ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
PAGE | ||||||||||||||
Number of communities | Number of apartment homes | ||||||||||
Current Communities | |||||||||||
Same Store: | |||||||||||
New England | 37 | 9,618 | |||||||||
Metro NY/NJ | 39 | 11,641 | |||||||||
Mid-Atlantic | 37 | 12,577 | |||||||||
Southeast Florida | 4 | 1,214 | |||||||||
Denver, CO | 4 | 1,086 | |||||||||
Pacific Northwest | 18 | 4,807 | |||||||||
Northern California | 40 | 12,128 | |||||||||
Southern California | 56 | 16,422 | |||||||||
Total Same Store | 235 | 69,493 | |||||||||
Other Stabilized: | |||||||||||
New England | 3 | 253 | |||||||||
Metro NY/NJ | 3 | 1,354 | |||||||||
Mid-Atlantic | 4 | 1,337 | |||||||||
North Carolina | 4 | 760 | |||||||||
Southeast Florida | 4 | 1,623 | |||||||||
Texas | 2 | 621 | |||||||||
Denver, CO | 1 | 207 | |||||||||
Pacific Northwest | 2 | 667 | |||||||||
Northern California | 1 | 200 | |||||||||
Southern California | 2 | 849 | |||||||||
Total Other Stabilized | 26 | 7,871 | |||||||||
Redevelopment | 1 | 714 | |||||||||
Unconsolidated | 8 | 2,247 | |||||||||
Total Current | 270 | 80,325 | |||||||||
Development | 23 | 7,675 | |||||||||
Unconsolidated Development | 1 | 475 | |||||||||
Total Communities | 294 | 88,475 | |||||||||
Development Rights | 39 | 13,312 |
Number of communities | |||||
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 | (1) | ||||
Same Store communities as of December 31, 2021 | 237 | ||||
Communities added | 8 | ||||
Communities removed (1) | |||||
Redevelopment communities | (1) | ||||
Disposed communities | (9) | ||||
Same Store communities as of December 31, 2022 | 235 |
Number of communities | Number of apartment homes | ||||||||||
Garden-style | 128 | 39,909 | |||||||||
Mid-rise | 119 | 34,060 | |||||||||
High-rise | 28 | 8,442 | |||||||||
Total Current Communities | 275 | 82,411 |
Number of communities at | Number of apartment homes at | Percentage of total apartment homes at | |||||||||||||||||||||||||||||||||
1/31/2022 | 1/31/2023 | 1/31/2022 | 1/31/2023 | 1/31/2022 | 1/31/2023 | ||||||||||||||||||||||||||||||
New England | 43 | 41 | 10,552 | 10,221 | 12.9 | % | 12.4 | % | |||||||||||||||||||||||||||
Metro NY/NJ | 52 | 47 | 15,261 | 14,296 | 18.6 | % | 17.4 | % | |||||||||||||||||||||||||||
New York City, NY | 14 | 14 | 5,089 | 5,089 | 6.2 | % | 6.2 | % | |||||||||||||||||||||||||||
New York Suburban | 16 | 12 | 4,577 | 3,792 | 5.6 | % | 4.6 | % | |||||||||||||||||||||||||||
New Jersey | 22 | 21 | 5,595 | 5,415 | 6.8 | % | 6.6 | % | |||||||||||||||||||||||||||
Mid-Atlantic | 46 | 45 | 15,924 | 15,770 | 19.5 | % | 19.2 | % | |||||||||||||||||||||||||||
Washington Metro | 40 | 39 | 13,962 | 13,808 | 17.1 | % | 16.8 | % | |||||||||||||||||||||||||||
Baltimore, MD | 6 | 6 | 1,962 | 1,962 | 2.4 | % | 2.4 | % | |||||||||||||||||||||||||||
North Carolina | 3 | 4 | 500 | 760 | 0.6 | % | 0.9 | % | |||||||||||||||||||||||||||
Southeast Florida | 7 | 8 | 2,187 | 2,837 | 2.7 | % | 3.4 | % | |||||||||||||||||||||||||||
Texas | 1 | 2 | 425 | 621 | 0.5 | % | 0.8 | % | |||||||||||||||||||||||||||
Denver, Colorado | 4 | 6 | 1,086 | 1,539 | 1.3 | % | 1.9 | % | |||||||||||||||||||||||||||
Pacific Northwest | 20 | 21 | 5,474 | 5,802 | 6.7 | % | 7.0 | % | |||||||||||||||||||||||||||
Northern California | 42 | 42 | 12,633 | 12,641 | 15.5 | % | 15.3 | % | |||||||||||||||||||||||||||
San Jose, CA | 12 | 12 | 4,717 | 4,723 | 5.8 | % | 5.7 | % | |||||||||||||||||||||||||||
Oakland-East Bay, CA | 15 | 15 | 4,336 | 4,338 | 5.3 | % | 5.3 | % | |||||||||||||||||||||||||||
San Francisco, CA | 15 | 15 | 3,580 | 3,580 | 4.4 | % | 4.3 | % | |||||||||||||||||||||||||||
Southern California | 60 | 59 | 17,761 | 17,924 | 21.7 | % | 21.7 | % | |||||||||||||||||||||||||||
Los Angeles, CA | 41 | 39 | 12,624 | 12,133 | 15.4 | % | 14.7 | % | |||||||||||||||||||||||||||
Orange County, CA | 12 | 13 | 3,370 | 4,024 | 4.1 | % | 4.9 | % | |||||||||||||||||||||||||||
San Diego, CA | 7 | 7 | 1,767 | 1,767 | 2.2 | % | 2.1 | % | |||||||||||||||||||||||||||
278 | 275 | 81,803 | 82,411 | 100.0 | % | 100.0 | % |
Number of apartment homes | Projected total capitalized cost (1) ($ millions) | Construction start | Initial projected or actual occupancy | Estimated completion | Estimated stabilized operations (2) | ||||||||||||||||||||||||||||||||||||
1. | Avalon Harrison (3) Harrison, NY | 143 | $ | 94 | Q4 2018 | Q3 2021 | Q2 2023 | Q3 2023 | |||||||||||||||||||||||||||||||||
2. | Avalon Somerville Station Somerville, NJ | 374 | 122 | Q4 2020 | Q2 2022 | Q3 2023 | Q1 2024 | ||||||||||||||||||||||||||||||||||
3. | Avalon North Andover (4) North Andover, MA | 221 | 78 | Q2 2021 | Q4 2022 | Q3 2023 | Q4 2023 | ||||||||||||||||||||||||||||||||||
4. | Avalon Brighton Boston, MA | 180 | 89 | Q2 2021 | Q1 2023 | Q2 2023 | Q4 2023 | ||||||||||||||||||||||||||||||||||
5. | Avalon Merrick Park Miami, FL | 254 | 101 | Q2 2021 | Q1 2023 | Q2 2023 | Q1 2024 | ||||||||||||||||||||||||||||||||||
6. | Avalon Amityville I Amityville, NY | 338 | 135 | Q2 2021 | Q4 2023 | Q2 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||||
7. | Avalon Bothell Commons I Bothell, WA | 467 | 236 | Q2 2021 | Q3 2023 | Q3 2024 | Q2 2025 | ||||||||||||||||||||||||||||||||||
8. | Avalon Westminster Promenade Westminster, CO | 312 | 110 | Q3 2021 | Q1 2024 | Q2 2024 | Q1 2025 | ||||||||||||||||||||||||||||||||||
9. | Avalon West Dublin Dublin, CA | 499 | 270 | Q3 2021 | Q4 2023 | Q1 2025 | Q2 2025 | ||||||||||||||||||||||||||||||||||
10. | Avalon Princeton Circle Princeton, NJ | 221 | 88 | Q4 2021 | Q2 2023 | Q1 2024 | Q3 2024 | ||||||||||||||||||||||||||||||||||
11. | Avalon Montville Montville, NJ | 349 | 127 | Q4 2021 | Q4 2023 | Q3 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||||
12. | Avalon Redmond Campus (5) Redmond, WA | 214 | 80 | Q4 2021 | Q3 2023 | Q1 2024 | Q3 2024 | ||||||||||||||||||||||||||||||||||
13. | Avalon Governor's Park Denver, CO | 304 | 135 | Q1 2022 | Q2 2024 | Q3 2024 | Q2 2025 | ||||||||||||||||||||||||||||||||||
14. | Avalon West Windsor (3) West Windsor, NJ | 535 | 201 | Q2 2022 | Q3 2024 | Q4 2025 | Q2 2026 | ||||||||||||||||||||||||||||||||||
15. | Avalon Durham Durham, NC | 336 | 125 | Q2 2022 | Q2 2024 | Q3 2024 | Q2 2025 | ||||||||||||||||||||||||||||||||||
16. | Avalon Annapolis Annapolis, MD | 508 | 202 | Q3 2022 | Q3 2024 | Q3 2025 | Q2 2026 | ||||||||||||||||||||||||||||||||||
17. | Kanso Milford Milford, MA | 162 | 66 | Q4 2022 | Q1 2024 | Q3 2024 | Q1 2025 | ||||||||||||||||||||||||||||||||||
Total | 5,417 | $ | 2,259 |
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 Foundry Row Owings Mills, MD | 437 | $ | 98 | 364,310 | $ | 269 | Q1 2022 | |||||||||||||||||||||||||||
2. | Avalon Woburn Woburn, MA | 350 | 120 | 329,792 | $ | 364 | Q1 2022 | ||||||||||||||||||||||||||||
3. | Avalon Brea Place Brea, CA | 653 | 293 | 557,454 | $ | 526 | Q2 2022 | ||||||||||||||||||||||||||||
4. | AVA RiNo Denver, CO | 246 | 87 | 187,733 | $ | 463 | Q2 2022 | ||||||||||||||||||||||||||||
5. | Avalon Harbor Isle Island Park, NY | 172 | 94 | 227,070 | $ | 414 | Q4 2022 | ||||||||||||||||||||||||||||
Total | 1,858 | $ | 692 |
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. | AVA Arts District (2)(3) Los Angeles, CA | 25.0 | % | 475 | $ | 276 | Q3 2020 | Q3 2023 | Q4 2023 |
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 | $ | 214,411 | $ | 93,800 | Fixed | 4.01 | % | Jan 2029 | ||||||||||||||||||||||||||||||||
2. Avalon Bowery Place II—New York, NY | 90 | 91,236 | 39,639 | Fixed | 4.01 | % | Jan 2029 | ||||||||||||||||||||||||||||||||||
3. Avalon Morningside—New York, NY (2) | 295 | 211,471 | 111,750 | Fixed | 3.55 | % | Jan 2029/May 2046 | ||||||||||||||||||||||||||||||||||
4. Avalon West Chelsea—New York, NY (3) | 305 | 128,851 | 66,000 | Fixed | 4.01 | % | Jan 2029 | ||||||||||||||||||||||||||||||||||
5. AVA High Line—New York, NY (3) | 405 | 122,181 | 84,000 | Fixed | 4.01 | % | Jan 2029 | ||||||||||||||||||||||||||||||||||
Total NYTA MF Investors LLC | 20.0 | % | 1,301 | 768,150 | 395,189 | 3.88 | % | ||||||||||||||||||||||||||||||||||
Other Operating Joint Ventures | |||||||||||||||||||||||||||||||||||||||||
1. MVP I, LLC - Avalon at Mission Bay II - San Francisco, CA | 25.0 | % | 313 | 129,305 | 103,000 | Fixed | 3.24 | % | Jul 2025 | ||||||||||||||||||||||||||||||||
2. Brandywine Apartments of Maryland, LLC - Brandywine - Washington, D.C. | 28.7 | % | 305 | 19,383 | 19,731 | Fixed | 3.40 | % | Jun 2028 | ||||||||||||||||||||||||||||||||
3. Avalon Alderwood MF Member, LLC - Avalon Alderwood Place - Lynnwood, WA (4) | 50.0 | % | 328 | 108,682 | — | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||
Total Other Joint Ventures | 946 | 257,370 | 122,731 | 3.27 | % | ||||||||||||||||||||||||||||||||||||
Total Unconsolidated Investments (5) | 2,247 | $ | 1,025,520 | $ | 517,920 | 3.73 | % |
Estimated number of apartment homes | Projected total capitalized cost (1) ($ millions) | Date acquired | |||||||||||||||||||||
1. | Avalon Northtown (2) Austin, TX | 1,427 | $ | 429 | March 2022 | ||||||||||||||||||
2. | Avalon Durham (3) Durham, NC | 336 | 125 | March 2022 | |||||||||||||||||||
3. | Avalon Pleasanton Pleasanton, CA | 305 | 191 | June 2022 | |||||||||||||||||||
4. | Avalon Annapolis (3)(4) Annapolis, MD | 508 | 202 | September 2022 | |||||||||||||||||||
5. | Avalon Lake Norman Mooresville, NC | 345 | 104 | October 2022 | |||||||||||||||||||
6. | Kanso Milford (3) Milford, MA | 162 | 66 | November 2022 | |||||||||||||||||||
Total | 3,083 | $ | 1,117 |
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 Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (2) | ||||||||||||||||||||||
October 1 - October 31, 2022 | 428 | $ | 184.19 | — | $ | 316,148 | ||||||||||||||||||||
November 1 - November 30, 2022 | — | $ | — | — | $ | 316,148 | ||||||||||||||||||||
December 1 - December 31, 2022 | 223 | $ | 173.92 | — | $ | 316,148 | ||||||||||||||||||||
Total | 651 | $ | 180.67 | — |
For the year ended December 31, | 2022 vs. 2021 | ||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Rental and other income | $ | 2,587,113 | $ | 2,291,766 | $ | 295,347 | 12.9 | % | |||||||||||||||
Management, development and other fees | 6,333 | 3,084 | 3,249 | 105.4 | % | ||||||||||||||||||
Total revenue | 2,593,446 | 2,294,850 | 298,596 | 13.0 | % | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Direct property operating expenses, excluding property taxes | 509,529 | 469,123 | 40,406 | 8.6 | % | ||||||||||||||||||
Property taxes | 288,960 | 283,089 | 5,871 | 2.1 | % | ||||||||||||||||||
Total community operating expenses | 798,489 | 752,212 | 46,277 | 6.2 | % | ||||||||||||||||||
Corporate-level property management and other indirect operating expenses | (120,625) | (101,730) | (18,895) | 18.6 | % | ||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | (16,565) | (3,231) | (13,334) | 412.7 | % | ||||||||||||||||||
Interest expense, net | (230,074) | (220,415) | (9,659) | 4.4 | % | ||||||||||||||||||
Loss on extinguishment of debt, net | (1,646) | (17,787) | 16,141 | (90.7) | % | ||||||||||||||||||
Depreciation expense | (814,978) | (758,596) | (56,382) | 7.4 | % | ||||||||||||||||||
General and administrative expense | (74,064) | (69,611) | (4,453) | 6.4 | % | ||||||||||||||||||
Casualty loss | — | (3,119) | 3,119 | 100.0 | % | ||||||||||||||||||
Income from investments in unconsolidated entities | 53,394 | 38,585 | 14,809 | 38.4 | % | ||||||||||||||||||
Gain on sale of communities | 555,558 | 602,235 | (46,677) | (7.8) | % | ||||||||||||||||||
Gain on other real estate transactions, net | 5,039 | 2,097 | 2,942 | 140.3 | % | ||||||||||||||||||
Net for-sale condominium activity | 88 | (977) | 1,065 | N/A (1) | |||||||||||||||||||
Income before income taxes | 1,151,084 | 1,010,089 | 140,995 | 14.0 | % | ||||||||||||||||||
Income tax expense | (14,646) | (5,733) | (8,913) | 155.5 | % | ||||||||||||||||||
Net income | 1,136,438 | 1,004,356 | 132,082 | 13.2 | % | ||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 337 | (57) | 394 | N/A (1) | |||||||||||||||||||
Net income attributable to common stockholders | $ | 1,136,775 | $ | 1,004,299 | $ | 132,476 | 13.2 | % |
For the year ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 1,136,438 | $ | 1,004,356 | |||||||
Property management and other indirect operating expenses, net of corporate income | 114,200 | 98,665 | |||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 16,565 | 3,231 | |||||||||
Interest expense, net | 230,074 | 220,415 | |||||||||
Loss on extinguishment of debt, net | 1,646 | 17,787 | |||||||||
General and administrative expense | 74,064 | 69,611 | |||||||||
Income from investments in unconsolidated entities | (53,394) | (38,585) | |||||||||
Depreciation expense | 814,978 | 758,596 | |||||||||
Income tax expense | 14,646 | 5,733 | |||||||||
Casualty loss | — | 3,119 | |||||||||
Gain on sale of communities | (555,558) | (602,235) | |||||||||
Gain on other real estate transactions, net | (5,039) | (2,097) | |||||||||
Net for-sale condominium activity | (88) | 977 | |||||||||
Net operating income from real estate assets sold or held for sale | (22,746) | (61,105) | |||||||||
NOI | 1,765,786 | 1,478,468 | |||||||||
Commercial NOI (1) | (36,144) | (25,326) | |||||||||
Residential NOI | $ | 1,729,642 | $ | 1,453,142 |
Full Year | |||||
2022 | |||||
Same Store | $ | 179,941 | |||
Other Stabilized | 59,954 | ||||
Development / Redevelopment | 36,605 | ||||
Total | $ | 276,500 |
For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential rental revenue | Average monthly rental revenue per occupied home | Economic Occupancy (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ Change | % Change | % Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 to 2021 | 2022 to 2021 | 2022 | 2021 | 2022 to 2021 | 2022 | 2021 | 2022 to 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New England | $ | 343,179 | $ | 305,040 | $ | 38,139 | 12.5 | % | $ | 3,064 | $ | 2,744 | 11.7 | % | 97.0 | % | 96.2 | % | 0.8 | % | |||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | 460,774 | 410,726 | 50,048 | 12.2 | % | 3,423 | 3,048 | 12.3 | % | 96.4 | % | 96.5 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 330,272 | 307,529 | 22,743 | 7.4 | % | 2,297 | 2,140 | 7.3 | % | 95.3 | % | 95.2 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Southeast Florida | 38,206 | 31,644 | 6,562 | 20.7 | % | 2,734 | 2,253 | 21.3 | % | 95.9 | % | 96.5 | % | (0.6) | % | ||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 26,845 | 23,739 | 3,106 | 13.1 | % | 2,151 | 1,896 | 13.4 | % | 95.8 | % | 96.1 | % | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | 140,384 | 121,791 | 18,593 | 15.3 | % | 2,555 | 2,218 | 15.2 | % | 95.2 | % | 95.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Northern California | 399,152 | 368,419 | 30,733 | 8.3 | % | 2,860 | 2,640 | 8.3 | % | 95.9 | % | 95.9 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Southern California | 485,313 | 436,545 | 48,768 | 11.2 | % | 2,555 | 2,296 | 11.3 | % | 96.4 | % | 96.5 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total Same Store | $ | 2,224,125 | $ | 2,005,433 | $ | 218,692 | 10.9 | % | $ | 2,774 | $ | 2,504 | 10.8 | % | 96.1 | % | 96.0 | % | 0.1 | % |
For the year ended | |||||
December 31, 2022 | |||||
Residential rental revenue | |||||
Lease rates | 7.8 | % | |||
Concessions and other discounts | 1.9 | % | |||
Economic Occupancy | 0.1 | % | |||
Other rental revenue | 1.0 | % | |||
Uncollectible lease revenue (excluding rent relief) | (0.1) | % | |||
Rent relief | 0.2 | % | |||
Total Residential rental revenue | 10.9 | % |
For the year ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income attributable to common stockholders | $ | 1,136,775 | $ | 1,004,299 | |||||||
Depreciation - real estate assets, including joint venture adjustments | 810,611 | 753,755 | |||||||||
Distributions to noncontrolling interests | 48 | 48 | |||||||||
Gain on sale of unconsolidated entities holding previously depreciated real estate | (38,144) | (23,305) | |||||||||
Gain on sale of previously depreciated real estate | (555,558) | (602,235) | |||||||||
Casualty loss on real estate | — | 3,119 | |||||||||
FFO attributable to common stockholders | $ | 1,353,732 | $ | 1,135,681 | |||||||
Adjusting items: | |||||||||||
Unconsolidated entity gains, net (1) | (8,355) | (14,870) | |||||||||
Joint venture promote (2) | (4,690) | — | |||||||||
Structured Investment Program loan reserve (3) | 1,632 | — | |||||||||
Loss on extinguishment of consolidated debt | 1,646 | 17,787 | |||||||||
Gain on interest rate contract | (229) | (2,654) | |||||||||
Advocacy contributions | 634 | 59 | |||||||||
Executive transition compensation costs | 1,631 | 3,010 | |||||||||
Severance related costs | 1,097 | 313 | |||||||||
Expensed transaction, development and other pursuit costs, net of recoveries (4) | 13,288 | 1,363 | |||||||||
Gain on for-sale condominiums (5) | (2,217) | (3,110) | |||||||||
For-sale condominium marketing, operating and administrative costs (5) | 2,129 | 4,087 | |||||||||
For-sale condominium imputed carry cost (6) | 2,306 | 7,031 | |||||||||
Gain on other real estate transactions, net | (5,039) | (2,097) | |||||||||
Legal settlements | (2,212) | 1,139 | |||||||||
Income tax expense (7) | 14,646 | 5,733 | |||||||||
Core FFO attributable to common stockholders | $ | 1,369,999 | $ | 1,153,472 | |||||||
Weighted average common shares outstanding - diluted | 139,975,087 | 139,717,399 | |||||||||
EPS per common share - diluted | $ | 8.12 | $ | 7.19 | |||||||
FFO per common share - diluted | $ | 9.67 | $ | 8.13 | |||||||
Core FFO per common share - diluted | $ | 9.79 | $ | 8.26 |
All-In interest rate (1) | Principal maturity date | Balance Outstanding (2) | Scheduled Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Community | 12/31/2021 | 12/31/2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Chestnut Hill | — | % | Oct-2047 | (3) | $ | 35,770 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
35,770 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Acton | 4.70 | % | Jul-2040 | (4) | 45,000 | 45,000 | — | — | — | — | — | 45,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton North | 5.35 | % | Nov-2038 | (4) | 147,000 | 147,000 | — | — | — | — | 700 | 146,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton South | 5.35 | % | Nov-2038 | (4) | 121,500 | 121,500 | — | — | — | — | 600 | 120,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Midtown West | 5.29 | % | May-2029 | (4) | 88,300 | 82,700 | 6,100 | 6,800 | 7,300 | 8,100 | 8,800 | 45,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno I | 5.24 | % | Dec-2037 | (4) | 62,350 | 60,950 | 2,200 | 2,300 | 2,400 | 2,500 | 2,800 | 48,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||
464,150 | 457,150 | 8,300 | 9,100 | 9,700 | 10,600 | 12,900 | 406,550 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conventional loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$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 | — | — | — | — | — | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$400 million unsecured notes | 2.03 | % | Dec-2028 | 400,000 | 400,000 | — | — | — | — | — | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$350 million unsecured notes | 4.37 | % | Feb-2033 | — | 350,000 | — | — | — | — | — | 350,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Creek | 4.00 | % | Jul-2066 | 4,161 | 4,327 | — | — | — | — | — | 4,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Los Feliz | 3.68 | % | Jun-2027 | 41,400 | 41,400 | — | — | — | — | 41,400 | — |
All-In interest rate (1) | Principal maturity date | Balance Outstanding (2) | Scheduled Maturities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Community | 12/31/2021 | 12/31/2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Woodland Hills | 3.67 | % | Jun-2027 | 111,500 | 111,500 | — | — | — | — | 111,500 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Russett | 3.77 | % | Jun-2027 | 32,200 | 32,200 | — | — | — | — | 32,200 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno III | 2.38 | % | Mar-2027 | 51,000 | 51,000 | — | — | — | — | 51,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cerritos | 3.35 | % | Aug-2029 | 30,250 | 30,250 | — | — | — | — | — | 30,250 | |||||||||||||||||||||||||||||||||||||||||||||||||||
7,420,511 | 7,770,677 | 600,000 | 300,000 | 825,000 | 775,000 | 636,100 | 4,634,577 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan - $100 million | — | % | Feb-2022 | (5) | 100,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan - $150 million | 5.42 | % | Feb-2024 | 150,000 | 150,000 | — | 150,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
250,000 | 150,000 | — | 150,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total indebtedness - excluding Credit Facility and Commercial Paper | $ | 8,170,431 | $ | 8,377,827 | $ | 608,300 | $ | 459,100 | $ | 834,700 | $ | 785,600 | $ | 649,000 | $ | 5,041,127 |
Community Name | Location | Apartment homes | Purchase price | |||||||||||||||||
Avalon Flatirons | Lafayette, CO | 207 | $ | 95,000 | ||||||||||||||||
Waterford Court | Addison, TX | 196 | 69,500 | |||||||||||||||||
Avalon Miramar Park Place | Miramar, FL | 650 | 295,000 | |||||||||||||||||
Avalon Highland Creek | Charlotte, NC | 260 | 76,700 | |||||||||||||||||
Total acquisitions | 1,313 | $ | 536,200 |
Community Name | Location | Period of sale | Apartment homes | Gross sales price | Gain on disposition | |||||||||||||||||||||||||||
Avalon West Long Branch | West Long Branch, NJ | Q122 | 180 | $ | 75,000 | $ | 56,434 | |||||||||||||||||||||||||
Avalon Ossining | Ossining, NY | Q122 | 168 | 70,000 | 40,512 | |||||||||||||||||||||||||||
Avalon East Norwalk | Norwalk, CT | Q122 | 240 | 90,000 | 51,762 | |||||||||||||||||||||||||||
Avalon Green I/Avalon Green II/Avalon Green III | Elmsford, NY | Q322 | 617 | 306,000 | 196,466 | |||||||||||||||||||||||||||
Avalon Del Mar Station | Pasadena, CA | Q322 | 347 | 172,300 | 77,141 | |||||||||||||||||||||||||||
Avalon Sharon | Sharon, MA | Q322 | 156 | 65,650 | 44,355 | |||||||||||||||||||||||||||
Avalon Park Crest | Tysons Corner, VA | Q422 | 354 | 145,500 | 88,156 | |||||||||||||||||||||||||||
Total asset sales | 2,062 | $ | 924,450 | $ | 554,826 |
(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) | 916,545 | (2) | $ | 181.85 | (3) | 5,787,169 | |||||||||||
Equity compensation plans not approved by security holders (4) | — | N/A | 592,075 | ||||||||||||||
Total | 916,545 | $ | 181.85 | (3) | 6,379,244 |
15(a)(1) Financial Statements | |||||
Index to Financial Statements | |||||
Consolidated Financial Statements and Financial Statement Schedule: | |||||
F-1 | |||||
F-4 | |||||
F-5 | |||||
F-6 | |||||
F-7 | |||||
F-10 | |||||
15(a)(2) Financial Statement Schedule | |||||
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 | |||||
Exhibit No. | Description | |||||||||||||
3(i).1 | — | |||||||||||||
3(i).2 | — | |||||||||||||
3(i).3 | — | |||||||||||||
3(i).4 | — | |||||||||||||
3(ii).1 | — | |||||||||||||
3(ii).2 | ||||||||||||||
4.1 | — | |||||||||||||
4.2 | — | |||||||||||||
4.3 | — | |||||||||||||
4.4 | __ | |||||||||||||
4.5 | — | |||||||||||||
4.6 | — | |||||||||||||
4.7 | — | |||||||||||||
4.8 | — | |||||||||||||
4.9 | — | |||||||||||||
4.10 | — |
4.11 | — | |||||||||||||
4.12 | — | |||||||||||||
10.1+ | — | |||||||||||||
10.2+ | — | |||||||||||||
10.3+ | — | |||||||||||||
10.4+ | — | |||||||||||||
10.5+ | — | |||||||||||||
10.6+ | — | |||||||||||||
10.7+ | — | |||||||||||||
10.8+ | — | |||||||||||||
10.9+ | — | |||||||||||||
10.10 | — | |||||||||||||
10.11+ | — | |||||||||||||
10.12+ | — |
10.13+ | — | |||||||||||||
10.14 | — | |||||||||||||
10.15 | — |
10.16 | — | |||||||||||||
10.17 | — | |||||||||||||
10.18 | — | |||||||||||||
10.19 | — | |||||||||||||
10.20+ | — | |||||||||||||
10.21+ | — | |||||||||||||
10.22+ | — | |||||||||||||
10.23+ | — | Form of Agreement for Grant of Performance-Based Restricted Stock Units with attached Award Terms and noted variations for Mr. Naughton's 2022-2024 award (subject to changes in the following for future agreements: metrics used; target, threshold and maximum levels of achievement for each metric; and weightings between the metrics). (Incorporated by reference to Exhibit 10.1 to Form 10-Q of the Company filed May 4, 2022.) | ||||||||||||
21.1 | — | |||||||||||||
23.1 | — | |||||||||||||
31.1 | — | |||||||||||||
31.2 | — | |||||||||||||
32 | — | |||||||||||||
101 | — | The following financial materials from AvalonBay Communities, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022 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.) |
AvalonBay Communities, Inc. | ||||||||||||||
Date: February 24, 2023 | By: | /s/ BENJAMIN W. SCHALL | ||||||||||||
Benjamin W. Schall, Director, Chief Executive Officer and President (Principal Executive Officer) |
Date: February 24, 2023 | By: | /s/ BENJAMIN W. SCHALL | ||||||||||||
Benjamin W. Schall, Director, Chief Executive Officer and President (Principal Executive Officer) | ||||||||||||||
Date: February 24, 2023 | By: | /s/ KEVIN P. O’SHEA | ||||||||||||
Kevin P. O’Shea, Chief Financial Officer (Principal Financial Officer) | ||||||||||||||
Date: February 24, 2023 | By: | /s/ KERI A. SHEA | ||||||||||||
Keri A. Shea, Senior Vice President—Finance & Treasurer (Principal Accounting Officer) | ||||||||||||||
Date: February 24, 2023 | By: | /s/ GLYN F. AEPPEL | ||||||||||||
Glyn F. Aeppel, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ TERRY S. BROWN | ||||||||||||
Terry S. Brown, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ ALAN B. BUCKELEW | ||||||||||||
Alan B. Buckelew, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ RONALD L. HAVNER, JR. | ||||||||||||
Ronald L. Havner, Jr., Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ STEPHEN P. HILLS | ||||||||||||
Stephen P. Hills, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ CHRISTOPHER B. HOWARD | ||||||||||||
Christopher B. Howard, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ RICHARD J. LIEB | ||||||||||||
Richard J. Lieb, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ NNENNA LYNCH | ||||||||||||
Nnenna Lynch, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ CHARLES E. MUELLER, JR. | ||||||||||||
Charles E. Mueller, Jr., Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ TIMOTHY J. NAUGHTON | ||||||||||||
Timothy J. Naughton, Director (Chairman of the Board of Directors) | ||||||||||||||
Date: February 24, 2023 | By: | /s/ SUSAN SWANEZY | ||||||||||||
Susan Swanezy, Director | ||||||||||||||
Date: February 24, 2023 | By: | /s/ W. EDWARD WALTER | ||||||||||||
W. Edward Walter, Director |
Valuation of Deferred Development Costs and Land Held for Development | |||||
Description of the Matter | As of December 31, 2022, the Company’s capitalized deferred development costs and land held for development totaled $58.5 million and $179.2 million, respectively. As discussed in Footnote 1 of the consolidated financial statements, the Company capitalizes costs associated with its development activities when future development is probable to the basis of land held, or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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 qualitative 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. |
December 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Real estate: | |||||||||||
Land and improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Net operating real estate | |||||||||||
Construction in progress, including land | |||||||||||
Land held for development | |||||||||||
For-sale condominium inventory | |||||||||||
Real estate assets held for sale, net | |||||||||||
Total real estate, net | |||||||||||
Cash and cash equivalents | |||||||||||
Cash in escrow | |||||||||||
Resident security deposits | |||||||||||
Investments in unconsolidated entities | |||||||||||
Deferred development costs | |||||||||||
Prepaid expenses and other assets | |||||||||||
Right of use lease assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Unsecured notes, net | $ | $ | |||||||||
Variable rate unsecured credit facility and commercial paper | |||||||||||
Mortgage notes payable, net | |||||||||||
Dividends payable | |||||||||||
Payables for construction | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Lease liabilities | |||||||||||
Accrued interest payable | |||||||||||
Resident security deposits | |||||||||||
Liabilities related to real estate assets held for sale | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interests | |||||||||||
Equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated earnings less dividends | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total stockholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Revenue: | |||||||||||||||||
Rental and other income | $ | $ | $ | ||||||||||||||
Management, development and other fees | |||||||||||||||||
Total revenue | |||||||||||||||||
Expenses: | |||||||||||||||||
Operating expenses, excluding property taxes | |||||||||||||||||
Property taxes | |||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | |||||||||||||||||
Interest expense, net | |||||||||||||||||
Loss on extinguishment of debt, net | |||||||||||||||||
Depreciation expense | |||||||||||||||||
General and administrative expense | |||||||||||||||||
Casualty loss | |||||||||||||||||
Total expenses | |||||||||||||||||
Income from investments in unconsolidated entities | |||||||||||||||||
Gain on sale of communities | |||||||||||||||||
Gain on other real estate transactions, net | |||||||||||||||||
Net for-sale condominium activity | ( | ||||||||||||||||
Income before income taxes | |||||||||||||||||
Income tax (expense) benefit | ( | ( | |||||||||||||||
Net income | |||||||||||||||||
Net loss (income) attributable to noncontrolling interests | ( | ( | |||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Other comprehensive income: | |||||||||||||||||
Gain (loss) on cash flow hedges | ( | ||||||||||||||||
Cash flow hedge losses reclassified to earnings | |||||||||||||||||
Comprehensive income | $ | $ | $ | ||||||||||||||
Earnings per common share - basic: | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Earnings per common share - diluted: | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ |
Shares issued | Additional paid-in capital | Accumulated earnings less dividends | Accumulated other comprehensive (loss) income | Total AvalonBay stockholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Common stock | Preferred stock | Common stock | Noncontrolling interests | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on cash flow hedges, net | — | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value and acquisition of noncontrolling interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests income distribution and income allocation | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock, including repurchase costs | — | ( | — | ( | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on cash flow hedges, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of noncontrolling interest | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests income distribution and income allocation | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on cash flow hedges, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge losses reclassified to earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in redemption value of noncontrolling interest | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest distribution and income allocation | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared to common stockholders ($ | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of withholdings | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | — | $ | — | $ | $ | $ | $ | $ | $ | $ |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation expense | |||||||||||||||||
Amortization of deferred financing costs | |||||||||||||||||
Amortization of debt discount | |||||||||||||||||
Loss on extinguishment of debt, net | |||||||||||||||||
Amortization of stock-based compensation | |||||||||||||||||
Equity in loss (income) of, and return on, unconsolidated entities and noncontrolling interests, net of eliminations | ( | ||||||||||||||||
Real estate casualty loss | |||||||||||||||||
Abandonment of development pursuits | |||||||||||||||||
Unrealized gain on terminated cash flow hedges | ( | ( | |||||||||||||||
Cash flow hedge losses reclassified to earnings | |||||||||||||||||
Gain on sale of real estate assets | ( | ( | ( | ||||||||||||||
Gain on sale of for-sale condominiums | ( | ( | ( | ||||||||||||||
(Decrease) increase in resident security deposits, prepaid expenses and other assets | ( | ( | |||||||||||||||
Increase in accrued expenses, other liabilities and accrued interest payable | |||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Development/redevelopment of real estate assets including land acquisitions and deferred development costs | ( | ( | ( | ||||||||||||||
Acquisition of real estate assets | ( | ( | |||||||||||||||
Capital expenditures - existing real estate assets | ( | ( | ( | ||||||||||||||
Capital expenditures - non-real estate assets | ( | ( | ( | ||||||||||||||
Increase (decrease) in payables for construction | ( | ||||||||||||||||
Proceeds from sale of real estate, net of selling costs | |||||||||||||||||
Proceeds from the sale of for-sale condominiums, net of selling costs | |||||||||||||||||
Note receivable lending | ( | ( | ( | ||||||||||||||
Note receivable payments | |||||||||||||||||
Distributions from unconsolidated entities | |||||||||||||||||
Investments in unconsolidated entities | ( | ( | ( | ||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Issuance of common stock, net | |||||||||||||||||
Repurchase of common stock, net | ( | ||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||
Issuance of mortgage notes payable | |||||||||||||||||
Repayments of mortgage notes payable, including prepayment penalties | ( | ( | ( | ||||||||||||||
Issuance of unsecured notes | |||||||||||||||||
Repayment of unsecured notes | ( | ( | ( | ||||||||||||||
Payment of deferred financing costs | ( | ( | ( | ||||||||||||||
Receipt (payment) for termination of forward interest rate swaps | ( | ||||||||||||||||
Acquisition of/payments to noncontrolling interest | ( | ( | ( | ||||||||||||||
Payments related to tax withholding for share-based compensation | ( | ( | ( | ||||||||||||||
Distributions to DownREIT partnership unitholders | ( | ( | ( | ||||||||||||||
Distributions to joint venture and profit-sharing partners | ( | ( | ( | ||||||||||||||
Preferred interest obligation redemption and dividends | ( | ( | ( | ||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||
Net increase in cash, cash equivalents and cash in escrow | |||||||||||||||||
Cash, cash equivalents and cash in escrow, beginning of year | |||||||||||||||||
Cash, cash equivalents and cash in escrow, end of year | $ | $ | $ | ||||||||||||||
Cash paid during the year for interest, net of amount capitalized | $ | $ | $ |
For the year ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Cash in escrow | ||||||||||||||||||||
Cash, cash equivalents and cash in escrow shown in the Consolidated Statements of Cash Flows | $ | $ | $ |
2022 | 2021 | 2020 | |||||||||||||||
Ordinary income | % | % | % | ||||||||||||||
% | % | % | |||||||||||||||
Unrecaptured §1250 gain | % | % | % | ||||||||||||||
Total | % | % | % |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Basic and diluted shares outstanding | |||||||||||||||||
Weighted average common shares—basic | |||||||||||||||||
Weighted average DownREIT units outstanding | |||||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Weighted average common shares—diluted | |||||||||||||||||
Calculation of Earnings per Share—basic | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Net income allocated to unvested restricted shares | ( | ( | ( | ||||||||||||||
Net income attributable to common stockholders—basic | $ | $ | $ | ||||||||||||||
Weighted average common shares—basic | |||||||||||||||||
Earnings per common share—basic | $ | $ | $ | ||||||||||||||
Calculation of Earnings per Share—diluted | |||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | ||||||||||||||
Add: noncontrolling interests of DownREIT unitholders in consolidated partnerships, including discontinued operations | |||||||||||||||||
Net income attributable to common stockholders—diluted | $ | $ | $ | ||||||||||||||
Weighted average common shares—diluted | |||||||||||||||||
Earnings per common share—diluted | $ | $ | $ |
Same Store | Other Stabilized Communities | Development/ Redevelopment Communities | Non- allocated (1) | Total | ||||||||||||||||||||||||||||
For the year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Management, development and other fees and other ancillary items | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Non-lease related revenue (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
For the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Management, development and other fees and other ancillary items | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Non-lease related revenue (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Management, development and other fees and other ancillary items | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Non-lease related revenue (2) | ||||||||||||||||||||||||||||||||
Total non-lease revenue (3) | ||||||||||||||||||||||||||||||||
Lease income (4) | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | ||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Fixed rate unsecured notes | $ | % | $ | % | |||||||||||||||||||
Term Loans | % | % | |||||||||||||||||||||
Fixed rate mortgage notes payable—conventional and tax-exempt | % | % | |||||||||||||||||||||
Variable rate mortgage notes payable—conventional and tax-exempt | % | % | |||||||||||||||||||||
Total mortgage notes payable and unsecured notes and Term Loans | % | % | |||||||||||||||||||||
Credit Facility | % | % | |||||||||||||||||||||
Commercial paper | % | % | |||||||||||||||||||||
Total principal outstanding | % | % | |||||||||||||||||||||
Less deferred financing costs and debt discount (1) | ( | ( | |||||||||||||||||||||
Total | $ | $ |
December 31, 2022 | December 31, 2021 | ||||||||||
Letters of credit | $ | $ |
Year | Secured notes principal payments | Secured notes maturities | Unsecured notes and Term Loan maturities | Stated interest rate of unsecured notes and Term Loan | ||||||||||||||||||||||
2023 | $ | $ | $ | % | ||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2024 | % | |||||||||||||||||||||||||
(1) | SOFR + | |||||||||||||||||||||||||
2025 | % | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2026 | % | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2027 | % | |||||||||||||||||||||||||
2028 | % | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
2029 | % | |||||||||||||||||||||||||
2030 | % | |||||||||||||||||||||||||
2031 | % | |||||||||||||||||||||||||
2032 | % | |||||||||||||||||||||||||
Thereafter | % | |||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
% | ||||||||||||||||||||||||||
$ | $ | $ |
Community Name | Location | Number of communities | Apartment homes | Purchase price | Retail square feet | |||||||||||||||||||||||||||
Avalon Flatirons | Lafayette, CO | $ | ||||||||||||||||||||||||||||||
Waterford Court | Addison, TX | — | ||||||||||||||||||||||||||||||
Avalon Miramar Park Place | Miramar, FL | — | ||||||||||||||||||||||||||||||
Avalon Highland Creek | Charlotte, NC | — | ||||||||||||||||||||||||||||||
Total 2022 acquisitions | $ | |||||||||||||||||||||||||||||||
Total 2021 acquisitions | $ | |||||||||||||||||||||||||||||||
Total 2020 acquisitions | $ |
Community Name | Location | Period of sale | Apartment homes | Debt | Gross sales price | Net cash proceeds | ||||||||||||||||||||||||||||||||
Avalon West Long Branch | West Long Branch, NJ | Q122 | $ | — | $ | $ | ||||||||||||||||||||||||||||||||
Avalon Ossining | Ossining, NY | Q122 | — | |||||||||||||||||||||||||||||||||||
Avalon East Norwalk | Norwalk, CT | Q122 | — | |||||||||||||||||||||||||||||||||||
Avalon Green I/Avalon Green II/Avalon Green III | Elmsford, NY | Q322 | — | |||||||||||||||||||||||||||||||||||
Avalon Del Mar Station | Pasadena, CA | Q322 | — | |||||||||||||||||||||||||||||||||||
Avalon Sharon | Sharon, MA | Q322 | — | |||||||||||||||||||||||||||||||||||
Avalon Park Crest | Tysons Corner, VA | Q422 | — | |||||||||||||||||||||||||||||||||||
Other real estate (1) | multiple | 2022 | N/A | — | ||||||||||||||||||||||||||||||||||
Total of 2022 asset sales | $ | — | $ | $ | ||||||||||||||||||||||||||||||||||
Total of 2021 asset sales | $ | — | $ | $ | ||||||||||||||||||||||||||||||||||
Total of 2020 asset sales | $ | — | $ | $ |
Weighted-average remaining lease term - finance leases | |||||
Weighted-average remaining lease term - operating leases | |||||
Weighted-average discount rate - finance leases | % | ||||
Weighted-average discount rate - operating leases | % |
Payments due by period | |||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||||||||
Operating Lease Obligations | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Finance Lease Obligations | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Total undiscounted cash flows | Total lease liabilities | Difference between discounted and undiscounted cash flows | |||||||||||||||
Operating Lease Obligations | $ | $ | $ | ||||||||||||||
Finance Lease Obligations | |||||||||||||||||
$ | $ | $ |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Property management and other indirect operating expenses, net of corporate income | |||||||||||||||||
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 loss | |||||||||||||||||
Gain on sale of communities | ( | ( | ( | ||||||||||||||
Gain on other real estate transactions, net | ( | ( | ( | ||||||||||||||
Net for-sale condominium activity | ( | ( | |||||||||||||||
Net operating income from real estate assets sold or held for sale | ( | ( | ( | ||||||||||||||
Net operating income | $ | $ | $ |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Rental income from real estate assets sold or held for sale | $ | $ | $ | ||||||||||||||
Operating expenses from real estate assets sold or held for sale | ( | ( | ( | ||||||||||||||
Net operating income from real estate assets sold or held for sale | $ | $ | $ |
Total revenue | NOI | Gross real estate (1) | |||||||||||||||
For the period ended December 31, 2022 | |||||||||||||||||
Same Store | |||||||||||||||||
New England | $ | $ | $ | ||||||||||||||
Metro NY/NJ | |||||||||||||||||
Mid-Atlantic | |||||||||||||||||
Southeast Florida | |||||||||||||||||
Denver, CO | |||||||||||||||||
Pacific Northwest | |||||||||||||||||
Northern California | |||||||||||||||||
Southern California | |||||||||||||||||
Total Same Store | |||||||||||||||||
Other Stabilized | |||||||||||||||||
Development / Redevelopment | |||||||||||||||||
Land Held for Development | N/A | N/A | |||||||||||||||
Non-allocated (3) | N/A | ||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
For the period ended December 31, 2021 | |||||||||||||||||
Same Store | |||||||||||||||||
New England | $ | $ | $ | ||||||||||||||
Metro NY/NJ | |||||||||||||||||
Mid-Atlantic | |||||||||||||||||
Southeast Florida | |||||||||||||||||
Denver, CO | |||||||||||||||||
Pacific Northwest | |||||||||||||||||
Northern California | |||||||||||||||||
Southern California | |||||||||||||||||
Total Same Store (2) | |||||||||||||||||
Other Stabilized | |||||||||||||||||
Development / Redevelopment | |||||||||||||||||
Land Held for Development | N/A | N/A | |||||||||||||||
Non-allocated (3) | N/A | ||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
For the year ended December 31, 2020 | |||||||||||||||||
Same Store | |||||||||||||||||
New England | $ | $ | $ | ||||||||||||||
Metro NY/NJ | |||||||||||||||||
Mid-Atlantic | |||||||||||||||||
Southeast Florida | |||||||||||||||||
Denver, CO | |||||||||||||||||
Pacific Northwest | |||||||||||||||||
Northern California | |||||||||||||||||
Southern California | |||||||||||||||||
Total Same Store (2) | |||||||||||||||||
Other Stabilized | |||||||||||||||||
Development / Redevelopment | |||||||||||||||||
Land Held for Development | N/A | N/A | |||||||||||||||
Non-allocated (3) | N/A | ||||||||||||||||
Total | $ | $ | $ |
2009 Plan options | Weighted average exercise price per option | ||||||||||
Options Outstanding, December 31, 2019 | $ | ||||||||||
Exercised | ( | ||||||||||
Granted | |||||||||||
Forfeited | |||||||||||
Options Outstanding, December 31, 2020 | $ | ||||||||||
Exercised | ( | ||||||||||
Granted (1) | |||||||||||
Forfeited | ( | ||||||||||
Options Outstanding, December 31, 2021 | $ | ||||||||||
Exercised | ( | ||||||||||
Granted (2) | |||||||||||
Forfeited | ( | ||||||||||
Options Outstanding, December 31, 2022 | $ | ||||||||||
Options Exercisable: | |||||||||||
December 31, 2020 | $ | ||||||||||
December 31, 2021 | $ | ||||||||||
December 31, 2022 | $ |
2022 | ||||||||
Dividend yield | % | |||||||
Estimated volatility | % | |||||||
Risk free rate | % | |||||||
Expected life of options | ||||||||
Estimated fair value | $ |
2009 Plan Number of Options | Exercise Price | Weighted Average Remaining Contractual Term (in years) | ||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
$ | ||||||||||||||
Performance awards | Weighted average grant date fair value per award | |||||||||||||
Outstanding at December 31, 2019 | $ | |||||||||||||
Granted (1) | ||||||||||||||
Change in awards based on performance (2) | ||||||||||||||
Converted to restricted stock | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||
Granted (3) | ||||||||||||||
Change in awards based on performance (2) | ( | |||||||||||||
Converted to shares of common stock | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Outstanding at December 31, 2021 | $ | |||||||||||||
Granted (4) | ||||||||||||||
Change in awards based on performance (2) | ( | |||||||||||||
Converted to shares of common stock | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Outstanding at December 31, 2022 | $ |
2022 | 2021 | 2020 | ||||||||||||||||||
Dividend yield | ||||||||||||||||||||
Estimated volatility over the life of the plan (1) | ||||||||||||||||||||
Risk free rate | ||||||||||||||||||||
Estimated performance award value based on total shareholder return measure | $ | $ | $ |
Restricted stock shares | Restricted stock shares weighted average grant date fair value per share | Restricted stock shares converted from performance awards | ||||||||||||||||||
Outstanding at December 31, 2019 | $ | |||||||||||||||||||
Granted - restricted stock shares | ||||||||||||||||||||
Vested - restricted stock shares | ( | ( | ||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||||||||
Granted - restricted stock shares | ||||||||||||||||||||
Vested - restricted stock shares | ( | ( | ||||||||||||||||||
Forfeited | ( | |||||||||||||||||||
Outstanding at December 31, 2021 | $ | |||||||||||||||||||
Granted - restricted stock shares | ||||||||||||||||||||
Vested - restricted stock shares | ( | ( | ||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||
Outstanding at December 31, 2022 | $ |
Non-designated Hedges | ||||||||
Interest Rate Caps | ||||||||
Notional balance | $ | |||||||
Weighted average interest rate (1) | % | |||||||
Weighted average swapped/capped interest rate | % | |||||||
Earliest maturity date | January 2024 | |||||||
Latest maturity date | November 2026 |
For the year ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash flow hedge losses reclassified to earnings | $ | $ | $ |
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) | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||
Equity Securities | $ | $ | — | $ | $ | — | |||||||||||||||||
Notes Receivable, net | — | — | |||||||||||||||||||||
Non Designated Hedges | |||||||||||||||||||||||
Interest Rate Caps | — | — | |||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
DownREIT units | $ | $ | $ | — | $ | — | |||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Fixed rate unsecured notes | — | — | |||||||||||||||||||||
Mortgage notes payable, Commercial Paper Program and variable rate unsecured notes | — | — | |||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Non Designated Hedges | |||||||||||||||||||||||
Interest Rate Caps | $ | $ | — | $ | $ | — | |||||||||||||||||
Interest Rate Swaps - Assets | — | — | |||||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
DownREIT units | $ | $ | $ | — | $ | — | |||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Fixed rate unsecured notes | — | — | |||||||||||||||||||||
Mortgage notes payable and variable rate unsecured notes | — | — | |||||||||||||||||||||
Total Liabilities | $ | $ | $ | $ |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Lexington | Lexington, MA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Wilmington | Wilmington, MA | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Quincy | Quincy, MA | 1986/1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Wilmington West | Wilmington, MA | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Newton Highlands | Newton, MA | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at The Pinehills | Plymouth, MA | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Peabody | Peabody, MA | 1962/2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bedford Center | Bedford, MA | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Chestnut Hill | Chestnut Hill, MA | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Lexington Hills | Lexington, MA | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Acton | Acton, MA | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at the Hingham Shipyard | Hingham, MA | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Northborough | Northborough, MA | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Exeter (1) | Boston, MA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Natick | Natick, MA | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Assembly Row (2) | Somerville, MA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Somerville (2) | Somerville, MA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Back Bay | Boston, MA | 1968/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Prudential Center II | Boston, MA | 1968/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Prudential Center I (2) | Boston, MA | 1968/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Burlington | Burlington, MA | 1988/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Theater District | Boston, MA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Burlington | Burlington, MA | 1989/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Marlborough | Marlborough, MA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon North Station | Boston, MA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Framingham | Framingham, MA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Quincy | Quincy, MA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Easton | Easton, MA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at the Hingham Shipyard II | Hingham, MA | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sudbury | Sudbury, MA | 2019 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Saugus | Saugus, MA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Norwood | Norwood, MA | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA North Point | Cambridge, MA | 2018/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bear Hill | Waltham, MA | 1999/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wilton on River Rd | Wilton, CT | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon New Canaan | New Canaan, CT | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Darien | Darien, CT | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL NEW ENGLAND | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
METRO NY/NJ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York City, NY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Riverview (3) | Long Island City, NY | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Riverview North (2) (3) | Long Island City, NY | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Fort Greene | Brooklyn, NY | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA DoBro (2) | Brooklyn, NY | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Willoughby Square | Brooklyn, NY | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Brooklyn Bay | Brooklyn, NY | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Midtown West | New York, NY | 1998/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton North | New York, NY | 2008/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clinton South | New York, NY | 2007/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total New York City, NY | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York - Suburban | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Commons (2) | Smithtown, NY | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mamaroneck (2) | Mamaroneck, NY | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Melville | Melville, NY | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon White Plains (2) | White Plains, NY | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Rockville Centre I | Rockville Centre, NY | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Garden City | Garden City, NY | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Huntington Station | Huntington Station, NY | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Great Neck (2) | Great Neck, NY | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Rockville Centre II | Rockville Centre, NY | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Somers | Somers, NY | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Westbury | Westbury, NY | 2006/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total New York - Suburban | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cove | Jersey City, NJ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater I | Edgewater, NJ | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Florham Park | Florham Park, NJ | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon North Bergen | North Bergen, NJ | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Wesmont Station I | Wood-Ridge, NJ | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hackensack at Riverside | Hackensack, NJ | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Wesmont Station II | Wood-Ridge, NJ | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bloomingdale | Bloomingdale, NJ | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wharton | Wharton, NJ | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bloomfield Station (1) (2) | Bloomfield, NJ | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Roseland | Roseland, NJ | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Princeton | Princeton, NJ | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Union | Union, NJ | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hoboken (2) | Hoboken, NJ | 2008/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Maplewood (2) | Maplewood, NJ | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Boonton | Boonton, NJ | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Teaneck (2) | Teaneck, NJ | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Piscataway | Piscataway, NJ | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater II | Edgewater, NJ | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total New Jersey | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL METRO NY/NJ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MID-ATLANTIC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Metro/Baltimore, MD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Foxhall | Washington, D.C. | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1982/1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Gallery Place | Washington, D.C. | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA H Street | Washington, D.C. | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon The Albemarle | Washington, D.C. | 1966/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Tunlaw Gardens | Washington, D.C. | 1944/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Statesman | Washington, D.C. | 1961/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Glover Park | Washington, D.C. | 1953/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Van Ness (2) | Washington, D.C. | 1978/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon First and M | Washington, D.C. | 2012/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA NoMa | Washington, D.C. | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Washingtonian Center | North Potomac, MD | 1996 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Columbia Town Center | Columbia, MD | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1986/1993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Grosvenor Station | Bethesda, MD | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Traville | Rockville, MD | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Wheaton | Wheaton, MD | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hunt Valley | Hunt Valley, MD | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Laurel | Laurel, MD | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fairway Hills - Meadows | Columbia, MD | 1987/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fairway Hills - Woods (2) | Columbia, MD | 1987/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Arundel Crossing II | Linthicum Heights, MD | 2018/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kanso Silver Spring | Silver Spring, MD | 2009/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Russett | Laurel, MD | 1999/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Fair Lakes | Fairfax, VA | 1989/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Fairfax City | Fairfax, VA | 1988/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Tysons Corner | Tysons Corner, VA | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Arlington Square | Arlington, VA | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Fairfax Towers | Falls Church, VA | 1978/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mosaic | Fairfax, VA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Potomac Yard | Alexandria, VA | 2014/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Clarendon | Arlington, VA | 2002/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Columbia Pike | Arlington, VA | 2009/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dunn Loring | Vienna, VA | 2012/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Tysons Corner | Vienna, VA | 1980/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Courthouse Place | Arlington, VA | 1999/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Arlington North (2) | Arlington, VA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Reston Landing | Reston, VA | 2000/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Falls Church | Falls Church, VA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL MID-ATLANTIC | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DENVER, CO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Denver West | Lakewood, CO | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2016/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Meadows at Castle Rock | Castle Rock, CO | 2018/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Red Rocks | Littleton, CO | 2018/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Southlands | Aurora, CO | 2018/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL DENVER, CO | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTHEAST FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon 850 Boca | Boca Raton, FL | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2017/2017 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 West Palm Beach | West Palm Beach, FL | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2018/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bonterra | Hialeah, FL | 2018/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Toscana | Margate, FL | 2016/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL SOUTHEAST FLORIDA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PACIFIC NORTHWEST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle, WA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bear Creek | Redmond, WA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1998/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bellevue | Bellevue, WA | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon RockMeadow | Bothell, WA | 2000/2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon ParcSquare | Redmond, WA | 2000/2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Belltown | Seattle, WA | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Meydenbauer | Bellevue, WA | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers Bellevue (3) | Bellevue, WA | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Queen Anne | Seattle, WA | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Ballard | Seattle, WA | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Alderwood I | Lynnwood, WA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Capitol Hill | Seattle, WA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Esterra Park | Redmond, WA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Alderwood II | Redmond, WA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Newcastle Commons I | Newcastle, WA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Belltown Towers | Seattle, WA | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Esterra Park | Redmond, WA | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon North Creek | Bothell, WA | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Archstone Redmond Lakeview | Redmond, WA | 1987/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL PACIFIC NORTHWEST | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTHERN CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Campbell | Campbell, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves San Jose | San Jose, CA | 1985/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon on the Alameda | San Jose, CA | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Silicon Valley | Sunnyvale, CA | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mountain View | Mountain View, CA | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Creekside | Mountain View, CA | 1962/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cahill Park | San Jose, CA | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers on the Peninsula | Mountain View, CA | 2002 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Morrison Park | San Jose, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Willow Glen | San Jose, CA | 2002/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves West Valley | San Jose, CA | 1970/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Mountain View at Middlefield | Mountain View, CA | 1969/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total San Jose, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland - East Bay, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fremont (2) | Fremont, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1992/1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Dublin | Dublin, CA | 1989/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Pleasanton (2) | Pleasanton, CA | 1988/1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Union City | Union City, CA | 1973/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Fremont | Fremont, CA | 1985/1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Union City | Union City, CA | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Creek (3) | Walnut Creek, CA | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dublin Station | Dublin, CA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dublin Station II | Dublin, CA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Public Market (1) | Emeryville, CA | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Walnut Creek | Walnut Creek, CA | 1987/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Ridge I | Walnut Creek, CA | 2000/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Ridge II | Walnut Creek, CA | 1989/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Berkeley | Berkeley, CA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Oakland - East Bay, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Daly City | Daly City, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1972/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Nob Hill | San Francisco, CA | 1990/1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Foster City | Foster City, CA | 1973/1994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Pacifica | Pacifica, CA | 1971/1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sunset Towers | San Francisco, CA | 1961/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay I | San Francisco, CA | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay III | San Francisco, CA | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Ocean Avenue | San Francisco, CA | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA 55 Ninth | San Francisco, CA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hayes Valley | San Francisco, CA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dogpatch | San Francisco, CA | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno I | San Bruno, CA | 2004/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Bruno II | San Bruno, CA | 2007/2013 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 San Bruno III | San Bruno, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2010/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total San Francisco, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL NORTHERN CALIFORNIA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Burbank | Burbank, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1961/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Woodland Hills (2) | Woodland Hills, CA | 1989/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Warner Center | Woodland Hills, CA | 1979/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glendale (3) | Glendale, CA | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Burbank | Burbank, CA | 1988/2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Camarillo | Camarillo, CA | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wilshire | Los Angeles, CA | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Encino | Encino, CA | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Warner Place | Canoga Park, CA | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Little Tokyo | Los Angeles, CA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Phillips Ranch | Pomona, CA | 1989/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves San Dimas | San Dimas, CA | 1978/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves San Dimas Canyon | San Dimas, CA | 1981/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Pasadena | Pasadena, CA | 1973/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Cerritos | Artesia, CA | 1973/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Playa Vista | Los Angeles, CA | 2006/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon San Dimas | San Dimas, CA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glendora | Glendora, CA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon West Hollywood | West Hollywood, CA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mission Oaks | Camarillo, CA | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Chino Hills | Chino Hills, CA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA North Hollywood | North Hollywood, CA | 2015/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cerritos | Cerritos, CA | 2017/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Simi Valley | Simi Valley, CA | 2007/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Studio City II | Studio City, CA | 1991/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Studio City | Studio City, CA | 2002/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Calabasas | Calabasas, CA | 1988/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Oak Creek | Agoura Hills, CA | 2004/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Santa Monica on Main | Santa Monica, CA | 2007/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Old Town Pasadena | Pasadena, CA | 1972/2013 |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Thousand Oaks | Thousand Oaks, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1992/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Los Feliz | Los Angeles, CA | 1989/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Toluca Hills | Los Angeles, CA | 1973/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Woodland Hills | Woodland Hills, CA | 1971/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Thousand Oaks Plaza | Thousand Oaks, CA | 2002/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pasadena | Pasadena, CA | 2004/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Studio City I | Studio City, CA | 1987/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Los Angeles, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Newport | Costa Mesa, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1956/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Mission Viejo | Mission Viejo, CA | 1984/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves South Coast | Costa Mesa, CA | 1973/1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Santa Margarita | Rancho Santa Margarita, CA | 1990/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Huntington Beach | Huntington Beach, CA | 1971/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Irvine I | Irvine, CA | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Irvine II | Irvine, CA | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Lake Forest | Lake Forest, CA | 1975/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Baker Ranch | Lake Forest, CA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Irvine III | Irvine, CA | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Seal Beach | Seal Beach, CA | 1971/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Huntington Beach | Huntington Beach, CA | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Orange County, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Pacific Beach | San Diego, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1969/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Mission Ridge | San Diego, CA | 1960/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves San Marcos | San Marcos, CA | 1988/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Rancho Penasquitos | San Diego, CA | 1986/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Vista | Vista, CA | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves La Mesa | La Mesa, CA | 1989/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon La Jolla Colony | San Diego, CA | 1987/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total San Diego, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL SOUTHERN CALIFORNIA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL SAME STORE | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Hollywood at La Pietra Place | Hollywood, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walnut Creek II (3) | Walnut Creek, CA | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Monrovia | Monrovia, CA | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Flatirons | Lafayette, CO | 2020/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Doral | Doral, FL | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fort Lauderdale | Fort Lauderdale, FL | 2020/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Miramar | Miramar, FL | 2018/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Miramar Park Place | Miramar, FL | 2022/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Acton II | Acton, MA | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Marlborough II | Marlborough, MA | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Easton II | Easton, MA | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kanso Twinbrook | Rockville, MD | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towson | Towson, MD | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Arundel Crossing | Linthicum Heights, MD | 2020/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon South End | Charlotte, NC | 2020/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA South End | Charlotte, NC | 2013/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Hawk (1) | Charlotte, NC | 2021/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Highland Creek | Charlotte, NC | 2022/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Princeton Junction | West Windsor, NJ | 1988/1993 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Old Bridge | Old Bridge, NJ | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Yonkers | Yonkers, NY | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Lakeside | Flower Mound, TX | 2015/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford Court | Addison, TX | 1995/2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Ballston | Arlington, VA | 1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Newcastle Commons II | Newcastle, WA | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
eaves Redmond Campus | Redmond, WA | 1991/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Park Loggia Commercial (6) | New York, NY | N/A | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL OTHER STABILIZED | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REDEVELOPMENT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA Ballston Square | Arlington, VA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1992/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL REDEVELOPMENT | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL CURRENT COMMUNITIES (5) | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Total Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Community | City and state | # of homes | Land and Improvements | Building / Construction in Progress & Improvements | Costs Subsequent to Acquisition / Construction | Land and Improvements | Building / Construction in Progress & Improvements | Total | Accumulated Depreciation | Total Cost, Net of Accumulated Depreciation | Total Cost, Net of Accumulated Depreciation | Encumbrances | Year of Completion / Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEVELOPMENT (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Brea Place | Brea, CA | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVA RiNo | Denver, CO | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Woburn | Woburn, MA | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon 555 President | Baltimore, MD | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Foundry Row | Owings Mill, MD | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Harbor Isle | Island Park, NY | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon West Dublin | Dublin, CA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Westminster Promenade | Westminster, CO | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Governor's Park | Denver, CO | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Merrick Park | Miami, FL | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon North Andover | North Andover, MA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Brighton | Boston, MA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kanso Milford | Milford, MA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Annapolis | Annapolis, MD | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Durham | Durham, NC | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Montville | Montville, NJ | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Somerville Station (1) | Somerville, NJ | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon West Windsor | West Windsor, NJ | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Princeton Circle | Princeton, NJ | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Harrison | Harrison, NY | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Amityville | Amityville, NY | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bothell Commons | Bothell, WA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Redmond Campus | Redmond, WA | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL DEVELOPMENT | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land Held for Development | N/A | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Overhead | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For-sale condominium inventory (5) | New York, NY | N/A | ( | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 Disposed Communities | N/A | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | (6) |
12/31/2022 | 12/31/2021 | 12/31/2020 | |||||||||||||||
Balance, beginning of period | $ | $ | $ | ||||||||||||||
Acquisitions, construction costs and improvements | |||||||||||||||||
Dispositions, including casualty losses and impairment loss on planned dispositions | ( | ( | ( | ||||||||||||||
Balance, end of period | $ | $ | $ |
12/31/2022 | 12/31/2021 | 12/31/2020 | |||||||||||||||
Balance, beginning of period | $ | $ | $ | ||||||||||||||
Depreciation, including discontinued operations | |||||||||||||||||
Dispositions, including casualty losses | ( | ( | ( | ||||||||||||||
Balance, end of period | $ | $ | $ |
AVB Annualized Performance below (-) or above (+) the Apt Index Return | Percentage of 65.0% Earned | ||||
more than -400 basis points below | 0% | ||||
-400 basis points(threshold*) | 50% | ||||
0 basis points (target*) | 100% | ||||
+400 basis points (maximum*) | 200% |
AVB Annualized Performance below (-) or above (+) the REIT Equity Index Return | Percentage of 35.0% Earned | ||||
more than -600 basis points below | 0% | ||||
-600 basis points (threshold*) | 50% | ||||
0 basis points (target*) | 100% | ||||
+600 basis points (maximum*) | 200% |
AVB Performance Period Core FFO/share growth below (-) or above (+) the Peer Group Core FFO/share growth | Percentage of 50.0% Earned | ||||
more than -400 basis points below | 0% | ||||
-400 basis points (threshold*) | 50% | ||||
0 basis points (target*) | 100% | ||||
+400 basis points (maximum*) | 200% |
AVB Performance Period Net Debt/Core EBITDA more than or less than the Peer Group average | Percentage of 50.0% Earned | ||||
(AVB Net Debt/Core EBITDA calculation minus Peer Group calculation) is more than 1.50 | 0% | ||||
(AVB Net Debt/Core EBITDA calculation minus Peer Group calculation) equals 1.50 (threshold*) | 50% | ||||
(AVB Net Debt/Core EBITDA calculation minus Peer Group calculation) equals 0 (target*) | 100% | ||||
(AVB Net Debt/Core EBITDA calculation minus Peer Group calculation) is -1.50 (negative 1.5) or less (i.e., a larger negative number) (maximum*) | 200% |
ARTICLE I DEFINITIONS; ETC. | 1 | ||||
Section 1.01 Definitions | 1 | ||||
Section 1.02 Accounting Terms | 23 | ||||
Section 1.03 Computation of Time Periods | 23 | ||||
Section 1.04 Rules of Construction | 23 | ||||
Section 1.05 Interest Rates | 24 | ||||
Section 1.06 Times of Day | 24 | ||||
ARTICLE II THE LOANS | 24 | ||||
Section 2.01 Loans; Purpose. | 24 | ||||
Section 2.02 [Reserved] | 25 | ||||
Section 2.03 Procedures for Advances | 25 | ||||
Section 2.04 Interest Periods; Renewals | 25 | ||||
Section 2.05 Interest | 26 | ||||
Section 2.06 Fees | 26 | ||||
Section 2.07 Notes | 26 | ||||
Section 2.08 Repayments; Prepayments | 27 | ||||
Section 2.09 [Reserved]. | 27 | ||||
Section 2.10 Method of Payment | 27 | ||||
Section 2.11 Elections, Conversions or Continuation of Loans | 28 | ||||
Section 2.12 Minimum Amounts | 28 | ||||
Section 2.13 Certain Notices Regarding Elections, Conversions and Continuations of Loans | 28 | ||||
Section 2.14 Late Payment Premium | 29 | ||||
Section 2.15 Incremental Term Loans. | 29 | ||||
Section 2.16 Defaulting Lenders | 31 | ||||
ARTICLE III YIELD PROTECTION; ILLEGALITY, ETC. | 32 | ||||
Section 3.01 Additional Costs | 32 | ||||
Section 3.02 Inability to Determine Rates | 33 | ||||
Section 3.03 Illegality | 36 | ||||
Section 3.04 Treatment of Affected Loans | 36 | ||||
Section 3.05 Certain Compensation | 36 | ||||
Section 3.06 Capital or Liquidity Adequacy | 37 | ||||
Section 3.07 Substitution of Banks | 37 | ||||
Section 3.08 Applicability | 38 | ||||
Section 3.09 Time for Notices | 38 | ||||
Section 3.10 Taxes. | 39 | ||||
Section 3.11 Designation of a Different Lending Office | 43 | ||||
ARTICLE IV CONDITIONS PRECEDENT | 43 | ||||
Section 4.01 Conditions Precedent to the Closing Date | 43 |
-i- | ||||||||
Section 4.02 Conditions Precedent to Each Advance | 45 | ||||
Section 4.03 Deemed Representations | 45 | ||||
ARTICLE V REPRESENTATIONS AND WARRANTIES | 46 | ||||
Section 5.01 Due Organization | 46 | ||||
Section 5.02 Power and Authority; No Conflicts; Compliance With Laws | 46 | ||||
Section 5.03 Legally Enforceable Agreements | 46 | ||||
Section 5.04 Litigation | 46 | ||||
Section 5.05 Good Title to Properties | 46 | ||||
Section 5.06 Taxes | 47 | ||||
Section 5.07 ERISA | 47 | ||||
Section 5.08 No Default on Outstanding Judgments or Orders, Etc | 47 | ||||
Section 5.09 No Defaults on Other Agreements | 47 | ||||
Section 5.10 Government Regulation | 48 | ||||
Section 5.11 Environmental Protection | 48 | ||||
Section 5.12 Solvency | 48 | ||||
Section 5.13 Financial Statements | 48 | ||||
Section 5.14 Valid Existence of Affiliates | 48 | ||||
Section 5.15 Insurance | 49 | ||||
Section 5.16 Accuracy of Information; Full Disclosure | 49 | ||||
Section 5.17 OFAC | 49 | ||||
Section 5.18 Anti-Corruption Laws | 49 | ||||
Section 5.19 EEA Financial Institution | 49 | ||||
ARTICLE VI AFFIRMATIVE COVENANTS | 49 | ||||
Section 6.01 Maintenance of Existence | 50 | ||||
Section 6.02 Maintenance of Records | 50 | ||||
Section 6.03 Maintenance of Insurance | 50 | ||||
Section 6.04 Compliance with Laws; Payment of Taxes | 50 | ||||
Section 6.05 Right of Inspection | 50 | ||||
Section 6.06 Compliance With Environmental Laws | 50 | ||||
Section 6.07 Maintenance of Properties | 50 | ||||
Section 6.08 Payment of Costs | 50 | ||||
Section 6.09 Reporting and Miscellaneous Document Requirements | 50 | ||||
Section 6.10 Anti-Corruption Laws | 53 | ||||
ARTICLE VII NEGATIVE COVENANTS | 54 | ||||
Section 7.01 Mergers Etc | 54 | ||||
Section 7.02 [Reserved] | 54 | ||||
Section 7.03 Sale of Assets | 54 | ||||
Section 7.04 Distributions | 54 | ||||
Section 7.05 Sanctions | 54 | ||||
Section 7.06 Anti-Corruption Laws | 54 | ||||
ARTICLE VIII FINANCIAL COVENANTS | 55 |
-ii- |
Section 8.01 Relationship of Total Outstanding Indebtedness to Capitalization Value | 55 | ||||
Section 8.02 Relationship of Combined EBITDA to Combined Debt Service | 55 | ||||
Section 8.03 Ratio of Unsecured Indebtedness to Unencumbered Asset Value | 55 | ||||
Section 8.04 Relationship of Secured Indebtedness to Capitalization Value | 55 | ||||
ARTICLE IX EVENTS OF DEFAULT | 56 | ||||
Section 9.01 Events of Default | 56 | ||||
Section 9.02 Remedies | 58 | ||||
ARTICLE X ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS | 59 | ||||
Section 10.01 Appointment, Powers and Immunities of Administrative Agent | 59 | ||||
Section 10.02 Reliance by Administrative Agent | 60 | ||||
Section 10.03 Defaults | 61 | ||||
Section 10.04 Rights of Administrative Agent as a Bank | 61 | ||||
Section 10.05 Indemnification of Administrative Agent | 61 | ||||
Section 10.06 Non-Reliance on Administrative Agent and Other Banks | 62 | ||||
Section 10.07 Failure of Administrative Agent to Act | 62 | ||||
Section 10.08 Resignation of Administrative Agent | 63 | ||||
Section 10.09 Amendments Concerning Agency Function | 63 | ||||
Section 10.10 Liability of Administrative Agent | 64 | ||||
Section 10.11 Transfer of Agency Function | 64 | ||||
Section 10.12 Non-Receipt of Funds by Administrative Agent | 64 | ||||
Section 10.13 [Reserved] | 64 | ||||
Section 10.14 [Reserved] | 65 | ||||
Section 10.15 Pro Rata Treatment | 65 | ||||
Section 10.16 Sharing of Payments Among Banks | 65 | ||||
Section 10.17 Possession of Documents | 65 | ||||
Section 10.18 No Other Duties, Etc | 65 | ||||
Section 10.19 Administrative Agent May File Proofs of Claim | 65 | ||||
Section 10.20 Certain ERISA Matters | 66 | ||||
ARTICLE XI NATURE OF OBLIGATIONS | 67 | ||||
Section 11.01 Absolute and Unconditional Obligations | 67 | ||||
Section 11.02 Non-Recourse to Borrower’s Principals | 68 | ||||
ARTICLE XII MISCELLANEOUS | 68 | ||||
Section 12.01 Binding Effect of Request for Advance | 68 | ||||
Section 12.02 Amendments and Waivers | 68 | ||||
Section 12.03 Usury | 70 | ||||
Section 12.04 Expenses; Indemnification | 70 | ||||
Section 12.05 Assignment; Participation | 71 | ||||
Section 12.06 Documentation Satisfactory | 74 | ||||
Section 12.07 Notices | 75 | ||||
Section 12.08 Setoff | 76 |
-iii- |
Section 12.09 Table of Contents; Headings | 77 | ||||
Section 12.10 Severability | 77 | ||||
Section 12.11 Counterparts | 77 | ||||
Section 12.12 Integration | 77 | ||||
Section 12.13 Governing Law | 77 | ||||
Section 12.14 Waivers | 77 | ||||
Section 12.15 Jurisdiction; Immunities | 78 | ||||
Section 12.16 USA Patriot Act | 79 | ||||
Section 12.17 Treatment of Certain Information; Confidentiality | 79 | ||||
Section 12.18 Survival of Representations and Warranties | 80 | ||||
Section 12.19 No Advisory or Fiduciary Responsibility | 80 | ||||
Section 12.20 Electronic Execution of Assignments and Certain Other Documents | 81 | ||||
Section 12.21 Acknowledgement and Consent to Bail-In of EEA Financial Institutions | 81 | ||||
Section 12.22 Transitional Arrangements. | 81 |
-iv- |
Range of Borrower’s Credit Rating (S&P/Moody’s or other agency equivalent) | Applicable Margin for Base Rate Loans (% per annum) | Applicable Margin for LIBORSOFR Loans (% per annum) | ||||||
A/A2 or better | 0.00% | 0.85% | ||||||
A-/A3 | 0.00% | 0.90% | ||||||
BBB+/Baa1 | 0.00% | 0.95% | ||||||
BBB/Baa2 | 0.10% | 1.10% | ||||||
BBB-/Baa3 | 0.35% | 1.35% | ||||||
Below BBB-/Baa3 or unrated | 0.75% | 1.75% |
Range of Borrower’s Credit Rating (S&P/Moody’s or other agency equivalent) | Applicable Margin for Base Rate Loans (% per annum) | Applicable Margin for LIBORSOFR Loans (% per annum) | ||||||
A/A2 or better | 0.45% | 1.45% | ||||||
A-/A3 | 0.50% | 1.50% | ||||||
BBB+/Baa1 | 0.55% | 1.55% | ||||||
BBB/Baa2 | 0.65% | 1.65% | ||||||
BBB-/Baa3 | 0.90% | 1.90% | ||||||
Below BBB-/Baa3 or unrated | 1.45% | 2.45% |
Range of Borrower’s Credit Rating (S&P/Moody’s or other agency equivalent) | Applicable Margin for Base Rate Loans (% per annum) | Applicable Margin for LIBORSOFR Loans (% per annum) | ||||||
A/A2 or better | 0.00% | 0.80% | ||||||
A-/A3 | 0.00% | 0.85% | ||||||
BBB+/Baa1 | 0.00% | 0.90% | ||||||
BBB/Baa2 | 0.00% | 1.00% | ||||||
BBB-/Baa3 | 0.25% | 1.25% | ||||||
Below BBB-/Baa3 or unrated | 0.65% | 1.65% |
San Francisco Bay Partners II, Ltd. |
Smithtown Galleria Associates Limited Partnership | |||||
Town Close Associates Limited Partnership |
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 | |||||
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 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 | |||||
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 Brewers Hill, LLC | |||||
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 | |||||
Avalon 657 North Grant, LLC | |||||
Avalon 850 Boca, LLC | |||||
Avalon Addison, L.P. | |||||
Avalon Addison GP, 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 Aliso Viejo Commons GP, LLC | |||||
Avalon Aliso Viejo Commons, L.P. | |||||
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 Bloomfield Station Solar, LLC | |||||
Avalon Bloomingdale Solar, LLC | |||||
Avalon Bonterra, LLC | |||||
Avalon Boonton Solar, 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. | |||||
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 Highland Creek GP, LLC | |||||
Avalon Highland Creek, L.P. | |||||
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 Lake Norman GP, LLC | |||||
Avalon Lake Norman, L.P. | |||||
Avalon Lakeside, L.P. | |||||
Avalon Lakeside, LLC | |||||
Avalon Laurel, LLC | |||||
Avalon Maplewood Solar, LLC | |||||
Avalon Marlborough, LLC | |||||
Avalon Merrick Park, LLC | |||||
Avalon Merrick Park Member, LLC | |||||
Avalon Milazzo, L.P. | |||||
Avalon Miramar, LLC | |||||
Avalon Miramar Park Place I, LLC |
Avalon Miramar Park Place II, 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 | |||||
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 Old Bridge Solar, LLC | |||||
Avalon Ossining, LLC | |||||
Avalon Overlake, LLC | |||||
Avalon Overlake Phase II, LLC | |||||
Avalon Park Crest, LLC | |||||
Avalon Piscataway, LLC | |||||
Avalon Piscataway Solar, LLC | |||||
Avalon Pleasanton, L.P. | |||||
Avalon Pleasanton GP, 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 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 Solar, 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 | |||||
Avalon Union City, L.P. | |||||
Avalon Union Solar, LLC | |||||
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 BG Investment, 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. | |||||
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 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 Old Tappan Investor, LLC | |||||
AVB Opera Warehouse GP, LLC | |||||
AVB Opera Warehouse TRS, LLC | |||||
AVB Opera Warehouse, L.P. | |||||
AVB Pleasant Hill Investor, LLC | |||||
AVB Portals Investor, LLC | |||||
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 | |||||
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 | |||||
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 | |||||
Fairfax Towers Financing, L.P. | |||||
Foster City Solar, LLC | |||||
Garden City Apartments, LLC | |||||
Garden City SF, LLC | |||||
Garden City Townhomes, 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 II Apartments, LLC | |||||
North Point II JV, LP | |||||
North Point II 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 | |||||
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 | |||||
WN Ridge II Solar, LLC | |||||
Woburn Avalon, LLC | |||||
Woburn Solar, LLC | |||||
Woodland Hills Solar, LLC | |||||
4100 Massachusetts Avenue Associates, L.P. |
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. | |||||
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. | |||||
CCC Service Provider, Inc. | |||||
Easton Avalon, Inc. | |||||
Georgia Avenue, Inc. | |||||
Hingham Shipyard Avalon II, Inc. | |||||
Juanita Construction, Inc. | |||||
Lexington Ridge-Avalon, Inc. | |||||
Milford Avalon, Inc. | |||||
Norwood Avalon, Inc. | |||||
Pomorum Holdings, Inc. | |||||
Smith Realty Company | |||||
Sudbury Avalon, Inc. |
855 Broadway Licensee, LLC | |||||
AvalonBay BFG Limited Partnership |
Town Cove Jersey City Urban Renewal, Inc. |
Avalon Huntington Former S Corp |
Hillwood Square Mutual Association | |||||
Pomorum Renters Insurance Agency, LLC |
Pomorum Insurance Company Ltd. (Bermuda) | |||||
Pomorum Renters Insurance Company, Ltd. (Bermuda) |
Date: February 24, 2023 | ||||||||
/s/ BENJAMIN W. SCHALL | ||||||||
Benjamin W. Schall | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) |
Date: February 24, 2023 | ||||||||
/s/ KEVIN P. O’SHEA | ||||||||
Kevin P. O’Shea | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Date: February 24, 2023 | ||||||||
/s/ BENJAMIN W. SCHALL | ||||||||
Benjamin W. Schall | ||||||||
Chief Executive Officer and President | ||||||||
(Principal Executive Officer) |
/s/ KEVIN P. O’SHEA | ||||||||
Kevin P. O’Shea | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Tysons, Virginia |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
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) | 139,916,864 | |
Common stock, shares outstanding (in shares) | 139,751,926 |
Organization, Basis of Presentation, and Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Basis of Presentation, and Significant Accounting Policies | Organization, Basis of Presentation and Significant Accounting Policies Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986, 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, 2022, the Company owned or held a direct or indirect ownership interest in 294 operating apartment communities containing 88,475 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development and one was under redevelopment. 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 39 communities that, if developed as expected, will contain an estimated 13,312 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 accounts for acquisitions of 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. 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. For a business combination, the Company records the assets acquired and liabilities assumed based on the fair value of each respective item and expenses all applicable acquisition costs. 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. 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. 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 $14,646,000 and $5,733,000 in 2022 and 2021, 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 2022 and 2021 was primarily due to the activity at The Park Loggia and other TRS activity. 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, 2022 and 2021, the Company did not have any unrecognized tax positions. 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 2019 through 2021. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2022, 2021 and 2020 (unaudited):
Deferred Financing Costs Deferred financing costs include 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 loan term 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 for unsecured notes was $29,815,000 and $23,705,000 as of December 31, 2022 and 2021, respectively, and related to mortgage notes payable was $2,040,000 and $2,300,000 as of December 31, 2022 and 2021, 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 for the Company's Credit Facility was $11,222,000 and $15,187,000 as of December 31, 2022 and 2021, respectively, and deferred financing costs net of accumulated amortization 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 includes 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 and amounts the Company has designated for planned 1031 exchange activity. 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 income (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):
Certain options to purchase shares of common stock in the amount of 291,881 were outstanding as of December 31, 2022, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 and 2020 are included in the computation of diluted earnings per share. Expensed Transaction, Development and Other Pursuit Costs The Company capitalizes costs associated with its development activities when future development is probable (“Development Rights”) to the basis of land held, or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. 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 $16,565,000, $2,192,000 and $12,317,000 during the years ended December 31, 2022, 2021 and 2020, 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 2022 includes charges of $10,073,000 primarily related to development opportunities in the Pacific Northwest and Southern California that the Company determined are no longer probable. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company determined is no longer probable. These 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 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2022, 2021 and 2020, the Company did not recognize any material 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 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty 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 the lower of cost or fair value. 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, 2022, 2021 and 2020, the Company did not recognize any impairment losses on its for-sale condominium inventory. 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, 2022, 2021 or 2020. 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 no wholly-owned communities that qualified as held for sale presentation at December 31, 2022. 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 Derivatives 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 values 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 Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income (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 qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. See Note 11, “Fair Value,” for further discussion of derivative financial instruments. 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. When evaluating what payments to include in the measurement of the lease liability, the Company included lease payments that depend on an index or rate only. Variable lease payments are not included in the measurement of the lease liability, but will be recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are twelve months or less, the Company has elected the practical expedient to not assess these leases under the standard and recognize the lease payments on a straight line basis. Lessor Considerations The Company has determined that the residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option. For the Company’s leases, which are comprised of a 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 Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under "Leases". The Company's revenue streams that are not accounted for under ASC 842, Leases, 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 construction, development or redevelopment of those 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. •Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. •Gains or losses on sales of real estate - The Company accounts for the sale of real estate 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. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2022, 2021 and 2020. The segments are classified based on the individual community's status at December 31, 2022 for the years ended December 31, 2022 and 2021, and at December 31, 2021 for the year ended December 31, 2020. Segment information for total revenue excludes real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):
__________________________________ (1)Revenue represents third-party property management, 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3)Represents revenue accounted for under ASC 606. (4)Represents residential and commercial rental and other lease income, accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there were no material amounts of outstanding or unsatisfied performance obligations as of December 31, 2022. Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an on-going basis by (i) assessing the probability of receiving all lease amounts due on a lease by lease basis, (ii) reserving all amounts for those leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, 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. The Company recorded an aggregate offset to income for uncollectible lease revenue, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $49,147,000, $52,075,000 and $66,763,000 for the years ended December 31, 2022, 2021 and 2020 under ASC 842 and ASC 450. Recently Issued and Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848). ASC 848 applies to contracts and transactions that refer to LIBOR or other reference rates that are expected to be discontinued due to reference rate reform and includes optional expedients related activities that impact debt, derivatives, and other contracts. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022 which was extended through December 31, 2024 with the issuance of ASU 2022-06 in December 2022. In October 2022, the Company amended and restated the Term Loan to update the interest rate benchmark from LIBOR to SOFR and the Company elected to apply the optional expedients in ASC 848 to not apply contract modifications accounting requirements to the Term Loan amendment. The Company continues to evaluate the impact of the standard and may apply other optional expedients if additional changes in the market occur. The Company does not expect ASC 848 will have a material effect on the Company’s financial position or results of operations.
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Interest Capitalized |
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Dec. 31, 2022 | |
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 $34,854,000, $32,687,000 and $44,157,000 for the years ended December 31, 2022, 2021 and 2020, respectively. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company's debt, which consists of unsecured notes, variable rate unsecured term loans (the "Term Loans"), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of December 31, 2022 and 2021 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, 2022 and 2021, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
_________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and the Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The borrowing capacity under the Credit Facility is impacted by the Commercial Paper Program and the following letters of credit (dollars in thousands):
After taking into account its Commercial Paper Program and letters of credit, the Company had $2,248,086,000 available under the Credit Facility as of December 31, 2022. In addition, the Company had $48,740,000 and $39,581,000 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2022: •In February 2022, the Company repaid its $100,000,000 variable rate unsecured term loan at par upon maturity. •In March 2022, the Company established an unsecured commercial paper note program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program. The Company did not have any amounts outstanding under the Commercial Paper Program as of December 31, 2022. •In September 2022, the Company repaid $35,276,000 principal amount of its secured fixed rate debt with an effective rate of 6.16% in advance of the October 2047 scheduled maturity, recognizing a loss on debt extinguishment of $1,399,000, composed of prepayment penalties and the non-cash write off of unamortized deferred financing costs. •In September 2022, the Company entered into the Sixth Amended and Restated Revolving Loan Agreement (the “Credit Facility”) with a syndicate of banks, which replaces its prior credit facility dated as of February 28, 2019. The amended and restated Credit Facility (i) increased the borrowing capacity from $1,750,000,000 to $2,250,000,000, (ii) extended the term of the Credit Facility from February 28, 2024 to September 27, 2026, with two six-month extension options available to the Company, provided the Company is not in default and upon payment of a $1,406,000 extension fee, (iii) amended certain provisions, notably to reduce the capitalization rate used to derive certain financial covenants from 6.0% to 5.75% and (iv) transitioned the benchmark rate from the London Interbank Offered Rate ("LIBOR") to the Secured Overnight Financing Rate ("SOFR"). The Company may elect to expand the Credit Facility to $3,000,000,000, provided that one or more banks (from the syndicate or otherwise) voluntarily agree to provide the additional commitment. No member of the syndicate of banks can prohibit the increase, which will only be effective to the extent banks (from the syndicate or otherwise) choose to commit to lend additional funds. The interest rate that would be applicable to borrowings under the Credit Facility is 5.13% at December 31, 2022 and is composed of (i) SOFR, 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.), plus (ii) the current borrowing spread to SOFR of 0.825% per annum, which consists of a 0.10% SOFR adjustment plus 0.725% per annum, assuming a one month term SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.65% to SOFR plus 1.40% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. There is also an annual facility commitment fee of 0.125% of the borrowing capacity under the facility, which can vary from 0.10% to 0.30% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually beginning in July 2023. The Credit Facility also contains a competitive bid option that is available for borrowings of up to 65% of the Credit Facility amount. This option allows banks that are part of the lender consortium to bid to provide the Company loans at a rate that is lower than the stated pricing provided by the Credit Facility. The competitive bid option may result in lower pricing than the stated rate if market conditions allow. Prior to the amended and restated Credit Facility, the Company's cost of borrowing was comprised of LIBOR plus 0.775% and an annual facility fee at 0.125%, both as determined by the Company's credit ratings. •In December 2022, the Company issued $350,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $346,290,000, before considering the impact of other offering costs. The notes mature in February 2033 and were issued at a 5.00% interest rate, resulting in a 4.37% effective rate including the impact of issuance costs and hedging activity. 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 $1,182,381,000, excluding communities classified as held for sale, as of December 31, 2022). In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2022 were as follows (dollars in thousands):
_________________________________ (1) In October 2022, the Company amended the Term Loan transitioning the benchmark rate from LIBOR to SOFR. The borrowing spread to SOFR of 0.95% per annum, consists of a 0.10% SOFR adjustment plus 0.85% per annum. 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 10 and 30 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 and the Commercial Paper Program, the Term Loan 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, 2022 with customary covenants under the Credit Facility and the Commercial Paper Program, the Term Loan and the indentures under which the Company's unsecured notes were issued.
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Equity |
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Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity As of December 31, 2022 and 2021, 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, 2022, the Company: i.issued 8,670 shares of common stock in connection with stock options exercised; ii.issued 2,810 shares of common stock through the Company's dividend reinvestment plan; iii.issued 140,528 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv.sold 68,577 shares of common stock under CEP V, as discussed below; v.withheld 72,783 shares of common stock to satisfy employees' tax withholding and other liabilities; vi.issued 20,837 shares of common stock through the Employee Stock Purchase Plan; and vii.canceled 3,701 shares of restricted common stock upon forfeiture. Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") during the year ended December 31, 2022 does not impact the Company's Consolidated Financial Statements until recognized as compensation cost. In July 2020, the Company’s Board of Directors approved a 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 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, 2022, the Company had no repurchases of shares under this program. As of December 31, 2022, 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, in which case the Company will 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, 2022, the Company had no sales under this program. During the year ended December 31, 2022, the Company settled the outstanding forward contracts entered into in December 2021 under CEP V, selling 68,577 shares of common stock for $229.34 per share and net proceeds of $15,727,000. As of December 31, 2022, the Company had $705,961,000 remaining authorized for issuance under CEP V. In addition to CEP V, during the year ended December 31, 2022, the Company completed an underwritten public offering of 2,000,000 shares of its common stock for an initial net forward sales price of $247.30 per share, after offering fees and discounts, offered in connection with forward contracts entered into with certain financial institutions acting as forward purchasers. Assuming full physical settlement of the forward contracts, which the Company expects to occur no later than December 31, 2023, the Company will receive approximate proceeds of $494,200,000 net of offering fees and discounts and based on the initial forward price. The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for the Company's dividends and a daily interest factor during the term of the forward contracts.
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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 interest from the Company's partner. The Company is responsible for the day-to-day operations of the unconsolidated communities below and is the management agent subject to the terms of management agreements for all communities except for Brandywine Apartments of Maryland, LLC, which is managed by a third party. The following presents the Company's activities in unconsolidated investments for the years ended December 31, 2022, 2021 and 2020: 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). During 2022, the U.S. Fund sold its final three communities, Avalon Grosvenor Tower, Avalon Studio 4121 and Avalon Station 250, containing an aggregate of 671 apartment homes, for $313,500,000. The Company's proportionate share of the gains in accordance with GAAP was $38,144,000. The U.S. Fund repaid the $115,213,000 of outstanding secured indebtedness at par in advance of the scheduled maturity dates. In conjunction with the final dispositions, the Company achieved a threshold return resulting in an incentive distribution for the promoted interest based on the returns earned by the U.S. Fund. During the year ended December 31, 2022, the Company recognized income of $4,690,000 for the promoted interest, which is reported as a component of income from investments in unconsolidated entities on the accompanying Consolidated Statements of Comprehensive Income. The U.S. Fund sold one community in 2020, and the Company's proportionate share of the gains in accordance with GAAP was $5,157,000. At December 31, 2022 the Company has an equity investment of $6,109,000 (net of distributions). Archstone Multifamily Partners AC JV LP (the “AC JV”)—The Company had 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 and the Company's proportionate share of the gains in accordance with GAAP was $23,305,000. During 2022, the Company completed the dissolution of the AC JV. 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, 2022, 2021 and 2020, the Legacy JV redeemed certain of the preferred interests and paid accrued dividends, for which the Company contributed $860,000, $1,340,000 and $1,000,000, respectively. At December 31, 2022, the remaining preferred interests had an aggregate liquidation value of $34,159,000, the Company's 40.0% share of which was included in accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. NYTA MF Investors LLC (“NYC Joint Venture”)—During 2018, the Company contributed five wholly-owned 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. NYC Joint Venture has outstanding $395,189,000 fixed rate mortgage loans that are payable by the venture. The Company has not guaranteed the debt of NYC Joint Venture, nor does the Company have any obligation to fund this debt should NYC Joint Venture be unable to do so. At December 31, 2022 the Company has an equity investment of $58,157,000 (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 has a 25.0% equity interest in the venture. MVP I, LLC has 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, 2022. Brandywine Apartments of Maryland, LLC (“Brandywine”)—Brandywine owns a 305 apartment home community located in Washington, D.C. Brandywine is comprised of five members who hold various interests in the joint venture, with the Company having a 28.7% equity interest in Brandywine. Brandywine had an outstanding $19,731,000 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, 2022 the Company has an equity investment of $15,213,000 (net of distributions). Avalon Alderwood MF Member, LLC—During 2019, the Company entered into a joint venture to develop, own, and operate Avalon Alderwood Place, an apartment community located in Lynnwood, WA, which completed construction during 2022 and contains 328 apartment homes. The Company has a 50.0% interest in the venture and, as of December 31, 2022, the Company has a total equity investment of $54,938,000. 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 operating budget. 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, 2022, 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 an equity investment of $28,660,000. The remaining development costs, representing 60.0% of the total project cost, are expected to be funded by the venture's variable rate construction loan. The venture has drawn $86,664,000 of $167,147,000 maximum borrowing capacity of the construction loan as of December 31, 2022. While the Company guarantees the construction loan on behalf of the venture, any amounts due under the guarantee are obligations of the venture partners in proportion to 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 $36,178,000 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, as of December 31, 2022, the Company has $34,299,000 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 years ended December 31, 2022 and 2021, the Company recognized income and unrealized gains of $8,315,000 and $15,908,000, respectively, 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. Investments in Consolidated Real Estate Entities Details regarding communities acquired in 2022, 2021 and 2020, are summarized in the following table (dollars in thousands):
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. Structured Investment Program In April 2022, the Company established its Structured Investment Program (the “SIP”), a new investment platform through which the Company provides mezzanine loans or preferred equity to third-party multifamily developers in the Company’s existing markets. During the year ended December 31, 2022, the Company entered into commitments for three mezzanine loans of up to $92,375,000 in the aggregate. The mezzanine loans have a weighted average rate of return of 9.8% and mature at various dates on or before June 2026. At December 31, 2022, the Company had funded $29,352,000 of these commitments. The Company evaluates each SIP commitment to determine the classification as a loan or an investment in a real estate development project. As of December 31, 2022, all of the SIP commitments are classified as loans. The Company includes amounts outstanding under the SIP as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company evaluates the credit risk for each loan on an ongoing basis, estimating the reserve for credit losses using relevant available information from internal and external sources. Market-based historical credit loss data provides the basis for the estimation of expected credit losses, with adjustments, if necessary, for differences in current loan-specific risk characteristics, such as the amount of equity capital provided by a borrower, nature of the real estate being developed or other factors. For the three existing loans, interest is recognized as earned as interest income, and interest income and any change in the expected credit loss are included as a component of interest expense, net, on the accompanying Consolidated Statements of Comprehensive Income.
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Real Estate Disposition Activities |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Disposition Activities | Real Estate Disposition Activities Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $555,558,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):
_________________________________ (1) Represents the sale of a land parcel, located in West Windsor, NJ. As of December 31, 2022, the Company had no real estate assets that qualified as held for sale. The Park Loggia The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. The Company sold 40, 53 and 70 residential condominiums at The Park Loggia, for gross proceeds of $126,848,000, $135,458,000 and $216,372,000 resulting in a gain in accordance with GAAP of $2,217,000, $3,110,000 and $8,213,000 during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there were nine residential condominiums remaining to be sold. The Company incurred $2,129,000, $4,087,000 and $5,662,000 during the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $32,532,000 and $146,535,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Employment Agreements and Arrangements At December 31, 2022, the Company has an employment agreement with Benjamin W. Schall, who joined the Company on January 25, 2021 as President and a member of the Board of Directors, and was 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, 2022, the Company recognized $6,000,000 in legal settlement 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 years 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 2062. 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. As of December 31, 2022 and 2021, the Company had total operating lease assets of $114,977,000 and $118,370,000, respectively, and lease obligations of $142,602,000 and $146,377,000, 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 $15,667,000, $15,458,000 and $16,011,000 in the years ended December 31, 2022, 2021 and 2020, 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, 2022 and 2021, the Company had total finance lease assets of $28,354,000 and $28,229,000, respectively, and total finance lease obligations of $20,069,000 and $20,120,000, respectively, reported as components of and 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:
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):
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Segment Reporting |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2021, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2022 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 that had stabilized occupancy, as defined above, as of January 1, 2022, or which were acquired during the years ended December 31, 2022 or 2021. Other Stabilized includes stabilized wholly-owned 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 that have been complete for less than one year and have not reached stabilized occupancy, as defined above, as of January 1, 2022. 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 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, net, loss on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, income tax expense (benefit), casualty 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 commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 2.0%, 1.7% and 0.9% of total NOI for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 is as follows (dollars in thousands):
The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget. The following table details 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 December 31, 2022 for the years ended December 31, 2022 and 2021 and at December 31, 2021, for the year ended December 31, 2020. Segment information for the years ended December 31, 2022, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, “Real Estate Disposition Activities.”
_________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2021 and 2020 of $482,542 and $955,497, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $209,607, $158,991 and $126,548 in 2022, 2021 and 2020, respectively. (3) Revenue represents third-party property management, 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 |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's 2009 Plan includes an authorization to issue shares of the Company's common stock, par value $0.01 per share. At December 31, 2022, the Company had 5,787,169 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. The Company's current share-based compensation framework 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 (the "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 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. The Company granted supplemental stock options in February 2021, that have a ten-year term and cliff vest on March 1, 2023. The options were granted at an exercise price that equaled the closing stock price on the grant date with recipients having 12 months to exercise the option if terminated without cause, and will have until the expiration date to exercise the options if they retire after the cliff vesting date. For Performance Awards, after the first year of the performance period, if an employee's employment terminates on account of death, disability, retirement, or termination without cause, the employee vests in a pro rata portion of the award (based on the employee's service time during the performance period), with the 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 stock options granted under the 2009 Plan is as follows:
__________________________________ (1)Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of options. The assumptions used are as follows:
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2022:
Options outstanding and exercisable at December 31, 2022 had an intrinsic value of $60,000. Options exercisable had a weighted average contractual life of 0.1 years. The intrinsic value of options exercised under the 2009 Plan during 2022, 2021 and 2020 was $602,000, $186,000 and $251,000, respectively. Information with respect to performance awards granted is as follows:
_________________________________ (1) The shares of common stock earned was 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, net asset value and leverage metrics of the Company for 38,359 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 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 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 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 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:
_________________________________ (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 an average grant date value of $233.94, $178.38 and $224.64, for the years ended December 31, 2022, 2021 and 2020, respectively, and the Company's estimate of corporate achievement for the financial metrics. Information with respect to restricted stock granted is as follows:
Total employee stock-based compensation cost recognized in income was $34,131,000, $25,100,000 and $21,110,000 for the years ended December 31, 2022, 2021 and 2020, respectively, and total capitalized stock-based compensation cost was $10,431,000, $9,472,000 and $9,974,000 for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, there was a total unrecognized compensation cost of $31,571,000 for unvested restricted stock, stock options and performance awards, which 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, and as of December 31, 2022, there are 592,075 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 . Under the ESPP, eligible employees can 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 under the plan is 85% of the lesser of the fair market value of the Company's common stock on the first 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 20,837, 21,362 and 20,161 shares and recognized compensation expense of $564,000, $1,609,000 and $537,000 under the ESPP for the years ended December 31, 2022, 2021 and 2020, 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 |
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Dec. 31, 2022 | |
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, construction, development and redevelopment fee revenue. From these entities, the Company earned fees of $6,333,000, $3,084,000 and $3,819,000 in the years ended December 31, 2022, 2021 and 2020, respectively. In addition, the Company had outstanding receivables associated with its property, development and construction management roles of $2,855,000 and $3,964,000 as of December 31, 2022 and 2021, 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 $175,000 and (ii) a cash payment of $100,000, payable in equal quarterly installments of $25,000. 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 $35,000 payable in equal quarterly installments of $8,750, the non-employee director serving as the chairperson of the Audit Committee receives additional cash compensation of $30,000 per year payable in equal quarterly installments of $7,500, the non-employee director serving as the chairperson of the Compensation Committee receives additional cash compensation of $25,000 per year payable in equal quarterly installments of $6,250 and the Nominating and Corporate Governance and Investment and Finance Committee chairpersons receive an additional annual fee of $20,000 payable in equal quarterly installments of $5,000.The Company recorded non-employee director compensation expense relating to restricted stock grants and deferred stock units in the amount of $2,228,000, $1,981,000 and $1,819,000 for the years ended December 31, 2022, 2021 and 2020, 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 $794,000, $696,000 and $614,000 on December 31, 2022, 2021 and 2020, respectively, reported as a component of prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
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Fair Value |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Financial Instruments Carried at Fair Value Derivative Financial Instruments The Company uses Hedging Derivatives to manage its interest rate risk. These instruments are carried at fair value in the Company's financial statements. 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, and monitors the credit ratings of counterparties and the exposure of the Company to any single entity. 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, 2022, 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, 2022 (dollars in thousands):
_________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps. During the year ended December 31, 2022, in connection with the issuance of the Company's $350,000,000 unsecured notes due 2033 in November 2022, the Company terminated $150,000,000 of forward interest swap agreements designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes, receiving a net payment of $26,869,000. The Company has deferred these amounts in accumulated other comprehensive income (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 had five derivatives not designated as hedges at December 31, 2022 for which the fair value changes for the years ended December 31, 2022 and 2021 were not material. During 2022, the Company deferred $23,647,000 of net gains for the $150,000,000 forward interest rate swap agreements discussed above, as a component of accumulated other comprehensive income (loss). The following table summarizes the deferred losses reclassified from accumulated other comprehensive loss into earnings (dollars in thousands):
The Company anticipates reclassifying approximately $1,415,000 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, 2022 and 2021. Redeemable Noncontrolling Interests The Company issued and has outstanding 7,500 units of limited partnership interest in a DownREIT which can be presented for cash redemption 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. Equity Securities The Company has direct equity investments in property technology and environmentally focused companies. These investments are accounted for using the measurement alternative and are valued at the market price of observable transactions, a Level 2 price under the fair value hierarchy. Financial Instruments Not Carried at Fair Value Cash and Cash Equivalents Cash and cash equivalent balances are held with various financial institutions within accounts designed to preserve principal. The Company monitors credit ratings of these financial institutions and the concentration of cash and cash equivalent balances with any one financial institution and believes the likelihood of realizing material losses related to cash and cash equivalent balances is remote. Cash and cash equivalents are carried at their face amounts, which reasonably approximate their fair values and are Level 1 within the fair value hierarchy. Other Financial Instruments Rents and other receivables and prepaid expenses, accounts and construction payable and accrued expenses and other liabilities are carried at their face amounts, which reasonably approximate their fair values. The Company determined that its notes receivables approximate fair value, because interest rates, yields and other terms are consistent with interest rates, yields and other terms currently available for similar instruments and are considered to be a Level 2 price within the fair value hierarchy. 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 any outstanding amounts under the Credit Facility and Commercial Paper Program 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 any outstanding amounts under the Credit Facility and Commercial Paper Program are Level 2 prices as the majority of the inputs used to value its positions fall within Level 2 of the fair value hierarchy. Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe 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 did not identify any items for disclosure. |
REAL ESTATE AND ACCUMULATED DEPRECIATION |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION |
_________________________________ (1) Some or all of the land or associated parking structure for this community is subject to a finance lease. (2) This community was under redevelopment for some or all of 2022, 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. (3) Some or all of the land for this community is subject to an operating lease. (4) Current and Development Communities excludes Unconsolidated Communities and Unconsolidated Development Communities. (5) The Park Loggia is comprised of 172 for-sale residential condominiums, of which 163 have been sold as of December 31, 2022, and 66,000 square feet of commercial space. Real estate related to the sold condominiums is included in costs subsequent to acquisition/construction. (6) Balance outstanding represents total amount due at maturity, and excludes deferred financing costs and debt discount associated with the unsecured and secured notes of $47,695 and $14,087, 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 and related improvements —30 years Furniture, fixtures and equipment—not to exceed seven years The aggregate cost of total real estate for federal income tax purposes was approximately $24,460,692 at December 31, 2022. The changes in total real estate assets for the years ended December 31, 2022, 2021 and 2020 are as follows:
The changes in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020, are as follows:
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Organization, Basis of Presentation, and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation AvalonBay Communities, Inc. (the “Company,” which term, unless the context otherwise requires, refers to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes under the Internal Revenue Code of 1986, 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, 2022, the Company owned or held a direct or indirect ownership interest in 294 operating apartment communities containing 88,475 apartment homes in 12 states and the District of Columbia, of which 18 communities were under development and one was under redevelopment. 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 39 communities that, if developed as expected, will contain an estimated 13,312 apartment homes (unaudited). Capitalized terms used without definition have meanings provided elsewhere in this Form 10-K
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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.
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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 accounts for acquisitions of 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. 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. For a business combination, the Company records the assets acquired and liabilities assumed based on the fair value of each respective item and expenses all applicable acquisition costs. 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. 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.
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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.
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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. 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 $14,646,000 and $5,733,000 in 2022 and 2021, 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 2022 and 2021 was primarily due to the activity at The Park Loggia and other TRS activity. 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, 2022 and 2021, the Company did not have any unrecognized tax positions. 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 2019 through 2021. The following summarizes the tax components of the Company's common dividends declared for the years ended December 31, 2022, 2021 and 2020 (unaudited):
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Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include 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 loan term 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 for unsecured notes was $29,815,000 and $23,705,000 as of December 31, 2022 and 2021, respectively, and related to mortgage notes payable was $2,040,000 and $2,300,000 as of December 31, 2022 and 2021, 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 for the Company's Credit Facility was $11,222,000 and $15,187,000 as of December 31, 2022 and 2021, respectively, and deferred financing costs net of accumulated amortization was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
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Cash, Cash Equivalents and Cash in Escrow | Cash, Cash Equivalents and Cash in Escrow Cash and cash equivalents includes 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 and amounts the Company has designated for planned 1031 exchange activity. The majority of the Company's cash, cash equivalents and cash in escrow are held at major commercial banks.
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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.
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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 income (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.
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Earnings per Common Share | Earnings per Common Share Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share (“EPS”). Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
Certain options to purchase shares of common stock in the amount of 291,881 were outstanding as of December 31, 2022, but were not included in the computation of diluted earnings per share because such options were anti-dilutive for the period. All options to purchase shares of common stock outstanding as of December 31, 2021 and 2020 are included in the computation of diluted earnings per share.
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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 costs associated with its development activities when future development is probable (“Development Rights”) to the basis of land held, or if the Company has either not yet acquired the land or if the project is subject to a leasehold interest, the costs are capitalized as deferred development costs. 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. Costs incurred for pursuits for which future development is not yet considered probable are expensed as incurred. In addition, if the Company determines a Development Right is no longer probable, the Company recognizes any necessary expense to write down its basis in the Development Right. 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 $16,565,000, $2,192,000 and $12,317,000 during the years ended December 31, 2022, 2021 and 2020, 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 2022 includes charges of $10,073,000 primarily related to development opportunities in the Pacific Northwest and Southern California that the Company determined are no longer probable. The amount for 2020 includes the write-off of $7,264,000 related to a Development Right in New York City that the Company determined is no longer probable. These 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 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 an asset may not be recoverable, the Company assesses its recoverability by comparing the carrying amount of the 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 asset. Based on periodic tests of recoverability of long-lived assets, for the years ended December 31, 2022, 2021 and 2020, the Company did not recognize any material 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 related to damage across several communities in our East Coast markets from severe storms and a fire at an operating community, reported as casualty 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 the lower of cost or fair value. 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, 2022, 2021 and 2020, the Company did not recognize any impairment losses on its for-sale condominium inventory. 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, 2022, 2021 or 2020.
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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 no wholly-owned communities that qualified as held for sale presentation at December 31, 2022.
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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 Derivatives 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 values 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 Derivatives that qualify as effective cash flow hedges, the Company has recorded the cumulative changes in the fair value of Hedging Derivatives in accumulated other comprehensive income (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 qualify as effective fair value hedges is reported as an adjustment to the carrying amount of the corresponding hedged item. See Note 11, “Fair Value,” for further discussion of derivative financial instruments.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
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Reclassifications | 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.
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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. When evaluating what payments to include in the measurement of the lease liability, the Company included lease payments that depend on an index or rate only. Variable lease payments are not included in the measurement of the lease liability, but will be recognized as variable lease expense in the period in which they are incurred. 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 the lease agreements. For leases that are twelve months or less, the Company has elected the practical expedient to not assess these leases under the standard and recognize the lease payments on a straight line basis.
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Lessor Considerations | Lessor Considerations The Company has determined that the residential and commercial leases at its apartment communities are operating leases. For leases that include rent concessions and/or 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 renewal options which the Company will only include in the lease term if, at the commencement of the lease, it is reasonably certain that the lessee will exercise this option.
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Revenue and Gain Recognition | Revenue and Gain Recognition Under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, the Company recognizes revenue for the transfer of goods and services to customers for consideration that the Company expects to receive. The majority of the Company’s revenue is derived from residential and commercial rental and other lease income, which are accounted for as discussed above, under "Leases". The Company's revenue streams that are not accounted for under ASC 842, Leases, 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 construction, development or redevelopment of those 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. •Non-lease related revenue - The Company recognizes revenue for items not considered to be components of a lease as earned. •Gains or losses on sales of real estate - The Company accounts for the sale of real estate 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. The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2022, 2021 and 2020. The segments are classified based on the individual community's status at December 31, 2022 for the years ended December 31, 2022 and 2021, and at December 31, 2021 for the year ended December 31, 2020. Segment information for total revenue excludes real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):
__________________________________ (1)Revenue represents third-party property management, 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3)Represents revenue accounted for under ASC 606. (4)Represents residential and commercial rental and other lease income, accounted for under ASC 842. Due to the nature and timing of the Company’s identified revenue streams, there were no material amounts of outstanding or unsatisfied performance obligations as of December 31, 2022.
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Uncollectible Lease Revenue Reserves | Uncollectible Lease Revenue Reserves The Company assesses the collectability of its lease revenue and receivables on an on-going basis by (i) assessing the probability of receiving all lease amounts due on a lease by lease basis, (ii) reserving all amounts for those leases where collection of substantially all of the remaining lease payments is not probable and (iii) subsequently, 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. The Company recorded an aggregate offset to income for uncollectible lease revenue, net of amounts received from government rent relief programs, for its residential and commercial portfolios of $49,147,000, $52,075,000 and $66,763,000 for the years ended December 31, 2022, 2021 and 2020 under ASC 842 and ASC 450.
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Recently Issued and Adopted Accounting Standards and Change in Accounting Principle | Recently Issued and Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848). ASC 848 applies to contracts and transactions that refer to LIBOR or other reference rates that are expected to be discontinued due to reference rate reform and includes optional expedients related activities that impact debt, derivatives, and other contracts. The original ASU was effective as of its issuance date and provided temporary relief through December 31, 2022 which was extended through December 31, 2024 with the issuance of ASU 2022-06 in December 2022. In October 2022, the Company amended and restated the Term Loan to update the interest rate benchmark from LIBOR to SOFR and the Company elected to apply the optional expedients in ASC 848 to not apply contract modifications accounting requirements to the Term Loan amendment. The Company continues to evaluate the impact of the standard and may apply other optional expedients if additional changes in the market occur. The Company does not expect ASC 848 will have a material effect on the Company’s financial position or results of operations.
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Organization, Basis of Presentation, and Significant Accounting Policies (Tables) |
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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, 2022, 2021 and 2020 (unaudited):
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Schedule of earnings per common share | The Company's earnings per common share are determined as follows (dollars in thousands, except per share data):
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Disaggregation of Revenue | The following table details the Company’s revenue disaggregated by reportable operating segment, further discussed in Note 8, “Segment Reporting,” for the years ended December 31, 2022, 2021 and 2020. The segments are classified based on the individual community's status at December 31, 2022 for the years ended December 31, 2022 and 2021, and at December 31, 2021 for the year ended December 31, 2020. Segment information for total revenue excludes real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, "Real Estate Disposition Activities." (dollars in thousands):
__________________________________ (1)Revenue represents third-party property management, 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, and revenue streams not related to leasing activities including, but not limited to, application fees, renters insurance fees and vendor revenue sharing. (3)Represents revenue accounted for under ASC 606. (4)Represents residential and commercial rental and other lease income, accounted for under ASC 842.
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Debt (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022 and 2021, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
_________________________________ (1) Excludes deferred financing costs and debt discount associated with the Credit Facility and the Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.
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Schedule of borrowing capacity under the Credit Facility | The borrowing capacity under the Credit Facility is impacted by the Commercial Paper Program and the following letters of credit (dollars in thousands):
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Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2022 were as follows (dollars in thousands):
_________________________________ (1) In October 2022, the Company amended the Term Loan transitioning the benchmark rate from LIBOR to SOFR. The borrowing spread to SOFR of 0.95% per annum, consists of a 0.10% SOFR adjustment plus 0.85% per annum.
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Investments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Details Regarding Acquired Communities | Details regarding communities acquired in 2022, 2021 and 2020, are summarized in the following table (dollars in thousands):
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Real Estate Disposition Activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details regarding the real estate sales | Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $555,558,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):
_________________________________ (1) Represents the sale of a land parcel, located in West Windsor, NJ.
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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):
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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):
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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):
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2022, 2021 and 2020 is as follows (dollars in thousands):
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Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
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Summary of Total Revenue, NOI, and Real Estate by Segment | Segment information for the years ended December 31, 2022, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, “Real Estate Disposition Activities.”
_________________________________ (1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2021 and 2020 of $482,542 and $955,497, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $209,607, $158,991 and $126,548 in 2022, 2021 and 2020, respectively. (3) Revenue represents third-party property management, 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
__________________________________ (1)Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
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Summary of valuation options | The assumptions used are as follows:
_________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
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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, 2022:
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Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows:
_________________________________ (1) The shares of common stock earned was 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, net asset value and leverage metrics of the Company for 38,359 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 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 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 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards.
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Schedule of restricted stock granted | Information with respect to restricted stock granted is as follows:
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Fair Value (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of consolidated hedging derivatives, excluding derivatives executed to hedge debt on communities classified as held for sale | The following table summarizes the consolidated derivative positions at December 31, 2022 (dollars in thousands):
_________________________________ (1) For debt hedged by interest rate caps, represents the weighted average interest rate on the hedged debt prior to any impact of the associated interest rate caps.
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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):
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Schedule of summary of classification between the three levels of the fair value hierarchy of the Company's financial instruments measured at fair value on a recurring basis | The following tables summarize the classification between the three levels of the fair value hierarchy of the Company's financial instruments measured/disclosed at fair value on a recurring basis (dollars in thousands):
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Interest Capitalized (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Interest Capitalized | |||
Capitalized interest during the development and redevelopment of real estate assets | $ 34,854 | $ 32,687 | $ 44,157 |
Debt - Credit Facility (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Variable rate unsecured credit facility | ||
Line of Credit Facility [Line Items] | ||
Outstanding balance of letters of credit | $ 1,914 | $ 11,969 |
Commitments and Contingencies - Weighted Average Remaining Lease Term and Discount Rates (Details) |
Dec. 31, 2022 |
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Weighted-average remaining lease term - finance leases | 23 years |
Weighted-average remaining lease term - operating leases | 38 years |
Weighted-average discount rate - finance leases | 4.63% |
Weighted-average discount rate - operating leases | 4.62% |
Commitments and Contingencies - Future Minimum Lease Payments and Undiscounted and Discounted Cash Flows (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Operating Lease Obligations | ||
2023 | $ 14,821 | |
2024 | 14,544 | |
2025 | 14,482 | |
2026 | 14,301 | |
2027 | 12,803 | |
Thereafter | 279,529 | |
Total undiscounted cash flows | 350,480 | |
Total lease liabilities | 142,602 | $ 146,377 |
Difference between discounted and undiscounted cash flows | 207,878 | |
Finance Lease Obligations | ||
2023 | 1,084 | |
2024 | 1,087 | |
2025 | 1,089 | |
2026 | 1,091 | |
2027 | 1,094 | |
Thereafter | 36,859 | |
Total undiscounted cash flows | 42,304 | |
Total lease liabilities | 20,069 | 20,120 |
Difference between discounted and undiscounted cash flows | 22,235 | |
2023 | 15,905 | |
2024 | 15,631 | |
2025 | 15,571 | |
2026 | 15,392 | |
2027 | 13,897 | |
Thereafter | 316,388 | |
Total undiscounted cash flows | 392,784 | |
Lease liabilities | 162,671 | $ 166,497 |
Difference between discounted and undiscounted cash flows | $ 230,113 |
Segment Reporting - NOI from real estate assets sold or held for sale (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting [Abstract] | |||
Rental income from real estate assets sold or held for sale | $ 35,374 | $ 99,684 | $ 165,092 |
Operating expenses from real estate assets sold or held for sale | (12,628) | (38,579) | (61,911) |
Net operating income from real estate assets sold or held for sale | $ 22,746 | $ 61,105 | $ 103,181 |
Fair Value - Deferred Losses Reclassified from AOCI (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | |||
Cash flow hedge losses reclassified to earnings | $ (3,883) | $ (13,151) | $ (8,984) |
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