Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In January 2017, the Company entered into an agreement to sell an operating community containing 450 apartment homes and net real estate of $51,342,000 as of December 31, 2016, resulting in the community qualifying as held for sale. The Company expects to complete the sale in the first quarter of 2017.

In January 2017, the Company sold two undeveloped land parcels located in Newcastle, WA that are adjacent to one of the Company's Development Communities for $20,500,000.

In February 2017, a fire occurred at the Company's Avalon Maplewood Development Community, located in Maplewood, NJ, which was under construction and not yet occupied. The Company is currently assessing its direct losses resulting from the fire, which could vary based on costs and time to rebuild the portion of the Development Community that was destroyed and/or damaged, as well as its potential liability to third parties who may have incurred damages on account of the fire. While the Company currently believes that its direct losses and any potential liability to third parties will be substantially covered by its insurance policies, including coverage for the replacement cost of the building, third party claims and business interruption loss, subject to deductibles as well as a self-insured portion of the property insurance for which the Company is obligated for 12% of the first $50,000,000 in losses, the Company can give no assurances in this regard and continues to evaluate this matter.

In February 2017, the Company repaid $17,300,000 of variable rate debt secured by Avalon at Mountain View at its scheduled maturity date.