Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

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

In July 2022, the Company had the following activity.

•The Company sold Avalon Green I, Avalon Green II and Avalon Green III, three wholly-owned communities, located in Elmsford, NY. These communities contain an aggregate of 617 apartment homes, were sold for $306,000,000 and were classified as held for sale as of June 30, 2022.

•The Company entered into an agreement to sell one wholly-owned community containing 156 apartment homes and net real estate of $20,362,000 as of June 30, 2022, resulting in the community qualifying as held for sale subsequent to June 30, 2022. The Company expects to complete the sale in the third quarter of 2022.

•The Company acquired Avalon Miramar Park Place, located in Miramar, FL, containing 650 apartment homes for a purchase price of $295,000,000.

In July 2022, the Archstone Multifamily Partners AC LP (the "U.S. Fund") sold Avalon Grosvenor Tower, located in Bethesda, MD. The community contains 237 apartment homes and was sold for $95,250,000. In conjunction with the disposition, the U.S. Fund repaid $39,060,000 principal amount of 3.74% fixed rate debt secured by Avalon Grosvenor Tower in advance of its September 2022 maturity date, at par.

In August 2022, the U.S. Fund repaid $50,385,000 principal amount of 3.73% fixed rate debt secured by Avalon Station 250 in advance of its September 2022 maturity date, at par.

As of August 3, 2022, the Company had $100,000,000 outstanding under the Commercial Paper Program.