REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2018																2017		2018
			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	$	10,758	$	2,124	$	23,325	$	25,449	$	14,980	$	10,469	$	10,704	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		6,197		2,129		23,764		25,893		14,742		11,151		11,429		—		1999
Eaves Quincy	Quincy, MA	245	1,743		14,662		10,450		1,743		25,112		26,855		15,381		11,474		12,133		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		1,652		3,318		15,117		18,435		8,634		9,801		9,953		—		2002
Avalon Orchards	Marlborough, MA	156	2,983		17,970		2,855		2,983		20,825		23,808		12,331		11,477		12,192		—		2002
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		1,375		6,876		31,776		38,652		12,327		26,325		26,843		—		2004
Eaves Peabody	Peabody, MA	286	4,645		18,919		14,022		4,645		32,941		37,586		14,522		23,064		23,794		—		1962/2004
Avalon at Bedford Center (1)	Bedford, MA	139	4,258		20,551		2,681		4,258		23,232		27,490		9,781		17,709		17,343		—		2006
Avalon at Lexington Hills (1)	Lexington, MA	387	8,691		79,121		7,759		8,691		86,880		95,571		31,789		63,782		63,555		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		4,416		13,124		53,111		66,235		19,390		46,845		47,864		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		3,887		12,218		45,543		57,761		15,678		42,083		42,404		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		1,432		4,719		26,910		31,629		9,697		21,932		22,330		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		2,590		8,144		54,774		62,918		16,932		45,986		47,120		—		2009
Avalon Cohasset	Cohasset, MA	220	8,802		46,166		621		8,802		46,787		55,589		11,576		44,013		45,337		—		2012
Avalon Exeter (2)	Boston, MA	187	16,313		110,028		291		16,313		110,319		126,632		17,615		109,017		112,883		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		75		15,645		64,920		80,565		12,778		67,787		70,094		47,637		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		143		8,599		52,597		61,196		8,685		52,511		54,339		—		2015
AVA Somerville	Somerville, MA	250	10,945		56,460		71		10,945		56,531		67,476		8,280		59,196		61,219		—		2015
Eaves Burlington	Burlington, MA	203	7,714		32,499		6,879		7,714		39,378		47,092		8,096		38,996		40,187		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		131		17,072		163,764		180,836		19,204		161,632		167,191		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		16,664		15,600		77,313		92,913		16,123		76,790		79,079		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		276		15,367		60,673		76,040		7,574		68,466		70,372		—		2015
Avalon Framingham	Framingham, MA	180	9,315		34,631		13		9,315		34,644		43,959		3,993		39,966		41,216		—		2015
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		29,108		27,350		123,276		150,626		28,323		122,303		126,559		—		1999/2013
Avalon at Center Place (2)	Providence, RI	225	—		26,816		15,562		—		42,378		42,378		26,239		16,139		15,745		—		1991/1997
Total Boston, MA		6,331	$	227,694	$	1,195,982	$	139,908	$	227,694	$	1,335,890	$	1,563,584	$	364,670	$	1,198,914	$	1,231,885	$	92,637

			2018																2017		2018
			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, CT
Eaves Stamford	Stamford, CT	238	$	5,956	$	23,993	$	13,773	$	5,956	$	37,766	$	43,722	$	25,666	$	18,056	$	18,851	$	—	1991
Avalon Wilton on River Rd	Wilton, CT	102	2,116		14,664		7,093		2,116		21,757		23,873		12,949		10,924		11,125		—		1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		2,279		4,834		25,269		30,103		14,227		15,876		16,795		—		2002
AVA Stamford	Stamford, CT	306	13,819		56,499		6,492		13,819		62,991		76,810		35,439		41,371		43,505		—		2002/2002
Avalon Darien	Darien, CT	189	6,926		34,558		3,219		6,926		37,777		44,703		19,616		25,087		26,129		—		2004
Avalon Norwalk	Norwalk, CT	311	11,320		62,904		1,123		11,320		64,027		75,347		18,397		56,950		58,924		—		2011
Avalon Wilton on Danbury Rd	Wilton, CT	100	6,604		23,758		178		6,604		23,936		30,540		6,415		24,125		24,939		—		2011
Avalon Shelton	Shelton, CT	250	7,749		40,366		269		7,749		40,635		48,384		8,210		40,174		41,404		—		2013
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		269		10,395		36,720		47,115		7,067		40,048		41,089		—		2013
Avalon Stratford	Stratford, CT	130	2,564		27,232		181		2,564		27,413		29,977		4,269		25,708		26,480		—		2014
Total Fairfield, CT		1,970	$	72,283	$	343,415	$	34,876	$	72,283	$	378,291	$	450,574	$	152,255	$	298,319	$	309,241	$	—
TOTAL NEW ENGLAND		8,301	$	299,977	$	1,539,397	$	174,784	$	299,977	$	1,714,181	$	2,014,158	$	516,925	$	1,497,233	$	1,541,126	$	92,637

METRO NY/NJ
New York City, NY
Avalon Riverview (2)	Long Island City, NY	372	$	—	$	94,061	$	10,407	$	—	$	104,468	$	104,468	$	58,171	$	46,297	$	51,418	$	—	2002
Avalon Riverview North (1)(2)	Long Island City, NY	602	—		165,954		15,108		—		181,062		181,062		66,109		114,953		120,377		—		2008
Avalon Fort Greene	Brooklyn, NY	631	83,038		216,802		2,953		83,038		219,755		302,793		65,367		237,426		243,951		—		2010
AVA DoBro	Brooklyn, NY	500	77,419		205,104		41		77,419		205,145		282,564		18,119		264,445		270,657		—		2017
Avalon Clinton North (1)	New York, NY	339	84,069		105,821		12,182		84,069		118,003		202,072		27,362		174,710		178,007		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		6,802		71,421		96,653		168,074		23,369		144,705		147,364		121,500		2007/2013
Total New York City, NY		2,732	$	315,947	$	877,593	$	47,493	$	315,947	$	925,086	$	1,241,033	$	258,497	$	982,536	$	1,011,774	$	268,500
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,286	$	6,790	$	4,679	$	35,076	$	39,755	$	23,830	$	15,925	$	16,719	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		7,669		1,820		18,194		20,014		10,505		9,509		9,997		—		1995
Avalon Bronxville	Bronxville, NY	110	2,889		28,324		8,778		2,889		37,102		39,991		21,121		18,870		20,102		—		1999
Avalon at Glen Cove (2)	Glen Cove, NY	256	7,871		59,969		4,941		7,871		64,910		72,781		31,407		41,374		43,275		—		2004
Avalon Glen Cove North (2)	Glen Cove, NY	111	2,577		37,336		747		2,577		38,083		40,660		15,195		25,465		26,569		—		2007
Avalon White Plains	White Plains, NY	407	15,391		137,353		1,328		15,391		138,681		154,072		46,177		107,895		112,241		—		2009

			2018																2017		2018
			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 Rockville Centre I	Rockville Centre, NY	349	$	32,212	$	78,806	$	2,804	$	32,212	$	81,610	$	113,822	$	21,224	$	92,598	$	94,747	$	—	2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		544		27,765		78,104		105,869		18,551		87,318		89,834		—		2012
Avalon Garden City	Garden City, NY	204	18,205		49,326		640		18,205		49,966		68,171		11,302		56,869		58,511		—		2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		47		6,392		30,360		36,752		5,185		31,567		32,627		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,440		163		21,899		58,603		80,502		9,212		71,290		73,131		—		2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		7		4,985		17,307		22,292		1,860		20,432		21,037		—		2016
Avalon Westbury	Westbury, NY	396	69,620		43,781		11,794		69,620		55,575		125,195		17,813		107,382		109,056		77,295		2006/2013
Total New York - Suburban		3,233	$	216,305	$	657,319	$	46,252	$	216,305	$	703,571	$	919,876	$	233,382	$	686,494	$	707,846	$	77,295
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	24,942	$	8,760	$	107,364	$	116,124	$	68,718	$	47,406	$	49,264	$	—	1997
Eaves Lawrenceville	Lawrenceville, NJ	632	14,650		60,486		12,367		14,650		72,853		87,503		35,005		52,498		54,936		—		1994
Avalon Princeton Junction	West Windsor, NJ	512	5,585		22,382		22,325		5,585		44,707		50,292		27,542		22,750		23,632		—		1988/1993
Avalon Tinton Falls	Tinton Falls, NJ	216	7,939		33,170		621		7,939		33,791		41,730		12,389		29,341		30,404		—		2008
Avalon West Long Branch	West Long Branch, NJ	180	2,721		22,925		346		2,721		23,271		25,992		6,832		19,160		19,728		—		2011
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,021		8,984		32,015		40,999		7,721		33,278		34,432		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,635		1,474		14,682		43,109		57,791		10,010		47,781		49,053		—		2012
Avalon Hackensack at Riverside (2)	Hackensack, NJ	226	—		44,619		168		—		44,787		44,787		8,781		36,006		37,607		—		2013
Avalon Somerset	Somerset, NJ	384	18,241		58,338		282		18,241		58,620		76,861		11,998		64,863		66,988		—		2013
Avalon Bloomfield Station	Bloomfield, NJ	224	10,701		39,936		10		10,701		39,946		50,647		4,969		45,678		47,034		—		2015
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		13		6,502		16,876		23,378		3,499		19,879		20,502		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		72		3,006		27,873		30,879		5,143		25,736		26,759		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		92		2,273		48,701		50,974		6,920		44,054		45,813		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		27		11,288		34,895		46,183		4,507		41,676		42,956		—		2015
Avalon Union	Union, NJ	202	11,695		36,317		—		11,695		36,317		48,012		3,718		44,294		45,458		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,475		5,360		37,237		95,835		133,072		14,867		118,205		121,394		67,904		2008/2016
Total New Jersey		4,424	$	164,264	$	691,840	$	69,120	$	164,264	$	760,960	$	925,224	$	232,619	$	692,605	$	715,960	$	67,904
TOTAL METRO NY/NJ		10,389	$	696,516	$	2,226,752	$	162,865	$	696,516	$	2,389,617	$	3,086,133	$	724,498	$	2,361,635	$	2,435,580	$	413,699

			2018																2017		2018
			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	$	16,044	$	6,848	$	43,658	$	50,506	$	31,365	$	19,141	$	20,479	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		2,630		8,800		42,288		51,088		22,557		28,531		29,620		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		178		7,425		25,460		32,885		5,715		27,170		28,034		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		7,747		25,140		60,206		85,346		15,098		70,248		71,417		—		1966/2013
Eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,462		16,430		25,364		41,794		6,617		35,177		35,949		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		4,592		38,140		39,944		78,084		11,358		66,726		67,687		—		1961/2013
Eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,507		9,580		29,039		38,619		7,679		30,940		31,945		—		1953/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		3,697		43,700		157,647		201,347		34,095		167,252		172,291		—		2012/2013
Eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		3,188		4,047		21,741		25,788		15,260		10,528		11,116		—		1996
Eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		12,476		8,802		48,012		56,814		22,591		34,223		35,522		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		3,160		29,159		56,153		85,312		29,107		56,205		57,751		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		4,520		14,365		59,918		74,283		30,282		44,001		46,001		—		2004
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		4,857		2,323		14,154		16,477		9,548		6,929		7,005		—		1987/1996
Avalon Fairway Hills - Woods	Columbia, MD	336	3,958		15,839		7,562		3,958		23,401		27,359		16,045		11,314		11,934		—		1987/1996
Avalon Russett	Laurel, MD	238	10,200		47,524		3,447		10,200		50,971		61,171		12,939		48,232		49,907		32,200		1999/2013
Eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		9,700		6,096		34,100		40,196		22,540		17,656		18,135		—		1989/1996
AVA Ballston	Arlington, VA	344	7,291		29,177		16,442		7,291		45,619		52,910		30,758		22,152		23,626		—		1990
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		13,076		13,851		56,473		70,324		34,843		35,481		37,210		—		1996
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		388		13,554		63,914		77,468		14,319		63,149		65,422		—		2013
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		161		33,490		75,962		109,452		13,273		96,179		98,831		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,815		24,225		84,797		109,022		11,895		97,127		100,351		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		5,459		22,573		100,814		123,387		12,258		111,129		113,565		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		2,561		18,830		84,988		103,818		9,297		94,521		97,692		67,085		2009/2016
Eaves Tysons Corner	Vienna, VA	217	16,030		45,420		3,015		16,030		48,435		64,465		13,076		51,389		53,277		—		1980/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		10,397		56,550		188,429		244,979		44,417		200,562		206,976		—		1999/2013
Avalon Arlington North	Arlington, VA	228	21,600		59,076		141		21,600		59,217		80,817		9,926		70,891		72,913		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		7,079		26,710		90,163		116,873		23,691		93,182		95,979		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		27		39,544		66,187		105,731		8,357		97,374		99,805		—		2016
TOTAL MID-ATLANTIC		9,274	$	529,261	$	1,546,726	$	150,328	$	529,261	$	1,697,054	$	2,226,315	$	518,906	$	1,707,409	$	1,760,440	$	99,285

			2018																2017		2018
			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	$	10,603	$	4,558	$	28,971	$	33,529	$	18,625	$	14,904	$	15,860	$	—	1991/1997
Avalon at Bear Creek	Redmond, WA	264	6,786		27,641		5,194		6,786		32,835		39,621		22,464		17,157		18,123		—		1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		2,268		6,664		26,387		33,051		16,340		16,711		17,601		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,246		4,777		23,011		27,788		14,446		13,342		14,049		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		3,479		3,789		18,618		22,407		11,441		10,966		11,496		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		1,276		5,644		14,009		19,653		8,502		11,151		11,690		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		1,751		12,697		79,201		91,898		29,264		62,634		65,026		—		2008
Avalon Towers Bellevue (2)	Bellevue, WA	397	—		123,029		1,545		—		124,574		124,574		36,511		88,063		92,031		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		459		12,081		42,077		54,158		10,633		43,525		45,070		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,040		16,460		47,966		64,426		10,195		54,231		56,053		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		14		12,294		55,641		67,935		8,595		59,340		61,367		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		60,005		685		20,613		60,690		81,303		6,513		74,790		76,433		—		2016
Avalon Alderwood II	Redmond, WA	124	5,072		21,363		13		5,072		21,376		26,448		1,859		24,589		25,337		—		2016
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		3,769		10,250		30,611		40,861		8,333		32,528		33,555		—		1987/2013
TOTAL PACIFIC NORTHWEST		3,256	$	121,685	$	570,625	$	35,342	$	121,685	$	605,967	$	727,652	$	203,721	$	523,931	$	543,691	$	—

NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	13,895	$	11,830	$	61,723	$	73,553	$	37,549	$	36,004	$	37,851	$	38,800	1995
Eaves San Jose	San Jose, CA	440	12,920		53,047		19,019		12,920		72,066		84,986		38,598		46,388		48,753		—		1985/1996
Avalon Silicon Valley (1)	Sunnyvale, CA	710	20,713		99,573		35,004		20,713		134,577		155,290		76,386		78,904		83,672		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		10,543		9,755		49,936		59,691		32,132		27,559		29,011		—		1986
Eaves Creekside	Mountain View, CA	296	6,546		26,263		21,325		6,546		47,588		54,134		27,454		26,680		28,327		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		2,335		4,765		49,935		54,700		27,889		26,811		28,301		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		152		13,837		64,686		78,523		11,143		67,380		69,664		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		5,002		46,060		86,959		133,019		23,357		109,662		112,837		—		2002/2013
Eaves West Valley	San Jose, CA	873	90,890		132,040		11,344		90,890		143,384		234,274		36,797		197,477		202,028		—		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		5,922		64,070		74,940		139,010		20,711		118,299		120,748		—		1969/2013
Total San Jose, CA		4,197	$	281,386	$	661,253	$	124,541	$	281,386	$	785,794	$	1,067,180	$	332,016	$	735,164	$	761,192	$	38,800

			2018																	2017		2018
			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
Oakland - East Bay, CA
Avalon Fremont	Fremont, CA	308	$	10,746	$	43,399	$	7,458		$	10,746	$	50,857	$	61,603	$	35,349	$	26,254	$	27,278	$	—	1992/1994
Eaves Dublin	Dublin, CA	204	5,276		19,642		12,373			5,276		32,015		37,291		18,960		18,331		19,470		—		1989/1997
Eaves Pleasanton	Pleasanton, CA	456	11,610		46,552		22,038			11,610		68,590		80,200		42,327		37,873		39,771		—		1988/1994
Eaves Union City	Union City, CA	208	4,249		16,820		3,603			4,249		20,423		24,672		14,433		10,239		10,722		—		1973/1996
Avalon Union City	Union City, CA	439	14,732		104,024		1,866			14,732		105,890		120,622		34,257		86,365		89,091		—		2009
Avalon Walnut Creek (2)	Walnut Creek, CA	422	—		148,468		4,255			—		152,723		152,723		44,298		108,425		112,601		3,699		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		450			7,772		72,592		80,364		12,253		68,111		70,863		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		(206		)	7,762		76,381		84,143		7,497		76,646		79,551		—		2016
Eaves Walnut Creek (1)	Walnut Creek, CA	510	30,320		82,375		17,008			30,320		99,383		129,703		23,049		106,654		110,229		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,307			9,860		25,157		35,017		5,781		29,236		30,176		—		2000/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,615		51			4,500		28,666		33,166		4,543		28,623		29,599		—		2014
Total Oakland - East Bay, CA		3,252	$	106,827	$	658,474	$	74,203		$	106,827	$	732,677	$	839,504	$	242,747	$	596,757	$	619,351	$	3,699
San Francisco, CA
Eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	20,613		$	4,230	$	30,272	$	34,502	$	18,784	$	15,718	$	16,043	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		7,904			5,403		29,471		34,874		18,180		16,694		17,464		20,800		1990/1995
Eaves San Rafael	San Rafael, CA	254	5,982		16,885		25,261			5,982		42,146		48,128		23,656		24,472		25,395		—		1973/1996
Eaves Foster City	Foster City, CA	288	7,852		31,445		12,532			7,852		43,977		51,829		27,209		24,620		25,304		—		1973/1994
Eaves Pacifica	Pacifica, CA	220	6,125		24,796		3,721			6,125		28,517		34,642		19,697		14,945		15,390		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,264			3,561		37,585		41,146		21,165		19,981		21,194		—		1961/1996
Eaves Diamond Heights	San Francisco, CA	154	4,726		19,130		6,445			4,726		25,575		30,301		16,244		14,057		14,655		—		1972/1994
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		6,484			14,029		84,936		98,965		44,762		54,203		54,325		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		603			28,687		119,759		148,446		38,977		109,469		113,287		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		1,972			5,544		52,878		58,422		12,527		45,895		47,746		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,285			20,267		98,606		118,873		16,867		102,006		105,711		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		—			12,595		81,228		93,823		10,793		83,030		85,972		—		2015
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		5,946			40,780		74,630		115,410		18,038		97,372		99,104		64,450		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		1,972			23,787		46,906		70,693		10,782		59,911		61,422		28,999		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,117			33,303		66,027		99,330		15,217		84,113		86,285		52,090		2010/2013
Total San Francisco, CA		3,349	$	216,871	$	748,394	$	114,119		$	216,871	$	862,513	$	1,079,384	$	312,898	$	766,486	$	789,297	$	183,939
TOTAL NORTHERN CALIFORNIA		10,798	$	605,084	$	2,068,121	$	312,863		$	605,084	$	2,380,984	$	2,986,068	$	887,661	$	2,098,407	$	2,169,840	$	226,438

			2018																2017		2018
			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	$	49,269	$	22,483	$	77,373	$	99,856	$	43,470	$	56,386	$	58,391	$	—	1961/1997
Avalon Woodland Hills	Woodland Hills, CA	663	23,828		40,372		49,923		23,828		90,295		114,123		48,604		65,519		68,144		—		1989/1997
Eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		10,275		7,045		23,261		30,306		16,667		13,639		13,785		—		1979/1998
Avalon Glendale (2)	Glendale, CA	223	—		42,564		2,244		—		44,808		44,808		23,395		21,413		22,931		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		25,101		14,053		81,928		95,981		40,332		55,649		58,046		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		1,232		8,446		41,522		49,968		17,877		32,091		33,255		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		1,467		5,459		42,649		48,108		17,219		30,889		32,285		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,309		12,789		50,382		63,171		17,728		45,443		46,987		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		892		7,920		45,737		53,657		16,667		36,990		38,245		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,076		1,594		14,734		95,670		110,404		14,164		96,240		98,607		—		2015
Eaves Phillips Ranch	Pomona, CA	501	9,796		41,740		2,950		9,796		44,690		54,486		12,077		42,409		43,186		—		1989/2011
Eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,458		1,916		9,277		11,193		2,621		8,572		8,922		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		812		2,953		13,240		16,193		3,683		12,510		12,972		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		5,552		8,400		17,099		25,499		3,849		21,650		22,255		—		1973/2012
Eaves Cerritos	Artesia, CA	151	8,305		21,195		1,526		8,305		22,721		31,026		5,203		25,823		26,583		—		1973/2012
Avalon Playa Vista (1)	Los Angeles, CA	309	30,900		72,008		3,102		30,900		75,110		106,010		17,059		88,951		91,108		—		2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,727		—		9,141		30,727		39,868		4,894		34,974		36,090		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,759		242		18,311		65,001		83,312		7,380		75,932		78,196		—		2016
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,296		9,600		38,898		48,498		7,097		41,401		42,849		—		2014
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		5,228		42,020		78,589		120,609		20,230		100,379		102,927		—		2007/2013
Avalon Calabasas (1)	Calabasas, CA	600	42,720		107,642		11,255		42,720		118,897		161,617		33,023		128,594		132,313		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		6,295		43,540		86,269		129,809		25,105		104,704		108,080		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		13,278		32,000		74,048		106,048		16,408		89,640		92,185		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,105		20,560		110,661		131,221		24,486		106,735		110,130		—		2006/2013
Eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		2,772		13,950		22,983		36,933		7,194		29,739		30,549		—		1992/2013
Eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		11,831		68,940		102,380		171,320		29,786		141,534		145,339		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		2,524		12,810		25,105		37,915		7,184		30,731		31,559		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,698		10,240		38,256		48,496		8,646		39,850		41,204		—		2004/2013
Total Los Angeles, CA		8,374	$	502,859	$	1,343,346	$	224,230	$	502,859	$	1,567,576	$	2,070,435	$	492,048	$	1,578,387	$	1,627,123	$	111,500

			2018																2017		2018
			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
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	9,904	$	1,975	$	13,718	$	15,693	$	7,499	$	8,194	$	8,634	$	—	1956/1996
Eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		3,654		2,517		12,911		15,428		9,178		6,250		6,694		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA	258	4,709		16,063		13,646		4,709		29,709		34,418		17,892		16,526		17,331		—		1973/1996
Eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		11,237		4,607		28,148		32,755		16,900		15,855		16,586		—		1990/1997
Eaves Huntington Beach (1)	Huntington Beach, CA	304	4,871		19,745		11,058		4,871		30,803		35,674		21,048		14,626		14,971		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		1,522		9,911		69,042		78,953		21,983		56,970		58,578		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		59		4,358		40,964		45,322		8,711		36,611		38,053		—		2013
Eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		3,571		5,199		24,705		29,904		6,502		23,402		23,967		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,410		27		31,689		98,437		130,126		13,019		117,107		120,694		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		20		11,607		43,993		55,600		4,445		51,155		52,742		—		2016
Total Orange County, CA		2,443	$	81,443	$	337,732	$	54,698	$	81,443	$	392,430	$	473,873	$	127,177	$	346,696	$	358,250	$	7,635
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	40,991	$	9,922	$	81,571	$	91,493	$	44,039	$	47,454	$	50,243	$	—	1969/1997
Eaves Mission Ridge	San Diego, CA	200	2,710		10,924		12,460		2,710		23,384		26,094		15,529		10,565		11,125		—		1960/1997
AVA Cortez Hill (2)	San Diego, CA	299	2,768		20,134		23,989		2,768		44,123		46,891		25,017		21,874		23,010		—		1973/1998
Eaves San Marcos	San Marcos, CA	184	3,277		13,385		4,548		3,277		17,933		21,210		4,298		16,912		17,578		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		4,420		6,692		31,563		38,255		8,230		30,025		30,117		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		94		12,689		43,422		56,111		5,762		50,349		51,891		—		2015
Eaves La Mesa (1)	La Mesa, CA	168	9,490		28,482		2,778		9,490		31,260		40,750		8,602		32,148		32,745		—		1989/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,050		16,760		39,744		56,504		9,645		46,859		48,538		—		1987/2013
Total San Diego, CA		2,066	$	64,308	$	211,670	$	101,330	$	64,308	$	313,000	$	377,308	$	121,122	$	256,186	$	265,247	$	—
TOTAL SOUTHERN CALIFORNIA		12,883	$	648,610	$	1,892,748	$	380,258	$	648,610	$	2,273,006	$	2,921,616	$	740,347	$	2,181,269	$	2,250,620	$	119,135
TOTAL ESTABLISHED COMMUNITIES		54,901	$	2,901,133	$	9,844,369	$	1,216,440	$	2,901,133	$	11,060,809	$	13,961,942	$	3,592,058	$	10,369,884	$	10,701,297	$	951,194

			2018																2017		2018
			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 on the Alameda	San Jose, CA	305	$	6,119	$	50,225	$	12,448	$	6,119	$	62,673	$	68,792	$	36,163	$	32,629	$	32,735	$	—	1999
Eaves Fremont	Fremont, CA	235	6,581		26,583		10,335		6,581		36,918		43,499		23,867		19,632		20,423		—		1985/1994
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		14,536		9,560		70,672		80,232		34,118		46,114		48,600		—		2002
Avalon West Hollywood	West Hollywood, CA	294	35,210		116,574		1,026		35,210		117,600		152,810		6,448		146,362		148,875		—		2017
Avalon Chino Hills	Chino Hills, CA	331	16,615		82,333		—		16,615		82,333		98,948		5,037		93,911		96,241		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		1,809		18,408		54,089		72,497		5,881		66,616		68,627		—		2015/2016
AVA Studio City II	Studio City, CA	101	4,626		22,954		7,273		4,626		30,227		34,853		6,353		28,500		27,907		—		1991/2013
Eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,106		9,110		22,477		31,587		5,025		26,562		27,174		—		1972/2013
Eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		9,294		18,940		52,955		71,895		12,323		59,572		56,612		41,400		1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		81,446		86,450		242,702		329,152		47,292		281,860		245,858		—		1973/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		12,555		27,190		69,596		96,786		16,120		80,666		76,723		—		1989/2013
Avalon Huntington Beach	Huntington Beach, CA	378	13,055		105,981		447		13,055		106,428		119,483		8,901		110,582		114,001		—		2017
AVA Studio City I	Studio City, CA	450	17,658		90,715		33,787		17,658		124,502		142,160		25,235		116,925		120,511		—		1987/2013
The Lodge Denver West	Lakewood, CO	252	8,047		67,364		1,748		8,047		69,112		77,159		5,347		71,812		74,951		—		2016/2017
The Meadows	Castle Rock, CO	240	8,527		61,442		3,337		8,527		64,779		73,306		634		72,672		N/A		—		2018/2018
Ironwood at Red Rocks	Littleton, CO	256	4,461		69,717		1,373		4,461		71,090		75,551		988		74,563		N/A		—		2018/2018
850 Boca	Boca Raton, FL	370	21,430		114,085		3,536		21,430		117,621		139,051		8,119		130,932		138,399		—		2017/2017
The Alexander Apartments & Lofts	West Palm Beach, FL	290	9,597		90,950		2,707		9,597		93,657		103,254		1,867		101,387		N/A		—		2018/2018
Avalon at Newton Highlands	Newton, MA	294	11,039		45,547		16,263		11,039		61,810		72,849		27,821		45,028		36,413		—		2003
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		11,875		14,572		57,786		72,358		21,777		50,581		51,450		37,561		2007
AVA Back Bay	Boston, MA	271	9,034		36,540		48,602		9,034		85,142		94,176		36,970		57,206		58,863		—		1968/1998
Avalon Quincy	Quincy, MA	395	14,685		78,548		14		14,685		78,562		93,247		5,855		87,392		89,853		—		2017
Avalon Hunt Valley	Hunt Valley, MD	332	10,855		62,933		—		10,855		62,933		73,788		4,496		69,292		71,294		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		35		10,130		61,720		71,850		5,218		66,632		69,006		—		2017
Avalon Arundel Crossing	Linthicum Heights, MD	310	12,208		69,381		2,546		12,208		71,927		84,135		2,099		82,036		N/A		—		2018/2018
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,461		5,982		33,850		39,832		16,782		23,050		24,202		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		15,658		6,647		50,564		57,211		24,531		32,680		26,168		—		2001
Avalon Princeton	Princeton, NJ	280	26,460		68,070		635		26,460		68,705		95,165		5,009		90,156		92,574		—		2017
Avalon at Edgewater II	Edgewater, NJ	240	8,605		58,479		—		8,605		58,479		67,084		991		66,093		37,302		—		2018
Avalon Towers	Long Beach, NY	109	3,118		11,973		26,217		3,118		38,190		41,308		17,722		23,586		23,265		—		1990/1995
Avalon Mamaroneck	Mamaroneck, NY	229	6,207		40,791		14,752		6,207		55,543		61,750		28,518		33,232		29,584		—		2000

			2018																2017		2018
			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 Willoughby Square	Brooklyn, NY	326	$	50,477	$	133,728	$	20	$	50,477	$	133,748	$	184,225	$	11,810	$	172,415	$	176,466	$	—	2017
Avalon Great Neck	Great Neck, NY	191	14,777		65,640		16		14,777		65,656		80,433		3,680		76,753		78,304		—		2017
Avalon Midtown West	New York, NY	550	154,730		180,253		38,625		154,730		218,878		373,608		48,129		325,479		316,821		100,500		1998/2013
Archstone Lexington	Flower Mound, TX	222	4,540		25,946		2,241		4,540		28,187		32,727		8,041		24,686		25,676		21,700		2000/2013
Archstone Toscano	Houston, TX	474	15,607		74,541		5		15,607		74,546		90,153		13,580		76,573		77,452		—		2014
Memorial Heights Villages	Houston, TX	318	9,607		52,753		—		9,607		52,753		62,360		12,358		50,002		47,539		—		2014
Eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,599		2,152		14,506		16,658		8,673		7,985		8,358		—		1988/1997
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		31,874		22,041		122,170		144,211		58,365		85,846		89,833		—		2001
Avalon Dunn Loring	Vienna, VA	440	29,377		114,072		9,427		29,377		123,499		152,876		11,758		141,118		147,481		—		2012/2017
Oakwood Arlington	Arlington, VA	184	18,850		38,545		4,945		18,850		43,490		62,340		10,199		52,141		51,839		—		1987/2013
Avalon Esterra Park	Redmond, WA	482	22,668		113,299		610		22,668		113,909		136,577		9,170		127,407		130,451		—		2017
Avalon Newcastle Commons I	Newcastle, WA	378	9,623		110,963		287		9,623		111,250		120,873		5,898		114,975		117,186		—		2017
TOTAL OTHER STABILIZED		13,733	$	815,575	$	2,932,764	$	444,470	$	815,575	$	3,377,234	$	4,192,809	$	649,168	$	3,543,641	$	3,175,017	$	201,161
LEASE-UP
Avalon Dogpatch	San Francisco, CA	326	$	23,519	$	179,121	$	171	$	23,519	$	179,292	$	202,811	$	6,400	$	196,411	$	182,566	$	—	2018
AVA NoMa	Washington, D.C.	438	25,246		114,324		603		25,246		114,927		140,173		7,145		133,028		135,867		—		2018
Avalon North Station	Boston, MA	503	22,791		246,871		679		22,791		247,550		270,341		14,703		255,638		262,410		—		2017
Avalon Easton	Easton, MA	290	3,155		60,599		—		3,155		60,599		63,754		3,269		60,485		61,556		—		2017
AVA Wheaton	Wheaton, MD	319	6,494		68,712		—		6,494		68,712		75,206		3,076		72,130		70,188		—		2018
Avalon Maplewood	Maplewood, NJ	235	15,179		49,322		—		15,179		49,322		64,501		1,893		62,608		61,202		—		2018
Avalon Brooklyn Bay	Brooklyn, NY	180	18,264		74,582		250		18,264		74,832		93,096		4,189		88,907		89,743		—		2018
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,963		—		7,534		50,963		58,497		2,383		56,114		56,382		—		2017
Avalon Somers	Somers, NY	152	5,594		40,310		—		5,594		40,310		45,904		1,946		43,958		41,784		—		2018
TOTAL LEASE-UP		2,608	$	127,776	$	884,804	$	1,703	$	127,776	$	886,507	$	1,014,283	$	45,004	$	969,279	$	961,698	$	—

			2018																2017		2018
			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 Studio City	Studio City, CA	276	$	15,756	$	78,178	$	11,884	$	15,756	$	90,062	$	105,818	$	20,132	$	85,686	$	82,573	$	—	2002/2013
Eaves Seal Beach	Seal Beach, CA	549	46,790		99,999		20,009		46,790		120,008		166,798		26,730		140,068		129,515		—		1971/2013
AVA Van Ness	Washington, D.C.	269	22,890		58,691		17,623		22,890		76,314		99,204		16,108		83,096		77,168		—		1978/2013
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		59,168		8,776		94,664		103,440		35,845		67,595		64,388		—		1968/1998
Avalon Prudential Center I	Boston, MA	243	8,002		32,370		47,717		8,002		80,087		88,089		31,427		56,662		49,809		—		1968/1998
Avalon Court	Melville, NY	494	9,228		50,063		14,475		9,228		64,538		73,766		37,666		36,100		30,881		—		1997
Eaves Fairfax Towers	Falls Church, VA	415	17,889		74,727		8,473		17,889		83,200		101,089		21,368		79,721		78,629		—		1978/2011
Avalon Ballston Square	Arlington, VA	714	71,640		215,937		25,959		71,640		241,896		313,536		55,469		258,067		256,699		—		1992/2013
Eaves Redmond Campus	Redmond, WA	422	22,580		88,001		21,638		22,580		109,639		132,219		25,077		107,142		99,751		—		1991/2013
TOTAL REDEVLOPMENT		3,648	$	223,551	$	733,462	$	226,946	$	223,551	$	960,408	$	1,183,959	$	269,822	$	914,137	$	869,413	$	—
TOTAL CURRENT COMMUNITIES (3)		74,890	$	4,068,035	$	14,395,399	$	1,889,559	$	4,068,035	$	16,284,958	$	20,352,993	$	4,556,052	$	15,796,941	$	15,707,425	$	1,152,355
DEVELOPMENT
Avalon Public Market	Emeryville, CA	289	$	—	$	3,995	$	110,229	$	—	$	114,224	$	114,224	$	90	$	114,134	$	55,872	$	—	N/A
AVA Hollywood	Hollywood, CA	695	—		1,157		220,298		—		221,455		221,455		—		221,455		169,007		—		N/A
Avalon Walnut Creek II (2)	Walnut Creek, CA	200	—		88		32,168		—		32,256		32,256		—		32,256		8,812		—		N/A
Avalon Doral	Doral, FL	350	—		—		35,154		—		35,154		35,154		—		35,154		N/A		—		N/A
Avalon at the Hingham Shipyard II	Hingham, MA	190	6,166		37,960		15,309		6,166		53,269		59,435		291		59,144		23,792		—		N/A
Avalon Sudbury	Sudbury, MA	250	12,525		44,666		22,053		12,525		66,719		79,244		602		78,642		33,595		—		N/A
Avalon Saugus	Saugus, MA	280	—		59		52,630		—		52,689		52,689		—		52,689		N/A		—		N/A
Avalon Norwood	Nordwood, MA	198	—		—		21,641		—		21,641		21,641		59		21,582		N/A		—		N/A
Twinbrook Station	Rockville, MD	238	—		—		15,844		—		15,844		15,844		—		15,844		14,072		—		N/A
Avalon Towson	Towson, MD	371	—		16		42,670		—		42,686		42,686		—		42,686		3,985		—		N/A
Avalon Harbor East	Baltimore, MD	400	—		63		28,038		—		28,101		28,101		—		28,101		N/A		—		N/A
Avalon Boonton	Boonton, NJ	350	—		1,254		71,648		—		72,902		72,902		—		72,902		29,954		—		N/A
Avalon Teaneck	Teaneck, NJ	248	—		189		43,319		—		43,508		43,508		—		43,508		18,609		—		N/A
Avalon Piscataway	Piscataway, NJ	360	1,402		34,406		40,326		1,402		74,732		76,134		386		75,748		28,303		—		N/A
Avalon Old Bridge	Old Bridge, NJ	252	—		—		11,573		—		11,573		11,573		—		11,573		N/A		—		N/A
Avalon Yonkers	Yonkers, NY	590	—		303		88,903		—		89,206		89,206		—		89,206		23,300		—		N/A

			2018																2017		2018
			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 Harrison	Harrison, NY	143	$	—	$	—	$	5,504	$	—	$	5,504	$	5,504	$	—	$	5,504	N/A		$	—	N/A
Avalon Belltown Towers	Seattle, WA	273	—		1,536		115,897		—		117,433		117,433		—		117,433		50,636		—		N/A
AVA Esterra Park	Redmond, WA	323	—		1,220		74,532		—		75,752		75,752		—		75,752		37,048		—		N/A
Avalon Newcastle Commons II	Newcastle, WA	293	—		—		22,384		—		22,384		22,384		—		22,384		N/A		—		N/A
Avalon North Creek	Bothell, WA	316	—		151		37,907		—		38,058		38,058		—		38,058		15,432		—		N/A
15 West 61st Street (4)	New York, NY	N/A	—		2,519		543,988		—		546,507		546,507		—		546,507		440,712		—		N/A
TOTAL DEVELOPMENT		6,609	$	20,093	$	129,582	$	1,652,015	$	20,093	$	1,781,597	$	1,801,690	$	1,428	$	1,800,262	$	953,129	$	—
Land Held for Development		N/A	$	84,712	$	—	$	—	$	84,712	$	—	$	84,712	$	—	$	84,712	$	68,364	$	—
Corporate Overhead		N/A	10,879		11,414		80,888		10,879		92,302		103,181		54,166		49,015		43,073		5,950,000
2018 Disposed Communities		N/A	—		—		—		—		—		—		—		—		945,566		—
TOTAL		81,499	$	4,183,719	$	14,536,395	$	3,622,462	$	4,183,719	$	18,158,857	$	22,342,576	$	4,611,646	$	17,730,930	$	17,717,557	$	7,102,355

_________________________________

(1) This community was under redevelopment for some or all of 2018, with the redevelopment effort primarily focused on the exterior and/or common area, or with the redevelopment effort focused on apartment homes that do not meet the definition of a Redevelopment Community. These redevelopment activities have no expected material impact on community operations, and therefore this community is included in the Established Community portfolio and not classified as a Redevelopment Community.

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

(3) Current Communities excludes Unconsolidated Communities.

(4) 15 West 61st Street is expected to contain 172 residential units and 67,000 square feet of retail space. The Company is pursuing a potential for-sale strategy of individual condominium units for the residential portion, while the Company would maintain ownership of the retail portion. The number of homes that the Company expects the new building to contain upon completion are not included in the apartment home count presented in this Form 10-K.

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 $21,480,345 at December 31, 2018.

The changes in total real estate assets for the years ended December 31, 2018, 2017 and 2016 are as follows:

	For the year ended
	12/31/2018			12/31/2017			12/31/2016
Balance, beginning of period	$	21,935,936		$	20,776,626		$	19,268,099
Acquisitions, construction costs and improvements	1,568,878			1,526,516			1,788,515
Dispositions, including casualty losses and impairment loss on planned dispositions	(1,162,238		)	(367,206		)	(279,988		)
Balance, end of period	$	22,342,576		$	21,935,936		$	20,776,626

The changes in accumulated depreciation for the years ended December 31, 2018, 2017 and 2016, are as follows:

	For the year ended
	12/31/2018			12/31/2017			12/31/2016
Balance, beginning of period	$	4,218,379		$	3,743,632		$	3,325,790
Depreciation, including discontinued operations	631,196			584,150			531,434
Dispositions, including casualty losses	(237,929		)	(109,403		)	(113,592		)
Balance, end of period	$	4,611,646		$	4,218,379		$	3,743,632