REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2016

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

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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	198	$	2,124	$	12,567	$	9,801	$	2,124	$	22,368	$	24,492	$	13,202	$	11,290	$	11,703	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		5,259		2,129		22,826		24,955		12,802		12,153		12,771		—		1999
Eaves Quincy	Quincy, MA	245	1,743		14,662		9,937		1,743		24,599		26,342		13,543		12,799		13,449		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		1,140		3,318		14,605		17,923		7,481		10,442		10,687		15,420		2002
Avalon Orchards	Marlborough, MA	156	2,983		17,970		2,520		2,983		20,490		23,473		10,608		12,865		13,431		16,075		2002
Avalon at Newton Highlands	Newton, MA	294	11,039		45,547		4,411		11,039		49,958		60,997		23,327		37,670		39,040		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		456		6,876		30,857		37,733		10,017		27,716		28,679		—		2004
Eaves Peabody	Peabody, MA	286	4,645		18,919		12,758		4,645		31,677		36,322		11,993		24,329		25,110		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		877		4,258		21,428		25,686		8,116		17,570		17,921		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		2,522		14,572		48,433		63,005		17,365		45,640		47,031		38,564		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		3,574		8,691		82,695		91,386		25,145		66,241		67,206		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		3,055		13,124		51,750		64,874		15,599		49,275		50,588		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		1,879		12,218		43,535		55,753		12,112		43,641		44,029		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		613		4,719		26,091		30,810		7,850		22,960		23,674		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,343		946		8,144		53,289		61,433		12,973		48,460		49,624		—		2009
Avalon Blue Hills	Randolph, MA	276	11,110		34,580		1,068		11,110		35,648		46,758		9,444		37,314		38,309		—		2009
Avalon Cohasset	Cohasset, MA	220	8,802		46,166		187		8,802		46,353		55,155		8,220		46,935		48,512		—		2012
Avalon Andover	Andover, MA	115	4,276		21,871		180		4,276		22,051		26,327		3,702		22,625		23,291		13,844		2012
Avalon Natick	Natick, MA	407	15,645		64,845		19		15,645		64,864		80,509		8,090		72,419		74,738		50,067		2013
Avalon at Assembly Row (1)	Somerville, MA	195	8,537		52,378		—		8,537		52,378		60,915		4,885		56,030		53,757		—		2015
Avalon Prudential Center II (2)	Boston, MA	266	8,776		35,496		44,920		8,776		80,416		89,192		29,974		59,218		56,806		—		1968/1998
Avalon Prudential Center I (2)	Boston, MA	243	8,002		32,370		33,896		8,002		66,266		74,268		26,682		47,586		46,823		—		1968/1998
Eaves Burlington	Burlington, MA	203	7,714		32,499		5,968		7,714		38,467		46,181		5,074		41,107		41,700		—		1988/2012
Avalon Canton at Blue Hills	Canton, MA	196	6,562		33,956		133		6,562		34,089		40,651		3,260		37,391		38,543		—		2014
Avalon Burlington (2)	Burlington, MA	312	15,600		58,499		17,434		15,600		75,933		91,533		10,398		81,135		81,080		—		1989/2013
Eaves North Quincy	Quincy, MA	224	11,940		39,400		2,913		11,940		42,313		54,253		7,761		46,492		47,901		—		1977/2013
Avalon at Center Place (1)	Providence, RI	225	—		26,816		11,511		—		38,327		38,327		22,752		15,575		16,005		—		1991/1997
Total Boston, MA		6,460	$	207,547	$	963,729	$	177,977	$	207,547	$	1,141,706	$	1,349,253	$	342,375	$	1,006,878	$	1,022,408	$	178,970

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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
Fairfield-New Haven, CT
Eaves Stamford	Stamford, CT	238	$	5,956	$	23,993	$	12,946	$	5,956	$	36,939	$	42,895	$	22,837	$	20,058	$	21,302	$	—	1991
Avalon Wilton on River Rd	Wilton, CT	102	2,116		14,664		5,873		2,116		20,537		22,653		11,339		11,314		12,020		—		1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		1,943		4,834		24,933		29,767		12,178		17,589		18,345		—		2002
AVA Stamford	Stamford, CT	306	13,819		56,499		5,263		13,819		61,762		75,581		30,120		45,461		47,552		—		2002/2002
Avalon Danbury	Danbury, CT	234	4,933		30,638		1,004		4,933		31,642		36,575		12,630		23,945		24,890		—		2005
Avalon Darien	Darien, CT	189	6,926		34,558		2,345		6,926		36,903		43,829		16,641		27,188		28,363		—		2004
Avalon Milford	Milford, CT	246	8,746		22,699		1,296		8,746		23,995		32,741		10,260		22,481		23,102		—		2004
Avalon Norwalk	Norwalk, CT	311	11,320		62,904		666		11,320		63,570		74,890		13,904		60,986		63,064		—		2011
Avalon Huntington	Shelton, CT	99	5,277		20,029		242		5,277		20,271		25,548		5,808		19,740		20,311		—		2008
Avalon Wilton on Danbury Rd	Wilton, CT	100	6,604		23,758		29		6,604		23,787		30,391		4,710		25,681		26,514		—		2011
Avalon Shelton	Shelton, CT	250	7,749		40,264		26		7,749		40,290		48,039		5,213		42,826		44,286		—		2013
Avalon East Norwalk	Norwalk, CT	240	10,395		36,246		—		10,395		36,246		46,641		4,324		42,317		43,660		—		2013
Avalon Stratford	Stratford, CT	130	2,564		27,157		—		2,564		27,157		29,721		2,297		27,424		28,351		38,221		2014
Total Fairfield-New Haven, CT		2,549	$	91,239	$	416,399	$	31,633	$	91,239	$	448,032	$	539,271	$	152,261	$	387,010	$	401,760	$	38,221
TOTAL NEW ENGLAND		9,009	$	298,786	$	1,380,128	$	209,610	$	298,786	$	1,589,738	$	1,888,524	$	494,636	$	1,393,888	$	1,424,168	$	217,191

METRO NY/NJ
New York City, NY
Avalon Riverview (1)	Long Island City, NY	372	$	—	$	94,061	$	9,718	$	—	$	103,779	$	103,779	$	48,867	$	54,912	$	55,494	$	—	2002
Avalon Bowery Place I	New York, NY	206	18,575		75,009		2,717		18,575		77,726		96,301		27,419		68,882		71,256		93,800		2006
Avalon Bowery Place II	New York, NY	90	9,106		47,199		3,649		9,106		50,848		59,954		15,347		44,607		45,979		—		2007
Avalon Morningside Park (1)	New York, NY	295	—		114,233		1,465		—		115,698		115,698		32,671		83,027		86,539		100,000		2009
Avalon Fort Greene	Brooklyn, NY	631	83,038		216,802		1,742		83,038		218,544		301,582		50,369		251,213		258,047		—		2010
AVA High Line (1)	New York, NY	405	—		155,989		16		—		156,005		156,005		3,878		152,127		152,111		—		2015
Avalon Midtown West	New York, NY	550	154,730		180,253		13,608		154,730		193,861		348,591		35,495		313,096		318,046		100,500		1998/2013
Avalon Clinton North (2)	New York, NY	339	84,069		105,821		10,390		84,069		116,211		200,280		19,540		180,740		181,136		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		5,957		71,421		95,808		167,229		16,899		150,330		152,700		121,500		2007/2013
Total New York City, NY		3,176	$	420,939	$	1,079,218	$	49,262	$	420,939	$	1,128,480	$	1,549,419	$	250,485	$	1,298,934	$	1,321,308	$	562,800
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,286	$	6,012	$	4,679	$	34,298	$	38,977	$	21,265	$	17,712	$	18,817	$	—	1997
Avalon Willow	Mamaroneck, NY	227	6,207		40,791		2,023		6,207		42,814		49,021		24,868		24,153		25,379		—		2000

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Court	Melville, NY	494	9,228		50,063		5,747		9,228		55,810		65,038		32,744		32,294		31,696		—		1997
The Avalon	Bronxville, NY	110	2,889		28,324		8,318		2,889		36,642		39,531		18,467		21,064		22,038		—		1999
Avalon at Glen Cove (1)	Glen Cove, NY	256	7,871		59,969		3,392		7,871		63,361		71,232		26,351		44,881		45,197		—		2004
Avalon Pines	Coram, NY	450	8,700		62,931		1,401		8,700		64,332		73,032		25,211		47,821		49,598		—		2005
Avalon Glen Cove North (1)	Glen Cove, NY	111	2,577		37,336		434		2,577		37,770		40,347		12,579		27,768		28,990		—		2007
Avalon White Plains	White Plains, NY	407	15,391		137,353		369		15,391		137,722		153,113		36,925		116,188		120,690		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		334		32,212		79,140		111,352		14,157		97,195		99,724		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		116		27,765		77,676		105,441		12,904		92,537		95,210		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,332		236		18,205		49,568		67,773		7,600		60,173		61,775		—		2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		—		6,392		30,313		36,705		2,971		33,734		34,811		—		2014
Avalon Westbury	Westbury, NY	396	69,620		43,781		10,246		69,620		54,027		123,647		12,895		110,752		112,699		79,945		2006/2013
Total New York - Suburban		3,928	$	211,736	$	724,845	$	38,628	$	211,736	$	763,473	$	975,209	$	248,937	$	726,272	$	746,624	$	79,945
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	21,979	$	8,760	$	104,401	$	113,161	$	61,207	$	51,954	$	54,651	$	—	1997
Eaves Lawrenceville (2)	Lawrenceville, NJ	632	14,650		60,486		11,430		14,650		71,916		86,566		29,232		57,334		56,391		—		1994
Avalon Princeton Junction	West Windsor, NJ	512	5,585		22,382		21,115		5,585		43,497		49,082		24,495		24,587		25,952		—		1988/1993
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		3,190		6,647		38,096		44,743		20,913		23,830		24,668		—		2001
Avalon Run East	Lawrenceville, NJ	312	6,766		45,359		1,400		6,766		46,759		53,525		19,560		33,965		35,330		36,305		2005
Avalon Tinton Falls	Tinton Falls, NJ	216	7,939		33,170		489		7,939		33,659		41,598		10,070		31,528		32,576		—		2008
Avalon West Long Branch	West Long Branch, NJ	180	2,721		22,925		99		2,721		23,024		25,745		5,196		20,549		21,382		—		2011
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		919		8,984		31,913		40,897		5,211		35,686		36,900		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,635		486		14,682		42,121		56,803		6,812		49,991		51,632		—		2012
Avalon Hackensack at Riverside (1)	Hackensack, NJ	226	—		44,619		—		—		44,619		44,619		5,520		39,099		40,722		—		2013
Avalon Somerset	Somerset, NJ	384	18,241		58,338		101		18,241		58,439		76,680		7,657		69,023		71,074		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		—		6,502		16,863		23,365		2,234		21,131		21,762		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,802		—		3,006		27,802		30,808		3,173		27,635		28,670		—		2014
Total New Jersey		3,980	$	104,483	$	521,901	$	61,208	$	104,483	$	583,109	$	687,592	$	201,280	$	486,312	$	501,710	$	36,305
TOTAL METRO NY/NJ		11,084	$	737,158	$	2,325,964	$	149,098	$	737,158	$	2,475,062	$	3,212,220	$	700,702	$	2,511,518	$	2,569,642	$	679,050

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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
MID-ATLANTIC
Washington Metro/Baltimore, MD
Avalon at Foxhall	Washington, D.C.	308	$	6,848	$	27,614	$	13,649	$	6,848	$	41,263	$	48,111	$	27,751	$	20,360	$	20,663	$	54,583	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		2,069		8,800		41,727		50,527		19,480		31,047		32,483		42,410		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		25		7,425		25,307		32,732		3,734		28,998		29,952		—		2013
Avalon The Albemarle	Washington, D.C.	228	25,140		52,459		5,243		25,140		57,702		82,842		10,708		72,134		73,386		—		1966/2013
Eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,275		16,430		25,177		41,607		4,856		36,751		37,426		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		3,857		38,140		39,209		77,349		8,515		68,834		70,058		—		1961/2013
Eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,317		9,580		28,849		38,429		5,485		32,944		33,836		—		1953/2013
AVA Van Ness	Washington, D.C.	269	22,890		58,691		4,127		22,890		62,818		85,708		11,152		74,556		76,255		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		3,048		43,700		156,998		200,698		23,077		177,621		182,659		—		2012/2013
Avalon at Fairway Hills	Columbia, MD	720	8,603		34,432		16,129		8,603		50,561		59,164		31,780		27,384		29,017		—		1987/1996
Eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		1,985		4,047		20,538		24,585		13,327		11,258		11,103		—		1996
Eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		11,861		8,802		47,397		56,199		19,385		36,814		38,093		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		2,276		29,159		55,269		84,428		25,023		59,405		61,283		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		3,901		14,365		59,299		73,664		25,599		48,065		49,262		71,871		2004
Avalon Russett	Laurel, MD	238	10,200		47,524		2,883		10,200		50,407		60,607		9,182		51,425		53,187		32,199		1999/2013
Eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		8,564		6,096		32,964		39,060		20,074		18,986		19,927		—		1989/1996
AVA Ballston	Arlington, VA	344	7,291		29,177		16,272		7,291		45,449		52,740		27,544		25,196		26,623		—		1990
Eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,390		2,152		14,297		16,449		7,676		8,773		9,292		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		12,527		13,851		55,924		69,775		30,819		38,956		40,926		—		1996
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		83		13,554		63,609		77,163		9,568		67,595		69,885		—		2013
Eaves Fairfax Towers	Falls Church, VA	415	17,889		74,727		2,156		17,889		76,883		94,772		15,509		79,263		81,868		—		1978/2011
Avalon Ballston Place	Arlington, VA	383	38,490		123,645		4,640		38,490		128,285		166,775		20,296		146,479		150,147		—		2001/2013
Eaves Tysons Corner	Vienna, VA	217	16,030		45,420		2,710		16,030		48,130		64,160		9,237		54,923		56,669		—		1980/2013
Avalon Ballston Square	Arlington, VA	714	71,640		215,937		14,112		71,640		230,049		301,689		38,967		262,722		268,502		—		1992/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		9,924		56,550		187,956		244,506		31,392		213,114		218,300		118,112		1999/2013
Avalon Arlington North	Arlington, VA	228	21,600		59,077		—		21,600		59,077		80,677		5,682		74,995		77,076		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		5,185		26,710		88,269		114,979		16,541		98,438		101,004		—		2000/2013
TOTAL MID-ATLANTIC		9,575	$	545,982	$	1,636,205	$	157,208	$	545,982	$	1,793,413	$	2,339,395	$	472,359	$	1,867,036	$	1,918,882	$	319,175

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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
PACIFIC NORTHWEST
Seattle, WA
Avalon Redmond Place	Redmond, WA	222	$	4,558	$	18,368	$	10,260	$	4,558	$	28,628	$	33,186	$	16,544	$	16,642	$	17,646	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	264	6,786		27,641		4,187		6,786		31,828		38,614		19,969		18,645		19,290		—		1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		1,920		6,664		26,039		32,703		14,262		18,441		19,258		24,695		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		2,392		4,777		22,157		26,934		12,477		14,457		15,191		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		3,150		3,789		18,289		22,078		10,018		12,060		12,292		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		1,013		5,644		13,746		19,390		7,387		12,003		12,409		60,766		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		1,271		12,697		78,721		91,418		23,732		67,686		70,408		—		2008
Avalon Towers Bellevue (1)	Bellevue, WA	397	—		123,029		925		—		123,954		123,954		27,956		95,998		100,369		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		431		12,081		42,049		54,130		7,488		46,642		48,129		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		985		16,460		47,911		64,371		6,478		57,893		59,684		—		2013
AVA University District	Seattle, WA	283	12,594		60,845		480		12,594		61,325		73,919		6,634		67,285		69,274		—		2014
Eaves Redmond Campus	Redmond, WA	422	22,580		88,001		5,994		22,580		93,995		116,575		17,418		99,157		102,525		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		2,925		10,250		29,767		40,017		5,619		34,398		34,617		—		1987/2013
TOTAL PACIFIC NORTHWEST		3,221	$	118,880	$	582,476	$	35,933	$	118,880	$	618,409	$	737,289	$	175,982	$	561,307	$	581,092	$	85,461

NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	13,459	$	11,830	$	61,287	$	73,117	$	33,162	$	39,955	$	42,162	$	38,800	1995
Eaves San Jose	San Jose, CA	440	12,920		53,047		18,869		12,920		71,916		84,836		33,693		51,143		53,631		—		1985/1996
Avalon on the Alameda	San Jose, CA	305	6,119		50,225		2,873		6,119		53,098		59,217		31,720		27,497		28,335		49,930		1999
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		10,219		9,755		49,612		59,367		28,805		30,562		31,930		17,300		1986
Eaves Creekside	Mountain View, CA	296	6,546		26,263		21,312		6,546		47,575		54,121		24,129		29,992		31,691		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		1,775		4,765		49,375		54,140		24,304		29,836		31,284		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		60		13,837		64,594		78,431		6,429		72,002		74,236		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		4,137		46,060		86,094		132,154		16,506		115,648		118,974		—		2002/2013
Eaves West Valley	San Jose, CA	873	90,890		132,040		8,581		90,890		140,621		231,511		25,740		205,771		209,788		146,696		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		5,316		64,070		74,334		138,404		15,001		123,403		126,006		—		1969/2013
Total San Jose, CA		3,792	$	266,792	$	611,905	$	86,601	$	266,792	$	698,506	$	965,298	$	239,489	$	725,809	$	748,037	$	252,726
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	308	$	10,746	$	43,399	$	5,668	$	10,746	$	49,067	$	59,813	$	31,715	$	28,098	$	29,516	$	—	1992/1994

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Pleasanton	Pleasanton, CA	456	11,610		46,552		21,507		11,610		68,059		79,669		37,905		41,764		43,952		—		1988/1994
Eaves Union City	Union City, CA	208	4,249		16,820		3,166		4,249		19,986		24,235		12,893		11,342		11,834		—		1973/1996
Eaves Fremont	Fremont, CA	235	6,581		26,583		9,797		6,581		36,380		42,961		21,576		21,385		22,507		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		759		14,732		104,783		119,515		27,120		92,395		96,048		—		2009
Avalon Walnut Creek (1)	Walnut Creek, CA	418	—		146,097		2,815		—		148,912		148,912		33,095		115,817		120,512		3,420		2010
Eaves Walnut Creek (2)	Walnut Creek, CA	510	30,320		82,375		14,605		30,320		96,980		127,300		15,766		111,534		111,669		—		1987/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		3,801		27,190		60,842		88,032		11,211		76,821		78,524		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,611		—		4,500		28,611		33,111		2,504		30,607		31,446		—		2014
Total Oakland - East Bay, CA		3,028	$	109,928	$	551,502	$	62,118	$	109,928	$	613,620	$	723,548	$	193,785	$	529,763	$	546,008	$	3,420
San Francisco, CA
Eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	19,017	$	4,230	$	28,676	$	32,906	$	16,733	$	16,173	$	16,838	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		7,067		5,403		28,634		34,037		16,057		17,980		18,861		20,800		1990/1995
Eaves San Rafael	San Rafael, CA	254	5,982		16,885		24,604		5,982		41,489		47,471		20,782		26,689		27,899		—		1973/1996
Eaves Foster City	Foster City, CA	288	7,852		31,445		11,296		7,852		42,741		50,593		24,153		26,440		27,811		—		1973/1994
Eaves Pacifica	Pacifica, CA	220	6,125		24,796		2,873		6,125		27,669		33,794		17,619		16,175		17,057		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		15,463		3,561		36,784		40,345		18,526		21,819		22,583		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	154	4,726		19,130		6,031		4,726		25,161		29,887		14,574		15,313		15,928		—		1972/1994
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		3,302		14,029		81,754		95,783		38,957		56,826		59,334		67,772		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		300		28,687		119,456		148,143		31,052		117,091		120,981		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		1,783		5,544		52,689		58,233		8,653		49,580		51,446		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,235		20,267		98,556		118,823		9,409		109,414		112,904		—		2014
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		3,464		40,780		72,148		112,928		12,654		100,274		102,464		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		1,792		23,787		46,726		70,513		7,634		62,879		64,310		30,001		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		2,743		33,303		65,653		98,956		10,713		88,243		90,108		54,408		2010/2013
Total San Francisco, CA		3,167	$	204,276	$	667,166	$	100,970	$	204,276	$	768,136	$	972,412	$	247,516	$	724,896	$	748,524	$	255,031
TOTAL NORTHERN CALIFORNIA		9,987	$	580,996	$	1,830,573	$	249,689	$	580,996	$	2,080,262	$	2,661,258	$	680,790	$	1,980,468	$	2,042,569	$	511,177

SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	48,244	$	22,483	$	76,348	$	98,831	$	37,963	$	60,868	$	63,710	$	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663	23,828		40,372		48,635		23,828		89,007		112,835		42,401		70,434		72,111		—		1989/1997
Eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		9,555		7,045		22,541		29,586		14,995		14,591		15,589		—		1979/1998

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Glendale (1)	Glendale, CA	223	—		42,564		1,620		—		44,184		44,184		20,062		24,122		25,401		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		24,294		14,053		81,121		95,174		34,847		60,327		62,757		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		628		8,446		40,918		49,364		14,959		34,405		35,571		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		1,176		5,459		42,358		47,817		14,216		33,601		34,959		61,268		2007
Avalon Encino	Encino, CA	131	12,789		49,073		803		12,789		49,876		62,665		14,253		48,412		49,863		33,882		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		535		7,920		45,380		53,300		13,573		39,727		40,914		—		2008
Eaves Phillips Ranch	Pomona, CA	501	9,796		41,740		1,141		9,796		42,881		52,677		8,619		44,058		44,927		—		1989/2011
Eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,265		1,916		9,084		11,000		1,786		9,214		9,381		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		529		2,953		12,957		15,910		2,621		13,289		13,568		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		5,513		8,400		17,060		25,460		2,581		22,879		23,511		11,287		1973/2012
Eaves Cerritos	Artesia, CA	151	8,305		21,195		1,431		8,305		22,626		30,931		3,588		27,343		28,143		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	309	30,900		72,008		2,303		30,900		74,311		105,211		11,435		93,776		96,612		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,727		—		9,141		30,727		39,868		2,618		37,250		38,391		—		2014
Avalon Mission Oaks	Camarillo, CA	160	9,600		35,842		2,943		9,600		38,785		48,385		4,104		44,281		44,423		19,545		2014
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		4,705		42,020		78,066		120,086		14,611		105,475		108,062		—		2007/2013
AVA Studio City II	Studio City, CA	101	4,626		22,954		1,502		4,626		24,456		29,082		4,234		24,848		25,449		—		1991/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		4,501		15,756		82,679		98,435		14,193		84,242		86,237		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		9,215		42,720		116,857		159,577		23,066		136,511		140,486		97,980		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		5,314		43,540		85,288		128,828		17,548		111,280		114,645		69,696		2004/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		3,459		20,560		110,015		130,575		17,007		113,568		117,160		70,854		2006/2013
Eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		1,510		9,110		16,881		25,991		3,347		22,644		23,171		14,120		1972/2013
Eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		2,468		13,950		22,679		36,629		5,143		31,486		32,148		26,392		1992/2013
Eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		3,772		18,940		47,433		66,373		8,810		57,563		58,938		41,302		1989/2013
Eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		10,439		68,940		100,988		169,928		21,061		148,867		151,841		98,732		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		2,006		12,810		24,587		37,397		5,140		32,257		33,092		—		2002/2013
Total Los Angeles, CA		8,297	$	476,006	$	1,250,587	$	199,506	$	476,006	$	1,450,093	$	1,926,099	$	378,781	$	1,547,318	$	1,591,060	$	545,058
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	9,838	$	1,975	$	13,652	$	15,627	$	6,497	$	9,130	$	9,592	$	—	1956/1996
Eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		3,520		2,517		12,777		15,294		8,149		7,145		7,676		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA	258	4,709		16,063		12,933		4,709		28,996		33,705		15,876		17,829		18,770		—		1973/1996
Eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		10,526		4,607		27,437		32,044		14,820		17,224		18,166		—		1990/1997
Eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		10,172		4,871		29,917		34,788		18,824		15,964		16,503		—		1971/1997

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Anaheim Stadium	Anaheim, CA	251	27,874		69,156		1,255		27,874		70,411		98,285		19,330		78,955		80,804		—		2009
Avalon Irvine I	Irvine, CA	279	9,911		67,520		586		9,911		68,106		78,017		17,323		60,694		62,562		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,906		—		4,358		40,906		45,264		5,729		39,535		41,023		—		2013
Eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		2,272		5,199		23,406		28,605		4,735		23,870		24,598		—		1975/2011
Eaves Seal Beach	Seal Beach, CA	549	46,790		99,999		4,847		46,790		104,846		151,636		18,977		132,659		136,470		—		1971/2013
Total Orange County, CA		2,657	$	112,811	$	364,505	$	55,949	$	112,811	$	420,454	$	533,265	$	130,260	$	403,005	$	416,164	$	7,635
San Diego, CA
Eaves Mission Ridge	San Diego, CA	200	$	2,710	$	10,924	$	11,846	$	2,710	$	22,770	$	25,480	$	13,784	$	11,696	$	12,004	$	—	1960/1997
AVA Cortez Hill (1)	San Diego, CA	299	2,768		20,134		23,568		2,768		43,702		46,470		21,927		24,543		26,003		—		1973/1998
Avalon Fashion Valley	San Diego, CA	161	19,627		44,972		598		19,627		45,570		65,197		13,011		52,186		53,513		—		2008
Eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		2,679		6,692		29,822		36,514		5,787		30,727		31,147		—		1986/2011
Eaves La Mesa	La Mesa, CA	168	9,490		28,482		1,694		9,490		30,176		39,666		5,826		33,840		34,813		—		1989/2013
Total San Diego, CA		1,078	$	41,287	$	131,655	$	40,385	$	41,287	$	172,040	$	213,327	$	60,335	$	152,992	$	157,480	$	—
TOTAL SOUTHERN CALIFORNIA		12,032	$	630,104	$	1,746,747	$	295,840	$	630,104	$	2,042,587	$	2,672,691	$	569,376	$	2,103,315	$	2,164,704	$	552,693
TOTAL ESTABLISHED COMMUNITIES		54,908	$	2,911,906	$	9,502,093	$	1,097,378	$	2,911,906	$	10,599,471	$	13,511,377	$	3,093,845	$	10,417,532	$	10,701,057	$	2,364,747

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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	204	$	5,276	$	19,642	$	12,363	$	5,276	$	32,005	$	37,281	$	16,628	$	20,653	$	21,831	$	—	1989/1997
AVA Pacific Beach	San Diego, CA	564	9,922		40,580		40,819		9,922		81,399		91,321		38,097		53,224		55,522		—		1969/1997
Avalon Silicon Valley	Sunnyvale, CA	710	20,713		99,573		31,536		20,713		131,109		151,822		66,781		85,041		68,714		—		1998
AVA Little Tokyo	Los Angeles, CA	280	14,734		93,985		318		14,734		94,303		109,037		7,123		101,914		104,796		—		2015
Eaves San Marcos	San Marcos, CA	184	3,277		13,385		4,601		3,277		17,986		21,263		2,961		18,302		15,267		—		1988/2011
Avalon Dublin Station	Dublin, CA	253	7,772		72,067		—		7,772		72,067		79,839		7,037		72,802		74,302		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,594		81,104		—		12,594		81,104		93,698		4,953		88,745		90,402		—		2015
Avalon Vista	Vista, CA	221	12,686		43,409		—		12,686		43,409		56,095		2,583		53,512		54,459		—		2015
Avalon Baker Ranch	Lake Forest, CA	430	31,687		98,499		—		31,687		98,499		130,186		5,744		124,442		126,925		—		2015
Studio 77	North Hollywood, CA	156	18,408		49,485		4,069		18,408		53,554		71,962		1,146		70,816		N/A		—		2015/2016
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		12,677		32,000		73,447		105,447		11,230		94,217		95,038		—		2007/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,222		16,760		39,916		56,676		6,293		50,383		43,289		26,682		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,038		9,860		24,888		34,748		3,827		30,921		29,351		—		2000/2013
Toluca Hills Apartments by Avalon	Los Angeles, CA	1,151	86,450		161,256		13,106		86,450		174,362		260,812		32,998		227,814		231,169		—		1973/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,683		10,240		38,241		48,481		5,901		42,580		39,890		25,805		2004/2013
Avalon Exeter (1)	Boston, MA	187	16,313		110,028		147		16,313		110,175		126,488		9,744		116,744		120,677		—		2014
AVA Somerville (1)	Somerville, MA	250	10,865		56,324		19		10,865		56,343		67,208		4,142		63,066		68,918		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		46,284		9,034		82,824		91,858		31,158		60,700		56,462		—		1968/1998
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		28,646		27,350		122,814		150,164		19,141		131,023		127,367		—		1999/2013
Avalon Wharton	Wharton, NJ	247	2,273		48,608		—		2,273		48,608		50,881		3,426		47,455		49,079		—		2015
Avalon Roseland	Roseland, NJ	136	11,281		34,814		—		11,281		34,814		46,095		2,017		44,078		45,016		—		2015
Avalon Hoboken	Hoboken, NJ	217	37,237		86,508		8,660		37,237		95,168		132,405		7,970		124,435		N/A		67,904		2008/2016
Avalon Green I	Elmsford, NY	105	1,820		10,525		7,516		1,820		18,041		19,861		9,228		10,633		10,711		—		1995
Avalon Towers	Long Beach, NY	109	3,118		11,973		20,790		3,118		32,763		35,881		14,106		21,775		22,465		—		1990/1995
Avalon Riverview North (1)	Long Island City, NY	602	—		166,099		9,907		—		176,006		176,006		53,588		122,418		121,052		—		2008
Avalon West Chelsea (1)	New York, NY	305	—		123,066		31		—		123,097		123,097		20,277		102,820		109,020		—		2015
Avalon Huntington Station	Huntington Station, NY	303	21,896		58,660		—		21,896		58,660		80,556		5,094		75,462		77,534		—		2014
Archstone Lexington	Flower Mound, TX	222	4,540		25,946		1,937		4,540		27,883		32,423		5,754		26,669		27,706		21,601		2000/2013
Archstone Toscano	Houston, TX	474	15,607		72,473		—		15,607		72,473		88,080		8,261		79,819		82,155		—		2014
Memorial Heights Villages	Houston, TX	318	9,607		44,587		—		9,607		44,587		54,194		5,686		48,508		50,311		—		2014
Avalon Mosaic	Fairfax, VA	531	33,490		75,802		—		33,490		75,802		109,292		7,655		101,637		104,300		—		2014

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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 Potomac Yard	Alexandria, VA	323	24,225		76,633		7,849		24,225		84,482		108,707		5,374		103,333		N/A		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		89,431		8,744		22,573		98,175		120,748		2,903		117,845		N/A		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		76,429		6,904		18,830		83,333		102,163		1,811		100,352		N/A		70,019		2009/2016
Oakwood Arlington	Arlington, VA	184	18,850		38,545		2,861		18,850		41,406		60,256		7,117		53,139		53,844		—		1987/2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,612		—		12,294		55,612		67,906		4,515		63,391		65,247		—		2015
TOTAL OTHER STABILIZED		10,918	$	593,582	$	2,305,628	$	293,727	$	593,582	$	2,599,355	$	3,192,937	$	442,269	$	2,750,668	$	2,242,819	$	212,011
LEASE-UP
Avalon Glendora	Glendora, CA	280	$	18,311	$	64,649	$	—	$	18,311	$	64,649	$	82,960	$	2,602	$	80,358	$	81,730	$	—	2016
Avalon Irvine III	Irvine, CA	156	11,607		43,872		—		11,607		43,872		55,479		1,247		54,232		52,308		—		2016
Avalon Dublin Station II	Dublin, CA	252	7,762		76,421		—		7,762		76,421		84,183		2,077		82,106		80,691		—		2016
AVA Theater District	Boston, MA	398	17,024		163,055		—		17,024		163,055		180,079		7,692		172,387		175,257		—		2015
Avalon Marlborough	Marlborough, MA	350	15,315		60,153		—		15,315		60,153		75,468		3,129		72,339		73,460		—		2015
Avalon Framingham	Framingham, MA	180	9,309		34,554		—		9,309		34,554		43,863		1,468		42,395		43,101		—		2015
Avalon Bloomfield Station	Bloomfield, NJ	224	10,701		39,429		—		10,701		39,429		50,130		2,099		48,031		49,968		—		2015
Avalon Union	Union, NJ	202	11,695		36,014		—		11,695		36,014		47,709		1,094		46,615		39,456		—		2016
Avalon Green III	Elmsford, NY	68	4,985		17,237		—		4,985		17,237		22,222		637		21,585		21,103		—		2016
Avalon Falls Church	Falls Church, VA	384	39,544		66,202		—		39,544		66,202		105,746		3,467		102,279		103,438		—		2016
AVA Capitol Hill	Seattle, WA	249	20,613		60,276		—		20,613		60,276		80,889		1,983		78,906		79,008		—		2016
Avalon Alderwood II	Redmond, WA	124	5,072		21,390		—		5,072		21,390		26,462		347		26,115		14,264		—		2016
TOTAL LEASE-UP		2,867	$	171,938	$	683,252	$	—	$	171,938	$	683,252	$	855,190	$	27,842	$	827,348	$	813,784	$	—

REDEVELOPMENT
Avalon Towers on the Peninsula	Mountain View, CA	211	$	9,560	$	56,136	$	8,886	$	9,560	$	65,022	$	74,582	$	29,059	$	45,523	$	39,705	$	—	2002
AVA Studio City I	Studio City, CA	450	17,658		90,715		24,339		17,658		115,054		132,712		16,391		116,321		100,198		—		1987/2013
Avalon at Edgewater (3)	Edgewater, NJ	168	5,982		24,389		4,681		5,982		29,070		35,052		13,929		21,123		27,453		—		2002
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		25,065		22,041		115,361		137,402		49,956		87,446		84,234		—		2001
TOTAL REDEVLOPMENT		1,671	$	55,241	$	261,536	$	62,971	$	55,241	$	324,507	$	379,748	$	109,335	$	270,413	$	251,590	$	—
TOTAL CURRENT COMMUNITIES		70,364	$	3,732,667	$	12,752,509	$	1,454,076	$	3,732,667	$	14,206,585	$	17,939,252	$	3,673,291	$	14,265,961	$	14,009,250	$	2,576,758

			2016																2015		2016
			Initial Cost						Total Cost
Community	City and state	# of homes	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
DEVELOPMENT (4)
Avalon West Hollywood	West Hollywood, CA	294	$	—	$	1,438	$	128,735	$	—	$	130,173	$	130,173	$	—	$	130,173	$	81,067	$	—	N/A
Avalon Chino Hills	Chino Hills, CA	331	2,108		15,878		69,487		2,108		85,365		87,473		67		87,406		24,639		—		N/A
Avalon Dogpatch	San Francisco, CA	326	—		362		108,203		—		108,565		108,565		—		108,565		62,306		—		N/A
Avalon Public Market	Emeryville, CA	285	—		83		29,615		—		29,698		29,698		—		29,698		N/A		—		N/A
AVA Hollywood	Hollywood, CA	695	—		181		123,086		—		123,267		123,267		—		123,267		N/A		—		N/A
Avalon Huntington Beach	Huntington Beach, CA	378	10,560		86,201		19,701		10,560		105,902		116,462		1,193		115,269		88,629		—		N/A
AVA NoMa	Washington, D.C.	438	—		987		108,213		—		109,200		109,200		—		109,200		47,794		—		N/A
Avalon North Station	Boston, MA	503	1,633		19,710		227,728		1,633		247,438		249,071		49		249,022		142,911		—		N/A
Avalon Quincy	Quincy, MA	395	8,586		46,296		29,740		8,586		76,036		84,622		490		84,132		34,498		—		N/A
Avalon Easton	Easton, MA	290	—		137		28,937		—		29,074		29,074		—		29,074		N/A		—		N/A
AVA Wheaton	Wheaton, MD	319	—		307		35,054		—		35,361		35,361		—		35,361		18,295		—		N/A
Avalon Hunt Valley	Hunt Valley, MD	332	4,773		28,466		33,969		4,773		62,435		67,208		189		67,019		29,230		—		N/A
Avalon Laurel	Laurel, MD	344	7,766		48,128		14,381		7,766		62,509		70,275		743		69,532		31,008		—		N/A
Avalon Princeton	Princeton, NJ	280	7,832		21,418		59,298		7,832		80,716		88,548		188		88,360		50,071		—		N/A
Avalon Maplewood	Maplewood, NJ	235	—		620		47,833		—		48,453		48,453		—		48,453		19,180		—		N/A
Avalon Boonton	Boonton, NJ	350	—		124		8,168		—		8,292		8,292		—		8,292		N/A		—		N/A
Avalon Teaneck	Teaneck, NJ	248	—		—		14,034		—		14,034		14,034		—		14,034		N/A		—		N/A
Avalon Willoughby Square/AVA DoBro	Brooklyn, NY	826	114,499		294,247		44,940		114,499		339,187		453,686		5,873		447,813		408,812		—		N/A
Avalon Great Neck	Great Neck, NY	191	—		424		55,247		—		55,671		55,671		—		55,671		26,237		—		N/A
Avalon Sheepshead Bay	Brooklyn, NY	180	—		327		58,506		—		58,833		58,833		—		58,833		20,394		—		N/A
Avalon Rockville Centre II	Rockville Centre, NY	165	—		249		26,547		—		26,796		26,796		—		26,796		11,302		—		N/A
Avalon Somers	Somers, NY	152	—		38		16,548		—		16,586		16,586		—		16,586		N/A		—		N/A
11 West 61st Street	New York, NY	172	—		—		348,821		—		348,821		348,821		—		348,821		N/A		—		N/A
Avalon Esterra Park	Redmond, WA	482	14,034		69,247		45,866		14,034		115,113		129,147		1,161		127,986		84,428		—		N/A
Avalon Newcastle Commons I	Newcastle, WA	378	1,054		12,210		79,057		1,054		91,267		92,321		54		92,267		27,140		—		N/A
Avalon Belltown Towers	Seattle, WA	275	—		50		29,336		—		29,386		29,386		—		29,386		N/A		—		N/A
TOTAL DEVELOPMENT		8,864	$	172,845	$	647,128	$	1,791,050	$	172,845	$	2,438,178	$	2,611,023	$	10,007	$	2,601,016	$	1,207,941	$	—
Land Held for Development		N/A	$	84,293	$	—	$	—	$	84,293	$	—	$	84,293	$	—	$	84,293	$	484,377	$	—
Corporate Overhead		N/A	56,584		8,553		76,921		56,584		85,474		142,058		60,334		81,724		77,940		4,500,000
2016 Disposed Communities		N/A	—		—		—		—		—		—		—		—		162,801		—
TOTAL		79,228	$	4,046,389	$	13,408,190	$	3,322,047	$	4,046,389	$	16,730,237	$	20,776,626	$	3,743,632	$	17,032,994	$	15,942,309	$	7,076,758

_________________________________

(1) Some or all of the land for this community is subject to a land lease.

(2) This community was under redevelopment for some or all of 2016, 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.

(3) The Total Cost, Net of Accumulated Depreciation as of December 31, 2015 includes the land, but excludes the net book value, of fixed assets destroyed by the Edgewater casualty loss.

(4) Development Communities excludes AVA North Point, which is being developed within an unconsolidated joint venture.

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 $20,223,213 at December 31, 2016.

The changes in total real estate assets for the years ended December 31, 2016, 2015 and 2014 are as follows:

	For the year ended
	12/31/2016			12/31/2015			12/31/2014
Balance, beginning of period	$	19,268,099		$	17,849,316		$	16,800,321
Acquisitions, construction costs and improvements	1,788,515			1,667,989			1,311,003
Dispositions, including casualty losses and impairment loss on planned dispositions	(279,988		)	(249,206		)	(262,008		)
Balance, end of period	$	20,776,626		$	19,268,099		$	17,849,316

The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014, are as follows:

	For the year ended
	12/31/2016			12/31/2015			12/31/2014
Balance, beginning of period	$	3,325,790		$	2,913,576		$	2,516,112
Depreciation, including discontinued operations	531,434			477,923			442,682
Dispositions, including casualty losses	(113,592		)	(65,709		)	(45,218		)
Balance, end of period	$	3,743,632		$	3,325,790		$	2,913,576