585		48,596		54,181		31,307		22,874		23,620		—		1988/1993
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,615		5,982		34,004		39,986		19,783		20,203		21,621		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		16,440		6,647		51,346		57,993		29,412		28,581		30,831		—		2001
Avalon West Long Branch	West Long Branch, NJ	180	2,721		22,925		478		2,721		23,403		26,124		8,433		17,691		18,427		—		2011
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,048		8,984		32,042		41,026		9,834		31,192		32,177		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,635		2,139		14,682		43,774		58,456		13,243		45,213		46,598		—		2012
Avalon Hackensack at Riverside (3)	Hackensack, NJ	226	—		44,619		1,071		—		45,690		45,690		12,139		33,551		34,886		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		337		6,502		17,200		23,702		4,757		18,945		19,356		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		200		3,006		28,001		31,007		7,193		23,814		24,777		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		509		2,273		49,118		51,391		10,444		40,947		42,380		—		2015
Avalon Bloomfield Station (2)	Bloomfield, NJ	224	10,701		36,513		63		10,701		36,576		47,277		7,359		39,918		41,287		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		55		11,288		34,923		46,211		7,027		39,184		40,439		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		68,003		717		26,461		68,720		95,181		10,260		84,921		87,418		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		72		11,695		36,387		48,082		6,416		41,666		43,002		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,475		6,316		37,237		96,791		134,028		21,972		112,056		115,062		—		2008/2016
Avalon Maplewood	Maplewood, NJ	235	15,179		49,556		—		15,179		49,556		64,735		6,277		58,458		60,644		—		2018
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,809		—		8,605		60,809		69,414		6,220		63,194		65,247		—		2018
Total New Jersey		5,017	$	200,958	$	834,570	$	108,470	$	200,958	$	943,040	$	1,143,998	$	330,039	$	813,959	$	843,603	$	—
TOTAL METRO NY/NJ		12,775	$	988,719	$	2,958,732	$	288,073	$	988,719	$	3,246,805	$	4,235,524	$	1,091,372	$	3,144,152	$	3,244,621	$	436,370

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, D.C.	308	$	6,848	$	27,614	$	19,628	$	6,848	$	47,242	$	54,090	$	35,637	$	18,453	$	18,459	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		3,720		8,800		43,378		52,178		25,889		26,289		27,288		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		199		7,425		25,481		32,906		7,592		25,314		26,176		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		9,046		25,140		61,505		86,645		20,065		66,580		68,693		—		1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,532		16,430		25,434		41,864		8,414		33,450		34,310		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		5,564		38,140		40,916		79,056		14,346		64,710		65,908		—		1961/2013
eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,651		9,580		29,183		38,763		9,843		28,920		29,891		—		1953/2013
AVA Van Ness (1)	Washington, D.C.	269	22,890		58,691		21,816		22,890		80,507		103,397		22,068		81,329		82,670		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		4,143		43,700		158,093		201,793		45,061		156,732		161,867		—		2012/2013
AVA NoMa	Washington, D.C.	438	25,246		114,933		815		25,246		115,748		140,994		17,048		123,946		128,637		—		2018
eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		4,910		4,047		23,463		27,510		17,544		9,966		10,482		—		1996
eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		13,210		8,802		48,746		57,548		25,984		31,564		32,794		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		5,816		29,159		58,809		87,968		33,621		54,347		54,793		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		7,071		14,365		62,469		76,834		35,479		41,355		42,541		—		2004
AVA Wheaton	Wheaton, MD	319	6,494		69,027		—		6,494		69,027		75,521		8,945		66,576		69,508		—		2018
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		43		10,872		63,035		73,907		9,225		64,682		67,052		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		41		10,130		61,726		71,856		9,686		62,170		64,437		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		5,040		2,323		14,337		16,660		10,539		6,121		6,565		—		1987/1996
Avalon Fairway Hills - Woods (1)	Columbia, MD	336	3,958		15,839		13,338		3,958		29,177		33,135		17,781		15,354		11,716		—		1987/1996
Avalon Arundel Crossing	Linthicum Heights, MD	310	12,208		69,888		2,555		12,208		72,443		84,651		9,506		75,145		78,253		—		2018/2018
Avalon Russett	Laurel, MD	238	10,200		47,524		4,083		10,200		51,607		61,807		16,789		45,018		46,563		32,200		1999/2013
eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		12,454		6,096		36,854		42,950		25,440		17,510		17,524		—		1989/1996
eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,698		2,152		14,605		16,757		9,626		7,131		7,543		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		14,285		13,851		57,682		71,533		39,051		32,482		34,017		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		32,893		22,041		123,189		145,230		66,934		78,296		81,854		—		2001
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		1,017		13,554		64,543		78,097		18,875		59,222		61,053		—		2013
eaves Fairfax Towers (1)	Falls Church, VA	415	17,889		74,727		15,576		17,889		90,303		108,192		28,382		79,810		83,103		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		415		33,490		76,216		109,706		18,954		90,752		93,460		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,951		24,225		84,933		109,158		18,607		90,551		93,826		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		9,290		22,573		104,645		127,218		20,760		106,458		109,983		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		4,017		18,830		86,444		105,274		16,083		89,191		91,868		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,465		8,268		29,377		123,733		153,110		22,651		130,459		135,716		—		2012/2017

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
eaves Tysons Corner	Vienna, VA	217	$	16,030	$	45,420	$	3,255	$	16,030	$	48,675	$	64,705	$	16,883	$	47,822	$	49,535	$	—	1980/2013
AVA Ballston Square (1)	Arlington, VA	714	71,640		215,937		41,022		71,640		256,959		328,599		74,288		254,311		260,618		—		1992/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		12,240		56,550		190,272		246,822		57,506		189,316		194,468		—		1999/2013
Avalon Arlington North	Arlington, VA	228	21,600		59,076		497		21,600		59,573		81,173		14,222		66,951		68,838		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		8,728		26,710		91,812		118,522		31,260		87,262		90,175		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		127		39,544		66,287		105,831		13,300		92,531		94,976		—		2016
TOTAL MID-ATLANTIC		13,494	$	752,909	$	2,460,097	$	298,954	$	752,909	$	2,759,051	$	3,511,960	$	893,884	$	2,618,076	$	2,697,160	$	32,200
PACIFIC NORTHWEST
Seattle, WA
Avalon Redmond Place (1)	Redmond, WA	222	$	4,558	$	18,368	$	11,457	$	4,558	$	29,825	$	34,383	$	20,694	$	13,689	$	14,151	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	264	6,786		27,641		5,810		6,786		33,451		40,237		25,033		15,204		16,054		—		1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		3,243		6,664		27,362		34,026		18,354		15,672		15,794		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,818		4,777		23,583		28,360		16,382		11,978		12,668		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		3,956		3,789		19,095		22,884		12,952		9,932		10,524		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		1,373		5,644		14,106		19,750		9,467		10,283		10,687		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		4,066		12,697		81,516		94,213		35,254		58,959		61,540		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		1,858		—		124,887		124,887		44,866		80,021		84,214		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		989		12,081		42,607		54,688		13,549		41,139		42,373		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,244		16,460		48,170		64,630		13,794		50,836		52,449		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		31		12,294		55,658		67,952		12,680		55,272		57,297		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		1,510		20,613		61,496		82,109		11,473		70,636		72,495		—		2016
Avalon Esterra Park	Redmond, WA	482	23,178		112,986		1,318		23,178		114,304		137,482		17,698		119,784		123,811		—		2017
Avalon Alderwood II	Redmond, WA	124	5,072		21,418		13		5,072		21,431		26,503		3,376		23,127		23,886		—		2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,649		112,456		699		9,649		113,155		122,804		13,994		108,810		111,990		—		2017
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		4,317		10,250		31,159		41,409		11,192		30,217		31,269		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,116	$	154,512	$	796,103	$	45,702	$	154,512	$	841,805	$	996,317	$	280,758	$	715,559	$	741,202	$	—

NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	14,624	$	11,830	$	62,452	$	74,282	$	41,905	$	32,377	$	34,327	$	—	1995
eaves San Jose	San Jose, CA	440	12,920		53,047		19,539		12,920		72,586		85,506		43,395		42,111		44,301		—		1985/1996
Avalon on the Alameda	San Jose, CA	305	6,119		50,225		13,069		6,119		63,294		69,413		41,300		28,113		30,846		—		1999
Avalon Silicon Valley (1)	Sunnyvale, CA	710	20,713		99,573		35,541		20,713		135,114		155,827		85,905		69,922		74,334		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		12,001		9,755		51,394		61,149		35,672		25,477		26,378		—		1986

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
eaves Creekside	Mountain View, CA	296	$	6,546	$	26,263	$	21,834	$	6,546	$	48,097	$	54,643	$	30,784	$	23,859	$	25,203	$	—	1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		3,267		4,765		50,867		55,632		31,597		24,035		25,377		—		2002
Avalon Towers on the Peninsula (1)	Mountain View, CA	211	9,560		56,136		14,701		9,560		70,837		80,397		39,203		41,194		43,782		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		586		13,837		65,120		78,957		15,938		63,019		65,123		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		7,299		46,060		89,256		135,316		30,101		105,215		107,802		—		2002/2013
eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		13,812		64,070		82,830		146,900		28,024		118,876		120,633		—		1969/2013
Total San Jose, CA		3,840	$	206,175	$	635,574	$	156,273	$	206,175	$	791,847	$	998,022	$	423,824	$	574,198	$	598,106	$	—
Oakland - East Bay, CA
Avalon Fremont (1)	Fremont, CA	308	$	10,746	$	43,399	$	11,110	$	10,746	$	54,509	$	65,255	$	39,179	$	26,076	$	24,767	$	—	1992/1994
eaves Dublin	Dublin, CA	204	5,276		19,642		12,448		5,276		32,090		37,366		21,162		16,204		17,245		—		1989/1997
eaves Pleasanton	Pleasanton, CA	456	11,610		46,552		23,236		11,610		69,788		81,398		46,808		34,590		36,309		—		1988/1994
eaves Union City	Union City, CA	208	4,249		16,820		4,227		4,249		21,047		25,296		15,978		9,318		10,036		—		1973/1996
eaves Fremont	Fremont, CA	235	6,581		26,583		10,779		6,581		37,362		43,943		26,302		17,641		18,725		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		1,848		14,732		105,872		120,604		41,569		79,035		82,462		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,846		5,778		—		154,624		154,624		54,886		99,738		104,792		4,001		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		1,086		7,772		73,228		81,000		17,581		63,419		65,600		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		290		7,762		76,877		84,639		12,920		71,719		74,056		—		2016
eaves Walnut Creek	Walnut Creek, CA	510	30,320		82,375		17,483		30,320		99,858		130,178		30,551		99,627		103,110		—		1987/2013
Avalon Walnut Ridge I (1)	Walnut Creek, CA	106	9,860		19,850		5,432		9,860		25,282		35,142		7,701		27,441		28,424		—		2000/2013
Avalon Walnut Ridge II (1)	Walnut Creek, CA	360	27,190		57,041		13,751		27,190		70,792		97,982		21,941		76,041		78,864		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,689		66		4,500		28,755		33,255		6,503		26,752		27,604		—		2014
Total Oakland - East Bay, CA		3,847	$	140,598	$	742,550	$	107,534	$	140,598	$	850,084	$	990,682	$	343,081	$	647,601	$	671,994	$	4,001
San Francisco, CA
eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	20,869	$	4,230	$	30,528	$	34,758	$	21,113	$	13,645	$	14,663	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		8,558		5,403		30,125		35,528		20,376		15,152		15,827		—		1990/1995
eaves Foster City	Foster City, CA	288	7,852		31,445		13,154		7,852		44,599		52,451		30,377		22,074		23,375		—		1973/1994
eaves Pacifica	Pacifica, CA	220	6,125		24,796		4,530		6,125		29,326		35,451		21,942		13,509		14,230		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,719		3,561		38,040		41,601		23,912		17,689		18,809		—		1961/1996
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		9,105		14,029		87,557		101,586		52,019		49,567		53,392		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		766		28,687		119,922		148,609		46,994		101,615		105,579		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,215		5,544		53,121		58,665		16,216		42,449		44,109		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,197		20,267		98,518		118,785		23,805		94,980		98,351		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		88		12,595		81,316		93,911		16,680		77,231		80,105		—		2015

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Dogpatch	San Francisco, CA	326	$	23,523	$	180,922	$	232	$	23,523	$	181,154	$	204,677	$	20,350	$	184,327	$	190,207	$	—	2018
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		6,936		40,780		75,620		116,400		24,600		91,800		94,626		63,850		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		2,649		23,787		47,583		71,370		14,066		57,304		58,683		27,844		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,217		33,303		66,127		99,430		19,770		79,660		81,815		51,000		2010/2013
Total San Francisco, CA		3,267	$	229,686	$	893,301	$	90,235	$	229,686	$	983,536	$	1,213,222	$	352,220	$	861,002	$	893,771	$	142,694
TOTAL NORTHERN CALIFORNIA		10,954	$	576,459	$	2,271,425	$	354,042	$	576,459	$	2,625,467	$	3,201,926	$	1,119,125	$	2,082,801	$	2,163,871	$	146,695

SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	51,677	$	22,483	$	79,781	$	102,264	$	49,082	$	53,182	$	54,487	$	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663	23,828		40,372		52,697		23,828		93,069		116,897		55,380		61,517		63,689		—		1989/1997
eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		12,287		7,045		25,273		32,318		18,575		13,743		14,257		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		2,838		—		45,402		45,402		26,859		18,543		20,114		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		26,328		14,053		83,155		97,208		46,040		51,168		53,271		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		2,907		8,446		43,197		51,643		21,254		30,389		31,827		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		5,619		5,459		46,801		52,260		20,773		31,487		32,263		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,313		12,789		50,386		63,175		21,172		42,003		43,719		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		1,251		7,920		46,096		54,016		19,897		34,119		35,586		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		1,765		14,734		95,766		110,500		21,336		89,164		92,661		—		2015
eaves Phillips Ranch	Pomona, CA	501	9,796		41,740		4,502		9,796		46,242		56,038		16,011		40,027		41,622		—		1989/2011
eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,661		1,916		9,480		11,396		3,503		7,893		8,302		—		1978/2011
eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,173		2,953		13,601		16,554		4,823		11,731		12,213		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		6,019		8,400		17,566		25,966		5,104		20,862		21,136		—		1973/2012
eaves Cerritos	Artesia, CA	151	8,305		21,195		1,786		8,305		22,981		31,286		6,813		24,473		25,176		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	309	30,900		72,008		7,305		30,900		79,313		110,213		23,820		86,393		89,198		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		125		9,141		30,851		39,992		7,212		32,780		33,915		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,303		542		18,311		64,845		83,156		12,166		70,990		73,347		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		119,105		1,742		35,214		120,847		156,061		16,159		139,902		143,523		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,627		9,600		39,229		48,829		10,178		38,651		40,139		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		79,829		30		16,617		79,859		96,476		10,846		85,630		89,569		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		2,069		18,408		54,349		72,757		10,083		62,674		64,702		—		2015/2016
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		6,555		42,020		79,916		121,936		25,959		95,977		97,812		—		2007/2013

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
AVA Studio City II	Studio City, CA	101	$	4,626	$	22,954	$	7,778	$	4,626	$	30,732	$	35,358	$	8,821	$	26,537	$	27,541	$	—	1991/2013
Avalon Studio City (1)	Studio City, CA	276	15,756		78,178		18,092		15,756		96,270		112,026		27,640		84,386		86,885		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		22,787		42,720		130,429		173,149		45,312		127,837		130,597		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		7,049		43,540		87,023		130,563		32,908		97,655		101,247		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		14,022		32,000		74,792		106,792		21,760		85,032		87,273		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,377		20,560		110,933		131,493		32,061		99,432		103,043		—		2006/2013
eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,302		9,110		22,673		31,783		6,869		24,914		25,730		—		1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		5,247		13,950		25,458		39,408		9,933		29,475		30,784		—		1992/2013
eaves Los Feliz (1)	Los Angeles, CA	263	18,940		43,661		12,883		18,940		56,544		75,484		16,799		58,685		60,126		41,400		1989/2013
AVA Toluca Hills (1)	Los Angeles, CA	1,151	86,450		161,256		90,048		86,450		251,304		337,754		66,816		270,938		279,477		—		1973/2013
eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		17,757		68,940		108,306		177,246		38,484		138,762		138,107		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		2,714		12,810		25,295		38,105		9,238		28,867		29,749		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,801		10,240		38,359		48,599		11,400		37,199		38,562		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		36,469		17,658		127,184		144,842		34,710		110,132		113,607		—		1987/2013
Total Los Angeles, CA		11,492	$	725,638	$	2,006,163	$	447,144	$	725,638	$	2,453,307	$	3,178,945	$	815,796	$	2,363,149	$	2,435,256	$	152,900
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	10,040	$	1,975	$	13,854	$	15,829	$	8,415	$	7,414	$	7,797	$	—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		4,453		2,517		13,710		16,227		10,312		5,915		6,066		—		1984/1996
eaves South Coast	Costa Mesa, CA	258	4,709		16,063		13,852		4,709		29,915		34,624		19,944		14,680		15,673		—		1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		11,940		4,607		28,851		33,458		18,974		14,484		15,207		—		1990/1997
eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		11,461		4,871		31,206		36,077		23,463		12,614		13,657		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		2,555		9,911		70,075		79,986		26,972		53,014		54,867		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		429		4,358		41,334		45,692		11,644		34,048		35,396		—		2013
eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		4,411		5,199		25,545		30,744		8,928		21,816		23,044		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		85		31,689		98,089		129,778		20,193		109,585		113,169		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		65		11,607		44,038		55,645		7,663		47,982		49,581		—		2016
Avalon Huntington Beach	Huntington Beach, CA	378	13,055		105,981		527		13,055		106,508		119,563		16,553		103,010		106,776		—		2017
Total Orange County, CA		2,821	$	94,498	$	443,307	$	59,818	$	94,498	$	503,125	$	597,623	$	173,061	$	424,562	$	441,233	$	—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	42,504	$	9,922	$	83,084	$	93,006	$	49,934	$	43,072	$	45,340	$	—	1969/1997
eaves Mission Ridge	San Diego, CA	200	2,710		10,924		13,546		2,710		24,470		27,180		17,558		9,622		10,471		—		1960/1997
AVA Cortez Hill (3)	San Diego, CA	299	2,768		20,134		25,170		2,768		45,304		48,072		28,143		19,929		21,012		—		1973/1998
eaves San Marcos	San Marcos, CA	184	3,277		13,385		5,211		3,277		18,596		21,873		5,658		16,215		16,800		—		1988/2011

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
eaves Rancho Penasquitos	San Diego, CA	250	$	6,692	$	27,143	$	5,901	6,692		33,044		39,736		$	11,105	$	28,631	$	29,085	$	—	1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		476		12,689		43,804		56,493		9,091		47,402		48,862		—		2015
eaves La Mesa	La Mesa, CA	168	9,490		28,482		3,338		9,490		31,820		41,310		11,666		29,644		30,880		—		1989/2013
Avalon La Jolla Colony (1)	San Diego, CA	180	16,760		27,694		12,062		16,760		39,756		56,516		12,955		43,561		45,624		—		1987/2013
Total San Diego, CA		2,066	$	64,308	$	211,670	$	108,208	$	64,308	$	319,878	$	384,186	$	146,110	$	238,076	$	248,074	$	—
TOTAL SOUTHERN CALIFORNIA		16,379	$	884,444	$	2,661,140	$	615,170	$	884,444	$	3,276,310	$	4,160,754	$	1,134,967	$	3,025,787	$	3,124,563	$	152,900
EXPANSION MARKETS
Denver, CO
Avalon Denver West	Lakewood, CO	252	$	8,047	$	67,820	$	1,903	$	8,047	$	69,723	$	77,770	$	11,204	$	66,566	$	69,273	$	—	2016/2017
Total Denver, CO		252	$	8,047	$	67,820	$	1,903	$	8,047	$	69,723	$	77,770	$	11,204	$	66,566	$	69,273	$	—
Southeast Florida
Avalon 850 Boca	Boca Raton, FL	370	$	21,430	$	114,085	$	4,134	$	21,430	$	118,219	$	139,649	$	17,589	$	122,060	$	126,509	$	—	2017/2017
Avalon West Palm Beach	West Palm Beach, FL	290	9,597		90,950		3,286		9,597		94,236		103,833		10,934		92,899		96,306		—		2018/2018
Total Southeast Florida		660	$	31,027	$	205,035	$	7,420	$	31,027	$	212,455	$	243,482	$	28,523	$	214,959	$	222,815	$	—
TOTAL EXPANSION MARKETS		912	$	39,074	$	272,855	$	9,323	$	39,074	$	282,178	$	321,252	$	39,727	$	281,525	$	292,088	$	—
TOTAL ESTABLISHED COMMUNITIES		67,997	$	3,723,252	$	13,307,391	$	2,014,815	$	3,723,252	$	15,322,206	$	19,045,458	$	5,328,692	$	13,716,766	$	14,182,257	$	849,564

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
OTHER STABILIZED
Avalon Cerritos	Cerritos, CA	132	$	8,869	$	51,452	$	611	$	8,869	$	52,063	$	60,932	$	4,106	$	56,826	$	58,779	$	30,250	2017/2019
eaves West Valley	San Jose, CA	873	90,890		132,040		13,434		90,890		145,474		236,364		48,144		188,220		191,439		—		1970/2013
eaves Seal Beach	Seal Beach, CA	549	46,790		99,999		37,814		46,790		137,813		184,603		36,618		147,985		151,864		—		1971/2013
eaves Stamford (4)	Stamford, CT	238	5,956		23,993		14,991		5,956		38,984		44,940		28,261		16,679		17,338				1991
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,564		816		8,527		65,380		73,907		7,177		66,730		69,266		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		70,111		1,494		4,461		71,605		76,066		8,324		67,742		70,604		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		85,184		1,534		5,101		86,718		91,819		8,763		83,056		86,815		—		2018/2019
Avalon Bonterra	Hialeah, FL	314	16,655		70,822		2,585		16,655		73,407		90,062		7,437		82,625		86,934		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,705		1,464		9,213		51,169		60,382		3,841		56,541		60,217		—		2016/2019
Avalon at the Hingham Shipyard II	Hingham, MA	190	8,998		55,358		16		8,998		55,374		64,372		4,553		59,819		61,335		—		2019
Avalon Sudbury	Sudbury, MA	250	20,248		66,544		33		20,248		66,577		86,825		5,944		80,881		83,537		—		2019
AVA North Point	Cambridge, MA	265	31,263		81,196		2,645		31,263		83,841		115,104		6,120		108,984		115,009				2018/2019
Portico at Silver Spring Metro	Silver Spring, MD	151	3,471		41,393		900		3,471		42,293		45,764		3,040		42,724		43,078		—		2009/2019
Avalon Piscataway	Piscataway, NJ	360	14,329		75,738		—		14,329		75,738		90,067		6,093		83,974		86,843		—		2019
Avalon Melville	Melville, NY	494	9,228		50,063		22,903		9,228		72,966		82,194		44,437		37,757		40,879		—		1997
AVA Esterra Park	Redmond, WA	323	16,405		74,564		—		16,405		74,564		90,969		5,124		85,845		88,859		—		2019
eaves Redmond Campus	Redmond, WA	422	22,580		88,001		33,045		22,580		121,046		143,626		34,024		109,602		112,142		—		1991/2013
TOTAL OTHER STABILIZED		5,635	$	322,984	$	1,180,727	$	134,285	$	322,984	$	1,315,012	$	1,637,996	$	262,006	$	1,375,990	$	1,424,938	$	30,250
LEASE-UP
Avalon Public Market	Emeryville, CA	289	$	27,390	$	142,843	$	11	$	27,390	$	142,854	$	170,244	$	5,037	$	165,207	$	152,921	$	—	2020
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	1,663		109,026		—		1,663		109,026		110,689		1,188		109,501		86,978		—		2020
Avalon Doral	Doral, FL	350	21,884		88,245		—		21,884		88,245		110,129		808		109,321		82,807		—		2020
Avalon Saugus	Saugus, MA	280	17,801		72,460		1,068		17,801		73,528		91,329		4,361		86,968		87,955		—		2019
Avalon Norwood	Norwood, MA	198	9,436		50,958		933		9,436		51,891		61,327		2,378		58,949		57,590		—		2020
Avalon Marlborough II	Marlborough, MA	123	5,522		34,594		—		5,522		34,594		40,116		326		39,790		15,293		—		2020
Avalon Towson	Towson, MD	371	12,876		95,269		—		12,876		95,269		108,145		1,657		106,488		86,409		—		2020
Avalon Boonton	Boonton, NJ	350	3,592		88,933		—		3,592		88,933		92,525		5,219		87,306		89,741		—		2019
Avalon Teaneck	Teaneck, NJ	248	12,587		59,929		—		12,587		59,929		72,516		2,916		69,600		70,333		—		2020
Avalon Belltown Towers	Seattle, WA	274	24,638		121,065		1,323		24,638		122,388		147,026		6,838		140,188		144,328		—		2019
Avalon North Creek	Bothell, WA	316	13,498		69,002		—		13,498		69,002		82,500		3,645		78,855		79,841		—		2020
TOTAL LEASE-UP		2,999	$	150,887	$	932,324	$	3,335	$	150,887	$	935,659	$	1,086,546	$	34,373	$	1,052,173	$	954,196	$	—

			2020																2019		2020
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances			Year of Completion/ Acquisition
REDEVELOPMENT
AVA Ballston	Arlington, VA	344	$	7,291	$	29,177	$	19,199	$	7,291	$	48,376	$	55,667	$	33,782	$	21,885	$	20,825	$	—		1990
TOTAL REDEVLOPMENT		344	$	7,291	$	29,177	$	19,199	$	7,291	$	48,376	$	55,667	$	33,782	$	21,885	$	20,825	$	—
TOTAL CURRENT COMMUNITIES (5)		76,975	$	4,204,414	$	15,449,619	$	2,171,634	$	4,204,414	$	17,621,253	$	21,825,667	$	5,658,853	$	16,166,814	$	16,582,216	$	879,814
DEVELOPMENT (6)
AVA Hollywood	Hollywood, CA	695	$	81,731	$	228,194	$	59,491	$	81,731	$	287,685	$	369,416	$	5,682	$	363,734	$	325,576	$	—		N/A
Avalon Brea Place	Brea, CA	653	—		2,011		200,834		—		202,845		202,845		—		202,845		112,025		—			N/A
Avalon Monrovia	Monrovia, CA	154	—		405		46,166		—		46,571		46,571		—		46,571		15,830		—			N/A
AVA RiNo	Denver, CO	246	—		34		49,245		—		49,279		49,279		—		49,279		18,226		—			N/A
Avalon Acton II	Acton, MA	86	1,159		19,741		8,032		1,159		27,773		28,932		129		28,803		4,474		—			N/A
Avalon Easton 2	Easton, MA	44	—		—		2,589		—		2,589		2,589		—		2,589		N/A		—			N/A
Avalon Woburn	Woburn, MA	350	—		52		67,850		—		67,902		67,902		—		67,902		29,689		—			N/A
Kanso Twinbrook	Rockville, MD	238	1,537		10,336		46,506		1,537		56,842		58,379		31		58,348		30,788		—			N/A
Avalon 555 President	Baltimore, MD	400	3,387		34,696		87,836		3,387		122,532		125,919		198		125,721		86,367		—			N/A
Avalon Foundry Row	Owings Mill, MD	437	—		2,011		77,227		—		79,238		79,238		—		79,238		21,480		—			N/A
Avalon Old Bridge	Old Bridge, NJ	252	3,008		28,990		31,299		3,008		60,289		63,297		244		63,053		35,463		—			N/A
Avalon Somerville Station	Somerville, NJ	375	—		—		25,385		—		25,385		25,385		—		25,385		N/A		—			N/A
Avalon Yonkers	Yonkers, NY	590	19,500		117,593		68,889		19,500		186,482		205,982		3,321		202,661		165,749		—			N/A
Avalon Harrison	Harrison, NY	143	—		—		38,436		—		38,436		38,436		—		38,436		26,158		—			N/A
Avalon Harbor Isle	Island Park, NY	172	—		—		27,163		—		27,163		27,163		—		27,163		N/A		—			N/A
Avalon Newcastle Commons II	Newcastle, WA	293	310		6,807		92,566		310		99,373		99,683		14		99,669		43,966		—			N/A
The Park Loggia Commercial (7)	New York, NY	N/A	77,394		76,286		—		77,394		76,286		153,680		3,693		149,987		151,487		—			2019
TOTAL DEVELOPMENT		5,128	$	188,026	$	527,156	$	929,514	$	188,026	$	1,456,670	$	1,644,696	$	13,312	$	1,631,384	$	1,067,278	$	—
Land Held for Development		N/A	$	110,142	$	—	$	—	$	110,142	$	—	$	110,142	$	—	110,142		$	—	$	—
Corporate Overhead		N/A	7,814		11,414		95,270		7,814		106,684		114,498		56,275		58,223		45,115		6,750,000
For-sale condominium inventory (7)	New York, NY	N/A	131,934		233,794		(98,509)		131,934		135,285		267,219		—		267,219		457,809		—			2019
2020 Disposed Communities		N/A	—		—		—		—		—		—		—		—		280,571		—
TOTAL		82,103	$	4,642,330	$	16,221,983	$	3,097,909	$	4,642,330	$	19,319,892	$	23,962,222	$	5,728,440	$	18,233,782	$	18,432,989	$	7,629,814	(8)

_________________________________

(1)     This community was under redevelopment for some or all of 2020, with the redevelopment effort primarily focused on the exterior and/or common area, or with the redevelopment effort focused on apartment homes that do not meet the definition of a Redevelopment Community. These redevelopment activities have no expected material impact on community operations, and therefore this community is included in the Established Community portfolio and not classified as a Redevelopment Community.

(2)     Some or all of the land for this community is subject to a finance land lease.

(3)    Some or all of the land for this community is subject to an operating land lease.

(4)     As of December 31, 2020, this community qualified as held for sale.

(5)    Current Communities excludes Unconsolidated Communities.

(6)    Development Communities excludes Avalon Alderwood Mall and AVA Arts District, which are being developed within unconsolidated joint ventures.

(7)    The Park Loggia is comprised of 172 for-sale residential condominiums, of which 70 have been sold as of December 31, 2020, and 66,000 square feet of commercial space. Real estate related to the sold condominiums is included in costs subsequent to acquisition/construction.

(8)    Balance outstanding represents total amount due at maturity, and excludes deferred financing costs and debt discount associated with the unsecured and secured notes of $47,995 and $17,482, respectively.

Amounts include real estate assets held for sale.

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

Building—30 years

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

The aggregate cost of total real estate for federal income tax purposes was approximately $22,969,235 at December 31, 2020.

The changes in total real estate assets for the years ended December 31, 2020, 2019 and 2018 are as follows:

	For the year ended
	12/31/2020		12/31/2019		12/31/2018
Balance, beginning of period	$	23,606,872	$	22,342,576	$	21,935,936
Acquisitions, construction costs and improvements	860,594		1,615,949		1,568,878
Dispositions, including casualty losses and impairment loss on planned dispositions	(505,244)		(351,653)		(1,162,238)
Balance, end of period	$	23,962,222	$	23,606,872	$	22,342,576

The changes in accumulated depreciation for the years ended December 31, 2020, 2019 and 2018, are as follows:

	For the year ended
	12/31/2020		12/31/2019		12/31/2018
Balance, beginning of period	$	5,173,883	$	4,611,646	$	4,218,379
Depreciation, including discontinued operations	707,331		661,578		631,196
Dispositions, including casualty losses	(152,774)		(99,341)		(237,929)
Balance, end of period	$	5,728,440	$	5,173,883	$	4,611,646