REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
ESTABLISHED COMMUNITIES
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	$	2,124	$	12,546	$	9,368	$	2,124	$	21,914	$	24,038	$	12,335	$	11,703	$	12,438	$	—	1994
Eaves Quincy	Quincy, MA	1,743		14,662		9,694		1,743		24,356		26,099		12,650		13,449		13,883		—		1986/1995
Avalon Essex	Peabody, MA	5,184		16,258		2,073		5,184		18,331		23,515		10,039		13,476		14,036		—		2000
Avalon Oaks West	Wilmington, MA	3,318		13,333		951		3,318		14,284		17,602		6,915		10,687		11,155		15,649		2002
Avalon Orchards	Marlborough, MA	2,983		17,932		2,260		2,983		20,192		23,175		9,744		13,431		14,061		16,621		2002
Avalon at Newton Highlands	Newton, MA	11,039		45,531		3,784		11,039		49,315		60,354		21,314		39,040		40,699		—		2003
Avalon at The Pinehills	Plymouth, MA	6,876		30,401		317		6,876		30,718		37,594		8,915		28,679		29,624		—		2004
Eaves Peabody	Peabody, MA	4,645		18,937		12,388		4,645		31,325		35,970		10,860		25,110		25,925		—		1962/2004
Avalon at Bedford Center	Bedford, MA	4,258		20,535		483		4,258		21,018		25,276		7,355		17,921		18,513		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	14,572		45,820		2,168		14,572		47,988		62,560		15,529		47,031		48,794		39,088		2007
Avalon Shrewsbury	Shrewsbury, MA	5,152		30,458		1,358		5,152		31,816		36,968		10,191		26,777		27,455		19,867		2007
Avalon at Lexington Hills	Lexington, MA	8,691		79,104		1,686		8,691		80,790		89,481		22,275		67,206		69,510		—		2008
Avalon Acton	Acton, MA	13,124		48,944		2,309		13,124		51,253		64,377		13,789		50,588		51,216		45,000		2008
Avalon at Hingham Shipyard	Hingham, MA	12,218		41,655		791		12,218		42,446		54,664		10,635		44,029		45,193		—		2009
Avalon Sharon	Sharon, MA	4,719		25,446		461		4,719		25,907		30,626		6,952		23,674		24,480		—		2008
Avalon Northborough	Northborough, MA	8,144		52,348		198		8,144		52,546		60,690		11,066		49,624		51,444		—		2009
Avalon Blue Hills	Randolph, MA	11,110		34,690		644		11,110		35,334		46,444		8,135		38,309		39,070		—		2009
Avalon Cohasset	Cohasset, MA	8,802		46,184		87		8,802		46,271		55,073		6,561		48,512		50,141		—		2012
Avalon Andover	Andover, MA	4,276		21,862		45		4,276		21,907		26,183		2,892		23,291		24,065		14,179		2012
Avalon Prudential Center II (1)	Boston, MA	8,776		35,496		39,910		8,776		75,406		84,182		27,376		56,806		50,955		—		1968/1998
Avalon Prudential Center I (1)	Boston, MA	8,002		32,370		31,040		8,002		63,410		71,412		24,589		46,823		37,373		—		1968/1998
Eaves North Quincy	Quincy, MA	11,940		39,400		2,814		11,940		42,214		54,154		6,253		47,901		49,047		—		1977/2013
Avalon at Center Place	Providence, RI	—		26,816		10,563		—		37,379		37,379		21,374		16,005		17,127		—		1991/1997
Total Boston, MA		$	161,696	$	750,728	$	135,392	$	161,696	$	886,120	$	1,047,816	$	287,744	$	760,072	$	766,204	$	150,404
Fairfield-New Haven, CT
Eaves Stamford	Stamford, CT	$	5,956	$	23,993	$	12,798	$	5,956	$	36,791	$	42,747	$	21,445	$	21,302	$	22,648	$	—	1991
Avalon Wilton I	Wilton, CT	2,116		14,664		5,841		2,116		20,505		22,621		10,601		12,020		12,766		—		1997
Avalon New Canaan	New Canaan, CT	4,834		22,990		1,700		4,834		24,690		29,524		11,179		18,345		17,206		—		2002
AVA Stamford	Stamford, CT	13,819		56,499		4,834		13,819		61,333		75,152		27,600		47,552		49,851		—		2002/2002

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Danbury	Danbury, CT	4,933		30,638		797		4,933		31,435		36,368		11,478		24,890		25,889		—		2005
Avalon Darien	Darien, CT	6,926		34,579		2,074		6,926		36,653		43,579		15,216		28,363		29,457		—		2004
Avalon Milford I	Milford, CT	8,746		22,699		1,014		8,746		23,713		32,459		9,357		23,102		23,677		—		2004
Avalon Norwalk	Norwalk, CT	11,320		62,910		440		11,320		63,350		74,670		11,606		63,064		64,883		—		2011
Avalon Huntington	Shelton, CT	5,277		20,029		137		5,277		20,166		25,443		5,132		20,311		21,000		—		2008
Avalon Wilton II	Wilton, CT	6,604		23,763		—		6,604		23,763		30,367		3,853		26,514		27,371		—		2011
Total Fairfield-New Haven, CT		$	70,531	$	312,764	$	29,635	$	70,531	$	342,399	$	412,930	$	127,467	$	285,463	$	294,748	$	—
TOTAL NEW ENGLAND		$	232,227	$	1,063,492	$	165,027	$	232,227	$	1,228,519	$	1,460,746	$	415,211	$	1,045,535	$	1,060,952	$	150,404

METRO NY/NJ
New York City, NY
Avalon Riverview I (1)	Long Island City, NY	$	—	$	94,061	$	6,647	$	—	$	100,708	$	100,708	$	45,214	$	55,494	$	57,407	$	—	2002
Avalon Bowery Place	New York, NY	18,575		75,009		2,383		18,575		77,392		95,967		24,711		71,256		73,529		93,800		2006
Avalon Riverview North	Long Island City, NY	—		166,099		2,906		—		169,005		169,005		47,953		121,052		125,242		—		2008
Avalon Bowery Place II	New York, NY	9,106		47,199		3,298		9,106		50,497		59,603		13,624		45,979		46,034		—		2007
Avalon Morningside Park	New York, NY	—		114,233		1,037		—		115,270		115,270		28,731		86,539		90,555		100,000		2009
Avalon Fort Greene	Brooklyn, NY	83,038		216,802		860		83,038		217,662		300,700		42,653		258,047		266,954		—		2010
Avalon Midtown West	New York, NY	154,730		180,253		12,299		154,730		192,552		347,282		29,236		318,046		323,993		100,500		1998/2013
Avalon Clinton North (1)	New York, NY	84,069		105,821		7,300		84,069		113,121		197,190		16,054		181,136		183,684		147,000		2008/2013
Avalon Clinton South	New York, NY	71,421		89,851		5,238		71,421		95,089		166,510		13,810		152,700		155,715		121,500		2007/2013
Total New York City, NY		$	420,939	$	1,089,328	$	41,968	$	420,939	$	1,131,296	$	1,552,235	$	261,986	$	1,290,249	$	1,323,113	$	562,800
New York - Suburban
Avalon Commons	Smithtown, NY	$	4,679	$	28,286	$	5,810	$	4,679	$	34,096	$	38,775	$	19,958	$	18,817	$	19,961	$	—	1997
Eaves Nanuet	Nanuet, NY	8,428		45,660		4,371		8,428		50,031		58,459		30,225		28,234		29,666		62,279		1998
Avalon Willow	Mamaroneck, NY	6,207		40,791		1,727		6,207		42,518		48,725		23,346		25,379		26,575		—		2000
Avalon Court	Melville, NY	9,228		50,063		3,104		9,228		53,167		62,395		30,699		31,696		33,465		—		1997
The Avalon	Bronxville, NY	2,889		28,324		8,003		2,889		36,327		39,216		17,178		22,038		23,324		—		1999
Avalon at Glen Cove	Glen Cove, NY	7,871		59,969		1,463		7,871		61,432		69,303		24,106		45,197		46,967		—		2004
Avalon Pines	Coram, NY	8,700		62,931		946		8,700		63,877		72,577		22,979		49,598		51,424		—		2005
Avalon Glen Cove North	Glen Cove, NY	2,577		37,336		364		2,577		37,700		40,277		11,287		28,990		30,129		—		2007
Avalon White Plains	White Plains, NY	15,391		137,353		210		15,391		137,563		152,954		32,264		120,690		125,356		—		2009

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Rockville Centre	Rockville Centre, NY	32,212		78,807		10		32,212		78,817		111,029		11,305		99,724		102,539		—		2012
Avalon Green II	Elmsford, NY	27,765		77,561		—		27,765		77,561		105,326		10,116		95,210		97,995		—		2012
Avalon Garden City	Garden City, NY	18,205		49,372		—		18,205		49,372		67,577		5,802		61,775		63,578		—		2013
Avalon Westbury	Westbury, NY	69,620		43,781		9,882		69,620		53,663		123,283		10,584		112,699		112,091		81,175		2006/2013
Total New York - Suburban		$	213,772	$	740,234	$	35,890	$	213,772	$	776,124	$	989,896	$	249,849	$	740,047	$	763,070	$	143,454
New Jersey
Avalon Cove	Jersey City, NJ	8,760		82,422		21,119		8,760		103,541		112,301		57,650		54,651		58,185		—		1997
Eaves Lawrenceville (1)	Lawrenceville, NJ	14,650		60,486		7,744		14,650		68,230		82,880		26,489		56,391		56,757		—		1994
Avalon Princeton Junction	West Windsor, NJ	5,585		22,382		20,927		5,585		43,309		48,894		22,942		25,952		27,366		—		1988/1993
Avalon at Florham Park	Florham Park, NJ	6,647		34,906		2,552		6,647		37,458		44,105		19,437		24,668		25,723		—		2001
Avalon at Freehold	Freehold, NJ	4,119		30,514		1,050		4,119		31,564		35,683		15,051		20,632		21,574		34,441		2002
Avalon Run East	Lawrenceville, NJ	6,766		45,366		1,107		6,766		46,473		53,239		17,909		35,330		36,765		36,904		2005
Avalon at Tinton Falls	Tinton Falls, NJ	7,939		33,173		392		7,939		33,565		41,504		8,928		32,576		33,453		—		2008
Avalon at West Long Branch	West Long Branch, NJ	2,721		22,940		56		2,721		22,996		25,717		4,335		21,382		22,182		—		2011
Avalon North Bergen	North Bergen, NJ	8,984		30,997		919		8,984		31,916		40,900		4,000		36,900		37,694		—		2012
Avalon at Wesmont Station	Wood-Ridge, NJ	14,682		41,635		700		14,682		42,335		57,017		5,385		51,632		53,332		—		2012
Avalon Hackensack at Riverside	Hackensack, NJ	—		44,625		—		—		44,625		44,625		3,903		40,722		42,218		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	6,502		16,863		—		6,502		16,863		23,365		1,603		21,762		22,372		—		2013
Total New Jersey		$	87,355	$	466,309	$	56,566	$	87,355	$	522,875	$	610,230	$	187,632	$	422,598	$	437,621	$	71,345
TOTAL Metro NY/NJ		$	722,066	$	2,295,871	$	134,424	$	722,066	$	2,430,295	$	3,152,361	$	699,467	$	2,452,894	$	2,523,804	$	777,599

MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, DC	$	6,848	$	27,614	$	12,556	$	6,848	$	40,170	$	47,018	$	26,355	$	20,663	$	21,183	$	55,484	1982/1994
Avalon at Gallery Place	Washington, DC	8,800		39,658		1,994		8,800		41,652		50,452		17,969		32,483		33,603		43,110		2003
AVA H Street	Washington, DC	7,425		25,282		—		7,425		25,282		32,707		2,755		29,952		30,925		—		2013
Avalon The Albemarle	Washington, DC	25,140		52,459		4,608		25,140		57,067		82,207		8,821		73,386		74,336		—		1966/2013
Eaves Tunlaw Gardens	Washington, DC	16,430		22,902		2,100		16,430		25,002		41,432		4,006		37,426		38,195		—		1944/2013
The Statesman	Washington, DC	38,140		35,352		3,715		38,140		39,067		77,207		7,149		70,058		71,130		—		1961/2013
Eaves Glover Park	Washington, DC	9,580		26,532		2,146		9,580		28,678		38,258		4,422		33,836		34,681		—		1953/2013
AVA Van Ness	Washington, DC	22,890		58,691		3,656		22,890		62,347		85,237		8,982		76,255		78,192		—		1978/2013

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon First & M	Washington, DC	43,700		153,950		2,665		43,700		156,615		200,315		17,656		182,659		187,806		—		2012/2013
Avalon at Fairway Hills	Columbia, MD	8,603		34,432		16,092		8,603		50,524		59,127		30,110		29,017		30,674		—		1987/1996
Eaves Washingtonian Center I	North Potomac, MD	2,608		11,707		876		2,608		12,583		15,191		8,378		6,813		7,031		—		1996
Eaves Washingtonian Center II	North Potomac, MD	1,439		6,846		220		1,439		7,066		8,505		4,215		4,290		4,495		—		1998
Eaves Columbia Town Center	Columbia, MD	8,802		35,536		11,612		8,802		47,148		55,950		17,857		38,093		39,494		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	29,159		53,001		2,141		29,159		55,142		84,301		23,018		61,283		63,142		—		2004
Avalon at Traville	Rockville, MD	14,365		55,398		2,756		14,365		58,154		72,519		23,257		49,262		49,241		73,057		2004
Avalon Russett	Laurel, MD	10,200		47,524		2,813		10,200		50,337		60,537		7,350		53,187		54,836		39,972		1999/2013
Eaves Fair Lakes	Fairfax, VA	6,096		24,400		8,352		6,096		32,752		38,848		18,921		19,927		20,965		—		1989/1996
AVA Ballston	Arlington, VA	7,291		29,177		16,117		7,291		45,294		52,585		25,962		26,623		28,291		—		1990
Eaves Fairfax City	Fairfax, VA	2,152		8,907		5,390		2,152		14,297		16,449		7,157		9,292		9,825		—		1988/1997
Avalon Park Crest	Tysons Corner, VA	13,554		63,527		31		13,554		63,558		77,112		7,227		69,885		72,195		—		2013
Eaves Fairfax Towers	Falls Church, VA	17,889		74,727		1,879		17,889		76,606		94,495		12,627		81,868		84,552		—		1978/2011
Avalon Ballston Place	Arlington, VA	38,490		123,645		3,907		38,490		127,552		166,042		15,895		150,147		154,371		—		2001/2013
Eaves Tysons Corner	Vienna, VA	16,030		45,420		2,581		16,030		48,001		64,031		7,362		56,669		58,495		—		1980/2013
Avalon Ballston Square	Arlington, VA	71,640		215,937		12,072		71,640		228,009		299,649		31,147		268,502		274,405		—		1992/2013
Avalon Courthouse Place	Arlington, VA	56,550		178,032		8,868		56,550		186,900		243,450		25,150		218,300		223,792		140,332		1999/2013
Avalon Reston Landing	Reston, VA	26,710		83,084		4,405		26,710		87,489		114,199		13,195		101,004		104,285		—		2000/2013
TOTAL MID-ATLANTIC		$	510,531	$	1,533,740	$	133,552	$	510,531	$	1,667,292	$	2,177,823	$	376,943	$	1,800,880	$	1,850,140	$	351,955
PACIFIC NORTHWEST
Seattle, WA
Avalon Redmond Place	Redmond, WA	$	4,558	$	18,368	$	10,247	$	4,558	$	28,615	$	33,173	$	15,527	$	17,646	$	18,264	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	6,786		27,641		3,595		6,786		31,236		38,022		18,732		19,290		20,397		—		1998/1998
Avalon Bellevue	Bellevue, WA	6,664		24,119		1,726		6,664		25,845		32,509		13,251		19,258		20,223		25,103		2001
Avalon RockMeadow	Bothell, WA	4,777		19,765		2,214		4,777		21,979		26,756		11,565		15,191		15,748		—		2000/2000
Avalon ParcSquare	Redmond, WA	3,789		15,139		2,670		3,789		17,809		21,598		9,306		12,292		12,971		—		2000/2000
Avalon Brandemoor	Lynnwood, WA	8,608		36,679		1,811		8,608		38,490		47,098		19,547		27,551		28,800		—		2001/2001
AVA Belltown	Seattle, WA	5,644		12,733		888		5,644		13,621		19,265		6,856		12,409		12,877		61,769		2001
Avalon Meydenbauer	Bellevue, WA	12,697		77,451		951		12,697		78,402		91,099		20,691		70,408		73,031		—		2008
Avalon Towers Bellevue	Bellevue, WA	—		123,030		815		—		123,845		123,845		23,476		100,369		104,838		—		2011
AVA Queen Anne	Seattle, WA	12,081		41,618		347		12,081		41,965		54,046		5,917		48,129		49,689		—		2012
Avalon Brandemoor II	Lynnwood, WA	2,655		11,343		—		2,655		11,343		13,998		1,849		12,149		12,563		—		2011
AVA Ballard	Seattle, WA	16,460		46,926		918		16,460		47,844		64,304		4,620		59,684		60,540		—		2013

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Redmond Campus	Redmond, WA	22,580		88,001		5,689		22,580		93,690		116,270		13,745		102,525		105,671		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA	10,250		26,842		1,965		10,250		28,807		39,057		4,440		34,617		35,621		—		1987/2013
TOTAL PACIFIC NORTHWEST		$	117,549	$	569,655	$	33,836	$	117,549	$	603,491	$	721,040	$	169,522	$	551,518	$	571,233	$	86,872

NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	$	11,830	$	47,828	$	13,436	$	11,830	$	61,264	$	73,094	$	30,932	$	42,162	$	44,418	$	38,800	1995
Eaves San Jose	San Jose, CA	12,920		53,047		18,868		12,920		71,915		84,835		31,204		53,631		56,089		—		1985/1996
Avalon on the Alameda	San Jose, CA	6,119		50,225		1,860		6,119		52,085		58,204		29,869		28,335		29,953		50,754		1999
Avalon Mountain View	Mountain View, CA	9,755		39,393		9,960		9,755		49,353		59,108		27,178		31,930		33,117		17,700		1986
Avalon at Cahill Park	San Jose, CA	4,765		47,600		1,484		4,765		49,084		53,849		22,565		31,284		33,049		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	9,560		56,136		1,118		9,560		57,254		66,814		27,109		39,705		41,684		—		2002
Avalon Willow Glen	San Jose, CA	46,060		81,957		4,096		46,060		86,053		132,113		13,139		118,974		122,271		—		2002/2013
Eaves West Valley	San Jose, CA	90,890		113,628		7,402		90,890		121,030		211,920		19,133		192,787		196,891		75,092		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA	64,070		69,018		5,112		64,070		74,130		138,200		12,194		126,006		128,519		—		1969/2013
Total San Jose, CA		$	255,969	$	558,832	$	63,336	$	255,969	$	622,168	$	878,137	$	213,323	$	664,814	$	685,991	$	182,346
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	$	10,746	$	43,399	$	5,270	$	10,746	$	48,669	$	59,415	$	29,899	$	29,516	$	31,121	$	—	1992/1994
Eaves Pleasanton	Pleasanton, CA	11,610		46,552		21,421		11,610		67,973		79,583		35,631		43,952		46,042		—		1988/1994
Eaves Union City	Union City, CA	4,249		16,820		2,918		4,249		19,738		23,987		12,153		11,834		12,499		—		1973/1996
Eaves Fremont	Fremont, CA	6,581		26,583		9,731		6,581		36,314		42,895		20,388		22,507		23,696		—		1985/1994
Avalon Union City	Union City, CA	14,732		104,025		710		14,732		104,735		119,467		23,419		96,048		99,329		—		2009
Avalon Walnut Creek	Walnut Creek, CA	—		146,035		2,208		—		148,243		148,243		27,731		120,512		125,195		137,789		2010
Eaves Walnut Creek (1)	Walnut Creek, CA	30,320		82,375		11,632		30,320		94,007		124,327		12,658		111,669		108,646		—		1987/2013
Avalon Walnut Ridge II	Walnut Creek, CA	27,190		57,041		3,386		27,190		60,427		87,617		9,093		78,524		80,540		—		1989/2013
Total Oakland - East Bay, CA		$	105,428	$	522,830	$	57,276	$	105,428	$	580,106	$	685,534	$	170,972	$	514,562	$	527,068	$	137,789
San Francisco, CA
Eaves Daly City	Daly City, CA	4,230		9,659		18,742		4,230		28,401		32,631		15,793		16,838		17,747		—		1972/1997
AVA Nob Hill	San Francisco, CA	5,403		21,567		6,934		5,403		28,501		33,904		15,043		18,861		19,825		20,800		1990/1995
Eaves San Rafael	San Rafael, CA	5,982		16,885		24,396		5,982		41,281		47,263		19,364		27,899		29,067		—		1973/1996
Eaves Foster City	Foster City, CA	7,852		31,445		11,207		7,852		42,652		50,504		22,693		27,811		29,298		—		1973/1994
Eaves Pacifica	Pacifica, CA	6,125		24,796		2,727		6,125		27,523		33,648		16,591		17,057		17,867		17,600		1971/1995

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Sunset Towers	San Francisco, CA	3,561		21,321		15,034		3,561		36,355		39,916		17,333		22,583		23,640		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	4,726		19,130		5,844		4,726		24,974		29,700		13,772		15,928		16,670		—		1972/1994
Avalon at Mission Bay North	San Francisco, CA	14,029		78,452		2,855		14,029		81,307		95,336		36,002		59,334		61,896		68,890		2003
Avalon at Mission Bay III	San Francisco, CA	28,687		119,156		75		28,687		119,231		147,918		26,937		120,981		125,215		—		2009
Avalon Ocean Avenue	San Francisco, CA	5,544		50,883		1,759		5,544		52,642		58,186		6,740		51,446		53,340		—		2012
Avalon San Bruno	San Bruno, CA	40,780		68,684		3,028		40,780		71,712		112,492		10,028		102,464		104,932		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	23,787		44,934		1,669		23,787		46,603		70,390		6,080		64,310		65,862		30,514		2007/2013
Avalon San Bruno III	San Bruno, CA	33,303		62,910		2,412		33,303		65,322		98,625		8,517		90,108		92,222		55,650		2010/2013
Total San Francisco, CA		$	184,009	$	569,822	$	96,682	$	184,009	$	666,504	$	850,513	$	214,893	$	635,620	$	657,581	$	257,904
TOTAL NORTHERN CALIFORNIA		$	545,406	$	1,651,484	$	217,294	$	545,406	$	1,868,778	$	2,414,184	$	599,188	$	1,814,996	$	1,870,640	$	578,039

SOUTHERN CALIFORNIA
Los Angeles, CA
Avalon Woodland Hills	Woodland Hills, CA	$	23,828	$	40,372	$	47,354	$	23,828	$	87,726	$	111,554	$	39,443	$	72,111	$	74,700	$	—	1989/1997
Eaves Warner Center	Woodland Hills, CA	7,045		12,986		9,445		7,045		22,431		29,476		13,887		15,589		16,318		—		1979/1998
Avalon at Glendale	Glendale, CA	—		42,564		1,319		—		43,883		43,883		18,482		25,401		26,796		—		2003
Avalon Burbank	Burbank, CA	14,053		56,827		23,979		14,053		80,806		94,859		32,102		62,757		65,454		—		1988/2002
Avalon Camarillo	Camarillo , CA	8,446		40,290		409		8,446		40,699		49,145		13,574		35,571		36,646		—		2006
Avalon Wilshire	Los Angeles, CA	5,459		41,182		1,058		5,459		42,240		47,699		12,740		34,959		36,418		—		2007
Avalon Encino	Encino, CA	12,789		49,073		576		12,789		49,649		62,438		12,575		49,863		51,445		—		2008
Avalon Warner Place	Canoga Park, CA	7,920		44,848		224		7,920		45,072		52,992		12,078		40,914		42,429		—		2008
Eaves Phillips Ranch	Pomona, CA	9,796		41,740		429		9,796		42,169		51,965		7,038		44,927		46,266		—		1989/2011
Eaves San Dimas	San Dimas, CA	1,916		7,819		1,037		1,916		8,856		10,772		1,391		9,381		9,165		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA	2,953		12,428		322		2,953		12,750		15,703		2,135		13,568		13,909		—		1981/2011
Eaves Cerritos	Artesia, CA	8,305		21,195		1,430		8,305		22,625		30,930		2,787		28,143		28,901		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	30,900		72,008		2,160		30,900		74,168		105,068		8,456		96,612		97,584		—		2006/2012
Avalon Simi Valley	Simi Valley, CA	42,020		73,361		4,564		42,020		77,925		119,945		11,883		108,062		110,634		—		2007/2013
Avalon Studio City II	Studio City, CA	4,626		22,954		1,222		4,626		24,176		28,802		3,353		25,449		26,306		—		1991/2013
Avalon Studio City III	Studio City, CA	15,756		78,178		3,607		15,756		81,785		97,541		11,304		86,237		88,924		—		2002/2013
Avalon Calabasas	Calabasas, CA	42,720		107,642		8,461		42,720		116,103		158,823		18,337		140,486		143,201		99,166		1988/2013
Avalon Oak Creek	Agoura Hills, CA	43,540		79,974		4,999		43,540		84,973		128,513		13,868		114,645		117,487		85,288		2004/2013
Avalon Del Mar Station	Pasadena, CA	20,560		106,556		3,363		20,560		109,919		130,479		13,319		117,160		120,743		76,471		2006/2013
Eaves Old Town Pasadena	Pasadena, CA	9,110		15,371		1,376		9,110		16,747		25,857		2,686		23,171		23,616		15,669		1972/2013

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Thousand Oaks	Thousand Oaks, CA	13,950		20,211		2,153		13,950		22,364		36,314		4,166		32,148		33,006		27,411		1992/2013
Eaves Los Feliz	Los Angeles, CA	18,940		43,661		3,433		18,940		47,094		66,034		7,096		58,938		60,298		43,258		1989/2013
Eaves Woodland Hills	Woodland Hills, CA	68,940		90,549		9,449		68,940		99,998		168,938		17,097		151,841		155,277		104,694		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	12,810		22,581		1,873		12,810		24,454		37,264		4,172		33,092		33,972		—		2002/2013
Total Los Angeles, CA		$	426,382	$	1,144,370	$	134,242	$	426,382	$	1,278,612	$	1,704,994	$	283,969	$	1,421,025	$	1,459,495	$	451,957
Orange County, CA
AVA Newport	Costa Mesa, CA	$	1,975	$	3,814	$	9,801	$	1,975	$	13,615	$	15,590	$	5,998	$	9,592	$	10,100	$	—	1956/1996
Eaves Mission Viejo	Mission Viejo, CA	2,517		9,257		3,466		2,517		12,723		15,240		7,564		7,676		7,400		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA	4,709		16,063		12,895		4,709		28,958		33,667		14,897		18,770		19,657		—		1973/1996
Eaves Santa Margarita	Rancho Santa Margarita, CA	4,607		16,911		10,427		4,607		27,338		31,945		13,779		18,166		19,012		—		1990/1997
Eaves Huntington Beach	Huntington Beach, CA	4,871		19,745		9,656		4,871		29,401		34,272		17,769		16,503		17,489		—		1971/1997
Avalon Anaheim Stadium	Anaheim, CA	27,874		69,156		706		27,874		69,862		97,736		16,932		80,804		83,316		—		2009
Avalon Irvine	Irvine, CA	9,911		67,524		68		9,911		67,592		77,503		14,941		62,562		64,983		—		2010
Avalon Irvine II	Irvine, CA	4,358		40,906		—		4,358		40,906		45,264		4,241		41,023		42,511		—		2013
Eaves Lake Forest	Lake Forest, CA	5,199		21,134		2,131		5,199		23,265		28,464		3,866		24,598		25,441		—		1975/2011
Eaves Seal Beach	Seal Beach, CA	46,790		99,999		4,748		46,790		104,747		151,537		15,067		136,470		140,246		—		1971/2013
Total Orange County, CA		$	112,811	$	364,509	$	53,898	$	112,811	$	418,407	$	531,218	$	115,054	$	416,164	$	430,155	$	7,635
San Diego, CA
Eaves Mission Ridge	San Diego, CA	$	2,710	$	10,924	$	11,357	$	2,710	$	22,281	$	24,991	$	12,987	$	12,004	$	12,684	$	—	1960/1997
AVA Cortez Hill	San Diego, CA	2,768		20,134		23,497		2,768		43,631		46,399		20,396		26,003		27,513		—		1973/1998
Avalon Fashion Valley	San Diego, CA	19,627		44,972		399		19,627		45,371		64,998		11,485		53,513		55,029		—		2008
Eaves San Marcos	San Marcos, CA	3,277		13,385		982		3,277		14,367		17,644		2,377		15,267		15,653		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA	6,692		27,143		2,027		6,692		29,170		35,862		4,715		31,147		31,972		—		1986/2011
Eaves La Mesa	La Mesa, CA	9,490		28,482		1,354		9,490		29,836		39,326		4,513		34,813		36,077		—		1989/2013
Total San Diego, CA		$	44,564	$	145,040	$	39,616	$	44,564	$	184,656	$	229,220	$	56,473	$	172,747	$	178,928	$	—
TOTAL SOUTHERN CALIFORNIA		$	583,757	$	1,653,919	$	227,756	$	583,757	$	1,881,675	$	2,465,432	$	455,496	$	2,009,936	$	2,068,578	$	459,592
TOTAL ESTABLISHED COMMUNITIES		$	2,711,536	$	8,768,161	$	911,889	$	2,711,536	$	9,680,050	$	12,391,586	$	2,715,827	$	9,675,759	$	9,945,347	$	2,404,461

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
OTHER STABILIZED
Eaves Dublin	Dublin, CA	$	5,276	$	19,642	$	12,310	$	5,276	$	31,952	$	37,228	$	15,397	$	21,831	$	19,902	$	—	1989/1997
AVA Burbank	Burbank, CA	22,483		28,104		48,165		22,483		76,269		98,752		35,042		63,710		66,594		—		1961/1997
AVA Pacific Beach	San Diego, CA	9,922		40,580		40,107		9,922		80,687		90,609		35,087		55,522		49,113		—		1969/1997
Eaves Creekside	Mountain View, CA	6,546		26,263		21,310		6,546		47,573		54,119		22,428		31,691		33,054		—		1962/1997
AVA Pasadena	Pasadena, CA	8,400		11,547		5,514		8,400		17,061		25,461		1,950		23,511		24,016		11,489		1973/2012
AVA 55 Ninth	San Francisco, CA	20,267		97,211		1,135		20,267		98,346		118,613		5,709		112,904		114,536		—		2014
Avalon Morrison Park	San Jose, CA	13,837		64,527		—		13,837		64,527		78,364		4,128		74,236		76,418		—		2014
Avalon San Dimas	San Dimas, CA	9,141		30,708		—		9,141		30,708		39,849		1,458		38,391		39,272		—		2014
Avalon Mission Oaks	Camarillo, CA	9,600		34,540		2,889		9,600		37,429		47,029		2,606		44,423		46,907		—		2014
Toluca Hills Apartments by Avalon	Los Angeles, CA	85,450		161,256		11,171		85,450		172,427		257,877		26,708		231,169		236,149		—		1973/2013
Avalon Berkeley	Berkeley, CA	4,500		28,430		—		4,500		28,430		32,930		1,484		31,446		32,679		—		2014
Eaves West Valley II	San Jose, CA	—		18,412		—		—		18,412		18,412		1,411		17,001		17,676		7,995		2013
Avalon Studio City	Studio City, CA	17,658		90,715		4,837		17,658		95,552		113,210		13,012		100,198		102,765		—		1987/2013
Eaves Trumbull	Trumbull, CT	4,414		31,254		3,860		4,414		35,114		39,528		22,039		17,489		18,515		38,852		1997
Avalon Shelton III	Shelton, CT	7,749		40,269		—		7,749		40,269		48,018		3,732		44,286		46,440		—		2013
Avalon East Norwalk	Norwalk, CT	10,395		36,246		—		10,395		36,246		46,641		2,981		43,660		44,875		—		2013
Avalon at Stratford	Stratford, CT	2,564		27,109		—		2,564		27,109		29,673		1,322		28,351		29,107		—		2014
Avalon Oaks	Wilmington, MA	2,129		18,302		4,265		2,129		22,567		24,696		11,925		12,771		11,749		—		1999
Avalon Natick	Natick, MA	15,645		64,845		—		15,645		64,845		80,490		5,752		74,738		76,754		51,230		2013
Avalon at Assembly Row	Somerville, MA	8,504		—		47,432		8,504		47,432		55,936		2,179		53,757		56,158		—		2015
Eaves Burlington	Burlington, MA	7,714		32,502		5,210		7,714		37,712		45,426		3,726		41,700		42,947		—		1988/2012
Avalon Canton at Blue Hills	Canton, MA	6,562		33,890		105		6,562		33,995		40,557		2,014		38,543		38,984		—		2014
Avalon Burlington	Burlington, MA	15,600		58,312		14,929		15,600		73,241		88,841		7,761		81,080		76,409		—		1989/2013
Avalon at Edgewater (2)	Edgewater, NJ	14,528		24,389		1,517		14,528		25,906		40,434		12,981		27,453		50,185		—		2002
Avalon Somerset	Somerset, NJ	18,241		58,343		—		18,241		58,343		76,584		5,510		71,074		73,201		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	3,006		27,800		—		3,006		27,800		30,806		2,136		28,670		29,628		—		2014
Avalon Green	Elmsford, NY	1,820		10,525		6,951		1,820		17,476		19,296		8,585		10,711		5,989		—		1995
AVA High Line	New York, NY	—		155,989		—		—		155,989		155,989		3,878		152,111		150,721		—		2015
Avalon Ossining	Ossining, NY	6,390		30,297		—		6,390		30,297		36,687		1,876		34,811		35,722		—		2014
Archstone Lexington	Flower Mound, TX	4,540		25,946		1,863		4,540		27,809		32,349		4,643		27,706		28,758		16,255		2000/2013
Archstone Toscano	Houston, TX	15,607		72,365		—		15,607		72,365		87,972		5,817		82,155		84,442		—		2014
Memorial Heights Villages	Houston, TX	9,607		42,936		—		9,607		42,936		52,543		2,232		50,311		51,047		—		2014
Avalon Tysons Corner	Tysons Corner, VA	13,851		43,397		12,485		13,851		55,882		69,733		28,807		40,926		42,570		—		1996

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Arlington North	Arlington, VA	21,600		59,077		—		21,600		59,077		80,677		3,601		77,076		78,895		—		2014
Oakwood Arlington	Arlington, VA	18,850		38,545		2,156		18,850		40,701		59,551		5,707		53,844		54,927		—		1987/2013
AVA University District	Seattle, WA	12,594		60,773		293		12,594		61,066		73,660		4,386		69,274		71,367		—		2014
TOTAL OTHER STABILIZED		$	434,990	$	1,645,046	$	248,504	$	434,990	$	1,893,550	$	2,328,540	$	320,010	$	2,008,530	$	2,058,471	$	125,821
LEASE-UP
Avalon Exeter	Boston, MA	$	16,313	$	110,043	$	148	$	16,313	$	110,191	$	126,504	$	5,827	$	120,677	$	122,588	$	—	2014
AVA Somerville	Somerville, MA	10,902		—		60,810		10,902		60,810		71,712		2,794		68,918		71,998		—		2015
AVA Theater District	Boston, MA	17,014		160,167		—		17,014		160,167		177,181		1,924		175,257		133,082		—		2015
Avalon Marlborough	Marlborough, MA	15,312		59,079		—		15,312		59,079		74,391		931		73,460		46,903		—		2015
Avalon Framingham	Framingham, MA	9,303		34,004		—		9,303		34,004		43,307		206		43,101		18,335		—		2015
Avalon Huntington Station	Huntington Station, NY	21,896		58,602		—		21,896		58,602		80,498		2,964		77,534		78,571		—		2014
Avalon Wharton	Wharton, NJ	2,273		48,504		—		2,273		48,504		50,777		1,698		49,079		48,531		—		2015
Avalon Bloomfield Station	Bloomfield, NJ	10,695		39,897		—		10,695		39,897		50,592		624		49,968		29,680		—		2015
Avalon Roseland	Roseland, NJ	11,265		34,504		—		11,265		34,504		45,769		753		45,016		33,143		—		2015
Avalon West Chelsea	New York, NY	—		119,361		—		—		119,361		119,361		10,341		109,020		117,562		—		2015
Avalon Mosaic	Fairfax, VA	33,488		75,723		—		33,488		75,723		109,211		4,911		104,300		106,456		—		2014
Avalon Alderwood I	Lynnwood, WA	12,294		55,423		—		12,294		55,423		67,717		2,470		65,247		65,614		—		2015
Avalon Dublin Station	Dublin, CA	7,772		70,902		—		7,772		70,902		78,674		4,372		74,302		77,015		—		2014
Avalon Hayes Valley	San Francisco, CA	12,594		79,800		—		12,594		79,800		92,394		1,992		90,402		79,572		—		2015
Avalon Vista	Vista, CA	12,686		42,661		—		12,686		42,661		55,347		888		54,459		36,630		—		2015
Avalon Baker Ranch	Lake Forest, CA	31,687		97,419		—		31,687		97,419		129,106		2,181		126,925		110,748		—		2015
AVA Little Tokyo	Los Angeles, CA	14,734		93,470		222		14,734		93,692		108,426		3,630		104,796		105,404		—		2015
TOTAL LEASE-UP		$	240,228	$	1,179,559	$	61,180	$	240,228	$	1,240,739	$	1,480,967	$	48,506	$	1,432,461	$	1,281,832	$	—

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
REDEVELOPMENT
Avalon Silicon Valley	Sunnyvale, CA	$	20,713	$	99,573	$	11,163	$	20,713	$	110,736	$	131,449	$	62,735	$	68,714	$	65,997	$	—	1998
Avalon Santa Monica on Main	Santa Monica, CA	32,000		60,770		11,000		32,000		71,770		103,770		8,732		95,038		89,409		—		2007/2013
Avalon La Jolla Colony	San Diego, CA	16,760		27,694		3,687		16,760		31,381		48,141		4,852		43,289		42,888		27,176		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	9,860		19,850		2,549		9,860		22,399		32,259		2,908		29,351		28,429		20,754		2000/2013
Avalon Pasadena	Pasadena, CA	10,240		31,558		2,719		10,240		34,277		44,517		4,627		39,890		40,103		28,079		2004/2013
AVA Back Bay	Boston, MA	9,034		36,540		39,506		9,034		76,046		85,080		28,618		56,462		55,733		—		1968/1998
Avalon Bear Hill	Waltham, MA	27,350		96,387		18,621		27,350		115,008		142,358		14,991		127,367		118,155		—		1999/2013
Avalon Towers	Long Beach, NY	3,118		11,973		20,127		3,118		32,100		35,218		12,753		22,465		13,914		—		1990/1995
Avalon at Arlington Square	Arlington, VA	22,041		90,296		18,070		22,041		108,366		130,407		46,173		84,234		72,275		—		2001
TOTAL REDEVLOPMENT		$	151,116	$	474,641	$	127,442	$	151,116	$	602,083	$	753,199	$	186,389	$	566,810	$	526,903	$	76,009
TOTAL CURRENT COMMUNITIES		$	3,537,870	$	12,067,407	$	1,349,015	$	3,537,870	$	13,416,422	$	16,954,292	$	3,270,732	$	13,683,560	$	13,812,553	$	2,606,291
DEVELOPMENT
Avalon Glendora	Glendora, CA	$	10,530	$	37,448	$	34,090	$	10,530	$	71,538	$	82,068	$	338	$	81,730	$	52,146	$	—	N/A
Avalon Irvine III	Irvine, CA	—		774		51,534		—		52,308		52,308		—		52,308		26,303		—		N/A
Avalon Dublin Station II	Dublin, CA	1,848		18,949		59,948		1,848		78,897		80,745		54		80,691		43,422		—		N/A
Avalon West Hollywood	West Hollywood, CA	—		—		93,676		—		93,676		93,676		—		93,676		58,128		—		N/A
Avalon Chino Hills	Chino Hills, CA	—		72		24,567		—		24,639		24,639		—		24,639		N/A		—		N/A
Avalon Dogpatch	San Francisco, CA	—		182		62,124		—		62,306		62,306		—		62,306		N/A		—		N/A
Avalon Huntington Beach	Huntington Beach, CA	—		981		87,648		—		88,629		88,629		—		88,629		40,739		—		N/A
AVA NoMa	Washington, DC	—		211		47,583		—		47,794		47,794		—		47,794		N/A		—		N/A
Avalon North Station	Boston, MA	—		117		142,794		—		142,911		142,911		—		142,911		46,268		—		N/A
Avalon Quincy	Quincy, MA	—		40		34,458		—		34,498		34,498		—		34,498		N/A		—		N/A
AVA Wheaton	Wheaton, MD	—		144		18,151		—		18,295		18,295		—		18,295		14,347		—		N/A
Avalon Hunt Valley	Hunt Valley, MD	—		310		28,920		—		29,230		29,230		—		29,230		N/A		—		N/A
Avalon Laurel	Laurel, MD	—		220		30,788		—		31,008		31,008		—		31,008		N/A		—		N/A
Avalon Princeton	Princeton, NJ	—		202		49,869		—		50,071		50,071		—		50,071		35,456		—		N/A
Avalon Union	Union, NJ	468		2,126		36,867		468		38,993		39,461		5		39,456		12,717		—		N/A
Avalon Maplewood	Maplewood, NJ	—		79		19,101		—		19,180		19,180		—		19,180		N/A		—		N/A
Avalon Willoughby Square/AVA DoBro	Brooklyn, NY	9,145		25,827		373,975		9,145		399,802		408,947		135		408,812		266,318		—		N/A

		2015																2014		2015
		Initial Cost						Total Cost
Community	City and state	Land and improvements		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land and improvements		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Green III	Elmsford, NY	2,786		9,674		8,689		2,786		18,363		21,149		46		21,103		1,447		—		N/A
Avalon Great Neck	Great Neck, NY	—		69		26,168		—		26,237		26,237		—		26,237		N/A		—		N/A
Avalon Sheepshead Bay	Brooklyn, NY	—		104		20,290		—		20,394		20,394		—		20,394		N/A		—		N/A
Avalon Rockville Centre II	Rockville Centre, NY	—		—		11,302		—		11,302		11,302		—		11,302		N/A		—		N/A
Avalon Falls Church	Falls Church, VA	35,018		61,217		8,243		35,018		69,460		104,478		1,040		103,438		69,631		—		N/A
AVA Capitol Hill	Seattle, WA	4,139		13,031		61,910		4,139		74,941		79,080		72		79,008		39,870		—		N/A
Avalon Esterra Park	Redmond, WA	—		179		84,249		—		84,428		84,428		—		84,428		33,523		—		N/A
Avalon Alderwood II	Redmond, WA	—		—		14,264		—		14,264		14,264		—		14,264		N/A		—		N/A
Avalon Newcastle I	Newcastle, WA	—		—		27,140		—		27,140		27,140		—		27,140		N/A		—		N/A
TOTAL DEVELOPMENT		$	63,934	$	171,956	$	1,458,348	$	63,934	$	1,630,304	$	1,694,238	$	1,690	$	1,692,548	$	740,315	$	—
Land Held for Development		$	484,377	$	—	$	—	$	484,377	$	—	$	484,377	$	—	$	484,377	$	180,516	$	—
Corporate Overhead		39,371		29,535		66,286		39,371		95,821		135,192		53,368		81,824		41,940		3,875,000
2015 Disposed Communities		—		—		—		—		—		—		—		—		160,416		—
TOTAL		$	4,125,552	$	12,268,898	$	2,873,649	$	4,125,552	$	15,142,547	$	19,268,099	$	3,325,790	$	15,942,309	$	14,935,740	$	6,481,291

_________________________________

(1) This community was under redevelopment for some or all of 2015, with the redevelopment effort primarily focused on the exterior and/or common area, with no expected material impact on community operations. This community is therefore included in the Established Community portfolio and not classified as a Redevelopment Community.

(2) The 2015 financial reporting cost includes the basis for the land parcel which held the apartment homes which were destroyed, and is net of the recognized impairment to write-off the net book value of the fixed assets destroyed by the fire.

Amounts include real estate assets held for sale.

Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&E) is calculated over the following useful lives, on a straight line basis:

Building—30 years

Improvements, upgrades and FF&E—not to exceed 7 years

The aggregate cost of total real estate for federal income tax purposes was approximately $18,958,119 at December 31, 2015.

The changes in total real estate assets for the years ended December 31, 2015, 2014 and 2013 are as follows:

	For the year ended
	12/31/2015			12/31/2014			12/31/2013
Balance, beginning of period	$	17,849,316		$	16,800,321		$	10,071,342
Acquisitions, construction costs and improvements	1,667,989			1,311,003			7,157,639
Dispositions, including casualty losses and impairment loss on planned dispositions	(249,206		)	(262,008		)	(428,660		)
Balance, end of period	$	19,268,099		$	17,849,316		$	16,800,321

The changes in accumulated depreciation for the years ended December 31, 2015, 2014 and 2013, are as follows:

	For the year ended
	12/31/2015			12/31/2014			12/31/2013
Balance, beginning of period	$	2,913,576		$	2,516,112		$	2,056,222
Depreciation, including discontinued operations	477,923			442,682			573,715
Dispositions, including casualty losses	(65,709		)	(45,218		)	(113,825		)
Balance, end of period	$	3,325,790		$	2,913,576		$	2,516,112