AVALONBAY COMMUNITIES INC

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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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.

FY2024 · Filed Feb 27, 2025

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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	$17,402	$2,124	$29,963	$32,087	$22,690	$9,397	$9,525	$—	1994
eaves Wilmington	Wilmington, MA	204	2,129	17,563	11,176	2,129	28,739	30,868	21,912	8,956	9,537	—	1999
eaves Quincy	Quincy, MA	245	1,743	14,662	18,169	1,743	32,831	34,574	24,267	10,307	11,013	—	1986/1995
eaves Wilmington West	Wilmington, MA	120	3,318	13,465	5,576	3,318	19,041	22,359	13,728	8,631	9,274	—	2002
Avalon at The Pinehills	Plymouth, MA	192	6,876	30,313	10,858	6,876	41,171	48,047	24,282	23,765	25,089	—	2004
eaves Peabody	Peabody, MA	286	4,645	18,919	18,119	4,645	37,038	41,683	23,901	17,782	18,513	—	1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258	20,551	6,130	4,258	26,681	30,939	18,701	12,238	13,597	—	2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572	45,868	19,228	14,572	65,096	79,668	36,561	43,107	42,399	—	2007
Avalon at Lexington Hills	Lexington, MA	387	8,691	78,502	20,773	8,691	99,275	107,966	60,505	47,461	49,422	—	2008
Avalon Acton	Acton, MA	380	13,124	48,630	13,506	13,124	62,136	75,260	35,767	39,493	42,212	45,000	2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218	41,516	16,043	12,218	57,559	69,777	34,592	35,185	36,942	—	2009
Avalon Acton II	Acton, MA	86	1,723	29,375	2	1,723	29,377	31,100	4,634	26,466	27,592	—	2021
Avalon Northborough	Northborough, MA	382	8,144	52,178	11,286	8,144	63,464	71,608	33,061	38,547	39,859	—	2009
Avalon Exeter (1)	Boston, MA	187	—	109,978	4,687	—	114,665	114,665	41,502	73,163	76,238	—	2014
Avalon Natick	Natick, MA	407	15,645	64,845	5,693	15,645	70,538	86,183	28,327	57,856	59,989	—	2013
Avalon at Assembly Row	Somerville, MA	195	8,599	52,454	9,215	8,599	61,669	70,268	23,716	46,552	48,360	—	2015
AVA Somerville	Somerville, MA	250	10,944	56,457	8,235	10,944	64,692	75,636	24,885	50,751	52,496	—	2015
AVA Back Bay	Boston, MA	271	9,034	36,536	53,915	9,034	90,451	99,485	56,832	42,653	45,312	—	1968/1998
Avalon at Prudential Center II	Boston, MA	266	8,776	35,479	66,539	8,776	102,018	110,794	58,584	52,210	55,229	—	1968/1998
Avalon at Prudential Center I	Boston, MA	243	8,002	32,349	58,209	8,002	90,558	98,560	51,299	47,261	49,935	—	1968/1998
eaves Burlington	Burlington, MA	203	7,714	32,499	10,617	7,714	43,116	50,830	18,593	32,237	33,627	—	1988/2012
Avalon Burlington	Burlington, MA	312	15,600	63,549	20,049	15,600	83,598	99,198	33,874	65,324	65,744	—	1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367	59,723	4,722	15,367	64,445	79,812	21,560	58,252	59,831	—	2015
Avalon North Station	Boston, MA	503	22,796	247,270	1,254	22,796	248,524	271,320	66,675	204,645	212,709	—	2017
Avalon Framingham	Framingham, MA	180	9,315	34,604	797	9,315	35,401	44,716	11,562	33,154	34,220	—	2015
Avalon Quincy	Quincy, MA	395	14,694	79,655	1,613	14,694	81,268	95,962	23,354	72,608	75,117	—	2017
Avalon Easton	South Easton, MA	290	3,170	60,785	1,874	3,170	62,659	65,829	17,022	48,807	50,814	—	2017
Avalon Residences at the Hingham Shipyard	Hingham, MA	190	8,998	55,366	1,083	8,998	56,449	65,447	13,199	52,248	54,091	—	2019
Avalon Sudbury	Sudbury, MA	250	20,280	66,529	1,301	20,280	67,830	88,110	16,367	71,743	73,754	—	2019
Avalon Saugus	Saugus, MA	280	17,808	72,196	1,591	17,808	73,787	91,595	15,891	75,704	78,449	—	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 Norwood	Norwood, MA	198		$9,478		$51,762		$328		$9,478		$52,090		$61,568		$10,614		$50,954		$52,943		$—	2020
Avalon Marlborough II	Marlborough, MA	123		5,523		36,175		63		5,523		36,238		41,761		6,015		35,746		37,343		—	2020
Avalon Easton II	South Easton, MA	44		570		14,090		3		570		14,093		14,663		1,688		12,975		13,506		—	2021
Avalon Woburn	Woburn, MA	350		21,576		97,848		1,094		21,576		98,942		120,518		12,242		108,276		111,969		—	2022
AVA North Point	Cambridge, MA	265		31,263		83,829		551		31,263		84,380		115,643		19,307		96,336		99,358		—	2018/2019
Avalon Bear Hill	Waltham, MA	324		27,350		98,537		28,342		27,350		126,879		154,229		55,941		98,288		102,066		—	1999/2013
TOTAL NEW ENGLAND	9,134		$376,067		$1,966,618		$450,043		$376,067		$2,416,661		$2,792,728		$983,650		$1,809,078		$1,878,074		$45,000
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372		$—		$94,061		$19,316		$—		$113,377		$113,377		$83,944		$29,433		$30,568		$—	2002
Avalon Riverview North (3)	Long Island City, NY	602		—		165,932		20,442		—		186,374		186,374		104,788		81,586		86,853		—	2008
AVA Fort Greene	Brooklyn, NY	631		83,038		216,802		12,951		83,038		229,753		312,791		114,772		198,019		205,038		—	2010
AVA DoBro	Brooklyn, NY	500		76,127		206,762		1,950		76,127		208,712		284,839		63,795		221,044		227,187		—	2017
Avalon Willoughby Square	Brooklyn, NY	326		49,635		134,840		1,323		49,635		136,163		185,798		39,707		146,091		150,409		—	2017
Avalon Brooklyn Bay	Brooklyn, NY	180		9,690		84,361		822		9,690		85,183		94,873		22,599		72,274		74,893		—	2018
Avalon Midtown West	New York, NY	550		154,730		191,891		41,995		154,730		233,886		388,616		94,992		293,624		301,207		69,800	1998/2013
Avalon Clinton North	New York, NY	339		84,069		111,729		11,981		84,069		123,710		207,779		52,790		154,989		158,577		126,400	2008/2013
Avalon Clinton South	New York, NY	288		71,421		94,948		6,383		71,421		101,331		172,752		44,285		128,467		131,292		104,500	2007/2013
Total New York City, NY	3,788		$528,710		$1,301,326		$117,163		$528,710		$1,418,489		$1,947,199		$621,672		$1,325,527		$1,366,024		$300,700
New York - Suburban
Avalon Commons (2)	Smithtown, NY	312		$4,679		$27,811		$18,337		$4,679		$46,148		$50,827		$34,630		$16,197		$14,581		$—	1997
Avalon Melville	Melville, NY	494		9,228		50,059		27,347		9,228		77,406		86,634		57,954		28,680		29,818		—	1997
Avalon White Plains	White Plains, NY	407		15,391		137,312		4,951		15,391		142,263		157,654		75,367		82,287		85,578		—	2009
Avalon Rockville Centre I	Rockville Centre, NY	349		32,212		78,806		7,947		32,212		86,753		118,965		42,051		76,914		80,063		—	2012
Avalon Garden City	Garden City, NY	204		18,205		49,301		2,531		18,205		51,832		70,037		22,187		47,850		49,279		—	2013
Avalon Huntington Station	Huntington Station, NY	303		21,899		58,429		3,442		21,899		61,871		83,770		22,259		61,511		62,972		—	2014
Avalon Great Neck	Great Neck, NY	191		14,777		65,412		786		14,777		66,198		80,975		18,503		62,472		64,333		—	2017
Avalon Rockville Centre II	Rockville Centre, NY	165		7,534		50,981		723		7,534		51,704		59,238		14,112		45,126		46,758		—	2017
Avalon Somers	Baldwin Place, NY	152		5,608		40,591		51		5,608		40,642		46,250		10,951		35,299		36,579		—	2018
Avalon Yonkers	Yonkers, NY	590		28,324		173,748		78		28,324		173,826		202,150		29,553		172,597		178,057		—	2021
Avalon Westbury	Westbury, NY	396		69,620		49,350		15,809		69,620		65,159		134,779		34,817		99,962		101,385		—	2006/2013
Total New York - Suburban	3,563		$227,477		$781,800		$82,002		$227,477		$863,802		$1,091,279		$362,384		$728,895		$749,403		$—
New Jersey
Avalon Cove	Jersey City, NJ	504		$8,760		$82,422		$36,304		$8,760		$118,726		$127,486		$97,240		$30,246		$33,173		$—	1997

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 West Windsor	West Windsor, NJ	512		$5,585		$21,752		$36,652		$5,585		$58,404		$63,989		$40,726		$23,263		$24,499		$—	1988/1993
Avalon at Edgewater I	Edgewater, NJ	168		5,982		24,389		11,491		5,982		35,880		41,862		25,485		16,377		17,384		—	2002
Avalon at Florham Park	Florham Park, NJ	270		6,647		34,906		18,662		6,647		53,568		60,215		38,036		22,179		23,180		—	2001
Avalon North Bergen	North Bergen, NJ	164		8,984		30,994		1,658		8,984		32,652		41,636		14,366		27,270		28,298		—	2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266		14,682		41,610		5,435		14,682		47,045		61,727		20,566		41,161		42,133		—	2012
Avalon at Wesmont Station II	Wood-Ridge, NJ	140		6,502		16,851		934		6,502		17,785		24,287		7,378		16,909		17,524		—	2013
Avalon Bloomingdale	Bloomingdale, NJ	174		3,006		27,801		1,396		3,006		29,197		32,203		11,273		20,930		21,732		—	2014
Avalon Wharton	Wharton, NJ	247		2,273		48,609		1,732		2,273		50,341		52,614		17,783		34,831		36,634		—	2015
Avalon Bloomfield Station (1)	Bloomfield, NJ	224		10,701		36,430		2,473		10,701		38,903		49,604		12,888		36,716		37,961		—	2015
Avalon Roseland	Roseland, NJ	136		11,288		34,868		1,252		11,288		36,120		47,408		12,060		35,348		36,281		—	2015
Avalon Princeton	Princeton, NJ	280		26,461		68,003		2,179		26,461		70,182		96,643		20,774		75,869		77,831		—	2017
Avalon Union	Union, NJ	202		11,695		36,315		1,874		11,695		38,189		49,884		11,903		37,981		38,919		—	2016
Avalon Hoboken	Hoboken, NJ	217		37,237		94,990		3,375		37,237		98,365		135,602		35,951		99,651		102,490		—	2008/2016
Avalon Maplewood	Maplewood, NJ	235		15,179		49,425		3,065		15,179		52,490		67,669		14,974		52,695		54,149		—	2018
Avalon Boonton	Boonton, NJ	350		3,595		89,407		2,055		3,595		91,462		95,057		19,510		75,547		78,339		—	2019
Avalon Teaneck	Teaneck, NJ	248		12,588		60,257		139		12,588		60,396		72,984		12,471		60,513		62,773		—	2020
Avalon Piscataway	Piscataway, NJ	360		14,329		75,897		1,473		14,329		77,370		91,699		18,095		73,604		75,411		—	2019
Avalon Old Bridge	Old Bridge, NJ	252		6,895		64,907		693		6,895		65,600		72,495		10,673		61,822		64,494		—	2021
Avalon at Edgewater II	Edgewater, NJ	240		8,605		60,809		329		8,605		61,138		69,743		15,672		54,071		55,853		—	2018
Total New Jersey	5,189		$220,994		$1,000,642		$133,171		$220,994		$1,133,813		$1,354,807		$457,824		$896,983		$929,058		$—
TOTAL METRO NY/NJ	12,540		$977,181		$3,083,768		$332,336		$977,181		$3,416,104		$4,393,285		$1,441,880		$2,951,405		$3,044,485		$300,700
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall (2)	Washington, D.C.	308		$6,848		$27,614		$27,641		$6,848		$55,255		$62,103		$45,229		$16,874		$18,123		$—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203		8,800		39,658		7,353		8,800		47,011		55,811		33,431		22,380		23,933		—	2003
AVA H Street	Washington, D.C.	138		7,425		25,282		1,530		7,425		26,812		34,237		11,060		23,177		23,334		—	2013
Avalon The Albemarle	Washington DC	234		25,140		55,945		8,135		25,140		64,080		89,220		30,539		58,681		60,875		—	1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166		16,430		24,602		1,706		16,430		26,308		42,738		11,950		30,788		31,231		—	1944/2013
The Statesman	Washington, D.C.	281		38,140		38,732		4,137		38,140		42,869		81,009		20,620		60,389		61,871		—	1961/2013
eaves Glover Park	Washington, D.C.	120		9,580		28,082		1,532		9,580		29,614		39,194		13,789		25,405		26,198		—	1953/2013
AVA Van Ness	Washington, D.C.	269		22,890		61,701		23,324		22,890		85,025		107,915		33,784		74,131		76,501		—	1978/2013
Avalon First and M	Washington, D.C.	469		43,700		156,300		4,115		43,700		160,415		204,115		66,823		137,292		142,452		—	2012/2013
AVA NoMa	Washington, D.C.	438		25,246		114,933		2,595		25,246		117,528		142,774		34,236		108,538		111,563		—	2018
eaves Washingtonian Center	North Potomac, MD	288		4,047		18,553		9,822		4,047		28,375		32,422		23,605		8,817		8,892		—	1996
eaves Columbia Town Center I	Columbia, MD	392		8,802		35,536		17,794		8,802		53,330		62,132		33,957		28,175		28,778		—	1986/1993
Avalon at Grosvenor Station	North Bethesda, MD	497		29,159		52,993		12,951		29,159		65,944		95,103		44,836		50,267		50,315		—	2004

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 at Traville	Rockville, MD	520		$14,365		$55,398		$11,930		$14,365		$67,328		$81,693		$47,210		$34,483		$36,097		$—	2004
AVA Wheaton	Wheaton, MD	319		6,494		69,027		343		6,494		69,370		75,864		19,023		56,841		58,982		—	2018
Kanso Twinbrook	Rockville, MD	238		9,151		56,955		53		9,151		57,008		66,159		8,546		57,613		59,823		—	2021
Avalon Hunt Valley	Hunt Valley, MD	332		10,872		62,974		1,036		10,872		64,010		74,882		18,511		56,371		57,901		—	2017
Avalon Laurel (2)	Laurel, MD	344		10,130		61,685		4,210		10,130		65,895		76,025		18,473		57,552		56,200		—	2017
Avalon Towson	Towson, MD	371		12,906		98,279		32		12,906		98,311		111,217		17,471		93,746		97,691		—	2020
Avalon Fairway Hills - Meadows	Columbia, MD	192		2,323		9,297		9,542		2,323		18,839		21,162		13,275		7,887		7,475		—	1987/1996
Avalon Fairway Hills - Woods	Columbia, MD	336		3,958		15,839		17,016		3,958		32,855		36,813		22,948		13,865		14,722		—	1987/1996
Avalon Arundel Crossing II	Linthicum Heights, MD	310		12,208		72,422		986		12,208		73,408		85,616		20,996		64,620		66,852		—	2018/2018
Avalon 555 President	Baltimore, MD	400		13,168		121,773		84		13,168		121,857		135,025		21,282		113,743		118,797		—	2021
Kanso Silver Spring	Silver Spring, MD	151		3,471		42,108		1,856		3,471		43,964		47,435		10,022		37,413		38,923		—	2009/2019
Avalon Foundry Row	Owings Mills, MD	437		11,132		86,261		5		11,132		86,266		97,398		12,118		85,280		88,864		—	2022
Avalon Arundel Crossing	Linthicum Heights, MD	384		9,933		111,114		777		9,933		111,891		121,824		20,862		100,962		105,866		—	2020/2021
Avalon Russett	Laurel, MD	238		10,200		49,834		6,437		10,200		56,271		66,471		25,479		40,992		41,769		32,200	1999/2013
eaves Fair Lakes	Fairfax, VA	420		6,096		24,400		16,364		6,096		40,764		46,860		33,232		13,628		15,311		—	1989/1996
AVA Ballston	Arlington, VA	344		7,291		29,177		28,870		7,291		58,047		65,338		40,322		25,016		25,825		—	1990
eaves Fairfax City	Fairfax, VA	141		2,152		8,907		6,004		2,152		14,911		17,063		11,577		5,486		5,860		—	1988/1997
Avalon Tysons Corner (2)	Tysons Corner, VA	558		13,851		43,397		25,232		13,851		68,629		82,480		48,808		33,672		29,733		—	1996
Avalon at Arlington Square	Arlington, VA	842		22,041		90,296		41,915		22,041		132,211		154,252		85,469		68,783		70,724		—	2001
eaves Fairfax Towers	Falls Church, VA	415		17,889		74,727		17,382		17,889		92,109		109,998		42,776		67,222		70,003		—	1978/2011
Avalon Mosaic	Fairfax, VA	531		33,490		75,801		3,527		33,490		79,328		112,818		29,585		83,233		85,273		—	2014
Avalon Potomac Yard	Alexandria, VA	323		24,225		84,530		2,094		24,225		86,624		110,849		31,065		79,784		82,277		—	2014/2016
Avalon Clarendon	Arlington, VA	300		22,573		99,297		8,198		22,573		107,495		130,068		38,282		91,786		94,537		—	2002/2016
Avalon Dunn Loring	Vienna, VA	440		29,377		120,884		2,343		29,377		123,227		152,604		39,524		113,080		116,566		—	2012/2017
eaves Tysons Corner (2)	Vienna, VA	217		16,030		47,572		3,051		16,030		50,623		66,653		24,637		42,016		43,403		—	1980/2013
Avalon Courthouse Place	Arlington, VA	564		56,550		185,632		13,819		56,550		199,451		256,001		86,376		169,625		175,646		—	1999/2013
Avalon Arlington North	Arlington, VA	228		21,600		59,076		10,173		21,600		69,249		90,849		26,281		64,568		66,737		—	2014
Avalon Reston Landing	Reston, VA	400		26,710		86,934		13,433		26,710		100,367		127,077		49,089		77,988		81,597		—	2000/2013
Avalon Falls Church	Falls Church, VA	384		39,544		66,160		5,223		39,544		71,383		110,927		22,513		88,414		86,209		—	2016
TOTAL MID-ATLANTIC	14,482		$715,937		$2,689,687		$374,570		$715,937		$3,064,257		$3,780,194		$1,289,611		$2,490,583		$2,563,729		$32,200
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370		$21,430		$117,895		$2,576		$21,430		$120,471		$141,901		$35,345		$106,556		$110,254		$—	2017/2017
Avalon Doral	Doral, FL	350		23,375		93,027		(61)		23,375		92,966		116,341		14,060		102,281		105,597		—	2020
Avalon West Palm Beach	West Palm Beach, FL	290		9,597		94,119		4,461		9,597		98,580		108,177		26,177		82,000		84,017		—	2018/2018
Avalon Bonterra	Hialeah, FL	314		16,655		73,977		1,158		16,655		75,135		91,790		20,811		70,979		73,720		—	2018/2019
Avalon Toscana	Margate, FL	240		9,213		51,480		1,229		9,213		52,709		61,922		12,965		48,957		51,019		—	2016/2019

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 Fort Lauderdale	Fort Lauderdale, FL	243		$20,029		$126,505		$2,880		$20,029		$129,385		$149,414		$18,929		$130,485		$135,558		$—	2020/2021
Avalon Miramar	Miramar, FL	380		17,959		116,276		823		17,959		117,099		135,058		19,996		115,062		119,360		—	2018/2021
Avalon Miramar Park Place	Miramar, FL	650		50,919		245,728		1,043		50,919		246,771		297,690		39,457		258,233		267,871		—	2022/2022
TOTAL SOUTHEAST FLORIDA	2,837		$169,177		$919,007		$14,109		$169,177		$933,116		$1,102,293		$187,740		$914,553		$947,396		$—
DENVER,CO
Avalon Denver West	Lakewood, CO	252		$8,047		$69,373		$2,387		$8,047		$71,760		$79,807		$21,907		$57,900		$59,841		$—	2016/2017
Avalon Castle Rock at the Meadows	Castle Rock, CO	240		8,527		65,325		1,090		8,527		66,415		74,942		18,397		56,545		58,371		—	2018/2018
Avalon Red Rocks	Littleton, CO	256		4,461		71,477		549		4,461		72,026		76,487		20,219		56,268		58,355		—	2018/2018
Avalon Southlands	Aurora, CO	338		5,101		86,653		682		5,101		87,335		92,436		23,768		68,668		71,356		—	2018/2019
AVA RiNo	Denver, CO	246		15,152		71,666		—		15,152		71,666		86,818		8,289		78,529		81,358		—	2022
Avalon Flatirons	Lafayette, CO	207		7,390		88,438		418		7,390		88,856		96,246		11,573		84,673		87,889		—	2020/2022
TOTAL DENVER, CO		1,539		$48,678		$452,932		$5,126		$48,678		$458,058		$506,736		$104,153		$402,583		$417,170		$—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264		$6,786		$27,641		$10,172		$6,786		$37,813		$44,599		$31,304		$13,295		$14,044		$—	1998/1998
Avalon Bellevue	Bellevue, WA	201		6,664		24,119		8,132		6,664		32,251		38,915		24,210		14,705		16,079		—	2001
eaves RockMeadow	Bothell, WA	206		4,777		19,765		7,380		4,777		27,145		31,922		20,657		11,265		11,405		—	2000/2000
Avalon ParcSquare	Redmond, WA	124		3,789		15,139		5,854		3,789		20,993		24,782		16,100		8,682		8,256		—	2000/2000
Avalon Meydenbauer	Bellevue, WA	368		12,697		77,450		9,388		12,697		86,838		99,535		48,733		50,802		52,836		—	2008
Avalon Towers Bellevue (3)	Bellevue, WA	397		—		123,029		8,844		—		131,873		131,873		63,549		68,324		71,663		—	2011
AVA Queen Anne	Seattle, WA	203		12,081		41,618		2,233		12,081		43,851		55,932		19,797		36,135		37,425		—	2012
Avalon Alderwood I	Lynnwood, WA	367		12,294		55,627		1,407		12,294		57,034		69,328		20,395		48,933		50,500		—	2015
AVA Capitol Hill	Seattle, WA	249		20,613		59,986		1,756		20,613		61,742		82,355		20,306		62,049		63,829		—	2016
Avalon Esterra Park	Redmond, WA	482		23,178		112,986		1,974		23,178		114,960		138,138		34,280		103,858		107,376		—	2017
Avalon Alderwood II	Lynnwood, WA	124		5,072		21,418		248		5,072		21,666		26,738		6,361		20,377		20,991		—	2016
Avalon Newcastle Commons I	Newcastle, WA	378		9,649		111,600		1,957		9,649		113,557		123,206		30,124		93,082		96,521		—	2017
Avalon Belltown Towers	Seattle, WA	274		24,638		121,064		1,413		24,638		122,477		147,115		26,031		121,084		125,497		—	2019
AVA Esterra Park	Redmond, WA	323		16,405		74,568		113		16,405		74,681		91,086		16,898		74,188		76,695		—	2019
Avalon Newcastle Commons II	Newcastle, WA	293		6,982		99,969		208		6,982		100,177		107,159		14,434		92,725		96,417		—	2021
Avalon North Creek	Bothell, WA	316		13,498		69,013		97		13,498		69,110		82,608		14,600		68,008		70,524		—	2020
eaves Redmond Campus	Redmond, WA	374		15,665		84,852		29,388		15,665		114,240		129,905		50,811		79,094		82,813		—	1991/2013
Archstone Redmond Lakeview	Redmond, WA	166		10,250		28,163		5,981		10,250		34,144		44,394		17,669		26,725		27,919		—	1987/2013
TOTAL PACIFIC NORTHWEST	5,109		$205,038		$1,168,007		$96,545		$205,038		$1,264,552		$1,469,590		$476,259		$993,331		$1,030,790		$—

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		$47,825		$16,213		$11,830		$64,038		$75,868		$50,750		$25,118		$26,846		$—	1995
eaves San Jose	San Jose, CA	442		12,920		53,047		20,867		12,920		73,914		86,834		53,435		33,399		35,666		—	1985/1996
Avalon on the Alameda	San Jose, CA	307		6,119		50,214		15,090		6,119		65,304		71,423		51,285		20,138		22,240		—	1999
Avalon Silicon Valley	Sunnyvale, CA	714		20,713		99,573		41,333		20,713		140,906		161,619		105,580		56,039		59,113		—	1998
Avalon Mountain View	Mountain View, CA	248		9,755		39,387		13,452		9,755		52,839		62,594		43,710		18,884		20,758		—	1986
eaves Creekside	Mountain View, CA	300		6,546		26,263		23,413		6,546		49,676		56,222		37,710		18,512		20,143		—	1962/1997
Avalon at Cahill Park	San Jose, CA	218		4,765		47,600		5,289		4,765		52,889		57,654		39,583		18,071		19,848		—	2002
Avalon Towers on the Peninsula	Mountain View, CA	211		9,560		56,136		16,868		9,560		73,004		82,564		49,363		33,201		34,617		—	2002
Avalon Morrison Park	San Jose, CA	250		13,837		64,521		2,090		13,837		66,611		80,448		25,221		55,227		57,299		—	2014
Avalon Willow Glen	San Jose, CA	412		46,060		85,637		5,564		46,060		91,201		137,261		44,832		92,429		95,551		—	2002/2013
eaves West Valley	San Jose, CA	873		90,890		138,555		11,317		90,890		149,872		240,762		71,451		169,311		174,470		—	1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	404		64,070		73,438		14,821		64,070		88,259		152,329		46,178		106,151		110,005		—	1969/2013
Total San Jose, CA		4,727		$297,065		$782,196		$186,317		$297,065		$968,513		$1,265,578		$619,098		$646,480		$676,556		$—
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	308		$10,746		$43,399		$31,906		$10,746		$75,305		$86,051		$48,992		$37,059		$39,436		$—	1992/1994
eaves Dublin (2)	Dublin, CA	204		5,276		19,642		27,254		5,276		46,896		52,172		25,551		26,621		14,594		—	1989/1997
eaves Pleasanton	Pleasanton, CA	456		11,610		46,552		54,062		11,610		100,614		112,224		58,406		53,818		52,044		—	1988/1994
eaves Union City	Union City, CA	208		4,249		16,820		6,001		4,249		22,821		27,070		19,353		7,717		7,903		—	1973/1996
eaves Fremont	Fremont, CA	237		6,581		26,583		13,352		6,581		39,935		46,516		32,157		14,359		15,628		—	1985/1994
Avalon Union City	Union City, CA	439		14,732		104,024		7,955		14,732		111,979		126,711		58,088		68,623		71,867		—	2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422		—		148,846		8,215		—		157,061		157,061		77,412		79,649		84,385		4,681	2010
Avalon Dublin Station	Dublin, CA	253		7,772		72,142		2,454		7,772		74,596		82,368		27,827		54,541		56,225		—	2014
Avalon Dublin Station II	Dublin, CA	252		7,762		76,587		1,596		7,762		78,183		85,945		23,732		62,213		63,881		—	2016
Avalon Public Market (1)	Emeryville, CA	289		27,394		149,011		(2,963)		27,394		146,048		173,442		28,117		145,325		150,880		—	2020
Avalon Walnut Creek II (3)	Walnut Creek, CA	200		—		111,073		2,461		—		113,534		113,534		18,774		94,760		98,785		—	2020
eaves Walnut Creek	Walnut Creek, CA	510		30,320		86,475		15,494		30,320		101,969		132,289		45,125		87,164		89,379		—	1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106		9,860		20,630		5,494		9,860		26,124		35,984		11,443		24,541		25,192		—	2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360		27,190		60,209		11,593		27,190		71,802		98,992		32,710		66,282		68,241		—	1989/2013
Total Oakland - East Bay, CA	4,244		$163,492		$981,993		$184,874		$163,492		$1,166,867		$1,330,359		$507,687		$822,672		$838,440		$4,681
San Francisco, CA
AVA Nob Hill	San Francisco, CA	185		$5,403		$21,567		$12,489		$5,403		$34,056		$39,459		$25,989		$13,470		$13,732		$—	1990/1995
eaves Foster City	Foster City, CA	290		7,852		31,445		17,454		7,852		48,899		56,751		37,706		19,045		19,576		—	1973/1994
eaves Pacifica	Pacifica, CA	220		6,125		24,792		6,107		6,125		30,899		37,024		26,665		10,359		11,048		—	1971/1995

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 Sunset Towers	San Francisco, CA	243		$3,561		$21,313		$17,915		$3,561		$39,228		$42,789		$29,787		$13,002		$14,142		$—	1961/1996
Avalon at Mission Bay I	San Francisco, CA	250		14,029		78,452		11,820		14,029		90,272		104,301		66,712		37,589		39,717		—	2003
Avalon at Mission Bay III	San Francisco, CA	260		28,687		119,156		2,031		28,687		121,187		149,874		63,247		86,627		90,364		—	2009
Avalon Ocean Avenue	San Francisco, CA	173		5,544		50,906		3,715		5,544		54,621		60,165		23,938		36,227		37,777		—	2012
AVA 55 Ninth	San Francisco, CA	273		20,267		97,321		1,822		20,267		99,143		119,410		37,257		82,153		85,383		—	2014
Avalon Hayes Valley	San Francisco, CA	182		12,595		81,228		1,540		12,595		82,768		95,363		28,039		67,324		69,869		—	2015
Avalon Dogpatch	San Francisco, CA	326		23,523		180,698		835		23,523		181,533		205,056		46,162		158,894		164,414		—	2018
Avalon San Bruno I	San Bruno, CA	300		40,780		71,352		7,368		40,780		78,720		119,500		37,665		81,835		84,122		55,250	2004/2013
Avalon San Bruno II	San Bruno, CA	185		23,787		46,609		2,972		23,787		49,581		73,368		21,243		52,125		53,227		—	2007/2013
Avalon San Bruno III	San Bruno, CA	187		33,303		65,255		2,117		33,303		67,372		100,675		28,791		71,884		73,424		51,000	2010/2013
Total San Francisco, CA	3,074		$225,456		$890,094		$88,185		$225,456		$978,279		$1,203,735		$473,201		$730,534		$756,795		$106,250
TOTAL NORTHERN CALIFORNIA	12,045		$686,013		$2,654,283		$459,376		$686,013		$3,113,659		$3,799,672		$1,599,986		$2,199,686		$2,271,791		$110,931
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	750		$22,483		$28,078		$59,108		$22,483		$87,186		$109,669		$61,596		$48,073		$47,224		$—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663		23,828		40,329		89,549		23,828		129,878		153,706		73,009		80,697		82,691		—	1989/1997
eaves Warner Center (2)	Woodland Hills, CA	228		7,045		12,974		18,090		7,045		31,064		38,109		23,286		14,823		12,227		—	1979/1998
Avalon Glendale (3)	Glendale, CA	223		—		42,564		4,521		—		47,085		47,085		33,662		13,423		14,636		—	2003
Avalon Burbank	Burbank, CA	401		14,053		56,814		32,377		14,053		89,191		103,244		58,956		44,288		44,329		—	1988/2002
Avalon Camarillo	Camarillo, CA	249		8,446		40,239		5,492		8,446		45,731		54,177		28,653		25,524		26,472		—	2006
Avalon Wilshire	Los Angeles, CA	125		5,459		41,174		7,869		5,459		49,043		54,502		30,231		24,271		26,124		—	2007
Avalon Encino	Encino, CA	132		12,789		49,062		5,168		12,789		54,230		67,019		29,008		38,011		38,842		—	2008
Avalon Warner Place	Canoga Park, CA	210		7,920		44,823		4,087		7,920		48,910		56,830		27,297		29,533		31,232		—	2008
AVA Little Tokyo	Los Angeles, CA	280		14,734		93,977		2,750		14,734		96,727		111,461		34,411		77,050		79,899		—	2015
eaves Phillips Ranch	Pomona, CA	503		9,796		41,675		17,506		9,796		59,181		68,977		26,694		42,283		41,537		—	1989/2011
eaves San Dimas	San Dimas, CA	102		1,916		7,803		3,224		1,916		11,027		12,943		5,411		7,532		7,460		—	1978/2011
eaves San Dimas Canyon	San Dimas, CA	156		2,953		12,369		2,786		2,953		15,155		18,108		7,403		10,705		10,917		—	1981/2011
AVA Pasadena	Pasadena, CA	84		8,400		11,522		6,865		8,400		18,387		26,787		7,750		19,037		19,238		—	1973/2012
eaves Cerritos	Artesia, CA	151		8,305		21,195		3,267		8,305		24,462		32,767		10,406		22,361		23,100		—	1973/2012
Avalon Playa Vista	Los Angeles, CA	309		30,900		71,944		10,551		30,900		82,495		113,395		38,120		75,275		77,685		—	2006/2012
Avalon San Dimas	San Dimas, CA	162		9,141		30,726		3,711		9,141		34,437		43,578		11,859		31,719		30,005		—	2014
Avalon Glendora	Glendora, CA	281		18,311		64,303		1,429		18,311		65,732		84,043		21,457		62,586		64,455		—	2016
Avalon West Hollywood	West Hollywood, CA	294		35,214		118,926		2,584		35,214		121,510		156,724		33,905		122,819		126,390		—	2017
Avalon Mission Oaks	Camarillo, CA	160		9,600		38,666		2,034		9,600		40,700		50,300		15,829		34,471		35,291		—	2014
Avalon Chino Hills	Chino Hills, CA	331		16,617		79,829		1,682		16,617		81,511		98,128		22,663		75,465		77,760		—	2017
AVA Hollywood at La Pietra Place	Los Angeles, CA	695		99,309		272,596		2,499		99,309		275,095		374,404		48,530		325,874		336,203		—	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 Cerritos	Cerritos, CA	132		$8,869		$52,025		$665		$8,869		$52,690		$61,559		$12,448		$49,111		$50,789		$30,250	2017/2019
Avalon Monrovia	Monrovia, CA	154		12,125		56,202		374		12,125		56,576		68,701		7,918		60,783		62,904		—	2021
Avalon Simi Valley	Simi Valley, CA	500		42,020		77,521		10,470		42,020		87,991		130,011		40,302		89,709		92,163		—	2007/2013
AVA Studio City II	Studio City, CA	101		4,626		23,840		7,347		4,626		31,187		35,813		13,486		22,327		23,370		—	1991/2013
Avalon Studio City	Studio City, CA	276		15,756		81,361		17,011		15,756		98,372		114,128		44,667		69,461		72,739		—	2002/2013
Avalon Calabasas	Calabasas, CA	600		42,720		112,911		25,819		42,720		138,730		181,450		74,665		106,785		111,007		—	1988/2013
Avalon Oak Creek	Agoura Hills, CA	338		43,540		83,625		10,657		43,540		94,282		137,822		49,769		88,053		90,522		—	2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133		32,000		63,612		14,294		32,000		77,906		109,906		32,915		76,991		79,077		—	2007/2013
eaves Old Town Pasadena	Pasadena, CA	96		9,110		16,316		6,743		9,110		23,059		32,169		10,080		22,089		22,719		—	1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	158		13,950		21,574		6,198		13,950		27,772		41,722		15,637		26,085		26,892		—	1992/2013
eaves Los Feliz	Los Angeles, CA	263		18,940		46,201		12,644		18,940		58,845		77,785		26,613		51,172		52,846		41,400	1989/2013
AVA Toluca Hills (2)	Los Angeles, CA	1,151		86,450		170,276		95,364		86,450		265,640		352,090		102,318		249,772		248,197		—	1973/2013
eaves Woodland Hills	Woodland Hills, CA	891		68,940		96,808		24,026		68,940		120,834		189,774		60,028		129,746		131,151		111,500	1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148		12,810		24,045		4,194		12,810		28,239		41,049		13,499		27,550		27,450		—	2002/2013
Avalon Pasadena	Pasadena, CA	120		10,240		33,038		5,743		10,240		38,781		49,021		16,612		32,409		33,453		—	2004/2013
AVA Studio City I	Studio City, CA	450		17,658		94,249		34,908		17,658		129,157		146,815		54,024		92,791		96,708		—	1987/2013
Total Los Angeles, CA	12,000		$806,973		$2,275,192		$563,606		$806,973		$2,838,798		$3,645,771		$1,225,117		$2,420,654		$2,475,704		$183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145		$1,975		$3,814		$11,792		$1,975		$15,606		$17,581		$10,478		$7,103		$6,696		$—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166		2,517		9,241		6,979		2,517		16,220		18,737		13,024		5,713		5,748		—	1984/1996
eaves South Coast	Costa Mesa, CA	258		4,709		16,063		15,755		4,709		31,818		36,527		24,428		12,099		13,043		—	1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	302		4,607		16,895		15,861		4,607		32,756		37,363		24,362		13,001		13,626		—	1990/1997
eaves Huntington Beach	Huntington Beach, CA	304		4,871		19,729		13,791		4,871		33,520		38,391		28,606		9,785		10,354		—	1971/1997
Avalon Irvine I	Irvine, CA	279		9,911		67,504		9,080		9,911		76,584		86,495		39,040		47,455		49,535		—	2010
Avalon Irvine II	Irvine, CA	179		4,358		40,890		1,807		4,358		42,697		47,055		17,651		29,404		30,843		—	2013
eaves Lake Forest	Lake Forest, CA	225		5,199		21,117		8,662		5,199		29,779		34,978		14,489		20,489		21,201		—	1975/2011
Avalon Baker Ranch	Lake Forest, CA	430		31,689		98,004		1,623		31,689		99,627		131,316		33,927		97,389		100,111		—	2015
Avalon Irvine III	Irvine, CA	156		11,607		43,973		719		11,607		44,692		56,299		13,898		42,401		43,554		—	2016
Avalon Brea Place	Brea, CA	653		72,925		220,193		38		72,925		220,231		293,156		25,816		267,340		275,756		—	2022
eaves Seal Beach	Seal Beach, CA	549		46,790		104,129		34,702		46,790		138,831		185,621		56,813		128,808		133,471		—	1971/2013
Avalon Huntington Beach	Huntington Beach, CA	378		13,055		105,981		1,430		13,055		107,411		120,466		31,757		88,709		92,157		—	2017
Total Orange County, CA	4,024		$214,213		$767,533		$122,239		$214,213		$889,772		$1,103,985		$334,289		$769,696		$796,095		$—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564		$9,922		$40,580		$45,027		$9,922		$85,607		$95,529		$61,955		$33,574		$35,778		$—	1969/1997
eaves Mission Ridge	San Diego, CA	200		2,710		10,924		16,894		2,710		27,818		30,528		22,093		8,435		8,784		—	1960/1997

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 San Marcos	San Marcos, CA	184		$3,277		$13,385		$9,605		$3,277		$22,990		$26,267		$9,254		$17,013		$15,757		$—	1988/2011
eaves Rancho Penasquitos	San Diego, CA	250		6,692		27,143		13,603		6,692		40,746		47,438		19,603		27,835		29,195		—	1986/2011
Avalon Vista	Vista, CA	221		12,689		43,328		1,268		12,689		44,596		57,285		15,502		41,783		43,039		—	2015
eaves La Mesa	La Mesa, CA	168		9,490		29,412		5,020		9,490		34,432		43,922		18,022		25,900		26,452		—	1989/2013
Avalon La Jolla Colony	San Diego, CA	180		16,760		29,234		11,233		16,760		40,467		57,227		19,117		38,110		39,520		—	1987/2013
Total San Diego, CA	1,767		$61,540		$194,006		$102,650		$61,540		$296,656		$358,196		$165,546		$192,650		$198,525		$—
TOTAL SOUTHERN CALIFORNIA	17,791		$1,082,726		$3,236,731		$788,495		$1,082,726		$4,025,226		$5,107,952		$1,724,952		$3,383,000		$3,470,324		$183,150
OTHER EXPANSION REGIONS
North Carolina
Avalon South End	Charlotte, NC	265		$13,723		$90,017		$4,019		$13,723		$94,036		$107,759		$15,261		$92,498		$95,961		$—	2020/2021
AVA South End	Charlotte, NC	164		9,367		45,277		2,441		9,367		47,718		57,085		6,801		50,284		51,367		—	2013/2021
Avalon Hawk (1)	Charlotte, NC	71		2,564		44,255		3		2,564		44,258		46,822		5,443		41,379		43,118		—	2021/2021
Avalon Highland Creek	Charlotte, NC	260		4,586		73,014		157		4,586		73,171		77,757		9,086		68,671		71,893		—	2022/2022
Total North Carolina	760		$30,240		$252,563		$6,620		$30,240		$259,183		$289,423		$36,591		$252,832		$262,339		$—
Texas
Avalon Lakeside	Flower Mound, TX	425		$15,073		$102,992		$533		$15,073		$103,525		$118,598		$19,021		$99,577		$103,640		$—	2015/2021
Avalon Addison	Addison, TX	196		11,174		59,132		615		11,174		59,747		70,921		7,395		63,526		65,262		—	1995/2022
Total Texas	621		$26,247		$162,124		$1,148		$26,247		$163,272		$189,519		$26,416		$163,103		$168,902
TOTAL OTHER EXPANSION REGIONS	1,381		$56,487		$414,687		$7,768		$56,487		$422,455		$478,942		$63,007		$415,935		$431,241		$—
TOTAL SAME STORE	76,858		$4,317,304		$16,585,720		$2,528,368		$4,317,304		$19,114,088		$23,431,392		$7,871,238		$15,560,154		$16,055,000		$671,981

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
AVA Balboa Park	San Diego, CA	100			$10,537			$40,644			$12			$10,537			$40,656			$51,193			$880			$50,313			$—					2015/2024
Avalon Cherry Hills	Englewood, CO	306			9,798			85,418			30			9,798			85,448			95,246			3,391			91,855			—			—			2015/2024
Avalon Lowry	Denver, CO	347			15,382			121,429			—			15,382			121,429			136,811			600			136,211			—					2019/2024
Avalon North Andover	North Andover, MA	221			13,617			63,000			1			13,617			63,001			76,618			4,733			71,885			73,317			—			2023
Avalon Brighton	Boston, MA	180			11,160			77,866			335			11,160			78,201			89,361			5,214			84,147			86,355			—			2023
Avalon Mooresville	Mooresville, NC	203			3,770			48,939			171			3,770			49,110			52,880			3,392			49,488			51,437			—			2017/2023
Avalon Perimeter Park	Morrisville, NC	262			11,533			55,411			26			11,533			55,437			66,970			2,484			64,486			—			—			2018/2024
Avalon Somerville Station	Somerville, NJ	374			16,663			98,452			356			16,663			98,808			115,471			8,702			106,769			109,877			—			2023
The Park Loggia Commercial	New York, NY	N/A		77,393			76,410			10,558			77,393			86,968			164,361			16,194			148,167			151,200			—			2019
Avalon Harrison	Harrison, NY	143			14,380			75,858			565			14,380			76,423			90,803			7,560			83,243			85,632			—			2023
Avalon Harbor Isle	Island Park, NY	172			18,751			76,479			—			18,751			76,479			95,230			6,763			88,467			87,814			—			2022
Avalon Frisco at Main	Frisco, TX	360			11,919			71,954			802			11,919			72,756			84,675			7,213			77,462			80,364			—			2013/2023
Avalon West Plano	Carrollton, TX	568			14,100			123,693			908			14,100			124,601			138,701			14,001			124,700			132,876			62,448			2016/2023
Avalon at Pier 121	Lewisville, TX	300			8,418			54,048			76			8,418			54,124			62,542			3,170			59,372					—			2014/2024
Avalon Townhomes at Bee Cave	Bee Cave, TX	126			7,955			41,282			—			7,955			41,282			49,237			489			48,748					—			2022/2024
AVA Ballston Square	Arlington, VA	714			71,640			240,201			40,066			71,640			280,267			351,907			114,814			237,093			243,879			—			1992/2013
Avalon Wilton on River Rd (4)	Wilton, CT	102			2,116			14,664			8,480			2,116			23,144			25,260			18,309			6,951			7,685			—			1997
TOTAL OTHER STABILIZED	4,478		$319,132			$1,365,748			$62,386			$319,132			$1,428,134			$1,747,266			$217,909			$1,529,357			$1,110,436			$62,448
TOTAL CURRENT COMMUNITIES (5)	81,336		$4,636,436			$17,951,468			$2,590,754			$4,636,436			$20,542,222			$25,178,658			$8,089,147			$17,089,511			$17,165,436			$734,429
DEVELOPMENT (4)
Avalon West Dublin	Dublin, CA	499			$39,070			$221,025			$—			$39,070			$221,025			$260,095			$6,236			$253,859			$239,840			$—			2024
Avalon Pleasanton - Phase 1	Pleasanton, CA	82			—			20,275			—			—			20,275			20,275			—			20,275					—			N/A
Kanso Hillcrest	San Diego, CA	182			—			15,807			—			—			15,807			15,807			—			15,807							N/A
Avalon Westminster Promenade	Westminster, CO	312			6,282			107,568			—			6,282			107,568			113,850			1,131			112,719			91,833			—			2024
Avalon Governor's Park	Denver, CO	304			10,298			125,111			—			10,298			125,111			135,409			645			134,764			106,898			—			2024
Avalon Merrick Park	Miami, FL	254			23,779			79,155			—			23,779			79,155			102,934			4,829			98,105			93,451			—			2023
Avalon South Miami	South Miami, FL	290			—			126,402			—			—			126,402			126,402			—			126,402			43,909			—			N/A
Kanso Milford	Milford, MA	162			14,361			47,357			—			14,361			47,357			61,718			1,008			60,710			38,557			—			2024
Avalon Quincy Adams	Qunicy, MA	288			—			38,834			—			—			38,834			38,834			—			38,834					—			N/A
Avalon Annapolis	Annapolis, MD	508			13,195			160,461			—			13,195			160,461			173,656			372			173,284			115,599			—			N/A
Avalon Hunt Valley West	Hunt Valley, MD	322			—			79,435			—			—			79,435			79,435			—			79,435			29,616			—			N/A
AVA Brewers Hill	Baltimore, MD	418			—			23,182			—			—			23,182			23,182			—			23,182					—			N/A
Avalon Durham	Durham, NC	336			17,329			99,764			—			17,329			99,764			117,093			1,436			115,657			80,784			—			2024

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 Lake Norman	Mooresville, NC	345		$—		$59,909		$—		$—		$59,909		$59,909		$—		$59,909		$20,233		$—		N/A
Avalon Carmel	Charlotte, NC	360		—		29,299		—		—		29,299		29,299		—		29,299			—		N/A
Avalon Oakridge I	Durham, NC	459		—		25,229		—		—		25,229		25,229		—		25,229			—		N/A
Avalon W Squared at Princeton Junction	West Windsor, NJ	535		—		118,103		—		—		118,103		118,103		—		118,103		50,414		—		N/A
Avalon Princeton on Harrison	Princeton, NJ	200		—		68,584		—		—		68,584		68,584		—		68,584		25,615		—		N/A
Avalon Wayne	Wayne, NJ	473		—		73,596		—		—		73,596		73,596		—		73,596		23,811		—		N/A
Avalon Parsippany	Parsippany, NJ	410		—		61,470		—		—		61,470		61,470		—		61,470		17,012		—		N/A
Avalon Roseland II	Roseland, NJ	533		—		65,048		—		—		65,048		65,048		—		65,048			—		N/A
Avalon Montville	Pine Brook, NJ	349		8,463		116,478		22		8,463		116,500		124,963		3,780		121,183		110,858		—		2024
Avalon Princeton Circle	Princeton, NJ	221		11,705		75,606		55		11,705		75,661		87,366		3,770		83,596		84,482		—		2023
Avalon Amityville	Amityville, NY	338		22,463		113,328		—		22,463		113,328		135,791		4,368		131,423		122,575		—		2024
Avalon Plano	Plano, TX	155		—		14,502		—		—		14,502		14,502		—		14,502			—		N/A
Avalon Tech Ridge I	Austin, TX	444		—		29,142		—		—		29,142		29,142		—		29,142			—		N/A
Avalon Bothell Commons	Bothell, WA	467		26,699		205,180		155		26,699		205,335		232,034		6,826		225,208		216,782		—		2024
Avalon Redmond Campus	Redmond, WA	214		7,003		81,183		103		7,003		81,286		88,289		2,443		85,846		81,531		—		2024
TOTAL DEVELOPMENT		9,460		$200,647		$2,281,033		$335		$200,647		$2,281,368		$2,482,015		$36,844		$2,445,171		$1,593,800		$—
Land Held for Development		N/A	$151,922		$—		$—		$151,922		$—		$151,922		$—		$151,922		$199,062		$—
Corporate Overhead		N/A	53,179		13,305		70,703		53,179		84,008		137,187		56,729		80,458		36,563		7,400,000
2024 Disposed Communities		N/A	—		—		—		—		—		—		—		—		348,010		—
TOTAL		90,796		$5,042,184		$20,245,806		$2,661,792		$5,042,184		$22,907,598		$27,949,782		$8,182,720		$19,767,062		$19,342,871		$8,134,429	(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 2024, 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) As of December 31, 2024, this community qualified as held for sale.

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

(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 $41,216 and $15,964, respectively.

Amounts include real estate assets held for sale.

The aggregate cost of total real estate for federal income tax purposes was approximately $26,195,803 at December 31, 2024.

The changes in total real estate assets for the years ended December 31, 2024, 2023 and 2022 are as follows:

	December 31, 2024	December 31, 2023	December 31, 2022
Balance, beginning of period	$26,864,833	$25,871,363	$24,927,305
Acquisitions, construction costs and improvements (1)	1,602,790	1,272,558	1,599,311
Dispositions, including casualty losses, and other activity	(517,841)	(279,088)	(655,253)
Balance, end of period	$27,949,782	$26,864,833	$25,871,363

(1) 2023 amounts have been adjusted to reflect the reclassification of software development costs from Furniture, fixtures and equipment to Prepaid expenses and other assets on the Consolidated Balance Sheet.

The changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022, are as follows:

	December 31, 2024	December 31, 2023	December 31, 2022
Balance, beginning of period	$7,521,962	$6,878,556	$6,217,721
Depreciation (1)	846,853	781,313	814,978
Dispositions, including casualty losses	(186,095)	(137,907)	(154,143)
Balance, end of period	$8,182,720	$7,521,962	$6,878,556

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.