REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2017

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

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2017																2016		2017
			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	$	10,093	$	2,124	$	22,660	$	24,784	$	14,080	$	10,704	$	11,290	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		5,488		2,129		23,055		25,184		13,755		11,429		12,153		—		1999
Eaves Quincy	Quincy, MA	245	1,743		14,662		10,184		1,743		24,846		26,589		14,456		12,133		12,799		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		1,224		3,318		14,689		18,007		8,054		9,953		10,442		15,213		2002
Avalon Orchards	Marlborough, MA	156	2,983		17,970		2,702		2,983		20,672		23,655		11,463		12,192		12,865		15,579		2002
Avalon at Newton Highlands	Newton, MA	294	11,039		45,547		5,196		11,039		50,743		61,782		25,369		36,413		37,670		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		721		6,876		31,122		37,998		11,155		26,843		27,716		—		2004
Eaves Peabody	Peabody, MA	286	4,645		18,919		13,420		4,645		32,339		36,984		13,190		23,794		24,329		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		1,457		4,258		22,008		26,266		8,923		17,343		17,570		—		2006
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		4,158		8,691		83,279		91,970		28,415		63,555		66,241		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		3,504		13,124		52,199		65,323		17,459		47,864		49,275		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		2,412		12,218		44,068		56,286		13,882		42,404		43,641		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		892		4,719		26,370		31,089		8,759		22,330		22,960		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		1,691		8,144		53,875		62,019		14,899		47,120		48,460		—		2009
Avalon Blue Hills	Randolph, MA	276	11,110		34,580		1,549		11,110		36,129		47,239		10,781		36,458		37,314		—		2009
Avalon Cohasset	Cohasset, MA	220	8,802		46,166		259		8,802		46,425		55,227		9,890		45,337		46,935		—		2012
Avalon Andover	Andover, MA	115	4,276		21,871		210		4,276		22,081		26,357		4,527		21,830		22,625		13,498		2012
Avalon Exeter (1)	Boston, MA	187	16,313		110,028		214		16,313		110,242		126,555		13,672		112,883		116,744		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		34		15,645		64,879		80,524		10,430		70,094		72,419		48,870		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,494		26		8,599		52,520		61,119		6,780		54,339		56,030		—		2015
AVA Somerville	Somerville, MA	250	10,945		56,470		12		10,945		56,482		67,427		6,208		61,219		63,066		—		2015
Avalon Prudential Center I (2)	Boston, MA	243	8,002		32,370		38,384		8,002		70,754		78,756		28,947		49,809		47,586		—		1968/1998
Eaves Burlington	Burlington, MA	203	7,714		32,499		6,512		7,714		39,011		46,725		6,538		40,187		41,107		—		1988/2012
Avalon Canton at Blue Hills	Canton, MA	196	6,562		33,956		132		6,562		34,088		40,650		4,503		36,147		37,391		—		2014
Avalon Burlington (2)	Burlington, MA	312	15,600		58,499		18,176		15,600		76,675		92,275		13,196		79,079		81,135		—		1989/2013
Eaves North Quincy	Quincy, MA	224	11,940		39,400		3,544		11,940		42,944		54,884		9,297		45,587		46,492		—		1977/2013
Avalon at Center Place (1)	Providence, RI	225	—		26,816		13,271		—		40,087		40,087		24,342		15,745		15,575		—		1991/1997
Total Boston, MA		6,427	$	211,519	$	1,048,777	$	145,465	$	211,519	$	1,194,242	$	1,405,761	$	352,970	$	1,052,791	$	1,081,830	$	138,160

			2017																2016		2017
			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	$	13,117	$	5,956	$	37,110	$	43,066	$	24,215	$	18,851	$	20,058	$	—	1991
Avalon Wilton on River Rd	Wilton, CT	102	2,116		14,664		6,422		2,116		21,086		23,202		12,077		11,125		11,314		—		1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		2,163		4,834		25,153		29,987		13,192		16,795		17,589		—		2002
AVA Stamford	Stamford, CT	306	13,819		56,499		5,887		13,819		62,386		76,205		32,700		43,505		45,461		—		2002/2002
Avalon Darien	Darien, CT	189	6,926		34,558		2,734		6,926		37,292		44,218		18,089		26,129		27,188		—		2004
Avalon Norwalk	Norwalk, CT	311	11,320		62,904		887		11,320		63,791		75,111		16,187		58,924		60,986		—		2011
Avalon Wilton on Danbury Rd	Wilton, CT	100	6,604		23,758		150		6,604		23,908		30,512		5,573		24,939		25,681		—		2011
Avalon Shelton	Shelton, CT	250	7,749		40,264		88		7,749		40,352		48,101		6,697		41,404		42,826		—		2013
Avalon East Norwalk	Norwalk, CT	240	10,395		36,245		119		10,395		36,364		46,759		5,670		41,089		42,317		—		2013
Avalon Stratford	Stratford, CT	130	2,564		27,157		33		2,564		27,190		29,754		3,274		26,480		27,424		—		2014
Total Fairfield-New Haven, CT		1,970	$	72,283	$	343,032	$	31,600	$	72,283	$	374,632	$	446,915	$	137,674	$	309,241	$	320,844	$	—
TOTAL NEW ENGLAND		8,397	$	283,802	$	1,391,809	$	177,065	$	283,802	$	1,568,874	$	1,852,676	$	490,644	$	1,362,032	$	1,402,674	$	138,160

METRO NY/NJ
New York City, NY
Avalon Riverview (1)	Long Island City, NY	372	$	—	$	94,061	$	9,867	$	—	$	103,928	$	103,928	$	52,510	$	51,418	$	54,912	$	—	2002
Avalon Bowery Place I	New York, NY	206	18,575		75,009		2,890		18,575		77,899		96,474		30,174		66,300		68,882		93,800		2006
Avalon Bowery Place II	New York, NY	90	9,106		47,199		3,811		9,106		51,010		60,116		17,750		42,366		44,607		—		2007
Avalon Morningside Park (3)	New York, NY	295	95,465		114,233		1,580		95,465		115,813		211,278		36,625		174,653		83,027		100,000		2009
Avalon Fort Greene	Brooklyn, NY	631	83,038		216,802		2,052		83,038		218,854		301,892		57,941		243,951		251,213		—		2010
Avalon West Chelsea (1) (4)	New York, NY	305	—		119,882		243		—		120,125		120,125		13,643		106,482		102,820		—		2015
AVA High Line (1) (4)	New York, NY	405	—		159,187		33		—		159,220		159,220		20,451		138,769		152,127		—		2015
Avalon Clinton North (2)	New York, NY	339	84,069		105,821		11,529		84,069		117,350		201,419		23,412		178,007		180,740		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		6,181		71,421		96,032		167,453		20,089		147,364		150,330		121,500		2007/2013
Total New York City, NY		2,931	$	361,674	$	1,022,045	$	38,186	$	361,674	$	1,060,231	$	1,421,905	$	272,595	$	1,149,310	$	1,088,658	$	462,300
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,286	$	6,335	$	4,679	$	34,621	$	39,300	$	22,581	$	16,719	$	17,712	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		7,522		1,820		18,047		19,867		9,870		9,997		10,633		—		1995
Avalon Court	Melville, NY	494	9,228		50,063		6,681		9,228		56,744		65,972		35,091		30,881		32,294		—		1997
The Avalon	Bronxville, NY	110	2,889		28,324		8,661		2,889		36,985		39,874		19,772		20,102		21,064		—		1999
Avalon at Glen Cove (1)	Glen Cove, NY	256	7,871		59,969		4,245		7,871		64,214		72,085		28,810		43,275		44,881		—		2004

			2017																2016		2017
			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 Glen Cove North (1)	Glen Cove, NY	111	2,577		37,336		531		2,577		37,867		40,444		13,875		26,569		27,768		—		2007
Avalon White Plains	White Plains, NY	407	15,391		137,353		996		15,391		138,349		153,740		41,499		112,241		116,188		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		1,013		32,212		79,819		112,031		17,284		94,747		97,195		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		223		27,765		77,783		105,548		15,714		89,834		92,537		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,326		416		18,205		49,742		67,947		9,436		58,511		60,173		—		2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		—		6,392		30,313		36,705		4,078		32,627		33,734		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,898		58,457		—		21,898		58,457		80,355		7,224		73,131		75,462		—		2014
Avalon Westbury	Westbury, NY	396	69,620		43,781		10,941		69,620		54,722		124,342		15,286		109,056		110,752		78,650		2006/2013
Total New York - Suburban		3,659	$	220,547	$	690,099	$	47,564	$	220,547	$	737,663	$	958,210	$	240,520	$	717,690	$	740,393	$	78,650
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	22,967	$	8,760	$	105,389	$	114,149	$	64,885	$	49,264	$	51,954	$	—	1997
Eaves Lawrenceville (2)	Lawrenceville, NJ	632	14,650		60,486		11,899		14,650		72,385		87,035		32,099		54,936		57,334		—		1994
Avalon Princeton Junction	West Windsor, NJ	512	5,585		22,382		21,675		5,585		44,057		49,642		26,010		23,632		24,587		—		1988/1993
Avalon Tinton Falls	Tinton Falls, NJ	216	7,939		33,170		520		7,939		33,690		41,629		11,225		30,404		31,528		—		2008
Avalon West Long Branch	West Long Branch, NJ	180	2,721		22,925		136		2,721		23,061		25,782		6,054		19,728		20,549		—		2011
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		949		8,984		31,943		40,927		6,495		34,432		35,686		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,635		1,101		14,682		42,736		57,418		8,365		49,053		49,991		—		2012
Avalon Hackensack at Riverside (1)	Hackensack, NJ	226	—		44,619		128		—		44,747		44,747		7,140		37,607		39,099		—		2013
Avalon Somerset	Somerset, NJ	384	18,241		58,338		226		18,241		58,564		76,805		9,817		66,988		69,023		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,865		—		6,502		16,865		23,367		2,865		20,502		21,131		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		71		3,006		27,872		30,878		4,119		26,759		27,635		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		98		2,273		48,707		50,980		5,167		45,813		47,455		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,928		—		11,288		34,928		46,216		3,260		42,956		44,078		—		2015
Total New Jersey		3,781	$	104,631	$	525,174	$	59,770	$	104,631	$	584,944	$	689,575	$	187,501	$	502,074	$	520,050	$	—
TOTAL METRO NY/NJ		10,371	$	686,852	$	2,237,318	$	145,520	$	686,852	$	2,382,838	$	3,069,690	$	700,616	$	2,369,074	$	2,349,101	$	540,950

			2017																2016		2017
			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	$	15,456	$	6,848	$	43,070	$	49,918	$	29,439	$	20,479	$	20,360	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		2,167		8,800		41,825		50,625		21,005		29,620		31,047		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		44		7,425		25,326		32,751		4,717		28,034		28,998		—		2013
Avalon The Albemarle	Washington, D.C.	231	25,140		52,459		6,592		25,140		59,051		84,191		12,774		71,417		72,134		—		1966/2013
Eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,344		16,430		25,246		41,676		5,727		35,949		36,751		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		4,111		38,140		39,463		77,603		9,916		67,687		68,834		—		1961/2013
Eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,408		9,580		28,940		38,520		6,575		31,945		32,944		—		1953/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		3,195		43,700		157,145		200,845		28,554		172,291		177,621		—		2012/2013
Avalon at Fairway Hills	Columbia, MD	720	8,603		34,432		16,302		8,603		50,734		59,337		33,393		25,944		27,384		—		1987/1996
Eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		2,784		4,047		21,337		25,384		14,268		11,116		11,258		—		1996
Eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		12,155		8,802		47,691		56,493		20,971		35,522		36,814		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		2,642		29,159		55,635		84,794		27,043		57,751		59,405		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		4,155		14,365		59,553		73,918		27,917		46,001		48,065		—		2004
Avalon Russett	Laurel, MD	238	10,200		47,524		3,220		10,200		50,744		60,944		11,037		49,907		51,425		32,200		1999/2013
Eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		8,904		6,096		33,304		39,400		21,265		18,135		18,986		—		1989/1996
AVA Ballston	Arlington, VA	344	7,291		29,177		16,302		7,291		45,479		52,770		29,144		23,626		25,196		—		1990
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		12,788		13,851		56,185		70,036		32,826		37,210		38,956		—		1996
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		274		13,554		63,800		77,354		11,932		65,422		67,595		—		2013
Eaves Fairfax Towers (2)	Falls Church, VA	415	17,889		74,727		4,446		17,889		79,173		97,062		18,433		78,629		79,263		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,802		—		33,490		75,802		109,292		10,461		98,831		101,637		—		2014
Avalon Ballston Place	Arlington, VA	383	38,490		123,645		5,049		38,490		128,694		167,184		24,830		142,354		146,479		—		2001/2013
Eaves Tysons Corner	Vienna, VA	217	16,030		45,420		2,967		16,030		48,387		64,417		11,140		53,277		54,923		—		1980/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		10,254		56,550		188,286		244,836		37,860		206,976		213,114		—		1999/2013
Avalon Arlington North	Arlington, VA	228	21,600		59,076		34		21,600		59,110		80,710		7,797		72,913		74,995		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		6,212		26,710		89,296		116,006		20,027		95,979		98,438		—		2000/2013
TOTAL MID-ATLANTIC		8,985	$	482,790	$	1,428,471	$	144,805	$	482,790	$	1,573,276	$	2,056,066	$	479,051	$	1,577,015	$	1,622,622	$	32,200

			2017																2016		2017
			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	$	10,501	$	4,558	$	28,869	$	33,427	$	17,567	$	15,860	$	16,642	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	264	6,786		27,641		4,893		6,786		32,534		39,320		21,197		18,123		18,645		—		1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		2,110		6,664		26,229		32,893		15,292		17,601		18,441		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		2,930		4,777		22,695		27,472		13,423		14,049		14,457		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		3,286		3,789		18,425		22,214		10,718		11,496		12,060		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		1,253		5,644		13,986		19,630		7,940		11,690		12,003		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		1,366		12,697		78,816		91,513		26,487		65,026		67,686		—		2008
Avalon Towers Bellevue (1)	Bellevue, WA	397	—		123,029		1,341		—		124,370		124,370		32,339		92,031		95,998		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		431		12,081		42,049		54,130		9,060		45,070		46,642		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,002		16,460		47,928		64,388		8,335		56,053		57,893		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,626		—		12,294		55,626		67,920		6,553		61,367		63,391		—		2015
Eaves Redmond Campus (2)	Redmond, WA	422	22,580		88,001		10,267		22,580		98,268		120,848		21,097		99,751		99,157		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		3,315		10,250		30,157		40,407		6,852		33,555		34,398		—		1987/2013
TOTAL PACIFIC NORTHWEST		3,305	$	118,580	$	577,257	$	42,695	$	118,580	$	619,952	$	738,532	$	196,860	$	541,672	$	557,413	$	—

NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	13,561	$	11,830	$	61,389	$	73,219	$	35,368	$	37,851	$	39,955	$	38,800	1995
Eaves San Jose	San Jose, CA	440	12,920		53,047		18,931		12,920		71,978		84,898		36,145		48,753		51,143		—		1985/1996
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		10,321		9,755		49,714		59,469		30,458		29,011		30,562		—		1986
Eaves Creekside	Mountain View, CA	296	6,546		26,263		21,316		6,546		47,579		54,125		25,798		28,327		29,992		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		2,020		4,765		49,620		54,385		26,084		28,301		29,836		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		72		13,837		64,606		78,443		8,779		69,664		72,002		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		4,707		46,060		86,664		132,724		19,887		112,837		115,648		—		2002/2013
Eaves West Valley	San Jose, CA	873	90,890		132,040		10,251		90,890		142,291		233,181		31,153		202,028		205,771		—		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		5,498		64,070		74,516		138,586		17,838		120,748		123,403		—		1969/2013
Total San Jose, CA		3,487	$	260,673	$	561,680	$	86,677	$	260,673	$	648,357	$	909,030	$	231,510	$	677,520	$	698,312	$	38,800
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	308	$	10,746	$	43,399	$	6,656	$	10,746	$	50,055	$	60,801	$	33,523	$	27,278	$	28,098	$	—	1992/1994
Eaves Dublin	Dublin, CA	204	5,276		19,642		12,366		5,276		32,008		37,284		$	17,814	19,470		20,653		—		1989/1997

			2017																2016		2017
			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		21,755		11,610		68,307		79,917		40,146		39,771		41,764		—		1988/1994
Eaves Union City	Union City, CA	208	4,249		16,820		3,312		4,249		20,132		24,381		13,659		10,722		11,342		—		1973/1996
Eaves Fremont	Fremont, CA	235	6,581		26,583		9,992		6,581		36,575		43,156		22,733		20,423		21,385		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		982		14,732		105,006		119,738		30,647		89,091		92,395		—		2009
Avalon Walnut Creek (1)	Walnut Creek, CA	422	—		148,370		3,245		—		151,615		151,615		39,014		112,601		115,817		3,557		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		599		7,772		72,741		80,513		9,650		70,863		72,802		—		2014
Eaves Walnut Creek (2)	Walnut Creek, CA	510	30,320		82,375		16,828		30,320		99,203		129,523		19,294		110,229		111,534		—		1987/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		5,864		27,190		62,905		90,095		13,372		76,723		76,821		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,622		—		4,500		28,622		33,122		3,523		29,599		30,607		—		2014
Total Oakland - East Bay, CA		3,489	$	122,976	$	645,570	$	81,599	$	122,976	$	727,169	$	850,145	$	243,375	$	606,770	$	623,218	$	3,557
San Francisco, CA
Eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	19,858	$	4,230	$	29,517	$	33,747	$	17,704	$	16,043	$	16,173	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		7,597		5,403		29,164		34,567		17,103		17,464		17,980		20,800		1990/1995
Eaves San Rafael	San Rafael, CA	254	5,982		16,885		24,752		5,982		41,637		47,619		22,224		25,395		26,689		—		1973/1996
Eaves Foster City	Foster City, CA	288	7,852		31,445		11,629		7,852		43,074		50,926		25,622		25,304		26,440		—		1973/1994
Eaves Pacifica	Pacifica, CA	220	6,125		24,796		3,116		6,125		27,912		34,037		18,647		15,390		16,175		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,129		3,561		37,450		41,011		19,817		21,194		21,819		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	154	4,726		19,130		6,189		4,726		25,319		30,045		15,390		14,655		15,313		—		1972/1994
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		3,759		14,029		82,211		96,240		41,915		54,325		56,826		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		447		28,687		119,603		148,290		35,003		113,287		117,091		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		1,877		5,544		52,783		58,327		10,581		47,746		49,580		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,258		20,267		98,579		118,846		13,135		105,711		109,414		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,232		—		12,595		81,232		93,827		7,855		85,972		88,745		—		2015
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		4,974		40,780		73,658		114,438		15,334		99,104		100,274		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		1,906		23,787		46,840		70,627		9,205		61,422		62,879		29,533		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,028		33,303		65,938		99,241		12,956		86,285		88,243		53,315		2010/2013
Total San Francisco, CA		3,349	$	216,871	$	748,398	$	106,519	$	216,871	$	854,917	$	1,071,788	$	282,491	$	789,297	$	813,641	$	185,698
TOTAL NORTHERN CALIFORNIA		10,325	$	600,520	$	1,955,648	$	274,795	$	600,520	$	2,230,443	$	2,830,963	$	757,376	$	2,073,587	$	2,135,171	$	228,055

			2017																2016		2017
			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
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	48,565	$	22,483	$	76,669	$	99,152	$	40,761	$	58,391	$	60,868	$	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663	23,828		40,372		49,385		23,828		89,757		113,585		45,441		68,144		70,434		—		1989/1997
Eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		9,609		7,045		22,595		29,640		15,855		13,785		14,591		—		1979/1998
Avalon Glendale (1)	Glendale, CA	223	—		42,564		2,070		—		44,634		44,634		21,703		22,931		24,122		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		24,724		14,053		81,551		95,604		37,558		58,046		60,327		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		908		8,446		41,198		49,644		16,389		33,255		34,405		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		1,206		5,459		42,388		47,847		15,562		32,285		33,601		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,091		12,789		50,164		62,953		15,966		46,987		48,412		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		589		7,920		45,434		53,354		15,109		38,245		39,727		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		93,985		462		14,734		94,447		109,181		10,574		98,607		101,914		—		2015
Eaves Phillips Ranch	Pomona, CA	501	9,796		41,740		1,964		9,796		43,704		53,500		10,314		43,186		44,058		—		1989/2011
Eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,389		1,916		9,208		11,124		2,202		8,922		9,214		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		736		2,953		13,164		16,117		3,145		12,972		13,289		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		5,522		8,400		17,069		25,469		3,214		22,255		22,879		11,073		1973/2012
Eaves Cerritos	Artesia, CA	151	8,305		21,195		1,474		8,305		22,669		30,974		4,391		26,583		27,343		—		1973/2012
Avalon Playa Vista	Los Angeles, CA	309	30,900		72,008		2,428		30,900		74,436		105,336		14,228		91,108		93,776		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,727		—		9,141		30,727		39,868		3,778		36,090		37,250		—		2014
Avalon Mission Oaks	Camarillo, CA	160	9,600		35,842		3,002		9,600		38,844		48,444		5,595		42,849		44,281		—		2014
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		4,940		42,020		78,301		120,321		17,394		102,927		105,475		—		2007/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		5,778		15,756		83,956		99,712		17,139		82,573		84,242		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		9,921		42,720		117,563		160,283		27,970		132,313		136,511		96,502		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		5,842		43,540		85,816		129,356		21,276		108,080		111,280		—		2004/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		3,731		20,560		110,287		130,847		20,717		110,130		113,568		—		2006/2013
Eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		2,546		13,950		22,757		36,707		6,158		30,549		31,486		—		1992/2013
Eaves Los Feliz (2)	Los Angeles, CA	263	18,940		43,661		4,556		18,940		48,217		67,157		10,545		56,612		57,563		41,400		1989/2013
Eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		11,203		68,940		101,752		170,692		25,353		145,339		148,867		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		2,300		12,810		24,881		37,691		6,132		31,559		32,257		—		2002/2013
Total Los Angeles, CA		8,380	$	477,004	$	1,306,247	$	205,941	$	477,004	$	1,512,188	$	1,989,192	$	434,469	$	1,554,723	$	1,601,740	$	260,475
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	9,840	$	1,975	$	13,654	$	15,629	$	6,995	$	8,634	$	9,130	$	—	1956/1996
Eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		3,580		2,517		12,837		15,354		8,660		6,694		7,145		7,635		1984/1996

			2017																2016		2017
			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 South Coast	Costa Mesa, CA	258	4,709		16,063		13,442		4,709		29,505		34,214		16,883		17,331		17,829		—		1973/1996
Eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		10,917		4,607		27,828		32,435		15,849		16,586		17,224		—		1990/1997
Eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		10,267		4,871		30,012		34,883		19,912		14,971		15,964		—		1971/1997
Avalon Anaheim Stadium	Anaheim, CA	251	27,874		69,156		1,608		27,874		70,764		98,638		21,751		76,887		78,955		—		2009
Avalon Irvine I	Irvine, CA	279	9,911		67,520		776		9,911		68,296		78,207		19,629		58,578		60,694		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,912		—		4,358		40,912		45,270		7,217		38,053		39,535		—		2013
Eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		3,248		5,199		24,382		29,581		5,614		23,967		23,870		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,411		—		31,689		98,411		130,100		9,406		120,694		124,442		—		2015
Eaves Seal Beach (2)	Seal Beach, CA	549	46,790		99,999		5,640		46,790		105,639		152,429		22,914		129,515		132,659		—		1971/2013
Total Orange County, CA		3,087	$	144,500	$	462,922	$	59,318	$	144,500	$	522,240	$	666,740	$	154,830	$	511,910	$	527,447	$	7,635
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	40,849	$	9,922	$	81,429	$	91,351	$	41,108	$	50,243	$	53,224	$	—	1969/1997
Eaves Mission Ridge	San Diego, CA	200	2,710		10,924		12,128		2,710		23,052		25,762		14,637		11,125		11,696		—		1960/1997
AVA Cortez Hill (1)	San Diego, CA	299	2,768		20,134		23,567		2,768		43,701		46,469		23,459		23,010		24,543		—		1973/1998
Avalon Fashion Valley	San Diego, CA	161	19,627		44,972		696		19,627		45,668		65,295		14,567		50,728		52,186		—		2008
Eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		3,242		6,692		30,385		37,077		6,960		30,117		30,727		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,327		—		12,689		43,327		56,016		4,125		51,891		53,512		—		2015
Eaves La Mesa	La Mesa, CA	168	9,490		28,482		1,962		9,490		30,444		39,934		7,189		32,745		33,840		—		1989/2013
Total San Diego, CA		1,863	$	63,898	$	215,562	$	82,444	$	63,898	$	298,006	$	361,904	$	112,045	$	249,859	$	259,728	$	—
TOTAL SOUTHERN CALIFORNIA		13,330	$	685,402	$	1,984,731	$	347,703	$	685,402	$	2,332,434	$	3,017,836	$	701,344	$	2,316,492	$	2,388,915	$	268,110
TOTAL ESTABLISHED COMMUNITIES		54,713	$	2,857,946	$	9,575,234	$	1,132,583	$	2,857,946	$	10,707,817	$	13,565,763	$	3,325,891	$	10,239,872	$	10,455,896	$	1,207,475

			2017																2016		2017
			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
Avalon Silicon Valley	Sunnyvale, CA	710	$	20,713	$	99,573	$	34,963	$	20,713	$	134,536	$	155,249	$	71,577	$	83,672	$	85,041	$	—	1998
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		14,467		9,560		70,603		80,163		31,563		48,600		45,523		—		2002
Eaves San Marcos	San Marcos, CA	184	3,277		13,385		4,557		3,277		17,942		21,219		3,641		17,578		18,302		—		1988/2011
Avalon Glendora	Glendora, CA	280	18,311		64,759		100		18,311		64,859		83,170		4,974		78,196		80,358		—		2016
Avalon Irvine III	Irvine, CA	156	11,607		43,977		—		11,607		43,977		55,584		2,842		52,742		54,232		—		2016
Avalon Dublin Station II	Dublin, CA	252	7,762		76,584		26		7,762		76,610		84,372		4,821		79,551		82,106		—		2016
AVA North Hollywood	North Hollywood, CA	156	18,408		49,940		4,089		18,408		54,029		72,437		3,810		68,627		70,816		—		2015/2016
AVA Studio City II	Studio City, CA	101	4,626		22,954		5,487		4,626		28,441		33,067		5,160		27,907		24,848		—		1991/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		13,179		32,000		73,949		105,949		13,764		92,185		94,217		—		2007/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,052		16,760		39,746		56,506		7,968		48,538		50,383		—		1987/2013
Eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		6,778		9,110		22,149		31,259		4,085		27,174		22,644		—		1972/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,268		9,860		25,118		34,978		4,802		30,176		30,921		—		2000/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,679		10,240		38,237		48,477		7,273		41,204		42,580		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		32,819		17,658		123,534		141,192		20,681		120,511		116,321		—		1987/2013
The Lodge Denver West	Lakewood, CO	252	8,047		63,586		5,284		8,047		68,870		76,917		1,966		74,951		N/A		—		2016/2017
850 Boca	Boca Raton, FL	370	21,430		108,585		8,717		21,430		117,302		138,732		333		138,399		N/A		—		2017/2017
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		10,260		14,572		56,171		70,743		19,293		51,450		45,640		38,097		2007
AVA Back Bay	Boston, MA	271	9,034		36,540		47,327		9,034		83,867		92,901		34,038		58,863		60,700		—		1968/1998
AVA Theater District	Boston, MA	398	17,070		163,580		40		17,070		163,620		180,690		13,499		167,191		172,387		—		2015
Avalon Marlborough	Marlborough, MA	350	15,317		60,397		11		15,317		60,408		75,725		5,353		70,372		72,339		—		2015
Avalon Framingham	Framingham, MA	180	9,315		34,632		—		9,315		34,632		43,947		2,731		41,216		42,395		—		2015
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		28,764		27,350		122,932		150,282		23,723		126,559		131,023		—		1999/2013
Avalon at Edgewater	Edgewater, NJ	168	5,982		24,389		9,182		5,982		33,571		39,553		15,351		24,202		21,123		—		2002
Avalon Bloomfield Station	Bloomfield, NJ	224	10,701		39,927		—		10,701		39,927		50,628		3,594		47,034		48,031		—		2015
Avalon Union	Union, NJ	202	11,695		36,282		—		11,695		36,282		47,977		2,519		45,458		46,615		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		87,220		8,327		37,237		95,547		132,784		11,390		121,394		124,435		67,904		2008/2016
Avalon Towers	Long Beach, NY	109	3,118		11,973		24,372		3,118		36,345		39,463		16,198		23,265		21,775		—		1990/1995
Avalon Riverview North (1)	Long Island City, NY	602	—		165,966		14,176		—		180,142		180,142		59,765		120,377		122,418		—		2008
AVA DoBro	Brooklyn, NY	500	77,416		203,827		—		77,416		203,827		281,243		10,586		270,657		294,503		—		2017
Avalon Green III	Elmsford, NY	68	4,985		17,300		—		4,985		17,300		22,285		1,248		21,037		21,585		—		2016
Archstone Lexington	Flower Mound, TX	222	4,540		25,946		2,073		4,540		28,019		32,559		6,883		25,676		26,669		21,700		2000/2013

			2017																2016		2017
			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
Archstone Toscano	Houston, TX	474	15,607		72,889		—		15,607		72,889		88,496		11,044		77,452		79,819		—		2014
Memorial Heights Villages	Houston, TX	318	9,607		48,448		—		9,607		48,448		58,055		10,516		47,539		48,508		—		2014
Eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,475		2,152		14,382		16,534		8,176		8,358		8,773		—		1988/1997
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		31,555		22,041		121,851		143,892		54,059		89,833		87,446		—		2001
Avalon Potomac Yard	Alexandria, VA	323	24,225		77,137		7,648		24,225		84,785		109,010		8,659		100,351		103,333		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		91,001		8,521		22,573		99,522		122,095		8,530		113,565		117,845		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		78,395		6,460		18,830		84,855		103,685		5,993		97,692		100,352		68,637		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		107,775		14,301		29,377		122,076		151,453		3,972		147,481		N/A		—		2012/2017
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		—		39,544		66,160		105,704		5,899		99,805		102,279		—		2016
Oakwood Arlington	Arlington, VA	184	18,850		38,545		3,052		18,850		41,597		60,447		8,608		51,839		53,139		—		1987/2013
AVA Capitol Hill	Seattle, WA	249	20,613		60,014		—		20,613		60,014		80,627		4,194		76,433		78,906		—		2016
Avalon Alderwood II	Redmond, WA	124	5,072		21,369		—		5,072		21,369		26,441		1,104		25,337		26,115		—		2016
TOTAL OTHER STABILIZED		11,844	$	696,192	$	2,654,431	$	376,009	$	696,192	$	3,030,440	$	3,726,632	$	546,185	$	3,180,447	$	2,876,445	$	196,338
LEASE-UP
Avalon West Hollywood	West Hollywood, CA	294	$	35,187	$	115,385	$	—	$	35,187	$	115,385	$	150,572	$	1,697	$	148,875	$	130,173	$	—	2017
Avalon Chino Hills	Chino Hills, CA	331	16,615		81,753		—		16,615		81,753		98,368		2,127		96,241		87,406		—		2017
Avalon Huntington Beach	Huntington Beach, CA	378	13,055		105,719		222		13,055		105,941		118,996		4,995		114,001		115,269		—		2017
Avalon North Station	Boston, MA	503	22,788		245,234		306		22,788		245,540		268,328		5,918		262,410		249,022		—		2017
Avalon Quincy	Quincy, MA	395	14,674		78,151		—		14,674		78,151		92,825		2,972		89,853		84,132		—		2017
Avalon Easton	Easton, MA	290	3,151		59,245		—		3,151		59,245		62,396		840		61,556		29,074		—		2017
Avalon Hunt Valley	Hunt Valley, MD	332	10,842		62,596		—		10,842		62,596		73,438		2,144		71,294		67,019		—		2017
Avalon Laurel	Laurel, MD	344	10,122		61,803		—		10,122		61,803		71,925		2,919		69,006		69,532		—		2017
Avalon Princeton	Princeton, NJ	280	26,459		68,175		303		26,459		68,478		94,937		2,363		92,574		88,360		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	50,475		132,892		—		50,475		132,892		183,367		6,901		176,466		153,310		—		2017
Avalon Great Neck	Great Neck, NY	191	14,776		64,459		—		14,776		64,459		79,235		931		78,304		55,671		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		49,115		—		7,534		49,115		56,649		267		56,382		26,796		—		2017
Avalon Esterra Park	Redmond, WA	482	22,668		112,441		305		22,668		112,746		135,414		4,963		130,451		127,986		—		2017
Avalon Newcastle Commons I	Newcastle, WA	378	9,622		109,453		—		9,622		109,453		119,075		1,889		117,186		92,267		—		2017
TOTAL LEASE-UP		4,689	$	257,968	$	1,346,421	$	1,136	$	257,968	$	1,347,557	$	1,605,525	$	40,926	$	1,564,599	$	1,376,017	$	—

			2017																2016		2017
			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
REDEVELOPMENT
Avalon on the Alameda	San Jose, CA	305	$	6,119	$	50,225	$	10,087	$	6,119	$	60,312	$	66,431	$	33,696	$	32,735	$	27,497	$	—	1999
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		37,513		86,450		198,769		285,219		39,361		245,858		227,814		—		1973/2013
AVA Van Ness	Washington, D.C.	269	22,890		58,691		9,030		22,890		67,721		90,611		13,443		77,168		74,556		—		1978/2013
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		52,864		8,776		88,360		97,136		32,748		64,388		59,218		—		1968/1998
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		7,083		6,647		41,989		48,636		22,468		26,168		23,830		—		2001
Avalon at Edgewater II (5)	Edgewater, NJ	240	—		299		37,003		—		37,302		37,302		—		37,302		N/A		—		N/A
Avalon Willow	Mamaroneck, NY	227	6,207		40,791		9,010		6,207		49,801		56,008		26,424		29,584		24,153		—		2000
Avalon Midtown West	New York, NY	550	154,730		180,253		23,290		154,730		203,543		358,273		41,452		316,821		313,096		100,500		1998/2013
Avalon Ballston Square	Arlington, VA	714	71,640		215,937		16,378		71,640		232,315		303,955		47,256		256,699		262,722		—		1992/2013
TOTAL REDEVLOPMENT		3,992	$	363,459	$	777,854	$	202,258	$	363,459	$	980,112	$	1,343,571	$	256,848	$	1,086,723	$	1,012,886	$	100,500
TOTAL CURRENT COMMUNITIES (6)		75,238	$	4,175,565	$	14,353,940	$	1,711,986	$	4,175,565	$	16,065,926	$	20,241,491	$	4,169,850	$	16,071,641	$	15,721,244	$	1,504,313
DEVELOPMENT (7)
Avalon Dogpatch	San Francisco, CA	326	$	9,494	$	73,702	$	99,991	$	9,494	$	173,693	$	183,187	$	621	$	182,566	$	108,565	$	—	N/A
Avalon Public Market	Emeryville, CA	289	—		83		55,789		—		55,872		55,872		—		55,872		29,698		—		N/A
AVA Hollywood	Hollywood, CA	695	—		275		168,732		—		169,007		169,007		—		169,007		123,267		—		N/A
Avalon Walnut Creek II (1)	Walnut Creek, CA	200	—		—		8,812		—		8,812		8,812		—		8,812		N/A		—		N/A
AVA NoMa	Washington, D.C.	438	18,831		91,621		27,007		18,831		118,628		137,459		1,592		135,867		109,200		—		N/A
Avalon at the Hingham Shipyard II	Hingham, MA	190	—		—		23,792		—		23,792		23,792		—		23,792		N/A		—		N/A
Avalon Sudbury	Sudbury, MA	250	—		—		33,595		—		33,595		33,595		—		33,595		N/A		—		N/A
AVA Wheaton	Wheaton, MD	319	2,624		29,826		38,017		2,624		67,843		70,467		279		70,188		35,361		—		N/A
Avalon Towson	Towson, MD	371	—		—		3,985		—		3,985		3,985		—		3,985		N/A		—		N/A
Avalon Maplewood	Maplewood, NJ	235	3,230		13,019		45,009		3,230		58,028		61,258		56		61,202		48,453		—		N/A
Avalon Boonton	Boonton, NJ	350	—		124		29,830		—		29,954		29,954		—		29,954		8,292		—		N/A
Avalon Teaneck	Teaneck, NJ	248	—		42		18,567		—		18,609		18,609		—		18,609		14,034		—		N/A
Avalon Piscataway	Piscataway, NJ	360	—		248		28,055		—		28,303		28,303		—		28,303		N/A		—		N/A
Avalon Brooklyn Bay	Brooklyn, NY	180	8,830		76,690		5,004		8,830		81,694		90,524		781		89,743		58,833		—		N/A
Avalon Somers	Somers, NY	152	4,704		33,404		4,046		4,704		37,450		42,154		370		41,784		16,586		—		N/A
11 West 61st Street	New York, NY	172	—		339		440,373		—		440,712		440,712		—		440,712		348,821		—		N/A
Avalon Yonkers	Yonkers, NY	590	—		—		23,300		—		23,300		23,300		—		23,300		N/A		—		N/A
Avalon Belltown Towers	Seattle, WA	275	—		55		50,581		—		50,636		50,636		—		50,636		29,386		—		N/A

			2017																2016		2017
			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
AVA Esterra Park	Redmond, WA	323	—		123		36,925		—		37,048		37,048		—		37,048		N/A		—		N/A
Avalon North Creek	Bothell, WA	316	—		—		15,432		—		15,432		15,432		—		15,432		N/A		—		N/A
TOTAL DEVELOPMENT		6,279	$	47,713	$	319,551	$	1,156,842	$	47,713	$	1,476,393	$	1,524,106	$	3,699	$	1,520,407	$	930,496	$	—
Land Held for Development		N/A	$	68,364	$	—	$	—	$	68,364	$	—	$	68,364	$	—	$	68,364	$	84,293	$	—
Corporate Overhead		N/A	14,040		10,746		77,189		14,040		87,935		101,975		44,830		57,145		53,309		5,900,000
2017 Disposed Communities		N/A	—		—		—		—		—		—		—		—		243,652		—
TOTAL		81,517	$	4,305,682	$	14,684,237	$	2,946,017	$	4,305,682	$	17,630,254	$	21,935,936	$	4,218,379	$	17,717,557	$	17,032,994	$	7,404,313

_________________________________

(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 2017, 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) In 2017, the Company acquired the land encumbered by a ground lease for this community.

(4) In 2017, the Company completed final construction cost allocations between these dual-branded communities.

(5) Represents the reconstruction of the building destroyed in the Edgewater casualty loss. Due to the nature of this reconstruction, the 240 apartment homes that the Company expects the new building to contain upon completion are not included in the apartment home count presented elsewhere in this Form 10-K, and will be included upon completion. Similar to a Development Community, the land for Edgewater is included in Costs Subsequent to Acquisition /Construction.

(6) Current Communities excludes Unconsolidated Communities.

(7) 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 $21,271,424 at December 31, 2017.

The changes in total real estate assets for the years ended December 31, 2017, 2016 and 2015 are as follows:

	For the year ended
	12/31/2017			12/31/2016			12/31/2015
Balance, beginning of period	$	20,776,626		$	19,268,099		$	17,849,316
Acquisitions, construction costs and improvements	1,526,516			1,788,515			1,667,989
Dispositions, including casualty losses and impairment loss on planned dispositions	(367,206		)	(279,988		)	(249,206		)
Balance, end of period	$	21,935,936		$	20,776,626		$	19,268,099

The changes in accumulated depreciation for the years ended December 31, 2017, 2016 and 2015, are as follows:

	For the year ended
	12/31/2017			12/31/2016			12/31/2015
Balance, beginning of period	$	3,743,632		$	3,325,790		$	2,913,576
Depreciation, including discontinued operations	584,150			531,434			477,923
Dispositions, including casualty losses	(109,403		)	(113,592		)	(65,709		)
Balance, end of period	$	4,218,379		$	3,743,632		$	3,325,790