AVALONBAY COMMUNITIES INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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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.

FY2025 · Filed Feb 27, 2026

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Contents

Schedule III—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	$18,294	$2,124	$30,855	$32,979	$23,856	$9,123	$9,397	$—	1994
eaves Wilmington	Wilmington, MA	204	2,129	17,563	12,669	2,129	30,232	32,361	23,432	8,929	8,956	—	1999
eaves Quincy	Quincy, MA	245	1,743	14,662	18,709	1,743	33,371	35,114	26,235	8,879	10,307	—	1986/1995
eaves Wilmington West	Wilmington, MA	120	3,318	13,465	6,026	3,318	19,491	22,809	14,807	8,002	8,631	—	2002
Avalon at The Pinehills	Plymouth, MA	192	6,876	30,313	12,207	6,876	42,520	49,396	26,836	22,560	23,765	—	2004
eaves Peabody	Peabody, MA	286	4,645	18,919	20,161	4,645	39,080	43,725	25,661	18,064	17,782	—	1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258	20,551	6,316	4,258	26,867	31,125	19,641	11,484	12,238	—	2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572	45,868	21,199	14,572	67,067	81,639	39,594	42,045	43,107	—	2007
Avalon at Lexington Hills	Lexington, MA	387	8,691	78,502	22,847	8,691	101,349	110,040	64,455	45,585	47,461	—	2008
Avalon Acton	Acton, MA	380	13,124	48,630	14,025	13,124	62,655	75,779	38,843	36,936	39,493	45,000	2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218	41,516	17,341	12,218	58,857	71,075	37,312	33,763	35,185	—	2009
Avalon Acton II	Acton, MA	86	1,723	29,375	26	1,723	29,401	31,124	5,749	25,375	26,466	—	2021
Avalon Northborough	Northborough, MA	382	8,144	52,178	13,565	8,144	65,743	73,887	36,466	37,421	38,547	—	2009
Avalon Exeter (1)	Boston, MA	187	—	109,978	5,910	—	115,888	115,888	45,950	69,938	73,163	—	2014
Avalon Natick	Natick, MA	407	15,645	64,845	6,764	15,645	71,609	87,254	31,404	55,850	57,856	—	2013
Avalon at Assembly Row	Somerville, MA	195	8,599	52,454	9,980	8,599	62,434	71,033	26,020	45,013	46,552	—	2015
AVA Somerville	Somerville, MA	250	10,944	56,457	9,618	10,944	66,075	77,019	27,149	49,870	50,751	—	2015
AVA Back Bay	Boston, MA	271	9,034	36,536	54,944	9,034	91,480	100,514	60,425	40,089	42,653	—	1968/1998
Avalon at Prudential Center II	Boston, MA	266	8,776	35,479	67,208	8,776	102,687	111,463	62,514	48,949	52,210	—	1968/1998
Avalon at Prudential Center I	Boston, MA	243	8,002	32,349	59,007	8,002	91,356	99,358	54,803	44,555	47,261	—	1968/1998
eaves Burlington	Burlington, MA	203	7,714	32,499	11,802	7,714	44,301	52,015	20,575	31,440	32,237	—	1988/2012
Avalon Burlington	Burlington, MA	312	15,600	63,549	21,738	15,600	85,287	100,887	37,389	63,498	65,324	—	1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367	59,723	5,507	15,367	65,230	80,597	24,219	56,378	58,252	—	2015
Avalon North Station	Boston, MA	503	22,796	247,270	1,684	22,796	248,954	271,750	74,882	196,868	204,645	—	2017
Avalon Framingham	Framingham, MA	180	9,315	34,604	1,302	9,315	35,906	45,221	12,852	32,369	33,154	—	2015
Avalon Quincy	Quincy, MA	395	14,694	79,655	2,565	14,694	82,220	96,914	26,237	70,677	72,608	—	2017
Avalon Easton	South Easton, MA	290	3,170	60,785	2,987	3,170	63,772	66,942	19,307	47,635	48,807	—	2017
Avalon Residences at the Hingham Shipyard	Hingham, MA	190	8,998	55,366	1,400	8,998	56,766	65,764	15,153	50,611	52,248	—	2019
Avalon Sudbury	Sudbury, MA	250	20,280	66,510	1,477	20,280	67,987	88,267	18,697	69,570	71,743	—	2019
Avalon Saugus	Saugus, MA	280	17,808	72,196	1,750	17,808	73,946	91,754	18,304	73,450	75,704	—	2019
Avalon Norwood	Norwood, MA	198	9,478	51,762	376	9,478	52,138	61,616	12,316	49,300	50,954	—	2020
Avalon Marlborough II	Marlborough, MA	123	5,523	36,175	72	5,523	36,247	41,770	7,380	34,390	35,746	—	2020
Avalon Easton II	South Easton, MA	44	570	14,090	12	570	14,102	14,672	2,224	12,448	12,975	—	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 Woburn	Woburn, MA	350		$21,576		$97,848		$1,161		$21,576		$99,009		$120,585		$16,270		$104,315		$108,276		$—	2022
Avalon North Andover	North Andover, MA	221		13,618		63,125		11		13,618		63,136		76,754		7,276		69,478		71,885		—	2023
Avalon Brighton	Boston, MA	180		11,166		77,850		342		11,166		78,192		89,358		8,344		81,014		84,147		—	2023
AVA North Point	Cambridge, MA	265		31,263		83,829		2,526		31,263		86,355		117,618		22,089		95,529		96,336		—	2018/2019
Avalon Bear Hill	Waltham, MA	324		27,350		98,537		31,136		27,350		129,673		157,023		60,856		96,167		98,288		—	1999/2013
TOTAL NEW ENGLAND	9,535		$400,851		$2,107,574		$484,664		$400,851		$2,592,238		$2,993,089		$1,095,522		$1,897,567		$1,965,110		$45,000
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372		$—		$94,061		$21,901		$—		$115,962		$115,962		$88,595		$27,367		$29,433		$—	2002
Avalon Riverview North (3)	Long Island City, NY	602		—		165,932		22,825		—		188,757		188,757		111,601		77,156		81,586		—	2008
AVA Fort Greene	Brooklyn, NY	631		83,038		216,802		14,660		83,038		231,462		314,500		123,589		190,911		198,019		—	2010
AVA DoBro	Brooklyn, NY	500		76,127		206,762		2,775		76,127		209,537		285,664		70,877		214,787		221,044		—	2017
Avalon Willoughby Square	Brooklyn, NY	326		49,635		134,840		2,280		49,635		137,120		186,755		44,350		142,405		146,091		—	2017
Avalon Midtown West	New York, NY	550		154,730		191,891		42,405		154,730		234,296		389,026		102,925		286,101		293,624		62,500	1998/2013
Avalon Clinton North	New York, NY	339		84,069		111,729		13,003		84,069		124,732		208,801		57,555		151,246		154,989		126,400	2008/2013
Avalon Clinton South	New York, NY	288		71,421		94,948		7,226		71,421		102,174		173,595		48,139		125,456		128,467		104,500	2007/2013
Total New York City, NY	3,608		$519,020		$1,216,965		$127,075		$519,020		$1,344,040		$1,863,060		$647,631		$1,215,429		$1,253,253		$293,400
New York - Suburban
Avalon Commons (2)	Smithtown, NY	312		$4,679		$27,811		$21,265		$4,679		$49,076		$53,755		$37,179		$16,576		$16,197		$—	1997
Avalon Melville	Melville, NY	494		9,228		50,059		29,043		9,228		79,102		88,330		61,006		27,324		28,680		—	1997
Avalon Rockville Centre I	Rockville Centre, NY	349		32,212		78,806		8,866		32,212		87,672		119,884		45,607		74,277		76,914		—	2012
Avalon Garden City	Garden City, NY	204		18,205		49,301		3,343		18,205		52,644		70,849		24,166		46,683		47,850		—	2013
Avalon Huntington Station	Huntington Station, NY	303		21,899		58,429		4,731		21,899		63,160		85,059		24,835		60,224		61,511		—	2014
Avalon Great Neck	Great Neck, NY	191		14,777		65,412		1,863		14,777		67,275		82,052		20,712		61,340		62,472		—	2017
Avalon Rockville Centre II	Rockville Centre, NY	165		7,534		50,981		902		7,534		51,883		59,417		15,841		43,576		45,126		—	2017
Avalon Somers	Baldwin Place, NY	152		5,608		40,591		166		5,608		40,757		46,365		12,263		34,102		35,299		—	2018
Avalon Yonkers	Yonkers, NY	590		28,343		164,203		1,369		28,343		165,572		193,915		35,669		158,246		172,597		—	2021
Avalon Harrison	Harrison, NY	143		14,380		75,914		1,470		14,380		77,384		91,764		10,669		81,095		83,243		—	2023
Avalon Harbor Isle	Island Park, NY	172		18,812		75,401		10		18,812		75,411		94,223		9,728		84,495		88,467		—	2022
Avalon Westbury	Westbury, NY	396		69,620		49,350		18,255		69,620		67,605		137,225		38,196		99,029		99,962		—	2006/2013
Total New York - Suburban	3,471		$245,297		$786,258		$91,283		$245,297		$877,541		$1,122,838		$335,871		$786,967		$818,318		$—
New Jersey
Avalon Cove	Jersey City, NJ	504		$8,760		$82,422		$38,243		$8,760		$120,665		$129,425		$102,535		$26,890		$30,246		$—	1997
eaves West Windsor	West Windsor, NJ	512		5,585		21,752		38,583		5,585		60,335		65,920		42,971		22,949		23,263		—	1988/1993

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 Edgewater I	Edgewater, NJ	168		$5,982		$24,389		$12,341		$5,982		$36,730		$42,712		$26,766		$15,946		$16,377		$—	2002
Avalon Townhome Collection Florham Park	Florham Park, NJ	270		6,647		34,906		19,771		6,647		54,677		61,324		39,951		21,373		22,179		—	2001
Avalon North Bergen	North Bergen, NJ	164		8,984		30,994		2,468		8,984		33,462		42,446		15,605		26,841		27,270		—	2012
Avalon Bloomingdale	Bloomingdale, NJ	174		3,006		27,801		1,799		3,006		29,600		32,606		12,399		20,207		20,930		—	2014
Avalon Wharton	Wharton, NJ	247		2,273		48,609		2,322		2,273		50,931		53,204		19,630		33,574		34,831		—	2015
Avalon Bloomfield Station (1)	Bloomfield, NJ	224		10,701		36,430		4,011		10,701		40,441		51,142		14,549		36,593		36,716		—	2015
Avalon Townhome Collection Roseland	Roseland, NJ	136		11,288		34,868		1,633		11,288		36,501		47,789		13,428		34,361		35,348		—	2015
Avalon Princeton	Princeton, NJ	280		26,461		68,003		2,793		26,461		70,796		97,257		23,256		74,001		75,869		—	2017
Avalon Union	Union, NJ	202		11,695		36,315		2,191		11,695		38,506		50,201		13,367		36,834		37,981		—	2016
Avalon Hoboken	Hoboken, NJ	217		37,237		94,990		4,490		37,237		99,480		136,717		39,319		97,398		99,651		—	2008/2016
Avalon Maplewood	Maplewood, NJ	235		15,179		49,425		4,664		15,179		54,089		69,268		16,998		52,270		52,695		—	2018
Avalon Boonton	Boonton, NJ	350		3,595		89,407		2,251		3,595		91,658		95,253		22,690		72,563		75,547		—	2019
Avalon Teaneck	Teaneck, NJ	248		12,588		60,257		437		12,588		60,694		73,282		14,439		58,843		60,513		—	2020
Avalon Piscataway	Piscataway, NJ	360		14,329		75,897		1,839		14,329		77,736		92,065		20,751		71,314		73,604		—	2019
Avalon Old Bridge	Old Bridge, NJ	252		6,895		64,907		1,462		6,895		66,369		73,264		13,365		59,899		61,822		—	2021
Avalon Somerville Station (1)	Somerville, NJ	374		16,672		98,229		898		16,672		99,127		115,799		13,100		102,699		106,769		—	2023
Avalon at Edgewater II	Edgewater, NJ	240		8,605		60,809		818		8,605		61,627		70,232		17,654		52,578		54,071		—	2018
Total New Jersey	5,157		$216,482		$1,040,410		$143,014		$216,482		$1,183,424		$1,399,906		$482,773		$917,133		$945,682		$—
TOTAL METRO NY/NJ	12,236		$980,799		$3,043,633		$361,372		$980,799		$3,405,005		$4,385,804		$1,466,275		$2,919,529		$3,017,253		$293,400
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, D.C.	308		$6,848		$27,614		$28,108		$6,848		$55,722		$62,570		$46,433		$16,137		$16,874		$—	1982/1994
eaves Tunlaw Gardens	Washington, D.C.	166		16,430		24,602		1,987		16,430		26,589		43,019		12,891		30,128		30,788		—	1944/2013
The Statesman	Washington, D.C.	281		38,140		38,732		4,457		38,140		43,189		81,329		22,254		59,075		60,389		—	1961/2013
eaves Glover Park	Washington, D.C.	120		9,580		28,082		3,215		9,580		31,297		40,877		14,844		26,033		25,405		—	1953/2013
AVA Van Ness	Washington, D.C.	269		22,890		61,701		24,876		22,890		86,577		109,467		36,891		72,576		74,131		—	1978/2013
eaves Washingtonian Center	North Potomac, MD	288		4,047		18,553		11,065		4,047		29,618		33,665		25,216		8,449		8,817		—	1996
eaves Columbia Town Center I	Columbia, MD	392		8,802		35,536		19,715		8,802		55,251		64,053		36,250		27,803		28,175		—	1986/1993
Avalon at Grosvenor Station	North Bethesda, MD	497		29,159		52,993		16,112		29,159		69,105		98,264		48,166		50,098		50,267		—	2004
Avalon at Traville	Rockville, MD	520		14,365		55,398		14,824		14,365		70,222		84,587		50,322		34,265		34,483		—	2004
AVA Wheaton	Wheaton, MD	319		6,494		69,027		857		6,494		69,884		76,378		21,275		55,103		56,841		—	2018
Kanso Twinbrook	Rockville, MD	238		9,151		56,955		63		9,151		57,018		66,169		10,758		55,411		57,613		—	2021
Avalon Hunt Valley	Hunt Valley, MD	332		10,872		62,974		2,135		10,872		65,109		75,981		20,797		55,184		56,371		—	2017
Avalon Laurel (2)	Laurel, MD	344		10,130		61,685		6,603		10,130		68,288		78,418		20,734		57,684		57,552		—	2017
Avalon Towson	Towson, MD	371		12,906		98,279		188		12,906		98,467		111,373		21,128		90,245		93,746		—	2020

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 Fairway Hills - Meadows	Columbia, MD	192		$2,323		$9,297		$11,975		$2,323		$21,272		$23,595		$14,500		$9,095		$7,887		$—	1987/1996
Avalon Fairway Hills - Woods	Columbia, MD	336		3,958		15,839		17,655		3,958		33,494		37,452		24,440		13,012		13,865		—	1987/1996
Avalon Arundel Crossing II	Linthicum Heights, MD	310		12,208		72,422		1,064		12,208		73,486		85,694		23,319		62,375		64,620		—	2018/2018
Avalon 555 President	Baltimore, MD	400		13,168		121,759		128		13,168		121,887		135,055		26,800		108,255		113,743		—	2021
Kanso Silver Spring	Silver Spring, MD	151		3,471		42,108		2,230		3,471		44,338		47,809		11,654		36,155		37,413		—	2009/2019
Avalon Foundry Row	Owings Mills, MD	437		11,132		86,261		17		11,132		86,278		97,410		15,700		81,710		85,280		—	2022
Avalon Arundel Crossing	Linthicum Heights, MD	384		9,933		111,114		1,049		9,933		112,163		122,096		25,857		96,239		100,962		—	2020/2021
Avalon Russett	Laurel, MD	238		10,200		49,834		7,088		10,200		56,922		67,122		28,100		39,022		40,992		32,200	1999/2013
eaves Fair Lakes	Fairfax, VA	420		6,096		24,400		17,364		6,096		41,764		47,860		35,380		12,480		13,628		—	1989/1996
AVA Ballston	Arlington, VA	344		7,291		29,177		29,588		7,291		58,765		66,056		41,472		24,584		25,016		—	1990
eaves Fairfax City	Fairfax, VA	141		2,152		8,907		6,390		2,152		15,297		17,449		12,093		5,356		5,486		—	1988/1997
Avalon Tysons Corner (2)	Tysons Corner, VA	558		13,851		43,397		36,888		13,851		80,285		94,136		52,008		42,128		33,672		—	1996
Avalon at Arlington Square (2)	Arlington, VA	842		22,041		90,296		47,129		22,041		137,425		159,466		91,204		68,262		68,783		—	2001
eaves Fairfax Towers	Falls Church, VA	415		17,889		74,727		18,802		17,889		93,529		111,418		45,934		65,484		67,222		—	1978/2011
Avalon Mosaic	Fairfax, VA	531		33,490		75,801		4,459		33,490		80,260		113,750		32,580		81,170		83,233		—	2014
Avalon Potomac Yard	Alexandria, VA	323		24,225		84,530		2,693		24,225		87,223		111,448		33,952		77,496		79,784		—	2014/2016
Avalon Clarendon	Arlington, VA	300		22,573		99,297		9,757		22,573		109,054		131,627		42,511		89,116		91,786		—	2002/2016
Avalon Dunn Loring	Vienna, VA	440		29,377		120,884		2,635		29,377		123,519		152,896		43,450		109,446		113,080		—	2012/2017
eaves Tysons Corner	Vienna, VA	217		16,030		47,572		5,436		16,030		53,008		69,038		26,810		42,228		42,016		—	1980/2013
AVA Ballston Square (2)	Arlington, VA	714		71,640		225,206		58,020		71,640		283,226		354,866		125,435		229,431		237,093		—	1992/2013
Avalon Courthouse Place	Arlington, VA	564		56,550		185,632		15,875		56,550		201,507		258,057		94,158		163,899		169,625		—	1999/2013
Avalon Arlington North	Arlington, VA	228		21,600		59,076		10,737		21,600		69,813		91,413		28,617		62,796		64,568		—	2014
Avalon Reston Landing	Reston, VA	400		26,710		86,934		15,580		26,710		102,514		129,224		54,030		75,194		77,988		—	2000/2013
Avalon Falls Church (2)	Falls Church, VA	384		39,544		66,160		11,704		39,544		77,864		117,408		25,133		92,275		88,414		—	2016
TOTAL MID-ATLANTIC	13,714		$677,266		$2,522,761		$468,468		$677,266		$2,991,229		$3,668,495		$1,343,096		$2,325,399		$2,377,608		$32,200
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370		$21,430		$117,895		$3,884		$21,430		$121,779		$143,209		$39,525		$103,684		$106,556		$—	2017/2017
Avalon Doral	Doral, FL	350		23,375		92,966		534		23,375		93,500		116,875		17,521		99,354		102,281		—	2020
Avalon West Palm Beach	West Palm Beach, FL	290		9,597		94,119		5,264		9,597		99,383		108,980		29,903		79,077		82,000		—	2018/2018
Avalon Bonterra	Hialeah, FL	314		16,655		73,977		2,601		16,655		76,578		93,233		23,327		69,906		70,979		—	2018/2019
Avalon Toscana	Margate, FL	240		9,213		51,480		1,646		9,213		53,126		62,339		14,765		47,574		48,957		—	2016/2019
Avalon Fort Lauderdale	Fort Lauderdale, FL	243		20,029		126,505		3,434		20,029		129,939		149,968		24,138		125,830		130,485		—	2020/2021
Avalon Miramar	Miramar, FL	380		17,959		116,276		1,236		17,959		117,512		135,471		24,765		110,706		115,062		—	2018/2021
Avalon Miramar Park Place	Miramar, FL	650		50,919		245,728		1,559		50,919		247,287		298,206		49,933		248,273		258,233		—	2022/2022
TOTAL SOUTHEAST FLORIDA	2,837		$169,177		$918,946		$20,158		$169,177		$939,104		$1,108,281		$223,877		$884,404		$914,553		$—

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
DENVER,CO
Avalon Denver West	Lakewood, CO	252		$8,047		$69,373		$3,445		$8,047		$72,818		$80,865		$24,492		$56,373		$57,900		$—	2016/2017
Avalon Castle Rock at the Meadows	Castle Rock, CO	240		8,527		65,325		1,194		8,527		66,519		75,046		20,539		54,507		56,545		—	2018/2018
Avalon Red Rocks	Littleton, CO	256		4,461		71,477		1,588		4,461		73,065		77,526		22,528		54,998		56,268		—	2018/2018
Avalon Southlands	Aurora, CO	338		5,101		86,653		1,783		5,101		88,436		93,537		26,548		66,989		68,668		—	2018/2019
AVA RiNo	Denver, CO	246		15,152		71,662		604		15,152		72,266		87,418		11,173		76,245		78,529		—	2022
Avalon Flatirons	Lafayette, CO	207		7,390		88,438		601		7,390		89,039		96,429		15,175		81,254		84,673		—	2020/2022
TOTAL DENVER, CO	1,539		$48,678		$452,928		$9,215		$48,678		$462,143		$510,821		$120,455		$390,366		$402,583		$—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264		$6,786		$27,641		$12,077		$6,786		$39,718		$46,504		$33,232		$13,272		$13,295		$—	1998/1998
Avalon Bellevue	Bellevue, WA	201		6,664		24,119		8,723		6,664		32,842		39,506		25,971		13,535		14,705		—	2001
eaves RockMeadow (2)	Bothell, WA	206		4,777		19,765		10,013		4,777		29,778		34,555		21,983		12,572		11,265		—	2000/2000
Avalon ParcSquare	Redmond, WA	124		3,789		15,139		7,297		3,789		22,436		26,225		17,114		9,111		8,682		—	2000/2000
Avalon Meydenbauer	Bellevue, WA	368		12,697		77,450		13,006		12,697		90,456		103,153		52,718		50,435		50,802		—	2008
Avalon Towers Bellevue (3)	Bellevue, WA	397		—		123,029		11,008		—		134,037		134,037		68,905		65,132		68,324		—	2011
AVA Queen Anne	Seattle, WA	203		12,081		41,618		2,603		12,081		44,221		56,302		21,424		34,878		36,135		—	2012
Avalon Alderwood I	Lynnwood, WA	367		12,294		55,627		2,284		12,294		57,911		70,205		22,464		47,741		48,933		—	2015
AVA Capitol Hill	Seattle, WA	249		20,613		59,986		2,220		20,613		62,206		82,819		22,390		60,429		62,049		—	2016
Avalon Esterra Park	Redmond, WA	482		23,178		112,986		2,660		23,178		115,646		138,824		38,203		100,621		103,858		—	2017
Avalon Alderwood II	Lynnwood, WA	124		5,072		21,418		505		5,072		21,923		26,995		7,111		19,884		20,377		—	2016
Avalon Newcastle Commons I	Newcastle, WA	378		9,649		111,600		3,061		9,649		114,661		124,310		34,127		90,183		93,082		—	2017
Avalon Belltown Towers	Seattle, WA	274		24,638		121,064		1,509		24,638		122,573		147,211		29,924		117,287		121,084		—	2019
AVA Esterra Park	Redmond, WA	323		16,405		74,568		583		16,405		75,151		91,556		19,321		72,235		74,188		—	2019
Avalon Newcastle Commons II	Newcastle, WA	293		6,982		99,831		687		6,982		100,518		107,500		18,374		89,126		92,725		—	2021
Avalon North Creek	Bothell, WA	316		13,498		69,013		213		13,498		69,226		82,724		16,828		65,896		68,008		—	2020
eaves Redmond Campus	Redmond, WA	374		15,665		84,852		29,514		15,665		114,366		130,031		54,498		75,533		79,094		—	1991/2013
TOTAL PACIFIC NORTHWEST	4,943		$194,788		$1,139,706		$107,963		$194,788		$1,247,669		$1,442,457		$504,587		$937,870		$966,606		$—
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348		$11,830		$47,825		$18,028		$11,830		$65,853		$77,683		$53,204		$24,479		$25,118		$—	1995
eaves San Jose	San Jose, CA	442		12,920		53,047		21,985		12,920		75,032		87,952		56,087		31,865		33,399		—	1985/1996
Avalon on the Alameda	San Jose, CA	307		6,119		50,214		16,758		6,119		66,972		73,091		53,671		19,420		20,138		—	1999
Avalon Silicon Valley	Sunnyvale, CA	714		20,713		99,573		43,293		20,713		142,866		163,579		110,891		52,688		56,039		—	1998
Avalon Mountain View	Mountain View, CA	248		9,755		39,387		16,729		9,755		56,116		65,871		45,899		19,972		18,884		—	1986

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 Creekside	Mountain View, CA	300		$6,546		$26,263		$24,748		$6,546		$51,011		$57,557		$39,538		$18,019		$18,512		$—	1962/1997
Avalon at Cahill Park	San Jose, CA	218		4,765		47,600		6,393		4,765		53,993		58,758		41,649		17,109		18,071		—	2002
Avalon Towers on the Peninsula	Mountain View, CA	211		9,560		56,136		17,112		9,560		73,248		82,808		51,940		30,868		33,201		—	2002
Avalon Morrison Park	San Jose, CA	250		13,837		64,521		3,858		13,837		68,379		82,216		27,704		54,512		55,227		—	2014
Avalon Willow Glen	San Jose, CA	412		46,060		85,637		6,543		46,060		92,180		138,240		48,566		89,674		92,429		—	2002/2013
eaves West Valley	San Jose, CA	873		90,890		138,555		14,391		90,890		152,946		243,836		77,275		166,561		169,311		—	1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	404		64,070		73,438		16,490		64,070		89,928		153,998		50,141		103,857		106,151		—	1969/2013
Total San Jose, CA		4,727		$297,065		$782,196		$206,328		$297,065		$988,524		$1,285,589		$656,565		$629,024		$646,480		$—
East Bay, CA
Avalon Fremont (2)	Fremont, CA	308		$10,746		$43,399		$34,107		$10,746		$77,506		$88,252		$51,668		$36,584		$37,059		$—	1992/1994
eaves Dublin (2)	Dublin, CA	204		5,276		19,642		28,080		5,276		47,722		52,998		27,150		25,848		26,621		—	1989/1997
eaves Pleasanton (2)	Pleasanton, CA	460		11,610		46,552		57,091		11,610		103,643		115,253		62,462		52,791		53,818		—	1988/1994
eaves Union City	Union City, CA	208		4,249		16,820		7,213		4,249		24,033		28,282		20,370		7,912		7,717		—	1973/1996
eaves Fremont	Fremont, CA	237		6,581		26,583		14,454		6,581		41,037		47,618		33,744		13,874		14,359		—	1985/1994
Avalon Union City	Union City, CA	439		14,732		104,024		9,215		14,732		113,239		127,971		62,626		65,345		68,623		—	2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422		—		148,846		9,934		—		158,780		158,780		83,240		75,540		79,649		4,868	2010
Avalon Dublin Station	Dublin, CA	253		7,772		72,142		4,072		7,772		76,214		83,986		30,543		53,443		54,541		—	2014
Avalon Dublin Station II	Dublin, CA	252		7,762		76,587		2,997		7,762		79,584		87,346		26,558		60,788		62,213		—	2016
Avalon Public Market (1)	Emeryville, CA	289		27,394		145,898		689		27,394		146,587		173,981		33,019		140,962		145,325		—	2020
Avalon Walnut Creek II (3)	Walnut Creek, CA	200		—		112,768		795		—		113,563		113,563		23,040		90,523		94,760		—	2020
eaves Walnut Creek	Walnut Creek, CA	510		30,320		86,475		16,471		30,320		102,946		133,266		48,784		84,482		87,164		—	1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106		9,860		20,630		5,605		9,860		26,235		36,095		12,402		23,693		24,541		—	2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360		27,190		60,209		11,893		27,190		72,102		99,292		35,050		64,242		66,282		—	1989/2013
Total East Bay, CA	4,248		$163,492		$980,575		$202,616		$163,492		$1,183,191		$1,346,683		$550,656		$796,027		$822,672		$4,868
San Francisco, CA
AVA Nob Hill	San Francisco, CA	185		$5,403		$21,567		$12,658		$5,403		$34,225		$39,628		$27,562		$12,066		$13,470		$—	1990/1995
eaves Foster City	Foster City, CA	290		7,852		31,445		19,085		7,852		50,530		58,382		39,994		18,388		19,045		—	1973/1994
eaves Pacifica	Pacifica, CA	220		6,125		24,792		8,329		6,125		33,121		39,246		28,057		11,189		10,359		—	1971/1995
Avalon at Mission Bay I	San Francisco, CA	250		14,029		78,452		13,328		14,029		91,780		105,809		70,083		35,726		37,589		—	2003
Avalon at Mission Bay III	San Francisco, CA	261		28,687		119,156		3,888		28,687		123,044		151,731		67,544		84,187		86,627		—	2009
Avalon Ocean Avenue	San Francisco, CA	173		5,544		50,906		4,559		5,544		55,465		61,009		25,972		35,037		36,227		—	2012
AVA 55 Ninth	San Francisco, CA	273		20,267		97,321		2,232		20,267		99,553		119,820		40,655		79,165		82,153		—	2014
Avalon Hayes Valley	San Francisco, CA	182		12,595		81,228		1,754		12,595		82,982		95,577		30,910		64,667		67,324		—	2015
Avalon Dogpatch	San Francisco, CA	326		23,523		180,698		1,300		23,523		181,998		205,521		52,136		153,385		158,894		—	2018
Avalon San Bruno I	San Bruno, CA	300		40,780		71,352		8,084		40,780		79,436		120,216		40,824		79,392		81,835		52,150	2004/2013

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
Avalon San Bruno II	San Bruno, CA	185		$23,787		$46,609		$3,483		$23,787		$50,092		$73,879		$23,186		$50,693		$52,125		$—	2007/2013
Avalon San Bruno III	San Bruno, CA	187		33,303		65,255		2,321		33,303		67,576		100,879		31,138		69,741		71,884		51,000	2010/2013
Total San Francisco, CA	2,832		$221,895		$868,781		$81,021		$221,895		$949,802		$1,171,697		$478,061		$693,636		$717,532		$103,150
TOTAL NORTHERN CALIFORNIA	11,807		$682,452		$2,631,552		$489,965		$682,452		$3,121,517		$3,803,969		$1,685,282		$2,118,687		$2,186,684		$108,018
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank (2)	Burbank, CA	750		$22,483		$28,078		$62,627		$22,483		$90,705		$113,188		$65,654		$47,534		$48,073		$—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663		23,828		40,329		92,876		23,828		133,205		157,033		78,669		78,364		80,697		—	1989/1997
eaves Warner Center (2)	Woodland Hills, CA	228		7,045		12,974		21,385		7,045		34,359		41,404		24,694		16,710		14,823		—	1979/1998
Avalon Glendale (3)	Glendale, CA	223		—		42,564		4,928		—		47,492		47,492		35,413		12,079		13,423		—	2003
Avalon Burbank	Burbank, CA	403		14,053		56,814		34,670		14,053		91,484		105,537		62,954		42,583		44,288		—	1988/2002
Avalon Camarillo	Camarillo, CA	249		8,446		40,239		6,194		8,446		46,433		54,879		30,747		24,132		25,524		—	2006
Avalon Wilshire	Los Angeles, CA	125		5,459		41,174		8,516		5,459		49,690		55,149		32,315		22,834		24,271		—	2007
Avalon Encino	Encino, CA	132		12,789		49,062		5,452		12,789		54,514		67,303		31,315		35,988		38,011		—	2008
Avalon Warner Place	Canoga Park, CA	210		7,920		44,823		4,494		7,920		49,317		57,237		29,284		27,953		29,533		—	2008
AVA Little Tokyo	Los Angeles, CA	280		14,734		93,977		3,338		14,734		97,315		112,049		37,848		74,201		77,050		—	2015
eaves Phillips Ranch (2)	Pomona, CA	503		9,796		41,675		21,196		9,796		62,871		72,667		30,741		41,926		42,283		—	1989/2011
eaves San Dimas	San Dimas, CA	102		1,916		7,803		3,586		1,916		11,389		13,305		5,967		7,338		7,532		—	1978/2011
eaves San Dimas Canyon	San Dimas, CA	156		2,953		12,369		3,515		2,953		15,884		18,837		8,122		10,715		10,705		—	1981/2011
AVA Pasadena	Pasadena, CA	84		8,400		11,522		7,429		8,400		18,951		27,351		8,547		18,804		19,037		—	1973/2012
eaves Cerritos	Artesia, CA	151		8,305		21,195		3,629		8,305		24,824		33,129		11,407		21,722		22,361		—	1973/2012
Avalon Playa Vista	Los Angeles, CA	309		30,900		71,944		11,406		30,900		83,350		114,250		41,232		73,018		75,275		—	2006/2012
Avalon San Dimas	San Dimas, CA	162		9,141		30,726		4,395		9,141		35,121		44,262		13,594		30,668		31,719		—	2014
Avalon Glendora	Glendora, CA	281		18,311		64,303		1,613		18,311		65,916		84,227		23,741		60,486		62,586		—	2016
Avalon West Hollywood	West Hollywood, CA	294		35,214		118,926		3,619		35,214		122,545		157,759		38,084		119,675		122,819		—	2017
Avalon Mission Oaks	Camarillo, CA	160		9,600		38,666		2,874		9,600		41,540		51,140		17,388		33,752		34,471		—	2014
Avalon Chino Hills	Chino Hills, CA	331		16,617		79,829		2,986		16,617		82,815		99,432		25,542		73,890		75,465		—	2017
AVA Hollywood at La Pietra Place	Los Angeles, CA	695		99,309		272,546		3,164		99,309		275,710		375,019		58,502		316,517		325,874		—	2021
Avalon Cerritos	Cerritos, CA	132		8,869		52,025		931		8,869		52,956		61,825		14,223		47,602		49,111		30,250	2017/2019
Avalon Monrovia	Monrovia, CA	154		12,125		56,202		579		12,125		56,781		68,906		10,212		58,694		60,783		—	2021
Avalon Simi Valley	Simi Valley, CA	500		42,020		77,521		13,681		42,020		91,202		133,222		44,625		88,597		89,709		—	2007/2013
AVA Studio City II	Studio City, CA	101		4,626		23,840		7,731		4,626		31,571		36,197		14,611		21,586		22,327		—	1991/2013
Avalon Studio City	Studio City, CA	276		15,756		81,318		17,699		15,756		99,017		114,773		48,279		66,494		69,461		—	2002/2013
Avalon Calabasas	Calabasas, CA	600		42,720		112,911		29,041		42,720		141,952		184,672		81,346		103,326		106,785		—	1988/2013
Avalon Oak Creek	Agoura Hills, CA	338		43,540		83,625		14,112		43,540		97,737		141,277		54,897		86,380		88,053		—	2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133		32,000		63,612		14,662		32,000		78,274		110,274		35,852		74,422		76,991		—	2007/2013

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
eaves Old Town Pasadena	Pasadena, CA	96		$9,110		$16,316		$7,084		$9,110		$23,400		$32,510		$10,879		$21,631		$22,089		$—	1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	158		13,950		21,574		7,193		13,950		28,767		42,717		16,925		25,792		26,085		—	1992/2013
eaves Los Feliz	Los Angeles, CA	263		18,940		46,201		14,359		18,940		60,560		79,500		28,895		50,605		51,172		41,400	1989/2013
AVA Toluca Hills (2)	Los Angeles, CA	1,151		86,450		170,241		107,790		86,450		278,031		364,481		110,754		253,727		249,772		—	1973/2013
eaves Woodland Hills	Woodland Hills, CA	894		68,940		96,808		27,583		68,940		124,391		193,331		66,383		126,948		129,746		111,500	1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148		12,810		24,025		6,251		12,810		30,276		43,086		14,971		28,115		27,550		—	2002/2013
Avalon Pasadena	Pasadena, CA	120		10,240		33,038		6,287		10,240		39,325		49,565		17,946		31,619		32,409		—	2004/2013
AVA Studio City I	Studio City, CA	450		17,658		94,094		36,414		17,658		130,508		148,166		58,823		89,343		92,791		—	1987/2013
Total Los Angeles, CA	12,005		$806,973		$2,274,889		$625,289		$806,973		$2,900,178		$3,707,151		$1,341,381		$2,365,770		$2,420,654		$183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145		$1,975		$3,814		$12,822		$1,975		$16,636		$18,611		$11,306		$7,305		$7,103		$—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166		2,517		9,241		7,910		2,517		17,151		19,668		13,954		5,714		5,713		—	1984/1996
eaves South Coast	Costa Mesa, CA	258		4,709		16,063		17,148		4,709		33,211		37,920		25,669		12,251		12,099		—	1973/1996
eaves Santa Margarita (2)	Rancho Santa Margarita, CA	302		4,607		16,895		19,343		4,607		36,238		40,845		25,979		14,866		13,001		—	1990/1997
eaves Huntington Beach	Huntington Beach, CA	304		4,871		19,729		14,702		4,871		34,431		39,302		29,914		9,388		9,785		—	1971/1997
Avalon Irvine I	Irvine, CA	279		9,911		67,504		10,140		9,911		77,644		87,555		42,634		44,921		47,455		—	2010
Avalon Irvine II	Irvine, CA	179		4,358		40,890		2,606		4,358		43,496		47,854		19,289		28,565		29,404		—	2013
eaves Lake Forest	Lake Forest, CA	225		5,199		21,117		9,385		5,199		30,502		35,701		16,093		19,608		20,489		—	1975/2011
Avalon Baker Ranch	Lake Forest, CA	430		31,689		98,004		2,834		31,689		100,838		132,527		37,364		95,163		97,389		—	2015
Avalon Irvine III	Irvine, CA	156		11,607		43,973		1,012		11,607		44,985		56,592		15,447		41,145		42,401		—	2016
Avalon Brea Place	Brea, CA	653		72,925		220,151		117		72,925		220,268		293,193		34,402		258,791		267,340		—	2022
eaves Seal Beach	Seal Beach, CA	549		46,790		104,129		34,789		46,790		138,918		185,708		61,413		124,295		128,808		—	1971/2013
Avalon Huntington Beach	Huntington Beach, CA	378		13,055		105,981		2,040		13,055		108,021		121,076		35,453		85,623		88,709		—	2017
Total Orange County, CA	4,024		$214,213		$767,491		$134,848		$214,213		$902,339		$1,116,552		$368,917		$747,635		$769,696		$—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564		$9,922		$40,580		$45,215		$9,922		$85,795		$95,717		$65,063		$30,654		$33,574		$—	1969/1997
eaves Mission Ridge	San Diego, CA	200		2,710		10,924		17,891		2,710		28,815		31,525		23,546		7,979		8,435		—	1960/1997
eaves San Marcos	San Marcos, CA	186		3,277		13,385		10,869		3,277		24,254		27,531		10,666		16,865		17,013		—	1988/2011
eaves Rancho Penasquitos	San Diego, CA	250		6,692		27,143		14,558		6,692		41,701		48,393		22,125		26,268		27,835		—	1986/2011
Avalon Vista	Vista, CA	221		12,689		43,328		2,003		12,689		45,331		58,020		17,149		40,871		41,783		—	2015
eaves La Mesa	La Mesa, CA	168		9,490		29,412		5,348		9,490		34,760		44,250		19,709		24,541		25,900		—	1989/2013
Avalon La Jolla Colony	San Diego, CA	180		16,760		29,234		11,600		16,760		40,834		57,594		20,595		36,999		38,110		—	1987/2013
Total San Diego, CA	1,769		$61,540		$194,006		$107,484		$61,540		$301,490		$363,030		$178,853		$184,177		$192,650		$—
TOTAL SOUTHERN CALIFORNIA	17,798		$1,082,726		$3,236,386		$867,621		$1,082,726		$4,104,007		$5,186,733		$1,889,151		$3,297,582		$3,383,000		$183,150

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 EXPANSION REGIONS
North Carolina
Avalon South End	Charlotte, NC	265		$13,723		$90,017		$4,694		$13,723		$94,711		$108,434		$19,681		$88,753		$92,498		$—	2020/2021
AVA South End	Charlotte, NC	164		9,367		45,277		4,812		9,367		50,089		59,456		9,002		50,454		50,284		—	2013/2021
Avalon Hawk (1)	Charlotte, NC	71		2,564		44,255		310		2,564		44,565		47,129		7,167		39,962		41,379		—	2021/2021
Avalon Highland Creek	Charlotte, NC	260		4,586		73,014		875		4,586		73,889		78,475		12,516		65,959		68,671		—	2022/2022
Avalon Mooresville	Mooresville, NC	203		3,770		48,862		501		3,770		49,363		53,133		5,470		47,663		49,488		—	2017/2023
Total North Carolina	963		$34,010		$301,425		$11,192		$34,010		$312,617		$346,627		$53,836		$292,791		$302,320		$—
Texas
Avalon Lakeside	Flower Mound, TX	425		$15,073		$102,992		$1,265		$15,073		$104,257		$119,330		$23,530		$95,800		$99,577		$—	2015/2021
Avalon Addison	Addison, TX	196		11,174		59,132		1,260		11,174		60,392		71,566		9,914		61,652		63,526		—	1995/2022
Avalon Frisco at Main	Frisco, TX	360		11,919		71,978		1,597		11,919		73,575		85,494		10,470		75,024		77,462		—	2013/2023
Avalon West Plano	Carrollton, TX	568		14,100		123,617		1,607		14,100		125,224		139,324		19,181		120,143		124,700		61,384	2016/2023
Total Texas	1,549		$52,266		$357,719		$5,729		$52,266		$363,448		$415,714		$63,095		$352,619		$365,265		$61,384
TOTAL OTHER EXPANSION REGIONS	2,512		$86,276		$659,144		$16,921		$86,276		$676,065		$762,341		$116,931		$645,410		$667,585		$61,384
TOTAL SAME STORE	76,921		$4,323,013		$16,712,630		$2,826,347		$4,323,013		$19,538,977		$23,861,990		$8,445,176		$15,416,814		$15,880,982		$723,152

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 Sunset Towers (4)	San Francisco, CA	243			$3,561			$21,313				$18,081			$3,561			$39,394				$42,955			$30,847			$12,108			$13,002		$—	1961/1996
Avalon West Dublin	Dublin, CA	499		39,070			223,281		4			39,070		223,285			262,355		14,985			247,370		253,859			—		2024
AVA Balboa Park	San Diego, CA	100		10,537			40,706		1,160			10,537		41,866			52,403		2,608			49,795		50,313			—		2015/2024
Avalon Cherry Hills	Englewood, CO	306		9,798			85,404		4,209			9,798		89,613			99,411		7,632			91,779		91,855			—		2015/2024
Avalon Lowry	Denver, CO	347		15,382			121,829		160			15,382		121,989			137,371		8,757			128,614		136,211			—		2019/2024
Avalon The Albemarle (4)	Washington, D.C.	234		25,140			55,945		9,668			25,140		65,613			90,753		32,378			58,375		58,681			—		1966/2013
Avalon Merrick Park	Miami, FL	254		23,779			79,305		—			23,779		79,305			103,084		7,922			95,162		98,105			—		2023
Avalon Coconut Creek	Coconut Creek, FL	270		17,551			81,659		112			17,551		81,771			99,322		3,224			96,098		—			—		2014/2025
Avalon Perimeter Park	Morrisville, NC	262		11,533			55,229		2,597			11,533		57,826			69,359		5,047			64,312		64,486			—		2018/2024
Avalon Townhome Collection Brier Creek	Durham, NC	93		4,564			32,225		—			4,564		32,225			36,789		328			36,461		—			—		2020/2025
Avalon at Palisades	Charlotte, NC	274		5,881			66,081		62			5,881		66,143			72,024		2,606			69,418		—			—		2020/2025
Avalon Princeton Circle	Princeton, NJ	221		11,705			75,465		364			11,705		75,829			87,534		6,898			80,636		83,596			—		2023
Avalon White Plains (4)	White Plains, NY	407		15,391			137,312		7,291			15,391		144,603			159,994		80,216			79,778		82,287			—		2009
Avalon Amityville	Amityville, NY	338		22,466			113,145		8			22,466		113,153			135,619		8,857			126,762		131,423			—		2024
Kanso Milford	Milford, MA	162		14,361			48,955		6			14,361		48,961			63,322		2,949			60,373		60,710			—		2024
Avalon at Pier 121	Lewisville, TX	300		8,418			53,793		1,456			8,418		55,249			63,667		5,611			58,056		59,372			—		2014/2024
Avalon Townhome Collection Bee Cave	Bee Cave, TX	126		7,955			41,352		365			7,955		41,717			49,672		2,608			47,064		48,748			—		2022/2024
Avalon Hill Country	Austin, TX	554		19,430			117,062		409			19,430		117,471			136,901		10,478			126,423		—			—		2015/2025
Avalon Wolf Ranch	Georgetown, TX	303		6,891			44,462		545			6,891		45,007			51,898		3,123			48,775		—			—		2017/2025
eaves Twin Creeks	Allen, TX	216		9,762			35,812		208			9,762		36,020			45,782		2,176			43,606		—			—		2025
Avalon Benbrook	Benbrook, TX	301		3,623			57,314		96			3,623		57,410			61,033		3,733			57,300		—			—		2025
Avalon Castle Hills	Lewisville, TX	276		7,522			59,007		396			7,522		59,403			66,925		3,369			63,556		—			—		2025
Avalon Frisco	Frisco, TX	330		6,559			74,620		127			6,559		74,747			81,306		4,699			76,607		—			—		2025
Avalon Frisco North	Frisco, TX	349		12,118			77,253		155			12,118		77,408			89,526		5,356			84,170		—			—		2025
eaves North Dallas	Dallas, TX	372		16,558			60,334		166			16,558		60,500			77,058		4,908			72,150		—			—		2025
Avalon Bothell Commons	Bothell, WA	467		26,699			206,444		156			26,699		206,600			233,299		14,874			218,425		225,208			—		2024
Avalon Redmond Campus	Redmond, WA	214		7,007			81,817		104			7,007		81,921			88,928		5,657			83,271		85,846			—		2024
eaves Redmond Campus II	Redmond, WA	40		10,951			4,949		—			10,951		4,949			15,900		60			15,840		—			—		1987/2025
Avalon Alderwood Place	Lynnwood, WA	328		12,524			109,227		7			12,524		109,234			121,758		2,261			119,497		—			—		2022/2025
The Park Loggia Commercial	New York, NY	N/A	77,393			76,410		12,247			77,393		88,657			166,050		19,629			146,421		148,167			—		2019
TOTAL OTHER STABILIZED	8,186		$464,129				$2,337,710			$60,159			$464,129				$2,397,869			$2,861,998			$303,796				$2,558,202			$1,691,869		$—
TOTAL CURRENT COMMUNITIES (5)	85,107		$4,787,142				$19,050,340			$2,886,506			$4,787,142				$21,936,846			$26,723,988			$8,748,972				$17,975,016			$17,572,851		$723,152

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
DEVELOPMENT (5)
Avalon Pleasanton	Pleasanton, CA	362	$6,202	$118,419	$2	$6,202	$118,421	$124,623	$395	$124,228	$20,275	$—	N/A
Avalon Mission Valley (3)	San Diego, CA	621	—	41,756	113	—	41,869	41,869	—	41,869	—	—	N/A
Kanso Hillcrest	San Diego, CA	182	—	40,718	56	—	40,774	40,774	—	40,774	15,807	—	N/A
Avalon San Ramon	San Ramon, CA	456	—	37,557	—	—	37,557	37,557	—	37,557	—	—	N/A
Avalon Westminster Promenade	Westminster, CO	312	6,291	105,184	—	6,291	105,184	111,475	5,255	106,220	112,719	—	2024
Avalon Governor's Park	Denver, CO	304	10,302	126,946	—	10,302	126,946	137,248	5,523	131,725	134,764	—	2024
Avalon Parker	Parker, CO	312	—	56,148	—	—	56,148	56,148	—	56,148	—	—	N/A
Avalon South Miami	South Miami, FL	290	24,472	144,735	—	24,472	144,735	169,207	1,041	168,166	126,402	—	2025
Avalon North Palm Beach	Lake Park, FL	279	1,241	50,037	—	1,241	50,037	51,278	358	50,920	—	—	N/A
Avalon Kendall	Kendall, FL	224	—	38,324	—	—	38,324	38,324	—	38,324	—	—	N/A
Avalon Quincy Adams	Quincy, MA	288	—	91,394	95	—	91,489	91,489	—	91,489	38,834	—	N/A
Avalon Billerica	Billerica, MA	200	—	16,789	—	—	16,789	16,789	—	16,789	—	—	N/A
Avalon Annapolis	Annapolis, MD	508	47,599	141,862	12	47,599	141,874	189,473	4,722	184,751	173,284	—	2025
Avalon Hunt Valley West	Hunt Valley, MD	322	10,021	86,721	—	10,021	86,721	96,742	1,426	95,316	79,435	—	2025
AVA Brewer's Hill	Baltimore, MD	418	—	44,508	—	—	44,508	44,508	—	44,508	23,182	—	N/A
Avalon Townhome Collection Arundel Mills	Hanover, MD	90	—	6,537	—	—	6,537	6,537	—	6,537	—	—	N/A
Avalon Durham	Durham, NC	336	17,331	100,922	—	17,331	100,922	118,253	5,472	112,781	115,657	—	2024
Avalon Lake Norman	Mooresville, NC	345	5,575	93,096	—	5,575	93,096	98,671	912	97,759	59,909	—	N/A
Avalon Carmel	Charlotte, NC	360	—	88,292	—	—	88,292	88,292	—	88,292	29,299	—	N/A
Avalon Oakridge I	Durham, NC	459	—	57,271	—	—	57,271	57,271	—	57,271	25,229	—	N/A
Avalon Brier Creek	Durham, NC	400	—	33,258	—	—	33,258	33,258	—	33,258	—	—	N/A
Avalon Southpoint	Durham, NC	394	—	16,385	—	—	16,385	16,385	—	16,385	—	—	N/A
Avalon W Squared at Princeton Junction	West Windsor, NJ	535	7,336	188,361	—	7,336	188,361	195,697	525	195,172	118,103	—	N/A
Avalon Princeton on Harrison	Princeton, NJ	200	8,891	68,871	—	8,891	68,871	77,762	2,078	75,684	68,584	—	2025
Avalon Wayne	Wayne, NJ	473	3,602	147,252	—	3,602	147,252	150,854	371	150,483	73,596	—	N/A
Avalon Parsippany	Parsippany, NJ	410	7,827	130,370	—	7,827	130,370	138,197	296	137,901	61,470	—	N/A
Avalon at Becker Farm	Roseland, NJ	533	2,389	148,361	—	2,389	148,361	150,750	58	150,692	65,048	—	N/A
Kanso Parsippany	Parsippany, NJ	280	—	30,552	—	—	30,552	30,552	—	30,552	—	—	N/A
Avalon Montville	Pine Brook, NJ	349	8,471	117,315	1	8,471	117,316	125,787	8,371	117,416	121,183	—	2024
Avalon Plano	Plano, TX	155	—	19,949	—	—	19,949	19,949	—	19,949	14,502	—	N/A
Avalon Tech Ridge I	Austin, TX	544	—	92,397	—	—	92,397	92,397	—	92,397	29,142	—	N/A
Avalon Northwest Hills	Austin, TX	252	—	16,368	—	—	16,368	16,368	—	16,368	—	—	N/A
TOTAL DEVELOPMENT		11,193	$167,550	$2,496,655	$279	$167,550	$2,496,934	$2,664,484	$36,803	$2,627,681	$1,506,424	$—

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
Land Held for Development	N/A	$123,751		$8,663		$—		$123,751		$8,663		$132,414		$—		$132,414		$151,922		$—
Corporate Overhead	N/A	49,968		11,414		53,498		49,968		64,912		114,880		43,749		71,131		80,458		7,375,000
2025 Disposed Communities	N/A	—		—		—		—		—		—		—		—		455,407		—
TOTAL	96,300		$5,128,411		$21,567,072		$2,940,283		$5,128,411		$24,507,355		$29,635,766		$8,829,524		$20,806,242		$19,767,062		$8,098,152	(6)

(1)Some or all of the land or an associated parking structure for this community is subject to a finance lease.

(2)This community was under redevelopment for some or all of 2025, 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, 2025, 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 $45,620 and $13,588, respectively.

Amounts include real estate assets held for sale.

The aggregate cost of total real estate for federal income tax purposes was approximately $28,049,554 at December 31, 2025.

The changes in total real estate assets for the years ended December 31, 2025, 2024 and 2023 are as follows:

	December 31, 2025	December 31, 2024	December 31, 2023
Balance, beginning of period	$27,949,782	$26,864,833	$25,871,363
Acquisitions, construction costs and improvements (1)	2,385,984	1,602,790	1,272,558
Dispositions, including casualty losses, and other activity	(700,000)	(517,841)	(279,088)
Balance, end of period	$29,635,766	$27,949,782	$26,864,833

(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, 2025, 2024 and 2023, are as follows:

	December 31, 2025	December 31, 2024	December 31, 2023
Balance, beginning of period	$8,182,720	$7,521,962	$6,878,556
Depreciation (1)	913,376	846,853	781,313
Dispositions, including casualty losses, and other activity	(266,572)	(186,095)	(137,907)
Balance, end of period	$8,829,524	$8,182,720	$7,521,962

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