REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2013

REAL ESTATE AND ACCUMULATED DEPRECIATION

REAL ESTATE AND ACCUMULATED DEPRECIATION

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2013

(Dollars in thousands)

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Fremont	Fremont, CA	$	10,746	$	43,399	$	4,989	$	10,746	$	48,388	$	59,134	$	26,226	$	32,908	$	—		1994
Eaves Dublin	Dublin, CA		5,276		19,642		4,657		5,276		24,299		29,575		13,221		16,354		—		1989/1997
Avalon Campbell	Campbell, CA		11,830		47,828		13,115		11,830		60,943		72,773		26,380		46,393		38,800		1995
Eaves Daly City	Daly City, CA		4,230		9,659		18,619		4,230		28,278		32,508		13,771		18,737		—		1972/1997
AVA Nob Hill	San Francisco, CA		5,403		21,567		6,887		5,403		28,454		33,857		13,017		20,840		20,800		1990/1995
Eaves San Jose	San Jose, CA		12,920		53,047		18,824		12,920		71,871		84,791		26,152		58,639		—		1985/1996
Eaves San Rafael	San Rafael, CA		5,982		16,885		24,021		5,982		40,906		46,888		16,644		30,244		—		1973/1996
Eaves Pleasanton	Pleasanton, CA		11,610		46,552		21,254		11,610		67,806		79,416		31,024		48,392		—		1988/1994
AVA Newport	Costa Mesa, CA		1,975		3,814		9,801		1,975		13,615		15,590		4,982		10,608		—		1956/1996
AVA Burbank	Burbank, CA		22,483		28,104		42,461		22,483		70,565		93,048		29,267		63,781		—		1961/1997
Avalon Mission Viejo	Mission Viejo, CA		2,517		9,257		2,486		2,517		11,743		14,260		6,776		7,484		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA		4,709		16,063		12,769		4,709		28,832		33,541		12,855		20,686		—		1973/1996
Avalon at Mission Bay	San Diego, CA		9,922		40,580		17,630		9,922		58,210		68,132		30,126		38,006		—		1969/1997
Eaves Mission Ridge	San Diego, CA		2,710		10,924		11,191		2,710		22,115		24,825		11,438		13,387		—		1960/1997
Eaves Union City	Union City, CA		4,249		16,820		2,797		4,249		19,617		23,866		10,652		13,214		—		1973/1996
Avalon on the Alameda	San Jose, CA		6,119		50,225		1,620		6,119		51,845		57,964		26,168		31,796		52,278		1999
Eaves Foster City	Foster City, CA		7,852		31,445		11,208		7,852		42,653		50,505		19,676		30,829		—		1973/1994
Eaves Pacifica	Pacifica, CA		6,125		24,796		2,271		6,125		27,067		33,192		14,548		18,644		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA		3,561		21,321		14,834		3,561		36,155		39,716		14,941		24,775		—		1961/1996
Avalon Silicon Valley	Sunnyvale, CA		20,713		99,573		4,610		20,713		104,183		124,896		55,535		69,361		—		1997/1998
Avalon Woodland Hills	Woodland Hills, CA		23,828		40,372		46,931		23,828		87,303		111,131		33,347		77,784		—		1989/1997
Avalon Mountain View	Mountain View, CA		9,755		39,393		9,511		9,755		48,904		58,659		23,899		34,760		18,300		1986
Eaves Santa Margarita	Rancho Santa Margarita, CA		4,607		16,911		10,248		4,607		27,159		31,766		11,720		20,046		—		1990/1997
Eaves Diamond Heights	San Francisco, CA		4,726		19,130		5,790		4,726		24,920		29,646		12,155		17,491		—		1972/1994
Eaves Fremont	Fremont, CA		6,581		26,583		9,731		6,581		36,314		42,895		17,974		24,921		—		1985/1994
Eaves Creekside	Mountain View, CA		6,546		26,263		11,616		6,546		37,879		44,425		19,307		25,118		—		1962/1997
Eaves Warner Center	Woodland Hills, CA		7,045		12,986		9,187		7,045		22,173		29,218		12,142		17,076		—		1979/1998
Eaves Huntington Beach	Huntington Beach, CA		4,871		19,745		9,522		4,871		29,267		34,138		15,512		18,626		—		1971/1997
AVA Cortez Hill	San Diego, CA		2,768		20,134		23,465		2,768		43,599		46,367		17,309		29,058		—		1973/1998
Avalon at Cahill Park	San Jose, CA		4,765		47,600		919		4,765		48,519		53,284		19,093		34,191		—		2002
Avalon Towers on the Peninsula	Mountain View, CA		9,560		56,136		958		9,560		57,094		66,654		23,134		43,520		—		2002
Avalon at Mission Bay North	San Francisco, CA		14,029		78,452		1,924		14,029		80,376		94,405		30,224		64,181		70,959		2003

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon at Glendale	Burbank, CA		—		42,564		653		—		43,217		43,217		15,350		27,867		—		2003
Avalon Burbank	Burbank, CA		14,053		56,827		23,763		14,053		80,590		94,643		26,423		68,220		—		1988/2002
Avalon Camarillo	Camarillo, CA		8,446		40,290		86		8,446		40,376		48,822		10,901		37,921		—		2006
Avalon Wilshire	Los Angeles, CA		5,459		41,182		954		5,459		42,136		47,595		9,762		37,833		—		2007
Avalon Encino	Los Angeles, CA		12,789		49,073		380		12,789		49,453		62,242		9,036		53,206		—		2008
Avalon Warner Place	Canoga Park, CA		7,920		44,848		163		7,920		45,011		52,931		8,895		44,036		—		2007
Avalon Fashion Valley	San Diego, CA		19,627		44,972		285		19,627		45,257		64,884		8,208		56,676		—		2008
Avalon Anaheim Stadium	Anaheim, CA		27,874		69,156		596		27,874		69,752		97,626		11,824		85,802		—		2009
Avalon Union City	Union City, CA		14,732		104,025		232		14,732		104,257		118,989		16,046		102,943		—		2009
Avalon Irvine	Irvine, CA		9,911		67,524		66		9,911		67,590		77,501		10,104		67,397		—		2010
Avalon at Mission Bay III	San Francisco, CA		28,687		119,156		75		28,687		119,231		147,918		18,465		129,453		—		2009
Avalon Walnut Creek	Walnut Creek, CA		—		145,904		1,090		—		146,994		146,994		17,080		129,914		137,542		2010
Avalon Ocean Avenue	San Francisco, CA		5,544		50,868		1,740		5,544		52,608		58,152		2,916		55,236		—		2012
Eaves Phillips Ranch	Pomona, CA		9,796		41,740		59		9,796		41,799		51,595		4,023		47,572		—		1989/2011
Eaves San Dimas	San Dimas, CA		1,916		7,819		24		1,916		7,843		9,759		758		9,001		—		1978/2011
Eaves San Dimas Canyon	San Dimas, CA		2,953		12,428		180		2,953		12,608		15,561		1,201		14,360		—		1981/2011
Eaves San Marcos	San Marcos, CA		3,277		13,385		—		3,277		13,385		16,662		1,302		15,360		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA		6,692		27,143		37		6,692		27,180		33,872		2,585		31,287		—		1986/2011
Eaves Lake Forest	Lake Forest, CA		5,199		21,134		395		5,199		21,529		26,728		2,026		24,702		—		1975/2011
AVA Pasadena	Pasadena, CA		8,400		11,547		3,587		8,400		15,134		23,534		732		22,802		11,869		1973/2012
Eaves Cerritos	Artesia, CA		8,305		21,195		—		8,305		21,195		29,500		1,131		28,369		—		1973/2012
Avalon Del Rey	Los Angeles, CA		30,900		72,008		297		30,900		72,305		103,205		3,508		99,697		—		2006/2012
Eaves Walnut Creek	Walnut Creek, CA		29,650		83,045		4,219		29,650		87,264		116,914		6,611		110,303		—		1987/2013
Avalon Simi Valley	Simi Valley, CA		41,610		73,771		4,303		41,610		78,074		119,684		6,279		113,405		—		2007/2013
Eaves La Mesa	La Mesa, CA		6,950		31,022		1,097		6,950		32,119		39,069		1,897		37,172		—		1989/2013
Archstone Studio City II	Los Angeles, CA		4,626		22,954		943		4,626		23,897		28,523		1,641		26,882		—		1991/2013
Archstone Studio City III	Los Angeles, CA		15,756		78,178		3,260		15,756		81,438		97,194		5,590		91,604		—		2002/2013
Avalon Willow Glen	San Jose, CA		47,030		80,987		3,871		47,030		84,858		131,888		6,364		125,524		—		2002/2013
Avalon Calabasas	Calabasas, CA		35,450		114,912		6,156		35,450		121,068		156,518		9,147		147,371		101,724		1988/2013

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Oak Creek	Agoura Hills, CA		34,560		88,954		4,084		34,560		93,038		127,598		6,535		121,063		85,288		2004/2013
Avalon Santa Monica on Main	Santa Monica, CA		31,980		60,790		2,966		31,980		63,756		95,736		4,654		91,082		—		2007/2013
Avalon Del Mar Station	Pasadena, CA		20,560		106,556		3,065		20,560		109,621		130,181		6,024		124,157		76,471		2006/2013
Archstone La Jolla Colony	San Diego, CA		17,150		27,304		1,640		17,150		28,944		46,094		2,528		43,566		27,176		1987/2013
Eaves Old Town Pasadena	Pasadena, CA		8,930		15,551		987		8,930		16,538		25,468		1,441		24,027		15,669		1972/2013
Eaves Thousand Oaks	Thousand Oaks, CA		14,500		19,661		1,674		14,500		21,335		35,835		2,313		33,522		27,411		1992/2013
Avalon Walnut Ridge I	Walnut Creek, CA		10,040		19,670		820		10,040		20,490		30,530		1,415		29,115		20,754		2000/2013
Eaves Los Feliz	Los Feliz, CA		18,940		43,661		2,672		18,940		46,333		65,273		3,880		61,393		43,258		1989/2013
Eaves West Valley	San Jose, CA		91,710		112,808		6,755		91,710		119,563		211,273		10,264		201,009		83,087		1970/2013
Eaves Seal Beach	Huntington Beach, CA		46,310		100,479		4,294		46,310		104,773		151,083		7,336		143,747		86,167		1971/2013
Oakwood Toluca Hills	Los Angeles, CA		89,450		157,256		9,610		89,450		166,866		256,316		13,883		242,433		167,595		1973/2013
Eaves Woodland Hills	Woodland Hills, CA		69,400		90,089		6,940		69,400		97,029		166,429		9,504		156,925		104,694		1970/2013
Eaves Mountain View at Middlefield	Mountain View, CA		65,960		67,128		4,541		65,960		71,669		137,629		6,760		130,869		72,374		1969/2013
Avalon Thousand Oaks Plaza	Thousand Oaks, CA		13,010		22,381		1,640		13,010		24,021		37,031		2,304		34,727		28,742		2002/2013
Archstone San Bruno	San Bruno, CA		37,890		71,574		2,756		37,890		74,330		112,220		4,764		107,456		64,450		2004/2013
Archstone San Bruno II	San Bruno, CA		23,787		44,934		1,676		23,787		46,610		70,397		2,991		67,406		31,398		2007/2013
Archstone San Bruno III	San Bruno, CA		33,303		62,910		2,354		33,303		65,264		98,567		4,187		94,380		56,210		2010/2013
Avalon Walnut Ridge II	Walnut Creek, CA		27,190		57,041		3,194		27,190		60,235		87,425		4,922		82,503		—		1989/2013
Avalon Pasadena	Pasadena, CA		9,980		31,818		1,527		9,980		33,345		43,325		2,390		40,935		28,079		2004/2013
Archstone Studio City	Los Angeles, CA		18,178		90,195		3,849		18,178		94,044		112,222		6,447		105,775		—		1987/2013
The Springs (1)	Corona, CA		5,724		23,433		890		5,724		24,323		30,047		3,013		27,034		—		1987/2006
Eaves Trumbull	Trumbull, CT		4,414		31,268		2,860		4,414		34,128		38,542		19,422		19,120		40,018		1997
Eaves Stamford	Stamford, CT		5,956		23,993		11,366		5,956		35,359		41,315		18,636		22,679		—		1991
Avalon Wilton I	Wilton, CT		2,116		14,664		5,763		2,116		20,427		22,543		9,113		13,430		—		1997
Avalon Valley	Danbury, CT		2,277		23,561		863		2,277		24,424		26,701		12,210		14,491		—		1999
Avalon on Stamford Harbor	Stamford, CT		10,836		51,883		1,020		10,836		52,903		63,739		20,938		42,801		63,624		2003
Avalon New Canaan	New Canaan, CT		4,834		19,485		535		4,834		20,020		24,854		7,960		16,894		—		2002
Avalon at Greyrock Place	Stamford, CT		13,819		56,499		1,949		13,819		58,448		72,267		22,691		49,576		58,385		2002

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Danbury	Danbury, CT		4,933		30,638		553		4,933		31,191		36,124		9,251		26,873		—		2005
Avalon Darien	Darien, CT		6,926		34,659		1,410		6,926		36,069		42,995		12,348		30,647		48,484		2004
Avalon Milford I	Milford, CT		8,746		22,699		577		8,746		23,276		32,022		7,662		24,360		—		2004
Avalon Norwalk	Norwalk, CT		11,320		62,910		24		11,320		62,934		74,254		7,142		67,112		—		2011
Avalon Huntington	Shelton, CT		5,277		20,029		100		5,277		20,129		25,406		3,674		21,732		—		2008
Avalon Wilton II	Wilton, CT		6,604		23,766		6		6,604		23,772		30,376		2,140		28,236		—		2011
Avalon at Foxhall	Washington, DC		6,848		27,614		11,357		6,848		38,971		45,819		23,539		22,280		57,150		1982
Avalon at Gallery Place	Washington, DC		8,800		39,658		660		8,800		40,318		49,118		15,057		34,061		44,405		2003
The Albemarle	Washington, DC		25,180		52,419		3,523		25,180		55,942		81,122		5,009		76,113		—		1966/2013
Eaves Tunlaw Gardens	Washington, DC		16,430		22,902		1,747		16,430		24,649		41,079		2,369		38,710		28,844		1944/2013
The Statesman	Washington, DC		38,140		35,352		3,396		38,140		38,748		76,888		4,505		72,383		—		1961/2013
Eaves Glover Park	Washington, DC		9,580		26,532		1,598		9,580		28,130		37,710		2,376		35,334		23,858		1978/2013
The Consulate	Washington, DC		22,960		58,621		3,133		22,960		61,754		84,714		4,755		79,959		—		1978/2013
Avalon at Lexington	Lexington, MA		2,124		12,599		9,082		2,124		21,681		23,805		10,620		13,185		—		1994
Avalon Oaks	Wilmington, MA		2,129		18,676		1,870		2,129		20,546		22,675		10,271		12,404		16,094		1999
Eaves Quincy	Quincy, MA		1,743		14,662		9,073		1,743		23,735		25,478		10,954		14,524		—		1986/1996
Avalon Essex	Peabody, MA		5,184		16,320		1,671		5,184		17,991		23,175		8,553		14,622		—		2000
Avalon Oaks West	Wilmington, MA		3,318		13,467		575		3,318		14,042		17,360		5,857		11,503		16,032		2002
Avalon Orchards	Marlborough, MA		2,983		18,037		1,752		2,983		19,789		22,772		7,982		14,790		17,530		2002
Avalon at Newton Highlands	Newton, MA		11,039		45,590		3,270		11,039		48,860		59,899		17,462		42,437		—		2003
Avalon at The Pinehills	Plymouth, MA		6,876		30,401		136		6,876		30,537		37,413		6,765		30,648		—		2004/2011
Eaves Peabody	Peabody, MA		4,645		19,007		11,781		4,645		30,788		35,433		8,628		26,805		—		2004
Avalon at Bedford Center	Bedford, MA		4,258		20,569		213		4,258		20,782		25,040		5,922		19,118		—		2005
Avalon Chestnut Hill	Chestnut Hill, MA		14,572		45,911		1,277		14,572		47,188		61,760		11,971		49,789		39,979		2007
Avalon Shrewsbury	Shrewsbury, MA		5,152		30,608		544		5,152		31,152		36,304		7,982		28,322		20,464		2007
Avalon Danvers	Danvers, MA		7,010		76,904		725		7,010		77,629		84,639		17,168		67,471		—		2006
Avalon at Lexington Hills	Lexington, MA		8,691		79,153		393		8,691		79,546		88,237		16,581		71,656		—		2007
Avalon Acton	Acton, MA		13,124		49,935		126		13,124		50,061		63,185		10,274		52,911		45,000		2007
Avalon at Hingham Shipyard	Hingham, MA		12,218		41,591		131		12,218		41,722		53,940		7,548		46,392		—		2009
Avalon Sharon	Sharon, MA		4,719		25,522		216		4,719		25,738		30,457		5,074		25,383		—		2007
Avalon Northborough	Northborough, MA		8,144		52,454		16		8,144		52,470		60,614		7,277		53,337		—		2009/2010
Avalon Blue Hills	Randolph, MA		11,110		34,736		62		11,110		34,798		45,908		5,587		40,321		—		2009
Avalon Cohasset	Cohasset, MA		8,802		46,162		16		8,802		46,178		54,980		3,254		51,726		—		2012
Avalon Andover	Andover, MA		4,276		21,783		—		4,276		21,783		26,059		1,303		24,756		14,821		2012

		Initial Cost							Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction			Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon at Prudential Center III	Boston, MA		9,034		36,540		29,873			9,034		66,413		75,447		23,974		51,473		—		1968/1998
Avalon at Prudential Center II	Boston, MA		8,776		35,496		17,813			8,776		53,309		62,085		23,197		38,888		—		1968/1998
Avalon at Prudential Center I	Boston, MA		8,002		32,370		16,241			8,002		48,611		56,613		21,150		35,463		—		1968/1998
Eaves Burlington	Burlington, MA		7,714		32,536		71			7,714		32,607		40,321		1,185		39,136		—		1988/2012
Avalon Burlington	Burlington, MA		15,600		62,100		2,150			15,600		64,250		79,850		153		79,697		—		1989/2013
Avalon Bear Hill	Waltham, MA		29,660		93,659		5,725			29,660		99,384		129,044		7,305		121,739		—		1999/2013
Eaves North Quincy	Quincy, MA		12,120		39,220		2,232			12,120		41,452		53,572		3,379		50,193		37,212		1977/2013
Avalon at Fairway Hills	Columbia, MD		8,603		34,432		15,842			8,603		50,274		58,877		26,655		32,222		—		1987/1996
Eaves Washingtonian Center I	Gaithersburg, MD		2,608		11,707		531			2,608		12,238		14,846		7,468		7,378		8,401		1996
Eaves Washingtonian Center II	Gaithersburg, MD		1,439		6,846		139			1,439		6,985		8,424		3,731		4,693		—		1998
Eaves Columbia Town Center	Columbia, MD		8,802		35,536		11,426			8,802		46,962		55,764		14,663		41,101		—		1986
Avalon at Grosvenor Station	North Bethesda, MD		29,159		53,001		1,765			29,159		54,766		83,925		18,996		64,929		—		2004
Avalon at Traville	North Potomac, MD		14,365		55,398		620			14,365		56,018		70,383		19,502		50,881		75,251		2004
Avalon Russett	Laurel, MD		10,800		46,924		2,491			10,800		49,415		60,215		3,862		56,353		39,972		1999/2013
Avalon Cove	Jersey City, NJ		8,760		82,422		20,320			8,760		102,742		111,502		50,429		61,073		—		1997
Avalon Run	Lawrenceville, NJ		14,650		60,486		2,494			14,650		62,980		77,630		21,656		55,974		—		1994/1996
Avalon Princeton Junction	West Windsor, NJ		5,585		22,382		20,617			5,585		42,999		48,584		19,856		28,728		—		1988
Avalon at Edgewater	Edgewater, NJ		14,528		60,240		4,000			14,528		64,240		78,768		26,363		52,405		76,088		2002
Avalon at Florham Park	Florham Park, NJ		6,647		34,906		1,907			6,647		36,813		43,460		16,539		26,921		—		2001
Avalon at Freehold	Freehold, NJ		4,119		30,514		662			4,119		31,176		35,295		12,879		22,416		35,475		2002
Avalon Run East	Lawrenceville, NJ		6,766		45,366		602			6,766		45,968		52,734		14,710		38,024		38,013		2003
Avalon Lyndhurst	Lyndhurst, NJ		18,620		59,879		523			18,620		60,402		79,022		14,629		64,393		—		2006
Avalon at Tinton Falls	Tinton Falls, NJ		7,939		33,173		49			7,939		33,222		41,161		6,545		34,616		—		2007
Avalon West Long Branch	West Long Branch, NJ		2,721		22,940		(1	)		2,721		22,939		25,660		2,625		23,035		—		2011
Avalon North Bergen	North Bergen, NJ		8,984		30,953		235			8,984		31,188		40,172		1,671		38,501		—		2012

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon at Wesmont Station	Wood-Ridge, NJ		14,682		41,616		1,161		14,682		42,777		57,459		2,450		55,009		—		2012
Avalon Commons	Smithtown, NY		4,679		28,286		5,660		4,679		33,946		38,625		17,351		21,274		—		1997
Eaves Nanuet	Nanuet, NY		8,428		45,660		3,280		8,428		48,940		57,368		26,480		30,888		64,149		1998
Avalon Green	Elmsford, NY		1,820		10,525		1,403		1,820		11,928		13,748		7,558		6,190		—		1995
Avalon Towers	Long Beach, NY		3,118		11,973		6,614		3,118		18,587		21,705		10,753		10,952		—		1990/1995
Avalon Willow	Mamaroneck, NY		6,207		40,791		1,327		6,207		42,118		48,325		20,381		27,944		—		2000
Avalon Court	Melville, NY		9,228		50,063		2,690		9,228		52,753		61,981		26,781		35,200		—		1997/2000
The Avalon	Bronxville, NY		2,889		28,324		7,948		2,889		36,272		39,161		14,572		24,589		—		1999
Avalon Riverview I	Long Island City, NY		—		94,061		3,593		—		97,654		97,654		38,010		59,644		—		2002
Avalon at Glen Cove	Glen Cove, NY		7,871		59,969		993		7,871		60,962		68,833		19,855		48,978		—		2004
Avalon Pines	Coram, NY		8,700		62,931		351		8,700		63,282		71,982		18,703		53,279		—		2005/2006
Avalon Bowery Place	New York, NY		18,575		75,009		1,739		18,575		76,748		95,323		19,439		75,884		93,800		2006
Avalon at Glen Cove North	Glen Cove, NY		2,577		37,336		167		2,577		37,503		40,080		8,726		31,354		—		2007
Avalon Riverview North	Long Island City, NY		—		166,856		2,151		—		169,007		169,007		36,401		132,606		—		2007
Avalon Bowery Place II	New York, NY		9,106		47,199		1,384		9,106		48,583		57,689		10,120		47,569		—		2007
Avalon White Plains	White Plains, NY		15,391		137,353		11		15,391		137,364		152,755		22,593		130,162		—		2009
Avalon Morningside Park	New York, NY		—		114,327		787		—		115,114		115,114		20,490		94,624		100,000		2009
Avalon Charles Pond	Coram, NY		14,715		33,640		28		14,715		33,668		48,383		5,606		42,777		—		2009
Avalon Fort Greene	Brooklyn, NY		83,038		218,444		642		83,038		219,086		302,124		27,435		274,689		—		2010
Avalon Rockville Centre	Rockville Centre, NY		32,212		78,622		—		32,212		78,622		110,834		5,587		105,247		—		2012
Avalon Green II	Elmsford, NY		27,724		76,825		—		27,724		76,825		104,549		4,596		99,953		—		2012
Avalon Westbury	Westbury, NY		69,620		43,781		5,809		69,620		49,590		119,210		7,036		112,174		83,460		2006/2013
Avalon Midtown West	New York, NY		154,740		180,243		11,788		154,740		192,031		346,771		16,875		329,896		100,500		1998/2013
Avalon Clinton North	New York, NY		84,058		105,831		5,971		84,058		111,802		195,860		8,969		186,891		147,000		2008/2013
Avalon Clinton South	New York, NY		71,412		89,860		5,167		71,412		95,027		166,439		7,698		158,741		121,500		2007/2013
Oakwood Philadelphia	Philadelphia, PA		3,100		22,342		793		3,100		23,135		26,235		1,313		24,922		10,427		1945/2013

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon at Center Place	Providence, RI		—		26,816		10,230		—		37,046		37,046		18,410		18,636		—		1991/1997
Archstone Lexington	Flower Mound, TX		5,050		25,436		1,622		5,050		27,058		32,108		2,501		29,607		16,780		2000/2013
Archstone Memorial Heights	Houston, TX		37,070		45,981		4,300		37,070		50,281		87,351		5,680		81,671		—		1996/2013
Eaves Fair Lakes	Fairfax, VA		6,096		24,400		8,036		6,096		32,436		38,532		16,615		21,917		—		1989/1996
AVA Ballston	Arlington, VA		7,291		29,177		16,117		7,291		45,294		52,585		22,558		30,027		—		1990
Eaves Fairfax City	Fairfax, VA		2,152		8,907		5,390		2,152		14,297		16,449		6,068		10,381		—		1988/1997
Avalon Crescent	McLean, VA		13,851		43,397		1,455		13,851		44,852		58,703		25,130		33,573		—		1996
Avalon at Arlington Square	Arlington, VA		22,041		90,296		2,493		22,041		92,789		114,830		39,615		75,215		—		2001
Fairfax Towers	Falls Church, VA		17,889		74,727		639		17,889		75,366		93,255		6,979		86,276		—		1978/2011
Avalon Ballston Place	Arlington, VA		38,530		123,605		3,647		38,530		127,252		165,782		7,218		158,564		—		2001/2013
Eaves Tysons Corner	Vienna, VA		13,690		47,760		2,240		13,690		50,000		63,690		3,615		60,075		—		1980/2013
Archstone Ballston Square	Arlington, VA		71,720		215,857		9,506		71,720		225,363		297,083		15,924		281,159		—		1992/2013
Archstone Courthouse Place	Arlington, VA		56,630		177,952		7,799		56,630		185,751		242,381		12,795		229,586		140,332		1999/2013
Avalon Reston Landing	Reston, VA		28,280		81,514		4,127		28,280		85,641		113,921		6,640		107,281		—		2000/2013
Oakwood Arlington	Arlington, VA		18,930		38,465		1,840		18,930		40,305		59,235		2,980		56,255		42,703		1987/2013
Avalon Redmond Place	Redmond, WA		4,558		18,368		9,593		4,558		27,961		32,519		13,534		18,985		—		1991/1997
Avalon at Bear Creek	Redmond, WA		6,786		27,641		3,295		6,786		30,936		37,722		16,170		21,552		—		1998
Avalon Bellevue	Bellevue, WA		6,664		24,119		1,633		6,664		25,752		32,416		11,190		21,226		25,856		2001
Avalon RockMeadow	Bothell, WA		4,777		19,765		1,651		4,777		21,416		26,193		9,806		16,387		—		2000
Avalon ParcSquare	Redmond, WA		3,789		15,139		2,343		3,789		17,482		21,271		7,900		13,371		—		2000
Avalon Brandemoor	Lynwood, WA		8,608		36,679		1,615		8,608		38,294		46,902		16,740		30,162		—		2001
AVA Belltown	Seattle, WA		5,644		12,733		821		5,644		13,554		19,198		5,805		13,393		—		2001
Avalon Meydenbauer	Bellevue, WA		12,697		77,451		1,191		12,697		78,642		91,339		15,319		76,020		—		2008
Avalon Towers Bellevue	Bellevue, WA		—		123,020		247		—		123,267		123,267		14,551		108,716		—		2011
AVA Queen Anne	Seattle, WA		12,081		41,699		5		12,081		41,704		53,785		2,802		50,983		—		2012
Avalon Brandemoor II	Lynwood, WA		2,655		11,343		—		2,655		11,343		13,998		1,021		12,977		—		2011
Eaves Redmond Campus	Redmond, WA		24,370		86,211		4,042		24,370		90,253		114,623		6,901		107,722		—		1991/2013
Archstone Redmond Lakeview	Redmond, WA		10,580		26,512		1,368		10,580		27,880		38,460		2,227		36,233		—		1987/2013
		$	3,082,550	$	9,848,158	$	944,689	$	3,082,550	$	10,792,847	$	13,875,397	$	2,449,999	$	11,425,398	$	3,287,937

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Development Communities
Avalon Irvine II	Irvine, CA	$	4,358	$	40,871	$	—	$	4,358	$	40,871	$	45,229	$	1,301	$	43,928	$	—		N/A
AVA Little Tokyo	Los Angeles, CA		—		198		62,040		—		62,238		62,238		—		62,238		—		N/A
Avalon Dublin Station II	Dublin, CA		—		753		73,346		—		74,099		74,099		—		74,099		—		N/A
AVA 55 Ninth	San Francisco, CA		—		1,183		99,675		—		100,858		100,858		—		100,858		—		N/A
Avalon Morrison Park	San Jose, CA		—		760		67,683		—		68,443		68,443		—		68,443		—		N/A
Avalon San Dimas	San Dimas, CA		—		—		18,729		—		18,729		18,729		—		18,729		—		N/A
Avalon Hayes Valley	San Francisco, CA		—		113		38,939		—		39,052		39,052		—		39,052		—		N/A
Avalon Glendora	Glendora, CA		—		53		22,999		—		23,052		23,052		—		23,052		—		N/A
Avalon Vista	Vista, CA		—		—		15,349		—		15,349		15,349		—		15,349		—		N/A
Avalon Baker Ranch	Lake Forest, CA		—		—		34,803		—		34,803		34,803		—		34,803		—		N/A
Avalon Berkeley	Berkeley, CA		—		167		22,929		—		23,096		23,096		—		23,096		—		N/A
Eaves West Valley II	San Jose, CA		—		17,291		—		—		17,291		17,291		114		17,177		—		N/A
Avalon Shelton	Shelton, CT		7,779		40,406		—		7,779		40,406		48,185		770		47,415		—		N/A
Avalon East Norwalk	Norwalk, CT		10,224		35,864		1		10,224		35,865		46,089		292		45,797		—		N/A
Avalon at Stratford	Stratford, CT		—		28		13,370		—		13,398		13,398		—		13,398		—		N/A
AVA H Street	Washington, DC		7,412		25,481		—		7,412		25,481		32,893		811		32,082		—		N/A
Archstone First & M	Washington, DC		51,000		146,650		2,387		51,000		149,037		200,037		6,655		193,382		142,061		N/A
Avalon Exeter	Boston, MA		—		980		94,599		—		95,579		95,579		—		95,579		—		N/A
Avalon Natick	Natick, MA		15,637		63,487		—		15,637		63,487		79,124		1,084		78,040		—		N/A
Avalon/AVA Assembly Row	Somerville, MA		—		457		99,423		—		99,880		99,880		—		99,880		—		N/A
AVA Stuart Street	Boston, MA		—		—		52,037		—		52,037		52,037		—		52,037		—		N/A
Avalon Canton	Canton, MA		—		90		20,548		—		20,638		20,638		—		20,638		—		N/A
Avalon Hackensack	Hackensack, NJ		—		44,270		—		—		44,270		44,270		675		43,595		—		N/A
Avalon Somerset	Somerset, NJ		18,241		57,652		1		18,241		57,653		75,894		1,230		74,664		—		N/A
Avalon at Wesmont Station II	Wood-Ridge, NJ		6,502		16,309		—		6,502		16,309		22,811		348		22,463		—		N/A
Avalon Bloomingdale	Bloomingsdale, NJ		1,801		17,616		9,414		1,801		27,030		28,831		105		28,726		—		N/A
Avalon Wharton	Wharton, NJ		—		28		20,505		—		20,533		20,533		—		20,533		—		N/A
Avalon Bloomfield Station	Bloomfield, NJ		—		33		12,299		—		12,332		12,332		—		12,332		—		N/A
Avalon West Chelsea/AVA High Line	New York, NY		—		2,502		226,448		—		228,950		228,950		—		228,950		—		N/A

		Initial Cost						Total Cost
Community	City and state	Land		Building / Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building / Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Garden City	Garden City, NY		18,200		49,283		—		18,200		49,283		67,483		2,241		65,242		—		N/A
Avalon Ossining	Ossining, NY		—		64		24,704		—		24,768		24,768		—		24,768		—		N/A
Avalon Huntington Station	Huntington Station, NY		—		302		48,619		—		48,921		48,921		—		48,921		—		N/A
Avalon Willoughby Square/AVA DoBro	Brooklyn, NY		—		19		172,253		—		172,272		172,272		—		172,272		—		N/A
Archstone Toscano	Houston, TX		11,515		53,802		21,102		11,515		74,904		86,419		943		85,476		—		N/A
Archstone Memorial Heights Phase 1	Houston, TX		—		333		35,587		—		35,920		35,920		—		35,920		—		N/A
Avalon Park Crest	Tysons Corner, VA		13,554		63,488		—		13,554		63,488		77,042		2,543		74,499		—		N/A
Avalon Mosaic	Tysons Corner, VA		9,727		25,746		74,837		9,727		100,583		110,310		155		110,155		—		N/A
Avalon Arlington North	Arlington, VA		—		940		68,584		—		69,524		69,524		—		69,524		—		N/A
AVA Ballard	Seattle, WA		16,460		46,661		—		16,460		46,661		63,121		1,060		62,061		—		N/A
AVA University District	Seattle, WA		5,476		27,512		35,652		5,476		63,164		68,640		183		68,457		—		N/A
Avalon Alderwood I	Lynnwood, WA		—		89		31,199		—		31,288		31,288		—		31,288		—		N/A
			197,886		781,481		1,520,061		197,886		2,301,542		2,499,428		20,510		2,478,918		142,061
Land held for development			300,364		—		—		300,364		—		300,364		—		300,364		—
Corporate overhead			37,362		21,323		66,447		37,362		87,770		125,132		45,603		79,529		2,600,000
		$	3,618,162	$	10,650,962	$	2,531,197	$	3,618,162	$	13,182,159	$	16,800,321	$	2,516,112	$	14,284,209	$	6,029,998

(1)

This community is a Fund asset which the Company consolidated beginning in 2011.

        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 $16,521,643 at December 31, 2013.

        The changes in total real estate assets for the years ended December 31, 2013, 2012 and 2011 are as follows:

	Years ended December 31,
	2013			2012			2011
Balance, beginning of period	$	10,071,342		$	9,288,496		$	8,661,211
Acquisitions, construction costs and improvements		7,157,639			934,936			864,439
Dispositions, including impairment loss on planned dispositions		(428,660	)		(152,089	)		(237,154	)
Balance, end of period	$	16,800,321		$	10,071,342		$	9,288,496

        The changes in accumulated depreciation for the years ended December 31, 2013, 2012 and 2011, are as follows:

	Years ended December 31,
	2013			2012			2011
Balance, beginning of period	$	2,056,222		$	1,863,466		$	1,705,567
Depreciation, including discontinued operations		573,715			260,094			250,269
Dispositions		(113,825	)		(67,338	)		(92,370	)
Balance, end of period	$	2,516,112		$	2,056,222		$	1,863,466