REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2021

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

REAL ESTATE AND ACCUMULATED DEPRECIATION

			2021																2020		2021
			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
SAME STORE
NEW ENGLAND
Boston, MA
Avalon at Lexington	Lexington, MA	198	$	2,124	$	12,567	$	13,346	$	2,124	$	25,913	$	28,037	$	18,473	$	9,564	$	10,632	$	—	1994
Avalon Oaks	Wilmington, MA	204	2,129		17,567		7,924		2,129		25,491		27,620		17,900		9,720		10,000		—		1999
eaves Quincy	Quincy, MA	245	1,743		14,662		13,696		1,743		28,358		30,101		18,920		11,181		11,007		—		1986/1995
Avalon Oaks West	Wilmington, MA	120	3,318		13,465		2,941		3,318		16,406		19,724		10,736		8,988		9,093		—		2002
Avalon at Newton Highlands	Newton, MA	294	10,905		45,547		18,315		10,905		63,862		74,767		36,480		38,287		40,018		—		2003
Avalon at The Pinehills	Plymouth, MA	192	6,876		30,401		5,883		6,876		36,284		43,160		17,137		26,023		26,227		—		2004
eaves Peabody	Peabody, MA	286	4,645		18,919		16,248		4,645		35,167		39,812		19,002		20,810		21,703		—		1962/2004
Avalon at Bedford Center	Bedford, MA	139	4,258		20,551		5,543		4,258		26,094		30,352		14,100		16,252		17,623		—		2006
Avalon at Chestnut Hill	Chestnut Hill, MA	204	14,572		45,911		13,917		14,572		59,828		74,400		29,178		45,222		46,499		35,770		2007
Avalon at Lexington Hills	Lexington, MA	387	8,691		79,121		15,224		8,691		94,345		103,036		46,055		56,981		61,146		—		2008
Avalon Acton	Acton, MA	380	13,124		48,695		9,286		13,124		57,981		71,105		26,388		44,717		44,580		45,000		2008
Avalon at the Hingham Shipyard	Hingham, MA	235	12,218		41,656		11,238		12,218		52,894		65,112		24,353		40,759		43,026		—		2009
Avalon Sharon	Sharon, MA	156	4,719		25,478		5,797		4,719		31,275		35,994		14,907		21,087		22,605		—		2008
Avalon Northborough	Northborough, MA	382	8,144		52,184		6,626		8,144		58,810		66,954		24,112		42,842		43,733		—		2009
Avalon Exeter (2)	Boston, MA	187	—		110,028		934		—		110,962		110,962		29,409		81,553		85,066		—		2014
Avalon Natick	Natick, MA	407	15,645		64,845		2,400		15,645		67,245		82,890		19,873		63,017		63,922		—		2013
Avalon at Assembly Row	Somerville, MA	195	8,599		52,454		873		8,599		53,327		61,926		14,352		47,574		49,201		—		2015
AVA Somerville	Somerville, MA	250	10,944		56,460		832		10,944		57,292		68,236		14,485		53,751		55,550		—		2015
AVA Back Bay	Boston, MA	271	9,034		36,540		52,076		9,034		88,616		97,650		46,609		51,041		54,133		—		1968/1998
Avalon Prudential Center II	Boston, MA	266	8,776		35,496		64,978		8,776		100,474		109,250		46,808		62,442		64,558		—		1968/1998
Avalon Prudential Center I (1)	Boston, MA	243	8,002		32,370		56,151		8,002		88,521		96,523		40,581		55,942		56,211		—		1968/1998
eaves Burlington	Burlington, MA	203	7,714		32,499		8,573		7,714		41,072		48,786		12,920		35,866		36,625		—		1988/2012
AVA Theater District	Boston, MA	398	17,072		163,633		505		17,072		164,138		181,210		36,610		144,600		150,260		—		2015
Avalon Burlington	Burlington, MA	312	15,600		60,649		17,572		15,600		78,221		93,821		24,774		69,047		71,360		—		1989/2013
Avalon Marlborough	Marlborough, MA	350	15,367		60,397		1,346		15,367		61,743		77,110		14,384		62,726		64,348		—		2015
Avalon North Station	Boston, MA	503	22,796		247,270		719		22,796		247,989		270,785		40,830		229,955		238,733		—		2017
Avalon Framingham	Framingham, MA	180	9,315		34,631		206		9,315		34,837		44,152		7,791		36,361		37,448		—		2015
Avalon Quincy	Quincy, MA	395	14,694		79,655		79		14,694		79,734		94,428		14,643		79,785		82,635		—		2017
Avalon Easton	Easton, MA	290	3,170		60,837		303		3,170		61,140		64,310		10,465		53,845		56,082		—		2017

			2021																2020		2021
			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 at the Hingham Shipyard II	Hingham, MA	190	$	8,998	$	55,366	$	47	$	8,998	$	55,413	$	64,411	$	6,788	$	57,623	$	59,819	$	—	2019
Avalon Sudbury	Sudbury, MA	250	20,254		66,554		88		20,254		66,642		86,896		8,680		78,216		80,881		—		2019
AVA North Point	Cambridge, MA	265	31,263		81,196		2,793		31,263		83,989		115,252		9,419		105,833		108,984		—		2018/2019
Avalon Bear Hill	Waltham, MA	324	27,350		94,168		29,950		27,350		124,118		151,468		42,059		109,409		113,533		—		1999/2013
Total Boston, MA		8,901	$	352,059	$	1,891,772	$	386,409	$	352,059	$	2,278,181	$	2,630,240	$	759,221	$	1,871,019	$	1,937,241	$	80,770
Fairfield, CT
Avalon Wilton on River Rd	Wilton, CT	102	$	2,116	$	14,664	$	7,536	$	2,116	$	22,200	$	24,316	$	15,570	$	8,746	$	9,505	$	—	1997
Avalon New Canaan	New Canaan, CT	104	4,834		22,990		6,852		4,834		29,842		34,676		17,984		16,692		17,800		—		2002
Avalon Darien	Darien, CT	189	6,926		34,558		9,489		6,926		44,047		50,973		24,822		26,151		27,861		—		2004
Avalon East Norwalk	Norwalk, CT	240	10,395		36,451		532		10,395		36,983		47,378		11,086		36,292		37,492		—		2013
Total Fairfield, CT		635	$	24,271	$	108,663	$	24,409	$	24,271	$	133,072	$	157,343	$	69,462	$	87,881	$	92,658	$	—
TOTAL NEW ENGLAND		9,536	$	376,330	$	2,000,435	$	410,818	$	376,330	$	2,411,253	$	2,787,583	$	828,683	$	1,958,900	$	2,029,899	$	80,770
METRO NY/NJ
New York City, NY
Avalon Riverview (3)	Long Island City, NY	372	$	—	$	94,061	$	13,553	$	—	$	107,614	$	107,614	$	71,334	$	36,280	$	39,258	$	—	2002
Avalon Riverview North (3)	Long Island City, NY	602	—		165,932		16,411		—		182,343		182,343		85,298		97,045		102,751		—		2008
AVA Fort Greene	Brooklyn, NY	631	83,038		216,802		9,411		83,038		226,213		309,251		89,037		220,214		227,393		—		2010
AVA DoBro	Brooklyn, NY	500	76,127		206,762		423		76,127		207,185		283,312		42,240		241,072		248,521		—		2017
Avalon Willoughby Square	Brooklyn, NY	326	49,635		134,840		396		49,635		135,236		184,871		25,296		159,575		164,245		—		2017
Avalon Brooklyn Bay	Brooklyn, NY	180	18,310		74,573		405		18,310		74,978		93,288		14,368		78,920		81,956		—		2018
Avalon Midtown West (1)	New York, NY	550	154,730		180,253		48,724		154,730		228,977		383,707		70,922		312,785		320,012		88,300		1998/2013
Avalon Clinton North	New York, NY	339	84,069		105,821		14,071		84,069		119,892		203,961		39,430		164,531		167,399		147,000		2008/2013
Avalon Clinton South	New York, NY	288	71,421		89,851		8,098		71,421		97,949		169,370		33,361		136,009		138,732		121,500		2007/2013
Total New York City, NY		3,788	$	537,330	$	1,268,895	$	111,492	$	537,330	$	1,380,387	$	1,917,717	$	471,286	$	1,446,431	$	1,490,267	$	356,800
New York - Suburban
Avalon Commons	Smithtown, NY	312	$	4,679	$	28,259	$	10,294	$	4,679	$	38,553	$	43,232	$	27,972	$	15,260	$	14,579	$	—	1997
Avalon Green I	Elmsford, NY	105	1,820		10,525		8,236		1,820		18,761		20,581		12,493		8,088		8,408		—		1995
Avalon Mamaroneck	Mamaroneck, NY	229	6,207		40,657		16,178		6,207		56,835		63,042		35,410		27,632		30,027		—		2000
Avalon Melville (1)	Melville, NY	494	9,228		50,063		23,225		9,228		73,288		82,516		48,019		34,497		37,757		—		1997
Avalon White Plains	White Plains, NY	407	15,391		137,312		2,510		15,391		139,822		155,213		60,602		94,611		99,236		—		2009
Avalon Rockville Centre I	Rockville Centre, NY	349	32,212		78,806		7,106		32,212		85,912		118,124		31,394		86,730		89,941		—		2012
Avalon Green II	Elmsford, NY	444	27,765		77,560		3,659		27,765		81,219		108,984		27,517		81,467		83,880		—		2012

			2021																2020		2021
			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 Garden City	Garden City, NY	204	$	18,205	$	49,326	$	1,101	$	18,205	$	50,427	$	68,632	$	16,632	$	52,000	$	53,587	$	—	2013
Avalon Ossining	Ossining, NY	168	6,392		30,313		502		6,392		30,815		37,207		8,515		28,692		29,688		—		2014
Avalon Huntington Station	Huntington Station, NY	303	21,899		58,437		570		21,899		59,007		80,906		15,552		65,354		67,135		—		2014
Avalon Green III	Elmsford, NY	68	4,985		17,300		162		4,985		17,462		22,447		3,760		18,687		19,346		—		2016
Avalon Great Neck	Great Neck, NY	191	14,777		65,412		33		14,777		65,445		80,222		11,736		68,486		71,269		—		2017
Avalon Rockville Centre II	Rockville Centre, NY	165	7,534		50,981		2		7,534		50,983		58,517		8,716		49,801		51,913		—		2017
Avalon Somers	Somers, NY	152	5,610		40,591		24		5,610		40,615		46,225		6,779		39,446		41,054		—		2018
Avalon Westbury	Westbury, NY	396	69,620		43,781		14,714		69,620		58,495		128,115		25,996		102,119		103,536		—		2006/2013
Total New York - Suburban		3,987	$	246,324	$	779,323	$	88,316	$	246,324	$	867,639	$	1,113,963	$	341,093	$	772,870	$	801,356	$	—
New Jersey
Avalon Cove	Jersey City, NJ	504	$	8,760	$	82,422	$	31,488	$	8,760	$	113,910	$	122,670	$	81,706	$	40,964	$	43,525	$	—	1997
Avalon at Edgewater I	Edgewater, NJ	168	5,982		24,389		9,676		5,982		34,065		40,047		21,245		18,802		20,203		—		2002
Avalon at Florham Park	Florham Park, NJ	270	6,647		34,906		16,926		6,647		51,832		58,479		31,760		26,719		28,581		—		2001
Avalon North Bergen	North Bergen, NJ	164	8,984		30,994		1,255		8,984		32,249		41,233		10,983		30,250		31,192		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ	266	14,682		41,610		2,865		14,682		44,475		59,157		14,925		44,232		45,213		—		2012
Avalon Hackensack at Riverside (4)	Hackensack, NJ	226	9,939		44,619		1,653		9,939		46,272		56,211		13,808		42,403		33,551		—		2013
Avalon at Wesmont Station II	Wood-Ridge, NJ	140	6,502		16,863		488		6,502		17,351		23,853		5,367		18,486		18,945		—		2013
Avalon Bloomingdale	Bloomingdale, NJ	174	3,006		27,801		435		3,006		28,236		31,242		8,138		23,104		23,814		—		2014
Avalon Wharton	Wharton, NJ	247	2,273		48,609		1,465		2,273		50,074		52,347		12,285		40,062		40,947		—		2015
Avalon Bloomfield Station (2)	Bloomfield, NJ	224	10,701		36,430		147		10,701		36,577		47,278		8,630		38,648		39,918		—		2015
Avalon Roseland	Roseland, NJ	136	11,288		34,868		141		11,288		35,009		46,297		8,291		38,006		39,184		—		2015
Avalon Princeton	Princeton, NJ	280	26,461		68,003		799		26,461		68,802		95,263		12,914		82,349		84,921		—		2017
Avalon Union	Union, NJ	202	11,695		36,315		99		11,695		36,414		48,109		7,771		40,338		41,666		—		2016
Avalon Hoboken	Hoboken, NJ	217	37,237		90,278		6,779		37,237		97,057		134,294		25,636		108,658		112,056		—		2008/2016
Avalon Maplewood	Maplewood, NJ	235	15,179		49,425		139		15,179		49,564		64,743		8,845		55,898		58,458		—		2018
Avalon Piscataway	Piscataway, NJ	360	14,329		75,897		12		14,329		75,909		90,238		9,206		81,032		83,974		—		2019
Avalon at Edgewater II	Edgewater, NJ	240	8,605		60,810		—		8,605		60,810		69,415		8,782		60,633		63,194		—		2018
Total New Jersey		4,053	$	202,270	$	804,239	$	74,367	$	202,270	$	878,606	$	1,080,876	$	290,292	$	790,584	$	809,342	$	—
TOTAL METRO NY/NJ		11,828	$	985,924	$	2,852,457	$	274,175	$	985,924	$	3,126,632	$	4,112,556	$	1,102,671	$	3,009,885	$	3,100,965	$	356,800

			2021																2020		2021
			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	$	20,906	$	6,848	$	48,520	$	55,368	$	38,110	$	17,258	$	18,453	$	—	1982/1994
Avalon at Gallery Place	Washington, D.C.	203	8,800		39,658		4,369		8,800		44,027		52,827		27,661		25,166		26,289		—		2003
AVA H Street	Washington, D.C.	138	7,425		25,282		206		7,425		25,488		32,913		8,425		24,488		25,314		—		2013
Avalon The Albemarle	Washington, D.C.	234	25,140		52,459		9,955		25,140		62,414		87,554		22,649		64,905		66,580		—		1966/2013
eaves Tunlaw Gardens	Washington, D.C.	166	16,430		22,902		2,654		16,430		25,556		41,986		9,303		32,683		33,450		—		1944/2013
The Statesman	Washington, D.C.	281	38,140		35,352		6,200		38,140		41,552		79,692		15,825		63,867		64,710		—		1961/2013
eaves Glover Park	Washington, D.C.	120	9,580		26,532		2,839		9,580		29,371		38,951		10,841		28,110		28,920		—		1953/2013
AVA Van Ness (1)	Washington, D.C.	269	22,890		58,691		23,142		22,890		81,833		104,723		24,882		79,841		81,329		—		1978/2013
Avalon First and M	Washington, D.C.	469	43,700		153,950		4,402		43,700		158,352		202,052		50,346		151,706		156,732		—		2012/2013
AVA NoMa	Washington, D.C.	438	25,246		114,933		884		25,246		115,817		141,063		22,102		118,961		123,946		—		2018
eaves Washingtonian Center	North Potomac, MD	288	4,047		18,553		5,684		4,047		24,237		28,284		18,888		9,396		9,966		—		1996
eaves Columbia Town Center	Columbia, MD	392	8,802		35,536		14,000		8,802		49,536		58,338		27,806		30,532		31,564		—		1986/1993
Avalon at Grosvenor Station	Bethesda, MD	497	29,159		52,993		6,945		29,159		59,938		89,097		36,126		52,971		54,347		—		2004
Avalon at Traville	Rockville, MD	520	14,365		55,398		7,739		14,365		63,137		77,502		38,383		39,119		41,355		—		2004
AVA Wheaton	Wheaton, MD	319	6,494		69,027		95		6,494		69,122		75,616		11,705		63,911		66,576		—		2018
Avalon Hunt Valley	Hunt Valley, MD	332	10,872		62,992		43		10,872		63,035		73,907		11,598		62,309		64,682		—		2017
Avalon Laurel	Laurel, MD	344	10,130		61,685		86		10,130		61,771		71,901		11,961		59,940		62,170		—		2017
Avalon Fairway Hills - Meadows	Columbia, MD	192	2,323		9,297		5,119		2,323		14,416		16,739		11,054		5,685		6,121		—		1987/1996
Avalon Fairway Hills - Woods (1)	Columbia, MD	336	3,958		15,839		14,246		3,958		30,085		34,043		18,929		15,114		15,354		—		1987/1996
Avalon Arundel Crossing	Linthicum Heights, MD	310	12,208		69,888		2,580		12,208		72,468		84,676		12,606		72,070		75,145		—		2018/2018
Kanso Silver Spring	Silver Spring, MD	151	3,471		41,393		1,016		3,471		42,409		45,880		4,737		41,143		42,724		—		2009/2019
Avalon Russett	Laurel, MD	238	10,200		47,524		4,665		10,200		52,189		62,389		18,723		43,666		45,018		32,200		1999/2013
eaves Fair Lakes	Fairfax, VA	420	6,096		24,400		13,732		6,096		38,132		44,228		27,144		17,084		17,510		—		1989/1996
eaves Fairfax City	Fairfax, VA	141	2,152		8,907		5,726		2,152		14,633		16,785		10,105		6,680		7,131		—		1988/1997
Avalon Tysons Corner	Tysons Corner, VA	558	13,851		43,397		15,381		13,851		58,778		72,629		41,264		31,365		32,482		—		1996
Avalon at Arlington Square	Arlington, VA	842	22,041		90,296		33,327		22,041		123,623		145,664		71,324		74,340		78,296		—		2001
Avalon Park Crest	Tysons Corner, VA	354	13,554		63,526		1,148		13,554		64,674		78,228		21,088		57,140		59,222		—		2013
eaves Fairfax Towers (1)	Falls Church, VA	415	17,889		74,727		15,983		17,889		90,710		108,599		32,034		76,565		79,810		—		1978/2011
Avalon Mosaic	Fairfax, VA	531	33,490		75,801		472		33,490		76,273		109,763		21,584		88,179		90,752		—		2014
Avalon Potomac Yard	Alexandria, VA	323	24,225		81,982		2,996		24,225		84,978		109,203		21,942		87,261		90,551		—		2014/2016
Avalon Clarendon	Arlington, VA	300	22,573		95,355		9,841		22,573		105,196		127,769		25,243		102,526		106,458		—		2002/2016
Avalon Columbia Pike	Arlington, VA	269	18,830		82,427		4,448		18,830		86,875		105,705		19,652		86,053		89,191		—		2009/2016
Avalon Dunn Loring	Vienna, VA	440	29,377		115,465		8,235		29,377		123,700		153,077		28,138		124,939		130,459		—		2012/2017

			2021																2020		2021
			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 Tysons Corner	Vienna, VA	217	$	16,030	$	45,420	$	3,512	$	16,030	$	48,932	$	64,962	$	18,745	$	46,217	$	47,822	$	—	1980/2013
AVA Ballston Square	Arlington, VA	714	71,640		215,937		43,290		71,640		259,227		330,867		84,032		246,835		254,311		—		1992/2013
Avalon Courthouse Place	Arlington, VA	564	56,550		178,032		15,783		56,550		193,815		250,365		64,153		186,212		189,316		—		1999/2013
Avalon Arlington North (1)	Arlington, VA	228	21,600		59,076		2,035		21,600		61,111		82,711		17,227		65,484		66,951		—		2014
Avalon Reston Landing	Reston, VA	400	26,710		83,084		11,692		26,710		94,776		121,486		35,119		86,367		87,262		—		2000/2013
Avalon Falls Church	Falls Church, VA	384	39,544		66,160		128		39,544		66,288		105,832		15,780		90,052		92,531		—		2016
TOTAL MID-ATLANTIC		13,645	$	756,380	$	2,501,490	$	325,504	$	756,380	$	2,826,994	$	3,583,374	$	1,007,234	$	2,576,140	$	2,660,800	$	32,200
DENVER, CO
Avalon Denver West	Lakewood, CO	252	$	8,047	$	67,861	$	2,296	$	8,047	$	70,157	$	78,204	$	14,211	$	63,993	$	66,566	$	—	2016/2017
Avalon Meadows at Castle Rock	Castle Rock, CO	240	8,527		64,565		1,062		8,527		65,627		74,154		10,213		63,941		66,730		—		2018/2018
Avalon Red Rocks	Littleton, CO	256	4,461		70,103		1,553		4,461		71,656		76,117		11,586		64,531		67,742		—		2018/2018
Avalon Southlands	Aurora, CO	338	5,101		85,184		1,675		5,101		86,859		91,960		12,771		79,189		83,056		—		2018/2019
TOTAL DENVER, CO		1,086	$	26,136	$	287,713	$	6,586	$	26,136	$	294,299	$	320,435	$	48,781	$	271,654	$	284,094	$	—
SOUTHEAST FLORIDA
Avalon 850 Boca	Boca Raton, FL	370	$	21,430	$	114,085	$	4,860	$	21,430	$	118,945	$	140,375	$	22,405	$	117,970	$	122,060	$	—	2017/2017
Avalon West Palm Beach	West Palm Beach, FL	290	9,597		90,950		3,928		9,597		94,878		104,475		14,739		89,736		92,899		—		2018/2018
Avalon Bonterra	Hialeah, FL	314	16,655		70,822		2,919		16,655		73,741		90,396		10,811		79,585		82,625		—		2018/2019
Avalon Toscana	Margate, FL	240	9,213		49,705		1,835		9,213		51,540		60,753		6,049		54,704		56,541		—		2016/2019
TOTAL SOUTHEAST FLORIDA		1,214	$	56,895	$	325,562	$	13,542	$	56,895	$	339,104	$	395,999	$	54,004	$	341,995	$	354,125	$	—
PACIFIC NORTHWEST
Seattle, WA
Avalon at Bear Creek	Redmond, WA	264	$	6,786	$	27,641	$	6,511	$	6,786	$	34,152	$	40,938	$	26,387	$	14,551	$	15,204	$	—	1998/1998
Avalon Bellevue	Bellevue, WA	201	6,664		24,119		4,301		6,664		28,420		35,084		19,452		15,632		15,672		—		2001
Avalon RockMeadow	Bothell, WA	206	4,777		19,765		3,958		4,777		23,723		28,500		17,364		11,136		11,978		—		2000/2000
Avalon ParcSquare	Redmond, WA	124	3,789		15,139		4,401		3,789		19,540		23,329		13,746		9,583		9,932		—		2000/2000
AVA Belltown	Seattle, WA	100	5,644		12,733		2,001		5,644		14,734		20,378		9,974		10,404		10,283		—		2001
Avalon Meydenbauer	Bellevue, WA	368	12,697		77,450		5,253		12,697		82,703		95,400		38,325		57,075		58,959		—		2008
Avalon Towers Bellevue (3)	Bellevue, WA	397	—		123,029		2,426		—		125,455		125,455		49,144		76,311		80,021		—		2011
AVA Queen Anne	Seattle, WA	203	12,081		41,618		1,333		12,081		42,951		55,032		15,049		39,983		41,139		—		2012
AVA Ballard	Seattle, WA	265	16,460		46,926		1,347		16,460		48,273		64,733		15,430		49,303		50,836		—		2013
Avalon Alderwood I	Lynnwood, WA	367	12,294		55,627		100		12,294		55,727		68,021		14,671		53,350		55,272		—		2015
AVA Capitol Hill	Seattle, WA	249	20,613		59,986		1,510		20,613		61,496		82,109		13,826		68,283		70,636		—		2016
Avalon Esterra Park	Redmond, WA	482	23,178		112,986		1,348		23,178		114,334		137,512		21,967		115,545		119,784		—		2017

			2021																2020		2021
			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 Alderwood II	Redmond, WA	124	$	5,072	$	21,418	$	14	$	5,072	$	21,432	$	26,504	$	4,135	$	22,369	$	23,127	$	—	2016
Avalon Newcastle Commons I	Newcastle, WA	378	9,649		112,456		1,049		9,649		113,505		123,154		18,081		105,073		108,810		—		2017
AVA Esterra Park	Redmond, WA	323	16,405		74,569		—		16,405		74,569		90,974		8,161		82,813		85,845		—		2019
Archstone Redmond Lakeview	Redmond, WA	166	10,250		26,842		5,216		10,250		32,058		42,308		12,677		29,631		30,217		—		1987/2013
TOTAL PACIFIC NORTHWEST		4,217	$	166,359	$	852,304	$	40,768	$	166,359	$	893,072	$	1,059,431	$	298,389	$	761,042	$	787,715	$	—
NORTHERN CALIFORNIA
San Jose, CA
Avalon Campbell	Campbell, CA	348	$	11,830	$	47,828	$	14,961	$	11,830	$	62,789	$	74,619	$	44,026	$	30,593	$	32,377	$	—	1995
eaves San Jose	San Jose, CA	442	12,920		53,047		20,013		12,920		73,060		85,980		45,811		40,169		42,111		—		1985/1996
Avalon on the Alameda	San Jose, CA	305	6,119		50,225		13,878		6,119		64,103		70,222		43,915		26,307		28,113		—		1999
Avalon Silicon Valley	Sunnyvale, CA	712	20,713		99,573		36,482		20,713		136,055		156,768		90,737		66,031		69,922		—		1998
Avalon Mountain View	Mountain View, CA	248	9,755		39,393		12,770		9,755		52,163		61,918		37,632		24,286		25,477		—		1986
eaves Creekside	Mountain View, CA	296	6,546		26,263		22,103		6,546		48,366		54,912		32,434		22,478		23,859		—		1962/1997
Avalon at Cahill Park	San Jose, CA	218	4,765		47,600		4,204		4,765		51,804		56,569		33,516		23,053		24,035		—		2002
Avalon Towers on the Peninsula	Mountain View, CA	211	9,560		56,136		14,806		9,560		70,942		80,502		41,731		38,771		41,194		—		2002
Avalon Morrison Park	San Jose, CA	250	13,837		64,534		965		13,837		65,499		79,336		18,220		61,116		63,019		—		2014
Avalon Willow Glen	San Jose, CA	412	46,060		81,957		7,615		46,060		89,572		135,632		33,991		101,641		105,215		—		2002/2013
eaves West Valley	San Jose, CA	873	90,890		132,040		14,375		90,890		146,415		237,305		53,782		183,523		188,220		—		1970/2013
eaves Mountain View at Middlefield	Mountain View, CA	402	64,070		69,018		15,706		64,070		84,724		148,794		32,319		116,475		118,876		—		1969/2013
Total San Jose, CA		4,717	$	297,065	$	767,614	$	177,878	$	297,065	$	945,492	$	1,242,557	$	508,114	$	734,443	$	762,418	$	—
Oakland - East Bay, CA
Avalon Fremont (1)	Fremont, CA	308	$	10,746	$	43,399	$	20,895	$	10,746	$	64,294	$	75,040	$	41,238	$	33,802	$	26,076	$	—	1992/1994
eaves Dublin	Dublin, CA	204	5,276		19,642		12,898		5,276		32,540		37,816		22,253		15,563		16,204		—		1989/1997
eaves Pleasanton (1)	Pleasanton, CA	456	11,610		46,552		28,665		11,610		75,217		86,827		49,131		37,696		34,590		—		1988/1994
eaves Union City	Union City, CA	208	4,249		16,820		4,430		4,249		21,250		25,499		16,773		8,726		9,318		—		1973/1996
eaves Fremont	Fremont, CA	235	6,581		26,583		11,328		6,581		37,911		44,492		27,572		16,920		17,641		—		1985/1994
Avalon Union City	Union City, CA	439	14,732		104,024		3,635		14,732		107,659		122,391		45,362		77,029		79,035		—		2009
Avalon Walnut Creek (3)	Walnut Creek, CA	422	—		148,846		5,845		—		154,691		154,691		60,751		93,940		99,738		4,161		2010
Avalon Dublin Station	Dublin, CA	253	7,772		72,142		1,153		7,772		73,295		81,067		20,162		60,905		63,419		—		2014
Avalon Dublin Station II	Dublin, CA	252	7,762		76,587		345		7,762		76,932		84,694		15,697		68,997		71,719		—		2016
eaves Walnut Creek	Walnut Creek, CA	510	30,320		82,375		17,731		30,320		100,106		130,426		34,225		96,201		99,627		—		1987/2013
Avalon Walnut Ridge I	Walnut Creek, CA	106	9,860		19,850		5,790		9,860		25,640		35,500		8,633		26,867		27,441		—		2000/2013
Avalon Walnut Ridge II	Walnut Creek, CA	360	27,190		57,041		13,920		27,190		70,961		98,151		24,762		73,389		76,041		—		1989/2013
Avalon Berkeley	Berkeley, CA	94	4,500		28,689		78		4,500		28,767		33,267		7,490		25,777		26,752		—		2014
Total Oakland - East Bay, CA		3,847	$	140,598	$	742,550	$	126,713	$	140,598	$	869,263	$	1,009,861	$	374,049	$	635,812	$	647,601	$	4,161

			2021																2020		2021
			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
San Francisco, CA
eaves Daly City	Daly City, CA	195	$	4,230	$	9,659	$	21,046	$	4,230	$	30,705	$	34,935	$	22,305	$	12,630	$	13,645	$	—	1972/1997
AVA Nob Hill	San Francisco, CA	185	5,403		21,567		10,054		5,403		31,621		37,024		21,638		15,386		15,152		—		1990/1995
eaves Foster City	Foster City, CA	288	7,852		31,445		13,338		7,852		44,783		52,635		32,013		20,622		22,074		—		1973/1994
eaves Pacifica	Pacifica, CA	220	6,125		24,796		4,711		6,125		29,507		35,632		23,101		12,531		13,509		—		1971/1995
Avalon Sunset Towers	San Francisco, CA	243	3,561		21,321		16,837		3,561		38,158		41,719		25,333		16,386		17,689		—		1961/1996
Avalon at Mission Bay I	San Francisco, CA	250	14,029		78,452		9,338		14,029		87,790		101,819		55,671		46,148		49,567		—		2003
Avalon at Mission Bay III	San Francisco, CA	260	28,687		119,156		879		28,687		120,035		148,722		51,009		97,713		101,615		—		2009
Avalon Ocean Avenue	San Francisco, CA	173	5,544		50,906		2,527		5,544		53,433		58,977		18,068		40,909		42,449		—		2012
AVA 55 Ninth	San Francisco, CA	273	20,267		97,321		1,268		20,267		98,589		118,856		27,297		91,559		94,980		—		2014
Avalon Hayes Valley	San Francisco, CA	182	12,595		81,228		203		12,595		81,431		94,026		19,639		74,387		77,231		—		2015
Avalon Dogpatch	San Francisco, CA	326	23,523		180,698		232		23,523		180,930		204,453		27,301		177,152		184,327		—		2018
Avalon San Bruno I	San Bruno, CA	300	40,780		68,684		7,448		40,780		76,132		116,912		27,733		89,179		91,800		62,350		2004/2013
Avalon San Bruno II	San Bruno, CA	185	23,787		44,934		2,769		23,787		47,703		71,490		15,744		55,746		57,304		—		2007/2013
Avalon San Bruno III	San Bruno, CA	187	33,303		62,910		3,318		33,303		66,228		99,531		22,003		77,528		79,660		51,000		2010/2013
Total San Francisco, CA		3,267	$	229,686	$	893,077	$	93,968	$	229,686	$	987,045	$	1,216,731	$	388,855	$	827,876	$	861,002	$	113,350
TOTAL NORTHERN CALIFORNIA		11,831	$	667,349	$	2,403,241	$	398,559	$	667,349	$	2,801,800	$	3,469,149	$	1,271,018	$	2,198,131	$	2,271,021	$	117,511
SOUTHERN CALIFORNIA
Los Angeles, CA
AVA Burbank	Burbank, CA	748	$	22,483	$	28,104	$	53,051	$	22,483	$	81,155	$	103,638	$	51,937	$	51,701	$	53,182	$	—	1961/1997
Avalon Woodland Hills (1)	Woodland Hills, CA	663	23,828		40,372		59,677		23,828		100,049		123,877		58,908		64,969		61,517		—		1989/1997
eaves Warner Center	Woodland Hills, CA	227	7,045		12,986		12,595		7,045		25,581		32,626		19,647		12,979		13,743		—		1979/1998
Avalon Glendale (3)	Glendale, CA	223	—		42,564		3,062		—		45,626		45,626		28,549		17,077		18,543		—		2003
Avalon Burbank	Burbank, CA	400	14,053		56,827		27,370		14,053		84,197		98,250		49,108		49,142		51,168		—		1988/2002
Avalon Camarillo	Camarillo, CA	249	8,446		40,290		3,131		8,446		43,421		51,867		23,030		28,837		30,389		—		2006
Avalon Wilshire	Los Angeles, CA	123	5,459		41,182		5,935		5,459		47,117		52,576		23,132		29,444		31,487		—		2007
Avalon Encino	Encino, CA	131	12,789		49,073		1,744		12,789		50,817		63,606		22,953		40,653		42,003		—		2008
Avalon Warner Place	Canoga Park, CA	210	7,920		44,845		2,546		7,920		47,391		55,311		21,563		33,748		34,119		—		2008
AVA Little Tokyo	Los Angeles, CA	280	14,734		94,001		1,883		14,734		95,884		110,618		24,935		85,683		89,164		—		2015
eaves Phillips Ranch	Pomona, CA	503	9,796		41,740		6,373		9,796		48,113		57,909		18,107		39,802		40,027		—		1989/2011
eaves San Dimas	San Dimas, CA	102	1,916		7,819		1,924		1,916		9,743		11,659		3,969		7,690		7,893		—		1978/2011
eaves San Dimas Canyon	San Dimas, CA	156	2,953		12,428		1,537		2,953		13,965		16,918		5,431		11,487		11,731		—		1981/2011
AVA Pasadena	Pasadena, CA	84	8,400		11,547		6,176		8,400		17,723		26,123		5,745		20,378		20,862		—		1973/2012
eaves Cerritos	Artesia, CA	151	8,305		21,195		1,932		8,305		23,127		31,432		7,633		23,799		24,473		—		1973/2012

			2021																2020		2021
			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 Playa Vista	Los Angeles, CA	309	$	30,900	$	72,008	$	7,926	$	30,900	$	79,934	$	110,834	$	27,492	$	83,342	$	86,393	$	—	2006/2012
Avalon San Dimas	San Dimas, CA	156	9,141		30,726		133		9,141		30,859		40,000		8,340		31,660		32,780		—		2014
Avalon Glendora	Glendora, CA	280	18,311		64,303		544		18,311		64,847		83,158		14,600		68,558		70,990		—		2016
Avalon West Hollywood	West Hollywood, CA	294	35,214		119,105		1,818		35,214		120,923		156,137		21,037		135,100		139,902		—		2017
Avalon Mission Oaks	Camarillo, CA	160	9,600		37,602		1,773		9,600		39,375		48,975		11,723		37,252		38,651		—		2014
Avalon Chino Hills	Chino Hills, CA	331	16,617		79,829		110		16,617		79,939		96,556		13,762		82,794		85,630		—		2017
AVA North Hollywood	North Hollywood, CA	156	18,408		52,280		2,054		18,408		54,334		72,742		12,185		60,557		62,674		—		2015/2016
Avalon Cerritos	Cerritos, CA	132	8,869		51,452		724		8,869		52,176		61,045		6,229		54,816		56,826		30,250		2017/2019
Avalon Simi Valley	Simi Valley, CA	500	42,020		73,361		9,214		42,020		82,575		124,595		28,956		95,639		95,977		—		2007/2013
AVA Studio City II	Studio City, CA	101	4,626		22,954		7,892		4,626		30,846		35,472		10,053		25,419		26,537		—		1991/2013
Avalon Studio City	Studio City, CA	276	15,756		78,178		18,815		15,756		96,993		112,749		32,673		80,076		84,386		—		2002/2013
Avalon Calabasas	Calabasas, CA	600	42,720		107,642		24,105		42,720		131,747		174,467		52,984		121,483		127,837		—		1988/2013
Avalon Oak Creek	Agoura Hills, CA	336	43,540		79,974		7,481		43,540		87,455		130,995		36,802		94,193		97,655		—		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA	133	32,000		60,770		14,821		32,000		75,591		107,591		24,484		83,107		85,032		—		2007/2013
Avalon Del Mar Station	Pasadena, CA	347	20,560		106,556		4,605		20,560		111,161		131,721		35,802		95,919		99,432		—		2006/2013
eaves Old Town Pasadena	Pasadena, CA	96	9,110		15,371		7,315		9,110		22,686		31,796		7,746		24,050		24,914		—		1972/2013
eaves Thousand Oaks	Thousand Oaks, CA	154	13,950		20,211		5,509		13,950		25,720		39,670		11,314		28,356		29,475		—		1992/2013
eaves Los Feliz	Los Angeles, CA	263	18,940		43,661		13,410		18,940		57,071		76,011		19,234		56,777		58,685		41,400		1989/2013
AVA Toluca Hills	Los Angeles, CA	1,151	86,450		161,256		90,853		86,450		252,109		338,559		76,300		262,259		270,938		—		1973/2013
eaves Woodland Hills	Woodland Hills, CA	883	68,940		90,549		21,149		68,940		111,698		180,638		43,653		136,985		138,762		111,500		1971/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA	148	12,810		22,581		3,122		12,810		25,703		38,513		10,193		28,320		28,867		—		2002/2013
Avalon Pasadena	Pasadena, CA	120	10,240		31,558		6,809		10,240		38,367		48,607		12,747		35,860		37,199		—		2004/2013
AVA Studio City I	Studio City, CA	450	17,658		90,715		37,065		17,658		127,780		145,438		39,562		105,876		110,132		—		1987/2013
Total Los Angeles, CA		11,626	$	734,507	$	2,057,615	$	476,183	$	734,507	$	2,533,798	$	3,268,305	$	922,518	$	2,345,787	$	2,419,975	$	183,150
Orange County, CA
AVA Newport	Costa Mesa, CA	145	$	1,975	$	3,814	$	10,088	$	1,975	$	13,902	$	15,877	$	8,877	$	7,000	$	7,414	$	—	1956/1996
eaves Mission Viejo	Mission Viejo, CA	166	2,517		9,257		4,893		2,517		14,150		16,667		10,952		5,715		5,915		—		1984/1996
eaves South Coast	Costa Mesa, CA	258	4,709		16,063		14,097		4,709		30,160		34,869		20,986		13,883		14,680		—		1973/1996
eaves Santa Margarita	Rancho Santa Margarita, CA	301	4,607		16,911		12,820		4,607		29,731		34,338		20,129		14,209		14,484		—		1990/1997
eaves Huntington Beach	Huntington Beach, CA	304	4,871		19,745		12,109		4,871		31,854		36,725		24,699		12,026		12,614		—		1971/1997
Avalon Irvine I	Irvine, CA	279	9,911		67,520		3,922		9,911		71,442		81,353		29,547		51,806		53,014		—		2010
Avalon Irvine II	Irvine, CA	179	4,358		40,905		534		4,358		41,439		45,797		13,049		32,748		34,048		—		2013
eaves Lake Forest	Lake Forest, CA	225	5,199		21,134		4,909		5,199		26,043		31,242		10,067		21,175		21,816		—		1975/2011
Avalon Baker Ranch	Lake Forest, CA	430	31,689		98,004		516		31,689		98,520		130,209		23,819		106,390		109,585		—		2015
Avalon Irvine III	Irvine, CA	156	11,607		43,973		66		11,607		44,039		55,646		9,274		46,372		47,982		—		2016
eaves Seal Beach (1)	Seal Beach, CA	549	46,790		99,999		37,744		46,790		137,743		184,533		41,799		142,734		147,985		—		1971/2013

			2021																2020		2021
			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 Huntington Beach	Huntington Beach, CA	378	$	13,055	$	105,981	$	726	$	13,055	$	106,707	$	119,762	$	20,347	$	99,415	$	103,010	$	—	2017
Total Orange County, CA		3,370	$	141,288	$	543,306	$	102,424	$	141,288	$	645,730	$	787,018	$	233,545	$	553,473	$	572,547	$	—
San Diego, CA
AVA Pacific Beach	San Diego, CA	564	$	9,922	$	40,580	$	42,944	$	9,922	$	83,524	$	93,446	$	52,968	$	40,478	$	43,072	$	—	1969/1997
eaves Mission Ridge	San Diego, CA	200	2,710		10,924		13,723		2,710		24,647		27,357		18,586		8,771		9,622		—		1960/1997
eaves San Marcos	San Marcos, CA	184	3,277		13,385		5,767		3,277		19,152		22,429		6,397		16,032		16,215		—		1988/2011
eaves Rancho Penasquitos	San Diego, CA	250	6,692		27,143		8,490		6,692		35,633		42,325		12,724		29,601		28,631		—		1986/2011
Avalon Vista	Vista, CA	221	12,689		43,328		800		12,689		44,128		56,817		10,802		46,015		47,402		—		2015
eaves La Mesa	La Mesa, CA	168	9,490		28,482		3,907		9,490		32,389		41,879		13,188		28,691		29,644		—		1989/2013
Avalon La Jolla Colony	San Diego, CA	180	16,760		27,694		12,386		16,760		40,080		56,840		14,524		42,316		43,561		—		1987/2013
Total San Diego, CA		1,767	$	61,540	$	191,536	$	88,017	$	61,540	$	279,553	$	341,093	$	129,189	$	211,904	$	218,147	$	—
TOTAL SOUTHERN CALIFORNIA		16,763	$	937,335	$	2,792,457	$	666,624	$	937,335	$	3,459,081	$	4,396,416	$	1,285,252	$	3,111,164	$	3,210,669	$	183,150
TOTAL SAME STORE		70,120	$	3,972,708	$	14,015,659	$	2,136,576	$	3,972,708	$	16,152,235	$	20,124,943	$	5,896,032	$	14,228,911	$	14,699,288	$	770,431

			2021																2020		2021
			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 Public Market (2)	Emeryville, CA	289	$	27,394	$	143,465	$	211	$	27,394	$	143,676	$	171,070	$	10,731	$	160,339	$	165,207	$	—	2020
Avalon Fort Lauderdale	Fort Lauderdale, FL	243	20,029		121,879		6,613		20,029		128,492		148,521		1,882		146,639		—		—		2021
Avalon Miramar	Miramar, FL	380	17,959		109,954		5,387		17,959		115,341		133,300		2,173		131,127		—		—		2021
Avalon Saugus	Saugus, MA	280	17,805		72,545		1,070		17,805		73,615		91,420		7,225		84,195		86,968		—		2019
Avalon Norwood	Norwood, MA	198	9,445		51,095		934		9,445		52,029		61,474		4,502		56,972		58,949		—		2020
Avalon Arundel Crossing East	Linthicum Heights, MD	384	9,933		108,703		2,283		9,933		110,986		120,919		5,890		115,029		—		—		2021
Hub South End	Charlotte, NC	265	13,723		87,606		2,526		13,723		90,132		103,855		2,120		101,735		—		—		2021
Three30Five	Charlotte, NC	164	9,367		43,460		664		9,367		44,124		53,491		824		52,667		—		—		2021
Hawk (2)	Charlotte, NC	71	2,564		43,826		223		2,564		44,049		46,613		98		46,515		—		—		2021
Avalon Princeton Junction	West Windsor, NJ	512	5,585		21,752		28,960		5,585		50,712		56,297		33,535		22,762		22,874		—		1988/1993
Avalon West Long Branch (5)	West Long Branch, NJ	180	2,721		22,925		530		2,721		23,455		26,176		9,111		17,065		17,691		—		2011
Avalon Boonton	Boonton, NJ	350	3,595		89,407		12		3,595		89,419		93,014		8,762		84,252		87,306		—		2019
Avalon Teaneck	Teaneck, NJ	248	12,588		60,086		—		12,588		60,086		72,674		5,346		67,328		69,600		—		2020
Avalon Lakeside	Flower Mound, TX	425	15,073		97,338		4,854		15,073		102,192		117,265		4,386		112,879		—		—		2021
Avalon Belltown Towers	Seattle, WA	274	24,638		121,064		1,340		24,638		122,404		147,042		11,705		135,337		140,188		—		2019
Avalon North Creek	Bothell, WA	316	13,498		69,004		—		13,498		69,004		82,502		6,459		76,043		78,855		—		2020
eaves Redmond Campus	Redmond, WA	374	15,665		80,985		32,986		15,665		113,971		129,636		38,601		91,035		109,602		—		1991/2013
The Park Loggia Commercial (7)	New York, NY	N/A	77,392		76,533		1,283		77,392		77,816		155,208		6,245		148,963		149,987		—		N/A
TOTAL OTHER STABILIZED		4,953	$	298,974	$	1,421,627	$	89,876	$	298,974	$	1,511,503	$	1,810,477	$	159,595	$	1,650,882	$	987,227	$	—
LEASE-UP
AVA Hollywood at La Pietra Place	Hollywood, CA	695	$	99,309	$	271,881	$	95	$	99,309	$	271,976	$	371,285	$	16,183	$	355,102	$	363,734	$	—	2021
Avalon Walnut Creek II (3)	Walnut Creek, CA	200	—		112,716		255		—		112,971		112,971		5,547		107,424		109,501		—		2020
Avalon Monrovia	Monrovia, CA	154	12,125		56,082		174		12,125		56,256		68,381		1,112		67,269		46,571		—		2021
Avalon Doral	Doral, FL	350	21,892		92,894		—		21,892		92,894		114,786		4,164		110,622		109,321		—		2020
Avalon Acton II	Acton, MA	86	1,720		29,294		—		1,720		29,294		31,014		1,277		29,737		28,803		—		2021
Avalon Marlborough II	Marlborough, MA	123	5,523		36,381		—		5,523		36,381		41,904		1,747		40,157		39,790		—		2020
Avalon Easton II	Easton, MA	44	568		13,551		—		568		13,551		14,119		87		14,032		2,589		—		2021
Kanso Twinbrook	Rockville, MD	238	9,147		56,631		—		9,147		56,631		65,778		1,920		63,858		58,348		—		2021
Avalon Towson	Towson, MD	371	12,889		97,898		—		12,889		97,898		110,787		5,679		105,108		106,488		—		2020
Avalon 555 President	Baltimore, MD	400	13,150		119,913		5		13,150		119,918		133,068		4,241		128,827		125,721		—		2021
Avalon Old Bridge	Old Bridge, NJ	252	6,893		64,922		10		6,893		64,932		71,825		2,601		69,224		63,053		—		2021
Avalon Yonkers	Yonkers, NY	590	28,098		187,557		—		28,098		187,557		215,655		9,650		206,005		202,661		—		2021

			2021																2020		2021
			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 Newcastle Commons II	Newcastle, WA	293	$	6,976	$	98,940	$	145	$	6,976	$	99,085	$	106,061	$	2,792	$	103,269	$	99,669	$	—		2021
TOTAL LEASE-UP		3,796	$	218,290	$	1,238,660	$	684	$	218,290	$	1,239,344	$	1,457,634	$	57,000	$	1,400,634	$	1,356,249	$	—
REDEVELOPMENT
AVA Ballston	Arlington, VA	344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—		1990
TOTAL REDEVELOPMENT		344	$	7,291	$	29,177	$	24,773	$	7,291	$	53,950	$	61,241	$	35,433	$	25,808	$	21,885	$	—
TOTAL CURRENT COMMUNITIES (6)		79,213	$	4,497,263	$	16,705,123	$	2,251,909	$	4,497,263	$	18,957,032	$	23,454,295	$	6,148,060	$	17,306,235	$	17,064,649	$	770,431
DEVELOPMENT (6)
Avalon Brea Place	Brea, CA	653	$	31,037	$	92,066	$	154,265	$	31,037	$	246,331	$	277,368	$	1,536	$	275,832	$	202,845	$	—		N/A
Avalon West Dublin	Dublin, CA	499	—		—		55,994		—		55,994		55,994		—		55,994		—		—			N/A
AVA RiNo	Denver, CO	246	4,560		21,636		53,225		4,560		74,861		79,421		—		79,421		49,279		—			N/A
Avalon Westminster Promenade	Denver, CO	312	—		—		22,949		—		22,949		22,949		—		22,949		—		—			N/A
Avalon Merrick Park	Miami, FL	254	—		—		42,274		—		42,274		42,274		—		42,274		—		—			N/A
Avalon Woburn	Woburn, MA	350	10,783		49,546		54,703		10,783		104,249		115,032		496		114,536		67,902		—			N/A
Avalon North Andover	North Andover, MA	170	—		—		22,363		—		22,363		22,363		—		22,363		—		—			N/A
Avalon Brighton	Boston, MA	180	—		—		29,586		—		29,586		29,586		—		29,586		—		—			N/A
Avalon Foundry Row	Owings Mill, MD	437	9,596		76,717		5,572		9,596		82,289		91,885		1,408		90,477		79,238		—			N/A
Avalon Montville	Montville, NJ	350	—		—		16,790		—		16,790		16,790		—		16,790		—		—			N/A
Avalon Somerville Station (2)	Somerville, NJ	375	—		—		52,998		—		52,998		52,998		—		52,998		25,385		—			N/A
Avalon Princeton Circle	Princeton, NJ	221	—		—		16,521		—		16,521		16,521		—		16,521		—		—			N/A
Avalon Harrison	Harrison, NY	143	3,305		18,022		43,024		3,305		61,046		64,351		176		64,175		38,436		—			N/A
Avalon Harbor Isle	Island Park, NY	172	—		—		54,379		—		54,379		54,379		—		54,379		27,163		—			N/A
Avalon Amityville	Amityville, NY	338	—		—		45,239		—		45,239		45,239		—		45,239		—		—			N/A
Avalon Bothell Commons	Bothell, WA	472	—		—		51,690		—		51,690		51,690		—		51,690		—		—			N/A
Avalon Redmond Campus	Redmond, WA	214	—		—		13,364		—		13,364		13,364		—		13,364		—		—			N/A
TOTAL DEVELOPMENT		5,386	$	59,281	$	257,987	$	734,936	$	59,281	$	992,923	$	1,052,204	$	3,616	$	1,048,588	$	490,248	$	—
Land Held for Development		N/A	$	147,546	$	—	$	—	$	147,546	$	—	$	147,546	$	—	$	147,546	$	110,142	$	—
Corporate Overhead		N/A	10,899		11,414		104,412		10,899		115,826		126,725		66,045		60,680		58,223		7,400,000
For-sale condominium inventory (7)	New York, NY	N/A	72,212		234,530		(160,207)		72,212		74,323		146,535		—		146,535		267,219		—			2019
2021 Disposed Communities		N/A	—		—		—		—		—		—		—		—		243,300		—
TOTAL		84,599	$	4,787,201	$	17,209,054	$	2,931,050	$	4,787,201	$	20,140,104	$	24,927,305	$	6,217,721	$	18,709,584	$	18,233,781	$	8,170,431	(8)

_________________________________

(1)     This community was under redevelopment for some or all of 2021, with the redevelopment activities not expected to materially impact community operations, and therefore this community is included in the Same Store portfolio and not classified as a Redevelopment Community.

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

(3)    Some or all of the land or associated parking structure for this community is subject to an operating lease.

(4)     In 2021, the Company acquired the land encumbered by a ground lease for this community.

(5) As of December 31, 2021, this community qualified as held for sale.

(6)    Current and Development Communities excludes Unconsolidated Communities and Unconsolidated Development Communities.

(7)    The Park Loggia is comprised of 172 for-sale residential condominiums, of which 123 have been sold as of December 31, 2021, and 66,000 square feet of commercial space. Real estate related to the sold condominiums is included in costs subsequent to acquisition/construction.

(8) Balance outstanding represents total amount due at maturity, and excludes deferred financing costs and debt discount associated with the unsecured and secured notes of $50,606 and $16,278, respectively.

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 $23,903,081 at December 31, 2021.

The changes in total real estate assets for the years ended December 31, 2021, 2020 and 2019 are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	23,962,222	$	23,606,872	$	22,342,576
Acquisitions, construction costs and improvements	1,588,314		860,594		1,615,949
Dispositions, including casualty losses and impairment loss on planned dispositions	(623,231)		(505,244)		(351,653)
Balance, end of period	$	24,927,305	$	23,962,222	$	23,606,872

The changes in accumulated depreciation for the years ended December 31, 2021, 2020 and 2019, are as follows:

	For the year ended
	12/31/2021		12/31/2020		12/31/2019
Balance, beginning of period	$	5,728,440	$	5,173,883	$	4,611,646
Depreciation, including discontinued operations	758,596		707,331		661,578
Dispositions, including casualty losses	(269,315)		(152,774)		(99,341)
Balance, end of period	$	6,217,721	$	5,728,440	$	5,173,883