Real Estate Disposition Activities

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Details regarding the real estate sales, which resulted in a gain in accordance with GAAP of $555,558,000, excluding for-sale residential condominiums at The Park Loggia, are summarized in the following table (dollars in thousands):


Community Name	Location	Period of sale	Apartment homes	Debt		Gross sales price		Net cash proceeds
Avalon West Long Branch	West Long Branch, NJ	Q122	180	$	—	$	75,000	$	73,286
Avalon Ossining	Ossining, NY	Q122	168	—		70,000		69,298
Avalon East Norwalk	Norwalk, CT	Q122	240	—		90,000		87,996
Avalon Green I/Avalon Green II/Avalon Green III	Elmsford, NY	Q322	617	—		306,000		303,209
Avalon Del Mar Station	Pasadena, CA	Q322	347	—		172,300		170,226
Avalon Sharon	Sharon, MA	Q322	156	—		65,650		64,671
Avalon Park Crest	Tysons Corner, VA	Q422	354	—		145,500		143,340
Other real estate (1)	multiple	2022	N/A	—		28,685		22,091

Total of 2022 asset sales			2,062	$	—	$	953,135	$	934,117

Total of 2021 asset sales			2,404	$	—	$	875,058	$	850,230

Total of 2020 asset sales			1,817	$	—	$	634,250	$	619,773

_________________________________

(1) Represents the sale of a land parcel, located in West Windsor, NJ.

As of December 31, 2022, the Company had no real estate assets that qualified as held for sale.

The Park Loggia

The Park Loggia, located in New York, NY, contains 172 for-sale residential condominiums and 66,000 square feet of commercial space. The Company sold 40, 53 and 70 residential condominiums at The Park Loggia, for gross proceeds of $126,848,000, $135,458,000 and $216,372,000 resulting in a gain in accordance with GAAP of $2,217,000, $3,110,000 and $8,213,000 during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there were nine residential condominiums remaining to be sold. The Company incurred $2,129,000, $4,087,000 and $5,662,000 during the years ended December 31, 2022, 2021 and 2020, respectively, in marketing, operating and administrative costs. All amounts are included in net for-sale condominium activity, on the accompanying Consolidated Statements of Comprehensive Income. As of December 31, 2022 and 2021, the unsold for-sale residential condominiums at The Park Loggia had an aggregate carrying value of $32,532,000 and $146,535,000, respectively, presented as for-sale condominium inventory on the accompanying Consolidated Balance Sheets.