10-K: Annual report pursuant to Section 13 and 15(d)
Published on March 15, 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2004
Commission file number 1-12672
AVALONBAY COMMUNITIES, INC.
Maryland | 77-0404318 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
2900 Eisenhower Avenue, Suite 300
Alexandria, Virginia 22314
(703) 329-6300
Common Stock, par value $.01 per share 8.70% Series H Cumulative Redeemable Preferred Stock, par value $.01 per share |
New York Stock Exchange, Pacific Exchange New York Stock Exchange, Pacific Exchange |
|
(Title of each class) | (Name of each exchange on which registered) |
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.
Yesx Noo
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 or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yesx Noo
The aggregate market value of the Registrants Common Stock, par value $.01 per share, held by nonaffiliates of the Registrant, as of June 30, 2004 was $4,062,613,967.
The number of shares of the Registrants Common Stock, par value $.01 per share, outstanding as of February 28, 2005 was 72,725,148.
Documents Incorporated by Reference
Portions of AvalonBay Communities, Inc.s Proxy Statement for the 2005 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, are incorporated by reference herein as portions of Part III of this Form 10-K.
TABLE OF CONTENTS
PAGE | ||||||
PART I | ||||||
ITEM 1. |
BUSINESS | 1 | ||||
ITEM 2. |
COMMUNITIES | 7 | ||||
ITEM 3. |
LEGAL PROCEEDINGS | 33 | ||||
ITEM 4. |
SUBMISSION OF MATTERS TO A VOTE OF STOCKHOLDERS | 33 | ||||
PART II | ||||||
ITEM 5. |
MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED | |||||
STOCKHOLDER MATTERS | 34 | |||||
ITEM 6. |
SELECTED FINANCIAL DATA | 35 | ||||
ITEM 7. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL | |||||
CONDITION AND RESULTS OF OPERATIONS | 38 | |||||
ITEM 7a. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT | |||||
MARKET RISK | 55 | |||||
ITEM 8. |
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 57 | ||||
ITEM 9. |
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS | |||||
ON ACCOUNTING AND FINANCIAL DISCLOSURE | 57 | |||||
ITEM 9a. |
CONTROLS AND PROCEDURES | 57 | ||||
ITEM 9b. |
OTHER INFORMATION | 57 | ||||
PART III | ||||||
ITEM 10. |
DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT | 58 | ||||
ITEM 11. |
EXECUTIVE COMPENSATION | 58 | ||||
ITEM 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS | |||||
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 58 | |||||
ITEM 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 59 | ||||
ITEM 14. |
PRINCIPAL ACCOUNTING FEES AND SERVICES | 59 | ||||
PART IV | ||||||
ITEM 15. |
EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND | |||||
REPORTS ON FORM 8-K | 60 | |||||
SIGNATURES |
65 |
PART I
This Form 10-K 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, included in the section entitled Forward-Looking Statements on page 54 of this Form 10-K.
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 development, redevelopment, acquisition, ownership and operation of apartment communities in high barrier-to-entry markets of the United States. This is because we believe that, long term, the limited new supply of 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 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.
At February 28, 2005, we owned or held a direct or indirect ownership interest in 138 operating apartment communities containing 40,142 apartment homes in ten states and the District of Columbia, of which four communities containing 1,430 apartment homes were under reconstruction. In addition, we owned or held a direct or indirect ownership interest in ten communities under construction that are expected to contain an aggregate of 2,668 apartment homes when completed. We also owned a direct or indirect ownership interest in rights to develop an additional 49 communities that, if developed in the manner expected, will contain an estimated 13,491 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 operating expenses as of the beginning of the prior year. Other Stabilized Communities are generally all other operating communities that have stabilized occupancy and operating expenses 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, redeveloping, acquiring, 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, we regularly (i) monitor our investment allocation by geographic market and product type, (ii) develop, redevelop and acquire apartment communities in high barrier-to-entry markets with growing or high potential for demand, (iii) selectively sell apartment communities that no longer meet our long-term strategy or when opportunities are presented to realize a portion of the value created over the past business cycle and redeploy the proceeds from those sales, and (iv) endeavor to maintain a capital structure that is aligned with our business risks such that we maintain continuous access to cost-effective capital. Our long-term strategy is to deeply penetrate the high barrier-to-entry markets in our chosen regions with a broad range of products and services and an intense focus on our customer. A substantial majority of our current communities are upscale, which generally command among the highest rents in their markets. However, we also pursue the ownership and operation of apartment communities that target a variety of customer segments and price points, consistent with our goal of offering a broad range of products and services.
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During the three years ended December 31, 2004, we acquired seven apartment communities, disposed of 17 apartment communities, and completed the development of 24 apartment communities and the redevelopment of three apartment communities. In anticipation of continued improvement in apartment fundamentals and stronger apartment demand, we have increased our development and acquisition volume. During 2004, we increased our level of acquisition activity in preparation of the closing of a discretionary investment fund. In addition, we continued to secure new development opportunities, bringing our pipeline for potential development opportunities to a new high. However, we continued with certain disposition activity when presented with opportunities to realize value. In 2005, we expect to continue acquisitions for the discretionary investment fund, particularly potential redevelopment communities, and to continue to be an opportunistic seller, while increasing our development activity over 2004 levels. The level of development, acquisition and disposition activity, however, is heavily influenced by capital market conditions, including prevailing interest rates. 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. However, we will acquire and hold land where business conditions warrant. 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 generally 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. 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.
Throughout this report, the term development is 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 to the actual construction of the property, which is only one element of the development cycle.
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 one of the highest quality apartment communities or best rental values for an 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.
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Throughout this report, the term redevelopment is used to refer to the entire redevelopment cycle, including planning and procurement of architectural and engineering designs, budgeting and actual renovation work. The actual renovation work is referred to as reconstruction, which is only one element of the redevelopment cycle.
Disposition Strategy. We sell assets when market conditions are favorable and redeploy the proceeds from those sales to develop, redevelop and acquire communities and to rebalance our portfolio across geographic regions. This also allows us to realize a portion of the value created over the past business cycle, as well as provides additional liquidity. We are then 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 of each proposal.
Acquisition Strategy. Our core competencies in development and redevelopment discussed above allow us to be selective in the acquisitions we target. From time to time, in order to achieve rapid penetration into markets that are generally supply constrained and in which we desire an increased presence and to help us achieve our desired product mix, or to rebalance our portfolio, we will acquire existing apartment communities. Over the next several years, we expect to increase our acquisition activity for a discretionary investment fund which we anticipate closing in early 2005, particularly potential redevelopment opportunities.
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 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; | |
| undertake preventive maintenance regularly to maximize resident satisfaction and property and equipment life; and | |
| aggressively pursue real estate tax appeals. |
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 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 vendor used by residents.
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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.
Financing Strategy. We have consistently maintained, and intend to continue to maintain, a capital structure that is aligned to the business risks presented by our corporate strategy. At December 31, 2004, our debt-to-total market capitalization was 30.4%, and our long-term floating rate debt, not including borrowings under our unsecured credit facility, was 2.6% of total market capitalization. Total market capitalization reflects the aggregate of the market value of our common stock, the market value of our operating partnership units outstanding (based on the market value of our common stock), the liquidation preference of our preferred stock and the outstanding principal amount of our debt. We believe that debt-to-total market capitalization can be one useful measure of a real estate operating companys long-term liquidity and balance sheet strength, because it shows an approximate relationship between a companys total debt and the current total market value of its assets based on the current price at which the companys common stock trades. However, because debt-to-total market capitalization changes with fluctuations in our stock price, which occurs regularly, our debt-to-total market capitalization may change even when our earnings and debt levels remain stable.
We estimate that a portion of our short-term liquidity needs will be met from retained operating cash and borrowings under our variable rate 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 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. A summary of debt and equity activity for the last three years is reflected on our Consolidated Statement of Cash Flows of the Consolidated Financial Statements set forth in Item 8 of this report.
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.
We have entered into, and may continue in the future to 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 community or communities owned directly by such joint venture or partnership. 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 factors 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. Investments in joint ventures or partnerships are not 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 have engaged in discussions with a limited number of institutional investors regarding the formation of a discretionary fund that would acquire and operate apartment communities. This fund would serve, for a period of three years from its initial closing date or until 80% of its committed capital is invested, as the exclusive vehicle through which we would acquire apartment communities, subject to certain exceptions. These exceptions include significant individual asset and portfolio acquisitions, properties acquired in tax-deferred transactions and acquisitions that are inadvisable or inappropriate for the fund, if any. The fund would not restrict our development activities and would terminate after a term of eight years, subject to two one-year extensions. As of February 28, 2005, we have acquired four communities with the intent of being owned by the fund, but which are currently consolidated and included in our operating results. We are currently targeting acquisitions for the fund where value
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creation opportunities are present through one or more of the following: redevelopment activities, market cycle opportunities or improved property operations. We expect the fund to have equity commitments of up to $330,000,000 and the ability to employ leverage through debt financings up to 65% on a portfolio basis, which would enable the fund to invest up to $940,000,000. We would contribute 20% of the total equity up to $50,000,000. We expect closing on the equity funding during the first quarter of 2005. There can be no assurance as to when or if such a fund will be formed or, if formed, what its size, terms or investment performance will be.
The use of joint ventures and the discretionary investment fund described above creates risks for us. For example, an investor or co-venturer could have economic or business interests or goals that are inconsistent with our business and goals, could fail to fund capital commitments as contractually required, or could fail to approve decisions we advise for which their approval may be required, such as the timing of a sale of a property. In addition, when entering into a joint venture or the discretionary investment fund we undertake fiduciary duties and reporting and other obligations to co-venturers.
In addition, we may, from time to time, offer shares of our equity securities, debt securities or options to purchase stock in exchange for property.
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, 2004, we had a total of 331,384 square feet of rentable retail space that produced gross rental revenue in 2004 of $3,383,000 (0.5% 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.
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 and therefore our rental revenues are impacted by declines in market rents more quickly than if our leases were for longer terms. 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 experienced over the last several years, we are exposed to declining rents more quickly under these shorter-term leases.
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. While we believe that we are organized and qualified as a REIT and we intend to operate in a manner that will allow us to continue to qualify as a REIT, there can be no assurance that we will be successful in this regard. Qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code for which there are limited judicial and administrative interpretations and involves the determination of a variety of factual matters and circumstances not entirely within our control.
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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 apartment 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.
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 present. 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.
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Additionally, we have occasionally been involved in developing, managing, leasing and operating various properties for third parties and have sold communities that we owned and operated to 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. In addition, the charters of our Boards Nominating and Corporate Governance Committee, Audit Committee and Compensation Committee, as well as the Companys Corporate Governance Guidelines, are available free of charge in that section of our website or by writing to AvalonBay Communities, Inc., 2900 Eisenhower Avenue, Suite 300, Alexandria, Virginia 22314, Attention: Chief Financial Officer.
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, 2004, we had 1,702 employees.
ITEM 2. COMMUNITIES
Our real estate investments consist primarily of current operating apartment communities, communities in various stages of development (Development Communities) and Development Rights as defined below. Our current operating communities are further distinguished as Established Communities, Other Stabilized Communities, Lease-Up Communities and Redevelopment Communities. 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 operating expenses as of the beginning of the prior year. We determine which of our communities fall into the Established Communities category as of January 1st of each year and maintain that classification throughout the year, unless disposition plans regarding a community change. For the year 2004, the Established Communities were communities that had stabilized occupancy and operating expenses as of January 1, 2003 and were not conducting or planning to conduct substantial redevelopment activities, as described below, and were not held for sale or planned for disposition in 2004. 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. |
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| Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. | |||
| Lease-Up Communities are communities where construction has been complete for less than one year and where physical 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 related pre-development costs incurred in pursuit of new developments for which we currently believe future development is probable.
In addition, we own an aggregate of approximately 77,000 square feet of office space in Alexandria, Virginia and New Canaan, Connecticut, for our corporate office and a regional office, with all other regional and administrative offices leased under operating leases.
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As of December 31, 2004, our communities were classified as follows:
Number of | Number of | |||||||
communities | apartment homes | |||||||
Current Communities |
||||||||
Established Communities: |
||||||||
Northeast |
29 | 7,350 | ||||||
Mid-Atlantic |
13 | 3,537 | ||||||
Midwest |
3 | 887 | ||||||
Pacific Northwest |
11 | 2,738 | ||||||
Northern California |
29 | 8,745 | ||||||
Southern California |
11 | 3,870 | ||||||
Total Established |
96 | 27,127 | ||||||
Other Stabilized Communities: |
||||||||
Northeast |
18 | 5,472 | ||||||
Mid-Atlantic |
6 | 2,395 | ||||||
Midwest |
1 | 409 | ||||||
Pacific Northwest |
1 | 400 | ||||||
Northern California |
3 | 679 | ||||||
Southern California |
4 | 904 | ||||||
Total Other Stabilized |
33 | 10,259 | ||||||
Lease-Up Communities |
5 | 1,326 | ||||||
Redevelopment Communities |
4 | 1,430 | ||||||
Total Current Communities |
138 | 40,142 | ||||||
Development Communities |
10 | 2,668 | ||||||
Development Rights |
49 | 13,491 | ||||||
Our holdings under each of the above categories are discussed on the following pages.
Current Communities
Our Current Communities are primarily garden-style apartment communities consisting of two and three-story buildings in landscaped settings. The Current Communities, as of February 28, 2005, include 105 garden-style (of which 12 are mixed communities and include townhomes), 19 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. |
9
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.
Our Current Communities are located in the following geographic markets:
Number of | Number of apartment | Percentage of total | ||||||||||||||||||||||
communities at | homes at | apartment homes at | ||||||||||||||||||||||
1-1-04 | 2-28-05 | 1-1-04 | 2-28-05 | 1-1-04 | 2-28-05 | |||||||||||||||||||
Northeast |
47 | 52 | 13,213 | 14,315 | 34.3 | % | 35.7 | % | ||||||||||||||||
Boston, MA |
15 | 17 | 3,716 | 4,127 | 9.7 | % | 10.3 | % | ||||||||||||||||
Fairfield County, CT |
14 | 16 | 3,673 | 4,108 | 9.5 | % | 10.2 | % | ||||||||||||||||
Long Island, NY |
3 | 4 | 915 | 1,171 | 2.4 | % | 2.9 | % | ||||||||||||||||
Northern New Jersey |
4 | 4 | 1,451 | 1,451 | 4.5 | % | 3.6 | % | ||||||||||||||||
Central New Jersey |
4 | 4 | 1,440 | 1,440 | 3.7 | % | 3.6 | % | ||||||||||||||||
New York, NY |
7 | 7 | 2,018 | 2,018 | 5.2 | % | 5.0 | % | ||||||||||||||||
Mid-Atlantic |
20 | 22 | 6,423 | 6,991 | 16.7 | % | 17.4 | % | ||||||||||||||||
Baltimore, MD |
4 | 6 | 1,054 | 1,224 | 2.7 | % | 3.0 | % | ||||||||||||||||
Washington, DC |
16 | 16 | 5,369 | 5,767 | 13.9 | % | 14.4 | % | ||||||||||||||||
Midwest |
4 | 5 | 1,296 | 1,500 | 3.4 | % | 3.7 | % | ||||||||||||||||
Chicago, IL |
4 | 5 | 1,296 | 1,500 | 3.4 | % | 3.7 | % | ||||||||||||||||
Pacific Northwest |
12 | 12 | 3,159 | 3,138 | 8.2 | % | 7.8 | % | ||||||||||||||||
Seattle, WA |
12 | 12 | 3,159 | 3,138 | 8.2 | % | 7.8 | % | ||||||||||||||||
Northern California |
33 | 32 | 9,568 | 9,424 | 24.8 | % | 23.5 | % | ||||||||||||||||
Oakland-East Bay, CA |
6 | 6 | 2,090 | 2,090 | 5.4 | % | 5.2 | % | ||||||||||||||||
San Francisco, CA |
9 | 9 | 2,015 | 2,015 | 5.2 | % | 5.0 | % | ||||||||||||||||
San Jose, CA |
18 | 17 | 5,463 | 5,319 | 14.2 | % | 13.3 | % | ||||||||||||||||
Southern California |
15 | 15 | 4,845 | 4,774 | 12.6 | % | 11.9 | % | ||||||||||||||||
Los Angeles, CA |
5 | 6 | 2,261 | 2,366 | 5.9 | % | 5.9 | % | ||||||||||||||||
Orange County, CA |
6 | 5 | 1,350 | 1,174 | 3.5 | % | 2.9 | % | ||||||||||||||||
San Diego, CA |
4 | 4 | 1,234 | 1,234 | 3.2 | % | 3.1 | % | ||||||||||||||||
131 | 138 | 38,504 | 40,142 | 100.0 | % | 100.0 | % | |||||||||||||||||
We manage and operate all of our Current Communities. During the year ended December 31, 2004, we completed construction of 2,135 apartment homes in seven communities, acquired 1,165 apartment homes in five communities and sold 1,360 apartment homes in five communities. In addition, we received payment in full for our interest in a senior participating mortgage loan secured by a 302 apartment home community. The average age of our Current Communities, on a weighted average basis according to number of apartment homes, is 8.5 years.
Of the Current Communities, as of February 28, 2005, we own:
| a fee simple, or absolute, ownership interest in 116 operating communities, four of which are on land subject to land leases expiring in January 2062, April 2095, May 2099 and 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 five partnerships structured as DownREITs, as described more fully below, that own an aggregate of 15 communities; and | |
| a membership interest in four limited liability companies that each hold a fee simple interest in an operating community, two of which are on land subject to land leases with one lease expiring in July 2029 and one lease expiring in November 2089. |
10
We also hold a fee simple ownership interest in nine of the Development Communities, two of which will be subject to joint venture ownership structures upon construction completion, in addition to a membership interest in a limited liability company that owns one Development Community subject to a land lease which expires in December 2026.
In each of our five partnerships structured as DownREITs, either AvalonBay 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 all or some of their units for redemption for a cash amount as determined by the applicable partnership agreement and based on the fair value of our common stock. In lieu of a cash redemption by the partnership, we may elect to acquire any unit presented for redemption for one share of our common stock or for such cash amount. As of February 28, 2005, there were 494,071 DownREIT partnership units outstanding. The DownREIT partnerships are consolidated for financial reporting purposes.
11
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Average economic | Average | |||||||||||||||||||||||||||||||||||||||||||
Approx. | Year of | Average | Physical | occupancy | rental rate | Financial | ||||||||||||||||||||||||||||||||||||||
Number of | rentable area | completion/ | size | occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | 12/31/04 | 2004 | 2003 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES |
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NORTHEAST |
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Boston, MA |
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Avalon at Center Place (9) |
Providence, RI | 225 | 231,671 | 1.2 | 1991/1997 | 1,030 | 94.2 | % | 94.9 | % | 93.7 | % | $ | 2,097 | $ | 1.93 | $ | 28,238 | ||||||||||||||||||||||||||
Avalon at Faxon Park |
Quincy, MA | 171 | 175,494 | 8.3 | 1998 | 1,026 | 93.6 | % | 95.6 | % | 93.5 | % | 1,606 | 1.50 | 15,370 | |||||||||||||||||||||||||||||
Avalon at Flanders Hill |
Westborough, MA | 280 | 299,978 | 62.0 | 2003 | 1,099 | 95.7 | % | 94.6 | % | 79.9 | %(3) | 1,477 | 1.30 | 37,076 | |||||||||||||||||||||||||||||
Avalon at Lexington |
Lexington, MA | 198 | 231,182 | 16.1 | 1994 | 1,168 | 98.5 | % | 97.1 | % | 91.6 | % | 1,639 | 1.36 | 15,538 | |||||||||||||||||||||||||||||
Avalon at Newton Highlands (7) |
Newton, MA | 294 | 401,241 | 7.0 | 2003 | 1,177 | 93.9 | % | 88.8 | % | 27.9 | %(3) | 1,999 | 1.30 | 56,317 | |||||||||||||||||||||||||||||
Avalon at Prudential Center |
Boston, MA | 781 | 747,954 | 1.0 | 1968/1998 | 958 | 99.2 | % | 96.3 | %(2) | 92.0 | %(2) | 2,634 | 2.65 | (2) | 155,649 | ||||||||||||||||||||||||||||
Avalon at The Pinehills I |
Plymouth, MA | 101 | 197,354 | 6.0 | 2004 | 1,954 | 61.4 | % | 31.1 | %(3) | N/A | 1,848 | 0.29 | (3) | 19,916 | |||||||||||||||||||||||||||||
Avalon Essex |
Peabody, MA | 154 | 173,520 | 11.1 | 2000 | 1,127 | 95.5 | % | 96.8 | % | 93.1 | % | 1,632 | 1.40 | 21,656 | |||||||||||||||||||||||||||||
Avalon Estates |
Hull, MA | 162 | 188,392 | 55.0 | 2001 | 1,163 | 95.1 | % | 96.2 | % | 92.9 | % | 1,496 | 1.24 | 20,345 | |||||||||||||||||||||||||||||
Avalon Ledges |
Weymouth, MA | 304 | 315,554 | 58.0 | 2002 | 1,023 | 94.1 | % | 94.1 | % | 80.1 | % | 1,374 | 1.25 | 36,069 | |||||||||||||||||||||||||||||
Avalon Oaks |
Wilmington, MA | 204 | 229,748 | 22.5 | 1999 | 1,023 | 95.6 | % | 94.9 | % | 92.2 | % | 1,481 | 1.25 | 20,981 | |||||||||||||||||||||||||||||
Avalon Oaks West |
Wilmington, MA | 120 | 123,960 | 27.0 | 2002 | 1,033 | 95.0 | % | 93.6 | % | 91.7 | % | 1,411 | 1.28 | 16,813 | |||||||||||||||||||||||||||||
Avalon Orchards |
Marlborough, MA | 156 | 186,500 | 23.0 | 2002 | 1,219 | 96.2 | % | 95.0 | % | 93.0 | % | 1,499 | 1.19 | 21,039 | |||||||||||||||||||||||||||||
Avalon Summit |
Quincy, MA | 245 | 203,848 | 8.0 | 1986/1996 | 832 | 94.7 | % | 95.7 | % | 91.5 | % | 1,259 | 1.45 | 16,913 | |||||||||||||||||||||||||||||
Avalon West |
Westborough, MA | 120 | 147,472 | 8.0 | 1996 | 1,229 | 95.8 | % | 95.8 | % | 89.1 | % | 1,384 | 1.08 | 11,117 | |||||||||||||||||||||||||||||
Avalon at Stevens Pond |
Saugus, MA | 326 | 360,509 | 82.0 | 2004 | 1,106 | 92.9 | % | 84.0 | %(3) | 18.4 | %(3) | 1,529 | 1.16 | (3) | 54,135 | ||||||||||||||||||||||||||||
Essex Place |
Peabody, MA | 286 | 250,322 | 18.0 | 2004 | 875 | 88.8 | % | 91.7 | %(3) | N/A | 941 | 0.99 | (3) | 23,722 | |||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
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Avalon at Greyrock Place |
Stamford, CT | 306 | 201,500 | 3.0 | 2002 | 1,040 | 97.4 | % | 96.6 | % | 90.8 | % | 1,940 | 2.84 | 70,316 | |||||||||||||||||||||||||||||
Avalon Corners |
Stamford, CT | 195 | 192,174 | 3.2 | 2000 | 986 | 97.9 | % | 94.9 | % | 92.1 | % | 1,842 | 1.77 | 31,840 | |||||||||||||||||||||||||||||
Avalon Darien |
Darien, CT | 189 | 242,311 | 30.0 | 2004 | 1,282 | 97.9 | % | 84.2 | %(3) | 17.6 | %(3) | 2,215 | 1.45 | (3) | 41,465 | ||||||||||||||||||||||||||||
Avalon Gates |
Trumbull, CT | 340 | 381,322 | 37.0 | 1997 | 1,122 | 95.6 | % | 88.2 | % | 81.5 | % | 1,493 | 1.17 | 36,731 | |||||||||||||||||||||||||||||
Avalon Glen |
Stamford, CT | 238 | 221,828 | 4.1 | 1991 | 932 | 98.7 | % | 95.6 | % | 90.2 | % | 1,728 | 1.77 | 31,780 | |||||||||||||||||||||||||||||
Avalon Haven |
North Haven, CT | 128 | 140,107 | 10.6 | 2000 | 1,095 | 97.7 | % | 96.8 | % | 95.9 | % | 1,498 | 1.32 | 13,771 | |||||||||||||||||||||||||||||
Avalon Lake |
Danbury, CT | 135 | 166,231 | 32.0 | 1999 | 1,184 | 98.5 | % | 95.7 | % | 95.7 | % | 1,734 | 1.35 | 17,149 | |||||||||||||||||||||||||||||
Avalon Milford I |
Milford, CT | 246 | 218,000 | 22.0 | 2004 | 886 | 83.3 | % | 47.3 | %(3) | N/A | 1,345 | 0.72 | (3) | 30,283 | |||||||||||||||||||||||||||||
Avalon New Canaan (6) |
New Canaan, CT | 104 | 130,104 | 9.1 | 2002 | 1,251 | 96.2 | % | 93.2 | % | 82.4 | % | 2,591 | 1.93 | 24,319 | |||||||||||||||||||||||||||||
Avalon on Stamford Harbor |
Stamford, CT | 323 | 336,566 | 12.1 | 2003 | 1,042 | 97.8 | % | 94.8 | % | 87.0 | %(3) | 2,137 | 1.94 | 62,840 | |||||||||||||||||||||||||||||
Avalon Springs |
Wilton, CT | 102 | 158,259 | 12.0 | 1996 | 1,552 | 96.1 | % | 95.4 | % | 93.0 | % | 2,557 | 1.57 | 17,137 | |||||||||||||||||||||||||||||
Avalon Valley |
Danbury, CT | 268 | 297,479 | 17.1 | 1999 | 1,070 | 97.0 | % | 95.6 | % | 96.0 | % | 1,648 | 1.42 | 26,101 | |||||||||||||||||||||||||||||
Avalon Walk I & II |
Hamden, CT | 764 | 761,441 | 38.4 | 1992/1994 | 996 | 94.2 | % | 92.8 | % | 89.6 | % | 1,244 | 1.16 | 59,368 | |||||||||||||||||||||||||||||
Long Island, NY |
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Avalon at Glen Cove South |
Glen Cove, NY | 256 | 270,000 | 4.0 | 2004 | 1,050 | 91.0 | % | 46.8 | %(3) | N/A | 1,854 | 0.82 | (3) | 66,712 | |||||||||||||||||||||||||||||
Avalon Commons |
Smithtown, NY | 312 | 363,049 | 20.6 | 1997 | 1,164 | 99.4 | % | 97.7 | % | 98.1 | % | 1,898 | 1.59 | 33,464 | |||||||||||||||||||||||||||||
Avalon Court |
Melville, NY | 494 | 597,104 | 35.4 | 1997/2000 | 1,209 | 95.1 | % | 95.4 | % | 96.7 | % | 2,268 | 1.79 | 59,527 | |||||||||||||||||||||||||||||
Avalon Towers |
Long Beach, NY | 109 | 124,836 | 1.3 | 1990/1995 | 1,145 | 99.1 | % | 97.0 | % | 97.9 | % | 3,052 | 2.59 | 18,936 |
12
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Average economic | Average | |||||||||||||||||||||||||||||||||||||||||||
Approx. | Year of | Average | Physical | occupancy | rental rate | Financial | ||||||||||||||||||||||||||||||||||||||
Number of | rentable area | completion/ | size | occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | 12/31/04 | 2004 | 2003 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
Northern New Jersey |
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Avalon at Edgewater |
Edgewater, NJ | 408 | 405,144 | 7.1 | 2002 | 993 | 95.1 | % | 92.8 | % | 90.0 | % | 2,014 | 1.88 | 74,768 | |||||||||||||||||||||||||||||
Avalon at Florham Park |
Florham Park, NJ | 270 | 331,560 | 41.9 | 2001 | 1,228 | 95.6 | % | 93.4 | % | 91.5 | % | 2,244 | 1.71 | 41,628 | |||||||||||||||||||||||||||||
Avalon Cove |
Jersey City, NJ | 504 | 574,675 | 11.0 | 1997 | 1,140 | 97.8 | % | 96.2 | % | 89.5 | % | 2,240 | 1.89 | 92,484 | |||||||||||||||||||||||||||||
The Tower at Avalon Cove |
Jersey City, NJ | 269 | 241,825 | 2.8 | 1999 | 905 | 97.4 | % | 95.6 | % | 91.9 | % | 1,982 | 2.11 | 49,867 | |||||||||||||||||||||||||||||
Central New Jersey |
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Avalon at Freehold |
Freehold, NJ | 296 | 317,608 | 42.3 | 2002 | 1,073 | 95.3 | % | 95.3 | % | 91.3 | % | 1,592 | 1.41 | 34,534 | |||||||||||||||||||||||||||||
Avalon Run East |
Lawrenceville, NJ | 206 | 265,198 | 27.0 | 1996 | 1,287 | 94.7 | % | 94.9 | % | 91.9 | % | 1,562 | 1.15 | 16,294 | |||||||||||||||||||||||||||||
Avalon Watch |
West Windsor, NJ | 512 | 485,871 | 64.0 | 1988 | 949 | 91.2 | % | 94.4 | % | 92.4 | % | 1,340 | 1.33 | 30,096 | |||||||||||||||||||||||||||||
New York, NY |
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Avalon Gardens |
Nanuet, NY | 504 | 638,439 | 55.0 | 1998 | 1,267 | 98.8 | % | 95.9 | % | 95.0 | % | 1,939 | 1.47 | 54,661 | |||||||||||||||||||||||||||||
Avalon Green |
Elmsford, NY | 105 | 113,538 | 16.9 | 1995 | 1,081 | 89.5 | % | 94.2 | % | 92.9 | % | 2,087 | 1.82 | 12,672 | |||||||||||||||||||||||||||||
Avalon Riverview I (9) |
Long Island City, NY | 372 | 332,940 | 1.0 | 2002 | 895 | 97.6 | % | 94.4 | % | 86.8 | % | 2,710 | 2.86 | 94,246 | |||||||||||||||||||||||||||||
Avalon View |
Wappingers Falls, NY | 288 | 335,088 | 41.0 | 1993 | 1,164 | 94.8 | % | 93.6 | % | 93.7 | % | 1,320 | 1.06 | 18,706 | |||||||||||||||||||||||||||||
Avalon Willow |
Mamaroneck, NY | 227 | 199,945 | 4.0 | 2000 | 881 | 98.2 | % | 95.0 | % | 92.9 | % | 1,991 | 2.15 | 47,116 | |||||||||||||||||||||||||||||
The Avalon |
Bronxville, NY | 110 | 119,186 | 1.5 | 1999 | 1,085 | 96.4 | % | 94.8 | % | 93.6 | % | 3,178 | 2.78 | 31,227 | |||||||||||||||||||||||||||||
MID-ATLANTIC |
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Baltimore, MD |
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Avalon at Fairway Hills I, II & III |
Columbia, MD | 720 | 724,253 | 44.0 | 1987/1996 | 1,005 | 93.2 | % | 95.7 | % | 95.5 | % | 1,141 | 1.09 | 45,484 | |||||||||||||||||||||||||||||
Avalon at Symphony Glen |
Columbia, MD | 176 | 179,867 | 10.0 | 1986 | 1,022 | 93.2 | % | 96.4 | % | 97.2 | % | 1,190 | 1.12 | 9,254 | |||||||||||||||||||||||||||||
Avalon Landing |
Annapolis, MD | 158 | 117,033 | 13.8 | 1984/1995 | 741 | 93.7 | % | 96.2 | % | 96.2 | % | 1,054 | 1.37 | 9,946 | |||||||||||||||||||||||||||||
Hobbits Grove |
Columbia, MD | 170 | 177,287 | 10.2 | 1989/2004 | 1,043 | 90.0 | % | 91.1 | %(3) | N/A | 1,221 | 1.07 | (3) | 25,188 | |||||||||||||||||||||||||||||
Washington, DC |
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AutumnWoods |
Fairfax, VA | 420 | 355,228 | 24.2 | 1989/1996 | 846 | 96.9 | % | 96.6 | % | 93.6 | % | 1,082 | 1.24 | 31,056 | |||||||||||||||||||||||||||||
Avalon at Arlington Square |
Arlington, VA | 842 | 909,449 | 18.9 | 2001 | 1,080 | 96.3 | % | 94.6 | % | 87.5 | % | 1,549 | 1.36 | 112,354 | |||||||||||||||||||||||||||||
Avalon at Ballston Washington Towers |
Arlington, VA | 344 | 294,786 | 4.1 | 1990 | 857 | 97.1 | % | 97.0 | % | 94.1 | % | 1,422 | 1.61 | 37,717 | |||||||||||||||||||||||||||||
Avalon at Cameron Court |
Alexandria, VA | 460 | 467,292 | 16.0 | 1998 | 1,016 | 92.0 | % | 95.1 | % | 93.8 | % | 1,510 | 1.41 | 43,378 | |||||||||||||||||||||||||||||
Avalon at Decoverly |
Rockville, MD | 368 | 368,446 | 25.0 | 1991/1995 | 1,001 | 95.1 | % | 95.2 | % | 95.4 | % | 1,278 | 1.21 | 31,887 | |||||||||||||||||||||||||||||
Avalon at Foxhall |
Washington, DC | 308 | 298,725 | 2.7 | 1982 | 970 | 97.4 | % | 91.8 | %(2) | 62.1 | %(2) | 1,801 | 1.70 | (2) | 43,922 | ||||||||||||||||||||||||||||
Avalon at Gallery Place I |
Washington, DC | 203 | 183,326 | 0.5 | 2003 | 903 | 94.6 | % | 73.5 | % | 33.6 | %(3) | 2,089 | 1.70 | 48,777 | |||||||||||||||||||||||||||||
Avalon at Grosvenor Station (7) |
North Bethesda, MD | 497 | 478,530 | 9.9 | 2004 | 963 | 95.4 | % | 68.0 | %(3) | 20.6 | %(3) | 1,467 | 1.04 | (3) | 81,042 | ||||||||||||||||||||||||||||
Avalon at Providence Park |
Fairfax, VA | 141 | 148,211 | 4.0 | 1988/1997 | 1,051 | 98.6 | % | 96.8 | % | 94.5 | % | 1,269 | 1.17 | 11,482 | |||||||||||||||||||||||||||||
Avalon at Rock Spring (8) (9) |
North Bethesda, MD | 386 | 388,480 | 10.2 | 2003 | 1,006 | 91.7 | % | 88.9 | % | 51.8 | %(3) | 1,515 | 1.34 | 46,005 | |||||||||||||||||||||||||||||
Avalon at Traville |
North Potomac, MD | 520 | 573,560 | 47.9 | 2004 | 1,103 | 92.5 | % | 58.2 | %(3) | 11.6 | %(3) | 1,413 | 0.75 | (3) | 68,960 | ||||||||||||||||||||||||||||
Avalon Crescent |
McLean, VA | 558 | 613,426 | 19.1 | 1996 | 1,099 | 94.4 | % | 95.4 | % | 92.4 | % | 1,609 | 1.40 | 57,496 | |||||||||||||||||||||||||||||
Avalon Crossing |
Rockville, MD | 132 | 147,690 | 5.0 | 1996 | 1,119 | 93.9 | % | 93.1 | % | 91.8 | % | 1,591 | 1.32 | 13,925 | |||||||||||||||||||||||||||||
Avalon Fields I & II |
North Potomac, MD | 288 | 292,282 | 9.2 | 1998 | 1,050 | 93.1 | % | 96.6 | % | 93.9 | % | 1,283 | 1.22 | 22,723 | |||||||||||||||||||||||||||||
Avalon Knoll |
Germantown, MD | 300 | 290,365 | 26.7 | 1985 | 968 | 94.0 | % | 94.8 | % | 94.4 | % | 1,073 | 1.05 | 8,882 |
13
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Average economic | Average | |||||||||||||||||||||||||||||||||||||||||||
Approx. | Year of | Average | Physical | occupancy | rental rate | Financial | ||||||||||||||||||||||||||||||||||||||
Number of | rentable area | completion/ | size | occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | 12/31/04 | 2004 | 2003 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
MIDWEST |
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Chicago, IL |
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200 Arlington Place |
Arlington Heights, IL | 409 | 346,832 | 2.8 | 1987/2000 | 848 | 95.4 | % | 92.1 | % | 89.8 | % | 1,262 | 1.37 | 50,166 | |||||||||||||||||||||||||||||
Avalon at Danada Farms (7) |
Wheaton, IL | 295 | 350,606 | 19.2 | 1997 | 1,188 | 93.2 | % | 93.6 | % | 91.3 | % | 1,269 | 1.00 | 38,503 | |||||||||||||||||||||||||||||
Avalon at Stratford Green (7) |
Bloomingdale, IL | 192 | 237,204 | 12.7 | 1997 | 1,235 | 91.1 | % | 93.2 | % | 90.8 | % | 1,262 | 0.95 | 21,992 | |||||||||||||||||||||||||||||
Avalon at West Grove (7) |
Westmont, IL | 400 | 388,500 | 17.4 | 1967 | 971 | 95.8 | % | 93.6 | % | 90.2 | % | 849 | 0.82 | 30,626 | |||||||||||||||||||||||||||||
Briarcliffe Lakeside |
Wheaton, IL | 204 | 166,872 | 12.0 | 2004 | 818 | 89.7 | % | 90.0 | %(3) | N/A | 872 | 0.96 | (3) | 14,491 | |||||||||||||||||||||||||||||
PACIFIC NORTHWEST |
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Seattle, WA |
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Avalon at Bear Creek (7) |
Redmond, WA | 264 | 288,250 | 22.2 | 1998 | 1,092 | 96.2 | % | 93.8 | % | 91.9 | % | 1,105 | 0.95 | 34,692 | |||||||||||||||||||||||||||||
Avalon Bellevue |
Bellevue, WA | 202 | 164,226 | 1.7 | 2001 | 813 | 96.5 | % | 94.5 | % | 93.8 | % | 1,174 | 1.37 | 30,868 | |||||||||||||||||||||||||||||
Avalon Belltown |
Seattle, WA | 100 | 80,200 | 0.7 | 2001 | 802 | 95.0 | % | 94.5 | % | 94.9 | % | 1,378 | 1.62 | 18,467 | |||||||||||||||||||||||||||||
Avalon Brandemoor (7) |
Lynwood, WA | 424 | 453,602 | 22.6 | 2001 | 1,070 | 97.4 | % | 95.6 | % | 91.8 | % | 871 | 0.78 | 45,388 | |||||||||||||||||||||||||||||
Avalon HighGrove (7) |
Everett, WA | 391 | 422,482 | 19.0 | 2000 | 1,081 | 97.2 | % | 95.6 | % | 94.1 | % | 860 | 0.76 | 39,722 | |||||||||||||||||||||||||||||
Avalon ParcSquare (7) |
Redmond, WA | 124 | 127,236 | 2.0 | 2000 | 1,026 | 96.8 | % | 94.4 | % | 95.9 | % | 1,290 | 1.19 | 19,220 | |||||||||||||||||||||||||||||
Avalon Redmond Place (7) |
Redmond, WA | 222 | 206,004 | 8.4 | 1991/1997 | 928 | 95.9 | % | 95.3 | % | 92.1 | % | 983 | 1.01 | 26,118 | |||||||||||||||||||||||||||||
Avalon RockMeadow (7) |
Bothell, WA | 206 | 240,817 | 11.2 | 2000 | 1,169 | 94.7 | % | 94.7 | % | 93.2 | % | 977 | 0.79 | 24,626 | |||||||||||||||||||||||||||||
Avalon WildReed (7) |
Everett, WA | 234 | 259,080 | 23.0 | 2000 | 1,107 | 93.6 | % | 95.2 | % | 94.9 | % | 845 | 0.73 | 23,015 | |||||||||||||||||||||||||||||
Avalon WildWood (7) |
Lynwood, WA | 238 | 313,107 | 15.8 | 2001 | 1,316 | 97.5 | % | 97.0 | % | 94.5 | % | 1,088 | 0.80 | 32,930 | |||||||||||||||||||||||||||||
Avalon Wynhaven (7) |
Issaquah, WA | 333 | 424,604 | 11.6 | 2001 | 1,275 | 94.9 | % | 91.3 | % | 87.0 | % | 1,193 | 0.85 | 52,600 | |||||||||||||||||||||||||||||
Ravenswood at the Park |
Redmond, WA | 400 | 340,448 | 24.0 | 1983/2004 | 851 | 89.3 | % | 87.7 | %(3) | N/A | 928 | 0.96 | (3) | 49,053 | |||||||||||||||||||||||||||||
NORTHERN CALIFORNIA |
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Oakland-East Bay, CA |
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Avalon at Union Square |
Union City, CA | 208 | 150,140 | 8.5 | 1973/1996 | 722 | 98.1 | % | 95.6 | % | 96.4 | % | 1,018 | 1.35 | 22,448 | |||||||||||||||||||||||||||||
Avalon at Willow Creek |
Fremont, CA | 235 | 197,575 | 13.5 | 1985/1994 | 841 | 97.4 | % | 95.5 | % | 97.2 | % | 1,218 | 1.38 | 34,877 | |||||||||||||||||||||||||||||
Avalon Dublin |
Dublin, CA | 204 | 179,004 | 13.0 | 1989/1997 | 877 | 95.6 | % | 95.1 | % | 94.4 | % | 1,274 | 1.38 | 27,082 | |||||||||||||||||||||||||||||
Avalon Fremont |
Fremont, CA | 443 | 446,422 | 22.3 | 1994 | 1,008 | 95.9 | % | 95.3 | % | 95.8 | % | 1,397 | 1.32 | 77,913 | |||||||||||||||||||||||||||||
Avalon Pleasanton |
Pleasanton, CA | 456 | 377,438 | 14.7 | 1988/1994 | 828 | 95.2 | % | 95.0 | % | 95.9 | % | 1,204 | 1.38 | 60,955 | |||||||||||||||||||||||||||||
Waterford |
Hayward, CA | 544 | 451,937 | 11.1 | 1985/1986 | 831 | 96.0 | % | 93.0 | % | 93.3 | % | 1,091 | 1.22 | 60,021 | |||||||||||||||||||||||||||||
San Francisco, CA |
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Avalon at Cedar Ridge |
Daly City, CA | 195 | 141,411 | 7.0 | 1972/1997 | 725 | 96.9 | % | 95.7 | % | 95.7 | % | 1,325 | 1.75 | 25,896 | |||||||||||||||||||||||||||||
Avalon at Diamond Heights |
San Francisco, CA | 154 | 123,080 | 3.0 | 1972/1994 | 799 | 97.4 | % | 96.2 | % | 97.9 | % | 1,573 | 1.89 | 24,875 | |||||||||||||||||||||||||||||
Avalon at Mission Bay North (9) |
San Francisco, CA | 250 | 244,224 | 1.4 | 2003 | 977 | 93.2 | % | 94.2 | % | 52.3 | %(3) | 2,439 | 2.35 | 78,832 | |||||||||||||||||||||||||||||
Avalon at Nob Hill |
San Francisco, CA | 185 | 109,238 | 1.4 | 1990/1995 | 590 | 97.3 | % | 95.5 | % | 93.4 | % | 1,438 | 2.33 | 27,904 | |||||||||||||||||||||||||||||
Avalon Sunset Towers |
San Francisco, CA | 243 | 175,511 | 16.0 | 1961/1996 | 722 | 96.3 | % | 96.0 | % | 95.5 | % | 1,559 | 2.07 | 28,601 | |||||||||||||||||||||||||||||
Avalon Foster City |
Foster City, CA | 288 | 222,276 | 11.0 | 1973/1994 | 772 | 97.9 | % | 96.2 | % | 95.7 | % | 1,220 | 1.52 | 43,189 | |||||||||||||||||||||||||||||
Avalon Pacifica |
Pacifica, CA | 220 | 186,785 | 21.9 | 1971/1995 | 849 | 95.9 | % | 95.6 | % | 95.8 | % | 1,407 | 1.58 | 31,517 | |||||||||||||||||||||||||||||
Avalon Towers by the Bay |
San Francisco, CA | 226 | 243,033 | 1.0 | 1999 | 1,075 | 97.8 | % | 95.3 | % | 94.0 | % | 2,465 | 2.18 | 67,028 | |||||||||||||||||||||||||||||
Crowne Ridge |
San Rafael, CA | 254 | 221,525 | 21.9 | 1973/1996 | 872 | 92.9 | % | 94.8 | % | 92.5 | % | 1,263 | 1.37 | 31,987 |
14
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Average economic | Average | |||||||||||||||||||||||||||||||||||||||||||
Approx. | Year of | Average | Physical | occupancy | rental rate | Financial | ||||||||||||||||||||||||||||||||||||||
Number of | rentable area | completion/ | size | occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | 12/31/04 | 2004 | 2003 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
San Jose, CA |
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Avalon at Blossom Hill |
San Jose, CA | 324 | 322,207 | 7.5 | 1995 | 994 | 96.6 | % | 95.1 | % | 96.8 | % | 1,390 | 1.33 | 61,053 | |||||||||||||||||||||||||||||
Avalon at Cahill Park |
San Jose, CA | 218 | 218,245 | 3.8 | 2002 | 1,001 | 94.5 | % | 95.6 | % | 93.0 | % | 1,707 | 1.63 | 52,504 | |||||||||||||||||||||||||||||
Avalon at Creekside |
Mountain View, CA | 294 | 215,680 | 15.0 | 1962/1997 | 734 | 93.9 | % | 95.6 | % | 95.7 | % | 1,171 | 1.53 | 43,064 | |||||||||||||||||||||||||||||
Avalon at Foxchase I & II |
San Jose, CA | 396 | 335,212 | 12.0 | 1988/1987 | 844 | 97.2 | % | 96.5 | % | 97.7 | % | 1,174 | 1.34 | 59,750 | |||||||||||||||||||||||||||||
Avalon at Parkside |
Sunnyvale, CA | 192 | 199,353 | 8.0 | 1991/1996 | 1,038 | 96.9 | % | 97.0 | % | 95.8 | % | 1,506 | 1.41 | 37,946 | |||||||||||||||||||||||||||||
Avalon at Pruneyard |
Campbell, CA | 252 | 197,000 | 8.5 | 1968/1997 | 782 | 96.0 | % | 97.6 | % | 97.0 | % | 1,115 | 1.39 | 31,883 | |||||||||||||||||||||||||||||
Avalon at River Oaks |
San Jose, CA | 226 | 210,050 | 4.0 | 1990/1996 | 929 | 96.9 | % | 95.9 | % | 95.9 | % | 1,337 | 1.38 | 44,990 | |||||||||||||||||||||||||||||
Avalon Campbell |
Campbell, CA | 348 | 326,796 | 10.8 | 1995 | 939 | 96.6 | % | 95.7 | % | 94.0 | % | 1,416 | 1.44 | 60,078 | |||||||||||||||||||||||||||||
Avalon Cupertino |
Cupertino, CA | 311 | 293,328 | 8.0 | 1999 | 943 | 99.7 | % | 96.3 | % | 95.2 | % | 1,546 | 1.58 | 49,109 | |||||||||||||||||||||||||||||
Avalon Mountain View (6) |
Mountain View, CA | 248 | 211,552 | 10.5 | 1986 | 853 | 93.5 | % | 96.5 | % | 95.3 | % | 1,472 | 1.67 | 50,951 | |||||||||||||||||||||||||||||
Avalon on the Alameda |
San Jose, CA | 305 | 299,722 | 8.9 | 1999 | 983 | 96.1 | % | 95.3 | % | 93.9 | % | 1,692 | 1.64 | 56,492 | |||||||||||||||||||||||||||||
Avalon Rosewalk |
San Jose, CA | 456 | 450,252 | 16.6 | 1997/1999 | 987 | 95.6 | % | 95.4 | % | 96.6 | % | 1,372 | 1.33 | 78,408 | |||||||||||||||||||||||||||||
Avalon Silicon Valley |
Sunnyvale, CA | 710 | 658,591 | 13.6 | 1997 | 928 | 96.3 | % | 95.4 | % | 93.8 | % | 1,591 | 1.64 | 121,407 | |||||||||||||||||||||||||||||
Avalon Sunnyvale |
Sunnyvale, CA | 220 | 159,653 | 5.0 | 1987/1995 | 726 | 95.5 | % | 96.3 | % | 96.8 | % | 1,206 | 1.60 | 35,241 | |||||||||||||||||||||||||||||
Avalon Towers on the Peninsula |
Mountain View, CA | 211 | 218,392 | 1.9 | 2002 | 1,035 | 96.7 | % | 95.5 | % | 94.4 | % | 2,107 | 1.94 | 65,696 | |||||||||||||||||||||||||||||
CountryBrook (7) |
San Jose, CA | 360 | 323,012 | 14.0 | 1985/1996 | 897 | 96.4 | % | 95.4 | % | 93.3 | % | 1,215 | 1.29 | 48,513 | |||||||||||||||||||||||||||||
San Marino |
San Jose, CA | 248 | 209,465 | 11.5 | 1984/1988 | 845 | 98.0 | % | 96.2 | % | 96.7 | % | 1,182 | 1.35 | 34,418 | |||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA |
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Los Angeles, CA |
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Avalon at Media Center |
Burbank, CA | 748 | 530,114 | 14.7 | 1961/1997 | 709 | 96.0 | % | 95.9 | % | 94.6 | % | 1,192 | 1.61 | 75,838 | |||||||||||||||||||||||||||||
Avalon at Warner Center |
Woodland Hills, CA | 227 | 191,645 | 6.8 | 1979/1998 | 844 | 98.7 | % | 96.2 | % | 95.0 | % | 1,382 | 1.57 | 26,480 | |||||||||||||||||||||||||||||
Avalon Glendale (9) |
Burbank, CA | 223 | 241,712 | 5.1 | 2003 | 1,084 | 97.8 | % | 86.1 | % | 24.8 | %(3) | 1,877 | 1.49 | 40,135 | |||||||||||||||||||||||||||||
Avalon Redondo Beach |
Redondo Beach, CA | 105 | 85,380 | 1.2 | 1971/2004 | 813 | 100.0 | % | 91.2 | %(3) | N/A | 1,715 | 1.92 | (3) | 24,119 | |||||||||||||||||||||||||||||
Avalon Woodland Hills |
Woodland Hills, CA | 663 | 592,722 | 18.2 | 1989/1997 | 894 | 96.4 | % | 95.1 | % | 95.0 | % | 1,321 | 1.41 | 72,019 | |||||||||||||||||||||||||||||
The Promenade |
Burbank, CA | 400 | 360,587 | 6.9 | 1988/2002 | 901 | 98.3 | % | 94.7 | % | 93.1 | % | 1,515 | 1.59 | 71,003 | |||||||||||||||||||||||||||||
Orange County, CA |
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Avalon at Pacific Bay |
Huntington Beach, CA | 304 | 268,000 | 9.7 | 1971/1997 | 882 | 92.8 | % | 96.3 | % | 96.7 | % | 1,276 | 1.39 | 32,022 | |||||||||||||||||||||||||||||
Avalon at South Coast |
Costa Mesa, CA | 258 | 208,890 | 8.9 | 1973/1996 | 810 | 96.1 | % | 95.8 | % | 95.3 | % | 1,183 | 1.40 | 25,045 | |||||||||||||||||||||||||||||
Avalon Mission Viejo |
Mission Viejo, CA | 166 | 124,600 | 7.8 | 1984/1996 | 751 | 94.6 | % | 95.0 | % | 96.8 | % | 1,135 | 1.44 | 13,413 | |||||||||||||||||||||||||||||
Avalon Newport |
Costa Mesa, CA | 145 | 120,690 | 6.6 | 1956/1996 | 832 | 96.6 | % | 95.9 | % | 96.2 | % | 1,400 | 1.61 | 10,116 | |||||||||||||||||||||||||||||
Avalon Santa Margarita |
Rancho Santa Margarita, CA | 301 | 229,593 | 20.0 | 1990/1997 | 763 | 97.0 | % | 95.0 | % | 94.0 | % | 1,154 | 1.44 | 24,034 | |||||||||||||||||||||||||||||
San Diego, CA |
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Avalon at Cortez Hill |
San Diego, CA | 294 | 224,840 | 1.2 | 1973/1998 | 765 | 98.0 | % | 97.0 | % | 94.6 | % | 1,255 | 1.59 | 34,400 | |||||||||||||||||||||||||||||
Avalon at Mission Bay |
San Diego, CA | 564 | 402,327 | 12.9 | 1969/1997 | 713 | 96.5 | % | 95.2 | % | 96.1 | % | 1,286 | 1.72 | 66,103 | |||||||||||||||||||||||||||||
Avalon at Mission Ridge |
San Diego, CA | 200 | 208,100 | 4.0 | 1960/1997 | 1,041 | 96.5 | % | 96.0 | % | 95.0 | % | 1,401 | 1.29 | 21,731 | |||||||||||||||||||||||||||||
Avalon at Penasquitos Hills |
San Diego, CA | 176 | 141,120 | 8.8 | 1982/1997 | 802 | 97.2 | % | 96.6 | % | 93.2 | % | 1,171 | 1.41 | 14,725 |
15
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
Average economic | Average | |||||||||||||||||||||||||||||||||||||||||||
Approx. | Year of | Average | Physical | occupancy | rental rate | Financial | ||||||||||||||||||||||||||||||||||||||
Number of | rentable area | completion/ | size | occupancy at | $ per | $ per | reporting cost | |||||||||||||||||||||||||||||||||||||
City and state | homes | (Sq. Ft.) | Acres | acquisition | (Sq. Ft.) | 12/31/04 | 2004 | 2003 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
DEVELOPMENT COMMUNITIES |
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Avalon at Bedford Center |
Bedford, MA | 139 | 158,466 | 39.0 | N/A | 1,140 | N/A | N/A | N/A | N/A | N/A | 5,788 | ||||||||||||||||||||||||||||||||
Avalon at Crane Brook |
Danvers & Peabody, MA | 387 | 491,870 | 20.0 | N/A | 1,271 | N/A | N/A | N/A | N/A | N/A | 53,486 | ||||||||||||||||||||||||||||||||
Avalon Camarillo |
Camarillo, CA | 249 | 233,763 | 10.0 | N/A | 939 | N/A | N/A | N/A | N/A | N/A | 15,376 | ||||||||||||||||||||||||||||||||
Avalon Danbury |
Danbury, CT | 234 | 235,320 | 36.0 | N/A | 1,006 | N/A | N/A | N/A | N/A | N/A | 19,316 | ||||||||||||||||||||||||||||||||
Avalon Del Rey |
Los Angeles, CA | 309 | 284,196 | 5.0 | N/A | 920 | N/A | N/A | N/A | N/A | N/A | 28,010 | ||||||||||||||||||||||||||||||||
Avalon Juanita Village |
Kirkland, WA | 211 | 210,134 | 2.9 | N/A | 996 | N/A | N/A | N/A | N/A | N/A | 27,327 | ||||||||||||||||||||||||||||||||
Avalon Orange |
Orange, CT | 168 | 161,616 | 9.0 | N/A | 962 | N/A | N/A | N/A | N/A | N/A | 17,200 | ||||||||||||||||||||||||||||||||
Avalon Pines I |
Coram, NY | 298 | 442,895 | 32.0 | N/A | 1,485 | N/A | N/A | N/A | N/A | N/A | 39,312 | ||||||||||||||||||||||||||||||||
Avalon Run East II |
Lawrenceville, NJ | 312 | 341,152 | 70.0 | N/A | 1,095 | N/A | N/A | N/A | N/A | N/A | 45,741 | ||||||||||||||||||||||||||||||||
UNCONSOLIDATED COMMUNITIES |
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Avalon Bedford (8) |
Stamford, CT | 368 | 331,655 | 4.6 | 1961/1998 | 819 | 96.7 | % | 94.2 | % | 88.9 | % | 1,514 | 1.58 | N/A | |||||||||||||||||||||||||||||
Avalon Chrystie Place I (9) (10) |
New York, NY | 361 | 266,555 | 1.5 | N/A | 738 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Avalon Grove (8) |
Stamford, CT | 402 | 363,408 | 12.0 | 1996 | 906 | 97.0 | % | 94.5 | % | 90.3 | % | 1,918 | 2.01 | N/A | |||||||||||||||||||||||||||||
Avalon on the Sound (8) (9) |
New Rochelle, NY | 412 | 372,860 | 2.4 | 2001 | 905 | 97.3 | % | 93.0 | % | 92.0 | % | 2,085 | 2.14 | N/A | |||||||||||||||||||||||||||||
Avalon Run (6) |
Lawrenceville, NJ | 426 | 443,168 | 9.0 | 1994 | 1,010 | 94.1 | % | 91.6 | % | 90.5 | % | 1,303 | 1.15 | N/A | |||||||||||||||||||||||||||||
(1) | We own a fee simple interest in the 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, 2004. Financial reporting costs are excluded for unconsolidated communities, see Note 6, Investments in Unconsolidated Entities. | |
(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) | Community is located on land subject to a land lease. | |
(10) | This community is in development and is being financed under a joint venture structure with third-party financing, in which the community is owned by a limited liability company managed by one of our wholly-owned subsidiaries. |
16
Features and Recreational Amenities - Current and Development Communities
Washer | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | & dryer | storage | patio | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 | 1/1.5 | 2/2.5 | 2/2.5 | Studios/ | Parking | hook-ups | Vaulted | or walk-in | deck or | Built-in | Car- | access | access | security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BA | BA | /3 BA | BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | ports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES (1)
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NORTHEAST |
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Boston, MA |
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Avalon at Center Place |
103 | | 111 | 5 | | 6 | | 225 | 371 | All | None | None | None | Half | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Faxon Park |
68 | | 75 | 28 | | | | 171 | 327 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Flanders Hill |
108 | | 142 | 30 | | | | 280 | 589 | All | None | Some | Some | All | Some | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Lexington |
28 | 24 | 90 | 56 | | | | 198 | 362 | All | Some | Some | Some | Most | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Newton Highlands |
90 | 46 | 92 | 56 | 4 | 6 | | 294 | 540 | All | Some | Some | Some | Most | Most | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Prudential Center |
361 | | 237 | | 23 | 148 | 12 | 781 | 538 | None | None | None | None | Most | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at The Pinehills I |
12 | | 73 | 16 | | | | 101 | 246 | All | Some | Some | Some | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Essex |
50 | | 62 | | | | 42 | 154 | 336 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Estates |
66 | 16 | 80 | | | | | 162 | 345 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Ledges |
124 | | 152 | 28 | | | | 304 | 594 | All | None | Some | Some | All | Some | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Oaks |
60 | 24 | 96 | 24 | | | | 204 | 394 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Oaks West |
48 | 12 | 48 | 12 | | | | 120 | 232 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Orchards |
69 | 12 | 75 | | | | | 156 | 307 | All | None | Half | Some | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Summit |
154 | 61 | 28 | 2 | | | | 245 | 366 | None | None | None | None | None | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon West |
40 | | 55 | 25 | | | | 120 | 285 | All | Some | Some | Some | All | Half | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Stevens Pond |
102 | | 202 | 22 | | | | 326 | 663 | All | Some | Some | Some | All | All | Some | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essex Place |
50 | 190 | | | | | 46 | 286 | 450 | Some | None | None | None | Some | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
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Avalon at Greyrock Place |
104 | 91 | 99 | 12 | | | | 306 | 464 | All | None | None | None | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Corners |
118 | | 77 | | | | | 195 | 273 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Darien |
77 | | 78 | 32 | | | 2 | 189 | 472 | All | Some | Some | Some | Some | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Gates |
122 | | 168 | 50 | | | | 340 | 688 | All | Some | Some | None | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glen |
124 | | 114 | | | | | 238 | 363 | Most | Some | Some | Some | Half | Most | None | Yes | Yes | No | Most | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Haven |
44 | 60 | | 24 | | | | 128 | 256 | All | None | Some | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Lake |
36 | | 46 | | | 24 | 29 | 135 | 290 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Milford I |
184 | | 62 | | | | | 246 | 426 | All | Some | None | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon New Canaan |
16 | | 64 | 24 | | | | 104 | 194 | All | None | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon on Stamford Harbor |
159 | | 130 | 20 | | 14 | | 323 | 623 | All | Some | Some | Some | Most | All | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Springs |
| | 70 | 32 | | | | 102 | 264 | All | Half | Half | Most | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Valley |
106 | | 134 | 28 | | | | 268 | 637 | All | Some | Some | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walk I & II |
272 | 116 | 122 | 74 | | | 180 | 764 | 1,411 | All | Some | Some | Half | All | All | Some | Yes | No | No | Half | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Island, NY |
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Avalon at Glen Cove South |
112 | | 91 | | | 53 | | 256 | 458 | All | None | None | Some | Most | Some | None | No | No | No | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Commons |
128 | 40 | 112 | 32 | | | | 312 | 485 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Court |
172 | 54 | 194 | 44 | 30 | | | 494 | 1,110 | All | Some | Most | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers |
| | 38 | | 3 | 1 | 67 | 109 | 198 | All | None | None | None | All | Most | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northern New Jersey |
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Avalon at Edgewater |
158 | | 190 | 60 | | | | 408 | 872 | All | None | Some | Some | All | All | None | No | No | Yes | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Florham Park |
46 | | 107 | 117 | | | | 270 | 581 | All | Most | None | Some | All | Some | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cove |
190 | | 190 | 46 | 2 | | 76 | 504 | 464 | All | Some | Some | Some | All | Most | None | No | Yes | Some | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Tower at Avalon Cove |
147 | 24 | 74 | 24 | | | | 269 | 296 | All | None | None | None | Half | Some | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central New Jersey |
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Avalon at Freehold |
42 | 41 | 176 | 37 | | | | 296 | 591 | All | Some | Some | Some | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Run East |
64 | | 106 | 36 | | | | 206 | 401 | All | Some | Some | Some | All | All | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Watch |
252 | 36 | 142 | 82 | | | | 512 | 781 | Most | Some | None | Some | All | All | None | No | Yes | No | None |
17
Features and Recreational Amenities - Current and Development Communities
Washer | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | & dryer | storage | patio | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 | 1/1.5 | 2/2.5 | 2/2.5 | Studios/ | Parking | hook-ups | Vaulted | or walk-in | deck or | Built-in | Car- | access | access | security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BA | BA | /3 BA | BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | ports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York, NY |
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Avalon Gardens |
208 | 48 | 144 | 104 | | | | 504 | 1,382 | All | Half | Half | Some | All | Most | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Green |
25 | 24 | 56 | | | | | 105 | 208 | All | Some | Half | Some | All | All | None | Yes | No | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Riverview I |
184 | | 114 | | 31 | 43 | | 372 | 426 | All | None | None | None | Most | Some | None | No | Yes | No | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon View |
115 | 47 | 62 | 64 | | | | 288 | 598 | All | Some | Some | Some | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Willow |
150 | 77 | | | | | | 227 | 371 | All | Some | Some | None | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Avalon |
55 | 2 | 43 | 10 | | | | 110 | 167 | All | Some | Some | Some | Most | Half | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MID-ATLANTIC |
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Baltimore, MD |
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Avalon at
Fairway Hills I, II & III |
283 | 223 | 154 | 60 | | | | 720 | 1,171 | All | Some | None | Some | Some | All | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Symphony Glen |
88 | 14 | 54 | 20 | | | | 176 | 268 | All | Some | None | Most | All | All | Half | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Landing |
65 | 18 | 57 | | | | 18 | 158 | 256 | All | None | None | Most | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hobbits Grove |
36 | 12 | 74 | 48 | | | | 170 | All | Some | Some | Some | Most | Most | None | No | No | No | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington, DC |
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AutumnWoods |
220 | 72 | 96 | | | | 32 | 420 | 720 | All | Some | None | Some | All | All | Some | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Arlington Square |
383 | 20 | 342 | 97 | | | | 842 | 1,411 | All | Some | Some | Some | Some | Some | Some | No | No | Some | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at
Ballston -Washington Towers |
205 | 28 | 111 | | | | | 344 | 470 | All | None | None | Some | Most | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cameron Court |
208 | | 168 | | | | 84 | 460 | 897 | All | Some | Some | Some | All | Most | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Decoverly |
156 | | 104 | 64 | 44 | | | 368 | 627 | All | Some | Some | Most | Most | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Foxhall |
160 | 70 | | 3 | | 27 | 48 | 308 | 335 | All | None | None | Some | Most | All | Some | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Gallery Place I |
111 | 77 | | 4 | | 11 | | 203 | 125 | All | Some | None | None | All | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Grosvenor Station |
265 | 33 | 185 | 13 | | 1 | | 497 | 742 | All | Some | Some | Some | Most | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Providence Park |
19 | | 112 | 4 | | | 6 | 141 | 299 | All | None | None | Most | All | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Rock Spring |
178 | 39 | 133 | 36 | | | | 386 | 680 | All | Some | Some | Some | Most | Most | Some | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Traville |
190 | 30 | 232 | 68 | | | | 520 | 1,084 | All | Some | Some | Some | Most | Most | Some | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Crescent |
186 | 26 | 346 | | | | | 558 | 989 | All | Some | Some | Half | Most | All | Some | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Crossing |
| 27 | 105 | | | | | 132 | 224 | All | Some | Some | Half | All | All | Some | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fields I & II |
74 | 32 | 84 | 32 | | | 66 | 288 | 461 | All | Some | Some | Half | All | Most | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Knoll |
136 | 55 | 81 | 28 | | | | 300 | 477 | All | Some | None | Half | All | All | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIDWEST |
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Chicago, IL |
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200 Arlington Place |
142 | 89 | 148 | | | 30 | | 409 | 650 | All | None | None | None | All | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Danada Farms |
80 | 52 | 134 | 29 | | | | 295 | 555 | All | None | None | Some | All | Some | Some | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Stratford Green |
45 | 9 | 108 | 21 | | | 9 | 192 | 420 | All | None | None | Some | Most | Some | Some | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at West Grove |
200 | 200 | | | | | | 400 | 599 | None | None | None | None | None | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Briarcliffe Lakeside |
101 | 61 | 30 | 12 | | | | 204 | 355 | None | None | None | Some | All | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PACIFIC NORTHWEST |
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Seattle, WA |
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Avalon at Bear Creek |
55 | 40 | 110 | 59 | | | | 264 | 515 | All | All | None | Most | All | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bellevue |
110 | | 67 | | | 25 | | 202 | 300 | All | None | Some | Some | All | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Belltown |
64 | | 20 | | | 16 | | 100 | 134 | All | None | None | None | All | Some | None | No | No | No | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Brandemoor |
88 | 109 | 149 | 78 | | | | 424 | 732 | All | Some | None | Most | All | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon HighGrove |
84 | 119 | 124 | 56 | 8 | | | 391 | 721 | All | Some | None | Most | Most | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon ParcSquare |
31 | 26 | 55 | 5 | 7 | | | 124 | 189 | All | None | None | None | All | All | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Redmond Place |
76 | 44 | 67 | 35 | | | | 222 | 384 | All | Some | None | Most | All | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon RockMeadow |
28 | 48 | 86 | 28 | 16 | | | 206 | 415 | All | Some | None | Most | Most | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon WildReed |
36 | 60 | 78 | 60 | | | | 234 | 463 | All | Some | None | Most | Most | All | Some | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wildwood |
5 | | 211 | | 17 | | 5 | 238 | 484 | All | Some | None | Most | Some | Most | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wynhaven |
3 | 42 | 239 | 13 | 28 | | 8 | 333 | 1,486 | All | Most | Some | Most | All | All | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravenswood at the Park |
162 | 124 | 86 | 28 | | | | 400 | 624 | All | Some | None | Some | Some | All | None | Yes | Yes | No | None |
18
Features and Recreational Amenities - Current and Development Communities
Washer | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | & dryer | storage | patio | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 | 1/1.5 | 2/2.5 | 2/2.5 | Studios/ | Parking | hook-ups | Vaulted | or walk-in | deck or | Built-in | Car- | access | access | security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BA | BA | /3 BA | BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | ports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTHERN CALIFORNIA |
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Oakland-East Bay, CA |
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Avalon at Union Square |
124 | 84 | | | | | | 208 | 210 | None | None | None | Most | All | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Willow Creek |
99 | | 136 | | | | | 235 | 240 | All | None | None | None | All | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dublin |
72 | 8 | 60 | 48 | | | 16 | 204 | 435 | Most | Some | None | Most | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fremont |
130 | 81 | 176 | | 56 | | | 443 | 892 | All | Most | None | Some | Most | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pleasanton |
238 | | 218 | | | | | 456 | 856 | All | Some | None | Most | All | All | None | Yes | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford |
208 | | 336 | | | | | 544 | 910 | Some | Some | None | None | All | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA |
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Avalon at Cedar Ridge |
117 | 33 | 24 | | | 21 | | 195 | 259 | None | None | Some | None | Some | All | None | Yes | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Diamond Heights |
90 | | 49 | 15 | | | | 154 | 155 | None | Some | None | None | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay North |
148 | | 95 | 6 | | 1 | | 250 | 198 | All | None | Some | None | All | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Nob Hill |
114 | | 25 | | | 46 | | 185 | 104 | None | None | None | None | None | Some | Most | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sunset Towers |
183 | 20 | 20 | | | 20 | | 243 | 244 | None | None | None | None | None | Some | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Foster City |
124 | 123 | 1 | | | 40 | | 288 | 490 | None | None | None | None | Most | Most | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pacifica |
58 | 106 | 56 | | | | | 220 | 329 | None | None | None | Some | Some | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers by the Bay |
103 | | 120 | | 3 | | | 226 | 235 | All | Some | None | Some | Half | Most | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Ridge |
158 | 68 | 24 | | | 4 | | 254 | 396 | Some | Some | None | Some | None | All | None | Yes | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Blossom Hill |
90 | | 210 | | 24 | | | 324 | 379 | All | Some | None | None | Most | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cahill Park |
118 | | 94 | | 6 | | | 218 | 283 | All | Some | Some | Some | Most | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Creekside |
158 | 128 | | | | 8 | | 294 | 441 | None | None | None | Some | None | Most | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Foxchase |
168 | | 228 | | | | | 396 | 666 | All | Some | None | None | Some | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Parkside |
60 | | 96 | 36 | | | | 192 | 351 | All | Some | None | Half | All | All | Some | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Pruneyard |
212 | 40 | | | | | | 252 | 400 | All | None | None | None | None | Half | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at River Oaks |
100 | | 126 | | | | | 226 | 358 | All | None | None | Most | All | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Campbell |
156 | | 180 | | 12 | | | 348 | 454 | All | Some | None | None | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cupertino |
145 | | 152 | | 14 | | | 311 | 501 | All | Some | None | Some | Some | All | Some | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mountain View |
108 | | 88 | 52 | | | | 248 | 248 | All | Some | None | None | Some | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon on the Alameda |
113 | | 164 | | 28 | | | 305 | 558 | All | Some | None | Some | All | All | Some | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Rosewalk |
168 | | 264 | | 24 | | | 456 | 705 | All | Some | None | Some | Some | All | Most | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Silicon Valley |
338 | | 336 | 18 | 15 | 3 | | 710 | 1,400 | All | Some | Some | Some | Most | All | Some | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sunnyvale |
112 | 10 | 54 | | | 44 | | 220 | 394 | Some | None | None | None | All | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers on the Peninsula |
90 | | 115 | | 6 | | | 211 | 512 | All | None | None | None | Most | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CountryBrook |
108 | | 252 | | | | | 360 | 692 | All | Some | None | All | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Marino |
103 | | 145 | | | | | 248 | 439 | All | Some | None | None | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA |
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Los Angeles, CA |
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Avalon at Media Center |
296 | 102 | 117 | 12 | | 221 | | 748 | 910 | Some | None | None | Some | Some | Some | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Warner Center |
88 | 54 | 65 | 20 | | | | 227 | 449 | All | Some | None | Some | Some | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glendale |
75 | | 121 | | 27 | | | 223 | 460 | All | None | None | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Redondo Beach |
68 | | 21 | | | 16 | | 105 | 154 | None | Some | Some | None | Some | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Woodland Hills |
222 | | 441 | | | | | 663 | 1,353 | Some | None | Some | None | Most | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Promenade |
153 | | 196 | 51 | | | | 400 | 720 | Some | None | Some | All | Some | All | None | No | No | No | None |
19
Features and Recreational Amenities - Current and Development Communities
Washer | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | & dryer | storage | patio | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 | 1/1.5 | 2/2.5 | 2/2.5 | Studios/ | Parking | hook-ups | Vaulted | or walk-in | deck or | Built-in | Car- | access | access | security | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BA | BA | /3 BA | BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | ports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Pacific Bay |
144 | 56 | 104 | | | | | 304 | 485 | All | None | None | None | Half | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at South Coast |
124 | | 86 | | | 48 | 258 | 426 | Some | Half | None | None | Half | All | None | Yes | Yes | No | None | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mission Viejo |
94 | 28 | 44 | | | | | 166 | 243 | None | None | None | None | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Newport |
44 | 54 | | 35 | | 12 | | 145 | 244 | Most | Some | None | Some | Most | Most | Some | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Santa Margarita |
160 | | 141 | | | | | 301 | 515 | All | None | None | None | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cortez Hill |
114 | | 83 | | | 97 | | 294 | 292 | None | None | None | None | None | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay |
270 | 9 | 165 | | | 120 | | 564 | 746 | None | None | None | None | Some | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Ridge |
18 | 1 | 98 | 83 | | | | 200 | 381 | Most | None | None | Most | Most | Most | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Penasquitos Hills |
48 | 48 | 80 | | | | | 176 | 273 | All | None | None | All | Some | All | All | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEVELOPMENT COMMUNITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bedford Center |
52 | | 87 | | | | | 139 | 264 | All | None | Some | Some | All | All | None | No | No | Yes | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Crane Brook |
160 | 12 | 177 | 38 | | | | 387 | 737 | All | Some | Some | Some | All | Some | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Camarillo |
125 | | | 124 | | | | 249 | 478 | All | None | None | None | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Danbury |
112 | | 98 | 24 | | | | 234 | 54 | All | None | Some | Some | Some | All | None | No | Yes | No | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Del Rey |
190 | | | 119 | | | | 309 | 602 | All | None | Some | None | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Juanita Village |
88 | | 71 | | 9 | 20 | 23 | 211 | 347 | All | Some | None | None | Most | Most | None | No | Yes | Yes | Some | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Orange |
112 | | 28 | 28 | | | | 168 | 358 | All | Some | Some | Some | All | All | Some | Yes | No | No | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pines I |
72 | | 220 | | 6 | | | 298 | 1,094 | All | Most | Some | Some | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Run East II |
72 | 36 | 148 | 56 | | | | 312 | 697 | All | Some | Some | Some | Most | All | None | No | Yes | Yes | All |
20
Features and Recreational Amenities - Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | entrance | entrance | Under- | Aerobics | Walking / | Sand | Indoor / | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
w/ security | controlled | controlled | ground | dance | Car | Picnic | jogging | Sauna / | Tennis | Racquet- | Fitness | volley- | outdoor | Clubhouse / | Business | Tot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
systems | access | access | parking | studio | wash | area | trail | Pool | whirlpool | court | ball | center | ball | basketball | clubroom | center | lot | Concierge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES (1)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTHEAST |
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Boston, MA |
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Avalon at Center Place |
None | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Faxon Park |
None | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Flanders Hill |
All | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Lexington |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Newton Highlands |
All | No | Yes | Yes | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Prudential Center |
None | No | Yes | Yes | No | No | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at The Pinehills I |
None | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Essex |
None | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Estates |
None | No | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Ledges |
All | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Oaks |
None | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Oaks West |
All | No | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Orchards |
None | No | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Summit |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon West |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | No | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Stevens Pond |
All | No | Yes | No | Yes | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Essex Place |
None | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Greyrock Place |
All | Yes | No | Yes | No | No | Yes | No | Yes | No | Yes | No | Yes | No | No | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Corners |
All | Yes | Yes | Yes | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Darien |
None | No | No | No | No | No | Yes | Yes | Yes | No | No | Yes | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Gates |
None | Yes | No | No | No | No | Yes | No | Yes | No | No | Yes | Yes | Yes | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glen |
None | No | Yes | Yes | No | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Haven |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Lake |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Milford I |
None | Yes | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon New Canaan |
All | No | Yes | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon on Stamford Harbor |
All | Yes | Yes | Yes | No | No | Yes | Yes | Yes | No | No | Yes | Yes | No | Yes | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Springs |
All | No | No | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Valley |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Walk I & II |
None | No | No | No | Yes | No | Yes | Yes | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long Island, NY |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Glen Cove South |
Some | Yes | Yes | No | Yes | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Commons |
All | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Court |
All | Yes | Yes | No | No | Yes | Yes | Yes | Yes | No | No | Yes | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers |
None | No | No | Yes | No | Yes | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northern New Jersey |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater |
All | Yes | Yes | Yes | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Florham Park |
None | No | No | No | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cove |
All | Yes | Yes | No | No | No | Yes | Yes | Yes | No | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Tower at Avalon Cove |
All | No | Yes | No | No | No | Yes | Yes | Yes | No | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central New Jersey |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Freehold |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Run East |
None | No | No | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Watch |
None | No | Yes | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No |
21
Features and Recreational Amenities - Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | entrance | entrance | Under- | Aerobics | Walking / | Sand | Indoor / | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
w/ security | controlled | controlled | ground | dance | Car | Picnic | jogging | Sauna / | Tennis | Racquet- | Fitness | volley- | outdoor | Clubhouse / | Business | Tot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
systems | access | access | parking | studio | wash | area | trail | Pool | whirlpool | court | ball | center | ball | basketball | clubroom | center | lot | Concierge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York, NY |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Gardens |
All | No | No | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Green |
All | No | No | No | No | No | No | No | Yes | No | No | No | No | Yes | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Riverview I |
All | Yes | Yes | No | No | No | Yes | Yes | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon View |
None | No | No | No | No | No | Yes | No | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Willow |
All | Yes | Yes | Yes | No | No | Yes | No | Yes | No | No | Yes | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Avalon |
All | No | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MID-ATLANTIC |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore, MD |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at
Fairway Hills I, II & III |
None | No | No | No | No | Yes | Yes | No | Yes | No | Yes | Yes | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Symphony Glen |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Landing |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hobbits Grove |
None | No | No | No | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington, DC |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AutumnWoods |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Arlington Square |
Some | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at
Ballston - Washington Towers |
None | Yes | Yes | Yes | No | No | Yes | No | Yes | No | Yes | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cameron Court |
All | Yes | No | No | Yes | Yes | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Decoverly |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Foxhall |
None | Yes | Yes | Yes | No | No | No | Yes | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Gallery Place I |
All | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | No | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Grosvenor Station |
All | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Providence Park |
None | No | No | No | No | Yes | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Rock Spring |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Traville |
None | No | Yes | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Crescent |
None | Yes | No | No | Yes | Yes | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Crossing |
None | Yes | No | No | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fields I & II |
All | No | No | No | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Knoll |
None | No | Yes | No | No | Yes | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MIDWEST |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chicago, IL |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 Arlington Place |
None | No | Yes | No | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Danada Farms |
None | No | No | No | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Stratford Green |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | No | No | No | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at West Grove |
None | No | Yes | No | No | No | Yes | No | Yes | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Briarcliffe Lakeside |
None | No | Yes | No | No | No | No | Yes | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PACIFIC NORTHWEST |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle, WA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bear Creek |
All | Yes | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Bellevue |
None | No | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Belltown |
None | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Brandemoor |
All | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon HighGrove |
None | No | No | No | No | No | No | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon ParcSquare |
None | Yes | Yes | Yes | No | No | No | Yes | No | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Redmond Place |
None | No | No | No | No | Yes | No | Yes | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon RockMeadow |
None | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon WildReed |
None | No | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wildwood |
All | No | No | No | No | No | No | Yes | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Wynhaven |
None | No | Yes | Yes | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravenswood at the Park |
None | No | No | No | No | No | Yes | No | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | Yes | No |
22
Features and Recreational Amenities - Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | entrance | entrance | Under- | Aerobics | Walking / | Sand | Indoor / | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
w/ security | controlled | controlled | ground | dance | Car | Picnic | jogging | Sauna / | Tennis | Racquet- | Fitness | volley- | outdoor | Clubhouse / | Business | Tot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
systems | access | access | parking | studio | wash | area | trail | Pool | whirlpool | court | ball | center | ball | basketball | clubroom | center | lot | Concierge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTHERN CALIFORNIA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland-East Bay, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Union Square |
None | Yes | No | No | No | No | No | No | Yes | No | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Willow Creek |
Some | Yes | No | No | No | Yes | Yes | No | Yes | Yes | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Dublin |
None | No | No | No | No | Yes | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Fremont |
All | No | No | Yes | Yes | Yes | No | No | Yes | Yes | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pleasanton |
None | No | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | Yes | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford |
Some | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | Yes | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cedar Ridge |
None | No | No | No | No | No | No | No | Yes | Yes | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Diamond Heights |
None | No | Yes | Yes | No | No | No | No | Yes | Yes | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay North |
All | Yes | Yes | Yes | Yes | No | No | No | No | No | No | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Nob Hill |
None | Yes | Yes | Yes | No | No | Yes | No | No | No | No | No | Yes | No | No | No | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sunset Towers |
All | Yes | Yes | Yes | No | Yes | Yes | No | No | No | No | No | No | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Foster City |
Some | No | No | No | No | Yes | No | Yes | Yes | No | No | No | No | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pacifica |
None | No | No | No | No | No | No | No | Yes | No | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers by the Bay |
None | Yes | Yes | Yes | No | No | No | No | No | Yes | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crowne Ridge |
None | No | No | Yes | No | No | No | Yes | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Blossom Hill |
None | Yes | Yes | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cahill Park |
All | Yes | Yes | Yes | Yes | No | No | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Creekside |
Some | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Foxchase |
None | No | No | Yes | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Parkside |
None | No | No | Yes | No | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Pruneyard |
None | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at River Oaks |
None | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Campbell |
Some | Yes | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | No | No | Yes | Yes | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Cupertino |
None | Yes | Yes | Yes | No | No | No | No | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mountain View |
None | No | No | Yes | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon on the Alameda |
All | Yes | Yes | Yes | No | No | No | No | Yes | Yes | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Rosewalk |
None | Yes | No | No | Yes | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Silicon Valley |
Some | Yes | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | No | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Sunnyvale |
None | No | No | Yes | Yes | Yes | Yes | No | Yes | Yes | No | No | Yes | No | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Towers on the Peninsula |
All | Yes | Yes | Yes | No | Yes | Yes | No | Yes | Yes | No | No | Yes | No | No | No | No | No | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CountryBrook |
None | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Marino |
None | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Media Center |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Warner Center |
None | Yes | Yes | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Glendale |
None | Yes | Yes | Yes | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Redondo Beach |
None | Yes | Yes | Yes | No | No | No | Yes | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Woodland Hills |
None | Yes | No | Yes | No | No | No | No | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Promenade |
None | Yes | Yes | Yes | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No |
23
Features and Recreational Amenities - Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | entrance | entrance | Under- | Aerobics | Walking / | Sand | Indoor / | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
w/ security | controlled | controlled | ground | dance | Car | Picnic | jogging | Sauna / | Tennis | Racquet- | Fitness | volley- | outdoor | Clubhouse / | Business | Tot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
systems | access | access | parking | studio | wash | area | trail | Pool | whirlpool | court | ball | center | ball | basketball | clubroom | center | lot | Concierge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Pacific Bay |
None | Yes | No | No | No | No | No | No | Yes | Yes | No | No | Yes | No | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at South Coast |
None | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Mission Viejo |
None | Yes | No | No | No | No | No | Yes | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Newport |
None | No | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Santa Margarita |
None | No | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cortez Hill |
All | Yes | Yes | No | No | No | No | Yes | Yes | Yes | Yes | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay |
None | Yes | Yes | Yes | Yes | Yes | No | No | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Mission Ridge |
Some | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | No | No | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Penasquitos Hills |
None | No | No | No | No | No | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | No | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEVELOPMENT COMMUNITIES
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bedford Center |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Crane Brook |
Some | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Camarillo |
None | Yes | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Danbury |
Some | No | Yes | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Del Rey |
All | Yes | Yes | No | No | No | No | No | Yes | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Juanita Village |
Some | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Orange |
None | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Pines I |
None | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon Run East II |
None | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No |
(1) For the purpose of this table, Current Communities excludes communities held by unconsolidated real estate joint ventures. |
24
Development Communities
As of December 31, 2004, we had ten Development Communities under construction. We expect these Development Communities, when completed, to add a total of 2,668 apartment homes to our portfolio for a total capitalized cost, including land acquisition costs, of approximately $546,700,000. Statements regarding the future development or performance of the Development Communities are forward-looking statements. We cannot assure you that:
| we will complete the Development Communities; | |
| our budgeted costs or estimates of occupancy rates will be realized; | |
| our schedule of leasing start dates, construction completion dates or stabilization dates will be achieved; or | |
| future developments will realize returns comparable to our past developments. |
You should carefully review the discussion under Risks of Development and Redevelopment included elsewhere in this Item 2.
25
The following table presents a summary of the Development Communities. We hold a direct or indirect fee simple ownership interest in these communities except where noted.
Total | ||||||||||||||||||||||||||||
Number of | capitalized | |||||||||||||||||||||||||||
apartment | cost (1) | Construction | Initial | Estimated | Estimated | |||||||||||||||||||||||
homes | ($ millions) | start | occupancy (2) | completion | stabilization (3) | |||||||||||||||||||||||
1. | Avalon Run East II Lawrenceville, NJ |
312 | $49.3 | Q2 2003 | Q2 2004 | Q2 2005 | Q4 2005 | |||||||||||||||||||||
2. | Avalon at Crane Brook Danvers & Peabody, MA |
387 | 55.9 | Q3 2003 | Q2 2004 | Q1 2005 | Q4 2005 | |||||||||||||||||||||
3. | Avalon Chrystie Place I (4) New York, NY |
361 | 151.7 | Q4 2003 | Q3 2005 | Q4 2005 | Q2 2006 | |||||||||||||||||||||
4. | Avalon Pines I Coram, NY |
298 | 48.7 | Q4 2003 | Q4 2004 | Q3 2005 | Q1 2006 | |||||||||||||||||||||
5. | Avalon Orange Orange, CT |
168 | 22.4 | Q1 2004 | Q4 2004 | Q3 2005 | Q4 2005 | |||||||||||||||||||||
6. | Avalon Danbury Danbury, CT |
234 | 35.6 | Q1 2004 | Q2 2005 | Q4 2005 | Q2 2006 | |||||||||||||||||||||
7. | Avalon Del Rey (5) Los Angeles, CA |
309 | 70.0 | Q2 2004 | Q2 2005 | Q4 2005 | Q2 2006 | |||||||||||||||||||||
8. | Avalon at Juanita Village (6) Kirkland, WA |
211 | 45.5 | Q2 2004 | Q3 2005 | Q4 2005 | Q2 2006 | |||||||||||||||||||||
9. | Avalon Camarillo Camarillo, CA |
249 | 42.7 | Q2 2004 | Q3 2005 | Q1 2006 | Q3 2006 | |||||||||||||||||||||
10. | Avalon at Bedford Center Bedford, MA |
139 | 24.9 | Q4 2004 | Q4 2005 | Q2 2006 | Q4 2006 | |||||||||||||||||||||
Total |
2,668 | $546.7 | ||||||||||||||||||||||||||
(1) | Total capitalized cost includes all capitalized costs projected to be or actually incurred to develop the respective Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees. Total capitalized cost for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint venture contribution amount. | |||
(2) | Future initial occupancy dates are estimates. | |||
(3) | Stabilized operations is defined as the earlier of (i) attainment of 95% or greater physical occupancy or (ii) the one-year anniversary of completion of development. | |||
(4) | This community is being financed under a joint venture structure with third-party financing, in which the community is owned by a limited liability company managed by one of our wholly-owned subsidiaries. The total capitalized cost for this community includes costs associated with the construction of 89,000 square feet of retail space and 30,000 square feet for a community facility. Our portion of the total capitalized cost of this joint venture is projected to be $30,300,000 including community-based tax-exempt debt. | |||
(5) | This community is currently owned by one of our wholly-owned subsidiaries, will be financed, in part or in whole, by a construction loan, and is subject to a joint venture agreement that allows for a 70% joint venture partner to be admitted upon construction completion. | |||
(6) | This community is being developed by one of our wholly-owned, taxable REIT subsidiaries, and is subject to a venture agreement that provides for the transfer of 100% of the ownership interests to the joint venture upon construction completion. |
26
Redevelopment Communities
As of December 31, 2004, we had four communities under redevelopment. We expect the total capitalized cost to complete these communities, including the cost of acquisition, capital expenditures subsequent to acquisition and redevelopment, to be approximately $229,300,000, of which approximately $40,300,000 is the additional capital invested or expected to be invested during redevelopment and $189,000,000 was incurred prior to redevelopment. Statements regarding the future redevelopment or performance of the Redevelopment Communities are forward-looking statements. We have found that the cost to redevelop an existing apartment community is more difficult to budget and estimate than the cost to develop a new community. Accordingly, we expect that actual costs may vary from our budget by a wider range than for a new development community. We cannot assure you that we will meet our schedule for reconstruction completion or restabilized operations, or that we will meet our budgeted costs, either individually or in the aggregate. See the discussion under Risks of Development and Redevelopment included elsewhere in this report.
The following presents a summary of these Redevelopment Communities:
Total cost | ||||||||||||||||||||||||||||
Number of | ($ millions) | Estimated | Estimated | |||||||||||||||||||||||||
apartment | Pre-redevelopment | Total capitalized | Reconstruction | Reconstruction | restabilized | |||||||||||||||||||||||
homes | cost | cost (1) | start | completion | operations (2) | |||||||||||||||||||||||
1. | Avalon at Prudential Center Boston, MA |
781 | $133.9 | $160.0 | Q4 2000 | Q2 2006 | Q4 2006 | |||||||||||||||||||||
2. | Avalon Towers Long Beach, NY |
109 | 17.3 | 21.5 | Q3 2004 | Q3 2005 | Q3 2005 | |||||||||||||||||||||
3. | Avalon at Fairway Hills III Columbia, MD |
336 | 23.3 | 29.4 | Q4 2004 | Q2 2006 | Q4 2006 | |||||||||||||||||||||
4. | Briarcliffe Lakeside (3) Wheaton, IL |
204 | 14.5 | 18.4 | Q4 2004 | Q1 2006 | Q3 2006 | |||||||||||||||||||||
Total |
1,430 | $189.0 | $229.3 | |||||||||||||||||||||||||
(1) | Total capitalized cost includes all capitalized costs projected to be incurred to redevelop the respective Redevelopment Community, including costs to acquire the community, reconstruction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated redevelopment overhead and other regulatory fees determined in accordance with GAAP. | |||
(2) | Restabilized operations is defined as the earlier of (i) attainment of 95% or greater physical occupancy or (ii) the one-year anniversary of completion of redevelopment. | |||
(3) | This community was acquired in 2004 and is currently owned by one of our wholly-owned subsidiaries. However, we expect to reduce our ownership in this community upon closing of the discretionary investment fund. |
Development Rights
As of December 31, 2004, we are evaluating the future development of 49 new apartment communities on land that is either owned by us, under contract, subject to a leasehold interest or for which we hold a purchase option. We generally hold Development Rights through options to acquire land, although for fifteen of the Development Rights we currently own the land on which a community would be built if we proceeded with development. The Development Rights range from those beginning design and architectural planning to those that have completed site plans and drawings and can begin construction almost immediately. We estimate that the successful completion of all of these communities would ultimately add 13,491 apartment homes to our portfolio. Substantially all of these apartment homes will offer features like those offered by the communities we currently own. At December 31, 2004, there were cumulative capitalized costs (including legal fees, design fees and related overhead costs, but excluding land costs) of $37,007,000 relating to Development Rights that we consider probable for future development. In addition, land costs related to the pursuit of Development Rights (consisting of original land and additional carrying costs) of $166,751,000 are reflected as land held for development on the accompanying Consolidated Balance Sheet as of December 31, 2004.
27
The properties comprising the Development Rights are in different stages of the due diligence and regulatory approval process. The decisions as to which of the Development Rights to invest in, if any, or to continue to pursue once an investment in a Development Right is made, are business judgments that we make after we perform financial, demographic and other analyses. In the event that we do not proceed with a Development Right, we generally would not recover capitalized costs incurred in the pursuit of those communities, unless we were to recover amounts in connection with the sale of land; however, we cannot guarantee a recovery. Pre-development costs incurred in the pursuit of Development Rights for which future development is not yet considered probable are expensed as incurred. In addition, if the status of a Development Right changes, deeming future development no longer probable, any capitalized pre-development costs are written-off with a charge to expense.
Although the development of any particular Development Right cannot be assured, we believe that the Development Rights, in the aggregate, present attractive potential opportunities for future development and growth of long-term stockholder value.
Statements regarding the future development of the Development Rights are forward-looking statements. We cannot assure you that:
| we will succeed in obtaining zoning and other necessary governmental approvals or the financing required to develop these communities, or that we will decide to develop any particular community; or | |
| if we undertake construction of any particular community, that we will complete construction at the total capitalized cost assumed in the financial projections in the following table. |
The table on the following page presents a summary of the 49 Development Rights we are currently pursuing.
28
Total | ||||||||||||||||
Estimated | capitalized | |||||||||||||||
number | cost | |||||||||||||||
Location | of homes | ($ millions) (1) | ||||||||||||||
1. | Los Angeles, CA |
(2) | 123 | $ | 40 | |||||||||||
2. | San Francisco, CA |
(4) | 313 | 117 | ||||||||||||
3. | Newton, MA |
(2) | 204 | 63 | ||||||||||||
4. | Rockville, MD Phase II |
196 | 28 | |||||||||||||
5. | Long Island City, NY Phase II and III |
602 | 176 | |||||||||||||
6. | Lyndhurst, NJ |
(2) | 328 | 81 | ||||||||||||
7. | New York, NY Phase II and III |
(2) | 308 | 142 | ||||||||||||
8. | New Rochelle, NY Phase II and III |
588 | 165 | |||||||||||||
9. | Coram, NY Phase II |
(2) | 152 | 26 | ||||||||||||
10. | Bellevue, WA |
368 | 78 | |||||||||||||
11. | Shrewsbury, MA |
264 | 40 | |||||||||||||
12. | Wilton, CT |
100 | 24 | |||||||||||||
13. | Hingham, MA |
236 | 44 | |||||||||||||
14. | Glen Cove, NY |
(2) | 111 | 32 | ||||||||||||
15. | Quincy, MA |
(2) | 148 | 24 | ||||||||||||
16. | Plymouth, MA Phase II |
69 | 13 | |||||||||||||
17. | Dublin, CA Phase I |
304 | 72 | |||||||||||||
18. | Lexington, MA |
387 | 76 | |||||||||||||
19. | Andover, MA |
115 | 21 | |||||||||||||
20. | Encino, CA |
(2) | 131 | 51 | ||||||||||||
21. | West Haven, CT |
170 | 23 | |||||||||||||
22. | Woburn, MA |
446 | 84 | |||||||||||||
23. | Danvers, MA |
428 | 80 | |||||||||||||
24. | Canoga Park, CA |
200 | 47 | |||||||||||||
25. | Tinton Falls, NJ |
298 | 51 | |||||||||||||
26. | Greenburgh, NY Phase II |
766 | 120 | |||||||||||||
27. | Seattle, WA |
(2) | 194 | 54 | ||||||||||||
28. | Oyster Bay, NY |
273 | 69 | |||||||||||||
29. | Norwalk, CT |
312 | 63 | |||||||||||||
30. | College Park, MD |
320 | 44 | |||||||||||||
31. | Union City, CA Phase I |
(2) | 230 | 58 | ||||||||||||
32. | Union City, CA Phase II |
(2) | 209 | 54 | ||||||||||||
33. | Irvine, CA |
290 | 63 | |||||||||||||
34. | Stratford, CT |
146 | 23 | |||||||||||||
35. | Sharon, MA |
156 | 26 | |||||||||||||
36. | Gaithersburg, MD |
254 | 41 | |||||||||||||
37. | White Plains, NY |
430 | 149 | |||||||||||||
38. | Camarillo, CA |
376 | 55 | |||||||||||||
39. | Cohasset, MA |
200 | 38 | |||||||||||||
40. | Dublin, CA Phase II |
200 | 52 | |||||||||||||
41. | Dublin, CA Phase III |
205 | 53 | |||||||||||||
42. | Milford, CT |
(2) | 284 | 45 | ||||||||||||
43. | Alexandria, VA |
282 | 56 | |||||||||||||
44. | Shelton, CT |
302 | 49 | |||||||||||||
45. | Wheaton, MD |
(2)(3) | 320 | 56 | ||||||||||||
46. | Yaphank, NY |
254 | 43 | |||||||||||||
47. | Plainview, NY |
220 | 47 | |||||||||||||
48. | Rockville, MD |
(2)(3) | 240 | 46 | ||||||||||||
49. | Tysons Corner, VA |
(2)(3) | 439 | 101 | ||||||||||||
Total |
13,491 | $ | 3,003 | |||||||||||||
(1) | Total capitalized cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the respective community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees. | |||
(2) | We own the land parcel, but construction has not yet begun. | |||
(3) | Represents improved land encumbered with debt. The improved land consists of occupied office buildings and industrial space. NOI from incidental operations from the current improvements will be recorded as a reduction in cost basis as described in the Notes to the Consolidated Financial Statements included elsewhere in this report. | |||
(4) | In December 2004, we entered into a joint venture agreement with an unrelated third-party for the development of Avalon at Mission Bay North II. We hold a 25% equity interest in this joint venture and we anticipate that approximately 80% of the total capitalized cost will be financed through a construction loan. This community, if developed, will be located on land subject to a ground lease which expires in December 2103. |
29
Risks of Development and Redevelopment
We intend to continue to pursue the development and redevelopment of apartment home communities. Our development and redevelopment activities may be exposed to the following:
| we may abandon opportunities we have already begun to explore based on further review of, or changes in, financial, demographic, environmental or other factors; | |
| we may encounter liquidity constraints, including the unavailability of financing on favorable terms for the development or redevelopment of a community; | |
| we may be unable to obtain, or we may experience delays in obtaining, all necessary zoning, land-use, building, occupancy, and other required governmental permits and authorizations; | |
| we may incur construction or reconstruction costs for a community that exceed our original estimates due to increased materials, labor or other expenses, which could make completion of development or redevelopment of the community uneconomical; | |
| occupancy rates and rents at a newly completed development or redevelopment community may fluctuate depending on a number of factors, including competition and market and general economic conditions, and may not be sufficient to make the community profitable; and | |
| we may be unable to complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs. |
The occurrence of any of the events described above could adversely affect results of operations and our payment of distributions to our stockholders.
Construction costs are projected by us based on market conditions prevailing in the communitys market at the time our budgets are prepared and reflect changes to those market conditions that we anticipated at that time. Although we attempt to anticipate changes in market conditions, we cannot predict those changes with certainty. Construction costs have been increasing, particularly for materials such as steel, concrete and lumber, and, for some of our Development Communities and Development Rights, the total construction costs may be higher than the original budget. We do not expect that these price increases will materially affect our current Development Communities. However, these increases may materially affect Development Rights where construction has not yet begun. Total capitalized cost includes all capitalized costs projected to be incurred to develop the respective Development or Redevelopment Community, determined in accordance with GAAP, including:
| land and/or property acquisition costs; | |
| construction or reconstruction costs; | |
| real estate taxes; | |
| capitalized interest; | |
| loan fees; | |
| permits; | |
| professional fees; | |
| allocated development or redevelopment overhead; and | |
| other regulatory fees. |
Costs to redevelop communities that have been acquired have, in some cases, exceeded our original estimates and similar increases in costs may be experienced in the future. We cannot assure you that market rents in effect at the time new development communities or redevelopment communities complete lease-up will be sufficient to fully offset the effects of any increased construction or reconstruction costs.
30
Recent Developments
Sales of Existing Communities. We seek to increase our geographical concentration in selected high barrier-to-entry markets where we believe we can:
| apply sufficient market and management presence to enhance revenue growth; | |
| reduce operating expenses; and | |
| leverage management talent. |
To achieve this increased concentration, we (i) sell assets that do not meet our long-term investment strategy or when capital and real estate markets allow us to realize a portion of the value created over the past business cycle and (ii) redeploy the proceeds from those sales to develop, redevelop and acquire communities. Pending such redeployment, we will generally use the proceeds from the sale of these communities to reduce amounts outstanding under our variable rate unsecured credit facility. On occasion, we will set aside the proceeds from the sale of communities into a cash escrow account to facilitate a nontaxable, like-kind exchange transaction. We sold five communities, containing a total of 1,360 apartment homes, during the period from January 1, 2004 through February 28, 2005. Net proceeds from the sale of these assets were $210,001,000.
Land Acquisitions. We carefully select land for development and follow established procedures that we believe minimize both the cost and the risks of development. During 2004, we acquired ten land parcels for an aggregate purchase price of $122,775,000. The land parcels purchased, which are currently held for future development, are as follows:
Estimated | Total | |||||||||||||||||||||||
number | capitalized | |||||||||||||||||||||||
Gross | of apartment | cost (1) | Date | Construction | ||||||||||||||||||||
acres | homes | ($ millions) | acquired | start (2) | ||||||||||||||||||||
1. | Avalon Wilshire |
1.7 | 123 | $ | 40 | June 2004 | 2005 | |||||||||||||||||
Los Angeles, CA |
||||||||||||||||||||||||
2. | Avalon Chestnut Hill |
4.7 | 204 | 63 | December 2004 | 2005 | ||||||||||||||||||
Newton, MA |
||||||||||||||||||||||||
3. | Avalon Lyndhurst |
5.8 | 328 | 81 | May 2004 | 2005 | ||||||||||||||||||
Lyndhurst, NJ |
||||||||||||||||||||||||
4. | Avalon Chrystie Place II (4) |
1.1 | 205 | 97 | June 2004 | 2005 | ||||||||||||||||||
New York, NY |
||||||||||||||||||||||||
5. | Avalon Encino |
2.0 | 131 | 51 | July 2004 | 2005 | ||||||||||||||||||
Encino, CA |
||||||||||||||||||||||||
6. | Avalon at Union Square I & II |
6.0 | 439 | 112 | December 2004 | 2006 | ||||||||||||||||||
Union City, CA |
||||||||||||||||||||||||
7. | Avalon Milford II |
42.0 | 284 | 45 | April 2004 | 2007 | ||||||||||||||||||
Milford, CT |
||||||||||||||||||||||||
8. | Avalon at Wheaton (3) |
3.4 | 320 | 56 | May 2004 | 2007 | ||||||||||||||||||
Wheaton, MD |
||||||||||||||||||||||||
9. | Avalon at Twinbrook (3) |
4.0 | 240 | 46 | June 2004 | 2009 | ||||||||||||||||||
Rockville, MD |
||||||||||||||||||||||||
10. | Avalon Tysons West (3) |
5.5 | 439 | 101 | December 2004 | 2010 | ||||||||||||||||||
Tysons Corner, VA |
||||||||||||||||||||||||
Total |
76.2 | 2,713 | $692 | |||||||||||||||||||||
(1) | Total capitalized cost includes all capitalized costs projected to be or actually incurred to develop the respective Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees. | |||
(2) | Future construction start dates are estimates. There can be no assurance that we will pursue to completion any or all of these proposed developments. | |||
(3) | Represents improved land encumbered with debt. The improved land consists of occupied office buildings and industrial space. | |||
(4) | Represents land acquired for the second phase of Avalon Chrystie Place, as discussed in Development Communities, elsewhere in this report. |
31
Insurance and Risk of Uninsured Losses
We carry commercial general liability insurance and property insurance with respect to all of our communities. These policies, and other insurance policies we carry, have policy specifications, insured limits and deductibles that we consider commercially reasonable. There are, however, certain types of losses (such as losses arising from acts of war) that are not insured, in full or in part, because they are either uninsurable or the cost of insurance makes it, in managements view, economically impractical. If an uninsured property loss or a property loss in excess of insured limits were to occur, we could lose our capital invested in a community, as well as the anticipated future revenues from such community. We would also continue to be obligated to repay any mortgage indebtedness or other obligations related to the community. If an uninsured liability to a third-party were to occur, we would incur the cost of defense and settlement with, or court ordered damages to, that third-party. A significant uninsured property or liability loss could materially and adversely affect our financial condition and results of operations.
Many of our West Coast communities are located in the general vicinity of active earthquake faults. A large concentration of our communities lie near, and thus are susceptible to, the major fault lines in California, including the San Andreas fault and the Hayward fault. We cannot assure you that an earthquake would not cause damage or losses greater than insured levels. In June 2004, we renewed our earthquake insurance. We have in place with respect to communities located in California, for any single occurrence and in the aggregate, $75,000,000 of coverage with a deductible per building equal to five percent of the insured value of that building. The five percent deductible is subject to a minimum of $100,000 per occurrence. Earthquake coverage outside of California is subject to a $200,000,000 limit, except with respect to the state of Washington, for which the limit is $65,000,000. Our earthquake insurance outside of California provides for a $100,000 deductible per occurrence. In addition, up to a policy aggregate of $3,000,000, the next $400,000 of loss per occurrence outside California will be treated as an additional deductible.
Our annual general liability policy and workmans compensation coverage was renewed on August 1, 2004 and the insurance coverage provided for in these renewal policies did not materially change from the preceding year. Including the costs we estimate that we may incur as a result of deductibles, we expect the cost related to these insurance categories for the policy period from August 1, 2004 to July 31, 2005 to remain flat as compared to the prior period.
Our property insurance policy was scheduled to renew on December 1, 2005; however, in an effort to capitalize on declining insurance rates we elected to extend the first $15,000,000 layer of the policy by five months, thereby changing the renewal date for this layer to May 1, 2006. The remaining layers are currently scheduled to renew on December 1, 2005. We are currently in negotiations with all carriers to align the renewal dates. Based on this policy extension, we have seen a decline in insurance premiums for property coverage, which combined with the cost we may incur as a result of deductibles, we expect will result in declining overall insurance costs as compared to prior periods.
Just as with office buildings, transportation systems and government buildings, there have been reports that apartment communities could become targets of terrorism. In November 2002, Congress passed the Terrorism Risk Insurance Act (TRIA) which is designed to make terrorism insurance available. In connection with this legislation, we have purchased insurance for property damage due to terrorism up to $200,000,000. Additionally, we have purchased insurance for certain terrorist acts, not covered under TRIA, such as domestic-based terrorism. This insurance, often referred to as non-certified terrorism insurance, is subject to deductibles, limits and exclusions. Our general liability policy provides TRIA coverage (subject to deductibles and insured limits) for liability to third parties that result from terrorist acts at our communities.
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 present. 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
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program to contain or remove the mold from the affected community and could be exposed to other liabilities. We cannot assure that we will have coverage under our existing policies for property damage or liability to third parties arising as a result of exposure to mold or a claim of exposure to mold at one of our communities.
We may elect to purchase insurance separate from our corporate or portfolio insurance policies for certain communities. Common insurance policies purchased are builders risk policies and owner controlled insurance policies (OCIP) that cover workers compensation and general liability risks for us and our enrolled contractors.
In March 2005, we will renew our directors and officers (D&O) insurance. We have met with several carriers in anticipation of this renewal. New carriers have entered the insurance market, increasing competition, and the capital capacity of existing carriers has expanded, resulting in a partial reversal of the significant premium increases experienced in recent years. However, the number and severity of recent and pending D&O claims may result in premium increases for this renewal.
Americans with Disabilities Act
The apartment communities we own and any apartment communities that we acquire must comply with Title III of the Americans with Disabilities Act to the extent that such properties are public accommodations and/or commercial facilities as defined by the Americans with Disabilities Act. Compliance with the Americans with Disabilities Act requirements could require removal of structural barriers to handicapped access in certain public areas of our properties where such removal is readily achievable. The Americans with Disabilities Act does not, however, consider residential properties, such as apartment communities, to be public accommodations or commercial facilities, except to the extent portions of such facilities, such as leasing offices, are open to the public. We believe our properties comply in all material respects with all present requirements under the Americans with Disabilities Act and applicable state laws. Noncompliance could result in imposition of fines or an award of damages to private litigants.
ITEM 3. LEGAL PROCEEDINGS
As reported most recently in our Form 10-Q for the quarter ended September 30, 2004, we are currently involved in litigation with York Hunter Construction, Inc. and National Fire Insurance Company. A non-jury trial ended in April 2004 and on May 20, 2004, the court issued a ruling, finding that (i) York Hunter breached the Construction Management Agreement between it and the Company in failing to complete the project and abandoning the construction site and is therefore liable to the Company for consequential damages, and (ii) National Union, having failed to exercise its various rights to perform and complete, is liable to the Company for consequential damages. The Court issued a ruling dated October 6, 2004, awarding the Company approximately $1,250,000 plus interest. The Company has determined that it will file an appeal to seek an increase in the damage award.
Also as reported in our Form 10-Q for the quarter ended September 30, 2004, on June 6, 2003, a purported California class action lawsuit, Julie E. Ko v. AvalonBay Communities, Inc. and Does 1 through 100, was filed against the Company in Californias Los Angeles County Superior Court. The suit purports to be brought on behalf of all of the Companys former California residents who, during the four-year period prior to the filing of the suit, paid a security deposit to the Company for the rental of residential property in California and had a portion of the deposit withheld by the Company, allegedly in excess of the damages actually sustained by the Company. The plaintiff seeks compensatory and statutory damages in unspecified amounts as well as injunctive relief, restitution, and an award of attorneys fees, expenses and costs of suit. The complaint seeking class certification was amended in March 2004 and the Company responded to the amended complaint on May 3, 2004. Due to the uncertainty of many critical factual and legal issues, including the viability of the case as a class action, it is not possible to determine or predict the outcome.
We are involved in various other claims and/or administrative proceedings that arise in the ordinary course of our business. While no assurances can be given, the Company does not believe that any of these outstanding litigation matters, individually or in the aggregate, will have a material adverse effect on the Company.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF STOCKHOLDERS
No matter was submitted to a vote of our security holders during the fourth quarter of 2004.
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PART II
ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Our common stock is traded on the New York Stock Exchange (NYSE) and the Pacific Exchange (PCX) under the ticker symbol AVB. The following table sets forth the quarterly high and low sales prices per share of our common stock on the NYSE for the years 2004 and 2003, as reported by the NYSE. On February 28, 2005 there were 675 holders of record of an aggregate of 72,725,148 shares of our outstanding common stock. The number of holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a broker or clearing agency, but does include each such broker or clearing agency as one recordholder.
2004 | 2003 | |||||||||||||||||||||||
Sales Price | Dividends | Sales Price | Dividends | |||||||||||||||||||||
High | Low | declared | High | Low | declared | |||||||||||||||||||
Quarter ended March 31 |
$ | 54.66 | $ | 46.72 | $ | 0.70 | $ | 40.31 | $ | 35.24 | $ | 0.70 | ||||||||||||
Quarter ended June 30 |
$ | 57.80 | $ | 48.30 | $ | 0.70 | $ | 44.45 | $ | 37.08 | $ | 0.70 | ||||||||||||
Quarter ended September 30 |
$ | 62.25 | $ | 55.89 | $ | 0.70 | $ | 48.00 | $ | 42.38 | $ | 0.70 | ||||||||||||
Quarter ended December 31 |
$ | 75.93 | $ | 59.90 | $ | 0.70 | $ | 49.71 | $ | 44.67 | $ | 0.70 |
We expect to continue our policy of paying regular quarterly cash dividends. However, dividend distributions will be declared at the discretion of the Board of Directors and will depend on actual cash from operations, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Internal Revenue Code and other factors as the Board of Directors may consider relevant. The Board of Directors may modify our dividend policy from time to time. In F