REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2022

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

REAL ESTATE AND ACCUMULATED DEPRECIATION

			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	198	$	2,124	$	12,567	$	13,708	$	2,124	$	26,275	$	28,399	$	19,813	$	8,586	$	9,564	$	—	1994
eaves Wilmington	Wilmington, MA	204	2,129		17,567		9,371		2,129		26,938		29,067		19,107		9,960		9,720		—		1999
eaves Quincy	Quincy, MA	245	1,743		14,662		15,448		1,743		30,110		31,853		20,526		11,327		11,181		—		1986/1995
eaves Wilmington West	Wilmington, MA	120	3,318		13,465		4,205		3,318		17,670		20,988		11,628		9,360		8,988		—		2002
Avalon at Newton Highlands	Newton, MA	294	10,905		45,547		19,283		10,905		64,830		75,735		39,376		36,359		38,287		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		7,869		6,876		38,270		45,146		19,314		25,832		26,023		—		2004
eaves Peabody	Peabody, MA	286	4,645		18,919		16,784		4,645		35,703		40,348		20,622		19,726		20,810		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		5,801		4,258		26,352		30,610		15,691		14,919		16,252		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		14,656		14,572		60,567		75,139		31,634		43,505		45,222		—		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		16,687		8,691		95,808		104,499		51,042		53,457		56,981		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		12,018		13,124		60,713		73,837		29,368		44,469		44,717		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		12,965		12,218		54,621		66,839		27,814		39,025		40,759		—		2009
Avalon Northborough	Northborough, MA	382	8,144		52,184		7,708		8,144		59,892		68,036		26,933		41,103		42,842		—		2009
Avalon Exeter (1)	Boston, MA	187	—		110,028		2,050		—		112,078		112,078		33,238		78,840		81,553		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		3,720		15,645		68,565		84,210		22,527		61,683		63,017		—		2013
Avalon at Assembly Row (2)	Somerville, MA	195	8,599		52,454		6,316		8,599		58,770		67,369		19,228		48,141		47,574		—		2015
AVA Somerville (2)	Somerville, MA	250	10,944		56,460		5,221		10,944		61,681		72,625		18,840		53,785		53,751		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		52,612		9,034		89,152		98,186		49,993		48,193		51,041		—		1968/1998
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		65,456		8,776		100,952		109,728		50,846		58,882		62,442		—		1968/1998
Avalon Prudential Center I (2)	Boston, MA	243	8,002		32,370		57,257		8,002		89,627		97,629		44,234		53,395		55,942		—		1968/1998
eaves Burlington	Burlington, MA	203	7,714		32,499		9,516		7,714		42,015		49,729		14,724		35,005		35,866		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		769		17,072		164,402		181,474		42,329		139,145		144,600		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		18,843		15,600		79,492		95,092		27,563		67,529		69,047		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		1,870		15,367		62,267		77,634		16,696		60,938		62,726		—		2015
Avalon North Station	Boston, MA	503	22,796		247,270		785		22,796		248,055		270,851		49,582		221,269		229,955		—		2017
Avalon Framingham	Framingham, MA	180	9,315		34,631		494		9,315		35,125		44,440		9,092		35,348		36,361		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,655		324		14,694		79,979		94,673		17,566		77,107		79,785		—		2017
Avalon Easton	Easton, MA	290	3,170		60,837		451		3,170		61,288		64,458		12,768		51,690		53,845		—		2017
Avalon at the Hingham Shipyard II	Hingham, MA	190	8,998		55,366		79		8,998		55,445		64,443		9,027		55,416		57,623		—		2019
Avalon Sudbury	Sudbury, MA	250	20,266		66,555		89		20,266		66,644		86,910		11,418		75,492		78,216		—		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	280	$	17,809	$	72,553	$	1,376	$	17,809	$	73,929	$	91,738	$	10,248	$	81,490	$	84,195	$	—	2019
Avalon Norwood	Norwood, MA	198	9,475		51,351		962		9,475		52,313		61,788		6,625		55,163		56,972		—		2020
AVA North Point	Cambridge, MA	265	31,263		81,196		2,848		31,263		84,044		115,307		12,713		102,594		105,833		—		2018/2019
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		30,868		27,350		125,036		152,386		46,658		105,728		109,409		—		1999/2013
Avalon Wilton on River Rd	Wilton, CT	102	2,116		14,664		7,649		2,116		22,313		24,429		16,472		7,957		8,746		—		1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		6,952		4,834		29,942		34,776		19,200		15,576		16,692		—		2002
Avalon Darien	Darien, CT	189	6,926		34,558		9,624		6,926		44,182		51,108		26,610		24,498		26,151		—		2004
TOTAL NEW ENGLAND		9,618	$	388,512	$	2,062,411	$	442,634	$	388,512	$	2,505,045	$	2,893,557	$	921,065	$	1,972,492	$	2,042,688	$	45,000
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	14,584	$	—	$	108,645	$	108,645	$	75,664	$	32,981	$	36,280	$	—	2002
Avalon Riverview North (2) (3)	Long Island City, NY	602	—		165,932		16,997		—		182,929		182,929		91,705		91,224		97,045		—		2008
AVA Fort Greene	Brooklyn, NY	631	83,038		216,802		10,031		83,038		226,833		309,871		97,515		212,356		220,214		—		2010
AVA DoBro (2)	Brooklyn, NY	500	76,127		206,762		816		76,127		207,578		283,705		49,757		233,948		241,072		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	49,635		134,840		819		49,635		135,659		185,294		30,238		155,056		159,575		—		2017
Avalon Brooklyn Bay	Brooklyn, NY	180	9,690		84,361		404		9,690		84,765		94,455		16,975		77,480		78,920		—		2018
Avalon Midtown West	New York, NY	550	154,730		180,253		50,299		154,730		230,552		385,282		78,965		306,317		312,785		82,700		1998/2013
Avalon Clinton North	New York, NY	339	84,069		105,821		15,771		84,069		121,592		205,661		43,663		161,998		164,531		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		9,113		71,421		98,964		170,385		36,848		133,537		136,009		121,500		2007/2013
Total New York City, NY		3,788	$	528,710	$	1,278,683	$	118,834	$	528,710	$	1,397,517	$	1,926,227	$	521,330	$	1,404,897	$	1,446,431	$	351,200
New York - Suburban
Avalon Commons (2)	Smithtown, NY	312	$	4,679	$	28,259	$	13,299	$	4,679	$	41,558	$	46,237	$	29,974	$	16,263	$	15,260	$	—	1997
Avalon Mamaroneck (2)	Mamaroneck, NY	229	6,207		40,657		16,841		6,207		57,498		63,705		37,675		26,030		27,632		—		2000
Avalon Melville	Melville, NY	494	9,228		50,063		23,616		9,228		73,679		82,907		51,555		31,352		34,497		—		1997
Avalon White Plains (2)	White Plains, NY	407	15,391		137,312		2,904		15,391		140,216		155,607		65,496		90,111		94,611		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		6,946		32,212		85,752		117,964		34,923		83,041		86,730		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,326		1,580		18,205		50,906		69,111		18,420		50,691		52,000		—		2013
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,437		1,556		21,899		59,993		81,892		17,615		64,277		65,354		—		2014
Avalon Great Neck (2)	Great Neck, NY	191	14,777		65,412		277		14,777		65,689		80,466		14,236		66,230		68,486		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,981		11		7,534		50,992		58,526		10,767		47,759		49,801		—		2017
Avalon Somers	Somers, NY	152	5,608		40,591		24		5,608		40,615		46,223		8,330		37,893		39,446		—		2018
Avalon Westbury	Westbury, NY	396	69,620		43,781		16,049		69,620		59,830		129,450		28,891		100,559		102,119		—		2006/2013
Total New York - Suburban		3,202	$	205,360	$	643,625	$	83,103	$	205,360	$	726,728	$	932,088	$	317,882	$	614,206	$	635,936	$	—

			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	504	$	8,760	$	82,422	$	32,555	$	8,760	$	114,977	$	123,737	$	86,719	$	37,018	$	40,964	$	—	1997
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		10,833		5,982		35,222		41,204		22,656		18,548		18,802		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		17,531		6,647		52,437		59,084		34,143		24,941		26,719		—		2001
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,365		8,984		32,359		41,343		11,979		29,364		30,250		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,610		3,490		14,682		45,100		59,782		16,711		43,071		44,232		—		2012
Avalon Hackensack at Riverside	Hackensack, NJ	226	9,939		44,619		2,177		9,939		46,796		56,735		15,566		41,169		42,403		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		655		6,502		17,518		24,020		6,010		18,010		18,486		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		861		3,006		28,662		31,668		9,144		22,524		23,104		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		1,612		2,273		50,221		52,494		14,115		38,379		40,062		—		2015
Avalon Bloomfield Station (1) (2)	Bloomfield, NJ	224	10,701		36,430		1,042		10,701		37,472		48,173		9,991		38,182		38,648		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		589		11,288		35,457		46,745		9,517		37,228		38,006		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		68,003		864		26,461		68,867		95,328		15,585		79,743		82,349		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		687		11,695		37,002		48,697		9,146		39,551		40,338		—		2016
Avalon Hoboken (2)	Hoboken, NJ	217	37,237		90,278		7,395		37,237		97,673		134,910		29,353		105,557		108,658		—		2008/2016
Avalon Maplewood (2)	Maplewood, NJ	235	15,179		49,425		2,159		15,179		51,584		66,763		11,097		55,666		55,898		—		2018
Avalon Boonton	Boonton, NJ	350	3,595		89,407		866		3,595		90,273		93,868		12,349		81,519		84,252		—		2019
Avalon Teaneck (2)	Teaneck, NJ	248	12,588		60,257		88		12,588		60,345		72,933		7,740		65,193		67,328		—		2020
Avalon Piscataway	Piscataway, NJ	360	14,329		75,897		524		14,329		76,421		90,750		12,333		78,417		81,032		—		2019
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,809		26		8,605		60,835		69,440		11,381		58,059		60,633		—		2018
Total New Jersey		4,651	$	218,453	$	953,902	$	85,319	$	218,453	$	1,039,221	$	1,257,674	$	345,535	$	912,139	$	942,164	$	—
TOTAL METRO NY/NJ		11,641	$	952,523	$	2,876,210	$	287,256	$	952,523	$	3,163,466	$	4,115,989	$	1,184,747	$	2,931,242	$	3,024,531	$	351,200
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, D.C.	308	$	6,848	$	27,614	$	21,757	$	6,848	$	49,371	$	56,219	$	40,677	$	15,542	$	17,258	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		5,500		8,800		45,158		53,958		29,435		24,523		25,166		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		374		7,425		25,656		33,081		9,257		23,824		24,488		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		10,411		25,140		62,870		88,010		25,295		62,715		64,905		—		1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,892		16,430		25,794		42,224		10,181		32,043		32,683		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		6,708		38,140		42,060		80,200		17,375		62,825		63,867		—		1961/2013
eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,892		9,580		29,424		39,004		11,844		27,160		28,110		—		1953/2013
AVA Van Ness (2)	Washington, D.C.	269	22,890		58,691		24,387		22,890		83,078		105,968		27,780		78,188		79,841		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		5,314		43,700		159,264		202,964		55,755		147,209		151,706		—		2012/2013
AVA NoMa	Washington, D.C.	438	25,246		114,933		977		25,246		115,910		141,156		26,627		114,529		118,961		—		2018
eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		6,810		4,047		25,363		29,410		20,343		9,067		9,396		—		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	392	$	8,802	$	35,536	$	14,625	$	8,802	$	50,161	$	58,963	$	29,768	$	29,195	$	30,532	$	—	1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		8,558		29,159		61,551		90,710		38,821		51,889		52,971		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		9,046		14,365		64,444		78,809		41,322		37,487		39,119		—		2004
AVA Wheaton	Wheaton, MD	319	6,494		69,027		227		6,494		69,254		75,748		14,527		61,221		63,911		—		2018
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		39		10,872		63,031		73,903		13,972		59,931		62,309		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		207		10,130		61,892		72,022		14,243		57,779		59,940		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		5,386		2,323		14,683		17,006		11,589		5,417		5,685		—		1987/1996
Avalon Fairway Hills - Woods (2)	Columbia, MD	336	3,958		15,839		14,680		3,958		30,519		34,477		20,158		14,319		15,114		—		1987/1996
Avalon Arundel Crossing II	Linthicum Heights, MD	310	12,208		69,888		2,901		12,208		72,789		84,997		15,728		69,269		72,070		—		2018/2018
Kanso Silver Spring	Silver Spring, MD	151	3,471		41,393		1,250		3,471		42,643		46,114		6,462		39,652		41,143		—		2009/2019
Avalon Russett	Laurel, MD	238	10,200		47,524		5,965		10,200		53,489		63,689		20,802		42,887		43,666		32,200		1999/2013
eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		15,035		6,096		39,435		45,531		29,027		16,504		17,084		—		1989/1996
eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,811		2,152		14,718		16,870		10,592		6,278		6,680		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		16,719		13,851		60,116		73,967		43,585		30,382		31,365		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		35,080		22,041		125,376		147,417		75,700		71,717		74,340		—		2001
eaves Fairfax Towers	Falls Church, VA	415	17,889		74,727		16,575		17,889		91,302		109,191		35,709		73,482		76,565		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		516		33,490		76,317		109,807		24,100		85,707		88,179		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		3,975		24,225		85,957		110,182		25,344		84,838		87,261		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		9,959		22,573		105,314		127,887		29,789		98,098		102,526		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		4,777		18,830		87,204		106,034		23,252		82,782		86,053		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,465		8,655		29,377		124,120		153,497		33,255		120,242		124,939		—		2012/2017
eaves Tysons Corner	Vienna, VA	217	16,030		45,420		4,024		16,030		49,444		65,474		20,623		44,851		46,217		—		1980/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		17,475		56,550		195,507		252,057		71,271		180,786		186,212		—		1999/2013
Avalon Arlington North (2)	Arlington, VA	228	21,600		59,076		6,492		21,600		65,568		87,168		21,703		65,465		65,484		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		14,387		26,710		97,471		124,181		39,455		84,726		86,367		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		203		39,544		66,363		105,907		18,127		87,780		90,052		—		2016
TOTAL MID-ATLANTIC		12,577	$	671,186	$	2,222,027	$	310,589	$	671,186	$	2,532,616	$	3,203,802	$	1,003,493	$	2,200,309	$	2,272,165	$	32,200
DENVER, CO
Avalon Denver West	Lakewood, CO	252	$	8,047	$	67,861	$	2,972	$	8,047	$	70,833	$	78,880	$	17,028	$	61,852	$	63,993	$	—	2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,565		1,451		8,527		66,016		74,543		13,302		61,241		63,941		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		70,103		1,599		4,461		71,702		76,163		14,852		61,311		64,531		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		85,184		1,814		5,101		86,998		92,099		16,797		75,302		79,189		—		2018/2019
TOTAL DENVER, CO		1,086	$	26,136	$	287,713	$	7,836	$	26,136	$	295,549	$	321,685	$	61,979	$	259,706	$	271,654	$	—
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370	$	21,430	$	114,626	$	5,039	$	21,430	$	119,665	$	141,095	$	27,326	$	113,769	$	117,970	$	—	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	290	$	9,597	$	91,411	$	4,854	$	9,597	$	96,265	$	105,862	$	18,698	$	87,164	$	89,736	$	—	2018/2018
Avalon Bonterra	Hialeah, FL	314	16,655		71,180		3,148		16,655		74,328		90,983		14,219		76,764		79,585		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,936		1,734		9,213		51,670		60,883		8,283		52,600		54,704		—		2016/2019
TOTAL SOUTHEAST FLORIDA		1,214	$	56,895	$	327,153	$	14,775	$	56,895	$	341,928	$	398,823	$	68,526	$	330,297	$	341,995	$	—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264	$	6,786	$	27,641	$	7,995	$	6,786	$	35,636	$	42,422	$	27,864	$	14,558	$	14,551	$	—	1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		6,067		6,664		30,186		36,850		20,798		16,052		15,632		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		4,303		4,777		24,068		28,845		18,337		10,508		11,136		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		4,594		3,789		19,733		23,522		14,549		8,973		9,583		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		2,391		5,644		15,124		20,768		10,579		10,189		10,404		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		6,212		12,697		83,662		96,359		41,596		54,763		57,075		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		4,803		—		127,832		127,832		53,615		74,217		76,311		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		1,607		12,081		43,225		55,306		16,605		38,701		39,983		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,983		16,460		48,909		65,369		17,124		48,245		49,303		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		454		12,294		56,081		68,375		16,507		51,868		53,350		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		1,276		20,613		61,262		81,875		16,068		65,807		68,283		—		2016
Avalon Esterra Park	Redmond, WA	482	23,178		112,986		1,391		23,178		114,377		137,555		26,241		111,314		115,545		—		2017
Avalon Alderwood II	Redmond, WA	124	5,072		21,418		15		5,072		21,433		26,505		4,893		21,612		22,369		—		2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,649		111,600		1,066		9,649		112,666		122,315		22,172		100,143		105,073		—		2017
Avalon Belltown Towers	Seattle, WA	274	24,638		121,064		1,339		24,638		122,403		147,041		16,634		130,407		135,337		—		2019
AVA Esterra Park	Redmond, WA	323	16,405		74,569		—		16,405		74,569		90,974		11,226		79,748		82,813		—		2019
Avalon North Creek	Bothell, WA	316	13,498		69,015		—		13,498		69,015		82,513		9,198		73,315		76,043		—		2020
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		6,109		10,250		32,951		43,201		14,280		28,921		29,631		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,807	$	204,495	$	1,041,527	$	51,605	$	204,495	$	1,093,132	$	1,297,627	$	358,286	$	939,341	$	972,422	$	—
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	15,379	$	11,830	$	63,207	$	75,037	$	46,203	$	28,834	$	30,593	$	—	1995
eaves San Jose	San Jose, CA	442	12,920		53,047		20,367		12,920		73,414		86,334		48,318		38,016		40,169		—		1985/1996
Avalon on the Alameda	San Jose, CA	307	6,119		50,225		14,587		6,119		64,812		70,931		46,548		24,383		26,307		—		1999
Avalon Silicon Valley	Sunnyvale, CA	712	20,713		99,573		37,577		20,713		137,150		157,863		95,676		62,187		66,031		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		13,083		9,755		52,476		62,231		39,678		22,553		24,286		—		1986
eaves Creekside	Mountain View, CA	300	6,546		26,263		22,915		6,546		49,178		55,724		34,129		21,595		22,478		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		4,739		4,765		52,339		57,104		35,510		21,594		23,053		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		15,096		9,560		71,232		80,792		44,274		36,518		38,771		—		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	250	$	13,837	$	64,534	$	1,340	$	13,837	$	65,874	$	79,711	$	20,483	$	59,228	$	61,116	$	—	2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		7,952		46,060		89,909		135,969		37,524		98,445		101,641		—		2002/2013
eaves West Valley	San Jose, CA	873	90,890		132,040		15,865		90,890		147,905		238,795		59,562		179,233		183,523		—		1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		17,541		64,070		86,559		150,629		36,844		113,785		116,475		—		1969/2013
Total San Jose, CA		4,723	$	297,065	$	767,614	$	186,441	$	297,065	$	954,055	$	1,251,120	$	544,749	$	706,371	$	734,443	$	—
Oakland - East Bay, CA
Avalon Fremont (2)	Fremont, CA	308	$	10,746	$	43,399	$	30,326	$	10,746	$	73,725	$	84,471	$	43,673	$	40,798	$	33,802	$	—	1992/1994
eaves Dublin	Dublin, CA	204	5,276		19,642		13,088		5,276		32,730		38,006		23,284		14,722		15,563		—		1989/1997
eaves Pleasanton (2)	Pleasanton, CA	456	11,610		46,552		46,070		11,610		92,622		104,232		51,888		52,344		37,696		—		1988/1994
eaves Union City	Union City, CA	208	4,249		16,820		4,859		4,249		21,679		25,928		17,591		8,337		8,726		—		1973/1996
eaves Fremont	Fremont, CA	237	6,581		26,583		12,586		6,581		39,169		45,750		28,989		16,761		16,920		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		5,892		14,732		109,916		124,648		49,355		75,293		77,029		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,846		6,230		—		155,076		155,076		66,021		89,055		93,940		4,327		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		1,225		7,772		73,367		81,139		22,684		58,455		60,905		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		371		7,762		76,958		84,720		18,476		66,244		68,997		—		2016
Avalon Public Market (1)	Emeryville, CA	289	27,394		144,259		261		27,394		144,520		171,914		16,447		155,467		160,339		—		2020
eaves Walnut Creek	Walnut Creek, CA	510	30,320		82,375		18,035		30,320		100,410		130,730		37,901		92,829		96,201		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,941		9,860		25,791		35,651		9,603		26,048		26,867		—		2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		13,967		27,190		71,008		98,198		27,572		70,626		73,389		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,689		108		4,500		28,797		33,297		8,447		24,850		25,777		—		2014
Total Oakland - East Bay, CA		4,138	$	167,992	$	886,809	$	158,959	$	167,992	$	1,045,768	$	1,213,760	$	421,931	$	791,829	$	796,151	$	4,327
San Francisco, CA
eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	21,527	$	4,230	$	31,186	$	35,416	$	23,516	$	11,900	$	12,630	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		10,935		5,403		32,502		37,905		23,055		14,850		15,386		—		1990/1995
eaves Foster City	Foster City, CA	288	7,852		31,445		14,038		7,852		45,483		53,335		33,693		19,642		20,622		—		1973/1994
eaves Pacifica	Pacifica, CA	220	6,125		24,796		5,082		6,125		29,878		36,003		24,258		11,745		12,531		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		17,164		3,561		38,485		42,046		26,806		15,240		16,386		—		1961/1996
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		9,800		14,029		88,252		102,281		59,346		42,935		46,148		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		1,334		28,687		120,490		149,177		55,040		94,137		97,713		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,852		5,544		53,758		59,302		19,969		39,333		40,909		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,360		20,267		98,681		118,948		30,591		88,357		91,559		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		737		12,595		81,965		94,560		22,429		72,131		74,387		—		2015
Avalon Dogpatch	San Francisco, CA	326	23,523		180,698		317		23,523		181,015		204,538		34,164		170,374		177,152		—		2018
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		8,152		40,780		76,836		117,616		30,967		86,649		89,179		60,950		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		3,513		23,787		48,447		72,234		17,488		54,746		55,746		—		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	187	$	33,303	$	62,910	$	3,475	$	33,303	$	66,385	$	99,688	$	24,246	$	75,442	$	77,528	$	51,000	2010/2013
Total San Francisco, CA		3,267	$	229,686	$	893,077	$	100,286	$	229,686	$	993,363	$	1,223,049	$	425,568	$	797,481	$	827,876	$	111,950
TOTAL NORTHERN CALIFORNIA		12,128	$	694,743	$	2,547,500	$	445,686	$	694,743	$	2,993,186	$	3,687,929	$	1,392,248	$	2,295,681	$	2,358,470	$	116,277
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	750	$	22,483	$	28,104	$	54,096	$	22,483	$	82,200	$	104,683	$	54,963	$	49,720	$	51,701	$	—	1961/1997
Avalon Woodland Hills (2)	Woodland Hills, CA	663	23,828		40,372		80,378		23,828		120,750		144,578		62,899		81,679		64,969		—		1989/1997
eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		13,348		7,045		26,334		33,379		20,782		12,597		12,979		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		3,281		—		45,845		45,845		30,226		15,619		17,077		—		2003
Avalon Burbank	Burbank, CA	401	14,053		56,827		27,657		14,053		84,484		98,537		52,254		46,283		49,142		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		3,605		8,446		43,895		52,341		24,832		27,509		28,837		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		6,582		5,459		47,764		53,223		25,420		27,803		29,444		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		2,652		12,789		51,725		64,514		24,814		39,700		40,653		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		2,920		7,920		47,765		55,685		23,394		32,291		33,748		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		2,160		14,734		96,161		110,895		28,170		82,725		85,683		—		2015
eaves Phillips Ranch	Pomona, CA	503	9,796		41,740		8,051		9,796		49,791		59,587		20,423		39,164		39,802		—		1989/2011
eaves San Dimas	San Dimas, CA	102	1,916		7,819		2,294		1,916		10,113		12,029		4,443		7,586		7,690		—		1978/2011
eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,749		2,953		14,177		17,130		6,058		11,072		11,487		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		6,256		8,400		17,803		26,203		6,398		19,805		20,378		—		1973/2012
eaves Cerritos	Artesia, CA	151	8,305		21,195		2,377		8,305		23,572		31,877		8,490		23,387		23,799		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	309	30,900		72,008		8,859		30,900		80,867		111,767		31,102		80,665		83,342		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		378		9,141		31,104		40,245		9,360		30,885		31,660		—		2014
Avalon Glendora	Glendora, CA	281	18,311		64,303		668		18,311		64,971		83,282		16,999		66,283		68,558		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		119,105		1,741		35,214		120,846		156,060		25,584		130,476		135,100		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,936		9,600		39,538		49,138		13,037		36,101		37,252		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		79,829		783		16,617		80,612		97,229		16,756		80,473		82,794		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		2,199		18,408		54,479		72,887		14,315		58,572		60,557		—		2015/2016
Avalon Cerritos	Cerritos, CA	132	8,869		51,452		926		8,869		52,378		61,247		8,380		52,867		54,816		30,250		2017/2019
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		11,761		42,020		85,122		127,142		32,554		94,588		95,639		—		2007/2013
AVA Studio City II	Studio City, CA	101	4,626		22,954		7,970		4,626		30,924		35,550		11,254		24,296		25,419		—		1991/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		19,325		15,756		97,503		113,259		36,842		76,417		80,076		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		25,656		42,720		133,298		176,018		60,303		115,715		121,483		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		9,930		43,540		89,904		133,444		40,807		92,637		94,193		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		15,482		32,000		76,252		108,252		27,218		81,034		83,107		—		2007/2013
eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,378		9,110		22,749		31,859		8,567		23,292		24,050		—		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	154	$	13,950	$	20,211	$	6,182	$	13,950	$	26,393	$	40,343	$	12,730	$	27,613	$	28,356	$	—	1992/2013
eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		13,970		18,940		57,631		76,571		21,693		54,878		56,777		41,400		1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		91,415		86,450		252,671		339,121		85,645		253,476		262,259		—		1973/2013
eaves Woodland Hills	Woodland Hills, CA	884	68,940		90,549		23,653		68,940		114,202		183,142		48,860		134,282		136,985		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		3,470		12,810		26,051		38,861		11,202		27,659		28,320		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,844		10,240		38,402		48,642		14,083		34,559		35,860		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		37,291		17,658		128,006		145,664		44,462		101,202		105,876		—		1987/2013
Total Los Angeles, CA		11,284	$	713,947	$	1,951,059	$	515,223	$	713,947	$	2,466,282	$	3,180,229	$	985,319	$	2,194,910	$	2,249,868	$	183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	10,302	$	1,975	$	14,116	$	16,091	$	9,357	$	6,734	$	7,000	$	—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		5,365		2,517		14,622		17,139		11,566		5,573		5,715		—		1984/1996
eaves South Coast	Costa Mesa, CA	258	4,709		16,063		14,340		4,709		30,403		35,112		22,063		13,049		13,883		—		1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	302	4,607		16,911		13,545		4,607		30,456		35,063		21,406		13,657		14,209		—		1990/1997
eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		12,514		4,871		32,259		37,130		26,008		11,122		12,026		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		5,554		9,911		73,074		82,985		32,419		50,566		51,806		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		1,324		4,358		42,229		46,587		14,543		32,044		32,748		—		2013
eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		6,724		5,199		27,858		33,057		11,396		21,661		21,175		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		811		31,689		98,815		130,504		27,270		103,234		106,390		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		289		11,607		44,262		55,869		10,904		44,965		46,372		—		2016
eaves Seal Beach	Seal Beach, CA	549	46,790		99,999		38,088		46,790		138,087		184,877		46,975		137,902		142,734		—		1971/2013
Avalon Huntington Beach	Huntington Beach, CA	378	13,055		105,981		979		13,055		106,960		120,015		24,282		95,733		99,415		—		2017
Total Orange County, CA		3,371	$	141,288	$	543,306	$	109,835	$	141,288	$	653,141	$	794,429	$	258,189	$	536,240	$	553,473	$	—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	43,807	$	9,922	$	84,387	$	94,309	$	55,929	$	38,380	$	40,478	$	—	1969/1997
eaves Mission Ridge	San Diego, CA	200	2,710		10,924		14,213		2,710		25,137		27,847		19,618		8,229		8,771		—		1960/1997
eaves San Marcos	San Marcos, CA	184	3,277		13,385		6,600		3,277		19,985		23,262		7,248		16,014		16,032		—		1988/2011
eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		10,468		6,692		37,611		44,303		14,854		29,449		29,601		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		865		12,689		44,193		56,882		12,433		44,449		46,015		—		2015
eaves La Mesa	La Mesa, CA	168	9,490		28,482		4,325		9,490		32,807		42,297		14,771		27,526		28,691		—		1989/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,622		16,760		40,316		57,076		16,132		40,944		42,316		—		1987/2013
Total San Diego, CA		1,767	$	61,540	$	191,536	$	92,900	$	61,540	$	284,436	$	345,976	$	140,985	$	204,991	$	211,904	$	—
TOTAL SOUTHERN CALIFORNIA		16,422	$	916,775	$	2,685,901	$	717,958	$	916,775	$	3,403,859	$	4,320,634	$	1,384,493	$	2,936,141	$	3,015,245	$	183,150
TOTAL SAME STORE		69,493	$	3,911,265	$	14,050,442	$	2,278,339	$	3,911,265	$	16,328,781	$	20,240,046	$	6,374,837	$	13,865,209	$	14,299,170	$	727,827

			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	695	$	99,309	$	272,636	$	1,608	$	99,309	$	274,244	$	373,553	$	26,917	$	346,636	$	355,102	$	—	2021
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	—		112,692		285		—		112,977		112,977		9,913		103,064		107,424		—		2020
Avalon Monrovia	Monrovia, CA	154	12,125		56,230		194		12,125		56,424		68,549		3,399		65,150		67,269		—		2021
Avalon Flatirons	Lafayette, CO	207	7,390		86,734		1,423		7,390		88,157		95,547		4,509		91,038		—		—		2020/2022
Avalon Doral	Doral, FL	350	23,392		92,934		—		23,392		92,934		116,326		7,465		108,861		110,622		—		2020
Avalon Fort Lauderdale	Fort Lauderdale, FL	243	20,029		122,092		6,928		20,029		129,020		149,049		8,617		140,432		146,639		—		2020/2021
Avalon Miramar	Miramar, FL	380	17,959		110,866		5,415		17,959		116,281		134,240		10,629		123,611		131,127		—		2018/2021
Avalon Miramar Park Place	Miramar, FL	650	50,919		228,816		14,705		50,919		243,521		294,440		16,679		277,761		—		—		2022/2022
Avalon Acton II	Acton, MA	86	1,720		29,353		—		1,720		29,353		31,073		2,435		28,638		29,737		—		2021
Avalon Marlborough II	Marlborough, MA	123	5,523		36,380		—		5,523		36,380		41,903		3,176		38,727		40,157		—		2020
Avalon Easton II	Easton, MA	44	570		14,051		—		570		14,051		14,621		647		13,974		14,032		—		2021
Kanso Twinbrook	Rockville, MD	238	9,151		56,959		29		9,151		56,988		66,139		4,178		61,961		63,858		—		2021
Avalon Towson	Towson, MD	371	12,906		98,307		—		12,906		98,307		111,213		9,556		101,657		105,108		—		2020
Avalon Arundel Crossing	Linthicum Heights, MD	384	9,933		108,911		2,690		9,933		111,601		121,534		10,841		110,693		115,029		—		2020/2021
Avalon South End	Charlotte, NC	265	13,723		87,712		2,776		13,723		90,488		104,211		6,876		97,335		101,735		—		2020/2021
AVA South End	Charlotte, NC	164	9,367		44,477		687		9,367		45,164		54,531		2,856		51,675		52,667		—		2013/2021
Avalon Hawk (1)	Charlotte, NC	71	2,564		43,837		258		2,564		44,095		46,659		2,010		44,649		46,515		—		2021/2021
Avalon Highland Creek	Charlotte, NC	260	4,586		70,861		1,648		4,586		72,509		77,095		1,423		75,672		—		—		2022/2022
Avalon Princeton Junction	West Windsor, NJ	512	5,585		21,752		34,435		5,585		56,187		61,772		35,920		25,852		22,762		—		1988/1993
Avalon Old Bridge	Old Bridge, NJ	252	6,895		65,090		404		6,895		65,494		72,389		5,237		67,152		69,224		—		2021
Avalon Yonkers	Yonkers, NY	590	28,131		186,513		57		28,131		186,570		214,701		16,263		198,438		206,005		—		2021
Avalon Lakeside	Flower Mound, TX	425	15,073		98,049		5,050		15,073		103,099		118,172		10,210		107,962		112,879		—		2015/2021
Waterford Court	Addison, TX	196	11,174		57,289		1,345		11,174		58,634		69,808		2,628		67,180		—		—		1995/2022
AVA Ballston	Arlington, VA	344	7,291		29,177		27,866		7,291		57,043		64,334		37,278		27,056		25,808		—		1990
Avalon Newcastle Commons II	Newcastle, WA	293	6,981		99,814		146		6,981		99,960		106,941		6,668		100,273		103,269		—		2021
eaves Redmond Campus	Redmond, WA	374	15,665		80,985		32,991		15,665		113,976		129,641		42,785		86,856		91,035		—		1991/2013
The Park Loggia Commercial (6)	New York, NY	N/A	77,393		76,410		8,057		77,393		84,467		161,860		9,567		152,293		148,963		—		2019
TOTAL OTHER STABILIZED		7,871	$	475,354	$	2,388,927	$	148,997	$	475,354	$	2,537,924	$	3,013,278	$	298,682	$	2,714,596	$	2,266,966	$	—
REDEVELOPMENT
AVA Ballston Square	Arlington, VA	714	$	71,640	$	215,937	$	49,986	$	71,640	$	265,923	$	337,563	$	93,837	$	243,726	$	246,835	$	—	1992/2013
TOTAL REDEVELOPMENT		714	$	71,640	$	215,937	$	49,986	$	71,640	$	265,923	$	337,563	$	93,837	$	243,726	$	246,835	$	—
TOTAL CURRENT COMMUNITIES (5)		78,078	$	4,458,259	$	16,655,306	$	2,477,322	$	4,458,259	$	19,132,628	$	23,590,887	$	6,767,356	$	16,823,531	$	16,812,971	$	727,827

			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	653	$	72,921	$	218,116	$	37	$	72,921	$	218,153	$	291,074	$	8,655	$	282,419	$	275,832	$	—		2022
AVA RiNo	Denver, CO	246	15,152		71,467		—		15,152		71,467		86,619		2,586		84,033		79,421		—			2022
Avalon Woburn	Woburn, MA	350	21,559		97,381		766		21,559		98,147		119,706		4,276		115,430		114,536		—			2022
Avalon 555 President	Baltimore, MD	400	13,168		121,428		5		13,168		121,433		134,601		9,583		125,018		128,827		—			2021
Avalon Foundry Row	Owings Mill, MD	437	11,130		85,522		—		11,130		85,522		96,652		5,041		91,611		90,477		—			2022
Avalon Harbor Isle	Island Park, NY	172	16,472		74,051		—		16,472		74,051		90,523		861		89,662		54,379		—			2022
Avalon West Dublin	Dublin, CA	499	—		—		157,784		—		157,784		157,784		—		157,784		55,994		—			N/A
Avalon Westminster Promenade	Westminster, CO	312	—		—		48,830		—		48,830		48,830		—		48,830		22,949		—			N/A
Avalon Governor's Park	Denver, CO	304	—		—		44,987		—		44,987		44,987		—		44,987		—		—			N/A
Avalon Merrick Park	Miami, FL	254	—		—		85,052		—		85,052		85,052		—		85,052		42,274		—			N/A
Avalon North Andover	North Andover, MA	221	5,233		24,795		29,564		5,233		54,359		59,592		144		59,448		22,363		—			N/A
Avalon Brighton	Boston, MA	180	—		—		76,197		—		76,197		76,197		—		76,197		29,586		—			N/A
Kanso Milford	Milford, MA	162	—		—		15,540		—		15,540		15,540		—		15,540		—		—			N/A
Avalon Annapolis	Annapolis, MD	508	—		—		66,119		—		66,119		66,119		—		66,119		—		—			N/A
Avalon Durham	Durham, NC	336	—		—		33,214		—		33,214		33,214		—		33,214		—		—			N/A
Avalon Montville	Montville, NJ	349	—		—		49,944		—		49,944		49,944		—		49,944		16,790		—			N/A
Avalon Somerville Station (1)	Somerville, NJ	374	9,535		57,837		31,829		9,535		89,666		99,201		731		98,470		52,998		—			N/A
Avalon West Windsor	West Windsor, NJ	535	—		—		30,097		—		30,097		30,097		—		30,097		—		—			N/A
Avalon Princeton Circle	Princeton, NJ	221	—		—		42,622		—		42,622		42,622		—		42,622		16,521		—			N/A
Avalon Harrison	Harrison, NY	143	8,223		44,305		30,234		8,223		74,539		82,762		1,898		80,864		64,175		—			N/A
Avalon Amityville	Amityville, NY	338	—		—		81,899		—		81,899		81,899		—		81,899		45,239		—			N/A
Avalon Bothell Commons	Bothell, WA	467	—		—		126,331		—		126,331		126,331		—		126,331		51,690		—			N/A
Avalon Redmond Campus	Redmond, WA	214	—		—		43,599		—		43,599		43,599		—		43,599		13,364		—			N/A
TOTAL DEVELOPMENT		7,675	$	173,393	$	794,902	$	994,650	$	173,393	$	1,789,552	$	1,962,945	$	33,775	$	1,929,170	$	1,177,415	$	—
Land Held for Development		N/A	$	179,204	$	—	$	—	$	179,204	$	—	$	179,204	$	—	$	179,204	$	147,546	$	—
Corporate Overhead		N/A	9,319		11,414		117,594		9,319		129,008		138,327		77,425		60,902		60,680		7,650,000
For-sale condominium inventory (5)	New York, NY	N/A	15,918		235,574		(218,960)		15,918		16,614		32,532		—		32,532		146,535		—			2019
2022 Disposed Communities		N/A	—		—		—		—		—		—		—		—		364,437		—
TOTAL		85,753	$	4,836,093	$	17,697,196	$	3,370,606	$	4,836,093	$	21,067,802	$	25,903,895	$	6,878,556	$	19,025,339	$	18,709,584	$	8,377,827	(6)

_________________________________

(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:

	12/31/2022		12/31/2021		12/31/2020
Balance, beginning of period	$	24,927,305	$	23,962,222	$	23,606,872
Acquisitions, construction costs and improvements	1,599,311		1,588,314		860,594
Dispositions, including casualty losses and impairment loss on planned dispositions	(622,721)		(623,231)		(505,244)
Balance, end of period	$	25,903,895	$	24,927,305	$	23,962,222

The changes in accumulated depreciation for the years ended December 31, 2022, 2021 and 2020, are as follows:

	12/31/2022		12/31/2021		12/31/2020
Balance, beginning of period	$	6,217,721	$	5,728,440	$	5,173,883
Depreciation, including discontinued operations	814,978		758,596		707,331
Dispositions, including casualty losses	(154,143)		(269,315)		(152,774)
Balance, end of period	$	6,878,556	$	6,217,721	$	5,728,440