10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) 

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

Commission file number 1-12672

AVALONBAY COMMUNITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland	77-0404318
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

4040 Wilson Blvd., Suite 1000

Arlington, Virginia 22203

(Address of principal executive offices, including zip code)

(703) 329-6300

(Registrant’s telephone number, including area code) 

__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.01 per share		AVB	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  ý    No  o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes  o    No  ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes  ý    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ý    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes  ☐    No  ý

The aggregate market value of the registrant's Common Stock, par value $.01 per share, held by nonaffiliates of the registrant, as of June 30, 2021 was $29,036,990,171.

The number of shares of the registrant's Common Stock, par value $.01 per share, outstanding as of January 31, 2022 was 139,752,486.

Documents Incorporated by Reference

Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2022 annual meeting of stockholders, a definitive copy of which will be filed with the SEC within 120 days after the year end of the year covered by this Form 10-K, are incorporated by reference herein as portions of Part III of this Form 10-K.

TABLE OF CONTENTS

		PAGE
PART I
ITEM 1.	BUSINESS	1
ITEM 1A.	RISK FACTORS	9
ITEM 1B.	UNRESOLVED STAFF COMMENTS	19
ITEM 2.	PROPERTIES	20
ITEM 3.	LEGAL PROCEEDINGS	31
ITEM 4.	MINE SAFETY DISCLOSURES	31
PART II
ITEM 5.	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	32
ITEM 6.	[RESERVED]	32
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	53
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	53
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	54
ITEM 9A.	CONTROLS AND PROCEDURES	54
ITEM 9B.	OTHER INFORMATION	54
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	54
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	55
ITEM 11.	EXECUTIVE COMPENSATION	55
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	55
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	56
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	56
PART IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULE	57
ITEM 16.	FORM 10-K SUMMARY	57
SIGNATURES		61

PART I

This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results could differ materially from those set forth in each forward-looking statement. Certain factors that might cause such a difference are discussed in this report, including in the section entitled “Forward-Looking Statements” included in this Form 10-K. You should also review Item 1A. “Risk Factors” for a discussion of various risks that could adversely affect us.

ITEM 1.    BUSINESS

General

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. We develop, redevelop, acquire, own and operate multifamily apartment 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 our expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. We focus on leading metropolitan areas that we believe historically have been characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life. We believe these market characteristics have offered, and will continue in the future to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets that do not have these characteristics.

At January 31, 2022, we owned or held a direct or indirect ownership interest in:

•278 operating apartment communities containing 81,803 apartment homes in 12 states and the District of Columbia, of which 268 communities containing 79,213 apartment homes were consolidated for financial reporting purposes and 10 communities containing 2,590 apartment homes were held by unconsolidated entities in which we hold an ownership interest.

•17 wholly-owned apartment communities under development that are expected to contain an aggregate of 5,386 apartment homes when completed and two unconsolidated investments which each hold an apartment community under development and together are expected to contain an aggregate of 803 apartment homes when completed.

•The Park Loggia, which contains 172 for-sale residential condominiums, of which 132 have been sold as of January 31, 2022, and 66,000 square feet of commercial space, of which 87% has been leased as of January 31, 2022.

•Rights to develop an additional 27 communities that, if developed as expected, will contain 10,092 apartment homes.

We generally obtain ownership in an apartment community by developing a new community on either vacant land or land with improvements that we raze, or by acquiring an existing community. In selecting sites for development or acquisition, we favor locations that are near expanding employment centers and convenient to transportation, recreation areas, entertainment, shopping and dining.

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Our principal financial goal is to increase long-term shareholder value through the development, redevelopment, acquisition, ownership and, when appropriate, disposition of apartment communities in our markets. To help meet this goal, we regularly (i) monitor our investment allocation by geographic market and product type, (ii) develop, redevelop and acquire interests in apartment communities in our selected markets, (iii) selectively sell apartment communities that no longer meet our long-term strategy or when opportunities are presented to realize a portion of the value created through our investment and redeploy the proceeds from those sales and (iv) maintain a capital structure that we believe is aligned with our business risks and allows us to maintain continuous access to cost-effective capital. We undertake our development and redevelopment activities primarily through in-house development and redevelopment teams, which are complemented by our in-house acquisition platform. We believe that our organizational structure, which includes dedicated development and operational teams, and strong culture are key differentiators. We pursue our development, redevelopment, investment and operating activities with the purpose of Creating a Better Way to Live.

Our strategic vision is to be the leading apartment company in select US markets, providing a range of distinctive living experiences that customers value. We pursue this vision by targeting what we believe are among the best markets and submarkets, leveraging our strategic capabilities in market research and consumer insight and being disciplined in our capital allocation and balance sheet management. We operate our apartment communities under four core brands, Avalon, AVA, eaves by Avalon and our Kanso brand which we introduced in 2020. We believe that this branding differentiation allows us to target our product offerings to multiple customer groups and submarkets within our existing geographic footprint. Our core “Avalon” brand focuses on upscale apartment living and high end amenities and services. “AVA” targets customers in high energy, transit-served neighborhoods and generally feature smaller apartments, many of which are designed for roommate living, and a variety of active common spaces that encourage socialization. “eaves by Avalon” is targeted to the cost conscious, “value” segment primarily in suburban areas. In 2020, we introduced our "Kanso" brand through one of our current Development Communities. The Kanso brand is designed to create an apartment living experience that offers simplicity without sacrifice at a more moderate price point, featuring high-quality apartment homes, limited-to-no community amenities and a low-touch, largely self-service operating model that leverages technology and smart access. We believe that these brands allow us to further penetrate our existing markets by appealing to different consumer preferences.

During the three years ended December 31, 2021, we:

•acquired 12 apartment communities, excluding unconsolidated investments, and in 2019 we purchased our joint venture partner's interest in one operating community, obtaining a 100% ownership in that apartment community;

•disposed of 24 apartment communities, excluding unconsolidated investments;

•realized our pro rata share of the gain from the sale of four communities owned by unconsolidated real estate entities; and

•completed the development of 24 apartment communities and the redevelopment of nine apartment communities.

A more detailed description of our unconsolidated real estate entities and the related investment activity can be found in Note 5, “Investments,” of the Consolidated Financial Statements in Item 8 of this report and in Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

A further discussion of our development, redevelopment, disposition, acquisition, property management and related strategies follows.

Development Strategy.    We select land for development and follow established procedures that we believe minimize both the cost and the risks of development. As one of the largest developers of multifamily rental apartment communities in our selected markets, we maintain regional offices to identify and support development opportunities through local market presence and access to local market information. In addition to our principal executive office in Arlington, Virginia, we also have regional offices, administrative offices or specialty offices, including offices that are in or near the following cities:

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•Bellevue, Washington;

•Boca Raton and Miami, Florida;

•Boston, Massachusetts;

•Chapel Hill, North Carolina;

•Denver, Colorado;

•Irvine, California;

•Los Angeles, California;

•Melville, New York;

•New York, New York;

•San Francisco, California;

•San Jose, California;

•Shelton Connecticut;

•Virginia Beach, Virginia; and

•Westfield, New Jersey.

After selecting a site for development, we usually negotiate for the right to acquire the site either through an option or a long-term conditional contract. Options and long-term conditional contracts generally allow us to acquire an interest in the site after the completion of entitlements and shortly before the start of construction, which reduces development-related risks and preserves capital. However, as a result of competitive market conditions for land suitable for development, we have sometimes acquired and held land prior to construction for extended periods while entitlements are obtained, or acquired land zoned for uses other than residential with the potential for rezoning. When acquiring improved land with existing commercial uses prior to development, any rent received in excess of expenses from these operations, which we consider to be incidental, is accounted for as a reduction in our investment in the development pursuit and not as net income. Any expenses relating to these operations, in excess of any rents received, are recognized in net income. We have also participated, and may in the future participate, in master planned or other large multi-use developments where we commit to build infrastructure (such as roads) to be used by other participants or commit to act as construction manager or general contractor in building structures or spaces for third parties (such as unimproved ground floor commercial space, municipal garages or parks). Costs we incur in connection with these activities may be accounted for as additional invested capital in the community or we may earn fee income for providing these services. Particularly with large scale, urban in-fill developments, we may engage in significant environmental remediation efforts to prepare a site for construction. For further discussion of our Development Rights, refer to Item 2. “Properties” in this report.

We generally act as our own general contractor and construction manager, except for certain mid-rise and high-rise apartment communities, or in locations where we have limited historical experience such as our expansion markets where we may elect to use third-party general contractors as construction managers. We generally perform these functions directly (although we may use a wholly-owned subsidiary) both for ourselves and for the joint ventures and partnerships of which we are a member or a partner. We believe direct involvement in construction enables us to achieve higher construction quality, greater control over construction schedules and cost savings. Our development, property management and construction teams monitor construction progress to ensure quality workmanship and a smooth and timely transition into the leasing and operating phase.

Throughout this report, the term “development” is used to refer to the entire property development cycle, including pursuit of zoning approvals, procurement of architectural and engineering designs and the construction process. References to “construction” refer to the actual construction of the property, which is only one element of the development cycle.

Redevelopment Strategy.    When we undertake the redevelopment of a community, our goal is to renovate and/or rebuild an existing community so that our total investment is generally below replacement cost and the community is well positioned in the market to achieve attractive returns on our capital. We have dedicated redevelopment teams and procedures that are intended to control both the cost and risks of redevelopment. Our redevelopment teams, which include redevelopment, construction and property management personnel, monitor redevelopment progress.

Throughout this report, the term “redevelopment” is used to refer to the entire redevelopment cycle, including planning and procurement of architectural and engineering designs, budgeting and actual renovation work. The actual renovation work is referred to as “reconstruction,” which is only one element of the redevelopment cycle.

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Disposition Strategy.    We sell assets that no longer meet our long-term strategy or when real estate market conditions are favorable, and we redeploy the proceeds from those sales to develop, redevelop and acquire communities and to rebalance our portfolio across or within geographic regions. This also allows us to realize a portion of the value created through our investments and provides additional liquidity by redeploying the net proceeds from our dispositions in lieu of raising that amount of capital externally. When we decide to sell a community, we generally solicit competing bids from unrelated parties for these individual assets and consider the sales price and other terms of each proposal.

As part of the Archstone Acquisition in 2013 (as defined in Item 1. “Business” in the Company's Form 10-K filed February 22, 2019), we acquired, and still own, 14 assets that had previously been contributed by third parties on a tax-deferred basis to an Archstone partnership in which the third parties received ownership interests. To protect the tax-deferred nature of the contribution, the third parties are entitled to cash payments if we trigger tax obligations to the third parties by selling, or failing to maintain sufficient levels of secured financing on, the contributed assets. Our tax protection payment obligations with respect to these assets expire at different times and in some cases don’t expire until the death of a third party who contributed ownership interests to the Archstone partnership. After review and investigation of Archstone’s tax and accounting records, we estimate that, had we sold or taken other triggering actions in 2021 with respect to all 14 assets, the aggregate amount of the tax protection payments that would have been triggered would have been approximately $45,100,000. At the present time, we do not intend to take actions that would cause us to be required to make tax protection payments with respect to any of these assets.

Acquisition Strategy.    Our core competencies in development and redevelopment discussed above allow us to be selective in the acquisitions we target. Acquisitions allow us to achieve rapid penetration into markets in which we desire an increased presence. Acquisitions (and dispositions) also help us achieve our desired product mix or rebalance our portfolio. While we are primarily focused on acquisitions in our expansion markets of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado, we may pursue additional investments in our legacy coastal markets based on market conditions.

Property Management Strategy.    We seek to increase operating income through innovative, proactive property management that will result in higher revenue from communities while constraining operating expenses. Our principal strategies to maximize operating income include:

•focusing on associate engagement and resident satisfaction;

•staggering lease terms such that lease expirations are matched with seasonal demand;

•delivering high occupancy with premium pricing for various customer segments; and

•making innovations in our operating model through (i) leveraging technology, including digital, cloud and various automation technologies and (ii) data science to optimize revenue from the portfolio, while reducing customer acquisition, transaction and retention costs.

Constraining growth in operating expenses is another way in which we seek to increase earnings growth. Growth in our portfolio and the resulting increase in revenue allows for fixed operating costs to be spread over a larger volume of revenue, thereby increasing operating margins. We constrain growth in operating expenses in a variety of ways, which include, but are not limited to, the following:

•purchase order controls, acquiring goods and services from pre-approved vendors;

•national negotiated contracts and bulk purchases where possible;

•bidding third-party contracts on a volume basis;

•retaining residents through high levels of service, which reduces apartment turnover costs, marketing and vacant apartment utility costs;

•performing turnover work in-house or hiring third parties, generally considering the most cost effective approach as well as expertise needed to perform the work;

•regular preventive maintenance to maximize resident safety and satisfaction and property and equipment life;

•centralization of many community administration and support tasks at our shared service center;

•pursuing real estate tax appeals;

•installing high efficiency lighting and water fixtures, cogeneration systems and solar panels; and

•implementing technology for resident and prospect services such as package lockers and self guided or virtual tours.

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On-site property management teams receive bonuses based largely upon the revenue, expense, Net Operating Income (“NOI”) and customer service metrics produced at their respective communities. We use and continuously seek ways to improve technology applications to help manage our communities, believing that the accurate collection of financial and resident data will enable us to maximize revenue and control costs through careful leasing decisions, maintenance decisions and financial management.

We generally manage the operation and leasing activity of our communities directly (although we may use a wholly-owned subsidiary) both for ourselves and the joint ventures and partnerships of which we are a member or a partner. From time to time we may engage a third party to manage leasing and/or maintenance activity at one or more of our communities where we have limited historical experience such as our expansion markets or for other reasons.

From time to time we also pursue or arrange ancillary services for our residents to provide additional revenue sources or increase resident satisfaction. We provide such non-customary services to residents or share in the revenue or income from such services through a “taxable REIT subsidiary,” which is a subsidiary that is treated as a “C corporation” subject to federal income taxes. See “Tax Matters” below.

Financing Strategy.    Our financing strategy is to maintain a capital structure that provides financial flexibility to help ensure we can select cost effective capital market options that are well matched to our business risks. We estimate that our short-term liquidity needs will be met from cash on hand, borrowings under our $1,750,000,000 revolving variable rate unsecured credit facility (the “Credit Facility”), sales of current operating communities and/or issuance of additional debt or equity securities. A determination to engage in an equity or debt offering depends on a variety of factors such as general market and economic conditions, our short and long-term liquidity needs, the relative costs of debt and equity capital and growth opportunities. A summary of debt and equity activity for the last three years is reflected on our Consolidated Statement of Cash Flows of the Consolidated Financial Statements set forth in Item 8 of this report.

We have entered into, and may continue in the future to enter into, joint ventures (including limited liability companies or partnerships) through which we would develop and/or own an indirect economic interest of less than 100% of the community or communities owned directly by such joint ventures. Our decision to either hold an apartment community in fee simple or to have an indirect interest in the community through a joint venture is based on a variety of factors and considerations, including: (i) the economic and tax terms required by a seller of land or of a community; (ii) our desire to diversify our portfolio of communities by market, submarket and product type; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture vehicle is used. Investments in joint ventures are not limited to a specified percentage of our assets. Each joint venture agreement is individually negotiated, and our ability to operate and/or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the joint venture agreement.

In addition, from time to time, we may offer shares of our equity securities, debt securities or options to purchase stock in exchange for property. We may also acquire properties in exchange for properties we currently own.

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Other Strategies and Activities.    While we emphasize equity real estate investments in rental apartment communities, we have the ability to invest in other activities and to make non-equity investments, including the following:

•Commercial space: we own and lease commercial space at our communities when either (i) the highest and best use of the space is for commercial (e.g., street level in an urban area); (ii) we believe the commercial space will enhance the attractiveness of the community to residents or; (iii) some component of commercial space is required to obtain entitlements to build apartment homes. As of December 31, 2021, we had a total of approximately 867,000 square feet of rentable commercial space, excluding commercial space within communities currently under development. Gross rental revenue provided by leased commercial space in 2021 was $31,885,000 (1.4% of total revenue).

•For-sale real estate development: we may also develop a property in conjunction with another real estate company that will own and operate the commercial or for-sale residential components of a mixed-use building or project that we help develop. We may from time to time, through a taxable REIT subsidiary ("TRS"), develop real estate and hold it out for sale upon completion if we believe, at the outset or due to changed circumstances, that this will be the best use or disposition opportunity for the property, as is the case with our sale of apartment condominium units at The Park Loggia condominium development in New York, NY.

•Property technology and environmental investments: we have also invested, either through a wholly-owned TRS, or in an investment vehicle that has elected to be treated as a TRS, in companies (and in venture funds that invest in companies) that provide technology services to the real estate industry, and we have invested, through a TRS, in environmentally focused investment funds to further our sustainability efforts and learning. As of December 31, 2021, we invested $17,277,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds.

•Debt financing: while we generally invest in equity through fee simple ownership or an equity investment in a joint venture, we may invest in mortgages (including participating or convertible mortgages) secured by real estate owned or being developed by an unaffiliated third party, and we may act as a direct, unsecured lender to an unaffiliated third party that owns or is developing real estate. At December 31, 2021, we had no such investments but were pursuing opportunities to make such investments.

We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and do not intend to do so. At all times we intend to make investments in a manner so as to qualify as a REIT unless, because of circumstances or changes to the Internal Revenue Code of 1986, as amended (the “Code”) (or the Treasury Regulations thereunder), our Board of Directors determines that it is no longer in our best interest to qualify as a REIT.

We conduct many of the administrative functions associated with our property operations (including billing, collections, and response to resident inquiries) through an internally operated shared services center, rather than having on-site associates conduct such activities. We believe this centralized platform allows our on-site associates to focus more on current and prospective resident services, while at the same time enabling us to reduce costs, mitigate risk and increase our availability and responsiveness to our residents. We are exploring the possibility of performing these shared service center administrative functions for a third party as a means of creating an additional revenue stream and economies of scale at our center. We cannot assure that we will provide such services to a third party or that it will be successful if we do so. 

Tax Matters

We filed an election with our 1994 federal income tax return to be taxed as a REIT under the Code and intend to maintain our qualification as a REIT in the future. As a REIT, with limited exceptions, such as those described under “Property Management Strategy” above, we will not be taxed under federal and certain state income tax laws at the corporate level on our taxable net income to the extent such taxable net income is distributed to our stockholders. We expect to make sufficient distributions to avoid income tax at the corporate level. While we believe that we are organized and qualified as a REIT and we intend to operate in a manner that will allow us to continue to qualify as a REIT, there can be no assurance that we will be successful in this regard. Qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within our control.

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Competition

We face competition from other real estate investors, including insurance companies, pension and investment funds, REITs both in the multifamily as well as other sectors, and other well capitalized investors, to acquire and develop apartment communities and acquire land for future development. As an owner and operator of apartment communities, we also face competition for prospective residents from other operators whose communities may be perceived to offer a better location or better amenities or whose pricing may be perceived as a better value given the quality, location, terms and amenities that the prospective resident seeks. We also compete against condominiums and single-family homes that are for sale or rent, including those offered through online platforms. Although we often compete against large, sophisticated developers and operators for development opportunities and for prospective residents, real estate developers and operators of any size can provide effective competition for both real estate assets and potential residents.

Regulatory Matters

Compliance with various governmental regulations has an impact on our business, including our capital expenditures, earnings and competitive position, which can be material. We incur costs to monitor and take actions to comply with governmental regulations that are applicable to our business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property, the Americans with Disabilities Act of 1990 and related laws and regulations.

Environmental Regulations. As a current or prior owner, operator and developer of real estate, we are subject to various federal, state and local environmental laws, regulations and ordinances and also could be liable to third parties resulting from environmental contamination or noncompliance at our communities. For some Development Communities, we undertake extensive environmental remediation to prepare the site for construction, which could be a significant portion of our total construction cost. Environmental remediation efforts could expose us to possible liabilities for accidents or improper handling of contaminated materials during construction.

We believe that more government regulation of energy use, along with a greater focus on environmental protection, may, over time, have a significant impact on urban growth patterns. If changes in zoning to encourage greater density and proximity to mass transit do occur, such changes could benefit multifamily housing and those companies with a competency in high-density development. However, there can be no assurance as to whether or when such changes in regulations or zoning will occur or, if they do occur, whether the multifamily industry or the Company will benefit from such changes.

Regulations Relating to the Construction, Operation and Leasing of Our Communities. The construction, operation and leasing of our communities is subject to federal, state and local laws and regulations, include zoning laws, building codes, requirements that our communities be accessible to persons with disabilities, fair housing laws, and, depending on the jurisdiction, regulations regarding the charging of rents and fees and increases in such amounts upon renewal of leases. Some laws relating to the setting of rents apply broadly, such as in California, where residential rent increases at renewal in communities older than fifteen years are limited to the lesser of 10% or 5% plus local consumer price index (CPI), and in New York, where laws regulate increases on those units that are subject to rent-control or rent-stabilization. In California, the Governor and local governments have the ability to enact (and have in recent years exercised such right, for example, in connection with wildfires) local or statewide states of emergency which limit our ability to increase new and renewal rents to no more than 10% over the rent in place on the date such state of emergency was declared, which has impacted some of our California communities. In addition, various temporary federal, state and local laws enacted during the COVID-19 pandemic have imposed additional regulations of or limitations on our ability to evict tenants who are delinquent in payment of their rent, charge late fees, or raise rents more than a regulated amount upon renewal.

See Part I, Item 1A. “Risk Factors” for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations, and see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” together with the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this report, for a discussion of material information relevant to an assessment of our financial condition and results of operations.

Human Capital

Attracting, motivating, developing, and retaining talented associates who share our purpose, core values and cultural norms is important to our long-term success. We train our associates to understand our purpose (Creating a Better Way to Live), our core

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values (a commitment to integrity, a spirit of caring and a focus on continuous improvement) and our cultural norms (we collaborate, excel, innovate, act like owners, are thoughtful and thorough, and show appreciation).

At January 31, 2022, we had 2,927 employees, of which approximately 97% were employed on a full-time basis. Approximately 70% of our associates work on-site at our operating communities and the balance work on other matters. None of our associates are represented by a union except for approximately 20 maintenance associates at communities in Westchester County, New York, where we are in the process of negotiating a collective bargaining agreement.

We consider the following aspects of human capital management to be important:

Diversity and Inclusion. We value workforce diversity and an inclusive culture. We believe that a diverse workplace will produce a variety of perspectives, motivate associates and help us understand and better serve our customers and the communities in which we do business. At January 31, 2022, 38% of our associates self-identified as White, 30% as Hispanic, 14% as Black, 6% as Asian, and 12% as other ethnicities, two or more ethnicities or did not respond. At January 31, 2022, 61% of our associates self-identified as male and 39% as female. We are committed to promoting and achieving greater workplace diversity and have undertaken active steps to further this goal.

Associate Engagement. We monitor the engagement of our associates, receive feedback from our associates, and benchmark our performance by having a third party firm conduct anonymous associate perspective surveys each year. The results are discussed and presented both on a company-wide basis and within each functional group.

Safety. We take workplace safety seriously at our construction sites, our operating communities and our offices. Through our Construction Site Safety Observation program and our dedicated safety team, we monitor project-level safety performance metrics at our construction sites, and elements of compensation for our construction group and our CEO are based on safety compliance performance. Our maintenance associates are required to take monthly safety training on a variety of subjects, and our risk management group monitors incident reports from our offices and communities. The COVID-19 pandemic has presented unique health and safety challenges, and we have taken a number of actions in response to promote the well-being of our associates, including permitting remote work and flexible schedules where feasible, providing extended Company paid leave for associates who needed to miss work for COVID-19 related reasons, establishing office and community protocols for associate safety, conducting training and refresher courses on COVID-19 prevention and communicating regularly with associates on COVID-19 topics.

Training. We help our associates develop the skills they need to advance in their careers and succeed at AvalonBay. We train our associates in a variety of ways, including through our learning management system, AvalonBay University, which offers approximately 900 courses providing technical, management, ethics, compliance and cyber-awareness training.

Other Information

We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may obtain copies of our SEC filings, free of charge, from the SEC's website at www.sec.gov.

We maintain a website at www.avalonbay.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to the Securities Exchange Act of 1934 are available free of charge in the “Investor Relations” section of our website as soon as reasonably practicable after the reports are filed with or furnished to the SEC. In addition, the charters of our Board's Nominating and Corporate Governance Committee, Audit Committee and Compensation Committee, as well as our Director Independence Standards, Corporate Governance Guidelines, Code of Business Conduct and Ethics, Policy Regarding Shareholder Rights Agreements, Policy Regarding Shareholder Approval of Future Severance Agreements, Senior Officer Stock Ownership Guidelines, Policy on Political Contributions and Government Relations, Policy on Recoupment, and Corporate Responsibility Reports, are available free of charge in that section of our website or by writing to AvalonBay Communities, Inc., 4040 Wilson Blvd., Suite 1000, Arlington, Virginia 22203, Attention: Chief Financial Officer. To the extent required by the rules of the SEC and the NYSE, we will disclose amendments and waivers relating to these documents in the same place on our website. The information posted on our website is not incorporated into this Annual Report on Form 10-K.

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ITEM 1A.    RISK FACTORS

Our operations involve various risks that could have adverse consequences, including those described below. This Item 1A. includes forward-looking statements. You should refer to our discussion of the qualifications and limitations on forward-looking statements in this Form 10-K.

Risks related to the COVID-19 pandemic’s impact on multifamily rental housing

The national and global impacts of the COVID-19 pandemic (including the impact of new strains of the original virus) continue to evolve. Regulatory measures have at times included varying requirements for social distancing, limitations on landlords' rights with respect to delinquent tenants, and restrictions on travel, congregation and business operations. Business and consumer preferences for work and living arrangements during the pandemic continue to evolve as well. The long-term impact of COVID-19 on the economy remains uncertain. The COVID-19 pandemic continues to present material uncertainty and risk with respect to our performance, financial condition, results of operations and cash flows. Moreover, many of the risk factors set forth in this Form 10-K should be interpreted as heightened risks as a result of the impact of the COVID-19 pandemic. In addition, if in the future there is an outbreak of another highly infectious or contagious disease, the Company and our properties may be subject to similar risks as the risks posed by COVID-19.

Regulatory, business and consumer responses to the COVID-19 pandemic impact our operations.

Operating impacts from the COVID-19 pandemic include the following:

•Numerous state, local, and federal entities imposed restrictions, for varying times and to varying degrees, on our ability to enforce residents’ contractual lease obligations, and this will continue to affect our ability (until a restriction is lifted or expires) to enforce all our remedies (such as pursuing collections and seeking evictions) for the failure to pay rent.

•Consumers whose income has declined, who are working remotely or who cannot freely access neighborhood amenities like restaurants, gyms and entertainment venues, may decide to live in a location other than our markets. For as long as interest rates remain low and health concerns remain, consumers who would otherwise rent a multifamily apartment may opt instead to rent a single family home or purchase a home. Demand from students and demand for corporate apartment homes have been and may continue to be negatively impacted by trends in remote learning and work, and the adoption of new online technologies.

•Various state, local and federal rules required us, in some jurisdictions or for some properties, to waive late fees and certain other customary fees associated with our apartment rental business, and may do so in the future. We have elected at times also to waive these fees even where or when not required, and may do so in the future. These requirements or practices have resulted, and to the extent implemented or continued may in the future result, in foregone revenue.

•Our properties may also incur significant costs or losses related to shelter-in-place or stay-at-home orders, quarantines, infection, clean-up costs or other related factors.

•Social distancing and other measures have caused us from time to time to revise the manner in which we meet with prospective residents and serve current residents. For example, prospective residents visiting apartments may do so virtually or on a self-tour rather than being accompanied by a leasing consultant. In addition, in many communities, access to various common areas may be limited. These factors may affect resident satisfaction and leasing velocity.

•There are growing concerns related to the general economy about (i) supply chain constraints caused by business challenges resulting from the pandemic and (ii) inflation caused by both supply chain constraints and governmental fiscal and monetary policies. Supply chain constraints could cause delays in our construction and redevelopment activity, and inflation could cause our construction and operating costs to increase. In the event that our rents and rental revenue do not increase sufficiently to offset increases in construction and operating costs, our operating results would be negatively impacted.

In addition to renting apartment homes directly to residents, we also lease ancillary commercial space at our communities and lease apartment homes to corporate apartment home providers. In 2021, 1.4% of our total revenue was from commercial tenants and 2.1% of our total residential revenue was from corporate apartment home providers. To the extent that the pandemic or any associated government restrictions have adverse impacts on the businesses of our commercial tenants, or demand from corporate apartment home providers, we may experience elevated delinquencies for these tenants. There may also be a greater risk of bankruptcy and default from commercial and corporate apartment home providers.

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Emergency orders shutting down non-essential businesses, limiting congregations of people, and requiring social distancing have at times disrupted, and may in the future disrupt, our development and construction activity. To the extent we experience delays in construction, our construction costs may increase and we may not achieve, on the schedule we originally planned, the cash flows that we expect when we begin leasing a completed property. We may also delay the start of construction of additional development communities which, if constructed and leased as originally planned, would have been a source of future additional cash flow.

The same factors as described immediately above may also impact our workforce. Many associates, particularly in overhead positions, are working remotely. This disruption in the normal operations of our workforce, as well as the possibility of illness among our associates or a substantial portion of our workforce, could also adversely affect our operations.

Risks related to investments through acquisitions, construction, development, and joint ventures

Development, redevelopment and construction risks could affect our profitability.

We intend to continue to develop and redevelop apartment home communities. These activities can include long planning and entitlement timelines and can involve complex and costly activities, including significant environmental remediation or construction work in high-density urban areas. These activities may expose us to the following risks, among others:

•we may abandon opportunities that we have already begun to explore for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover expenses already incurred in exploring those opportunities;

•occupancy rates and rents at a community may fail to meet our original expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development by competitors of competing communities;

•we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy or other required governmental or third party permits and authorizations, which could result in increased costs, or the delay or abandonment of opportunities;

•we may incur costs that exceed our original estimates due to increased material, labor or other costs;

•we may be unable to complete construction of a community on schedule or for the originally projected cost resulting in increased construction and financing costs;

•we may incur liabilities to third parties during the development process, for example, in connection with managing existing improvements on the site prior to tenant terminations and demolition (such as commercial space) or in connection with providing services to third parties (such as the construction of shared infrastructure or other improvements); and

•we may incur liability if our communities are not constructed in compliance with the accessibility provisions of the Americans with Disabilities Acts, the Fair Housing Act or other federal, state or local requirements. Noncompliance could result in imposition of fines, an award of damages to private litigants and a requirement that we undertake structural modifications to remedy the noncompliance.

Refer to our “Risks related to liquidity and financing” section below for additional construction and development risks related to financing.

Attractive investment opportunities may not be available, which could adversely affect our profitability.

We expect that other real estate investors, including insurance companies, pension and investment funds, other REITs and other well-capitalized investors, will compete with us to acquire existing properties and to develop new properties. This competition could increase prices for properties of the type we would likely pursue and adversely affect our profitability for new investments.

Acquisitions may not yield anticipated results.

Our business strategy includes acquiring as well as developing communities. Our acquisition activities may be exposed to the following risks:

•an acquired property may fail to perform as we expected in analyzing our investment; and

•our estimate of the costs of operating, repositioning or redeveloping an acquired property may prove inaccurate.

Failure to succeed in new markets, or with new brands and community formats, or in activities other than the development, ownership and operation of residential rental communities may have adverse consequences.

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We may from time to time commence development activity or make acquisitions outside of our existing market areas if appropriate opportunities arise. Our historical experience in our existing markets in developing, owning and operating rental communities does not ensure that we will be able to operate successfully in new markets. We may be exposed to a variety of risks when we enter a new market, including an inability to accurately evaluate local apartment market conditions and an inability to obtain land for development or to identify appropriate acquisition opportunities.

We also may engage or have an interest in for-sale activity, such as the sale of the residential condominiums at The Park Loggia, a mixed-use development located in New York, New York. We may be unsuccessful at developing real estate with the intent to sell or in selling condominiums at originally underwritten values, or at all, as a disposition strategy for an asset, which could have an adverse effect on our results of operations.

We are exposed to risks associated with investment in, and management of, discretionary real estate investment funds and joint ventures and technology and environmentally focused companies.

At times we invest directly and indirectly in real estate as a partner or a co-venturer with other investors or in technology and environmentally focused companies. Joint venture investments (including investments through partnerships or limited liability companies) involve risks, including the possibility that our partner might become insolvent or otherwise refuse to make capital contributions when due; that we may be responsible to our partner for indemnifiable losses or the debt and obligations of an investment; that our investments may lose all or some of their value; that our partner might have business goals that are inconsistent with ours which may result in the venture or investment being unable to implement certain decisions that we consider beneficial; that our partner may be in a position to take action or withhold consent contrary to our instructions or requests; that, in cases where we are the general partner or managing member, our partners holding a majority of the equity interests may remove us from such role in certain cases involving cause; and that we may be liable and/or our status as a REIT may be jeopardized if either the investments, or the REIT entities associated with the investments, fail to comply with various tax or other regulatory matters. Frequently, we and our partner may each have the right to trigger a buy-sell or similar arrangement that could cause us to sell our interest, acquire our partner's interest or force a sale of the asset, at a time when we otherwise would not have initiated such a transaction and on terms that are not most advantageous to us.

Our investments in technology companies, or in funds that invest in technology companies, are generally held through taxable REIT subsidiaries pursuant to which we will incur taxable gains upon the disposition of our interests. In addition, the value of these investments may be volatile and declines in value may impact our reported income even if we do not sell the investment.

We are exposed to risks associated with real estate assets that are subject to ground leases that may restrict our ability to finance, sell or otherwise transfer our interests in those assets, limit our use and expose us to loss if such agreements are breached by us or terminated.

We own assets that are subject to long-term ground leases. These ground leases may impose limitations on our use of the properties, restrict our ability to finance, sell or otherwise transfer our interests or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties’ value or negatively impact our ability to operate the properties. In addition, we could lose our interests in the properties if the ground leases are breached by us, terminated or lapse. As we get closer to the lease termination dates, the values of the properties could decrease if we are unable to agree upon an extension of the lease with the lessor. Certain of these ground leases have payments subject to annual escalations and/or periodic fair market value adjustments which could adversely affect our financial condition or results of operations.

Land we hold with no current intent to develop may be subject to future impairment charges.

We own land parcels that we do not currently intend to develop. As discussed in Item 2. “Properties—Other Land and Real Estate Assets,” in the event that the fair market value less the cost to dispose of a parcel changes such that it is less than the carrying basis of the parcel, we would be subject to an impairment charge, which would reduce our net income.

Risks related to liquidity and financing

Capital and credit market conditions may adversely affect our access to various sources of capital and/or the cost of capital, which could impact our business activities, dividends, earnings and common stock price, among other things.

In periods when the capital and credit markets experience significant volatility, the amounts, sources and cost of capital available to us may be adversely affected. We primarily use external financing to fund construction and to refinance indebtedness as it matures. If sufficient sources of external financing are not available to us on cost effective terms, we could be forced to limit our development and redevelopment activity and/or take other actions to fund our business activities and

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repayment of debt, such as selling assets, reducing our cash dividend or issuing equity. If we are able and/or choose to access capital at a higher cost than we have experienced in recent years, our earnings per share and cash flows could be adversely affected. In addition, the price of our common stock may fluctuate significantly and/or decline in a high interest rate environment or a volatile economic environment, or if we dilute the interest of stockholders by issuing additional equity. We believe that the lenders under our Credit Facility will fulfill their lending obligations thereunder, but if economic conditions deteriorate, the ability of those lenders to fulfill their obligations may be adversely impacted.

Insufficient cash flow could affect our debt financing and create refinancing risk.

We are subject to the risks associated with debt financing, including the risk that our available cash will be insufficient to meet required payments of principal and interest on our debt. For us to continue to qualify as a REIT, we are required to annually distribute dividends generally equal to at least 90% of our REIT taxable income, which limits the amount of our cash flow available to meet required principal and interest payments. The principal outstanding balance on a portion of our debt will not be fully amortized prior to its maturity. We cannot assure you that we will have sufficient cash flows available to make all required principal payments. Therefore, we expect that we will generally need to refinance at least a portion of our outstanding debt as it matures. There is a risk that we may not be able to refinance existing debt or that a refinancing will not be done on as favorable terms; either of these outcomes could have a material adverse effect on our financial condition and results of operations.

Rising interest rates could increase interest costs and could affect the market price of our common stock, and efforts to hedge such risk could be ineffective and cause us to incur additional costs.

If interest rates increase, our interest costs on variable rate debt will rise unless we have hedged the risk of rising interest rates. In addition, an increase in market interest rates may lead purchasers of our common stock to demand a greater annual dividend yield, which could adversely affect the market price of our common stock.

From time to time we use interest rate derivatives to hedge and manage our exposure to certain interest rate risks. For example, when we anticipate issuing debt securities, we may seek to limit our exposure to fluctuations in interest rates prior to debt issuance by entering into interest rate hedging contracts. Although these agreements may partially protect against rising interest rates, they also may reduce the benefits to the Company if interest rates decline. The settlement or termination of interest rate hedging contracts may involve material charges to our earnings including net costs, such as transaction fees, settlement costs and/or breakage costs. In addition, our use of interest rate hedging arrangements may expose us to additional risks, including a risk that a counterparty to a hedging arrangement may fail to honor its obligations. Developing and implementing an interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations and there can be no assurance that our hedging activities will be effective.

Bond financing and zoning and other compliance requirements could limit our income, restrict the use of communities and cause favorable financing to become unavailable.

We have financed some of our apartment communities with obligations issued by local government agencies because the interest paid to the holders of this debt is generally exempt from federal income taxes, which typically provides a more favorable interest rate for us. These obligations are commonly referred to as “tax-exempt bonds” and generally must be secured by mortgages on our communities. As a condition to obtaining tax-exempt financing, or as a condition to obtaining favorable zoning or an agreement relating to property taxes in some jurisdictions, we will commit to make some of the apartments in a community available to households whose income does not exceed certain thresholds (e.g., 50% or 80% of area median income), or who meet other qualifying tests. As of December 31, 2021, 4.9% of our apartment homes at current operating communities were under income limitations such as these. These commitments, which may or may not expire, may limit our ability to raise rents and, as a consequence, adversely affect the value of the communities subject to these restrictions. If we fail to observe these commitments, we could lose benefits (such as reduced property taxes) or face liabilities including liability for the benefits we received under tax exempt bonds, tax credits or agreements related to property taxes.

Some of our tax-exempt bond financing documents require us to obtain a guarantee from a financial institution of payment of the principal and interest on the bonds. The guarantee may take the form of a letter of credit, surety bond, guarantee agreement or other additional collateral. If the financial institution defaults in its guarantee obligations, or if we are unable to renew the applicable guarantee or otherwise post satisfactory collateral, a default will occur and the community could be foreclosed upon if we do not redeem the tax exempt bonds.

Risks related to indebtedness.

We have a Credit Facility with a syndicate of commercial banks. Our organizational documents do not limit the amount or percentage of indebtedness that may be incurred. Accordingly, subject to compliance with outstanding debt covenants, we

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could incur more debt, resulting in an increased risk of default on our obligations and an increase in debt service requirements that could adversely affect our financial condition and results of operations.

The mortgages on properties that are subject to secured debt, our Credit Facility and the indentures under which a substantial portion of our debt was issued contain customary restrictions, requirements and other limitations, as well as certain financial and operating covenants including maintenance of certain financial ratios. Maintaining compliance with these restrictions could limit our flexibility. A default in these requirements, if uncured, could result in a requirement that we repay indebtedness, which could materially adversely affect our liquidity and increase our financing costs. Refer to Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” for further discussion.

A substantial portion of our debt is subject to prepayment penalties or premiums that we will be obligated to pay in the event that we elect to prepay the debt prior to the earlier of (i) its stated maturity or (ii) another stated date. If we elect to prepay a significant amount of outstanding debt, our prepayment penalties or payments under these provisions could materially adversely affect our results of operations.

The phase-out of LIBOR and transition to SOFR as a benchmark interest rate will have uncertain and possibly adverse effects.

In 2018, the Alternative Reference Rate Committee (the "AARC") recommended the Secured Overnight Financing Rate (“SOFR”) as the alternative to LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities, published by the Federal Reserve Bank of New York. While we expect LIBOR to be available in substantially its current form until at least the end of June 30, 2023, it is possible that LIBOR will become unavailable prior to that point. Due to the broad use of LIBOR as a reference rate, the impact of this transition on the interest rates charged to the Company could possibly adversely affect our financing costs, including spread pricing on our Credit Facility and variable rate unsecured term loans (the "Term Loans") and certain other floating rate debt obligations, as well as our operations and cash flows. Additionally, although SOFR is the AARC's recommended replacement rate, it is also possible that lenders may instead choose alternative replacement rates that may differ from LIBOR in ways similar to SOFR or in ways that would result in higher interest costs for us. It is not yet possible to predict the magnitude of LIBOR's end on our borrowing costs given the remaining uncertainty about which rate(s) will replace LIBOR.

Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity and access to capital markets.

There are two major debt rating agencies that routinely evaluate and rate our debt. Their ratings are based on a number of factors, which include their assessment of our financial strength, liquidity, capital structure, asset quality, amount of real estate under development, and sustainability of cash flow and earnings, among other factors. If market conditions change, we may not be able to maintain our current credit ratings, which could adversely affect our cost of funds and related margins, liquidity and access to capital markets.

The form, timing and/or amount of dividend distributions in future periods may vary and be impacted by our revenue generation, other liquidity needs and economic and other considerations.

The form, timing and/or amount of dividend distributions will be declared at the discretion of the Board of Directors and will depend on our rental revenue, actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Directors may consider relevant. The Board of Directors may modify our dividend policy from time to time.

We may experience barriers to selling apartment communities that could limit financial flexibility.

Potential difficulties in promptly selling real estate at prices we find acceptable may limit our ability to quickly change or reduce the apartment communities in our portfolio in response to changes in economic, regulatory, or other conditions. Federal tax laws may also limit our ability to sell properties when desired. See “Risks related to our REIT or tax status” section for more information on federal tax law risks.

Risks related to ongoing operations of our communities

Rent control and other changes in applicable laws, or noncompliance with applicable laws, could adversely affect our operations or expose us to liability.

We must develop, construct and operate our communities in compliance with federal, state and local laws and regulations, some of which may conflict with one another or be subject to limited judicial or regulatory interpretations. These laws and regulations

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may include zoning laws, building codes, landlord/tenant laws and other laws generally applicable to business operations. Noncompliance with laws could expose us to liability. Lower revenue growth or significant unanticipated expenditures may result from our need to comply with changes in (i) laws imposing remediation requirements or other conditions, (ii) rent control or rent stabilization laws or other residential landlord/tenant laws, or (iii) other governmental rules and regulations or enforcement policies affecting the development, use and operation of our communities, including changes to building codes and fire and life-safety codes.

We have seen a recent increase in states and municipalities implementing, considering or being urged by advocacy groups to consider rent control or rent stabilization laws and regulations or take other actions that could limit the amount by which we can raise rents or charge non-rent fees. For example, in 2019 the State of California adopted statewide rent control for communities older than fifteen years, limiting rent increases to the lesser of 10% or 5% plus local CPI. Also in 2019 the State of New York adopted new rules for rent-controlled and rent-stabilized units that revised and limited the way rent increases are calculated for renewal leases, basing increases solely on rent actually paid and eliminating the ability to increase the renewal rent to a higher “registered rent.” Furthermore, in California the Governor has the ability to enact local or statewide states of emergency which limit our ability to increase new and renewal rents more than 10% over the rent in place on the date such state of emergency was declared, which has impacted some of our California communities. Current and future enactments of rent control or rent stabilization laws or other laws regulating multi-family housing may limit our ability to charge market rents, increase rents, evict tenants or recover increases in our operating expenses and could make it more difficult for us to dispose of properties in certain circumstances. Expenses associated with our investment in these communities, such as debt service, real estate taxes, insurance and maintenance costs, are generally not reduced when circumstances cause a reduction in rental income from the community.

Short-term leases expose us to the effects of declining market rents.

Substantially all of our apartment leases are for a term of one year or less. Because these leases generally permit the residents to leave at the end of the lease term without penalty, our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms.

Competition could limit our ability to lease apartment homes or increase or maintain rents.

Our apartment communities compete with other apartment operators as well as rental housing alternatives, such as single-family homes for rent and short term furnished offerings such as those available from extended stay hotels or through on-line listing services. In addition, our residents and prospective residents also consider, as an alternative to renting, the purchase of a new or existing condominium or single-family home. Competitive residential housing could adversely affect our ability to lease apartment homes and to increase or maintain rental rates.

Unfavorable changes in market and economic conditions could adversely affect occupancy, rental rates, operating expenses, and the overall market value of our real estate assets.

Local conditions in our markets significantly affect occupancy, rental rates and the operating performance of our communities, and may be adversely affected by the following risks:

•corporate restructurings and/or layoffs, and industry slowdowns;

•an oversupply of, or a reduced demand for, apartment homes;

•a decline in household formation or employment or lack of employment growth;

•the inability or unwillingness of residents to pay rent increases; and

•economic conditions that could cause an increase in our operating expenses, such as increases in property taxes, utilities, compensation of on-site associates and routine maintenance.

Risks related to commercial operations

Although we are primarily in the multifamily rental business, we also own and lease ancillary commercial space. Gross rental revenue provided by leased commercial space in our portfolio represented 1.4% of our total revenue in 2021. The long term nature of our commercial leases and characteristics of many of our tenants (small, local businesses) may subject us to certain risks. We may not be able to lease new space for rents that are consistent with our projections or at market rates. Also, when leases for our existing commercial space expire, the space may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. Our properties compete with other properties with commercial space. The presence of competitive alternatives may affect our ability to lease space and the level of rents we can obtain. If our commercial tenants experience financial distress or bankruptcy, they may fail to comply with their contractual obligations, seek concessions in order to continue operations or cease their operations, which could adversely impact our results of operations and financial condition.

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Risks related to our REIT or tax status

Failure to qualify as a REIT would cause us to be taxed as a corporation, which would significantly reduce funds available for distribution to stockholders.

If we fail to qualify as a REIT for federal income tax purposes, we will be subject to regular federal corporate income tax on our taxable income. In addition, unless we are entitled to relief under applicable statutory provisions, we would be ineligible to make an election for treatment as a REIT for the four taxable years following the year we lose our qualification. The additional tax liability resulting from the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds available for distribution to our stockholders. Furthermore, we would no longer be required to make distributions to our stockholders. Thus, our failure to qualify as a REIT could also impair our ability to expand our business and raise capital and would adversely affect the value of our common stock.

We believe that we are organized and qualified as a REIT, and we intend to operate in a manner that will allow us to continue to qualify as a REIT. However, we cannot assure you that we are qualified as a REIT, or that we will remain qualified in the future. This is because qualification as a REIT involves the application of highly technical and complex provisions of the Code for which there are only limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within our control. Our qualification as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis. In addition, future legislation, new regulations, administrative interpretations or court decisions may significantly change the tax laws or the application of the tax laws with respect to qualification as a REIT for federal income tax purposes or the federal income tax consequences of this qualification.

Even if we qualify as a REIT, we will be subject to certain federal, state and local taxes on our income and property and on taxable income that we do not distribute to our stockholders. In addition, we hold certain assets and engage in certain activities through our taxable REIT subsidiaries that a REIT could not engage in directly. We also use taxable REIT subsidiaries to hold certain assets that we believe would be subject to the 100% prohibited transaction tax if sold at a gain outside of a taxable REIT subsidiary or to engage in activities that generate non-qualifying REIT income. Our taxable REIT subsidiaries are subject to federal income tax as regular corporations.

We may choose to pay dividends in our own stock, in which case stockholders may be required to pay tax in excess of the cash they receive.

We may distribute taxable dividends that are payable in part in our stock. Taxable stockholders receiving such dividends will be required to include the full amount of the dividend as income to the extent of our current and accumulated earnings and profits for federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of the cash dividend received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, the trading price of our stock would experience downward pressure if a significant number of our stockholders sell shares of our stock in order to pay taxes owed on dividends.

We may experience regulatory and federal tax barriers to selling apartment communities that could limit financial flexibility.

Federal tax laws may limit our ability to earn a gain on the sale of a community (unless we own it through a subsidiary which will incur a taxable gain upon sale) if we are found to have held, acquired or developed the community primarily with the intent to resell the community, and this limitation may affect our ability to sell communities without adversely affecting returns to our stockholders.

From time to time we dispose of properties in transactions intended to qualify as “like-kind exchanges” under Section 1031 of the Code. If a transaction intended to qualify as a Section 1031 exchange is later determined to be taxable, we may face adverse tax consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis.

We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our common stock or debt securities.

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At any time, the federal income tax laws governing REITs or the administrative interpretations of those laws may be amended. We cannot predict when or if any new federal income tax law, regulation, or administrative interpretation, or any amendment to any existing federal income tax law, regulation or administrative interpretation, will be adopted, promulgated or become effective and any such law, regulation, or interpretation may take effect retroactively. We and our stockholders and holders of our debt securities could be adversely affected by any such change in, or any new, federal income tax law, regulation or administrative interpretation.

Risks that may not be insured in full or in part

We are exposed to risks that are either uninsurable, not economically insurable or in excess of our insurance coverage, including risks discussed below.

Insurance coverage for various risks can be costly and in limited supply. As a result, we may experience shortages in desired coverage levels if market conditions are such that insurance is not available or the cost of insurance makes it, in the Company's view, economically impractical. Incidents that directly or indirectly damage our communities, both physically and financially, or cause losses that exceed our insurance coverage could have a material adverse effect on our business, financial condition and results of operations including increased maintenance, repair, and delays in construction. In addition, we would also continue to be obligated to repay any mortgage indebtedness or other obligations related to the community which could have a material adverse effect on our business and our financial condition and results of operations. The following risks are uninsurable or insurance coverage is limited due to premium rates (See Item 2. “Properties—Insurance and Risk of Uninsured Losses”):

•Earthquake risk. As further described in Item 2. “Properties—Insurance and Risk of Uninsured Losses,” many of our West Coast communities are located in the general vicinity of active earthquake faults. Insurance coverage for earthquakes can be costly and in limited supply.

•Climate and severe or inclement weather risk. Many of our markets, particularly those located in coastal cities, are exposed to risks associated with inclement or severe weather including those arising from climate change such as hurricanes, severe winter storms and coastal flooding.

•Terrorism and other risk. We have significant investments in large metropolitan markets, such as Metro New York/New Jersey and Washington, D.C., which have in the past been or may in the future be the target of actual or threatened terrorist attacks. We carry commercial general liability insurance, property insurance and terrorism insurance with respect to our communities on terms and in amounts we consider commercially reasonable. There are, however, certain types of losses (such as losses arising from acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in the Company's view, economically impractical.

We may incur costs related to climate change.

To the extent that significant changes in the climate occur in areas where our communities are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. In addition, changes in federal, state and local regulations based on concerns about climate change could result in increased capital expenditures or operating expenses on our existing properties (for example, requiring retrofitting of existing systems) and our new development properties (for example, to improve energy efficiency, reduce greenhouse gas emissions and/or improve resistance to inclement weather) without a corresponding increase in revenue, resulting in adverse impacts to our net income.

We may incur costs due to environmental contamination or non-compliance.

Under various public health laws and regulations, we may be required, regardless of knowledge or responsibility, to investigate and remediate the presence or effects of hazardous or toxic substances such as asbestos, lead paint, chemical vapors from soils or groundwater, petroleum product releases, and natural substances such as methane and radon gas. We may be held liable under these laws or common law to a governmental entity or to third parties for property, personal injury or natural resources damages and for investigation and remediation costs incurred as a result of the contamination. These damages and costs may be substantial and may exceed any insurance coverage we have for such events. The presence of these substances, or the failure to properly remediate or contain the contamination, may adversely affect our ability to borrow against, develop, sell or rent the affected property. In addition, some environmental laws create or allow a government agency to impose a lien on the contaminated site in favor of the government for damages and costs it incurs as a result of the contamination.

The development, construction and operation of our communities are subject to regulations and permitting under various federal, state and local laws, regulations and ordinances, which regulate matters including wetlands protection, storm water runoff and wastewater discharge. These laws and regulations may impose restrictions on the manner in which our communities

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may be developed, and noncompliance with these laws and regulations may subject us to fines and penalties and may subject us to liability in connection with personal injury.

Certain laws and regulations govern the removal, encapsulation or disturbance of asbestos containing materials (“ACMs”) when such materials are in poor condition or in the event of renovation or demolition of a building. These laws and the common law may impose liability for release of ACMs and may allow third parties to seek recovery from owners or operators of real properties for personal injury associated with exposure to ACMs. We are not aware that any ACMs were used in the construction of the communities we developed. ACMs were, however, used in the construction of a number of the communities that we have acquired. Although we implement an operations and maintenance program at each of the communities at which ACMs are detected, we may fail to adequately observe such program or a disturbance of ACMs may occur nevertheless, exposing us to liability. We are aware that some of our communities have lead paint and have implemented an operations and maintenance program at each of those communities.

All of our stabilized operating communities, and all of the communities that we are currently developing, have been subjected to at least a Phase I or similar environmental assessment, which generally does not involve invasive techniques such as soil or groundwater sampling. These assessments, together with subsurface assessments conducted on some properties, have not revealed, and we are not otherwise aware of, any environmental conditions that we believe would have a material adverse effect on our business, assets, financial condition or results of operations. In connection with our ownership, operation and development of communities, from time to time we undertake substantial remedial action in response to the presence of subsurface or other contaminants, including contaminants in soil, groundwater and soil vapor beneath or affecting our buildings. In some cases, an indemnity exists upon which we may be able to rely if environmental liability arises from the contamination or remediation costs exceed estimates. There can be no assurance, however, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that environmental liability arises.

Mold growth may occur when excessive moisture accumulates in buildings or on building materials, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Certain molds may in some instances lead to adverse health effects, including allergic or other reactions. We cannot provide assurance that mold or excessive moisture will be detected and remediated in a timely manner. If a significant mold problem arises at one of our communities, we could be required to undertake a costly remediation program to contain or remove the mold from the affected community and could be exposed to other liabilities that may exceed any applicable insurance coverage.

Additionally, we have occasionally been involved in developing, managing, leasing and operating various properties for third parties. Consequently, we may be considered to have been an operator of such properties and, therefore, potentially liable for removal or remediation costs or other potential costs which relate to the release or presence of hazardous or toxic substances or petroleum products at such properties.

We cannot assure you that:

•the environmental assessments described above have identified all potential environmental liabilities;

•no prior owner created any material environmental condition not known to us or the consultants who prepared the assessments;

•no environmental liabilities have developed since the environmental assessments were prepared;

•the condition of land or operations in the vicinity of our communities, such as the presence of underground storage tanks, will not affect the environmental condition of our communities;

•future uses or conditions, including, without limitation, changes in applicable environmental laws and regulations, will not result in the imposition of environmental liability; and

•no environmental liabilities will arise at communities that we have sold for which we may have liability.

General Risk Factors

The ability of our stockholders to control our policies and effect a change of control of our company is limited by certain provisions of our charter and bylaws and by Maryland law.

There are provisions in our charter and bylaws that may discourage a third party from making a proposal to acquire us. These provisions include the following:

Our charter authorizes our Board of Directors to issue up to 50,000,000 shares of preferred stock without stockholder approval and to establish the preferences and rights, including voting rights, of any series of preferred stock issued. This could allow the Board to issue one or more classes or series of preferred stock that could discourage or delay a tender offer or a change in control.

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To maintain our qualification as a REIT for federal income tax purposes, not more than 50% in value of our outstanding stock may be owned, directly or indirectly, by or for five or fewer individuals at any time during the last half of any taxable year. To maintain this qualification, and/or to address other concerns about concentrations of ownership of our stock, our charter generally prohibits ownership (directly, indirectly by virtue of the attribution provisions of the Code, or beneficially as defined in Section 13 of the Securities Exchange Act) by any single stockholder of more than 9.8% of the issued and outstanding shares of any class or series of our stock. In general, under our charter, pension plans and mutual funds may directly and beneficially own up to 15% of the outstanding shares of any class or series of stock. Under our charter, our Board of Directors may in its sole discretion waive or modify the ownership limit for one or more persons, but it is not required to do so even if such waiver would not affect our qualification as a REIT. These ownership limits may prevent or delay a change in control and, as a result, could adversely affect our stockholders' ability to realize a premium for their shares of common stock.

As a Maryland corporation, we are subject to the provisions of the Maryland General Corporation Law. Maryland law restricts some business combinations and requires compliance with statutory procedures before some mergers and acquisitions may occur, which may delay or prevent offers to acquire us or increase the difficulty of completing any offers, even if they are in our stockholders' best interests. In addition, other provisions of the Maryland General Corporation Law permit the Board of Directors to make elections and to take actions without stockholder approval (such as classifying our Board such that the entire Board is not up for re-election annually) that, if made or taken, could have the effect of discouraging or delaying a change in control.

Changes in U.S. accounting standards may materially and adversely affect the reporting of our operations.

The Company follows accounting principles generally accepted in the United States (“GAAP”). GAAP is established by the Financial Accounting Standards Board (“FASB”), an independent body whose standards are recognized by the SEC as authoritative for publicly held companies. The FASB and the SEC create and interpret accounting standards and may issue new accounting pronouncements or change the interpretation and application of these standards that govern the preparation of our financial statements. These changes could have a material impact on our reported consolidated results of operations and financial position.

We rely on information technology in our operations, and any breach, interruption or security failure of that technology, or any non-compliance with applicable laws with respect to the use of that technology, could have a negative impact on our business, results of operations, financial condition and/or reputation.

Information security risks have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators of cyber attacks.

We collect and hold personally identifiable information of our residents and prospective residents in connection with our leasing and property management activities, and we collect and hold personally identifiable information of our associates in connection with their employment. In addition, we engage third party service providers that may have access to such personally identifiable information in connection with providing necessary information technology and security and other business services to us.

There can be no assurance that we will be able to prevent unauthorized access to this information. Any failure in or breach of our operational or information security systems, or those of our third party service providers, as a result of cyber attacks or information security breaches, could result in a wide range of potentially serious harm to our business operations and financial prospects, including (among others) disruption of our business and operations, disclosure or misuse of confidential or proprietary information (including personal information of our residents and/or associates), damage to our reputation, and/or potentially significant legal and/or financial liabilities and penalties.

Various laws and regulations and interpretations thereof, as well as agreements with payment processors, require, or may require, us to comply with rules related to our websites for use by residents and prospective residents, including requirements related to accessibility of our websites to persons with disabilities and our handling and use of data we collect. We could face liabilities for failure to comply with these requirements. New statutes, such as the California Consumer Privacy Act (“CCPA”), and related regulations are evolving and may be subject to differing interpretations. We could incur costs to comply with stricter and more complex data privacy, data collection and information security laws and standards.

Our success depends on key personnel whose continued service is not guaranteed.

Our success depends in part on our ability to attract and retain the services of executive officers and other personnel. Our executive officers make important capital allocation decisions or recommendations to our Board of Directors from among the

18

opportunities identified by our regional offices. There is substantial competition for qualified personnel in the real estate industry, and the loss of our key personnel could adversely affect the Company.

ITEM 1B.    UNRESOLVED STAFF COMMENTS

None.

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ITEM 2.    PROPERTIES

Our real estate investments consist primarily of current operating apartment communities ("Current Communities"), consolidated and unconsolidated communities in various stages of development ("Development" communities and "Unconsolidated Development" communities) and Development Rights (as defined below). Our Current Communities are further classified as Same Store communities, Other Stabilized communities, Lease-Up communities, Redevelopment communities and Unconsolidated communities. While we generally establish the classification of communities on an annual basis, we update the classification of communities during the calendar year to the extent that our plans with regard to the disposition or redevelopment of a community change. The following is a description of each category:

Current Communities are categorized as Same Store, Other Stabilized, Lease-Up, Redevelopment, or Unconsolidated according to the following attributes:

•Same Store for the year ended December 31, 2021 is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year period. For the year ended December 31, 2021, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2020, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale or probable for disposition to unrelated third parties within the current year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.

•Other Stabilized is composed of completed consolidated communities that we own and that are not Same Store but which have stabilized occupancy, as defined above, as of January 1, 2021, or which were acquired subsequent to January 1, 2020. Other Stabilized includes stabilized operating communities in Charlotte, North Carolina and Dallas, Texas, the two new expansion markets we entered in 2021, but excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the current year, as defined below.

•Lease-Up is composed of consolidated communities where construction has been complete for less than one year and that do not have stabilized occupancy.

•Redevelopment is composed of consolidated communities where substantial redevelopment is in progress or is probable to begin during the current year. Redevelopment is considered substantial when (i) capital invested during the reconstruction effort is expected to exceed the lesser of $5,000,000 or 10% of the community's pre-redevelopment basis and (ii) physical occupancy is below or is expected to be below 90% during, or as a result of, the redevelopment activity.

•Unconsolidated is composed of communities that we have an indirect ownership interest in through our investment interest in an unconsolidated joint venture.

Development is composed of consolidated communities that are either currently under construction, or were under construction and were completed during the current year. These communities may be partially or fully complete and operating.

Unconsolidated Development is composed of communities that are either currently under construction, or were under construction and were completed during the current year, in which we have an indirect ownership interest through our investment interest in an unconsolidated joint venture. These communities may be partially or fully complete and operating.

Development Rights are development opportunities in the early phase of the development process where we either have an option to acquire land or enter into a leasehold interest, where we are the buyer under a long-term conditional contract to purchase land, where we control the land through a ground lease or own land to develop a new community, or where we are the designated developer in a public-private partnership. We capitalize related pre-development costs incurred in pursuit of new developments for which we currently believe future development is probable.

We currently lease our corporate headquarters located in Arlington, Virginia, as well as our other regional and administrative offices, under operating leases.

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As of December 31, 2021, communities that we owned or held a direct or indirect interest in were classified as follows:

	Number of communities	Number of apartment homes
Current Communities
Same Store:
New England	37	9,536
Metro NY/NJ	41	11,828
Mid-Atlantic	39	13,645
Southeast Florida	4	1,214
Denver, CO	4	1,086
Pacific Northwest	16	4,217
Northern California	39	11,831
Southern California	57	16,763
Total Same Store	237	70,120
Other Stabilized:
New England	2	478
Metro NY/NJ	4	1,290
Mid-Atlantic	1	384
North Carolina	3	500
Southeast Florida	2	623
Texas	1	425
Denver, CO	—	—
Pacific Northwest	3	964
Northern California	1	289
Southern California	—	—
Total Other Stabilized	17	4,953
Lease-Up	13	3,796
Redevelopment	1	344
Unconsolidated	10	2,590
Total Current	278	81,803
Development	17	5,386
Unconsolidated Development	2	803
Total Communities	297	87,992
Development Rights	24	8,070

Our holdings under each of the above categories are discussed on the following pages.

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We generally establish the composition of our Same Store communities portfolio annually. Changes in the Same Store communities portfolios for the years ended December 31, 2021, 2020 and 2019 were as follows:

	Number of communities
Same Store communities as of December 31, 2018	194
Communities added	22
Communities removed (1)
Redevelopment communities	(2)
Disposed communities	(3)
Other Stabilized (2)	(1)
Same Store communities as of December 31, 2019	210
Communities added	32
Communities removed (1)
Redevelopment communities	(1)
Disposed communities	(9)
Same Store communities as of December 31, 2020	232
Communities added	15
Communities removed (1)
Redevelopment communities	—
Disposed communities	(9)
Other Stabilized (2)	(1)
Same Store communities as of December 31, 2021	237

_________________________________

(1)    We remove a community from our Same Store portfolio if we believe that planned activity for the upcoming year will result in that community's expected operations not being comparable to the prior year, including (i) when we intend to undertake a significant capital renovation, such that the community will be classified as a Redevelopment community; (ii) when we intend to dispose of a community; or (iii) when a significant casualty loss occurs.

(2)    Community was moved from the Same Store portfolio to the Other Stabilized portfolio as a result of a casualty loss that occurred during the year and impacted operations.

Current Communities

Our Current Communities include garden-style apartment communities consisting of multi-story buildings of stacked flats and/or townhome apartments in landscaped settings, as well as mid and high rise apartment communities consisting of larger elevator-served buildings of four or more stories, frequently with structured parking. As of January 31, 2022, our Current Communities consisted of the following:

	Number of communities	Number of apartment homes
Garden-style	131	40,058
Mid-rise	119	33,303
High-rise	28	8,442
Total Current Communities	278	81,803

As discussed in Item 1. “Business,” we operate under four core brands: Avalon, AVA, eaves by Avalon and Kanso . We believe that this branding differentiation allows us to target our product offerings to multiple customer groups and submarkets within our existing geographic footprint.

We also have an extensive and ongoing maintenance program to continually maintain and enhance our communities and apartment homes. The aesthetic appeal of our communities, and a service-oriented property management team that is focused on the specific needs of residents, enhances market appeal. We believe our mission of Creating a Better Way To Live helps us achieve higher rental rates and occupancy levels while minimizing resident turnover and operating expenses.

Our Current Communities are located in the following geographic markets:

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	Number of communities at		Number of apartment homes at		Percentage of total apartment homes at
	1/31/2021	1/31/2022	1/31/2021	1/31/2022	1/31/2021		1/31/2022
New England	45	43	11,487	10,552	14.4	%	12.9	%
Boston, MA	40	39	10,541	9,917	13.2	%	12.1	%
Fairfield, CT	5	4	946	635	1.2	%	0.8	%
Metro NY/NJ	54	52	15,528	15,261	19.4	%	18.6	%
New York City, NY	14	14	5,089	5,089	6.4	%	6.2	%
New York Suburban	18	16	4,464	4,577	5.6	%	5.6	%
New Jersey	22	22	5,975	5,595	7.4	%	6.8	%
Mid-Atlantic	43	46	14,902	15,924	18.7	%	19.5	%
Washington Metro	38	40	13,340	13,962	16.7	%	17.1	%
Baltimore, MD	5	6	1,562	1,962	2.0	%	2.4	%
North Carolina	—	3	—	500	—	%	0.6	%
Charlotte, NC	—	3	—	500	—	%	0.6	%
Florida	5	7	1,564	2,187	2.0	%	2.7	%
Southeast Florida	5	7	1,564	2,187	2.0	%	2.7	%
Texas	—	1	—	425	—	%	0.5	%
Dallas, TX	—	1	—	425	—	%	0.5	%
Colorado	4	4	1,086	1,086	1.4	%	1.3	%
Denver, CO	4	4	1,086	1,086	1.4	%	1.3	%
Pacific Northwest	20	20	5,451	5,474	6.8	%	6.7	%
Seattle, WA	20	20	5,451	5,474	6.8	%	6.7	%
Northern California	42	42	12,629	12,633	15.8	%	15.5	%
San Jose, CA	12	12	4,713	4,717	5.9	%	5.8	%
Oakland-East Bay, CA	15	15	4,336	4,336	5.4	%	5.3	%
San Francisco, CA	15	15	3,580	3,580	4.5	%	4.4	%
Southern California	59	60	17,209	17,761	21.5	%	21.7	%
Los Angeles, CA	39	41	11,773	12,624	14.7	%	15.4	%
Orange County, CA	12	12	3,370	3,370	4.2	%	4.1	%
San Diego, CA	8	7	2,066	1,767	2.6	%	2.2	%
	272	278	79,856	81,803	100.0	%	100.0	%

We manage and operate substantially all of our Current Communities. During the year ended December 31, 2021, we completed construction of nine communities containing 2,752 apartment homes and sold 11 operating communities containing 2,933 apartment homes. The age of our Current Communities, on a weighted average basis according to number of apartment homes, is 19.7 years. When adjusted to reflect redevelopment activity, as if redevelopment were a new construction completion date, the weighted average age of our Current Communities is 10.6 years.

Of the Current Communities, as of January 31, 2022, we owned (directly or through wholly-owned subsidiaries):

•266 operating communities, including 259 with a full fee simple, or absolute, ownership interest and seven that are on land subject to a land lease. The land leases have various expiration dates from July 2046 to April 2106, and three of the land leases are used to support tax advantaged structures that ultimately allow us to purchase the land upon lease expiration.

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•A general partnership interest in Archstone Multifamily Partners AC LP (the “U.S. Fund”), subsidiaries of which own three operating communities.

•A membership interest in four limited liability companies. One of the ventures, the NYTA MF Investors LLC, through subsidiaries owns a fee simple interest in three operating communities and a leasehold interest in two additional operating communities. The other three ventures that each hold a fee simple interest in an operating community, one of which is consolidated for financial reporting purposes.

•A general partnership interest in one partnership structured as a “DownREIT,” which is consolidated and owns one community. In this partnership, one of our wholly-owned subsidiaries is the general partner. Limited partners are entitled to receive an initial distribution before any distribution is made to the general partner. The distributions per unit paid to the holders of units of limited partnership interests are equal to our current common stock dividend amount. The limited partnership interests have the right to present all or some of their units for redemption for a cash amount based on the fair value of our common stock. In lieu of a cash redemption by the partnership, we may elect to acquire any unit presented for redemption for one share of our common stock. At January 31, 2022, there were 7,500 DownREIT partnership units outstanding.

In addition to our Current Communities, we also hold, directly or through wholly-owned subsidiaries, a full fee simple ownership interest in our wholly-owned Development Communities, a membership interest in two limited liability companies that each hold an interest in an Unconsolidated Development Community, and a wholly-owned mixed-use project with for-sale condominiums.

Development Communities

As of December 31, 2021, we owned or held a direct interest in 17 Development Communities under construction. We expect these Development Communities, when completed, to add a total of 5,386 apartment homes and 40,000 square feet of commercial space to our portfolio for a total capitalized cost, including land acquisition costs, of approximately $2,140,000,000. We cannot assure you that we will meet our schedule for construction completion or that we will meet our budgeted costs, either individually, or in the aggregate. You should carefully review Item 1A. “Risk Factors” for a discussion of the risks associated with development activity and our discussion under Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” (including the factors identified under “Forward-Looking Statements”) for further discussion of development activity.

The following table presents a summary of the Development Communities.

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		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 Harrison (4) Harrison, NY	143	$	88	Q4 2018	Q3 2021	Q3 2022	Q1 2023
2.	Avalon Brea Place Brea, CA	653	290		Q2 2019	Q1 2021	Q3 2022	Q1 2023
3.	Avalon Foundry Row Owings Mill, MD	437	100		Q2 2019	Q1 2021	Q1 2022	Q3 2022
4.	Avalon Woburn Woburn, MA	350	121		Q4 2019	Q3 2021	Q1 2022	Q3 2022
5.	AVA RiNo Denver, CO	246	87		Q4 2019	Q4 2021	Q1 2022	Q3 2022
6.	Avalon Harbor Isle Island Park, NY	172	91		Q4 2020	Q1 2022	Q3 2022	Q1 2023
7.	Avalon Somerville Station Somerville, NJ	375	117		Q4 2020	Q2 2022	Q3 2023	Q1 2024
8.	Avalon North Andover North Andover, MA	170	56		Q2 2021	Q4 2022	Q1 2023	Q3 2023
9.	Avalon Brighton Boston, MA	180	89		Q2 2021	Q1 2023	Q2 2023	Q4 2023
10.	Avalon Merrick Park Miami, FL	254	101		Q2 2021	Q1 2023	Q2 2023	Q4 2023
11.	Avalon Amityville I Amityville, NY	338	129		Q2 2021	Q1 2023	Q1 2024	Q3 2024
12.	Avalon Bothell Commons I Bothell, WA	472	203		Q2 2021	Q2 2023	Q1 2024	Q3 2024
13.	Avalon Westminster Promenade Denver, CO	312	107		Q3 2021	Q3 2023	Q4 2023	Q2 2024
14.	Avalon West Dublin Dublin, CA	499	270		Q3 2021	Q4 2023	Q1 2025	Q2 2025
15.	Avalon Princeton Circle Princeton, NJ	221	84		Q4 2021	Q1 2023	Q4 2023	Q1 2024
16.	Avalon Montville Montville, NJ	350	127		Q4 2021	Q3 2023	Q3 2024	Q4 2024
17.	Avalon Redmond Campus (5) Redmond, WA	214	80		Q4 2021	Q3 2023	Q1 2024	Q2 2024
	Total	5,386	$	2,140

_________________________________

(1)Projected total capitalized cost includes all capitalized costs projected to be or actually incurred to develop the respective Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, as well as costs incurred for first generation commercial tenants such as tenant improvements and leasing commissions.

(2)Initial projected occupancy dates are estimates. 

(3)Stabilized operations is defined as the earlier of (i) attainment of 90% or greater physical occupancy or (ii) the one-year anniversary of completion of development.

(4)Avalon Harrison contains 27,000 square feet of commercial space.

(5)This is a densification of the existing eaves Redmond Campus operating community, where 48 existing older apartment homes were demolished and will be replaced by a new Avalon branded 214 apartment home community.

During the year ended December 31, 2021, we completed the development of the following wholly-owned communities:

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		Number of apartment homes	Total capitalized  cost (1) ($ millions)		Approximate rentable area (sq. ft.)	Total capitalized cost per sq. ft.		Quarter of completion
1.	Avalon Yonkers Yonkers, NY	590	$	196	535,742	$	366	Q1 2021
2.	AVA Hollywood at La Pietra Place (2) Hollywood, CA	695	375		654,315	573		Q1 2021
3.	Avalon Acton II Acton, MA	86	31		128,044	242		Q1 2021
4.	Avalon Old Bridge Old Bridge, NJ	252	72		305,085	236		Q2 2021
5.	Avalon 555 President Baltimore, MD	400	138		339,566	406		Q2 2021
6.	Kanso Twinbrook Rockville, MD	238	67		199,122	336		Q2 2021
7.	Avalon Newcastle Commons II Newcastle, WA	293	107		266,164	402		Q2 2021
8.	Avalon Monrovia Monrovia, CA	154	69		157,548	438		Q3 2021
9.	Avalon Easton II Easton, MA	44	15		60,258	249		Q4 2021
	Total	2,752	$	1,070

____________________________________

(1)Total capitalized cost is as of December 31, 2021. We generally anticipate incurring additional costs associated with these communities that are customary for new developments.

(2)AVA Hollywood at La Pietra Place contains 19,000 square feet of commercial space.

Unconsolidated Development Communities

During 2020, we 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 and 56,000 square feet of commercial space when completed. We own a 25.0% interest in the venture and contributed our total required equity investment of $30,436,000. The venture has secured a $167,147,000 variable rate construction loan to fund approximately 60% of the development of AVA Arts District, of which $11,581,000 has been drawn as of December 31, 2021. We have guaranteed the construction loan on behalf of the venture, and any obligations under the construction loan guarantee, except for obligations arising from our misconduct, are required capital contributions of the partners based on ownership interest.

In addition, we have a 50.0% interest in Avalon Alderwood MF Member, LLC, a joint venture to develop, own, and operate Avalon Alderwood Mall, a 328 apartment home community located in Lynnwood, WA. Avalon Alderwood Mall, which is currently under construction, began leasing in 2021 with physical occupancy of 8% as of December 31, 2021.

As of December 31, 2021, we had an indirect interest in the following Unconsolidated Development Communities.

Unconsolidated  Development Community		Company  ownership percentage		# of apartment homes	Projected total capitalized cost (1) ($ millions)		Construction start	Initial projected or actual occupancy	Estimated completion
1.	Avalon Alderwood Mall Lynnwood, WA	50.0	%	328	$	110	Q4 2019	Q4 2021	Q3 2022
2.	AVA Arts District Los Angeles, CA	25.0	%	475	276		Q3 2020	Q1 2023	Q4 2023
	Total			803	$	386

_____________________________

(1)Projected total capitalized cost includes all capitalized costs projected to be incurred to develop the respective Unconsolidated Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees and other regulatory fees, as well as costs incurred for first generation commercial tenants such as tenant improvements and leasing commissions. Projected total capitalized cost is the total projected joint venture amount.

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Unconsolidated Operating Communities

As of December 31, 2021, we had investments in the following unconsolidated real estate entities accounted for under the equity method of accounting, excluding development joint ventures. See Note 5, “Investments,” of the Consolidated Financial Statements included elsewhere in this report, which includes information on the aggregate assets, liabilities and equity, as well as operating results, and our proportionate share of their operating results. For ventures holding operating apartment communities as of December 31, 2021, detail of the real estate and associated indebtedness underlying our unconsolidated investments is presented in the following table (dollars in thousands).

						Debt (1)
Unconsolidated Real Estate Investments	Company Ownership Percentage		# of Apartment Homes	Total Capitalized Cost		Principal Amount		Type	Interest Rate		Maturity Date
NYTA MF Investors LLC
1. Avalon Bowery Place I—New York, NY			206	$	210,601	$	93,800	Fixed	4.01	%	Jan 2029
2. Avalon Bowery Place II—New York, NY			90	91,045		39,639		Fixed	4.01	%	Jan 2029
3. Avalon Morningside—New York, NY (2)			295	211,227		112,155		Fixed	3.55	%	Jan 2029/May 2046
4. Avalon West Chelsea—New York, NY (3)			305	128,736		66,000		Fixed	4.01	%	Jan 2029
5. AVA High Line—New York, NY (3)			405	121,483		84,000		Fixed	4.01	%	Jan 2029
Total NYTA MF Investors LLC	20.0	%	1,301	763,092		395,594			3.88	%
Archstone Multifamily Partners AC LP
1. Avalon Studio 4121—Studio City, CA			149	57,274		26,300		Fixed	3.34	%	Nov 2022
2. Avalon Station 250—Dedham, MA			285	99,556		51,208		Fixed	3.73	%	Sep 2022
3. Avalon Grosvenor Tower—Bethesda, MD			237	81,072		39,697		Fixed	3.74	%	Sep 2022
Total Archstone Multifamily Partners AC LP	28.6	%	671	237,902		117,205			3.65	%
Other Operating Joint Ventures
1. MVP I, LLC - Avalon at Mission Bay II - San Francisco, CA	25.0	%	313	129,173		103,000		Fixed	3.24	%	Jul 2025
2. Brandywine Apartments of Maryland, LLC - Brandywine - Washington, D.C.	28.7	%	305	19,383		20,379		Fixed	3.40	%	Jun 2028
Total Other Joint Ventures			618	148,556		123,379			3.27	%
Total Unconsolidated Investments			2,590	$	1,149,550	$	636,178		3.72	%

_________________________________

(1)We have not guaranteed the debt of these unconsolidated investees and bear no responsibility for the repayment unless otherwise disclosed.

(2)Borrowing on this community is comprised of two mortgage loans. The interest rate is the weighted average interest rate as of December 31, 2021.

(3)Borrowing on this dual-branded community is comprised of a single mortgage loan.

During 2021, the Archstone Multifamily Partners AC JV LP (the "AC JV") sold Avalon North Point and Avalon North Point Lofts, its final two communities containing an aggregate of 529 apartment homes, for an aggregate sales price of $325,000,000. Our share of the gain was $23,305,000. In conjunction with the disposition of Avalon North Point, the AC JV repaid a $111,653,000 loan to the equity investors in the venture at par.

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Development Rights

At December 31, 2021, we had $147,546,000 in acquisition and related capitalized costs for direct interests in seven land parcels we own. In addition, we had $40,414,000 in capitalized costs (including legal fees, design fees and related overhead costs) related to (i) 14 Development Rights for which we control the land parcel, typically through a conditional agreement or option to purchase or lease the land, as well as (ii) costs incurred for three Development Rights that are additional development phases of existing stabilized operating communities we own and which will be constructed on land currently adjacent to or directly associated with those operating communities for which we own the land. Collectively, the land held for development and associated costs for deferred development rights relate to 24 Development Rights for which we expect to develop new apartment communities in the future. The Development Rights range from those beginning design and architectural planning to those that have completed site plans and drawings and can begin construction almost immediately. We estimate that the successful completion of all of these communities would ultimately add approximately 8,070 apartment homes to our portfolio. Substantially all of these apartment homes will offer features like those offered by the communities we currently own.

The properties comprising the Development Rights are in different stages of the due diligence and regulatory approval process. The decisions as to which of the Development Rights to invest in, if any, or to continue to pursue once an investment in a Development Right is made, are business judgments that we make after we perform financial, demographic and other analyses. In the event that we do not proceed with a Development Right, we generally would not recover any of the capitalized costs incurred in the pursuit of those communities, unless we were to recover amounts in connection with the sale of land; however, we cannot guarantee a recovery. Pre-development costs incurred in the pursuit of Development Rights, 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 no longer probable, any unrecoverable capitalized pre-development costs are charged to expense. During 2021, we incurred a charge of $3,231,000 for expensed transaction, development and other pursuit costs, net of recoveries, which include development pursuits that were not yet probable of future development at the time incurred, or for pursuits that we determined were no longer probable of being developed.

You should carefully review Item 1A. “Risk Factors,” for a discussion of the risks associated with Development Rights.

Land Acquisitions

We select land for development and follow established procedures that we believe minimize both the cost and the risks of development. During 2021, we acquired the following land parcels for an aggregate investment of $174,224,000.

		Estimated number of apartment homes	Projected total capitalized cost (1) ($ millions)		Date acquired
1.	Avalon Brighton (2) Brighton, MA	180	$	89	January 2021
2.	Avalon West Dublin (2) Dublin, CA	499	270		March 2021
3.	Avalon Amityville I (2) Amityville, NY	338	129		March 2021
4.	Avalon Governor's Park Denver, CO	304	135		March 2021
5.	Avalon North Andover (2) North Andover, MA	170	56		April 2021
6.	Avalon Princeton Circle (2) Princeton, NJ	221	84		October 2021
7.	Avalon West Windsor West Windsor, NJ	536	179		December 2021
8.	Avalon Beacon Square Annapolis, MD	508	190		December 2021
9.	Avalon Montville (2) Montville, NJ	350	127		December 2021
10.	Avalon Hunt Valley II Hunt Valley, MD	315	93		December 2021
	Total	3,421	$	1,352

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____________________________________

(1)Projected total capitalized cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the respective community, determined in accordance with GAAP, including land and related acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, as well as costs incurred for first generation commercial tenants such as tenant improvements and leasing commissions, net of projected proceeds for any planned sales of associated outparcels and other real estate.

(2)Construction on this land parcel commenced during 2021.

Disposition Activity

We sell assets when they do not meet our long-term investment strategy or when real estate markets allow us to realize a portion of the value created over our periods of ownership, and we generally redeploy the proceeds from those sales to develop, redevelop and acquire communities. Pending such redeployment, we will generally use the proceeds from the sale of these communities to reduce amounts outstanding under our Credit Facility or retain the cash proceeds on our balance sheet until it is redeployed into acquisition, development or redevelopment activity. On occasion, we will set aside the proceeds from the sale of communities into a cash escrow account to facilitate a tax-deferred, like-kind exchange transaction. From January 1, 2021 to January 31, 2022, we sold our interest in nine wholly-owned operating communities, containing 2,404 apartment homes, with an aggregate gross sales price of $867,200,000.

Insurance and Risk of Uninsured Losses

We maintain commercial general liability insurance and property insurance with respect to all of our communities, with insurance policies issued by a combination of third party insurers as well as a wholly-owned captive insurance company. These policies, along with other insurance policies we maintain, have policy specifications, insured and self-insured limits, exclusions and deductibles that we consider commercially reasonable. We utilize a wholly-owned captive insurance company to insure certain types and amounts of risks, which include property damage and resulting business interruption losses, general liability insurance and other construction related liability risks. The captive is utilized to insure other limited levels of risk, which may be in part reinsured by third party insurance. There are, however, certain types of losses (including, but not limited to, losses arising from nuclear liability, pandemic or acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in management’s view, economically impractical. You should carefully review the discussion under Part I, Item 1A. “Risk Factors” of this Form 10-K for a discussion of risks associated with an uninsured property or casualty loss.

Our communities are insured for certain property damage and business interruption losses through a combination of community specific insurance policies and/or a master property insurance program which covers the majority of our communities. This master property program provides a $400,000,000 limit for any single occurrence and annually in the aggregate, subject to certain sub-limits and exclusions. Under the master property program, we are subject to various deductibles per occurrence, as well as additional self-insured retentions. In addition to our potential liability for the various policy self-insured retentions and deductibles, our captive insurance company is directly responsible for 100% of the first $25,000,000 of losses (per occurrence) and 10% of the second $25,000,000 of losses (per occurrence) incurred by the master property insurance policy. Our master property insurance program includes coverage for losses resulting from customary perils, including but not limited to wildfires and windstorms. Limits, deductibles, self-insured retentions and coverages may increase or decrease annually during the insurance renewal process, which occurs on different dates throughout the calendar year.

Many of our West Coast communities are located within the general vicinity of active earthquake faults. Many of our communities are near, and thus susceptible to, the major fault lines in California, including the San Andreas Fault, the Hayward Fault or other geological faults that are known or unknown. We cannot assure you that an earthquake would not cause damage or losses greater than our current insured levels. We procure property damage and resulting business interruption insurance coverage with a loss limit of $175,000,000 for any single occurrence and in the annual aggregate for losses resulting from earthquakes. However, for any losses resulting from earthquakes at communities located in California or Washington, the loss limit is $200,000,000 for any single occurrence and in the annual aggregate.

Our Southeast Florida communities are in wind exposed locations that could be impacted by significant storm events like hurricanes. We include coverage for losses arising from these types of weather events within our master property insurance program.

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Our communities are insured for third-party liability losses through a combination of community specific insurance policies and/or coverage provided under a master commercial general liability and umbrella/excess insurance program. The master commercial general liability and umbrella/excess insurance policies cover the majority of our communities and are subject to certain coverage limitations and exclusions. After applicable self-insured retentions borne by us, our captive insurance company is directly responsible for the first $2,000,000 of losses (per occurrence) covered by the master general liability insurance policy.

We also maintain certain casualty policies (general liability, umbrella/excess and workers compensation) for construction related risks that have various exclusions and deductibles that, in management’s view, are commercially reasonable.

Just as with office buildings, transportation systems and government buildings, apartment communities could become targets of terrorism. Our communities are insured for terrorism related losses through the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”) program. This coverage extends to most of our casualty exposures (subject to deductibles and insured limits) and certain property insurance policies. We have also purchased private-market insurance for property damage due to terrorism with limits of $600,000,000 per occurrence and in the annual aggregate that includes certain coverages (not covered under TRIPRA) such as domestic-based terrorism. This insurance, often referred to as “non-certified” terrorism insurance, is subject to deductibles, limits, and exclusions.

An additional consideration for insurance coverage and potential uninsured losses is mold growth or other environmental contamination. Mold growth may occur when excessive moisture accumulates in buildings or on building materials, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. If a significant mold problem arises at one of our communities, we could be required to undertake a costly remediation program to contain or remove the mold from the affected community and could be exposed to other liabilities. For further discussion of the risks and our related prevention and remediation activities, please refer to the discussion under Part I, Item 1A. “Risk Factors - We may incur costs due to environmental contamination or non-compliance” elsewhere in this report. We cannot provide assurance that we will have coverage under our existing policies for property damage or liability to third parties arising as a result of exposure to mold or a claim of exposure to mold at one of our communities.

We also maintain other insurance programs that provide coverage for events including but not limited to employee dishonesty, loss of data, and liability associated with management of certain employee benefit plans. These policies are subject to maximum loss limits and include coverage limitations or exclusion that may preclude us from fully recovering.

The amount or types of insurance we maintain may not be sufficient to cover all losses and we may change our policy limits, coverages, and self-insured retentions at any time.

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ITEM 3.    LEGAL PROCEEDINGS

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.

ITEM 4.    MINE SAFETY DISCLOSURES

Not Applicable.

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PART II

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is traded on the NYSE under the ticker symbol AVB. On January 31, 2022 there were 431 holders of record of an aggregate of 139,752,486 shares of our outstanding common stock. The number of holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a broker or clearing agency, but does include each such broker or clearing agency as one record holder.

At present, we expect to continue our policy of paying regular quarterly cash dividends. However, the form, timing and/or amount of dividend distributions will be declared at the discretion of the Board of Directors and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors as the Board of Directors may consider relevant. The Board of Directors may modify our dividend policy from time to time.

In February 2022, we announced that our Board of Directors declared a dividend on our common stock for the first quarter of 2022 of $1.59 per share, consistent with our previous quarterly dividend. The dividend will be payable on April 15, 2022 to all common stockholders of record as of March 31, 2022.

Issuer Purchases of Equity Securities

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)
October 1 - October 31, 2021	182	$	222.76	—	$	316,148
November 1 - November 30, 2021	—	$	—	—	$	316,148
December 1 - December 31, 2021	56	$	235.45	—	$	316,148

_________________________________

(1)Consists of shares surrendered to the Company in connection with exercise of stock options as payment of exercise price, as well as for taxes associated with the vesting of restricted share grants.

(2)In July 2020, the Board of Directors approved the 2020 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. 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.

Information regarding securities authorized for issuance under equity compensation plans is included in the section entitled Item 12. “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in this Form 10-K.

ITEM 6.   [RESERVED]

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ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help provide an understanding of our business, financial condition and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this report. This report, including the following MD&A, contains forward-looking statements regarding future events or trends that should be read in conjunction with the factors described under “Forward-Looking Statements” included in this report. Actual results or developments could differ materially from those projected in such statements as a result of the factors described under “Forward-Looking Statements” as well as the risk factors described in Part I, Item 1A. “Risk Factors” of this report.

Capitalized terms used without definition have the meanings provided elsewhere in this Form 10-K.

Executive Overview

2021 Financial Highlights

Net income attributable to common stockholders for the year ended December 31, 2021 was $1,004,299,000, an increase of $176,669,000, or 21.3%, over the prior year. The increase is primarily attributable to increases in real estate sales and related gains, as well as increased NOI in the current year from Development and newly acquired communities. These amounts were partially offset by a decrease in NOI from Same Store and communities sold in 2020 and 2021, and an increase in depreciation expense in the current year.

Same Store NOI attributable to our apartment rental operations, including parking and other ancillary residential revenue ("Residential"), for the year ended December 31, 2021 was $1,370,282,000, a decrease of $66,283,000, or 4.6%, from the prior year. The decrease was due to a decrease in rental revenue of $45,643,000, or 2.2%, as well as an increase in property operating expenses of $20,300,000, or 3.2%, over 2020.

During 2021, we raised approximately $2,138,184,000 of gross capital through the issuance of unsecured notes; sale of common shares under our fifth continuous equity program ("CEP V"); and the sale of nine consolidated operating communities, condominiums at The Park Loggia and other real estate. This amount does not include our share of proceeds from joint venture dispositions. We believe that our current capital structure will continue to provide financial flexibility to access capital on attractive terms.

We believe our development activity will continue to create long-term value. During 2021, we:

•Completed the construction of nine consolidated apartment communities containing an aggregate of 2,752 apartment homes and 29,000 square feet of commercial space, for an aggregate total capitalized cost of $1,070,000,000.

•Started the construction of 10 consolidated apartment communities containing an aggregate of 3,010 apartment homes, which are expected to be completed for an estimated total capitalized cost of $1,246,000,000.

We also achieved portfolio growth through acquisitions, acquiring seven consolidated apartment communities containing an aggregate of 1,932 apartment homes and 90,000 square feet of commercial space for an aggregate purchase price of $724,500,000.

We believe that our balance sheet strength, as measured by our current level of indebtedness, our current ability to service interest and other fixed charges, and our current moderate use of financial encumbrances (such as secured financing), provide us with adequate access to liquidity from the capital markets. We expect to be able to meet our reasonably foreseeable liquidity needs, as they arise, through a combination of one or more of the following sources: existing cash on hand; operating cash flows; borrowings under our Credit Facility; secured debt; the issuance of corporate securities (which could include unsecured debt, preferred equity and/or common equity); the sale of apartment communities; or through the formation of joint ventures. See the discussion under "Liquidity and Capital Resources."

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COVID-19 Pandemic

In response to the COVID-19 pandemic, we adjusted our business operations to address the safety of and financial impacts on our residents and associates, including, in certain jurisdictions (i) providing flexible lease renewal options, (ii) creating payment plans for residents who are impacted by COVID-19 and (iii) waiving late fees and certain other customary fees associated with apartment rentals. To the extent still implemented, we may discontinue these measures at any time except where required by law.

The impact on our consolidated results of operations from COVID-19 for future periods will depend, among other factors, on (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government to address COVID-19 and any variants and relieve the economic distress of consumers, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent, and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic.

The COVID-19 pandemic continues to impact our collections and associated outstanding receivables, with the impact partially mitigated by payments received under government rent relief programs. The following table presents, for our 2021 Same Store communities for the periods presented, the percentages of the following charges to residents that we have collected, including (i) apartment base rent and (ii) other rentable items, such as parking and storage rent, along with pet and other recurring fees in accordance with residential leases (collectively, "Collected Residential Revenue," which excludes transactional fees). Included in collections are $28,286,000 of aggregate rent relief payments received for our Same Store portfolio during the year ended December 31, 2021.

	At quarter end (1)(2)	At January 31, 2022 (3)(4)
Q2 2020	95.4%	98.5%
Q3 2020	95.1%	98.2%
Q4 2020	94.7%	98.1%
Q1 2021	94.7%	98.3%
Q2 2021	95.0%	98.8%
Q3 2021	95.8%	98.8%
Q4 2021	95.6%	97.0%

_________________________

(1)Collections are for our 2021 Same Store communities and exclude commercial revenue, which was 1.0% of our 2021 Same Store total revenue.

(2)The Collected Residential Revenue percentage as of the last day in the respective quarter.

(3)The percentage of Collected Residential Revenue as of January 31, 2022.

(4)Collected Residential Revenue for January 2022 as of January 31, 2022 was 93.0%.

The collection rates are based on resident activity as reflected in our property management systems and are presented to provide information about collections trends during the COVID-19 pandemic. Prior to the COVID-19 pandemic, the collections information provided was not routinely produced for internal use by senior management or publicly disclosed by the Company and is a result of analysis that is not subject to internal controls over financial reporting. This information is not prepared in accordance with GAAP, does not reflect GAAP revenue or cash flow metrics and may be subject to adjustment in preparing GAAP revenue and cash flow metrics. Additionally, this information should not be interpreted as predicting the Company’s financial performance, results of operations or liquidity for any period. As of December 31, 2021 and 2020, the outstanding rent receivable balance for residential and commercial tenants, net of reserves, was $18,594,000 and $18,159,000, respectively.

Communities Overview

As of December 31, 2021 we owned or held a direct or indirect ownership interest in 297 apartment communities containing 87,992 apartment homes in 12 states and the District of Columbia, of which 17 consolidated communities were under development and one community was under redevelopment. We have an indirect interest in 12 of the 297 apartment communities which were owned by entities that were not consolidated for financial reporting purposes, including two that are being developed within joint ventures. In addition, we held a direct or indirect ownership interest in Development Rights to develop an additional 24 communities that, if developed as expected, will contain an estimated 8,070 apartment homes.

Our real estate investments consist primarily of Current Communities, Development communities, Unconsolidated Development communities and Development Rights. Our Current Communities are further classified as Same Store

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communities, Other Stabilized communities, Lease-Up communities, Redevelopment communities and Unconsolidated communities.

Same Store communities are consolidated communities that were owned and had stabilized occupancy as of the beginning of the prior year, allowing for a meaningful comparison of operating results between years. Other Stabilized communities are generally all other completed consolidated communities that have stabilized occupancy at the beginning of the current year or were acquired during the year. Lease-Up communities are consolidated communities where construction has been complete for less than one year and does not have stabilized occupancy. Redevelopment communities are consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year. Unconsolidated communities are communities in which we have an indirect ownership interest through our investment interest in an unconsolidated entity. A more detailed description of our reportable segments and other related operating information can be found in Note 8, “Segment Reporting,” of our Consolidated Financial Statements.

Although each of these categories is important to our business, we generally evaluate overall operating, industry and market trends based on the operating results of Same Store communities, for which a detailed discussion can be found in “Results of Operations” as part of our discussion of overall operating results. We evaluate our current and future cash needs and future operating potential based on acquisition, disposition, development, redevelopment and financing activities within Other Stabilized, Redevelopment and Development communities. Discussions related to current and future cash needs and financing activities can be found under "Liquidity and Capital Resources."

NOI of our current operating communities is one of the financial measures that we use to evaluate the performance of our communities. NOI is affected by the demand and supply dynamics within our markets, our rental rates and occupancy levels and our ability to control operating costs. Our overall financial performance is also impacted by the general availability and cost of capital and the performance of newly developed, redeveloped and acquired apartment communities.

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Results of Operations

Our year-over-year operating performance is primarily affected by both overall and individual geographic market conditions and apartment fundamentals and is reflected in changes in Same Store NOI; NOI derived from acquisitions, development completions and development under construction and in lease-up; loss of NOI related to disposed communities; and capital market and financing activity. In addition, as discussed above under “Executive Overview - COVID-19 Pandemic” and elsewhere in this report, the COVID-19 pandemic continues to affect our business, and may continue to do so. See also Part I, Item 1A, “Risk Factors.” Discussion of our operating results for 2020 and comparison to 2019 can be found in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-K filed with the SEC on February 25, 2021. A comparison of our operating results for 2021 and 2020 follows (dollars in thousands).

	For the year ended				2021 vs. 2020
	2021		2020		$ Change		% Change
Revenue:
Rental and other income	$	2,291,766	$	2,297,442	$	(5,676)	(0.2)	%
Management, development and other fees	3,084		3,819		(735)		(19.2)	%
Total revenue	2,294,850		2,301,261		(6,411)		(0.3)	%
Expenses:
Direct property operating expenses, excluding property taxes	469,123		448,658		20,465		4.6	%
Property taxes	283,089		273,189		9,900		3.6	%
Total community operating expenses	752,212		721,847		30,365		4.2	%
Corporate-level property management and other indirect operating expenses	(101,730)		(101,255)		(475)		0.5	%
Expensed transaction, development and other pursuit costs, net of recoveries	(3,231)		(12,399)		9,168		(73.9)	%
Interest expense, net	(220,415)		(214,151)		(6,264)		2.9	%
Loss on extinguishment of debt, net	(17,787)		(9,333)		(8,454)		90.6	%
Depreciation expense	(758,596)		(707,331)		(51,265)		7.2	%
General and administrative expense	(69,611)		(60,343)		(9,268)		15.4	%
Casualty and impairment loss	(3,119)		—		(3,119)		100.0	%
Income from investments in unconsolidated entities	38,585		6,422		32,163		500.8	%
Gain on sale of communities	602,235		340,444		261,791		76.9	%
Gain on other real estate transactions, net	2,097		440		1,657		376.6	%
Net for-sale condominium activity	(977)		2,551		(3,528)		N/A (1)
Income before income taxes	1,010,089		824,459		185,630		22.5	%
Income tax (expense) benefit	(5,733)		3,247		(8,980)		N/A (1)
Net income	1,004,356		827,706		176,650		21.3	%
Net income attributable to noncontrolling interests	(57)		(76)		19		(25.0)	%
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	176,669	21.3	%

_________________________________

(1)     Percent change is not meaningful.

Net income attributable to common stockholders increased $176,669,000, or 21.3%, to $1,004,299,000 in 2021 over 2020, primarily due to an increase in gains on consolidated and unconsolidated real estate dispositions in the current year, partially offset by a decrease in Same Store NOI and an increase in depreciation expense in the current year.

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NOI is considered by management to be an important and appropriate supplemental performance measure to net income because it helps both investors and management to understand the core operations of a community or communities prior to the allocation of any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easier comparison of the operating performance of individual assets or groups of assets. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impact to overhead as a result of acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. We define NOI 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, loss on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, income tax expense (benefit), casualty and impairment loss, gain on sale of communities, gain on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale.

NOI does not represent cash generated from operating activities in accordance with GAAP, and NOI should not be considered an alternative to net income as an indication of our performance. NOI should also not be considered an alternative to net cash flow from operating activities, as determined by GAAP, as a measure of liquidity, nor is NOI indicative of cash available to fund cash needs. Residential NOI represents results attributable to the Company's apartment rental operations, including parking and other ancillary residential revenue. Reconciliations of NOI and Residential NOI for the years ended December 31, 2021 and 2020 to net income for each year are as follows (dollars in thousands):

	For the year ended
	12/31/21		12/31/20
Net income	$	1,004,356	$	827,706
Property management and other indirect operating expenses, net of corporate income	98,665		97,443
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399
Interest expense, net	220,415		214,151
Loss on extinguishment of debt, net	17,787		9,333
General and administrative expense	69,611		60,343
Income from investments in unconsolidated entities	(38,585)		(6,422)
Depreciation expense	758,596		707,331
Income tax expense (benefit)	5,733		(3,247)
Casualty and impairment loss	3,119		—
Gain on sale of communities	(602,235)		(340,444)
Gain on other real estate transactions, net	(2,097)		(440)
Net for-sale condominium activity	977		(2,551)
Net operating income from real estate assets sold or held for sale	(24,895)		(67,418)
NOI	1,514,678		1,508,184
Commercial NOI (1)	(25,745)		(12,559)
Residential NOI	$	1,488,933	$	1,495,625

_________________________

(1)Represents results attributable to the non-apartment components of our mixed-use communities and other non-residential operations ("Commercial").

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The Residential NOI changes for 2021 as compared to 2020 consists of changes in the following categories (dollars in thousands):

	Full Year
	2021
Same Store	$	(66,283)
Other Stabilized	15,284
Development / Redevelopment	44,307
Total	$	(6,692)

The decrease in our Residential Same Store NOI in 2021 is due to a decrease in rental revenue of $45,643,000, or 2.2% and an increase in property operating expenses of $20,300,000, or 3.2%, over 2020.

Rental and other income decreased $5,676,000, or 0.2%, in 2021 compared to the prior year primarily due to decreased rental rates, amortization of concessions at our Same Store communities and decreased rental income from dispositions, partially offset by additional rental income generated from development completions and development under construction and in lease-up and acquisitions, increased occupancy at our Same Store communities and a decrease in commercial uncollectible lease revenue.

As discussed elsewhere in this report, the COVID-19 pandemic, and direct and indirect related economic, regulatory and operating impacts, are likely to continue to adversely affect our rental revenue. Deteriorating financial conditions among our residents and commercial tenants, as well as regulations that limit our ability to evict residents and tenants, may continue to result in higher than normal uncollectible lease revenue. The pandemic may also continue to depress demand among consumers for our apartments for a variety of other reasons, including (i) if consumers decide to live in markets that are less costly than ours for one or more reasons, such as a decline in their income, remote working arrangements, or if they cannot freely access neighborhood amenities like restaurants, gyms and entertainment venues; (ii) that consumers who would otherwise rent may seek home ownership; and (iii) ongoing downward pressures on demand for certain types of housing (e.g., corporate apartment homes) or by certain consumers (e.g. students or consumers who require seasonal job-related demand such as in the entertainment industry).

Consolidated Communities—The weighted average number of occupied apartment homes for consolidated communities increased to 75,744 apartment homes for 2021, as compared to 73,724 homes for 2020. The weighted average monthly rental revenue per occupied apartment home decreased to $2,518 for 2021 as compared to $2,593 in 2020.

Same Store rental revenue decreased $35,671,000, or 1.7%, for the year ended December 31, 2021, compared to the prior year.

•Residential rental revenue decreased $45,643,000, or 2.2%, for the year ended December 31, 2021, compared to the prior year, including an offsetting decrease in uncollectible lease revenue of $2,227,000. See below for a table detailing the change in Same Store Residential rental revenue by market for the year ended December 31, 2021, including the attribution of the change between rental rates and Economic Occupancy (as defined below).

•As a result of the pandemic, we increased our use of residential concessions during 2021 and 2020 relative to concessions granted prior to 2020. Concessions for our Same Store communities granted in 2021 decreased from the prior year by $6,209,000 to $42,237,000. Concessions granted in 2021 remain at elevated levels relative to years prior to the COVID-19 pandemic. Concessions are amortized on a straight-line basis over the life of the respective leases (generally one year) and contributed to the overall decline in our Same Store rental revenue in 2021. The amortization of residential concessions for our Same Store communities increased by $38,190,000 in 2021 as compared to the prior year, and the remaining net unamortized balance of residential concessions as of December 31, 2021 and 2020 was $14,209,000 and $30,272,000, respectively.

•Commercial rental revenue increased $9,972,000, or 87.9%, for the year ended December 31, 2021, compared to the prior year due to a reduction in uncollectible lease revenue of $11,826,000, for the year ended December 31, 2021.

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The following table presents the change in Same Store Residential rental revenue for the year ended December 31, 2021, compared to the prior year:

	For the year ended
	12/31/2021
Residential rental revenue
Lease rates	(2.0)	%
Concessions and other discounts	(1.8)	%
Economic occupancy	1.4	%
Other rental revenue	0.1	%
Uncollectible lease revenue	0.1	%
Total Residential rental revenue	(2.2)	%

The following table presents the change in Same Store Residential rental revenue, including the attribution of the change between rental rates and Economic Occupancy for the year ended December 31, 2021 (dollars in thousands).

	For the year ended
	Residential rental revenue										Average rental rates							Economic Occupancy (1)
					$ Change			% Change							% Change							% Change
	2021		2020			2021 to 2020			2021 to 2020		2021		2020			2021 to 2020		2021		2020			2021 to 2020
New England	$	302,334	$	305,504		$	(3,170)		(1.0)	%	$	2,747	$	2,839		(3.2)	%	96.2	%	94.0	%		2.2	%
Metro NY/NJ	420,443		423,698			(3,255)			(0.8)	%	3,073		3,151			(2.5)	%	96.4	%	94.7	%		1.7	%
Mid-Atlantic	334,870		341,986			(7,116)			(2.1)	%	2,148		2,226			(3.5)	%	95.2	%	93.8	%		1.4	%
Southeast Florida	31,644		29,091			2,553			8.8	%	2,250		2,141			5.1	%	96.5	%	92.8	%		3.7	%
Denver, CO	23,739		21,293			2,446			11.5	%	1,896		1,737			9.2	%	96.1	%	93.8	%		2.3	%
Pacific Northwest	105,833		108,700			(2,867)			(2.6)	%	2,197		2,261			(2.8)	%	95.2	%	95.0	%		0.2	%
Northern California	358,353		398,115			(39,762)			(10.0)	%	2,630		2,977			(11.7)	%	96.0	%	94.3	%		1.7	%
Southern California	446,196		440,668			5,528			1.3	%	2,300		2,289			0.5	%	96.5	%	95.7	%		0.8	%
Total Same Store	$	2,023,412	$	2,069,055		$	(45,643)		(2.2)	%	$	2,504	$	2,598		(3.6)	%	96.0	%	94.6	%		1.4	%

_________________________________

(1) Economic occupancy takes into account the fact that apartment homes of different sizes and locations within a community have different economic impacts on a community's gross revenue. Economic occupancy is defined as gross potential revenue less vacancy loss, as a percentage of gross potential revenue. Gross potential revenue is determined by valuing occupied homes at leased rates and vacant homes at market rents. Vacancy loss is determined by valuing vacant units at current market rents.

Direct property operating expenses, excluding property taxes increased $20,465,000, or 4.6%, in 2021 as compared to the prior year, primarily due to the addition of newly developed and acquired apartment communities, as well as the timing of repairs and maintenance projects previously delayed due to the COVID-19 pandemic.

Same Store Residential direct property operating expenses, excluding property taxes, represents 99.9% of total Same Store operating expenses for the year ended December 31, 2021. Residential direct property operating expenses, excluding property taxes, increased $14,759,000, or 3.7%, in 2021 as compared to the prior year, primarily due to the timing of repairs and maintenance projects previously delayed due to the COVID-19 pandemic.

Property taxes increased $9,900,000, or 3.6%, in 2021 as compared to the prior year, primarily due to the addition of newly developed and acquired apartment communities and increased assessments for the Company's stabilized portfolio, partially offset by decreased property taxes from dispositions.

Same Store Residential property taxes represents 98.8% of total Same Store property taxes for the year ended December 31, 2021. For Same Store, property taxes increased $5,541,000, or 2.3%, in 2021 as compared to the prior year, primarily due to increased assessments across the portfolio, increased rates in California and Metro NY/NJ and the expiration of certain property tax incentive programs in New York City in the current year, partially offset by successful appeals in 2021 in New York, California and Florida.

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Expensed transaction, development and other pursuit costs, net of recoveries primarily reflect costs incurred for development pursuits not yet considered probable for development, as well as the abandonment of Development Rights and costs related to abandoned acquisition and disposition pursuits and any recoveries of costs incurred. These costs can be volatile, particularly in periods of increased acquisition pursuit activity, periods of economic downturn or when there is limited access to capital, and therefore may vary significantly from year to year. In addition, the timing for potential recoveries will not always align with the timing for expensing an abandoned pursuit. Expensed transaction, development and other pursuit costs, net of recoveries, decreased $9,168,000, or 73.9%, in 2021 as compared to the prior year. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City.

Interest expense, net increased $6,264,000, or 2.9%, in 2021 as compared to the prior year. This category includes interest costs offset by capitalized interest pertaining to development and redevelopment activity, amortization of premium/discount on debt, interest income and any mark to market impact from derivatives not in qualifying hedge relationships. The increase in 2021 was primarily due to a decrease in capitalized interest and an increase in the amount of unsecured indebtedness, partially offset by lower overall effective rates on unsecured indebtedness and a combination of a decrease in variable rates on, and amounts of, secured indebtedness.

Loss on extinguishment of debt, net reflects (i) prepayment penalties and (ii) the write-off of unamortized deferred financing costs, premiums/discounts and deferred hedging losses from our debt repurchase and retirement activity. The losses on extinguishment of debt, net of $17,787,000 and $9,333,000 in 2021 and 2020, respectively, were primarily due to the repayments of unsecured notes during each of those years.

Depreciation expense increased $51,265,000, or 7.2%, in 2021 as compared to the prior year, primarily due to the addition of newly developed and acquired apartment communities, partially offset by dispositions.

General and administrative expense (“G&A”) increased $9,268,000, or 15.4%, in 2021 as compared to the prior year, primarily due to legal settlement proceeds that were present in the prior year, coupled with increases in the current year of compensation related expenses, including executive transition costs, during the year ended December 31, 2021.

Casualty and impairment loss for the year ended December 31, 2021 of $3,119,000 consists of a $1,971,000 charge recognized for the damages across several communities in our East Coast markets related to severe storms and a $1,148,000 charge recognized for property and casualty damages resulting from a fire at an operating community.

Income from investments in unconsolidated entities increased $32,163,000 in 2021 as compared to the prior year, due to unrealized gains on property technology investments recognized in the current year and the gain on the sale of the final two communities in Archstone Multifamily Partners AC JV LP (the "AC JV"), partially offset by the gain on the sale of a community in Archstone Multifamily Partners AC LP (the "U.S. Fund") in the prior year.

Gain on sale of communities increased in 2021 as compared to the prior year. The amount of gain realized in a given period depends on many factors, including the number of communities sold, the size and carrying value of the communities sold and the market conditions in the local area. The gains of $602,235,000 and $340,444,000 in 2021 and 2020, respectively, were primarily due to the sale of nine wholly-owned operating communities in both 2021 and 2020.

Gain on other real estate transactions, net represents the impact from the sale of land parcels and other tangible and intangible real estate assets, and increased $1,657,000, or 376.6%, in 2021 due to the sale of residential entitlements.

Net for-sale condominium activity is a net expense of $977,000 for the year ended December 31, 2021 and a net gain of $2,551,000 for the year ended December 31, 2020, and is comprised of the net gain before taxes on the sale of condominiums at The Park Loggia less the associated marketing, operating and administrative costs. During the year ended December 31, 2021, we sold 53 residential condominiums at The Park Loggia, for gross proceeds of $135,458,000, resulting in a gain in accordance with GAAP of $3,110,000. During the year ended December 31, 2020, we sold 70 residential condominiums at The Park Loggia for gross proceeds of $216,372,000, resulting in a gain in accordance with GAAP of $8,213,000. In addition, we incurred $4,087,000 and $5,662,000 for the years ended December 31, 2021 and 2020, respectively, in marketing, operating and administrative costs.

Income tax (expense) benefit of $5,733,000 for the year ended December 31, 2021 was related to activity generated through our taxable REIT subsidiaries ("TRS") and was comprised primarily of tax expense for condominium sales at The Park Loggia and other ancillary real estate. Income tax benefit for the year ended December 31, 2020 was primarily due to tax losses as well as provisions of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act").

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Reconciliation of FFO and Core FFO

Consistent with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts® (“Nareit”), we calculate Funds from Operations Attributable to Common Stockholders ("FFO") as net income or loss attributable to common stockholders computed in accordance with GAAP, adjusted for:

•gains or losses on sales of previously depreciated operating communities;

•cumulative effect of change in accounting principle;

•impairment write-downs of depreciable real estate assets;

•write-downs of investments in affiliates due to a decrease in the value of depreciable real estate assets held by those affiliates;

•depreciation of real estate assets; and

•similar adjustments for unconsolidated partnerships and joint ventures, including those from a change in control.

FFO and FFO adjusted for non-core items, or “Core FFO,” as defined below, are generally considered by management to be appropriate supplemental measures of our operating and financial performance. In calculating FFO, we exclude gains or losses related to dispositions of previously depreciated property and exclude real estate depreciation, which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates. FFO can help with the comparison of the operating and financial performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered by us to be part of our core business operations, Core FFO can help with the comparison of the core operating performance of the Company year over year. We believe that, in order to understand our operating results, FFO and Core FFO should be considered in conjunction with net income as presented in the Consolidated Statements of Comprehensive Income included elsewhere in this report.

We calculate Core FFO as FFO, adjusted for:

•joint venture gains (if not adjusted through FFO), non-core costs and promoted interests from partnerships;

•casualty and impairment losses or gains, net on non-depreciable real estate;

•gains or losses from early extinguishment of consolidated borrowings;

•development pursuit write-offs and expensed transaction costs, net of recoveries;

•third-party business interruption insurance proceeds and the related lost NOI that is covered by the expected third party business interruption insurance proceeds;

•property and casualty insurance proceeds and legal settlement activity;

•gains or losses on sales of assets not subject to depreciation and other investment gains or losses;

•advocacy contributions, representing payments to promote our business interests;

•hedge ineffectiveness or gains or losses from derivatives not designated as hedges for accounting purposes;

•severance related costs;

•executive transition compensation costs;

•net for-sale condominium activity, including gains, marketing, operating and administrative costs and imputed carry cost;

•income taxes; and

•other non-core items.

FFO and Core FFO do not represent net income in accordance with GAAP, and therefore should not be considered an alternative to net income, which remains the primary measure, as an indication of our performance. In addition, FFO and Core FFO as calculated by other REITs may not be comparable to our calculations of FFO and Core FFO.

FFO and Core FFO also do not represent cash generated from operating activities in accordance with GAAP, and therefore should not be considered an alternative to net cash flows from operating activities, as determined by GAAP, as a measure of liquidity. Additionally, it is not necessarily indicative of cash available to fund cash needs. A presentation of GAAP-based cash flow metrics is included in our Consolidated Financial Statements included elsewhere in this report.

The following is a reconciliation of net income attributable to common stockholders to FFO attributable to common stockholders and to Core FFO attributable to common stockholders for the years ended December 31, 2021 and 2020 (dollars in thousands, except per share data).

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	For the year ended
	12/31/21		12/31/20
Net income attributable to common stockholders	$	1,004,299	$	827,630
Depreciation - real estate assets, including joint venture adjustments	753,755		704,331
Distributions to noncontrolling interests	48		48
Gain on sale of unconsolidated entities holding previously depreciated real estate	(23,305)		(5,157)
Gain on sale of previously depreciated real estate	(602,235)		(340,444)
Casualty and impairment loss on real estate	3,119		—
FFO attributable to common stockholders	$	1,135,681	$	1,186,408
Adjusting items:
Unconsolidated entity (gains) losses, net (1)	(14,870)		375
Business interruption insurance proceeds	—		(385)
Lost NOI from casualty losses covered by business interruption insurance	—		48
Loss on extinguishment of consolidated debt	17,787		9,333
Gain on interest rate contract	(2,654)		(2,894)
Advocacy contributions	59		8,558
Executive transition compensation costs	3,010		—
Severance related costs	313		2,142
Development pursuit write-offs and expensed transaction costs, net of recoveries (2)	1,363		11,443
Gain on for-sale condominiums (3)	(3,110)		(8,213)
For-sale condominium marketing, operating and administrative costs (3)	4,087		5,662
For-sale condominium imputed carry cost (4)	7,031		11,317
Gain on other real estate transactions, net	(2,097)		(440)
Legal settlements	1,139		490
Income tax expense (benefit) (5)	5,733		(3,247)
Core FFO attributable to common stockholders	$	1,153,472	$	1,220,597
Weighted average common shares outstanding - diluted	139,717,399		140,435,195
EPS per common share - diluted	$	7.19	$	5.89
FFO per common share - diluted	$	8.13	$	8.45
Core FFO per common share - diluted	$	8.26	$	8.69

_________________________________

(1)    Amount for 2021 includes unrealized gains on property technology investments of $15,908, partially offset by the write-off of asset management fee intangibles associated with the disposition of the final two AC JV communities.

(2) Amount for 2020 includes the write-off of $7,264 related to a Development Right in New York City.

(3) The aggregate impact of (i) gain on for-sale condominiums and (ii) for-sale condominium marketing, operating and administrative costs is a net expense of $977 for 2021, and a net gain of $2,551 for 2020.

(4) Represents the imputed carry cost of for-sale residential condominiums at The Park Loggia. We computed this adjustment by multiplying the total capitalized cost of completed and unsold for-sale residential condominiums by our weighted average unsecured debt rate.

(5) Amount for 2021 relates to activity generated in our TRS and is comprised primarily of tax expense for condominium sales at The Park Loggia and other ancillary real estate. Amount for 2020 relates to tax losses as well as provisions of the CARES Act.

Liquidity and Capital Resources

We employ a disciplined approach to our liquidity and capital management. When we source capital, we take into account both our view of the most cost effective alternative available and our desire to maintain a balance sheet that provides us with flexibility. Our principal focus on near-term and intermediate-term liquidity is to ensure we have adequate capital to fund:

•development and redevelopment activity in which we are currently engaged or in which we plan to engage;

•the minimum dividend payments on our common stock required to maintain our REIT qualification under the Code;

•debt service and principal payments either at maturity or opportunistically before maturity;

•normal recurring operating expenses and corporate overhead expenses; and

•investment in our operating platform, including strategic investments.

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Factors affecting our liquidity and capital resources are our cash flows from operations, financing activities and investing activities (including dispositions) as well as general economic and market conditions. Cash flows from operations are determined by: operating activities and factors including but not limited to (i) the number of apartment homes currently owned, (ii) rental rates, (iii) occupancy levels, (iv) uncollectible lease revenue levels or interruptions in collections caused by market conditions and (v) operating expenses with respect to apartment homes. The timing and type of capital markets activity in which we engage is affected by changes in the capital markets environment, such as changes in interest rates or the availability of cost-effective capital. Our plans for development, redevelopment, non-routine capital expenditure, acquisition and disposition activity are affected by market conditions and capital availability. We frequently review our liquidity needs, especially in periods with volatile market conditions, as well as the adequacy of cash flows from operations and other expected liquidity sources to meet these needs.

We had cash, cash equivalents and cash in escrow of $543,788,000 at December 31, 2021, an increase of $230,256,000 from $313,532,000 at December 31, 2020. The following discussion relates to changes in cash, cash equivalents and cash in escrow due to operating, investing and financing activities, which are presented in our Consolidated Statements of Cash Flows included elsewhere in this report.

Operating Activities—Net cash provided by operating activities decreased to $1,203,170,000 in 2021 from $1,219,615,000 in 2020, primarily due to a decrease in NOI.

Investing Activities—Net cash used in investing activities totaled $624,053,000 in 2021. The net cash used was primarily due to:

•acquisition of seven operating communities for $771,692,000;

•investment of $654,861,000 in the development and redevelopment of communities; and

•capital expenditures of $153,235,000 for our operating communities and non-real estate assets.

These amounts were partially offset by:

•net proceeds from the disposition of nine operating communities and ancillary real estate of $850,230,000; and

•net proceeds from the sale of for-sale residential condominiums of $124,532,000.

Financing Activities—Net cash used in financing activities totaled $348,861,000 in 2021. The net cash used was primarily due to:

•payment of cash dividends in the amount of $888,344,000;

•repayment of unsecured notes in the amount of $462,147,000; and

•mortgage notes repayments and principal amortization payments in the amount of $109,562,000.

These amounts were partially offset by:

•proceeds from the issuance of unsecured notes in the amount of $1,098,643,000; and

•the issuance of common stock in the amount of $31,874,000 primarily through CEP V.

Variable Rate Unsecured Credit Facility

We have 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 (0.88% at January 31, 2022), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on our current credit rating.

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We had no borrowings outstanding under the Credit Facility and had $6,969,000 outstanding in letters of credit that reduced our borrowing capacity as of January 31, 2022. In addition, we had $39,581,000 outstanding in additional letters of credit unrelated to the Credit Facility as of January 31, 2022.

The phase-out of LIBOR and expected transition to SOFR as a benchmark interest rate will have uncertain and possibly adverse effects on our LIBOR borrowings. See Item 1A. “Risk Factors” for further discussion.

Financial Covenants

We are subject to financial covenants contained in the Credit Facility, Term Loans and the indentures under which our unsecured notes were issued. The principal financial covenants include the following:

•limitations on the amount of total and secured debt in relation to our overall capital structure;

•limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and

•minimum levels of debt service coverage.

We were in compliance with these covenants at December 31, 2021.

In addition, some of our secured borrowings include yield maintenance, defeasance, or prepayment penalty provisions, which would result in us incurring an additional charge in the event of a full or partial prepayment of outstanding principal before the scheduled maturity. These provisions in our secured borrowings are generally consistent with other similar types of debt instruments issued during the same time period in which our borrowings were secured.

Continuous Equity Offering Program

In May 2019, we commenced CEP V under which we may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of our common stock from time to time. Actual sales will depend on a variety of factors to be determined, including market conditions, the trading price of our common stock and our determinations of the appropriate funding sources. We engaged sales agents for CEP V who receive compensation of up to 1.5% of the gross sales price for shares sold. We expect that, if entered into, we will physically settle each forward sale agreement on one or more dates prior to the maturity date of that particular forward sale agreement, and to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the forward sale price. However, we may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, we will pay the 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 2021 and through January 31, 2022, we sold 122,343 shares of common stock at an average sales price of $226.15 per share, for net proceeds of $27,253,000 under this program. In addition, at December 31, 2021, we were party to a forward contract under CEP V to sell 68,577 shares of common stock for approximate proceeds of $16,000,000 net of offering fees and discounts based on the initial forward price, with settlement of the forward contract to occur on one or more dates not later than December 31, 2022. The final proceeds will be determined on the date(s) of settlement after adjustments for our dividends and a daily interest factor. As of January 31, 2022, we had $705,961,000 remaining authorized for issuance under this program, after consideration of the forward contract.

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Forward Interest Rate Swap Agreements

The following derivative activity occurred during the year ended December 31, 2021:

•We terminated $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020, receiving a payment of $6,962,000. We recognized $2,894,000 of these proceeds as a gain in 2020 and $2,654,000 of these proceeds as a gain during the year ended December 31, 2021, included in interest expense, net on the accompanying Consolidated Statements of Comprehensive Income.

•In conjunction with the issuance of our $700,000,000 2.05% unsecured notes due 2032 in September 2021, we settled $200,000,000 of forward interest rate swap agreements, entered into in 2021, designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a net payment of $2,211,000. We have deferred these amounts in accumulated other comprehensive loss on the accompanying Consolidated Balance Sheets, and are recognizing the impact as a component of interest expense, net, over the term of the respective hedged debt.

•We entered into an additional $150,000,000 of new forward interest rate swap agreements executed to reduce the impact of variability in interest rates on a portion of our expected debt issuance activity in 2022.

At the maturity of the remaining outstanding swap agreements, we expect to cash settle the contracts and either pay or receive cash for the then current fair value. Assuming that we issue 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.

Stock Repurchase Program

In July 2020, our Board of Directors approved a new stock repurchase program under which we may acquire shares of our 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 at our discretion with the timing and number of shares repurchased depending 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 2021 and through January 31, 2022, we had no repurchases of shares under this program. As of January 31, 2022, we had $316,148,000 remaining authorized for purchase under this program.

Future Financing and Capital Needs—Debt Maturities and Material Obligations

One of our principal long-term liquidity needs is the repayment of long-term debt at maturity. For both our unsecured and secured notes, a portion of the principal of these notes may be repaid prior to maturity. Early retirement of our unsecured or secured notes could result in gains or losses on extinguishment. If we do not have funds on hand sufficient to repay our indebtedness as it becomes due, it will be necessary for us to refinance or otherwise provide liquidity to satisfy the debt at maturity. This refinancing may be accomplished by uncollateralized private or public debt offerings, equity issuances, additional debt financing that is secured by mortgages on individual communities or groups of communities or borrowings under our Credit Facility. Although we believe we will have the capacity to meet our currently anticipated liquidity needs, we cannot assure you that capital from additional debt financing or debt or equity offerings will be available or, if available, that they will be on terms we consider satisfactory, especially in light of the uncertain impacts of the COVID-19 pandemic on capital markets.

The following debt activity occurred during 2021:

•In January 2021, we repaid $27,795,000 principal amount of 5.37% fixed rate secured debt at par in advance of the April 2021 maturity date.

•In September 2021, we repaid $450,000,000 principal amount of our 2.95% unsecured notes in advance of the September 2022 scheduled maturity, recognizing a loss on debt extinguishment of $17,890,000, composed of a prepayment penalty of $12,147,000, and the non-cash write off of unamortized deferred hedging losses and unamortized deferred financing costs of $5,743,000.

•In September 2021, we issued $700,000,000 principal amount of unsecured notes in a public offering under our existing shelf registration statement for proceeds net of underwriting fees of approximately $694,617,000, before

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considering the impact of other offering costs. The notes mature in January 2032 and were issued at a 2.05% interest rate. The notes were issued under our green bond framework, and we have allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

•In November 2021, we repaid an aggregate of $73,060,000 principal amount of fixed rate secured debt with a weighted average interest rate of 3.79% at par in advance of the November 2036 maturity date.

•In November 2021, we issued $400,000,000 principal amount of unsecured notes in a public offering under our existing shelf registration statement for proceeds net of underwriting fees of approximately $396,976,000, before considering the impact of other offering costs. The notes mature in December 2028 and were issued at a 1.90% interest rate. The notes were issued under our green bond framework, and we have allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

The following table details our consolidated debt obligations, including the effective interest rate and contractual maturity dates, and principal payments for periodic amortization and maturities for the next five years, excluding our Credit Facility and amounts outstanding related to communities classified as held for sale, for debt outstanding at December 31, 2021 and 2020 (dollars in thousands). We are not directly or indirectly (as borrower or guarantor) obligated in any material respect to pay principal or interest on the indebtedness of any unconsolidated entities in which we have an equity or other interest.

	All-In interest rate (1)		Principal maturity date		Balance Outstanding (2)				Scheduled Maturities
Community					12/31/2020		12/31/2021		2022		2023		2024		2025		2026		Thereafter
Tax-exempt bonds
Fixed rate
Avalon at Chestnut Hill	6.16	%	Oct-2047		$	36,399	$	35,770	$	663	$	699	$	737	$	778	$	820	$	32,073
Avalon Westbury	3.86	%	Nov-2036	(3)	62,200		—		—		—		—		—		—		—
					98,599		35,770		663		699		737		778		820		32,073
Variable rate
Avalon Acton	1.14	%	Jul-2040	(4)	45,000		45,000		—		—		—		—		—		45,000
Avalon Clinton North	1.79	%	Nov-2038	(4)	147,000		147,000		—		—		—		—		—		147,000
Avalon Clinton South	1.79	%	Nov-2038	(4)	121,500		121,500		—		—		—		—		—		121,500
Avalon Midtown West	1.72	%	May-2029	(4)	93,500		88,300		5,600		6,100		6,800		7,300		8,100		54,400
Avalon San Bruno I	1.68	%	Dec-2037	(4)	63,850		62,350		2,000		2,200		2,300		2,400		2,500		50,950
					470,850		464,150		7,600		8,300		9,100		9,700		10,600		418,850
Conventional loans
Fixed rate
$450 million unsecured notes	4.30	%	Sep-2022	(3)	450,000		—		—		—		—		—		—		—
$250 million unsecured notes	3.00	%	Mar-2023		250,000		250,000		—		250,000		—		—		—		—
$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		—		—		—		—		—		700,000
$600 million unsecured notes	2.65	%	Jan-2031		600,000		600,000		—		—		—		—		—		600,000
$700 million unsecured notes	2.16	%	Jan-2032		—		700,000		—		—		—		—		—		700,000
$400 million unsecured notes	2.04	%	Dec-2028		—		400,000		—		—		—		—		—		400,000
Avalon Walnut Creek	4.00	%	Jul-2066		4,001		4,161		—		—		—		—		—		4,161
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

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	All-In interest rate (1)		Principal maturity date		Balance Outstanding (2)				Scheduled Maturities
Community					12/31/2020		12/31/2021		2022		2023		2024		2025		2026		Thereafter
Avalon San Bruno II	3.85	%	Apr-2021	(3)	27,844		—		—		—		—		—		—		—
Avalon Westbury	4.88	%	Nov-2036	(3)	12,170		—		—		—		—		—		—		—
Avalon San Bruno III	2.38	%	Mar-2027		51,000		51,000		—		—		—		—		—		51,000
Avalon Cerritos	3.35	%	Aug-2029		30,250		30,250		—		—		—		—		—		30,250
					6,810,365		7,420,511		—		600,000		300,000		825,000		775,000		4,920,511
Variable rate
Term Loan - $100 million	1.18	%	Feb-2022		100,000		100,000		100,000		—		—		—		—		—
Term Loan - $150 million	1.11	%	Feb-2024		150,000		150,000		—		—		150,000		—		—		—
					250,000		250,000		100,000		—		150,000		—		—		—
Total indebtedness - excluding Credit Facility					$	7,629,814	$	8,170,431	$	108,263	$	608,999	$	459,837	$	835,478	$	786,420	$	5,371,434

_________________________________

(1)Rates are given as of December 31, 2021 and include credit enhancement fees, facility fees, trustees’ fees, the impact of interest rate hedges, offering costs, mark to market amortization and other fees.

(2)Balances outstanding represent total amounts due at maturity, and exclude deferred financing costs and debt discount for the unsecured notes of $50,606 and $47,995 as of December 31, 2021 and 2020, respectively, deferred financing costs and debt discount associated with secured notes of $16,278 and $17,482 as of December 31, 2021 and 2020, respectively, as reflected on our Consolidated Balance Sheets included elsewhere in this report.

(3)During 2021, we repaid this borrowing in advance of its scheduled maturity date.

(4)Financed by variable rate debt, but interest rate is capped through an interest rate protection agreement.

In addition to consolidated debt, we have scheduled contractual obligations associated with (i) ground leases for land underlying current operating or development communities and commercial and parking facilities and (ii) office leases for our corporate headquarters and regional offices of $14,879,000 for 2022, $14,642,000 for 2023 and $372,346,000 thereafter.

Future Financing and Capital Needs—Portfolio and Capital Markets Activity

In 2022, we expect to meet our liquidity needs from one or more of a variety of internal and external sources, which may include (i) real estate dispositions, (ii) cash balances on hand as well as cash generated from our operating activities, (iii) borrowing capacity under our Credit Facility and (iv) secured and unsecured debt financings. Additional sources of liquidity in 2022 may include the issuance of common and preferred equity. Our ability to obtain additional financing will depend on a variety of factors such as market conditions, the general availability of credit, the overall availability of credit to the real estate industry, our credit ratings and credit capacity, as well as the perception of lenders regarding our long or short-term financial prospects.

Before beginning new construction or reconstruction activity in 2022, including activity related to communities owned by unconsolidated joint ventures, we plan to source sufficient capital to complete these undertakings, although we cannot assure you that we will be able to obtain such financing. In the event that financing cannot be obtained, we may have to abandon Development Rights, write off associated pre-development costs that were capitalized and/or forego reconstruction activity. In such instances, we will not realize the increased revenues and earnings that we expected from such Development Rights or reconstruction activity and significant losses could be incurred.

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From time to time we use joint ventures to hold or develop individual real estate assets. We generally employ joint ventures primarily to mitigate asset concentration or market risk and secondarily as a source of liquidity. We may also use joint ventures related to mixed-use land development opportunities and new markets where our partners bring development and operational expertise and/or experience to the venture. Each joint venture or partnership agreement has been individually negotiated, and our ability to operate and/or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the joint venture or partnership agreement. We cannot assure you that we will achieve our objectives through joint ventures.

In addition, we may invest, through mezzanine loans or other preferred equity investments, in multifamily development projects being undertaken by third parties. In these cases, we do not expect to acquire the underlying real estate but rather to earn a return on our investment (through interest or fixed rate preferred equity returns) and a return of the invested capital generally following completion of construction either on or before a set due date. As of January 31, 2022, we have not made any such investments but are pursuing opportunities.

In evaluating our allocation of capital within our markets, we sell assets that do not meet our long-term investment criteria or when capital and real estate markets allow us to realize a portion of the value created over our ownership periods and redeploy the proceeds from those sales to develop and redevelop communities. Because the proceeds from the sale of communities may not be immediately redeployed into revenue-generating assets that we develop, redevelop or acquire, the immediate effect of a sale of a community for a gain is to increase net income, but reduce future total revenues, total expenses and NOI until such time as the proceeds have been redeployed into revenue generating assets. We believe that the temporary absence of future cash flows from communities sold will not have a material impact on our ability to fund future liquidity and capital resource needs.

Investments

We invest in consolidated real estate entities, unconsolidated investments in real estate ventures and direct and indirect investments in technology and environmentally focused companies through investment management funds.

Consolidated Investments

During the year ended December 31, 2021, we acquired the following communities, which includes acquisitions marking our entry in the Texas and North Carolina expansion markets, containing 90,000 square feet of commercial space (dollars in thousands). See Note 5, "Investments," for further discussion.

Community Name	Location	Apartment homes	Purchase price
Avalon Arundel Crossing East	Linthicum Heights, MD	384	$	119,000
Avalon Lakeside	Flower Mound, TX	425	$	117,000
Hub South End	Charlotte, NC	265	$	104,350
Three30Five	Charlotte, NC	164	$	52,650
Avalon Fort Lauderdale	Fort Lauderdale, FL	243	$	150,000
Avalon Miramar	Miramar, FL	380	$	133,000
Hawk	Charlotte, NC	71	$	48,500

During the year ended December 31, 2021, we sold nine wholly-owned operating communities containing 2,404 apartment homes and 30,000 square feet of commercial space (dollars in thousands). See Note 6, "Real Estate Disposition Activities," for further discussion.

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Community Name	Location	Period of sale	Apartment homes	Gross sales price		Gain on disposition
eaves Stamford	Stamford, CT	Q121	238	$	72,000	$	53,775
Avalon Norwalk	Norwalk, CT	Q221	311	$	103,000	$	48,912
AVA Cortez Hill	San Diego, CA	Q221	299	$	96,500	$	75,716
Avalon Redmond Place	Redmond, WA	Q221	222	$	97,700	$	70,545
Avalon Bronxville	Bronxville, NY	Q221	110	$	89,000	$	71,773
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	$	126,000	$	65,242
eaves Lawrenceville	Lawrenceville, NJ	Q421	632	$	208,000	$	157,801
Avalon at Center Place	Providence, RI	Q421	225	$	75,000	$	58,387

Unconsolidated Investments

During the year ended December 31, 2021, we had the following investment activity related to our unconsolidated real estate and technology and environmentally focused investments. See Note 5, "Investments," for further discussion.

•Archstone Multifamily Partners AC JV LP (the "AC JV") sold its final two communities, Avalon North Point and Avalon North Point Lofts, located in Cambridge, MA, for $325,000,000. Our proportionate share of the gain in accordance with GAAP was $23,305,000. In conjunction with the disposition of Avalon North Point, the AC JV repaid a $111,653,000 loan made by equity investors in the venture at par.

•Arts District Joint Venture was formed 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 and 56,000 square feet of commercial space when completed. We have a 25.0% ownership interest in the venture. As of December 31, 2021, excluding costs incurred in excess of equity in the underlying net assets of the venture, we have an equity investment of $30,436,000 in the venture. In addition to the equity contributions, the venture borrowed $11,581,000 under its $167,147,000 of the construction loan during the year ended December 31, 2021.

•Avalon Alderwood MF Member, LLC (“Avalon Alderwood Mall”) was formed to develop, own, and operate Avalon Alderwood Mall, an apartment community located in Lynnwood, WA, which is currently under construction and expected to contain 328 apartment homes when completed. We have a 50.0% ownership interest in the venture. As of December 31, 2021, we have an equity investment of $55,054,000 in the venture, which represents substantially all of our required equity contributions.

•We invested $17,277,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds. We have $39,890,000 of outstanding equity commitments to these investment management funds, with the timing and amount for these commitments to be fulfilled dependent on if, and when, investment opportunities are identified by the respective funds. During the year ended December 31, 2021, we recognized income and unrealized gains of $15,908,000 related to these investments, included as a component of Income from investments in unconsolidated entities on the Consolidated Statements of Comprehensive Income.

Supplemental U.S. Federal Income Tax Considerations

The following discussion supplements and updates the disclosures under “Certain U.S. Federal Income Tax Considerations and Consequences of Your Investment" in the prospectus dated February 25, 2021 contained in our Registration Statement on Form S-3 filed with the SEC on February 25, 2021.

The second paragraph under the heading “-U.S. Taxation of Non-U.S. Stockholders-Distributions Attributable to Sale or Exchange of Real Property” is hereby deleted and replaced with the following:

Subject to the following paragraph, we will be required to withhold and remit to the IRS 21% (or the then applicable highest corporate rate of U.S. federal income tax) of any distributions to non-U.S. stockholders attributable to gain from our sale or exchange of U.S. real property interests. Under long-standing regulations, we also may be required to withhold on any distributions to non-U.S. stockholders that we designate as capital gain dividends, including any distributions that could have been designated as capital gain dividends. Amounts so withheld are creditable against the

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non-U.S. stockholder’s U.S. federal income tax liability. A non-U.S. stockholder who receives distributions attributable to gain from a sale or exchange by us of U.S. real property interests will be required to file a U.S. federal income tax return for the taxable year.

Forward-Looking Statements

This Form 10-K contains “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by our use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “project,” “plan,” “may,” “shall,” “will,” "pursue" and other similar expressions in this Form 10-K, that predict or indicate future events and trends and that do not report historical matters. These statements include, among other things, statements regarding our intent, belief or expectations with respect to:

•the impact of the COVID-19 pandemic on our business, results of operations and financial condition;

•our potential development, redevelopment, acquisition or disposition of communities;

•the timing and cost of completion of apartment communities under construction, reconstruction, development or redevelopment;

•the timing of lease-up, occupancy and stabilization of apartment communities;

•the timing and net sales proceeds of condominium sales;

•the pursuit of land on which we are considering future development;

•the anticipated operating performance of our communities;

•cost, yield, revenue, NOI and earnings estimates;

•the impact of landlord-tenant laws and rent regulations;

•our expansion into new markets;

•our declaration or payment of dividends;

•our joint venture and discretionary fund activities;

•our policies regarding investments, indebtedness, acquisitions, dispositions, financings and other matters;

•our qualification as a REIT under the Code;

•the real estate markets in Metro New York/New Jersey, Northern and Southern California, Denver, Colorado, Southeast Florida, Dallas and Austin, Texas and Charlotte and Raleigh-Durham, North Carolina, and markets in selected states in the Mid-Atlantic, New England and Pacific Northwest regions of the United States and in general;

•the availability of debt and equity financing;

•interest rates;

•general economic conditions, including the potential impacts from current economic conditions and the COVID-19 pandemic;

•trends affecting our financial condition or results of operations; and

•the impact of outstanding legal proceedings.

We cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current expectations of the approximate outcomes of the matters discussed. We do not undertake a duty to update these forward-looking statements, and therefore they may not represent our estimates and assumptions after the date of this report. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to differ materially from the anticipated future results, performance or achievements expressed or implied by these forward-looking statements. You should carefully review the discussion under Item 1A. “Risk Factors” in this report for further discussion of risks associated with forward-looking statements.

Risks and uncertainties that might cause such differences include those related to the COVID-19 pandemic, including, among other factors, (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government, including measures to relieve economic distress, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic. In addition, the effects of the pandemic are likely to heighten the following risks, which we routinely face in our business.

Some of the factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following:

•we may fail to secure development opportunities due to an inability to reach agreements with third parties to obtain land at attractive prices or to obtain desired zoning and other local approvals;

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•we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses;

•construction costs of a community may exceed our original estimates;

•we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues;

•the timing and net proceeds of condominium sales may not equal our current expectations;

•occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control;

•financing may not be available on favorable terms or at all, and our cash flows from operations and access to cost effective capital may be insufficient for the development of our pipeline, which could limit our pursuit of opportunities;

•the impact of new landlord-tenant laws and rent regulations may be greater than we expect;

•our cash flows may be insufficient to meet required payments of principal and interest, and we may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness;

•we may be unsuccessful in our management of joint ventures and the REIT vehicles that are used with certain joint ventures;

•laws and regulations implementing rent control or rent stabilization, or otherwise limiting our ability to increase rents, charge fees or evict tenants, may impact our revenue or increase our costs;

•our expectations, estimates and assumptions as of the date of this filing regarding outstanding legal proceedings are subject to change; and

•the possibility that we may choose to pay dividends in our stock instead of cash, which may result in stockholders having to pay taxes with respect to such dividends in excess of the cash received, if any.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements. Below is a discussion of the accounting policies that we consider critical to an understanding of our financial condition and operating results that may require complex or significant judgment in their application or require estimates about matters which are inherently uncertain. A discussion of our significant accounting policies, including further discussion of the accounting policies described below, can be found in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” of our Consolidated Financial Statements.

Cost Capitalization

We capitalize costs during the development of assets. Capitalization begins when we determine that development of a future asset is probable and continues until the asset, or a portion of the asset, is delivered and is ready for its intended use. For redevelopment efforts, we capitalize costs either (i) in advance of taking apartment homes out of service when significant renovation of the common area has begun and continue until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment and continue until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating expenses incurred during the initial lease-up or post-redevelopment lease-up period are fully recognized in earnings as they accrue.

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During the development and redevelopment efforts we capitalize all direct costs and indirect costs which have been incurred as a result of the development and redevelopment activities. These costs include interest and related loan fees, property taxes as well as other direct and indirect costs. Interest is capitalized for any project-specific financing, as well as for general corporate financing to the extent of our aggregate investment in the projects. Indirect project costs, which include personnel and office and administrative costs that are clearly associated with our development and redevelopment efforts, are also capitalized. Capitalized indirect costs associated with our development and redevelopment activities are comprised primarily of compensation related costs for associates dedicated to our development and redevelopment efforts and total $46,263,000 and $45,268,000 for 2021 and 2020, respectively. The estimation of the direct and indirect costs to capitalize as part of our development and redevelopment activities requires judgment and, as such, we believe cost capitalization to be a critical accounting estimate.

There may be a change in our operating expenses in the event that there are changes in accounting guidance governing capitalization or changes to our levels of development or redevelopment activity. If changes in the accounting guidance limit our ability to capitalize costs or if we reduce our development and redevelopment activities without a corresponding decrease in indirect project costs, there may be an increase in our operating expenses.

We capitalize pre-development costs incurred in pursuit of Development Rights. These costs include legal fees, design fees and related overhead costs. Future development of these pursuits is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of capital. 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 no longer probable, any capitalized pre-development costs are written off with a charge to expense.

Due to the subjectivity in determining whether a pursuit will result in the development of an apartment community, and therefore should be capitalized, the accounting for pursuit costs is a critical accounting estimate. As of December 31, 2021, capitalized pursuit costs associated with Development Rights totaled $40,414,000.

Abandoned Pursuit Costs & Asset Impairment

We evaluate our direct and indirect investments in real estate and other long-lived assets for impairment when potential indicators of impairment exist. If events or circumstances indicate that the carrying amount of a property may not be recoverable, we assess its recoverability by comparing the carrying amount of the property to its estimated undiscounted future cash flows. If the carrying amount exceeds the aggregate undiscounted future cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. We assess land held for development for impairment if our intent changes with respect to the development of the land. We evaluate our unconsolidated investments for impairment, considering both the carrying value of the investment, estimated to be the expected proceeds that it would receive if the entity were dissolved and the net assets were liquidated, as well as our proportionate share of any impairment of assets held by unconsolidated investments.

The assessment of impairment can involve subjectivity in determining if indicators are present and in estimating the future undiscounted cash flows or the fair value of an asset. Estimates of the undiscounted cash flows are sensitive to significant assumptions including future rental revenues, operating expenses, and our intent and ability to hold the related asset, which could be impacted by our expectations about the future.

We expense costs related to abandoned pursuits, which include the abandonment of Development Rights and disposition pursuits. These costs can vary greatly, and the costs incurred in any given period may be significantly different in future years.

Our focus on value creation through real estate development presents an impairment risk in the event of a future deterioration of the real estate and/or capital markets or a decision by us to reduce or cease development. We cannot predict the occurrence of future events that may cause an impairment assessment to be performed, or the likelihood of any future impairment charges, if any. You should also review Item 1A. “Risk Factors” in this Form 10-K.

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ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks from our financial instruments primarily from changes in market interest rates. We do not have exposure to any other significant market risk. We monitor interest rate risk as an integral part of our overall risk management, which recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effect on our results of operations. Our operating results are affected by changes in interest rates, primarily in short-term LIBOR and the SIFMA index as a result of borrowings under our Credit Facility and outstanding bonds and unsecured notes with variable interest rates. In addition, the fair value of our fixed rate unsecured and secured notes are impacted by changes in market interest rates. The effect of interest rate fluctuations on our results of operations historically has been small relative to other factors affecting operating results, such as rental rates and occupancy.

We currently use interest rate protection agreements (consisting of interest rate swap and interest rate cap agreements) for our risk management objectives, as well as for compliance with the requirements of certain lenders, and not for trading or speculative purposes. During 2021, we terminated $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020 and settled $200,000,000 of forward interest rate swap agreements in conjunction with our September 2021 unsecured note issuance that had been entered into during 2021. During 2021, we entered into an additional $150,000,000 of forward interest rate swap agreements to reduce the impact of variability in interest rates on a portion of our expected debt issuance activity in 2022.

In addition, we have interest rate caps that serve to effectively limit the amount of interest rate expense we would incur on a floating rate borrowing. Further discussion of the financial instruments impacted and our exposure is presented below.

As of December 31, 2021 and 2020, we had $714,150,000 and $720,850,000, respectively, in variable rate debt outstanding, with no amounts outstanding under our Credit Facility. If interest rates on the variable rate debt had been 100 basis points higher throughout 2021 and 2020, our annual interest incurred would have increased by approximately $7,716,000 and $8,289,000, respectively, based on balances outstanding during the applicable years.

Because the counterparties providing the interest rate cap and swap agreements are major financial institutions which have an A or better credit rating by the Standard & Poor's Ratings Group, we do not believe there is exposure at this time to a default by a counterparty provider.

In addition, changes in interest rates affect the fair value of our fixed rate debt, computed using quoted market prices for our unsecured notes or a discounted cash flow model for our secured notes, considering our current market yields, which impacts the fair value of our aggregate indebtedness. Debt securities and notes payable (including amounts outstanding under our Credit Facility) with an aggregate principal amount outstanding of $8,170,431,000 at December 31, 2021 had an estimated aggregate fair value of $8,565,339,000 at December 31, 2021. Contractual fixed rate debt represented $7,924,162,000 of the fair value at December 31, 2021. If interest rates had been 100 basis points higher as of December 31, 2021, the fair value of this fixed rate debt would have decreased by approximately $936,938,000.

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The response to this Item 8 is included as a separate section of this Annual Report on Form 10-K.

53

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A.    CONTROLS AND PROCEDURES

(a)Evaluation of Disclosure Controls and Procedures. As required by Rule 13a-15 under the Securities Exchange Act of 1934, as of the end of the period covered by this report, the Company carried out an evaluation under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. We continue to review and document our disclosure controls and procedures, including our internal controls and procedures for financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.

(b)Management's Report on Internal Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2021 based on the framework in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2021.

Our internal control over financial reporting as of December 31, 2021 has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included elsewhere herein.

ITEM 9B.    OTHER INFORMATION

None.

ITEM 9C.    DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

54

PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by Item 10 pertaining to directors and executive officers of the Company and the Company's Code of Conduct is incorporated herein by reference to the Company's Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this Form 10-K with respect to the Annual Meeting of Stockholders scheduled to be held on May 19, 2022.

ITEM 11.    EXECUTIVE COMPENSATION

The information required by Item 11 pertaining to executive compensation is incorporated herein by reference to the Company's Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this Form 10-K with respect to the Annual Meeting of Stockholders scheduled to be held on May 19, 2022.

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information required by Item 12 pertaining to security ownership of management and certain beneficial owners of the Company's common stock is incorporated herein by reference to the Company's Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this Form 10-K with respect to the Annual Meeting of Stockholders scheduled to be held on May 19, 2022, to the extent not set forth below.

The Company maintains the Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”) and the 1996 Non-Qualified Employee Stock Purchase Plan (the “ESPP”), pursuant to which common stock or other equity awards may be issued or granted to eligible persons.

The following table gives information about equity awards under the 2009 Plan and the ESPP as of December 31, 2021:

	(a)		(b)			(c)
Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders (1)	921,402	(2)	$	178.71	(3)	6,088,456
Equity compensation plans not approved by security holders (4)	—		N/A			612,912
Total	921,402		$	178.71	(3)	6,701,368

_________________________________

(1)     Consists of the 2009 Plan.

(2)     Includes 53,209 deferred restricted stock units granted under the 2009 Plan, which, subject to vesting requirements, will convert in the future to common stock on a one-for-one basis. Also includes the maximum number of shares that may be issued upon settlement of outstanding Performance Awards awarded to officers and maturing on December 31, 2021, 2022 and 2023. Does not include 231,693 shares of restricted stock that are outstanding and that are already reflected in the Company's outstanding shares.

(3)     Excludes performance awards and deferred units granted under the 2009 Plan, which, subject to vesting requirements, will convert in the future to common stock on a one-for-one basis.

(4)     Consists of the ESPP.

The ESPP, which was adopted by the Board of Directors on October 29, 1996, has not been approved by our shareholders. A further description of the ESPP appears in Note 9, “Stock-Based Compensation Plans,” of the Consolidated Financial Statements set forth in Item 8 of this report.

55

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by Item 13 pertaining to certain relationships and related transactions is incorporated herein by reference to the Company's Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this Form 10-K with respect to the Annual Meeting of Stockholders to be held on May 19, 2022.

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by Item 14 pertaining to the fees paid to and services provided by the Company's principal accountant is incorporated herein by reference to the Company's Proxy Statement to be filed with the Securities and Exchange Commission within 120 days after the end of the year covered by this Form 10-K with respect to the Annual Meeting of Stockholders to be held on May 19, 2022. Our independent public accounting firm is Ernst & Young LLP, Tysons, Virginia, PCAOB Auditor ID 42.

56

PART IV

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

15(a)(1) Financial Statements
Index to Financial Statements
Consolidated Financial Statements and Financial Statement Schedule:
Reports of Independent Registered Public Accounting Firm	F-1
Consolidated Balance Sheets as of December 31, 2021 and 2020	F-4
Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019	F-5
Consolidated Statements of Equity for the years ended December 31, 2021, 2020 and 2019	F-6
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019	F-7
Notes to Consolidated Financial Statements	F-10
15(a)(2) Financial Statement Schedule
Schedule III—Real Estate and Accumulated Depreciation	F-39
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted.
15(a)(3) Exhibits
The exhibits listed on the accompanying Index to Exhibits are filed as a part of this report.

ITEM 16.    FORM 10-K SUMMARY

Not Applicable.

57

INDEX TO EXHIBITS

Exhibit No.		Description
3(i).1	—	Articles of Amendment and Restatement of Articles of Incorporation of the Company, dated as of June 4, 1998. (Incorporated by reference to Exhibit 3(i).1 to Form 10-K of the Company filed March 1, 2007.)
3(i).2	—	Articles of Amendment, dated as of October 2, 1998. (Incorporated by reference to Exhibit 3(i).2 to Form 10-K of the Company filed March 1, 2007.)
3(i).3	—	Articles of Amendment, dated as of May 22, 2013. (Incorporated by reference to Exhibit 3(i).3 to Form 8-K of the Company filed May 22, 2013.)
3(i).4	—	Articles of Amendment, dated as of May 14, 2020. (Incorporated by reference to Exhibit 3(i).4 to Form 8-K of the Company filed May 15, 2020.)
3(ii).1	—	Amended and Restated Bylaws of the Company, as adopted by the Board of Directors on November 12, 2015, and as further amended on February 16, 2017, November 9, 2017, and May 6, 2019. (Incorporated by reference to Exhibit 3(ii).1 to Form 10-Q of the Company filed August 6, 2019.)
4.1	—	Indenture for Senior Debt Securities, dated as of January 16, 1998, between the Company and State Street Bank and Trust Company, as Trustee. (Incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
4.2	—	Amended and Restated Third Supplemental Indenture, dated as of July 10, 2000 between the Company and State Street Bank and Trust Company, as Trustee. (Incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
4.3	—	Fourth Supplemental Indenture, dated as of September 18, 2006, between the Company and U.S. Bank National Association as Trustee. (Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
4.4	__	Fifth Supplemental Indenture, dated as of November 21, 2014, between the Company and the Bank of New York Mellon, as Trustee. (Incorporated by reference to Exhibit 4.1 to Form 8-K of the Company filed November 21, 2014.)
4.5	—	Indenture for Debt Securities, dated as of February 23, 2018, between the Company and The Bank of New York, as Trustee (Incorporated by reference to Exhibit 4.1 to Form 8-K of the Company filed September 15, 2021.)
4.6	—	First Supplemental Indenture, dated as March 26, 2018, between the Company and the Bank of New York Mellon, as Trustee, (Incorporated by reference to Exhibit 4.8 to Form 10-Q of the Company filed May 4, 2018.)
4.7	—	Second Supplemental Indenture, dated as of May 29, 2018, between the Company and the Bank of New York Mellon, as Trustee, (Incorporated by reference to Exhibit 4.3 to Form 8-K of the Company, filed May 29, 2018.)
4.8	—	Dividend Reinvestment and Stock Purchase Plan of the Company. (Incorporated by reference to the prospectus contained in the Registration Statement on Form S-3DPOS of the Company (File No. 333-87063), filed February 23, 2018.)
4.9	—	Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. (Incorporated by reference to Exhibit 4.9 to Form 10-K of the Company filed February 25, 2021.)
4.10	—	Form of 2.050% Senior Notes due 2032 (Incorporated by reference to Exhibit 4.4 to Form 8-K of the Company filed September 15, 2021.)
4.11	—	Form of 1.900% Senior Notes due 2028 (Incorporated by reference to Exhibit 4.4 to Form 8-K of the Company filed November 18, 2021.)

58

10.1+	—	AvalonBay Communities, Inc. Second Amended and Restated 2009 Equity Incentive Plan. (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed August 4, 2017.)
10.2+	—	First Amendment to AvalonBay Communities, Inc. Second Amended and Restated 2009 Equity Incentive Plan, dated February 14, 2019. (Incorporated by reference to Exhibit 10.4 to Form 10-K of the Company filed February 22, 2019.)
10.3+	—	Second Amendment to AvalonBay Communities, Inc. Second Amended and Restated 2009 Equity Incentive Plan, dated March 18, 2020. (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed May 8, 2020.)
10.4+	—	Third Amendment to AvalonBay Communities, Inc. Second Amended and Restated 2009 Equity Incentive Plan, dated September 16, 2020. (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed November 4, 2020.)
10.5+	—	Form of Stock Grant and Restricted Stock Agreement for use with officers and associates. (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed February 22, 2018.)
10.6+	—	Form of Incentive Stock Option/Non-Qualified Stock Option Agreement for use with officers and associates. (Incorporated by reference to Exhibit 10.2 to Form 8-K of the Company filed February 22, 2018.)
10.7+	—	2018 Amended and Restated Directors Deferred Compensation Program. (Incorporated by reference to Exhibit 10.4 to Form 8-K of the Company filed February 22, 2018.)
10.8+	—	Form of Director Restricted Stock Agreement. (Incorporated by reference to Exhibit 10.5 to Form 8-K of the Company filed February 22, 2018.)
10.9+	—	Form of Director Restricted Unit Agreement (deferred stock award). (Incorporated by reference to Exhibit 10.6 of Form 8-K of the Company filed February 22, 2018.)
10.10+	—	Form of Agreement for Grant of Performance-Based Restricted Stock Units with attached Award Terms (subject to changes in the following: weightings; target, threshold and maximum levels of achievement; and metrics used.) (Incorporated by reference to Exhibit 10.10 to Form 10-K of the Company filed February 22, 2019.)
10.11+	—	Form of Indemnity Agreement between the Company and its Directors. (Incorporated by reference to Exhibit 10.19 to Form 10-K of the Company filed February 19, 2015.)
10.12+	—	The Company's Officer Severance Plan, as amended and restated on February 25, 2021. (Incorporated by reference to Exhibit 10.2 to Form 10-Q of the Company filed May 5, 2021.)
10.13	—	Fifth Amended and Restated Revolving Loan Agreement, dated as of February 28, 2019, among the Company, as Borrower, Bank of America, N.A., as administrative agent, an issuing bank and a bank, JPMorgan Chase Bank, N.A., as an issuing bank, a bank and as a syndication agent, Wells Fargo Bank, N.A., as an issuing bank, a bank and a syndication agent, Barclays Bank PLC, Deutsche Bank Securities, Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc.. and Citibank, N.A. as documentation agents, PNC Bank, National Association and SunTrust Bank as senior managing agents, TD Bank, N.A., Royal Bank of Canada and U.S. Bank National Association as managing agents, Branch Banking and Trust Company and The Bank of Nova Scotia as co-agents, each (or its affiliate) as a bank, and the other bank parties signatory thereto. (Incorporated by reference to Exhibit 1.2 to Form 8-K of the Company filed February 28, 2019.)
10.14+	—	Amended and Restated AvalonBay Communities, Inc. Deferred Compensation Plan, effective as of January 1, 2011. (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed August 6, 2010.)
10.15+	—	First Amendment to Amended and Restated AvalonBay Communities, Inc. Deferred Compensation Plan, effective as of November 7, 2011. (Incorporated by reference to Exhibit 10.28 to Form 10-K of the Company filed February 24, 2017.)
10.16+	—	Second Amendment to Amended and Restated AvalonBay Communities, Inc. Deferred Compensation Plan, effective as of November 15, 2012. (Incorporated by reference to Exhibit 10.29 to Form 10-K of the Company filed February 24, 2017.)

59

10.17	—	Archstone Residual JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.3 to Form 8-K of the Company filed March 5, 2013.)
10.18	—	Archstone Parallel Residual JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.4 to Form 8-K of the Company filed March 5, 2013.)
10.19	—	Archstone Parallel Residual JV 2, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.5 to Form 8-K of the Company filed March 5, 2013.)
10.20	—	Legacy Holdings JV, LLC Limited Liability Company Agreement. (Incorporated by reference to Exhibit 10.6 to Form 8-K of the Company filed March 5, 2013.)
10.21	—	Amended and Restated Term Loan Agreement, dated as of February 28, 2019, among the Company, as Borrower, PNC Bank, National Association, as Administrative Agent and a bank, The Bank of New York Mellon, as a Syndication Agent and a bank, SunTrust Bank, as a Syndication agent and a bank, and a syndicate of other financial institutions, serving as banks. (Incorporated by reference to Exhibit 1.1 to Form 8-K of the Company filed February 28, 2019.)
10.22+	—	Employment Agreement between the Company and Benjamin W. Schall, dated as of December 4, 2020 (Incorporated by reference to Exhibit 10.1 to Form 8-K of the Company filed December 10, 2020.)
10.23+	—	Form of Incentive Stock Option/Non-Qualified Stock Option Agreement for use with officers and associates for 2021 Supplemental Awards. (Incorporated by reference to Exhibit 10.3 to Form 10-Q of the Company filed May 5, 2021.)
10.24+	—	Retirement Agreement by and between AvalonBay Communities, Inc. and William M. McLaughlin, dated December 16, 2021. (Incorporated by reference to Exhibit 1.1 to Form 8-K of the Company filed December 16, 2021.)
21.1	—	Schedule of Subsidiaries of the Company. (Filed herewith.)
23.1	—	Consent of Ernst & Young LLP. (Filed herewith.)
31.1	—	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). (Filed herewith.)
31.2	—	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). (Filed herewith.)
32	—	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer). (Furnished herewith.)
101	—	The following financial materials from AvalonBay Communities, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2021 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Statements of Equity, (iv) the Consolidated Statements of Cash Flows and (v) Notes to the Consolidated Financial Statements. (Filed herewith.)
104	—	Cover Page Interactive Data File (embedded within the Inline XBRL document). (Filed herewith.)

_______________________________________________________________________________

+    Management contract or compensatory plan or arrangement required to be filed or incorporated by reference as an exhibit to this Form 10-K pursuant to Item 15(a)(3) of Form 10-K.

60

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	AvalonBay Communities, Inc.
Date: February 25, 2022	By:	/s/ BENJAMIN W. SCHALL
		Benjamin W. Schall, Director, Chief Executive Officer and President  (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: February 25, 2022	By:	/s/ TIMOTHY J. NAUGHTON
		Timothy J. Naughton, Executive Chairman and Director
Date: February 25, 2022	By:	/s/ BENJAMIN W. SCHALL
		Benjamin W. Schall, Director, Chief Executive Officer and President (Principal Executive Officer)
Date: February 25, 2022	By:	/s/ KEVIN P. O’SHEA
		Kevin P. O’Shea, Chief Financial Officer (Principal Financial Officer)
Date: February 25, 2022	By:	/s/ KERI A. SHEA
		Keri A. Shea, Senior Vice President—Finance & Treasurer (Principal Accounting Officer)
Date: February 25, 2022	By:	/s/ GLYN F. AEPPEL
		Glyn F. Aeppel, Director
Date: February 25, 2022	By:	/s/ TERRY S. BROWN
		Terry S. Brown, Director
Date: February 25, 2022	By:	/s/ ALAN B. BUCKELEW
		Alan B. Buckelew, Director
Date: February 25, 2022	By:	/s/ RONALD L. HAVNER, JR.
		Ronald L. Havner, Jr., Director
Date: February 25, 2022	By:	/s/ STEPHEN P. HILLS
		Stephen P. Hills, Director
Date: February 25, 2022	By:	/s/ CHRISTOPHER B. HOWARD
		Christopher B. Howard, Director
Date: February 25, 2022	By:	/s/ RICHARD J. LIEB
		Richard J. Lieb, Director
Date: February 25, 2022	By:	/s/ NNENNA LYNCH
		Nnenna Lynch, Director
Date: February 25, 2022	By:	/s/ SUSAN SWANEZY
		Susan Swanezy, Director
Date: February 25, 2022	By:	/s/ W. EDWARD WALTER
		W. Edward Walter, Director

61

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of AvalonBay Communities, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of AvalonBay Communities, Inc. (the Company) as of December 31, 2021 and 2020, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

F-1

	Valuation of Deferred Development Costs and Land Held for Development
Description of the Matter	As of December 31, 2021, the Company’s capitalized deferred development costs and land held for development totaled $40.4 million and $147.5 million, respectively. As discussed in Footnote 1 of the consolidated financial statements, the Company capitalizes pre-development costs incurred in pursuit of new development opportunities and project costs for which the Company currently believes future development is probable. Future development is dependent upon various factors, including zoning and regulatory approvals, rental market conditions, construction costs and the availability of capital. Auditing the valuation of deferred development costs and land held for development involved a high degree of subjectivity as management’s assessment of the probability that future development will occur was highly judgmental and subject to the various factors affecting future development discussed above. The Company’s assessment of probability of future development included an analysis of the likelihood of factors outside their control that could prevent the development from occurring and factors that could cause the Company to decide not to pursue or complete the development.
How We Addressed the Matter in Our Audit	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to assess the valuation of deferred development costs and land held for development. For example, we tested controls over the Company’s pursuit monitoring process and management’s review of the probability assessment related to future development. Our procedures included, among others, evaluating the Company’s determination that the future development is probable. We performed procedures to test the accuracy and completeness of the information included in the Company’s analysis by agreeing data to underlying agreements, communications, minutes of management’s quarterly development meetings, and third-party evidence, where available. We further assessed the likelihood of the Company’s ability to obtain zoning and regulatory approvals for developments by considering, among other things, the Company’s prior experience with other development projects and the current status of the future projects for which pursuit or development rights costs were capitalized or land was held for development. We also met with executives who lead the Company’s development team to further understand the probability of future development.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2002.

Tysons, Virginia

February 25, 2022

F-2

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of AvalonBay Communities, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited AvalonBay Communities, Inc.’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, AvalonBay Communities, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2021 and 2020, the related consolidated statements of comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 25, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting in Item 9A. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Tysons, Virginia

February 25, 2022

F-3

AVALONBAY COMMUNITIES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

	12/31/21		12/31/20
ASSETS
Real estate:
Land and improvements	$	4,564,723	$	4,394,298
Buildings and improvements	18,198,584		17,231,275
Furniture, fixtures and equipment	1,036,640		924,583
	23,799,947		22,550,156
Less accumulated depreciation	(6,208,610)		(5,700,179)
Net operating real estate	17,591,337		16,849,977
Construction in progress, including land	807,101		989,765
Land held for development	147,546		110,142
For-sale condominium inventory	146,535		267,219
Real estate assets held for sale, net	17,065		16,678
Total real estate, net	18,709,584		18,233,781
Cash and cash equivalents	420,251		216,976
Cash in escrow	123,537		96,556
Resident security deposits	33,757		30,811
Investments in unconsolidated real estate entities	216,390		202,612
Deferred development costs	40,414		55,427
Prepaid expenses and other assets	211,484		207,715
Right of use lease assets	146,599		155,266
Total assets	$	19,902,016	$	19,199,144
LIABILITIES AND EQUITY
Unsecured notes, net	$	7,349,394	$	6,702,005
Variable rate unsecured credit facility	—		—
Mortgage notes payable, net	754,153		862,332
Dividends payable	225,392		224,897
Payables for construction	63,722		93,609
Accrued expenses and other liabilities	296,006		274,699
Lease liabilities	166,497		181,479
Accrued interest payable	50,300		49,033
Resident security deposits	59,787		55,928
Liabilities related to real estate assets held for sale	304		311
Total liabilities	8,965,555		8,444,293
Commitments and contingencies
Redeemable noncontrolling interests	3,368		2,677
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020; zero shares issued and outstanding at December 31, 2021 and December 31, 2020	—		—
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2021 and December 31, 2020; 139,751,926 and 139,526,671 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	1,398		1,395
Additional paid-in capital	10,716,414		10,664,416
Accumulated earnings less dividends	240,821		126,022
Accumulated other comprehensive loss	(26,106)		(40,250)
Total stockholders' equity	10,932,527		10,751,583
Noncontrolling interests	566		591
Total equity	10,933,093		10,752,174
Total liabilities and equity	$	19,902,016	$	19,199,144

See accompanying notes to Consolidated Financial Statements.

F-4

AVALONBAY COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per share data)

	For the year ended
	12/31/21		12/31/20		12/31/19
Revenue:
Rental and other income	$	2,291,766	$	2,297,442	$	2,319,666
Management, development and other fees	3,084		3,819		4,960
Total revenue	2,294,850		2,301,261		2,324,626
Expenses:
Operating expenses, excluding property taxes	570,853		549,913		515,145
Property taxes	283,089		273,189		252,961
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399		4,991
Interest expense, net	220,415		214,151		203,585
Loss on extinguishment of debt, net	17,787		9,333		602
Depreciation expense	758,596		707,331		661,578
General and administrative expense	69,611		60,343		58,042
Casualty and impairment loss	3,119		—		—
Total expenses	1,926,701		1,826,659		1,696,904
Income from investments in unconsolidated entities	38,585		6,422		8,652
Gain on sale of communities	602,235		340,444		166,105
Gain on other real estate transactions, net	2,097		440		439
Net for-sale condominium activity	(977)		2,551		(3,812)
Income before income taxes	1,010,089		824,459		799,106
Income tax (expense) benefit	(5,733)		3,247		(13,003)
Net income	1,004,356		827,706		786,103
Net income attributable to noncontrolling interests	(57)		(76)		(129)
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Other comprehensive income (loss):
Gain (loss) on cash flow hedges	993		(17,731)		(11,930)
Cash flow hedge losses reclassified to earnings	13,151		8,984		6,571
Comprehensive income	$	1,018,443	$	818,883	$	780,615
Earnings per common share - basic:
Net income attributable to common stockholders	$	7.19	$	5.89	$	5.64
Earnings per common share - diluted:
Net income attributable to common stockholders	$	7.19	$	5.89	$	5.63

See accompanying notes to Consolidated Financial Statements.

F-5

AVALONBAY COMMUNITIES, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in thousands)

	Shares issued						Additional paid-in capital		Accumulated earnings less dividends		Accumulated other comprehensive loss		Total AvalonBay stockholders' equity
	Preferred stock	Common stock	Preferred stock		Common stock										Noncontrolling interests		Total equity
Balance at December 31, 2018	—	138,508,424	$	—	$	1,385	$	10,306,588	$	350,777	$	(26,144)	$	10,632,606	$	—	$	10,632,606
Net income attributable to common stockholders	—	—	—		—		—		785,974		—		785,974		—		785,974
Loss on cash flow hedges, net	—	—	—		—		—		—		(11,930)		(11,930)		—		(11,930)
Cash flow hedge losses reclassified to earnings	—	—	—		—		—		—		6,571		6,571		—		6,571
Change in redemption value and acquisition of noncontrolling interest	—	—	—		—		—		(373)		—		(373)		—		(373)
Noncontrolling interests income allocation	—	—	—		—		—		—		—		—		649		649
Dividends declared to common stockholders ($6.08 per share)	—	—	—		—		—		(851,287)		—		(851,287)		—		(851,287)
Issuance of common stock, net of withholdings	—	2,135,538	—		21		395,275		(2,178)		—		393,118		—		393,118
Amortization of deferred compensation	—	—	—		—		34,870		—		—		34,870		—		34,870
Balance at December 31, 2019	—	140,643,962	—		1,406		10,736,733		282,913		(31,503)		10,989,549		649		10,990,198
Net income attributable to common stockholders	—	—	—		—		—		827,630		—		827,630		—		827,630
Loss on cash flow hedges, net	—	—	—		—		—		—		(17,731)		(17,731)		—		(17,731)
Cash flow hedge losses reclassified to earnings	—	—	—		—		—		—		8,984		8,984		—		8,984
Change in redemption value of noncontrolling interest	—	—	—		—		—		210		—		210		—		210
Noncontrolling interests income distribution and income allocation	—	—	—		—		—		—		—		—		(58)		(58)
Dividends declared to common stockholders ($6.36 per share)	—	—	—		—		—		(893,152)		—		(893,152)		—		(893,152)
Issuance of common stock, net of withholdings	—	108,499	—		1		(9,571)		(1,427)		—		(10,997)		—		(10,997)
Repurchase of common stock, including repurchase costs	—	(1,225,790)	—		(12)		(93,712)		(90,152)		—		(183,876)		—		(183,876)
Amortization of deferred compensation	—	—	—		—		30,966		—		—		30,966		—		30,966
Balance at December 31, 2020	—	139,526,671	—		1,395		10,664,416		126,022		(40,250)		10,751,583		591		10,752,174
Net income attributable to common stockholders	—	—	—		—		—		1,004,299		—		1,004,299		—		1,004,299
Gain on cash flow hedges, net	—	—	—		—		—		—		993		993		—		993
Cash flow hedge losses reclassified to earnings	—	—	—		—		—		—		13,151		13,151		—		13,151
Change in redemption value of noncontrolling interest	—	—	—		—		—		(1,022)		—		(1,022)		—		(1,022)
Noncontrolling interest distribution and income allocation	—	—	—		—		—		—		—		—		(25)		(25)
Dividends declared to common stockholders ($6.36 per share)	—	—	—		—		—		(889,405)		—		(889,405)		—		(889,405)
Issuance of common stock, net of withholdings	—	225,255	—		3		18,047		927		—		18,977		—		18,977
Amortization of deferred compensation	—	—	—		—		33,951		—		—		33,951		—		33,951
Balance at December 31, 2021	—	139,751,926	$	—	$	1,398	$	10,716,414	$	240,821	$	(26,106)	$	10,932,527	$	566	$	10,933,093

See accompanying notes to Consolidated Financial Statements.

F-6

AVALONBAY COMMUNITIES, INC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	For the year ended
	12/31/21		12/31/20		12/31/19
Cash flows from operating activities:
Net income	$	1,004,356	$	827,706	$	786,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	758,596		707,331		661,578
Amortization of deferred financing costs	7,462		7,454		7,346
Amortization of debt discount	2,681		1,880		1,591
Loss on extinguishment of debt, net	17,787		9,333		602
Amortization of stock-based compensation	25,505		21,603		25,621
Equity (income) in loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations	(108)		8,673		12,278
Real estate casualty loss	1,723		—		—
Abandonment of development pursuits	685		9,262		2,943
Unrealized gain on terminated cash flow hedges	(2,654)		(2,894)		—
Cash flow hedge losses reclassified to earnings	7,887		8,984		6,571
Gain on sale of real estate assets	(627,637)		(346,041)		(172,332)
Gain on for-sale condominiums	(3,110)		(8,213)		—
Increase (decrease) in resident security deposits, prepaid expenses and other assets	5,505		(28,675)		(19,118)
Increase in accrued expenses, other liabilities and accrued interest payable	4,492		3,212		8,621
Net cash provided by operating activities	1,203,170		1,219,615		1,321,804
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(654,861)		(843,907)		(1,052,011)
Acquisition of real estate assets, including partnership interest	(771,692)		—		(420,517)
Capital expenditures - existing real estate assets	(142,688)		(108,531)		(135,626)
Capital expenditures - non-real estate assets	(10,547)		(28,505)		(5,266)
(Decrease) increase in payables for construction	(29,887)		1,474		(4,848)
Proceeds from sale of real estate, net of selling costs	850,230		619,773		422,041
Proceeds from the sale of for-sale condominiums, net of selling costs	124,532		202,033		—
Mortgage note receivable lending	(1,210)		(258)		(692)
Mortgage note receivable payments	2,435		3,419		2,779
Distributions from unconsolidated entities	63,171		11,157		10,454
Investments in unconsolidated entities	(53,536)		(36,088)		(10,183)
Net cash used in investing activities	(624,053)		(179,433)		(1,193,869)
Cash flows from financing activities:
Issuance of common stock, net	31,874		3,464		409,725
Repurchase of common stock, net	—		(183,876)		—
Dividends paid	(888,344)		(883,212)		(839,646)
Issuance of mortgage notes payable	—		51,000		30,250
Repayments of mortgage notes payable, including prepayment penalties	(109,562)		(126,712)		(227,570)
Issuance of unsecured notes	1,098,643		1,296,581		449,804
Repayment of unsecured notes, including prepayment penalties	(462,147)		(958,680)		—
Payment of deferred financing costs	(8,864)		(11,277)		(10,909)
Receipt (payment) for termination of forward interest rate swaps	4,751		(25,135)		(12,309)
Payment to noncontrolling interest	(55)		(68)		456
Payments related to tax withholding for share-based compensation	(13,463)		(14,917)		(16,101)
Distributions to DownREIT partnership unitholders	(48)		(48)		(46)
Distributions to joint venture and profit-sharing partners	(306)		(384)		(439)
Preferred interest obligation redemption and dividends	(1,340)		(1,000)		(1,400)
Net cash used in financing activities	(348,861)		(854,264)		(218,185)
Net increase (decrease) in cash, cash equivalents and cash in escrow	230,256		185,918		(90,250)
Cash and cash equivalents and restricted cash, beginning of year	313,532		127,614		217,864
Cash and cash equivalents and restricted cash, end of year	$	543,788	$	313,532	$	127,614
Cash paid during the year for interest, net of amount capitalized	$	203,773	$	196,848	$	187,570

See accompanying notes to Consolidated Financial Statements.

F-7

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported with the Consolidated Statements of Cash Flows (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Cash and cash equivalents	$	420,251	$	216,976	$	39,687
Cash in escrow	123,537		96,556		87,927
Cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	543,788	$	313,532	$	127,614

Supplemental disclosures of non-cash investing and financing activities:

During the year ended December 31, 2021:

•As described in Note 4, “Equity,” the Company issued 155,836 shares of common stock as part of the Company's stock-based compensation plans, of which 56,545 shares related to the conversion of performance awards to restricted shares of common stock, and the remaining 99,291 shares valued at $17,757,000 were issued in connection with new stock grants; 2,844 shares valued at $566,000 were issued through the Company’s dividend reinvestment plan; 75,780 shares valued at $13,463,000 were withheld to satisfy employees’ tax withholding and other liabilities; and 4,109 restricted shares with an aggregate value of $804,000 previously issued in connection with employee compensation were canceled upon forfeiture.

•Common stock dividends declared but not paid totaled $224,012,000.

•The Company recorded an increase of $1,022,000 in redeemable noncontrolling interest with a corresponding decrease to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units.

•The Company recorded (i) an increase to prepaid expenses and other assets of $3,204,000, and a corresponding adjustment to accumulated other comprehensive loss and (ii) reclassified $7,887,000 and $5,264,000 of cash flow hedge losses from other comprehensive income (loss) to interest expense, net, and loss on extinguishment of debt, net, respectively, to record the impact of the Company's derivative and hedge accounting activity.

During the year ended December 31, 2020:

•The Company issued 165,545 shares of common stock as part of the Company's stock based compensation plans, of which 96,317 shares related to the conversion of performance awards to restricted shares of common stock, and the remaining 69,228 shares valued at $15,305,000 were issued in connection with new stock grants; 2,747 shares valued at $458,000 were issued through the Company’s dividend reinvestment plan; 74,173 shares valued at $14,919,000 were withheld to satisfy employees’ tax withholding and other liabilities; and 7,683 restricted shares with an aggregate value of $1,240,000 previously issued in connection with employee compensation were canceled upon forfeiture.

•Common stock dividends declared but not paid totaled $223,262,000.

•The Company recorded a decrease of $210,000 in redeemable noncontrolling interest with a corresponding increase to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units. 

•The Company recorded (i) an increase in prepaid expenses and other assets of $4,308,000 and recorded an increase of $1,413,000 to other comprehensive income and (ii) reclassified $8,984,000 of cash flow hedge losses from other comprehensive income to interest expense, net, to record the impact of the Company’s derivative and hedge accounting activity.

•The Company recorded $46,875,000 of lease liabilities and offsetting right of use lease assets related to the execution of two new office leases.

During the year ended December 31, 2019:

F-8

•The Company issued 152,502 shares of common stock as part of the Company's stock based compensation plans, of which 73,072 shares related to the conversion of performance awards to restricted shares of common stock, and the remaining 79,430 shares valued at $15,603,000 were issued in connection with new stock grants; 1,838 shares valued at $205,000 were issued in conjunction with the conversion of deferred stock awards; 2,069 shares valued at $418,000 were issued through the Company’s dividend reinvestment plan; 84,710 shares valued at $16,101,000 were withheld to satisfy employees’ tax withholding and other liabilities; and 2,361 restricted shares with an aggregate value of $399,000 previously issued in connection with employee compensation were canceled upon forfeiture.

•Common stock dividends declared but not paid totaled $214,832,000.

•The Company recorded an increase of $373,000 in redeemable noncontrolling interest with a corresponding decrease to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units.

•The Company recorded (i) an increase in other liabilities of $6,379,000 and an increase in prepaid expenses and other assets of $388,000 and a corresponding adjustment to other comprehensive income and (ii) reclassified $6,571,000 of cash flow hedge losses from other comprehensive income to interest expense, net, to record the impact of the Company’s derivative and hedge accounting activity.

•The Company recorded $122,276,000 of lease liabilities and offsetting right of use lease assets for its ground and office leases, upon the adoption of ASU 2016-02, Leases, as of January 1, 2019.

See accompanying notes to Consolidated Financial Statements.

F-9

AVALONBAY COMMUNITIES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. 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, as amended (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 of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

At December 31, 2021, the Company owned or held a direct or indirect ownership interest in 278 operating apartment communities containing 81,803 apartment homes in 12 states and the District of Columbia. 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 6,189 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, and 66,000 square feet of commercial space, of which 87% has been leased as of December 31, 2021. 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 24 communities that, if developed as expected, will contain an estimated 8,070 apartment homes (unaudited).

Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership.

The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value.

F-10

Real Estate

Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate.

For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred.

For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred.

The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities.

The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed.

Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years.

F-11

For-Sale Condominium Inventory

The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Casualty and Impairment of Long-Lived Assets" below.

Income Taxes

The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders.

The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances.

The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2021, 2020 and 2019.

Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense of $5,733,000 and $13,003,000 in 2021 and 2019, respectively, and recorded an income tax benefit of $3,247,000 in 2020 related to its activities through its TRSs. The income tax expense in 2021 and 2019 was primarily due to the disposition of the Company's for-sale condominiums and two wholly-owned operating communities. During 2020, the income tax expense was offset by net operating loss carryback provisions under the Coronavirus Aid, Relief and Economic Security Act. As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2018 through 2020.

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2021, 2020 and 2019 (unaudited):

	2021		2020		2019
Ordinary income	55	%	66	%	96	%
20% capital gain	26	%	24	%	3	%
Unrecaptured §1250 gain	19	%	10	%	1	%

Deferred Financing Costs

Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $23,705,000 and $25,239,000 as of December 31, 2021 and 2020, respectively, and related to mortgage notes payable was $2,300,000 and $2,046,000 as of December 31, 2021 and 2020, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $15,187,000 and $13,501,000 as of December 31, 2021 and 2020, respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

F-12

Cash, Cash Equivalents and Cash in Escrow

Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.

Interest Rate Contracts

The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.

Comprehensive Income

Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.

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):

	For the year ended
	12/31/21		12/31/20		12/31/19
Basic and diluted shares outstanding
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	320,466		332,973		509,859
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Net income allocated to unvested restricted shares	(2,100)		(1,955)		(2,063)
Net income attributable to common stockholders, adjusted	$	1,002,199	$	825,675	$	783,911
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Earnings per common share—basic	$	7.19	$	5.89	$	5.64
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		46
Adjusted net income attributable to common stockholders	$	1,004,347	$	827,678	$	786,020
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Earnings per common share—diluted	$	7.19	$	5.89	$	5.63

F-13

All options to purchase shares of common stock outstanding as of December 31, 2021, 2020 and 2019 are included in the computation of diluted earnings per share.

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 $2,192,000, $12,317,000 and $4,896,000 during the years ended December 31, 2021, 2020 and 2019, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company deemed no longer probable. 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, for the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses other than those related to casualty losses from property damage. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 for the property and casualty damages across several communities in its East Coast markets related to severe storms as well as the property and casualty damages resulting from a fire at an operating community, reported as casualty and impairment loss on the accompanying Consolidated Statements of Comprehensive Income.

The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory as the estimated sales price less direct costs to sell. For the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses on 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 years ended December 31, 2021, 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 during the years ended December 31, 2021, 2020 or 2019.

F-14

Assets Held for Sale and Discontinued Operations

The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the accompanying Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community that qualified as held for sale presentation at December 31, 2021.

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 accumulated 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.

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.

F-15

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.

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 certain commercial and parking facilities 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 fixed lease payments including fixed amounts 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.

Additionally, for the Company’s residential and commercial leases, which are comprised of the lease component and common area maintenance as a non-lease component, the Company determined that (i) the leases are operating leases, (ii) the lease component is the predominant component and (iii) all components of its operating leases share the same timing and pattern of transfer.

Revenue and Gain Recognition

Under ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue 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, as discussed above under "Leases". The Company's revenue streams that are not accounted for under ASC 842 include:

•Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis.

F-16

•Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned.

•Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity is recognized at 100%, and not the Company’s proportionate ownership percentage.

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 years ended December 31, 2021, 2020 and 2019. The segments are classified based on the individual community's status at January 1, 2021 for the years ended December 31, 2021 and 2020, and at January 1, 2020 for the year ended December 31, 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):

	Same Store		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Rental and non-rental related income (2)	7,356		1,650		675		—		9,681
Total non-lease revenue (3)	7,356		1,650		675		3,084		12,765
Lease income (4)	2,038,817		102,707		97,704		—		2,239,228
Business interruption insurance proceeds	—		—		—		—		—
Total revenue	$	2,046,173	$	104,357	$	98,379	$	3,084	$	2,251,993
For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Rental and non-rental related income (2)	7,200		2,056		362		—		9,618
Total non-lease revenue (3)	7,200		2,056		362		1,978		11,596
Lease income (4)	2,074,604		77,375		27,936		—		2,179,915
Business interruption insurance proceeds	379		—		—		—		379
Total revenue	$	2,082,183	$	79,431	$	28,298	$	1,978	$	2,191,890
For the year ended December 31, 2019
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	4,960	$	4,960
Rental and non-rental related income (2)	7,028		1,224		400		—		8,652
Total non-lease revenue (3)	7,028		1,224		400		4,960		13,612
Lease income (4)	2,032,561		108,757		28,377		—		2,169,695
Business interruption insurance proceeds	986		453		—		—		1,439
Total revenue	$	2,040,575	$	110,434	$	28,777	$	4,960	$	2,184,746

__________________________________

(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.

F-17

(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 ASC 606, Revenue from Contracts with Customers.

(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 December 31, 2021.

Uncollectible Lease Revenue Reserves

The Company assesses the collectability of its lease revenue and receivables on an on-going basis. Under ASC 842, Leases, the Company assesses the probability of receiving all remaining lease amounts due on a lease by lease basis, reserving for revenue and the related receivables for those leases where collection of substantially all of the remaining lease payments is not probable. Subsequently, the Company will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement.

In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve.

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, among other factors, (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government in response to the novel coronavirus and relieve economic distress of consumers, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic.

As of December 31, 2021, 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 $52,075,000 and $66,763,000 for the years ended December 31, 2021 and 2020 under ASC 842 and ASC 450, Contingencies.

F-18

2. Interest Capitalized

The Company capitalizes interest during the development and redevelopment of real estate assets. Capitalized interest associated with the Company's development or redevelopment activities totaled $32,687,000, $44,157,000 and $62,823,000 for years ended December 31, 2021, 2020 and 2019, respectively.

3. 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 December 31, 2021 and 2020 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 December 31, 2021 and 2020, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	12/31/21		12/31/20
Fixed rate unsecured notes (1)	$	7,150,000	$	6,500,000
Term Loans (1)	250,000		250,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	306,281		408,964
Variable rate mortgage notes payable—conventional and tax-exempt (2)	464,150		470,850
Total mortgage notes payable and unsecured notes and Term Loans	8,170,431		7,629,814
Credit Facility	—		—
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	$	8,170,431	$	7,629,814

_________________________________

(1)     Balances at December 31, 2021 and 2020 exclude $10,033 and $10,380, respectively, of debt discount, and $40,573 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2)     Balances at December 31, 2021 and 2020 exclude $13,528 and $14,478 of debt discount, respectively, and $2,750 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets.

The following debt activity occurred during the year ended December 31, 2021:

•In January 2021, the Company repaid $27,795,000 principal amount of 5.37% fixed rate secured debt at par in advance of its April 2021 maturity date.

•In September 2021, the Company repaid $450,000,000 principal amount of its 2.95% unsecured notes in advance of the September 2022 scheduled maturity, recognizing a loss on debt extinguishment of $17,890,000, composed of a prepayment penalty of $12,147,000, and the non-cash write off of unamortized deferred hedging losses and unamortized deferred financing costs of $5,743,000.

•In September 2021, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $694,617,000, before considering the impact of other offering costs. The notes mature in January 2032 and were issued at a 2.05% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

•In November 2021, the Company repaid an aggregate of $73,060,000 principal amount of fixed rate secured debt with a weighted average interest rate of 3.79% at par in advance of the November 2036 maturity date.

•In November 2021, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $396,976,000, before considering the impact of other offering costs. The notes mature in December 2028 and were issued at a 1.90% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

F-19

At December 31, 2021, 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 (0.88% at December 31, 2021), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 0.125%, resulting in a fee of $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 and had $11,969,000 and $2,900,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2021 and 2020, respectively. In addition, the Company had $39,581,000 and $32,079,000 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2021 and 2020, respectively.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,256,155,000, excluding communities classified as held for sale, as of December 31, 2021).

The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.7% and 3.8% at December 31, 2021 and 2020, 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% at both December 31, 2021 and 2020.

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2021 are as follows (dollars in thousands):

Year	Secured notes principal payments		Secured notes maturities		Unsecured notes and Term Loans maturities		Stated interest rate of unsecured notes and Term Loans
2022	$	8,263	$	—	$	100,000	LIBOR + 0.90%
2023	8,999		—		350,000		4.200	%
					250,000		2.850	%
2024	9,837		—		300,000		3.500	%
					150,000		LIBOR + 0.85%
2025	10,478		—		525,000		3.450	%
					300,000		3.500	%
2026	11,420		—		475,000		2.950	%
					300,000		2.900	%
2027	13,765		236,100		400,000		3.350	%
2028	18,512		—		450,000		3.200	%
					400,000		1.900	%
2029	9,462		66,250		450,000		3.300	%
2030	10,014		—		700,000		2.300	%
2031	10,669		—		600,000		2.450	%
Thereafter	111,164		245,498		700,000		2.050	%
					350,000		3.900	%
					300,000		4.150	%
					300,000		4.350	%
	$	222,583	$	547,848	$	7,400,000

F-20

The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 20 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date.

The Company is subject to financial covenants contained in the Credit Facility, the Term Loans and the indentures under which the unsecured notes were issued. The principal financial covenants include the following:

•limitations on the amount of total and secured debt in relation to our overall capital structure;

•limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and

•minimum levels of debt service coverage.

The Company was in compliance at December 31, 2021 with customary covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.

4. Equity

As of December 31, 2021 and 2020, 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 year ended December 31, 2021, the Company:

i.issued 2,759 shares of common stock in connection with stock options exercised;

ii.issued 2,844 shares of common stock through the Company's dividend reinvestment plan;

iii.issued 155,836 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock;

iv.sold 122,343 shares of common stock under CEP V, as discussed below;

v.withheld 75,780 shares of common stock to satisfy employees' tax withholding and other liabilities;

vi.issued 21,362 shares of common stock through the Employee Stock Purchase Plan; and

vii.canceled 4,109 shares of restricted common stock upon forfeiture.

Any deferred compensation related to the Company’s stock based compensation plans during the year ended December 31, 2021 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2021, and will not be reflected until recognized as compensation cost.

In July 2020, the Company’s Board of Directors 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 at the Company’s discretion with the timing and number of shares repurchased depending 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 year ended December 31, 2021, the Company had no repurchases of shares under this program. As of December 31, 2021, the Company had $316,148,000 remaining authorized for purchase under this program.

F-21

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 the Company's determinations of the appropriate funding sources. The Company engaged sales agents for CEP V who 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, and to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the 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 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 year ended December 31, 2021, the Company sold 122,343 shares of common stock at an average sales price of $226.15 per share, for net proceeds of $27,253,000 under this program. In addition, at December 31, 2021, the Company was party to a forward contract under CEP V to sell 68,577 shares of common stock for approximate proceeds of $16,000,000 net of offering fees and discounts based on the initial forward price, with settlement of the forward contract to occur on one or more dates not later than December 31, 2022. The final proceeds will be determined on the date(s) of settlement after adjustments for the Company's dividends and a daily interest factor. As of December 31, 2021, the Company had $705,961,000 remaining authorized for issuance under CEP V, after consideration of the forward contract.

5. Investments

Unconsolidated Investments

The Company accounts for its investments in unconsolidated entities under the equity method of accounting or under the measurement alternative, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation. The significant accounting policies of the Company's unconsolidated investments are consistent with those of the Company in all material respects. Certain of these investments are subject to various buy‑sell provisions or other rights which are customary in real estate joint venture agreements. The Company and its partners in these entities may initiate these provisions to either sell the Company's interest or acquire the joint venture interest from the Company's partner.

The following presents the Company's activities in unconsolidated investments for the years ended December 31, 2021, 2020 and 2019:

Archstone Multifamily Partners AC LP (the “U.S. Fund”)—The Company is the general partner of the U.S. Fund and has a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition (as defined in Note 5, “Investments in Real Estate Entities,” of the Consolidated Financial Statements in Item 8 in the Company's Form 10-K filed February 22, 2019). The U.S. Fund sold one community in each of 2020 and 2019, and the Company's proportionate share of the gains in accordance with GAAP was $5,157,000 and $5,788,000, respectively. The U.S. Fund owns three communities and excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, at December 31, 2021 the Company has an equity investment of $18,706,000 (net of distributions).

Archstone Multifamily Partners AC JV LP (the “AC JV”)—The Company has a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition. During 2021, the AC JV sold its final two communities, Avalon North Point and Avalon North Point Lofts, located in Cambridge, MA, containing an aggregate of 529 apartment homes, for $325,000,000. The Company's proportionate share of the gains in accordance with GAAP was $23,305,000. In conjunction with the disposition of Avalon North Point, the AC JV repaid a $111,653,000 loan to the equity investors in the venture at par. At December 31, 2021 the Company has an equity investment of $2,579,000 (net of distributions).

Legacy JV—As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2021, 2020 and 2019, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, for which the Company contributed $1,340,000, $1,000,000 and $1,400,000, respectively. At December 31, 2021, the remaining preferred interests had an aggregate liquidation value of $34,468,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets.

North Point II JV, LP—During 2016, the Company entered into a joint venture to develop, own, and operate AVA North Point, an apartment community located in Cambridge, MA, which completed construction during 2018 and contains 265 apartment

F-22

homes. The Company owned a 55.0% interest in the venture. During the year ended December 31, 2019, the Company acquired the 45.0% equity interest of AVA North Point that was owned by the venture partner, for a purchase price of $71,280,000. Upon acquisition, the Company consolidated AVA North Point as a wholly-owned operating community.

NYTA MF Investors LLC (“NYC Joint Venture”)—During 2018, the Company contributed five wholly-owned operating communities containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial space, located in New York City, NY, to a newly formed joint venture with the intent to own and operate the communities. The Company retained a 20.0% equity interest in the venture with the partners sharing in returns in accordance with their ownership interests. At December 31, 2021 the Company has an equity investment of $61,307,000 (net of distributions).

MVP I, LLC—During 2004, the Company entered into a joint venture agreement with an unrelated third-party to develop Avalon at Mission Bay II, an apartment community located in San Francisco, CA, which completed construction during 2006 and contains 313 apartment homes. The Company holds a 25.0% equity interest in the venture. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. MVP I, LLC had an outstanding $103,000,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. The Company has fully recovered its basis as of December 31, 2021.

Brandywine Apartments of Maryland, LLC (“Brandywine”)—Brandywine owns a 305 apartment home community located in Washington, D.C. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. The Company holds a 28.7% equity interest in Brandywine. Brandywine had an outstanding $20,379,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. Excluding costs incurred in excess of equity in the underlying net assets of Brandywine, at December 31, 2021 the Company has an equity investment of $16,010,000 (net of distributions), representing a 28.7% equity interest.

Avalon Alderwood MF Member, LLC—During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Mall, an apartment community located in Lynnwood, WA, which is currently under construction and expected to contain 328 apartment homes (unaudited) when complete. As of December 31, 2021, the Company has a 50.0% interest in the venture and has a total equity investment of $55,054,000 which represents substantially all of the Company's required equity contributions. The venture is a VIE, though the Company is not the primary beneficiary because it shares control 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 or capital structure, and the capital budget to construct Avalon Alderwood Mall.

Arts District Joint Venture—During 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 (unaudited) and 56,000 square feet (unaudited) of commercial space when completed. As of December 31, 2021, the Company has a 25.0% interest in the venture and excluding costs incurred in excess of equity in the underlying net assets of the venture, has a total equity investment of $30,436,000. The venture has secured a $167,147,000 variable rate construction loan to fund approximately 60.0% of the development of AVA Arts District, of which $11,581,000 has been drawn as of December 31, 2021. 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 an unconsolidated VIE as the Company is not 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.

Property Technology and Environmental Investments—Excluding costs incurred in excess of equity, the Company has invested $17,277,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds. The Company’s interest in each individual investment represents less than 10% of the respective venture's equity interests. In addition, the Company has $39,890,000 in outstanding equity commitments, with the timing and amount for these commitments to be fulfilled dependent on if, and when, investment opportunities are identified by the respective funds. During the year ended December 31, 2021, the Company recognized income and unrealized gains of $15,908,000 related to these investments, which was reported as a component of income from investments in unconsolidated entities on the accompanying Consolidated Statements of Comprehensive Income.

F-23

The following is a combined summary of the financial position of the Company’s unconsolidated investments discussed above, accounted for using the equity method and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	12/31/21		12/31/20
Assets:
Real estate, net	$	1,184,041	$	1,249,730
Other assets	399,591		255,606
Total assets	$	1,583,632	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	645,235	$	751,257
Other liabilities	168,403		163,808
Partners' capital	769,994		590,271
Total liabilities and partners' capital	$	1,583,632	$	1,505,336

_________________________________

(1)    Other than the AVA Arts District construction loan, the Company has not guaranteed any other 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 and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19 (1)
Rental and other income (2)	$	198,645	$	118,474	$	144,431
Operating and other expenses	(46,102)		(49,509)		(55,732)
Gain on sale of communities	164,273		18,450		21,748
Interest expense, net	(27,508)		(31,982)		(33,896)
Depreciation expense	(29,910)		(34,606)		(58,387)
Net income	$	259,398	$	20,827	$	18,164
Company's share of net income	$	32,123	$	8,538	$	10,779
Direct investment gains, amortization of excess investment and other (3)	6,462		(2,116)		(2,127)
Income from investments in unconsolidated entities	$	38,585	$	6,422	$	8,652

_________________________________

(1)    Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest.

(2)    Includes unrealized gains on the Company's indirect property technology ventures accounted for under the equity method of accounting during the year ended December 31, 2021.

(3) Includes unrealized gains on the Company’s direct investment in equity securities of property technology investments during the year ended December 31, 2021.

Investments in Consolidated Real Estate Entities

During the year ended December 31, 2021, the Company acquired seven consolidated communities:

•Avalon Arundel Crossing East, located in Linthicum Heights, MD, which contains 384 apartment homes and was acquired for a purchase price of $119,000,000.

•Avalon Lakeside, located in Flower Mound, TX, which contains 425 apartment homes and 18,000 square feet of commercial space and was acquired for a purchase price of $117,000,000.

•Hub South End, located in Charlotte, NC, which contains 265 apartment homes and 23,000 square feet of commercial space and was acquired for a purchase price of $104,350,000.

F-24

•Three30Five, located in Charlotte, NC, which contains 164 apartment homes and was acquired for a purchase price of $52,650,000.

•Avalon Fort Lauderdale, located in Fort Lauderdale, FL, which contains 243 apartment homes and 49,000 square feet of commercial space and was acquired for a purchase price of $150,000,000.

•Avalon Miramar, located Miramar, FL, which contains 380 apartment homes and acquired for a purchase price of $133,000,000.

•Hawk, located Charlotte, NC, which contains 71 apartment homes and acquired for a purchase price of $48,500,000.

During the year ended December 31, 2020, the Company did not acquire any communities. In addition to AVA North Point, during the year ended December 31, 2019, the Company acquired five communities, containing an aggregate 1,175 apartment homes, which were acquired for an aggregate purchase price of $345,450,000.

The Company accounted for these purchases as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. The Company used third party pricing or internal models for the value of the land, a valuation model for the value of the building, and an internal model to determine the fair value of the remaining real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy.

6. Real Estate Disposition Activities

During the year ended December 31, 2021, the Company sold nine wholly-owned operating communities, containing an aggregate of 2,404 apartment homes for an aggregate sales price of $867,200,000 and an aggregate gain in accordance with GAAP of $602,235,000.

Details regarding the real estate sales, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):

Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
eaves Stamford	Stamford, CT	Q121	238	$	—	$	72,000	$	70,062
Avalon Norwalk	Norwalk, CT	Q221	311	—		103,000		101,422
AVA Cortez Hill	San Diego, CA	Q221	299	—		96,500		94,648
Avalon Redmond Place	Redmond, WA	Q221	222	—		97,700		86,750
Avalon Bronxville	Bronxville, NY	Q221	110	—		89,000		88,088
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	—		126,000		125,564
eaves Lawrenceville	Lawrenceville, NJ	Q421	632	—		208,000		203,705
Avalon at Center Place	Providence, RI	Q421	225	—		75,000		71,841
Other real estate (1)	multiple	2021	N/A	—		7,858		8,150
Total of 2021 asset sales			2,404	$	—	$	875,058	$	850,230
Total of 2020 asset sales			1,817	$	—	$	634,250	$	619,773
Total of 2019 asset sales			1,660	$	21,700	$	431,280	$	422,041

_________________________________

(1)     Represents the sale of one undeveloped land parcel, located in Boston, MA, and condominium rights, located in Plymouth, MA.

As of December 31, 2021, the Company had one real estate asset that qualified as held for sale.

F-25

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the year ended December 31, 2021, the Company sold 53 residential condominiums at The Park Loggia, for gross proceeds of $135,458,000 resulting in a gain in accordance with GAAP of $3,110,000. As of December 31, 2021, there were 49 residential condominiums remaining to be sold. The Company incurred $4,087,000, $5,662,000 and $3,812,000 during the years ended December 31, 2021, 2020 and 2019, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2021 and 2020, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $146,535,000 and $267,219,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets.

7. Commitments and Contingencies

Employment Agreements and Arrangements

At December 31, 2021, the Company has no employment agreements with its executive officers other than an agreement executed on December 4, 2020, with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors and has been appointed to the additional role of Chief Executive Officer effective January 3, 2022.

The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement.

The Company also has an Officer Severance Program (the “Program”). Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or chooses to terminate his or her employment for good reason (as defined), in either case in connection with or within 24 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one time for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock and options would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable.

Legal Contingencies

The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. 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.

In addition, the Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the net cost basis of a community to which the suit related. During the year ended December 31, 2019, the Company recognized $6,292,000 in legal recoveries. Legal recoveries recognized during the year ended December 31, 2019 include $3,126,000 in proceeds related to a former Development Right and $2,237,000 in proceeds related to a construction defect at a community, reported as a component of general and administrative expense on the accompanying Consolidated Statements of Comprehensive Income. There were no material receipts during the year ended December 31, 2021 and 2020.

F-26

Lease Obligations

The Company owns seven apartment communities and two commercial properties, located on land subject to ground leases expiring between July 2046 and April 2106. The Company has purchase options for all ground leases expiring prior to 2095. The ground leases for six of the seven apartment communities and the two commercial properties, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. During the year ended December 31, 2021, the Company exercised its purchase option and acquired the land encumbered by the ground lease for Avalon Hackensack at Riverside for $10,336,000.

As of December 31, 2021 and 2020, the Company had total operating lease assets of $118,370,000 and $133,581,000, respectively, and lease obligations of $146,377,000 and $161,313,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. The Company incurred costs of $15,458,000, $16,011,000 and $14,371,000 in the years ended December 31, 2021, 2020 and 2019, respectively, related to operating leases.

The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages, adjacent to apartment communities, that are finance leases. As of December 31, 2021 and 2020, the Company had total finance lease assets of $28,229,000 and $21,685,000, respectively, and total finance lease obligations of $20,120,000 and $20,166,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets.

The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases:

Weighted-average remaining lease term - finance leases	24 years
Weighted-average remaining lease term - operating leases	38 years
Weighted-average discount rate - finance leases	4.63	%
Weighted-average discount rate - operating leases	4.61	%

The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands):

	Payments due by period
	2022		2023		2024		2025		2026		Thereafter
Operating Lease Obligations	$	13,797	$	13,558	$	13,324	$	13,575	$	13,358	$	290,869
Finance Lease Obligations	1,082		1,084		1,087		1,089		1,092		37,952
	$	14,879	$	14,642	$	14,411	$	14,664	$	14,450	$	328,821

	Total undiscounted cash flows		Total lease liabilities		Difference between discounted and undiscounted cash flows
Operating Lease Obligations	$	358,481	$	146,377	$	212,104
Finance Lease Obligations	43,386		20,120		23,266
	$	401,867	$	166,497	$	235,370

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8. Segment Reporting

The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. 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.

•Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2021, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2020, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2021 or probable for disposition to unrelated third parties within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment.

•Other Stabilized is composed of completed consolidated communities that the Company owns and that are not Same Store but which have stabilized occupancy, as defined above, as of January 1, 2021, or which were acquired during the years ended December 31, 2021 or 2020. Other Stabilized includes stabilized operating communities in Charlotte, North Carolina and Dallas, Texas, the two new expansion markets the Company entered in 2021, but excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year.

•Development/Redevelopment is composed of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year and (iii) communities under lease-up that have been complete for less than one year and have not reached stabilized occupancy, as defined above, as of January 1, 2021.

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 ("CODM") for purposes of assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Same Store 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, loss on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, income tax expense (benefit), casualty and impairment loss, gain on sale of communities, gain on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis. The Company's commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.7%, 0.8% and 1.8% of total NOI for the years ended December 31, 2021, 2020 and 2019, respectively. 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.

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A reconciliation of NOI to net income for years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Net income	$	1,004,356	$	827,706	$	786,103
Property management and other indirect operating expenses, net of corporate income	98,665		97,443		83,008
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399		4,991
Interest expense, net	220,415		214,151		203,585
Loss on extinguishment of debt, net	17,787		9,333		602
General and administrative expense	69,611		60,343		58,042
Income from investments in unconsolidated entities	(38,585)		(6,422)		(8,652)
Depreciation expense	758,596		707,331		661,578
Income tax expense (benefit)	5,733		(3,247)		13,003
Casualty and impairment loss	3,119		—		—
Gain on sale of communities	(602,235)		(340,444)		(166,105)
Gain on other real estate transactions, net	(2,097)		(440)		(439)
Net for-sale condominium activity	977		(2,551)		3,812
Net operating income from real estate assets sold or held for sale	(24,895)		(67,418)		(87,637)
Net operating income	$	1,514,678	$	1,508,184	$	1,551,891

The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Rental income from real estate assets sold or held for sale	$	42,857	$	109,371	$	139,880
Operating expenses from real estate assets sold or held for sale	(17,962)		(41,953)		(52,243)
Net operating income from real estate assets sold or held for sale	$	24,895	$	67,418	$	87,637

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, 2021 for the years ended December 31, 2021 and 2020 and at January 1, 2020, for the year ended December 31, 2019. Segment information for the years ended December 31, 2021, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, “Real Estate Disposition Activities.”

F-29

	Total revenue		NOI		Gross real estate (1)
For the year ended December 31, 2021
Same Store
New England	$	302,919	$	193,415	$	2,787,583
Metro NY/NJ	425,653		289,855		4,112,556
Mid-Atlantic	338,455		227,695		3,583,374
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	109,907		74,875		1,059,431
Northern California	361,910		256,417		3,469,149
Southern California	451,884		310,048		4,396,416
Total Same Store	2,046,173		1,388,445		20,124,943
Other Stabilized	104,357		71,014		1,796,752
Development / Redevelopment	98,379		55,219		2,574,352
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,251,993	$	1,514,678	$	24,901,129
For the period ended December 31, 2020
Same Store
New England	$	305,262	$	200,028	$	2,761,655
Metro NY/NJ	425,946		294,086		4,083,641
Mid-Atlantic	345,003		239,228		3,557,724
Southeast Florida	29,151		15,730		393,926
Denver, CO	21,293		13,796		319,562
Pacific Northwest	110,976		77,324		1,052,903
Northern California	400,934		298,176		3,438,290
Southern California	443,618		306,344		4,358,217
Total Same Store (2)	2,082,183		1,444,712		19,965,918
Other Stabilized	79,431		52,614		1,081,327
Development / Redevelopment	28,298		10,858		1,917,913
Land Held for Development	N/A		N/A		110,142
Non-allocated (3)	1,978		N/A		367,190
Total	$	2,191,890	$	1,508,184	$	23,442,490
For the year ended December 31, 2019
Same Store
New England	$	287,144	$	193,106	$	2,475,513
Metro NY/NJ	429,154		303,859		3,946,221
Mid-Atlantic	351,680		250,142		3,484,610
Southeast Florida	17,709		9,861		242,843
Denver, CO	5,694		3,716		77,513
Pacific Northwest	107,417		78,063		956,755
Northern California	397,593		305,450		3,186,075
Southern California	444,184		316,819		4,083,946
Total Same Store (2)	2,040,575		1,461,016		18,453,476
Other Stabilized	110,434		74,814		1,587,397
Development / Redevelopment	28,777		16,061		2,086,519
Land Held for Development	N/A		N/A		—
Non-allocated (3)	4,960		N/A		559,777
Total	$	2,184,746	$	1,551,891	$	22,687,169

_________________________________

(1)     Does not include gross real estate assets held for sale of $26,176 as of December 31, 2021 and gross real estate assets either sold or classified as held for sale subsequent to December 31, 2020 and 2019 of $474,792 and $871,291, respectively.

(2)     Gross real estate for the Company's Same Store includes capitalized additions of approximately $158,991, $126,548 and $128,324 in 2021, 2020 and 2019, respectively.

F-30

(3)     Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items 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."

9. Stock-Based Compensation Plans

The Company's Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”) includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2021, the Company had 6,088,456 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted stock, restricted stock units, stock options that qualify as incentive stock options (“ISOs”) under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. No grants of stock options and other awards will be made after May 15, 2027, and no grants of incentive stock options will be made after February 16, 2027.

Information with respect to stock options granted under the 2009 Plan is as follows:

	2009 Plan shares	Weighted average exercise price per share
Options Outstanding, December 31, 2018	124,212	$	128.84
Exercised	(109,804)	129.47
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2019	14,408	$	124.05
Exercised	(1,902)	89.17
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2020	12,506	$	129.35
Exercised	(2,759)	124.34
Granted (1)	294,115	180.32
Forfeited	(4,713)	180.32
Options Outstanding, December 31, 2021	299,149	$	178.71
Options Exercisable:
December 31, 2019	14,408	$	124.05
December 31, 2020	12,506	$	129.35
December 31, 2021	9,747	$	130.77

__________________________________

(1)Includes 4,847 options resulting from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.

In February 2021, as a supplement to its normal compensation framework for officers, the Company granted stock options with the exercise price equal to the closing stock price on the date of grant. The stock options awarded in 2021 have a ten-year term and will cliff vest on March 1, 2023. For these supplemental 2021 stock options, the officer will have 12 months to exercise the option if terminated without cause and will have until the expiration date to exercise the options if the officer retires after the cliff vesting date. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows:

F-31

	2021
Dividend yield	3.5	%
Estimated volatility	27.1	%
Risk free rate	0.81	%
Expected life of options	5 years
Estimated fair value	$28.64

The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2021:

2009 Plan Number of Options	Range—Exercise Price			Weighted Average Remaining Contractual Term (in years)
9,747	$130.00	-	$139.99	0.9
289,402	$180.00	-	$189.99	9.2
299,149

Options outstanding and exercisable at December 31, 2021 had an intrinsic value of $22,102,000 and $1,187,000, respectively. Options exercisable had a weighted average contractual life of 0.9 years. The intrinsic value of options exercised under the 2009 Plan during 2021, 2020 and 2019 was $186,000, $251,000 and $7,970,000, respectively. There were no stock options granted in 2020 and 2019.

The Company has a compensation framework under which share-based compensation granted is composed of annual restricted stock awards for which one third of the award vests annually over a three-year period, and multi-year long term incentive performance awards. For annual restricted stock awards, in lieu of time-vesting restricted stock, the recipient may elect to receive up to 100% of the award value, in increments of 25%, in the form of stock options, for which one third of the award vests annually over a three-year period. Under the Company's multi-year long term incentive compensation framework, the Company grants a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. Performance units granted in 2017 or earlier that were earned at the end of the measurement period were settled in the form of time-vesting restricted stock. Performance units granted in 2018 and later years that are earned at the end of the measurement period are settled in fully vested shares of common stock and an amount of cash equal to the dividends that would have been payable, while the performance award was outstanding, on a number of shares equal to the number of units earned.

After the first year of the performance period, if the employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee shall vest in a pro rata portion of the award (based on the employee's service time during the performance period), with such vested portion to be earned and converted into shares and the cash amount for the dividends described above at the end of the performance period based on actual achievement under the performance award. For other terminating events, performance awards are generally forfeited.

Information with respect to performance awards granted is as follows:

F-32

	Performance awards	Weighted average grant date fair value per award
Outstanding at December 31, 2018	267,129	$	157.21
Granted (1)	80,512	200.75
Change in awards based on performance (2)	(16,760)	142.03
Converted to restricted stock	(73,072)	142.03
Forfeited	(4,377)	166.44
Outstanding at December 31, 2019	253,432	$	176.27
Granted (3)	77,182	238.03
Change in awards based on performance (2)	18,112	177.26
Converted to restricted stock	(96,317)	177.26
Forfeited	(10,488)	188.52
Outstanding at December 31, 2020	241,921	$	195.13
Granted (4)	138,033	191.12
Change in awards based on performance (2)	(37,469)	156.00
Converted to shares of common stock	(56,545)	156.00
Forfeited	(1,418)	207.65
Outstanding at December 31, 2021	284,522	$	206.05

_________________________________

(1)     The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 33,010 performance awards.

(2)    Represents the change in the number of performance awards earned based on performance achievement.

(3)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards.

(4)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 performance awards.

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

	2021	2020	2019
Dividend yield	3.5%	2.8%	3.1%
Estimated volatility over the life of the plan (1)	22.0% - 49.0%	11.1% - 15.5%	13.9% - 18.8%
Risk free rate	0.06% - 0.38%	1.45% - 1.62%	2.46% - 2.57%
Estimated performance award value based on total shareholder return measure	$213.16	$254.72	$204.15

_________________________________

(1)     Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

For the portion of the performance awards granted for which achievement will be determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $178.38, $224.64 and $195.86, for the years ended December 31, 2021, 2020 and 2019, respectively, and the Company's estimate of corporate achievement for the financial metrics.

Information with respect to restricted stock granted is as follows:

F-33

	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, 2018	160,411	$	166.33	209,238
Granted - restricted stock shares	79,430	196.43		73,072
Vested - restricted stock shares	(89,289)	168.06		(119,064)
Forfeited	(2,226)	174.45		(135)
Outstanding at December 31, 2019	148,326	$	181.29	163,111
Granted - restricted stock shares	69,228	221.08		96,317
Vested - restricted stock shares	(79,931)	178.41		(111,325)
Forfeited	(5,899)	196.22		(1,784)
Outstanding at December 31, 2020	131,724	$	203.28	146,319
Granted - restricted stock shares	99,291	178.84		—
Vested - restricted stock shares	(69,840)	192.32		(71,692)
Forfeited	(4,109)	195.77		—
Outstanding at December 31, 2021	157,066	$	192.90	74,627

Total employee stock-based compensation cost recognized in income was $25,100,000, $21,110,000 and $24,885,000 for the years ended December 31, 2021, 2020 and 2019, respectively, and total capitalized stock-based compensation cost was $9,472,000, $9,974,000 and $9,396,000 for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, there was a total unrecognized compensation cost of $39,440,000 for unvested restricted stock, stock options and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are included in compensation cost as they occur.

Employee Stock Purchase Plan

In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the “ESPP”). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 612,912 shares remaining available for issuance under the ESPP. Employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable purchase period, they have been employed by the Company for at least one month. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations, during two purchase periods. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 21,362, 20,161 and 13,894 shares and recognized compensation expense of $1,609,000, $537,000 and $761,000 under the ESPP for the years ended December 31, 2021, 2020 and 2019, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

10. 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 $3,084,000, $3,819,000 and $4,960,000 in the years ended December 31, 2021, 2020 and 2019, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $3,964,000 and $5,408,000 as of December 31, 2021 and 2020, respectively.

Director Compensation

Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $170,000 and (ii) a cash payment of $90,000, payable in equal quarterly installments of

F-34

$22,500. The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250, the non-employee director serving as the chairperson of the Compensation Committee receives additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750.

The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $1,981,000, $1,819,000 and $1,725,000 for the years ended December 31, 2021, 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 $696,000, $614,000 and $594,000 on December 31, 2021, 2020 and 2019, respectively, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

11. 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 December 31, 2021, 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 December 31, 2021 (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Swaps
Notional balance	$	402,670		$	150,000
Weighted average interest rate (1)	1.7		%	N/A
Weighted average swapped/capped interest rate	6.1		%	1.4		%
Earliest maturity date	January 2024			March 2022
Latest maturity date	November 2026			March 2022

_________________________________

(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 caps.

The following derivative activity occurred during the year ended December 31, 2021:

•The Company terminated $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020, receiving a payment of $6,962,000. The Company recognized $2,894,000 of these proceeds as a gain in 2020, and $2,654,000 of these proceeds as a gain during the year ended December 31, 2021 included in interest expense, net on the accompanying Consolidated Statements of Comprehensive Income.

F-35

•In conjunction with the issuance of the Company's $700,000,000 2.050% unsecured notes due 2032 in September 2021, the Company settled $200,000,000 of forward interest rate swap agreements, entered into in 2021, designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a net payment of $2,211,000. The Company has deferred these amounts in accumulated other comprehensive loss on the accompanying 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 in interest rates on a portion of the Company's expected debt issuance activity in 2022.

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 five derivatives not designated as hedges at December 31, 2021. Other than the $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020, fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2021 and 2020, were not material. During 2021, the Company deferred $993,000 of net gains 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 into earnings (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Cash flow hedge losses reclassified to earnings	$	13,151	$	8,984	$	6,571

The Company anticipates reclassifying approximately $4,051,000 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 December 31, 2021 and 2020.

Redeemable Noncontrolling Interests

The Company issued units of limited partnership interest in a DownREIT that 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 based on their short-term maturities.

F-36

Indebtedness

The Company values its fixed rate unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its mortgage notes payable, variable rate unsecured notes, including the Term Loans, and outstanding amounts under the Credit Facility 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 mortgage notes payable, variable rate unsecured notes, Term Loans and outstanding amounts under the Credit Facility 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):

Description	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	12/31/2021
Non Designated Hedges
Interest Rate Caps	$	225	$	—	$	225	$	—
Interest Rate Swaps - Assets	3,204		—		3,204		—
DownREIT units	(1,895)		(1,895)		—		—
Indebtedness
Fixed rate unsecured notes	(7,624,560)		(7,624,560)		—		—
Mortgage notes payable, variable rate unsecured notes	(940,779)		—		(940,779)		—
Total	$	(8,563,805)	$	(7,626,455)	$	(937,350)	$	—
	12/31/2020
Non Designated Hedges
Interest Rate Caps	$	6	$	—	$	6	$	—
Interest Rate Swaps - Assets	4,308		—		4,308		—
DownREIT units	(1,203)		(1,203)		—		—
Indebtedness
Fixed rate unsecured notes	(7,271,799)		(7,271,799)		—		—
Mortgage notes payable, variable rate unsecured notes	(1,043,976)		—		(1,043,976)		—
Total	$	(8,312,664)	$	(7,273,002)	$	(1,039,662)	$	—

F-37

12. Subsequent Events

The Company has evaluated subsequent events, through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In January 2022, the Company entered into agreements to sell two wholly-owned operating communities containing an aggregate of 408 apartment homes and net real estate of $64,984,000 as of December 31, 2021, resulting in the communities qualifying as held for sale subsequent to December 31, 2021. In February 2022, the Company sold one of these communities, Avalon Ossining, located in Ossining, NY, containing 168 apartment homes for $70,000,000. The Company expects to complete the sale of the other community in the first quarter of 2022.

In February 2022, the Company sold Avalon West Long Branch, located in West Long Branch, NJ, containing 180 apartment homes for $75,000,000. As of December 31, 2021, Avalon West Long Branch qualified as held for sale.

In February 2022, the Company acquired Avalon Flatirons, a wholly-owned operating community, located in Lafayette, Colorado, containing 207 apartment homes and 16,000 square feet of commercial space, for a purchase price of $95,000,000.

F-38

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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
SAME STORE
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	198	$	2,124	$	12,567	$	13,346	$	2,124	$	25,913	$	28,037	$	18,473	$	9,564	$	10,632	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		7,924		2,129		25,491		27,620		17,900		9,720		10,000		—		1999
eaves Quincy	Quincy, MA	245	1,743		14,662		13,696		1,743		28,358		30,101		18,920		11,181		11,007		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		2,941		3,318		16,406		19,724		10,736		8,988		9,093		—		2002
Avalon at Newton Highlands	Newton, MA	294	10,905		45,547		18,315		10,905		63,862		74,767		36,480		38,287		40,018		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		5,883		6,876		36,284		43,160		17,137		26,023		26,227		—		2004
eaves Peabody	Peabody, MA	286	4,645		18,919		16,248		4,645		35,167		39,812		19,002		20,810		21,703		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		5,543		4,258		26,094		30,352		14,100		16,252		17,623		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		13,917		14,572		59,828		74,400		29,178		45,222		46,499		35,770		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		15,224		8,691		94,345		103,036		46,055		56,981		61,146		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		9,286		13,124		57,981		71,105		26,388		44,717		44,580		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		11,238		12,218		52,894		65,112		24,353		40,759		43,026		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		5,797		4,719		31,275		35,994		14,907		21,087		22,605		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		6,626		8,144		58,810		66,954		24,112		42,842		43,733		—		2009
Avalon Exeter (2)	Boston, MA	187	—		110,028		934		—		110,962		110,962		29,409		81,553		85,066		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		2,400		15,645		67,245		82,890		19,873		63,017		63,922		—		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		873		8,599		53,327		61,926		14,352		47,574		49,201		—		2015
AVA Somerville	Somerville, MA	250	10,944		56,460		832		10,944		57,292		68,236		14,485		53,751		55,550		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		52,076		9,034		88,616		97,650		46,609		51,041		54,133		—		1968/1998
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		64,978		8,776		100,474		109,250		46,808		62,442		64,558		—		1968/1998
Avalon Prudential Center I (1)	Boston, MA	243	8,002		32,370		56,151		8,002		88,521		96,523		40,581		55,942		56,211		—		1968/1998
eaves Burlington	Burlington, MA	203	7,714		32,499		8,573		7,714		41,072		48,786		12,920		35,866		36,625		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		505		17,072		164,138		181,210		36,610		144,600		150,260		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		17,572		15,600		78,221		93,821		24,774		69,047		71,360		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		1,346		15,367		61,743		77,110		14,384		62,726		64,348		—		2015
Avalon North Station	Boston, MA	503	22,796		247,270		719		22,796		247,989		270,785		40,830		229,955		238,733		—		2017
Avalon Framingham	Framingham, MA	180	9,315		34,631		206		9,315		34,837		44,152		7,791		36,361		37,448		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,655		79		14,694		79,734		94,428		14,643		79,785		82,635		—		2017
Avalon Easton	Easton, MA	290	3,170		60,837		303		3,170		61,140		64,310		10,465		53,845		56,082		—		2017

F-39

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 at the Hingham Shipyard II	Hingham, MA	190	$	8,998	$	55,366	$	47	$	8,998	$	55,413	$	64,411	$	6,788	$	57,623	$	59,819	$	—	2019
Avalon Sudbury	Sudbury, MA	250	20,254		66,554		88		20,254		66,642		86,896		8,680		78,216		80,881		—		2019
AVA North Point	Cambridge, MA	265	31,263		81,196		2,793		31,263		83,989		115,252		9,419		105,833		108,984		—		2018/2019
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		29,950		27,350		124,118		151,468		42,059		109,409		113,533		—		1999/2013
Total Boston, MA		8,901	$	352,059	$	1,891,772	$	386,409	$	352,059	$	2,278,181	$	2,630,240	$	759,221	$	1,871,019	$	1,937,241	$	80,770
Fairfield, CT
Avalon Wilton on River Rd	Wilton, CT	102	$	2,116	$	14,664	$	7,536	$	2,116	$	22,200	$	24,316	$	15,570	$	8,746	$	9,505	$	—	1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		6,852		4,834		29,842		34,676		17,984		16,692		17,800		—		2002
Avalon Darien	Darien, CT	189	6,926		34,558		9,489		6,926		44,047		50,973		24,822		26,151		27,861		—		2004
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		532		10,395		36,983		47,378		11,086		36,292		37,492		—		2013
Total Fairfield, CT		635	$	24,271	$	108,663	$	24,409	$	24,271	$	133,072	$	157,343	$	69,462	$	87,881	$	92,658	$	—
TOTAL NEW ENGLAND		9,536	$	376,330	$	2,000,435	$	410,818	$	376,330	$	2,411,253	$	2,787,583	$	828,683	$	1,958,900	$	2,029,899	$	80,770
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	13,553	$	—	$	107,614	$	107,614	$	71,334	$	36,280	$	39,258	$	—	2002
Avalon Riverview North (3)	Long Island City, NY	602	—		165,932		16,411		—		182,343		182,343		85,298		97,045		102,751		—		2008
AVA Fort Greene	Brooklyn, NY	631	83,038		216,802		9,411		83,038		226,213		309,251		89,037		220,214		227,393		—		2010
AVA DoBro	Brooklyn, NY	500	76,127		206,762		423		76,127		207,185		283,312		42,240		241,072		248,521		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	49,635		134,840		396		49,635		135,236		184,871		25,296		159,575		164,245		—		2017
Avalon Brooklyn Bay	Brooklyn, NY	180	18,310		74,573		405		18,310		74,978		93,288		14,368		78,920		81,956		—		2018
Avalon Midtown West (1)	New York, NY	550	154,730		180,253		48,724		154,730		228,977		383,707		70,922		312,785		320,012		88,300		1998/2013
Avalon Clinton North	New York, NY	339	84,069		105,821		14,071		84,069		119,892		203,961		39,430		164,531		167,399		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		8,098		71,421		97,949		169,370		33,361		136,009		138,732		121,500		2007/2013
Total New York City, NY		3,788	$	537,330	$	1,268,895	$	111,492	$	537,330	$	1,380,387	$	1,917,717	$	471,286	$	1,446,431	$	1,490,267	$	356,800
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,259	$	10,294	$	4,679	$	38,553	$	43,232	$	27,972	$	15,260	$	14,579	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		8,236		1,820		18,761		20,581		12,493		8,088		8,408		—		1995
Avalon Mamaroneck	Mamaroneck, NY	229	6,207		40,657		16,178		6,207		56,835		63,042		35,410		27,632		30,027		—		2000
Avalon Melville (1)	Melville, NY	494	9,228		50,063		23,225		9,228		73,288		82,516		48,019		34,497		37,757		—		1997
Avalon White Plains	White Plains, NY	407	15,391		137,312		2,510		15,391		139,822		155,213		60,602		94,611		99,236		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		7,106		32,212		85,912		118,124		31,394		86,730		89,941		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		3,659		27,765		81,219		108,984		27,517		81,467		83,880		—		2012

F-40

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 Garden City	Garden City, NY	204	$	18,205	$	49,326	$	1,101	$	18,205	$	50,427	$	68,632	$	16,632	$	52,000	$	53,587	$	—	2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		502		6,392		30,815		37,207		8,515		28,692		29,688		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,437		570		21,899		59,007		80,906		15,552		65,354		67,135		—		2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		162		4,985		17,462		22,447		3,760		18,687		19,346		—		2016
Avalon Great Neck	Great Neck, NY	191	14,777		65,412		33		14,777		65,445		80,222		11,736		68,486		71,269		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,981		2		7,534		50,983		58,517		8,716		49,801		51,913		—		2017
Avalon Somers	Somers, NY	152	5,610		40,591		24		5,610		40,615		46,225		6,779		39,446		41,054		—		2018
Avalon Westbury	Westbury, NY	396	69,620		43,781		14,714		69,620		58,495		128,115		25,996		102,119		103,536		—		2006/2013
Total New York - Suburban		3,987	$	246,324	$	779,323	$	88,316	$	246,324	$	867,639	$	1,113,963	$	341,093	$	772,870	$	801,356	$	—
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	31,488	$	8,760	$	113,910	$	122,670	$	81,706	$	40,964	$	43,525	$	—	1997
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,676		5,982		34,065		40,047		21,245		18,802		20,203		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		16,926		6,647		51,832		58,479		31,760		26,719		28,581		—		2001
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,255		8,984		32,249		41,233		10,983		30,250		31,192		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,610		2,865		14,682		44,475		59,157		14,925		44,232		45,213		—		2012
Avalon Hackensack at Riverside (4)	Hackensack, NJ	226	9,939		44,619		1,653		9,939		46,272		56,211		13,808		42,403		33,551		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		488		6,502		17,351		23,853		5,367		18,486		18,945		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		435		3,006		28,236		31,242		8,138		23,104		23,814		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		1,465		2,273		50,074		52,347		12,285		40,062		40,947		—		2015
Avalon Bloomfield Station (2)	Bloomfield, NJ	224	10,701		36,430		147		10,701		36,577		47,278		8,630		38,648		39,918		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		141		11,288		35,009		46,297		8,291		38,006		39,184		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		68,003		799		26,461		68,802		95,263		12,914		82,349		84,921		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		99		11,695		36,414		48,109		7,771		40,338		41,666		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,278		6,779		37,237		97,057		134,294		25,636		108,658		112,056		—		2008/2016
Avalon Maplewood	Maplewood, NJ	235	15,179		49,425		139		15,179		49,564		64,743		8,845		55,898		58,458		—		2018
Avalon Piscataway	Piscataway, NJ	360	14,329		75,897		12		14,329		75,909		90,238		9,206		81,032		83,974		—		2019
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,810		—		8,605		60,810		69,415		8,782		60,633		63,194		—		2018
Total New Jersey		4,053	$	202,270	$	804,239	$	74,367	$	202,270	$	878,606	$	1,080,876	$	290,292	$	790,584	$	809,342	$	—
TOTAL METRO NY/NJ		11,828	$	985,924	$	2,852,457	$	274,175	$	985,924	$	3,126,632	$	4,112,556	$	1,102,671	$	3,009,885	$	3,100,965	$	356,800

F-41

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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	$	20,906	$	6,848	$	48,520	$	55,368	$	38,110	$	17,258	$	18,453	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		4,369		8,800		44,027		52,827		27,661		25,166		26,289		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		206		7,425		25,488		32,913		8,425		24,488		25,314		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		9,955		25,140		62,414		87,554		22,649		64,905		66,580		—		1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,654		16,430		25,556		41,986		9,303		32,683		33,450		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		6,200		38,140		41,552		79,692		15,825		63,867		64,710		—		1961/2013
eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,839		9,580		29,371		38,951		10,841		28,110		28,920		—		1953/2013
AVA Van Ness (1)	Washington, D.C.	269	22,890		58,691		23,142		22,890		81,833		104,723		24,882		79,841		81,329		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		4,402		43,700		158,352		202,052		50,346		151,706		156,732		—		2012/2013
AVA NoMa	Washington, D.C.	438	25,246		114,933		884		25,246		115,817		141,063		22,102		118,961		123,946		—		2018
eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		5,684		4,047		24,237		28,284		18,888		9,396		9,966		—		1996
eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		14,000		8,802		49,536		58,338		27,806		30,532		31,564		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		6,945		29,159		59,938		89,097		36,126		52,971		54,347		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		7,739		14,365		63,137		77,502		38,383		39,119		41,355		—		2004
AVA Wheaton	Wheaton, MD	319	6,494		69,027		95		6,494		69,122		75,616		11,705		63,911		66,576		—		2018
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		43		10,872		63,035		73,907		11,598		62,309		64,682		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		86		10,130		61,771		71,901		11,961		59,940		62,170		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		5,119		2,323		14,416		16,739		11,054		5,685		6,121		—		1987/1996
Avalon Fairway Hills - Woods (1)	Columbia, MD	336	3,958		15,839		14,246		3,958		30,085		34,043		18,929		15,114		15,354		—		1987/1996
Avalon Arundel Crossing	Linthicum Heights, MD	310	12,208		69,888		2,580		12,208		72,468		84,676		12,606		72,070		75,145		—		2018/2018
Kanso Silver Spring	Silver Spring, MD	151	3,471		41,393		1,016		3,471		42,409		45,880		4,737		41,143		42,724		—		2009/2019
Avalon Russett	Laurel, MD	238	10,200		47,524		4,665		10,200		52,189		62,389		18,723		43,666		45,018		32,200		1999/2013
eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		13,732		6,096		38,132		44,228		27,144		17,084		17,510		—		1989/1996
eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,726		2,152		14,633		16,785		10,105		6,680		7,131		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		15,381		13,851		58,778		72,629		41,264		31,365		32,482		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		33,327		22,041		123,623		145,664		71,324		74,340		78,296		—		2001
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		1,148		13,554		64,674		78,228		21,088		57,140		59,222		—		2013
eaves Fairfax Towers (1)	Falls Church, VA	415	17,889		74,727		15,983		17,889		90,710		108,599		32,034		76,565		79,810		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		472		33,490		76,273		109,763		21,584		88,179		90,752		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,996		24,225		84,978		109,203		21,942		87,261		90,551		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		9,841		22,573		105,196		127,769		25,243		102,526		106,458		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		4,448		18,830		86,875		105,705		19,652		86,053		89,191		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,465		8,235		29,377		123,700		153,077		28,138		124,939		130,459		—		2012/2017

F-42

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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	$	3,512	$	16,030	$	48,932	$	64,962	$	18,745	$	46,217	$	47,822	$	—	1980/2013
AVA Ballston Square	Arlington, VA	714	71,640		215,937		43,290		71,640		259,227		330,867		84,032		246,835		254,311		—		1992/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		15,783		56,550		193,815		250,365		64,153		186,212		189,316		—		1999/2013
Avalon Arlington North (1)	Arlington, VA	228	21,600		59,076		2,035		21,600		61,111		82,711		17,227		65,484		66,951		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		11,692		26,710		94,776		121,486		35,119		86,367		87,262		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		128		39,544		66,288		105,832		15,780		90,052		92,531		—		2016
TOTAL MID-ATLANTIC		13,645	$	756,380	$	2,501,490	$	325,504	$	756,380	$	2,826,994	$	3,583,374	$	1,007,234	$	2,576,140	$	2,660,800	$	32,200
DENVER, CO
Avalon Denver West	Lakewood, CO	252	$	8,047	$	67,861	$	2,296	$	8,047	$	70,157	$	78,204	$	14,211	$	63,993	$	66,566	$	—	2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,565		1,062		8,527		65,627		74,154		10,213		63,941		66,730		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		70,103		1,553		4,461		71,656		76,117		11,586		64,531		67,742		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		85,184		1,675		5,101		86,859		91,960		12,771		79,189		83,056		—		2018/2019
TOTAL DENVER, CO		1,086	$	26,136	$	287,713	$	6,586	$	26,136	$	294,299	$	320,435	$	48,781	$	271,654	$	284,094	$	—
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370	$	21,430	$	114,085	$	4,860	$	21,430	$	118,945	$	140,375	$	22,405	$	117,970	$	122,060	$	—	2017/2017
Avalon West Palm Beach	West Palm Beach, FL	290	9,597		90,950		3,928		9,597		94,878		104,475		14,739		89,736		92,899		—		2018/2018
Avalon Bonterra	Hialeah, FL	314	16,655		70,822		2,919		16,655		73,741		90,396		10,811		79,585		82,625		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,705		1,835		9,213		51,540		60,753		6,049		54,704		56,541		—		2016/2019
TOTAL SOUTHEAST FLORIDA		1,214	$	56,895	$	325,562	$	13,542	$	56,895	$	339,104	$	395,999	$	54,004	$	341,995	$	354,125	$	—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264	$	6,786	$	27,641	$	6,511	$	6,786	$	34,152	$	40,938	$	26,387	$	14,551	$	15,204	$	—	1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		4,301		6,664		28,420		35,084		19,452		15,632		15,672		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,958		4,777		23,723		28,500		17,364		11,136		11,978		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		4,401		3,789		19,540		23,329		13,746		9,583		9,932		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		2,001		5,644		14,734		20,378		9,974		10,404		10,283		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		5,253		12,697		82,703		95,400		38,325		57,075		58,959		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		2,426		—		125,455		125,455		49,144		76,311		80,021		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		1,333		12,081		42,951		55,032		15,049		39,983		41,139		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,347		16,460		48,273		64,733		15,430		49,303		50,836		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		100		12,294		55,727		68,021		14,671		53,350		55,272		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		1,510		20,613		61,496		82,109		13,826		68,283		70,636		—		2016
Avalon Esterra Park	Redmond, WA	482	23,178		112,986		1,348		23,178		114,334		137,512		21,967		115,545		119,784		—		2017

F-43

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 Alderwood II	Redmond, WA	124	$	5,072	$	21,418	$	14	$	5,072	$	21,432	$	26,504	$	4,135	$	22,369	$	23,127	$	—	2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,649		112,456		1,049		9,649		113,505		123,154		18,081		105,073		108,810		—		2017
AVA Esterra Park	Redmond, WA	323	16,405		74,569		—		16,405		74,569		90,974		8,161		82,813		85,845		—		2019
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		5,216		10,250		32,058		42,308		12,677		29,631		30,217		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,217	$	166,359	$	852,304	$	40,768	$	166,359	$	893,072	$	1,059,431	$	298,389	$	761,042	$	787,715	$	—
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	14,961	$	11,830	$	62,789	$	74,619	$	44,026	$	30,593	$	32,377	$	—	1995
eaves San Jose	San Jose, CA	442	12,920		53,047		20,013		12,920		73,060		85,980		45,811		40,169		42,111		—		1985/1996
Avalon on the Alameda	San Jose, CA	305	6,119		50,225		13,878		6,119		64,103		70,222		43,915		26,307		28,113		—		1999
Avalon Silicon Valley	Sunnyvale, CA	712	20,713		99,573		36,482		20,713		136,055		156,768		90,737		66,031		69,922		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		12,770		9,755		52,163		61,918		37,632		24,286		25,477		—		1986
eaves Creekside	Mountain View, CA	296	6,546		26,263		22,103		6,546		48,366		54,912		32,434		22,478		23,859		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		4,204		4,765		51,804		56,569		33,516		23,053		24,035		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		14,806		9,560		70,942		80,502		41,731		38,771		41,194		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		965		13,837		65,499		79,336		18,220		61,116		63,019		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		7,615		46,060		89,572		135,632		33,991		101,641		105,215		—		2002/2013
eaves West Valley	San Jose, CA	873	90,890		132,040		14,375		90,890		146,415		237,305		53,782		183,523		188,220		—		1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		15,706		64,070		84,724		148,794		32,319		116,475		118,876		—		1969/2013
Total San Jose, CA		4,717	$	297,065	$	767,614	$	177,878	$	297,065	$	945,492	$	1,242,557	$	508,114	$	734,443	$	762,418	$	—
Oakland - East Bay, CA
Avalon Fremont (1)	Fremont, CA	308	$	10,746	$	43,399	$	20,895	$	10,746	$	64,294	$	75,040	$	41,238	$	33,802	$	26,076	$	—	1992/1994
eaves Dublin	Dublin, CA	204	5,276		19,642		12,898		5,276		32,540		37,816		22,253		15,563		16,204		—		1989/1997
eaves Pleasanton (1)	Pleasanton, CA	456	11,610		46,552		28,665		11,610		75,217		86,827		49,131		37,696		34,590		—		1988/1994
eaves Union City	Union City, CA	208	4,249		16,820		4,430		4,249		21,250		25,499		16,773		8,726		9,318		—		1973/1996
eaves Fremont	Fremont, CA	235	6,581		26,583		11,328		6,581		37,911		44,492		27,572		16,920		17,641		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		3,635		14,732		107,659		122,391		45,362		77,029		79,035		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,846		5,845		—		154,691		154,691		60,751		93,940		99,738		4,161		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		1,153		7,772		73,295		81,067		20,162		60,905		63,419		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		345		7,762		76,932		84,694		15,697		68,997		71,719		—		2016
eaves Walnut Creek	Walnut Creek, CA	510	30,320		82,375		17,731		30,320		100,106		130,426		34,225		96,201		99,627		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,790		9,860		25,640		35,500		8,633		26,867		27,441		—		2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		13,920		27,190		70,961		98,151		24,762		73,389		76,041		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,689		78		4,500		28,767		33,267		7,490		25,777		26,752		—		2014
Total Oakland - East Bay, CA		3,847	$	140,598	$	742,550	$	126,713	$	140,598	$	869,263	$	1,009,861	$	374,049	$	635,812	$	647,601	$	4,161

F-44

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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
San Francisco, CA
eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	21,046	$	4,230	$	30,705	$	34,935	$	22,305	$	12,630	$	13,645	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		10,054		5,403		31,621		37,024		21,638		15,386		15,152		—		1990/1995
eaves Foster City	Foster City, CA	288	7,852		31,445		13,338		7,852		44,783		52,635		32,013		20,622		22,074		—		1973/1994
eaves Pacifica	Pacifica, CA	220	6,125		24,796		4,711		6,125		29,507		35,632		23,101		12,531		13,509		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,837		3,561		38,158		41,719		25,333		16,386		17,689		—		1961/1996
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		9,338		14,029		87,790		101,819		55,671		46,148		49,567		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		879		28,687		120,035		148,722		51,009		97,713		101,615		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,527		5,544		53,433		58,977		18,068		40,909		42,449		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,268		20,267		98,589		118,856		27,297		91,559		94,980		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		203		12,595		81,431		94,026		19,639		74,387		77,231		—		2015
Avalon Dogpatch	San Francisco, CA	326	23,523		180,698		232		23,523		180,930		204,453		27,301		177,152		184,327		—		2018
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		7,448		40,780		76,132		116,912		27,733		89,179		91,800		62,350		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		2,769		23,787		47,703		71,490		15,744		55,746		57,304		—		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,318		33,303		66,228		99,531		22,003		77,528		79,660		51,000		2010/2013
Total San Francisco, CA		3,267	$	229,686	$	893,077	$	93,968	$	229,686	$	987,045	$	1,216,731	$	388,855	$	827,876	$	861,002	$	113,350
TOTAL NORTHERN CALIFORNIA		11,831	$	667,349	$	2,403,241	$	398,559	$	667,349	$	2,801,800	$	3,469,149	$	1,271,018	$	2,198,131	$	2,271,021	$	117,511
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	53,051	$	22,483	$	81,155	$	103,638	$	51,937	$	51,701	$	53,182	$	—	1961/1997
Avalon Woodland Hills (1)	Woodland Hills, CA	663	23,828		40,372		59,677		23,828		100,049		123,877		58,908		64,969		61,517		—		1989/1997
eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		12,595		7,045		25,581		32,626		19,647		12,979		13,743		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		3,062		—		45,626		45,626		28,549		17,077		18,543		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		27,370		14,053		84,197		98,250		49,108		49,142		51,168		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		3,131		8,446		43,421		51,867		23,030		28,837		30,389		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		5,935		5,459		47,117		52,576		23,132		29,444		31,487		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,744		12,789		50,817		63,606		22,953		40,653		42,003		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		2,546		7,920		47,391		55,311		21,563		33,748		34,119		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		1,883		14,734		95,884		110,618		24,935		85,683		89,164		—		2015
eaves Phillips Ranch	Pomona, CA	503	9,796		41,740		6,373		9,796		48,113		57,909		18,107		39,802		40,027		—		1989/2011
eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,924		1,916		9,743		11,659		3,969		7,690		7,893		—		1978/2011
eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,537		2,953		13,965		16,918		5,431		11,487		11,731		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		6,176		8,400		17,723		26,123		5,745		20,378		20,862		—		1973/2012
eaves Cerritos	Artesia, CA	151	8,305		21,195		1,932		8,305		23,127		31,432		7,633		23,799		24,473		—		1973/2012

F-45

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 Playa Vista	Los Angeles, CA	309	$	30,900	$	72,008	$	7,926	$	30,900	$	79,934	$	110,834	$	27,492	$	83,342	$	86,393	$	—	2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		133		9,141		30,859		40,000		8,340		31,660		32,780		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,303		544		18,311		64,847		83,158		14,600		68,558		70,990		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		119,105		1,818		35,214		120,923		156,137		21,037		135,100		139,902		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,773		9,600		39,375		48,975		11,723		37,252		38,651		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		79,829		110		16,617		79,939		96,556		13,762		82,794		85,630		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		2,054		18,408		54,334		72,742		12,185		60,557		62,674		—		2015/2016
Avalon Cerritos	Cerritos, CA	132	8,869		51,452		724		8,869		52,176		61,045		6,229		54,816		56,826		30,250		2017/2019
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		9,214		42,020		82,575		124,595		28,956		95,639		95,977		—		2007/2013
AVA Studio City II	Studio City, CA	101	4,626		22,954		7,892		4,626		30,846		35,472		10,053		25,419		26,537		—		1991/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		18,815		15,756		96,993		112,749		32,673		80,076		84,386		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		24,105		42,720		131,747		174,467		52,984		121,483		127,837		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		7,481		43,540		87,455		130,995		36,802		94,193		97,655		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		14,821		32,000		75,591		107,591		24,484		83,107		85,032		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,605		20,560		111,161		131,721		35,802		95,919		99,432		—		2006/2013
eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,315		9,110		22,686		31,796		7,746		24,050		24,914		—		1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		5,509		13,950		25,720		39,670		11,314		28,356		29,475		—		1992/2013
eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		13,410		18,940		57,071		76,011		19,234		56,777		58,685		41,400		1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		90,853		86,450		252,109		338,559		76,300		262,259		270,938		—		1973/2013
eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		21,149		68,940		111,698		180,638		43,653		136,985		138,762		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		3,122		12,810		25,703		38,513		10,193		28,320		28,867		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,809		10,240		38,367		48,607		12,747		35,860		37,199		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		37,065		17,658		127,780		145,438		39,562		105,876		110,132		—		1987/2013
Total Los Angeles, CA		11,626	$	734,507	$	2,057,615	$	476,183	$	734,507	$	2,533,798	$	3,268,305	$	922,518	$	2,345,787	$	2,419,975	$	183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	10,088	$	1,975	$	13,902	$	15,877	$	8,877	$	7,000	$	7,414	$	—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		4,893		2,517		14,150		16,667		10,952		5,715		5,915		—		1984/1996
eaves South Coast	Costa Mesa, CA	258	4,709		16,063		14,097		4,709		30,160		34,869		20,986		13,883		14,680		—		1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		12,820		4,607		29,731		34,338		20,129		14,209		14,484		—		1990/1997
eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		12,109		4,871		31,854		36,725		24,699		12,026		12,614		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		3,922		9,911		71,442		81,353		29,547		51,806		53,014		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		534		4,358		41,439		45,797		13,049		32,748		34,048		—		2013
eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		4,909		5,199		26,043		31,242		10,067		21,175		21,816		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		516		31,689		98,520		130,209		23,819		106,390		109,585		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		66		11,607		44,039		55,646		9,274		46,372		47,982		—		2016
eaves Seal Beach (1)	Seal Beach, CA	549	46,790		99,999		37,744		46,790		137,743		184,533		41,799		142,734		147,985		—		1971/2013

F-46

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Huntington Beach	Huntington Beach, CA	378	$	13,055	$	105,981	$	726	$	13,055	$	106,707	$	119,762	$	20,347	$	99,415	$	103,010	$	—	2017
Total Orange County, CA		3,370	$	141,288	$	543,306	$	102,424	$	141,288	$	645,730	$	787,018	$	233,545	$	553,473	$	572,547	$	—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	42,944	$	9,922	$	83,524	$	93,446	$	52,968	$	40,478	$	43,072	$	—	1969/1997
eaves Mission Ridge	San Diego, CA	200	2,710		10,924		13,723		2,710		24,647		27,357		18,586		8,771		9,622		—		1960/1997
eaves San Marcos	San Marcos, CA	184	3,277		13,385		5,767		3,277		19,152		22,429		6,397		16,032		16,215		—		1988/2011
eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		8,490		6,692		35,633		42,325		12,724		29,601		28,631		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		800		12,689		44,128		56,817		10,802		46,015		47,402		—		2015
eaves La Mesa	La Mesa, CA	168	9,490		28,482		3,907		9,490		32,389		41,879		13,188		28,691		29,644		—		1989/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,386		16,760		40,080		56,840		14,524		42,316		43,561		—		1987/2013
Total San Diego, CA		1,767	$	61,540	$	191,536	$	88,017	$	61,540	$	279,553	$	341,093	$	129,189	$	211,904	$	218,147	$	—
TOTAL SOUTHERN CALIFORNIA		16,763	$	937,335	$	2,792,457	$	666,624	$	937,335	$	3,459,081	$	4,396,416	$	1,285,252	$	3,111,164	$	3,210,669	$	183,150
TOTAL SAME STORE		70,120	$	3,972,708	$	14,015,659	$	2,136,576	$	3,972,708	$	16,152,235	$	20,124,943	$	5,896,032	$	14,228,911	$	14,699,288	$	770,431

F-47

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 Public Market (2)	Emeryville, CA	289	$	27,394	$	143,465	$	211	$	27,394	$	143,676	$	171,070	$	10,731	$	160,339	$	165,207	$	—	2020
Avalon Fort Lauderdale	Fort Lauderdale, FL	243	20,029		121,879		6,613		20,029		128,492		148,521		1,882		146,639		—		—		2021
Avalon Miramar	Miramar, FL	380	17,959		109,954		5,387		17,959		115,341		133,300		2,173		131,127		—		—		2021
Avalon Saugus	Saugus, MA	280	17,805		72,545		1,070		17,805		73,615		91,420		7,225		84,195		86,968		—		2019
Avalon Norwood	Norwood, MA	198	9,445		51,095		934		9,445		52,029		61,474		4,502		56,972		58,949		—		2020
Avalon Arundel Crossing East	Linthicum Heights, MD	384	9,933		108,703		2,283		9,933		110,986		120,919		5,890		115,029		—		—		2021
Hub South End	Charlotte, NC	265	13,723		87,606		2,526		13,723		90,132		103,855		2,120		101,735		—		—		2021
Three30Five	Charlotte, NC	164	9,367		43,460		664		9,367		44,124		53,491		824		52,667		—		—		2021
Hawk (2)	Charlotte, NC	71	2,564		43,826		223		2,564		44,049		46,613		98		46,515		—		—		2021
Avalon Princeton Junction	West Windsor, NJ	512	5,585		21,752		28,960		5,585		50,712		56,297		33,535		22,762		22,874		—		1988/1993
Avalon West Long Branch (5)	West Long Branch, NJ	180	2,721		22,925		530		2,721		23,455		26,176		9,111		17,065		17,691		—		2011
Avalon Boonton	Boonton, NJ	350	3,595		89,407		12		3,595		89,419		93,014		8,762		84,252		87,306		—		2019
Avalon Teaneck	Teaneck, NJ	248	12,588		60,086		—		12,588		60,086		72,674		5,346		67,328		69,600		—		2020
Avalon Lakeside	Flower Mound, TX	425	15,073		97,338		4,854		15,073		102,192		117,265		4,386		112,879		—		—		2021
Avalon Belltown Towers	Seattle, WA	274	24,638		121,064		1,340		24,638		122,404		147,042		11,705		135,337		140,188		—		2019
Avalon North Creek	Bothell, WA	316	13,498		69,004		—		13,498		69,004		82,502		6,459		76,043		78,855		—		2020
eaves Redmond Campus	Redmond, WA	374	15,665		80,985		32,986		15,665		113,971		129,636		38,601		91,035		109,602		—		1991/2013
The Park Loggia Commercial (7)	New York, NY	N/A	77,392		76,533		1,283		77,392		77,816		155,208		6,245		148,963		149,987		—		N/A
TOTAL OTHER STABILIZED		4,953	$	298,974	$	1,421,627	$	89,876	$	298,974	$	1,511,503	$	1,810,477	$	159,595	$	1,650,882	$	987,227	$	—
LEASE-UP
AVA Hollywood at La Pietra Place	Hollywood, CA	695	$	99,309	$	271,881	$	95	$	99,309	$	271,976	$	371,285	$	16,183	$	355,102	$	363,734	$	—	2021
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	—		112,716		255		—		112,971		112,971		5,547		107,424		109,501		—		2020
Avalon Monrovia	Monrovia, CA	154	12,125		56,082		174		12,125		56,256		68,381		1,112		67,269		46,571		—		2021
Avalon Doral	Doral, FL	350	21,892		92,894		—		21,892		92,894		114,786		4,164		110,622		109,321		—		2020
Avalon Acton II	Acton, MA	86	1,720		29,294		—		1,720		29,294		31,014		1,277		29,737		28,803		—		2021
Avalon Marlborough II	Marlborough, MA	123	5,523		36,381		—		5,523		36,381		41,904		1,747		40,157		39,790		—		2020
Avalon Easton II	Easton, MA	44	568		13,551		—		568		13,551		14,119		87		14,032		2,589		—		2021
Kanso Twinbrook	Rockville, MD	238	9,147		56,631		—		9,147		56,631		65,778		1,920		63,858		58,348		—		2021
Avalon Towson	Towson, MD	371	12,889		97,898		—		12,889		97,898		110,787		5,679		105,108		106,488		—		2020
Avalon 555 President	Baltimore, MD	400	13,150		119,913		5		13,150		119,918		133,068		4,241		128,827		125,721		—		2021
Avalon Old Bridge	Old Bridge, NJ	252	6,893		64,922		10		6,893		64,932		71,825		2,601		69,224		63,053		—		2021
Avalon Yonkers	Yonkers, NY	590	28,098		187,557		—		28,098		187,557		215,655		9,650		206,005		202,661		—		2021

F-48

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

			2021																2020		2021
			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 Newcastle Commons II	Newcastle, WA	293	$	6,976	$	98,940	$	145	$	6,976	$	99,085	$	106,061	$	2,792	$	103,269	$	99,669	$	—		2021
TOTAL LEASE-UP		3,796	$	218,290	$	1,238,660	$	684	$	218,290	$	1,239,344	$	1,457,634	$	57,000	$	1,400,634	$	1,356,249	$	—
REDEVELOPMENT
AVA Ballston	Arlington, VA	344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—		1990
TOTAL REDEVELOPMENT		344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—
TOTAL CURRENT COMMUNITIES (6)		79,213	$	4,497,263	$	16,705,123	$	2,251,909	$	4,497,263	$	18,957,032	$	23,454,295	$	6,148,060	$	17,306,235	$	17,064,649	$	770,431
DEVELOPMENT (6)
Avalon Brea Place	Brea, CA	653	$	31,037	$	92,066	$	154,265	$	31,037	$	246,331	$	277,368	$	1,536	$	275,832	$	202,845	$	—		N/A
Avalon West Dublin	Dublin, CA	499	—		—		55,994		—		55,994		55,994		—		55,994		—		—			N/A
AVA RiNo	Denver, CO	246	4,560		21,636		53,225		4,560		74,861		79,421		—		79,421		49,279		—			N/A
Avalon Westminster Promenade	Denver, CO	312	—		—		22,949		—		22,949		22,949		—		22,949		—		—			N/A
Avalon Merrick Park	Miami, FL	254	—		—		42,274		—		42,274		42,274		—		42,274		—		—			N/A
Avalon Woburn	Woburn, MA	350	10,783		49,546		54,703		10,783		104,249		115,032		496		114,536		67,902		—			N/A
Avalon North Andover	North Andover, MA	170	—		—		22,363		—		22,363		22,363		—		22,363		—		—			N/A
Avalon Brighton	Boston, MA	180	—		—		29,586		—		29,586		29,586		—		29,586		—		—			N/A
Avalon Foundry Row	Owings Mill, MD	437	9,596		76,717		5,572		9,596		82,289		91,885		1,408		90,477		79,238		—			N/A
Avalon Montville	Montville, NJ	350	—		—		16,790		—		16,790		16,790		—		16,790		—		—			N/A
Avalon Somerville Station (2)	Somerville, NJ	375	—		—		52,998		—		52,998		52,998		—		52,998		25,385		—			N/A
Avalon Princeton Circle	Princeton, NJ	221	—		—		16,521		—		16,521		16,521		—		16,521		—		—			N/A
Avalon Harrison	Harrison, NY	143	3,305		18,022		43,024		3,305		61,046		64,351		176		64,175		38,436		—			N/A
Avalon Harbor Isle	Island Park, NY	172	—		—		54,379		—		54,379		54,379		—		54,379		27,163		—			N/A
Avalon Amityville	Amityville, NY	338	—		—		45,239		—		45,239		45,239		—		45,239		—		—			N/A
Avalon Bothell Commons	Bothell, WA	472	—		—		51,690		—		51,690		51,690		—		51,690		—		—			N/A
Avalon Redmond Campus	Redmond, WA	214	—		—		13,364		—		13,364		13,364		—		13,364		—		—			N/A
TOTAL DEVELOPMENT		5,386	$	59,281	$	257,987	$	734,936	$	59,281	$	992,923	$	1,052,204	$	3,616	$	1,048,588	$	490,248	$	—
Land Held for Development		N/A	$	147,546	$	—	$	—	$	147,546	$	—	$	147,546	$	—	$	147,546	$	110,142	$	—
Corporate Overhead		N/A	10,899		11,414		104,412		10,899		115,826		126,725		66,045		60,680		58,223		7,400,000
For-sale condominium inventory (7)	New York, NY	N/A	72,212		234,530		(160,207)		72,212		74,323		146,535		—		146,535		267,219		—			2019
2021 Disposed Communities		N/A	—		—		—		—		—		—		—		—		243,300		—
TOTAL		84,599	$	4,787,201	$	17,209,054	$	2,931,050	$	4,787,201	$	20,140,104	$	24,927,305	$	6,217,721	$	18,709,584	$	18,233,781	$	8,170,431	(8)

_________________________________

F-49

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

(1)     This community was under redevelopment for some or all of 2021, with the redevelopment activities not expected to materially impact community operations, and therefore this community is included in the Same Store 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 or associated parking structure for this community is subject to an operating lease.

(4)     In 2021, the Company acquired the land encumbered by a ground lease for this community.

(5) As of December 31, 2021, this community qualified as held for sale.

(6)    Current and Development Communities excludes Unconsolidated Communities and Unconsolidated Development Communities.

(7)    The Park Loggia is comprised of 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, 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 $50,606 and $16,278, respectively.

F-50

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2021

(Dollars in thousands)

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 $23,903,081 at December 31, 2021.

The changes in total real estate assets for the years ended December 31, 2021, 2020 and 2019 are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	23,962,222	$	23,606,872	$	22,342,576
Acquisitions, construction costs and improvements	1,588,314		860,594		1,615,949
Dispositions, including casualty losses and impairment loss on planned dispositions	(623,231)		(505,244)		(351,653)
Balance, end of period	$	24,927,305	$	23,962,222	$	23,606,872

The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019, are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	5,728,440	$	5,173,883	$	4,611,646
Depreciation, including discontinued operations	758,596		707,331		661,578
Dispositions, including casualty losses	(269,315)		(152,774)		(99,341)
Balance, end of period	$	6,217,721	$	5,728,440	$	5,173,883

F-51

EX-21.1

Exhibit 21.1

SUBSIDIARY LIST (BY JURISDICTION)

California

San Francisco Bay Partners II, Ltd.

Connecticut

Bronxville West, LLC

Smithtown Galleria Associates Limited Partnership

Town Close Associates Limited Partnership

Delaware

650 North Sherman, LLC

1865 Broadway For-Sale, LLC

1865 Broadway Retail, LLC

4100 Massachusetts Avenue Solar, LLC

Acton Solar Avalon, LLC

Alameda Financing, L.P.

Alexander City Park, LLC

Archstone Communities LLC

Archstone DC Master Holdings LLC

Archstone DC One Holdings LLC

Archstone Del Mar Station LLC

Archstone East 39th Street (Nominee) GP LLC

Archstone East 39th Street (Nominee) LP

Archstone East 39th Street Holdings GP LLC

Archstone East 39th Street Holdings LP

Archstone East 39th Street Land LLC

Archstone East 39th Street Principal GP LLC

Archstone East 39th Street Principal LP

Archstone Grosvenor Tower GP LLC

Archstone Grosvenor Tower LP

Archstone Grosvenor Tower REIT GP LLC

Archstone Grosvenor Tower REIT LP

Archstone HoldCO CM LLC

Archstone Huntington Beach College Park LLC

Archstone Huntington Beach Member LLC

Archstone Legacy Place GP LLC

Archstone Legacy Place LP

Archstone Legacy Place REIT GP LLC

Archstone Legacy Place REIT LP

Archstone Lincoln Towers LLC

Archstone Master Property Holdings LLC

Archstone Multifamily Partners AC Asset Manager LLC

Archstone Multifamily Partners AC CM LLC

1

Archstone Multifamily Partners AC Funding GP LLC

Archstone Multifamily Partners AC Funding LP

Archstone Multifamily Partners AC GP LLC

Archstone Multifamily Partners AC Investor I LLC

Archstone Multifamily Partners AC Investor II LLC

Archstone Multifamily Partners AC JV Asset Manager LLC

Archstone Multifamily Partners AC JV CM LLC

Archstone Multifamily Partners AC JV GP LLC

Archstone Multifamily Partners AC JV Investor I LLC

Archstone Multifamily Partners AC JV LP

Archstone Multifamily Partners AC LP

Archstone Multifamily Series II LLC

Archstone Multifamily Series III LLC

Archstone Multifamily Series IV LLC

Archstone North Capitol Hill 2 GP LLC

Archstone North Capitol Hill 2 LP

Archstone North Capitol Hill GP LLC

Archstone North Capitol Hill LP

Archstone Northcreek LLC

Archstone Oak Creek I LLC

Archstone Oak Creek II LLC

Archstone Oakwood Toluca Hills LLC

Archstone Old Town Pasadena LLC

Archstone Parallel Residual JV 2, LLC

Archstone Parallel Residual JV, LLC

Archstone Parkland Gardens LLC

Archstone Property Holdings GP LLC

Archstone Property Holdings LLC

Archstone Redmond Campus LLC

Archstone Residual JV, LLC

Archstone San Bruno III LLC

Archstone San Bruno III-B LLC

Archstone San Mateo Holdings LP

Archstone Smith Corporate Holdings LLC

Archstone Studio 4041 GP LLC

Archstone Studio 4041 LP

Archstone Studio 4041 REIT GP LLC

Archstone Studio 4041 REIT LP

Archstone Texas Land Holdings LLC

Archstone Thousand Oaks LLC

Archstone Trademark JV, LLC

Archstone Tysons Corner LLC

Archstone Westbury (Nominee) GP LLC

Archstone Westbury (Nominee) LP

Archstone Westbury GP LLC

Archstone Westbury Holdings GP LLC

2

Archstone Westbury Holdings LP

Archstone Westbury LP

Archstone Westbury Principal GP LLC

Archstone Westbury Principal LP

Archstone-Smith Unitholder Services LLC

Aria at Laurel Hill, LLC

Arlington Square Financing, LLC

ASN 50th Street LLC

ASN Bear Hill LLC

ASN Calabasas I LLC

ASN Calabasas II LLC

ASN La Jolla Colony LLC

ASN Lake Mendota Investments LLC

ASN Long Beach LLC

ASN Los Feliz LLC

ASN Meadows at Russett I LLC

ASN Meadows at Russett II LLC

ASN Monument Park LLC

ASN Mountain View LLC

ASN Pasadena LLC

ASN Redmond Lakeview LLC

ASN Redmond Park LLC

ASN San Jose LLC

ASN Tanforan Crossing I LLC

ASN Tanforan Crossing II LLC

ASN Thousand Oaks Plaza LLC

ASN Walnut Ridge LLC

ASN Woodland Hills East LLC

AVA Arts District CM, LLC

AVA Arts District Developer, LLC

AVA Arts District GP, LLC

AVA Arts District TRS, LLC

AVA Arts District, L.P.

AVA Burbank Solar, LLC

AVA Capitol Hill, LLC

AVA Hyattsville Crossing, LLC

AVA Lawrence Street, LLC

AVA Ninth, L.P.

AVA Pacific Beach Solar, LLC

AVA Pasadena Solar, LLC

AVA SC I Solar, LLC

AVA SC II Solar, LLC

AVA Toluca Hills Solar, LLC

Avalon 210 Wall, LLC

Avalon 55 Ninth, LLC

Avalon 645 North Grant, LLC

3

Avalon 657 North Grant, LLC

Avalon 850 Boca, LLC

Avalon Alameda Solar, LLC

Avalon Alderwood CM, LLC

Avalon Alderwood MF, LLC

Avalon Alderwood MF Member, LLC

Avalon Alderwood Phase I, LLC

Avalon Alderwood PM, LLC

Avalon Alexander, LLC

Avalon Amityville, LLC

Avalon Amityville II, LLC

Avalon Arboretum, L.P.

Avalon Arundel Crossing, LLC

Avalon at 318 I Street, LLC

Avalon at 318 I Street Solar, LLC

Avalon at Ballston, LLC

Avalon at Florham Park, LLC

Avalon at Mission Bay III, L.P.

Avalon at Pacific Bay, L.P.

Avalon at Providence Park, LLC

Avalon Baker Ranch, L.P.

Avalon Ballard, LLC

Avalon Beacon Square, LLC

Avalon Belltown, LLC

Avalon Bloomingdale Solar, LLC

Avalon Bonterra, LLC

Avalon Bothell Commons, LLC

Avalon Brea Place, LLC

Avalon Brea Place Member, LLC

Avalon Brea Place (Phase I), LLC

Avalon Brea Place (Phase II), LLC

Avalon Burbank Solar, LLC

Avalon Burlington, LLC

Avalon Campbell Solar, LLC

Avalon Cerritos, L.P.

Avalon Chino Hills, L.P.

Avalon Columbia Pike, LLC

Avalon Columbus Circle, LLC

Avalon Columbus Circle Retail, LLC

Avalon Denver West, LLC

Avalon Doral, LLC

Avalon DownREIT V, L.P.

Avalon Dublin Station II, L.P.

Avalon East Harbor, LLC

Avalon Element, LLC

Avalon Encino, L.P.

4

Avalon Exeter, LLC

Avalon Fair Lakes, LLC

Avalon Fairfax City, LLC

Avalon Flatirons, LLC

Avalon Florham Solar, LLC

Avalon Foundry Row, LLC

Avalon Framingham, LLC

Avalon Ft. Lauderdale, LLC

Avalon Glendora, L.P.

Avalon Gold, LLC

Avalon Great Neck, LLC

Avalon Green II, LLC

Avalon Grosvenor, L.P.

Avalon Hackensack, LLC

Avalon Hawk, L.P.

Avalon Hawk GP, LLC

Avalon Hoboken, LLC

Avalon Hoboken TRS, LLC

Avalon Hoboken JV, LLC

Avalon Hollywood, L.P.

Avalon Hollywood GP, LLC

Avalon Hub South End, L.P.

Avalon Hub South End GP, LLC

Avalon Hunt Valley, LLC

Avalon HVTC, LLC

Avalon Ironwood at Red Rocks, LLC

Avalon Irvine III, L.P.

Avalon Irvine, L.P.

Avalon La Jolla Solar, LLC

Avalon La Mesa Solar, LLC

Avalon Lakeside, L.P.

Avalon Lakeside, LLC

Avalon Laurel, LLC

Avalon Marlborough, LLC

Avalon Merrick Park, LLC

Avalon Merrick Park Member, LLC

Avalon Milazzo, L.P.

Avalon Miramar, LLC

Avalon Mission Oaks, L.P.

Avalon Monrovia, LLC

Avalon Morningside Fee, LLC

Avalon Morrison Park, L.P.

Avalon Mosaic II, LLC

Avalon Mosaic, LLC

Avalon Nashua, LLC

Avalon Natick Solar, LLC

5

Avalon New Canaan, LLC

Avalon Newport, L.P.

Avalon Norden Place, LLC

Avalon North Creek, LLC

Avalon Oak Road, L.P.

Avalon Oak Road GP, LLC

Avalon Ocean Avenue, L.P.

Avalon Old Bridge, LLC

Avalon Ossining, LLC

Avalon Overlake, LLC

Avalon Overlake Phase II, LLC

Avalon Park Crest, LLC

Avalon Piscataway, LLC

Avalon PM Solar, LLC

Avalon Portico at Silver Spring Metro, LLC

Avalon Potomac Yard, LLC

Avalon Princeton, LLC

Avalon Princeton Solar, LLC

Avalon Public Market, L.P.

Avalon Public Market Parcel C, LLC

Avalon Queen Anne, LLC

Avalon Rancho Vallecitos, L.P.

Avalon Ridge at Wheatlands, LLC

Avalon Riverview I, LLC

Avalon Riverview North, LLC

Avalon Rockwell & Lanes, LLC

Avalon Roseland, LLC

Avalon Roseland Solar, LLC

Avalon Run, LLC

Avalon Rutherford, L.P.

Avalon Rutherford GP, LLC

Avalon San Dimas, L.P.

Avalon SC Solar, LLC

Avalon Shipyard, LLC

Avalon Somers, LLC

Avalon Somerville Station Urban Renewal, LLC

Avalon SoMi, LLC

Avalon SoMi Investor, LLC

Avalon Stuart, LLC

Avalon Studio 77, L.P.

Avalon Teaneck, LLC

Avalon Three30Five, L.P.

Avalon Three30Five GP, LLC

Avalon Toscana, LLC

Avalon Towers Bellevue, LLC

Avalon Towson, LLC

6

Avalon Union City, L.P.

Avalon Upper Falls Limited Partnership

Avalon Upper Falls, LLC

Avalon Villa Bonita, L.P.

Avalon Villa San Dimas, L.P.

Avalon Vista, L.P.

Avalon Vista Solar, LLC

Avalon Walnut Creek II, L.P.

Avalon Walnut Creek II GP, LLC

Avalon Watch, LLC

Avalon West Dublin, L.P.

Avalon West Dublin GP, LLC

Avalon West Dublin QRS, LLC

Avalon West Hollywood, L.P.

Avalon West Long Branch, LLC

Avalon West Windsor, LLC

Avalon West Windsor Venture, LLC

Avalon Westminster Promenade, LLC

Avalon Wharton Solar, LLC

Avalon White Plains II, LLC

Avalon Willoughby West, LLC

Avalon Wilshire, L.P.

Avalon Woodland Hills, L.P.

Avalon WP I, LLC

Avalon WP II, LLC

Avalon WP III, LLC

Avalon WP IV, LLC

Avalon WP V, LLC

Avalon WP VI, LLC

Avalon Yonkers ATI Site, LLC

Avalon Yonkers Sun Sites, LLC

AvalonBay BT Investor, LLC

AvalonBay Trade Zone Village, LLC

AVB-Griffin JV, LLC

AVB 1865 Broadway, LLC

AVB 1865 Developer, LLC

AVB Albemarle, LLC

AVB Albemarle Solar, LLC

AVB Balboa, LLC

AVB Bloomfield Station Urban Renewal, LLC

AVB Boonton Bondholder, LLC

AVB Bowery II, LLC

AVB Brandywine Member, LLC

AVB Cerritos, LLC

AVB Consulate, LLC

AVB Del Rey, L.P.

7

AVB EIP Investor, LLC

AVB Gallery Place Solar, LLC

AVB Glover Park, LLC

AVB Harbor Isle, LLC

AVB Harrison, LLC

AVB Investor, LLC

AVB La Mesa GP LLC

AVB La Mesa II GP LLC

AVB La Mesa II LP

AVB La Mesa LP

AVB Legacy DownREIT, LLC

AVB LoHi Investor, LLC

AVB Manager II, LLC

AVB Maple Leaf Apartments GP, LLC

AVB Maple Leaf Apartments Limited Partnership

AVB Maple Leaf REIT, LLC

AVB Market Common, LLC

AVB ME Investor, LLC

AVB Meadows, LLC

AVB Morningside Ground Tenant, LLC

AVB Morningside Park, LLC

AVB Morningside Tenant, LLC

AVB North Capitol Hill Solar, LLC

AVB NP II JV GP, LLC

AVB NP II JV Investor, LLC

AVB NY Investor, LLC

AVB NY Portfolio CM, LLC

AVB Opera Warehouse GP, LLC

AVB Opera Warehouse TRS, LLC

AVB Opera Warehouse, L.P.

AVB Prop Tech, LLC

AVB Residual Parallel II, LLC

AVB Reston Investor, LLC

AVB Santa Monica on Main GP LLC

AVB Santa Monica on Main LP

AVB Simi Valley GP LLC

AVB Simi Valley LP

AVB Southwest Berkeley GP LLC

AVB Southwest Berkeley LP

AVB Statesman, LLC

AVB Statesman Solar, LLC

AVB Studio City GP LLC

AVB Studio City III-A GP LLC

AVB Studio City III-A LP

AVB Studio City III-B GP LLC

AVB Studio City III-B LP

8

AVB Studio City III-C GP LLC

AVB Studio City III-C LP

AVB Studio City LP

AVB Trademark, LLC

AVB Tunlaw Gardens, LLC

AVB VA Construction, LLC

AVB Van Ness Solar, LLC

AVB Walnut Creek GP LLC

AVB Walnut Creek LP

AVB Walnut Creek Station GP LLC

AVB Walnut Creek Station LP

AVB West Chelsea, LLC

AVB Willow Glen GP LLC

AVB Willow Glen LP

AVBQ, LLC

Bay Countrybrook L.P.

Bay Pacific Northwest, L.P.

Bellevue Financing, LLC

Bloomingdale Urban Renewal, LLC

Boonton Urban Renewal, LLC

Bowery Place I Low-Income Operator, LLC

Bowery Place I Manager, LLC

BPR Sudbury Development LLC

Brighton Avalon, LLC

Cahill Park Solar, LLC

CG-N Affordable LLC

CG-N Affordable Manager LLC

CG-S Affordable LLC

CG-S Affordable Manager LLC

Clinton Green North, LLC

Clinton Green South, LLC

Clinton Green Theatre, LLC

CNH Solar Avalon, LLC

Courthouse Hill LLC

Crescent Financing, LLC

Crest Financing, L.P.

CVP II, LLC

Darien Financing, LLC

Dermot Clinton Green, LLC

Doral AVB Member, LLC

Dublin Station Solar, LLC

Dublin Station II Solar, LLC

Eaves Artesia, L.P.

Eaves Burlington, LLC

Eaves Burlington Solar, LLC

Eaves Creekside Solar, LLC

9

Eaves Dublin Solar, LLC

Eaves OT Pasadena Solar, LLC

Eaves Pleasanton Solar, LLC

Eaves Rancho Solar, LLC

Eaves San Jose Solar, LLC

Eaves Warner Center Solar, LLC

Eaves WC Solar, LLC

Eaves WV Solar, LLC

Edgewater Financing, LLC

El Paseo Drive Land LLC

Fairfax Towers Financing, L.P.

Foster City Solar, LLC

Garden City Apartments, LLC

Garden City SF, LLC

Garden City Townhomes, LLC

Glen Cove Development LLC

Glen Cove II Development LLC

Hayes Valley, L.P.

Laurel Hill Private Sewer Treatment Facility, LLC

Legacy Holdings JV, LLC

Lexford Properties, L.P.

Maplewood Urban Renewal, LLC

Mark Pasadena Financing, L.P.

Marlborough Solar Avalon, LLC

Mission Bay North Financing, L.P.

Monrovia Solar, LLC

Montville Urban Renewal, LLC

Morrison Park Solar, LLC

Mountain View Middlefield Solar, LLC

MVP I, LLC

NC Commons Solar, LLC

Newburyport Avalon, LLC

Newcastle Construction Management, LLC

Newcastle For Sale, LLC

Newcastle Joint Venture, LLC

Newcastle Multifamily Rental, LLC

Newton HL Solar Avalon, LLC

North Andover Avalon, LLC

North Andover II Avalon, LLC

North Bergen Residential Urban Renewal, LLC

North Bergen Retail Urban Renewal, LLC

North Point Apartments GP LLC

North Point Apartments Limited Partnership

North Point Holdings GP LLC

North Point Holdings LP

North Point II Apartments, LLC

10

North Point II JV, LP

North Point II REIT, LLC

North Point REIT LLC

Northtown Multifamily, L.P.

Northtown Multifamily GP, LLC

Norwalk Retail, LLC

NYTA MF Investors, LLC

OEC Holdings LLC

PHVP I GP, LLC

PHVP I, LP

Pleasant Hill Manager, LLC

Pleasant Hill Transit Village Associates LLC

Post Road Iron Works Development, LLC

Princeton SC Residential Urban Renewal, LLC

Princeton Thanet Road Urban Renewal, LLC

Quincy Avalon, LLC

Reservoir Community Partners, LLC

Ridgefield Park Urban Renewal, LLC

Roselle Park Urban Renewal, LLC

Roselle Park VP, LLC

San Bruno III Financing, L.P.

Saugus Avalon, LLC

Saugus Avalon Retail, LLC

Saugus Avalon CP Retail, LLC

Shady Grove Road Financing, LLC

Sheepshead Bay Road Lender, LLC

Sheepshead Bay Road Manager, LLC

Sheepshead Bay Road Owner, LLC

Sheepshead Bay Road Partner, LLC

Sheepshead Bay Road PM, LLC

Silicon Valley Financing, LLC

Smith Property Holdings Consulate L.L.C.

Smith Property Holdings Five (D.C.) L.P.

Smith Property Holdings One (D.C.) L.P.

Smith Property Holdings Reston Landing L.L.C.

Sudbury Land Avalon, LLC

Towson Circle North, LLC

Union Urban Renewal, LLC

Wesmont Station Residential I Urban Renewal, LLC

Wesmont Station Residential II Urban Renewal, LLC

Wesmont Station Retail I Urban Renewal, LLC

Wesmont Station Retail II Urban Renewal, LLC

West LA Commons, LLC

Wharton Urban Renewal, LLC

Willow Glen Solar, LLC

WN Ridge I Solar, LLC

11

WN Ridge II Solar, LLC

Woburn Avalon, LLC

Woburn Solar, LLC

Woodland Hills Solar, LLC

District of Columbia

4100 Massachusetts Avenue Associates, L.P.

Maryland

Archstone

Archstone Inc.

Archstone Multifamily Series I Trust

Avalon 4100 Massachusetts Avenue, Inc.

Avalon Acton, Inc.

Avalon at Chestnut Hill, Inc.

Avalon at Great Meadow, Inc.

Avalon BFG, Inc.

Avalon Chase Glen, Inc.

Avalon Chase Grove, Inc.

Avalon Chino Hills Manager, Inc.

Avalon Collateral, Inc.

Avalon Commons, Inc.

Avalon DownREIT V, Inc.

Avalon Fairway Hills I Associates

Avalon Fairway II, Inc.

Avalon Glendora Manager, Inc.

Avalon Grosvenor LLC

Avalon Hayes Valley Manager, Inc.

Avalon Mission Oaks Manager, Inc.

Avalon Natick, Inc.

Avalon Oaks, Inc.

Avalon Oaks West, Inc.

Avalon Promenade, Inc.

Avalon Public Market GP, Inc.

Avalon Sharon, Inc.

Avalon Studio 77 GP, Inc.

Avalon Symphony Woods, Inc.

Avalon Twinbrook Station, Inc.

Avalon Upper Falls Limited Dividend Corporation

Avalon West Hollywood Manager, Inc.

AvalonBay Assembly Row, Inc.

AvalonBay Construction Services, Inc.

AvalonBay Grosvenor, Inc.

AvalonBay NYC Development, Inc.

12

AvalonBay Traville, LLC

AVB Development Transactions, Inc.

AVB NC QRS, Inc.

AVB Northborough, Inc.

AVB Realty Management Services, Inc.

AVB Service Provider, Inc.

Bay Asset Group, Inc.

Bay Development Partners, Inc.

Bay GP, Inc.

Brandywine Apartments of Maryland, LLC

California Multiple Financing, Inc.

California San Bruno III Financing, Inc.

Easton Avalon, Inc.

Georgia Avenue, Inc.

Hingham Shipyard Avalon II, Inc.

Juanita Construction, Inc.

Lexington Ridge-Avalon, Inc.

Norwood Avalon, Inc.

Pomorum Holdings, Inc.

Smith Realty Company

Sudbury Avalon, Inc.

Massachusetts

855 Broadway Licensee, LLC

AvalonBay BFG Limited Partnership

New Jersey

Town Cove Jersey City Urban Renewal, Inc.

Town Run Associates

New York

Avalon Huntington Former S Corp

Virginia

Hillwood Square Mutual Association

Pomorum Renters Insurance Agency, LLC

FOREIGN ENTITIES:

Pomorum Insurance Company Ltd. (Bermuda)

Pomorum Renters Insurance Company, Ltd. (Bermuda)

13

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1)     Registration Statements and Related Prospectuses (Forms S-3 No. 333-253532, No. 333-87063 and No. 333-107413) of AvalonBay Communities, Inc., and

(2)     Registration Statements (Forms S-8 No. 333-216221, No. 333-161258 and No. 333-16837) pertaining to AvalonBay Communities, Inc.’s Deferred Compensation Plan, AvalonBay Communities, Inc. 2009 Stock Option and Incentive Plan and AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated and 1996 Non-Qualified Employee Stock Purchase Plan, respectively,

of our reports dated February 25, 2022, with respect to the consolidated financial statements of AvalonBay Communities, Inc. and the effectiveness of internal control over financial reporting of AvalonBay Communities, Inc. included in this Annual Report (Form 10-K) of AvalonBay Communities, Inc. for the year ended December 31, 2021.

/s/ Ernst & Young LLP

Tysons, Virginia

February 25, 2022

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Benjamin W. Schall, certify that:

1.I have reviewed this annual report on Form 10-K of AvalonBay Communities, Inc.; 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have: 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and 

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions): 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 25, 2022
	/s/ BENJAMIN W. SCHALL
	Benjamin W. Schall
	Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Kevin P. O’Shea, certify that:

1.I have reviewed this annual report on Form 10-K of AvalonBay Communities, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a - 15(e) and 15d - 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a - 15(f) and 15d - 15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's Board of Directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 25, 2022
	/s/ KEVIN P. O’SHEA
	Kevin P. O’Shea
	Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION

The undersigned officers of AvalonBay Communities, Inc. (the "Company") hereby certify that the Company's annual report on Form 10-K to which this certification is attached (the "Report"), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 25, 2022
	/s/ BENJAMIN W. SCHALL
	Benjamin W. Schall
	Chief Executive Officer and President

/s/ KEVIN P. O’SHEA

Kevin P. O’Shea

Chief Financial Officer

This certification is being furnished and not filed, and shall not be incorporated into any document for any purpose, under the Securities Exchange Act of 1934 or the Securities Act of 1933.

XML

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Central Index Key	0000915912
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Entity File Number	1-12672
Entity Registrant Name	AVALONBAY COMMUNITIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	77-0404318
Entity Address, Address Line One	4040 Wilson Blvd., Suite 1000
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22203
City Area Code	703
Local Phone Number	329-6300
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AVB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 29,036,990,171
Entity Common Stock, Shares Outstanding		139,752,486
Documents Incorporated by Reference	Portions of AvalonBay Communities, Inc.'s Proxy Statement for the 2022 annual meeting of stockholders, a definitive copy of which will be filed with the SEC within 120 days after the year end of the year covered by this Form 10-K, are incorporated by reference herein as portions of Part III of this Form 10-K.

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate:
Land and improvements	$ 4,564,723	$ 4,394,298
Buildings and improvements	18,198,584	17,231,275
Furniture, fixtures and equipment	1,036,640	924,583
Gross operating real estate	23,799,947	22,550,156
Less accumulated depreciation	(6,208,610)	(5,700,179)
Net operating real estate	17,591,337	16,849,977
Construction in progress, including land	807,101	989,765
Land held for development	147,546	110,142
For-sale condominium inventory	146,535	267,219
Real estate assets held for sale, net	17,065	16,678
Total real estate, net	18,709,584	18,233,781
Cash and cash equivalents	420,251	216,976
Cash in escrow	123,537	96,556
Resident security deposits	33,757	30,811
Investments in unconsolidated real estate entities	216,390	202,612
Deferred development costs	40,414	55,427
Prepaid expenses and other assets	211,484	207,715
Right of use lease assets	146,599	155,266
Total assets	19,902,016	19,199,144
LIABILITIES AND EQUITY
Unsecured notes, net	7,349,394	6,702,005
Variable rate unsecured credit facility	0	0
Mortgage notes payable, net	754,153	862,332
Dividends payable	225,392	224,897
Payables for construction	63,722	93,609
Accrued expenses and other liabilities	296,006	274,699
Lease liabilities	166,497	181,479
Accrued interest payable	50,300	49,033
Resident security deposits	59,787	55,928
Liabilities related to real estate assets held for sale	304	311
Total liabilities	8,965,555	8,444,293
Commitments and contingencies
Redeemable noncontrolling interests	3,368	2,677
Equity:
Preferred stock, $0.01 par value; $25 liquidation preference; 50,000,000 shares authorized at December 31, 2021 and December 31, 2020; zero shares issued and outstanding at December 31, 2021 and December 31, 2020	0	0
Common stock, $0.01 par value; 280,000,000 shares authorized at December 31, 2021 and December 31, 2020; 139,751,926 and 139,526,671 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	1,398	1,395
Additional paid-in capital	10,716,414	10,664,416
Accumulated earnings less dividends	240,821	126,022
Accumulated other comprehensive loss	(26,106)	(40,250)
Total stockholders' equity	10,932,527	10,751,583
Noncontrolling interests	566	591
Total equity	10,933,093	10,752,174
Total liabilities and equity	$ 19,902,016	$ 19,199,144

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value per share (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)	139,751,926
Common stock, shares outstanding (in shares)		139,526,671

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Rental and other income	$ 2,291,766	$ 2,297,442	$ 2,319,666
Management, development and other fees	3,084	3,819	4,960
Total revenue	2,294,850	2,301,261	2,324,626
Expenses:
Operating expenses, excluding property taxes	570,853	549,913	515,145
Property taxes	283,089	273,189	252,961
Expensed transaction, development and other pursuit costs, net of recoveries	3,231	12,399	4,991
Interest expense, net	220,415	214,151	203,585
Loss on extinguishment of debt, net	17,787	9,333	602
Depreciation expense	758,596	707,331	661,578
General and administrative expense	69,611	60,343	58,042
Casualty and impairment loss	3,119	0	0
Total expenses	1,926,701	1,826,659	1,696,904
Income from investments in unconsolidated entities	38,585	6,422	8,652
Gain on sale of communities	602,235	340,444	166,105
Gain on other real estate transactions, net	2,097	440	439
Net for-sale condominium activity	(977)	2,551	(3,812)
Income before income taxes	1,010,089	824,459	799,106
Income tax (expense) benefit	(5,733)	3,247	(13,003)
Net income	1,004,356	827,706	786,103
Net income attributable to noncontrolling interests	(57)	(76)	(129)
Net income attributable to common stockholders	1,004,299	827,630	785,974
Other comprehensive income (loss):
Gain (loss) on cash flow hedges	993	(17,731)	(11,930)
Cash flow hedge losses reclassified to earnings	(13,151)	(8,984)	(6,571)
Comprehensive income	$ 1,018,443	$ 818,883	$ 780,615
Earnings per common share - basic:
Net income per common share - basic (in dollars per share)	$ 7.19	$ 5.89	$ 5.64
Earnings per common share - diluted:
Net income per common share - diluted (in dollars per share)	$ 7.19	$ 5.89	$ 5.63

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated earnings less dividends	Accumulated other comprehensive loss	Total AvalonBay stockholders' equity	Noncontrolling interests
Beginning Balance (in shares) at Dec. 31, 2018		138,508,424
Beginning Balance at Dec. 31, 2018	$ 10,632,606	$ 1,385	$ 10,306,588	$ 350,777	$ (26,144)	$ 10,632,606	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to common stockholders	785,974			785,974		785,974
Loss on cash flow hedges, net	(11,930)				(11,930)	(11,930)
Cash flow hedge losses reclassified to earnings	6,571				6,571	6,571
Change in redemption value and acquisition of noncontrolling interest	(373)			(373)		(373)
Noncontrolling interests income allocation	649						649
Dividends declared to common stockholders	(851,287)			(851,287)		(851,287)
Issuance of common stock, net of withholdings (in shares)		2,135,538
Issuance of common stock, net of withholdings	393,118	$ 21	395,275	(2,178)		393,118
Amortization of deferred compensation	34,870		34,870			34,870
Ending Balance (in shares) at Dec. 31, 2019		140,643,962
Ending Balance at Dec. 31, 2019	$ 10,990,198	$ 1,406	10,736,733	282,913	(31,503)	10,989,549	649
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 6.08
Net income attributable to common stockholders	$ 827,630			827,630		827,630
Loss on cash flow hedges, net	(17,731)				(17,731)	(17,731)
Cash flow hedge losses reclassified to earnings	8,984				8,984	8,984
Change in redemption value and acquisition of noncontrolling interest	210			210		210
Noncontrolling interests income allocation	(58)						(58)
Dividends declared to common stockholders	(893,152)			(893,152)		(893,152)
Issuance of common stock, net of withholdings (in shares)		108,499
Issuance of common stock, net of withholdings	(10,997)	$ 1	(9,571)	(1,427)		(10,997)
Repurchase of common stock, including repurchase costs (in shares)		(1,225,790)
Repurchase of common stock, including repurchase costs	(183,876)	$ (12)	(93,712)	(90,152)		(183,876)
Amortization of deferred compensation	30,966		30,966			30,966
Ending Balance (in shares) at Dec. 31, 2020		139,526,671
Ending Balance at Dec. 31, 2020	$ 10,752,174	$ 1,395	10,664,416	126,022	(40,250)	10,751,583	591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 6.36
Net income attributable to common stockholders	$ 1,004,299			1,004,299		1,004,299
Loss on cash flow hedges, net	993				993	993
Cash flow hedge losses reclassified to earnings	13,151				13,151	13,151
Change in redemption value and acquisition of noncontrolling interest	(1,022)			(1,022)		(1,022)
Noncontrolling interests income allocation	(25)						(25)
Dividends declared to common stockholders	(889,405)			(889,405)		(889,405)
Issuance of common stock, net of withholdings (in shares)		225,255
Issuance of common stock, net of withholdings	$ 18,977	$ 3	18,047	927		18,977
Repurchase of common stock, including repurchase costs (in shares)	0
Amortization of deferred compensation	$ 33,951		33,951			33,951
Ending Balance (in shares) at Dec. 31, 2021		139,751,926
Ending Balance at Dec. 31, 2021	$ 10,933,093	$ 1,398	$ 10,716,414	$ 240,821	$ (26,106)	$ 10,932,527	$ 566
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared to common stockholders (in dollars per share)	$ 6.36

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 1,004,356	$ 827,706	$ 786,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	758,596	707,331	661,578
Amortization of deferred financing costs	7,462	7,454	7,346
Amortization of debt discount	2,681	1,880	1,591
Loss on extinguishment of debt, net	17,787	9,333	602
Amortization of stock-based compensation	25,505	21,603	25,621
Equity (income) in loss of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations	(108)	8,673	12,278
Real estate casualty loss	1,723	0	0
Abandonment of development pursuits	685	9,262	2,943
Unrealized gain on terminated cash flow hedges	(2,654)	(2,894)	0
Cash flow hedge losses reclassified to earnings	7,887	8,984	6,571
Gain on sale of real estate assets	(627,637)	(346,041)	(172,332)
Gain on for-sale condominiums	(3,110)	(8,213)	0
Increase (decrease) in resident security deposits, prepaid expenses and other assets	5,505	(28,675)	(19,118)
Increase in accrued expenses, other liabilities and accrued interest payable	4,492	3,212	8,621
Net cash provided by operating activities	1,203,170	1,219,615	1,321,804
Cash flows from investing activities:
Development/redevelopment of real estate assets including land acquisitions and deferred development costs	(654,861)	(843,907)	(1,052,011)
Acquisition of real estate assets, including partnership interest	(771,692)	0	(420,517)
Capital expenditures - existing real estate assets	(142,688)	(108,531)	(135,626)
Capital expenditures - non-real estate assets	(10,547)	(28,505)	(5,266)
(Decrease) increase in payables for construction	(29,887)	1,474	(4,848)
Proceeds from sale of real estate, net of selling costs	850,230	619,773	422,041
Proceeds from the sale of for-sale condominiums, net of selling costs	124,532	202,033	0
Mortgage note receivable lending	(1,210)	(258)	(692)
Mortgage note receivable payments	2,435	3,419	2,779
Distributions from unconsolidated entities	63,171	11,157	10,454
Investments in unconsolidated entities	(53,536)	(36,088)	(10,183)
Net cash used in investing activities	(624,053)	(179,433)	(1,193,869)
Cash flows from financing activities:
Issuance of common stock, net	31,874	3,464	409,725
Repurchase of common stock, net	0	(183,876)	0
Dividends paid	(888,344)	(883,212)	(839,646)
Issuance of mortgage notes payable	0	51,000	30,250
Repayments of mortgage notes payable, including prepayment penalties	(109,562)	(126,712)	(227,570)
Issuance of unsecured notes	1,098,643	1,296,581	449,804
Repayment of unsecured notes, including prepayment penalties	(462,147)	(958,680)	0
Payment of deferred financing costs	(8,864)	(11,277)	(10,909)
Receipt (payment) for termination of forward interest rate swaps	4,751	(25,135)	(12,309)
Payment to noncontrolling interest	(55)	(68)	456
Payments related to tax withholding for share-based compensation	(13,463)	(14,917)	(16,101)
Distributions to DownREIT partnership unitholders	(48)	(48)	(46)
Distributions to joint venture and profit-sharing partners	(306)	(384)	(439)
Preferred interest obligation redemption and dividends	(1,340)	(1,000)	(1,400)
Net cash used in financing activities	(348,861)	(854,264)	(218,185)
Net increase (decrease) in cash, cash equivalents and cash in escrow	230,256	185,918	(90,250)
Cash and cash equivalents and restricted cash, beginning of year	313,532	127,614	217,864
Cash and cash equivalents and restricted cash, end of year	543,788	313,532	127,614
Cash paid during the year for interest, net of amount capitalized	203,773	196,848	187,570
Supplemental Cash Flow Information
Cash and cash equivalents	420,251	216,976	39,687
Cash in escrow	123,537	96,556	87,927
Cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$ 543,788	$ 313,532	$ 127,614

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) Lease shares	Dec. 31, 2019 USD ($) shares	Jan. 01, 2019 USD ($)
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares		0	0
Common stock issued through the dividend reinvestment plan (in shares) | shares	2,844	2,747	2,069
Common stock issued through the dividend reinvestment plan	$ 566	$ 458	$ 418
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares) | shares	75,780	74,173	84,710
Shares withheld to satisfy employees' tax withholding and other liabilities, value	$ 13,463	$ 14,919	$ 16,101
Number of shares forfeited (in shares) | shares	4,109
Shares cancelled upon forfeiture	$ 804	1,240	399
Dividends payable	225,392	224,897
Change in redemption value of redeemable noncontrolling interest	1,022	(210)	373
Increase (decrease) in derivative assets	3,204	4,308	388
Cash flow hedge losses reclassified to earnings	(13,151)	(8,984)	(6,571)
Increase to other comprehensive income from derivative activity		1,413
Right of use lease assets	118,370	133,581
Total lease liabilities	146,377	161,313
Increase (decrease) in derivative liabilities			$ 6,379
Interest Expense
Supplemental disclosures of non-cash investing and financing activities
Cash flow hedge losses reclassified to earnings	7,887
Gain (Loss) on Extinguishment of Debt
Supplemental disclosures of non-cash investing and financing activities
Cash flow hedge losses reclassified to earnings	$ 5,264
New Office Leases
Supplemental disclosures of non-cash investing and financing activities
Right of use lease assets		46,875
Total lease liabilities		$ 46,875
Number of new office leases | Lease		2
Restricted stock and restricted stock converted from performance shares
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	155,836	165,545	152,502
Performance awards
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	138,033	77,182	80,512
Conversion of performance awards to restricted shares of common stock (in shares) | shares	56,545
Restricted stock
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	99,291	69,228	79,430
Fair value of shares issued	$ 17,757	$ 15,305	$ 15,603
Number of shares forfeited (in shares) | shares	4,109	7,683	2,361
Restricted stock converted from performance shares
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares	0	96,317	73,072
Common stock
Supplemental disclosures of non-cash investing and financing activities
Dividends payable	$ 224,012	$ 223,262	$ 214,832
Accumulated earnings less dividends
Supplemental disclosures of non-cash investing and financing activities
Change in redemption value of redeemable noncontrolling interest	$ 1,022	$ (210)	$ 373
Restricted stock and deferred stock awards | Non-employee directors
Supplemental disclosures of non-cash investing and financing activities
Granted (in shares) | shares			1,838
Fair value of shares issued			$ 205
Accounting Standards Update 2016-02
Supplemental disclosures of non-cash investing and financing activities
Right of use lease assets				$ 122,276
Total lease liabilities				$ 122,276

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Organization, Basis of Presentation, and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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, as amended (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 of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

At December 31, 2021, the Company owned or held a direct or indirect ownership interest in 278 operating apartment communities containing 81,803 apartment homes in 12 states and the District of Columbia. 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 6,189 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, and 66,000 square feet of commercial space, of which 87% has been leased as of December 31, 2021. 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 24 communities that, if developed as expected, will contain an estimated 8,070 apartment homes (unaudited).

Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership.

The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value.

Real Estate

Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate.

For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred.

For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred.

The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities.

The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed.

Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years.

For-Sale Condominium Inventory

The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Casualty and Impairment of Long-Lived Assets" below.

Income Taxes

The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders.

The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances.

The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2021, 2020 and 2019.

Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense of $5,733,000 and $13,003,000 in 2021 and 2019, respectively, and recorded an income tax benefit of $3,247,000 in 2020 related to its activities through its TRSs. The income tax expense in 2021 and 2019 was primarily due to the disposition of the Company's for-sale condominiums and two wholly-owned operating communities. During 2020, the income tax expense was offset by net operating loss carryback provisions under the Coronavirus Aid, Relief and Economic Security Act. As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2018 through 2020.

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2021, 2020 and 2019 (unaudited):

	2021		2020		2019
Ordinary income	55	%	66	%	96	%
20% capital gain	26	%	24	%	3	%
Unrecaptured §1250 gain	19	%	10	%	1	%

Deferred Financing Costs

Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $23,705,000 and $25,239,000 as of December 31, 2021 and 2020, respectively, and related to mortgage notes payable was $2,300,000 and $2,046,000 as of December 31, 2021 and 2020, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $15,187,000 and $13,501,000 as of December 31, 2021 and 2020, respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Cash, Cash Equivalents and Cash in Escrow

Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.

Interest Rate Contracts

The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.

Comprehensive Income

Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.

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):

	For the year ended
	12/31/21		12/31/20		12/31/19
Basic and diluted shares outstanding
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	320,466		332,973		509,859
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Net income allocated to unvested restricted shares	(2,100)		(1,955)		(2,063)
Net income attributable to common stockholders, adjusted	$	1,002,199	$	825,675	$	783,911
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Earnings per common share—basic	$	7.19	$	5.89	$	5.64
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		46
Adjusted net income attributable to common stockholders	$	1,004,347	$	827,678	$	786,020
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Earnings per common share—diluted	$	7.19	$	5.89	$	5.63

All options to purchase shares of common stock outstanding as of December 31, 2021, 2020 and 2019 are included in the computation of diluted earnings per share.

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 $2,192,000, $12,317,000 and $4,896,000 during the years ended December 31, 2021, 2020 and 2019, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company deemed no longer probable. 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, for the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses other than those related to casualty losses from property damage. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 for the property and casualty damages across several communities in its East Coast markets related to severe storms as well as the property and casualty damages resulting from a fire at an operating community, reported as casualty and impairment loss on the accompanying Consolidated Statements of Comprehensive Income.

The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory as the estimated sales price less direct costs to sell. For the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses on 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 years ended December 31, 2021, 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 during the years ended December 31, 2021, 2020 or 2019.

Assets Held for Sale and Discontinued Operations

The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the accompanying Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community that qualified as held for sale presentation at December 31, 2021.

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 accumulated 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.

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.

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 certain commercial and parking facilities 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 fixed lease payments including fixed amounts 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.

Additionally, for the Company’s residential and commercial leases, which are comprised of the lease component and common area maintenance as a non-lease component, the Company determined that (i) the leases are operating leases, (ii) the lease component is the predominant component and (iii) all components of its operating leases share the same timing and pattern of transfer.

Revenue and Gain Recognition

Under ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue 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, as discussed above under "Leases". The Company's revenue streams that are not accounted for under ASC 842 include:

•Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis.

•Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned.

•Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity is recognized at 100%, and not the Company’s proportionate ownership percentage.

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 years ended December 31, 2021, 2020 and 2019. The segments are classified based on the individual community's status at January 1, 2021 for the years ended December 31, 2021 and 2020, and at January 1, 2020 for the year ended December 31, 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):

	Same Store		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Rental and non-rental related income (2)	7,356		1,650		675		—		9,681
Total non-lease revenue (3)	7,356		1,650		675		3,084		12,765
Lease income (4)	2,038,817		102,707		97,704		—		2,239,228
Business interruption insurance proceeds	—		—		—		—		—
Total revenue	$	2,046,173	$	104,357	$	98,379	$	3,084	$	2,251,993
For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Rental and non-rental related income (2)	7,200		2,056		362		—		9,618
Total non-lease revenue (3)	7,200		2,056		362		1,978		11,596
Lease income (4)	2,074,604		77,375		27,936		—		2,179,915
Business interruption insurance proceeds	379		—		—		—		379
Total revenue	$	2,082,183	$	79,431	$	28,298	$	1,978	$	2,191,890
For the year ended December 31, 2019
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	4,960	$	4,960
Rental and non-rental related income (2)	7,028		1,224		400		—		8,652
Total non-lease revenue (3)	7,028		1,224		400		4,960		13,612
Lease income (4)	2,032,561		108,757		28,377		—		2,169,695
Business interruption insurance proceeds	986		453		—		—		1,439
Total revenue	$	2,040,575	$	110,434	$	28,777	$	4,960	$	2,184,746

__________________________________

(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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 ASC 606, Revenue from Contracts with Customers.

(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 December 31, 2021.

Uncollectible Lease Revenue Reserves

The Company assesses the collectability of its lease revenue and receivables on an on-going basis. Under ASC 842, Leases, the Company assesses the probability of receiving all remaining lease amounts due on a lease by lease basis, reserving for revenue and the related receivables for those leases where collection of substantially all of the remaining lease payments is not probable. Subsequently, the Company will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement.

In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve.

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, among other factors, (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government in response to the novel coronavirus and relieve economic distress of consumers, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic.

As of December 31, 2021, 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 $52,075,000 and $66,763,000 for the years ended December 31, 2021 and 2020 under ASC 842 and ASC 450, Contingencies.

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Interest Capitalized	12 Months Ended
	Dec. 31, 2021
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 $32,687,000, $44,157,000 and $62,823,000 for years ended December 31, 2021, 2020 and 2019, respectively.

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Mortgage Notes Payable, Unsecured Notes and Credit Facility

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgage 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 December 31, 2021 and 2020 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 December 31, 2021 and 2020, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	12/31/21		12/31/20
Fixed rate unsecured notes (1)	$	7,150,000	$	6,500,000
Term Loans (1)	250,000		250,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	306,281		408,964
Variable rate mortgage notes payable—conventional and tax-exempt (2)	464,150		470,850
Total mortgage notes payable and unsecured notes and Term Loans	8,170,431		7,629,814
Credit Facility	—		—
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	$	8,170,431	$	7,629,814

_________________________________

(1)     Balances at December 31, 2021 and 2020 exclude $10,033 and $10,380, respectively, of debt discount, and $40,573 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2)     Balances at December 31, 2021 and 2020 exclude $13,528 and $14,478 of debt discount, respectively, and $2,750 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets.

The following debt activity occurred during the year ended December 31, 2021:

•In January 2021, the Company repaid $27,795,000 principal amount of 5.37% fixed rate secured debt at par in advance of its April 2021 maturity date.

•In September 2021, the Company repaid $450,000,000 principal amount of its 2.95% unsecured notes in advance of the September 2022 scheduled maturity, recognizing a loss on debt extinguishment of $17,890,000, composed of a prepayment penalty of $12,147,000, and the non-cash write off of unamortized deferred hedging losses and unamortized deferred financing costs of $5,743,000.

•In September 2021, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $694,617,000, before considering the impact of other offering costs. The notes mature in January 2032 and were issued at a 2.05% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

•In November 2021, the Company repaid an aggregate of $73,060,000 principal amount of fixed rate secured debt with a weighted average interest rate of 3.79% at par in advance of the November 2036 maturity date.

•In November 2021, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $396,976,000, before considering the impact of other offering costs. The notes mature in December 2028 and were issued at a 1.90% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

At December 31, 2021, 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 (0.88% at December 31, 2021), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 0.125%, resulting in a fee of $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 and had $11,969,000 and $2,900,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2021 and 2020, respectively. In addition, the Company had $39,581,000 and $32,079,000 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2021 and 2020, respectively.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,256,155,000, excluding communities classified as held for sale, as of December 31, 2021).

The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.7% and 3.8% at December 31, 2021 and 2020, 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% at both December 31, 2021 and 2020.

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2021 are as follows (dollars in thousands):

Year	Secured notes principal payments		Secured notes maturities		Unsecured notes and Term Loans maturities		Stated interest rate of unsecured notes and Term Loans
2022	$	8,263	$	—	$	100,000	LIBOR + 0.90%
2023	8,999		—		350,000		4.200	%
					250,000		2.850	%
2024	9,837		—		300,000		3.500	%
					150,000		LIBOR + 0.85%
2025	10,478		—		525,000		3.450	%
					300,000		3.500	%
2026	11,420		—		475,000		2.950	%
					300,000		2.900	%
2027	13,765		236,100		400,000		3.350	%
2028	18,512		—		450,000		3.200	%
					400,000		1.900	%
2029	9,462		66,250		450,000		3.300	%
2030	10,014		—		700,000		2.300	%
2031	10,669		—		600,000		2.450	%
Thereafter	111,164		245,498		700,000		2.050	%
					350,000		3.900	%
					300,000		4.150	%
					300,000		4.350	%
	$	222,583	$	547,848	$	7,400,000

The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 20 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date.

The Company is subject to financial covenants contained in the Credit Facility, the Term Loans and the indentures under which the unsecured notes were issued. The principal financial covenants include the following:

•limitations on the amount of total and secured debt in relation to our overall capital structure;

•limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and

•minimum levels of debt service coverage.

The Company was in compliance at December 31, 2021 with customary covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.

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Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Equity

Equity

As of December 31, 2021 and 2020, 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 year ended December 31, 2021, the Company:

i.issued 2,759 shares of common stock in connection with stock options exercised;

ii.issued 2,844 shares of common stock through the Company's dividend reinvestment plan;

iii.issued 155,836 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock;

iv.sold 122,343 shares of common stock under CEP V, as discussed below;

v.withheld 75,780 shares of common stock to satisfy employees' tax withholding and other liabilities;

vi.issued 21,362 shares of common stock through the Employee Stock Purchase Plan; and

vii.canceled 4,109 shares of restricted common stock upon forfeiture.

Any deferred compensation related to the Company’s stock based compensation plans during the year ended December 31, 2021 is not reflected on the accompanying Consolidated Balance Sheet as of December 31, 2021, and will not be reflected until recognized as compensation cost.

In July 2020, the Company’s Board of Directors 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 at the Company’s discretion with the timing and number of shares repurchased depending 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 year ended December 31, 2021, the Company had no repurchases of shares under this program. As of December 31, 2021, the Company had $316,148,000 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 the Company's determinations of the appropriate funding sources. The Company engaged sales agents for CEP V who 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, and to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the 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 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 year ended December 31, 2021, the Company sold 122,343 shares of common stock at an average sales price of $226.15 per share, for net proceeds of $27,253,000 under this program. In addition, at December 31, 2021, the Company was party to a forward contract under CEP V to sell 68,577 shares of common stock for approximate proceeds of $16,000,000 net of offering fees and discounts based on the initial forward price, with settlement of the forward contract to occur on one or more dates not later than December 31, 2022. The final proceeds will be determined on the date(s) of settlement after adjustments for the Company's dividends and a daily interest factor. As of December 31, 2021, the Company had $705,961,000 remaining authorized for issuance under CEP V, after consideration of the forward contract.

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Investments

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments

Investments

Unconsolidated Investments

The Company accounts for its investments in unconsolidated entities under the equity method of accounting or under the measurement alternative, as discussed in Note 1, “Organization, Basis of Presentation and Significant Accounting Policies,” under Principles of Consolidation. The significant accounting policies of the Company's unconsolidated investments are consistent with those of the Company in all material respects. Certain of these investments are subject to various buy‑sell provisions or other rights which are customary in real estate joint venture agreements. The Company and its partners in these entities may initiate these provisions to either sell the Company's interest or acquire the joint venture interest from the Company's partner.

The following presents the Company's activities in unconsolidated investments for the years ended December 31, 2021, 2020 and 2019:

Archstone Multifamily Partners AC LP (the “U.S. Fund”)—The Company is the general partner of the U.S. Fund and has a 28.6% combined general partner and limited partner equity interest. The Company acquired its interest in the U.S. Fund as part of the Archstone Acquisition (as defined in Note 5, “Investments in Real Estate Entities,” of the Consolidated Financial Statements in Item 8 in the Company's Form 10-K filed February 22, 2019). The U.S. Fund sold one community in each of 2020 and 2019, and the Company's proportionate share of the gains in accordance with GAAP was $5,157,000 and $5,788,000, respectively. The U.S. Fund owns three communities and excluding costs incurred in excess of equity in the underlying net assets of the U.S. Fund, at December 31, 2021 the Company has an equity investment of $18,706,000 (net of distributions).

Archstone Multifamily Partners AC JV LP (the “AC JV”)—The Company has a 20.0% equity interest in the AC JV, and acquired its interest as part of the Archstone Acquisition. During 2021, the AC JV sold its final two communities, Avalon North Point and Avalon North Point Lofts, located in Cambridge, MA, containing an aggregate of 529 apartment homes, for $325,000,000. The Company's proportionate share of the gains in accordance with GAAP was $23,305,000. In conjunction with the disposition of Avalon North Point, the AC JV repaid a $111,653,000 loan to the equity investors in the venture at par. At December 31, 2021 the Company has an equity investment of $2,579,000 (net of distributions).

Legacy JV—As part of the Archstone Acquisition the Company entered into a limited liability company agreement with Equity Residential, through which it assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements (the “Legacy JV”). The Company has a 40.0% interest in the Legacy JV. During the years ended December 31, 2021, 2020 and 2019, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, for which the Company contributed $1,340,000, $1,000,000 and $1,400,000, respectively. At December 31, 2021, the remaining preferred interests had an aggregate liquidation value of $34,468,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets.

North Point II JV, LP—During 2016, the Company entered into a joint venture to develop, own, and operate AVA North Point, an apartment community located in Cambridge, MA, which completed construction during 2018 and contains 265 apartment

homes. The Company owned a 55.0% interest in the venture. During the year ended December 31, 2019, the Company acquired the 45.0% equity interest of AVA North Point that was owned by the venture partner, for a purchase price of $71,280,000. Upon acquisition, the Company consolidated AVA North Point as a wholly-owned operating community.

NYTA MF Investors LLC (“NYC Joint Venture”)—During 2018, the Company contributed five wholly-owned operating communities containing an aggregate of 1,301 apartment homes and 58,000 square feet of commercial space, located in New York City, NY, to a newly formed joint venture with the intent to own and operate the communities. The Company retained a 20.0% equity interest in the venture with the partners sharing in returns in accordance with their ownership interests. At December 31, 2021 the Company has an equity investment of $61,307,000 (net of distributions).

MVP I, LLC—During 2004, the Company entered into a joint venture agreement with an unrelated third-party to develop Avalon at Mission Bay II, an apartment community located in San Francisco, CA, which completed construction during 2006 and contains 313 apartment homes. The Company holds a 25.0% equity interest in the venture. The Company is responsible for the day-to-day operations of the community and is the management agent subject to the terms of a management agreement. MVP I, LLC had an outstanding $103,000,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of MVP I, LLC, nor does the Company have any obligation to fund this debt should MVP I, LLC be unable to do so. The Company has fully recovered its basis as of December 31, 2021.

Brandywine Apartments of Maryland, LLC (“Brandywine”)—Brandywine owns a 305 apartment home community located in Washington, D.C. The community is managed by a third party. Brandywine is comprised of five members who hold various interests in the joint venture. The Company holds a 28.7% equity interest in Brandywine. Brandywine had an outstanding $20,379,000 fixed rate mortgage loan that is payable by the venture. The Company has not guaranteed the debt of Brandywine, nor does the Company have any obligation to fund this debt should Brandywine be unable to do so. Excluding costs incurred in excess of equity in the underlying net assets of Brandywine, at December 31, 2021 the Company has an equity investment of $16,010,000 (net of distributions), representing a 28.7% equity interest.

Avalon Alderwood MF Member, LLC—During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Mall, an apartment community located in Lynnwood, WA, which is currently under construction and expected to contain 328 apartment homes (unaudited) when complete. As of December 31, 2021, the Company has a 50.0% interest in the venture and has a total equity investment of $55,054,000 which represents substantially all of the Company's required equity contributions. The venture is a VIE, though the Company is not the primary beneficiary because it shares control 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 or capital structure, and the capital budget to construct Avalon Alderwood Mall.

Arts District Joint Venture—During 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 (unaudited) and 56,000 square feet (unaudited) of commercial space when completed. As of December 31, 2021, the Company has a 25.0% interest in the venture and excluding costs incurred in excess of equity in the underlying net assets of the venture, has a total equity investment of $30,436,000. The venture has secured a $167,147,000 variable rate construction loan to fund approximately 60.0% of the development of AVA Arts District, of which $11,581,000 has been drawn as of December 31, 2021. 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 an unconsolidated VIE as the Company is not 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.

Property Technology and Environmental Investments—Excluding costs incurred in excess of equity, the Company has invested $17,277,000 in various property technology and environmentally focused companies directly and indirectly through investment management funds. The Company’s interest in each individual investment represents less than 10% of the respective venture's equity interests. In addition, the Company has $39,890,000 in outstanding equity commitments, with the timing and amount for these commitments to be fulfilled dependent on if, and when, investment opportunities are identified by the respective funds. During the year ended December 31, 2021, the Company recognized income and unrealized gains of $15,908,000 related to these investments, which was reported as a component of income from investments in unconsolidated entities on the accompanying Consolidated Statements of Comprehensive Income.

The following is a combined summary of the financial position of the Company’s unconsolidated investments discussed above, accounted for using the equity method and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	12/31/21		12/31/20
Assets:
Real estate, net	$	1,184,041	$	1,249,730
Other assets	399,591		255,606
Total assets	$	1,583,632	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	645,235	$	751,257
Other liabilities	168,403		163,808
Partners' capital	769,994		590,271
Total liabilities and partners' capital	$	1,583,632	$	1,505,336

_________________________________

(1)    Other than the AVA Arts District construction loan, the Company has not guaranteed any other 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 and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19 (1)
Rental and other income (2)	$	198,645	$	118,474	$	144,431
Operating and other expenses	(46,102)		(49,509)		(55,732)
Gain on sale of communities	164,273		18,450		21,748
Interest expense, net	(27,508)		(31,982)		(33,896)
Depreciation expense	(29,910)		(34,606)		(58,387)
Net income	$	259,398	$	20,827	$	18,164
Company's share of net income	$	32,123	$	8,538	$	10,779
Direct investment gains, amortization of excess investment and other (3)	6,462		(2,116)		(2,127)
Income from investments in unconsolidated entities	$	38,585	$	6,422	$	8,652

_________________________________

(1)    Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest.

(2)    Includes unrealized gains on the Company's indirect property technology ventures accounted for under the equity method of accounting during the year ended December 31, 2021.

(3) Includes unrealized gains on the Company’s direct investment in equity securities of property technology investments during the year ended December 31, 2021.

Investments in Consolidated Real Estate Entities

During the year ended December 31, 2021, the Company acquired seven consolidated communities:

•Avalon Arundel Crossing East, located in Linthicum Heights, MD, which contains 384 apartment homes and was acquired for a purchase price of $119,000,000.

•Avalon Lakeside, located in Flower Mound, TX, which contains 425 apartment homes and 18,000 square feet of commercial space and was acquired for a purchase price of $117,000,000.

•Hub South End, located in Charlotte, NC, which contains 265 apartment homes and 23,000 square feet of commercial space and was acquired for a purchase price of $104,350,000.

•Three30Five, located in Charlotte, NC, which contains 164 apartment homes and was acquired for a purchase price of $52,650,000.

•Avalon Fort Lauderdale, located in Fort Lauderdale, FL, which contains 243 apartment homes and 49,000 square feet of commercial space and was acquired for a purchase price of $150,000,000.

•Avalon Miramar, located Miramar, FL, which contains 380 apartment homes and acquired for a purchase price of $133,000,000.

•Hawk, located Charlotte, NC, which contains 71 apartment homes and acquired for a purchase price of $48,500,000.

During the year ended December 31, 2020, the Company did not acquire any communities. In addition to AVA North Point, during the year ended December 31, 2019, the Company acquired five communities, containing an aggregate 1,175 apartment homes, which were acquired for an aggregate purchase price of $345,450,000.

The Company accounted for these purchases as asset acquisitions and recorded the acquired assets and assumed liabilities, including identifiable intangibles, at their relative fair values based on the purchase price and acquisition costs incurred. The Company used third party pricing or internal models for the value of the land, a valuation model for the value of the building, and an internal model to determine the fair value of the remaining real estate assets and in-place leases. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporated significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy.

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Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Real Estate Disposition Activities

Real Estate Disposition Activities

During the year ended December 31, 2021, the Company sold nine wholly-owned operating communities, containing an aggregate of 2,404 apartment homes for an aggregate sales price of $867,200,000 and an aggregate gain in accordance with GAAP of $602,235,000.

Details regarding the real estate sales, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):

Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
eaves Stamford	Stamford, CT	Q121	238	$	—	$	72,000	$	70,062
Avalon Norwalk	Norwalk, CT	Q221	311	—		103,000		101,422
AVA Cortez Hill	San Diego, CA	Q221	299	—		96,500		94,648
Avalon Redmond Place	Redmond, WA	Q221	222	—		97,700		86,750
Avalon Bronxville	Bronxville, NY	Q221	110	—		89,000		88,088
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	—		126,000		125,564
eaves Lawrenceville	Lawrenceville, NJ	Q421	632	—		208,000		203,705
Avalon at Center Place	Providence, RI	Q421	225	—		75,000		71,841
Other real estate (1)	multiple	2021	N/A	—		7,858		8,150
Total of 2021 asset sales			2,404	$	—	$	875,058	$	850,230
Total of 2020 asset sales			1,817	$	—	$	634,250	$	619,773
Total of 2019 asset sales			1,660	$	21,700	$	431,280	$	422,041

_________________________________

(1)     Represents the sale of one undeveloped land parcel, located in Boston, MA, and condominium rights, located in Plymouth, MA.

As of December 31, 2021, the Company had one real estate asset that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. During the year ended December 31, 2021, the Company sold 53 residential condominiums at The Park Loggia, for gross proceeds of $135,458,000 resulting in a gain in accordance with GAAP of $3,110,000. As of December 31, 2021, there were 49 residential condominiums remaining to be sold. The Company incurred $4,087,000, $5,662,000 and $3,812,000 during the years ended December 31, 2021, 2020 and 2019, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2021 and 2020, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $146,535,000 and $267,219,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Employment Agreements and Arrangements

At December 31, 2021, the Company has no employment agreements with its executive officers other than an agreement executed on December 4, 2020, with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors and has been appointed to the additional role of Chief Executive Officer effective January 3, 2022.

The standard restricted stock and option agreements used by the Company in its compensation program provide that upon an employee's termination without cause or the employee's Retirement (as defined in the agreement), all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months or until the fifth anniversary of the grant date, if later, or until the option expiration date, if earlier, to exercise any options then held. Under the agreements, Retirement generally means a termination of employment and other business relationships, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee's age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement.

The Company also has an Officer Severance Program (the “Program”). Under the Program, in the event an officer who is not otherwise covered by a severance arrangement is terminated (other than for cause), or chooses to terminate his or her employment for good reason (as defined), in either case in connection with or within 24 months following a sale event (as defined) of the Company, such officer will generally receive a cash lump sum payment equal to a multiple of the officer's covered compensation (base salary plus annual cash bonus). The multiple is one time for vice presidents and senior vice presidents, two times for executive vice presidents and three times for the chief executive officer. The officer's restricted stock and options would also vest. Costs related to the Program are deferred and recognized over the requisite service period when considered by management to be probable and estimable.

Legal Contingencies

The Company recognizes a loss associated with contingent legal matters when the loss is probable and estimable. 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.

In addition, the Company accounts for recoveries from legal matters as a reduction in the legal and related costs incurred associated with the matter, with recoveries in excess of these costs reported as a gain or, where appropriate, a reduction in the net cost basis of a community to which the suit related. During the year ended December 31, 2019, the Company recognized $6,292,000 in legal recoveries. Legal recoveries recognized during the year ended December 31, 2019 include $3,126,000 in proceeds related to a former Development Right and $2,237,000 in proceeds related to a construction defect at a community, reported as a component of general and administrative expense on the accompanying Consolidated Statements of Comprehensive Income. There were no material receipts during the year ended December 31, 2021 and 2020.

Lease Obligations

The Company owns seven apartment communities and two commercial properties, located on land subject to ground leases expiring between July 2046 and April 2106. The Company has purchase options for all ground leases expiring prior to 2095. The ground leases for six of the seven apartment communities and the two commercial properties, are operating leases, with rental expense recognized on a straight-line basis over the lease term. In addition, the Company is party to 13 leases for its corporate and regional offices with varying terms through 2031, all of which are operating leases. During the year ended December 31, 2021, the Company exercised its purchase option and acquired the land encumbered by the ground lease for Avalon Hackensack at Riverside for $10,336,000.

As of December 31, 2021 and 2020, the Company had total operating lease assets of $118,370,000 and $133,581,000, respectively, and lease obligations of $146,377,000 and $161,313,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets. The Company incurred costs of $15,458,000, $16,011,000 and $14,371,000 in the years ended December 31, 2021, 2020 and 2019, respectively, related to operating leases.

The Company has one apartment community located on land subject to a ground lease and four leases for portions of parking garages, adjacent to apartment communities, that are finance leases. As of December 31, 2021 and 2020, the Company had total finance lease assets of $28,229,000 and $21,685,000, respectively, and total finance lease obligations of $20,120,000 and $20,166,000, respectively, reported as components of right of use lease assets and lease liabilities, respectively, on the accompanying Consolidated Balance Sheets.

The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases:

Weighted-average remaining lease term - finance leases	24 years
Weighted-average remaining lease term - operating leases	38 years
Weighted-average discount rate - finance leases	4.63	%
Weighted-average discount rate - operating leases	4.61	%

The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands):

	Payments due by period
	2022		2023		2024		2025		2026		Thereafter
Operating Lease Obligations	$	13,797	$	13,558	$	13,324	$	13,575	$	13,358	$	290,869
Finance Lease Obligations	1,082		1,084		1,087		1,089		1,092		37,952
	$	14,879	$	14,642	$	14,411	$	14,664	$	14,450	$	328,821

	Total undiscounted cash flows		Total lease liabilities		Difference between discounted and undiscounted cash flows
Operating Lease Obligations	$	358,481	$	146,377	$	212,104
Finance Lease Obligations	43,386		20,120		23,266
	$	401,867	$	166,497	$	235,370

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Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. 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.

•Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2021, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2020, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2021 or probable for disposition to unrelated third parties within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment.

•Other Stabilized is composed of completed consolidated communities that the Company owns and that are not Same Store but which have stabilized occupancy, as defined above, as of January 1, 2021, or which were acquired during the years ended December 31, 2021 or 2020. Other Stabilized includes stabilized operating communities in Charlotte, North Carolina and Dallas, Texas, the two new expansion markets the Company entered in 2021, but excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year.

•Development/Redevelopment is composed of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year and (iii) communities under lease-up that have been complete for less than one year and have not reached stabilized occupancy, as defined above, as of January 1, 2021.

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 ("CODM") for purposes of assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Same Store 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, loss on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, income tax expense (benefit), casualty and impairment loss, gain on sale of communities, gain on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis. The Company's commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.7%, 0.8% and 1.8% of total NOI for the years ended December 31, 2021, 2020 and 2019, respectively. 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 years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Net income	$	1,004,356	$	827,706	$	786,103
Property management and other indirect operating expenses, net of corporate income	98,665		97,443		83,008
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399		4,991
Interest expense, net	220,415		214,151		203,585
Loss on extinguishment of debt, net	17,787		9,333		602
General and administrative expense	69,611		60,343		58,042
Income from investments in unconsolidated entities	(38,585)		(6,422)		(8,652)
Depreciation expense	758,596		707,331		661,578
Income tax expense (benefit)	5,733		(3,247)		13,003
Casualty and impairment loss	3,119		—		—
Gain on sale of communities	(602,235)		(340,444)		(166,105)
Gain on other real estate transactions, net	(2,097)		(440)		(439)
Net for-sale condominium activity	977		(2,551)		3,812
Net operating income from real estate assets sold or held for sale	(24,895)		(67,418)		(87,637)
Net operating income	$	1,514,678	$	1,508,184	$	1,551,891

The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Rental income from real estate assets sold or held for sale	$	42,857	$	109,371	$	139,880
Operating expenses from real estate assets sold or held for sale	(17,962)		(41,953)		(52,243)
Net operating income from real estate assets sold or held for sale	$	24,895	$	67,418	$	87,637

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, 2021 for the years ended December 31, 2021 and 2020 and at January 1, 2020, for the year ended December 31, 2019. Segment information for the years ended December 31, 2021, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, “Real Estate Disposition Activities.”

	Total revenue		NOI		Gross real estate (1)
For the year ended December 31, 2021
Same Store
New England	$	302,919	$	193,415	$	2,787,583
Metro NY/NJ	425,653		289,855		4,112,556
Mid-Atlantic	338,455		227,695		3,583,374
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	109,907		74,875		1,059,431
Northern California	361,910		256,417		3,469,149
Southern California	451,884		310,048		4,396,416
Total Same Store	2,046,173		1,388,445		20,124,943
Other Stabilized	104,357		71,014		1,796,752
Development / Redevelopment	98,379		55,219		2,574,352
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,251,993	$	1,514,678	$	24,901,129
For the period ended December 31, 2020
Same Store
New England	$	305,262	$	200,028	$	2,761,655
Metro NY/NJ	425,946		294,086		4,083,641
Mid-Atlantic	345,003		239,228		3,557,724
Southeast Florida	29,151		15,730		393,926
Denver, CO	21,293		13,796		319,562
Pacific Northwest	110,976		77,324		1,052,903
Northern California	400,934		298,176		3,438,290
Southern California	443,618		306,344		4,358,217
Total Same Store (2)	2,082,183		1,444,712		19,965,918
Other Stabilized	79,431		52,614		1,081,327
Development / Redevelopment	28,298		10,858		1,917,913
Land Held for Development	N/A		N/A		110,142
Non-allocated (3)	1,978		N/A		367,190
Total	$	2,191,890	$	1,508,184	$	23,442,490
For the year ended December 31, 2019
Same Store
New England	$	287,144	$	193,106	$	2,475,513
Metro NY/NJ	429,154		303,859		3,946,221
Mid-Atlantic	351,680		250,142		3,484,610
Southeast Florida	17,709		9,861		242,843
Denver, CO	5,694		3,716		77,513
Pacific Northwest	107,417		78,063		956,755
Northern California	397,593		305,450		3,186,075
Southern California	444,184		316,819		4,083,946
Total Same Store (2)	2,040,575		1,461,016		18,453,476
Other Stabilized	110,434		74,814		1,587,397
Development / Redevelopment	28,777		16,061		2,086,519
Land Held for Development	N/A		N/A		—
Non-allocated (3)	4,960		N/A		559,777
Total	$	2,184,746	$	1,551,891	$	22,687,169

_________________________________

(1)     Does not include gross real estate assets held for sale of $26,176 as of December 31, 2021 and gross real estate assets either sold or classified as held for sale subsequent to December 31, 2020 and 2019 of $474,792 and $871,291, respectively.

(2)     Gross real estate for the Company's Same Store includes capitalized additions of approximately $158,991, $126,548 and $128,324 in 2021, 2020 and 2019, respectively.

(3)     Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items 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

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation Plans

The Company's Second Amended and Restated 2009 Equity Incentive Plan (the “2009 Plan”) includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2021, the Company had 6,088,456 shares remaining available to issue under the 2009 Plan, exclusive of shares that may be issued to satisfy currently outstanding awards such as stock options or performance awards. The 2009 Plan provides for various types of equity awards to associates, officers, non-employee directors and other key personnel of the Company and its subsidiaries. The types of awards that may be granted under the 2009 Plan include restricted stock, restricted stock units, stock options that qualify as incentive stock options (“ISOs”) under Section 422 of the Code, non-qualified stock options, stock appreciation rights and performance awards, among others. No grants of stock options and other awards will be made after May 15, 2027, and no grants of incentive stock options will be made after February 16, 2027.

Information with respect to stock options granted under the 2009 Plan is as follows:

	2009 Plan shares	Weighted average exercise price per share
Options Outstanding, December 31, 2018	124,212	$	128.84
Exercised	(109,804)	129.47
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2019	14,408	$	124.05
Exercised	(1,902)	89.17
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2020	12,506	$	129.35
Exercised	(2,759)	124.34
Granted (1)	294,115	180.32
Forfeited	(4,713)	180.32
Options Outstanding, December 31, 2021	299,149	$	178.71
Options Exercisable:
December 31, 2019	14,408	$	124.05
December 31, 2020	12,506	$	129.35
December 31, 2021	9,747	$	130.77

__________________________________

(1)Includes 4,847 options resulting from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.

In February 2021, as a supplement to its normal compensation framework for officers, the Company granted stock options with the exercise price equal to the closing stock price on the date of grant. The stock options awarded in 2021 have a ten-year term and will cliff vest on March 1, 2023. For these supplemental 2021 stock options, the officer will have 12 months to exercise the option if terminated without cause and will have until the expiration date to exercise the options if the officer retires after the cliff vesting date. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows:

	2021
Dividend yield	3.5	%
Estimated volatility	27.1	%
Risk free rate	0.81	%
Expected life of options	5 years
Estimated fair value	$28.64

The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2021:

2009 Plan Number of Options	Range—Exercise Price			Weighted Average Remaining Contractual Term (in years)
9,747	$130.00	-	$139.99	0.9
289,402	$180.00	-	$189.99	9.2
299,149

Options outstanding and exercisable at December 31, 2021 had an intrinsic value of $22,102,000 and $1,187,000, respectively. Options exercisable had a weighted average contractual life of 0.9 years. The intrinsic value of options exercised under the 2009 Plan during 2021, 2020 and 2019 was $186,000, $251,000 and $7,970,000, respectively. There were no stock options granted in 2020 and 2019.

The Company has a compensation framework under which share-based compensation granted is composed of annual restricted stock awards for which one third of the award vests annually over a three-year period, and multi-year long term incentive performance awards. For annual restricted stock awards, in lieu of time-vesting restricted stock, the recipient may elect to receive up to 100% of the award value, in increments of 25%, in the form of stock options, for which one third of the award vests annually over a three-year period. Under the Company's multi-year long term incentive compensation framework, the Company grants a target number of performance awards, with the ultimate award determined by the total shareholder return of the Company's common stock and/or operating performance metrics, measured in each case over a measurement period of up to three years. Performance units granted in 2017 or earlier that were earned at the end of the measurement period were settled in the form of time-vesting restricted stock. Performance units granted in 2018 and later years that are earned at the end of the measurement period are settled in fully vested shares of common stock and an amount of cash equal to the dividends that would have been payable, while the performance award was outstanding, on a number of shares equal to the number of units earned.

After the first year of the performance period, if the employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee shall vest in a pro rata portion of the award (based on the employee's service time during the performance period), with such vested portion to be earned and converted into shares and the cash amount for the dividends described above at the end of the performance period based on actual achievement under the performance award. For other terminating events, performance awards are generally forfeited.

Information with respect to performance awards granted is as follows:

	Performance awards	Weighted average grant date fair value per award
Outstanding at December 31, 2018	267,129	$	157.21
Granted (1)	80,512	200.75
Change in awards based on performance (2)	(16,760)	142.03
Converted to restricted stock	(73,072)	142.03
Forfeited	(4,377)	166.44
Outstanding at December 31, 2019	253,432	$	176.27
Granted (3)	77,182	238.03
Change in awards based on performance (2)	18,112	177.26
Converted to restricted stock	(96,317)	177.26
Forfeited	(10,488)	188.52
Outstanding at December 31, 2020	241,921	$	195.13
Granted (4)	138,033	191.12
Change in awards based on performance (2)	(37,469)	156.00
Converted to shares of common stock	(56,545)	156.00
Forfeited	(1,418)	207.65
Outstanding at December 31, 2021	284,522	$	206.05

_________________________________

(1)     The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 33,010 performance awards.

(2)    Represents the change in the number of performance awards earned based on performance achievement.

(3)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards.

(4)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 performance awards.

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

	2021	2020	2019
Dividend yield	3.5%	2.8%	3.1%
Estimated volatility over the life of the plan (1)	22.0% - 49.0%	11.1% - 15.5%	13.9% - 18.8%
Risk free rate	0.06% - 0.38%	1.45% - 1.62%	2.46% - 2.57%
Estimated performance award value based on total shareholder return measure	$213.16	$254.72	$204.15

_________________________________

(1)     Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

For the portion of the performance awards granted for which achievement will be determined by using financial metrics, the compensation cost was based on a weighted average grant date value of $178.38, $224.64 and $195.86, for the years ended December 31, 2021, 2020 and 2019, respectively, and the Company's estimate of corporate achievement for the financial metrics.

Information with respect to restricted stock granted is as follows:

	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, 2018	160,411	$	166.33	209,238
Granted - restricted stock shares	79,430	196.43		73,072
Vested - restricted stock shares	(89,289)	168.06		(119,064)
Forfeited	(2,226)	174.45		(135)
Outstanding at December 31, 2019	148,326	$	181.29	163,111
Granted - restricted stock shares	69,228	221.08		96,317
Vested - restricted stock shares	(79,931)	178.41		(111,325)
Forfeited	(5,899)	196.22		(1,784)
Outstanding at December 31, 2020	131,724	$	203.28	146,319
Granted - restricted stock shares	99,291	178.84		—
Vested - restricted stock shares	(69,840)	192.32		(71,692)
Forfeited	(4,109)	195.77		—
Outstanding at December 31, 2021	157,066	$	192.90	74,627

Total employee stock-based compensation cost recognized in income was $25,100,000, $21,110,000 and $24,885,000 for the years ended December 31, 2021, 2020 and 2019, respectively, and total capitalized stock-based compensation cost was $9,472,000, $9,974,000 and $9,396,000 for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, there was a total unrecognized compensation cost of $39,440,000 for unvested restricted stock, stock options and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are included in compensation cost as they occur.

Employee Stock Purchase Plan

In October 1996, the Company adopted the 1996 Non-Qualified Employee Stock Purchase Plan (as amended, the “ESPP”). Initially 1,000,000 shares of common stock were reserved for issuance under this plan. There are currently 612,912 shares remaining available for issuance under the ESPP. Employees of the Company generally are eligible to participate in the ESPP if, as of the last day of the applicable purchase period, they have been employed by the Company for at least one month. Under the ESPP, eligible employees are permitted to acquire shares of the Company's common stock through payroll deductions, subject to maximum purchase limitations, during two purchase periods. The first purchase period begins January 1 and ends June 10, and the second purchase period begins July 1 and ends December 10. The purchase price for common stock purchased under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first day of the applicable purchase period or the last day of the applicable purchase period. The offering dates, purchase dates and duration of purchase periods may be changed if the change is announced prior to the beginning of the affected date or purchase period. The Company issued 21,362, 20,161 and 13,894 shares and recognized compensation expense of $1,609,000, $537,000 and $761,000 under the ESPP for the years ended December 31, 2021, 2020 and 2019, respectively. The Company accounts for transactions under the ESPP using the fair value method prescribed by accounting guidance applicable to entities that use employee share purchase plans.

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Related Party Arrangements

12 Months Ended

Dec. 31, 2021

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 $3,084,000, $3,819,000 and $4,960,000 in the years ended December 31, 2021, 2020 and 2019, respectively. In addition, the Company had outstanding receivables associated with its property and construction management roles of $3,964,000 and $5,408,000 as of December 31, 2021 and 2020, respectively.

Director Compensation

Directors of the Company who are also employees receive no additional compensation for their services as a director. Following each annual meeting of stockholders, non-employee directors receive (i) a number of shares of restricted stock (or deferred stock units) having a value of $170,000 and (ii) a cash payment of $90,000, payable in equal quarterly installments of

$22,500. The number of shares of restricted stock (or deferred stock units) is calculated based on the closing price on the day of the award. Non-employee directors may elect to receive all or a portion of cash payments in the form of deferred stock units. Additionally, the Lead Independent Director receives in the aggregate an additional annual fee of $30,000 payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250, the non-employee director serving as the chairperson of the Compensation Committee receives additional cash compensation of $20,000 per year payable in equal quarterly installments of $5,000 and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $15,000 payable in equal quarterly installments of $3,750.The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $1,981,000, $1,819,000 and $1,725,000 for the years ended December 31, 2021, 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 $696,000, $614,000 and $594,000 on December 31, 2021, 2020 and 2019, respectively, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

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Fair Value

12 Months Ended

Dec. 31, 2021

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 December 31, 2021, 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 December 31, 2021 (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Swaps
Notional balance	$	402,670		$	150,000
Weighted average interest rate (1)	1.7		%	N/A
Weighted average swapped/capped interest rate	6.1		%	1.4		%
Earliest maturity date	January 2024			March 2022
Latest maturity date	November 2026			March 2022

_________________________________

(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 caps.

The following derivative activity occurred during the year ended December 31, 2021:

•The Company terminated $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020, receiving a payment of $6,962,000. The Company recognized $2,894,000 of these proceeds as a gain in 2020, and $2,654,000 of these proceeds as a gain during the year ended December 31, 2021 included in interest expense, net on the accompanying Consolidated Statements of Comprehensive Income.

•In conjunction with the issuance of the Company's $700,000,000 2.050% unsecured notes due 2032 in September 2021, the Company settled $200,000,000 of forward interest rate swap agreements, entered into in 2021, designated as cash flow hedges of the interest rate variability on the issuance of the unsecured notes, making a net payment of $2,211,000. The Company has deferred these amounts in accumulated other comprehensive loss on the accompanying 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 in interest rates on a portion of the Company's expected debt issuance activity in 2022.

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 five derivatives not designated as hedges at December 31, 2021. Other than the $150,000,000 of forward interest rate swap agreements for which hedge accounting was ceased in 2020, fair value changes for derivatives not in qualifying hedge relationships for the years ended December 31, 2021 and 2020, were not material. During 2021, the Company deferred $993,000 of net gains 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 into earnings (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Cash flow hedge losses reclassified to earnings	$	13,151	$	8,984	$	6,571

The Company anticipates reclassifying approximately $4,051,000 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 December 31, 2021 and 2020.

Redeemable Noncontrolling Interests

The Company issued units of limited partnership interest in a DownREIT that 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 based on their short-term maturities.

Indebtedness

The Company values its fixed rate unsecured notes using quoted market prices, a Level 1 price within the fair value hierarchy. The Company values its mortgage notes payable, variable rate unsecured notes, including the Term Loans, and outstanding amounts under the Credit Facility 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 mortgage notes payable, variable rate unsecured notes, Term Loans and outstanding amounts under the Credit Facility 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):

Description	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	12/31/2021
Non Designated Hedges
Interest Rate Caps	$	225	$	—	$	225	$	—
Interest Rate Swaps - Assets	3,204		—		3,204		—
DownREIT units	(1,895)		(1,895)		—		—
Indebtedness
Fixed rate unsecured notes	(7,624,560)		(7,624,560)		—		—
Mortgage notes payable, variable rate unsecured notes	(940,779)		—		(940,779)		—
Total	$	(8,563,805)	$	(7,626,455)	$	(937,350)	$	—
	12/31/2020
Non Designated Hedges
Interest Rate Caps	$	6	$	—	$	6	$	—
Interest Rate Swaps - Assets	4,308		—		4,308		—
DownREIT units	(1,203)		(1,203)		—		—
Indebtedness
Fixed rate unsecured notes	(7,271,799)		(7,271,799)		—		—
Mortgage notes payable, variable rate unsecured notes	(1,043,976)		—		(1,043,976)		—
Total	$	(8,312,664)	$	(7,273,002)	$	(1,039,662)	$	—

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Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events, through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In January 2022, the Company entered into agreements to sell two wholly-owned operating communities containing an aggregate of 408 apartment homes and net real estate of $64,984,000 as of December 31, 2021, resulting in the communities qualifying as held for sale subsequent to December 31, 2021. In February 2022, the Company sold one of these communities, Avalon Ossining, located in Ossining, NY, containing 168 apartment homes for $70,000,000. The Company expects to complete the sale of the other community in the first quarter of 2022.

In February 2022, the Company sold Avalon West Long Branch, located in West Long Branch, NJ, containing 180 apartment homes for $75,000,000. As of December 31, 2021, Avalon West Long Branch qualified as held for sale.

In February 2022, the Company acquired Avalon Flatirons, a wholly-owned operating community, located in Lafayette, Colorado, containing 207 apartment homes and 16,000 square feet of commercial space, for a purchase price of $95,000,000.

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REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

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

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2021																2020		2021
			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
SAME STORE
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	198	$	2,124	$	12,567	$	13,346	$	2,124	$	25,913	$	28,037	$	18,473	$	9,564	$	10,632	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		7,924		2,129		25,491		27,620		17,900		9,720		10,000		—		1999
eaves Quincy	Quincy, MA	245	1,743		14,662		13,696		1,743		28,358		30,101		18,920		11,181		11,007		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		2,941		3,318		16,406		19,724		10,736		8,988		9,093		—		2002
Avalon at Newton Highlands	Newton, MA	294	10,905		45,547		18,315		10,905		63,862		74,767		36,480		38,287		40,018		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		5,883		6,876		36,284		43,160		17,137		26,023		26,227		—		2004
eaves Peabody	Peabody, MA	286	4,645		18,919		16,248		4,645		35,167		39,812		19,002		20,810		21,703		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		5,543		4,258		26,094		30,352		14,100		16,252		17,623		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		13,917		14,572		59,828		74,400		29,178		45,222		46,499		35,770		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		15,224		8,691		94,345		103,036		46,055		56,981		61,146		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		9,286		13,124		57,981		71,105		26,388		44,717		44,580		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		11,238		12,218		52,894		65,112		24,353		40,759		43,026		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		5,797		4,719		31,275		35,994		14,907		21,087		22,605		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		6,626		8,144		58,810		66,954		24,112		42,842		43,733		—		2009
Avalon Exeter (2)	Boston, MA	187	—		110,028		934		—		110,962		110,962		29,409		81,553		85,066		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		2,400		15,645		67,245		82,890		19,873		63,017		63,922		—		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		873		8,599		53,327		61,926		14,352		47,574		49,201		—		2015
AVA Somerville	Somerville, MA	250	10,944		56,460		832		10,944		57,292		68,236		14,485		53,751		55,550		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		52,076		9,034		88,616		97,650		46,609		51,041		54,133		—		1968/1998
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		64,978		8,776		100,474		109,250		46,808		62,442		64,558		—		1968/1998
Avalon Prudential Center I (1)	Boston, MA	243	8,002		32,370		56,151		8,002		88,521		96,523		40,581		55,942		56,211		—		1968/1998
eaves Burlington	Burlington, MA	203	7,714		32,499		8,573		7,714		41,072		48,786		12,920		35,866		36,625		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		505		17,072		164,138		181,210		36,610		144,600		150,260		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		17,572		15,600		78,221		93,821		24,774		69,047		71,360		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		1,346		15,367		61,743		77,110		14,384		62,726		64,348		—		2015
Avalon North Station	Boston, MA	503	22,796		247,270		719		22,796		247,989		270,785		40,830		229,955		238,733		—		2017
Avalon Framingham	Framingham, MA	180	9,315		34,631		206		9,315		34,837		44,152		7,791		36,361		37,448		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,655		79		14,694		79,734		94,428		14,643		79,785		82,635		—		2017
Avalon Easton	Easton, MA	290	3,170		60,837		303		3,170		61,140		64,310		10,465		53,845		56,082		—		2017

			2021																2020		2021
			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 at the Hingham Shipyard II	Hingham, MA	190	$	8,998	$	55,366	$	47	$	8,998	$	55,413	$	64,411	$	6,788	$	57,623	$	59,819	$	—	2019
Avalon Sudbury	Sudbury, MA	250	20,254		66,554		88		20,254		66,642		86,896		8,680		78,216		80,881		—		2019
AVA North Point	Cambridge, MA	265	31,263		81,196		2,793		31,263		83,989		115,252		9,419		105,833		108,984		—		2018/2019
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		29,950		27,350		124,118		151,468		42,059		109,409		113,533		—		1999/2013
Total Boston, MA		8,901	$	352,059	$	1,891,772	$	386,409	$	352,059	$	2,278,181	$	2,630,240	$	759,221	$	1,871,019	$	1,937,241	$	80,770
Fairfield, CT
Avalon Wilton on River Rd	Wilton, CT	102	$	2,116	$	14,664	$	7,536	$	2,116	$	22,200	$	24,316	$	15,570	$	8,746	$	9,505	$	—	1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		6,852		4,834		29,842		34,676		17,984		16,692		17,800		—		2002
Avalon Darien	Darien, CT	189	6,926		34,558		9,489		6,926		44,047		50,973		24,822		26,151		27,861		—		2004
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		532		10,395		36,983		47,378		11,086		36,292		37,492		—		2013
Total Fairfield, CT		635	$	24,271	$	108,663	$	24,409	$	24,271	$	133,072	$	157,343	$	69,462	$	87,881	$	92,658	$	—
TOTAL NEW ENGLAND		9,536	$	376,330	$	2,000,435	$	410,818	$	376,330	$	2,411,253	$	2,787,583	$	828,683	$	1,958,900	$	2,029,899	$	80,770
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	13,553	$	—	$	107,614	$	107,614	$	71,334	$	36,280	$	39,258	$	—	2002
Avalon Riverview North (3)	Long Island City, NY	602	—		165,932		16,411		—		182,343		182,343		85,298		97,045		102,751		—		2008
AVA Fort Greene	Brooklyn, NY	631	83,038		216,802		9,411		83,038		226,213		309,251		89,037		220,214		227,393		—		2010
AVA DoBro	Brooklyn, NY	500	76,127		206,762		423		76,127		207,185		283,312		42,240		241,072		248,521		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	49,635		134,840		396		49,635		135,236		184,871		25,296		159,575		164,245		—		2017
Avalon Brooklyn Bay	Brooklyn, NY	180	18,310		74,573		405		18,310		74,978		93,288		14,368		78,920		81,956		—		2018
Avalon Midtown West (1)	New York, NY	550	154,730		180,253		48,724		154,730		228,977		383,707		70,922		312,785		320,012		88,300		1998/2013
Avalon Clinton North	New York, NY	339	84,069		105,821		14,071		84,069		119,892		203,961		39,430		164,531		167,399		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		8,098		71,421		97,949		169,370		33,361		136,009		138,732		121,500		2007/2013
Total New York City, NY		3,788	$	537,330	$	1,268,895	$	111,492	$	537,330	$	1,380,387	$	1,917,717	$	471,286	$	1,446,431	$	1,490,267	$	356,800
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,259	$	10,294	$	4,679	$	38,553	$	43,232	$	27,972	$	15,260	$	14,579	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		8,236		1,820		18,761		20,581		12,493		8,088		8,408		—		1995
Avalon Mamaroneck	Mamaroneck, NY	229	6,207		40,657		16,178		6,207		56,835		63,042		35,410		27,632		30,027		—		2000
Avalon Melville (1)	Melville, NY	494	9,228		50,063		23,225		9,228		73,288		82,516		48,019		34,497		37,757		—		1997
Avalon White Plains	White Plains, NY	407	15,391		137,312		2,510		15,391		139,822		155,213		60,602		94,611		99,236		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		7,106		32,212		85,912		118,124		31,394		86,730		89,941		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		3,659		27,765		81,219		108,984		27,517		81,467		83,880		—		2012

			2021																2020		2021
			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 Garden City	Garden City, NY	204	$	18,205	$	49,326	$	1,101	$	18,205	$	50,427	$	68,632	$	16,632	$	52,000	$	53,587	$	—	2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		502		6,392		30,815		37,207		8,515		28,692		29,688		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,437		570		21,899		59,007		80,906		15,552		65,354		67,135		—		2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		162		4,985		17,462		22,447		3,760		18,687		19,346		—		2016
Avalon Great Neck	Great Neck, NY	191	14,777		65,412		33		14,777		65,445		80,222		11,736		68,486		71,269		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,981		2		7,534		50,983		58,517		8,716		49,801		51,913		—		2017
Avalon Somers	Somers, NY	152	5,610		40,591		24		5,610		40,615		46,225		6,779		39,446		41,054		—		2018
Avalon Westbury	Westbury, NY	396	69,620		43,781		14,714		69,620		58,495		128,115		25,996		102,119		103,536		—		2006/2013
Total New York - Suburban		3,987	$	246,324	$	779,323	$	88,316	$	246,324	$	867,639	$	1,113,963	$	341,093	$	772,870	$	801,356	$	—
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	31,488	$	8,760	$	113,910	$	122,670	$	81,706	$	40,964	$	43,525	$	—	1997
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,676		5,982		34,065		40,047		21,245		18,802		20,203		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		16,926		6,647		51,832		58,479		31,760		26,719		28,581		—		2001
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,255		8,984		32,249		41,233		10,983		30,250		31,192		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,610		2,865		14,682		44,475		59,157		14,925		44,232		45,213		—		2012
Avalon Hackensack at Riverside (4)	Hackensack, NJ	226	9,939		44,619		1,653		9,939		46,272		56,211		13,808		42,403		33,551		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		488		6,502		17,351		23,853		5,367		18,486		18,945		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		435		3,006		28,236		31,242		8,138		23,104		23,814		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		1,465		2,273		50,074		52,347		12,285		40,062		40,947		—		2015
Avalon Bloomfield Station (2)	Bloomfield, NJ	224	10,701		36,430		147		10,701		36,577		47,278		8,630		38,648		39,918		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		141		11,288		35,009		46,297		8,291		38,006		39,184		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		68,003		799		26,461		68,802		95,263		12,914		82,349		84,921		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		99		11,695		36,414		48,109		7,771		40,338		41,666		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,278		6,779		37,237		97,057		134,294		25,636		108,658		112,056		—		2008/2016
Avalon Maplewood	Maplewood, NJ	235	15,179		49,425		139		15,179		49,564		64,743		8,845		55,898		58,458		—		2018
Avalon Piscataway	Piscataway, NJ	360	14,329		75,897		12		14,329		75,909		90,238		9,206		81,032		83,974		—		2019
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,810		—		8,605		60,810		69,415		8,782		60,633		63,194		—		2018
Total New Jersey		4,053	$	202,270	$	804,239	$	74,367	$	202,270	$	878,606	$	1,080,876	$	290,292	$	790,584	$	809,342	$	—
TOTAL METRO NY/NJ		11,828	$	985,924	$	2,852,457	$	274,175	$	985,924	$	3,126,632	$	4,112,556	$	1,102,671	$	3,009,885	$	3,100,965	$	356,800

			2021																2020		2021
			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	$	20,906	$	6,848	$	48,520	$	55,368	$	38,110	$	17,258	$	18,453	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		4,369		8,800		44,027		52,827		27,661		25,166		26,289		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		206		7,425		25,488		32,913		8,425		24,488		25,314		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		9,955		25,140		62,414		87,554		22,649		64,905		66,580		—		1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,654		16,430		25,556		41,986		9,303		32,683		33,450		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		6,200		38,140		41,552		79,692		15,825		63,867		64,710		—		1961/2013
eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,839		9,580		29,371		38,951		10,841		28,110		28,920		—		1953/2013
AVA Van Ness (1)	Washington, D.C.	269	22,890		58,691		23,142		22,890		81,833		104,723		24,882		79,841		81,329		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		4,402		43,700		158,352		202,052		50,346		151,706		156,732		—		2012/2013
AVA NoMa	Washington, D.C.	438	25,246		114,933		884		25,246		115,817		141,063		22,102		118,961		123,946		—		2018
eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		5,684		4,047		24,237		28,284		18,888		9,396		9,966		—		1996
eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		14,000		8,802		49,536		58,338		27,806		30,532		31,564		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		6,945		29,159		59,938		89,097		36,126		52,971		54,347		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		7,739		14,365		63,137		77,502		38,383		39,119		41,355		—		2004
AVA Wheaton	Wheaton, MD	319	6,494		69,027		95		6,494		69,122		75,616		11,705		63,911		66,576		—		2018
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		43		10,872		63,035		73,907		11,598		62,309		64,682		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		86		10,130		61,771		71,901		11,961		59,940		62,170		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		5,119		2,323		14,416		16,739		11,054		5,685		6,121		—		1987/1996
Avalon Fairway Hills - Woods (1)	Columbia, MD	336	3,958		15,839		14,246		3,958		30,085		34,043		18,929		15,114		15,354		—		1987/1996
Avalon Arundel Crossing	Linthicum Heights, MD	310	12,208		69,888		2,580		12,208		72,468		84,676		12,606		72,070		75,145		—		2018/2018
Kanso Silver Spring	Silver Spring, MD	151	3,471		41,393		1,016		3,471		42,409		45,880		4,737		41,143		42,724		—		2009/2019
Avalon Russett	Laurel, MD	238	10,200		47,524		4,665		10,200		52,189		62,389		18,723		43,666		45,018		32,200		1999/2013
eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		13,732		6,096		38,132		44,228		27,144		17,084		17,510		—		1989/1996
eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,726		2,152		14,633		16,785		10,105		6,680		7,131		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		15,381		13,851		58,778		72,629		41,264		31,365		32,482		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		33,327		22,041		123,623		145,664		71,324		74,340		78,296		—		2001
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		1,148		13,554		64,674		78,228		21,088		57,140		59,222		—		2013
eaves Fairfax Towers (1)	Falls Church, VA	415	17,889		74,727		15,983		17,889		90,710		108,599		32,034		76,565		79,810		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		472		33,490		76,273		109,763		21,584		88,179		90,752		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,996		24,225		84,978		109,203		21,942		87,261		90,551		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		9,841		22,573		105,196		127,769		25,243		102,526		106,458		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		4,448		18,830		86,875		105,705		19,652		86,053		89,191		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,465		8,235		29,377		123,700		153,077		28,138		124,939		130,459		—		2012/2017

			2021																2020		2021
			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	$	3,512	$	16,030	$	48,932	$	64,962	$	18,745	$	46,217	$	47,822	$	—	1980/2013
AVA Ballston Square	Arlington, VA	714	71,640		215,937		43,290		71,640		259,227		330,867		84,032		246,835		254,311		—		1992/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		15,783		56,550		193,815		250,365		64,153		186,212		189,316		—		1999/2013
Avalon Arlington North (1)	Arlington, VA	228	21,600		59,076		2,035		21,600		61,111		82,711		17,227		65,484		66,951		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		11,692		26,710		94,776		121,486		35,119		86,367		87,262		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		128		39,544		66,288		105,832		15,780		90,052		92,531		—		2016
TOTAL MID-ATLANTIC		13,645	$	756,380	$	2,501,490	$	325,504	$	756,380	$	2,826,994	$	3,583,374	$	1,007,234	$	2,576,140	$	2,660,800	$	32,200
DENVER, CO
Avalon Denver West	Lakewood, CO	252	$	8,047	$	67,861	$	2,296	$	8,047	$	70,157	$	78,204	$	14,211	$	63,993	$	66,566	$	—	2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,565		1,062		8,527		65,627		74,154		10,213		63,941		66,730		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		70,103		1,553		4,461		71,656		76,117		11,586		64,531		67,742		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		85,184		1,675		5,101		86,859		91,960		12,771		79,189		83,056		—		2018/2019
TOTAL DENVER, CO		1,086	$	26,136	$	287,713	$	6,586	$	26,136	$	294,299	$	320,435	$	48,781	$	271,654	$	284,094	$	—
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370	$	21,430	$	114,085	$	4,860	$	21,430	$	118,945	$	140,375	$	22,405	$	117,970	$	122,060	$	—	2017/2017
Avalon West Palm Beach	West Palm Beach, FL	290	9,597		90,950		3,928		9,597		94,878		104,475		14,739		89,736		92,899		—		2018/2018
Avalon Bonterra	Hialeah, FL	314	16,655		70,822		2,919		16,655		73,741		90,396		10,811		79,585		82,625		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,705		1,835		9,213		51,540		60,753		6,049		54,704		56,541		—		2016/2019
TOTAL SOUTHEAST FLORIDA		1,214	$	56,895	$	325,562	$	13,542	$	56,895	$	339,104	$	395,999	$	54,004	$	341,995	$	354,125	$	—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264	$	6,786	$	27,641	$	6,511	$	6,786	$	34,152	$	40,938	$	26,387	$	14,551	$	15,204	$	—	1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		4,301		6,664		28,420		35,084		19,452		15,632		15,672		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,958		4,777		23,723		28,500		17,364		11,136		11,978		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		4,401		3,789		19,540		23,329		13,746		9,583		9,932		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		2,001		5,644		14,734		20,378		9,974		10,404		10,283		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		5,253		12,697		82,703		95,400		38,325		57,075		58,959		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		2,426		—		125,455		125,455		49,144		76,311		80,021		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		1,333		12,081		42,951		55,032		15,049		39,983		41,139		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,347		16,460		48,273		64,733		15,430		49,303		50,836		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		100		12,294		55,727		68,021		14,671		53,350		55,272		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		1,510		20,613		61,496		82,109		13,826		68,283		70,636		—		2016
Avalon Esterra Park	Redmond, WA	482	23,178		112,986		1,348		23,178		114,334		137,512		21,967		115,545		119,784		—		2017

			2021																2020		2021
			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 Alderwood II	Redmond, WA	124	$	5,072	$	21,418	$	14	$	5,072	$	21,432	$	26,504	$	4,135	$	22,369	$	23,127	$	—	2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,649		112,456		1,049		9,649		113,505		123,154		18,081		105,073		108,810		—		2017
AVA Esterra Park	Redmond, WA	323	16,405		74,569		—		16,405		74,569		90,974		8,161		82,813		85,845		—		2019
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		5,216		10,250		32,058		42,308		12,677		29,631		30,217		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,217	$	166,359	$	852,304	$	40,768	$	166,359	$	893,072	$	1,059,431	$	298,389	$	761,042	$	787,715	$	—
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	14,961	$	11,830	$	62,789	$	74,619	$	44,026	$	30,593	$	32,377	$	—	1995
eaves San Jose	San Jose, CA	442	12,920		53,047		20,013		12,920		73,060		85,980		45,811		40,169		42,111		—		1985/1996
Avalon on the Alameda	San Jose, CA	305	6,119		50,225		13,878		6,119		64,103		70,222		43,915		26,307		28,113		—		1999
Avalon Silicon Valley	Sunnyvale, CA	712	20,713		99,573		36,482		20,713		136,055		156,768		90,737		66,031		69,922		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		12,770		9,755		52,163		61,918		37,632		24,286		25,477		—		1986
eaves Creekside	Mountain View, CA	296	6,546		26,263		22,103		6,546		48,366		54,912		32,434		22,478		23,859		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		4,204		4,765		51,804		56,569		33,516		23,053		24,035		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		14,806		9,560		70,942		80,502		41,731		38,771		41,194		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		965		13,837		65,499		79,336		18,220		61,116		63,019		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		7,615		46,060		89,572		135,632		33,991		101,641		105,215		—		2002/2013
eaves West Valley	San Jose, CA	873	90,890		132,040		14,375		90,890		146,415		237,305		53,782		183,523		188,220		—		1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		15,706		64,070		84,724		148,794		32,319		116,475		118,876		—		1969/2013
Total San Jose, CA		4,717	$	297,065	$	767,614	$	177,878	$	297,065	$	945,492	$	1,242,557	$	508,114	$	734,443	$	762,418	$	—
Oakland - East Bay, CA
Avalon Fremont (1)	Fremont, CA	308	$	10,746	$	43,399	$	20,895	$	10,746	$	64,294	$	75,040	$	41,238	$	33,802	$	26,076	$	—	1992/1994
eaves Dublin	Dublin, CA	204	5,276		19,642		12,898		5,276		32,540		37,816		22,253		15,563		16,204		—		1989/1997
eaves Pleasanton (1)	Pleasanton, CA	456	11,610		46,552		28,665		11,610		75,217		86,827		49,131		37,696		34,590		—		1988/1994
eaves Union City	Union City, CA	208	4,249		16,820		4,430		4,249		21,250		25,499		16,773		8,726		9,318		—		1973/1996
eaves Fremont	Fremont, CA	235	6,581		26,583		11,328		6,581		37,911		44,492		27,572		16,920		17,641		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		3,635		14,732		107,659		122,391		45,362		77,029		79,035		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,846		5,845		—		154,691		154,691		60,751		93,940		99,738		4,161		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		1,153		7,772		73,295		81,067		20,162		60,905		63,419		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		345		7,762		76,932		84,694		15,697		68,997		71,719		—		2016
eaves Walnut Creek	Walnut Creek, CA	510	30,320		82,375		17,731		30,320		100,106		130,426		34,225		96,201		99,627		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,790		9,860		25,640		35,500		8,633		26,867		27,441		—		2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		13,920		27,190		70,961		98,151		24,762		73,389		76,041		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,689		78		4,500		28,767		33,267		7,490		25,777		26,752		—		2014
Total Oakland - East Bay, CA		3,847	$	140,598	$	742,550	$	126,713	$	140,598	$	869,263	$	1,009,861	$	374,049	$	635,812	$	647,601	$	4,161

			2021																2020		2021
			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
San Francisco, CA
eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	21,046	$	4,230	$	30,705	$	34,935	$	22,305	$	12,630	$	13,645	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		10,054		5,403		31,621		37,024		21,638		15,386		15,152		—		1990/1995
eaves Foster City	Foster City, CA	288	7,852		31,445		13,338		7,852		44,783		52,635		32,013		20,622		22,074		—		1973/1994
eaves Pacifica	Pacifica, CA	220	6,125		24,796		4,711		6,125		29,507		35,632		23,101		12,531		13,509		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,837		3,561		38,158		41,719		25,333		16,386		17,689		—		1961/1996
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		9,338		14,029		87,790		101,819		55,671		46,148		49,567		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		879		28,687		120,035		148,722		51,009		97,713		101,615		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,527		5,544		53,433		58,977		18,068		40,909		42,449		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,268		20,267		98,589		118,856		27,297		91,559		94,980		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		203		12,595		81,431		94,026		19,639		74,387		77,231		—		2015
Avalon Dogpatch	San Francisco, CA	326	23,523		180,698		232		23,523		180,930		204,453		27,301		177,152		184,327		—		2018
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		7,448		40,780		76,132		116,912		27,733		89,179		91,800		62,350		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		2,769		23,787		47,703		71,490		15,744		55,746		57,304		—		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,318		33,303		66,228		99,531		22,003		77,528		79,660		51,000		2010/2013
Total San Francisco, CA		3,267	$	229,686	$	893,077	$	93,968	$	229,686	$	987,045	$	1,216,731	$	388,855	$	827,876	$	861,002	$	113,350
TOTAL NORTHERN CALIFORNIA		11,831	$	667,349	$	2,403,241	$	398,559	$	667,349	$	2,801,800	$	3,469,149	$	1,271,018	$	2,198,131	$	2,271,021	$	117,511
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	53,051	$	22,483	$	81,155	$	103,638	$	51,937	$	51,701	$	53,182	$	—	1961/1997
Avalon Woodland Hills (1)	Woodland Hills, CA	663	23,828		40,372		59,677		23,828		100,049		123,877		58,908		64,969		61,517		—		1989/1997
eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		12,595		7,045		25,581		32,626		19,647		12,979		13,743		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		3,062		—		45,626		45,626		28,549		17,077		18,543		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		27,370		14,053		84,197		98,250		49,108		49,142		51,168		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		3,131		8,446		43,421		51,867		23,030		28,837		30,389		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		5,935		5,459		47,117		52,576		23,132		29,444		31,487		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,744		12,789		50,817		63,606		22,953		40,653		42,003		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		2,546		7,920		47,391		55,311		21,563		33,748		34,119		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		1,883		14,734		95,884		110,618		24,935		85,683		89,164		—		2015
eaves Phillips Ranch	Pomona, CA	503	9,796		41,740		6,373		9,796		48,113		57,909		18,107		39,802		40,027		—		1989/2011
eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,924		1,916		9,743		11,659		3,969		7,690		7,893		—		1978/2011
eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,537		2,953		13,965		16,918		5,431		11,487		11,731		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		6,176		8,400		17,723		26,123		5,745		20,378		20,862		—		1973/2012
eaves Cerritos	Artesia, CA	151	8,305		21,195		1,932		8,305		23,127		31,432		7,633		23,799		24,473		—		1973/2012

			2021																2020		2021
			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 Playa Vista	Los Angeles, CA	309	$	30,900	$	72,008	$	7,926	$	30,900	$	79,934	$	110,834	$	27,492	$	83,342	$	86,393	$	—	2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		133		9,141		30,859		40,000		8,340		31,660		32,780		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,303		544		18,311		64,847		83,158		14,600		68,558		70,990		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		119,105		1,818		35,214		120,923		156,137		21,037		135,100		139,902		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,773		9,600		39,375		48,975		11,723		37,252		38,651		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		79,829		110		16,617		79,939		96,556		13,762		82,794		85,630		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		2,054		18,408		54,334		72,742		12,185		60,557		62,674		—		2015/2016
Avalon Cerritos	Cerritos, CA	132	8,869		51,452		724		8,869		52,176		61,045		6,229		54,816		56,826		30,250		2017/2019
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		9,214		42,020		82,575		124,595		28,956		95,639		95,977		—		2007/2013
AVA Studio City II	Studio City, CA	101	4,626		22,954		7,892		4,626		30,846		35,472		10,053		25,419		26,537		—		1991/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		18,815		15,756		96,993		112,749		32,673		80,076		84,386		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		24,105		42,720		131,747		174,467		52,984		121,483		127,837		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		7,481		43,540		87,455		130,995		36,802		94,193		97,655		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		14,821		32,000		75,591		107,591		24,484		83,107		85,032		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,605		20,560		111,161		131,721		35,802		95,919		99,432		—		2006/2013
eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,315		9,110		22,686		31,796		7,746		24,050		24,914		—		1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		5,509		13,950		25,720		39,670		11,314		28,356		29,475		—		1992/2013
eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		13,410		18,940		57,071		76,011		19,234		56,777		58,685		41,400		1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		90,853		86,450		252,109		338,559		76,300		262,259		270,938		—		1973/2013
eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		21,149		68,940		111,698		180,638		43,653		136,985		138,762		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		3,122		12,810		25,703		38,513		10,193		28,320		28,867		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,809		10,240		38,367		48,607		12,747		35,860		37,199		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		37,065		17,658		127,780		145,438		39,562		105,876		110,132		—		1987/2013
Total Los Angeles, CA		11,626	$	734,507	$	2,057,615	$	476,183	$	734,507	$	2,533,798	$	3,268,305	$	922,518	$	2,345,787	$	2,419,975	$	183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	10,088	$	1,975	$	13,902	$	15,877	$	8,877	$	7,000	$	7,414	$	—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		4,893		2,517		14,150		16,667		10,952		5,715		5,915		—		1984/1996
eaves South Coast	Costa Mesa, CA	258	4,709		16,063		14,097		4,709		30,160		34,869		20,986		13,883		14,680		—		1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		12,820		4,607		29,731		34,338		20,129		14,209		14,484		—		1990/1997
eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		12,109		4,871		31,854		36,725		24,699		12,026		12,614		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		3,922		9,911		71,442		81,353		29,547		51,806		53,014		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		534		4,358		41,439		45,797		13,049		32,748		34,048		—		2013
eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		4,909		5,199		26,043		31,242		10,067		21,175		21,816		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		516		31,689		98,520		130,209		23,819		106,390		109,585		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		66		11,607		44,039		55,646		9,274		46,372		47,982		—		2016
eaves Seal Beach (1)	Seal Beach, CA	549	46,790		99,999		37,744		46,790		137,743		184,533		41,799		142,734		147,985		—		1971/2013

			2021																2020		2021
			Initial Cost						Total Cost
Community	City and state	# of homes	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Huntington Beach	Huntington Beach, CA	378	$	13,055	$	105,981	$	726	$	13,055	$	106,707	$	119,762	$	20,347	$	99,415	$	103,010	$	—	2017
Total Orange County, CA		3,370	$	141,288	$	543,306	$	102,424	$	141,288	$	645,730	$	787,018	$	233,545	$	553,473	$	572,547	$	—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	42,944	$	9,922	$	83,524	$	93,446	$	52,968	$	40,478	$	43,072	$	—	1969/1997
eaves Mission Ridge	San Diego, CA	200	2,710		10,924		13,723		2,710		24,647		27,357		18,586		8,771		9,622		—		1960/1997
eaves San Marcos	San Marcos, CA	184	3,277		13,385		5,767		3,277		19,152		22,429		6,397		16,032		16,215		—		1988/2011
eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		8,490		6,692		35,633		42,325		12,724		29,601		28,631		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		800		12,689		44,128		56,817		10,802		46,015		47,402		—		2015
eaves La Mesa	La Mesa, CA	168	9,490		28,482		3,907		9,490		32,389		41,879		13,188		28,691		29,644		—		1989/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,386		16,760		40,080		56,840		14,524		42,316		43,561		—		1987/2013
Total San Diego, CA		1,767	$	61,540	$	191,536	$	88,017	$	61,540	$	279,553	$	341,093	$	129,189	$	211,904	$	218,147	$	—
TOTAL SOUTHERN CALIFORNIA		16,763	$	937,335	$	2,792,457	$	666,624	$	937,335	$	3,459,081	$	4,396,416	$	1,285,252	$	3,111,164	$	3,210,669	$	183,150
TOTAL SAME STORE		70,120	$	3,972,708	$	14,015,659	$	2,136,576	$	3,972,708	$	16,152,235	$	20,124,943	$	5,896,032	$	14,228,911	$	14,699,288	$	770,431

			2021																2020		2021
			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 Public Market (2)	Emeryville, CA	289	$	27,394	$	143,465	$	211	$	27,394	$	143,676	$	171,070	$	10,731	$	160,339	$	165,207	$	—	2020
Avalon Fort Lauderdale	Fort Lauderdale, FL	243	20,029		121,879		6,613		20,029		128,492		148,521		1,882		146,639		—		—		2021
Avalon Miramar	Miramar, FL	380	17,959		109,954		5,387		17,959		115,341		133,300		2,173		131,127		—		—		2021
Avalon Saugus	Saugus, MA	280	17,805		72,545		1,070		17,805		73,615		91,420		7,225		84,195		86,968		—		2019
Avalon Norwood	Norwood, MA	198	9,445		51,095		934		9,445		52,029		61,474		4,502		56,972		58,949		—		2020
Avalon Arundel Crossing East	Linthicum Heights, MD	384	9,933		108,703		2,283		9,933		110,986		120,919		5,890		115,029		—		—		2021
Hub South End	Charlotte, NC	265	13,723		87,606		2,526		13,723		90,132		103,855		2,120		101,735		—		—		2021
Three30Five	Charlotte, NC	164	9,367		43,460		664		9,367		44,124		53,491		824		52,667		—		—		2021
Hawk (2)	Charlotte, NC	71	2,564		43,826		223		2,564		44,049		46,613		98		46,515		—		—		2021
Avalon Princeton Junction	West Windsor, NJ	512	5,585		21,752		28,960		5,585		50,712		56,297		33,535		22,762		22,874		—		1988/1993
Avalon West Long Branch (5)	West Long Branch, NJ	180	2,721		22,925		530		2,721		23,455		26,176		9,111		17,065		17,691		—		2011
Avalon Boonton	Boonton, NJ	350	3,595		89,407		12		3,595		89,419		93,014		8,762		84,252		87,306		—		2019
Avalon Teaneck	Teaneck, NJ	248	12,588		60,086		—		12,588		60,086		72,674		5,346		67,328		69,600		—		2020
Avalon Lakeside	Flower Mound, TX	425	15,073		97,338		4,854		15,073		102,192		117,265		4,386		112,879		—		—		2021
Avalon Belltown Towers	Seattle, WA	274	24,638		121,064		1,340		24,638		122,404		147,042		11,705		135,337		140,188		—		2019
Avalon North Creek	Bothell, WA	316	13,498		69,004		—		13,498		69,004		82,502		6,459		76,043		78,855		—		2020
eaves Redmond Campus	Redmond, WA	374	15,665		80,985		32,986		15,665		113,971		129,636		38,601		91,035		109,602		—		1991/2013
The Park Loggia Commercial (7)	New York, NY	N/A	77,392		76,533		1,283		77,392		77,816		155,208		6,245		148,963		149,987		—		N/A
TOTAL OTHER STABILIZED		4,953	$	298,974	$	1,421,627	$	89,876	$	298,974	$	1,511,503	$	1,810,477	$	159,595	$	1,650,882	$	987,227	$	—
LEASE-UP
AVA Hollywood at La Pietra Place	Hollywood, CA	695	$	99,309	$	271,881	$	95	$	99,309	$	271,976	$	371,285	$	16,183	$	355,102	$	363,734	$	—	2021
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	—		112,716		255		—		112,971		112,971		5,547		107,424		109,501		—		2020
Avalon Monrovia	Monrovia, CA	154	12,125		56,082		174		12,125		56,256		68,381		1,112		67,269		46,571		—		2021
Avalon Doral	Doral, FL	350	21,892		92,894		—		21,892		92,894		114,786		4,164		110,622		109,321		—		2020
Avalon Acton II	Acton, MA	86	1,720		29,294		—		1,720		29,294		31,014		1,277		29,737		28,803		—		2021
Avalon Marlborough II	Marlborough, MA	123	5,523		36,381		—		5,523		36,381		41,904		1,747		40,157		39,790		—		2020
Avalon Easton II	Easton, MA	44	568		13,551		—		568		13,551		14,119		87		14,032		2,589		—		2021
Kanso Twinbrook	Rockville, MD	238	9,147		56,631		—		9,147		56,631		65,778		1,920		63,858		58,348		—		2021
Avalon Towson	Towson, MD	371	12,889		97,898		—		12,889		97,898		110,787		5,679		105,108		106,488		—		2020
Avalon 555 President	Baltimore, MD	400	13,150		119,913		5		13,150		119,918		133,068		4,241		128,827		125,721		—		2021
Avalon Old Bridge	Old Bridge, NJ	252	6,893		64,922		10		6,893		64,932		71,825		2,601		69,224		63,053		—		2021
Avalon Yonkers	Yonkers, NY	590	28,098		187,557		—		28,098		187,557		215,655		9,650		206,005		202,661		—		2021

			2021																2020		2021
			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 Newcastle Commons II	Newcastle, WA	293	$	6,976	$	98,940	$	145	$	6,976	$	99,085	$	106,061	$	2,792	$	103,269	$	99,669	$	—		2021
TOTAL LEASE-UP		3,796	$	218,290	$	1,238,660	$	684	$	218,290	$	1,239,344	$	1,457,634	$	57,000	$	1,400,634	$	1,356,249	$	—
REDEVELOPMENT
AVA Ballston	Arlington, VA	344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—		1990
TOTAL REDEVELOPMENT		344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—
TOTAL CURRENT COMMUNITIES (6)		79,213	$	4,497,263	$	16,705,123	$	2,251,909	$	4,497,263	$	18,957,032	$	23,454,295	$	6,148,060	$	17,306,235	$	17,064,649	$	770,431
DEVELOPMENT (6)
Avalon Brea Place	Brea, CA	653	$	31,037	$	92,066	$	154,265	$	31,037	$	246,331	$	277,368	$	1,536	$	275,832	$	202,845	$	—		N/A
Avalon West Dublin	Dublin, CA	499	—		—		55,994		—		55,994		55,994		—		55,994		—		—			N/A
AVA RiNo	Denver, CO	246	4,560		21,636		53,225		4,560		74,861		79,421		—		79,421		49,279		—			N/A
Avalon Westminster Promenade	Denver, CO	312	—		—		22,949		—		22,949		22,949		—		22,949		—		—			N/A
Avalon Merrick Park	Miami, FL	254	—		—		42,274		—		42,274		42,274		—		42,274		—		—			N/A
Avalon Woburn	Woburn, MA	350	10,783		49,546		54,703		10,783		104,249		115,032		496		114,536		67,902		—			N/A
Avalon North Andover	North Andover, MA	170	—		—		22,363		—		22,363		22,363		—		22,363		—		—			N/A
Avalon Brighton	Boston, MA	180	—		—		29,586		—		29,586		29,586		—		29,586		—		—			N/A
Avalon Foundry Row	Owings Mill, MD	437	9,596		76,717		5,572		9,596		82,289		91,885		1,408		90,477		79,238		—			N/A
Avalon Montville	Montville, NJ	350	—		—		16,790		—		16,790		16,790		—		16,790		—		—			N/A
Avalon Somerville Station (2)	Somerville, NJ	375	—		—		52,998		—		52,998		52,998		—		52,998		25,385		—			N/A
Avalon Princeton Circle	Princeton, NJ	221	—		—		16,521		—		16,521		16,521		—		16,521		—		—			N/A
Avalon Harrison	Harrison, NY	143	3,305		18,022		43,024		3,305		61,046		64,351		176		64,175		38,436		—			N/A
Avalon Harbor Isle	Island Park, NY	172	—		—		54,379		—		54,379		54,379		—		54,379		27,163		—			N/A
Avalon Amityville	Amityville, NY	338	—		—		45,239		—		45,239		45,239		—		45,239		—		—			N/A
Avalon Bothell Commons	Bothell, WA	472	—		—		51,690		—		51,690		51,690		—		51,690		—		—			N/A
Avalon Redmond Campus	Redmond, WA	214	—		—		13,364		—		13,364		13,364		—		13,364		—		—			N/A
TOTAL DEVELOPMENT		5,386	$	59,281	$	257,987	$	734,936	$	59,281	$	992,923	$	1,052,204	$	3,616	$	1,048,588	$	490,248	$	—
Land Held for Development		N/A	$	147,546	$	—	$	—	$	147,546	$	—	$	147,546	$	—	$	147,546	$	110,142	$	—
Corporate Overhead		N/A	10,899		11,414		104,412		10,899		115,826		126,725		66,045		60,680		58,223		7,400,000
For-sale condominium inventory (7)	New York, NY	N/A	72,212		234,530		(160,207)		72,212		74,323		146,535		—		146,535		267,219		—			2019
2021 Disposed Communities		N/A	—		—		—		—		—		—		—		—		243,300		—
TOTAL		84,599	$	4,787,201	$	17,209,054	$	2,931,050	$	4,787,201	$	20,140,104	$	24,927,305	$	6,217,721	$	18,709,584	$	18,233,781	$	8,170,431	(8)

_________________________________

(1)     This community was under redevelopment for some or all of 2021, with the redevelopment activities not expected to materially impact community operations, and therefore this community is included in the Same Store 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 or associated parking structure for this community is subject to an operating lease.

(4)     In 2021, the Company acquired the land encumbered by a ground lease for this community.

(5) As of December 31, 2021, this community qualified as held for sale.

(6)    Current and Development Communities excludes Unconsolidated Communities and Unconsolidated Development Communities.

(7)    The Park Loggia is comprised of 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, 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 $50,606 and $16,278, 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 $23,903,081 at December 31, 2021.

The changes in total real estate assets for the years ended December 31, 2021, 2020 and 2019 are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	23,962,222	$	23,606,872	$	22,342,576
Acquisitions, construction costs and improvements	1,588,314		860,594		1,615,949
Dispositions, including casualty losses and impairment loss on planned dispositions	(623,231)		(505,244)		(351,653)
Balance, end of period	$	24,927,305	$	23,962,222	$	23,606,872

The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019, are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	5,728,440	$	5,173,883	$	4,611,646
Depreciation, including discontinued operations	758,596		707,331		661,578
Dispositions, including casualty losses	(269,315)		(152,774)		(99,341)
Balance, end of period	$	6,217,721	$	5,728,440	$	5,173,883

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Organization, Basis of Presentation, and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

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, as amended (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 of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

At December 31, 2021, the Company owned or held a direct or indirect ownership interest in 278 operating apartment communities containing 81,803 apartment homes in 12 states and the District of Columbia. 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 6,189 apartment homes (unaudited) when completed, as well as The Park Loggia, which contains 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, and 66,000 square feet of commercial space, of which 87% has been leased as of December 31, 2021. 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 24 communities that, if developed as expected, will contain an estimated 8,070 apartment homes (unaudited).

Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K

Principles of Consolidation

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, certain joint venture partnerships, subsidiary partnerships structured as DownREITs and any variable interest entities that qualify for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company accounts for joint venture entities and subsidiary partnerships in accordance with the consolidation guidance. The Company evaluates the partnership of each joint venture entity and determines first whether to follow the variable interest entity (“VIE”) or the voting interest entity (“VOE”) model. Once the appropriate consolidation model is identified, the Company then evaluates whether it should consolidate the venture. Under the VIE model, the Company consolidates an investment when it has control to direct the activities of the venture and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company's maximum exposure for its VIEs is limited to its investments in the respective VIEs. Under the VOE model, the Company consolidates an investment when (i) it controls the investment through ownership of a majority voting interest if the investment is not a limited partnership or (ii) it controls the investment through its ability to remove the other partners in the investment, at its discretion, when the investment is a limited partnership.

The Company generally uses the equity method of accounting for its investment in joint ventures, including when the Company holds a noncontrolling limited partner interest in a joint venture. Any investment in excess of the Company's cost basis at acquisition or formation of an equity method venture, will be recorded as a component of the Company's investment in the joint venture and recognized over the life of the underlying fixed assets of the venture as a reduction to its equity in income from the venture. Investments in which the Company has little or no influence are accounted for using the measurement alternative with the carrying amount of the investment adjusted to fair value when there is an observable transaction indicating a change in fair value.

Real Estate

Real Estate

Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate.

For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred.

For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred.

The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities.

The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed.

Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years.

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.

For-Sale Condominium Inventory

For-Sale Condominium Inventory

The Company presents for-sale condominium inventory at historical cost and evaluates the condominiums for impairment when potential indicators exist, as further discussed under "Casualty and Impairment of Long-Lived Assets" below.

Income Taxes

Income Taxes

The Company elected to be treated as a REIT for federal income tax purposes for its tax year ended December 31, 1994 and has not revoked such election. A REIT is a corporate entity which holds real estate interests and can deduct from its federally taxable income qualifying dividends it pays if it meets a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to stockholders. Therefore, as a REIT, the Company generally will not be subject to corporate level federal income tax on its taxable income if it annually distributes 100% of its taxable income to its stockholders.

The states in which the Company operates have similar tax provisions which recognize the Company as a REIT for state income tax purposes. Management believes that all such conditions for the exemption from income taxes on ordinary income have been or will be met for the periods presented. Accordingly, no provision for federal and state income taxes has been made. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal corporate income taxes at regular corporate rates and may not be able to qualify as a corporate REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income and in certain other instances.

The Company did not incur any charges or receive refunds of excise taxes related to the years ended December 31, 2021, 2020 and 2019.

Taxable income from activities performed through taxable REIT subsidiaries (“TRS”) is subject to federal, state and local income taxes. The Company recognized income tax expense of $5,733,000 and $13,003,000 in 2021 and 2019, respectively, and recorded an income tax benefit of $3,247,000 in 2020 related to its activities through its TRSs. The income tax expense in 2021 and 2019 was primarily due to the disposition of the Company's for-sale condominiums and two wholly-owned operating communities. During 2020, the income tax expense was offset by net operating loss carryback provisions under the Coronavirus Aid, Relief and Economic Security Act. As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next 12 months. The Company is subject to examination by the respective taxing authorities for the tax years 2018 through 2020.

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2021, 2020 and 2019 (unaudited):

	2021		2020		2019
Ordinary income	55	%	66	%	96	%
20% capital gain	26	%	24	%	3	%
Unrecaptured §1250 gain	19	%	10	%	1	%

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs include fees and other expenditures necessary to obtain debt financing and are amortized on a straight-line basis, which approximates the effective interest method, over the shorter of the term of the loan or the related credit enhancement facility, if applicable. Unamortized financing costs are charged to earnings when debt is retired before the maturity date. Accumulated amortization of deferred financing costs related to unsecured notes was $23,705,000 and $25,239,000 as of December 31, 2021 and 2020, respectively, and related to mortgage notes payable was $2,300,000 and $2,046,000 as of December 31, 2021 and 2020, respectively. Deferred financing costs, except for costs associated with line-of-credit arrangements, are presented as a direct deduction from the related debt liability. Accumulated amortization of deferred financing costs related to the Company's Credit Facility was $15,187,000 and $13,501,000 as of December 31, 2021 and 2020, respectively, and was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Cash, Cash Equivalents and Cash in Escrow

Cash, Cash Equivalents and Cash in Escrow

Cash and cash equivalents include all cash and liquid investments with an original maturity of three months or less from the date acquired. Cash in escrow includes principal reserve funds that are restricted for the repayment of specified secured financing. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.

Interest Rate Contracts

Interest Rate Contracts

The Company utilizes derivative financial instruments to manage interest rate risk. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.

Comprehensive Income

Comprehensive Income

Comprehensive income, as reflected on the Consolidated Statements of Comprehensive Income, is defined as all changes in equity during each period except for those resulting from investments by or distributions to shareholders. Accumulated other comprehensive loss, as reflected on the Consolidated Statements of Equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.

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):

	For the year ended
	12/31/21		12/31/20		12/31/19
Basic and diluted shares outstanding
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	320,466		332,973		509,859
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Net income allocated to unvested restricted shares	(2,100)		(1,955)		(2,063)
Net income attributable to common stockholders, adjusted	$	1,002,199	$	825,675	$	783,911
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Earnings per common share—basic	$	7.19	$	5.89	$	5.64
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		46
Adjusted net income attributable to common stockholders	$	1,004,347	$	827,678	$	786,020
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Earnings per common share—diluted	$	7.19	$	5.89	$	5.63

All options to purchase shares of common stock outstanding as of December 31, 2021, 2020 and 2019 are included in the computation of diluted earnings per share.

Expensed Transaction, Development and Other Pursuit Costs, and Casualty and Impairment of Long-Lived Assets

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 $2,192,000, $12,317,000 and $4,896,000 during the years ended December 31, 2021, 2020 and 2019, respectively. These costs are included in expensed transaction, development and other pursuit costs, net of recoveries on the accompanying Consolidated Statements of Comprehensive Income. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company deemed no longer probable. 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, for the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses other than those related to casualty losses from property damage. During the year ended December 31, 2021, the Company recognized a charge of $3,119,000 for the property and casualty damages across several communities in its East Coast markets related to severe storms as well as the property and casualty damages resulting from a fire at an operating community, reported as casualty and impairment loss on the accompanying Consolidated Statements of Comprehensive Income.

The Company evaluates its for-sale condominium inventory for potential indicators of impairment, considering whether the fair value of the individual for-sale condominium units exceeds the carrying value of those units. For-sale condominium inventory is stated at cost, unless the carrying amount of the inventory is not recoverable when compared to the fair value of each unit. The Company determines the fair value of its for-sale condominium inventory as the estimated sales price less direct costs to sell. For the years ended December 31, 2021, 2020 and 2019, the Company did not recognize any impairment losses on 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 years ended December 31, 2021, 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 during the years ended December 31, 2021, 2020 or 2019.

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

The Company presents the assets and liabilities of any communities which have been sold, or otherwise qualify as held for sale, separately in the accompanying Consolidated Balance Sheets. In addition, the results of operations for those assets that meet the definition of discontinued operations are presented as such in the accompanying Consolidated Statements of Comprehensive Income. Real estate assets held for sale are measured at the lower of the carrying amount or the fair value less the cost to sell. Upon the classification of an asset as held for sale, no further depreciation is recorded. Disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations, and for those assets qualifying for classification as discontinued operations, the specific components of net income presented as discontinued operations include net operating income, depreciation expense and interest expense, net. For periods prior to the asset qualifying for discontinued operations, the Company reclassifies the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the eventual disposal of assets held for sale will be presented as discontinued operations when recognized. A change in presentation for held for sale or discontinued operations has no impact on the Company's financial condition or results of operations. The Company combines the operating, investing and financing portions of cash flows attributable to discontinued operations with the respective cash flows from continuing operations on the accompanying Consolidated Statements of Cash Flows. The Company had one wholly-owned operating community that qualified as held for sale presentation at December 31, 2021.

Derivative Instruments and Hedging Activities

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 accumulated 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.

Acquisitions of Investments in Real Estate

Real Estate

Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, furniture, fixtures and equipment, and other costs incurred during their development, redevelopment and acquisition. Significant expenditures which improve or extend the life of an existing asset and that will benefit the Company for periods greater than a year, are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Project costs related to the development, construction and redevelopment of real estate projects (including interest and related loan fees, property taxes and other direct costs) are capitalized as a cost of the project. Indirect project costs that relate to several projects are capitalized and allocated to the projects to which they relate. Indirect costs not clearly related to development, construction and redevelopment activity are expensed as incurred. For development, capitalization (i) begins when the Company has determined that development of the future asset is probable, (ii) can be suspended if there is no current development activity underway, but future development is still probable and (iii) ends when the asset, or a portion of an asset, is delivered and is ready for its intended use, or the Company's intended use changes such that capitalization is no longer appropriate.

For land parcels improved with operating real estate, for which the Company intends to pursue development, the Company generally manages the current improvements until such time as all tenant obligations have been satisfied or eliminated through negotiation, and construction of new apartment communities is ready to begin. Revenue from incidental operations received from the current improvements on land parcels in excess of any incremental costs are recorded as a reduction of total capitalized costs of the respective Development Right and not as part of net income. Incidental operating costs in excess of incidental operating income are expensed in the period incurred.

For redevelopment efforts, the Company capitalizes costs either (i) in advance of taking homes out of service when significant renovation of the common area has begun until the redevelopment is completed, or (ii) when an apartment home is taken out of service for redevelopment until the redevelopment is completed and the apartment home is available for a new resident. Rental income and operating costs incurred during the initial lease-up or post-redevelopment lease-up period are recognized in earnings as incurred.

The Company assesses acquisitions of operating communities to determine if it meets the definition of a business or if it qualifies as an asset acquisition. The Company generally views acquisitions of individual operating communities as asset acquisitions, which results in the capitalization of acquisition costs and the allocation of purchase price to the assets acquired and liabilities assumed, based on the relative fair value of the respective assets and liabilities.

The purchase price allocation to tangible assets is reflected in real estate assets and depreciated over their estimated useful lives. Any purchase price allocation to intangible assets, other than in-place lease intangibles, is included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets and amortized over the term of the acquired intangible asset. The Company values land based on a market approach, looking to recent sales of similar properties, adjusting for differences due to location, the state of entitlement as well as the shape and size of the parcel. Improvements to land are valued using a replacement cost approach and consider the structures and amenities included for the communities and is reduced by estimated depreciation. The value for furniture, fixtures and equipment is also determined based on a replacement cost approach, considering costs for both items in the apartment homes as well as common areas and is adjusted for estimated depreciation. The fair value of buildings is estimated using the replacement cost approach, assuming the buildings were vacant at acquisition. The replacement cost approach considers the composition of structures acquired, adjusted for depreciation which considers industry standard information and estimated useful life of the acquired property. The value of the lease-related intangibles considers the estimated cost of leasing the apartment homes as if the acquired building(s) were vacant, as well as the value of the current leases relative to market-rate leases. The in-place lease value is determined using an average total lease-up time, the number of apartment homes and net revenues generated during the lease-up time. Net revenues use market rent considering actual leasing and industry rental rate data. The value of current leases relative to a market-rate lease is based on market comparables. Given the heterogeneous nature of multifamily real estate, the fair values for the land, debt, real estate assets and in-place leases incorporate significant unobservable inputs and therefore are considered to be Level 3 prices within the fair value hierarchy. Consideration for acquisitions is typically in the form of cash unless otherwise disclosed.

Depreciation is generally calculated on a straight-line basis over the estimated useful lives of the assets, which for buildings and related improvements range from seven years to 30 years and for furniture, fixtures and equipment range from three years to seven years.

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

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

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.

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 fixed lease payments including fixed amounts 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

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 and Gain Recognition

Under ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue 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, as discussed above under "Leases". The Company's revenue streams that are not accounted for under ASC 842 include:

•Management fees - The Company has investment interests in real estate joint ventures, for which the Company may manage (i) the venture, (ii) the associated operating communities owned by the ventures and/or (iii) the development or redevelopment of those operating communities. For these activities, the Company receives asset management, property management, development and/or redevelopment fee revenue. The performance obligation is the management of the venture, community or other defined task such as the development or redevelopment of the community. While the individual activities that comprise the performance obligation of the management fees can vary day to day, the nature of the overall performance obligation to provide management service is the same and considered by the Company to be a series of services that have the same pattern of transfer to the customer and the same method to measure progress toward satisfaction of the performance obligation. The Company recognizes revenue for fees as earned on a monthly basis.

•Rental and non-rental related income - The Company recognizes revenue for new rental related income not included as components of a lease, such as reservation and application fees, as well as for non-rental related income, as earned.

•Gains or losses on sales of real estate - The Company accounts for the sale of real estate assets and any related gain recognition in accordance with the accounting guidance applicable to sales of real estate, which establishes standards for recognition of profit on all real estate sales transactions, other than commercial land sales. The Company recognizes the sale, and associated gain or loss from the disposition when the criteria for the sale of an asset have been met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset that was sold. In addition, a gain or loss recognized on the sale of a nonfinancial asset to an unconsolidated entity is recognized at 100%, and not the Company’s proportionate ownership percentage.

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 years ended December 31, 2021, 2020 and 2019. The segments are classified based on the individual community's status at January 1, 2021 for the years ended December 31, 2021 and 2020, and at January 1, 2020 for the year ended December 31, 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):

	Same Store		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Rental and non-rental related income (2)	7,356		1,650		675		—		9,681
Total non-lease revenue (3)	7,356		1,650		675		3,084		12,765
Lease income (4)	2,038,817		102,707		97,704		—		2,239,228
Business interruption insurance proceeds	—		—		—		—		—
Total revenue	$	2,046,173	$	104,357	$	98,379	$	3,084	$	2,251,993
For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Rental and non-rental related income (2)	7,200		2,056		362		—		9,618
Total non-lease revenue (3)	7,200		2,056		362		1,978		11,596
Lease income (4)	2,074,604		77,375		27,936		—		2,179,915
Business interruption insurance proceeds	379		—		—		—		379
Total revenue	$	2,082,183	$	79,431	$	28,298	$	1,978	$	2,191,890
For the year ended December 31, 2019
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	4,960	$	4,960
Rental and non-rental related income (2)	7,028		1,224		400		—		8,652
Total non-lease revenue (3)	7,028		1,224		400		4,960		13,612
Lease income (4)	2,032,561		108,757		28,377		—		2,169,695
Business interruption insurance proceeds	986		453		—		—		1,439
Total revenue	$	2,040,575	$	110,434	$	28,777	$	4,960	$	2,184,746

__________________________________

(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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 ASC 606, Revenue from Contracts with Customers.

(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 December 31, 2021.

Uncollectible Lease Revenue Reserves

Uncollectible Lease Revenue Reserves

The Company assesses the collectability of its lease revenue and receivables on an on-going basis. Under ASC 842, Leases, the Company assesses the probability of receiving all remaining lease amounts due on a lease by lease basis, reserving for revenue and the related receivables for those leases where collection of substantially all of the remaining lease payments is not probable. Subsequently, the Company will only recognize revenue to the extent cash is received. If the Company determines that collection of the remaining lease payments becomes probable at a future date, the Company will recognize the cumulative revenue that would have been recorded under the original lease agreement.

In addition to the specific reserves recognized under ASC 842, the Company also evaluates its lease receivables for collectability at a portfolio level under ASC 450, Contingencies – Loss Contingencies. The Company recognizes a reserve under ASC 450 when the uncollectible revenue is probable and reasonably estimable. The Company applies this reserve to the population of the Company’s revenue and receivables not specifically addressed as part of the specific ASC 842 reserve.

COVID-19 Pandemic

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, among other factors, (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government in response to the novel coronavirus and relieve economic distress of consumers, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic.

As of December 31, 2021, 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 $52,075,000 and $66,763,000 for the years ended December 31, 2021 and 2020 under ASC 842 and ASC 450, Contingencies.

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Organization, Basis of Presentation, and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of tax components of the entity's common dividends declared

The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2021, 2020 and 2019 (unaudited):

	2021		2020		2019
Ordinary income	55	%	66	%	96	%
20% capital gain	26	%	24	%	3	%
Unrecaptured §1250 gain	19	%	10	%	1	%

Schedule of earnings per common share

The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):

	For the year ended
	12/31/21		12/31/20		12/31/19
Basic and diluted shares outstanding
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Weighted average DownREIT units outstanding	7,500		7,500		7,500
Effect of dilutive securities	320,466		332,973		509,859
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Net income allocated to unvested restricted shares	(2,100)		(1,955)		(2,063)
Net income attributable to common stockholders, adjusted	$	1,002,199	$	825,675	$	783,911
Weighted average common shares—basic	139,389,433		140,094,722		139,054,191
Earnings per common share—basic	$	7.19	$	5.89	$	5.64
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$	1,004,299	$	827,630	$	785,974
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48		48		46
Adjusted net income attributable to common stockholders	$	1,004,347	$	827,678	$	786,020
Weighted average common shares—diluted	139,717,399		140,435,195		139,571,550
Earnings per common share—diluted	$	7.19	$	5.89	$	5.63

Schedule of new accounting pronouncements and changes in accounting principles

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 years ended December 31, 2021, 2020 and 2019. The segments are classified based on the individual community's status at January 1, 2021 for the years ended December 31, 2021 and 2020, and at January 1, 2020 for the year ended December 31, 2019. Segment information for total revenue has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):

	Same Store		Other Stabilized Communities		Development/ Redevelopment Communities		Non- allocated (1)		Total
For the year ended December 31, 2021
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	3,084	$	3,084
Rental and non-rental related income (2)	7,356		1,650		675		—		9,681
Total non-lease revenue (3)	7,356		1,650		675		3,084		12,765
Lease income (4)	2,038,817		102,707		97,704		—		2,239,228
Business interruption insurance proceeds	—		—		—		—		—
Total revenue	$	2,046,173	$	104,357	$	98,379	$	3,084	$	2,251,993
For the year ended December 31, 2020
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	1,978	$	1,978
Rental and non-rental related income (2)	7,200		2,056		362		—		9,618
Total non-lease revenue (3)	7,200		2,056		362		1,978		11,596
Lease income (4)	2,074,604		77,375		27,936		—		2,179,915
Business interruption insurance proceeds	379		—		—		—		379
Total revenue	$	2,082,183	$	79,431	$	28,298	$	1,978	$	2,191,890
For the year ended December 31, 2019
Management, development and other fees and other ancillary items	$	—	$	—	$	—	$	4,960	$	4,960
Rental and non-rental related income (2)	7,028		1,224		400		—		8,652
Total non-lease revenue (3)	7,028		1,224		400		4,960		13,612
Lease income (4)	2,032,561		108,757		28,377		—		2,169,695
Business interruption insurance proceeds	986		453		—		—		1,439
Total revenue	$	2,040,575	$	110,434	$	28,777	$	4,960	$	2,184,746

__________________________________

(1)Revenue represents third-party management, asset management and developer fees and miscellaneous income and other ancillary items 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 ASC 606, Revenue from Contracts with Customers.

(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)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2021 and 2020, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).

	12/31/21		12/31/20
Fixed rate unsecured notes (1)	$	7,150,000	$	6,500,000
Term Loans (1)	250,000		250,000
Fixed rate mortgage notes payable—conventional and tax-exempt (2)	306,281		408,964
Variable rate mortgage notes payable—conventional and tax-exempt (2)	464,150		470,850
Total mortgage notes payable and unsecured notes and Term Loans	8,170,431		7,629,814
Credit Facility	—		—
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	$	8,170,431	$	7,629,814

_________________________________

(1)     Balances at December 31, 2021 and 2020 exclude $10,033 and $10,380, respectively, of debt discount, and $40,573 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.

(2)     Balances at December 31, 2021 and 2020 exclude $13,528 and $14,478 of debt discount, respectively, and $2,750 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets.

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 December 31, 2021 are as follows (dollars in thousands):

Year	Secured notes principal payments		Secured notes maturities		Unsecured notes and Term Loans maturities		Stated interest rate of unsecured notes and Term Loans
2022	$	8,263	$	—	$	100,000	LIBOR + 0.90%
2023	8,999		—		350,000		4.200	%
					250,000		2.850	%
2024	9,837		—		300,000		3.500	%
					150,000		LIBOR + 0.85%
2025	10,478		—		525,000		3.450	%
					300,000		3.500	%
2026	11,420		—		475,000		2.950	%
					300,000		2.900	%
2027	13,765		236,100		400,000		3.350	%
2028	18,512		—		450,000		3.200	%
					400,000		1.900	%
2029	9,462		66,250		450,000		3.300	%
2030	10,014		—		700,000		2.300	%
2031	10,669		—		600,000		2.450	%
Thereafter	111,164		245,498		700,000		2.050	%
					350,000		3.900	%
					300,000		4.150	%
					300,000		4.350	%
	$	222,583	$	547,848	$	7,400,000

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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Combined summary of the financial position of the entities accounted for using the equity method

The following is a combined summary of the financial position of the Company’s unconsolidated investments discussed above, accounted for using the equity method and presented on the accompanying Consolidated Balance Sheets as of the dates presented, including development joint ventures started and unconsolidated communities sold during the respective periods (dollars in thousands):

	12/31/21		12/31/20
Assets:
Real estate, net	$	1,184,041	$	1,249,730
Other assets	399,591		255,606
Total assets	$	1,583,632	$	1,505,336
Liabilities and partners' capital:
Mortgage notes payable, net (1)	$	645,235	$	751,257
Other liabilities	168,403		163,808
Partners' capital	769,994		590,271
Total liabilities and partners' capital	$	1,583,632	$	1,505,336

_________________________________

(1)    Other than the AVA Arts District construction loan, the Company has not guaranteed any other outstanding debt, nor does the Company have any obligation to fund this debt should the unconsolidated entity be unable to do so.

Combined summary of the operating results of the entities accounted for using the equity method

The following is a combined summary of the operating results of the entities accounted for using the equity method discussed above and presented on the accompanying Consolidated Statements of Comprehensive Income, for the years presented (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19 (1)
Rental and other income (2)	$	198,645	$	118,474	$	144,431
Operating and other expenses	(46,102)		(49,509)		(55,732)
Gain on sale of communities	164,273		18,450		21,748
Interest expense, net	(27,508)		(31,982)		(33,896)
Depreciation expense	(29,910)		(34,606)		(58,387)
Net income	$	259,398	$	20,827	$	18,164
Company's share of net income	$	32,123	$	8,538	$	10,779
Direct investment gains, amortization of excess investment and other (3)	6,462		(2,116)		(2,127)
Income from investments in unconsolidated entities	$	38,585	$	6,422	$	8,652

_________________________________

(1)    Amounts include results from AVA North Point through the date the Company acquired its venture partner's 45.0% equity interest.

(2)    Includes unrealized gains on the Company's indirect property technology ventures accounted for under the equity method of accounting during the year ended December 31, 2021.

(3) Includes unrealized gains on the Company’s direct investment in equity securities of property technology investments during the year ended December 31, 2021.

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Real Estate Disposition Activities (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Details regarding the real estate sales

Details regarding the real estate sales, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):

Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
eaves Stamford	Stamford, CT	Q121	238	$	—	$	72,000	$	70,062
Avalon Norwalk	Norwalk, CT	Q221	311	—		103,000		101,422
AVA Cortez Hill	San Diego, CA	Q221	299	—		96,500		94,648
Avalon Redmond Place	Redmond, WA	Q221	222	—		97,700		86,750
Avalon Bronxville	Bronxville, NY	Q221	110	—		89,000		88,088
Avalon Glen Cove & Avalon Glen Cove North	Glen Cove, NY	Q221	367	—		126,000		125,564
eaves Lawrenceville	Lawrenceville, NJ	Q421	632	—		208,000		203,705
Avalon at Center Place	Providence, RI	Q421	225	—		75,000		71,841
Other real estate (1)	multiple	2021	N/A	—		7,858		8,150
Total of 2021 asset sales			2,404	$	—	$	875,058	$	850,230
Total of 2020 asset sales			1,817	$	—	$	634,250	$	619,773
Total of 2019 asset sales			1,660	$	21,700	$	431,280	$	422,041

_________________________________

(1)     Represents the sale of one undeveloped land parcel, located in Boston, MA, and condominium rights, located in Plymouth, MA.

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rates

The following table details the weighted average remaining lease term and discount rates for the Company’s ground and office leases:

Weighted-average remaining lease term - finance leases	24 years
Weighted-average remaining lease term - operating leases	38 years
Weighted-average discount rate - finance leases	4.63	%
Weighted-average discount rate - operating leases	4.61	%

Reconciliation of Undiscounted and Discounted Cash Flows for Finance Leases

The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands):

	Payments due by period
	2022		2023		2024		2025		2026		Thereafter
Operating Lease Obligations	$	13,797	$	13,558	$	13,324	$	13,575	$	13,358	$	290,869
Finance Lease Obligations	1,082		1,084		1,087		1,089		1,092		37,952
	$	14,879	$	14,642	$	14,411	$	14,664	$	14,450	$	328,821

	Total undiscounted cash flows		Total lease liabilities		Difference between discounted and undiscounted cash flows
Operating Lease Obligations	$	358,481	$	146,377	$	212,104
Finance Lease Obligations	43,386		20,120		23,266
	$	401,867	$	166,497	$	235,370

Reconciliation of Undiscounted and Discounted Cash Flows for Operating Leases

The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands):

	Payments due by period
	2022		2023		2024		2025		2026		Thereafter
Operating Lease Obligations	$	13,797	$	13,558	$	13,324	$	13,575	$	13,358	$	290,869
Finance Lease Obligations	1,082		1,084		1,087		1,089		1,092		37,952
	$	14,879	$	14,642	$	14,411	$	14,664	$	14,450	$	328,821

	Total undiscounted cash flows		Total lease liabilities		Difference between discounted and undiscounted cash flows
Operating Lease Obligations	$	358,481	$	146,377	$	212,104
Finance Lease Obligations	43,386		20,120		23,266
	$	401,867	$	166,497	$	235,370

Future Minimum Lease Payments Under Current Leases

The following tables detail the future minimum lease payments under the Company's current leases and a reconciliation of undiscounted and discounted cash flows for operating and finance leases (dollars in thousands):

	Payments due by period
	2022		2023		2024		2025		2026		Thereafter
Operating Lease Obligations	$	13,797	$	13,558	$	13,324	$	13,575	$	13,358	$	290,869
Finance Lease Obligations	1,082		1,084		1,087		1,089		1,092		37,952
	$	14,879	$	14,642	$	14,411	$	14,664	$	14,450	$	328,821

	Total undiscounted cash flows		Total lease liabilities		Difference between discounted and undiscounted cash flows
Operating Lease Obligations	$	358,481	$	146,377	$	212,104
Finance Lease Obligations	43,386		20,120		23,266
	$	401,867	$	166,497	$	235,370

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Net income	$	1,004,356	$	827,706	$	786,103
Property management and other indirect operating expenses, net of corporate income	98,665		97,443		83,008
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399		4,991
Interest expense, net	220,415		214,151		203,585
Loss on extinguishment of debt, net	17,787		9,333		602
General and administrative expense	69,611		60,343		58,042
Income from investments in unconsolidated entities	(38,585)		(6,422)		(8,652)
Depreciation expense	758,596		707,331		661,578
Income tax expense (benefit)	5,733		(3,247)		13,003
Casualty and impairment loss	3,119		—		—
Gain on sale of communities	(602,235)		(340,444)		(166,105)
Gain on other real estate transactions, net	(2,097)		(440)		(439)
Net for-sale condominium activity	977		(2,551)		3,812
Net operating income from real estate assets sold or held for sale	(24,895)		(67,418)		(87,637)
Net operating income	$	1,514,678	$	1,508,184	$	1,551,891

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):

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Rental income from real estate assets sold or held for sale	$	42,857	$	109,371	$	139,880
Operating expenses from real estate assets sold or held for sale	(17,962)		(41,953)		(52,243)
Net operating income from real estate assets sold or held for sale	$	24,895	$	67,418	$	87,637

Summary of Total Revenue, NOI, and Real Estate by Segment

Segment information for the years ended December 31, 2021, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, “Real Estate Disposition Activities.”

	Total revenue		NOI		Gross real estate (1)
For the year ended December 31, 2021
Same Store
New England	$	302,919	$	193,415	$	2,787,583
Metro NY/NJ	425,653		289,855		4,112,556
Mid-Atlantic	338,455		227,695		3,583,374
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	109,907		74,875		1,059,431
Northern California	361,910		256,417		3,469,149
Southern California	451,884		310,048		4,396,416
Total Same Store	2,046,173		1,388,445		20,124,943
Other Stabilized	104,357		71,014		1,796,752
Development / Redevelopment	98,379		55,219		2,574,352
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,251,993	$	1,514,678	$	24,901,129
For the period ended December 31, 2020
Same Store
New England	$	305,262	$	200,028	$	2,761,655
Metro NY/NJ	425,946		294,086		4,083,641
Mid-Atlantic	345,003		239,228		3,557,724
Southeast Florida	29,151		15,730		393,926
Denver, CO	21,293		13,796		319,562
Pacific Northwest	110,976		77,324		1,052,903
Northern California	400,934		298,176		3,438,290
Southern California	443,618		306,344		4,358,217
Total Same Store (2)	2,082,183		1,444,712		19,965,918
Other Stabilized	79,431		52,614		1,081,327
Development / Redevelopment	28,298		10,858		1,917,913
Land Held for Development	N/A		N/A		110,142
Non-allocated (3)	1,978		N/A		367,190
Total	$	2,191,890	$	1,508,184	$	23,442,490
For the year ended December 31, 2019
Same Store
New England	$	287,144	$	193,106	$	2,475,513
Metro NY/NJ	429,154		303,859		3,946,221
Mid-Atlantic	351,680		250,142		3,484,610
Southeast Florida	17,709		9,861		242,843
Denver, CO	5,694		3,716		77,513
Pacific Northwest	107,417		78,063		956,755
Northern California	397,593		305,450		3,186,075
Southern California	444,184		316,819		4,083,946
Total Same Store (2)	2,040,575		1,461,016		18,453,476
Other Stabilized	110,434		74,814		1,587,397
Development / Redevelopment	28,777		16,061		2,086,519
Land Held for Development	N/A		N/A		—
Non-allocated (3)	4,960		N/A		559,777
Total	$	2,184,746	$	1,551,891	$	22,687,169

_________________________________

(1)     Does not include gross real estate assets held for sale of $26,176 as of December 31, 2021 and gross real estate assets either sold or classified as held for sale subsequent to December 31, 2020 and 2019 of $474,792 and $871,291, respectively.

(2)     Gross real estate for the Company's Same Store includes capitalized additions of approximately $158,991, $126,548 and $128,324 in 2021, 2020 and 2019, respectively.

(3)     Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items 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)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of information with respect to stock options granted

Information with respect to stock options granted under the 2009 Plan is as follows:

	2009 Plan shares	Weighted average exercise price per share
Options Outstanding, December 31, 2018	124,212	$	128.84
Exercised	(109,804)	129.47
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2019	14,408	$	124.05
Exercised	(1,902)	89.17
Granted	—	—
Forfeited	—	—
Options Outstanding, December 31, 2020	12,506	$	129.35
Exercised	(2,759)	124.34
Granted (1)	294,115	180.32
Forfeited	(4,713)	180.32
Options Outstanding, December 31, 2021	299,149	$	178.71
Options Exercisable:
December 31, 2019	14,408	$	124.05
December 31, 2020	12,506	$	129.35
December 31, 2021	9,747	$	130.77

__________________________________

(1)Includes 4,847 options resulting from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.

Summary of valuation options

The assumptions used are as follows:

	2021
Dividend yield	3.5	%
Estimated volatility	27.1	%
Risk free rate	0.81	%
Expected life of options	5 years
Estimated fair value	$28.64

The assumptions used are as follows:

	2021	2020	2019
Dividend yield	3.5%	2.8%	3.1%
Estimated volatility over the life of the plan (1)	22.0% - 49.0%	11.1% - 15.5%	13.9% - 18.8%
Risk free rate	0.06% - 0.38%	1.45% - 1.62%	2.46% - 2.57%
Estimated performance award value based on total shareholder return measure	$213.16	$254.72	$204.15

_________________________________

(1)     Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Summary of exercise prices and contractual lives of options outstanding

The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2021:

2009 Plan Number of Options	Range—Exercise Price			Weighted Average Remaining Contractual Term (in years)
9,747	$130.00	-	$139.99	0.9
289,402	$180.00	-	$189.99	9.2
299,149

Schedule of nonvested performance awards granted

Information with respect to performance awards granted is as follows:

	Performance awards	Weighted average grant date fair value per award
Outstanding at December 31, 2018	267,129	$	157.21
Granted (1)	80,512	200.75
Change in awards based on performance (2)	(16,760)	142.03
Converted to restricted stock	(73,072)	142.03
Forfeited	(4,377)	166.44
Outstanding at December 31, 2019	253,432	$	176.27
Granted (3)	77,182	238.03
Change in awards based on performance (2)	18,112	177.26
Converted to restricted stock	(96,317)	177.26
Forfeited	(10,488)	188.52
Outstanding at December 31, 2020	241,921	$	195.13
Granted (4)	138,033	191.12
Change in awards based on performance (2)	(37,469)	156.00
Converted to shares of common stock	(56,545)	156.00
Forfeited	(1,418)	207.65
Outstanding at December 31, 2021	284,522	$	206.05

_________________________________

(1)     The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 33,010 performance awards.

(2)    Represents the change in the number of performance awards earned based on performance achievement.

(3)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards.

(4)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 performance awards.

Schedule of restricted stock granted

Information with respect to restricted stock granted is as follows:

	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, 2018	160,411	$	166.33	209,238
Granted - restricted stock shares	79,430	196.43		73,072
Vested - restricted stock shares	(89,289)	168.06		(119,064)
Forfeited	(2,226)	174.45		(135)
Outstanding at December 31, 2019	148,326	$	181.29	163,111
Granted - restricted stock shares	69,228	221.08		96,317
Vested - restricted stock shares	(79,931)	178.41		(111,325)
Forfeited	(5,899)	196.22		(1,784)
Outstanding at December 31, 2020	131,724	$	203.28	146,319
Granted - restricted stock shares	99,291	178.84		—
Vested - restricted stock shares	(69,840)	192.32		(71,692)
Forfeited	(4,109)	195.77		—
Outstanding at December 31, 2021	157,066	$	192.90	74,627

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Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 (dollars in thousands):

	Non-designated Hedges			Cash Flow Hedges
	Interest Rate Caps			Interest Rate Swaps
Notional balance	$	402,670		$	150,000
Weighted average interest rate (1)	1.7		%	N/A
Weighted average swapped/capped interest rate	6.1		%	1.4		%
Earliest maturity date	January 2024			March 2022
Latest maturity date	November 2026			March 2022

_________________________________

(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 caps.

Summary of deferred losses reclassified from AOCI

The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss into earnings (dollars in thousands):

	For the year ended
	12/31/21		12/31/20		12/31/19
Cash flow hedge losses reclassified to earnings	$	13,151	$	8,984	$	6,571

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):

Description	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	12/31/2021
Non Designated Hedges
Interest Rate Caps	$	225	$	—	$	225	$	—
Interest Rate Swaps - Assets	3,204		—		3,204		—
DownREIT units	(1,895)		(1,895)		—		—
Indebtedness
Fixed rate unsecured notes	(7,624,560)		(7,624,560)		—		—
Mortgage notes payable, variable rate unsecured notes	(940,779)		—		(940,779)		—
Total	$	(8,563,805)	$	(7,626,455)	$	(937,350)	$	—
	12/31/2020
Non Designated Hedges
Interest Rate Caps	$	6	$	—	$	6	$	—
Interest Rate Swaps - Assets	4,308		—		4,308		—
DownREIT units	(1,203)		(1,203)		—		—
Indebtedness
Fixed rate unsecured notes	(7,271,799)		(7,271,799)		—		—
Mortgage notes payable, variable rate unsecured notes	(1,043,976)		—		(1,043,976)		—
Total	$	(8,312,664)	$	(7,273,002)	$	(1,039,662)	$	—

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Organization, Basis of Presentation, and Significant Accounting Policies - Organization and Basis of Presentation (Details) ft² in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2021 USD ($) community home residential_condominium ft² state	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 community home residential_condominium ft² state
Real Estate
Number of real estate properties | community	278			278
Number of apartment homes included in operating apartment communities owned | home	81,803			81,803
Number of states where operating apartment communities owned are located | state	12			12
Number of owned communities under construction | community	19			19
Expected number of apartment homes under construction | home	6,189			6,189
Number of residential condominiums sold | residential_condominium	53			123
Communities under development rights | community	24			24
Estimated number of apartment homes in communities to be developed | home	8,070			8,070
Casualty and impairment loss | $	$ 3,119,000	$ 0	$ 0
Buildings and related improvements | Minimum
Real Estate
Estimated useful life of assets (in years)	7 years
Buildings and related improvements | Maximum
Real Estate
Estimated useful life of assets (in years)	30 years
Furniture, fixtures and equipment | Minimum
Real Estate
Estimated useful life of assets (in years)	3 years
Furniture, fixtures and equipment | Maximum
Real Estate
Estimated useful life of assets (in years)	7 years
The Park Loggia
Real Estate
Number of residential units in development | residential_condominium	172			172
Commercial square feet | ft²	66			66
Percent of commercial square feet leased	87.00%			87.00%
Casualty and impairment loss | $	$ 0	$ 0	$ 0

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Organization, Basis of Presentation, and Significant Accounting Policies - Income Taxes and Deferred Financing Costs (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) community
Accounting Policies [Abstract]
Minimum distribution of adjusted taxable income for deducting dividends from federally taxable income (as a percent)	90.00%
Minimum distribution of REIT taxable income for federal income tax exemption (as a percent)	100.00%
Accounting Policies [Line Items]
Excise tax refund	$ 0	$ 0	$ 0
Excise and sales taxes	0	0	0
Income tax (expense) benefit	5,733,000	(3,247,000)	$ 13,003,000
Number of communities sold with deferred tax obligations | community			2
Unrecognized tax benefits	$ 0	$ 0
Tax components of common stock dividends declared
Ordinary income (as a percent)	55.00%	66.00%	96.00%
20% capital gain (as a percent)	26.00%	24.00%	3.00%
Capital gain tax rate (as a percent)	20.00%	20.00%	20.00%
Unrecaptured 1250 gain (as a percent)	19.00%	10.00%	1.00%
Unsecured notes
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	$ 23,705,000	$ 25,239,000
Secured notes
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	2,300,000	2,046,000
Variable rate unsecured credit facility
Accounting Policies [Line Items]
Accumulated amortization of deferred finance costs	$ 15,187,000	$ 13,501,000

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Organization, Basis of Presentation, and Significant Accounting Policies - Earnings per Common Share (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) community $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Basic and diluted shares outstanding
Weighted average common shares - basic (in shares) | shares	139,389,433	140,094,722	139,054,191
Weighted average DownREIT units outstanding (in shares) | shares	7,500	7,500	7,500
Effect of dilutive securities (in shares) | shares	320,466	332,973	509,859
Weighted average common shares - diluted (in shares) | shares	139,717,399	140,435,195	139,571,550
Calculation of Earnings per Share—basic
Net income attributable to common stockholders	$ 1,004,299,000	$ 827,630,000	$ 785,974,000
Net income allocated to unvested restricted shares	(2,100,000)	(1,955,000)	(2,063,000)
Net income attributable to common stockholders, adjusted	$ 1,002,199,000	$ 825,675,000	$ 783,911,000
Weighted average common shares - basic (in shares) | shares	139,389,433	140,094,722	139,054,191
Earnings per common share - basic (in dollars per share) | $ / shares	$ 7.19	$ 5.89	$ 5.64
Calculation of Earnings per Share—diluted
Net income attributable to common stockholders	$ 1,004,299,000	$ 827,630,000	$ 785,974,000
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations	48,000	48,000	46,000
Adjusted net income attributable to common stockholders	$ 1,004,347,000	$ 827,678,000	$ 786,020,000
Weighted average common shares - diluted (in shares) | shares	139,717,399	140,435,195	139,571,550
Earnings per common share - diluted (in dollars per share) | $ / shares	$ 7.19	$ 5.89	$ 5.63
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs	$ 2,192,000	$ 12,317,000	$ 4,896,000
Casualty and impairment loss	3,119,000	0	0
Impairment of investment in unconsolidated entities	0	0	0
Impairment of long-lived assets held-for-use	$ 0	0	0
Number of communities held for sale | community	1
Uncollectible lease revenue	$ 52,075,000	66,763,000
New York City, NY
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Abandoned pursuits costs		7,264,000
East Coast | Hurricane and Fire
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss	3,119,000
Land
Casualty Loss, Abandoned Pursuit Costs and Impairment of Long-Lived Assets
Casualty and impairment loss	$ 0	$ 0	$ 0

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Organization, Basis of Presentation, and Significant Accounting Policies Organization - Revenue and Gain Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Management, development and other fees	$ 3,084	$ 3,819	$ 4,960
Rental and other income	2,291,766	2,297,442	2,319,666
Total revenue	2,294,850	2,301,261	2,324,626
Non-allocated
Disaggregation of Revenue [Line Items]
Total revenue	3,084	1,978	4,960
Same Store | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	2,046,173	2,082,183	2,040,575
Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Total revenue	104,357	79,431	110,434
Continuing Operations
Disaggregation of Revenue [Line Items]
Management, development and other fees	12,765	11,596	13,612
Rental and other income	2,239,228	2,179,915	2,169,695
Business interruption insurance proceeds	0	379	1,439
Total revenue	2,251,993	2,191,890	2,184,746
Continuing Operations | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,084	1,978	4,960
Continuing Operations | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	9,681	9,618	8,652
Continuing Operations | Non-allocated
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,084	1,978	4,960
Rental and other income	0	0	0
Business interruption insurance proceeds	0	0	0
Total revenue	3,084	1,978	4,960
Continuing Operations | Non-allocated | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	3,084	1,978	4,960
Continuing Operations | Non-allocated | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	0	0	0
Continuing Operations | Same Store | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	7,356	7,200	7,028
Rental and other income	2,038,817	2,074,604	2,032,561
Business interruption insurance proceeds	0	379	986
Total revenue	2,046,173	2,082,183	2,040,575
Continuing Operations | Same Store | Operating segment | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	0	0	0
Continuing Operations | Same Store | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	7,356	7,200	7,028
Continuing Operations | Other Stabilized Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	1,650	2,056	1,224
Rental and other income	102,707	77,375	108,757
Business interruption insurance proceeds	0	0	453
Total revenue	104,357	79,431	110,434
Continuing Operations | Other Stabilized Communities | Operating segment | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	0	0	0
Continuing Operations | Other Stabilized Communities | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	1,650	2,056	1,224
Continuing Operations | Development/ Redevelopment Communities | Operating segment
Disaggregation of Revenue [Line Items]
Management, development and other fees	675	362	400
Rental and other income	97,704	27,936	28,377
Business interruption insurance proceeds	0	0	0
Total revenue	98,379	28,298	28,777
Continuing Operations | Development/ Redevelopment Communities | Operating segment | Management, development and other fees and other ancillary items
Disaggregation of Revenue [Line Items]
Management, development and other fees	0	0	0
Continuing Operations | Development/ Redevelopment Communities | Operating segment | Rental and non-rental related income
Disaggregation of Revenue [Line Items]
Management, development and other fees	$ 675	$ 362	$ 400

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Interest Capitalized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Interest Capitalized
Capitalized interest during the development and redevelopment of real estate assets	$ 32,687	$ 44,157	$ 62,823

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Mortgage Notes Payable, Unsecured Notes and Credit Facility - Mortgage Notes Payable, Unsecured Notes, Term Loan and Credit Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Total mortgage notes payable and unsecured notes and Term Loans	$ 8,170,431	$ 7,629,814
Variable rate unsecured credit facility	0	0
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility	8,170,431	7,629,814
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	7,150,000	6,500,000
Total mortgage notes payable and unsecured notes and Term Loans	7,400,000
Amount of debt discount	10,033	10,380
Deferred financing costs, net	40,573	37,615
Term loan
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Variable rate notes	250,000	250,000
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Fixed rate notes	306,281	408,964
Variable rate notes	464,150	470,850
Total mortgage notes payable and unsecured notes and Term Loans	547,848
Amount of debt discount	13,528	14,478
Deferred financing costs, net	$ 2,750	$ 3,004

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Mortgage Notes Payable, Unsecured Notes and Credit Facility - Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayment of unsecured debt				$ 462,147,000	$ 958,680,000	$ 0
Gain (Loss) on Extinguishment of Debt				(17,787,000)	(9,333,000)	$ (602,000)
Write off of Deferred Debt Issuance Cost		$ 5,743,000
Variable rate unsecured credit facility				0	0
Net carrying value of apartment communities and improved land parcels securing debt				$ 1,256,155,000
Percentage of principle amount at which the entity may redeem some or all of the notes				100.00%
Notes Payable Maturities 2021
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)			5.37%
Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Gain (Loss) on Extinguishment of Debt		$ 17,890,000
Notes Payable Maturities 2036
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	3.79%
Variable rate unsecured credit facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Available borrowing capacity				$ 1,750,000,000
Line of credit facility, commitment fee percentage				0.125%
Annual facility fee				$ 2,188,000
Variable rate unsecured credit facility				0	0
Outstanding balance of letters of credit				$ 11,969,000	2,900,000
Variable rate unsecured credit facility | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)				0.775%
Debt instrument, interest rate, effective percentage				0.88%
Other Letter of Credit
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Outstanding balance of letters of credit				$ 39,581,000	$ 32,079,000
Fixed rate mortgage notes payable
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)				3.70%	3.80%
Variable rate mortgage notes payable, unsecured term loan and Credit Facility
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Weighted average interest rate, debt (as a percent)				1.70%	1.70%
Secured notes | Notes Payable Maturities 2021 | Avalon San Bruno II
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt			$ 27,795,000
Secured notes | Notes Payable Maturities 2036 | Avalon Westbury
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Repayments of secured debt	$ 73,060,000
Unsecured notes | Minimum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)				0.20%
Unsecured notes | Maximum
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)				0.45%
Unsecured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)		2.95%
Repayment of unsecured debt		$ 450,000,000
Prepayment Penalty		$ 12,147,000
Unsecured notes | Unsecured Notes 2.05 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)		2.05%
Unsecured notes | Unsecured Notes 1.90 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Stated interest rate (as a percent)	1.90%
Unsecured Notes 2.05 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Face amount, debt instrument		$ 700,000,000
Proceeds from Issuance of Debt		$ 694,617,000
Unsecured Notes 1.90 Percent
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Face amount, debt instrument	$ 400,000,000
Proceeds from Issuance of Debt	$ 396,976,000

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Mortgage Notes Payable, Unsecured Notes and Credit Facility - Payments and Maturities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 8,170,431		$ 7,629,814
Unsecured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	7,400,000
Unsecured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 100,000
Stated interest rate (as a percent)		2.95%
Unsecured notes | Variable Rate Unsecured Term Loan $100 Million | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.90%
Unsecured notes | Notes Payable 4.200 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate (as a percent)	4.20%
Unsecured notes | Notes Payable 2.850 Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 250,000
Stated interest rate (as a percent)	2.85%
Unsecured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	3.50%
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 150,000
Unsecured notes | Variable Rate Unsecured Term Loan $150 Million | LIBOR
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Debt instrument, basis spread on variable rate (as a percent)	0.85%
Unsecured notes | Notes Payable 3.450 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 525,000
Stated interest rate (as a percent)	3.45%
Unsecured notes | Notes Payable 3.500 Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	3.50%
Unsecured notes | Notes Payable 2.950 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 475,000
Stated interest rate (as a percent)	2.95%
Unsecured notes | Notes Payable 2.900 Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	2.90%
Unsecured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	3.35%
Unsecured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
Stated interest rate (as a percent)	3.20%
Unsecured notes | Notes Payable 1.900 Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 400,000
Stated interest rate (as a percent)	1.90%
Unsecured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 450,000
Stated interest rate (as a percent)	3.30%
Unsecured notes | Notes Payable Maturities 2030
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 700,000
Stated interest rate (as a percent)	2.30%
Unsecured notes | Notes Payable Maturities 2031
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 600,000
Stated interest rate (as a percent)	2.45%
Unsecured notes | Notes Payable Maturities 2032
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 700,000
Stated interest rate (as a percent)	2.05%
Unsecured notes | Notes Payable Maturities 2046
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 350,000
Stated interest rate (as a percent)	3.90%
Unsecured notes | Notes Payable Maturities 2047
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.15%
Unsecured notes | Notes Payable Maturities 2048
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Mortgage notes payable and unsecured notes	$ 300,000
Stated interest rate (as a percent)	4.35%
Secured notes
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	$ 222,583
Mortgage notes payable and unsecured notes	547,848
Secured notes | Notes payable maturing in 2022
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	8,263
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2023
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	8,999
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable 2024
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	9,837
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2025
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	10,478
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2026
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	11,420
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2027
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	13,765
Mortgage notes payable and unsecured notes	236,100
Secured notes | Notes Payable Maturities 2028
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	18,512
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2029
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	9,462
Mortgage notes payable and unsecured notes	66,250
Secured notes | Notes Payable Maturities 2030
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	10,014
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities 2031
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	10,669
Mortgage notes payable and unsecured notes	0
Secured notes | Notes Payable Maturities Thereafter
Mortgage Notes Payable, Unsecured Notes and Credit Facility
Secured notes principal payments	111,164
Mortgage notes payable and unsecured notes	$ 245,498

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Equity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2020
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	280,000,000	280,000,000
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock shares issued in connection with stock options exercised (in shares)	2,759
Common stock issued through the dividend reinvestment plan (in shares)	2,844	2,747	2,069
Common stock shares issued in connection with stock grants (in shares)		0	0
Number of shares withheld to satisfy employees' tax withholding and other liabilities (in shares)	75,780	74,173	84,710
Common shares issued under Employee Stock Purchase Plan (in shares)	21,362
Number of shares forfeited (in shares)	4,109
Repurchase of common stock (in shares)	0
Stock repurchase program, remaining authorized repurchase amount	$ 316,148,000
Issuance of common stock, net	$ 31,874,000	$ 3,464,000	$ 409,725,000
2020 Stock Repurchase Program
Class of Stock [Line Items]
Authorized amount of stock repurchase program				$ 500,000,000
Continuous Equity Program CEP V
Class of Stock [Line Items]
Issuance of common stock, net of withholdings (in shares)	122,343
Maximum value of shares of common stock that can be sold	$ 1,000,000,000
Average sales price of common stock (in shares)	$ 226.15
Issuance of common stock, net	$ 27,253,000
Forward contract indexed to issuer's equity (in shares)	68,577
Forward contract indexed to issuer's equity, net proceeds	$ 16,000,000
Common stock value, remaining to be authorized under continuous equity program	$ 705,961,000
Maximum | Continuous Equity Program CEP V
Class of Stock [Line Items]
Percentage of compensation received by sales agent	1.50%
Restricted stock and restricted stock converted from performance shares
Class of Stock [Line Items]
Common stock shares issued in connection with stock grants (in shares)	155,836	165,545	152,502

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Investments - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) ft² home community investor	Dec. 31, 2020 USD ($) community	Dec. 31, 2019 USD ($) home community	Dec. 31, 2018 community ft² home
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	278
Preferred interest obligation redemption and dividends	$ (1,340)	$ (1,000)	$ (1,400)
Number of units in real estate property | home	81,803
Number of communities acquired | community	7	0	5
Gain on sale of communities	$ 602,235	$ 340,444	$ 166,105
Number of apartment homes acquired | home			1,175
Payments to acquire other real estate	$ 771,692	$ 0	$ 420,517
AVA North Point
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate			71,280
Avalon Arundel Crossing East
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	384
Payments to acquire other real estate	$ 119,000
Avalon Lakeside
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	425
Payments to acquire other real estate	$ 117,000
Commercial square feet | ft²	18
Hub South End
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	265
Payments to acquire other real estate	$ 104,350
Commercial square feet | ft²	23
Three30Five
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	164
Payments to acquire other real estate	$ 52,650
Avalon Fort Lauderdale
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	243
Payments to acquire other real estate	$ 150,000
Commercial square feet | ft²	49
Avalon Miramar
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	380
Payments to acquire other real estate	$ 133,000
Hawk
Schedule of Equity Method Investments [Line Items]
Number of apartment homes acquired | home	71
Payments to acquire other real estate	$ 48,500
2019 Acquisitions
Schedule of Equity Method Investments [Line Items]
Payments to acquire other real estate			$ 345,450
US Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.60%
Number of apartment communities sold | community		1	1
Number of real estate properties | community	3
Equity method investments	$ 18,706
US Fund | Avalon Venice on Rose
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment		$ 5,157
US Fund | Avalon Marina Bay
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment			$ 5,788
ACJV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20.00%
Equity method investments	$ 2,579
Proceeds from sale of real estate	325,000
ACJV | Avalon North Point and Avalon North Point Lofts
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal of equity method investment	$ 23,305
Number of apartment homes sold | home	529
Legacy JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	40.00%
Preferred interest obligation liquidation value	$ 34,468
AVA North Point
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment			55.00%
Number of units in real estate property | home	265
AVA North Point | Joint Venture Partner
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment			45.00%
NYC JV
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	20.00%
Equity method investments	$ 61,307
MVPI LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25.00%
Number of units in real estate property | home	313
Long-term debt, gross	$ 103,000
Brandywine
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	28.70%
Equity method investments	$ 16,010
Number of units in real estate property | home	305
Long-term debt, gross	$ 20,379
Number of members who hold various interests in joint venture | investor	5
Avalon Alderwood Mall
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	50.00%
Equity method investments	$ 55,054
Number of units in real estate property | home	328
AVA Arts District
Schedule of Equity Method Investments [Line Items]
Ownership percentage of equity method investment	25.00%
Equity method investments	$ 30,436
Number of units in real estate property | home	475
Percent of development funded by borrowing	60.00%
Long-term construction loan	$ 167,147
Proceeds from construction loans payable	$ 11,581
Commercial square feet | ft²	56
Property Technology Investments
Schedule of Equity Method Investments [Line Items]
Other commitment	$ 39,890
Gain (loss) on equity securities	(15,908)
Equity Method Investments and Equity Securities	$ 17,277
NYC JV
Schedule of Equity Method Investments [Line Items]
Retail square feet sold | ft²				58
ACJV
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community	2
NYC JV
Schedule of Equity Method Investments [Line Items]
Number of apartment communities sold | community				5
Number of apartment homes sold | home				1,301
Notes Payable Maturities 2021 | Secured notes | Avalon North Point and Avalon North Point Lofts
Schedule of Equity Method Investments [Line Items]
Repayments of secured debt	$ 111,653

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Investments - Financial Position of the Entities Accounted for Using the Equity Method (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Total real estate, net	$ 18,709,584	$ 18,233,781
Total assets	19,902,016	19,199,144
LIABILITIES AND EQUITY
Mortgage notes payable, net	754,153	862,332
Partners' capital	10,932,527	10,751,583
Total liabilities and equity	19,902,016	19,199,144
AVA Arts District
LIABILITIES AND EQUITY
Proceeds from construction loans payable	11,581
Equity Method Investment, Nonconsolidated Investee or Group of Investees
ASSETS
Total real estate, net	1,184,041	1,249,730
Other assets	399,591	255,606
Total assets	1,583,632	1,505,336
LIABILITIES AND EQUITY
Mortgage notes payable, net	645,235	751,257
Other liabilities	168,403	163,808
Partners' capital	769,994	590,271
Total liabilities and equity	$ 1,583,632	$ 1,505,336

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Investments - Operating Results of the Entities Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Combined summary of the operating results of the accounted for using the equity method
Revenues	$ 2,294,850	$ 2,301,261	$ 2,324,626
Operating and other expenses	(1,926,701)	(1,826,659)	(1,696,904)
Gain on sale of communities	602,235	340,444	166,105
Interest expense, net	(220,415)	(214,151)	(203,585)
Depreciation expense	(758,596)	(707,331)	(661,578)
Net income	1,004,356	827,706	786,103
Company's share of net income	32,123	8,538	10,779
Equity Securities, Direct Investment Gains, Net of Amortization of Excess Investments and Other	6,462	(2,116)	(2,127)
Income from investments in unconsolidated entities	38,585	6,422	$ 8,652
AVA North Point
Combined summary of the operating results of the accounted for using the equity method
Ownership percentage of equity method investment			55.00%
AVA North Point | Joint Venture Partner
Combined summary of the operating results of the accounted for using the equity method
Ownership percentage of equity method investment			45.00%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Combined summary of the operating results of the accounted for using the equity method
Revenues	198,645	118,474	$ 144,431
Operating and other expenses	(46,102)	(49,509)	(55,732)
Gain on sale of communities	164,273	18,450	21,748
Interest expense, net	(27,508)	(31,982)	(33,896)
Depreciation expense	(29,910)	(34,606)	(58,387)
Net income	$ 259,398	$ 20,827	$ 18,164

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Real Estate Disposition Activities (Details) ft² in Thousands, $ in Thousands	3 Months Ended			12 Months Ended			24 Months Ended
	Dec. 31, 2021 USD ($) ft² residential_condominium home community	Jun. 30, 2021 USD ($) home	Mar. 31, 2021 USD ($) home	Dec. 31, 2021 USD ($) ft² residential_condominium land_parcel community home	Dec. 31, 2020 USD ($) home	Dec. 31, 2019 USD ($) home	Dec. 31, 2021 USD ($) ft² residential_condominium community
Summary of income from discontinued operations
Gain on sale of communities				$ 602,235	$ 340,444	$ 166,105
Number of land parcels sold | land_parcel				1
Number of communities held for sale | community	1			1			1
Number of residential condominiums sold | residential_condominium				53			123
Number of residential condominiums remaining to be sold | residential_condominium	49			49			49
Gain on for-sale condominiums				$ 3,110	8,213	0
Other selling, general and administrative expense				4,087	5,662	$ 3,812
For-sale condominium inventory	$ 146,535			146,535	$ 267,219		$ 146,535
eaves Stamford
Summary of income from discontinued operations
Number of apartment homes sold | home			238
Gross sales price			$ 72,000
Net cash proceeds			$ 70,062
Avalon Norwalk
Summary of income from discontinued operations
Number of apartment homes sold | home		311
Gross sales price		$ 103,000
Net cash proceeds		$ 101,422
AVA Cortez Hill
Summary of income from discontinued operations
Number of apartment homes sold | home		299
Gross sales price		$ 96,500
Net cash proceeds		$ 94,648
Avalon Redmond Place
Summary of income from discontinued operations
Number of apartment homes sold | home		222
Gross sales price		$ 97,700
Net cash proceeds		$ 86,750
Avalon Bronxville
Summary of income from discontinued operations
Number of apartment homes sold | home		110
Gross sales price		$ 89,000
Net cash proceeds		$ 88,088
Avalon Glen Cove & Avalon Glen Cove North
Summary of income from discontinued operations
Number of apartment homes sold | home		367
Gross sales price		$ 126,000
Net cash proceeds		$ 125,564
eaves Lawrenceville
Summary of income from discontinued operations
Number of apartment homes sold | home	632
Gross sales price	$ 208,000
Net cash proceeds	$ 203,705
Avalon at Center Place
Summary of income from discontinued operations
Number of apartment homes sold | home	225
Gross sales price	$ 75,000
Net cash proceeds	$ 71,841
Other real estate
Summary of income from discontinued operations
Gross sales price				7,858
Net cash proceeds				$ 8,150
Wholly owned properties
Summary of income from discontinued operations
Number of apartment communities sold | community				9
Number of apartment homes sold | home				2,404	1,817	1,660
Sale of communities gross sales price				$ 867,200
Gain on sale of communities				602,235
Gross sales price				875,058	$ 634,250	$ 431,280
Net cash proceeds				850,230	$ 619,773	422,041
Repayments of secured debt						$ 21,700
The Park Loggia
Summary of income from discontinued operations
Net cash proceeds				$ 135,458
Number of residential units in development | residential_condominium	172			172			172
Commercial square feet | ft²	66			66			66
Gain on for-sale condominiums				$ 3,110

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Commitments and Contingencies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) community multiplier Lease property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Proceeds from legal recoveries	$ 0	$ 0	$ (6,292,000)
Payments to acquire other real estate	771,692,000	0	420,517,000
Right of use lease assets	118,370,000	133,581,000
Total lease liabilities	146,377,000	161,313,000
Operating lease, expense	15,458,000	16,011,000	14,371,000
Finance lease, right-of-use asset	$ 28,229,000	21,685,000
Lease Obligations [Abstract]
Number of real estate properties | community	278
Number of office leases | Lease	13
Total lease liabilities	$ 20,120,000	$ 20,166,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right of use lease assets	Right of use lease assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Lease liabilities	Lease liabilities
Properties on Land Subject to Land Leases
Lease Obligations [Abstract]
Number of real estate properties | community	7
Number of commercial properties owned | property	2
Assets Held under Operating Leases
Lease Obligations [Abstract]
Number of real estate properties | community	6
Assets Held under Finance Leases
Commitments and Contingencies Disclosure [Line Items]
Number of finance leases for parking garages adjacent to communities | Lease	4
Lease Obligations [Abstract]
Number of real estate properties | community	1
Restricted stock and stock options
Employment Agreements and Arrangements [Abstract]
Retirement age (in years)	50 years
Period of the non-compete agreement (in years)	1 year
Restricted stock and stock options | Minimum
Employment Agreements and Arrangements [Abstract]
Service period (in years)	10 years
Employee's age at retirement plus years of employment (in years)	70 years
Share Based Compensation Arrangement by Share Based Payment Award Requisite Period of Written Notice for Retirement	6 months
Restricted stock and stock options | Maximum
Employment Agreements and Arrangements [Abstract]
Options exercise period upon termination without cause or retirement (in months)	12 months
Officer Severance Program | Vice President and Senior Vice President
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	1
Officer Severance Program | Executive Vice Presidents
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	2
Officer Severance Program | Chief Executive Officer
Employment Agreements and Arrangements [Abstract]
Compensation multiplier | multiplier	3
Officer Severance Program | Maximum
Employment Agreements and Arrangements [Abstract]
Termination period following a sale event (in years)	24 months
Former Development Right
Commitments and Contingencies Disclosure [Line Items]
Proceeds from legal recoveries			(3,126,000)
Avalon Towers
Commitments and Contingencies Disclosure [Line Items]
Proceeds from legal recoveries			$ (2,237,000)
Avalon Hackensack at Riverside
Commitments and Contingencies Disclosure [Line Items]
Payments to acquire other real estate	$ 10,336,000

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Commitments and Contingencies Commitments and Contingencies - Weighted Average Remaining Lease Term and Discount Rates (Details)	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term - finance leases	24 years
Weighted-average remaining lease term - operating leases	38 years
Weighted-average discount rate - finance leases	4.63%
Weighted-average discount rate - operating leases	4.61%

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Commitments and Contingencies - Future Minimum Lease Payments and Undiscounted and Discounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Lease Obligations
2022	$ 13,797
2023	13,558
2024	13,324
2025	13,575
2026	13,358
Thereafter	290,869
Total undiscounted cash flows	358,481
Total lease liabilities	146,377	$ 161,313
Difference between discounted and undiscounted cash flows	212,104
Finance Lease Obligations
2022	1,082
2023	1,084
2024	1,087
2025	1,089
2026	1,092
Thereafter	37,952
Total undiscounted cash flows	43,386
Total lease liabilities	20,120	20,166
Difference between discounted and undiscounted cash flows	23,266
2022	14,879
2023	14,642
2024	14,411
2025	14,664
2026	14,450
Thereafter	328,821
Total undiscounted cash flows	401,867
Lease liabilities	166,497	$ 181,479
Difference between discounted and undiscounted cash flows	$ 235,370

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Segment Reporting - Reconciliation of NOI to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Percentage of physical occupancy	90.00%
Anniversary of Completion of Development or Redevelopment (in years)	1 year
Reconciliation of NOI to net income
Net income	$ 1,004,356	$ 827,706	$ 786,103
Property management and other indirect operating expenses, net of corporate income	98,665	97,443	83,008
Expensed transaction, development and other pursuit costs, net of recoveries	3,231	12,399	4,991
Interest expense, net	220,415	214,151	203,585
Loss on extinguishment of debt, net	17,787	9,333	602
General and administrative expense	69,611	60,343	58,042
Income from investments in unconsolidated entities	(38,585)	(6,422)	(8,652)
Depreciation expense	758,596	707,331	661,578
Income tax (expense) benefit	5,733	(3,247)	13,003
Casualty and impairment loss	3,119	0	0
Gain on sale of communities	(602,235)	(340,444)	(166,105)
(Loss) gain on other real estate transactions	(2,097)	(440)	(439)
Gain (Loss) on Sale of Other Investments, Net of Marketing and Administrative Costs	977	(2,551)	3,812
Net operating income from real estate assets sold or held for sale	(24,895)	(67,418)	(87,637)
Net operating income	$ 1,514,678	$ 1,508,184	$ 1,551,891
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	1.70%	0.80%	1.80%

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Segment Reporting - NOI from real estate assets sold or held for sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Rental income from real estate assets sold or held for sale	$ 42,857	$ 109,371	$ 139,880
Operating expenses from real estate assets sold or held for sale	(17,962)	(41,953)	(52,243)
Net operating income from real estate assets sold or held for sale	$ 24,895	$ 67,418	$ 87,637

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Segment Reporting - Total Revenue, NOI, and Real Estate by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting
Total revenue	$ 2,294,850	$ 2,301,261	$ 2,324,626
NOI	1,514,678	1,508,184	1,551,891
Gross real estate	24,901,129	23,442,490	22,687,169
Gross real estate assets held for sale	26,176
Same Store
Segment Reporting
Real estate capitalized additions	158,991	126,548	128,324
Operating segment | Same Store
Segment Reporting
Total revenue	2,046,173	2,082,183	2,040,575
NOI	1,388,445	1,444,712	1,461,016
Gross real estate	20,124,943	19,965,918	18,453,476
Operating segment | Same Store | New England
Segment Reporting
Total revenue	302,919	305,262	287,144
NOI	193,415	200,028	193,106
Gross real estate	2,787,583	2,761,655	2,475,513
Operating segment | Same Store | Metro NY/NJ
Segment Reporting
Total revenue	425,653	425,946	429,154
NOI	289,855	294,086	303,859
Gross real estate	4,112,556	4,083,641	3,946,221
Operating segment | Same Store | Mid-Atlantic
Segment Reporting
Total revenue	338,455	345,003	351,680
NOI	227,695	239,228	250,142
Gross real estate	3,583,374	3,557,724	3,484,610
Operating segment | Same Store | Southeast Florida
Segment Reporting
Total revenue	31,703	29,151	17,709
NOI	19,689	15,730	9,861
Gross real estate	395,999	393,926	242,843
Operating segment | Same Store | Denver, CO
Segment Reporting
Total revenue	23,742	21,293	5,694
NOI	16,451	13,796	3,716
Gross real estate	320,435	319,562	77,513
Operating segment | Same Store | Pacific Northwest
Segment Reporting
Total revenue	109,907	110,976	107,417
NOI	74,875	77,324	78,063
Gross real estate	1,059,431	1,052,903	956,755
Operating segment | Same Store | Northern California
Segment Reporting
Total revenue	361,910	400,934	397,593
NOI	256,417	298,176	305,450
Gross real estate	3,469,149	3,438,290	3,186,075
Operating segment | Same Store | Southern California
Segment Reporting
Total revenue	451,884	443,618	444,184
NOI	310,048	306,344	316,819
Gross real estate	4,396,416	4,358,217	4,083,946
Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	104,357	79,431	110,434
NOI	71,014	52,614	74,814
Gross real estate	1,796,752	1,081,327	1,587,397
Operating segment | Development / Redevelopment
Segment Reporting
Total revenue	98,379	28,298	28,777
NOI	55,219	10,858	16,061
Gross real estate	2,574,352	1,917,913	2,086,519
Operating segment | Disposals
Segment Reporting
Gross real estate		474,792	871,291
Segment Reconciling Items
Segment Reporting
Gross real estate	147,546	110,142	0
Non-allocated
Segment Reporting
Total revenue	3,084	1,978	4,960
Gross real estate	257,536	367,190	559,777
Continuing Operations
Segment Reporting
Total revenue	2,251,993	2,191,890	2,184,746
Continuing Operations | Operating segment | Same Store
Segment Reporting
Total revenue	2,046,173	2,082,183	2,040,575
Continuing Operations | Operating segment | Other Stabilized Communities
Segment Reporting
Total revenue	104,357	79,431	110,434
Continuing Operations | Non-allocated
Segment Reporting
Total revenue	$ 3,084	$ 1,978	$ 4,960

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Stock-Based Compensation Plans - Stock Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares
Exercised (in shares)	(2,759)
Stock Options
Stock-Based Compensation Plans
Stock options awarded, term	10 years
Performance Options
Shares
Granted (in shares)	4,847
2009 Plan
Stock-Based Compensation Plans
Common stock, par value (in dollars per share)	$ 0.01
Common stock shares available for grant	6,088,456
2009 Plan | Stock Options
Shares
Options outstanding at the beginning of the period (in shares)	12,506	14,408	124,212
Exercised (in shares)	(2,759)	(1,902)	(109,804)
Granted (in shares)	294,115	0	0
Forfeited (in shares)	(4,713)	0	0
Options outstanding at the end of the period (in shares)	299,149	12,506	14,408
Options exercisable at the end of the period (in shares)	9,747	12,506	14,408
Weighted average exercise price per share
Options outstanding at the beginning of the period (in dollars per share)	$ 129.35	$ 124.05	$ 128.84
Exercised (in dollars per share)	124.34	89.17	129.47
Granted (in dollars per share)	180.32	0	0
Forfeited (in dollars per share)	180.32	0	0
Options outstanding at the end of the period (in dollars per share)	178.71	129.35	124.05
Options exercisable at the end of the period (in dollars per share)	$ 130.77	$ 129.35	$ 124.05

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Stock-Based Compensation Plans - Exercise Prices and Contractual Lives of Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Intrinsic value of options exercised	$ 186	$ 251	$ 7,970
2009 Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding	22,102
Options exercisable intrinsic value	$ 1,187
Options exercisable weighted average contractual life (in years)	10 months 24 days
2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	299,149
130.00 - 139.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	9,747
Exercise Price, lower limit (in dollars per share)	$ 130.00
Exercise Price, upper limit (in dollars per share)	$ 139.99
Weighted Average Remaining Contractual Term	10 months 24 days
180.00 - 189.99 | 2009 Plan | Stock Options
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of Options (in shares)	289,402
Exercise Price, lower limit (in dollars per share)	$ 180.00
Exercise Price, upper limit (in dollars per share)	$ 189.99
Weighted Average Remaining Contractual Term	9 years 2 months 12 days

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Stock-Based Compensation Plans - Valuation Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Dividend yield (as a percent)	3.50%
Estimated volatility	27.10%
Risk free rate	0.81%
Expected life of options	5 years
Estimated fair value (in dollars per share)	$ 28.64
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Market closing price (in dollars per share)	$ 178.38	$ 224.64	$ 195.86
Dividend yield (as a percent)	3.50%	2.80%	3.10%
Estimated volatility, minimum (as a percent)	22.00%	11.10%	13.90%
Estimated volatility, maximum (as a percent)	49.00%	15.50%	18.80%
Risk-free interest rate, minimum (as a percent)	0.06%	1.45%	2.46%
Risk-free interest rate, maximum (as a percent)	0.38%	1.62%	2.57%
Estimated performance award value based on total shareholder return measure (in dollars per share)	$ 213.16	$ 254.72	$ 204.15
Historical volatility (as a percent)	50.00%	50.00%	50.00%
Implied volatility (as a percent)	50.00%	50.00%	50.00%

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Stock-Based Compensation Plans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) period shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Oct. 31, 1996 shares
Additional disclosures
Stock-based compensation expense	$ 25,100	$ 21,110	$ 24,885
Capitalized stock-based compensation cost	$ 9,472	9,974	9,396
Employee Stock Purchase Plan [Abstract]
Shares issued under Employee Stock Purchase Plan | shares	21,362
Stock-based compensation expense	$ 25,100	21,110	24,885
Performance awards
Additional disclosures
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient	25.00%
Maximum Measurement Period (in years)	3 years
Award vesting period (in years)	3 years
Performance awards | Maximum
Additional disclosures
Percentage of stock based compensation elected to be received in the form of stock options upon the election of the recipient	100.00%
Restricted Stock and Restricted Stock Units
Additional disclosures
Unrecognized compensation cost for unvested stock options	$ 39,440
Weighted average period for recognition of unrecognized compensation cost	1 year 8 months 12 days
Non Qualified Employee Stock Purchase Plan
Additional disclosures
Stock-based compensation expense	$ 1,609	$ 537	$ 761
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, shares of common stock reserved for issuance | shares				1,000,000
Employee stock purchase plan, remaining shares of common stock available for issuance | shares	612,912
Employment period of full-time employees for becoming eligible to participate in the plan (in months)	1 month
Number of purchase periods | period	2
Employee stock purchase plan, discounted stock price percentage	85.00%
Shares issued under Employee Stock Purchase Plan | shares	21,362	20,161	13,894
Stock-based compensation expense	$ 1,609	$ 537	$ 761
2009 Plan
Additional disclosures
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding	22,102
Options exercisable intrinsic value	$ 1,187
Employee Stock Purchase Plan [Abstract]
Employee stock purchase plan, remaining shares of common stock available for issuance | shares	6,088,456

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Stock-Based Compensation Plans - Nonvested Performance Awards Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance awards
Granted (in shares)		0	0
Performance awards
Performance awards
Outstanding at the beginning of the period (in shares)	241,921	253,432	267,129
Granted (in shares)	138,033	77,182	80,512
Increase (decrease) in awards based on performance (in shares)	(37,469)	18,112	(16,760)
Converted to restricted stock (in shares)		(96,317)	(73,072)
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Converted to Common Shares	(56,545)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted to Common Shares, Weighted Average Grant Date Fair Value	$ 156.00
Forfeited (in shares)	(1,418)	(10,488)	(4,377)
Outstanding at the ending of the period (in shares)	284,522	241,921	253,432
Weighted average grant date fair value per award
Outstanding at the beginning of the period (in dollars per share)	$ 195.13	$ 176.27	$ 157.21
Granted (in dollars per share)	191.12	238.03	200.75
Change in awards based on performance (in dollars per share)	156.00	177.26	142.03
Converted to restricted stock (in dollars per share)		177.26	142.03
Forfeited (in dollars per share)	207.65	188.52	166.44
Outstanding at the ending of the period (in dollars per share)	$ 206.05	$ 195.13	$ 176.27
Grants in period based on shareholder metrics (in shares)	69,064	38,823	47,502
Grants in period based on financial metrics (in shares)	68,969	38,359	33,010

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Stock-Based Compensation Plans - Restricted Stock Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted stock shares
Granted (in shares)		0	0
Restricted stock
Restricted stock shares
Outstanding at the beginning of the period (in shares)	131,724	148,326	160,411
Granted (in shares)	99,291	69,228	79,430
Vested (in shares)	(69,840)	(79,931)	(89,289)
Forfeited (in shares)	(4,109)	(5,899)	(2,226)
Outstanding at the ending of the period (in shares)	157,066	131,724	148,326
Restricted stock shares weighted average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 203.28	$ 181.29	$ 166.33
Granted (in dollars per share)	178.84	221.08	196.43
Vested (in dollars per share)	192.32	178.41	168.06
Forfeited (in dollars per share)	195.77	196.22	174.45
Outstanding at the ending of the period (in dollars per share)	$ 192.90	$ 203.28	$ 181.29
Restricted stock converted from performance shares
Restricted stock shares
Outstanding at the beginning of the period (in shares)	146,319	163,111	209,238
Granted (in shares)	0	96,317	73,072
Vested (in shares)	(71,692)	(111,325)	(119,064)
Forfeited (in shares)	0	(1,784)	(135)
Outstanding at the ending of the period (in shares)	74,627	146,319	163,111

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Related Party Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Arrangements
Management, development and other fees	$ 3,084,000	$ 3,819,000	$ 4,960,000
Compensation expense	25,100,000	21,110,000	24,885,000
Property and construction management roles
Related Party Arrangements
Outstanding receivables	3,964,000	5,408,000
Non-employee directors
Related Party Arrangements
Payable to related parties	90,000
Payable to related parties in quarterly installments	22,500
Non-employee directors | Restricted stock and deferred stock awards
Related Party Arrangements
Payable to related parties	170,000
Compensation expense	1,981,000	1,819,000	1,725,000
Amount of deferred compensation	696,000	$ 614,000	$ 594,000
Lead Independent Director
Related Party Arrangements
Payable to related parties	30,000
Payable to related parties in quarterly installments	7,500
Non-employee director serving as the chairperson of the Audit Committee
Related Party Arrangements
Payable to related parties	25,000
Payable to related parties in quarterly installments	6,250
Non-employee director serving as a chairperson of the Compensation Committee
Related Party Arrangements
Payable to related parties	20,000
Payable to related parties in quarterly installments	5,000
Non-employee director serving as a chairperson of the Nominating and Corporate Governance and Investment and Finance Committees
Related Party Arrangements
Payable to related parties	15,000
Payable to related parties in quarterly installments	$ 3,750

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Fair Value - Derivative Financial Instruments (Details)	3 Months Ended		12 Months Ended
	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) derivative	Dec. 31, 2020 USD ($) derivative	Dec. 31, 2019 USD ($)
Derivative instruments and Hedging Activities
Derivative, notional amounts settled during the period	$ 200,000,000	$ 150,000,000
Receipts (payments) for termination of forward interest rate swaps	$ (2,211,000)	$ (6,962,000)	$ 4,751,000	$ (25,135,000)	$ (12,309,000)
Unrealized gain (loss) on derivatives			2,654,000	2,894,000	0
Gain (loss) on cash flow hedges			$ 993,000	$ (17,731,000)	$ (11,930,000)
Fair Value Hedging
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative			0	0
Interest Rate Swap | Cash Flow Hedges Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance			$ 150,000,000
Weighted average capped interest rate (as a percent)			1.40%
Derivatives, notional amounts entered into during period			$ 150,000,000
Interest Rate Caps
Derivative instruments and Hedging Activities
Number of derivative instruments held | derivative			5
Interest Rate Caps | Interest Rate Caps
Derivative instruments and Hedging Activities
Notional balance			$ 402,670,000
Weighted average interest rate (as a percent)			1.70%
Weighted average capped interest rate (as a percent)			6.10%
Unsecured notes | Unsecured Notes 2.05 Percent
Derivative instruments and Hedging Activities
Stated interest rate (as a percent)	2.05%
Unsecured Notes 2.05 Percent
Derivative instruments and Hedging Activities
Face amount, debt instrument	$ 700,000,000
Reclassification out of Accumulated Other Comprehensive Income
Derivative instruments and Hedging Activities
Gain (loss) reclassification from accumulated OCI to income, estimated net amount to be transferred			$ 4,051,000

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Fair Value - Deferred Losses Reclassified from AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Cash flow hedge losses reclassified to earnings	$ (13,151)	$ (8,984)	$ (6,571)

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Fair Value - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	$ (1,895)	$ (1,203)
Total	(7,626,455)	(7,273,002)
Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Total	(937,350)	(1,039,662)
Recurring basis | Significant Unobservable Inputs (Level 3)
Financial Instruments Measured/Discussed at Fair Value
Total	0	0
Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
DownREIT units	(1,895)	(1,203)
Total	(8,563,805)	(8,312,664)
Total Fair Value | Cash Flow Hedges Interest Rate Caps | Recurring basis | Interest Rate Swap
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	3,204	4,308
Interest Rate Caps | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	225
Interest Rate Caps | Total Fair Value | Recurring basis | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets	225
Interest Rate Caps | Total Fair Value | Fair Value, Nonrecurring | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets		6
Designated as Hedging Instrument | Recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Caps
Financial Instruments Measured/Discussed at Fair Value
Derivative assets		6
Unsecured notes | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(7,624,560)	(7,271,799)
Unsecured notes | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(7,624,560)	(7,271,799)
Secured Notes Payable and Variable Rate Unsecured Term Loan | Recurring basis | Significant Other Observable Inputs (Level 2)
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	(940,779)	(1,043,976)
Secured Notes Payable and Variable Rate Unsecured Term Loan | Total Fair Value | Recurring basis
Financial Instruments Measured/Discussed at Fair Value
Indebtedness	$ (940,779)	$ (1,043,976)

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Subsequent Events (Details) ft² in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2022 USD ($) home community ft²	Dec. 31, 2021 USD ($) community	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) home	Jan. 31, 2022 USD ($) community home
Subsequent Event [Line Items]
Number of communities held for sale | community		1
Number of apartment homes acquired | home				1,175
Payments to acquire other real estate | $		$ 771,692	$ 0	$ 420,517
Subsequent Event | Avalon Flatirons
Subsequent Event [Line Items]
Number of apartment homes acquired | home	207
Commercial square feet | ft²	16
Payments to acquire other real estate | $	$ 95,000
Subsequent Event | Subsequent Event Dispositions
Subsequent Event [Line Items]
Number of communities held for sale | community					2
Number of apartment homes held for sale | home					408
Real estate investment | $					$ 64,984
Subsequent Event | Avalon Ossining
Subsequent Event [Line Items]
Number of communities sold | community	1
Number of apartment homes sold | home	168
Gross sales price | $	$ 70,000
Subsequent Event | Avalon West Long Branch
Subsequent Event [Line Items]
Number of apartment homes sold | home	180
Gross sales price | $	$ 75,000

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REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) ft² in Thousands, $ in Thousands	12 Months Ended	24 Months Ended
	Dec. 31, 2021 USD ($) home residential_condominium ft²	Dec. 31, 2021 USD ($) home residential_condominium ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	81,803	81,803
Initial Cost
Land and improvements	$ 4,787,201	$ 4,787,201
Building / Construction in Progress & Improvements	17,209,054	17,209,054
Costs Subsequent to Acquisition / Construction	2,931,050	2,931,050
Total Cost
Land and improvements	4,787,201	4,787,201
Building / Construction in Progress & Improvements	20,140,104	20,140,104
Total	24,927,305	24,927,305	$ 23,962,222	$ 23,606,872	$ 22,342,576
Accumulated Depreciation	6,217,721	6,217,721	5,728,440	$ 5,173,883	$ 4,611,646
Total real estate, net	18,709,584	18,709,584	18,233,781
Encumbrances	$ 8,170,431	$ 8,170,431
Number of residential condominiums sold | residential_condominium	53	123
Avalon Fort Lauderdale
Total Cost
Commercial square feet | ft²	49	49
Hub South End
Total Cost
Commercial square feet | ft²	23	23
Avalon Lakeside
Total Cost
Commercial square feet | ft²	18	18
The Park Loggia
Total Cost
Number of residential units in development | residential_condominium	172	172
Commercial square feet | ft²	66	66
Current Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	79,213	79,213
Initial Cost
Land and improvements	$ 4,497,263	$ 4,497,263
Building / Construction in Progress & Improvements	16,705,123	16,705,123
Costs Subsequent to Acquisition / Construction	2,251,909	2,251,909
Total Cost
Land and improvements	4,497,263	4,497,263
Building / Construction in Progress & Improvements	18,957,032	18,957,032
Total	23,454,295	23,454,295
Accumulated Depreciation	6,148,060	6,148,060
Total real estate, net	17,306,235	17,306,235	17,064,649
Encumbrances	$ 770,431	$ 770,431
Current Communities | Avalon at Lexington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198	198
Initial Cost
Land and improvements	$ 2,124	$ 2,124
Building / Construction in Progress & Improvements	12,567	12,567
Costs Subsequent to Acquisition / Construction	13,346	13,346
Total Cost
Land and improvements	2,124	2,124
Building / Construction in Progress & Improvements	25,913	25,913
Total	28,037	28,037
Accumulated Depreciation	18,473	18,473
Total real estate, net	9,564	9,564	10,632
Encumbrances	$ 0	$ 0
Current Communities | Avalon Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204	204
Initial Cost
Land and improvements	$ 2,129	$ 2,129
Building / Construction in Progress & Improvements	17,567	17,567
Costs Subsequent to Acquisition / Construction	7,924	7,924
Total Cost
Land and improvements	2,129	2,129
Building / Construction in Progress & Improvements	25,491	25,491
Total	27,620	27,620
Accumulated Depreciation	17,900	17,900
Total real estate, net	9,720	9,720	10,000
Encumbrances	$ 0	$ 0
Current Communities | eaves Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	245	245
Initial Cost
Land and improvements	$ 1,743	$ 1,743
Building / Construction in Progress & Improvements	14,662	14,662
Costs Subsequent to Acquisition / Construction	13,696	13,696
Total Cost
Land and improvements	1,743	1,743
Building / Construction in Progress & Improvements	28,358	28,358
Total	30,101	30,101
Accumulated Depreciation	18,920	18,920
Total real estate, net	11,181	11,181	11,007
Encumbrances	$ 0	$ 0
Current Communities | Avalon Oaks West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120	120
Initial Cost
Land and improvements	$ 3,318	$ 3,318
Building / Construction in Progress & Improvements	13,465	13,465
Costs Subsequent to Acquisition / Construction	2,941	2,941
Total Cost
Land and improvements	3,318	3,318
Building / Construction in Progress & Improvements	16,406	16,406
Total	19,724	19,724
Accumulated Depreciation	10,736	10,736
Total real estate, net	8,988	8,988	9,093
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Newton Highlands
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	294	294
Initial Cost
Land and improvements	$ 10,905	$ 10,905
Building / Construction in Progress & Improvements	45,547	45,547
Costs Subsequent to Acquisition / Construction	18,315	18,315
Total Cost
Land and improvements	10,905	10,905
Building / Construction in Progress & Improvements	63,862	63,862
Total	74,767	74,767
Accumulated Depreciation	36,480	36,480
Total real estate, net	38,287	38,287	40,018
Encumbrances	$ 0	$ 0
Current Communities | Avalon at The Pinehills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192	192
Initial Cost
Land and improvements	$ 6,876	$ 6,876
Building / Construction in Progress & Improvements	30,401	30,401
Costs Subsequent to Acquisition / Construction	5,883	5,883
Total Cost
Land and improvements	6,876	6,876
Building / Construction in Progress & Improvements	36,284	36,284
Total	43,160	43,160
Accumulated Depreciation	17,137	17,137
Total real estate, net	26,023	26,023	26,227
Encumbrances	$ 0	$ 0
Current Communities | eaves Peabody
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	286	286
Initial Cost
Land and improvements	$ 4,645	$ 4,645
Building / Construction in Progress & Improvements	18,919	18,919
Costs Subsequent to Acquisition / Construction	16,248	16,248
Total Cost
Land and improvements	4,645	4,645
Building / Construction in Progress & Improvements	35,167	35,167
Total	39,812	39,812
Accumulated Depreciation	19,002	19,002
Total real estate, net	20,810	20,810	21,703
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Bedford Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	139	139
Initial Cost
Land and improvements	$ 4,258	$ 4,258
Building / Construction in Progress & Improvements	20,551	20,551
Costs Subsequent to Acquisition / Construction	5,543	5,543
Total Cost
Land and improvements	4,258	4,258
Building / Construction in Progress & Improvements	26,094	26,094
Total	30,352	30,352
Accumulated Depreciation	14,100	14,100
Total real estate, net	16,252	16,252	17,623
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Chestnut Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204	204
Initial Cost
Land and improvements	$ 14,572	$ 14,572
Building / Construction in Progress & Improvements	45,911	45,911
Costs Subsequent to Acquisition / Construction	13,917	13,917
Total Cost
Land and improvements	14,572	14,572
Building / Construction in Progress & Improvements	59,828	59,828
Total	74,400	74,400
Accumulated Depreciation	29,178	29,178
Total real estate, net	45,222	45,222	46,499
Encumbrances	$ 35,770	$ 35,770
Current Communities | Avalon at Lexington Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	387	387
Initial Cost
Land and improvements	$ 8,691	$ 8,691
Building / Construction in Progress & Improvements	79,121	79,121
Costs Subsequent to Acquisition / Construction	15,224	15,224
Total Cost
Land and improvements	8,691	8,691
Building / Construction in Progress & Improvements	94,345	94,345
Total	103,036	103,036
Accumulated Depreciation	46,055	46,055
Total real estate, net	56,981	56,981	61,146
Encumbrances	$ 0	$ 0
Current Communities | Avalon Acton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380	380
Initial Cost
Land and improvements	$ 13,124	$ 13,124
Building / Construction in Progress & Improvements	48,695	48,695
Costs Subsequent to Acquisition / Construction	9,286	9,286
Total Cost
Land and improvements	13,124	13,124
Building / Construction in Progress & Improvements	57,981	57,981
Total	71,105	71,105
Accumulated Depreciation	26,388	26,388
Total real estate, net	44,717	44,717	44,580
Encumbrances	$ 45,000	$ 45,000
Current Communities | Avalon at the Hingham Shipyard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235	235
Initial Cost
Land and improvements	$ 12,218	$ 12,218
Building / Construction in Progress & Improvements	41,656	41,656
Costs Subsequent to Acquisition / Construction	11,238	11,238
Total Cost
Land and improvements	12,218	12,218
Building / Construction in Progress & Improvements	52,894	52,894
Total	65,112	65,112
Accumulated Depreciation	24,353	24,353
Total real estate, net	40,759	40,759	43,026
Encumbrances	$ 0	$ 0
Current Communities | Avalon Sharon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156	156
Initial Cost
Land and improvements	$ 4,719	$ 4,719
Building / Construction in Progress & Improvements	25,478	25,478
Costs Subsequent to Acquisition / Construction	5,797	5,797
Total Cost
Land and improvements	4,719	4,719
Building / Construction in Progress & Improvements	31,275	31,275
Total	35,994	35,994
Accumulated Depreciation	14,907	14,907
Total real estate, net	21,087	21,087	22,605
Encumbrances	$ 0	$ 0
Current Communities | Avalon Northborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	382	382
Initial Cost
Land and improvements	$ 8,144	$ 8,144
Building / Construction in Progress & Improvements	52,184	52,184
Costs Subsequent to Acquisition / Construction	6,626	6,626
Total Cost
Land and improvements	8,144	8,144
Building / Construction in Progress & Improvements	58,810	58,810
Total	66,954	66,954
Accumulated Depreciation	24,112	24,112
Total real estate, net	42,842	42,842	43,733
Encumbrances	$ 0	$ 0
Current Communities | Avalon Exeter
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187	187
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	110,028	110,028
Costs Subsequent to Acquisition / Construction	934	934
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	110,962	110,962
Total	110,962	110,962
Accumulated Depreciation	29,409	29,409
Total real estate, net	81,553	81,553	85,066
Encumbrances	$ 0	$ 0
Current Communities | Avalon Natick
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407	407
Initial Cost
Land and improvements	$ 15,645	$ 15,645
Building / Construction in Progress & Improvements	64,845	64,845
Costs Subsequent to Acquisition / Construction	2,400	2,400
Total Cost
Land and improvements	15,645	15,645
Building / Construction in Progress & Improvements	67,245	67,245
Total	82,890	82,890
Accumulated Depreciation	19,873	19,873
Total real estate, net	63,017	63,017	63,922
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Assembly Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	195	195
Initial Cost
Land and improvements	$ 8,599	$ 8,599
Building / Construction in Progress & Improvements	52,454	52,454
Costs Subsequent to Acquisition / Construction	873	873
Total Cost
Land and improvements	8,599	8,599
Building / Construction in Progress & Improvements	53,327	53,327
Total	61,926	61,926
Accumulated Depreciation	14,352	14,352
Total real estate, net	47,574	47,574	49,201
Encumbrances	$ 0	$ 0
Current Communities | AVA Somerville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250	250
Initial Cost
Land and improvements	$ 10,944	$ 10,944
Building / Construction in Progress & Improvements	56,460	56,460
Costs Subsequent to Acquisition / Construction	832	832
Total Cost
Land and improvements	10,944	10,944
Building / Construction in Progress & Improvements	57,292	57,292
Total	68,236	68,236
Accumulated Depreciation	14,485	14,485
Total real estate, net	53,751	53,751	55,550
Encumbrances	$ 0	$ 0
Current Communities | AVA Back Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	271	271
Initial Cost
Land and improvements	$ 9,034	$ 9,034
Building / Construction in Progress & Improvements	36,540	36,540
Costs Subsequent to Acquisition / Construction	52,076	52,076
Total Cost
Land and improvements	9,034	9,034
Building / Construction in Progress & Improvements	88,616	88,616
Total	97,650	97,650
Accumulated Depreciation	46,609	46,609
Total real estate, net	51,041	51,041	54,133
Encumbrances	$ 0	$ 0
Current Communities | Avalon Prudential Center II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266	266
Initial Cost
Land and improvements	$ 8,776	$ 8,776
Building / Construction in Progress & Improvements	35,496	35,496
Costs Subsequent to Acquisition / Construction	64,978	64,978
Total Cost
Land and improvements	8,776	8,776
Building / Construction in Progress & Improvements	100,474	100,474
Total	109,250	109,250
Accumulated Depreciation	46,808	46,808
Total real estate, net	62,442	62,442	64,558
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Prudential Center I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243	243
Initial Cost
Land and improvements	$ 8,002	$ 8,002
Building / Construction in Progress & Improvements	32,370	32,370
Costs Subsequent to Acquisition / Construction	56,151	56,151
Total Cost
Land and improvements	8,002	8,002
Building / Construction in Progress & Improvements	88,521	88,521
Total	96,523	96,523
Accumulated Depreciation	40,581	40,581
Total real estate, net	55,942	55,942	56,211
Encumbrances	$ 0	$ 0
Current Communities | eaves Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203	203
Initial Cost
Land and improvements	$ 7,714	$ 7,714
Building / Construction in Progress & Improvements	32,499	32,499
Costs Subsequent to Acquisition / Construction	8,573	8,573
Total Cost
Land and improvements	7,714	7,714
Building / Construction in Progress & Improvements	41,072	41,072
Total	48,786	48,786
Accumulated Depreciation	12,920	12,920
Total real estate, net	35,866	35,866	36,625
Encumbrances	$ 0	$ 0
Current Communities | AVA Theater District
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	398	398
Initial Cost
Land and improvements	$ 17,072	$ 17,072
Building / Construction in Progress & Improvements	163,633	163,633
Costs Subsequent to Acquisition / Construction	505	505
Total Cost
Land and improvements	17,072	17,072
Building / Construction in Progress & Improvements	164,138	164,138
Total	181,210	181,210
Accumulated Depreciation	36,610	36,610
Total real estate, net	144,600	144,600	150,260
Encumbrances	$ 0	$ 0
Current Communities | Avalon Burlington
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312	312
Initial Cost
Land and improvements	$ 15,600	$ 15,600
Building / Construction in Progress & Improvements	60,649	60,649
Costs Subsequent to Acquisition / Construction	17,572	17,572
Total Cost
Land and improvements	15,600	15,600
Building / Construction in Progress & Improvements	78,221	78,221
Total	93,821	93,821
Accumulated Depreciation	24,774	24,774
Total real estate, net	69,047	69,047	71,360
Encumbrances	$ 0	$ 0
Current Communities | Avalon Marlborough
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350	350
Initial Cost
Land and improvements	$ 15,367	$ 15,367
Building / Construction in Progress & Improvements	60,397	60,397
Costs Subsequent to Acquisition / Construction	1,346	1,346
Total Cost
Land and improvements	15,367	15,367
Building / Construction in Progress & Improvements	61,743	61,743
Total	77,110	77,110
Accumulated Depreciation	14,384	14,384
Total real estate, net	62,726	62,726	64,348
Encumbrances	$ 0	$ 0
Current Communities | Avalon North Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503	503
Initial Cost
Land and improvements	$ 22,796	$ 22,796
Building / Construction in Progress & Improvements	247,270	247,270
Costs Subsequent to Acquisition / Construction	719	719
Total Cost
Land and improvements	22,796	22,796
Building / Construction in Progress & Improvements	247,989	247,989
Total	270,785	270,785
Accumulated Depreciation	40,830	40,830
Total real estate, net	229,955	229,955	238,733
Encumbrances	$ 0	$ 0
Current Communities | Avalon Framingham
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180	180
Initial Cost
Land and improvements	$ 9,315	$ 9,315
Building / Construction in Progress & Improvements	34,631	34,631
Costs Subsequent to Acquisition / Construction	206	206
Total Cost
Land and improvements	9,315	9,315
Building / Construction in Progress & Improvements	34,837	34,837
Total	44,152	44,152
Accumulated Depreciation	7,791	7,791
Total real estate, net	36,361	36,361	37,448
Encumbrances	$ 0	$ 0
Current Communities | Avalon Quincy
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	395	395
Initial Cost
Land and improvements	$ 14,694	$ 14,694
Building / Construction in Progress & Improvements	79,655	79,655
Costs Subsequent to Acquisition / Construction	79	79
Total Cost
Land and improvements	14,694	14,694
Building / Construction in Progress & Improvements	79,734	79,734
Total	94,428	94,428
Accumulated Depreciation	14,643	14,643
Total real estate, net	79,785	79,785	82,635
Encumbrances	$ 0	$ 0
Current Communities | Avalon Easton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290	290
Initial Cost
Land and improvements	$ 3,170	$ 3,170
Building / Construction in Progress & Improvements	60,837	60,837
Costs Subsequent to Acquisition / Construction	303	303
Total Cost
Land and improvements	3,170	3,170
Building / Construction in Progress & Improvements	61,140	61,140
Total	64,310	64,310
Accumulated Depreciation	10,465	10,465
Total real estate, net	53,845	53,845	56,082
Encumbrances	$ 0	$ 0
Current Communities | Avalon at the Hingham Shipyard II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	190	190
Initial Cost
Land and improvements	$ 8,998	$ 8,998
Building / Construction in Progress & Improvements	55,366	55,366
Costs Subsequent to Acquisition / Construction	47	47
Total Cost
Land and improvements	8,998	8,998
Building / Construction in Progress & Improvements	55,413	55,413
Total	64,411	64,411
Accumulated Depreciation	6,788	6,788
Total real estate, net	57,623	57,623	59,819
Encumbrances	$ 0	$ 0
Current Communities | Avalon Sudbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250	250
Initial Cost
Land and improvements	$ 20,254	$ 20,254
Building / Construction in Progress & Improvements	66,554	66,554
Costs Subsequent to Acquisition / Construction	88	88
Total Cost
Land and improvements	20,254	20,254
Building / Construction in Progress & Improvements	66,642	66,642
Total	86,896	86,896
Accumulated Depreciation	8,680	8,680
Total real estate, net	78,216	78,216	80,881
Encumbrances	$ 0	$ 0
Current Communities | AVA North Point
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265	265
Initial Cost
Land and improvements	$ 31,263	$ 31,263
Building / Construction in Progress & Improvements	81,196	81,196
Costs Subsequent to Acquisition / Construction	2,793	2,793
Total Cost
Land and improvements	31,263	31,263
Building / Construction in Progress & Improvements	83,989	83,989
Total	115,252	115,252
Accumulated Depreciation	9,419	9,419
Total real estate, net	105,833	105,833	108,984
Encumbrances	$ 0	$ 0
Current Communities | Avalon Bear Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	324	324
Initial Cost
Land and improvements	$ 27,350	$ 27,350
Building / Construction in Progress & Improvements	94,168	94,168
Costs Subsequent to Acquisition / Construction	29,950	29,950
Total Cost
Land and improvements	27,350	27,350
Building / Construction in Progress & Improvements	124,118	124,118
Total	151,468	151,468
Accumulated Depreciation	42,059	42,059
Total real estate, net	109,409	109,409	113,533
Encumbrances	$ 0	$ 0
Current Communities | Avalon Wilton on River Rd
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102	102
Initial Cost
Land and improvements	$ 2,116	$ 2,116
Building / Construction in Progress & Improvements	14,664	14,664
Costs Subsequent to Acquisition / Construction	7,536	7,536
Total Cost
Land and improvements	2,116	2,116
Building / Construction in Progress & Improvements	22,200	22,200
Total	24,316	24,316
Accumulated Depreciation	15,570	15,570
Total real estate, net	8,746	8,746	9,505
Encumbrances	$ 0	$ 0
Current Communities | Avalon New Canaan
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	104	104
Initial Cost
Land and improvements	$ 4,834	$ 4,834
Building / Construction in Progress & Improvements	22,990	22,990
Costs Subsequent to Acquisition / Construction	6,852	6,852
Total Cost
Land and improvements	4,834	4,834
Building / Construction in Progress & Improvements	29,842	29,842
Total	34,676	34,676
Accumulated Depreciation	17,984	17,984
Total real estate, net	16,692	16,692	17,800
Encumbrances	$ 0	$ 0
Current Communities | Avalon Darien
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	189	189
Initial Cost
Land and improvements	$ 6,926	$ 6,926
Building / Construction in Progress & Improvements	34,558	34,558
Costs Subsequent to Acquisition / Construction	9,489	9,489
Total Cost
Land and improvements	6,926	6,926
Building / Construction in Progress & Improvements	44,047	44,047
Total	50,973	50,973
Accumulated Depreciation	24,822	24,822
Total real estate, net	26,151	26,151	27,861
Encumbrances	$ 0	$ 0
Current Communities | Avalon East Norwalk
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240	240
Initial Cost
Land and improvements	$ 10,395	$ 10,395
Building / Construction in Progress & Improvements	36,451	36,451
Costs Subsequent to Acquisition / Construction	532	532
Total Cost
Land and improvements	10,395	10,395
Building / Construction in Progress & Improvements	36,983	36,983
Total	47,378	47,378
Accumulated Depreciation	11,086	11,086
Total real estate, net	36,292	36,292	37,492
Encumbrances	$ 0	$ 0
Current Communities | Avalon Riverview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	372	372
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	94,061	94,061
Costs Subsequent to Acquisition / Construction	13,553	13,553
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	107,614	107,614
Total	107,614	107,614
Accumulated Depreciation	71,334	71,334
Total real estate, net	36,280	36,280	39,258
Encumbrances	$ 0	$ 0
Current Communities | Avalon Riverview North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	602	602
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	165,932	165,932
Costs Subsequent to Acquisition / Construction	16,411	16,411
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	182,343	182,343
Total	182,343	182,343
Accumulated Depreciation	85,298	85,298
Total real estate, net	97,045	97,045	102,751
Encumbrances	$ 0	$ 0
Current Communities | AVA Fort Greene
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	631	631
Initial Cost
Land and improvements	$ 83,038	$ 83,038
Building / Construction in Progress & Improvements	216,802	216,802
Costs Subsequent to Acquisition / Construction	9,411	9,411
Total Cost
Land and improvements	83,038	83,038
Building / Construction in Progress & Improvements	226,213	226,213
Total	309,251	309,251
Accumulated Depreciation	89,037	89,037
Total real estate, net	220,214	220,214	227,393
Encumbrances	$ 0	$ 0
Current Communities | AVA DoBro
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500	500
Initial Cost
Land and improvements	$ 76,127	$ 76,127
Building / Construction in Progress & Improvements	206,762	206,762
Costs Subsequent to Acquisition / Construction	423	423
Total Cost
Land and improvements	76,127	76,127
Building / Construction in Progress & Improvements	207,185	207,185
Total	283,312	283,312
Accumulated Depreciation	42,240	42,240
Total real estate, net	241,072	241,072	248,521
Encumbrances	$ 0	$ 0
Current Communities | Avalon Willoughby Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326	326
Initial Cost
Land and improvements	$ 49,635	$ 49,635
Building / Construction in Progress & Improvements	134,840	134,840
Costs Subsequent to Acquisition / Construction	396	396
Total Cost
Land and improvements	49,635	49,635
Building / Construction in Progress & Improvements	135,236	135,236
Total	184,871	184,871
Accumulated Depreciation	25,296	25,296
Total real estate, net	159,575	159,575	164,245
Encumbrances	$ 0	$ 0
Current Communities | Avalon Brooklyn Bay
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180	180
Initial Cost
Land and improvements	$ 18,310	$ 18,310
Building / Construction in Progress & Improvements	74,573	74,573
Costs Subsequent to Acquisition / Construction	405	405
Total Cost
Land and improvements	18,310	18,310
Building / Construction in Progress & Improvements	74,978	74,978
Total	93,288	93,288
Accumulated Depreciation	14,368	14,368
Total real estate, net	78,920	78,920	81,956
Encumbrances	$ 0	$ 0
Current Communities | Avalon Midtown West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	550	550
Initial Cost
Land and improvements	$ 154,730	$ 154,730
Building / Construction in Progress & Improvements	180,253	180,253
Costs Subsequent to Acquisition / Construction	48,724	48,724
Total Cost
Land and improvements	154,730	154,730
Building / Construction in Progress & Improvements	228,977	228,977
Total	383,707	383,707
Accumulated Depreciation	70,922	70,922
Total real estate, net	312,785	312,785	320,012
Encumbrances	$ 88,300	$ 88,300
Current Communities | Avalon Clinton North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	339	339
Initial Cost
Land and improvements	$ 84,069	$ 84,069
Building / Construction in Progress & Improvements	105,821	105,821
Costs Subsequent to Acquisition / Construction	14,071	14,071
Total Cost
Land and improvements	84,069	84,069
Building / Construction in Progress & Improvements	119,892	119,892
Total	203,961	203,961
Accumulated Depreciation	39,430	39,430
Total real estate, net	164,531	164,531	167,399
Encumbrances	$ 147,000	$ 147,000
Current Communities | Avalon Clinton South
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288	288
Initial Cost
Land and improvements	$ 71,421	$ 71,421
Building / Construction in Progress & Improvements	89,851	89,851
Costs Subsequent to Acquisition / Construction	8,098	8,098
Total Cost
Land and improvements	71,421	71,421
Building / Construction in Progress & Improvements	97,949	97,949
Total	169,370	169,370
Accumulated Depreciation	33,361	33,361
Total real estate, net	136,009	136,009	138,732
Encumbrances	$ 121,500	$ 121,500
Current Communities | Avalon Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312	312
Initial Cost
Land and improvements	$ 4,679	$ 4,679
Building / Construction in Progress & Improvements	28,259	28,259
Costs Subsequent to Acquisition / Construction	10,294	10,294
Total Cost
Land and improvements	4,679	4,679
Building / Construction in Progress & Improvements	38,553	38,553
Total	43,232	43,232
Accumulated Depreciation	27,972	27,972
Total real estate, net	15,260	15,260	14,579
Encumbrances	$ 0	$ 0
Current Communities | Avalon Green I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	105	105
Initial Cost
Land and improvements	$ 1,820	$ 1,820
Building / Construction in Progress & Improvements	10,525	10,525
Costs Subsequent to Acquisition / Construction	8,236	8,236
Total Cost
Land and improvements	1,820	1,820
Building / Construction in Progress & Improvements	18,761	18,761
Total	20,581	20,581
Accumulated Depreciation	12,493	12,493
Total real estate, net	8,088	8,088	8,408
Encumbrances	$ 0	$ 0
Current Communities | Avalon Mamaroneck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	229	229
Initial Cost
Land and improvements	$ 6,207	$ 6,207
Building / Construction in Progress & Improvements	40,657	40,657
Costs Subsequent to Acquisition / Construction	16,178	16,178
Total Cost
Land and improvements	6,207	6,207
Building / Construction in Progress & Improvements	56,835	56,835
Total	63,042	63,042
Accumulated Depreciation	35,410	35,410
Total real estate, net	27,632	27,632	30,027
Encumbrances	$ 0	$ 0
Current Communities | Avalon Melville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	494	494
Initial Cost
Land and improvements	$ 9,228	$ 9,228
Building / Construction in Progress & Improvements	50,063	50,063
Costs Subsequent to Acquisition / Construction	23,225	23,225
Total Cost
Land and improvements	9,228	9,228
Building / Construction in Progress & Improvements	73,288	73,288
Total	82,516	82,516
Accumulated Depreciation	48,019	48,019
Total real estate, net	34,497	34,497	37,757
Encumbrances	$ 0	$ 0
Current Communities | Avalon White Plains
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	407	407
Initial Cost
Land and improvements	$ 15,391	$ 15,391
Building / Construction in Progress & Improvements	137,312	137,312
Costs Subsequent to Acquisition / Construction	2,510	2,510
Total Cost
Land and improvements	15,391	15,391
Building / Construction in Progress & Improvements	139,822	139,822
Total	155,213	155,213
Accumulated Depreciation	60,602	60,602
Total real estate, net	94,611	94,611	99,236
Encumbrances	$ 0	$ 0
Current Communities | Avalon Rockville Centre I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	349	349
Initial Cost
Land and improvements	$ 32,212	$ 32,212
Building / Construction in Progress & Improvements	78,806	78,806
Costs Subsequent to Acquisition / Construction	7,106	7,106
Total Cost
Land and improvements	32,212	32,212
Building / Construction in Progress & Improvements	85,912	85,912
Total	118,124	118,124
Accumulated Depreciation	31,394	31,394
Total real estate, net	86,730	86,730	89,941
Encumbrances	$ 0	$ 0
Current Communities | Avalon Green II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	444	444
Initial Cost
Land and improvements	$ 27,765	$ 27,765
Building / Construction in Progress & Improvements	77,560	77,560
Costs Subsequent to Acquisition / Construction	3,659	3,659
Total Cost
Land and improvements	27,765	27,765
Building / Construction in Progress & Improvements	81,219	81,219
Total	108,984	108,984
Accumulated Depreciation	27,517	27,517
Total real estate, net	81,467	81,467	83,880
Encumbrances	$ 0	$ 0
Current Communities | Avalon Garden City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204	204
Initial Cost
Land and improvements	$ 18,205	$ 18,205
Building / Construction in Progress & Improvements	49,326	49,326
Costs Subsequent to Acquisition / Construction	1,101	1,101
Total Cost
Land and improvements	18,205	18,205
Building / Construction in Progress & Improvements	50,427	50,427
Total	68,632	68,632
Accumulated Depreciation	16,632	16,632
Total real estate, net	52,000	52,000	53,587
Encumbrances	$ 0	$ 0
Current Communities | Avalon Ossining
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168	168
Initial Cost
Land and improvements	$ 6,392	$ 6,392
Building / Construction in Progress & Improvements	30,313	30,313
Costs Subsequent to Acquisition / Construction	502	502
Total Cost
Land and improvements	6,392	6,392
Building / Construction in Progress & Improvements	30,815	30,815
Total	37,207	37,207
Accumulated Depreciation	8,515	8,515
Total real estate, net	28,692	28,692	29,688
Encumbrances	$ 0	$ 0
Current Communities | Avalon Huntington Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	303	303
Initial Cost
Land and improvements	$ 21,899	$ 21,899
Building / Construction in Progress & Improvements	58,437	58,437
Costs Subsequent to Acquisition / Construction	570	570
Total Cost
Land and improvements	21,899	21,899
Building / Construction in Progress & Improvements	59,007	59,007
Total	80,906	80,906
Accumulated Depreciation	15,552	15,552
Total real estate, net	65,354	65,354	67,135
Encumbrances	$ 0	$ 0
Current Communities | Avalon Green III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	68	68
Initial Cost
Land and improvements	$ 4,985	$ 4,985
Building / Construction in Progress & Improvements	17,300	17,300
Costs Subsequent to Acquisition / Construction	162	162
Total Cost
Land and improvements	4,985	4,985
Building / Construction in Progress & Improvements	17,462	17,462
Total	22,447	22,447
Accumulated Depreciation	3,760	3,760
Total real estate, net	18,687	18,687	19,346
Encumbrances	$ 0	$ 0
Current Communities | Avalon Great Neck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	191	191
Initial Cost
Land and improvements	$ 14,777	$ 14,777
Building / Construction in Progress & Improvements	65,412	65,412
Costs Subsequent to Acquisition / Construction	33	33
Total Cost
Land and improvements	14,777	14,777
Building / Construction in Progress & Improvements	65,445	65,445
Total	80,222	80,222
Accumulated Depreciation	11,736	11,736
Total real estate, net	68,486	68,486	71,269
Encumbrances	$ 0	$ 0
Current Communities | Avalon Rockville Centre II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	165	165
Initial Cost
Land and improvements	$ 7,534	$ 7,534
Building / Construction in Progress & Improvements	50,981	50,981
Costs Subsequent to Acquisition / Construction	2	2
Total Cost
Land and improvements	7,534	7,534
Building / Construction in Progress & Improvements	50,983	50,983
Total	58,517	58,517
Accumulated Depreciation	8,716	8,716
Total real estate, net	49,801	49,801	51,913
Encumbrances	$ 0	$ 0
Current Communities | Avalon Somers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	152	152
Initial Cost
Land and improvements	$ 5,610	$ 5,610
Building / Construction in Progress & Improvements	40,591	40,591
Costs Subsequent to Acquisition / Construction	24	24
Total Cost
Land and improvements	5,610	5,610
Building / Construction in Progress & Improvements	40,615	40,615
Total	46,225	46,225
Accumulated Depreciation	6,779	6,779
Total real estate, net	39,446	39,446	41,054
Encumbrances	$ 0	$ 0
Current Communities | Avalon Westbury
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	396	396
Initial Cost
Land and improvements	$ 69,620	$ 69,620
Building / Construction in Progress & Improvements	43,781	43,781
Costs Subsequent to Acquisition / Construction	14,714	14,714
Total Cost
Land and improvements	69,620	69,620
Building / Construction in Progress & Improvements	58,495	58,495
Total	128,115	128,115
Accumulated Depreciation	25,996	25,996
Total real estate, net	102,119	102,119	103,536
Encumbrances	$ 0	$ 0
Current Communities | Avalon Cove
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	504	504
Initial Cost
Land and improvements	$ 8,760	$ 8,760
Building / Construction in Progress & Improvements	82,422	82,422
Costs Subsequent to Acquisition / Construction	31,488	31,488
Total Cost
Land and improvements	8,760	8,760
Building / Construction in Progress & Improvements	113,910	113,910
Total	122,670	122,670
Accumulated Depreciation	81,706	81,706
Total real estate, net	40,964	40,964	43,525
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Edgewater I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168	168
Initial Cost
Land and improvements	$ 5,982	$ 5,982
Building / Construction in Progress & Improvements	24,389	24,389
Costs Subsequent to Acquisition / Construction	9,676	9,676
Total Cost
Land and improvements	5,982	5,982
Building / Construction in Progress & Improvements	34,065	34,065
Total	40,047	40,047
Accumulated Depreciation	21,245	21,245
Total real estate, net	18,802	18,802	20,203
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Florham Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	270	270
Initial Cost
Land and improvements	$ 6,647	$ 6,647
Building / Construction in Progress & Improvements	34,906	34,906
Costs Subsequent to Acquisition / Construction	16,926	16,926
Total Cost
Land and improvements	6,647	6,647
Building / Construction in Progress & Improvements	51,832	51,832
Total	58,479	58,479
Accumulated Depreciation	31,760	31,760
Total real estate, net	26,719	26,719	28,581
Encumbrances	$ 0	$ 0
Current Communities | Avalon North Bergen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164	164
Initial Cost
Land and improvements	$ 8,984	$ 8,984
Building / Construction in Progress & Improvements	30,994	30,994
Costs Subsequent to Acquisition / Construction	1,255	1,255
Total Cost
Land and improvements	8,984	8,984
Building / Construction in Progress & Improvements	32,249	32,249
Total	41,233	41,233
Accumulated Depreciation	10,983	10,983
Total real estate, net	30,250	30,250	31,192
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Wesmont Station I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	266	266
Initial Cost
Land and improvements	$ 14,682	$ 14,682
Building / Construction in Progress & Improvements	41,610	41,610
Costs Subsequent to Acquisition / Construction	2,865	2,865
Total Cost
Land and improvements	14,682	14,682
Building / Construction in Progress & Improvements	44,475	44,475
Total	59,157	59,157
Accumulated Depreciation	14,925	14,925
Total real estate, net	44,232	44,232	45,213
Encumbrances	$ 0	$ 0
Current Communities | Avalon Hackensack at Riverside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	226	226
Initial Cost
Land and improvements	$ 9,939	$ 9,939
Building / Construction in Progress & Improvements	44,619	44,619
Costs Subsequent to Acquisition / Construction	1,653	1,653
Total Cost
Land and improvements	9,939	9,939
Building / Construction in Progress & Improvements	46,272	46,272
Total	56,211	56,211
Accumulated Depreciation	13,808	13,808
Total real estate, net	42,403	42,403	33,551
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Wesmont Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	140	140
Initial Cost
Land and improvements	$ 6,502	$ 6,502
Building / Construction in Progress & Improvements	16,863	16,863
Costs Subsequent to Acquisition / Construction	488	488
Total Cost
Land and improvements	6,502	6,502
Building / Construction in Progress & Improvements	17,351	17,351
Total	23,853	23,853
Accumulated Depreciation	5,367	5,367
Total real estate, net	18,486	18,486	18,945
Encumbrances	$ 0	$ 0
Current Communities | Avalon Bloomingdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	174	174
Initial Cost
Land and improvements	$ 3,006	$ 3,006
Building / Construction in Progress & Improvements	27,801	27,801
Costs Subsequent to Acquisition / Construction	435	435
Total Cost
Land and improvements	3,006	3,006
Building / Construction in Progress & Improvements	28,236	28,236
Total	31,242	31,242
Accumulated Depreciation	8,138	8,138
Total real estate, net	23,104	23,104	23,814
Encumbrances	$ 0	$ 0
Current Communities | Avalon Wharton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	247	247
Initial Cost
Land and improvements	$ 2,273	$ 2,273
Building / Construction in Progress & Improvements	48,609	48,609
Costs Subsequent to Acquisition / Construction	1,465	1,465
Total Cost
Land and improvements	2,273	2,273
Building / Construction in Progress & Improvements	50,074	50,074
Total	52,347	52,347
Accumulated Depreciation	12,285	12,285
Total real estate, net	40,062	40,062	40,947
Encumbrances	$ 0	$ 0
Current Communities | Avalon Bloomfield Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	224	224
Initial Cost
Land and improvements	$ 10,701	$ 10,701
Building / Construction in Progress & Improvements	36,430	36,430
Costs Subsequent to Acquisition / Construction	147	147
Total Cost
Land and improvements	10,701	10,701
Building / Construction in Progress & Improvements	36,577	36,577
Total	47,278	47,278
Accumulated Depreciation	8,630	8,630
Total real estate, net	38,648	38,648	39,918
Encumbrances	$ 0	$ 0
Current Communities | Avalon Roseland
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	136	136
Initial Cost
Land and improvements	$ 11,288	$ 11,288
Building / Construction in Progress & Improvements	34,868	34,868
Costs Subsequent to Acquisition / Construction	141	141
Total Cost
Land and improvements	11,288	11,288
Building / Construction in Progress & Improvements	35,009	35,009
Total	46,297	46,297
Accumulated Depreciation	8,291	8,291
Total real estate, net	38,006	38,006	39,184
Encumbrances	$ 0	$ 0
Current Communities | Avalon Princeton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280	280
Initial Cost
Land and improvements	$ 26,461	$ 26,461
Building / Construction in Progress & Improvements	68,003	68,003
Costs Subsequent to Acquisition / Construction	799	799
Total Cost
Land and improvements	26,461	26,461
Building / Construction in Progress & Improvements	68,802	68,802
Total	95,263	95,263
Accumulated Depreciation	12,914	12,914
Total real estate, net	82,349	82,349	84,921
Encumbrances	$ 0	$ 0
Current Communities | Avalon Union
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	202	202
Initial Cost
Land and improvements	$ 11,695	$ 11,695
Building / Construction in Progress & Improvements	36,315	36,315
Costs Subsequent to Acquisition / Construction	99	99
Total Cost
Land and improvements	11,695	11,695
Building / Construction in Progress & Improvements	36,414	36,414
Total	48,109	48,109
Accumulated Depreciation	7,771	7,771
Total real estate, net	40,338	40,338	41,666
Encumbrances	$ 0	$ 0
Current Communities | Avalon Hoboken
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217	217
Initial Cost
Land and improvements	$ 37,237	$ 37,237
Building / Construction in Progress & Improvements	90,278	90,278
Costs Subsequent to Acquisition / Construction	6,779	6,779
Total Cost
Land and improvements	37,237	37,237
Building / Construction in Progress & Improvements	97,057	97,057
Total	134,294	134,294
Accumulated Depreciation	25,636	25,636
Total real estate, net	108,658	108,658	112,056
Encumbrances	$ 0	$ 0
Current Communities | Avalon Maplewood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235	235
Initial Cost
Land and improvements	$ 15,179	$ 15,179
Building / Construction in Progress & Improvements	49,425	49,425
Costs Subsequent to Acquisition / Construction	139	139
Total Cost
Land and improvements	15,179	15,179
Building / Construction in Progress & Improvements	49,564	49,564
Total	64,743	64,743
Accumulated Depreciation	8,845	8,845
Total real estate, net	55,898	55,898	58,458
Encumbrances	$ 0	$ 0
Current Communities | Avalon Piscataway
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360	360
Initial Cost
Land and improvements	$ 14,329	$ 14,329
Building / Construction in Progress & Improvements	75,897	75,897
Costs Subsequent to Acquisition / Construction	12	12
Total Cost
Land and improvements	14,329	14,329
Building / Construction in Progress & Improvements	75,909	75,909
Total	90,238	90,238
Accumulated Depreciation	9,206	9,206
Total real estate, net	81,032	81,032	83,974
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Edgewater II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240	240
Initial Cost
Land and improvements	$ 8,605	$ 8,605
Building / Construction in Progress & Improvements	60,810	60,810
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	8,605	8,605
Building / Construction in Progress & Improvements	60,810	60,810
Total	69,415	69,415
Accumulated Depreciation	8,782	8,782
Total real estate, net	60,633	60,633	63,194
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Foxhall
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308	308
Initial Cost
Land and improvements	$ 6,848	$ 6,848
Building / Construction in Progress & Improvements	27,614	27,614
Costs Subsequent to Acquisition / Construction	20,906	20,906
Total Cost
Land and improvements	6,848	6,848
Building / Construction in Progress & Improvements	48,520	48,520
Total	55,368	55,368
Accumulated Depreciation	38,110	38,110
Total real estate, net	17,258	17,258	18,453
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Gallery Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203	203
Initial Cost
Land and improvements	$ 8,800	$ 8,800
Building / Construction in Progress & Improvements	39,658	39,658
Costs Subsequent to Acquisition / Construction	4,369	4,369
Total Cost
Land and improvements	8,800	8,800
Building / Construction in Progress & Improvements	44,027	44,027
Total	52,827	52,827
Accumulated Depreciation	27,661	27,661
Total real estate, net	25,166	25,166	26,289
Encumbrances	$ 0	$ 0
Current Communities | AVA H Street
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	138	138
Initial Cost
Land and improvements	$ 7,425	$ 7,425
Building / Construction in Progress & Improvements	25,282	25,282
Costs Subsequent to Acquisition / Construction	206	206
Total Cost
Land and improvements	7,425	7,425
Building / Construction in Progress & Improvements	25,488	25,488
Total	32,913	32,913
Accumulated Depreciation	8,425	8,425
Total real estate, net	24,488	24,488	25,314
Encumbrances	$ 0	$ 0
Current Communities | Avalon The Albemarle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	234	234
Initial Cost
Land and improvements	$ 25,140	$ 25,140
Building / Construction in Progress & Improvements	52,459	52,459
Costs Subsequent to Acquisition / Construction	9,955	9,955
Total Cost
Land and improvements	25,140	25,140
Building / Construction in Progress & Improvements	62,414	62,414
Total	87,554	87,554
Accumulated Depreciation	22,649	22,649
Total real estate, net	64,905	64,905	66,580
Encumbrances	$ 0	$ 0
Current Communities | eaves Tunlaw Gardens
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166	166
Initial Cost
Land and improvements	$ 16,430	$ 16,430
Building / Construction in Progress & Improvements	22,902	22,902
Costs Subsequent to Acquisition / Construction	2,654	2,654
Total Cost
Land and improvements	16,430	16,430
Building / Construction in Progress & Improvements	25,556	25,556
Total	41,986	41,986
Accumulated Depreciation	9,303	9,303
Total real estate, net	32,683	32,683	33,450
Encumbrances	$ 0	$ 0
Current Communities | The Statesman
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	281	281
Initial Cost
Land and improvements	$ 38,140	$ 38,140
Building / Construction in Progress & Improvements	35,352	35,352
Costs Subsequent to Acquisition / Construction	6,200	6,200
Total Cost
Land and improvements	38,140	38,140
Building / Construction in Progress & Improvements	41,552	41,552
Total	79,692	79,692
Accumulated Depreciation	15,825	15,825
Total real estate, net	63,867	63,867	64,710
Encumbrances	$ 0	$ 0
Current Communities | eaves Glover Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120	120
Initial Cost
Land and improvements	$ 9,580	$ 9,580
Building / Construction in Progress & Improvements	26,532	26,532
Costs Subsequent to Acquisition / Construction	2,839	2,839
Total Cost
Land and improvements	9,580	9,580
Building / Construction in Progress & Improvements	29,371	29,371
Total	38,951	38,951
Accumulated Depreciation	10,841	10,841
Total real estate, net	28,110	28,110	28,920
Encumbrances	$ 0	$ 0
Current Communities | AVA Van Ness
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	269	269
Initial Cost
Land and improvements	$ 22,890	$ 22,890
Building / Construction in Progress & Improvements	58,691	58,691
Costs Subsequent to Acquisition / Construction	23,142	23,142
Total Cost
Land and improvements	22,890	22,890
Building / Construction in Progress & Improvements	81,833	81,833
Total	104,723	104,723
Accumulated Depreciation	24,882	24,882
Total real estate, net	79,841	79,841	81,329
Encumbrances	$ 0	$ 0
Current Communities | Avalon First and M
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	469	469
Initial Cost
Land and improvements	$ 43,700	$ 43,700
Building / Construction in Progress & Improvements	153,950	153,950
Costs Subsequent to Acquisition / Construction	4,402	4,402
Total Cost
Land and improvements	43,700	43,700
Building / Construction in Progress & Improvements	158,352	158,352
Total	202,052	202,052
Accumulated Depreciation	50,346	50,346
Total real estate, net	151,706	151,706	156,732
Encumbrances	$ 0	$ 0
Current Communities | AVA NoMa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	438	438
Initial Cost
Land and improvements	$ 25,246	$ 25,246
Building / Construction in Progress & Improvements	114,933	114,933
Costs Subsequent to Acquisition / Construction	884	884
Total Cost
Land and improvements	25,246	25,246
Building / Construction in Progress & Improvements	115,817	115,817
Total	141,063	141,063
Accumulated Depreciation	22,102	22,102
Total real estate, net	118,961	118,961	123,946
Encumbrances	$ 0	$ 0
Current Communities | eaves Washingtonian Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288	288
Initial Cost
Land and improvements	$ 4,047	$ 4,047
Building / Construction in Progress & Improvements	18,553	18,553
Costs Subsequent to Acquisition / Construction	5,684	5,684
Total Cost
Land and improvements	4,047	4,047
Building / Construction in Progress & Improvements	24,237	24,237
Total	28,284	28,284
Accumulated Depreciation	18,888	18,888
Total real estate, net	9,396	9,396	9,966
Encumbrances	$ 0	$ 0
Current Communities | eaves Columbia Town Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	392	392
Initial Cost
Land and improvements	$ 8,802	$ 8,802
Building / Construction in Progress & Improvements	35,536	35,536
Costs Subsequent to Acquisition / Construction	14,000	14,000
Total Cost
Land and improvements	8,802	8,802
Building / Construction in Progress & Improvements	49,536	49,536
Total	58,338	58,338
Accumulated Depreciation	27,806	27,806
Total real estate, net	30,532	30,532	31,564
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Grosvenor Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	497	497
Initial Cost
Land and improvements	$ 29,159	$ 29,159
Building / Construction in Progress & Improvements	52,993	52,993
Costs Subsequent to Acquisition / Construction	6,945	6,945
Total Cost
Land and improvements	29,159	29,159
Building / Construction in Progress & Improvements	59,938	59,938
Total	89,097	89,097
Accumulated Depreciation	36,126	36,126
Total real estate, net	52,971	52,971	54,347
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Traville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	520	520
Initial Cost
Land and improvements	$ 14,365	$ 14,365
Building / Construction in Progress & Improvements	55,398	55,398
Costs Subsequent to Acquisition / Construction	7,739	7,739
Total Cost
Land and improvements	14,365	14,365
Building / Construction in Progress & Improvements	63,137	63,137
Total	77,502	77,502
Accumulated Depreciation	38,383	38,383
Total real estate, net	39,119	39,119	41,355
Encumbrances	$ 0	$ 0
Current Communities | AVA Wheaton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	319	319
Initial Cost
Land and improvements	$ 6,494	$ 6,494
Building / Construction in Progress & Improvements	69,027	69,027
Costs Subsequent to Acquisition / Construction	95	95
Total Cost
Land and improvements	6,494	6,494
Building / Construction in Progress & Improvements	69,122	69,122
Total	75,616	75,616
Accumulated Depreciation	11,705	11,705
Total real estate, net	63,911	63,911	66,576
Encumbrances	$ 0	$ 0
Current Communities | Avalon Hunt Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	332	332
Initial Cost
Land and improvements	$ 10,872	$ 10,872
Building / Construction in Progress & Improvements	62,992	62,992
Costs Subsequent to Acquisition / Construction	43	43
Total Cost
Land and improvements	10,872	10,872
Building / Construction in Progress & Improvements	63,035	63,035
Total	73,907	73,907
Accumulated Depreciation	11,598	11,598
Total real estate, net	62,309	62,309	64,682
Encumbrances	$ 0	$ 0
Current Communities | Avalon Laurel
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344	344
Initial Cost
Land and improvements	$ 10,130	$ 10,130
Building / Construction in Progress & Improvements	61,685	61,685
Costs Subsequent to Acquisition / Construction	86	86
Total Cost
Land and improvements	10,130	10,130
Building / Construction in Progress & Improvements	61,771	61,771
Total	71,901	71,901
Accumulated Depreciation	11,961	11,961
Total real estate, net	59,940	59,940	62,170
Encumbrances	$ 0	$ 0
Current Communities | Avalon Fairway Hills - Meadows
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	192	192
Initial Cost
Land and improvements	$ 2,323	$ 2,323
Building / Construction in Progress & Improvements	9,297	9,297
Costs Subsequent to Acquisition / Construction	5,119	5,119
Total Cost
Land and improvements	2,323	2,323
Building / Construction in Progress & Improvements	14,416	14,416
Total	16,739	16,739
Accumulated Depreciation	11,054	11,054
Total real estate, net	5,685	5,685	6,121
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Fairway Hills - Woods
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336	336
Initial Cost
Land and improvements	$ 3,958	$ 3,958
Building / Construction in Progress & Improvements	15,839	15,839
Costs Subsequent to Acquisition / Construction	14,246	14,246
Total Cost
Land and improvements	3,958	3,958
Building / Construction in Progress & Improvements	30,085	30,085
Total	34,043	34,043
Accumulated Depreciation	18,929	18,929
Total real estate, net	15,114	15,114	15,354
Encumbrances	$ 0	$ 0
Current Communities | Avalon Arundel Crossing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	310	310
Initial Cost
Land and improvements	$ 12,208	$ 12,208
Building / Construction in Progress & Improvements	69,888	69,888
Costs Subsequent to Acquisition / Construction	2,580	2,580
Total Cost
Land and improvements	12,208	12,208
Building / Construction in Progress & Improvements	72,468	72,468
Total	84,676	84,676
Accumulated Depreciation	12,606	12,606
Total real estate, net	72,070	72,070	75,145
Encumbrances	$ 0	$ 0
Current Communities | Kanso Silver Spring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151	151
Initial Cost
Land and improvements	$ 3,471	$ 3,471
Building / Construction in Progress & Improvements	41,393	41,393
Costs Subsequent to Acquisition / Construction	1,016	1,016
Total Cost
Land and improvements	3,471	3,471
Building / Construction in Progress & Improvements	42,409	42,409
Total	45,880	45,880
Accumulated Depreciation	4,737	4,737
Total real estate, net	41,143	41,143	42,724
Encumbrances	$ 0	$ 0
Current Communities | Avalon Russett
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238	238
Initial Cost
Land and improvements	$ 10,200	$ 10,200
Building / Construction in Progress & Improvements	47,524	47,524
Costs Subsequent to Acquisition / Construction	4,665	4,665
Total Cost
Land and improvements	10,200	10,200
Building / Construction in Progress & Improvements	52,189	52,189
Total	62,389	62,389
Accumulated Depreciation	18,723	18,723
Total real estate, net	43,666	43,666	45,018
Encumbrances	$ 32,200	$ 32,200
Current Communities | eaves Fair Lakes
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	420	420
Initial Cost
Land and improvements	$ 6,096	$ 6,096
Building / Construction in Progress & Improvements	24,400	24,400
Costs Subsequent to Acquisition / Construction	13,732	13,732
Total Cost
Land and improvements	6,096	6,096
Building / Construction in Progress & Improvements	38,132	38,132
Total	44,228	44,228
Accumulated Depreciation	27,144	27,144
Total real estate, net	17,084	17,084	17,510
Encumbrances	$ 0	$ 0
Current Communities | eaves Fairfax City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	141	141
Initial Cost
Land and improvements	$ 2,152	$ 2,152
Building / Construction in Progress & Improvements	8,907	8,907
Costs Subsequent to Acquisition / Construction	5,726	5,726
Total Cost
Land and improvements	2,152	2,152
Building / Construction in Progress & Improvements	14,633	14,633
Total	16,785	16,785
Accumulated Depreciation	10,105	10,105
Total real estate, net	6,680	6,680	7,131
Encumbrances	$ 0	$ 0
Current Communities | Avalon Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	558	558
Initial Cost
Land and improvements	$ 13,851	$ 13,851
Building / Construction in Progress & Improvements	43,397	43,397
Costs Subsequent to Acquisition / Construction	15,381	15,381
Total Cost
Land and improvements	13,851	13,851
Building / Construction in Progress & Improvements	58,778	58,778
Total	72,629	72,629
Accumulated Depreciation	41,264	41,264
Total real estate, net	31,365	31,365	32,482
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Arlington Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	842	842
Initial Cost
Land and improvements	$ 22,041	$ 22,041
Building / Construction in Progress & Improvements	90,296	90,296
Costs Subsequent to Acquisition / Construction	33,327	33,327
Total Cost
Land and improvements	22,041	22,041
Building / Construction in Progress & Improvements	123,623	123,623
Total	145,664	145,664
Accumulated Depreciation	71,324	71,324
Total real estate, net	74,340	74,340	78,296
Encumbrances	$ 0	$ 0
Current Communities | Avalon Park Crest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	354	354
Initial Cost
Land and improvements	$ 13,554	$ 13,554
Building / Construction in Progress & Improvements	63,526	63,526
Costs Subsequent to Acquisition / Construction	1,148	1,148
Total Cost
Land and improvements	13,554	13,554
Building / Construction in Progress & Improvements	64,674	64,674
Total	78,228	78,228
Accumulated Depreciation	21,088	21,088
Total real estate, net	57,140	57,140	59,222
Encumbrances	$ 0	$ 0
Current Communities | eaves Fairfax Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	415	415
Initial Cost
Land and improvements	$ 17,889	$ 17,889
Building / Construction in Progress & Improvements	74,727	74,727
Costs Subsequent to Acquisition / Construction	15,983	15,983
Total Cost
Land and improvements	17,889	17,889
Building / Construction in Progress & Improvements	90,710	90,710
Total	108,599	108,599
Accumulated Depreciation	32,034	32,034
Total real estate, net	76,565	76,565	79,810
Encumbrances	$ 0	$ 0
Current Communities | Avalon Mosaic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	531	531
Initial Cost
Land and improvements	$ 33,490	$ 33,490
Building / Construction in Progress & Improvements	75,801	75,801
Costs Subsequent to Acquisition / Construction	472	472
Total Cost
Land and improvements	33,490	33,490
Building / Construction in Progress & Improvements	76,273	76,273
Total	109,763	109,763
Accumulated Depreciation	21,584	21,584
Total real estate, net	88,179	88,179	90,752
Encumbrances	$ 0	$ 0
Current Communities | Avalon Potomac Yard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323	323
Initial Cost
Land and improvements	$ 24,225	$ 24,225
Building / Construction in Progress & Improvements	81,982	81,982
Costs Subsequent to Acquisition / Construction	2,996	2,996
Total Cost
Land and improvements	24,225	24,225
Building / Construction in Progress & Improvements	84,978	84,978
Total	109,203	109,203
Accumulated Depreciation	21,942	21,942
Total real estate, net	87,261	87,261	90,551
Encumbrances	$ 0	$ 0
Current Communities | Avalon Clarendon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300	300
Initial Cost
Land and improvements	$ 22,573	$ 22,573
Building / Construction in Progress & Improvements	95,355	95,355
Costs Subsequent to Acquisition / Construction	9,841	9,841
Total Cost
Land and improvements	22,573	22,573
Building / Construction in Progress & Improvements	105,196	105,196
Total	127,769	127,769
Accumulated Depreciation	25,243	25,243
Total real estate, net	102,526	102,526	106,458
Encumbrances	$ 0	$ 0
Current Communities | Avalon Columbia Pike
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	269	269
Initial Cost
Land and improvements	$ 18,830	$ 18,830
Building / Construction in Progress & Improvements	82,427	82,427
Costs Subsequent to Acquisition / Construction	4,448	4,448
Total Cost
Land and improvements	18,830	18,830
Building / Construction in Progress & Improvements	86,875	86,875
Total	105,705	105,705
Accumulated Depreciation	19,652	19,652
Total real estate, net	86,053	86,053	89,191
Encumbrances	$ 0	$ 0
Current Communities | Avalon Dunn Loring
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	440	440
Initial Cost
Land and improvements	$ 29,377	$ 29,377
Building / Construction in Progress & Improvements	115,465	115,465
Costs Subsequent to Acquisition / Construction	8,235	8,235
Total Cost
Land and improvements	29,377	29,377
Building / Construction in Progress & Improvements	123,700	123,700
Total	153,077	153,077
Accumulated Depreciation	28,138	28,138
Total real estate, net	124,939	124,939	130,459
Encumbrances	$ 0	$ 0
Current Communities | eaves Tysons Corner
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	217	217
Initial Cost
Land and improvements	$ 16,030	$ 16,030
Building / Construction in Progress & Improvements	45,420	45,420
Costs Subsequent to Acquisition / Construction	3,512	3,512
Total Cost
Land and improvements	16,030	16,030
Building / Construction in Progress & Improvements	48,932	48,932
Total	64,962	64,962
Accumulated Depreciation	18,745	18,745
Total real estate, net	46,217	46,217	47,822
Encumbrances	$ 0	$ 0
Current Communities | AVA Ballston Square
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	714	714
Initial Cost
Land and improvements	$ 71,640	$ 71,640
Building / Construction in Progress & Improvements	215,937	215,937
Costs Subsequent to Acquisition / Construction	43,290	43,290
Total Cost
Land and improvements	71,640	71,640
Building / Construction in Progress & Improvements	259,227	259,227
Total	330,867	330,867
Accumulated Depreciation	84,032	84,032
Total real estate, net	246,835	246,835	254,311
Encumbrances	$ 0	$ 0
Current Communities | Avalon Courthouse Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564	564
Initial Cost
Land and improvements	$ 56,550	$ 56,550
Building / Construction in Progress & Improvements	178,032	178,032
Costs Subsequent to Acquisition / Construction	15,783	15,783
Total Cost
Land and improvements	56,550	56,550
Building / Construction in Progress & Improvements	193,815	193,815
Total	250,365	250,365
Accumulated Depreciation	64,153	64,153
Total real estate, net	186,212	186,212	189,316
Encumbrances	$ 0	$ 0
Current Communities | Avalon Arlington North
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	228	228
Initial Cost
Land and improvements	$ 21,600	$ 21,600
Building / Construction in Progress & Improvements	59,076	59,076
Costs Subsequent to Acquisition / Construction	2,035	2,035
Total Cost
Land and improvements	21,600	21,600
Building / Construction in Progress & Improvements	61,111	61,111
Total	82,711	82,711
Accumulated Depreciation	17,227	17,227
Total real estate, net	65,484	65,484	66,951
Encumbrances	$ 0	$ 0
Current Communities | Avalon Reston Landing
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400	400
Initial Cost
Land and improvements	$ 26,710	$ 26,710
Building / Construction in Progress & Improvements	83,084	83,084
Costs Subsequent to Acquisition / Construction	11,692	11,692
Total Cost
Land and improvements	26,710	26,710
Building / Construction in Progress & Improvements	94,776	94,776
Total	121,486	121,486
Accumulated Depreciation	35,119	35,119
Total real estate, net	86,367	86,367	87,262
Encumbrances	$ 0	$ 0
Current Communities | Avalon Falls Church
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384	384
Initial Cost
Land and improvements	$ 39,544	$ 39,544
Building / Construction in Progress & Improvements	66,160	66,160
Costs Subsequent to Acquisition / Construction	128	128
Total Cost
Land and improvements	39,544	39,544
Building / Construction in Progress & Improvements	66,288	66,288
Total	105,832	105,832
Accumulated Depreciation	15,780	15,780
Total real estate, net	90,052	90,052	92,531
Encumbrances	$ 0	$ 0
Current Communities | Avalon Denver West
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252	252
Initial Cost
Land and improvements	$ 8,047	$ 8,047
Building / Construction in Progress & Improvements	67,861	67,861
Costs Subsequent to Acquisition / Construction	2,296	2,296
Total Cost
Land and improvements	8,047	8,047
Building / Construction in Progress & Improvements	70,157	70,157
Total	78,204	78,204
Accumulated Depreciation	14,211	14,211
Total real estate, net	63,993	63,993	66,566
Encumbrances	$ 0	$ 0
Current Communities | Avalon Meadows at Castle Rock
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240	240
Initial Cost
Land and improvements	$ 8,527	$ 8,527
Building / Construction in Progress & Improvements	64,565	64,565
Costs Subsequent to Acquisition / Construction	1,062	1,062
Total Cost
Land and improvements	8,527	8,527
Building / Construction in Progress & Improvements	65,627	65,627
Total	74,154	74,154
Accumulated Depreciation	10,213	10,213
Total real estate, net	63,941	63,941	66,730
Encumbrances	$ 0	$ 0
Current Communities | Avalon Red Rocks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	256	256
Initial Cost
Land and improvements	$ 4,461	$ 4,461
Building / Construction in Progress & Improvements	70,103	70,103
Costs Subsequent to Acquisition / Construction	1,553	1,553
Total Cost
Land and improvements	4,461	4,461
Building / Construction in Progress & Improvements	71,656	71,656
Total	76,117	76,117
Accumulated Depreciation	11,586	11,586
Total real estate, net	64,531	64,531	67,742
Encumbrances	$ 0	$ 0
Current Communities | Avalon Southlands
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338	338
Initial Cost
Land and improvements	$ 5,101	$ 5,101
Building / Construction in Progress & Improvements	85,184	85,184
Costs Subsequent to Acquisition / Construction	1,675	1,675
Total Cost
Land and improvements	5,101	5,101
Building / Construction in Progress & Improvements	86,859	86,859
Total	91,960	91,960
Accumulated Depreciation	12,771	12,771
Total real estate, net	79,189	79,189	83,056
Encumbrances	$ 0	$ 0
Current Communities | Avalon 850 Boca
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	370	370
Initial Cost
Land and improvements	$ 21,430	$ 21,430
Building / Construction in Progress & Improvements	114,085	114,085
Costs Subsequent to Acquisition / Construction	4,860	4,860
Total Cost
Land and improvements	21,430	21,430
Building / Construction in Progress & Improvements	118,945	118,945
Total	140,375	140,375
Accumulated Depreciation	22,405	22,405
Total real estate, net	117,970	117,970	122,060
Encumbrances	$ 0	$ 0
Current Communities | Avalon West Palm Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	290	290
Initial Cost
Land and improvements	$ 9,597	$ 9,597
Building / Construction in Progress & Improvements	90,950	90,950
Costs Subsequent to Acquisition / Construction	3,928	3,928
Total Cost
Land and improvements	9,597	9,597
Building / Construction in Progress & Improvements	94,878	94,878
Total	104,475	104,475
Accumulated Depreciation	14,739	14,739
Total real estate, net	89,736	89,736	92,899
Encumbrances	$ 0	$ 0
Current Communities | Avalon Bonterra
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	314	314
Initial Cost
Land and improvements	$ 16,655	$ 16,655
Building / Construction in Progress & Improvements	70,822	70,822
Costs Subsequent to Acquisition / Construction	2,919	2,919
Total Cost
Land and improvements	16,655	16,655
Building / Construction in Progress & Improvements	73,741	73,741
Total	90,396	90,396
Accumulated Depreciation	10,811	10,811
Total real estate, net	79,585	79,585	82,625
Encumbrances	$ 0	$ 0
Current Communities | Avalon Toscana
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	240	240
Initial Cost
Land and improvements	$ 9,213	$ 9,213
Building / Construction in Progress & Improvements	49,705	49,705
Costs Subsequent to Acquisition / Construction	1,835	1,835
Total Cost
Land and improvements	9,213	9,213
Building / Construction in Progress & Improvements	51,540	51,540
Total	60,753	60,753
Accumulated Depreciation	6,049	6,049
Total real estate, net	54,704	54,704	56,541
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Bear Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	264	264
Initial Cost
Land and improvements	$ 6,786	$ 6,786
Building / Construction in Progress & Improvements	27,641	27,641
Costs Subsequent to Acquisition / Construction	6,511	6,511
Total Cost
Land and improvements	6,786	6,786
Building / Construction in Progress & Improvements	34,152	34,152
Total	40,938	40,938
Accumulated Depreciation	26,387	26,387
Total real estate, net	14,551	14,551	15,204
Encumbrances	$ 0	$ 0
Current Communities | Avalon Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	201	201
Initial Cost
Land and improvements	$ 6,664	$ 6,664
Building / Construction in Progress & Improvements	24,119	24,119
Costs Subsequent to Acquisition / Construction	4,301	4,301
Total Cost
Land and improvements	6,664	6,664
Building / Construction in Progress & Improvements	28,420	28,420
Total	35,084	35,084
Accumulated Depreciation	19,452	19,452
Total real estate, net	15,632	15,632	15,672
Encumbrances	$ 0	$ 0
Current Communities | Avalon RockMeadow
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	206	206
Initial Cost
Land and improvements	$ 4,777	$ 4,777
Building / Construction in Progress & Improvements	19,765	19,765
Costs Subsequent to Acquisition / Construction	3,958	3,958
Total Cost
Land and improvements	4,777	4,777
Building / Construction in Progress & Improvements	23,723	23,723
Total	28,500	28,500
Accumulated Depreciation	17,364	17,364
Total real estate, net	11,136	11,136	11,978
Encumbrances	$ 0	$ 0
Current Communities | Avalon ParcSquare
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124	124
Initial Cost
Land and improvements	$ 3,789	$ 3,789
Building / Construction in Progress & Improvements	15,139	15,139
Costs Subsequent to Acquisition / Construction	4,401	4,401
Total Cost
Land and improvements	3,789	3,789
Building / Construction in Progress & Improvements	19,540	19,540
Total	23,329	23,329
Accumulated Depreciation	13,746	13,746
Total real estate, net	9,583	9,583	9,932
Encumbrances	$ 0	$ 0
Current Communities | AVA Belltown
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	100	100
Initial Cost
Land and improvements	$ 5,644	$ 5,644
Building / Construction in Progress & Improvements	12,733	12,733
Costs Subsequent to Acquisition / Construction	2,001	2,001
Total Cost
Land and improvements	5,644	5,644
Building / Construction in Progress & Improvements	14,734	14,734
Total	20,378	20,378
Accumulated Depreciation	9,974	9,974
Total real estate, net	10,404	10,404	10,283
Encumbrances	$ 0	$ 0
Current Communities | Avalon Meydenbauer
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	368	368
Initial Cost
Land and improvements	$ 12,697	$ 12,697
Building / Construction in Progress & Improvements	77,450	77,450
Costs Subsequent to Acquisition / Construction	5,253	5,253
Total Cost
Land and improvements	12,697	12,697
Building / Construction in Progress & Improvements	82,703	82,703
Total	95,400	95,400
Accumulated Depreciation	38,325	38,325
Total real estate, net	57,075	57,075	58,959
Encumbrances	$ 0	$ 0
Current Communities | Avalon Towers Bellevue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	397	397
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	123,029	123,029
Costs Subsequent to Acquisition / Construction	2,426	2,426
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	125,455	125,455
Total	125,455	125,455
Accumulated Depreciation	49,144	49,144
Total real estate, net	76,311	76,311	80,021
Encumbrances	$ 0	$ 0
Current Communities | AVA Queen Anne
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	203	203
Initial Cost
Land and improvements	$ 12,081	$ 12,081
Building / Construction in Progress & Improvements	41,618	41,618
Costs Subsequent to Acquisition / Construction	1,333	1,333
Total Cost
Land and improvements	12,081	12,081
Building / Construction in Progress & Improvements	42,951	42,951
Total	55,032	55,032
Accumulated Depreciation	15,049	15,049
Total real estate, net	39,983	39,983	41,139
Encumbrances	$ 0	$ 0
Current Communities | AVA Ballard
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265	265
Initial Cost
Land and improvements	$ 16,460	$ 16,460
Building / Construction in Progress & Improvements	46,926	46,926
Costs Subsequent to Acquisition / Construction	1,347	1,347
Total Cost
Land and improvements	16,460	16,460
Building / Construction in Progress & Improvements	48,273	48,273
Total	64,733	64,733
Accumulated Depreciation	15,430	15,430
Total real estate, net	49,303	49,303	50,836
Encumbrances	$ 0	$ 0
Current Communities | Avalon Alderwood I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	367	367
Initial Cost
Land and improvements	$ 12,294	$ 12,294
Building / Construction in Progress & Improvements	55,627	55,627
Costs Subsequent to Acquisition / Construction	100	100
Total Cost
Land and improvements	12,294	12,294
Building / Construction in Progress & Improvements	55,727	55,727
Total	68,021	68,021
Accumulated Depreciation	14,671	14,671
Total real estate, net	53,350	53,350	55,272
Encumbrances	$ 0	$ 0
Current Communities | AVA Capitol Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249	249
Initial Cost
Land and improvements	$ 20,613	$ 20,613
Building / Construction in Progress & Improvements	59,986	59,986
Costs Subsequent to Acquisition / Construction	1,510	1,510
Total Cost
Land and improvements	20,613	20,613
Building / Construction in Progress & Improvements	61,496	61,496
Total	82,109	82,109
Accumulated Depreciation	13,826	13,826
Total real estate, net	68,283	68,283	70,636
Encumbrances	$ 0	$ 0
Current Communities | Avalon Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	482	482
Initial Cost
Land and improvements	$ 23,178	$ 23,178
Building / Construction in Progress & Improvements	112,986	112,986
Costs Subsequent to Acquisition / Construction	1,348	1,348
Total Cost
Land and improvements	23,178	23,178
Building / Construction in Progress & Improvements	114,334	114,334
Total	137,512	137,512
Accumulated Depreciation	21,967	21,967
Total real estate, net	115,545	115,545	119,784
Encumbrances	$ 0	$ 0
Current Communities | Avalon Alderwood II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	124	124
Initial Cost
Land and improvements	$ 5,072	$ 5,072
Building / Construction in Progress & Improvements	21,418	21,418
Costs Subsequent to Acquisition / Construction	14	14
Total Cost
Land and improvements	5,072	5,072
Building / Construction in Progress & Improvements	21,432	21,432
Total	26,504	26,504
Accumulated Depreciation	4,135	4,135
Total real estate, net	22,369	22,369	23,127
Encumbrances	$ 0	$ 0
Current Communities | Avalon Newcastle Commons I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378	378
Initial Cost
Land and improvements	$ 9,649	$ 9,649
Building / Construction in Progress & Improvements	112,456	112,456
Costs Subsequent to Acquisition / Construction	1,049	1,049
Total Cost
Land and improvements	9,649	9,649
Building / Construction in Progress & Improvements	113,505	113,505
Total	123,154	123,154
Accumulated Depreciation	18,081	18,081
Total real estate, net	105,073	105,073	108,810
Encumbrances	$ 0	$ 0
Current Communities | AVA Esterra Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	323	323
Initial Cost
Land and improvements	$ 16,405	$ 16,405
Building / Construction in Progress & Improvements	74,569	74,569
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	16,405	16,405
Building / Construction in Progress & Improvements	74,569	74,569
Total	90,974	90,974
Accumulated Depreciation	8,161	8,161
Total real estate, net	82,813	82,813	85,845
Encumbrances	$ 0	$ 0
Current Communities | Archstone Redmond Lakeview
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166	166
Initial Cost
Land and improvements	$ 10,250	$ 10,250
Building / Construction in Progress & Improvements	26,842	26,842
Costs Subsequent to Acquisition / Construction	5,216	5,216
Total Cost
Land and improvements	10,250	10,250
Building / Construction in Progress & Improvements	32,058	32,058
Total	42,308	42,308
Accumulated Depreciation	12,677	12,677
Total real estate, net	29,631	29,631	30,217
Encumbrances	$ 0	$ 0
Current Communities | Avalon Campbell
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	348	348
Initial Cost
Land and improvements	$ 11,830	$ 11,830
Building / Construction in Progress & Improvements	47,828	47,828
Costs Subsequent to Acquisition / Construction	14,961	14,961
Total Cost
Land and improvements	11,830	11,830
Building / Construction in Progress & Improvements	62,789	62,789
Total	74,619	74,619
Accumulated Depreciation	44,026	44,026
Total real estate, net	30,593	30,593	32,377
Encumbrances	$ 0	$ 0
Current Communities | eaves San Jose
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	442	442
Initial Cost
Land and improvements	$ 12,920	$ 12,920
Building / Construction in Progress & Improvements	53,047	53,047
Costs Subsequent to Acquisition / Construction	20,013	20,013
Total Cost
Land and improvements	12,920	12,920
Building / Construction in Progress & Improvements	73,060	73,060
Total	85,980	85,980
Accumulated Depreciation	45,811	45,811
Total real estate, net	40,169	40,169	42,111
Encumbrances	$ 0	$ 0
Current Communities | Avalon on the Alameda
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	305	305
Initial Cost
Land and improvements	$ 6,119	$ 6,119
Building / Construction in Progress & Improvements	50,225	50,225
Costs Subsequent to Acquisition / Construction	13,878	13,878
Total Cost
Land and improvements	6,119	6,119
Building / Construction in Progress & Improvements	64,103	64,103
Total	70,222	70,222
Accumulated Depreciation	43,915	43,915
Total real estate, net	26,307	26,307	28,113
Encumbrances	$ 0	$ 0
Current Communities | Avalon Silicon Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	712	712
Initial Cost
Land and improvements	$ 20,713	$ 20,713
Building / Construction in Progress & Improvements	99,573	99,573
Costs Subsequent to Acquisition / Construction	36,482	36,482
Total Cost
Land and improvements	20,713	20,713
Building / Construction in Progress & Improvements	136,055	136,055
Total	156,768	156,768
Accumulated Depreciation	90,737	90,737
Total real estate, net	66,031	66,031	69,922
Encumbrances	$ 0	$ 0
Current Communities | Avalon Mountain View
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248	248
Initial Cost
Land and improvements	$ 9,755	$ 9,755
Building / Construction in Progress & Improvements	39,393	39,393
Costs Subsequent to Acquisition / Construction	12,770	12,770
Total Cost
Land and improvements	9,755	9,755
Building / Construction in Progress & Improvements	52,163	52,163
Total	61,918	61,918
Accumulated Depreciation	37,632	37,632
Total real estate, net	24,286	24,286	25,477
Encumbrances	$ 0	$ 0
Current Communities | eaves Creekside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	296	296
Initial Cost
Land and improvements	$ 6,546	$ 6,546
Building / Construction in Progress & Improvements	26,263	26,263
Costs Subsequent to Acquisition / Construction	22,103	22,103
Total Cost
Land and improvements	6,546	6,546
Building / Construction in Progress & Improvements	48,366	48,366
Total	54,912	54,912
Accumulated Depreciation	32,434	32,434
Total real estate, net	22,478	22,478	23,859
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Cahill Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	218	218
Initial Cost
Land and improvements	$ 4,765	$ 4,765
Building / Construction in Progress & Improvements	47,600	47,600
Costs Subsequent to Acquisition / Construction	4,204	4,204
Total Cost
Land and improvements	4,765	4,765
Building / Construction in Progress & Improvements	51,804	51,804
Total	56,569	56,569
Accumulated Depreciation	33,516	33,516
Total real estate, net	23,053	23,053	24,035
Encumbrances	$ 0	$ 0
Current Communities | Avalon Towers on the Peninsula
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	211	211
Initial Cost
Land and improvements	$ 9,560	$ 9,560
Building / Construction in Progress & Improvements	56,136	56,136
Costs Subsequent to Acquisition / Construction	14,806	14,806
Total Cost
Land and improvements	9,560	9,560
Building / Construction in Progress & Improvements	70,942	70,942
Total	80,502	80,502
Accumulated Depreciation	41,731	41,731
Total real estate, net	38,771	38,771	41,194
Encumbrances	$ 0	$ 0
Current Communities | Avalon Morrison Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250	250
Initial Cost
Land and improvements	$ 13,837	$ 13,837
Building / Construction in Progress & Improvements	64,534	64,534
Costs Subsequent to Acquisition / Construction	965	965
Total Cost
Land and improvements	13,837	13,837
Building / Construction in Progress & Improvements	65,499	65,499
Total	79,336	79,336
Accumulated Depreciation	18,220	18,220
Total real estate, net	61,116	61,116	63,019
Encumbrances	$ 0	$ 0
Current Communities | Avalon Willow Glen
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	412	412
Initial Cost
Land and improvements	$ 46,060	$ 46,060
Building / Construction in Progress & Improvements	81,957	81,957
Costs Subsequent to Acquisition / Construction	7,615	7,615
Total Cost
Land and improvements	46,060	46,060
Building / Construction in Progress & Improvements	89,572	89,572
Total	135,632	135,632
Accumulated Depreciation	33,991	33,991
Total real estate, net	101,641	101,641	105,215
Encumbrances	$ 0	$ 0
Current Communities | eaves West Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	873	873
Initial Cost
Land and improvements	$ 90,890	$ 90,890
Building / Construction in Progress & Improvements	132,040	132,040
Costs Subsequent to Acquisition / Construction	14,375	14,375
Total Cost
Land and improvements	90,890	90,890
Building / Construction in Progress & Improvements	146,415	146,415
Total	237,305	237,305
Accumulated Depreciation	53,782	53,782
Total real estate, net	183,523	183,523	188,220
Encumbrances	$ 0	$ 0
Current Communities | eaves Mountain View at Middlefield
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	402	402
Initial Cost
Land and improvements	$ 64,070	$ 64,070
Building / Construction in Progress & Improvements	69,018	69,018
Costs Subsequent to Acquisition / Construction	15,706	15,706
Total Cost
Land and improvements	64,070	64,070
Building / Construction in Progress & Improvements	84,724	84,724
Total	148,794	148,794
Accumulated Depreciation	32,319	32,319
Total real estate, net	116,475	116,475	118,876
Encumbrances	$ 0	$ 0
Current Communities | Avalon Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	308	308
Initial Cost
Land and improvements	$ 10,746	$ 10,746
Building / Construction in Progress & Improvements	43,399	43,399
Costs Subsequent to Acquisition / Construction	20,895	20,895
Total Cost
Land and improvements	10,746	10,746
Building / Construction in Progress & Improvements	64,294	64,294
Total	75,040	75,040
Accumulated Depreciation	41,238	41,238
Total real estate, net	33,802	33,802	26,076
Encumbrances	$ 0	$ 0
Current Communities | eaves Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	204	204
Initial Cost
Land and improvements	$ 5,276	$ 5,276
Building / Construction in Progress & Improvements	19,642	19,642
Costs Subsequent to Acquisition / Construction	12,898	12,898
Total Cost
Land and improvements	5,276	5,276
Building / Construction in Progress & Improvements	32,540	32,540
Total	37,816	37,816
Accumulated Depreciation	22,253	22,253
Total real estate, net	15,563	15,563	16,204
Encumbrances	$ 0	$ 0
Current Communities | Eaves Pleasanton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	456	456
Initial Cost
Land and improvements	$ 11,610	$ 11,610
Building / Construction in Progress & Improvements	46,552	46,552
Costs Subsequent to Acquisition / Construction	28,665	28,665
Total Cost
Land and improvements	11,610	11,610
Building / Construction in Progress & Improvements	75,217	75,217
Total	86,827	86,827
Accumulated Depreciation	49,131	49,131
Total real estate, net	37,696	37,696	34,590
Encumbrances	$ 0	$ 0
Current Communities | eaves Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	208	208
Initial Cost
Land and improvements	$ 4,249	$ 4,249
Building / Construction in Progress & Improvements	16,820	16,820
Costs Subsequent to Acquisition / Construction	4,430	4,430
Total Cost
Land and improvements	4,249	4,249
Building / Construction in Progress & Improvements	21,250	21,250
Total	25,499	25,499
Accumulated Depreciation	16,773	16,773
Total real estate, net	8,726	8,726	9,318
Encumbrances	$ 0	$ 0
Current Communities | eaves Fremont
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	235	235
Initial Cost
Land and improvements	$ 6,581	$ 6,581
Building / Construction in Progress & Improvements	26,583	26,583
Costs Subsequent to Acquisition / Construction	11,328	11,328
Total Cost
Land and improvements	6,581	6,581
Building / Construction in Progress & Improvements	37,911	37,911
Total	44,492	44,492
Accumulated Depreciation	27,572	27,572
Total real estate, net	16,920	16,920	17,641
Encumbrances	$ 0	$ 0
Current Communities | Avalon Union City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	439	439
Initial Cost
Land and improvements	$ 14,732	$ 14,732
Building / Construction in Progress & Improvements	104,024	104,024
Costs Subsequent to Acquisition / Construction	3,635	3,635
Total Cost
Land and improvements	14,732	14,732
Building / Construction in Progress & Improvements	107,659	107,659
Total	122,391	122,391
Accumulated Depreciation	45,362	45,362
Total real estate, net	77,029	77,029	79,035
Encumbrances	$ 0	$ 0
Current Communities | Avalon Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	422	422
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	148,846	148,846
Costs Subsequent to Acquisition / Construction	5,845	5,845
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	154,691	154,691
Total	154,691	154,691
Accumulated Depreciation	60,751	60,751
Total real estate, net	93,940	93,940	99,738
Encumbrances	$ 4,161	$ 4,161
Current Communities | Avalon Dublin Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	253	253
Initial Cost
Land and improvements	$ 7,772	$ 7,772
Building / Construction in Progress & Improvements	72,142	72,142
Costs Subsequent to Acquisition / Construction	1,153	1,153
Total Cost
Land and improvements	7,772	7,772
Building / Construction in Progress & Improvements	73,295	73,295
Total	81,067	81,067
Accumulated Depreciation	20,162	20,162
Total real estate, net	60,905	60,905	63,419
Encumbrances	$ 0	$ 0
Current Communities | Avalon Dublin Station II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252	252
Initial Cost
Land and improvements	$ 7,762	$ 7,762
Building / Construction in Progress & Improvements	76,587	76,587
Costs Subsequent to Acquisition / Construction	345	345
Total Cost
Land and improvements	7,762	7,762
Building / Construction in Progress & Improvements	76,932	76,932
Total	84,694	84,694
Accumulated Depreciation	15,697	15,697
Total real estate, net	68,997	68,997	71,719
Encumbrances	$ 0	$ 0
Current Communities | eaves Walnut Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	510	510
Initial Cost
Land and improvements	$ 30,320	$ 30,320
Building / Construction in Progress & Improvements	82,375	82,375
Costs Subsequent to Acquisition / Construction	17,731	17,731
Total Cost
Land and improvements	30,320	30,320
Building / Construction in Progress & Improvements	100,106	100,106
Total	130,426	130,426
Accumulated Depreciation	34,225	34,225
Total real estate, net	96,201	96,201	99,627
Encumbrances	$ 0	$ 0
Current Communities | Avalon Walnut Ridge I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	106	106
Initial Cost
Land and improvements	$ 9,860	$ 9,860
Building / Construction in Progress & Improvements	19,850	19,850
Costs Subsequent to Acquisition / Construction	5,790	5,790
Total Cost
Land and improvements	9,860	9,860
Building / Construction in Progress & Improvements	25,640	25,640
Total	35,500	35,500
Accumulated Depreciation	8,633	8,633
Total real estate, net	26,867	26,867	27,441
Encumbrances	$ 0	$ 0
Current Communities | Avalon Walnut Ridge II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	360	360
Initial Cost
Land and improvements	$ 27,190	$ 27,190
Building / Construction in Progress & Improvements	57,041	57,041
Costs Subsequent to Acquisition / Construction	13,920	13,920
Total Cost
Land and improvements	27,190	27,190
Building / Construction in Progress & Improvements	70,961	70,961
Total	98,151	98,151
Accumulated Depreciation	24,762	24,762
Total real estate, net	73,389	73,389	76,041
Encumbrances	$ 0	$ 0
Current Communities | Avalon Berkeley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	94	94
Initial Cost
Land and improvements	$ 4,500	$ 4,500
Building / Construction in Progress & Improvements	28,689	28,689
Costs Subsequent to Acquisition / Construction	78	78
Total Cost
Land and improvements	4,500	4,500
Building / Construction in Progress & Improvements	28,767	28,767
Total	33,267	33,267
Accumulated Depreciation	7,490	7,490
Total real estate, net	25,777	25,777	26,752
Encumbrances	$ 0	$ 0
Current Communities | eaves Daly City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	195	195
Initial Cost
Land and improvements	$ 4,230	$ 4,230
Building / Construction in Progress & Improvements	9,659	9,659
Costs Subsequent to Acquisition / Construction	21,046	21,046
Total Cost
Land and improvements	4,230	4,230
Building / Construction in Progress & Improvements	30,705	30,705
Total	34,935	34,935
Accumulated Depreciation	22,305	22,305
Total real estate, net	12,630	12,630	13,645
Encumbrances	$ 0	$ 0
Current Communities | AVA Nob Hill
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185	185
Initial Cost
Land and improvements	$ 5,403	$ 5,403
Building / Construction in Progress & Improvements	21,567	21,567
Costs Subsequent to Acquisition / Construction	10,054	10,054
Total Cost
Land and improvements	5,403	5,403
Building / Construction in Progress & Improvements	31,621	31,621
Total	37,024	37,024
Accumulated Depreciation	21,638	21,638
Total real estate, net	15,386	15,386	15,152
Encumbrances	$ 0	$ 0
Current Communities | eaves Foster City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	288	288
Initial Cost
Land and improvements	$ 7,852	$ 7,852
Building / Construction in Progress & Improvements	31,445	31,445
Costs Subsequent to Acquisition / Construction	13,338	13,338
Total Cost
Land and improvements	7,852	7,852
Building / Construction in Progress & Improvements	44,783	44,783
Total	52,635	52,635
Accumulated Depreciation	32,013	32,013
Total real estate, net	20,622	20,622	22,074
Encumbrances	$ 0	$ 0
Current Communities | eaves Pacifica
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	220	220
Initial Cost
Land and improvements	$ 6,125	$ 6,125
Building / Construction in Progress & Improvements	24,796	24,796
Costs Subsequent to Acquisition / Construction	4,711	4,711
Total Cost
Land and improvements	6,125	6,125
Building / Construction in Progress & Improvements	29,507	29,507
Total	35,632	35,632
Accumulated Depreciation	23,101	23,101
Total real estate, net	12,531	12,531	13,509
Encumbrances	$ 0	$ 0
Current Communities | Avalon Sunset Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243	243
Initial Cost
Land and improvements	$ 3,561	$ 3,561
Building / Construction in Progress & Improvements	21,321	21,321
Costs Subsequent to Acquisition / Construction	16,837	16,837
Total Cost
Land and improvements	3,561	3,561
Building / Construction in Progress & Improvements	38,158	38,158
Total	41,719	41,719
Accumulated Depreciation	25,333	25,333
Total real estate, net	16,386	16,386	17,689
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Mission Bay I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250	250
Initial Cost
Land and improvements	$ 14,029	$ 14,029
Building / Construction in Progress & Improvements	78,452	78,452
Costs Subsequent to Acquisition / Construction	9,338	9,338
Total Cost
Land and improvements	14,029	14,029
Building / Construction in Progress & Improvements	87,790	87,790
Total	101,819	101,819
Accumulated Depreciation	55,671	55,671
Total real estate, net	46,148	46,148	49,567
Encumbrances	$ 0	$ 0
Current Communities | Avalon at Mission Bay III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	260	260
Initial Cost
Land and improvements	$ 28,687	$ 28,687
Building / Construction in Progress & Improvements	119,156	119,156
Costs Subsequent to Acquisition / Construction	879	879
Total Cost
Land and improvements	28,687	28,687
Building / Construction in Progress & Improvements	120,035	120,035
Total	148,722	148,722
Accumulated Depreciation	51,009	51,009
Total real estate, net	97,713	97,713	101,615
Encumbrances	$ 0	$ 0
Current Communities | Avalon Ocean Avenue
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	173	173
Initial Cost
Land and improvements	$ 5,544	$ 5,544
Building / Construction in Progress & Improvements	50,906	50,906
Costs Subsequent to Acquisition / Construction	2,527	2,527
Total Cost
Land and improvements	5,544	5,544
Building / Construction in Progress & Improvements	53,433	53,433
Total	58,977	58,977
Accumulated Depreciation	18,068	18,068
Total real estate, net	40,909	40,909	42,449
Encumbrances	$ 0	$ 0
Current Communities | AVA 55 Ninth
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	273	273
Initial Cost
Land and improvements	$ 20,267	$ 20,267
Building / Construction in Progress & Improvements	97,321	97,321
Costs Subsequent to Acquisition / Construction	1,268	1,268
Total Cost
Land and improvements	20,267	20,267
Building / Construction in Progress & Improvements	98,589	98,589
Total	118,856	118,856
Accumulated Depreciation	27,297	27,297
Total real estate, net	91,559	91,559	94,980
Encumbrances	$ 0	$ 0
Current Communities | Avalon Hayes Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	182	182
Initial Cost
Land and improvements	$ 12,595	$ 12,595
Building / Construction in Progress & Improvements	81,228	81,228
Costs Subsequent to Acquisition / Construction	203	203
Total Cost
Land and improvements	12,595	12,595
Building / Construction in Progress & Improvements	81,431	81,431
Total	94,026	94,026
Accumulated Depreciation	19,639	19,639
Total real estate, net	74,387	74,387	77,231
Encumbrances	$ 0	$ 0
Current Communities | Avalon Dogpatch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	326	326
Initial Cost
Land and improvements	$ 23,523	$ 23,523
Building / Construction in Progress & Improvements	180,698	180,698
Costs Subsequent to Acquisition / Construction	232	232
Total Cost
Land and improvements	23,523	23,523
Building / Construction in Progress & Improvements	180,930	180,930
Total	204,453	204,453
Accumulated Depreciation	27,301	27,301
Total real estate, net	177,152	177,152	184,327
Encumbrances	$ 0	$ 0
Current Communities | Avalon San Bruno I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	300	300
Initial Cost
Land and improvements	$ 40,780	$ 40,780
Building / Construction in Progress & Improvements	68,684	68,684
Costs Subsequent to Acquisition / Construction	7,448	7,448
Total Cost
Land and improvements	40,780	40,780
Building / Construction in Progress & Improvements	76,132	76,132
Total	116,912	116,912
Accumulated Depreciation	27,733	27,733
Total real estate, net	89,179	89,179	91,800
Encumbrances	$ 62,350	$ 62,350
Current Communities | Avalon San Bruno II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	185	185
Initial Cost
Land and improvements	$ 23,787	$ 23,787
Building / Construction in Progress & Improvements	44,934	44,934
Costs Subsequent to Acquisition / Construction	2,769	2,769
Total Cost
Land and improvements	23,787	23,787
Building / Construction in Progress & Improvements	47,703	47,703
Total	71,490	71,490
Accumulated Depreciation	15,744	15,744
Total real estate, net	55,746	55,746	57,304
Encumbrances	$ 0	$ 0
Current Communities | Avalon San Bruno III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	187	187
Initial Cost
Land and improvements	$ 33,303	$ 33,303
Building / Construction in Progress & Improvements	62,910	62,910
Costs Subsequent to Acquisition / Construction	3,318	3,318
Total Cost
Land and improvements	33,303	33,303
Building / Construction in Progress & Improvements	66,228	66,228
Total	99,531	99,531
Accumulated Depreciation	22,003	22,003
Total real estate, net	77,528	77,528	79,660
Encumbrances	$ 51,000	$ 51,000
Current Communities | AVA Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	748	748
Initial Cost
Land and improvements	$ 22,483	$ 22,483
Building / Construction in Progress & Improvements	28,104	28,104
Costs Subsequent to Acquisition / Construction	53,051	53,051
Total Cost
Land and improvements	22,483	22,483
Building / Construction in Progress & Improvements	81,155	81,155
Total	103,638	103,638
Accumulated Depreciation	51,937	51,937
Total real estate, net	51,701	51,701	53,182
Encumbrances	$ 0	$ 0
Current Communities | Avalon Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	663	663
Initial Cost
Land and improvements	$ 23,828	$ 23,828
Building / Construction in Progress & Improvements	40,372	40,372
Costs Subsequent to Acquisition / Construction	59,677	59,677
Total Cost
Land and improvements	23,828	23,828
Building / Construction in Progress & Improvements	100,049	100,049
Total	123,877	123,877
Accumulated Depreciation	58,908	58,908
Total real estate, net	64,969	64,969	61,517
Encumbrances	$ 0	$ 0
Current Communities | eaves Warner Center
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	227	227
Initial Cost
Land and improvements	$ 7,045	$ 7,045
Building / Construction in Progress & Improvements	12,986	12,986
Costs Subsequent to Acquisition / Construction	12,595	12,595
Total Cost
Land and improvements	7,045	7,045
Building / Construction in Progress & Improvements	25,581	25,581
Total	32,626	32,626
Accumulated Depreciation	19,647	19,647
Total real estate, net	12,979	12,979	13,743
Encumbrances	$ 0	$ 0
Current Communities | Avalon Glendale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	223	223
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	42,564	42,564
Costs Subsequent to Acquisition / Construction	3,062	3,062
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	45,626	45,626
Total	45,626	45,626
Accumulated Depreciation	28,549	28,549
Total real estate, net	17,077	17,077	18,543
Encumbrances	$ 0	$ 0
Current Communities | Avalon Burbank
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400	400
Initial Cost
Land and improvements	$ 14,053	$ 14,053
Building / Construction in Progress & Improvements	56,827	56,827
Costs Subsequent to Acquisition / Construction	27,370	27,370
Total Cost
Land and improvements	14,053	14,053
Building / Construction in Progress & Improvements	84,197	84,197
Total	98,250	98,250
Accumulated Depreciation	49,108	49,108
Total real estate, net	49,142	49,142	51,168
Encumbrances	$ 0	$ 0
Current Communities | Avalon Camarillo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	249	249
Initial Cost
Land and improvements	$ 8,446	$ 8,446
Building / Construction in Progress & Improvements	40,290	40,290
Costs Subsequent to Acquisition / Construction	3,131	3,131
Total Cost
Land and improvements	8,446	8,446
Building / Construction in Progress & Improvements	43,421	43,421
Total	51,867	51,867
Accumulated Depreciation	23,030	23,030
Total real estate, net	28,837	28,837	30,389
Encumbrances	$ 0	$ 0
Current Communities | Avalon Wilshire
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	123	123
Initial Cost
Land and improvements	$ 5,459	$ 5,459
Building / Construction in Progress & Improvements	41,182	41,182
Costs Subsequent to Acquisition / Construction	5,935	5,935
Total Cost
Land and improvements	5,459	5,459
Building / Construction in Progress & Improvements	47,117	47,117
Total	52,576	52,576
Accumulated Depreciation	23,132	23,132
Total real estate, net	29,444	29,444	31,487
Encumbrances	$ 0	$ 0
Current Communities | Avalon Encino
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	131	131
Initial Cost
Land and improvements	$ 12,789	$ 12,789
Building / Construction in Progress & Improvements	49,073	49,073
Costs Subsequent to Acquisition / Construction	1,744	1,744
Total Cost
Land and improvements	12,789	12,789
Building / Construction in Progress & Improvements	50,817	50,817
Total	63,606	63,606
Accumulated Depreciation	22,953	22,953
Total real estate, net	40,653	40,653	42,003
Encumbrances	$ 0	$ 0
Current Communities | Avalon Warner Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	210	210
Initial Cost
Land and improvements	$ 7,920	$ 7,920
Building / Construction in Progress & Improvements	44,845	44,845
Costs Subsequent to Acquisition / Construction	2,546	2,546
Total Cost
Land and improvements	7,920	7,920
Building / Construction in Progress & Improvements	47,391	47,391
Total	55,311	55,311
Accumulated Depreciation	21,563	21,563
Total real estate, net	33,748	33,748	34,119
Encumbrances	$ 0	$ 0
Current Communities | AVA Little Tokyo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280	280
Initial Cost
Land and improvements	$ 14,734	$ 14,734
Building / Construction in Progress & Improvements	94,001	94,001
Costs Subsequent to Acquisition / Construction	1,883	1,883
Total Cost
Land and improvements	14,734	14,734
Building / Construction in Progress & Improvements	95,884	95,884
Total	110,618	110,618
Accumulated Depreciation	24,935	24,935
Total real estate, net	85,683	85,683	89,164
Encumbrances	$ 0	$ 0
Current Communities | eaves Phillips Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	503	503
Initial Cost
Land and improvements	$ 9,796	$ 9,796
Building / Construction in Progress & Improvements	41,740	41,740
Costs Subsequent to Acquisition / Construction	6,373	6,373
Total Cost
Land and improvements	9,796	9,796
Building / Construction in Progress & Improvements	48,113	48,113
Total	57,909	57,909
Accumulated Depreciation	18,107	18,107
Total real estate, net	39,802	39,802	40,027
Encumbrances	$ 0	$ 0
Current Communities | eaves San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	102	102
Initial Cost
Land and improvements	$ 1,916	$ 1,916
Building / Construction in Progress & Improvements	7,819	7,819
Costs Subsequent to Acquisition / Construction	1,924	1,924
Total Cost
Land and improvements	1,916	1,916
Building / Construction in Progress & Improvements	9,743	9,743
Total	11,659	11,659
Accumulated Depreciation	3,969	3,969
Total real estate, net	7,690	7,690	7,893
Encumbrances	$ 0	$ 0
Current Communities | eaves San Dimas Canyon
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156	156
Initial Cost
Land and improvements	$ 2,953	$ 2,953
Building / Construction in Progress & Improvements	12,428	12,428
Costs Subsequent to Acquisition / Construction	1,537	1,537
Total Cost
Land and improvements	2,953	2,953
Building / Construction in Progress & Improvements	13,965	13,965
Total	16,918	16,918
Accumulated Depreciation	5,431	5,431
Total real estate, net	11,487	11,487	11,731
Encumbrances	$ 0	$ 0
Current Communities | AVA Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	84	84
Initial Cost
Land and improvements	$ 8,400	$ 8,400
Building / Construction in Progress & Improvements	11,547	11,547
Costs Subsequent to Acquisition / Construction	6,176	6,176
Total Cost
Land and improvements	8,400	8,400
Building / Construction in Progress & Improvements	17,723	17,723
Total	26,123	26,123
Accumulated Depreciation	5,745	5,745
Total real estate, net	20,378	20,378	20,862
Encumbrances	$ 0	$ 0
Current Communities | eaves Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	151	151
Initial Cost
Land and improvements	$ 8,305	$ 8,305
Building / Construction in Progress & Improvements	21,195	21,195
Costs Subsequent to Acquisition / Construction	1,932	1,932
Total Cost
Land and improvements	8,305	8,305
Building / Construction in Progress & Improvements	23,127	23,127
Total	31,432	31,432
Accumulated Depreciation	7,633	7,633
Total real estate, net	23,799	23,799	24,473
Encumbrances	$ 0	$ 0
Current Communities | Avalon Playa Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	309	309
Initial Cost
Land and improvements	$ 30,900	$ 30,900
Building / Construction in Progress & Improvements	72,008	72,008
Costs Subsequent to Acquisition / Construction	7,926	7,926
Total Cost
Land and improvements	30,900	30,900
Building / Construction in Progress & Improvements	79,934	79,934
Total	110,834	110,834
Accumulated Depreciation	27,492	27,492
Total real estate, net	83,342	83,342	86,393
Encumbrances	$ 0	$ 0
Current Communities | Avalon San Dimas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156	156
Initial Cost
Land and improvements	$ 9,141	$ 9,141
Building / Construction in Progress & Improvements	30,726	30,726
Costs Subsequent to Acquisition / Construction	133	133
Total Cost
Land and improvements	9,141	9,141
Building / Construction in Progress & Improvements	30,859	30,859
Total	40,000	40,000
Accumulated Depreciation	8,340	8,340
Total real estate, net	31,660	31,660	32,780
Encumbrances	$ 0	$ 0
Current Communities | Avalon Glendora
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280	280
Initial Cost
Land and improvements	$ 18,311	$ 18,311
Building / Construction in Progress & Improvements	64,303	64,303
Costs Subsequent to Acquisition / Construction	544	544
Total Cost
Land and improvements	18,311	18,311
Building / Construction in Progress & Improvements	64,847	64,847
Total	83,158	83,158
Accumulated Depreciation	14,600	14,600
Total real estate, net	68,558	68,558	70,990
Encumbrances	$ 0	$ 0
Current Communities | Avalon West Hollywood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	294	294
Initial Cost
Land and improvements	$ 35,214	$ 35,214
Building / Construction in Progress & Improvements	119,105	119,105
Costs Subsequent to Acquisition / Construction	1,818	1,818
Total Cost
Land and improvements	35,214	35,214
Building / Construction in Progress & Improvements	120,923	120,923
Total	156,137	156,137
Accumulated Depreciation	21,037	21,037
Total real estate, net	135,100	135,100	139,902
Encumbrances	$ 0	$ 0
Current Communities | Avalon Mission Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	160	160
Initial Cost
Land and improvements	$ 9,600	$ 9,600
Building / Construction in Progress & Improvements	37,602	37,602
Costs Subsequent to Acquisition / Construction	1,773	1,773
Total Cost
Land and improvements	9,600	9,600
Building / Construction in Progress & Improvements	39,375	39,375
Total	48,975	48,975
Accumulated Depreciation	11,723	11,723
Total real estate, net	37,252	37,252	38,651
Encumbrances	$ 0	$ 0
Current Communities | Avalon Chino Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	331	331
Initial Cost
Land and improvements	$ 16,617	$ 16,617
Building / Construction in Progress & Improvements	79,829	79,829
Costs Subsequent to Acquisition / Construction	110	110
Total Cost
Land and improvements	16,617	16,617
Building / Construction in Progress & Improvements	79,939	79,939
Total	96,556	96,556
Accumulated Depreciation	13,762	13,762
Total real estate, net	82,794	82,794	85,630
Encumbrances	$ 0	$ 0
Current Communities | AVA North Hollywood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156	156
Initial Cost
Land and improvements	$ 18,408	$ 18,408
Building / Construction in Progress & Improvements	52,280	52,280
Costs Subsequent to Acquisition / Construction	2,054	2,054
Total Cost
Land and improvements	18,408	18,408
Building / Construction in Progress & Improvements	54,334	54,334
Total	72,742	72,742
Accumulated Depreciation	12,185	12,185
Total real estate, net	60,557	60,557	62,674
Encumbrances	$ 0	$ 0
Current Communities | Avalon Cerritos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	132	132
Initial Cost
Land and improvements	$ 8,869	$ 8,869
Building / Construction in Progress & Improvements	51,452	51,452
Costs Subsequent to Acquisition / Construction	724	724
Total Cost
Land and improvements	8,869	8,869
Building / Construction in Progress & Improvements	52,176	52,176
Total	61,045	61,045
Accumulated Depreciation	6,229	6,229
Total real estate, net	54,816	54,816	56,826
Encumbrances	$ 30,250	$ 30,250
Current Communities | Avalon Simi Valley
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	500	500
Initial Cost
Land and improvements	$ 42,020	$ 42,020
Building / Construction in Progress & Improvements	73,361	73,361
Costs Subsequent to Acquisition / Construction	9,214	9,214
Total Cost
Land and improvements	42,020	42,020
Building / Construction in Progress & Improvements	82,575	82,575
Total	124,595	124,595
Accumulated Depreciation	28,956	28,956
Total real estate, net	95,639	95,639	95,977
Encumbrances	$ 0	$ 0
Current Communities | AVA Studio City II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	101	101
Initial Cost
Land and improvements	$ 4,626	$ 4,626
Building / Construction in Progress & Improvements	22,954	22,954
Costs Subsequent to Acquisition / Construction	7,892	7,892
Total Cost
Land and improvements	4,626	4,626
Building / Construction in Progress & Improvements	30,846	30,846
Total	35,472	35,472
Accumulated Depreciation	10,053	10,053
Total real estate, net	25,419	25,419	26,537
Encumbrances	$ 0	$ 0
Current Communities | Avalon Studio City
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	276	276
Initial Cost
Land and improvements	$ 15,756	$ 15,756
Building / Construction in Progress & Improvements	78,178	78,178
Costs Subsequent to Acquisition / Construction	18,815	18,815
Total Cost
Land and improvements	15,756	15,756
Building / Construction in Progress & Improvements	96,993	96,993
Total	112,749	112,749
Accumulated Depreciation	32,673	32,673
Total real estate, net	80,076	80,076	84,386
Encumbrances	$ 0	$ 0
Current Communities | Avalon Calabasas
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	600	600
Initial Cost
Land and improvements	$ 42,720	$ 42,720
Building / Construction in Progress & Improvements	107,642	107,642
Costs Subsequent to Acquisition / Construction	24,105	24,105
Total Cost
Land and improvements	42,720	42,720
Building / Construction in Progress & Improvements	131,747	131,747
Total	174,467	174,467
Accumulated Depreciation	52,984	52,984
Total real estate, net	121,483	121,483	127,837
Encumbrances	$ 0	$ 0
Current Communities | Avalon Oak Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	336	336
Initial Cost
Land and improvements	$ 43,540	$ 43,540
Building / Construction in Progress & Improvements	79,974	79,974
Costs Subsequent to Acquisition / Construction	7,481	7,481
Total Cost
Land and improvements	43,540	43,540
Building / Construction in Progress & Improvements	87,455	87,455
Total	130,995	130,995
Accumulated Depreciation	36,802	36,802
Total real estate, net	94,193	94,193	97,655
Encumbrances	$ 0	$ 0
Current Communities | Avalon Santa Monica on Main
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	133	133
Initial Cost
Land and improvements	$ 32,000	$ 32,000
Building / Construction in Progress & Improvements	60,770	60,770
Costs Subsequent to Acquisition / Construction	14,821	14,821
Total Cost
Land and improvements	32,000	32,000
Building / Construction in Progress & Improvements	75,591	75,591
Total	107,591	107,591
Accumulated Depreciation	24,484	24,484
Total real estate, net	83,107	83,107	85,032
Encumbrances	$ 0	$ 0
Current Communities | Avalon Del Mar Station
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	347	347
Initial Cost
Land and improvements	$ 20,560	$ 20,560
Building / Construction in Progress & Improvements	106,556	106,556
Costs Subsequent to Acquisition / Construction	4,605	4,605
Total Cost
Land and improvements	20,560	20,560
Building / Construction in Progress & Improvements	111,161	111,161
Total	131,721	131,721
Accumulated Depreciation	35,802	35,802
Total real estate, net	95,919	95,919	99,432
Encumbrances	$ 0	$ 0
Current Communities | eaves Old Town Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	96	96
Initial Cost
Land and improvements	$ 9,110	$ 9,110
Building / Construction in Progress & Improvements	15,371	15,371
Costs Subsequent to Acquisition / Construction	7,315	7,315
Total Cost
Land and improvements	9,110	9,110
Building / Construction in Progress & Improvements	22,686	22,686
Total	31,796	31,796
Accumulated Depreciation	7,746	7,746
Total real estate, net	24,050	24,050	24,914
Encumbrances	$ 0	$ 0
Current Communities | eaves Thousand Oaks
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	154	154
Initial Cost
Land and improvements	$ 13,950	$ 13,950
Building / Construction in Progress & Improvements	20,211	20,211
Costs Subsequent to Acquisition / Construction	5,509	5,509
Total Cost
Land and improvements	13,950	13,950
Building / Construction in Progress & Improvements	25,720	25,720
Total	39,670	39,670
Accumulated Depreciation	11,314	11,314
Total real estate, net	28,356	28,356	29,475
Encumbrances	$ 0	$ 0
Current Communities | eaves Los Feliz
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	263	263
Initial Cost
Land and improvements	$ 18,940	$ 18,940
Building / Construction in Progress & Improvements	43,661	43,661
Costs Subsequent to Acquisition / Construction	13,410	13,410
Total Cost
Land and improvements	18,940	18,940
Building / Construction in Progress & Improvements	57,071	57,071
Total	76,011	76,011
Accumulated Depreciation	19,234	19,234
Total real estate, net	56,777	56,777	58,685
Encumbrances	$ 41,400	$ 41,400
Current Communities | AVA Toluca Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,151	1,151
Initial Cost
Land and improvements	$ 86,450	$ 86,450
Building / Construction in Progress & Improvements	161,256	161,256
Costs Subsequent to Acquisition / Construction	90,853	90,853
Total Cost
Land and improvements	86,450	86,450
Building / Construction in Progress & Improvements	252,109	252,109
Total	338,559	338,559
Accumulated Depreciation	76,300	76,300
Total real estate, net	262,259	262,259	270,938
Encumbrances	$ 0	$ 0
Current Communities | eaves Woodland Hills
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	883	883
Initial Cost
Land and improvements	$ 68,940	$ 68,940
Building / Construction in Progress & Improvements	90,549	90,549
Costs Subsequent to Acquisition / Construction	21,149	21,149
Total Cost
Land and improvements	68,940	68,940
Building / Construction in Progress & Improvements	111,698	111,698
Total	180,638	180,638
Accumulated Depreciation	43,653	43,653
Total real estate, net	136,985	136,985	138,762
Encumbrances	$ 111,500	$ 111,500
Current Communities | Avalon Thousand Oaks Plaza
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	148	148
Initial Cost
Land and improvements	$ 12,810	$ 12,810
Building / Construction in Progress & Improvements	22,581	22,581
Costs Subsequent to Acquisition / Construction	3,122	3,122
Total Cost
Land and improvements	12,810	12,810
Building / Construction in Progress & Improvements	25,703	25,703
Total	38,513	38,513
Accumulated Depreciation	10,193	10,193
Total real estate, net	28,320	28,320	28,867
Encumbrances	$ 0	$ 0
Current Communities | Avalon Pasadena
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	120	120
Initial Cost
Land and improvements	$ 10,240	$ 10,240
Building / Construction in Progress & Improvements	31,558	31,558
Costs Subsequent to Acquisition / Construction	6,809	6,809
Total Cost
Land and improvements	10,240	10,240
Building / Construction in Progress & Improvements	38,367	38,367
Total	48,607	48,607
Accumulated Depreciation	12,747	12,747
Total real estate, net	35,860	35,860	37,199
Encumbrances	$ 0	$ 0
Current Communities | AVA Studio City I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	450	450
Initial Cost
Land and improvements	$ 17,658	$ 17,658
Building / Construction in Progress & Improvements	90,715	90,715
Costs Subsequent to Acquisition / Construction	37,065	37,065
Total Cost
Land and improvements	17,658	17,658
Building / Construction in Progress & Improvements	127,780	127,780
Total	145,438	145,438
Accumulated Depreciation	39,562	39,562
Total real estate, net	105,876	105,876	110,132
Encumbrances	$ 0	$ 0
Current Communities | AVA Newport
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	145	145
Initial Cost
Land and improvements	$ 1,975	$ 1,975
Building / Construction in Progress & Improvements	3,814	3,814
Costs Subsequent to Acquisition / Construction	10,088	10,088
Total Cost
Land and improvements	1,975	1,975
Building / Construction in Progress & Improvements	13,902	13,902
Total	15,877	15,877
Accumulated Depreciation	8,877	8,877
Total real estate, net	7,000	7,000	7,414
Encumbrances	$ 0	$ 0
Current Communities | eaves Mission Viejo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	166	166
Initial Cost
Land and improvements	$ 2,517	$ 2,517
Building / Construction in Progress & Improvements	9,257	9,257
Costs Subsequent to Acquisition / Construction	4,893	4,893
Total Cost
Land and improvements	2,517	2,517
Building / Construction in Progress & Improvements	14,150	14,150
Total	16,667	16,667
Accumulated Depreciation	10,952	10,952
Total real estate, net	5,715	5,715	5,915
Encumbrances	$ 0	$ 0
Current Communities | eaves South Coast
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	258	258
Initial Cost
Land and improvements	$ 4,709	$ 4,709
Building / Construction in Progress & Improvements	16,063	16,063
Costs Subsequent to Acquisition / Construction	14,097	14,097
Total Cost
Land and improvements	4,709	4,709
Building / Construction in Progress & Improvements	30,160	30,160
Total	34,869	34,869
Accumulated Depreciation	20,986	20,986
Total real estate, net	13,883	13,883	14,680
Encumbrances	$ 0	$ 0
Current Communities | eaves Santa Margarita
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	301	301
Initial Cost
Land and improvements	$ 4,607	$ 4,607
Building / Construction in Progress & Improvements	16,911	16,911
Costs Subsequent to Acquisition / Construction	12,820	12,820
Total Cost
Land and improvements	4,607	4,607
Building / Construction in Progress & Improvements	29,731	29,731
Total	34,338	34,338
Accumulated Depreciation	20,129	20,129
Total real estate, net	14,209	14,209	14,484
Encumbrances	$ 0	$ 0
Current Communities | eaves Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	304	304
Initial Cost
Land and improvements	$ 4,871	$ 4,871
Building / Construction in Progress & Improvements	19,745	19,745
Costs Subsequent to Acquisition / Construction	12,109	12,109
Total Cost
Land and improvements	4,871	4,871
Building / Construction in Progress & Improvements	31,854	31,854
Total	36,725	36,725
Accumulated Depreciation	24,699	24,699
Total real estate, net	12,026	12,026	12,614
Encumbrances	$ 0	$ 0
Current Communities | Avalon Irvine I
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	279	279
Initial Cost
Land and improvements	$ 9,911	$ 9,911
Building / Construction in Progress & Improvements	67,520	67,520
Costs Subsequent to Acquisition / Construction	3,922	3,922
Total Cost
Land and improvements	9,911	9,911
Building / Construction in Progress & Improvements	71,442	71,442
Total	81,353	81,353
Accumulated Depreciation	29,547	29,547
Total real estate, net	51,806	51,806	53,014
Encumbrances	$ 0	$ 0
Current Communities | Avalon Irvine II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	179	179
Initial Cost
Land and improvements	$ 4,358	$ 4,358
Building / Construction in Progress & Improvements	40,905	40,905
Costs Subsequent to Acquisition / Construction	534	534
Total Cost
Land and improvements	4,358	4,358
Building / Construction in Progress & Improvements	41,439	41,439
Total	45,797	45,797
Accumulated Depreciation	13,049	13,049
Total real estate, net	32,748	32,748	34,048
Encumbrances	$ 0	$ 0
Current Communities | eaves Lake Forest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	225	225
Initial Cost
Land and improvements	$ 5,199	$ 5,199
Building / Construction in Progress & Improvements	21,134	21,134
Costs Subsequent to Acquisition / Construction	4,909	4,909
Total Cost
Land and improvements	5,199	5,199
Building / Construction in Progress & Improvements	26,043	26,043
Total	31,242	31,242
Accumulated Depreciation	10,067	10,067
Total real estate, net	21,175	21,175	21,816
Encumbrances	$ 0	$ 0
Current Communities | Avalon Baker Ranch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	430	430
Initial Cost
Land and improvements	$ 31,689	$ 31,689
Building / Construction in Progress & Improvements	98,004	98,004
Costs Subsequent to Acquisition / Construction	516	516
Total Cost
Land and improvements	31,689	31,689
Building / Construction in Progress & Improvements	98,520	98,520
Total	130,209	130,209
Accumulated Depreciation	23,819	23,819
Total real estate, net	106,390	106,390	109,585
Encumbrances	$ 0	$ 0
Current Communities | Avalon Irvine III
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	156	156
Initial Cost
Land and improvements	$ 11,607	$ 11,607
Building / Construction in Progress & Improvements	43,973	43,973
Costs Subsequent to Acquisition / Construction	66	66
Total Cost
Land and improvements	11,607	11,607
Building / Construction in Progress & Improvements	44,039	44,039
Total	55,646	55,646
Accumulated Depreciation	9,274	9,274
Total real estate, net	46,372	46,372	47,982
Encumbrances	$ 0	$ 0
Current Communities | eaves Seal Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	549	549
Initial Cost
Land and improvements	$ 46,790	$ 46,790
Building / Construction in Progress & Improvements	99,999	99,999
Costs Subsequent to Acquisition / Construction	37,744	37,744
Total Cost
Land and improvements	46,790	46,790
Building / Construction in Progress & Improvements	137,743	137,743
Total	184,533	184,533
Accumulated Depreciation	41,799	41,799
Total real estate, net	142,734	142,734	147,985
Encumbrances	$ 0	$ 0
Current Communities | Avalon Huntington Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	378	378
Initial Cost
Land and improvements	$ 13,055	$ 13,055
Building / Construction in Progress & Improvements	105,981	105,981
Costs Subsequent to Acquisition / Construction	726	726
Total Cost
Land and improvements	13,055	13,055
Building / Construction in Progress & Improvements	106,707	106,707
Total	119,762	119,762
Accumulated Depreciation	20,347	20,347
Total real estate, net	99,415	99,415	103,010
Encumbrances	$ 0	$ 0
Current Communities | AVA Pacific Beach
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	564	564
Initial Cost
Land and improvements	$ 9,922	$ 9,922
Building / Construction in Progress & Improvements	40,580	40,580
Costs Subsequent to Acquisition / Construction	42,944	42,944
Total Cost
Land and improvements	9,922	9,922
Building / Construction in Progress & Improvements	83,524	83,524
Total	93,446	93,446
Accumulated Depreciation	52,968	52,968
Total real estate, net	40,478	40,478	43,072
Encumbrances	$ 0	$ 0
Current Communities | eaves Mission Ridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200	200
Initial Cost
Land and improvements	$ 2,710	$ 2,710
Building / Construction in Progress & Improvements	10,924	10,924
Costs Subsequent to Acquisition / Construction	13,723	13,723
Total Cost
Land and improvements	2,710	2,710
Building / Construction in Progress & Improvements	24,647	24,647
Total	27,357	27,357
Accumulated Depreciation	18,586	18,586
Total real estate, net	8,771	8,771	9,622
Encumbrances	$ 0	$ 0
Current Communities | eaves San Marcos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	184	184
Initial Cost
Land and improvements	$ 3,277	$ 3,277
Building / Construction in Progress & Improvements	13,385	13,385
Costs Subsequent to Acquisition / Construction	5,767	5,767
Total Cost
Land and improvements	3,277	3,277
Building / Construction in Progress & Improvements	19,152	19,152
Total	22,429	22,429
Accumulated Depreciation	6,397	6,397
Total real estate, net	16,032	16,032	16,215
Encumbrances	$ 0	$ 0
Current Communities | eaves Rancho Penasquitos
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	250	250
Initial Cost
Land and improvements	$ 6,692	$ 6,692
Building / Construction in Progress & Improvements	27,143	27,143
Costs Subsequent to Acquisition / Construction	8,490	8,490
Total Cost
Land and improvements	6,692	6,692
Building / Construction in Progress & Improvements	35,633	35,633
Total	42,325	42,325
Accumulated Depreciation	12,724	12,724
Total real estate, net	29,601	29,601	28,631
Encumbrances	$ 0	$ 0
Current Communities | Avalon Vista
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221	221
Initial Cost
Land and improvements	$ 12,689	$ 12,689
Building / Construction in Progress & Improvements	43,328	43,328
Costs Subsequent to Acquisition / Construction	800	800
Total Cost
Land and improvements	12,689	12,689
Building / Construction in Progress & Improvements	44,128	44,128
Total	56,817	56,817
Accumulated Depreciation	10,802	10,802
Total real estate, net	46,015	46,015	47,402
Encumbrances	$ 0	$ 0
Current Communities | eaves La Mesa
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	168	168
Initial Cost
Land and improvements	$ 9,490	$ 9,490
Building / Construction in Progress & Improvements	28,482	28,482
Costs Subsequent to Acquisition / Construction	3,907	3,907
Total Cost
Land and improvements	9,490	9,490
Building / Construction in Progress & Improvements	32,389	32,389
Total	41,879	41,879
Accumulated Depreciation	13,188	13,188
Total real estate, net	28,691	28,691	29,644
Encumbrances	$ 0	$ 0
Current Communities | Avalon La Jolla Colony
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180	180
Initial Cost
Land and improvements	$ 16,760	$ 16,760
Building / Construction in Progress & Improvements	27,694	27,694
Costs Subsequent to Acquisition / Construction	12,386	12,386
Total Cost
Land and improvements	16,760	16,760
Building / Construction in Progress & Improvements	40,080	40,080
Total	56,840	56,840
Accumulated Depreciation	14,524	14,524
Total real estate, net	42,316	42,316	43,561
Encumbrances	$ 0	$ 0
Boston, MA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	8,901	8,901
Initial Cost
Land and improvements	$ 352,059	$ 352,059
Building / Construction in Progress & Improvements	1,891,772	1,891,772
Costs Subsequent to Acquisition / Construction	386,409	386,409
Total Cost
Land and improvements	352,059	352,059
Building / Construction in Progress & Improvements	2,278,181	2,278,181
Total	2,630,240	2,630,240
Accumulated Depreciation	759,221	759,221
Total real estate, net	1,871,019	1,871,019	1,937,241
Encumbrances	$ 80,770	$ 80,770
Fairfield, CT
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	635	635
Initial Cost
Land and improvements	$ 24,271	$ 24,271
Building / Construction in Progress & Improvements	108,663	108,663
Costs Subsequent to Acquisition / Construction	24,409	24,409
Total Cost
Land and improvements	24,271	24,271
Building / Construction in Progress & Improvements	133,072	133,072
Total	157,343	157,343
Accumulated Depreciation	69,462	69,462
Total real estate, net	87,881	87,881	92,658
Encumbrances	$ 0	$ 0
New England
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	9,536	9,536
Initial Cost
Land and improvements	$ 376,330	$ 376,330
Building / Construction in Progress & Improvements	2,000,435	2,000,435
Costs Subsequent to Acquisition / Construction	410,818	410,818
Total Cost
Land and improvements	376,330	376,330
Building / Construction in Progress & Improvements	2,411,253	2,411,253
Total	2,787,583	2,787,583
Accumulated Depreciation	828,683	828,683
Total real estate, net	1,958,900	1,958,900	2,029,899
Encumbrances	$ 80,770	$ 80,770
New York City, NY
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,788	3,788
Initial Cost
Land and improvements	$ 537,330	$ 537,330
Building / Construction in Progress & Improvements	1,268,895	1,268,895
Costs Subsequent to Acquisition / Construction	111,492	111,492
Total Cost
Land and improvements	537,330	537,330
Building / Construction in Progress & Improvements	1,380,387	1,380,387
Total	1,917,717	1,917,717
Accumulated Depreciation	471,286	471,286
Total real estate, net	1,446,431	1,446,431	1,490,267
Encumbrances	$ 356,800	$ 356,800
New York - Suburban
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,987	3,987
Initial Cost
Land and improvements	$ 246,324	$ 246,324
Building / Construction in Progress & Improvements	779,323	779,323
Costs Subsequent to Acquisition / Construction	88,316	88,316
Total Cost
Land and improvements	246,324	246,324
Building / Construction in Progress & Improvements	867,639	867,639
Total	1,113,963	1,113,963
Accumulated Depreciation	341,093	341,093
Total real estate, net	772,870	772,870	801,356
Encumbrances	$ 0	$ 0
New Jersey
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,053	4,053
Initial Cost
Land and improvements	$ 202,270	$ 202,270
Building / Construction in Progress & Improvements	804,239	804,239
Costs Subsequent to Acquisition / Construction	74,367	74,367
Total Cost
Land and improvements	202,270	202,270
Building / Construction in Progress & Improvements	878,606	878,606
Total	1,080,876	1,080,876
Accumulated Depreciation	290,292	290,292
Total real estate, net	790,584	790,584	809,342
Encumbrances	$ 0	$ 0
Metro NY/NJ
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	11,828	11,828
Initial Cost
Land and improvements	$ 985,924	$ 985,924
Building / Construction in Progress & Improvements	2,852,457	2,852,457
Costs Subsequent to Acquisition / Construction	274,175	274,175
Total Cost
Land and improvements	985,924	985,924
Building / Construction in Progress & Improvements	3,126,632	3,126,632
Total	4,112,556	4,112,556
Accumulated Depreciation	1,102,671	1,102,671
Total real estate, net	3,009,885	3,009,885	3,100,965
Encumbrances	$ 356,800	$ 356,800
Mid-Atlantic
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	13,645	13,645
Initial Cost
Land and improvements	$ 756,380	$ 756,380
Building / Construction in Progress & Improvements	2,501,490	2,501,490
Costs Subsequent to Acquisition / Construction	325,504	325,504
Total Cost
Land and improvements	756,380	756,380
Building / Construction in Progress & Improvements	2,826,994	2,826,994
Total	3,583,374	3,583,374
Accumulated Depreciation	1,007,234	1,007,234
Total real estate, net	2,576,140	2,576,140	2,660,800
Encumbrances	$ 32,200	$ 32,200
Denver, CO
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,086	1,086
Initial Cost
Land and improvements	$ 26,136	$ 26,136
Building / Construction in Progress & Improvements	287,713	287,713
Costs Subsequent to Acquisition / Construction	6,586	6,586
Total Cost
Land and improvements	26,136	26,136
Building / Construction in Progress & Improvements	294,299	294,299
Total	320,435	320,435
Accumulated Depreciation	48,781	48,781
Total real estate, net	271,654	271,654	284,094
Encumbrances	$ 0	$ 0
Southeast Florida
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,214	1,214
Initial Cost
Land and improvements	$ 56,895	$ 56,895
Building / Construction in Progress & Improvements	325,562	325,562
Costs Subsequent to Acquisition / Construction	13,542	13,542
Total Cost
Land and improvements	56,895	56,895
Building / Construction in Progress & Improvements	339,104	339,104
Total	395,999	395,999
Accumulated Depreciation	54,004	54,004
Total real estate, net	341,995	341,995	354,125
Encumbrances	$ 0	$ 0
Pacific Northwest
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,217	4,217
Initial Cost
Land and improvements	$ 166,359	$ 166,359
Building / Construction in Progress & Improvements	852,304	852,304
Costs Subsequent to Acquisition / Construction	40,768	40,768
Total Cost
Land and improvements	166,359	166,359
Building / Construction in Progress & Improvements	893,072	893,072
Total	1,059,431	1,059,431
Accumulated Depreciation	298,389	298,389
Total real estate, net	761,042	761,042	787,715
Encumbrances	$ 0	$ 0
San Jose, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,717	4,717
Initial Cost
Land and improvements	$ 297,065	$ 297,065
Building / Construction in Progress & Improvements	767,614	767,614
Costs Subsequent to Acquisition / Construction	177,878	177,878
Total Cost
Land and improvements	297,065	297,065
Building / Construction in Progress & Improvements	945,492	945,492
Total	1,242,557	1,242,557
Accumulated Depreciation	508,114	508,114
Total real estate, net	734,443	734,443	762,418
Encumbrances	$ 0	$ 0
Oakland - East Bay, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,847	3,847
Initial Cost
Land and improvements	$ 140,598	$ 140,598
Building / Construction in Progress & Improvements	742,550	742,550
Costs Subsequent to Acquisition / Construction	126,713	126,713
Total Cost
Land and improvements	140,598	140,598
Building / Construction in Progress & Improvements	869,263	869,263
Total	1,009,861	1,009,861
Accumulated Depreciation	374,049	374,049
Total real estate, net	635,812	635,812	647,601
Encumbrances	$ 4,161	$ 4,161
San Francisco, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,267	3,267
Initial Cost
Land and improvements	$ 229,686	$ 229,686
Building / Construction in Progress & Improvements	893,077	893,077
Costs Subsequent to Acquisition / Construction	93,968	93,968
Total Cost
Land and improvements	229,686	229,686
Building / Construction in Progress & Improvements	987,045	987,045
Total	1,216,731	1,216,731
Accumulated Depreciation	388,855	388,855
Total real estate, net	827,876	827,876	861,002
Encumbrances	$ 113,350	$ 113,350
Northern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	11,831	11,831
Initial Cost
Land and improvements	$ 667,349	$ 667,349
Building / Construction in Progress & Improvements	2,403,241	2,403,241
Costs Subsequent to Acquisition / Construction	398,559	398,559
Total Cost
Land and improvements	667,349	667,349
Building / Construction in Progress & Improvements	2,801,800	2,801,800
Total	3,469,149	3,469,149
Accumulated Depreciation	1,271,018	1,271,018
Total real estate, net	2,198,131	2,198,131	2,271,021
Encumbrances	$ 117,511	$ 117,511
Los Angeles, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	11,626	11,626
Initial Cost
Land and improvements	$ 734,507	$ 734,507
Building / Construction in Progress & Improvements	2,057,615	2,057,615
Costs Subsequent to Acquisition / Construction	476,183	476,183
Total Cost
Land and improvements	734,507	734,507
Building / Construction in Progress & Improvements	2,533,798	2,533,798
Total	3,268,305	3,268,305
Accumulated Depreciation	922,518	922,518
Total real estate, net	2,345,787	2,345,787	2,419,975
Encumbrances	$ 183,150	$ 183,150
Orange County, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,370	3,370
Initial Cost
Land and improvements	$ 141,288	$ 141,288
Building / Construction in Progress & Improvements	543,306	543,306
Costs Subsequent to Acquisition / Construction	102,424	102,424
Total Cost
Land and improvements	141,288	141,288
Building / Construction in Progress & Improvements	645,730	645,730
Total	787,018	787,018
Accumulated Depreciation	233,545	233,545
Total real estate, net	553,473	553,473	572,547
Encumbrances	$ 0	$ 0
San Diego, CA
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	1,767	1,767
Initial Cost
Land and improvements	$ 61,540	$ 61,540
Building / Construction in Progress & Improvements	191,536	191,536
Costs Subsequent to Acquisition / Construction	88,017	88,017
Total Cost
Land and improvements	61,540	61,540
Building / Construction in Progress & Improvements	279,553	279,553
Total	341,093	341,093
Accumulated Depreciation	129,189	129,189
Total real estate, net	211,904	211,904	218,147
Encumbrances	$ 0	$ 0
Southern California
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	16,763	16,763
Initial Cost
Land and improvements	$ 937,335	$ 937,335
Building / Construction in Progress & Improvements	2,792,457	2,792,457
Costs Subsequent to Acquisition / Construction	666,624	666,624
Total Cost
Land and improvements	937,335	937,335
Building / Construction in Progress & Improvements	3,459,081	3,459,081
Total	4,396,416	4,396,416
Accumulated Depreciation	1,285,252	1,285,252
Total real estate, net	3,111,164	3,111,164	3,210,669
Encumbrances	$ 183,150	$ 183,150
Same Store
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	70,120	70,120
Initial Cost
Land and improvements	$ 3,972,708	$ 3,972,708
Building / Construction in Progress & Improvements	14,015,659	14,015,659
Costs Subsequent to Acquisition / Construction	2,136,576	2,136,576
Total Cost
Land and improvements	3,972,708	3,972,708
Building / Construction in Progress & Improvements	16,152,235	16,152,235
Total	20,124,943	20,124,943
Accumulated Depreciation	5,896,032	5,896,032
Total real estate, net	14,228,911	14,228,911	14,699,288
Encumbrances	$ 770,431	$ 770,431
Other Stabilized Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	4,953	4,953
Initial Cost
Land and improvements	$ 298,974	$ 298,974
Building / Construction in Progress & Improvements	1,421,627	1,421,627
Costs Subsequent to Acquisition / Construction	89,876	89,876
Total Cost
Land and improvements	298,974	298,974
Building / Construction in Progress & Improvements	1,511,503	1,511,503
Total	1,810,477	1,810,477
Accumulated Depreciation	159,595	159,595
Total real estate, net	1,650,882	1,650,882	987,227
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Public Market
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	289	289
Initial Cost
Land and improvements	$ 27,394	$ 27,394
Building / Construction in Progress & Improvements	143,465	143,465
Costs Subsequent to Acquisition / Construction	211	211
Total Cost
Land and improvements	27,394	27,394
Building / Construction in Progress & Improvements	143,676	143,676
Total	171,070	171,070
Accumulated Depreciation	10,731	10,731
Total real estate, net	160,339	160,339	165,207
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Fort Lauderdale
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	243	243
Initial Cost
Land and improvements	$ 20,029	$ 20,029
Building / Construction in Progress & Improvements	121,879	121,879
Costs Subsequent to Acquisition / Construction	6,613	6,613
Total Cost
Land and improvements	20,029	20,029
Building / Construction in Progress & Improvements	128,492	128,492
Total	148,521	148,521
Accumulated Depreciation	1,882	1,882
Total real estate, net	146,639	146,639	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Miramar
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	380	380
Initial Cost
Land and improvements	$ 17,959	$ 17,959
Building / Construction in Progress & Improvements	109,954	109,954
Costs Subsequent to Acquisition / Construction	5,387	5,387
Total Cost
Land and improvements	17,959	17,959
Building / Construction in Progress & Improvements	115,341	115,341
Total	133,300	133,300
Accumulated Depreciation	2,173	2,173
Total real estate, net	131,127	131,127	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Saugus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	280	280
Initial Cost
Land and improvements	$ 17,805	$ 17,805
Building / Construction in Progress & Improvements	72,545	72,545
Costs Subsequent to Acquisition / Construction	1,070	1,070
Total Cost
Land and improvements	17,805	17,805
Building / Construction in Progress & Improvements	73,615	73,615
Total	91,420	91,420
Accumulated Depreciation	7,225	7,225
Total real estate, net	84,195	84,195	86,968
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Norwood
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	198	198
Initial Cost
Land and improvements	$ 9,445	$ 9,445
Building / Construction in Progress & Improvements	51,095	51,095
Costs Subsequent to Acquisition / Construction	934	934
Total Cost
Land and improvements	9,445	9,445
Building / Construction in Progress & Improvements	52,029	52,029
Total	61,474	61,474
Accumulated Depreciation	4,502	4,502
Total real estate, net	56,972	56,972	58,949
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Arundel Crossing East
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	384	384
Initial Cost
Land and improvements	$ 9,933	$ 9,933
Building / Construction in Progress & Improvements	108,703	108,703
Costs Subsequent to Acquisition / Construction	2,283	2,283
Total Cost
Land and improvements	9,933	9,933
Building / Construction in Progress & Improvements	110,986	110,986
Total	120,919	120,919
Accumulated Depreciation	5,890	5,890
Total real estate, net	115,029	115,029	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Hub South End
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	265	265
Initial Cost
Land and improvements	$ 13,723	$ 13,723
Building / Construction in Progress & Improvements	87,606	87,606
Costs Subsequent to Acquisition / Construction	2,526	2,526
Total Cost
Land and improvements	13,723	13,723
Building / Construction in Progress & Improvements	90,132	90,132
Total	103,855	103,855
Accumulated Depreciation	2,120	2,120
Total real estate, net	101,735	101,735	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Three30Five
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	164	164
Initial Cost
Land and improvements	$ 9,367	$ 9,367
Building / Construction in Progress & Improvements	43,460	43,460
Costs Subsequent to Acquisition / Construction	664	664
Total Cost
Land and improvements	9,367	9,367
Building / Construction in Progress & Improvements	44,124	44,124
Total	53,491	53,491
Accumulated Depreciation	824	824
Total real estate, net	52,667	52,667	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Hawk
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	71	71
Initial Cost
Land and improvements	$ 2,564	$ 2,564
Building / Construction in Progress & Improvements	43,826	43,826
Costs Subsequent to Acquisition / Construction	223	223
Total Cost
Land and improvements	2,564	2,564
Building / Construction in Progress & Improvements	44,049	44,049
Total	46,613	46,613
Accumulated Depreciation	98	98
Total real estate, net	46,515	46,515	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Princeton Junction
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	512	512
Initial Cost
Land and improvements	$ 5,585	$ 5,585
Building / Construction in Progress & Improvements	21,752	21,752
Costs Subsequent to Acquisition / Construction	28,960	28,960
Total Cost
Land and improvements	5,585	5,585
Building / Construction in Progress & Improvements	50,712	50,712
Total	56,297	56,297
Accumulated Depreciation	33,535	33,535
Total real estate, net	22,762	22,762	22,874
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon West Long Branch
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180	180
Initial Cost
Land and improvements	$ 2,721	$ 2,721
Building / Construction in Progress & Improvements	22,925	22,925
Costs Subsequent to Acquisition / Construction	530	530
Total Cost
Land and improvements	2,721	2,721
Building / Construction in Progress & Improvements	23,455	23,455
Total	26,176	26,176
Accumulated Depreciation	9,111	9,111
Total real estate, net	17,065	17,065	17,691
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Boonton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350	350
Initial Cost
Land and improvements	$ 3,595	$ 3,595
Building / Construction in Progress & Improvements	89,407	89,407
Costs Subsequent to Acquisition / Construction	12	12
Total Cost
Land and improvements	3,595	3,595
Building / Construction in Progress & Improvements	89,419	89,419
Total	93,014	93,014
Accumulated Depreciation	8,762	8,762
Total real estate, net	84,252	84,252	87,306
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Teaneck
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	248	248
Initial Cost
Land and improvements	$ 12,588	$ 12,588
Building / Construction in Progress & Improvements	60,086	60,086
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	12,588	12,588
Building / Construction in Progress & Improvements	60,086	60,086
Total	72,674	72,674
Accumulated Depreciation	5,346	5,346
Total real estate, net	67,328	67,328	69,600
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Lakeside
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	425	425
Initial Cost
Land and improvements	$ 15,073	$ 15,073
Building / Construction in Progress & Improvements	97,338	97,338
Costs Subsequent to Acquisition / Construction	4,854	4,854
Total Cost
Land and improvements	15,073	15,073
Building / Construction in Progress & Improvements	102,192	102,192
Total	117,265	117,265
Accumulated Depreciation	4,386	4,386
Total real estate, net	112,879	112,879	0
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon Belltown Towers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	274	274
Initial Cost
Land and improvements	$ 24,638	$ 24,638
Building / Construction in Progress & Improvements	121,064	121,064
Costs Subsequent to Acquisition / Construction	1,340	1,340
Total Cost
Land and improvements	24,638	24,638
Building / Construction in Progress & Improvements	122,404	122,404
Total	147,042	147,042
Accumulated Depreciation	11,705	11,705
Total real estate, net	135,337	135,337	140,188
Encumbrances	$ 0	$ 0
Other Stabilized Communities | Avalon North Creek
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	316	316
Initial Cost
Land and improvements	$ 13,498	$ 13,498
Building / Construction in Progress & Improvements	69,004	69,004
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	13,498	13,498
Building / Construction in Progress & Improvements	69,004	69,004
Total	82,502	82,502
Accumulated Depreciation	6,459	6,459
Total real estate, net	76,043	76,043	78,855
Encumbrances	$ 0	$ 0
Other Stabilized Communities | eaves Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	374	374
Initial Cost
Land and improvements	$ 15,665	$ 15,665
Building / Construction in Progress & Improvements	80,985	80,985
Costs Subsequent to Acquisition / Construction	32,986	32,986
Total Cost
Land and improvements	15,665	15,665
Building / Construction in Progress & Improvements	113,971	113,971
Total	129,636	129,636
Accumulated Depreciation	38,601	38,601
Total real estate, net	91,035	91,035	109,602
Encumbrances	0	0
Other Stabilized Communities | The Park Loggia
Initial Cost
Land and improvements	77,392	77,392
Building / Construction in Progress & Improvements	76,533	76,533
Costs Subsequent to Acquisition / Construction	1,283	1,283
Total Cost
Land and improvements	77,392	77,392
Building / Construction in Progress & Improvements	77,816	77,816
Total	155,208	155,208
Accumulated Depreciation	6,245	6,245
Total real estate, net	148,963	148,963	149,987
Encumbrances	$ 0	$ 0
Lease-Up Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	3,796	3,796
Initial Cost
Land and improvements	$ 218,290	$ 218,290
Building / Construction in Progress & Improvements	1,238,660	1,238,660
Costs Subsequent to Acquisition / Construction	684	684
Total Cost
Land and improvements	218,290	218,290
Building / Construction in Progress & Improvements	1,239,344	1,239,344
Total	1,457,634	1,457,634
Accumulated Depreciation	57,000	57,000
Total real estate, net	1,400,634	1,400,634	1,356,249
Encumbrances	$ 0	$ 0
Lease-Up Communities | AVA Hollywood at La Pietra Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	695	695
Initial Cost
Land and improvements	$ 99,309	$ 99,309
Building / Construction in Progress & Improvements	271,881	271,881
Costs Subsequent to Acquisition / Construction	95	95
Total Cost
Land and improvements	99,309	99,309
Building / Construction in Progress & Improvements	271,976	271,976
Total	371,285	371,285
Accumulated Depreciation	16,183	16,183
Total real estate, net	355,102	355,102	363,734
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Walnut Creek II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	200	200
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	112,716	112,716
Costs Subsequent to Acquisition / Construction	255	255
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	112,971	112,971
Total	112,971	112,971
Accumulated Depreciation	5,547	5,547
Total real estate, net	107,424	107,424	109,501
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Monrovia
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	154	154
Initial Cost
Land and improvements	$ 12,125	$ 12,125
Building / Construction in Progress & Improvements	56,082	56,082
Costs Subsequent to Acquisition / Construction	174	174
Total Cost
Land and improvements	12,125	12,125
Building / Construction in Progress & Improvements	56,256	56,256
Total	68,381	68,381
Accumulated Depreciation	1,112	1,112
Total real estate, net	67,269	67,269	46,571
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Doral
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350	350
Initial Cost
Land and improvements	$ 21,892	$ 21,892
Building / Construction in Progress & Improvements	92,894	92,894
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	21,892	21,892
Building / Construction in Progress & Improvements	92,894	92,894
Total	114,786	114,786
Accumulated Depreciation	4,164	4,164
Total real estate, net	110,622	110,622	109,321
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Acton II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	86	86
Initial Cost
Land and improvements	$ 1,720	$ 1,720
Building / Construction in Progress & Improvements	29,294	29,294
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	1,720	1,720
Building / Construction in Progress & Improvements	29,294	29,294
Total	31,014	31,014
Accumulated Depreciation	1,277	1,277
Total real estate, net	29,737	29,737	28,803
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Marlborough II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	123	123
Initial Cost
Land and improvements	$ 5,523	$ 5,523
Building / Construction in Progress & Improvements	36,381	36,381
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	5,523	5,523
Building / Construction in Progress & Improvements	36,381	36,381
Total	41,904	41,904
Accumulated Depreciation	1,747	1,747
Total real estate, net	40,157	40,157	39,790
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Easton II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	44	44
Initial Cost
Land and improvements	$ 568	$ 568
Building / Construction in Progress & Improvements	13,551	13,551
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	568	568
Building / Construction in Progress & Improvements	13,551	13,551
Total	14,119	14,119
Accumulated Depreciation	87	87
Total real estate, net	14,032	14,032	2,589
Encumbrances	$ 0	$ 0
Lease-Up Communities | Kanso Twinbrook
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	238	238
Initial Cost
Land and improvements	$ 9,147	$ 9,147
Building / Construction in Progress & Improvements	56,631	56,631
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	9,147	9,147
Building / Construction in Progress & Improvements	56,631	56,631
Total	65,778	65,778
Accumulated Depreciation	1,920	1,920
Total real estate, net	63,858	63,858	58,348
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Towson
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	371	371
Initial Cost
Land and improvements	$ 12,889	$ 12,889
Building / Construction in Progress & Improvements	97,898	97,898
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	12,889	12,889
Building / Construction in Progress & Improvements	97,898	97,898
Total	110,787	110,787
Accumulated Depreciation	5,679	5,679
Total real estate, net	105,108	105,108	106,488
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon 555 President
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	400	400
Initial Cost
Land and improvements	$ 13,150	$ 13,150
Building / Construction in Progress & Improvements	119,913	119,913
Costs Subsequent to Acquisition / Construction	5	5
Total Cost
Land and improvements	13,150	13,150
Building / Construction in Progress & Improvements	119,918	119,918
Total	133,068	133,068
Accumulated Depreciation	4,241	4,241
Total real estate, net	128,827	128,827	125,721
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Old Bridge
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	252	252
Initial Cost
Land and improvements	$ 6,893	$ 6,893
Building / Construction in Progress & Improvements	64,922	64,922
Costs Subsequent to Acquisition / Construction	10	10
Total Cost
Land and improvements	6,893	6,893
Building / Construction in Progress & Improvements	64,932	64,932
Total	71,825	71,825
Accumulated Depreciation	2,601	2,601
Total real estate, net	69,224	69,224	63,053
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Yonkers
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	590	590
Initial Cost
Land and improvements	$ 28,098	$ 28,098
Building / Construction in Progress & Improvements	187,557	187,557
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	28,098	28,098
Building / Construction in Progress & Improvements	187,557	187,557
Total	215,655	215,655
Accumulated Depreciation	9,650	9,650
Total real estate, net	206,005	206,005	202,661
Encumbrances	$ 0	$ 0
Lease-Up Communities | Avalon Newcastle Commons II
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	293	293
Initial Cost
Land and improvements	$ 6,976	$ 6,976
Building / Construction in Progress & Improvements	98,940	98,940
Costs Subsequent to Acquisition / Construction	145	145
Total Cost
Land and improvements	6,976	6,976
Building / Construction in Progress & Improvements	99,085	99,085
Total	106,061	106,061
Accumulated Depreciation	2,792	2,792
Total real estate, net	103,269	103,269	99,669
Encumbrances	$ 0	$ 0
Redevelopment Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344	344
Initial Cost
Land and improvements	$ 7,291	$ 7,291
Building / Construction in Progress & Improvements	29,177	29,177
Costs Subsequent to Acquisition / Construction	24,773	24,773
Total Cost
Land and improvements	7,291	7,291
Building / Construction in Progress & Improvements	53,950	53,950
Total	61,241	61,241
Accumulated Depreciation	35,433	35,433
Total real estate, net	25,808	25,808	21,885
Encumbrances	$ 0	$ 0
Redevelopment Communities | AVA Ballston
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	344	344
Initial Cost
Land and improvements	$ 7,291	$ 7,291
Building / Construction in Progress & Improvements	29,177	29,177
Costs Subsequent to Acquisition / Construction	24,773	24,773
Total Cost
Land and improvements	7,291	7,291
Building / Construction in Progress & Improvements	53,950	53,950
Total	61,241	61,241
Accumulated Depreciation	35,433	35,433
Total real estate, net	25,808	25,808	21,885
Encumbrances	$ 0	$ 0
Development Communities
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	5,386	5,386
Initial Cost
Land and improvements	$ 59,281	$ 59,281
Building / Construction in Progress & Improvements	257,987	257,987
Costs Subsequent to Acquisition / Construction	734,936	734,936
Total Cost
Land and improvements	59,281	59,281
Building / Construction in Progress & Improvements	992,923	992,923
Total	1,052,204	1,052,204
Accumulated Depreciation	3,616	3,616
Total real estate, net	1,048,588	1,048,588	490,248
Encumbrances	$ 0	$ 0
Development Communities | Avalon Brea Place
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	653	653
Initial Cost
Land and improvements	$ 31,037	$ 31,037
Building / Construction in Progress & Improvements	92,066	92,066
Costs Subsequent to Acquisition / Construction	154,265	154,265
Total Cost
Land and improvements	31,037	31,037
Building / Construction in Progress & Improvements	246,331	246,331
Total	277,368	277,368
Accumulated Depreciation	1,536	1,536
Total real estate, net	275,832	275,832	202,845
Encumbrances	$ 0	$ 0
Development Communities | Avalon West Dublin
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	499	499
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	55,994	55,994
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	55,994	55,994
Total	55,994	55,994
Accumulated Depreciation	0	0
Total real estate, net	55,994	55,994	0
Encumbrances	$ 0	$ 0
Development Communities | AVA RiNo
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	246	246
Initial Cost
Land and improvements	$ 4,560	$ 4,560
Building / Construction in Progress & Improvements	21,636	21,636
Costs Subsequent to Acquisition / Construction	53,225	53,225
Total Cost
Land and improvements	4,560	4,560
Building / Construction in Progress & Improvements	74,861	74,861
Total	79,421	79,421
Accumulated Depreciation	0	0
Total real estate, net	79,421	79,421	49,279
Encumbrances	$ 0	$ 0
Development Communities | Avalon Westminster Promenade
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	312	312
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	22,949	22,949
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	22,949	22,949
Total	22,949	22,949
Accumulated Depreciation	0	0
Total real estate, net	22,949	22,949	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Merrick Park
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	254	254
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	42,274	42,274
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	42,274	42,274
Total	42,274	42,274
Accumulated Depreciation	0	0
Total real estate, net	42,274	42,274	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Woburn
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350	350
Initial Cost
Land and improvements	$ 10,783	$ 10,783
Building / Construction in Progress & Improvements	49,546	49,546
Costs Subsequent to Acquisition / Construction	54,703	54,703
Total Cost
Land and improvements	10,783	10,783
Building / Construction in Progress & Improvements	104,249	104,249
Total	115,032	115,032
Accumulated Depreciation	496	496
Total real estate, net	114,536	114,536	67,902
Encumbrances	$ 0	$ 0
Development Communities | Avalon North Andover
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	170	170
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	22,363	22,363
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	22,363	22,363
Total	22,363	22,363
Accumulated Depreciation	0	0
Total real estate, net	22,363	22,363	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Brighton
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	180	180
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	29,586	29,586
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	29,586	29,586
Total	29,586	29,586
Accumulated Depreciation	0	0
Total real estate, net	29,586	29,586	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Foundry Row
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	437	437
Initial Cost
Land and improvements	$ 9,596	$ 9,596
Building / Construction in Progress & Improvements	76,717	76,717
Costs Subsequent to Acquisition / Construction	5,572	5,572
Total Cost
Land and improvements	9,596	9,596
Building / Construction in Progress & Improvements	82,289	82,289
Total	91,885	91,885
Accumulated Depreciation	1,408	1,408
Total real estate, net	90,477	90,477	79,238
Encumbrances	$ 0	$ 0
Development Communities | Avalon Montville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	350	350
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	16,790	16,790
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	16,790	16,790
Total	16,790	16,790
Accumulated Depreciation	0	0
Total real estate, net	16,790	16,790	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Somerville Station (2)
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	375	375
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	52,998	52,998
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	52,998	52,998
Total	52,998	52,998
Accumulated Depreciation	0	0
Total real estate, net	52,998	52,998	25,385
Encumbrances	$ 0	$ 0
Development Communities | Avalon Princeton Circle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	221	221
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	16,521	16,521
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	16,521	16,521
Total	16,521	16,521
Accumulated Depreciation	0	0
Total real estate, net	16,521	16,521	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Harrison
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	143	143
Initial Cost
Land and improvements	$ 3,305	$ 3,305
Building / Construction in Progress & Improvements	18,022	18,022
Costs Subsequent to Acquisition / Construction	43,024	43,024
Total Cost
Land and improvements	3,305	3,305
Building / Construction in Progress & Improvements	61,046	61,046
Total	64,351	64,351
Accumulated Depreciation	176	176
Total real estate, net	64,175	64,175	38,436
Encumbrances	$ 0	$ 0
Development Communities | Avalon Harbor Isle
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	172	172
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	54,379	54,379
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	54,379	54,379
Total	54,379	54,379
Accumulated Depreciation	0	0
Total real estate, net	54,379	54,379	27,163
Encumbrances	$ 0	$ 0
Development Communities | Avalon Amityville
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	338	338
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	45,239	45,239
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	45,239	45,239
Total	45,239	45,239
Accumulated Depreciation	0	0
Total real estate, net	$ 45,239	$ 45,239	0
Development Communities | Avalon Bothell Commons
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	472	472
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	51,690	51,690
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	51,690	51,690
Total	51,690	51,690
Accumulated Depreciation	0	0
Total real estate, net	51,690	51,690	0
Encumbrances	$ 0	$ 0
Development Communities | Avalon Redmond Campus
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	214	214
Initial Cost
Land and improvements	$ 0	$ 0
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	13,364	13,364
Total Cost
Land and improvements	0	0
Building / Construction in Progress & Improvements	13,364	13,364
Total	13,364	13,364
Accumulated Depreciation	0	0
Total real estate, net	13,364	13,364	0
Encumbrances	0	0
Land Held for Development
Initial Cost
Land and improvements	147,546	147,546
Building / Construction in Progress & Improvements	0	0
Costs Subsequent to Acquisition / Construction	0	0
Total Cost
Land and improvements	147,546	147,546
Building / Construction in Progress & Improvements	0	0
Total	147,546	147,546
Accumulated Depreciation	0	0
Total real estate, net	147,546	147,546	110,142
Encumbrances	0	0
Corporate Overhead
Initial Cost
Land and improvements	10,899	10,899
Building / Construction in Progress & Improvements	11,414	11,414
Costs Subsequent to Acquisition / Construction	104,412	104,412
Total Cost
Land and improvements	10,899	10,899
Building / Construction in Progress & Improvements	115,826	115,826
Total	126,725	126,725
Accumulated Depreciation	66,045	66,045
Total real estate, net	60,680	60,680	58,223
Encumbrances	7,400,000	7,400,000
For-Sale Condominium Inventory
Initial Cost
Land and improvements	72,212	72,212
Building / Construction in Progress & Improvements	234,530	234,530
Costs Subsequent to Acquisition / Construction	(160,207)	(160,207)
Total Cost
Land and improvements	72,212	72,212
Building / Construction in Progress & Improvements	74,323	74,323
Total	146,535	146,535
Accumulated Depreciation	0	0
Total real estate, net	146,535	146,535	267,219
Encumbrances	$ 0	$ 0
Wholly owned properties
Real Estate and Accumulated Depreciation
Number of units in real estate property | home	84,599	84,599
2021 Disposals
Total Cost
Total real estate, net			$ 243,300
Unsecured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 50,606	$ 50,606
Secured notes
Total Cost
Deferred financing costs and debt discount associated with unsecured and secured notes	$ 16,278	$ 16,278

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REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Estimated useful lives
Aggregate cost of total real estate for federal income tax purposes	$ 23,903,081
Changes in total real estate assets
Balance, beginning of period	23,962,222	$ 23,606,872	$ 22,342,576
Acquisitions, construction costs and improvements	1,588,314	860,594	1,615,949
Dispositions, including impairment loss on planned dispositions	(623,231)	(505,244)	(351,653)
Balance, end of period	24,927,305	23,962,222	23,606,872
Changes in accumulated depreciation
Balance, beginning of period	5,728,440	5,173,883	4,611,646
Depreciation, including discontinued operations	758,596	707,331	661,578
Dispositions	(269,315)	(152,774)	(99,341)
Balance, end of period	$ 6,217,721	$ 5,728,440	$ 5,173,883
Building
Estimated useful lives
Estimated useful lives of assets (in years)	30 years
Improvements, upgrades and FF&E
Estimated useful lives
Estimated useful lives of assets (in years)	7 years