AVALONBAY COMMUNITIES INC

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

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Contents

Schedule III—Real Estate and Accumulated Depreciation

REAL ESTATE AND ACCUMULATED DEPRECIATION

Community	City and state	# of homes	Land and Improvements	Building /Construction inProgress &Improvements	CostsSubsequent toAcquisition /Construction	Land and Improvements	Building /Construction inProgress &Improvements	Total	AccumulatedDepreciation	Total Cost,Net ofAccumulatedDepreciation	Total Cost,Net ofAccumulatedDepreciation	Encumbrances	Year ofCompletion /Acquisition
SAME STORE
NEW ENGLAND
Avalon at Lexington	Lexington, MA	198	$2,124	$12,561	$16,103	$2,124	$28,664	$30,788	$21,263	$9,525	$8,586	$—	1994
eaves Wilmington	Wilmington, MA	204	2,129	17,563	10,350	2,129	27,913	30,042	20,505	9,537	9,960	—	1999
eaves Quincy	Quincy, MA	245	1,743	14,662	16,934	1,743	31,596	33,339	22,326	11,013	11,327	—	1986/1995
eaves Wilmington West	Wilmington, MA	120	3,318	13,465	5,145	3,318	18,610	21,928	12,654	9,274	9,360	—	2002
Avalon at The Pinehills	Plymouth, MA	192	6,876	30,313	9,652	6,876	39,965	46,841	21,752	25,089	25,832	—	2004
eaves Peabody	Peabody, MA	286	4,645	18,919	17,202	4,645	36,121	40,766	22,253	18,513	19,726	—	1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258	20,551	6,060	4,258	26,611	30,869	17,272	13,597	14,919	—	2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572	45,868	15,868	14,572	61,736	76,308	33,909	42,399	43,505	—	2007
Avalon at Lexington Hills	Lexington, MA	387	8,691	78,502	18,246	8,691	96,748	105,439	56,017	49,422	53,457	—	2008
Avalon Acton	Acton, MA	380	13,124	48,630	13,026	13,124	61,656	74,780	32,568	42,212	44,469	45,000	2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218	41,516	14,550	12,218	56,066	68,284	31,342	36,942	39,025	—	2009
Avalon Acton II	Acton, MA	86	1,723	29,375	—	1,723	29,375	31,098	3,506	27,592	28,638	—	2021
Avalon Northborough	Northborough, MA	382	8,144	52,178	9,474	8,144	61,652	69,796	29,937	39,859	41,103	—	2009
Avalon Exeter (1)	Boston, MA	187	—	109,978	3,501	—	113,479	113,479	37,241	76,238	78,840	—	2014
Avalon Natick	Natick, MA	407	15,645	64,845	4,822	15,645	69,667	85,312	25,323	59,989	61,683	—	2013
Avalon at Assembly Row (2)	Somerville, MA	195	8,599	52,454	8,815	8,599	61,269	69,868	21,508	48,360	48,141	—	2015
AVA Somerville (2)	Somerville, MA	250	10,944	56,457	7,899	10,944	64,356	75,300	22,806	52,494	53,785	—	2015
AVA Back Bay	Boston, MA	271	9,034	36,536	53,129	9,034	89,665	98,699	53,387	45,312	48,193	—	1968/1998
Avalon Prudential Center II	Boston, MA	266	8,776	35,479	65,718	8,776	101,197	109,973	54,744	55,229	58,882	—	1968/1998
Avalon Prudential Center I	Boston, MA	243	8,002	32,349	57,378	8,002	89,727	97,729	47,794	49,935	53,395	—	1968/1998
eaves Burlington	Burlington, MA	203	7,714	32,499	10,087	7,714	42,586	50,300	16,673	33,627	35,005	—	1988/2012
AVA Theater District	Boston, MA	398	17,072	163,622	978	17,072	164,600	181,672	47,828	133,844	139,145	—	2015
Avalon Burlington	Burlington, MA	312	15,600	60,649	20,068	15,600	80,717	96,317	30,573	65,744	67,529	—	1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367	60,338	3,153	15,367	63,491	78,858	19,027	59,831	60,938	—	2015
Avalon North Station	Boston, MA	503	22,796	247,270	966	22,796	248,236	271,032	58,323	212,709	221,269	—	2017
Avalon Framingham	Framingham, MA	180	9,315	34,604	620	9,315	35,224	44,539	10,319	34,220	35,348	—	2015
Avalon Quincy	Quincy, MA	395	14,694	79,655	1,287	14,694	80,942	95,636	20,519	75,117	77,107	—	2017
Avalon Easton	Easton, MA	290	3,170	60,785	1,674	3,170	62,459	65,629	14,815	50,814	51,690	—	2017
Avalon at the Hingham Shipyard II	Hingham, MA	190	8,998	55,366	971	8,998	56,337	65,335	11,244	54,091	55,416	—	2019
Avalon Sudbury	Sudbury, MA	250	20,278	66,509	1,033	20,278	67,542	87,820	14,066	73,754	75,492	—	2019

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
Avalon Saugus	Saugus, MA	280		$17,809		$72,196		$1,519		$17,809		$73,715		$91,524		$13,075		$78,449		$81,490		$—	2019
Avalon Norwood	Norwood, MA	198		9,478		51,215		830		9,478		52,045		61,523		8,580		52,943		55,163		—	2020
Avalon Marlborough II	Marlborough, MA	123		5,523		36,367		63		5,523		36,430		41,953		4,610		37,343		38,727		—	2020
Avalon Easton II	Easton, MA	44		570		14,090		—		570		14,090		14,660		1,154		13,506		13,974		—	2021
AVA North Point	Cambridge, MA	265		31,263		81,196		2,918		31,263		84,114		115,377		16,019		99,358		102,594		—	2018/2019
Avalon Bear Hill	Waltham, MA	324		27,350		93,977		31,975		27,350		125,952		153,302		51,236		102,066		105,728		—	1999/2013
Avalon Wilton on River Rd	Wilton, CT	102		2,116		14,664		8,311		2,116		22,975		25,091		17,406		7,685		7,957		—	1997
Avalon New Canaan	New Canaan, CT	104		4,834		22,990		7,025		4,834		30,015		34,849		20,407		14,442		15,576		—	2002
Avalon Darien	Darien, CT	189		6,926		34,558		9,816		6,926		44,374		51,300		28,383		22,917		24,498		—	2004
TOTAL NEW ENGLAND	9,577		$385,438		$2,094,751		$457,166		$385,438		$2,551,917		$2,937,355		$992,364		$1,944,991		$2,017,472		$45,000
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372		$—		$94,061		$16,257		$—		$110,318		$110,318		$79,750		$30,568		$32,981		$—	2002
Avalon Riverview North (3)	Long Island City, NY	602		—		165,932		19,104		—		185,036		185,036		98,183		86,853		91,224		—	2008
AVA Fort Greene	Brooklyn, NY	631		83,038		216,802		11,298		83,038		228,100		311,138		106,100		205,038		212,356		—	2010
AVA DoBro	Brooklyn, NY	500		76,127		206,762		1,177		76,127		207,939		284,066		56,879		227,187		233,948		—	2017
Avalon Willoughby Square	Brooklyn, NY	326		49,635		134,840		1,056		49,635		135,896		185,531		35,122		150,409		155,056		—	2017
Avalon Brooklyn Bay	Brooklyn, NY	180		9,690		84,361		651		9,690		85,012		94,702		19,809		74,893		77,480		—	2018
Avalon Midtown West	New York, NY	550		154,730		180,253		53,204		154,730		233,457		388,187		86,980		301,207		306,317		76,600	1998/2013
Avalon Clinton North	New York, NY	339		84,069		105,821		16,843		84,069		122,664		206,733		48,156		158,577		161,998		126,400	2008/2013
Avalon Clinton South	New York, NY	288		71,421		89,851		10,527		71,421		100,378		171,799		40,507		131,292		133,537		104,500	2007/2013
Total New York City, NY	3,788		$528,710		$1,278,683		$130,117		$528,710		$1,408,800		$1,937,510		$571,486		$1,366,024		$1,404,897		$307,500
New York - Suburban
Avalon Commons	Smithtown, NY	312		$4,679		$27,811		$14,400		$4,679		$42,211		$46,890		$32,309		$14,581		$16,263		$—	1997
Avalon Melville	Melville, NY	494		9,228		50,059		25,486		9,228		75,545		84,773		54,955		29,818		31,352		—	1997
Avalon White Plains	White Plains, NY	407		15,391		137,312		3,294		15,391		140,606		155,997		70,419		85,578		90,111		—	2009
Avalon Rockville Centre I	Rockville Centre, NY	349		32,212		78,806		7,508		32,212		86,314		118,526		38,463		80,063		83,041		—	2012
Avalon Garden City	Garden City, NY	204		18,205		49,301		2,054		18,205		51,355		69,560		20,281		49,279		50,691		—	2013
Avalon Huntington Station	Huntington Station, NY	303		21,899		58,429		2,514		21,899		60,943		82,842		19,870		62,972		64,277		—	2014
Avalon Great Neck	Great Neck, NY	191		14,777		65,412		496		14,777		65,908		80,685		16,352		64,333		66,230		—	2017
Avalon Rockville Centre II	Rockville Centre, NY	165		7,534		50,981		635		7,534		51,616		59,150		12,392		46,758		47,759		—	2017
Avalon Somers	Somers, NY	152		5,608		40,591		24		5,608		40,615		46,223		9,644		36,579		37,893		—	2018
Avalon Yonkers	Yonkers, NY	590		28,267		172,681		57		28,267		172,738		201,005		22,948		178,057		198,438		—	2021
Avalon Westbury	Westbury, NY	396		69,620		43,736		19,688		69,620		63,424		133,044		31,659		101,385		100,559		—	2006/2013
Total New York - Suburban	3,563		$227,420		$775,119		$76,156		$227,420		$851,275		$1,078,695		$329,292		$749,403		$786,614		$—

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
New Jersey
Avalon Cove	Jersey City, NJ	504		$8,760		$82,422		$33,937		$8,760		$116,359		$125,119		$91,946		$33,173		$37,018		$—	1997
eaves West Windsor (2)	West Windsor, NJ	512		5,585		21,752		35,761		5,585		57,513		63,098		38,599		24,499		25,852		—	1988/1993
Avalon at Edgewater I	Edgewater, NJ	168		5,982		24,389		11,248		5,982		35,637		41,619		24,235		17,384		18,548		—	2002
Avalon at Florham Park	Florham Park, NJ	270		6,647		34,906		17,845		6,647		52,751		59,398		36,218		23,180		24,941		—	2001
Avalon North Bergen	North Bergen, NJ	164		8,984		30,994		1,493		8,984		32,487		41,471		13,173		28,298		29,364		—	2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266		14,682		41,610		4,354		14,682		45,964		60,646		18,513		42,133		43,071		—	2012
Avalon Hackensack at Riverside	Hackensack, NJ	226		9,939		44,619		2,329		9,939		46,948		56,887		17,376		39,511		41,169		—	2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140		6,502		16,851		856		6,502		17,707		24,209		6,685		17,524		18,010		—	2013
Avalon Bloomingdale	Bloomingdale, NJ	174		3,006		27,801		1,116		3,006		28,917		31,923		10,191		21,732		22,524		—	2014
Avalon Wharton	Wharton, NJ	247		2,273		48,609		1,700		2,273		50,309		52,582		15,948		36,634		38,379		—	2015
Avalon Bloomfield Station (1)	Bloomfield, NJ	224		10,701		36,430		2,195		10,701		38,625		49,326		11,365		37,961		38,182		—	2015
Avalon Roseland	Roseland, NJ	136		11,288		34,868		892		11,288		35,760		47,048		10,767		36,281		37,228		—	2015
Avalon Princeton	Princeton, NJ	280		26,461		68,003		1,639		26,461		69,642		96,103		18,272		77,831		79,743		—	2017
Avalon Union	Union, NJ	202		11,695		36,315		1,392		11,695		37,707		49,402		10,483		38,919		39,551		—	2016
Avalon Hoboken	Hoboken, NJ	217		37,237		90,278		7,624		37,237		97,902		135,139		32,649		102,490		105,557		—	2008/2016
Avalon Maplewood	Maplewood, NJ	235		15,179		49,425		2,630		15,179		52,055		67,234		13,085		54,149		55,666		—	2018
Avalon Boonton	Boonton, NJ	350		3,595		89,407		1,379		3,595		90,786		94,381		16,042		78,339		81,519		—	2019
Avalon Teaneck	Teaneck, NJ	248		12,588		60,257		89		12,588		60,346		72,934		10,161		62,773		65,193		—	2020
Avalon Piscataway	Piscataway, NJ	360		14,329		75,897		628		14,329		76,525		90,854		15,443		75,411		78,417		—	2019
Avalon Old Bridge	Old Bridge, NJ	252		6,895		64,907		647		6,895		65,554		72,449		7,955		64,494		67,152		—	2021
Avalon at Edgewater II	Edgewater, NJ	240		8,605		60,809		162		8,605		60,971		69,576		13,723		55,853		58,059		—	2018
Total New Jersey	5,415		$230,933		$1,040,549		$129,916		$230,933		$1,170,465		$1,401,398		$432,829		$968,569		$1,005,143		$—
TOTAL METRO NY/NJ	12,766		$987,063		$3,094,351		$336,189		$987,063		$3,430,540		$4,417,603		$1,333,607		$3,083,996		$3,196,654		$307,500
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall (2)	Washington, D.C.	308		$6,848		$27,614		$26,947		$6,848		$54,561		$61,409		$43,286		$18,123		$15,542		$—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203		8,800		39,658		6,850		8,800		46,508		55,308		31,375		23,933		24,523		—	2003
AVA H Street	Washington, D.C.	138		7,425		25,282		759		7,425		26,041		33,466		10,132		23,334		23,824		—	2013
Avalon The Albemarle	Washington, D.C.	234		25,140		52,459		11,231		25,140		63,690		88,830		27,955		60,875		62,715		—	1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166		16,430		22,902		2,964		16,430		25,866		42,296		11,065		31,231		32,043		—	1944/2013
The Statesman	Washington, D.C.	281		38,140		35,352		7,359		38,140		42,711		80,851		18,980		61,871		62,825		—	1961/2013
eaves Glover Park	Washington, D.C.	120		9,580		26,532		2,912		9,580		29,444		39,024		12,826		26,198		27,160		—	1953/2013
AVA Van Ness (2)	Washington, D.C.	269		22,890		58,691		25,666		22,890		84,357		107,247		30,746		76,501		78,188		—	1978/2013
Avalon First and M	Washington, D.C.	469		43,700		153,950		6,092		43,700		160,042		203,742		61,290		142,452		147,209		—	2012/2013

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
AVA NoMa	Washington, D.C.	438		$25,246		$114,933		$1,743		$25,246		$116,676		$141,922		$30,359		$111,563		$114,529		$—	2018
eaves Washingtonian Center	North Potomac, MD	288		4,047		18,553		8,215		4,047		26,768		30,815		21,923		8,892		9,067		—	1996
eaves Columbia Town Center	Columbia, MD	392		8,802		35,536		16,343		8,802		51,879		60,681		31,903		28,778		29,195		—	1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497		29,159		52,993		9,860		29,159		62,853		92,012		41,697		50,315		51,889		—	2004
Avalon at Traville	Rockville, MD	520		14,365		55,398		10,537		14,365		65,935		80,300		44,203		36,097		37,487		—	2004
AVA Wheaton	Wheaton, MD	319		6,494		69,027		260		6,494		69,287		75,781		16,799		58,982		61,221		—	2018
Kanso Twinbrook	Rockville, MD	238		9,151		56,959		40		9,151		56,999		66,150		6,327		59,823		61,961		—	2021
Avalon Hunt Valley	Hunt Valley, MD	332		10,872		62,992		375		10,872		63,367		74,239		16,338		57,901		59,931		—	2017
Avalon Laurel	Laurel, MD	344		10,130		61,685		846		10,130		62,531		72,661		16,461		56,200		57,779		—	2017
Avalon Towson	Towson, MD	371		12,906		98,307		—		12,906		98,307		111,213		13,522		97,691		101,657		—	2020
Avalon Fairway Hills - Meadows	Columbia, MD	192		2,323		9,297		8,188		2,323		17,485		19,808		12,333		7,475		5,417		—	1987/1996
Avalon Fairway Hills - Woods	Columbia, MD	336		3,958		15,839		16,459		3,958		32,298		36,256		21,534		14,722		14,319		—	1987/1996
Avalon Arundel Crossing II	Linthicum Heights, MD	310		12,208		69,888		3,430		12,208		73,318		85,526		18,674		66,852		69,269		—	2018/2018
Kanso Silver Spring	Silver Spring, MD	151		3,471		41,393		2,297		3,471		43,690		47,161		8,238		38,923		39,652		—	2009/2019
Avalon Arundel Crossing	Linthicum Heights, MD	384		9,933		108,911		2,876		9,933		111,787		121,720		15,854		105,866		110,693		—	2020/2021
Avalon Russett	Laurel, MD	238		10,200		47,524		7,073		10,200		54,597		64,797		23,028		41,769		42,887		32,200	1999/2013
eaves Fair Lakes	Fairfax, VA	420		6,096		24,400		15,934		6,096		40,334		46,430		31,119		15,311		16,504		—	1989/1996
eaves Fairfax City	Fairfax, VA	141		2,152		8,907		5,885		2,152		14,792		16,944		11,084		5,860		6,278		—	1988/1997
Avalon Tysons Corner (2)	Tysons Corner, VA	558		13,851		43,397		18,581		13,851		61,978		75,829		46,096		29,733		30,382		—	1996
Avalon at Arlington Square	Arlington, VA	842		22,041		90,296		38,686		22,041		128,982		151,023		80,299		70,724		71,717		—	2001
eaves Fairfax Towers	Falls Church, VA	415		17,889		74,727		16,757		17,889		91,484		109,373		39,370		70,003		73,482		—	1978/2011
Avalon Mosaic	Fairfax, VA	531		33,490		75,801		2,652		33,490		78,453		111,943		26,670		85,273		85,707		—	2014
Avalon Potomac Yard	Alexandria, VA	323		24,225		81,982		4,294		24,225		86,276		110,501		28,224		82,277		84,838		—	2014/2016
Avalon Clarendon	Arlington, VA	300		22,573		95,355		10,816		22,573		106,171		128,744		34,207		94,537		98,098		—	2002/2016
Avalon Dunn Loring	Vienna, VA	440		29,377		115,465		7,358		29,377		122,823		152,200		35,634		116,566		120,242		—	2012/2017
eaves Tysons Corner	Vienna, VA	217		16,030		45,420		4,547		16,030		49,967		65,997		22,594		43,403		44,851		—	1980/2013
Avalon Courthouse Place	Arlington, VA	564		56,550		178,032		19,825		56,550		197,857		254,407		78,761		175,646		180,786		—	1999/2013
Avalon Arlington North (2)	Arlington, VA	228		21,600		59,076		10,018		21,600		69,094		90,694		23,957		66,737		65,465		—	2014
Avalon Reston Landing	Reston, VA	400		26,710		83,084		16,036		26,710		99,120		125,830		44,233		81,597		84,726		—	2000/2013
Avalon Falls Church	Falls Church, VA	384		39,544		66,160		820		39,544		66,980		106,524		20,315		86,209		87,780		—	2016
TOTAL MID-ATLANTIC	13,301		$684,346		$2,403,777		$351,531		$684,346		$2,755,308		$3,439,654		$1,109,411		$2,330,243		$2,391,838		$32,200
DENVER, CO
Avalon Denver West	Lakewood, CO	252		$8,047		$67,861		$3,367		$8,047		$71,228		$79,275		$19,434		$59,841		$61,852		$—	2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240		8,527		64,565		1,548		8,527		66,113		74,640		16,269		58,371		61,241		—	2018/2018
Avalon Red Rocks	Littleton, CO	256		4,461		70,103		1,745		4,461		71,848		76,309		17,954		58,355		61,311		—	2018/2018

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
Avalon Southlands	Aurora, CO	338		$5,101		$85,184		$1,910		$5,101		$87,094		$92,195		$20,839		$71,356		$75,302		$—	2018/2019
TOTAL DENVER, CO	1,086		$26,136		$287,713		$8,570		$26,136		$296,283		$322,419		$74,496		$247,923		$259,706		$—
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370		$21,430		$114,626		$5,499		$21,430		$120,125		$141,555		$31,301		$110,254		$113,769		$—	2017/2017
Avalon Doral	Doral, FL	350		23,392		92,949		—		23,392		92,949		116,341		10,744		105,597		108,861		—	2020
Avalon West Palm Beach	West Palm Beach, FL	290		9,597		91,411		5,703		9,597		97,114		106,711		22,694		84,017		87,164		—	2018/2018
Avalon Bonterra	Hialeah, FL	314		16,655		71,180		3,608		16,655		74,788		91,443		17,723		73,720		76,764		—	2018/2019
Avalon Toscana	Margate, FL	240		9,213		49,936		2,457		9,213		52,393		61,606		10,587		51,019		52,600		—	2016/2019
Avalon Fort Lauderdale	Fort Lauderdale, FL	243		20,029		122,394		6,895		20,029		129,289		149,318		13,760		135,558		140,432		—	2020/2021
Avalon Miramar	Miramar, FL	380		17,959		110,895		5,789		17,959		116,684		134,643		15,283		119,360		123,611		—	2018/2021
TOTAL SOUTHEAST FLORIDA	2,187		$118,275		$653,391		$29,951		$118,275		$683,342		$801,617		$122,092		$679,525		$703,201		$—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264		$6,786		$27,641		$9,169		$6,786		$36,810		$43,596		$29,552		$14,044		$14,558		$—	1998/1998
Avalon Bellevue	Bellevue, WA	201		6,664		24,119		7,705		6,664		31,824		38,488		22,409		16,079		16,052		—	2001
eaves RockMeadow	Bothell, WA	206		4,777		19,765		6,227		4,777		25,992		30,769		19,364		11,405		10,508		—	2000/2000
Avalon ParcSquare	Redmond, WA	124		3,789		15,139		4,654		3,789		19,793		23,582		15,326		8,256		8,973		—	2000/2000
AVA Belltown	Seattle, WA	100		5,644		12,733		2,570		5,644		15,303		20,947		11,216		9,731		10,189		—	2001
Avalon Meydenbauer	Bellevue, WA	368		12,697		77,450		7,778		12,697		85,228		97,925		45,089		52,836		54,763		—	2008
Avalon Towers Bellevue (3)	Bellevue, WA	397		—		123,029		7,100		—		130,129		130,129		58,466		71,663		74,217		—	2011
AVA Queen Anne	Seattle, WA	203		12,081		41,618		1,922		12,081		43,540		55,621		18,196		37,425		38,701		—	2012
AVA Ballard	Seattle, WA	265		16,460		46,926		2,527		16,460		49,453		65,913		18,907		47,006		48,245		—	2013
Avalon Alderwood I	Lynnwood, WA	367		12,294		55,627		977		12,294		56,604		68,898		18,398		50,500		51,868		—	2015
AVA Capitol Hill	Seattle, WA	249		20,613		59,986		1,417		20,613		61,403		82,016		18,187		63,829		65,807		—	2016
Avalon Esterra Park	Redmond, WA	482		23,178		112,986		1,603		23,178		114,589		137,767		30,391		107,376		111,314		—	2017
Avalon Alderwood II	Redmond, WA	124		5,072		21,418		132		5,072		21,550		26,622		5,631		20,991		21,612		—	2016
Avalon Newcastle Commons I	Newcastle, WA	378		9,649		111,600		1,377		9,649		112,977		122,626		26,105		96,521		100,143		—	2017
Avalon Belltown Towers	Seattle, WA	274		24,638		121,064		1,359		24,638		122,423		147,061		21,564		125,497		130,407		—	2019
AVA Esterra Park	Redmond, WA	323		16,405		74,568		13		16,405		74,581		90,986		14,291		76,695		79,748		—	2019
Avalon Newcastle Commons II	Newcastle, WA	293		6,982		99,824		151		6,982		99,975		106,957		10,540		96,417		100,273		—	2021
Avalon North Creek	Bothell, WA	316		13,498		69,015		—		13,498		69,015		82,513		11,989		70,524		73,315		—	2020
eaves Redmond Campus	Redmond, WA	374		15,665		80,985		33,073		15,665		114,058		129,723		46,910		82,813		86,856		—	1991/2013
Archstone Redmond Lakeview	Redmond, WA	166		10,250		26,842		6,807		10,250		33,649		43,899		15,980		27,919		28,921		—	1987/2013
TOTAL PACIFIC NORTHWEST	5,474		$227,142		$1,222,335		$96,561		$227,142		$1,318,896		$1,546,038		$458,511		$1,087,527		$1,126,470		$—

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348		$11,830		$47,828		$15,636		$11,830		$63,464		$75,294		$48,448		$26,846		$28,834		$—	1995
eaves San Jose	San Jose, CA	442		12,920		53,047		20,565		12,920		73,612		86,532		50,866		35,666		38,016		—	1985/1996
Avalon on the Alameda	San Jose, CA	307		6,119		50,217		14,862		6,119		65,079		71,198		48,958		22,240		24,383		—	1999
Avalon Silicon Valley	Sunnyvale, CA	712		20,713		99,573		39,340		20,713		138,913		159,626		100,513		59,113		62,187		—	1998
Avalon Mountain View	Mountain View, CA	248		9,755		39,387		13,323		9,755		52,710		62,465		41,707		20,758		22,553		—	1986
eaves Creekside	Mountain View, CA	300		6,546		26,263		23,236		6,546		49,499		56,045		35,902		20,143		21,595		—	1962/1997
Avalon at Cahill Park	San Jose, CA	218		4,765		47,600		5,035		4,765		52,635		57,400		37,552		19,848		21,594		—	2002
Avalon Towers on the Peninsula	Mountain View, CA	211		9,560		56,136		15,744		9,560		71,880		81,440		46,823		34,617		36,518		—	2002
Avalon Morrison Park	San Jose, CA	250		13,837		64,521		1,763		13,837		66,284		80,121		22,822		57,299		59,228		—	2014
Avalon Willow Glen	San Jose, CA	412		46,060		81,957		8,667		46,060		90,624		136,684		41,133		95,551		98,445		—	2002/2013
eaves West Valley	San Jose, CA	873		90,890		132,040		17,080		90,890		149,120		240,010		65,540		174,470		179,233		—	1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	402		64,070		69,018		18,536		64,070		87,554		151,624		41,619		110,005		113,785		—	1969/2013
Total San Jose, CA		4,723		$297,065		$767,587		$193,787		$297,065		$961,374		$1,258,439		$581,883		$676,556		$706,371		$—
Oakland - East Bay, CA
Avalon Fremont (2)	Fremont, CA	308		$10,746		$43,399		$31,654		$10,746		$75,053		$85,799		$46,363		$39,436		$40,798		$—	1992/1994
eaves Dublin (2)	Dublin, CA	204		5,276		19,642		13,991		5,276		33,633		38,909		24,315		14,594		14,722		—	1989/1997
eaves Pleasanton (2)	Pleasanton, CA	456		11,610		46,552		48,872		11,610		95,424		107,034		54,990		52,044		52,344		—	1988/1994
eaves Union City	Union City, CA	208		4,249		16,820		5,299		4,249		22,119		26,368		18,465		7,903		8,337		—	1973/1996
eaves Fremont	Fremont, CA	237		6,581		26,583		13,046		6,581		39,629		46,210		30,582		15,628		16,761		—	1985/1994
Avalon Union City	Union City, CA	439		14,732		104,024		6,787		14,732		110,811		125,543		53,676		71,867		75,293		—	2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422		—		148,846		7,250		—		156,096		156,096		71,711		84,385		89,055		4,501	2010
Avalon Dublin Station	Dublin, CA	253		7,772		72,142		1,543		7,772		73,685		81,457		25,232		56,225		58,455		—	2014
Avalon Dublin Station II	Dublin, CA	252		7,762		76,587		631		7,762		77,218		84,980		21,099		63,881		66,244		—	2016
Avalon Public Market (1)	Emeryville, CA	289		27,394		145,592		260		27,394		145,852		173,246		22,366		150,880		155,467		—	2020
Avalon Walnut Creek II (3)	Walnut Creek, CA	200		—		112,759		315		—		113,074		113,074		14,289		98,785		103,064		—	2020
eaves Walnut Creek	Walnut Creek, CA	510		30,320		82,375		18,289		30,320		100,664		130,984		41,605		89,379		92,829		—	1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106		9,860		19,850		5,999		9,860		25,849		35,709		10,517		25,192		26,048		—	2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360		27,190		57,041		14,257		27,190		71,298		98,488		30,247		68,241		70,626		—	1989/2013
Avalon Berkeley	Berkeley, CA	94		4,500		28,689		145		4,500		28,834		33,334		9,409		23,925		24,850		—	2014
Total Oakland - East Bay, CA	4,338		$167,992		$1,000,901		$168,338		$167,992		$1,169,239		$1,337,231		$474,866		$862,365		$894,893		$4,501
San Francisco, CA
AVA Nob Hill	San Francisco, CA	185		$5,403		$21,567		$11,273		$5,403		$32,840		$38,243		$24,511		$13,732		$14,850		$—	1990/1995
eaves Foster City	Foster City, CA	288		7,852		31,445		15,824		7,852		47,269		55,121		35,545		19,576		19,642		—	1973/1994

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
eaves Pacifica	Pacifica, CA	220		$6,125		$24,792		$5,573		$6,125		$30,365		$36,490		$25,442		$11,048		$11,745		$—	1971/1995
Avalon Sunset Towers	San Francisco, CA	243		3,561		21,313		17,599		3,561		38,912		42,473		28,331		14,142		15,240		—	1961/1996
Avalon at Mission Bay I	San Francisco, CA	250		14,029		78,452		10,330		14,029		88,782		102,811		63,094		39,717		42,935		—	2003
Avalon at Mission Bay III	San Francisco, CA	260		28,687		119,156		1,675		28,687		120,831		149,518		59,154		90,364		94,137		—	2009
Avalon Ocean Avenue	San Francisco, CA	173		5,544		50,906		3,259		5,544		54,165		59,709		21,932		37,777		39,333		—	2012
AVA 55 Ninth	San Francisco, CA	273		20,267		97,321		1,710		20,267		99,031		119,298		33,915		85,383		88,357		—	2014
Avalon Hayes Valley	San Francisco, CA	182		12,595		81,228		1,259		12,595		82,487		95,082		25,213		69,869		72,131		—	2015
Avalon Dogpatch	San Francisco, CA	326		23,523		180,698		421		23,523		181,119		204,642		40,228		164,414		170,374		—	2018
Avalon San Bruno I	San Bruno, CA	300		40,780		68,684		8,945		40,780		77,629		118,409		34,287		84,122		86,649		57,650	2004/2013
Avalon San Bruno II	San Bruno, CA	185		23,787		44,934		3,840		23,787		48,774		72,561		19,334		53,227		54,746		—	2007/2013
Avalon San Bruno III	San Bruno, CA	187		33,303		62,910		3,725		33,303		66,635		99,938		26,514		73,424		75,442		51,000	2010/2013
Total San Francisco, CA	3,072		$225,456		$883,406		$85,433		$225,456		$968,839		$1,194,295		$437,500		$756,795		$785,581		$108,650
TOTAL NORTHERN CALIFORNIA	12,133		$690,513		$2,651,894		$447,558		$690,513		$3,099,452		$3,789,965		$1,494,249		$2,295,716		$2,386,845		$113,151
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	750		$22,483		$28,093		$54,756		$22,483		$82,849		$105,332		$58,108		$47,224		$49,720		$—	1961/1997
Avalon Woodland Hills (2)	Woodland Hills, CA	663		23,828		40,342		86,225		23,828		126,567		150,395		67,704		82,691		81,679		—	1989/1997
eaves Warner Center	Woodland Hills, CA	228		7,045		12,980		14,216		7,045		27,196		34,241		22,014		12,227		12,597		—	1979/1998
Avalon Glendale (3)	Glendale, CA	223		—		42,564		3,993		—		46,557		46,557		31,921		14,636		15,619		—	2003
Avalon Burbank	Burbank, CA	401		14,053		56,820		28,892		14,053		85,712		99,765		55,436		44,329		46,283		—	1988/2002
Avalon Camarillo	Camarillo, CA	249		8,446		40,269		4,428		8,446		44,697		53,143		26,671		26,472		27,509		—	2006
Avalon Wilshire	Los Angeles, CA	123		5,459		41,182		7,326		5,459		48,508		53,967		27,843		26,124		27,803		—	2007
Avalon Encino	Encino, CA	132		12,789		49,073		3,804		12,789		52,877		65,666		26,824		38,842		39,700		—	2008
Avalon Warner Place	Canoga Park, CA	210		7,920		44,837		3,794		7,920		48,631		56,551		25,319		31,232		32,291		—	2008
AVA Little Tokyo	Los Angeles, CA	280		14,734		93,977		2,394		14,734		96,371		111,105		31,206		79,899		82,725		—	2015
eaves Phillips Ranch	Pomona, CA	503		9,796		41,740		13,163		9,796		54,903		64,699		23,162		41,537		39,164		—	1989/2011
eaves San Dimas	San Dimas, CA	102		1,916		7,819		2,631		1,916		10,450		12,366		4,906		7,460		7,586		—	1978/2011
eaves San Dimas Canyon	San Dimas, CA	156		2,953		12,397		2,286		2,953		14,683		17,636		6,719		10,917		11,072		—	1981/2011
AVA Pasadena	Pasadena, CA	84		8,400		11,547		6,358		8,400		17,905		26,305		7,067		19,238		19,805		—	1973/2012
eaves Cerritos	Artesia, CA	151		8,305		21,195		3,023		8,305		24,218		32,523		9,423		23,100		23,387		—	1973/2012
Avalon Playa Vista	Los Angeles, CA	309		30,900		71,959		9,549		30,900		81,508		112,408		34,723		77,685		80,665		—	2006/2012
Avalon San Dimas	San Dimas, CA	156		9,141		30,726		552		9,141		31,278		40,419		10,414		30,005		30,885		—	2014
Avalon Glendora	Glendora, CA	281		18,311		64,303		1,052		18,311		65,355		83,666		19,211		64,455		66,283		—	2016
Avalon West Hollywood	West Hollywood, CA	294		35,214		119,105		1,859		35,214		120,964		156,178		29,788		126,390		130,476		—	2017
AVA Hollywood at La Pietra Place	Hollywood, CA	695		99,309		272,596		2,010		99,309		274,606		373,915		37,712		336,203		346,636		—	2021

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
Avalon Monrovia	Monrovia, CA	154		$12,125		$56,233		$195		$12,125		$56,428		$68,553		$5,649		$62,904		$65,150		$—	2021
Avalon Mission Oaks	Camarillo, CA	160		9,600		37,566		2,502		9,600		40,068		49,668		14,377		35,291		36,101		—	2014
Avalon Chino Hills	Chino Hills, CA	331		16,617		79,829		1,099		16,617		80,928		97,545		19,785		77,760		80,473		—	2017
AVA North Hollywood	North Hollywood, CA	156		18,408		52,280		2,320		18,408		54,600		73,008		16,375		56,633		58,572		—	2015/2016
Avalon Cerritos	Cerritos, CA	132		8,869		51,452		1,030		8,869		52,482		61,351		10,562		50,789		52,867		30,250	2017/2019
Avalon Simi Valley	Simi Valley, CA	500		42,020		73,345		13,151		42,020		86,496		128,516		36,353		92,163		94,588		—	2007/2013
AVA Studio City II	Studio City, CA	101		4,626		22,941		8,188		4,626		31,129		35,755		12,385		23,370		24,296		—	1991/2013
Avalon Studio City	Studio City, CA	276		15,756		78,166		19,782		15,756		97,948		113,704		40,965		72,739		76,417		—	2002/2013
Avalon Calabasas	Calabasas, CA	600		42,720		107,368		28,616		42,720		135,984		178,704		67,697		111,007		115,715		—	1988/2013
Avalon Oak Creek	Agoura Hills, CA	336		43,540		79,827		12,286		43,540		92,113		135,653		45,131		90,522		92,637		—	2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133		32,000		60,705		16,377		32,000		77,082		109,082		30,005		79,077		81,034		—	2007/2013
eaves Old Town Pasadena	Pasadena, CA	96		9,110		15,371		7,555		9,110		22,926		32,036		9,317		22,719		23,292		—	1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	158		13,950		20,052		7,148		13,950		27,200		41,150		14,258		26,892		27,613		—	1992/2013
eaves Los Feliz	Los Angeles, CA	263		18,940		43,661		14,420		18,940		58,081		77,021		24,175		52,846		54,878		41,400	1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151		86,450		161,078		95,036		86,450		256,114		342,564		94,367		248,197		253,476		—	1973/2013
eaves Woodland Hills	Woodland Hills, CA	888		68,940		90,507		26,038		68,940		116,545		185,485		54,334		131,151		134,282		111,500	1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148		12,810		22,515		4,401		12,810		26,916		39,726		12,276		27,450		27,659		—	2002/2013
Avalon Pasadena	Pasadena, CA	120		10,240		31,558		7,000		10,240		38,558		48,798		15,345		33,453		34,559		—	2004/2013
AVA Studio City I	Studio City, CA	450		17,658		90,562		37,807		17,658		128,369		146,027		49,319		96,708		101,202		—	1987/2013
Total Los Angeles, CA	12,143		$825,381		$2,278,540		$557,262		$825,381		$2,835,802		$3,661,183		$1,128,846		$2,532,337		$2,606,696		$183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145		$1,975		$3,814		$10,806		$1,975		$14,620		$16,595		$9,899		$6,696		$6,734		$—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166		2,517		9,245		6,229		2,517		15,474		17,991		12,243		5,748		5,573		—	1984/1996
eaves South Coast	Costa Mesa, CA	258		4,709		16,063		15,495		4,709		31,558		36,267		23,224		13,043		13,049		—	1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	302		4,607		16,902		14,958		4,607		31,860		36,467		22,841		13,626		13,657		—	1990/1997
eaves Huntington Beach	Huntington Beach, CA	304		4,871		19,731		13,091		4,871		32,822		37,693		27,339		10,354		11,122		—	1971/1997
Avalon Irvine I	Irvine, CA	279		9,911		67,520		7,686		9,911		75,206		85,117		35,582		49,535		50,566		—	2010
Avalon Irvine II	Irvine, CA	179		4,358		40,905		1,654		4,358		42,559		46,917		16,074		30,843		32,044		—	2013
eaves Lake Forest	Lake Forest, CA	225		5,199		21,117		7,790		5,199		28,907		34,106		12,905		21,201		21,661		—	1975/2011
Avalon Baker Ranch	Lake Forest, CA	430		31,689		98,004		987		31,689		98,991		130,680		30,569		100,111		103,234		—	2015
Avalon Irvine III	Irvine, CA	156		11,607		43,973		386		11,607		44,359		55,966		12,412		43,554		44,965		—	2016
eaves Seal Beach	Seal Beach, CA	549		46,790		99,999		38,750		46,790		138,749		185,539		52,068		133,471		137,902		—	1971/2013
Avalon Huntington Beach	Huntington Beach, CA	378		13,055		105,981		1,248		13,055		107,229		120,284		28,127		92,157		95,733		—	2017
Total Orange County, CA	3,371		$141,288		$543,254		$119,080		$141,288		$662,334		$803,622		$283,283		$520,339		$536,240		$—

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
San Diego, CA
AVA Pacific Beach	San Diego, CA	564		$9,922		$40,580		$44,172		$9,922		$84,752		$94,674		$58,896		$35,778		$38,380		$—	1969/1997
eaves Mission Ridge	San Diego, CA	200		2,710		10,924		15,906		2,710		26,830		29,540		20,756		8,784		8,229		—	1960/1997
eaves San Marcos	San Marcos, CA	184		3,277		13,385		7,260		3,277		20,645		23,922		8,165		15,757		16,014		—	1988/2011
eaves Rancho Penasquitos	San Diego, CA	250		6,692		27,143		12,493		6,692		39,636		46,328		17,133		29,195		29,449		—	1986/2011
Avalon Vista	Vista, CA	221		12,689		43,328		977		12,689		44,305		56,994		13,955		43,039		44,449		—	2015
eaves La Mesa	La Mesa, CA	168		9,490		28,482		4,849		9,490		33,331		42,821		16,369		26,452		27,526		—	1989/2013
Avalon La Jolla Colony	San Diego, CA	180		16,760		27,694		12,707		16,760		40,401		57,161		17,641		39,520		40,944		—	1987/2013
Total San Diego, CA	1,767		$61,540		$191,536		$98,364		$61,540		$289,900		$351,440		$152,915		$198,525		$204,991		$—
TOTAL SOUTHERN CALIFORNIA	17,281		$1,028,209		$3,013,330		$774,706		$1,028,209		$3,788,036		$4,816,245		$1,565,044		$3,251,201		$3,347,927		$183,150
OTHER EXPANSION REGIONS
North Carolina
Avalon South End	Charlotte, NC	265		$13,723		$87,978		$5,176		$13,723		$93,154		$106,877		$10,916		$95,961		$97,335		$—	2020/2021
AVA South End	Charlotte, NC	164		9,367		44,623		2,133		9,367		46,756		56,123		4,756		51,367		51,675		—	2013/2021
Avalon Hawk (1)	Charlotte, NC	71		2,564		44,056		227		2,564		44,283		46,847		3,729		43,118		44,649		—	2021/2021
Total North Carolina	500		$25,654		$176,657		$7,536		$25,654		$184,193		$209,847		$19,401		$190,446		$193,659		$—
Texas
Avalon Lakeside	Flower Mound, TX	425		$15,073		$98,057		$5,105		$15,073		$103,162		$118,235		$14,595		$103,640		$107,962		$—	2015/2021
Total Texas	425		$15,073		$98,057		$5,105		$15,073		$103,162		$118,235		$14,595		$103,640		$107,962		$—
TOTAL EXPANSION REGIONS	925		$40,727		$274,714		$12,641		$40,727		$287,355		$328,082		$33,996		$294,086		$301,621		$—
TOTAL SAME STORE	74,730		$4,187,849		$15,696,256		$2,514,873		$4,187,849		$18,211,129		$22,398,978		$7,183,770		$15,215,208		$15,731,734		$681,001

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
OTHER STABILIZED
Avalon Brea Place	Brea, CA	653			$72,925			$220,062				$36			$72,925			$220,098				$293,023			$17,267			$275,756			$282,419		$—	2022
AVA RiNo	Denver, CO	246		15,152			71,666		—			15,152		71,666			86,818		5,460			81,358		84,033			—		2022
Avalon Flatirons	Lafayette, CO	207		7,390			87,130		1,399			7,390		88,529			95,919		8,030			87,889		91,038			—		2020/2022
Avalon Miramar Park Place	Miramar, FL	650		50,919			230,931		15,110			50,919		246,041			296,960		29,089			267,871		277,761			—		2022/2022
Avalon Woburn	Woburn, MA	350		21,576			97,844		787			21,576		98,631			120,207		8,238			111,969		115,430			—		2022
Avalon 555 President	Baltimore, MD	400		13,168			121,333		45			13,168		121,378			134,546		15,749			118,797		125,018			—		2021
Avalon Foundry Row	Owings Mill, MD	437		11,132			86,261		—			11,132		86,261			97,393		8,529			88,864		91,611			—		2022
Avalon Highland Creek	Charlotte, NC	260		4,586			71,200		1,822			4,586		73,022			77,608		5,715			71,893		75,672			—		2022/2022
Avalon Mooresville	Mooresville, NC	203		3,770			47,565		958			3,770		48,523			52,293		856			51,437		—			—		2017/2023
Avalon Addison	Addison, TX	196		11,174			57,809		1,237			11,174		59,046			70,220		4,958			65,262		67,180			—		1995/2022
Avalon Frisco at Main	Frisco, TX	360		11,919			68,210		3,301			11,919		71,511			83,430		3,066			80,364		—			—		2013/2023
Avalon West Plano	Carrollton, TX	568		14,100			115,399		7,880			14,100		123,279			137,379		4,503			132,876		—			63,041		2016/2023
AVA Ballston	Arlington, VA	344		7,291			29,177		28,545			7,291		57,722			65,013		39,188			25,825		27,056			—		1990
AVA Ballston Square	Arlington, VA	714		71,640			215,937		60,475			71,640		276,412			348,052		104,173			243,879		243,726			—		1992/2013
The Park Loggia Commercial	New York, NY	N/A	77,393			76,410		10,233			77,393		86,643			164,036		12,836			151,200		152,293			—		2019
TOTAL OTHER STABILIZED	5,588		$394,135				$1,596,934			$131,828			$394,135				$1,728,762			$2,122,897			$267,657				$1,855,240			$1,633,237		$63,041
TOTAL CURRENT COMMUNITIES (4)	80,318		$4,581,984				$17,293,190			$2,646,701			$4,581,984				$19,939,891			$24,521,875			$7,451,427				$17,070,448			$17,364,971		$744,042
DEVELOPMENT (4)
Avalon West Dublin	Dublin, CA	499			$9,003			$53,197				$177,920			$9,003			$231,117				$240,120			$280			$239,840			$157,784		$—	N/A
Avalon Westminster Promenade	Westminster, CO	312		—			—		91,833			—		91,833			91,833		—			91,833		48,830			—		N/A
Avalon Governor's Park	Denver, CO	304		—			—		106,898			—		106,898			106,898		—			106,898		44,987			—		N/A
Avalon Merrick Park	Miami, FL	254		18,029			77,160		—			18,029		77,160			95,189		1,738			93,451		85,052			—		2023
Avalon South Miami	South Miami, FL	290		—			—		43,909			—		43,909			43,909		—			43,909		—			—		N/A
Avalon North Andover	North Andover, MA	221		13,612			61,895		—			13,612		61,895			75,507		2,190			73,317		59,448			—		2023
Avalon Brighton	Boston, MA	180		11,157			76,931		315			11,157		77,246			88,403		2,048			86,355		76,197			—		2023
Kanso Milford	Milford, MA	162		—			—		38,557			—		38,557			38,557		—			38,557		15,540			—		N/A
Avalon Annapolis	Annapolis, MD	508		—			—		115,599			—		115,599			115,599		—			115,599		66,119			—		N/A
Avalon Hunt Valley West	Hunt Valley, MD	322		—			—		29,616			—		29,616			29,616		—			29,616		—			—		N/A
Avalon Durham	Durham, NC	336		—			—		80,784			—		80,784			80,784		—			80,784		33,214			—		N/A
Avalon Lake Norman	Mooresville, NC	345		—			—		20,233			—		20,233			20,233		—			20,233		—			—		N/A
Avalon Montville	Montville, NJ	349		1,915			26,884		82,146			1,915		109,030			110,945		87			110,858		49,944			—		N/A
Avalon Somerville Station (1)	Somerville, NJ	374		16,663			97,348		321			16,663		97,669			114,332		4,455			109,877		98,470			—		2023

Community · City and state · # of homes · Land and Improvements · Building /Construction inProgress &Improvements · CostsSubsequent toAcquisition /Construction · Land and Improvements · Building /Construction inProgress &Improvements · Total · AccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Total Cost,Net ofAccumulatedDepreciation · Encumbrances · Year ofCompletion /Acquisition
Avalon West Windsor	West Windsor, NJ	535		$—		$—		$50,414		$—		$50,414		$50,414		$—		$50,414		$30,097		$—		N/A
Avalon Princeton Shopping Center	Princeton, NJ	200		—		—		25,615		—		25,615		25,615		—		25,615		—		—		N/A
Avalon Wayne	Wayne, NJ	473		—		—		23,811		—		23,811		23,811		—		23,811		—		—		N/A
Avalon Parsippany	Parsippany, NJ	410		—		—		17,012		—		17,012		17,012		—		17,012		—		—		N/A
Avalon Princeton Circle	Princeton, NJ	221		11,705		73,366		55		11,705		73,421		85,126		644		84,482		42,622		—		2023
Avalon Harrison	Harrison, NY	143		14,374		75,589		198		14,374		75,787		90,161		4,529		85,632		80,864		—		2023
Avalon Harbor Isle	Island Park, NY	172		16,486		75,196		—		16,486		75,196		91,682		3,868		87,814		89,662		—		2022
Avalon Amityville	Amityville, NY	338		10,035		50,071		62,910		10,035		112,981		123,016		441		122,575		81,899		—		N/A
Avalon Bothell Commons	Bothell, WA	467		5,996		46,907		164,309		5,996		211,216		217,212		430		216,782		126,331		—		N/A
Avalon Redmond Campus	Redmond, WA	214		—		—		81,535		—		81,535		81,535		4		81,531		43,599		—		N/A
TOTAL DEVELOPMENT		7,629		$128,975		$714,544		$1,213,990		$128,975		$1,928,534		$2,057,509		$20,714		$2,036,795		$1,230,659		$—
Land Held for Development		N/A	$199,062		$—		$—		$199,062		$—		$199,062		$—		$199,062		$179,204		$—
Corporate Overhead		N/A	9,372		11,414		131,230		9,372		142,644		152,016		85,473		66,543		60,902		7,300,000
2023 Disposed Communities		N/A	—		—		—		—		—		—		—		—		157,071		—
TOTAL		87,947		$4,919,393		$18,019,148		$3,991,921		$4,919,393		$22,011,069		$26,930,462		$7,557,614		$19,372,848		$18,992,807		$8,044,042	(5)

(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 2023, 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) Balance outstanding represents total amount due at maturity, and excludes deferred financing costs and debt discount associated with the unsecured and secured notes of $43,848 and $18,372, respectively.

Amounts include real estate assets held for sale.

The aggregate cost of total real estate for federal income tax purposes was approximately $25,437,272 at December 31, 2023.

The changes in total real estate assets for the years ended December 31, 2023, 2022 and 2021 are as follows:

	December 31, 2023	December 31, 2022	December 31, 2021
Balance, beginning of period	$25,871,363	$24,927,305	$23,962,222
Acquisitions, construction costs and improvements	1,338,187	1,599,311	1,588,314
Dispositions, including casualty losses, and other activity	(279,088)	(655,253)	(623,231)
Balance, end of period	$26,930,462	$25,871,363	$24,927,305

The changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021, are as follows:

	December 31, 2023	December 31, 2022	December 31, 2021
Balance, beginning of period	$6,878,556	$6,217,721	$5,728,440
Depreciation	816,965	814,978	758,596
Dispositions, including casualty losses	(137,907)	(154,143)	(269,315)
Balance, end of period	$7,557,614	$6,878,556	$6,217,721

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.