Detail of the real estate and associated funding underlying the Company’s unconsolidated investments is presented in the following table (unaudited, dollars in thousands):


	Company			# of		Total		Debt
	Ownership			Apartment		Capitalized					Interest			Maturity
Unconsolidated Real Estate Investments	Percentage			Homes		Cost (1)		Amount (2)		Type	Rate (3)			Date

Fund I
1. Avalon at Redondo Beach - Los Angeles, CA					105	$	24,624	$	21,033	Fixed		4.87	%	Oct 2011
2. Avalon Lakeside - Chicago, IL					204		18,491		12,056	Fixed		5.74	%	Mar 2012
3. Avalon Columbia - Baltimore, MD					170		29,410		22,275	Fixed		5.48	%	Apr 2013
4. Avalon Sunset - Los Angeles, CA					82		20,903		12,750	Fixed		5.41	%	Mar 2014
5. Avalon at Poplar Creek - Chicago, IL					196		28,097		16,500	Fixed		4.83	%	Oct 2013
6. Avalon at Civic Center - Norwalk, CA					192		42,756		27,001	Fixed		5.38	%	Aug 2013
7. Avalon Paseo Place - Fremont, CA					134		25,078		11,800	Fixed		5.74	%	Nov 2014
8. Avalon at Yerba Buena - San Francisco, CA					160		66,813		41,500	Fixed		5.88	%	Mar 2014
9. Avalon at Aberdeen Station - Aberdeen, NJ					290		58,587		39,842	Fixed		5.64	%	Sep 2013
10. The Springs - Corona, CA (4)					320		29,875		23,717	Fixed		6.06	%	Oct 2014
11. Avalon Lombard - Lombard, IL					256		35,323		17,243	Fixed		5.43	%	Jan 2014
12. Avalon Cedar Place - Columbia, MD					156		24,505		12,000	Fixed		5.68	%	Feb 2015
13. Avalon Centerpoint - Baltimore, MD (5)					392		80,259		45,000	Fixed		5.74	%	Dec 2014
14. Middlesex Crossing - Billerica, MA					252		38,386		24,100	Fixed		5.49	%	Dec 2014
15. Avalon Crystal Hill - Ponoma, NY					168		38,645		24,500	Fixed		5.43	%	Dec 2014
16. Avalon Skyway - San Jose, CA					348		78,251		37,500	Fixed		6.11	%	Mar 2014
17. Avalon Rutherford Station - East Rutherford, NJ					108		36,821		19,627	Fixed		6.13	%	Sep 2016
18. South Hills Apartments - West Covina, CA					85		24,756		11,761	Fixed		5.92	%	Oct 2014
19. Weymouth Place - Weymouth, MA					211		25,298		13,455	Fixed		5.12	%	Mar 2015

Total Fund I		15.2	%		3,829	$	726,878	$	433,660			5.6	%


Fund II
1. Avalon Bellevue Park - Bellevue, WA					220	$	33,993	$	21,515	Fixed		5.52	%	Jun 2019
2. Avalon Fair Oaks - Fairfax, VA					491		72,100		42,600	Fixed		5.26	%	May 2017
3. Avalon Rothbury - Gaithersburg, MD					203		31,481		18,750	Variable		2.78	%	Jun 2017
4. The Apartments at Briarwood - Owings Mills, MD					348		45,125		26,850	Fixed		3.64	%	Nov 2017
5. Grove Park Apartments - Gaithersburg, MD					684		101,899		63,200	Fixed		5.42	%	Jan 2018
6. Creekside Meadows - Tustin, CA					628		99,793		59,100	Fixed		3.81	%	Oct 2017
7. Canyonwoods - Lake Forest, CA					140		25,316		—	N/A		N/A		N/A
8. Fox Run Apartments - Plainsboro, NJ (6)					776		86,727		54,509	Fixed		4.56	%	Nov 2014
9. Waterstone Carlsbad - Carlsbad, CA					448		78,509		46,141	Fixed		4.68	%	Feb 2018
10. Yale Village - Rockville, MD					210		49,500		—	N/A		N/A		N/A
Fund II corporate debt					N/A		N/A		61,500	Variable		2.69	%	Dec 2011

Total Fund II		31.3	%		4,148	$	624,443	$	394,165			4.3	%


Other Operating Joint Ventures
1. Avalon Chrystie Place I - New York, NY (7)		20.0	%		361	$	136,544	$	117,000	Variable		0.81	%	Nov 2036
2. Avalon at Mission Bay North II - San Francisco, CA (8)		25.0	%		313		124,031		105,000	Fixed		6.02	%	Dec 2015
3. Avalon Del Rey - Los Angeles, CA		30.0	%		309		70,053		44,692	Variable		3.53	%	Apr 2016
Other Development Joint Ventures
1. Aria at Hathorne - Danvers, MA (8) (9) (10)		50.0	%		64		N/A		1,860	Variable		7.98	%	Jun 2010

Total Other Joint Ventures					1,047	$	330,628	$	268,552			3.3	%


Total Unconsolidated Investments					9,024	$	1,681,949	$	1,096,377			4.6	%

(1)	Represents total capitalized cost as of June 30, 2011.

(2)	The Company has not guaranteed the debt of its unconsolidated investees and bears no responsibility for the repayment, other than the construction and completion and related financing guarantee for Avalon Chrystie Place I associated with the construction completion and occupancy certificate.

(3)	Represents weighted average rate on outstanding debt as of June 30, 2011.

(4)	Beginning in the third quarter of 2010, the Company consolidated the net assets and results of operations of The Springs.

(5)	Borrowing on this community is comprised of three mortgage loans.

(6)	Borrowing on this community is comprised of two mortgage loans.

(7)	After the venture makes certain threshold distributions to the third-party partner, the Company generally receives 50% of all further distributions.

(8)	The Company has contributed land, receiving capital credit for the fair value upon contribution, as its only capital contribution to this development.

(9)	After the venture makes certain threshold distributions to the Company, the Company receives 50% of all further distributions.

(10)

The loan for this venture matured in June 2010. As of June 30, 2011, the amounts under this borrowing have not been repaid, and the venture is negotiating an extension or refinancing of the amounts outstanding. As of June 30, 2011, the lender has declared an event of default with respect to the note and required the venture to pay a default rate of interest, the impact of which is not material to the Company. Although the Company has not guaranteed the debt of Aria at Hathorne nor does it have any obligation to fund the debt should the venture be unable to do so, the Company has the right to cure any event of default by the venture.