10-K/A: Annual report pursuant to Section 13 and 15(d)
Published on July 23, 2003
SECURITIES AND EXCHANGE COMMISSION
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2002
Commission file number 1-12672
AVALONBAY COMMUNITIES, INC.
Maryland (State or other jurisdiction of incorporation or organization) |
77-0404318 (I.R.S. Employer Identification No.) |
2900 Eisenhower Avenue, Suite 300
Alexandria, Virginia 22314
(Address of principal executive office, including zip code)
(703) 329-6300
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $.01 per share | New York Stock Exchange, Pacific Exchange | |
8.00% Series D Cumulative Redeemable Preferred Stock, par value $.01 per share |
New York Stock Exchange, Pacific Exchange | |
8.70% Series H Cumulative Redeemable Preferred Stock, par value $.01 per share (Title of each class) |
New York Stock Exchange, Pacific Exchange (Name of each exchange on which registered) |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety (90) days.
Yes | x | No | o |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K/A or any amendment to this Form 10-K/A. o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes | x | No | o |
The aggregate market value of the Registrants Common Stock, par value $.01 per share, held by nonaffiliates of the Registrant, as of June 28, 2002 was $3,239,807,363.
The number of shares of the Registrants Common Stock, par value $.01 per share, outstanding as of February 1, 2003 was 68,149,232.
Documents Incorporated by Reference
Portions of AvalonBay Communities, Inc.s Proxy Statement for the 2003 annual meeting of stockholders, a definitive copy of which will be filed with the SEC within 120 days after the year end of the year covered by this Form 10-K/A, are incorporated by reference herein as portions of Part III of this Form 10-K/A.
Explanatory Note
AvalonBay Communities, Inc. (the Company) is filing this Form 10-K/A to amend its Annual Report on Form 10-K for the year ended December 31, 2002, which was filed with the Securities and Exchange Commission (the SEC) on March 11, 2003, (i) to update its historical financial statements for the fiscal years ended December 31, 2002, 2001 and 2000 in connection with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets and (ii) in connection with the filing of its Registration Statement on Form S-3 with the SEC on March 11, 2003, as thereafter amended.
From January 1, 2003 through March 31, 2003, the Company sold one community and reclassified six communities as real estate held for sale. In compliance with SFAS No. 144, the Company has reported the operations of these communities as discontinued operations in its quarterly report on Form 10-Q for the period ended March 31, 2003, including any comparable periods presented. Under SEC requirements, the same reclassification as discontinued operations is required for previously issued annual financial statements for each of the three years shown in the Companys most recently filed Annual Report on Form 10-K, if those financial statements are incorporated by reference in subsequent filings with the SEC made under the Securities Act of 1933, even though those financial statements relate to periods prior to the date of sale or transfer. This reclassification has no effect on the Companys reported net income available to common stockholders or funds from operations (FFO).
The following Items are amended in this Form 10-K/A, however, all Items have been presented in this Form 10-K/A in their entirety. This Form 10-K/A speaks as of the original filing date and, except as expressly provided above, has not been updated to reflect events occurring subsequent to the original filing date.
Item 1. | Business | |
Item 2. | Communities | |
Item 3. | Legal Proceedings | |
Item 6. | Selected Financial Data | |
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7a | Quantitative and Qualitative Disclosures About Market Risk | |
Item 15(a)(1) | Financial Statements |
TABLE OF CONTENTS
PAGE | ||||||||
PART I | ||||||||
ITEM 1 |
BUSINESS | 1 | ||||||
ITEM 2 |
COMMUNITIES | 8 | ||||||
ITEM 3 |
LEGAL PROCEEDINGS | 34 | ||||||
ITEM 4 |
SUBMISSION OF MATTERS TO A VOTE OF STOCKHOLDERS | 35 | ||||||
PART II | ||||||||
ITEM 5 |
MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED | |||||||
STOCKHOLDER MATTERS | 36 | |||||||
ITEM 6 |
SELECTED FINANCIAL DATA | 37 | ||||||
ITEM 7 |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL | |||||||
CONDITION AND RESULTS OF OPERATIONS | 40 | |||||||
ITEM 7a |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT | |||||||
MARKET RISK | 57 | |||||||
ITEM 8 |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 59 | ||||||
ITEM 9 |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS | |||||||
ON ACCOUNTING AND FINANCIAL DISCLOSURE | 59 | |||||||
PART III | ||||||||
ITEM 10 |
DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT | 59 | ||||||
ITEM 11 |
EXECUTIVE COMPENSATION | 59 | ||||||
ITEM 12 |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS | |||||||
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 59 | |||||||
ITEM 13 |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 60 | ||||||
ITEM 14 |
CONTROLS AND PROCEDURES | 61 | ||||||
PART IV | ||||||||
ITEM 15 |
EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND | |||||||
REPORTS ON FORM 8-K | 62 | |||||||
SIGNATURE |
67 | |||||||
CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 |
68 |
PART I
This Form 10-K/A contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results could differ materially from those set forth in each forward-looking statement. Certain factors that might cause such a difference are discussed in this report, including in the section entitled Forward-Looking Statements on page 40 of this Form 10-K/A.
ITEM 1. BUSINESS
General
AvalonBay Communities, Inc. is a Maryland corporation that has elected to be treated as a real estate investment trust, or REIT, for federal income tax purposes. We focus on the ownership and operation of upscale apartment communities (which generally command among the highest rents in their submarkets) in high barrier-to-entry markets of the United States. This is because we believe that, long term, the limited new supply of upscale apartment homes and lower housing affordability in these markets will result in larger increases in cash flows relative to other markets over an entire business cycle. These barriers-to-entry generally include a difficult and lengthy entitlement process with local jurisdictions and dense urban or suburban areas where zoned and entitled land (in-fill locations) is in limited supply. Our markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, and Northern and Southern California regions of the United States. We believe that we have penetrated substantially all of the high barrier-to-entry markets of the country.
At February 1, 2003, we owned or held a direct or indirect ownership interest in 137 operating apartment communities containing 40,179 apartment homes in eleven states and the District of Columbia, of which two communities containing 1,089 apartment homes were under reconstruction. In addition, we owned or held a direct or indirect ownership interest in 12 communities under construction that are expected to contain an aggregate of 3,429 apartment homes when completed. We also owned a direct or indirect ownership interest in rights to develop an additional 38 communities that, if developed in the manner expected, will contain an estimated 9,950 apartment homes. We generally obtain ownership in an apartment community by developing a new community on vacant land or by acquiring and either repositioning or redeveloping an existing community. In selecting sites for development, redevelopment or acquisition, we favor locations that are near expanding employment centers and convenient to recreation areas, entertainment, shopping and dining.
Our real estate investments consist of the following reportable segments: Established Communities, Other Stabilized Communities and Development/Redevelopment Communities. Established Communities are generally operating communities that were owned and had stabilized occupancy and costs as of the beginning of the prior year. Other Stabilized Communities are generally all other operating communities that have stabilized occupancy and costs as of the beginning of the current year, but had not achieved stabilization as of the beginning of the prior year. Development/Redevelopment Communities consist of communities that are under construction, communities where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up. A more detailed description of these segments and other related information can be found in Note 9, Segment Reporting, of the Consolidated Financial Statements set forth in Item 8 of this report.
Our principal financial goal is to increase long-term stockholder value by successfully and cost-effectively developing, owning and operating high-quality communities in our selected markets that contain features and amenities desired by residents, as well as by providing our residents with efficient and effective service. To help fulfill this goal, our investment policy is (i) to selectively develop, redevelop and acquire apartment communities in high barrier-to-entry markets with growing or high potential for demand and (ii) to selectively sell apartment communities that no longer meet our long-term strategy due to product type, location or relative potential for future value creation and redeploy the proceeds from those sales to develop and redevelop apartment communities. In implementing our investment policy, we endeavor to maintain a conservative capital structure to provide continuous access to cost-effective capital and ensure balance sheet flexibility.
During the three years ended December 31, 2002, we acquired 11 apartment communities, disposed of 16 apartment communities, and completed the development of 22 apartment communities and the redevelopment of seven apartment communities. We presently expect to decrease acquisition and development during 2003 as compared to
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prior years and to increase disposition activity during 2003 in response to current and anticipated real estate and capital market conditions. The level of disposition, acquisition or development activity, however, is heavily influenced by capital market conditions, including prevailing interest rates. As a result, we cannot assure you that assets can be sold on terms that we consider satisfactory. A further discussion of our development, redevelopment, disposition and acquisition strategy follows.
Development Strategy. We carefully select land for development and follow established procedures that we believe minimize both the cost and the risks of development. As one of the largest developers of multifamily apartment communities in high barrier-to-entry markets of the United States, we identify development opportunities through local market presence and access to local market information achieved through our regional offices. In addition to our principal executive offices in Alexandria, Virginia, we also maintain regional offices and administrative or specialty offices in or near the following cities:
| Boston, Massachusetts; | ||
| Chicago, Illinois; | ||
| New Canaan, Connecticut; | ||
| New York, New York; | ||
| Newport Beach, California; | ||
| San Jose, California; | ||
| Seattle, Washington; and | ||
| Woodbridge, New Jersey. |
After selecting a target site, we usually negotiate for the right to acquire the site either through an option or a long-term conditional contract. Options and long-term conditional contracts generally enable us to acquire the target site shortly before the start of construction, which reduces development-related risks as well as preserves capital. After we acquire land, we generally shift our focus to construction. Except for certain mid-rise and high-rise apartment communities where we may elect to use third-party general contractors or construction managers, we act as our own general contractor and construction manager. We believe this enables us to achieve higher construction quality, greater control over construction schedules and significant cost savings. Our development, property management and construction teams monitor construction progress to ensure high-quality workmanship and a smooth and timely transition into the leasing and operational phase.
During the development process, we generally act as our own construction manager and general contractor. We perform these functions directly (and not through a subsidiary) both for ourselves and for the joint ventures and partnerships of which we are a member or a partner. From time to time, in lieu of managing construction ourselves, we will hire a third-party construction manager, particularly for high-rise construction.
Throughout this report, the term development has been used to refer to the entire property development cycle, including pursuit of zoning approvals, procurement of architectural and engineering designs and the construction process. References to construction refer only to one element of the development cycle the actual construction of the property.
Redevelopment Strategy. When we undertake the redevelopment of a community, our goal is to generally renovate and/or rebuild an existing community so that our total investment is significantly below replacement cost and the community is the highest quality apartment community or best rental value for an upscale apartment community in its local area. We have established procedures to minimize both the cost and risks of redevelopment. Our redevelopment teams, which include key redevelopment, construction and property management personnel, monitor redevelopment progress. We believe we achieve significant cost savings by acting as our own general contractor. More importantly, this helps to ensure high-quality design and workmanship and a smooth and timely transition into the lease-up and restabilization phase.
Throughout this report, the term redevelopment has been used to refer to the entire redevelopment cycle planning and procurement of architectural and engineering designs, budgeting and actual renovation work. The actual renovation work is referred to as reconstruction and is only one element of the redevelopment cycle.
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Disposition Strategy. To optimize our concentration of communities in selected high barrier-to-entry markets, we sell assets that do not meet our long-term investment criteria when market conditions are favorable and redeploy the proceeds from those sales to develop and redevelop communities under construction or reconstruction. This disposition strategy acts as a source of capital because we are able to redeploy the net proceeds from our dispositions in lieu of raising that amount of capital externally by issuing debt or equity securities. When we decide to sell a community, we generally solicit competing bids from unrelated parties for these individual assets and consider the sales price and tax ramifications of each proposal. In connection with this disposition strategy, we disposed of one community during the period from January 1, 2002 through February 1, 2003. The net proceeds from the sale of this community were approximately $78,454,000. We expect to increase our disposition activity during 2003 in response to current and anticipated real estate and capital markets conditions. However, we cannot assure you that assets can be sold on terms that we consider satisfactory, or at all, or that market conditions will continue to make the sale of assets an appealing strategy.
Acquisition Strategy. Our core competencies in development and redevelopment discussed above allow us to be selective in the acquisitions we target. Between January 1, 2002 and February 1, 2003, we acquired two communities containing 706 apartment homes, one of which was acquired in connection with a forward purchase contract agreed to in 1997. The acquisition of these communities was designed to achieve rapid penetration into markets that are generally supply constrained and in which we desired an increased presence.
Property Management Strategy. We intend to increase operating income through innovative, proactive property management that will result in higher revenue from communities and controlled operating expenses.
Our principal strategies to maximize revenue include:
| strong focus on resident satisfaction; | ||
| staggering lease terms such that lease expirations are better matched to traffic patterns; | ||
| balancing high occupancy with premium pricing, and increasing rents as market conditions permit; | ||
| managing community occupancy for optimal rental revenue levels; and | ||
| applying new technology to optimize revenue from each community. |
Controlling operating expenses is another way in which we intend to increase earnings growth. Growth in our portfolio and the resulting increase in revenue allows for fixed operating costs to be spread over a larger volume of revenue, thereby increasing operating margins. We aggressively pursue real estate tax appeals and control operating expenses as follows:
| receive and approve invoices on-site to ensure careful monitoring of budgeted versus actual expenses; | ||
| purchase supplies in bulk where possible; | ||
| bid third-party contracts on a volume basis; | ||
| strive to retain residents through high levels of service in order to eliminate the cost of preparing an apartment home for a new resident and to reduce marketing and vacant apartment utility costs; | ||
| perform turnover work in-house or hire third-parties, generally depending upon the least costly alternative; and | ||
| undertake preventive maintenance regularly to maximize resident satisfaction and property and equipment life. |
On-site property management teams receive bonuses based largely upon the net operating income produced at their respective communities.
We generally manage the operation and leasing activity of our communities directly (and not through a subsidiary) both for ourselves and the joint ventures and partnerships of which we are a member or a partner.
We are also pursuing ancillary services which could provide additional revenue sources. In general, as a REIT we cannot directly provide services to our tenants that are not customarily provided by a landlord, nor can we share in the income of a third party that provides such services. However, we can provide such non-customary services to residents if we do so through a taxable REIT subsidiary, which is a subsidiary that is treated as a C corporation
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and is therefore subject to federal income taxes. We have used taxable REIT subsidiaries on a limited basis, such as to receive a commission from a preferred provider maid service company used by residents.
Technology Strategy. We believe that an innovative management information system infrastructure is an important element in managing our future growth. This is because timely and accurate collection of financial and resident profile data will enable us to maximize revenue through careful leasing decisions and financial management.
We currently have investments in three technology companies. These investments were made with the belief that they would promote the development and application of technology and services which would improve the operating performance of our real estate holdings. Historically, our most significant technology investment has been Realeum, Inc., (Realeum), an entity engaged in the development and deployment of an on-site property management and leasing automation system that enables management to capture, review and analyze data to a greater extent than is possible using existing commercial software. To help monitor this investment, Thomas J. Sargeant, our Executive Vice President and Chief Financial Officer, is a director of Realeum. After consideration of our share of Realeums losses, the carrying value of our investment in Realeum has been reduced to zero as of December 31, 2002. We are also a member of Constellation Real Technologies LLC, (Constellation), an entity formed by a number of real estate investment trusts and real estate operating companies for the purpose of investing in multi-sector real estate technology opportunities. Our original commitment to Constellation was $4,000,000 but, as a result of an agreement among the members reducing the commitment due from each member, our commitment is currently $2,600,000, of which we have contributed $959,000 to date. The remaining unfunded commitment of $1,641,000 is expected to be funded over the next five years. Our third investment is in Rent.com, an internet-based rental housing information provider. The aggregate carrying value of our technology investments at February 1, 2003 was $1,404,000.
Financing Strategy. We have consistently maintained, and intend to continue to maintain, a conservative capital structure. At December 31, 2002, our debt-to-total market capitalization was 46.1%, and our permanent long-term floating rate debt, not including borrowings under the unsecured credit facility, was only 2.0% of total market capitalization. Market capitalization reflects the aggregate of the market value of common stock, the liquidation preference of preferred stock and the principal amount of debt.
Before planned construction or reconstruction activity begins, we intend to arrange adequate capital sources to complete such undertakings, although we cannot assure you that we will be able to obtain such financing. During 2002, substantially all of our construction and reconstruction activities were funded by the issuance of unsecured debt securities, net proceeds from asset sales and retained operating cash. In the event that financing cannot be obtained, we may have to abandon planned development activities, write-off associated pursuit costs and/or forego reconstruction activity. In such instances, we will not realize the increased revenues and earnings that we expected from such pursuits.
We estimate that a portion of our short-term liquidity needs will be met from retained operating cash and borrowings under our $500,000,000 variable rate unsecured credit facility. At February 28, 2003, $155,470,000 was outstanding, $15,529,000 was used to provide letters of credit and $329,001,000 was available for borrowing under the unsecured credit facility.
If required to meet the balance of our current or anticipated liquidity needs, we will attempt to arrange additional capacity under our existing unsecured credit facility, sell additional existing communities or land and/or issue additional debt or equity securities. A determination to engage in an equity or debt offering depends on a variety of factors such as general market and economic conditions, including interest rates, our short and long term liquidity needs, the adequacy of our expected liquidity sources, the relative costs of debt and equity capital, and growth opportunities. During the three years ended December 31, 2002, we issued an aggregate of approximately $1,100,000,000 principal amount of senior debt securities (including the issuance of medium-term notes), and we repaid an aggregate of $100,000,000 in principal of senior debt securities. In addition, we repaid an aggregate of $50,000,000 in principal of senior debt securities in January 2003. Also, during the three years ended December 31, 2002, in the aggregate our issuances and redemptions of preferred stock resulted in net redemptions of $276,375,000 (based on liquidation preference).
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While we believe we have the financial position to expand our short-term credit capacity and access the capital markets as needed, we cannot assure you that we will be successful in completing these arrangements, sales or offerings. The failure to complete these transactions on a cost-effective basis or at all could have a material adverse impact on our operating results and financial condition, including the abandonment of development pursuits.
We may, from time to time, enter into joint ventures (including limited liability companies) or partnerships through which we would own an indirect economic interest in less than 100% of the property or properties owned directly by such joint venture or partnership. As of February 1, 2003, we had an interest in 14 joint ventures or partnerships (including the six DownREIT partnerships referred to below) through which we have an indirect economic interest in 27 of our communities. Our decision whether to hold an apartment community in fee simple or to have an indirect interest in the community through a joint venture or partnership is based on a variety of facts and considerations, including: (i) the economic and tax terms required by a seller of land or of a community, who may prefer that (or who may require less payment if) the land or community is contributed to a joint venture or partnership; (ii) our desire to diversify our portfolio of communities by market, submarket and product type; (iii) our desire at times to preserve our capital resources to maintain liquidity or balance sheet strength; and (iv) our projection, in some circumstances, that we will achieve higher returns on our invested capital or reduce our risk if a joint venture or partnership vehicle is used. Any future investments in joint ventures or partnerships will not be limited to a specified percentage of our assets. Each joint venture or partnership agreement is individually negotiated, and our ability to operate and/or dispose of a community in our sole discretion may be limited to varying degrees depending on the terms of the joint venture or partnership agreement.
We may, from time to time, offer shares of our equity securities, debt securities or options to purchase stock in exchange for property. During the three years ended December 31, 2002, we issued an aggregate of 361,835 units of limited partnership interest in DownREITs in connection with the acquisition of properties or communities. Our DownREIT partnerships are described further under Item 2, Communities.
While we emphasize equity real estate investments in apartment communities, we have the ability, which would be exercised in the discretion of our Board of Directors, to invest in other types of real estate, mortgages (including participating or convertible mortgages), securities of other REITs or real estate operating companies, or securities of technology companies that relate to our real estate operations or of companies that provide services to us or our residents, in each case consistent with our qualification as a REIT. On occasion, we own and operate retail space at our communities when either (i) the highest and best use of the space is for retail (e.g., street level in an urban area) or (ii) we believe the retail space will enhance the attractiveness of the community to residents. As of December 31, 2002, we had a total of 176,253 square feet of rentable retail space that produced gross rental revenue in 2002 of $2,255,960 (0.4% of total revenue). Any investment in securities of other entities is subject to the percentage of ownership limitations and gross income tests necessary for REIT qualification. Our current policy does not contemplate future investments in mortgages or deeds of trust.
We have not engaged in trading, underwriting or agency distribution or sale of securities of other issuers and do not intend to do so. At all times we intend to make investments in a manner as to qualify as a REIT unless, because of circumstances or changes to the Internal Revenue Code (or the Treasury Regulations), the Board of Directors determines that it is no longer in our best interest to qualify as a REIT.
Inflation and Deflation
Substantially all of our leases are for a term of one year or less, which may enable us to realize increased rents upon renewal of existing leases or the beginning of new leases. Such short-term leases generally minimize the risk to us of the adverse effects of inflation, although as a general rule these leases permit residents to leave at the end of the lease term without penalty and therefore expose us to the effect of a decline in market rent. Our current policy is generally to allow residents to terminate leases upon an agreed advance written notice and a lease termination payment, as provided for in the residents lease. Short-term leases combined with relatively consistent demand have allowed rents, and therefore cash flow from the portfolio, to provide an attractive inflation hedge. However, in a deflationary rent environment as is currently being experienced, we are exposed to declining rents more quickly under these shorter-term leases.
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Tax Matters
We filed an election with our initial federal income tax return to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and intend to maintain our qualification as a REIT in the future. As a qualified REIT, with limited exceptions, we will not be taxed under federal and certain state income tax laws at the corporate level on our net income to the extent net income is distributed to our stockholders. We expect to make sufficient distributions to avoid income tax at the corporate level.
Competition
We face competition from other real estate investors, including insurance companies, pension and investment funds, partnerships and investment companies and other apartment REITs, to acquire and develop apartment communities and acquire land for future development. As an owner and operator of communities, we also face competition for prospective residents from other operators whose communities may be perceived to offer a better location or better amenities or whose rent may be perceived as a better value proposition given the quality, location and amenities that the resident seeks. We also compete with the condominium and single-family home markets. Although we often compete against large sophisticated developers and operators for development opportunities and for prospective residents, real estate developers and operators of any size can provide effective competition.
Environmental and Related Matters
Under various federal, state and local environmental laws, regulations and ordinances, a current or previous owner or operator of real estate may be required, regardless of knowledge or responsibility, to investigate and remediate the effects of hazardous or toxic substances or petroleum product releases at the property and may be held liable to a governmental entity or to third parties for property damage and for investigation and remediation costs incurred by these parties as a result of the contamination. These damages and costs may be substantial. The presence of such substances, or the failure to properly remediate the contamination, may adversely affect the owners ability to borrow against, sell or rent the affected property. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and costs it incurs as a result of the contamination.
Certain federal, state and local laws, regulations and ordinances govern the removal, encapsulation or disturbance of asbestos containing materials (ACMs) when such materials are in poor condition or in the event of reconstruction, remodeling, renovation, or demolition of a building. These laws may impose liability for release of ACMs and may provide for third parties to seek recovery from owners or operators of real properties for personal injury associated with exposure to ACMs. We are not aware that any ACMs were used in the construction of the communities we developed. ACMs were, however, used in the construction of several of the communities that we acquired. We have implemented an operations and maintenance program for each of the communities at which ACMs have been detected. We do not anticipate that we will incur any material liabilities as a result of the presence of ACMs at our communities.
We are aware that some of our communities have lead paint and have implemented an operations and maintenance program at each of those communities. We do not anticipate that we will incur any material liabilities as a result of the presence of lead paint at our communities.
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All of our stabilized operating communities, and all of the communities that we are currently developing or redeveloping, have been subjected to at least a Phase I or similar environmental assessment, which generally does not involve invasive techniques such as soil or ground water sampling. These assessments, together with subsurface assessments conducted on some properties, have not revealed, and we are not otherwise aware of, any environmental conditions that we believe would have a material adverse effect on our business, assets, financial condition or results of operations. In connection with our ownership, operation and development of communities, from time to time we undertake remedial action in response to the presence of subsurface or other contaminants. In some cases, an indemnity exists upon which we may be able to rely if environmental liability arises from the contamination. There can be no assurance, however, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that environmental liability arises.
Mold growth may occur when excessive moisture accumulates in buildings or on building materials, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Although the occurrence of mold at multifamily and other structures, and the need to remediate such mold, is not a new phenomenon, there has been increased awareness in recent years that certain molds may in some instances lead to adverse health effects, including allergic or other reactions. To help limit mold growth, we educate residents about the importance of adequate ventilation and request or require that they notify us when they see mold or excessive moisture. We have established procedures for promptly addressing and remediating mold or excessive moisture from apartment homes when we become aware of its presence regardless of whether we or the resident believe a health risk is presented. However, we cannot assure that mold or excessive moisture will be detected and remediated in a timely manner. If a significant mold problem arises at one of our communities, we could be required to undertake a costly remediation program to contain or remove the mold from the affected community and could be exposed to other liabilities.
Additionally, we have occasionally been involved in developing, managing, leasing and operating various properties for third parties. Consequently, we may be considered to have been an operator of such properties and, therefore, potentially liable for removal or remediation costs or other potential costs which could relate to hazardous or toxic substances. We are not aware of any material environmental liabilities with respect to properties managed or developed by us or our predecessors for such third parties.
We cannot assure you that:
| the environmental assessments described above have identified all potential environmental liabilities; | ||
| no prior owner created any material environmental condition not known to us or the consultants who prepared the assessments; | ||
| no environmental liabilities have developed since the environmental assessments were prepared; | ||
| the condition of land or operations in the vicinity of our communities, such as the presence of underground storage tanks, will not affect the environmental condition of our communities; | ||
| future uses or conditions, including, without limitation, changes in applicable environmental laws and regulations, will not result in the imposition of environmental liability; and | ||
| no environmental liabilities will develop at communities that we have sold for which we may have liability. |
Other Information
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934 are available free of charge in the Investor Relations section of our website (www.avalonbay.com) as soon as reasonably practicable after the reports are filed with or furnished to the SEC.
We were incorporated under the laws of the State of California in 1978. In 1995, we reincorporated in the State of Maryland and have been focused on the ownership and operation of apartment communities since that time. As of December 31, 2002, we had 1,775 employees.
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ITEM 2. COMMUNITIES
Our real estate investments consist of current operating apartment communities, communities in various stages of development, and land or land options held for development (Development Rights). The following is a description of each category:
Current Communities are categorized as Established, Other Stabilized, Lease-Up, or Redevelopment according to the following attributes: |
| Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and costs as of the beginning of the prior year. We determine which of our communities fall into the Established Communities category annually as of January 1st of each year and maintain that classification throughout the year. For the year 2002, the Established Communities were communities that had stabilized occupancy and costs as of January 1, 2001 and are not conducting or planning to conduct substantial redevelopment activities, as described below, within the current year. We consider a community to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment. Established Communities do not include communities that are currently held for sale or planned for disposition during the current year. | ||
| Other Stabilized Communities are all other completed communities that have stabilized occupancy and are not conducting or planning redevelopment activities within the current year. Other Stabilized Communities therefore include communities that were either acquired or achieved stabilization after January 1, 2001 and that were not conducting or planning to start redevelopment activities within the current year. Other Stabilized Communities do not include communities that are currently held for sale. | ||
| Lease-Up Communities are communities where construction has been complete for less than one year and where occupancy has not reached 95%. | ||
| Redevelopment Communities are communities where substantial redevelopment is in progress or is planned to begin during the current year. Redevelopment is considered substantial when capital invested during the reconstruction effort exceeds the lesser of $5,000,000 or 10% of the communitys acquisition cost. |
Development Communities are communities that are under construction and for which a final certificate of occupancy has not been received. These communities may be partially complete and operating. |
Development Rights are development opportunities in the early phase of the development process for which we either have an option to acquire land or enter into a leasehold interest, for which we are the buyer under a long-term conditional contract to purchase land or where we own land to develop a new community. We capitalize all related pre-development costs incurred in pursuit of new developments for which we currently believe future development is probable. |
8
As of December 31, 2002, our communities were classified as follows:
Number of | Number of | ||||||||||
communities | apartment homes | ||||||||||
Current Communities |
|||||||||||
Established Communities: |
|||||||||||
Northeast |
27 | 7,196 | |||||||||
Mid-Atlantic |
18 | 5,154 | |||||||||
Midwest |
4 | 1,296 | |||||||||
Pacific Northwest |
3 | 907 | |||||||||
Northern California |
29 | 8,601 | |||||||||
Southern California |
10 | 3,004 | |||||||||
Total Established |
91 | 26,158 | |||||||||
Other Stabilized Communities: |
|||||||||||
Northeast |
11 | 3,040 | |||||||||
Mid-Atlantic |
2 | 960 | |||||||||
Midwest |
| | |||||||||
Pacific Northwest |
8 | 2,152 | |||||||||
Northern California |
2 | 499 | |||||||||
Southern California |
5 | 1,890 | |||||||||
Total Other Stabilized |
28 | 8,541 | |||||||||
Held for Sale Communities (1) |
7 | 2,091 | |||||||||
Lease-Up Communities |
9 | 2,300 | |||||||||
Redevelopment Communities |
2 | 1,089 | |||||||||
Total Current Communities |
137 | 40,179 | |||||||||
Development Communities |
12 | 3,429 | |||||||||
Development Rights |
38 | 9,950 | |||||||||
(1) | Represents assets sold or transferred to held for sale during the period January 1, 2003 through March 31, 2003. |
Our holdings under each of the above categories are discussed on the following pages.
9
Current Communities
The Current Communities are primarily garden-style apartment communities consisting of two and three-story buildings in landscaped settings. The Current Communities, as of February 1, 2003, include 106 garden-style, 17 high-rise and 14 mid-rise apartment communities. The Current Communities offer many attractive amenities including some or all of the following:
| vaulted ceilings; | ||
| lofts; | ||
| fireplaces; | ||
| patios/decks; and | ||
| modern appliances. |
Other features at various communities may include:
| swimming pools; | ||
| fitness centers; | ||
| tennis courts; and | ||
| business centers. |
We also have an extensive and ongoing maintenance program to keep all communities and apartment homes substantially free of deferred maintenance and, where vacant, available for immediate occupancy. We believe that the aesthetic appeal of our communities and a service oriented property management team focused on the specific needs of residents enhances market appeal to discriminating residents. We believe this will ultimately achieve higher rental rates and occupancy levels while minimizing resident turnover and operating expenses.
10
These Current Communities are located in the following geographic markets:
Number
of |
Number
of |
Percentage
of total |
|||||||||||||||||||||||||
communities
at |
apartment
homes at |
apartment
homes at |
|||||||||||||||||||||||||
1-1-02 |
2-1-03 |
1-1-02 |
2-1-03 |
1-1-02 |
2-1-03 |
||||||||||||||||||||||
Northeast |
38 | 45 | 10,877 | 12,667 | 29.3 | % | 31.5 | % | |||||||||||||||||||
Boston,
MA |
11 | 13 | 2,839 | 3,142 | 7.6 | % | 7.8 | % | |||||||||||||||||||
Fairfield
County, CT |
11 | 13 | 2,939 | 3,350 | 7.9 | % | 8.3 | % | |||||||||||||||||||
Long
Island, NY |
3 | 3 | 915 | 915 | 2.5 | % | 2.3 | % | |||||||||||||||||||
Northern
New Jersey |
4 | 5 | 1,394 | 1,802 | 3.8 | % | 4.5 | % | |||||||||||||||||||
Central
New Jersey |
3 | 4 | 1,144 | 1,440 | 3.1 | % | 3.6 | % | |||||||||||||||||||
New
York, NY |
6 | 7 | 1,646 | 2,018 | 4.4 | % | 5.0 | % | |||||||||||||||||||
Mid-Atlantic |
21 | 22 | 6,422 | 6,754 | 17.2 | % | 16.8 | % | |||||||||||||||||||
Baltimore,
MD |
4 | 4 | 1,054 | 1,054 | 2.8 | % | 2.6 | % | |||||||||||||||||||
Washington,
DC |
17 | 18 | 5,368 | 5,700 | 14.4 | % | 14.2 | % | |||||||||||||||||||
Midwest |
9 | 9 | 2,624 | 2,624 | 7.1 | % | 6.5 | % | |||||||||||||||||||
Chicago,
IL |
4 | 4 | 1,296 | 1,296 | 3.5 | % | 3.2 | % | |||||||||||||||||||
Minneapolis,
MN |
5 | 5 | 1,328 | 1,328 | 3.6 | % | 3.3 | % | |||||||||||||||||||
Pacific
Northwest |
12 | 12 | 3,159 | 3,159 | 8.5 | % | 7.9 | % | |||||||||||||||||||
Seattle,
WA |
12 | 12 | 3,159 | 3,159 | 8.5 | % | 7.9 | % | |||||||||||||||||||
Northern
California |
30 | 32 | 8,889 | 9,318 | 23.8 | % | 23.2 | % | |||||||||||||||||||
Oakland-East
Bay, CA |
6 | 6 | 2,090 | 2,090 | 5.6 | % | 5.2 | % | |||||||||||||||||||
San
Francisco, CA |
8 | 8 | 1,765 | 1,765 | 4.7 | % | 4.4 | % | |||||||||||||||||||
San
Jose, CA |
16 | 18 | 5,034 | 5,463 | 13.5 | % | 13.6 | % | |||||||||||||||||||
Southern
California |
16 | 17 | 5,257 | 5,657 | 14.1 | % | 14.1 | % | |||||||||||||||||||
Los
Angeles, CA |
4 | 5 | 2,001 | 2,401 | 5.4 | % | 6.0 | % | |||||||||||||||||||
Orange
County, CA |
8 | 8 | 2,022 | 2,022 | 5.4 | % | 5.0 | % | |||||||||||||||||||
San
Diego, CA |
4 | 4 | 1,234 | 1,234 | 3.3 | % | 3.1 | % | |||||||||||||||||||
126 | 137 | 37,228 | 40,179 | 100.0 | % | 100.0 | % | ||||||||||||||||||||
We manage and operate all of the Current Communities. During the year ended December 31, 2002, we completed construction of 2,521 apartment homes in ten communities for a total cost of $466,600,000. The average age of the Current Communities, on a weighted average basis according to number of apartment homes, is 8.1 years.
Of the Current Communities, as of February 1, 2003, we own:
| a fee simple, or absolute, ownership interest in 112 operating communities, one of which is on land subject to a land lease expiring in March 2142; | ||
| a general partnership interest in three partnerships that each own a fee simple interest in an operating community; | ||
| a general partnership interest in four partnerships structured as DownREITs, as described more fully below, that own an aggregate of 17 communities; | ||
| a membership interest in four limited liability companies that each hold a fee simple interest in an operating community; and | ||
| a 100% interest in a senior participating mortgage note secured by one community, which allows us to share in part of the rental income or resale proceeds of the community. |
11
We also hold a fee simple ownership interest in nine of the Development Communities, a membership interest in a limited liability company that holds a fee simple interest in a Development Community and a general partnership interest in two partnerships structured as DownREITs that each own one Development Community.
In each of the six partnerships structured as DownREITs, either we or one of our wholly-owned subsidiaries is the general partner, and there are one or more limited partners whose interest in the partnership is represented by units of limited partnership interest. For each DownREIT partnership, limited partners are entitled to receive an initial distribution before any distribution is made to the general partner. Although the partnership agreements for each of the DownREITs are different, generally the distributions per unit paid to the holders of units of limited partnership interests have approximated our current common stock dividend amount. Each DownREIT partnership has been structured so that it is unlikely the limited partners will be entitled to a distribution greater than the initial distribution provided for in the applicable partnership agreement. The holders of units of limited partnership interest have the right to present each unit of limited partnership interest for redemption for cash equal to the fair market value of a share of our common stock on the date of redemption. In lieu of cash, we may elect to acquire any unit presented for redemption for one share of our common stock. As of February 1, 2003, there were 975,751 DownREIT partnership units outstanding. The DownREIT partnerships are consolidated for financial reporting purposes.
12
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Approx. | Year of | Average | ||||||||||||||||||||||||||||
Number of | rentable area | completion or | size | |||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | |||||||||||||||||||||||||
CURRENT
COMMUNITIES |
||||||||||||||||||||||||||||||
NORTHEAST |
||||||||||||||||||||||||||||||
Boston,
MA |
||||||||||||||||||||||||||||||
Avalon
at Center Place (10) |
Providence,
RI |
225 | 231,671 | 1.2 | 1997 | 1,030 | ||||||||||||||||||||||||
Avalon
at Faxon Park |
Quincy, MA |
171 | 175,494 | 8.3 | 1998 | 1,026 | ||||||||||||||||||||||||
Avalon
at Lexington |
Lexington,
MA |
198 | 231,182 | 18.0 | 1994 | 1,168 | ||||||||||||||||||||||||
Avalon
at Prudential Center |
Boston, MA |
781 | 747,954 | 1.0 | 1968/1998 | 958 | ||||||||||||||||||||||||
Avalon
Essex |
Peabody, MA |
154 | 173,520 | 11.1 | 2000 | 1,127 | ||||||||||||||||||||||||
Avalon
Estates |
Hull, MA |
162 | 188,392 | 55.0 | 2001 | 1,163 | ||||||||||||||||||||||||
Avalon
Ledges |
Weymouth,
MA |
304 | 315,554 | 58.0 | 2002 | 1,023 | ||||||||||||||||||||||||
Avalon
Oaks |
Wilmington,
MA |
204 | 229,748 | 22.5 | 1999 | 1,023 | ||||||||||||||||||||||||
Avalon
Oaks West |
Wilmington,
MA |
120 | 123,960 | 27.0 | 2002 | 1,033 | ||||||||||||||||||||||||
Avalon
Orchards |
Marlborough,
MA |
156 | 186,500 | 23.0 | 2002 | 1,219 | ||||||||||||||||||||||||
Avalon
Summit |
Quincy, MA |
245 | 203,848 | 9.1 | 1996 | 832 | ||||||||||||||||||||||||
Avalon
West |
Westborough,
MA |
120 | 147,472 | 10.1 | 1996 | 1,229 | ||||||||||||||||||||||||
Fairfield-New
Haven, CT |
||||||||||||||||||||||||||||||
Avalon
at Greyrock Place |
Stamford,
CT |
306 | 201,500 | 3.0 | 2002 | 1,040 | ||||||||||||||||||||||||
Avalon
Corners |
Stamford,
CT |
195 | 192,174 | 3.2 | 2000 | 986 | ||||||||||||||||||||||||
Avalon
Gates |
Trumbull,
CT |
340 | 381,322 | 37.0 | 1997 | 1,122 | ||||||||||||||||||||||||
Avalon
Glen |
Stamford,
CT |
238 | 221,828 | 4.1 | 1991 | 932 | ||||||||||||||||||||||||
Avalon
Haven |
North Haven,
CT |
128 | 140,107 | 10.6 | 2000 | 1,095 | ||||||||||||||||||||||||
Avalon
Lake |
Danbury, CT |
135 | 166,231 | 32.0 | 1999 | 1,184 | ||||||||||||||||||||||||
Avalon
New Canaan (6) |
New Canaan,
CT |
104 | 130,104 | 9.1 | 2002 | 1,251 | ||||||||||||||||||||||||
Avalon
Springs |
Wilton, CT |
102 | 158,259 | 12.0 | 1996 | 1,552 | ||||||||||||||||||||||||
Avalon
Valley |
Danbury, CT |
268 | 297,479 | 17.1 | 1999 | 1,070 | ||||||||||||||||||||||||
Avalon
Walk I & II |
Hamden, CT |
764 | 761,441 | 38.4 | 1992/1994 | 996 | ||||||||||||||||||||||||
Long
Island, NY |
||||||||||||||||||||||||||||||
Avalon
Commons |
Smithtown,
NY |
312 | 363,049 | 20.6 | 1997 | 1,164 | ||||||||||||||||||||||||
Avalon
Court |
Melville,
NY |
494 | 597,104 | 35.4 | 1997/2000 | 1,209 | ||||||||||||||||||||||||
Avalon
Towers |
Long Beach,
NY |
109 | 124,836 | 1.3 | 1995 | 1,145 | ||||||||||||||||||||||||
Northern
New Jersey |
||||||||||||||||||||||||||||||
Avalon
at Edgewater |
Edgewater,
NJ |
408 | 405,144 | 7.1 | 2002 | 993 | ||||||||||||||||||||||||
Avalon
at Florham Park |
Florham Park,
NJ |
270 | 331,560 | 41.9 | 2001 | 1,228 | ||||||||||||||||||||||||
Avalon
Cove |
Jersey City,
NJ |
504 | 574,675 | 11.1 | 1997 | 1,140 | ||||||||||||||||||||||||
Avalon
Crest |
Fort Lee,
NJ |
351 | 371,411 | 13.1 | 1999 | 1,058 | ||||||||||||||||||||||||
The
Tower at Avalon Cove |
Jersey City,
NJ |
269 | 241,825 | 2.8 | 1999 | 905 | ||||||||||||||||||||||||
Central
New Jersey |
||||||||||||||||||||||||||||||
Avalon
at Freehold |
Freehold,
NJ |
296 | 317,608 | 42.3 | 2002 | 1,073 | ||||||||||||||||||||||||
Avalon
Run East |
Lawrenceville,
NJ |
206 | 265,198 | 27.0 | 1996 | 1,287 | ||||||||||||||||||||||||
Avalon
Watch |
West Windsor,
NJ |
512 | 485,871 | 64.0 | 1988 | 949 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Average economic | Average | |||||||||||||||||||||||||
occupancy | rental rate | |||||||||||||||||||||||||
Physical | Financial | |||||||||||||||||||||||||
occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||
12/31/02 | 2002 | 2001 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||
CURRENT COMMUNITIES |
||||||||||||||||||||||||||
NORTHEAST |
||||||||||||||||||||||||||
Boston, MA |
||||||||||||||||||||||||||
Avalon at Center Place (10) |
94.7 | % | 96.2 | % | 96.1 | % | $ | 2,172 | $ | 2.03 | $ | 27,318 | ||||||||||||||
Avalon at Faxon Park |
93.6 | % | 93.9 | % | 97.4 | % | 1,833 | 1.68 | 15,231 | |||||||||||||||||
Avalon at Lexington |
93.9 | % | 93.8 | % | 96.5 | % | 1,933 | 1.55 | 15,347 | |||||||||||||||||
Avalon at Prudential Center |
93.3 | % | 89.2% | (2) | 94.9% | (2) | 2,612 | 2.43 | (2) | 151,813 | ||||||||||||||||
Avalon Essex |
95.5 | % | 94.0 | % | 96.4 | % | 1,870 | 1.56 | 21,537 | |||||||||||||||||
Avalon Estates |
83.3 | % | 88.5 | % | 91.2% | (3) | 1,736 | 1.32 | 20,216 | |||||||||||||||||
Avalon Ledges |
71.1 | % | 37.5% | (3) | N/A | 1,603 | 0.58 | (3) | 35,527 | |||||||||||||||||
Avalon Oaks |
94.6 | % | 92.2 | % | 96.3 | % | 1,687 | 1.38 | 20,823 | |||||||||||||||||
Avalon Oaks West |
94.6 | % | 76.3% | (3) | N/A | 1,495 | 1.10 | (3) | 16,619 | |||||||||||||||||
Avalon Orchards |
93.0 | % | 63.1% | (3) | N/A | 1,546 | 0.82 | (3) | 20,835 | |||||||||||||||||
Avalon Summit |
88.2 | % | 90.7 | % | 96.8 | % | 1,375 | 1.50 | 16,748 | |||||||||||||||||
Avalon West |
95.0 | % | 92.1 | % | 97.8 | % | 1,625 | 1.22 | 10,921 | |||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||
Avalon at Greyrock Place |
83.0 | % | 66.7% | (3) | N/A | 1,998 | 2.02 | (3) | 69,673 | |||||||||||||||||
Avalon Corners |
82.1 | % | 87.7 | % | 96.5 | % | 2,145 | 1.91 | 31,778 | |||||||||||||||||
Avalon Gates |
88.2 | % | 93.0 | % | 98.8 | % | 1,672 | 1.39 | 36,100 | |||||||||||||||||
Avalon Glen |
89.1 | % | 91.4 | % | 96.5 | % | 1,763 | 1.73 | 31,295 | |||||||||||||||||
Avalon Haven |
82.0 | % | 91.0 | % | 98.8 | % | 1,638 | 1.36 | 13,750 | |||||||||||||||||
Avalon Lake |
87.4 | % | 95.2 | % | 98.1 | % | 1,800 | 1.39 | 16,995 | |||||||||||||||||
Avalon New Canaan (6) |
69.2 | % | 31.0% | (3) | N/A | 2,852 | 0.71 | (3) | 32,050 | |||||||||||||||||
Avalon Springs |
79.4 | % | 86.1 | % | 95.9 | % | 2,777 | 1.54 | 16,873 | |||||||||||||||||
Avalon Valley |
90.3 | % | 96.4 | % | 99.0 | % | 1,646 | 1.43 | 26,059 | |||||||||||||||||
Avalon Walk I & II |
91.4 | % | 94.6 | % | 98.5 | % | 1,313 | 1.25 | 59,044 | |||||||||||||||||
Long Island, NY |
||||||||||||||||||||||||||
Avalon Commons |
99.7 | % | 98.1 | % | 97.1 | % | 1,796 | 1.51 | 33,293 | |||||||||||||||||
Avalon Court |
99.4 | % | 98.9 | % | 99.3 | % | 2,201 | 1.80 | 59,272 | |||||||||||||||||
Avalon Towers |
99.1 | % | 97.6 | % | 99.0 | % | 2,850 | 2.43 | 16,913 | |||||||||||||||||
Northern New Jersey |
||||||||||||||||||||||||||
Avalon at Edgewater |
90.2 | % | 71.9% | (3) | N/A | 2,167 | 1.57 | (3) | 74,590 | |||||||||||||||||
Avalon at Florham Park |
88.9 | % | 93.4 | % | 91.8% | (3) | 2,404 | 1.83 | 41,569 | |||||||||||||||||
Avalon Cove |
91.7 | % | 87.4 | % | 96.7 | % | 2,565 | 1.97 | 91,953 | |||||||||||||||||
Avalon Crest |
83.2 | % | 90.2 | % | 94.2 | % | 2,167 | 1.85 | 56,062 | |||||||||||||||||
The Tower at Avalon Cove |
91.5 | % | 85.6 | % | 96.6 | % | 2,364 | 2.25 | 49,659 | |||||||||||||||||
Central New Jersey |
||||||||||||||||||||||||||
Avalon at Freehold |
89.9 | % | 80.7% | (3) | N/A | 1,560 | 1.17 | (3) | 34,307 | |||||||||||||||||
Avalon Run East |
93.7 | % | 93.0 | % | 97.2 | % | 1,658 | 1.20 | 16,272 | |||||||||||||||||
Avalon Watch |
92.8 | % | 92.0 | % | 96.7 | % | 1,378 | 1.34 | 29,597 |
13
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Approx. | Year of | Average | |||||||||||||||||||||||||||
Number of | rentable area | completion or | size | ||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | ||||||||||||||||||||||||
New
York, NY |
|||||||||||||||||||||||||||||
Avalon
Riverview I |
Long Island
City, NY |
372 | 332,940 | 1.0 | 2002 | 895 | |||||||||||||||||||||||
Avalon
Gardens |
Nanuet, NY |
504 | 638,439 | 55.0 | 1998 | 1,267 | |||||||||||||||||||||||
Avalon
Green |
Elmsford,
NY |
105 | 113,538 | 16.9 | 1995 | 1,081 | |||||||||||||||||||||||
Avalon
on the Sound (8) |
New Rochelle,
NY |
412 | 372,860 | 2.4 | 2001 | 905 | |||||||||||||||||||||||
Avalon
View |
Wappingers
Falls, NY |
288 | 335,088 | 41.0 | 1993 | 1,164 | |||||||||||||||||||||||
Avalon
Willow |
Mamaroneck,
NY |
227 | 199,945 | 4.0 | 2000 | 881 | |||||||||||||||||||||||
The
Avalon |
Bronxville,
NY |
110 | 119,186 | 1.5 | 1999 | 1,085 | |||||||||||||||||||||||
MID-ATLANTIC |
|||||||||||||||||||||||||||||
Baltimore,
MD |
|||||||||||||||||||||||||||||
Avalon
at Fairway Hills I & II |
Columbia,
MD |
720 | 724,253 | 42.1 | 1987/1996 | 1,005 | |||||||||||||||||||||||
Avalon
at Symphony Glen |
Columbia,
MD |
176 | 179,867 | 10.0 | 1986 | 1,022 | |||||||||||||||||||||||
Avalon
Landing |
Annapolis,
MD |
158 | 117,033 | 13.8 | 1984/1995 | 741 | |||||||||||||||||||||||
Washington,
DC |
|||||||||||||||||||||||||||||
4100
Massachusetts Avenue |
Washington,
D.C. |
308 | 298,725 | 2.7 | 1982 | 970 | |||||||||||||||||||||||
AutumnWoods |
Fairfax,
VA |
420 | 355,228 | 24.2 | 1996 | 846 | |||||||||||||||||||||||
Avalon
at Arlington Square I |
Arlington,
VA |
510 | 583,950 | 14.2 | 2001 | 1,145 | |||||||||||||||||||||||
Avalon
at Arlington Square II |
Arlington,
VA |
332 | 325,499 | 6.1 | 2002 | 980 | |||||||||||||||||||||||
Avalon
at Ballston Vermont &
Quincy Towers (7) |
Arlington,
VA |
454 | 420,242 | 2.3 | 1997 | 926 | |||||||||||||||||||||||
Avalon
at Ballston Washington Towers |
Arlington,
VA |
344 | 294,786 | 4.1 | 1990 | 857 | |||||||||||||||||||||||
Avalon
at Cameron Court |
Alexandria,
VA |
460 | 467,292 | 16.0 | 1998 | 1,016 | |||||||||||||||||||||||
Avalon
at Decoverly |
Rockville,
MD |
368 | 368,446 | 25.0 | 1995 | 1,001 | |||||||||||||||||||||||
Avalon
at Dulles |
Sterling,
VA |
236 | 232,632 | 15.7 | 1986 | 986 | |||||||||||||||||||||||
Avalon
at Fair Lakes |
Fairfax, VA |
234 | 285,822 | 10.0 | 1998 | 1,221 | |||||||||||||||||||||||
Avalon
at Fox Mill |
Herndon, VA |
165 | 219,360 | 12.8 | 2000 | 1,329 | |||||||||||||||||||||||
Avalon
at Providence Park |
Fairfax, VA |
141 | 148,211 | 4.0 | 1988/1997 | 1,051 | |||||||||||||||||||||||
Avalon
Crescent |
McLean, VA |
558 | 613,426 | 19.1 | 1996 | 1,099 | |||||||||||||||||||||||
Avalon
Crossing |
Rockville,
MD |
132 | 147,690 | 5.0 | 1996 | 1,119 | |||||||||||||||||||||||
Avalon
Fields I & II |
Gaithersburg,
MD |
288 | 292,282 | 9.2 | 1998 | 1,050 | |||||||||||||||||||||||
Avalon
Knoll |
Germantown,
MD |
300 | 290,365 | 26.7 | 1985 | 968 | |||||||||||||||||||||||
MIDWEST |
|||||||||||||||||||||||||||||
Chicago,
IL |
|||||||||||||||||||||||||||||
200
Arlington Place |
Arlington
Heights, IL |
409 | 346,832 | 2.8 | 2000 | 848 | |||||||||||||||||||||||
Avalon
at Danada Farms (7) |
Wheaton, IL |
295 | 350,606 | 19.2 | 1997 | 1,188 | |||||||||||||||||||||||
Avalon
at Stratford Green (7) |
Bloomingdale,
IL |
192 | 237,204 | 12.7 | 1997 | 1,235 | |||||||||||||||||||||||
Avalon
at West Grove (7) |
Westmont,
IL |
400 | 388,500 | 17.4 | 1967 | 971 | |||||||||||||||||||||||
Minneapolis,
MN |
|||||||||||||||||||||||||||||
Avalon
at Devonshire (7) |
Bloomington,
MN |
498 | 470,762 | 42.0 | 1988 | 945 | |||||||||||||||||||||||
Avalon
at Edinburgh (7) |
Brooklyn Park,
MN |
198 | 222,130 | 11.3 | 1992 | 1,122 | |||||||||||||||||||||||
Avalon
at Town Centre |
Eagan, MN |
248 | 235,518 | 18.7 | 1986 | 950 | |||||||||||||||||||||||
Avalon
at Town Square |
Plymouth,
MN |
160 | 144,026 | 8.3 | 1986 | 900 | |||||||||||||||||||||||
Avalon
at Woodbury (7) |
Woodbury,
MN |
224 | 287,975 | 15.0 | 1998 | 1,286 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Average economic | Average | |||||||||||||||||||||||||
occupancy | rental rate | |||||||||||||||||||||||||
Physical | Financial | |||||||||||||||||||||||||
occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||
12/31/02 | 2002 | 2001 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||
New York, NY |
||||||||||||||||||||||||||
Avalon Riverview I |
71.5 | % | 37.3% | (3) | N/A | 2,520 | 1.05 | (3) | 94,045 | |||||||||||||||||
Avalon Gardens |
95.4 | % | 90.7 | % | 94.3 | % | 1,863 | 1.33 | 54,265 | |||||||||||||||||
Avalon Green |
88.6 | % | 94.8 | % | 94.5 | % | 2,419 | 2.12 | 12,603 | |||||||||||||||||
Avalon on the Sound (8) |
94.2 | % | 87.7 | % | 35.5% | (3) | 2,182 | 2.11 | 91,614 | |||||||||||||||||
Avalon View |
92.7 | % | 95.3 | % | 98.4 | % | 1,343 | 1.10 | 18,290 | |||||||||||||||||
Avalon Willow |
92.1 | % | 90.3 | % | 95.5 | % | 2,276 | 2.33 | 47,000 | |||||||||||||||||
The Avalon |
96.4 | % | 96.0 | % | 97.8 | % | 3,373 | 2.99 | 31,228 | |||||||||||||||||
MID-ATLANTIC |
||||||||||||||||||||||||||
Baltimore, MD |
||||||||||||||||||||||||||
Avalon at Fairway Hills I & II |
95.2 | % | 95.0 | % | 96.8 | % | 1,121 | 1.06 | 44,855 | |||||||||||||||||
Avalon at Symphony Glen |
97.7 | % | 97.2 | % | 97.1 | % | 1,143 | 1.09 | 9,172 | |||||||||||||||||
Avalon Landing |
96.8 | % | 97.7 | % | 97.5 | % | 1,030 | 1.36 | 9,791 | |||||||||||||||||
Washington, DC |
||||||||||||||||||||||||||
4100 Massachusetts Avenue |
81.5 | % | 88.4% | (2) | 96.4 | % | 1,822 | 1.66 | (2) | 36,028 | ||||||||||||||||
AutumnWoods |
93.1 | % | 93.8 | % | 95.7 | % | 1,134 | 1.26 | 30,928 | |||||||||||||||||
Avalon at Arlington Square I |
88.0 | % | 90.7 | % | 49.9% | (3) | 1,730 | 1.37 | 69,678 | |||||||||||||||||
Avalon at Arlington Square II |
68.4 | % | 40.1% | (3) | N/A | 1,619 | 0.66 | (3) | 42,405 | |||||||||||||||||
Avalon
at Ballston Vermont &
Quincy Towers (7) |
87.4 | % | 90.9 | % | 95.3 | % | 1,456 | 1.43 | 47,169 | |||||||||||||||||
Avalon at Ballston Washington Towers |
88.1 | % | 91.9 | % | 96.9 | % | 1,444 | 1.55 | 37,359 | |||||||||||||||||
Avalon at Cameron Court |
92.6 | % | 94.6 | % | 96.3 | % | 1,631 | 1.52 | 43,246 | |||||||||||||||||
Avalon at Decoverly |
94.6 | % | 92.7 | % | 97.0 | % | 1,327 | 1.23 | 31,772 | |||||||||||||||||
Avalon at Dulles |
96.2 | % | 92.2 | % | 95.5 | % | 1,069 | 1.00 | 12,164 | |||||||||||||||||
Avalon at Fair Lakes |
96.6 | % | 94.0 | % | 96.0 | % | 1,497 | 1.15 | 23,476 | |||||||||||||||||
Avalon at Fox Mill |
88.5 | % | 93.3 | % | 95.6 | % | 1,560 | 1.09 | 19,513 | |||||||||||||||||
Avalon at Providence Park |
96.5 | % | 96.0 | % | 96.4 | % | 1,271 | 1.16 | 11,299 | |||||||||||||||||
Avalon Crescent |
90.1 | % | 93.4 | % | 93.9 | % | 1,622 | 1.38 | 57,283 | |||||||||||||||||
Avalon Crossing |
92.4 | % | 94.0 | % | 95.3 | % | 1,740 | 1.46 | 13,895 | |||||||||||||||||
Avalon Fields I & II |
90.9 | % | 92.3 | % | 97.2 | % | 1,341 | 1.22 | 22,700 | |||||||||||||||||
Avalon Knoll |
96.3 | % | 95.0 | % | 97.8 | % | 1,067 | 1.05 | 8,609 | |||||||||||||||||
MIDWEST |
||||||||||||||||||||||||||
Chicago, IL |
||||||||||||||||||||||||||
200 Arlington Place |
91.7 | % | 92.3 | % | 95.1 | % | 1,190 | 1.30 | 49,962 | |||||||||||||||||
Avalon at Danada Farms (7) |
92.9 | % | 93.5 | % | 95.7 | % | 1,347 | 1.06 | 38,423 | |||||||||||||||||
Avalon at Stratford Green (7) |
86.5 | % | 91.5 | % | 95.2 | % | 1,339 | 0.99 | 21,949 | |||||||||||||||||
Avalon at West Grove (7) |
91.5 | % | 91.5 | % | 96.4 | % | 904 | 0.85 | 29,915 | |||||||||||||||||
Minneapolis, MN |
||||||||||||||||||||||||||
Avalon at Devonshire (7) |
91.2 | % | 93.7 | % | 95.4 | % | 1,022 | 1.01 | 37,686 | |||||||||||||||||
Avalon at Edinburgh (7) |
93.4 | % | 93.6 | % | 96.5 | % | 1,138 | 0.95 | 18,559 | |||||||||||||||||
Avalon at Town Centre |
95.2 | % | 93.6 | % | 95.9 | % | 1,000 | 0.99 | 18,214 | |||||||||||||||||
Avalon at Town Square |
93.1 | % | 91.5 | % | 96.8 | % | 1,020 | 1.04 | 10,898 | |||||||||||||||||
Avalon at Woodbury (7) |
94.6 | % | 94.9 | % | 93.9 | % | 1,153 | 0.85 | 25,985 |
14
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Approx. | Year of | Average | ||||||||||||||||||||||||||||
Number of | rentable area | completion or | size | |||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | |||||||||||||||||||||||||
PACIFIC
NORTHWEST |
||||||||||||||||||||||||||||||
Seattle,
WA |
||||||||||||||||||||||||||||||
Avalon
at Bear Creek (7) |
Redmond, WA |
264 | 288,250 | 22.0 | 1998 | 1,092 | ||||||||||||||||||||||||
Avalon
Bellevue |
Bellevue,
WA |
202 | 164,226 | 1.7 | 2001 | 813 | ||||||||||||||||||||||||
Avalon
Belltown |
Seattle, WA |
100 | 80,200 | 0.7 | 2001 | 802 | ||||||||||||||||||||||||
Avalon
Brandemoor (7) |
Lynwood, WA |
424 | 453,602 | 22.6 | 2001 | 1,070 | ||||||||||||||||||||||||
Avalon
Greenbriar |
Renton, WA |
421 | 382,382 | 20.0 | 1987/1988 | 908 | ||||||||||||||||||||||||
Avalon
HighGrove (7) |
Everett, WA |
391 | 422,482 | 19.8 | 2000 | 1,081 | ||||||||||||||||||||||||
Avalon
ParcSquare (7) |
Redmond, WA |
124 | 127,236 | 1.9 | 2000 | 1,026 | ||||||||||||||||||||||||
Avalon
Redmond Place (7) |
Redmond, WA |
222 | 206,004 | 22.0 | 1997 | 928 | ||||||||||||||||||||||||
Avalon
RockMeadow (7) |
Mill Creek,
WA |
206 | 240,817 | 11.5 | 2000 | 1,169 | ||||||||||||||||||||||||
Avalon
WildReed (7) |
Everett, WA |
234 | 259,080 | 22.3 | 2000 | 1,107 | ||||||||||||||||||||||||
Avalon
WildWood (7) |
Lynwood, WA |
238 | 313,107 | 15.8 | 2001 | 1,316 | ||||||||||||||||||||||||
Avalon
Wynhaven (7) |
Issaquah,
WA |
333 | 424,604 | 11.6 | 2001 | 1,275 | ||||||||||||||||||||||||
NORTHERN
CALIFORNIA |
||||||||||||||||||||||||||||||
Oakland-East
Bay, CA |
||||||||||||||||||||||||||||||
Avalon
at Union Square |
Union City,
CA |
208 | 150,140 | 8.5 | 1973/1996 | 722 | ||||||||||||||||||||||||
Avalon
at Willow Creek |
Fremont, CA |
235 | 197,575 | 3.5 | 1985/1994 | 841 | ||||||||||||||||||||||||
Avalon
Dublin |
Dublin, CA |
204 | 179,004 | 13.0 | 1997 | 877 | ||||||||||||||||||||||||
Avalon
Fremont |
Fremont, CA |
443 | 446,422 | 22.3 | 1994 | 1,008 | ||||||||||||||||||||||||
Avalon
Pleasanton |
Pleasanton,
CA |
456 | 377,438 | 14.7 | 1988/1994 | 828 | ||||||||||||||||||||||||
Waterford |
Hayward, CA |
544 | 451,937 | 11.1 | 1985/1986 | 831 | ||||||||||||||||||||||||
San
Francisco, CA |
||||||||||||||||||||||||||||||
Avalon
at Cedar Ridge |
Daly City,
CA |
195 | 141,411 | 8.0 | 1975/1997 | 725 | ||||||||||||||||||||||||
Avalon
at Diamond Heights |
San Francisco,
CA |
154 | 123,080 | 2.6 | 1972/1994 | 799 | ||||||||||||||||||||||||
Avalon
at Nob Hill |
San Francisco,
CA |
185 | 109,238 | 1.4 | 1990/1995 | 590 | ||||||||||||||||||||||||
Avalon
Sunset Towers |
San Francisco,
CA |
243 | 175,511 | 16.0 | 1961/1996 | 722 | ||||||||||||||||||||||||
Avalon
Foster City |
Foster City,
CA |
288 | 222,276 | 11.0 | 1973/1994 | 772 | ||||||||||||||||||||||||
Avalon
Pacifica |
Pacifica,
CA |
220 | 186,785 | 7.7 | 1971/1995 | 849 | ||||||||||||||||||||||||
Avalon
Towers by the Bay |
San Francisco,
CA |
226 | 243,033 | 1.0 | 1999 | 1,075 | ||||||||||||||||||||||||
Crowne
Ridge |
San Rafael,
CA |
254 | 221,525 | 21.9 | 1973/1996 | 872 | ||||||||||||||||||||||||
San
Jose, CA |
||||||||||||||||||||||||||||||
Avalon
at Blossom Hill |
San Jose,
CA |
324 | 322,207 | 7.5 | 1995 | 994 | ||||||||||||||||||||||||
Avalon
at Cahill Park |
San Jose,
CA |
218 | 218,245 | 3.8 | 2002 | 1,001 | ||||||||||||||||||||||||
Avalon
at Creekside |
Mountain View,
CA |
294 | 215,680 | 13.0 | 1962/1997 | 734 | ||||||||||||||||||||||||
Avalon
at Foxchase |
San Jose,
CA |
396 | 335,212 | 12.0 | 1986/1987 | 844 | ||||||||||||||||||||||||
Avalon
at Parkside |
Sunnyvale,
CA |
192 | 199,353 | 8.0 | 1991/1996 | 1,038 | ||||||||||||||||||||||||
Avalon
at Pruneyard |
Campbell,
CA |
252 | 197,000 | 8.5 | 1966/1997 | 782 | ||||||||||||||||||||||||
Avalon
at River Oaks |
San Jose,
CA |
226 | 210,050 | 4.0 | 1990/1996 | 929 | ||||||||||||||||||||||||
Avalon
Campbell |
Campbell,
CA |
348 | 326,796 | 8.0 | 1995 | 939 | ||||||||||||||||||||||||
Avalon
Cupertino |
Cupertino,
CA |
311 | 293,328 | 8.0 | 1999 | 943 | ||||||||||||||||||||||||
Avalon
Mountain View (6) |
Mountain View,
CA |
248 | 211,552 | 10.5 | 1986 | 853 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Average economic | Average | |||||||||||||||||||||||||
occupancy | rental rate | |||||||||||||||||||||||||
Physical | Financial | |||||||||||||||||||||||||
occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||
12/31/02 | 2002 | 2001 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||
PACIFIC NORTHWEST |
||||||||||||||||||||||||||
Seattle, WA |
||||||||||||||||||||||||||
Avalon at Bear Creek (7) |
93.9 | % | 94.3 | % | 94.2 | % | 1,164 | 1.01 | 34,437 | |||||||||||||||||
Avalon Bellevue |
98.0 | % | 92.5 | % | 63.5% | (3) | 1,131 | 1.29 | 30,633 | |||||||||||||||||
Avalon Belltown |
98.0 | % | 83.8 | % | 16.1% | (3) | 1,263 | 1.32 | 18,279 | |||||||||||||||||
Avalon Brandemoor (7) |
96.0 | % | 93.9 | % | 96.5% | (3) | 978 | 0.86 | 45,309 | |||||||||||||||||
Avalon Greenbriar |
93.4 | % | 91.0 | % | 92.2 | % | 807 | 0.81 | 36,259 | |||||||||||||||||
Avalon HighGrove (7) |
97.4 | % | 94.8 | % | 93.5 | % | 920 | 0.81 | 39,620 | |||||||||||||||||
Avalon ParcSquare (7) |
96.0 | % | 95.7 | % | 94.2 | % | 1,254 | 1.17 | 18,995 | |||||||||||||||||
Avalon Redmond Place (7) |
89.2 | % | 94.6 | % | 94.8 | % | 1,104 | 1.13 | 26,042 | |||||||||||||||||
Avalon RockMeadow (7) |
95.6 | % | 93.3 | % | 92.7 | % | 1,058 | 0.84 | 24,457 | |||||||||||||||||
Avalon WildReed (7) |
96.6 | % | 94.4 | % | 95.9 | % | 939 | 0.80 | 22,956 | |||||||||||||||||
Avalon WildWood (7) |
95.4 | % | 94.1 | % | 96.0% | (3) | 1,149 | 0.82 | 32,865 | |||||||||||||||||
Avalon Wynhaven (7) |
86.2 | % | 89.3 | % | 95.1% | (3) | 1,287 | 0.90 | 52,554 | |||||||||||||||||
NORTHERN CALIFORNIA |
||||||||||||||||||||||||||
Oakland-East Bay, CA |
||||||||||||||||||||||||||
Avalon at Union Square |
99.5 | % | 94.8 | % | 95.5 | % | 1,188 | 1.56 | 21,891 | |||||||||||||||||
Avalon at Willow Creek |
100.0 | % | 95.8 | % | 95.3 | % | 1,371 | 1.56 | 34,258 | |||||||||||||||||
Avalon Dublin |
96.6 | % | 94.9 | % | 94.4 | % | 1,417 | 1.53 | 26,742 | |||||||||||||||||
Avalon Fremont |
96.4 | % | 93.7 | % | 95.8 | % | 1,568 | 1.46 | 77,170 | |||||||||||||||||
Avalon Pleasanton |
96.5 | % | 95.7 | % | 92.8 | % | 1,313 | 1.52 | 60,522 | |||||||||||||||||
Waterford |
94.5 | % | 92.9 | % | 94.7 | % | 1,202 | 1.34 | 59,066 | |||||||||||||||||
San Francisco, CA |
||||||||||||||||||||||||||
Avalon at Cedar Ridge |
96.9 | % | 96.6 | % | 96.5 | % | 1,475 | 1.96 | 25,530 | |||||||||||||||||
Avalon at Diamond Heights |
98.7 | % | 92.2 | % | 95.2 | % | 1,582 | 1.82 | 24,398 | |||||||||||||||||
Avalon at Nob Hill |
94.1 | % | 94.3 | % | 93.7 | % | 1,503 | 2.40 | 27,500 | |||||||||||||||||
Avalon Sunset Towers |
95.8 | % | 95.0 | % | 96.7 | % | 1,606 | 2.11 | 28,171 | |||||||||||||||||
Avalon Foster City |
95.8 | % | 96.6 | % | 92.1 | % | 1,457 | 1.82 | 42,852 | |||||||||||||||||
Avalon Pacifica |
97.7 | % | 95.9 | % | 97.3 | % | 1,471 | 1.66 | 31,298 | |||||||||||||||||
Avalon Towers by the Bay |
94.7 | % | 93.8 | % | 91.4 | % | 2,730 | 2.38 | 66,882 | |||||||||||||||||
Crowne Ridge |
92.9 | % | 93.4 | % | 97.1 | % | 1,448 | 1.55 | 31,050 | |||||||||||||||||
San Jose, CA |
||||||||||||||||||||||||||
Avalon at Blossom Hill |
97.2 | % | 93.4 | % | 93.2 | % | 1,637 | 1.54 | 60,886 | |||||||||||||||||
Avalon at Cahill Park |
92.7 | % | 39.7% | (3) | N/A | 1,761 | 0.70 | (3) | 52,114 | |||||||||||||||||
Avalon at Creekside |
98.3 | % | 96.3 | % | 95.6 | % | 1,437 | 1.89 | 42,966 | |||||||||||||||||
Avalon at Foxchase |
97.9 | % | 94.9 | % | 95.6 | % | 1,342 | 1.50 | 58,822 | |||||||||||||||||
Avalon at Parkside |
97.9 | % | 95.8 | % | 95.6 | % | 1,756 | 1.62 | 37,853 | |||||||||||||||||
Avalon at Pruneyard |
98.0 | % | 94.9 | % | 95.9 | % | 1,341 | 1.63 | 31,850 | |||||||||||||||||
Avalon at River Oaks |
96.0 | % | 93.9 | % | 93.4 | % | 1,614 | 1.63 | 45,005 | |||||||||||||||||
Avalon Campbell |
92.5 | % | 93.1 | % | 93.1 | % | 1,594 | 1.58 | 60,009 | |||||||||||||||||
Avalon Cupertino |
95.2 | % | 93.9 | % | 96.3 | % | 1,868 | 1.86 | 49,098 | |||||||||||||||||
Avalon Mountain View (6) |
96.0 | % | 93.8 | % | 97.5 | % | 1,736 | 1.91 | 50,512 |
15
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Approx. | Year of | Average | ||||||||||||||||||||||||||||
Number of | rentable area | completion or | size | |||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | |||||||||||||||||||||||||
Avalon
on the Alameda |
San Jose,
CA |
305 | 299,722 | 8.9 | 1999 | 983 | ||||||||||||||||||||||||
Avalon
Rosewalk |
San Jose,
CA |
456 | 450,252 | 16.6 | 1997/1999 | 987 | ||||||||||||||||||||||||
Avalon
Silicon Valley |
Sunnyvale,
CA |
710 | 658,591 | 13.6 | 1997 | 928 | ||||||||||||||||||||||||
Avalon
Sunnyvale |
Sunnyvale,
CA |
220 | 159,653 | 5.0 | 1987/1995 | 726 | ||||||||||||||||||||||||
Avalon
Towers on the Peninsula |
Mountain View,
CA |
211 | 218,392 | 1.9 | 2002 | 1,035 | ||||||||||||||||||||||||
CountryBrook
(7) |
San Jose,
CA |
360 | 323,012 | 14.0 | 1985/1996 | 897 | ||||||||||||||||||||||||
Fairway
Glen |
San Jose,
CA |
144 | 119,492 | 6.0 | 1986 | 830 | ||||||||||||||||||||||||
San
Marino |
San Jose,
CA |
248 | 209,465 | 11.5 | 1984/1988 | 845 | ||||||||||||||||||||||||
SOUTHERN
CALIFORNIA |
||||||||||||||||||||||||||||||
Los
Angeles, CA |
||||||||||||||||||||||||||||||
Avalon
at Media Center |
Burbank, CA |
748 | 530,114 | 14.7 | 1969/1997 | 709 | ||||||||||||||||||||||||
Avalon
at Warner Center |
Woodland Hills,
CA |
227 | 191,645 | 6.8 | 1979/1998 | 844 | ||||||||||||||||||||||||
Avalon
Westside Terrace |
Los Angeles,
CA |
363 | 229,296 | 4.8 | 1966/1997 | 632 | ||||||||||||||||||||||||
Avalon
Woodland Hills |
Woodland Hills,
CA |
663 | 592,722 | 18.2 | 1989/1997 | 894 | ||||||||||||||||||||||||
The
Promenade |
Burbank, CA |
400 | 360,587 | 6.9 | 1988/2002 | 923 | ||||||||||||||||||||||||
Orange
County, CA |
||||||||||||||||||||||||||||||
Amberway |
Anaheim, CA |
272 | 205,572 | 9.9 | 1983/1998 | 756 | ||||||||||||||||||||||||
Avalon
at Laguna Niguel |
Laguna Niguel,
CA |
176 | 174,848 | 10.0 | 1988/1998 | 993 | ||||||||||||||||||||||||
Avalon
at Pacific Bay |
Huntington
Beach, CA |
304 | 268,000 | 9.7 | 1971/1997 | 882 | ||||||||||||||||||||||||
Avalon
at South Coast |
Costa Mesa,
CA |
258 | 208,890 | 8.9 | 1973/1996 | 810 | ||||||||||||||||||||||||
Avalon
Huntington Beach |
Huntington
Beach, CA |
400 | 353,192 | 16.4 | 1972/1997 | 883 | ||||||||||||||||||||||||
Avalon
Mission Viejo |
Mission Viejo,
CA |
166 | 124,600 | 7.8 | 1984/1996 | 751 | ||||||||||||||||||||||||
Avalon
Newport |
Costa Mesa,
CA |
145 | 120,690 | 6.6 | 1956/1996 | 832 | ||||||||||||||||||||||||
Avalon
Santa Margarita |
Rancho Santa
Margarita, CA |
301 | 229,593 | 20.0 | 1990/1997 | 763 | ||||||||||||||||||||||||
San
Diego, CA |
||||||||||||||||||||||||||||||
Avalon
at Cortez Hill |
San Diego,
CA |
294 | 224,840 | 1.2 | 1973/1998 | 765 | ||||||||||||||||||||||||
Avalon
at Mission Bay |
San Diego,
CA |
564 | 402,327 | 5.7 | 1969/1997 | 713 | ||||||||||||||||||||||||
Avalon
at Mission Ridge |
San Diego,
CA |
200 | 208,100 | 4.0 | 1960/1997 | 1,041 | ||||||||||||||||||||||||
Avalon
at Penasquitos Hills |
San Diego,
CA |
176 | 141,120 | 8.8 | 1982/1997 | 802 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Average economic | Average | |||||||||||||||||||||||||
occupancy | rental rate | |||||||||||||||||||||||||
Physical | Financial | |||||||||||||||||||||||||
occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||
12/31/02 | 2002 | 2001 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||
Avalon on the Alameda |
95.7 | % | 92.7 | % | 89.5 | % | 1,882 | 1.77 | 56,426 | |||||||||||||||||
Avalon Rosewalk |
96.7 | % | 92.7 | % | 91.9 | % | 1,609 | 1.51 | 78,210 | |||||||||||||||||
Avalon Silicon Valley |
94.1 | % | 92.2 | % | 91.2 | % | 1,895 | 1.88 | 120,851 | |||||||||||||||||
Avalon Sunnyvale |
98.2 | % | 95.2 | % | 94.9 | % | 1,429 | 1.87 | 34,897 | |||||||||||||||||
Avalon Towers on the Peninsula |
97.2 | % | 62.4% | (3) | N/A | 2,229 | 1.34 | (3) | 65,581 | |||||||||||||||||
CountryBrook (7) |
95.3 | % | 93.1 | % | 91.6 | % | 1,342 | 1.39 | 47,792 | |||||||||||||||||
Fairway Glen |
100.0 | % | 95.1 | % | 94.0 | % | 1,333 | 1.53 | 17,128 | |||||||||||||||||
San Marino |
96.8 | % | 93.7 | % | 91.0 | % | 1,369 | 1.52 | 34,065 | |||||||||||||||||
SOUTHERN
CALIFORNIA |
||||||||||||||||||||||||||
Los Angeles, CA |
||||||||||||||||||||||||||
Avalon at Media Center |
94.5 | % | 90.3% | (2) | 83.8% | (2) | 1,127 | 1.44 | (2) | 75,508 | ||||||||||||||||
Avalon at Warner Center |
97.4 | % | 96.5 | % | 97.2 | % | 1,329 | 1.52 | 26,414 | |||||||||||||||||
Avalon Westside Terrace |
95.6 | % | 92.3 | % | 95.7 | % | 1,171 | 1.71 | 37,241 | |||||||||||||||||
Avalon Woodland Hills |
97.6 | % | 95.4 | % | 96.1 | % | 1,273 | 1.36 | 71,590 | |||||||||||||||||
The Promenade |
95.0 | % | 92.8% | (3) | N/A | 1,443 | 1.49 | (3) | 70,996 | |||||||||||||||||
Orange County, CA |
||||||||||||||||||||||||||
Amberway |
96.7 | % | 95.7 | % | 93.9 | % | 1,003 | 1.27 | 21,400 | |||||||||||||||||
Avalon at Laguna Niguel |
99.4 | % | 96.8 | % | 96.1 | % | 1,232 | 1.20 | 20,957 | |||||||||||||||||
Avalon at Pacific Bay |
97.7 | % | 95.3 | % | 96.6 | % | 1,235 | 1.33 | 31,941 | |||||||||||||||||
Avalon at South Coast |
98.8 | % | 96.5 | % | 94.8 | % | 1,137 | 1.35 | 24,596 | |||||||||||||||||
Avalon Huntington Beach |
95.5 | % | 91.6 | % | 94.7 | % | 1,276 | 1.32 | 37,192 | |||||||||||||||||
Avalon Mission Viejo |
98.8 | % | 95.9 | % | 96.9 | % | 1,138 | 1.45 | 13,167 | |||||||||||||||||
Avalon Newport |
100.0 | % | 97.7 | % | 97.9 | % | 1,346 | 1.58 | 10,112 | |||||||||||||||||
Avalon Santa Margarita |
94.0 | % | 94.4 | % | 96.0 | % | 1,153 | 1.43 | 23,635 | |||||||||||||||||
San Diego, CA |
||||||||||||||||||||||||||
Avalon at Cortez Hill |
96.3 | % | 92.5 | % | 84.0 | % | 1,216 | 1.47 | 34,368 | |||||||||||||||||
Avalon at Mission Bay |
97.0 | % | 96.2 | % | 97.1 | % | 1,242 | 1.67 | 66,060 | |||||||||||||||||
Avalon at Mission Ridge |
97.0 | % | 96.4 | % | 97.2 | % | 1,389 | 1.29 | 21,625 | |||||||||||||||||
Avalon at Penasquitos Hills |
95.5 | % | 95.2 | % | 95.9 | % | 1,105 | 1.31 | 14,323 |
16
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Approx. | Year of | Average | ||||||||||||||||||||||||||||
Number of | rentable area | completion or | size | |||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | |||||||||||||||||||||||||
DEVELOPMENT
COMMUNITIES |
||||||||||||||||||||||||||||||
Avalon
at Flanders Hill |
Westborough,
MA |
280 | 299,978 | 62.0 | N/A | 1,099 | ||||||||||||||||||||||||
Avalon
at Gallery Place I |
Washington,
DC |
203 | 183,326 | 0.5 | N/A | 903 | ||||||||||||||||||||||||
Avalon
at Glen Cove South |
Glen Cove,
NY |
256 | 270,000 | 4.0 | N/A | 1,050 | ||||||||||||||||||||||||
Avalon
at Grosvenor Station |
North Bethesda,
MD |
497 | 478,530 | 9.9 | N/A | 963 | ||||||||||||||||||||||||
Avalon
at Mission Bay North |
San Francisco,
CA |
250 | 244,224 | 1.4 | N/A | 977 | ||||||||||||||||||||||||
Avalon
at Newton Highlands |
Newton, MA |
294 | 401,241 | 7.0 | N/A | 1,177 | ||||||||||||||||||||||||
Avalon
at Rock Spring |
North Bethesda,
MD |
386 | 388,480 | 10.2 | N/A | 1,006 | ||||||||||||||||||||||||
Avalon
at Stevens Pond |
Saugus, MA |
326 | 360,509 | 82.0 | N/A | 1,106 | ||||||||||||||||||||||||
Avalon
Darien |
Darien, CT |
189 | 242,311 | 30.0 | N/A | 1,282 | ||||||||||||||||||||||||
Avalon
Glendale |
Burbank, CA |
223 | 241,712 | 5.1 | N/A | 1,084 | ||||||||||||||||||||||||
Avalon
on Stamford Harbor |
Stamford,
CT |
323 | 336,566 | 12.1 | N/A | 1,042 | ||||||||||||||||||||||||
Avalon
Traville Phase I |
North Potomac,
MD |
200 | 231,800 | 23.8 | N/A | 1,159 | ||||||||||||||||||||||||
UNCONSOLIDATED
COMMUNITIES |
||||||||||||||||||||||||||||||
Avalon
Arbor (9) |
Shrewsbury,
MA |
302 | 297,989 | 26.0 | 1991 | 986 | ||||||||||||||||||||||||
Avalon
Bedford (8) |
Stamford,
CT |
368 | 331,655 | 4.6 | 1961/1998 | 819 | ||||||||||||||||||||||||
Avalon
Grove (8) |
Stamford,
CT |
402 | 363,408 | 12.0 | 1996 | 906 | ||||||||||||||||||||||||
Avalon
Run (6) |
Lawrenceville,
NJ |
426 | 443,168 | 9.0 | 1994 | 1,010 | ||||||||||||||||||||||||
Falkland
Chase (8) |
Silver Spring,
MD |
450 | 341,859 | 22.7 | 1936/1993 | 760 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Average economic | Average | |||||||||||||||||||||||||
occupancy | rental rate | |||||||||||||||||||||||||
Physical | Financial | |||||||||||||||||||||||||
occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||
12/31/02 | 2002 | 2001 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||
DEVELOPMENT COMMUNITIES |
||||||||||||||||||||||||||
Avalon at Flanders Hill |
N/A | N/A | N/A | N/A | N/A | 35,855 | ||||||||||||||||||||
Avalon at Gallery Place I |
N/A | N/A | N/A | N/A | N/A | 41,414 | ||||||||||||||||||||
Avalon at Glen Cove South |
N/A | N/A | N/A | N/A | N/A | 16,777 | ||||||||||||||||||||
Avalon at Grosvenor Station |
N/A | N/A | N/A | N/A | N/A | 40,146 | ||||||||||||||||||||
Avalon at Mission Bay North |
N/A | N/A | N/A | N/A | N/A | 71,470 | ||||||||||||||||||||
Avalon at Newton Highlands |
N/A | N/A | N/A | N/A | N/A | 27,629 | ||||||||||||||||||||
Avalon at Rock Spring |
N/A | N/A | N/A | N/A | N/A | 36,787 | ||||||||||||||||||||
Avalon at Stevens Pond |
N/A | N/A | N/A | N/A | N/A | 23,230 | ||||||||||||||||||||
Avalon Darien |
N/A | N/A | N/A | N/A | N/A | 13,537 | ||||||||||||||||||||
Avalon Glendale |
N/A | N/A | N/A | N/A | N/A | 17,132 | ||||||||||||||||||||
Avalon on Stamford Harbor |
N/A | N/A | N/A | N/A | N/A | 61,146 | ||||||||||||||||||||
Avalon Traville Phase I |
N/A | N/A | N/A | N/A | N/A | 8,882 | ||||||||||||||||||||
UNCONSOLIDATED COMMUNITIES |
||||||||||||||||||||||||||
Avalon Arbor (9) |
90.7 | % | 92.0 | % | 97.7 | % | 1,360 | 1.27 | N/A | |||||||||||||||||
Avalon Bedford (8) |
88.6 | % | 90.9 | % | 80.6% | (2) | 1,544 | 1.56 | N/A | |||||||||||||||||
Avalon Grove (8) |
85.8 | % | 84.9 | % | 95.2 | % | 2,155 | 2.02 | N/A | |||||||||||||||||
Avalon Run (6) |
92.5 | % | 91.4 | % | 97.1 | % | 1,431 | 1.26 | N/A | |||||||||||||||||
Falkland Chase (8) |
97.8 | % | 94.4 | % | 98.6 | % | 1,140 | 1.42 | N/A |
(1) | For this table, Current Communities excludes communities held by unconsolidated real estate joint ventures, which are listed separately. We own a fee simple interest in the Current Communities listed, excepted as noted below. | |
(2) | Represents community which was under redevelopment during the year, resulting in lower average economic occupancy and average rental rate per square foot for the year. | |
(3) | Represents community that completed development or was purchased during the year, which could result in lower average economic occupancy and average rental rate per square foot for the year. | |
(4) | Represents the average rental revenue per occupied apartment home. | |
(5) | Costs are presented in accordance with generally accepted accounting principles. For current Development Communities, cost represents total costs incurred through December 31, 2002. Financial reporting costs are excluded for unconsolidated communities, see Note 6, Investments in Unconsolidated Entities, of the Consolidated Financial Statements set forth in Item 8 of this report. | |
(6) | We own a general partnership interest in a partnership that owns a fee simple interest in this community. | |
(7) | We own a general partnership interest in a partnership structured as a DownREIT that owns this community. | |
(8) | We own a membership interest in a limited liability company that holds a fee simple interest in this community. | |
(9) | We have a 100% interest in a senior participating mortgage note secured by this community, which allows us to share in part of the rental income or resale proceeds of the community. | |
(10) | Community is located on land subject to a land lease expiring in March 2142. |
17
Features and Recreational Amenities Current and Development Communities
Washer & | ||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | |||||||||||||||||||||||||||||||||||||||
Studios/ | Parking | hook-ups | ||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 | 3BA | efficiencies | Other | Total | spaces | or units | |||||||||||||||||||||||||||||||||
CURRENT
COMMUNITIES (1) |
||||||||||||||||||||||||||||||||||||||||||
NORTHEAST |
||||||||||||||||||||||||||||||||||||||||||
Boston, MA |
||||||||||||||||||||||||||||||||||||||||||
Avalon at Center Place |
103 | | 111 | 5 | | 6 | | 225 | 345 | All | ||||||||||||||||||||||||||||||||
Avalon at Faxon Park |
68 | | 75 | 28 | | | | 171 | 287 | All | ||||||||||||||||||||||||||||||||
Avalon at Lexington |
28 | 24 | 90 | 56 | | | | 198 | 355 | All | ||||||||||||||||||||||||||||||||
Avalon at Prudential
Center |
361 | | 237 | | 23 | 148 | 12 | 781 | 142 | None | ||||||||||||||||||||||||||||||||
Avalon Essex |
50 | | 62 | | | | 42 | 154 | 259 | All | ||||||||||||||||||||||||||||||||
Avalon Estates |
66 | 16 | 80 | | | | | 162 | 354 | All | ||||||||||||||||||||||||||||||||
Avalon Ledges |
124 | | 152 | 28 | | | | 304 | 610 | All | ||||||||||||||||||||||||||||||||
Avalon Oaks |
60 | 24 | 96 | 24 | | | | 204 | 355 | All | ||||||||||||||||||||||||||||||||
Avalon Oaks West |
48 | 12 | 48 | 12 | | | | 120 | 233 | All | ||||||||||||||||||||||||||||||||
Avalon Orchards |
69 | 12 | 75 | | | | | 156 | 312 | All | ||||||||||||||||||||||||||||||||
Avalon Summit |
154 | 61 | 28 | 2 | | | | 245 | 328 | None | ||||||||||||||||||||||||||||||||
Avalon West |
40 | | 55 | 25 | | | | 120 | 145 | All | ||||||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||||||||||||||||||
Avalon at Greyrock Place |
104 | 91 | 99 | 12 | | | | 306 | 459 | All | ||||||||||||||||||||||||||||||||
Avalon Corners |
118 | | 77 | | | | | 195 | 273 | All | ||||||||||||||||||||||||||||||||
Avalon Gates |
122 | | 168 | 50 | | | | 340 | 580 | All | ||||||||||||||||||||||||||||||||
Avalon Glen |
124 | | 114 | | | | | 238 | 400 | Most | ||||||||||||||||||||||||||||||||
Avalon Haven |
44 | 60 | | 24 | | | | 128 | 256 | All | ||||||||||||||||||||||||||||||||
Avalon Lake |
36 | | 46 | | | 24 | 29 | 135 | 382 | All | ||||||||||||||||||||||||||||||||
Avalon New Canaan |
16 | | 64 | 24 | | | | 104 | 202 | All | ||||||||||||||||||||||||||||||||
Avalon Springs |
| | 70 | 32 | | | | 102 | 153 | All | ||||||||||||||||||||||||||||||||
Avalon Valley |
106 | | 134 | 28 | | | | 268 | 626 | All | ||||||||||||||||||||||||||||||||
Avalon Walk I & II |
272 | 116 | 122 | 74 | | | 180 | 764 | 1,528 | All | ||||||||||||||||||||||||||||||||
Long Island, NY |
||||||||||||||||||||||||||||||||||||||||||
Avalon Commons |
128 | 40 | 112 | 32 | | | | 312 | 538 | All | ||||||||||||||||||||||||||||||||
Avalon Court |
172 | 54 | 194 | 44 | 30 | | | 494 | 1,110 | All | ||||||||||||||||||||||||||||||||
Avalon Towers |
| | 37 | 1 | 3 | 1 | 67 | 109 | 198 | All | ||||||||||||||||||||||||||||||||
Northern New Jersey |
||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater |
158 | | 190 | 60 | | | | 408 | 872 | All | ||||||||||||||||||||||||||||||||
Avalon at Florham Park |
46 | | 107 | 117 | | | | 270 | 611 | All | ||||||||||||||||||||||||||||||||
Avalon Cove |
190 | | 190 | 46 | 2 | | 76 | 504 | 464 | All | ||||||||||||||||||||||||||||||||
Avalon Crest |
96 | | 131 | 67 | | | 57 | 351 | 364 | All | ||||||||||||||||||||||||||||||||
The Tower at Avalon Cove |
147 | 24 | 74 | 24 | | | | 269 | 263 | All | ||||||||||||||||||||||||||||||||
Central New Jersey |
||||||||||||||||||||||||||||||||||||||||||
Avalon at Freehold |
42 | 41 | 176 | 37 | | | | 296 | 611 | All | ||||||||||||||||||||||||||||||||
Avalon Run East |
64 | | 106 | 36 | | | | 206 | 345 | All | ||||||||||||||||||||||||||||||||
Avalon Watch |
252 | 36 | 142 | 82 | | | | 512 | 768 | Most |
Large | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||
storage | Balcony, | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||
Vaulted | or walk-in | patio, deck | Built-in | access | access | security | ||||||||||||||||||||||||||||||||||||||
ceilings | Lofts | Fireplaces | closet | or sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES (1) |
||||||||||||||||||||||||||||||||||||||||||||
NORTHEAST |
||||||||||||||||||||||||||||||||||||||||||||
Boston, MA |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Center Place
Avalon at Faxon Park |
None | None | None | Half | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||
Avalon at Lexington |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon at Prudential |
Some | Some | Some | Most | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||
Center |
None | None | None | Most | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||
Avalon Essex |
None | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Estates |
Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Ledges |
None | Some | Some | All | Some | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Oaks |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Oaks West |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Orchards |
None | Half | Some | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Summit |
None | None | None | None | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||
Avalon West |
Some | Some | Some | All | Half | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Greyrock Place |
None | None | None | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Corners |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Gates |
Some | Some | None | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Glen |
Some | Some | Some | Half | Most | None | Yes | Yes | No | Most | ||||||||||||||||||||||||||||||||||
Avalon Haven |
None | Some | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Lake |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon New Canaan |
None | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Springs |
Half | Half | Most | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Valley |
Some | Some | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Walk I & II |
Some | Some | Half | All | All | Some | Yes | No | No | Half | ||||||||||||||||||||||||||||||||||
Long
Island, NY |
||||||||||||||||||||||||||||||||||||||||||||
Avalon Commons |
Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Avalon Court |
Some | Most | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Towers |
None | None | None | All | Most | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||
Northern New Jersey |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater |
None | Some | Some | All | All | None | No | No | Yes | Some | ||||||||||||||||||||||||||||||||||
Avalon at Florham Park |
Most | None | Some | All | Some | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Cove |
Some | Some | Some | All | Most | None | No | Yes | Some | All | ||||||||||||||||||||||||||||||||||
Avalon Crest |
Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
The Tower at Avalon Cove |
None | None | None | Half | Some | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||
Central New Jersey |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Freehold |
Some | Some | Some | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||
Avalon Run East |
Some | Some | Some | All | All | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||
Avalon Watch |
Some | None | Some | All | All | None | No | Yes | No | None |
18
Features and Recreational Amenities Current and Development Communities
Washer & | |||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | ||||||||||||||||||||||||||||||||||||||
Studios/ | Parking | hook-ups | |||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 | 3BA | efficiencies | Other | Total | spaces | or units | ||||||||||||||||||||||||||||||||
New York, NY |
|||||||||||||||||||||||||||||||||||||||||
Avalon Riverview I |
184 | | 114 | | 31 | 43 | | 372 | 128 | All | |||||||||||||||||||||||||||||||
Avalon Gardens |
208 | 48 | 144 | 104 | | | | 504 | 1,008 | All | |||||||||||||||||||||||||||||||
Avalon Green |
25 | 24 | 56 | | | | | 105 | 179 | All | |||||||||||||||||||||||||||||||
Avalon on the Sound |
143 | | 184 | 22 | 20 | 43 | | 412 | 645 | Most | |||||||||||||||||||||||||||||||
Avalon View |
115 | 47 | 62 | 64 | | | | 288 | 576 | All | |||||||||||||||||||||||||||||||
Avalon Willow |
150 | 77 | | | | | | 227 | 379 | All | |||||||||||||||||||||||||||||||
The Avalon |
55 | 2 | 43 | 10 | | | | 110 | 167 | All | |||||||||||||||||||||||||||||||
MID-ATLANTIC |
|||||||||||||||||||||||||||||||||||||||||
Baltimore, MD |
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Avalon at Fairway
Hills I & II |
283 | 223 | 154 | 60 | | | | 720 | 1,137 | All | |||||||||||||||||||||||||||||||
Avalon at Symphony Glen |
86 | 14 | 54 | 20 | | | | 174 | 266 | All | |||||||||||||||||||||||||||||||
Avalon Landing |
65 | 18 | 57 | | | | 18 | 158 | 257 | All | |||||||||||||||||||||||||||||||
Washington, DC |
|||||||||||||||||||||||||||||||||||||||||
4100 Massachusetts
Avenue |
160 | 70 | | 3 | | 27 | 48 | 308 | 330 | All | |||||||||||||||||||||||||||||||
AutumnWoods |
220 | 72 | 96 | | | | 32 | 420 | 727 | All | |||||||||||||||||||||||||||||||
Avalon at Arlington
Square I |
211 | 20 | 226 | 53 | | | | 510 | 949 | All | |||||||||||||||||||||||||||||||
Avalon at Arlington
Square II |
172 | | 116 | 44 | | | | 332 | 563 | All | |||||||||||||||||||||||||||||||
Avalon at Ballston -
Vermont & Quincy Towers |
333 | 37 | 84 | | | | | 454 | 498 | All | |||||||||||||||||||||||||||||||
Avalon at Ballston -
Washington Towers |
205 | 28 | 111 | | | | | 344 | 415 | All | |||||||||||||||||||||||||||||||
Avalon at Cameron Court |
208 | | 168 | | | | 84 | 460 | 736 | All | |||||||||||||||||||||||||||||||
Avalon at Decoverly |
156 | | 104 | 64 | 44 | | | 368 | 584 | All | |||||||||||||||||||||||||||||||
Avalon at Dulles |
104 | 40 | 76 | | 16 | | | 236 | 493 | All | |||||||||||||||||||||||||||||||
Avalon at Fair Lakes |
45 | 12 | 125 | 26 | 26 | | | 234 | 505 | All | |||||||||||||||||||||||||||||||
Avalon at Fox Mill |
| | 92 | 73 | | | | 165 | 343 | All | |||||||||||||||||||||||||||||||
Avalon at Providence Park |
19 | | 112 | 4 | | | 6 | 141 | 287 | All | |||||||||||||||||||||||||||||||
Avalon Crescent |
186 | 26 | 346 | | | | | 558 | 662 | All | |||||||||||||||||||||||||||||||
Avalon Crossing |
| 27 | 105 | | | | | 132 | 224 | All | |||||||||||||||||||||||||||||||
Avalon Fields I & II |
74 | 32 | 84 | 32 | | | 66 | 288 | 443 | All | |||||||||||||||||||||||||||||||
Avalon Knoll |
136 | 55 | 81 | 28 | | | | 300 | 482 | All | |||||||||||||||||||||||||||||||
MIDWEST |
|||||||||||||||||||||||||||||||||||||||||
Chicago,
IL |
|||||||||||||||||||||||||||||||||||||||||
200 Arlington Place |
142 | 89 | 148 | | | 30 | | 409 | 650 | All | |||||||||||||||||||||||||||||||
Avalon at Danada Farms |
80 | 52 | 134 | 29 | | | | 295 | 714 | All | |||||||||||||||||||||||||||||||
Avalon at Stratford Green |
45 | 9 | 108 | 21 | | | 9 | 192 | 437 | All | |||||||||||||||||||||||||||||||
Avalon at West Grove |
200 | 200 | | | | | | 400 | 860 | None | |||||||||||||||||||||||||||||||
Minneapolis,
MN |
|||||||||||||||||||||||||||||||||||||||||
Avalon at Devonshire |
194 | | 304 | | | | | 498 | 498 | Most | |||||||||||||||||||||||||||||||
Avalon at Edinburgh |
56 | | 114 | 26 | | 2 | | 198 | 210 | All | |||||||||||||||||||||||||||||||
Avalon at Town Centre |
104 | | 111 | 33 | | | | 248 | 250 | All | |||||||||||||||||||||||||||||||
Avalon at Town Square |
76 | | 68 | 12 | | | 4 | 160 | 162 | All | |||||||||||||||||||||||||||||||
Avalon at Woodbury |
41 | | 147 | 36 | | | | 224 | 513 | All |
Large | Non- | Homes w/ | |||||||||||||||||||||||||||||||||||||||||||
storage | Balcony, | direct | Direct | pre-wired | |||||||||||||||||||||||||||||||||||||||||
Vaulted | or walk-in | patio, deck | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||
ceilings | Lofts | Fireplaces | closet | or sunroom | bookcases | Carports | garages | garages | systems | ||||||||||||||||||||||||||||||||||||
New York, NY |
|||||||||||||||||||||||||||||||||||||||||||||
Avalon Riverview I |
None | None | None | Most | Some | None | No | Yes | No | Some | |||||||||||||||||||||||||||||||||||
Avalon Gardens |
Half | Half | Some | All | Most | None | Yes | Yes | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon Green |
Some | Half | Some | All | All | None | Yes | No | No | All | |||||||||||||||||||||||||||||||||||
Avalon on the Sound |
None | Some | None | Most | Some | None | No | Yes | No | Some | |||||||||||||||||||||||||||||||||||
Avalon View |
Some | Some | Some | Most | All | None | Yes | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon Willow |
Some | Some | None | Most | All | None | No | Yes | Yes | All | |||||||||||||||||||||||||||||||||||
The Avalon |
Some | Some | Some | Most | Half | None | No | Yes | No | All | |||||||||||||||||||||||||||||||||||
MID-ATLANTIC |
|||||||||||||||||||||||||||||||||||||||||||||
Baltimore, MD |
|||||||||||||||||||||||||||||||||||||||||||||
Avalon at Fairway
Hills I & II |
Some | None | Some | Some | All | Some | No | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Symphony Glen |
Some | None | Most | All | All | Half | No | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon Landing |
None | None | Most | Most | All | None | Yes | No | No | None | |||||||||||||||||||||||||||||||||||
Washington, DC |
|||||||||||||||||||||||||||||||||||||||||||||
4100 Massachusetts
Avenue |
None | None | Some | Most | All | Some | No | Yes | No | None | |||||||||||||||||||||||||||||||||||
AutumnWoods |
Some | None | Some | All | All | Some | Yes | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Arlington
Square I |
Some | Some | Some | All | Some | Some | No | No | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon at Arlington
Square II |
Some | Some | Some | Some | All | Some | No | No | No | All | |||||||||||||||||||||||||||||||||||
Avalon at Ballston -
Vermont & Quincy Towers |
None | None | None | Most | All | None | No | No | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at Ballston -
Washington Towers |
None | None | Some | Most | All | None | No | No | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at Cameron Court |
Some | Some | Some | All | Most | None | No | Yes | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon at Decoverly |
Some | Some | Most | Most | All | None | No | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Dulles |
Some | None | Some | All | All | Some | No | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Fair Lakes |
Half | None | Half | All | Most | None | No | Yes | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at Fox Mill |
Most | None | Most | All | All | None | No | No | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon at Providence Park |
None | None | Most | All | All | None | No | No | No | None | |||||||||||||||||||||||||||||||||||
Avalon Crescent |
Some | Some | Half | Most | All | Some | No | Yes | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon Crossing |
Some | Some | Half | All | All | Some | No | Yes | Yes | All | |||||||||||||||||||||||||||||||||||
Avalon Fields I & II |
Some | Some | Half | All | Most | None | No | Yes | No | All | |||||||||||||||||||||||||||||||||||
Avalon Knoll |
Some | None | Half | All | All | Some | No | No | No | None | |||||||||||||||||||||||||||||||||||
MIDWEST |
|||||||||||||||||||||||||||||||||||||||||||||
Chicago, IL |
|||||||||||||||||||||||||||||||||||||||||||||
200 Arlington Place |
None | None | None | All | Some | None | No | Yes | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Danada Farms |
None | None | Some | All | Some | Some | No | No | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at Stratford Green |
None | None | Some | Most | Some | Some | No | Yes | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at West Grove |
None | None | None | None | All | None | Yes | No | No | None | |||||||||||||||||||||||||||||||||||
Minneapolis, MN |
|||||||||||||||||||||||||||||||||||||||||||||
Avalon at Devonshire |
Some | None | Some | Most | Most | Some | No | Yes | Yes | None | |||||||||||||||||||||||||||||||||||
Avalon at Edinburgh |
None | None | Some | Some | All | None | No | Yes | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Town Centre |
Some | None | Some | Some | All | None | No | Yes | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Town Square |
Some | None | Some | Some | All | None | No | Yes | No | None | |||||||||||||||||||||||||||||||||||
Avalon at Woodbury |
None | None | Some | Some | Some | None | No | No | Yes | None |
19
Features and Recreational Amenities Current and Development Communities
Washer & | |||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | ||||||||||||||||||||||||||||||||||||||
Studios/ | Parking | hook-ups | |||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 | 3BA | efficiencies | Other | Total | spaces | or units | ||||||||||||||||||||||||||||||||
PACIFIC
NORTHWEST |
|||||||||||||||||||||||||||||||||||||||||
Seattle,
WA |
|||||||||||||||||||||||||||||||||||||||||
Avalon at Bear Creek |
55 | 40 | 110 | 59 | | | | 264 | 470 | All | |||||||||||||||||||||||||||||||
Avalon Bellevue |
110 | | 67 | | | 25 | | 202 | 304 | All | |||||||||||||||||||||||||||||||
Avalon Belltown |
64 | | 20 | | | 16 | | 100 | 134 | All | |||||||||||||||||||||||||||||||
Avalon Brandemoor |
88 | 109 | 149 | 78 | | | | 424 | 732 | All | |||||||||||||||||||||||||||||||
Avalon Greenbriar |
16 | 19 | 217 | 169 | | | | 421 | 731 | All | |||||||||||||||||||||||||||||||
Avalon HighGrove |
84 | 119 | 124 | 56 | 8 | | | 391 | 713 | All | |||||||||||||||||||||||||||||||
Avalon ParcSquare |
31 | 26 | 55 | 5 | 7 | | | 124 | 196 | All | |||||||||||||||||||||||||||||||
Avalon Redmond Place |
76 | 44 | 67 | 35 | | | | 222 | 384 | All | |||||||||||||||||||||||||||||||
Avalon RockMeadow |
28 | 48 | 86 | 28 | 16 | | | 206 | 308 | All | |||||||||||||||||||||||||||||||
Avalon WildReed |
36 | 60 | 78 | 60 | | | | 234 | 462 | All | |||||||||||||||||||||||||||||||
Avalon Wildwood |
5 | | 211 | | 17 | | 5 | 238 | 16 | All | |||||||||||||||||||||||||||||||
Avalon Wynhaven |
3 | 42 | 239 | 13 | 28 | | 8 | 333 | 260 | All | |||||||||||||||||||||||||||||||
NORTHERN
CALIFORNIA |
|||||||||||||||||||||||||||||||||||||||||
Oakland-East
Bay, CA |
|||||||||||||||||||||||||||||||||||||||||
Avalon at Union Square |
124 | 84 | | | | | | 208 | 210 | None | |||||||||||||||||||||||||||||||
Avalon at Willow Creek |
99 | | 136 | | | | | 235 | 240 | All | |||||||||||||||||||||||||||||||
Avalon Dublin |
72 | 8 | 60 | 48 | | | 16 | 204 | 427 | Most | |||||||||||||||||||||||||||||||
Avalon Fremont |
130 | 81 | 176 | | 56 | | | 443 | 830 | All | |||||||||||||||||||||||||||||||
Avalon Pleasanton |
238 | | 218 | | | | | 456 | 856 | All | |||||||||||||||||||||||||||||||
Waterford |
208 | | 336 | | | | | 544 | 876 | Some | |||||||||||||||||||||||||||||||
San
Francisco, CA |
|||||||||||||||||||||||||||||||||||||||||
Avalon at Cedar Ridge |
117 | 33 | 24 | | | 21 | | 195 | 258 | None | |||||||||||||||||||||||||||||||
Avalon at Diamond Heights |
90 | | 49 | 15 | | | | 154 | 155 | None | |||||||||||||||||||||||||||||||
Avalon at Nob Hill |
114 | | 25 | | | 46 | | 185 | 104 | None | |||||||||||||||||||||||||||||||
Avalon at Sunset Towers |
183 | 20 | 20 | | | 20 | | 243 | 244 | None | |||||||||||||||||||||||||||||||
Avalon Foster City |
124 | 123 | 1 | | | 40 | | 288 | 490 | None | |||||||||||||||||||||||||||||||
Avalon Pacifica |
58 | 106 | 56 | | | | | 220 | 299 | None | |||||||||||||||||||||||||||||||
Avalon Towers by the Bay |
103 | | 120 | | 3 | | | 226 | 235 | All | |||||||||||||||||||||||||||||||
Crowne Ridge |
158 | 68 | 24 | | | 4 | | 254 | 377 | Some | |||||||||||||||||||||||||||||||
San Jose, CA |
|||||||||||||||||||||||||||||||||||||||||
Avalon at Blossom Hill |
90 | | 210 | | 24 | | | 324 | 562 | All | |||||||||||||||||||||||||||||||
Avalon at Cahill Park |
118 | | 94 | | 6 | | | 218 | 283 | All | |||||||||||||||||||||||||||||||
Avalon at Creekside |
158 | 128 | | | | 8 | | 294 | 376 | None | |||||||||||||||||||||||||||||||
Avalon at Foxchase |
168 | | 228 | | | | | 396 | 719 | All | |||||||||||||||||||||||||||||||
Avalon at Parkside |
60 | | 96 | 36 | | | | 192 | 192 | All | |||||||||||||||||||||||||||||||
Avalon at Pruneyard |
212 | 40 | | | | | | 252 | 395 | All | |||||||||||||||||||||||||||||||
Avalon at River Oaks |
100 | | 126 | | | | | 226 | 354 | All | |||||||||||||||||||||||||||||||
Avalon Campbell |
156 | | 180 | | 12 | | | 348 | 588 | All | |||||||||||||||||||||||||||||||
Avalon Cupertino |
145 | | 152 | | 14 | | | 311 | 526 | All | |||||||||||||||||||||||||||||||
Avalon Mountain View |
108 | | 88 | 52 | | | | 248 | 248 | All | |||||||||||||||||||||||||||||||
Avalon on the Alameda |
113 | | 164 | | 28 | | | 305 | 558 | All | |||||||||||||||||||||||||||||||
Avalon Rosewalk I & II |
168 | | 264 | | 24 | | | 456 | 648 | All | |||||||||||||||||||||||||||||||
Avalon Silicon Valley |
338 | | 336 | 18 | 15 | 3 | | 710 | 1,400 | All | |||||||||||||||||||||||||||||||
Avalon Sunnyvale |
112 | 10 | 54 | | | 44 | | 220 | 394 | Some | |||||||||||||||||||||||||||||||
Avalon Towers on the
Peninsula |
90 | | 115 | | 6 | | | 211 | 512 | All | |||||||||||||||||||||||||||||||
CountryBrook |
108 | | 252 | | | | | 360 | 694 | All | |||||||||||||||||||||||||||||||
Fairway Glen |
60 | | 84 | | | | | 144 | 226 | All | |||||||||||||||||||||||||||||||
San Marino |
103 | | 145 | | | | | 248 | 436 | All |
Large | Non- | Homes w/ | |||||||||||||||||||||||||||||||||||||||
storage | Balcony, | direct | Direct | pre-wired | |||||||||||||||||||||||||||||||||||||
Vaulted | or walk-in | patio, deck | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||
ceilings | Lofts | Fireplaces | closet | or sunroom |