REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Initial Cost
Land	$ 3,618,162
Building/Construction in Progress & Improvements	10,650,962
Costs Subsequent to Acquisition/Construction	2,531,197
Total Cost
Land	3,618,162
Building/Construction in Progress & Improvements	13,182,159
Total Cost	16,800,321	10,071,342	9,288,496	8,661,211
Accumulated Depreciation	2,516,112	2,056,222	1,863,466	1,705,567
Total Cost, Net of Accumulated Depreciation	14,284,209
Encumbrances	6,029,998
Current Communities
Initial Cost
Land	3,082,550
Building/Construction in Progress & Improvements	9,848,158
Costs Subsequent to Acquisition/Construction	944,689
Total Cost
Land	3,082,550
Building/Construction in Progress & Improvements	10,792,847
Total Cost	13,875,397
Accumulated Depreciation	2,449,999
Total Cost, Net of Accumulated Depreciation	11,425,398
Encumbrances	3,287,937
Current Communities | Avalon Fremont
Initial Cost
Land	10,746
Building/Construction in Progress & Improvements	43,399
Costs Subsequent to Acquisition/Construction	4,989
Total Cost
Land	10,746
Building/Construction in Progress & Improvements	48,388
Total Cost	59,134
Accumulated Depreciation	26,226
Total Cost, Net of Accumulated Depreciation	32,908
Current Communities | Eaves Dublin
Initial Cost
Land	5,276
Building/Construction in Progress & Improvements	19,642
Costs Subsequent to Acquisition/Construction	4,657
Total Cost
Land	5,276
Building/Construction in Progress & Improvements	24,299
Total Cost	29,575
Accumulated Depreciation	13,221
Total Cost, Net of Accumulated Depreciation	16,354
Current Communities | Avalon Campbell
Initial Cost
Land	11,830
Building/Construction in Progress & Improvements	47,828
Costs Subsequent to Acquisition/Construction	13,115
Total Cost
Land	11,830
Building/Construction in Progress & Improvements	60,943
Total Cost	72,773
Accumulated Depreciation	26,380
Total Cost, Net of Accumulated Depreciation	46,393
Encumbrances	38,800
Current Communities | Eaves Daly City
Initial Cost
Land	4,230
Building/Construction in Progress & Improvements	9,659
Costs Subsequent to Acquisition/Construction	18,619
Total Cost
Land	4,230
Building/Construction in Progress & Improvements	28,278
Total Cost	32,508
Accumulated Depreciation	13,771
Total Cost, Net of Accumulated Depreciation	18,737
Current Communities | AVA Nob Hill
Initial Cost
Land	5,403
Building/Construction in Progress & Improvements	21,567
Costs Subsequent to Acquisition/Construction	6,887
Total Cost
Land	5,403
Building/Construction in Progress & Improvements	28,454
Total Cost	33,857
Accumulated Depreciation	13,017
Total Cost, Net of Accumulated Depreciation	20,840
Encumbrances	20,800
Current Communities | Eaves San Jose
Initial Cost
Land	12,920
Building/Construction in Progress & Improvements	53,047
Costs Subsequent to Acquisition/Construction	18,824
Total Cost
Land	12,920
Building/Construction in Progress & Improvements	71,871
Total Cost	84,791
Accumulated Depreciation	26,152
Total Cost, Net of Accumulated Depreciation	58,639
Current Communities | Eaves San Rafael
Initial Cost
Land	5,982
Building/Construction in Progress & Improvements	16,885
Costs Subsequent to Acquisition/Construction	24,021
Total Cost
Land	5,982
Building/Construction in Progress & Improvements	40,906
Total Cost	46,888
Accumulated Depreciation	16,644
Total Cost, Net of Accumulated Depreciation	30,244
Current Communities | Eaves Pleasanton
Initial Cost
Land	11,610
Building/Construction in Progress & Improvements	46,552
Costs Subsequent to Acquisition/Construction	21,254
Total Cost
Land	11,610
Building/Construction in Progress & Improvements	67,806
Total Cost	79,416
Accumulated Depreciation	31,024
Total Cost, Net of Accumulated Depreciation	48,392
Current Communities | AVA Newport
Initial Cost
Land	1,975
Building/Construction in Progress & Improvements	3,814
Costs Subsequent to Acquisition/Construction	9,801
Total Cost
Land	1,975
Building/Construction in Progress & Improvements	13,615
Total Cost	15,590
Accumulated Depreciation	4,982
Total Cost, Net of Accumulated Depreciation	10,608
Current Communities | AVA Burbank
Initial Cost
Land	22,483
Building/Construction in Progress & Improvements	28,104
Costs Subsequent to Acquisition/Construction	42,461
Total Cost
Land	22,483
Building/Construction in Progress & Improvements	70,565
Total Cost	93,048
Accumulated Depreciation	29,267
Total Cost, Net of Accumulated Depreciation	63,781
Current Communities | Avalon Mission Viejo
Initial Cost
Land	2,517
Building/Construction in Progress & Improvements	9,257
Costs Subsequent to Acquisition/Construction	2,486
Total Cost
Land	2,517
Building/Construction in Progress & Improvements	11,743
Total Cost	14,260
Accumulated Depreciation	6,776
Total Cost, Net of Accumulated Depreciation	7,484
Encumbrances	7,635
Current Communities | Eaves South Coast
Initial Cost
Land	4,709
Building/Construction in Progress & Improvements	16,063
Costs Subsequent to Acquisition/Construction	12,769
Total Cost
Land	4,709
Building/Construction in Progress & Improvements	28,832
Total Cost	33,541
Accumulated Depreciation	12,855
Total Cost, Net of Accumulated Depreciation	20,686
Current Communities | Avalon at Mission Bay
Initial Cost
Land	9,922
Building/Construction in Progress & Improvements	40,580
Costs Subsequent to Acquisition/Construction	17,630
Total Cost
Land	9,922
Building/Construction in Progress & Improvements	58,210
Total Cost	68,132
Accumulated Depreciation	30,126
Total Cost, Net of Accumulated Depreciation	38,006
Current Communities | Eaves Mission Ridge
Initial Cost
Land	2,710
Building/Construction in Progress & Improvements	10,924
Costs Subsequent to Acquisition/Construction	11,191
Total Cost
Land	2,710
Building/Construction in Progress & Improvements	22,115
Total Cost	24,825
Accumulated Depreciation	11,438
Total Cost, Net of Accumulated Depreciation	13,387
Current Communities | Eaves Union City
Initial Cost
Land	4,249
Building/Construction in Progress & Improvements	16,820
Costs Subsequent to Acquisition/Construction	2,797
Total Cost
Land	4,249
Building/Construction in Progress & Improvements	19,617
Total Cost	23,866
Accumulated Depreciation	10,652
Total Cost, Net of Accumulated Depreciation	13,214
Current Communities | Avalon on the Alameda
Initial Cost
Land	6,119
Building/Construction in Progress & Improvements	50,225
Costs Subsequent to Acquisition/Construction	1,620
Total Cost
Land	6,119
Building/Construction in Progress & Improvements	51,845
Total Cost	57,964
Accumulated Depreciation	26,168
Total Cost, Net of Accumulated Depreciation	31,796
Encumbrances	52,278
Current Communities | Eaves Foster City
Initial Cost
Land	7,852
Building/Construction in Progress & Improvements	31,445
Costs Subsequent to Acquisition/Construction	11,208
Total Cost
Land	7,852
Building/Construction in Progress & Improvements	42,653
Total Cost	50,505
Accumulated Depreciation	19,676
Total Cost, Net of Accumulated Depreciation	30,829
Current Communities | Eaves Pacifica
Initial Cost
Land	6,125
Building/Construction in Progress & Improvements	24,796
Costs Subsequent to Acquisition/Construction	2,271
Total Cost
Land	6,125
Building/Construction in Progress & Improvements	27,067
Total Cost	33,192
Accumulated Depreciation	14,548
Total Cost, Net of Accumulated Depreciation	18,644
Encumbrances	17,600
Current Communities | Avalon Sunset Towers
Initial Cost
Land	3,561
Building/Construction in Progress & Improvements	21,321
Costs Subsequent to Acquisition/Construction	14,834
Total Cost
Land	3,561
Building/Construction in Progress & Improvements	36,155
Total Cost	39,716
Accumulated Depreciation	14,941
Total Cost, Net of Accumulated Depreciation	24,775
Current Communities | Avalon Silicon Valley
Initial Cost
Land	20,713
Building/Construction in Progress & Improvements	99,573
Costs Subsequent to Acquisition/Construction	4,610
Total Cost
Land	20,713
Building/Construction in Progress & Improvements	104,183
Total Cost	124,896
Accumulated Depreciation	55,535
Total Cost, Net of Accumulated Depreciation	69,361
Current Communities | Avalon Woodland Hills
Initial Cost
Land	23,828
Building/Construction in Progress & Improvements	40,372
Costs Subsequent to Acquisition/Construction	46,931
Total Cost
Land	23,828
Building/Construction in Progress & Improvements	87,303
Total Cost	111,131
Accumulated Depreciation	33,347
Total Cost, Net of Accumulated Depreciation	77,784
Current Communities | Avalon Mountain View
Initial Cost
Land	9,755
Building/Construction in Progress & Improvements	39,393
Costs Subsequent to Acquisition/Construction	9,511
Total Cost
Land	9,755
Building/Construction in Progress & Improvements	48,904
Total Cost	58,659
Accumulated Depreciation	23,899
Total Cost, Net of Accumulated Depreciation	34,760
Encumbrances	18,300
Current Communities | Eaves Santa Margarita
Initial Cost
Land	4,607
Building/Construction in Progress & Improvements	16,911
Costs Subsequent to Acquisition/Construction	10,248
Total Cost
Land	4,607
Building/Construction in Progress & Improvements	27,159
Total Cost	31,766
Accumulated Depreciation	11,720
Total Cost, Net of Accumulated Depreciation	20,046
Current Communities | Eaves Diamond Heights
Initial Cost
Land	4,726
Building/Construction in Progress & Improvements	19,130
Costs Subsequent to Acquisition/Construction	5,790
Total Cost
Land	4,726
Building/Construction in Progress & Improvements	24,920
Total Cost	29,646
Accumulated Depreciation	12,155
Total Cost, Net of Accumulated Depreciation	17,491
Current Communities | Eaves Fremont
Initial Cost
Land	6,581
Building/Construction in Progress & Improvements	26,583
Costs Subsequent to Acquisition/Construction	9,731
Total Cost
Land	6,581
Building/Construction in Progress & Improvements	36,314
Total Cost	42,895
Accumulated Depreciation	17,974
Total Cost, Net of Accumulated Depreciation	24,921
Current Communities | Eaves Creekside
Initial Cost
Land	6,546
Building/Construction in Progress & Improvements	26,263
Costs Subsequent to Acquisition/Construction	11,616
Total Cost
Land	6,546
Building/Construction in Progress & Improvements	37,879
Total Cost	44,425
Accumulated Depreciation	19,307
Total Cost, Net of Accumulated Depreciation	25,118
Current Communities | Eaves Warner Center
Initial Cost
Land	7,045
Building/Construction in Progress & Improvements	12,986
Costs Subsequent to Acquisition/Construction	9,187
Total Cost
Land	7,045
Building/Construction in Progress & Improvements	22,173
Total Cost	29,218
Accumulated Depreciation	12,142
Total Cost, Net of Accumulated Depreciation	17,076
Current Communities | Eaves Huntington Beach
Initial Cost
Land	4,871
Building/Construction in Progress & Improvements	19,745
Costs Subsequent to Acquisition/Construction	9,522
Total Cost
Land	4,871
Building/Construction in Progress & Improvements	29,267
Total Cost	34,138
Accumulated Depreciation	15,512
Total Cost, Net of Accumulated Depreciation	18,626
Current Communities | AVA Cortez Hill
Initial Cost
Land	2,768
Building/Construction in Progress & Improvements	20,134
Costs Subsequent to Acquisition/Construction	23,465
Total Cost
Land	2,768
Building/Construction in Progress & Improvements	43,599
Total Cost	46,367
Accumulated Depreciation	17,309
Total Cost, Net of Accumulated Depreciation	29,058
Current Communities | Avalon at Cahill Park
Initial Cost
Land	4,765
Building/Construction in Progress & Improvements	47,600
Costs Subsequent to Acquisition/Construction	919
Total Cost
Land	4,765
Building/Construction in Progress & Improvements	48,519
Total Cost	53,284
Accumulated Depreciation	19,093
Total Cost, Net of Accumulated Depreciation	34,191
Current Communities | Avalon Towers on the Peninsula
Initial Cost
Land	9,560
Building/Construction in Progress & Improvements	56,136
Costs Subsequent to Acquisition/Construction	958
Total Cost
Land	9,560
Building/Construction in Progress & Improvements	57,094
Total Cost	66,654
Accumulated Depreciation	23,134
Total Cost, Net of Accumulated Depreciation	43,520
Current Communities | Avalon at Mission Bay North
Initial Cost
Land	14,029
Building/Construction in Progress & Improvements	78,452
Costs Subsequent to Acquisition/Construction	1,924
Total Cost
Land	14,029
Building/Construction in Progress & Improvements	80,376
Total Cost	94,405
Accumulated Depreciation	30,224
Total Cost, Net of Accumulated Depreciation	64,181
Encumbrances	70,959
Current Communities | Avalon at Glendale
Initial Cost
Building/Construction in Progress & Improvements	42,564
Costs Subsequent to Acquisition/Construction	653
Total Cost
Building/Construction in Progress & Improvements	43,217
Total Cost	43,217
Accumulated Depreciation	15,350
Total Cost, Net of Accumulated Depreciation	27,867
Current Communities | Avalon Burbank
Initial Cost
Land	14,053
Building/Construction in Progress & Improvements	56,827
Costs Subsequent to Acquisition/Construction	23,763
Total Cost
Land	14,053
Building/Construction in Progress & Improvements	80,590
Total Cost	94,643
Accumulated Depreciation	26,423
Total Cost, Net of Accumulated Depreciation	68,220
Current Communities | Avalon Camarillo
Initial Cost
Land	8,446
Building/Construction in Progress & Improvements	40,290
Costs Subsequent to Acquisition/Construction	86
Total Cost
Land	8,446
Building/Construction in Progress & Improvements	40,376
Total Cost	48,822
Accumulated Depreciation	10,901
Total Cost, Net of Accumulated Depreciation	37,921
Current Communities | Avalon Wilshire
Initial Cost
Land	5,459
Building/Construction in Progress & Improvements	41,182
Costs Subsequent to Acquisition/Construction	954
Total Cost
Land	5,459
Building/Construction in Progress & Improvements	42,136
Total Cost	47,595
Accumulated Depreciation	9,762
Total Cost, Net of Accumulated Depreciation	37,833
Current Communities | Avalon Encino
Initial Cost
Land	12,789
Building/Construction in Progress & Improvements	49,073
Costs Subsequent to Acquisition/Construction	380
Total Cost
Land	12,789
Building/Construction in Progress & Improvements	49,453
Total Cost	62,242
Accumulated Depreciation	9,036
Total Cost, Net of Accumulated Depreciation	53,206
Current Communities | Avalon Warner Place
Initial Cost
Land	7,920
Building/Construction in Progress & Improvements	44,848
Costs Subsequent to Acquisition/Construction	163
Total Cost
Land	7,920
Building/Construction in Progress & Improvements	45,011
Total Cost	52,931
Accumulated Depreciation	8,895
Total Cost, Net of Accumulated Depreciation	44,036
Current Communities | Avalon Fashion Valley
Initial Cost
Land	19,627
Building/Construction in Progress & Improvements	44,972
Costs Subsequent to Acquisition/Construction	285
Total Cost
Land	19,627
Building/Construction in Progress & Improvements	45,257
Total Cost	64,884
Accumulated Depreciation	8,208
Total Cost, Net of Accumulated Depreciation	56,676
Current Communities | Avalon Anaheim Stadium
Initial Cost
Land	27,874
Building/Construction in Progress & Improvements	69,156
Costs Subsequent to Acquisition/Construction	596
Total Cost
Land	27,874
Building/Construction in Progress & Improvements	69,752
Total Cost	97,626
Accumulated Depreciation	11,824
Total Cost, Net of Accumulated Depreciation	85,802
Current Communities | Avalon Union City
Initial Cost
Land	14,732
Building/Construction in Progress & Improvements	104,025
Costs Subsequent to Acquisition/Construction	232
Total Cost
Land	14,732
Building/Construction in Progress & Improvements	104,257
Total Cost	118,989
Accumulated Depreciation	16,046
Total Cost, Net of Accumulated Depreciation	102,943
Current Communities | Avalon Irvine
Initial Cost
Land	9,911
Building/Construction in Progress & Improvements	67,524
Costs Subsequent to Acquisition/Construction	66
Total Cost
Land	9,911
Building/Construction in Progress & Improvements	67,590
Total Cost	77,501
Accumulated Depreciation	10,104
Total Cost, Net of Accumulated Depreciation	67,397
Current Communities | Avalon at Mission Bay III
Initial Cost
Land	28,687
Building/Construction in Progress & Improvements	119,156
Costs Subsequent to Acquisition/Construction	75
Total Cost
Land	28,687
Building/Construction in Progress & Improvements	119,231
Total Cost	147,918
Accumulated Depreciation	18,465
Total Cost, Net of Accumulated Depreciation	129,453
Current Communities | Avalon Walnut Creek
Initial Cost
Building/Construction in Progress & Improvements	145,904
Costs Subsequent to Acquisition/Construction	1,090
Total Cost
Building/Construction in Progress & Improvements	146,994
Total Cost	146,994
Accumulated Depreciation	17,080
Total Cost, Net of Accumulated Depreciation	129,914
Encumbrances	137,542
Current Communities | Avalon Ocean Avenue
Initial Cost
Land	5,544
Building/Construction in Progress & Improvements	50,868
Costs Subsequent to Acquisition/Construction	1,740
Total Cost
Land	5,544
Building/Construction in Progress & Improvements	52,608
Total Cost	58,152
Accumulated Depreciation	2,916
Total Cost, Net of Accumulated Depreciation	55,236
Current Communities | Eaves Phillips Ranch
Initial Cost
Land	9,796
Building/Construction in Progress & Improvements	41,740
Costs Subsequent to Acquisition/Construction	59
Total Cost
Land	9,796
Building/Construction in Progress & Improvements	41,799
Total Cost	51,595
Accumulated Depreciation	4,023
Total Cost, Net of Accumulated Depreciation	47,572
Current Communities | Eaves San Dimas
Initial Cost
Land	1,916
Building/Construction in Progress & Improvements	7,819
Costs Subsequent to Acquisition/Construction	24
Total Cost
Land	1,916
Building/Construction in Progress & Improvements	7,843
Total Cost	9,759
Accumulated Depreciation	758
Total Cost, Net of Accumulated Depreciation	9,001
Current Communities | Eaves San Dimas Canyon
Initial Cost
Land	2,953
Building/Construction in Progress & Improvements	12,428
Costs Subsequent to Acquisition/Construction	180
Total Cost
Land	2,953
Building/Construction in Progress & Improvements	12,608
Total Cost	15,561
Accumulated Depreciation	1,201
Total Cost, Net of Accumulated Depreciation	14,360
Current Communities | Eaves San Marcos
Initial Cost
Land	3,277
Building/Construction in Progress & Improvements	13,385
Total Cost
Land	3,277
Building/Construction in Progress & Improvements	13,385
Total Cost	16,662
Accumulated Depreciation	1,302
Total Cost, Net of Accumulated Depreciation	15,360
Current Communities | Eaves Rancho Penasquitos
Initial Cost
Land	6,692
Building/Construction in Progress & Improvements	27,143
Costs Subsequent to Acquisition/Construction	37
Total Cost
Land	6,692
Building/Construction in Progress & Improvements	27,180
Total Cost	33,872
Accumulated Depreciation	2,585
Total Cost, Net of Accumulated Depreciation	31,287
Current Communities | Eaves Lake Forest
Initial Cost
Land	5,199
Building/Construction in Progress & Improvements	21,134
Costs Subsequent to Acquisition/Construction	395
Total Cost
Land	5,199
Building/Construction in Progress & Improvements	21,529
Total Cost	26,728
Accumulated Depreciation	2,026
Total Cost, Net of Accumulated Depreciation	24,702
Current Communities | AVA Pasadena
Initial Cost
Land	8,400
Building/Construction in Progress & Improvements	11,547
Costs Subsequent to Acquisition/Construction	3,587
Total Cost
Land	8,400
Building/Construction in Progress & Improvements	15,134
Total Cost	23,534
Accumulated Depreciation	732
Total Cost, Net of Accumulated Depreciation	22,802
Encumbrances	11,869
Current Communities | Eaves Cerritos
Initial Cost
Land	8,305
Building/Construction in Progress & Improvements	21,195
Total Cost
Land	8,305
Building/Construction in Progress & Improvements	21,195
Total Cost	29,500
Accumulated Depreciation	1,131
Total Cost, Net of Accumulated Depreciation	28,369
Current Communities | Avalon Del Rey
Initial Cost
Land	30,900
Building/Construction in Progress & Improvements	72,008
Costs Subsequent to Acquisition/Construction	297
Total Cost
Land	30,900
Building/Construction in Progress & Improvements	72,305
Total Cost	103,205
Accumulated Depreciation	3,508
Total Cost, Net of Accumulated Depreciation	99,697
Current Communities | Eaves Walnut Creek
Initial Cost
Land	29,650
Building/Construction in Progress & Improvements	83,045
Costs Subsequent to Acquisition/Construction	4,219
Total Cost
Land	29,650
Building/Construction in Progress & Improvements	87,264
Total Cost	116,914
Accumulated Depreciation	6,611
Total Cost, Net of Accumulated Depreciation	110,303
Current Communities | Avalon Simi Valley
Initial Cost
Land	41,610
Building/Construction in Progress & Improvements	73,771
Costs Subsequent to Acquisition/Construction	4,303
Total Cost
Land	41,610
Building/Construction in Progress & Improvements	78,074
Total Cost	119,684
Accumulated Depreciation	6,279
Total Cost, Net of Accumulated Depreciation	113,405
Current Communities | Eaves La Mesa
Initial Cost
Land	6,950
Building/Construction in Progress & Improvements	31,022
Costs Subsequent to Acquisition/Construction	1,097
Total Cost
Land	6,950
Building/Construction in Progress & Improvements	32,119
Total Cost	39,069
Accumulated Depreciation	1,897
Total Cost, Net of Accumulated Depreciation	37,172
Current Communities | Archstone Studio City II
Initial Cost
Land	4,626
Building/Construction in Progress & Improvements	22,954
Costs Subsequent to Acquisition/Construction	943
Total Cost
Land	4,626
Building/Construction in Progress & Improvements	23,897
Total Cost	28,523
Accumulated Depreciation	1,641
Total Cost, Net of Accumulated Depreciation	26,882
Current Communities | Archstone Studio City III
Initial Cost
Land	15,756
Building/Construction in Progress & Improvements	78,178
Costs Subsequent to Acquisition/Construction	3,260
Total Cost
Land	15,756
Building/Construction in Progress & Improvements	81,438
Total Cost	97,194
Accumulated Depreciation	5,590
Total Cost, Net of Accumulated Depreciation	91,604
Current Communities | Avalon Willow Glen
Initial Cost
Land	47,030
Building/Construction in Progress & Improvements	80,987
Costs Subsequent to Acquisition/Construction	3,871
Total Cost
Land	47,030
Building/Construction in Progress & Improvements	84,858
Total Cost	131,888
Accumulated Depreciation	6,364
Total Cost, Net of Accumulated Depreciation	125,524
Current Communities | Avalon Calabasas
Initial Cost
Land	35,450
Building/Construction in Progress & Improvements	114,912
Costs Subsequent to Acquisition/Construction	6,156
Total Cost
Land	35,450
Building/Construction in Progress & Improvements	121,068
Total Cost	156,518
Accumulated Depreciation	9,147
Total Cost, Net of Accumulated Depreciation	147,371
Encumbrances	101,724
Current Communities | Avalon Oak Creek
Initial Cost
Land	34,560
Building/Construction in Progress & Improvements	88,954
Costs Subsequent to Acquisition/Construction	4,084
Total Cost
Land	34,560
Building/Construction in Progress & Improvements	93,038
Total Cost	127,598
Accumulated Depreciation	6,535
Total Cost, Net of Accumulated Depreciation	121,063
Encumbrances	85,288
Current Communities | Avalon Santa Monica on Main
Initial Cost
Land	31,980
Building/Construction in Progress & Improvements	60,790
Costs Subsequent to Acquisition/Construction	2,966
Total Cost
Land	31,980
Building/Construction in Progress & Improvements	63,756
Total Cost	95,736
Accumulated Depreciation	4,654
Total Cost, Net of Accumulated Depreciation	91,082
Current Communities | Avalon Del Mar Station
Initial Cost
Land	20,560
Building/Construction in Progress & Improvements	106,556
Costs Subsequent to Acquisition/Construction	3,065
Total Cost
Land	20,560
Building/Construction in Progress & Improvements	109,621
Total Cost	130,181
Accumulated Depreciation	6,024
Total Cost, Net of Accumulated Depreciation	124,157
Encumbrances	76,471
Current Communities | Archstone La Jolla Colony
Initial Cost
Land	17,150
Building/Construction in Progress & Improvements	27,304
Costs Subsequent to Acquisition/Construction	1,640
Total Cost
Land	17,150
Building/Construction in Progress & Improvements	28,944
Total Cost	46,094
Accumulated Depreciation	2,528
Total Cost, Net of Accumulated Depreciation	43,566
Encumbrances	27,176
Current Communities | Eaves Old Town Pasadena
Initial Cost
Land	8,930
Building/Construction in Progress & Improvements	15,551
Costs Subsequent to Acquisition/Construction	987
Total Cost
Land	8,930
Building/Construction in Progress & Improvements	16,538
Total Cost	25,468
Accumulated Depreciation	1,441
Total Cost, Net of Accumulated Depreciation	24,027
Encumbrances	15,669
Current Communities | Eaves Thousand Oaks
Initial Cost
Land	14,500
Building/Construction in Progress & Improvements	19,661
Costs Subsequent to Acquisition/Construction	1,674
Total Cost
Land	14,500
Building/Construction in Progress & Improvements	21,335
Total Cost	35,835
Accumulated Depreciation	2,313
Total Cost, Net of Accumulated Depreciation	33,522
Encumbrances	27,411
Current Communities | Avalon Walnut Ridge I
Initial Cost
Land	10,040
Building/Construction in Progress & Improvements	19,670
Costs Subsequent to Acquisition/Construction	820
Total Cost
Land	10,040
Building/Construction in Progress & Improvements	20,490
Total Cost	30,530
Accumulated Depreciation	1,415
Total Cost, Net of Accumulated Depreciation	29,115
Encumbrances	20,754
Current Communities | Eaves Los Feliz
Initial Cost
Land	18,940
Building/Construction in Progress & Improvements	43,661
Costs Subsequent to Acquisition/Construction	2,672
Total Cost
Land	18,940
Building/Construction in Progress & Improvements	46,333
Total Cost	65,273
Accumulated Depreciation	3,880
Total Cost, Net of Accumulated Depreciation	61,393
Encumbrances	43,258
Current Communities | Eaves West Valley
Initial Cost
Land	91,710
Building/Construction in Progress & Improvements	112,808
Costs Subsequent to Acquisition/Construction	6,755
Total Cost
Land	91,710
Building/Construction in Progress & Improvements	119,563
Total Cost	211,273
Accumulated Depreciation	10,264
Total Cost, Net of Accumulated Depreciation	201,009
Encumbrances	83,087
Current Communities | Eaves Seal Beach
Initial Cost
Land	46,310
Building/Construction in Progress & Improvements	100,479
Costs Subsequent to Acquisition/Construction	4,294
Total Cost
Land	46,310
Building/Construction in Progress & Improvements	104,773
Total Cost	151,083
Accumulated Depreciation	7,336
Total Cost, Net of Accumulated Depreciation	143,747
Encumbrances	86,167
Current Communities | Oakwood Toluca Hills
Initial Cost
Land	89,450
Building/Construction in Progress & Improvements	157,256
Costs Subsequent to Acquisition/Construction	9,610
Total Cost
Land	89,450
Building/Construction in Progress & Improvements	166,866
Total Cost	256,316
Accumulated Depreciation	13,883
Total Cost, Net of Accumulated Depreciation	242,433
Encumbrances	167,595
Current Communities | Eaves Woodland Hills
Initial Cost
Land	69,400
Building/Construction in Progress & Improvements	90,089
Costs Subsequent to Acquisition/Construction	6,940
Total Cost
Land	69,400
Building/Construction in Progress & Improvements	97,029
Total Cost	166,429
Accumulated Depreciation	9,504
Total Cost, Net of Accumulated Depreciation	156,925
Encumbrances	104,694
Current Communities | Eaves Mountain View at Middlefield
Initial Cost
Land	65,960
Building/Construction in Progress & Improvements	67,128
Costs Subsequent to Acquisition/Construction	4,541
Total Cost
Land	65,960
Building/Construction in Progress & Improvements	71,669
Total Cost	137,629
Accumulated Depreciation	6,760
Total Cost, Net of Accumulated Depreciation	130,869
Encumbrances	72,374
Current Communities | Avalon Thousand Oaks Plaza
Initial Cost
Land	13,010
Building/Construction in Progress & Improvements	22,381
Costs Subsequent to Acquisition/Construction	1,640
Total Cost
Land	13,010
Building/Construction in Progress & Improvements	24,021
Total Cost	37,031
Accumulated Depreciation	2,304
Total Cost, Net of Accumulated Depreciation	34,727
Encumbrances	28,742
Current Communities | Archstone San Bruno
Initial Cost
Land	37,890
Building/Construction in Progress & Improvements	71,574
Costs Subsequent to Acquisition/Construction	2,756
Total Cost
Land	37,890
Building/Construction in Progress & Improvements	74,330
Total Cost	112,220
Accumulated Depreciation	4,764
Total Cost, Net of Accumulated Depreciation	107,456
Encumbrances	64,450
Current Communities | Archstone San Bruno II
Initial Cost
Land	23,787
Building/Construction in Progress & Improvements	44,934
Costs Subsequent to Acquisition/Construction	1,676
Total Cost
Land	23,787
Building/Construction in Progress & Improvements	46,610
Total Cost	70,397
Accumulated Depreciation	2,991
Total Cost, Net of Accumulated Depreciation	67,406
Encumbrances	31,398
Current Communities | Archstone San Bruno III
Initial Cost
Land	33,303
Building/Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition/Construction	2,354
Total Cost
Land	33,303
Building/Construction in Progress & Improvements	65,264
Total Cost	98,567
Accumulated Depreciation	4,187
Total Cost, Net of Accumulated Depreciation	94,380
Encumbrances	56,210
Current Communities | Avalon Walnut Ridge II
Initial Cost
Land	27,190
Building/Construction in Progress & Improvements	57,041
Costs Subsequent to Acquisition/Construction	3,194
Total Cost
Land	27,190
Building/Construction in Progress & Improvements	60,235
Total Cost	87,425
Accumulated Depreciation	4,922
Total Cost, Net of Accumulated Depreciation	82,503
Current Communities | Avalon Pasadena
Initial Cost
Land	9,980
Building/Construction in Progress & Improvements	31,818
Costs Subsequent to Acquisition/Construction	1,527
Total Cost
Land	9,980
Building/Construction in Progress & Improvements	33,345
Total Cost	43,325
Accumulated Depreciation	2,390
Total Cost, Net of Accumulated Depreciation	40,935
Encumbrances	28,079
Current Communities | Archstone Studio City
Initial Cost
Land	18,178
Building/Construction in Progress & Improvements	90,195
Costs Subsequent to Acquisition/Construction	3,849
Total Cost
Land	18,178
Building/Construction in Progress & Improvements	94,044
Total Cost	112,222
Accumulated Depreciation	6,447
Total Cost, Net of Accumulated Depreciation	105,775
Current Communities | The Springs
Initial Cost
Land	5,724
Building/Construction in Progress & Improvements	23,433
Costs Subsequent to Acquisition/Construction	890
Total Cost
Land	5,724
Building/Construction in Progress & Improvements	24,323
Total Cost	30,047
Accumulated Depreciation	3,013
Total Cost, Net of Accumulated Depreciation	27,034
Current Communities | Eaves Trumbull
Initial Cost
Land	4,414
Building/Construction in Progress & Improvements	31,268
Costs Subsequent to Acquisition/Construction	2,860
Total Cost
Land	4,414
Building/Construction in Progress & Improvements	34,128
Total Cost	38,542
Accumulated Depreciation	19,422
Total Cost, Net of Accumulated Depreciation	19,120
Encumbrances	40,018
Current Communities | Eaves Stamford
Initial Cost
Land	5,956
Building/Construction in Progress & Improvements	23,993
Costs Subsequent to Acquisition/Construction	11,366
Total Cost
Land	5,956
Building/Construction in Progress & Improvements	35,359
Total Cost	41,315
Accumulated Depreciation	18,636
Total Cost, Net of Accumulated Depreciation	22,679
Current Communities | Avalon Wilton I
Initial Cost
Land	2,116
Building/Construction in Progress & Improvements	14,664
Costs Subsequent to Acquisition/Construction	5,763
Total Cost
Land	2,116
Building/Construction in Progress & Improvements	20,427
Total Cost	22,543
Accumulated Depreciation	9,113
Total Cost, Net of Accumulated Depreciation	13,430
Current Communities | Avalon Valley
Initial Cost
Land	2,277
Building/Construction in Progress & Improvements	23,561
Costs Subsequent to Acquisition/Construction	863
Total Cost
Land	2,277
Building/Construction in Progress & Improvements	24,424
Total Cost	26,701
Accumulated Depreciation	12,210
Total Cost, Net of Accumulated Depreciation	14,491
Current Communities | Avalon on Stamford Harbor
Initial Cost
Land	10,836
Building/Construction in Progress & Improvements	51,883
Costs Subsequent to Acquisition/Construction	1,020
Total Cost
Land	10,836
Building/Construction in Progress & Improvements	52,903
Total Cost	63,739
Accumulated Depreciation	20,938
Total Cost, Net of Accumulated Depreciation	42,801
Encumbrances	63,624
Current Communities | Avalon New Canaan
Initial Cost
Land	4,834
Building/Construction in Progress & Improvements	19,485
Costs Subsequent to Acquisition/Construction	535
Total Cost
Land	4,834
Building/Construction in Progress & Improvements	20,020
Total Cost	24,854
Accumulated Depreciation	7,960
Total Cost, Net of Accumulated Depreciation	16,894
Current Communities | Avalon at Greyrock Place
Initial Cost
Land	13,819
Building/Construction in Progress & Improvements	56,499
Costs Subsequent to Acquisition/Construction	1,949
Total Cost
Land	13,819
Building/Construction in Progress & Improvements	58,448
Total Cost	72,267
Accumulated Depreciation	22,691
Total Cost, Net of Accumulated Depreciation	49,576
Encumbrances	58,385
Current Communities | Avalon Danbury
Initial Cost
Land	4,933
Building/Construction in Progress & Improvements	30,638
Costs Subsequent to Acquisition/Construction	553
Total Cost
Land	4,933
Building/Construction in Progress & Improvements	31,191
Total Cost	36,124
Accumulated Depreciation	9,251
Total Cost, Net of Accumulated Depreciation	26,873
Current Communities | Avalon Darien
Initial Cost
Land	6,926
Building/Construction in Progress & Improvements	34,659
Costs Subsequent to Acquisition/Construction	1,410
Total Cost
Land	6,926
Building/Construction in Progress & Improvements	36,069
Total Cost	42,995
Accumulated Depreciation	12,348
Total Cost, Net of Accumulated Depreciation	30,647
Encumbrances	48,484
Current Communities | Avalon Milford I
Initial Cost
Land	8,746
Building/Construction in Progress & Improvements	22,699
Costs Subsequent to Acquisition/Construction	577
Total Cost
Land	8,746
Building/Construction in Progress & Improvements	23,276
Total Cost	32,022
Accumulated Depreciation	7,662
Total Cost, Net of Accumulated Depreciation	24,360
Current Communities | Avalon Norwalk
Initial Cost
Land	11,320
Building/Construction in Progress & Improvements	62,910
Costs Subsequent to Acquisition/Construction	24
Total Cost
Land	11,320
Building/Construction in Progress & Improvements	62,934
Total Cost	74,254
Accumulated Depreciation	7,142
Total Cost, Net of Accumulated Depreciation	67,112
Current Communities | Avalon Huntington
Initial Cost
Land	5,277
Building/Construction in Progress & Improvements	20,029
Costs Subsequent to Acquisition/Construction	100
Total Cost
Land	5,277
Building/Construction in Progress & Improvements	20,129
Total Cost	25,406
Accumulated Depreciation	3,674
Total Cost, Net of Accumulated Depreciation	21,732
Current Communities | Avalon Wilton II
Initial Cost
Land	6,604
Building/Construction in Progress & Improvements	23,766
Costs Subsequent to Acquisition/Construction	6
Total Cost
Land	6,604
Building/Construction in Progress & Improvements	23,772
Total Cost	30,376
Accumulated Depreciation	2,140
Total Cost, Net of Accumulated Depreciation	28,236
Current Communities | Avalon at Foxhall
Initial Cost
Land	6,848
Building/Construction in Progress & Improvements	27,614
Costs Subsequent to Acquisition/Construction	11,357
Total Cost
Land	6,848
Building/Construction in Progress & Improvements	38,971
Total Cost	45,819
Accumulated Depreciation	23,539
Total Cost, Net of Accumulated Depreciation	22,280
Encumbrances	57,150
Current Communities | Avalon at Gallery Place
Initial Cost
Land	8,800
Building/Construction in Progress & Improvements	39,658
Costs Subsequent to Acquisition/Construction	660
Total Cost
Land	8,800
Building/Construction in Progress & Improvements	40,318
Total Cost	49,118
Accumulated Depreciation	15,057
Total Cost, Net of Accumulated Depreciation	34,061
Encumbrances	44,405
Current Communities | The Albemarle
Initial Cost
Land	25,180
Building/Construction in Progress & Improvements	52,419
Costs Subsequent to Acquisition/Construction	3,523
Total Cost
Land	25,180
Building/Construction in Progress & Improvements	55,942
Total Cost	81,122
Accumulated Depreciation	5,009
Total Cost, Net of Accumulated Depreciation	76,113
Current Communities | Eaves Tunlaw Gardens
Initial Cost
Land	16,430
Building/Construction in Progress & Improvements	22,902
Costs Subsequent to Acquisition/Construction	1,747
Total Cost
Land	16,430
Building/Construction in Progress & Improvements	24,649
Total Cost	41,079
Accumulated Depreciation	2,369
Total Cost, Net of Accumulated Depreciation	38,710
Encumbrances	28,844
Current Communities | The Statesman
Initial Cost
Land	38,140
Building/Construction in Progress & Improvements	35,352
Costs Subsequent to Acquisition/Construction	3,396
Total Cost
Land	38,140
Building/Construction in Progress & Improvements	38,748
Total Cost	76,888
Accumulated Depreciation	4,505
Total Cost, Net of Accumulated Depreciation	72,383
Current Communities | Eaves Glover Park
Initial Cost
Land	9,580
Building/Construction in Progress & Improvements	26,532
Costs Subsequent to Acquisition/Construction	1,598
Total Cost
Land	9,580
Building/Construction in Progress & Improvements	28,130
Total Cost	37,710
Accumulated Depreciation	2,376
Total Cost, Net of Accumulated Depreciation	35,334
Encumbrances	23,858
Current Communities | The Consulate
Initial Cost
Land	22,960
Building/Construction in Progress & Improvements	58,621
Costs Subsequent to Acquisition/Construction	3,133
Total Cost
Land	22,960
Building/Construction in Progress & Improvements	61,754
Total Cost	84,714
Accumulated Depreciation	4,755
Total Cost, Net of Accumulated Depreciation	79,959
Current Communities | Avalon at Lexington
Initial Cost
Land	2,124
Building/Construction in Progress & Improvements	12,599
Costs Subsequent to Acquisition/Construction	9,082
Total Cost
Land	2,124
Building/Construction in Progress & Improvements	21,681
Total Cost	23,805
Accumulated Depreciation	10,620
Total Cost, Net of Accumulated Depreciation	13,185
Current Communities | Avalon Oaks
Initial Cost
Land	2,129
Building/Construction in Progress & Improvements	18,676
Costs Subsequent to Acquisition/Construction	1,870
Total Cost
Land	2,129
Building/Construction in Progress & Improvements	20,546
Total Cost	22,675
Accumulated Depreciation	10,271
Total Cost, Net of Accumulated Depreciation	12,404
Encumbrances	16,094
Current Communities | Eaves Quincy
Initial Cost
Land	1,743
Building/Construction in Progress & Improvements	14,662
Costs Subsequent to Acquisition/Construction	9,073
Total Cost
Land	1,743
Building/Construction in Progress & Improvements	23,735
Total Cost	25,478
Accumulated Depreciation	10,954
Total Cost, Net of Accumulated Depreciation	14,524
Current Communities | Avalon Essex
Initial Cost
Land	5,184
Building/Construction in Progress & Improvements	16,320
Costs Subsequent to Acquisition/Construction	1,671
Total Cost
Land	5,184
Building/Construction in Progress & Improvements	17,991
Total Cost	23,175
Accumulated Depreciation	8,553
Total Cost, Net of Accumulated Depreciation	14,622
Current Communities | Avalon Oaks West
Initial Cost
Land	3,318
Building/Construction in Progress & Improvements	13,467
Costs Subsequent to Acquisition/Construction	575
Total Cost
Land	3,318
Building/Construction in Progress & Improvements	14,042
Total Cost	17,360
Accumulated Depreciation	5,857
Total Cost, Net of Accumulated Depreciation	11,503
Encumbrances	16,032
Current Communities | Avalon Orchards
Initial Cost
Land	2,983
Building/Construction in Progress & Improvements	18,037
Costs Subsequent to Acquisition/Construction	1,752
Total Cost
Land	2,983
Building/Construction in Progress & Improvements	19,789
Total Cost	22,772
Accumulated Depreciation	7,982
Total Cost, Net of Accumulated Depreciation	14,790
Encumbrances	17,530
Current Communities | Avalon at Newton Highlands
Initial Cost
Land	11,039
Building/Construction in Progress & Improvements	45,590
Costs Subsequent to Acquisition/Construction	3,270
Total Cost
Land	11,039
Building/Construction in Progress & Improvements	48,860
Total Cost	59,899
Accumulated Depreciation	17,462
Total Cost, Net of Accumulated Depreciation	42,437
Current Communities | Avalon at The Pinehills
Initial Cost
Land	6,876
Building/Construction in Progress & Improvements	30,401
Costs Subsequent to Acquisition/Construction	136
Total Cost
Land	6,876
Building/Construction in Progress & Improvements	30,537
Total Cost	37,413
Accumulated Depreciation	6,765
Total Cost, Net of Accumulated Depreciation	30,648
Current Communities | Eaves Peabody
Initial Cost
Land	4,645
Building/Construction in Progress & Improvements	19,007
Costs Subsequent to Acquisition/Construction	11,781
Total Cost
Land	4,645
Building/Construction in Progress & Improvements	30,788
Total Cost	35,433
Accumulated Depreciation	8,628
Total Cost, Net of Accumulated Depreciation	26,805
Current Communities | Avalon at Bedford Center
Initial Cost
Land	4,258
Building/Construction in Progress & Improvements	20,569
Costs Subsequent to Acquisition/Construction	213
Total Cost
Land	4,258
Building/Construction in Progress & Improvements	20,782
Total Cost	25,040
Accumulated Depreciation	5,922
Total Cost, Net of Accumulated Depreciation	19,118
Current Communities | Avalon Chestnut Hill
Initial Cost
Land	14,572
Building/Construction in Progress & Improvements	45,911
Costs Subsequent to Acquisition/Construction	1,277
Total Cost
Land	14,572
Building/Construction in Progress & Improvements	47,188
Total Cost	61,760
Accumulated Depreciation	11,971
Total Cost, Net of Accumulated Depreciation	49,789
Encumbrances	39,979
Current Communities | Avalon Shrewsbury
Initial Cost
Land	5,152
Building/Construction in Progress & Improvements	30,608
Costs Subsequent to Acquisition/Construction	544
Total Cost
Land	5,152
Building/Construction in Progress & Improvements	31,152
Total Cost	36,304
Accumulated Depreciation	7,982
Total Cost, Net of Accumulated Depreciation	28,322
Encumbrances	20,464
Current Communities | Avalon Danvers
Initial Cost
Land	7,010
Building/Construction in Progress & Improvements	76,904
Costs Subsequent to Acquisition/Construction	725
Total Cost
Land	7,010
Building/Construction in Progress & Improvements	77,629
Total Cost	84,639
Accumulated Depreciation	17,168
Total Cost, Net of Accumulated Depreciation	67,471
Current Communities | Avalon at Lexington Hills
Initial Cost
Land	8,691
Building/Construction in Progress & Improvements	79,153
Costs Subsequent to Acquisition/Construction	393
Total Cost
Land	8,691
Building/Construction in Progress & Improvements	79,546
Total Cost	88,237
Accumulated Depreciation	16,581
Total Cost, Net of Accumulated Depreciation	71,656
Current Communities | Avalon Acton
Initial Cost
Land	13,124
Building/Construction in Progress & Improvements	49,935
Costs Subsequent to Acquisition/Construction	126
Total Cost
Land	13,124
Building/Construction in Progress & Improvements	50,061
Total Cost	63,185
Accumulated Depreciation	10,274
Total Cost, Net of Accumulated Depreciation	52,911
Encumbrances	45,000
Current Communities | Avalon at Hingham Shipyard
Initial Cost
Land	12,218
Building/Construction in Progress & Improvements	41,591
Costs Subsequent to Acquisition/Construction	131
Total Cost
Land	12,218
Building/Construction in Progress & Improvements	41,722
Total Cost	53,940
Accumulated Depreciation	7,548
Total Cost, Net of Accumulated Depreciation	46,392
Current Communities | Avalon Sharon
Initial Cost
Land	4,719
Building/Construction in Progress & Improvements	25,522
Costs Subsequent to Acquisition/Construction	216
Total Cost
Land	4,719
Building/Construction in Progress & Improvements	25,738
Total Cost	30,457
Accumulated Depreciation	5,074
Total Cost, Net of Accumulated Depreciation	25,383
Current Communities | Avalon Northborough
Initial Cost
Land	8,144
Building/Construction in Progress & Improvements	52,454
Costs Subsequent to Acquisition/Construction	16
Total Cost
Land	8,144
Building/Construction in Progress & Improvements	52,470
Total Cost	60,614
Accumulated Depreciation	7,277
Total Cost, Net of Accumulated Depreciation	53,337
Current Communities | Avalon Blue Hills
Initial Cost
Land	11,110
Building/Construction in Progress & Improvements	34,736
Costs Subsequent to Acquisition/Construction	62
Total Cost
Land	11,110
Building/Construction in Progress & Improvements	34,798
Total Cost	45,908
Accumulated Depreciation	5,587
Total Cost, Net of Accumulated Depreciation	40,321
Current Communities | Avalon Cohasset
Initial Cost
Land	8,802
Building/Construction in Progress & Improvements	46,162
Costs Subsequent to Acquisition/Construction	16
Total Cost
Land	8,802
Building/Construction in Progress & Improvements	46,178
Total Cost	54,980
Accumulated Depreciation	3,254
Total Cost, Net of Accumulated Depreciation	51,726
Current Communities | Avalon Andover
Initial Cost
Land	4,276
Building/Construction in Progress & Improvements	21,783
Total Cost
Land	4,276
Building/Construction in Progress & Improvements	21,783
Total Cost	26,059
Accumulated Depreciation	1,303
Total Cost, Net of Accumulated Depreciation	24,756
Encumbrances	14,821
Current Communities | Avalon at Prudential Center III
Initial Cost
Land	9,034
Building/Construction in Progress & Improvements	36,540
Costs Subsequent to Acquisition/Construction	29,873
Total Cost
Land	9,034
Building/Construction in Progress & Improvements	66,413
Total Cost	75,447
Accumulated Depreciation	23,974
Total Cost, Net of Accumulated Depreciation	51,473
Current Communities | Avalon at Prudential Center II
Initial Cost
Land	8,776
Building/Construction in Progress & Improvements	35,496
Costs Subsequent to Acquisition/Construction	17,813
Total Cost
Land	8,776
Building/Construction in Progress & Improvements	53,309
Total Cost	62,085
Accumulated Depreciation	23,197
Total Cost, Net of Accumulated Depreciation	38,888
Current Communities | Avalon at Prudential Center I
Initial Cost
Land	8,002
Building/Construction in Progress & Improvements	32,370
Costs Subsequent to Acquisition/Construction	16,241
Total Cost
Land	8,002
Building/Construction in Progress & Improvements	48,611
Total Cost	56,613
Accumulated Depreciation	21,150
Total Cost, Net of Accumulated Depreciation	35,463
Current Communities | Eaves Burlington
Initial Cost
Land	7,714
Building/Construction in Progress & Improvements	32,536
Costs Subsequent to Acquisition/Construction	71
Total Cost
Land	7,714
Building/Construction in Progress & Improvements	32,607
Total Cost	40,321
Accumulated Depreciation	1,185
Total Cost, Net of Accumulated Depreciation	39,136
Current Communities | Avalon Burlington
Initial Cost
Land	15,600
Building/Construction in Progress & Improvements	62,100
Costs Subsequent to Acquisition/Construction	2,150
Total Cost
Land	15,600
Building/Construction in Progress & Improvements	64,250
Total Cost	79,850
Accumulated Depreciation	153
Total Cost, Net of Accumulated Depreciation	79,697
Current Communities | Avalon Bear Hill
Initial Cost
Land	29,660
Building/Construction in Progress & Improvements	93,659
Costs Subsequent to Acquisition/Construction	5,725
Total Cost
Land	29,660
Building/Construction in Progress & Improvements	99,384
Total Cost	129,044
Accumulated Depreciation	7,305
Total Cost, Net of Accumulated Depreciation	121,739
Current Communities | Eaves North Quincy
Initial Cost
Land	12,120
Building/Construction in Progress & Improvements	39,220
Costs Subsequent to Acquisition/Construction	2,232
Total Cost
Land	12,120
Building/Construction in Progress & Improvements	41,452
Total Cost	53,572
Accumulated Depreciation	3,379
Total Cost, Net of Accumulated Depreciation	50,193
Encumbrances	37,212
Current Communities | Avalon at Fairway Hills
Initial Cost
Land	8,603
Building/Construction in Progress & Improvements	34,432
Costs Subsequent to Acquisition/Construction	15,842
Total Cost
Land	8,603
Building/Construction in Progress & Improvements	50,274
Total Cost	58,877
Accumulated Depreciation	26,655
Total Cost, Net of Accumulated Depreciation	32,222
Current Communities | Eaves Washingtonian Center I
Initial Cost
Land	2,608
Building/Construction in Progress & Improvements	11,707
Costs Subsequent to Acquisition/Construction	531
Total Cost
Land	2,608
Building/Construction in Progress & Improvements	12,238
Total Cost	14,846
Accumulated Depreciation	7,468
Total Cost, Net of Accumulated Depreciation	7,378
Encumbrances	8,401
Current Communities | Eaves Washingtonian Center II
Initial Cost
Land	1,439
Building/Construction in Progress & Improvements	6,846
Costs Subsequent to Acquisition/Construction	139
Total Cost
Land	1,439
Building/Construction in Progress & Improvements	6,985
Total Cost	8,424
Accumulated Depreciation	3,731
Total Cost, Net of Accumulated Depreciation	4,693
Current Communities | Eaves Columbia Town Center
Initial Cost
Land	8,802
Building/Construction in Progress & Improvements	35,536
Costs Subsequent to Acquisition/Construction	11,426
Total Cost
Land	8,802
Building/Construction in Progress & Improvements	46,962
Total Cost	55,764
Accumulated Depreciation	14,663
Total Cost, Net of Accumulated Depreciation	41,101
Current Communities | Avalon at Grosvenor Station
Initial Cost
Land	29,159
Building/Construction in Progress & Improvements	53,001
Costs Subsequent to Acquisition/Construction	1,765
Total Cost
Land	29,159
Building/Construction in Progress & Improvements	54,766
Total Cost	83,925
Accumulated Depreciation	18,996
Total Cost, Net of Accumulated Depreciation	64,929
Current Communities | Avalon at Traville
Initial Cost
Land	14,365
Building/Construction in Progress & Improvements	55,398
Costs Subsequent to Acquisition/Construction	620
Total Cost
Land	14,365
Building/Construction in Progress & Improvements	56,018
Total Cost	70,383
Accumulated Depreciation	19,502
Total Cost, Net of Accumulated Depreciation	50,881
Encumbrances	75,251
Current Communities | Avalon Russett
Initial Cost
Land	10,800
Building/Construction in Progress & Improvements	46,924
Costs Subsequent to Acquisition/Construction	2,491
Total Cost
Land	10,800
Building/Construction in Progress & Improvements	49,415
Total Cost	60,215
Accumulated Depreciation	3,862
Total Cost, Net of Accumulated Depreciation	56,353
Encumbrances	39,972
Current Communities | Avalon Cove
Initial Cost
Land	8,760
Building/Construction in Progress & Improvements	82,422
Costs Subsequent to Acquisition/Construction	20,320
Total Cost
Land	8,760
Building/Construction in Progress & Improvements	102,742
Total Cost	111,502
Accumulated Depreciation	50,429
Total Cost, Net of Accumulated Depreciation	61,073
Current Communities | Avalon Run
Initial Cost
Land	14,650
Building/Construction in Progress & Improvements	60,486
Costs Subsequent to Acquisition/Construction	2,494
Total Cost
Land	14,650
Building/Construction in Progress & Improvements	62,980
Total Cost	77,630
Accumulated Depreciation	21,656
Total Cost, Net of Accumulated Depreciation	55,974
Current Communities | Avalon Princeton Junction
Initial Cost
Land	5,585
Building/Construction in Progress & Improvements	22,382
Costs Subsequent to Acquisition/Construction	20,617
Total Cost
Land	5,585
Building/Construction in Progress & Improvements	42,999
Total Cost	48,584
Accumulated Depreciation	19,856
Total Cost, Net of Accumulated Depreciation	28,728
Current Communities | Avalon at Edgewater
Initial Cost
Land	14,528
Building/Construction in Progress & Improvements	60,240
Costs Subsequent to Acquisition/Construction	4,000
Total Cost
Land	14,528
Building/Construction in Progress & Improvements	64,240
Total Cost	78,768
Accumulated Depreciation	26,363
Total Cost, Net of Accumulated Depreciation	52,405
Encumbrances	76,088
Current Communities | Avalon at Florham Park
Initial Cost
Land	6,647
Building/Construction in Progress & Improvements	34,906
Costs Subsequent to Acquisition/Construction	1,907
Total Cost
Land	6,647
Building/Construction in Progress & Improvements	36,813
Total Cost	43,460
Accumulated Depreciation	16,539
Total Cost, Net of Accumulated Depreciation	26,921
Current Communities | Avalon at Freehold
Initial Cost
Land	4,119
Building/Construction in Progress & Improvements	30,514
Costs Subsequent to Acquisition/Construction	662
Total Cost
Land	4,119
Building/Construction in Progress & Improvements	31,176
Total Cost	35,295
Accumulated Depreciation	12,879
Total Cost, Net of Accumulated Depreciation	22,416
Encumbrances	35,475
Current Communities | Avalon Run East
Initial Cost
Land	6,766
Building/Construction in Progress & Improvements	45,366
Costs Subsequent to Acquisition/Construction	602
Total Cost
Land	6,766
Building/Construction in Progress & Improvements	45,968
Total Cost	52,734
Accumulated Depreciation	14,710
Total Cost, Net of Accumulated Depreciation	38,024
Encumbrances	38,013
Current Communities | Avalon Lyndhurst
Initial Cost
Land	18,620
Building/Construction in Progress & Improvements	59,879
Costs Subsequent to Acquisition/Construction	523
Total Cost
Land	18,620
Building/Construction in Progress & Improvements	60,402
Total Cost	79,022
Accumulated Depreciation	14,629
Total Cost, Net of Accumulated Depreciation	64,393
Current Communities | Avalon at Tinton Falls
Initial Cost
Land	7,939
Building/Construction in Progress & Improvements	33,173
Costs Subsequent to Acquisition/Construction	49
Total Cost
Land	7,939
Building/Construction in Progress & Improvements	33,222
Total Cost	41,161
Accumulated Depreciation	6,545
Total Cost, Net of Accumulated Depreciation	34,616
Current Communities | Avalon West Long Branch
Initial Cost
Land	2,721
Building/Construction in Progress & Improvements	22,940
Costs Subsequent to Acquisition/Construction	(1)
Total Cost
Land	2,721
Building/Construction in Progress & Improvements	22,939
Total Cost	25,660
Accumulated Depreciation	2,625
Total Cost, Net of Accumulated Depreciation	23,035
Current Communities | Avalon North Bergen
Initial Cost
Land	8,984
Building/Construction in Progress & Improvements	30,953
Costs Subsequent to Acquisition/Construction	235
Total Cost
Land	8,984
Building/Construction in Progress & Improvements	31,188
Total Cost	40,172
Accumulated Depreciation	1,671
Total Cost, Net of Accumulated Depreciation	38,501
Current Communities | Avalon at Wesmont Station
Initial Cost
Land	14,682
Building/Construction in Progress & Improvements	41,616
Costs Subsequent to Acquisition/Construction	1,161
Total Cost
Land	14,682
Building/Construction in Progress & Improvements	42,777
Total Cost	57,459
Accumulated Depreciation	2,450
Total Cost, Net of Accumulated Depreciation	55,009
Current Communities | Avalon Commons
Initial Cost
Land	4,679
Building/Construction in Progress & Improvements	28,286
Costs Subsequent to Acquisition/Construction	5,660
Total Cost
Land	4,679
Building/Construction in Progress & Improvements	33,946
Total Cost	38,625
Accumulated Depreciation	17,351
Total Cost, Net of Accumulated Depreciation	21,274
Current Communities | Eaves Nanuet
Initial Cost
Land	8,428
Building/Construction in Progress & Improvements	45,660
Costs Subsequent to Acquisition/Construction	3,280
Total Cost
Land	8,428
Building/Construction in Progress & Improvements	48,940
Total Cost	57,368
Accumulated Depreciation	26,480
Total Cost, Net of Accumulated Depreciation	30,888
Encumbrances	64,149
Current Communities | Avalon Green
Initial Cost
Land	1,820
Building/Construction in Progress & Improvements	10,525
Costs Subsequent to Acquisition/Construction	1,403
Total Cost
Land	1,820
Building/Construction in Progress & Improvements	11,928
Total Cost	13,748
Accumulated Depreciation	7,558
Total Cost, Net of Accumulated Depreciation	6,190
Current Communities | Avalon Towers
Initial Cost
Land	3,118
Building/Construction in Progress & Improvements	11,973
Costs Subsequent to Acquisition/Construction	6,614
Total Cost
Land	3,118
Building/Construction in Progress & Improvements	18,587
Total Cost	21,705
Accumulated Depreciation	10,753
Total Cost, Net of Accumulated Depreciation	10,952
Current Communities | Avalon Willow
Initial Cost
Land	6,207
Building/Construction in Progress & Improvements	40,791
Costs Subsequent to Acquisition/Construction	1,327
Total Cost
Land	6,207
Building/Construction in Progress & Improvements	42,118
Total Cost	48,325
Accumulated Depreciation	20,381
Total Cost, Net of Accumulated Depreciation	27,944
Current Communities | Avalon Court
Initial Cost
Land	9,228
Building/Construction in Progress & Improvements	50,063
Costs Subsequent to Acquisition/Construction	2,690
Total Cost
Land	9,228
Building/Construction in Progress & Improvements	52,753
Total Cost	61,981
Accumulated Depreciation	26,781
Total Cost, Net of Accumulated Depreciation	35,200
Current Communities | The Avalon
Initial Cost
Land	2,889
Building/Construction in Progress & Improvements	28,324
Costs Subsequent to Acquisition/Construction	7,948
Total Cost
Land	2,889
Building/Construction in Progress & Improvements	36,272
Total Cost	39,161
Accumulated Depreciation	14,572
Total Cost, Net of Accumulated Depreciation	24,589
Current Communities | Avalon Riverview I
Initial Cost
Building/Construction in Progress & Improvements	94,061
Costs Subsequent to Acquisition/Construction	3,593
Total Cost
Building/Construction in Progress & Improvements	97,654
Total Cost	97,654
Accumulated Depreciation	38,010
Total Cost, Net of Accumulated Depreciation	59,644
Current Communities | Avalon at Glen Cove
Initial Cost
Land	7,871
Building/Construction in Progress & Improvements	59,969
Costs Subsequent to Acquisition/Construction	993
Total Cost
Land	7,871
Building/Construction in Progress & Improvements	60,962
Total Cost	68,833
Accumulated Depreciation	19,855
Total Cost, Net of Accumulated Depreciation	48,978
Current Communities | Avalon Pines
Initial Cost
Land	8,700
Building/Construction in Progress & Improvements	62,931
Costs Subsequent to Acquisition/Construction	351
Total Cost
Land	8,700
Building/Construction in Progress & Improvements	63,282
Total Cost	71,982
Accumulated Depreciation	18,703
Total Cost, Net of Accumulated Depreciation	53,279
Current Communities | Avalon Bowery Place
Initial Cost
Land	18,575
Building/Construction in Progress & Improvements	75,009
Costs Subsequent to Acquisition/Construction	1,739
Total Cost
Land	18,575
Building/Construction in Progress & Improvements	76,748
Total Cost	95,323
Accumulated Depreciation	19,439
Total Cost, Net of Accumulated Depreciation	75,884
Encumbrances	93,800
Current Communities | Avalon at Glen Cove North
Initial Cost
Land	2,577
Building/Construction in Progress & Improvements	37,336
Costs Subsequent to Acquisition/Construction	167
Total Cost
Land	2,577
Building/Construction in Progress & Improvements	37,503
Total Cost	40,080
Accumulated Depreciation	8,726
Total Cost, Net of Accumulated Depreciation	31,354
Current Communities | Avalon Riverview North
Initial Cost
Building/Construction in Progress & Improvements	166,856
Costs Subsequent to Acquisition/Construction	2,151
Total Cost
Building/Construction in Progress & Improvements	169,007
Total Cost	169,007
Accumulated Depreciation	36,401
Total Cost, Net of Accumulated Depreciation	132,606
Current Communities | Avalon Bowery Place II
Initial Cost
Land	9,106
Building/Construction in Progress & Improvements	47,199
Costs Subsequent to Acquisition/Construction	1,384
Total Cost
Land	9,106
Building/Construction in Progress & Improvements	48,583
Total Cost	57,689
Accumulated Depreciation	10,120
Total Cost, Net of Accumulated Depreciation	47,569
Current Communities | Avalon White Plains
Initial Cost
Land	15,391
Building/Construction in Progress & Improvements	137,353
Costs Subsequent to Acquisition/Construction	11
Total Cost
Land	15,391
Building/Construction in Progress & Improvements	137,364
Total Cost	152,755
Accumulated Depreciation	22,593
Total Cost, Net of Accumulated Depreciation	130,162
Current Communities | Avalon Morningside Park
Initial Cost
Building/Construction in Progress & Improvements	114,327
Costs Subsequent to Acquisition/Construction	787
Total Cost
Building/Construction in Progress & Improvements	115,114
Total Cost	115,114
Accumulated Depreciation	20,490
Total Cost, Net of Accumulated Depreciation	94,624
Encumbrances	100,000
Current Communities | Avalon Charles Pond
Initial Cost
Land	14,715
Building/Construction in Progress & Improvements	33,640
Costs Subsequent to Acquisition/Construction	28
Total Cost
Land	14,715
Building/Construction in Progress & Improvements	33,668
Total Cost	48,383
Accumulated Depreciation	5,606
Total Cost, Net of Accumulated Depreciation	42,777
Current Communities | Avalon Fort Greene
Initial Cost
Land	83,038
Building/Construction in Progress & Improvements	218,444
Costs Subsequent to Acquisition/Construction	642
Total Cost
Land	83,038
Building/Construction in Progress & Improvements	219,086
Total Cost	302,124
Accumulated Depreciation	27,435
Total Cost, Net of Accumulated Depreciation	274,689
Current Communities | Avalon Rockville Centre
Initial Cost
Land	32,212
Building/Construction in Progress & Improvements	78,622
Total Cost
Land	32,212
Building/Construction in Progress & Improvements	78,622
Total Cost	110,834
Accumulated Depreciation	5,587
Total Cost, Net of Accumulated Depreciation	105,247
Current Communities | Avalon Green II
Initial Cost
Land	27,724
Building/Construction in Progress & Improvements	76,825
Total Cost
Land	27,724
Building/Construction in Progress & Improvements	76,825
Total Cost	104,549
Accumulated Depreciation	4,596
Total Cost, Net of Accumulated Depreciation	99,953
Current Communities | Avalon Westbury
Initial Cost
Land	69,620
Building/Construction in Progress & Improvements	43,781
Costs Subsequent to Acquisition/Construction	5,809
Total Cost
Land	69,620
Building/Construction in Progress & Improvements	49,590
Total Cost	119,210
Accumulated Depreciation	7,036
Total Cost, Net of Accumulated Depreciation	112,174
Encumbrances	83,460
Current Communities | Avalon Midtown West
Initial Cost
Land	154,740
Building/Construction in Progress & Improvements	180,243
Costs Subsequent to Acquisition/Construction	11,788
Total Cost
Land	154,740
Building/Construction in Progress & Improvements	192,031
Total Cost	346,771
Accumulated Depreciation	16,875
Total Cost, Net of Accumulated Depreciation	329,896
Encumbrances	100,500
Current Communities | Avalon Clinton North
Initial Cost
Land	84,058
Building/Construction in Progress & Improvements	105,831
Costs Subsequent to Acquisition/Construction	5,971
Total Cost
Land	84,058
Building/Construction in Progress & Improvements	111,802
Total Cost	195,860
Accumulated Depreciation	8,969
Total Cost, Net of Accumulated Depreciation	186,891
Encumbrances	147,000
Current Communities | Avalon Clinton South
Initial Cost
Land	71,412
Building/Construction in Progress & Improvements	89,860
Costs Subsequent to Acquisition/Construction	5,167
Total Cost
Land	71,412
Building/Construction in Progress & Improvements	95,027
Total Cost	166,439
Accumulated Depreciation	7,698
Total Cost, Net of Accumulated Depreciation	158,741
Encumbrances	121,500
Current Communities | Oakwood Philadelphia
Initial Cost
Land	3,100
Building/Construction in Progress & Improvements	22,342
Costs Subsequent to Acquisition/Construction	793
Total Cost
Land	3,100
Building/Construction in Progress & Improvements	23,135
Total Cost	26,235
Accumulated Depreciation	1,313
Total Cost, Net of Accumulated Depreciation	24,922
Encumbrances	10,427
Current Communities | Avalon at Center Place
Initial Cost
Building/Construction in Progress & Improvements	26,816
Costs Subsequent to Acquisition/Construction	10,230
Total Cost
Building/Construction in Progress & Improvements	37,046
Total Cost	37,046
Accumulated Depreciation	18,410
Total Cost, Net of Accumulated Depreciation	18,636
Current Communities | Archstone Lexington
Initial Cost
Land	5,050
Building/Construction in Progress & Improvements	25,436
Costs Subsequent to Acquisition/Construction	1,622
Total Cost
Land	5,050
Building/Construction in Progress & Improvements	27,058
Total Cost	32,108
Accumulated Depreciation	2,501
Total Cost, Net of Accumulated Depreciation	29,607
Encumbrances	16,780
Current Communities | Archstone Memorial Heights
Initial Cost
Land	37,070
Building/Construction in Progress & Improvements	45,981
Costs Subsequent to Acquisition/Construction	4,300
Total Cost
Land	37,070
Building/Construction in Progress & Improvements	50,281
Total Cost	87,351
Accumulated Depreciation	5,680
Total Cost, Net of Accumulated Depreciation	81,671
Current Communities | Eaves Fair Lakes
Initial Cost
Land	6,096
Building/Construction in Progress & Improvements	24,400
Costs Subsequent to Acquisition/Construction	8,036
Total Cost
Land	6,096
Building/Construction in Progress & Improvements	32,436
Total Cost	38,532
Accumulated Depreciation	16,615
Total Cost, Net of Accumulated Depreciation	21,917
Current Communities | AVA Ballston
Initial Cost
Land	7,291
Building/Construction in Progress & Improvements	29,177
Costs Subsequent to Acquisition/Construction	16,117
Total Cost
Land	7,291
Building/Construction in Progress & Improvements	45,294
Total Cost	52,585
Accumulated Depreciation	22,558
Total Cost, Net of Accumulated Depreciation	30,027
Current Communities | Eaves Fairfax City
Initial Cost
Land	2,152
Building/Construction in Progress & Improvements	8,907
Costs Subsequent to Acquisition/Construction	5,390
Total Cost
Land	2,152
Building/Construction in Progress & Improvements	14,297
Total Cost	16,449
Accumulated Depreciation	6,068
Total Cost, Net of Accumulated Depreciation	10,381
Current Communities | Avalon Crescent
Initial Cost
Land	13,851
Building/Construction in Progress & Improvements	43,397
Costs Subsequent to Acquisition/Construction	1,455
Total Cost
Land	13,851
Building/Construction in Progress & Improvements	44,852
Total Cost	58,703
Accumulated Depreciation	25,130
Total Cost, Net of Accumulated Depreciation	33,573
Current Communities | Avalon at Arlington Square
Initial Cost
Land	22,041
Building/Construction in Progress & Improvements	90,296
Costs Subsequent to Acquisition/Construction	2,493
Total Cost
Land	22,041
Building/Construction in Progress & Improvements	92,789
Total Cost	114,830
Accumulated Depreciation	39,615
Total Cost, Net of Accumulated Depreciation	75,215
Current Communities | Fairfax Towers
Initial Cost
Land	17,889
Building/Construction in Progress & Improvements	74,727
Costs Subsequent to Acquisition/Construction	639
Total Cost
Land	17,889
Building/Construction in Progress & Improvements	75,366
Total Cost	93,255
Accumulated Depreciation	6,979
Total Cost, Net of Accumulated Depreciation	86,276
Current Communities | Avalon Ballston Place
Initial Cost
Land	38,530
Building/Construction in Progress & Improvements	123,605
Costs Subsequent to Acquisition/Construction	3,647
Total Cost
Land	38,530
Building/Construction in Progress & Improvements	127,252
Total Cost	165,782
Accumulated Depreciation	7,218
Total Cost, Net of Accumulated Depreciation	158,564
Current Communities | Eaves Tysons Corner
Initial Cost
Land	13,690
Building/Construction in Progress & Improvements	47,760
Costs Subsequent to Acquisition/Construction	2,240
Total Cost
Land	13,690
Building/Construction in Progress & Improvements	50,000
Total Cost	63,690
Accumulated Depreciation	3,615
Total Cost, Net of Accumulated Depreciation	60,075
Current Communities | Archstone Ballston Square
Initial Cost
Land	71,720
Building/Construction in Progress & Improvements	215,857
Costs Subsequent to Acquisition/Construction	9,506
Total Cost
Land	71,720
Building/Construction in Progress & Improvements	225,363
Total Cost	297,083
Accumulated Depreciation	15,924
Total Cost, Net of Accumulated Depreciation	281,159
Current Communities | Archstone Courthouse Place
Initial Cost
Land	56,630
Building/Construction in Progress & Improvements	177,952
Costs Subsequent to Acquisition/Construction	7,799
Total Cost
Land	56,630
Building/Construction in Progress & Improvements	185,751
Total Cost	242,381
Accumulated Depreciation	12,795
Total Cost, Net of Accumulated Depreciation	229,586
Encumbrances	140,332
Current Communities | Avalon Reston Landing
Initial Cost
Land	28,280
Building/Construction in Progress & Improvements	81,514
Costs Subsequent to Acquisition/Construction	4,127
Total Cost
Land	28,280
Building/Construction in Progress & Improvements	85,641
Total Cost	113,921
Accumulated Depreciation	6,640
Total Cost, Net of Accumulated Depreciation	107,281
Current Communities | Oakwood Arlington
Initial Cost
Land	18,930
Building/Construction in Progress & Improvements	38,465
Costs Subsequent to Acquisition/Construction	1,840
Total Cost
Land	18,930
Building/Construction in Progress & Improvements	40,305
Total Cost	59,235
Accumulated Depreciation	2,980
Total Cost, Net of Accumulated Depreciation	56,255
Encumbrances	42,703
Current Communities | Avalon Redmond Place
Initial Cost
Land	4,558
Building/Construction in Progress & Improvements	18,368
Costs Subsequent to Acquisition/Construction	9,593
Total Cost
Land	4,558
Building/Construction in Progress & Improvements	27,961
Total Cost	32,519
Accumulated Depreciation	13,534
Total Cost, Net of Accumulated Depreciation	18,985
Current Communities | Avalon at Bear Creek
Initial Cost
Land	6,786
Building/Construction in Progress & Improvements	27,641
Costs Subsequent to Acquisition/Construction	3,295
Total Cost
Land	6,786
Building/Construction in Progress & Improvements	30,936
Total Cost	37,722
Accumulated Depreciation	16,170
Total Cost, Net of Accumulated Depreciation	21,552
Current Communities | Avalon Bellevue
Initial Cost
Land	6,664
Building/Construction in Progress & Improvements	24,119
Costs Subsequent to Acquisition/Construction	1,633
Total Cost
Land	6,664
Building/Construction in Progress & Improvements	25,752
Total Cost	32,416
Accumulated Depreciation	11,190
Total Cost, Net of Accumulated Depreciation	21,226
Encumbrances	25,856
Current Communities | Avalon RockMeadow
Initial Cost
Land	4,777
Building/Construction in Progress & Improvements	19,765
Costs Subsequent to Acquisition/Construction	1,651
Total Cost
Land	4,777
Building/Construction in Progress & Improvements	21,416
Total Cost	26,193
Accumulated Depreciation	9,806
Total Cost, Net of Accumulated Depreciation	16,387
Current Communities | Avalon ParcSquare
Initial Cost
Land	3,789
Building/Construction in Progress & Improvements	15,139
Costs Subsequent to Acquisition/Construction	2,343
Total Cost
Land	3,789
Building/Construction in Progress & Improvements	17,482
Total Cost	21,271
Accumulated Depreciation	7,900
Total Cost, Net of Accumulated Depreciation	13,371
Current Communities | Avalon Brandemoor
Initial Cost
Land	8,608
Building/Construction in Progress & Improvements	36,679
Costs Subsequent to Acquisition/Construction	1,615
Total Cost
Land	8,608
Building/Construction in Progress & Improvements	38,294
Total Cost	46,902
Accumulated Depreciation	16,740
Total Cost, Net of Accumulated Depreciation	30,162
Current Communities | AVA Belltown
Initial Cost
Land	5,644
Building/Construction in Progress & Improvements	12,733
Costs Subsequent to Acquisition/Construction	821
Total Cost
Land	5,644
Building/Construction in Progress & Improvements	13,554
Total Cost	19,198
Accumulated Depreciation	5,805
Total Cost, Net of Accumulated Depreciation	13,393
Current Communities | Avalon Meydenbauer
Initial Cost
Land	12,697
Building/Construction in Progress & Improvements	77,451
Costs Subsequent to Acquisition/Construction	1,191
Total Cost
Land	12,697
Building/Construction in Progress & Improvements	78,642
Total Cost	91,339
Accumulated Depreciation	15,319
Total Cost, Net of Accumulated Depreciation	76,020
Current Communities | Avalon Towers Bellevue
Initial Cost
Building/Construction in Progress & Improvements	123,020
Costs Subsequent to Acquisition/Construction	247
Total Cost
Building/Construction in Progress & Improvements	123,267
Total Cost	123,267
Accumulated Depreciation	14,551
Total Cost, Net of Accumulated Depreciation	108,716
Current Communities | AVA Queen Anne
Initial Cost
Land	12,081
Building/Construction in Progress & Improvements	41,699
Costs Subsequent to Acquisition/Construction	5
Total Cost
Land	12,081
Building/Construction in Progress & Improvements	41,704
Total Cost	53,785
Accumulated Depreciation	2,802
Total Cost, Net of Accumulated Depreciation	50,983
Current Communities | Avalon Brandemoor II
Initial Cost
Land	2,655
Building/Construction in Progress & Improvements	11,343
Total Cost
Land	2,655
Building/Construction in Progress & Improvements	11,343
Total Cost	13,998
Accumulated Depreciation	1,021
Total Cost, Net of Accumulated Depreciation	12,977
Current Communities | Eaves Redmond Campus
Initial Cost
Land	24,370
Building/Construction in Progress & Improvements	86,211
Costs Subsequent to Acquisition/Construction	4,042
Total Cost
Land	24,370
Building/Construction in Progress & Improvements	90,253
Total Cost	114,623
Accumulated Depreciation	6,901
Total Cost, Net of Accumulated Depreciation	107,722
Current Communities | Archstone Redmond Lakeview
Initial Cost
Land	10,580
Building/Construction in Progress & Improvements	26,512
Costs Subsequent to Acquisition/Construction	1,368
Total Cost
Land	10,580
Building/Construction in Progress & Improvements	27,880
Total Cost	38,460
Accumulated Depreciation	2,227
Total Cost, Net of Accumulated Depreciation	36,233
Development Communities
Initial Cost
Land	197,886
Building/Construction in Progress & Improvements	781,481
Costs Subsequent to Acquisition/Construction	1,520,061
Total Cost
Land	197,886
Building/Construction in Progress & Improvements	2,301,542
Total Cost	2,499,428
Accumulated Depreciation	20,510
Total Cost, Net of Accumulated Depreciation	2,478,918
Encumbrances	142,061
Development Communities | Avalon Irvine II
Initial Cost
Land	4,358
Building/Construction in Progress & Improvements	40,871
Total Cost
Land	4,358
Building/Construction in Progress & Improvements	40,871
Total Cost	45,229
Accumulated Depreciation	1,301
Total Cost, Net of Accumulated Depreciation	43,928
Development Communities | AVA Little Tokyo
Initial Cost
Building/Construction in Progress & Improvements	198
Costs Subsequent to Acquisition/Construction	62,040
Total Cost
Building/Construction in Progress & Improvements	62,238
Total Cost	62,238
Total Cost, Net of Accumulated Depreciation	62,238
Development Communities | Avalon Dublin Station II
Initial Cost
Building/Construction in Progress & Improvements	753
Costs Subsequent to Acquisition/Construction	73,346
Total Cost
Building/Construction in Progress & Improvements	74,099
Total Cost	74,099
Total Cost, Net of Accumulated Depreciation	74,099
Development Communities | AVA 55 Ninth
Initial Cost
Building/Construction in Progress & Improvements	1,183
Costs Subsequent to Acquisition/Construction	99,675
Total Cost
Building/Construction in Progress & Improvements	100,858
Total Cost	100,858
Total Cost, Net of Accumulated Depreciation	100,858
Development Communities | Avalon Morrison Park
Initial Cost
Building/Construction in Progress & Improvements	760
Costs Subsequent to Acquisition/Construction	67,683
Total Cost
Building/Construction in Progress & Improvements	68,443
Total Cost	68,443
Total Cost, Net of Accumulated Depreciation	68,443
Development Communities | Avalon San Dimas
Initial Cost
Costs Subsequent to Acquisition/Construction	18,729
Total Cost
Building/Construction in Progress & Improvements	18,729
Total Cost	18,729
Total Cost, Net of Accumulated Depreciation	18,729
Development Communities | Avalon Hayes Valley
Initial Cost
Building/Construction in Progress & Improvements	113
Costs Subsequent to Acquisition/Construction	38,939
Total Cost
Building/Construction in Progress & Improvements	39,052
Total Cost	39,052
Total Cost, Net of Accumulated Depreciation	39,052
Development Communities | Avalon Glendora
Initial Cost
Building/Construction in Progress & Improvements	53
Costs Subsequent to Acquisition/Construction	22,999
Total Cost
Building/Construction in Progress & Improvements	23,052
Total Cost	23,052
Total Cost, Net of Accumulated Depreciation	23,052
Development Communities | Avalon Vista
Initial Cost
Costs Subsequent to Acquisition/Construction	15,349
Total Cost
Building/Construction in Progress & Improvements	15,349
Total Cost	15,349
Total Cost, Net of Accumulated Depreciation	15,349
Development Communities | Avalon Baker Ranch
Initial Cost
Costs Subsequent to Acquisition/Construction	34,803
Total Cost
Building/Construction in Progress & Improvements	34,803
Total Cost	34,803
Total Cost, Net of Accumulated Depreciation	34,803
Development Communities | Avalon Berkeley
Initial Cost
Building/Construction in Progress & Improvements	167
Costs Subsequent to Acquisition/Construction	22,929
Total Cost
Building/Construction in Progress & Improvements	23,096
Total Cost	23,096
Total Cost, Net of Accumulated Depreciation	23,096
Development Communities | Eaves West Valley II
Initial Cost
Building/Construction in Progress & Improvements	17,291
Total Cost
Building/Construction in Progress & Improvements	17,291
Total Cost	17,291
Accumulated Depreciation	114
Total Cost, Net of Accumulated Depreciation	17,177
Development Communities | Avalon Shelton
Initial Cost
Land	7,779
Building/Construction in Progress & Improvements	40,406
Total Cost
Land	7,779
Building/Construction in Progress & Improvements	40,406
Total Cost	48,185
Accumulated Depreciation	770
Total Cost, Net of Accumulated Depreciation	47,415
Development Communities | Avalon East Norwalk
Initial Cost
Land	10,224
Building/Construction in Progress & Improvements	35,864
Costs Subsequent to Acquisition/Construction	1
Total Cost
Land	10,224
Building/Construction in Progress & Improvements	35,865
Total Cost	46,089
Accumulated Depreciation	292
Total Cost, Net of Accumulated Depreciation	45,797
Development Communities | Avalon at Stratford
Initial Cost
Building/Construction in Progress & Improvements	28
Costs Subsequent to Acquisition/Construction	13,370
Total Cost
Building/Construction in Progress & Improvements	13,398
Total Cost	13,398
Total Cost, Net of Accumulated Depreciation	13,398
Development Communities | AVA H Street
Initial Cost
Land	7,412
Building/Construction in Progress & Improvements	25,481
Total Cost
Land	7,412
Building/Construction in Progress & Improvements	25,481
Total Cost	32,893
Accumulated Depreciation	811
Total Cost, Net of Accumulated Depreciation	32,082
Development Communities | Archstone First & M
Initial Cost
Land	51,000
Building/Construction in Progress & Improvements	146,650
Costs Subsequent to Acquisition/Construction	2,387
Total Cost
Land	51,000
Building/Construction in Progress & Improvements	149,037
Total Cost	200,037
Accumulated Depreciation	6,655
Total Cost, Net of Accumulated Depreciation	193,382
Encumbrances	142,061
Development Communities | Avalon Exeter
Initial Cost
Building/Construction in Progress & Improvements	980
Costs Subsequent to Acquisition/Construction	94,599
Total Cost
Building/Construction in Progress & Improvements	95,579
Total Cost	95,579
Total Cost, Net of Accumulated Depreciation	95,579
Development Communities | Avalon Natick
Initial Cost
Land	15,637
Building/Construction in Progress & Improvements	63,487
Total Cost
Land	15,637
Building/Construction in Progress & Improvements	63,487
Total Cost	79,124
Accumulated Depreciation	1,084
Total Cost, Net of Accumulated Depreciation	78,040
Development Communities | Avalon/AVA Assembly Row
Initial Cost
Building/Construction in Progress & Improvements	457
Costs Subsequent to Acquisition/Construction	99,423
Total Cost
Building/Construction in Progress & Improvements	99,880
Total Cost	99,880
Total Cost, Net of Accumulated Depreciation	99,880
Development Communities | AVA Stuart Street
Initial Cost
Costs Subsequent to Acquisition/Construction	52,037
Total Cost
Building/Construction in Progress & Improvements	52,037
Total Cost	52,037
Total Cost, Net of Accumulated Depreciation	52,037
Development Communities | Avalon Canton
Initial Cost
Building/Construction in Progress & Improvements	90
Costs Subsequent to Acquisition/Construction	20,548
Total Cost
Building/Construction in Progress & Improvements	20,638
Total Cost	20,638
Total Cost, Net of Accumulated Depreciation	20,638
Development Communities | Avalon Hackensack
Initial Cost
Building/Construction in Progress & Improvements	44,270
Total Cost
Building/Construction in Progress & Improvements	44,270
Total Cost	44,270
Accumulated Depreciation	675
Total Cost, Net of Accumulated Depreciation	43,595
Development Communities | Avalon Somerset
Initial Cost
Land	18,241
Building/Construction in Progress & Improvements	57,652
Costs Subsequent to Acquisition/Construction	1
Total Cost
Land	18,241
Building/Construction in Progress & Improvements	57,653
Total Cost	75,894
Accumulated Depreciation	1,230
Total Cost, Net of Accumulated Depreciation	74,664
Development Communities | Avalon at Wesmont Station II
Initial Cost
Land	6,502
Building/Construction in Progress & Improvements	16,309
Total Cost
Land	6,502
Building/Construction in Progress & Improvements	16,309
Total Cost	22,811
Accumulated Depreciation	348
Total Cost, Net of Accumulated Depreciation	22,463
Development Communities | Avalon Bloomingdale
Initial Cost
Land	1,801
Building/Construction in Progress & Improvements	17,616
Costs Subsequent to Acquisition/Construction	9,414
Total Cost
Land	1,801
Building/Construction in Progress & Improvements	27,030
Total Cost	28,831
Accumulated Depreciation	105
Total Cost, Net of Accumulated Depreciation	28,726
Development Communities | Avalon Wharton
Initial Cost
Building/Construction in Progress & Improvements	28
Costs Subsequent to Acquisition/Construction	20,505
Total Cost
Building/Construction in Progress & Improvements	20,533
Total Cost	20,533
Total Cost, Net of Accumulated Depreciation	20,533
Development Communities | Avalon Bloomfield Station
Initial Cost
Building/Construction in Progress & Improvements	33
Costs Subsequent to Acquisition/Construction	12,299
Total Cost
Building/Construction in Progress & Improvements	12,332
Total Cost	12,332
Total Cost, Net of Accumulated Depreciation	12,332
Development Communities | Avalon West Chelsea/AVA High Line
Initial Cost
Building/Construction in Progress & Improvements	2,502
Costs Subsequent to Acquisition/Construction	226,448
Total Cost
Building/Construction in Progress & Improvements	228,950
Total Cost	228,950
Total Cost, Net of Accumulated Depreciation	228,950
Development Communities | Avalon Garden City
Initial Cost
Land	18,200
Building/Construction in Progress & Improvements	49,283
Total Cost
Land	18,200
Building/Construction in Progress & Improvements	49,283
Total Cost	67,483
Accumulated Depreciation	2,241
Total Cost, Net of Accumulated Depreciation	65,242
Development Communities | Avalon Ossining
Initial Cost
Building/Construction in Progress & Improvements	64
Costs Subsequent to Acquisition/Construction	24,704
Total Cost
Building/Construction in Progress & Improvements	24,768
Total Cost	24,768
Total Cost, Net of Accumulated Depreciation	24,768
Development Communities | Avalon Huntington Station
Initial Cost
Building/Construction in Progress & Improvements	302
Costs Subsequent to Acquisition/Construction	48,619
Total Cost
Building/Construction in Progress & Improvements	48,921
Total Cost	48,921
Total Cost, Net of Accumulated Depreciation	48,921
Development Communities | Avalon Willoughby Square/AVA DoBro
Initial Cost
Building/Construction in Progress & Improvements	19
Costs Subsequent to Acquisition/Construction	172,253
Total Cost
Building/Construction in Progress & Improvements	172,272
Total Cost	172,272
Total Cost, Net of Accumulated Depreciation	172,272
Development Communities | Archstone Toscano
Initial Cost
Land	11,515
Building/Construction in Progress & Improvements	53,802
Costs Subsequent to Acquisition/Construction	21,102
Total Cost
Land	11,515
Building/Construction in Progress & Improvements	74,904
Total Cost	86,419
Accumulated Depreciation	943
Total Cost, Net of Accumulated Depreciation	85,476
Development Communities | Archstone Memorial Heights Phase 1
Initial Cost
Building/Construction in Progress & Improvements	333
Costs Subsequent to Acquisition/Construction	35,587
Total Cost
Building/Construction in Progress & Improvements	35,920
Total Cost	35,920
Total Cost, Net of Accumulated Depreciation	35,920
Development Communities | Avalon Park Crest
Initial Cost
Land	13,554
Building/Construction in Progress & Improvements	63,488
Total Cost
Land	13,554
Building/Construction in Progress & Improvements	63,488
Total Cost	77,042
Accumulated Depreciation	2,543
Total Cost, Net of Accumulated Depreciation	74,499
Development Communities | Avalon Mosaic
Initial Cost
Land	9,727
Building/Construction in Progress & Improvements	25,746
Costs Subsequent to Acquisition/Construction	74,837
Total Cost
Land	9,727
Building/Construction in Progress & Improvements	100,583
Total Cost	110,310
Accumulated Depreciation	155
Total Cost, Net of Accumulated Depreciation	110,155
Development Communities | Avalon Arlington North
Initial Cost
Building/Construction in Progress & Improvements	940
Costs Subsequent to Acquisition/Construction	68,584
Total Cost
Building/Construction in Progress & Improvements	69,524
Total Cost	69,524
Total Cost, Net of Accumulated Depreciation	69,524
Development Communities | AVA Ballard
Initial Cost
Land	16,460
Building/Construction in Progress & Improvements	46,661
Total Cost
Land	16,460
Building/Construction in Progress & Improvements	46,661
Total Cost	63,121
Accumulated Depreciation	1,060
Total Cost, Net of Accumulated Depreciation	62,061
Development Communities | AVA University District
Initial Cost
Land	5,476
Building/Construction in Progress & Improvements	27,512
Costs Subsequent to Acquisition/Construction	35,652
Total Cost
Land	5,476
Building/Construction in Progress & Improvements	63,164
Total Cost	68,640
Accumulated Depreciation	183
Total Cost, Net of Accumulated Depreciation	68,457
Development Communities | Avalon Alderwood I
Initial Cost
Building/Construction in Progress & Improvements	89
Costs Subsequent to Acquisition/Construction	31,199
Total Cost
Building/Construction in Progress & Improvements	31,288
Total Cost	31,288
Total Cost, Net of Accumulated Depreciation	31,288
Land held for development
Initial Cost
Land	300,364
Total Cost
Land	300,364
Total Cost	300,364
Total Cost, Net of Accumulated Depreciation	300,364
Corporate overhead
Initial Cost
Land	37,362
Building/Construction in Progress & Improvements	21,323
Costs Subsequent to Acquisition/Construction	66,447
Total Cost
Land	37,362
Building/Construction in Progress & Improvements	87,770
Total Cost	125,132
Accumulated Depreciation	45,603
Total Cost, Net of Accumulated Depreciation	79,529
Encumbrances	$ 2,600,000