10-K: Annual report pursuant to Section 13 and 15(d)
Published on March 1, 2007
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
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2006
Commission file number 1-12672
AVALONBAY COMMUNITIES, INC.
(Exact name of registrant as specified in its charter)
Maryland | 77-0404318 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
2900 Eisenhower Avenue, Suite 300
Alexandria, Virginia 22314
(Address of principal executive office)
Alexandria, Virginia 22314
(Address of principal executive office)
(703) 329-6300
(Registrants telephone number, including area code)
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $.01 per share | New York Stock Exchange | |
8.70% Series H Cumulative Redeemable Preferred Stock, | New York Stock Exchange | |
par value $.01 per share | ||
(Title of each class) | (Name of each exchange on which registered) |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes x No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o No x
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 90 days.
Yes x No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. o
Indicate by check mark whether the Exchange registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer (as defined in Rule 12b-2 of the Act).
Large accelerated filer x Accelerated filer o Non-accelerated filer o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes o No x
The aggregate market value of the Registrants Common Stock, par value $.01 per share, held by
nonaffiliates of the registrant, as of June 30, 2006 was $8,231,895,376.
The number of shares of the registrants Common Stock, par value $.01 per share, outstanding as of
January 31, 2007 was 79,344,557.
Documents Incorporated by Reference
Portions
of AvalonBay Communities, Inc.s Proxy Statement for the 2007 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 1a. | RISK FACTORS |
8 | ||||
ITEM 1b. | UNRESOLVED STAFF COMMENTS |
15 | ||||
ITEM 2. | COMMUNITIES |
16 | ||||
ITEM 3. | LEGAL PROCEEDINGS |
43 | ||||
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
43 | ||||
PART II |
||||||
ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES |
44 | ||||
ITEM 6. | SELECTED FINANCIAL DATA |
46 | ||||
ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS |
49 | ||||
ITEM 7a. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK |
66 | ||||
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
68 | ||||
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE |
68 | ||||
ITEM 9a. | CONTROLS AND PROCEDURES |
68 | ||||
ITEM 9b. | OTHER INFORMATION |
68 | ||||
PART III |
||||||
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
69 | ||||
ITEM 11. | EXECUTIVE COMPENSATION |
69 | ||||
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
69 | ||||
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE |
70 | ||||
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
70 | ||||
PART IV |
||||||
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULE |
71 | ||||
SIGNATURES | 76 |
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, including in the section entitled
Forward-Looking Statements on page 65 of this Form 10-K. You should also review Item 1a., Risk
Factors, for a discussion of various risks that could adversely affect us.
ITEM 1. | BUSINESS |
General
AvalonBay Communities, Inc. (the Company, which term, unless the context otherwise requires,
refers to AvalonBay Communities, Inc. together with its subsidiaries) is a Maryland corporation
that has elected to be treated as a real estate investment trust, or REIT, for federal income tax
purposes. We engage in the development, redevelopment, acquisition, ownership and operation of
multifamily communities in high barrier-to-entry markets of the United States. 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. We focus on these markets 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. In addition to
increasing the rental revenues of our operating assets, we believe these market attributes will
increase the value of our operating assets and enable us to create additional value through the
development and selective acquisition of multifamily housing.
At January 31, 2007, we owned or held a direct or indirect ownership interest in:
| 151 operating apartment communities containing 43,533 apartment homes in ten states and the District of Columbia, of which six communities containing 2,381 apartment homes were under reconstruction; | ||
| 17 communities under construction that are expected to contain an aggregate of 5,153 apartment homes when completed; and | ||
| rights to develop an additional 54 communities that, if developed in the manner expected, will contain an estimated 14,185 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 transportation, 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 are consolidated for financial reporting purposes and 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 during the current year, but that 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.
1
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 and high for-sale housing costs, (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 through our investment 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 more
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.
During the three years ended December 31, 2006, we acquired two apartment communities whose
financial results are consolidated for financial reporting purposes, disposed of 16 apartment
communities, and completed the development of 20 apartment communities and the redevelopment of six
apartment communities. In anticipation of continued improvement in apartment fundamentals and to
help position us for future growth, we increased our construction volume during 2006 (as measured
by total projected capitalized cost at completion) and continued to secure new development
opportunities, including the acquisition of land for future development. We also increased our
investments in apartment communities through an institutional discretionary investment fund,
AvalonBay Value Added Fund, L.P. (the Fund), which we manage and in which we own approximately a
15% interest. The Fund acquired communities that we believe we can redevelop or reposition, or
take advantage of market cycle timing and improved operating performance, to create value. Since
its inception in March 2005, the Fund has acquired 13 communities. A more detailed description of
the Fund and its investment activity can be found in Financing Activities and Note 6, Investments
in Unconsolidated Entities of the Consolidated Financial Statements in Item 8 of this report. As
a result of strong capital flows to the industry, we also continued to dispose of assets at prices
that enabled significant realized gains on cost.
In 2007, we expect additional new development activity to be in the range of $1,000,000,000 to
$1,300,000,000, and we expect the Fund will continue to selectively acquire additional communities.
We also anticipate asset sales, dependent on strategic and value realization opportunities. 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, acquisition, property management and related strategies
follows.
Development Strategy. We 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 office
in Alexandria, Virginia, we also maintain regional offices and administrative or specialty offices
in or near the following cities:
| Boston, Massachusetts; | ||
| Chicago, Illinois; | ||
| Long Island, New York; | ||
| Los Angeles, California; | ||
| New York, New York; | ||
| Newport Beach, California; | ||
| San Jose, California; | ||
| Seattle, Washington; | ||
| Shelton, Connecticut; 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 and preserves capital. However, we will acquire and hold land
when business conditions warrant. Due to increased competition for land based on current market
conditions, we have, at times, acquired land earlier in the development cycle or acquired land
zoned for uses other than residential with the potential for rezoning. After we acquire land, we
generally shift our focus to construction. Except for certain mid-rise and high-rise apartment
communities where we may elect to use third-party general contractors or construction managers, we
act as our own general contractor and construction manager.
2
We generally perform these functions
directly (although we may use a wholly-owned 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
operating phase.
As competition for desirable development opportunities has increased in recent years, we will in
some cases be engaged in more complicated development pursuits. For example, at times we have
acquired and may in the future acquire existing commercial buildings with the intent to pursue
rezoning, tenant terminations or expirations and demolition of the existing structures. Generally,
during the period that we hold these buildings for future
development, the net revenue from these
operations, which we consider to be incidental, is accounted for as
a reduction in our investment in the development pursuit and not as net income. We have also
participated, and may in the future participate, in master planned or other large multi-use
developments where we commit to build infrastructure (such as roads) to be used by other
participants or commit to act as construction manager or general contractor in building structures
or spaces for third parties (such as municipal garages or parks). Costs we incur in connection
with these activities may be accounted for as additional invested capital in the community or we
may earn fee income for providing these services. Particularly with large scale, urban in-fill
developments, we may engage in significant environmental remediation efforts to prepare a site for
construction.
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
renovate and/or rebuild an existing community so that our total investment is generally below
replacement cost and the community is well positioned in the market to achieve attractive returns
on our capital. We have established procedures to minimize both the cost and risks of
redevelopment. Our redevelopment teams, which include key redevelopment, construction and property
management personnel, monitor redevelopment progress. We believe we achieve significant cost
savings by acting as our own general contractor. More importantly, this helps to ensure
high-quality design and workmanship and a smooth and timely transition into the lease-up and
restabilization phase.
Throughout this report, the term redevelopment 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
through our investments, and 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. Acquisitions allow us to achieve rapid
penetration into markets in which we desire an increased presence. Acquisitions (and dispositions)
also help us achieve our desired product mix or rebalance our portfolio. In 2005 we formed the
Fund, which during its investment period (ending no later than March 2008) will be the principal
vehicle for us to acquire additional investments in apartment communities, subject to certain
exceptions. Through the Funds investment period (or until fully invested), we expect to continue
our acquisition activity through the Fund, focusing in particular on communities in our markets
that can benefit from redevelopment, repositioning or market cycle 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.
3
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; and | ||
| managing community occupancy for optimal rental revenue levels. |
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 in a variety of ways, which
include the following, among others:
| we use purchase order controls, acquiring goods and services from pre-approved vendors; | ||
| we purchase supplies in bulk where possible; | ||
| we bid third-party contracts on a volume basis; | ||
| we 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; | ||
| we perform turnover work in-house or hire third parties, generally depending upon the least costly alternative; | ||
| we undertake preventive maintenance regularly to maximize resident satisfaction and property and equipment life; and | ||
| we 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 use and continuously seek ways to improve technology
applications to help manage our communities, believing that the accurate collection of financial
and resident data will enable us to maximize revenue and control costs through careful leasing
decisions, maintenance decisions and financial management.
We generally manage the operation and leasing activity of our communities directly (although we may
use a wholly-owned subsidiary) both for ourselves and the joint ventures and partnerships of which
we are a member or a partner.
From time to time, we also pursue or arrange ancillary services for our residents to provide
additional revenue sources or increase resident satisfaction. 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 or share in the revenue from such services 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.
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. For the year
ended December 31, 2006, our fixed charge ratio on an incurred
and expensed basis was 1.90 and 2.68, respectively.
We believe that fixed charge coverage is an important measure of balance sheet strength, as it
measures our ability to service fixed payment obligations from operating cash flow. At December
31, 2006, our debt-to-total market capitalization was 22.3%, and our long-term floating rate debt
was 3.4% 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 occur regularly, our debt-to-total market capitalization may
change even when our earnings and debt levels remain stable.
4
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.
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 of 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 invested in the Fund, a private, discretionary investment vehicle that acquires and
operates apartment communities in our markets. The Fund will serve, until March 16, 2008 or until
80% of its committed capital is invested, as the principal vehicle through which we will invest in
the acquisition of 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. The Fund will
not restrict our development activities, and will terminate after a term of eight years, subject to
two one-year extensions. The Fund has nine institutional investors, including us, with a combined
equity capital commitment of $330,000,000. A significant portion of the investments made in the
Fund by its investors are being made through AvalonBay Value Added Fund, Inc., a Maryland
corporation that qualifies as a REIT under the Internal Revenue Code (the Fund REIT). A
wholly-owned subsidiary of the Company is the general partner of the Fund and has committed
$50,000,000 to the Fund and the Fund REIT (of which approximately $22,944,000 has been invested as
of January 31, 2007) representing a 15.2% combined general partner and limited partner equity
interest. Under the Fund documents, the Fund has the ability to employ leverage through debt
financings up to 65% on a portfolio basis, which, if achieved, would enable the Fund to invest up
to $940,000,000. We currently expect that leverage of less than 65% will be employed, reducing the
projected investment value to between $850,000,000 and $900,000,000 (of which approximately
$514,000,000 has been invested as of January 31, 2007).
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.
Other Strategies and Activities. While we emphasize equity real estate investments in rental
apartment communities, we have the ability 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, 2006, we had a total of 327,010 square feet of rentable retail space
that produced gross rental revenue in 2006 of $5,258,000 (0.7% of total revenue). If we secure a
development right and believe that its best use, in whole or in part, is to develop the real estate
with the intent to sell rather than hold the asset, we may, through a taxable REIT subsidiary,
develop real estate for sale. At present, we expect to develop with the intent to sell, directly
through a taxable REIT subsidiary or indirectly through a joint venture partnership, one or more
land parcels. Any investment in securities of other entities, and any development of real estate
for sale, is subject to the percentage of ownership limitations, gross income tests, and other
limitations that must be observed for REIT qualification.
5
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 so 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 apartment leases are for a term of one year or less. In an inflationary
environment, this may allow us to realize increased rents upon renewal of existing leases or the
beginning of new leases. Short-term leases generally minimize our risk from the adverse effects of
inflation, although these leases generally permit residents to leave at the end of the lease term
and therefore expose us to the effect of a decline in market rents. In a deflationary rent
environment, we may be exposed to declining rents more quickly under these shorter-term leases.
Tax Matters
We filed
an election with our 1994 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.
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 for both real estate assets and potential residents.
Environmental and Related Matters
As a current or prior owner, operator and developer of real estate, we are subject to various
federal, state and local environmental laws, regulations and ordinances and also could be liable to
third parties resulting from environmental contamination or noncompliance at our communities. For
some development communities, we undertake extensive environmental remediation to prepare the site
for construction, which could be a significant portion of our total construction cost.
Environmental remediation efforts could expose us to possible liabilities for accidents or improper
handling of contaminated materials during construction. These and other risks related to
environmental matters are described in more detail in Item 1a., Risk Factors.
6
Other Information
We file annual, quarterly and current reports, proxy statements and other information with the SEC.
You may read and copy any document we file at the SECs Public Reference Room at 450 Fifth Street,
N.W., Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 for further information on
the operation of the Public Reference Room. Our SEC filings are also available to the public from
the SECs website at www.sec.gov. In addition, you may read our SEC fillings at the
offices of the New York Stock Exchange (NYSE), which is located at 20 Board Street, New York, New
York 10005. Our SEC filings are available at the NYSE because our common stock and an outstanding
series of preferred stock are listed on the NYSE.
We maintain a website at www.avalonbay.com. 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 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 our
Corporate Governance Guidelines and Code of Conduct, 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, 2006, we had 1,767 employees.
7
ITEM 1a. RISK FACTORS
Our operations involve various risks that could have adverse consequences, including those
described below. This Item 1a includes forward-looking statements. You should refer to our
discussion of the qualifications and limitations on forward-looking statements on page 65.
Development, redevelopment and construction risks could affect our profitability.
We intend to continue to develop and redevelop apartment home communities. These activities can
include long planning and entitlement timelines and can involve complex and costly activities,
including significant environmental remediation or construction work in high-density urban areas.
These activities may be exposed to the following risks:
| we may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities; | ||
| we may abandon opportunities that we have already begun to explore for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover expenses already incurred in exploring those opportunities; | ||
| we may incur costs that exceed our original estimates due to increased material, labor or other costs; | ||
| occupancy rates and rents at a community may fail to meet our expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development by competitors of competing communities; | ||
| we may be unable to complete construction and lease up of a community on schedule, resulting in increased construction and financing costs and a decrease in expected rental revenues; | ||
| we may be unable to obtain financing with favorable terms, or at all, for the proposed development of a community, which may cause us to delay or abandon an opportunity; | ||
| we may incur liabilities to third parties during the development process, for example, in connection with managing existing improvements on the site prior to tenant terminations and demolition (such as commercial space) or in connection with providing services to third parties, such as the construction of shared infrastructure or other improvements; and | ||
| we may incur liability if our communities are not constructed and operated in compliance with the accessibility provisions of the Americans with Disabilities Acts, the Fair Housing Act or other federal, state or local requirements. Noncompliance could result in imposition of fines, an award of damages to private litigants, and a requirement that we undertake structural modifications to remedy the noncompliance. We are currently engaged in a lawsuit alleging noncompliance with these statutes. See Legal Proceedings. |
We project construction costs based on market conditions at the time we prepare our budgets, and
our projections include changes that we anticipate but cannot predict 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. Total capitalized cost includes all
capitalized costs projected to be incurred to develop or redevelop a community, determined in
accordance with United States Generally Accepted Accounting Principles (GAAP), including:
| land and/or property acquisition costs; | ||
| construction or reconstruction costs; | ||
| costs of environmental remediation; | ||
| real estate taxes; | ||
| capitalized interest; | ||
| loan fees; | ||
| permits; | ||
| professional fees; | ||
| allocated development or redevelopment overhead; and | ||
| other regulatory fees. |
8
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 or redevelopment communities complete
lease-up will be sufficient to fully offset the effects of any increased construction or
reconstruction costs.
Unfavorable changes in market and economic conditions could hurt occupancy or rental rates.
Local conditions in our markets significantly affect occupancy or rental rates at our communities.
The risks that may adversely affect conditions in those markets include the following:
| plant closings, industry slowdowns and other factors that adversely affect the local economy; | ||
| an oversupply of, or a reduced demand for, apartment homes; | ||
| a decline in household formation or employment or lack of employment growth; | ||
| the inability or unwillingness of residents to pay rent increases; and | ||
| rent control or rent stabilization laws, or other laws regulating housing, that could prevent us from raising rents to offset increases in operating costs. |
Changes in applicable laws, or noncompliance with applicable laws, could adversely affect our
operations or expose us to liability.
We must operate our communities in compliance with numerous federal, state and local laws and
regulations, including landlord tenant laws and other laws generally applicable to business
operations. Noncompliance with laws could expose us to liability.
Compliance with changes in (i) laws increasing the potential liability for environmental conditions
existing on properties or the restrictions on discharges or other conditions, (ii) rent control or
rent stabilization laws or (iii) other governmental rules and regulations or enforcement policies
affecting the use and operation of our communities, including changes to building codes and fire
and life-safety codes, may result in lower revenue growth or significant unanticipated
expenditures.
Short-term leases expose us to the effects of declining market rents.
Substantially all of our apartment leases are for a term of one year or less. Because these leases
generally permit the residents to leave at the end of the lease term without penalty, our rental
revenues are impacted by declines in market rents more quickly than if our leases were for longer
terms.
Competition could limit our ability to lease apartment homes or increase or maintain rents.
Our apartment communities compete with other housing alternatives to attract residents, including
other rental apartments, condominiums and single-family homes that are available for rent, as well
as new and existing condominiums and single-family homes for sale. Competitive residential
housing in a particular area could adversely affect our ability to lease apartment homes and to
increase or maintain rental rates.
Attractive investment opportunities may not be available, which could adversely affect our
profitability.
We expect that other real estate investors, including insurance companies, pension funds, other
REITs and other well-capitalized investors, will compete with us to acquire existing properties
and to develop new properties. This competition could increase prices for properties of the type
we would likely pursue and adversely affect our profitability.
9
Insufficient cash flow could affect our debt financing and create refinancing risk.
We are subject to the risks associated with debt financing, including the risk that our cash flow
will be insufficient to meet required payments of principal and interest. In this regard, we note
that we are required to annually distribute dividends generally equal to at least 90% of our REIT
taxable income, computed without regard to the dividends paid deduction and our net capital gain,
in order for us to continue to qualify as a REIT, and this requirement limits the amount of our
cash flow available to meet required principal and interest payments. The principal outstanding
balance on a portion of our debt will not be fully amortized prior to its maturity. Although we
may be able to repay our debt by using our cash flows, we cannot assure you that we will have
sufficient cash flows available to make all required principal payments. Therefore, we may need to
refinance at least a portion of our outstanding debt as it matures. There is a risk that we may
not be able to refinance existing debt or that a refinancing will not be done on as favorable
terms, either of which could have a material adverse effect on our financial condition and results
of operations.
Rising interest rates could increase interest costs and could affect the market price of our
common stock.
We currently have, and may in the future, incur variable interest rate debt. Accordingly, if
interest rates increase, our interest costs will also rise, unless we have made arrangements that
hedge the risk of rising interest rates. In addition, an increase in market interest rates may
lead purchasers of our common stock to demand a greater annual dividend yield, which could
adversely affect the market price of our common stock.
Bond financing and zoning compliance requirements could limit our income, restrict the use of
communities and cause favorable financing to become unavailable.
We have financed some of our apartment communities with obligations issued by local government
agencies because the interest paid to the holders of this debt is generally exempt from federal
income taxes and, therefore, the interest rate is generally more favorable to us. These
obligations are commonly referred to as tax-exempt bonds and generally must be secured by
communities. As a condition to obtaining tax-exempt financing, or on occasion as a condition to
obtaining favorable zoning in some jurisdictions, we will commit to make some of the apartments in
a community available to households whose income does not exceed certain thresholds (e.g., 50% or
80% of area median income), or who meet other qualifying tests. As of December 31, 2006,
approximately 7% of our apartment homes at current operating communities were under use
limitations such as these. These commitments, which may run without expiration or may expire
after a period of time (such as 15 or 20 years) may limit our ability to raise rents aggressively
and, in consequence, can also limit increases in the value of the communities subject to these
restrictions.
In addition, some of our tax-exempt bond financing documents require us to obtain a guarantee from
a financial institution of payment of the principal of, and interest on, the bonds. The guarantee
may take the form of a letter of credit, surety bond, guarantee agreement or other additional
collateral. If the financial institution defaults in its guarantee obligations, or if we are
unable to renew the applicable guarantee or otherwise post satisfactory collateral, a default will
occur under the applicable tax-exempt bonds and the community could be foreclosed upon.
Risks related to indebtedness.
We have a $650,000,000 revolving variable rate unsecured credit facility with JPMorgan Chase Bank,
N.A., and Wachovia Bank, N.A., serving together as syndication agent and as banks, Bank of
America, N.A., serving as administrative agent, swing lender, issuing bank and a bank, Morgan
Stanley Bank, Wells Fargo Bank, N.A., and Deutsche Bank Trust Company Americas, serving
collectively as documentation agent and as banks, and a syndicate of other financial institutions,
serving as banks. Our organizational documents do not limit the amount or percentage of
indebtedness that may be incurred. Accordingly, subject to compliance with outstanding debt
covenants, we could incur more debt, resulting in an increased risk of default on our obligations
and an increase in debt service requirements that could adversely affect our financial condition
and results of operations.
10
The mortgages on those of our properties subject to secured debt, our unsecured credit facility
and the indentures under which a substantial portion of our debt was issued contain customary
restrictions, requirements and other limitations, as well as certain financial and operating
covenants including maintenance of certain financial ratios. Maintaining compliance with these
restrictions could limit our flexibility. A default in these requirements, if uncured, could
result in a requirement that we repay indebtedness, which could severely affect our liquidity and
increase our financing costs.
Failure to generate sufficient revenue could limit cash flow available for distributions to
stockholders.
A decrease in rental revenue could have an adverse effect on our ability to pay distributions to
our stockholders and our ability to maintain our status as a REIT. Significant expenditures
associated with each community such as debt service payments, if any, real estate taxes, insurance
and maintenance costs are generally not reduced when circumstances cause a reduction in income
from a community.
Debt financing may not be available and equity issuances could be dilutive to our stockholders.
Our ability to execute our business strategy depends on our access to an appropriate blend of debt
and equity financing. Debt financing may not be available in sufficient amounts or on favorable
terms. If we issue additional equity securities, the interests of existing stockholders could be
diluted.
Difficulty of selling apartment communities could limit flexibility.
Federal tax laws may limit our ability to earn a gain on the sale of a community (unless we own it
through a subsidiary which will incur a taxable gain upon sale) if we are found to have held,
acquired or developed the community primarily with the intent to resell the community, and this
limitation may affect our ability to sell communities without adversely affecting returns to our
stockholders. In addition, real estate in our markets can at times be hard to sell, especially if
market conditions are poor. These potential difficulties in selling real estate in our markets may
limit our ability to change or reduce the apartment communities in our portfolio promptly in
response to changes in economic or other conditions.
Acquisitions may not yield anticipated results.
Subject to the requirements related to the Fund, we may in the future acquire apartment
communities on a select basis. Our acquisition activities and their success may be exposed to the
following risks:
| an acquired property may fail to perform as we expected in analyzing our investment; and | ||
| our estimate of the costs of repositioning or redeveloping an acquired property may prove inaccurate. |
Failure to succeed in new markets or in activities other than the development, ownership and
operation of residential rental communities may have adverse consequences.
We may from time to time commence development activity or make acquisitions outside of our
existing market areas if appropriate opportunities arise. As noted in the business description
above, we also own and operate retail space when a retail component represents the best use of the
space, as is often the case with large urban in-fill developments. Also as noted in the business
description above, we expect to develop, through a taxable REIT subsidiary, directly or through a
joint venture partnership, one or more parcels with the intent to sell, which we believe
represents the best use for those parcels. Our historical experience in our existing markets in
developing, owning and operating rental communities does not ensure that we will be able to
operate successfully in new markets, should we choose to enter them, or that we will be successful
in these other activities. We may be exposed to a variety of risks if we choose to enter new
markets, including an inability to evaluate accurately local apartment market conditions; an
inability to obtain land for development or to identify appropriate acquisition opportunities; an
inability to hire and retain key personnel; and lack of familiarity with local governmental and
permitting procedures. We may be unsuccessful in owning and operating retail space at our
communities or in developing real estate with the intent to sell.
11
Risks involved in real estate activity through joint ventures.
Instead of acquiring or developing apartment communities directly, at times we invest as a partner
or a co-venturer. Partnership or joint venture investments involve risks, including the
possibility that our partner might become insolvent or otherwise refuse to make capital
contributions when due; that we may be responsible to our partner for indemnifiable losses; that
our partner might at any time have business goals which are inconsistent with ours; and that our
partner may be in a position to take action or withhold consent contrary to our instructions or
requests. Frequently, we and our partner may each have the right to trigger a buy-sell
arrangement, which could cause us to sell our interest, or acquire our partners interest, at a
time when we otherwise would not have initiated such a transaction.
Risks associated with an investment in and management of a discretionary investment fund.
We have formed the Fund which, through a wholly-owned subsidiary, we manage as the general partner
and to which we have committed $50,000,000, representing an approximate 15% equity interest. This
presents risks, including the following:
| investors in the Fund may fail to make their capital contributions when due and, as a result, the Fund may be unable to execute its investment objectives; | ||
| our subsidiary that is the general partner of the Fund is generally liable, under partnership law, for the debts and obligations of the Fund, subject to certain exculpation and indemnification rights pursuant to the terms of the partnership agreement of the Fund; | ||
| investors in the Fund holding a majority of the partnership interests may remove us as the general partner without cause, subject to our right to receive an additional nine months of management fees after such removal and our right to acquire one of the properties then held by the Fund; | ||
| while we have broad discretion to manage the Fund and make investment decisions on behalf of the Fund, the investors or an advisory committee comprised of representatives of the investors must approve certain matters, and as a result we may be unable to cause the Fund to make certain investments or implement certain decisions that we consider beneficial; | ||
| we can develop communities but are generally prohibited from making acquisitions of apartment communities outside of the Fund until the earlier of March 16, 2008 or until 80% of the Funds committed capital is invested, subject to certain exceptions; and | ||
| we may be liable if either the Fund, or the REIT through which a number of investors have invested in the Fund and which we manage, fails to comply with various tax or other regulatory matters. |
Risk of earthquake damage.
As further described in Item 2., Communities Insurance and Risk of Uninsured Losses, many of
our West Coast communities are located in the general vicinity of active earthquake faults. We
cannot assure you that an earthquake would not cause damage or losses greater than insured levels.
In the event of a loss in excess of insured limits, we could lose our capital invested in the
affected community, as well as anticipated future revenue from that community. We would also
continue to be obligated to repay any mortgage indebtedness or other obligations related to the
community. Any such loss could materially and adversely affect our business and our financial
condition and results of operations.
Insurance
coverage for earthquakes is expensive due to limited industry capacity. As a result, we may
experience shortages in desired coverage levels if market conditions are such that insurance is
not available.
A significant uninsured property or liability
loss could have a material adverse effect on our
financial condition and results of operations.
In addition to the earthquake insurance discussed above, we carry commercial general liability
insurance, property insurance and terrorism insurance with respect to our communities on terms we
consider commercially reasonable.
12
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 business and our financial condition and results of operations.
We may incur costs and increased expenses to repair property damage resulting from inclement
weather.
Particularly in the Northeast and Midwest we are exposed to risks associated with inclement winter
weather, including increased costs for the removal of snow and ice as well as from delays in
construction. In addition, inclement weather could increase the need for maintenance and repair of
our communities.
We may incur costs due to environmental contamination or non-compliance.
Under various federal, state and local environmental laws, regulations and ordinances, we may be
required, regardless of knowledge or responsibility, to investigate and remediate the effects of
hazardous or toxic substances or petroleum product releases at our properties and may be held
liable under these laws or common law to a governmental entity or to third parties for property,
personal injury or natural resources damages and for investigation and remediation costs incurred
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 our
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.
The development, construction and operation of our communities are subject to regulations and
permitting under various federal, state and local laws, regulations and ordinances, which regulate
matters including wetlands protection, storm water runoff and wastewater discharge. Noncompliance
with such laws and regulations may subject us to fines and penalties. We do not currently
anticipate that we will incur any material liabilities as a result of noncompliance with these
laws.
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 renovation or demolition of a building. These laws and the
common law may impose liability for release of ACMs and may allow 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
implement an operations and maintenance program at each of the communities at which ACMs are
detected. We do not currently 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 currently 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 operation. In connection with our ownership, operation
and development of communities, from time to time we undertake substantial 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 or
remediation costs exceed estimates.
13
There can be no assurance, however, that all necessary
remediation actions have been or will be undertaken at our properties or that we will be
indemnified, in full or at all, in the event that environmental liability arises.
Mold growth may occur when excessive moisture accumulates in buildings or on building materials,
particularly if the moisture problem remains undiscovered or is not addressed over a period of
time. Although the occurrence of mold at multifamily and other structures, and the need to
remediate such mold, is not a new phenomenon, there has been increased awareness in recent years
that certain molds may in some instances lead to adverse health effects, including allergic or
other reactions. To help limit mold growth, we educate residents about the importance of adequate
ventilation and request or require that they notify us when they see mold or excessive moisture.
We have established procedures for promptly addressing and remediating mold or excessive moisture
from apartment homes when we become aware of its presence regardless of whether we or the resident
believe a health risk is presented. However, we cannot provide assurance that mold or excessive
moisture will be detected and remediated in a timely manner. If a significant mold problem arises
at one of our communities, we could be required to undertake a costly remediation program to
contain or remove the mold from the affected community and could be exposed to other liabilities.
Additionally, we have occasionally been involved in developing, managing, leasing and operating
various properties for third parties. Consequently, we may be considered to have been an operator
of such properties and, therefore, potentially liable for removal or remediation costs or other
potential costs which could relate to hazardous or toxic substances. We are not aware of any
material environmental liabilities with respect to properties managed or developed by us or our
predecessors for such third parties.
We cannot assure you that:
| the environmental assessments described above have identified all potential environmental liabilities; | ||
| no prior owner created any material environmental condition not known to us or the consultants who prepared the assessments; | ||
| no environmental liabilities have developed since the environmental assessments were prepared; | ||
| the condition of land or operations in the vicinity of our communities, such as the presence of underground storage tanks, will not affect the environmental condition of our communities; | ||
| future uses or conditions, including, without limitation, changes in applicable environmental laws and regulations, will not result in the imposition of environmental liability; and | ||
| no environmental liabilities will arise at communities that we have sold for which we may have liability. |
Failure to qualify as a REIT would cause us to be taxed as a corporation, which would
significantly reduce funds available for distribution to stockholders.
If we fail to qualify as a REIT for federal income tax purposes, we will be subject to federal
income tax on our taxable income at regular corporate rates (subject to any applicable alternative
minimum tax). In addition, unless we are entitled to relief under applicable statutory provisions,
we would be ineligible to make an election for treatment as a REIT for the four taxable years
following the year in which we lose our qualification. The additional tax liability resulting from
the failure to qualify as a REIT would significantly reduce or eliminate the amount of funds
available for distribution to our stockholders. Furthermore, we would no longer be required to
make distributions to our stockholders. Thus, our failure to qualify as a REIT could also impair
our ability to expand our business and raise capital, and would adversely affect the value of our
common stock.
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. However, we cannot assure you that we are
qualified as a REIT, or that we will remain qualified in the future. This is because qualification
as a REIT involves the application of highly technical
and complex provisions of the Internal Revenue Code for which there are only limited judicial and
administrative interpretations and involves the determination of a variety of factual matters and
circumstances not entirely within our control. In addition, future legislation, new regulations,
administrative interpretations or court decisions may significantly change the tax laws or the
application of the tax laws with respect to qualification as a REIT for federal income tax
purposes or the federal income tax consequences of this qualification.
14
Even if we qualify as a REIT, we will be subject to certain federal, state and local taxes on our
income and property and on taxable income that we do not distribute to our shareholders. In
addition, we may engage in activities through taxable subsidiaries and will be subject to federal
income tax at regular corporate rates on the income of those subsidiaries.
The ability of our stockholders to control our policies and effect a change of control of our
company is limited by certain provisions of our charter and bylaws and by Maryland law.
There are provisions in our charter and bylaws that may discourage a third party from making a
proposal to acquire us, even if some of our stockholders might consider the proposal to be in
their best interests. These provisions include the following:
Our charter authorizes our Board of Directors to issue up to 50,000,000 shares of preferred stock
without stockholder approval and to establish the preferences and rights, including voting rights,
of any series of preferred stock issued. The Board of Directors may issue preferred stock without
stockholder approval, which could allow the Board to issue one or more classes or series of
preferred stock that could discourage or delay a tender offer or a change in control.
To maintain our qualification as a REIT for federal income tax purposes, not more than 50% in
value of our outstanding stock may be owned, directly or indirectly, by or for five or fewer
individuals at any time during the last half of any taxable year. To maintain this qualification,
and to otherwise address concerns about concentrations of ownership of our stock, our charter
generally prohibits ownership (directly, indirectly by virtue of the attribution provisions of the
Internal Revenue Code, or beneficially as defined in Section 13 of the Securities Exchange Act) by
any single stockholder of more than 9.8% of the issued and outstanding shares of any class or
series of our stock. In general, under our charter, pension plans and mutual funds may directly
and beneficially own up to 15% of the outstanding shares of any class or series of stock. Under
our charter, our Board of Directors may in its sole discretion waive or modify the ownership limit
for one or more persons. These ownership limits may prevent or delay a change in control and, as a
result, could adversely affect our stockholders ability to realize a premium for their shares of
common stock.
Our bylaws provide that the affirmative vote of holders of a majority of all of the shares
entitled to be cast in the election of directors is required to elect a director. In a contested
election, if no nominee receives the vote of holders of a majority of all of the shares entitled
to be cast, the incumbent directors would remain in office. This requirement may prevent or delay
a change in control and, as a result, could adversely affect our stockholders ability to realize
a premium for their shares of common stock.
As a Maryland corporation, we are subject to the provisions of the Maryland General Corporation
Law. Maryland law imposes restrictions on some business combinations and requires compliance with
statutory procedures before some mergers and acquisitions may occur, which may delay or prevent
offers to acquire us or increase the difficulty of completing any offers, even if they are in our
stockholders best interests. In addition, other provisions of the Maryland General Corporation
Law permit the Board of Directors to make elections and to take actions without stockholder
approval (such as classifying our Board such that the entire Board is not up for reelection
annually) that, if made or taken, could have the effect of discouraging or delaying a change in
control.
ITEM 1b. UNRESOLVED STAFF COMMENTS
None.
15
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 consolidated 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. For the year ended December 31, 2006, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2005, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. A community is considered 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. | ||
| Other Stabilized Communities includes all other completed communities that we own or have a direct or indirect ownership interest in, and 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. For communities that we wholly own, redevelopment is considered substantial when capital invested during the reconstruction effort is expected to exceed the lesser of $5,000,000 or 10% of the communitys acquisition cost. The definition of substantial redevelopment may differ for communities owned through a joint venture arrangement. |
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 approximately 60,000 square feet of office space in Alexandria,
Virginia, for our corporate office, with all other regional and administrative offices
leased under operating leases.
16
As of December 31, 2006, communities that we owned or held a
direct or indirect interest in were classified as follows:
Number of | Number of | |||||||
communities | apartment homes | |||||||
Current Communities |
||||||||
Established Communities: |
||||||||
Northeast |
35 | 8,674 | ||||||
Mid-Atlantic |
17 | 5,413 | ||||||
Midwest |
3 | 887 | ||||||
Pacific Northwest |
10 | 2,500 | ||||||
Northern California |
29 | 8,450 | ||||||
Southern California |
11 | 3,430 | ||||||
Total Established |
105 | 29,354 | ||||||
Other Stabilized Communities: |
||||||||
Northeast |
19 | 6,088 | ||||||
Mid-Atlantic |
5 | 1,397 | ||||||
Midwest |
2 | 460 | ||||||
Pacific Northwest |
1 | 211 | ||||||
Northern California |
3 | 603 | ||||||
Southern California |
7 | 2,128 | ||||||
Total Other Stabilized |
37 | 10,887 | ||||||
Lease-Up Communities |
2 | 519 | ||||||
Redevelopment Communities |
6 | 2,381 | ||||||
Total Current Communities |
150 | 43,141 | ||||||
Development Communities |
17 | 5,153 | ||||||
Development Rights |
54 | 14,185 | ||||||
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. In January 2007, the Fund acquired one community
containing 392 apartment homes. The Current Communities, as of January 31, 2007, include 115
garden-style (of which 15 are mixed communities and include townhomes), 21 high-rise and 15
mid-rise apartment communities. The Current Communities offer many attractive amenities including
some or all of the following:
| vaulted ceilings; | ||
| lofts; | ||
| fireplaces; | ||
| patios/decks; and | ||
| modern appliances. |
Other features at various communities may include:
| swimming pools; | ||
| fitness centers; | ||
| tennis courts; and | ||
| business centers. |
We also have an extensive and ongoing maintenance program to keep all communities and apartment
homes substantially free of deferred maintenance and, where vacant, available for immediate
occupancy.
17
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 | ||||||||||||||||||||||
1-1-06 | 1-31-07 | 1-1-06 | 1-31-07 | 1-1-06 | 1-31-07 | |||||||||||||||||||
Northeast |
55 | 56 | 15,671 | 15,732 | 37.8 | % | 36.1 | % | ||||||||||||||||
Boston, MA |
18 | 18 | 4,514 | 4,490 | 10.9 | % | 10.3 | % | ||||||||||||||||
Fairfield County, CT |
16 | 14 | 4,375 | 3,812 | 10.6 | % | 8.8 | % | ||||||||||||||||
Long Island, NY |
3 | 6 | 915 | 1,621 | 2.2 | % | 3.7 | % | ||||||||||||||||
Northern New Jersey |
3 | 3 | 1,182 | 1,182 | 2.9 | % | 2.7 | % | ||||||||||||||||
Central New Jersey |
5 | 6 | 1,752 | 2,042 | 4.2 | % | 4.7 | % | ||||||||||||||||
New York, NY |
10 | 9 | 2,933 | 2,585 | 7.1 | % | 5.9 | % | ||||||||||||||||
Mid-Atlantic |
21 | 24 | 6,859 | 7,622 | 16.6 | % | 17.5 | % | ||||||||||||||||
Baltimore, MD |
6 | 9 | 1,224 | 1,987 | 3.0 | % | 4.6 | % | ||||||||||||||||
Washington, DC |
15 | 15 | 5,635 | 5,635 | 13.6 | % | 12.9 | % | ||||||||||||||||
Midwest
|
6 | 7 | 1,696 | 1,952 | 4.1 | % | 4.5 | % | ||||||||||||||||
Chicago, IL |
6 | 7 | 1,696 | 1,952 | 4.1 | % | 4.5 | % | ||||||||||||||||
Pacific Northwest |
12 | 12 | 3,111 | 3,111 | 7.5 | % | 7.2 | % | ||||||||||||||||
Seattle, WA |
12 | 12 | 3,111 | 3,111 | 7.5 | % | 7.2 | % | ||||||||||||||||
Northern California |
32 | 33 | 9,203 | 9,366 | 22.2 | % | 21.5 | % | ||||||||||||||||
Oakland-East Bay, CA |
7 | 7 | 2,089 | 2,089 | 5.0 | % | 4.8 | % | ||||||||||||||||
San Francisco, CA |
9 | 11 | 2,015 | 2,489 | 4.9 | % | 5.7 | % | ||||||||||||||||
San Jose, CA |
16 | 15 | 5,099 | 4,788 | 12.3 | % | 11.0 | % | ||||||||||||||||
Southern California |
16 | 19 | 4,872 | 5,750 | 11.8 | % | 13.2 | % | ||||||||||||||||
Los Angeles, CA |
7 | 9 | 2,448 | 3,006 | 5.9 | % | 6.9 | % | ||||||||||||||||
Orange County, CA |
6 | 7 | 1,366 | 1,686 | 3.3 | % | 3.9 | % | ||||||||||||||||
San Diego, CA |
3 | 3 | 1,058 | 1,058 | 2.6 | % | 2.4 | % | ||||||||||||||||
142 | 151 | 41,412 | 43,533 | 100.0 | % | 100.0 | % | |||||||||||||||||
We manage and operate substantially all of our Current Communities. During the year ended December
31, 2006, including communities owned by joint ventures and the Fund, we completed construction of
1,368 apartment homes in six communities, acquired 1,397 apartment homes in six communities and
sold 1,036 apartment homes in four communities. The average age of our Current Communities, on a
weighted average basis according to number of apartment homes, is 14.1 years. When adjusted to
reflect redevelopment activity, as if redevelopment were a new construction completion date, the
average age of our Current Communities is 9.3 years.
Of the Current Communities, as of January 31, 2007, we own:
| a full fee simple, or absolute, ownership interest in 113 operating communities, six of which are on land subject to land leases expiring in November 2028, July 2029, December 2034, January 2062, April 2095, and March 2142; | ||
| a general partnership interest in two partnerships that each own a fee simple interest in an operating community; | ||
| a general partnership interest and an indirect limited partnership interest in the Fund, which owns a fee simple interest in 14 operating communities; | ||
| a general partnership interest in five partnerships structured as DownREITs, as described more fully below, that own an aggregate of 16 communities; | ||
| a membership interest in five limited liability companies that each hold a fee simple interest in an operating community, three of which are on land subject to land leases expiring in December 2026, November 2089, and December 2103; and |
18
| a residual profits interest (with no ownership interest) in a limited liability company to which an operating community was transferred upon completion of construction in the second quarter of 2006. |
We also hold, directly or through wholly-owned subsidiaries, the full fee simple ownership interest
in 17 of the Development Communities.
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. 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 January 31, 2007, there were 144,955 DownREIT partnership units
outstanding. The DownREIT partnerships are consolidated for financial reporting purposes.
19
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(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.) | 12/31/06 | 2006 | 2005 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES |
||||||||||||||||||||||||||||||||||||||||||||
NORTHEAST |
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Boston, MA |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Bedford Center |
Bedford, MA | 139 | 159,704 | 38.0 | 2006 | 1,149 | 95.7 | % | 85.4 | %(3) | 17.1 | % | $ | 1,705 | $ | 1.27 | (3) | 24,716 | ||||||||||||||||||||||||||
Avalon at Center Place (11) |
Providence, RI | 225 | 222,834 | 1.2 | 1991/1997 | 990 | 88.0 | % | 93.8 | % | 95.6 | % | 2,247 | 2.13 | 28,744 | |||||||||||||||||||||||||||||
Avalon at Crane Brook |
Danvers & Peabody, MA | 387 | 410,454 | 20.0 | 2004 | 1,271 | 95.3 | % | 95.5 | % | 85.6 | % | 1,349 | 1.21 | 54,781 | |||||||||||||||||||||||||||||
Avalon at Faxon Park |
Quincy, MA | 171 | 175,649 | 8.3 | 1998 | 1,027 | 95.3 | % | 96.3 | % | 95.7 | % | 1,596 | 1.50 | 15,657 | |||||||||||||||||||||||||||||
Avalon at Flanders Hill |
Westborough, MA | 280 | 299,828 | 62.0 | 2003 | 1,099 | 95.7 | % | 95.4 | % | 97.0 | % | 1,515 | 1.35 | 37,202 | |||||||||||||||||||||||||||||
Avalon at Lexington |
Lexington, MA | 198 | 230,277 | 16.1 | 1994 | 1,163 | 98.0 | % | 95.9 | % | 97.1 | % | 1,775 | 1.46 | 16,034 | |||||||||||||||||||||||||||||
Avalon at Newton Highlands (8) |
Newton, MA | 294 | 339,484 | 7.0 | 2003 | 1,177 | 95.2 | % | 95.2 | % | 96.0 | % | 2,220 | 1.83 | 56,664 | |||||||||||||||||||||||||||||
Avalon at Prudential Center |
Boston, MA | 780 | 732,237 | 1.0 | 1968/1998 | 939 | 97.4 | % | 97.5 | % | 96.8 | % | 2,767 | 2.87 | 156,653 | |||||||||||||||||||||||||||||
Avalon at Stevens Pond |
Saugus, MA | 326 | 381,825 | 82.6 | 2004 | 1,106 | 96.0 | % | 95.7 | % | 94.6 | % | 1,587 | 1.30 | 54,285 | |||||||||||||||||||||||||||||
Avalon at The Pinehills I |
Plymouth, MA | 101 | 151,712 | 6.0 | 2004 | 1,954 | 96.0 | % | 93.4 | % | 83.9 | % | 1,814 | 1.13 | 19,943 | |||||||||||||||||||||||||||||
Avalon Essex |
Peabody, MA | 154 | 198,478 | 11.1 | 2000 | 1,289 | 98.1 | % | 97.3 | % | 96.6 | % | 1,605 | 1.21 | 21,817 | |||||||||||||||||||||||||||||
Avalon Ledges |
Weymouth, MA | 304 | 329,822 | 57.6 | 2002 | 1,023 | 95.4 | % | 95.3 | % | 94.3 | % | 1,432 | 1.26 | 36,367 | |||||||||||||||||||||||||||||
Avalon Oaks |
Wilmington, MA | 204 | 229,752 | 22.5 | 1999 | 1,023 | 98.5 | % | 95.1 | % | 93.5 | % | 1,515 | 1.28 | 21,257 | |||||||||||||||||||||||||||||
Avalon Oaks West |
Wilmington, MA | 120 | 133,376 | 27.0 | 2002 | 1,033 | 97.5 | % | 93.7 | % | 93.8 | % | 1,432 | 1.21 | 16,844 | |||||||||||||||||||||||||||||
Avalon Orchards |
Marlborough, MA | 156 | 176,497 | 23.0 | 2002 | 1,219 | 95.5 | % | 96.4 | % | 97.2 | % | 1,495 | 1.27 | 21,150 | |||||||||||||||||||||||||||||
Avalon Summit |
Quincy, MA | 245 | 224,418 | 8.0 | 1986/1996 | 916 | 97.6 | % | 95.5 | % | 95.2 | % | 1,221 | 1.27 | 17,345 | |||||||||||||||||||||||||||||
Avalon West |
Westborough, MA | 120 | 147,472 | 8.0 | 1996 | 1,229 | 95.8 | % | 95.9 | % | 96.7 | % | 1,432 | 1.12 | 11,332 | |||||||||||||||||||||||||||||
Essex Place |
Peabody, MA | 286 | 250,322 | 18.0 | 2004 | 875 | 96.2 | % | 97.8 | % | 96.3 | % | 1,090 | 1.22 | 23,727 | |||||||||||||||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Greyrock Place |
Stamford, CT | 306 | 314,600 | 3.0 | 2002 | 1,040 | 97.4 | % | 97.9 | % | 97.6 | % | 2,088 | 1.99 | 70,393 | |||||||||||||||||||||||||||||
Avalon Danbury |
Danbury, CT | 234 | 235,320 | 36.0 | 2005 | 1,006 | 94.0 | % | 94.5 | % | 40.8 | %(3) | 1,619 | 1.52 | 35,454 | |||||||||||||||||||||||||||||
Avalon Darien |
Darien, CT | 189 | 242,533 | 32.0 | 2004 | 1,282 | 95.8 | % | 93.7 | % | 97.7 | % | 2,500 | 1.82 | 41,519 | |||||||||||||||||||||||||||||
Avalon Gates |
Trumbull, CT | 340 | 379,282 | 37.0 | 1997 | 1,116 | 95.0 | % | 98.1 | % | 96.3 | % | 1,554 | 1.37 | 37,105 | |||||||||||||||||||||||||||||
Avalon Glen |
Stamford, CT | 238 | 229,644 | 4.1 | 1991 | 965 | 93.7 | % | 97.2 | % | 98.0 | % | 1,878 | 1.89 | 32,143 | |||||||||||||||||||||||||||||
Avalon Haven |
North Haven, CT | 128 | 139,972 | 10.6 | 2000 | 1,094 | 96.1 | % | 97.4 | % | 95.9 | % | 1,511 | 1.35 | 13,987 | |||||||||||||||||||||||||||||
Avalon Milford I |
Milford, CT | 246 | 216,746 | 22.0 | 2004 | 886 | 95.9 | % | 98.1 | % | 93.9 | % | 1,363 | 1.52 | 31,441 | |||||||||||||||||||||||||||||
Avalon New Canaan (7) |
New Canaan, CT | 104 | 131,782 | 9.1 | 2002 | 1,251 | 92.3 | % | 95.7 | % | 96.4 | % | 2,910 | 2.20 | 24,364 | |||||||||||||||||||||||||||||
Avalon on Stamford Harbor |
Stamford, CT | 323 | 323,587 | 12.1 | 2003 | 1,002 | 98.8 | % | 97.6 | % | 96.5 | % | 2,334 | 2.27 | 62,886 | |||||||||||||||||||||||||||||
Avalon Orange |
Orange, CT | 168 | 163,238 | 9.6 | 2005 | 972 | 95.2 | % | 97.9 | % | 64.1 | %(3) | 1,436 | 1.45 | 22,096 | |||||||||||||||||||||||||||||
Avalon Springs |
Wilton, CT | 102 | 158,259 | 12.0 | 1996 | 1,552 | 95.1 | % | 92.7 | % | 93.9 | % | 2,845 | 1.70 | 17,194 | |||||||||||||||||||||||||||||
Avalon Valley |
Danbury, CT | 268 | 300,044 | 17.1 | 1999 | 1,070 | 97.4 | % | 98.1 | % | 94.9 | % | 1,621 | 1.42 | 26,310 | |||||||||||||||||||||||||||||
Avalon Walk I & II |
Hamden, CT | 764 | 766,604 | 38.4 | 1992/1994 | 996 | 89.9 | % | 91.7 | %(2) | 93.2 | % | 1,242 | 1.14 | (2) | 65,461 | ||||||||||||||||||||||||||||
Long Island, NY |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Glen Cove South |
Glen Cove, NY | 256 | 261,425 | 4.0 | 2004 | 1,050 | 96.9 | % | 95.5 | % | 95.8 | % | 2,289 | 2.14 | 67,902 | |||||||||||||||||||||||||||||
Avalon Commons |
Smithtown, NY | 312 | 377,240 | 20.6 | 1997 | 1,209 | 96.8 | % | 97.1 | % | 97.4 | % | 2,014 | 1.62 | 33,715 | |||||||||||||||||||||||||||||
Avalon Court |
Melville, NY | 494 | 596,942 | 35.4 | 1997/2000 | 1,208 | 96.4 | % | 96.3 | % | 96.8 | % | 2,394 | 1.91 | 59,822 | |||||||||||||||||||||||||||||
Avalon Pines I |
Coram, NY | 298 | 362,124 | 32.0 | 2005 | 1,485 | 95.3 | % | 95.9 | % | 71.6 | %(3) | 1,816 | 1.43 | 46,537 | |||||||||||||||||||||||||||||
Avalon Pines II |
Coram, NY | 152 | 185,954 | 42.0 | 2006 | 1,223 | 98.7 | % | 71.0 | %(3) | N/A | 2,310 | 1.34 | (3) | 23,866 | |||||||||||||||||||||||||||||
Avalon Towers |
Long Beach, NY | 109 | 124,611 | 1.3 | 1990/1995 | 1,143 | 98.2 | % | 97.7 | % | 97.7 | % | 3,339 | 2.85 | 21,278 |
20
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(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.) | 12/31/06 | 2006 | 2005 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
Northern New Jersey |
||||||||||||||||||||||||||||||||||||||||||||
Avalon at Edgewater |
Edgewater, NJ | 408 | 428,611 | 7.6 | 2002 | 1,051 | 96.3 | % | 95.8 | % | 96.3 | % | 2,269 | 2.07 | 75,214 | |||||||||||||||||||||||||||||
Avalon at Florham Park |
Florham Park, NJ | 270 | 330,410 | 41.9 | 2001 | 1,224 | 95.6 | % | 97.6 | % | 96.4 | % | 2,467 | 1.97 | 41,816 | |||||||||||||||||||||||||||||
Avalon Cove |
Jersey City, NJ | 504 | 575,334 | 11.0 | 1997 | 1,142 | 98.8 | % | 97.7 | % | 97.5 | % | 2,677 | 2.29 | 92,872 | |||||||||||||||||||||||||||||
Central New Jersey |
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Avalon at Freehold |
Freehold, NJ | 296 | 317,331 | 40.3 | 2002 | 1,072 | 98.0 | % | 96.3 | % | 95.6 | % | 1,679 | 1.51 | 34,748 | |||||||||||||||||||||||||||||
Avalon Run (13) |
Lawrenceville, NJ | 426 | 443,168 | 9.0 | 1994 | 1,010 | 95.8 | % | 94.6 | % | 95.5 | % | 1,401 | 1.27 | 60,045 | |||||||||||||||||||||||||||||
Avalon Run East |
Lawrenceville, NJ | 206 | 257,938 | 27.1 | 1996 | 1,287 | 97.1 | % | 95.8 | % | 96.0 | % | 1,594 | 1.22 | 16,358 | |||||||||||||||||||||||||||||
Avalon Run East II (8) |
Lawrenceville, NJ | 312 | 341,320 | 70.5 | 2003 | 1,095 | 96.5 | % | 96.2 | % | 87.6 | % | 1,722 | 1.51 | 52,144 | |||||||||||||||||||||||||||||
Avalon Watch |
West Windsor, NJ | 512 | 486,069 | 64.4 | 1988 | 949 | 96.1 | % | 96.4 | % | 95.3 | % | 1,368 | 1.39 | 30,138 | |||||||||||||||||||||||||||||
New York, NY |
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Avalon Bowery Place I |
New York, NY | 206 | 162,000 | 1.1 | 2006 | 786 | 59.7 | % | 32.2 | %(3) | N/A | 3,418 | 1.40 | (3) | 89,577 | |||||||||||||||||||||||||||||
Avalon Gardens |
Nanuet, NY | 504 | 608,842 | 62.5 | 1998 | 1,208 | 95.2 | % | 97.0 | % | 97.8 | % | 2,035 | 1.63 | 55,112 | |||||||||||||||||||||||||||||
Avalon Green |
Elmsford, NY | 105 | 113,538 | 16.9 | 1995 | 1,081 | 94.3 | % | 96.5 | % | 96.3 | % | 2,148 | 1.92 | 13,243 | |||||||||||||||||||||||||||||
Avalon on the Sound (11) |
New Rochelle, NY | 412 | 372,860 | 2.4 | 2001 | 905 | 96.4 | % | 96.2 | % | 96.2 | % | 2,237 | 2.38 | 117,098 | |||||||||||||||||||||||||||||
Avalon Riverview I (11) |
Long Island City, NY | 372 | 332,947 | 1.0 | 2002 | 895 | 97.0 | % | 96.7 | % | 96.7 | % | 2,956 | 3.19 | 94,561 | |||||||||||||||||||||||||||||
Avalon View |
Wappingers Falls, NY | 288 | 327,547 | 41.0 | 1993 | 1,137 | 92.0 | % | 95.0 | % | 92.7 | % | 1,320 | 1.10 | 19,267 | |||||||||||||||||||||||||||||
Avalon Willow |
Mamaroneck, NY | 227 | 199,842 | 4.0 | 2000 | 880 | 98.2 | % | 98.9 | % | 96.4 | % | 2,044 | 2.29 | 47,514 | |||||||||||||||||||||||||||||
The Avalon |
Bronxville, NY | 110 | 119,410 | 1.5 | 1999 | 1,085 | 96.4 | % | 97.0 | % | 96.4 | % | 3,438 | 3.07 | 31,356 | |||||||||||||||||||||||||||||
MID-ATLANTIC |
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Baltimore, MD |
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Avalon at Fairway Hills I & II |
Columbia, MD | 384 | 386,344 | 23.8 | 1987/1996 | 1,005 | 95.1 | % | 97.0 | % | 94.7 | % | 1,207 | 1.16 | 22,771 | |||||||||||||||||||||||||||||
Avalon at Fairway Hills III |
Columbia, MD | 336 | 337,683 | 20.2 | 1987/1996 | 1,005 | 94.9 | % | 95.1 | %(2) | 91.1 | %(2) | 1,293 | 1.22 | (2) | 29,353 | ||||||||||||||||||||||||||||
Avalon at Symphony Glen |
Columbia, MD | 176 | 179,880 | 10.0 | 1986 | 1,022 | 91.0 | % | 96.6 | % | 95.9 | % | 1,200 | 1.13 | 9,355 | |||||||||||||||||||||||||||||
Avalon Landing |
Annapolis, MD | 158 | 117,033 | 13.8 | 1984/1995 | 741 | 97.5 | % | 97.8 | % | 97.2 | % | 1,177 | 1.55 | 10,188 | |||||||||||||||||||||||||||||
Southgate Crossing |
Columbia, MD | 215 | 212,420 | 12.7 | 1986/2006 | 988 | 95.3 | % | 93.8 | % | N/A | 248 | 0.24 | 36,358 | ||||||||||||||||||||||||||||||
Washington, DC |
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AutumnWoods |
Fairfax, VA | 420 | 355,228 | 24.3 | 1989/1996 | 846 | 86.4 | % | 94.6 | %(2) | 95.2 | % | 1,225 | 1.37 | (2) | 33,201 | ||||||||||||||||||||||||||||
Avalon at Arlington Square |
Arlington, VA | 842 | 901,120 | 20.1 | 2001 | 1,070 | 97.1 | % | 96.5 | % | 94.7 | % | 1,770 | 1.60 | 112,609 | |||||||||||||||||||||||||||||
Avalon at Ballston Washington Towers |
Arlington, VA | 344 | 294,954 | 4.1 | 1990 | 857 | 95.9 | % | 97.8 | % | 97.2 | % | 1,602 | 1.83 | 38,110 | |||||||||||||||||||||||||||||
Avalon at Cameron Court |
Alexandria, VA | 460 | 467,292 | 16.0 | 1998 | 1,016 | 95.2 | % | 97.3 | % | 95.3 | % | 1,725 | 1.65 | 43,533 | |||||||||||||||||||||||||||||
Avalon at Decoverly |
Rockville, MD | 368 | 368,374 | 24.0 | 1991/1995 | 1,001 | 94.8 | % | 97.0 | % | 95.3 | % | 1,369 | 1.33 | 32,298 | |||||||||||||||||||||||||||||
Avalon at Foxhall |
Washington, DC | 308 | 297,875 | 2.7 | 1982 | 967 | 98.7 | % | 96.6 | % | 94.3 | % | 2,050 | 2.05 | 44,388 | |||||||||||||||||||||||||||||
Avalon at Gallery Place I |
Washington, DC | 203 | 184,230 | 0.5 | 2003 | 903 | 97.5 | % | 95.7 | % | 95.6 | % | 2,235 | 2.36 | 48,873 | |||||||||||||||||||||||||||||
Avalon at Grosvenor Station (8) |
North Bethesda, MD | 497 | 477,459 | 10.0 | 2004 | 963 | 96.8 | % | 97.3 | % | 95.7 | % | 1,627 | 1.65 | 82,157 | |||||||||||||||||||||||||||||
Avalon at Providence Park |
Fairfax, VA | 141 | 148,282 | 9.3 | 1988/1997 | 1,052 | 100.0 | % | 96.9 | % | 96.8 | % | 1,387 | 1.28 | 11,680 | |||||||||||||||||||||||||||||
Avalon at Rock Spring (9) (11) |
North Bethesda, MD | 386 | 388,232 | 10.2 | 2003 | 1,006 | 97.2 | % | 96.6 | % | 94.9 | % | 1,659 | 1.59 | 46,260 | |||||||||||||||||||||||||||||
Avalon at Traville (8) |
North Potomac, MD | 520 | 573,717 | 47.9 | 2004 | 1,103 | 96.5 | % | 97.7 | % | 94.7 | % | 1,595 | 1.41 | 69,747 | |||||||||||||||||||||||||||||
Avalon Crescent |
McLean, VA | 558 | 613,426 | 19.1 | 1996 | 1,099 | 96.1 | % | 96.0 | % | 96.2 | % | 1,770 | 1.55 | 57,601 | |||||||||||||||||||||||||||||
Avalon Fields I & II |
Gaithersburg, MD | 288 | 292,282 | 9.2 | 1998 | 1,050 | 92.7 | % | 97.0 | % | 95.7 | % | 1,350 | 1.29 | 22,778 | |||||||||||||||||||||||||||||
Avalon Knoll |
Germantown, MD | 300 | 290,544 | 26.7 | 1985 | 968 | 95.7 | % | 97.2 | % | 95.8 | % | 1,147 | 1.15 | 9,395 |
21
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(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.) | 12/31/06 | 2006 | 2005 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
MIDWEST |
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Chicago, IL |
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Avalon Arlington Heights |
Arlington Heights, IL | 409 | 346,416 | 2.8 | 1987/2000 | 848 | 91.9 | % | 92.9 | %(2) | 95.0 | % | 1,374 | 1.51 | (2) | 55,857 | ||||||||||||||||||||||||||||
Avalon at Danada Farms (8) |
Wheaton, IL | 295 | 350,606 | 19.2 | 1997 | 1,188 | 95.9 | % | 95.3 | % | 95.6 | % | 1,346 | 1.08 | 38,972 | |||||||||||||||||||||||||||||
Avalon at Stratford Green (8) |
Bloomingdale, IL | 192 | 237,084 | 12.7 | 1997 | 1,235 | 95.3 | % | 95.9 | % | 95.1 | % | 1,322 | 1.03 | 22,164 | |||||||||||||||||||||||||||||
Avalon at West Grove (8) |
Westmont, IL | 400 | 388,500 | 17.4 | 1967 | 971 | 94.5 | % | 95.0 | % | 96.2 | % | 881 | 0.86 | 31,272 | |||||||||||||||||||||||||||||
PACIFIC NORTHWEST |
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Seattle, WA |
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Avalon at Bear Creek (8) |
Redmond, WA | 264 | 288,250 | 22.2 | 1998 | 1,092 | 95.8 | % | 96.3 | % | 94.6 | % | 1,174 | 1.04 | 34,857 | |||||||||||||||||||||||||||||
Avalon Bellevue |
Bellevue, WA | 202 | 167,069 | 1.7 | 2001 | 827 | 98.0 | % | 96.5 | % | 95.8 | % | 1,361 | 1.59 | 30,862 | |||||||||||||||||||||||||||||
Avalon Belltown |
Seattle, WA | 100 | 82,418 | 0.7 | 2001 | 824 | 96.0 | % | 96.4 | % | 95.5 | % | 1,610 | 1.88 | 18,444 | |||||||||||||||||||||||||||||
Avalon Brandemoor (8) |
Lynwood, WA | 424 | 453,602 | 27.0 | 2001 | 1,070 | 96.0 | % | 96.8 | % | 96.6 | % | 1,034 | 0.94 | 45,646 | |||||||||||||||||||||||||||||
Avalon HighGrove (8) |
Everett, WA | 391 | 422,482 | 19.0 | 2000 | 1,081 | 96.4 | % | 96.5 | % | 94.9 | % | 962 | 0.86 | 39,879 | |||||||||||||||||||||||||||||
Avalon ParcSquare (8) |
Redmond, WA | 124 | 126,951 | 2.0 | 2000 | 1,024 | 94.4 | % | 96.4 | % | 95.4 | % | 1,371 | 1.29 | 19,245 | |||||||||||||||||||||||||||||
Avalon Redmond Place (8) |
Redmond, WA | 222 | 211,450 | 8.4 | 1991/1997 | 952 | 94.6 | % | 96.7 | % | 96.4 | % | 1,116 | 1.13 | 26,409 | |||||||||||||||||||||||||||||
Avalon RockMeadow (8) |
Bothell, WA | 206 | 243,958 | 11.2 | 2000 | 1,184 | 97.1 | % | 96.1 | % | 95.0 | % | 1,132 | 0.92 | 24,806 | |||||||||||||||||||||||||||||
Avalon WildReed (8) |
Everett, WA | 234 | 259,080 | 23.0 | 2000 | 1,107 | 96.2 | % | 96.7 | % | 95.7 | % | 955 | 0.83 | 23,095 | |||||||||||||||||||||||||||||
Avalon Wynhaven (8) |
Issaquah, WA | 333 | 424,803 | 11.6 | 2001 | 1,276 | 93.7 | % | 95.4 | % | 94.0 | % | 1,286 | 0.96 | 52,844 | |||||||||||||||||||||||||||||
NORTHERN CALIFORNIA |
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Oakland-East Bay, CA |
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Avalon at Union Square |
Union City, CA | 208 | 150,320 | 8.5 | 1973/1996 | 723 | 98.1 | % | 96.7 | % | 96.9 | % | 1,106 | 1.48 | 22,581 | |||||||||||||||||||||||||||||
Avalon at Willow Creek |
Fremont, CA | 235 | 191,935 | 13.5 | 1985/1994 | 817 | 100.0 | % | 97.7 | % | 96.9 | % | 1,336 | 1.60 | 36,212 | |||||||||||||||||||||||||||||
Avalon Dublin |
Dublin, CA | 204 | 179,004 | 13.0 | 1989/1997 | 877 | 96.6 | % | 97.2 | % | 96.2 | % | 1,400 | 1.55 | 27,866 | |||||||||||||||||||||||||||||
Avalon Fremont I |
Fremont, CA | 308 | 316,052 | 14.3 | 1994 | 1,026 | 95.8 | % | 96.9 | % | 96.3 | % | 1,583 | 1.49 | 56,612 | |||||||||||||||||||||||||||||
Avalon Pleasanton |
Pleasanton, CA | 456 | 366,062 | 14.7 | 1988/1994 | 803 | 97.4 | % | 96.8 | % | 95.9 | % | 1,304 | 1.57 | 62,350 | |||||||||||||||||||||||||||||
Waterford |
Hayward, CA | 544 | 452,043 | 11.1 | 1985/1986 | 831 | 95.6 | % | 95.6 | % | 94.9 | % | 1,154 | 1.33 | 61,686 | |||||||||||||||||||||||||||||
San Francisco, CA |
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Avalon at Cedar Ridge |
Daly City, CA | 195 | 141,411 | 7.0 | 1972/1997 | 725 | 97.4 | % | 96.8 | % | 96.0 | % | 1,404 | 1.87 | 26,546 | |||||||||||||||||||||||||||||
Avalon at Diamond Heights |
San Francisco, CA | 154 | 123,047 | 3.0 | 1972/1994 | 799 | 98.1 | % | 97.4 | % | 95.9 | % | 1,649 | 2.01 | 25,327 | |||||||||||||||||||||||||||||
Avalon at Mission Bay North |
San Francisco, CA | 250 | 243,089 | 1.4 | 2003 | 977 | 92.8 | % | 95.2 | % | 95.5 | % | 3,057 | 2.99 | 92,812 | |||||||||||||||||||||||||||||
Avalon at Nob Hill |
San Francisco, CA | 185 | 108,745 | 1.4 | 1990/1995 | 588 | 97.3 | % | 96.4 | % | 96.3 | % | 1,672 | 2.74 | 28,071 | |||||||||||||||||||||||||||||
Avalon Foster City |
Foster City, CA | 288 | 222,364 | 11.0 | 1973/1994 | 772 | 97.9 | % | 97.1 | % | 97.0 | % | 1,377 | 1.73 | 43,588 | |||||||||||||||||||||||||||||
Avalon Pacifica |
Pacifica, CA | 220 | 186,800 | 21.9 | 1971/1995 | 849 | 96.8 | % | 96.7 | % | 96.1 | % | 1,495 | 1.70 | 32,165 | |||||||||||||||||||||||||||||
Avalon Sunset Towers |
San Francisco, CA | 243 | 171,800 | 16.0 | 1961/1996 | 707 | 95.9 | % | 96.7 | % | 97.4 | % | 1,714 | 2.34 | 28,778 | |||||||||||||||||||||||||||||
Avalon Towers by the Bay |
San Francisco, CA | 227 | 243,090 | 1.0 | 1999 | 1,071 | 97.8 | % | 96.8 | % | 96.2 | % | 2,843 | 2.57 | 67,006 | |||||||||||||||||||||||||||||
Crowne Ridge |
San Rafael, CA | 254 | 221,635 | 21.9 | 1973/1996 | 873 | 98.4 | % | 96.3 | % | 95.8 | % | 1,324 | 1.46 | 33,063 |
22
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(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.) | 12/31/06 | 2006 | 2005 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
San Jose, CA |
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Avalon at Blossom Hill |
San Jose, CA | 324 | 323,496 | 7.5 | 1995 | 998 | 97.8 | % | 96.7 | % | 96.2 | % | 1,484 | 1.44 | 62,060 | |||||||||||||||||||||||||||||
Avalon at Cahill Park |
San Jose, CA | 218 | 218,177 | 3.8 | 2002 | 1,001 | 95.9 | % | 97.0 | % | 97.1 | % | 1,868 | 1.81 | 52,570 | |||||||||||||||||||||||||||||
Avalon at Creekside |
Mountain View, CA | 294 | 215,680 | 13.0 | 1962/1997 | 734 | 98.0 | % | 97.7 | % | 96.5 | % | 1,257 | 1.67 | 43,423 | |||||||||||||||||||||||||||||
Avalon at Foxchase I & II |
San Jose, CA | 396 | 334,956 | 12.0 | 1988/1987 | 844 | 97.5 | % | 96.9 | % | 96.0 | % | 1,247 | 1.43 | 60,670 | |||||||||||||||||||||||||||||
Avalon at Parkside |
Sunnyvale, CA | 192 | 203,990 | 8.0 | 1991/1996 | 1,062 | 99.5 | % | 98.0 | % | 97.4 | % | 1,655 | 1.53 | 38,218 | |||||||||||||||||||||||||||||
Avalon at Pruneyard |
Campbell, CA | 252 | 197,000 | 8.5 | 1968/1997 | 782 | 99.6 | % | 97.4 | % | 97.0 | % | 1,251 | 1.56 | 32,141 | |||||||||||||||||||||||||||||
Avalon at River Oaks |
San Jose, CA | 226 | 210,050 | 4.0 | 1990/1996 | 929 | 97.3 | % | 97.6 | % | 96.7 | % | 1,487 | 1.56 | 45,009 | |||||||||||||||||||||||||||||
Avalon Campbell |
Campbell, CA | 348 | 326,796 | 10.8 | 1995 | 939 | 98.3 | % | 96.9 | % | 96.2 | % | 1,528 | 1.58 | 60,114 | |||||||||||||||||||||||||||||
Avalon Mountain View (7) |
Mountain View, CA | 248 | 211,552 | 10.5 | 1986 | 853 | 96.4 | % | 95.9 | % | 95.1 | % | 1,567 | 1.76 | 51,609 | |||||||||||||||||||||||||||||
Avalon on the Alameda |
San Jose, CA | 305 | 299,762 | 8.9 | 1999 | 983 | 97.0 | % | 96.9 | % | 95.2 | % | 1,850 | 1.82 | 56,506 | |||||||||||||||||||||||||||||
Avalon Rosewalk |
San Jose, CA | 456 | 448,488 | 16.6 | 1997/1999 | 984 | 98.0 | % | 96.4 | % | 95.7 | % | 1,480 | 1.45 | 79,364 | |||||||||||||||||||||||||||||
Avalon Silicon Valley |
Sunnyvale, CA | 710 | 653,929 | 13.6 | 1997 | 921 | 95.2 | % | 96.5 | % | 95.8 | % | 1,732 | 1.81 | 122,123 | |||||||||||||||||||||||||||||
Avalon Towers on the Peninsula |
Mountain View, CA | 211 | 218,392 | 1.9 | 2002 | 1,035 | 97.6 | % | 96.5 | % | 96.7 | % | 2,422 | 2.26 | 65,752 | |||||||||||||||||||||||||||||
CountryBrook (8) |
San Jose, CA | 360 | 322,992 | 14.0 | 1985/1996 | 897 | 99.4 | % | 97.8 | % | 96.8 | % | 1,347 | 1.47 | 48,790 | |||||||||||||||||||||||||||||
San Marino |
San Jose, CA | 248 | 209,000 | 11.5 | 1984/1988 | 843 | 99.2 | % | 97.4 | % | 96.7 | % | 1,249 | 1.44 | 35,017 | |||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA |
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Los Angeles, CA |
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Avalon at Media Center |
Burbank, CA | 748 | 530,084 | 14.1 | 1961/1997 | 709 | 96.7 | % | 95.7 | % | 95.9 | % | 1,370 | 1.85 | 76,461 | |||||||||||||||||||||||||||||
Avalon at Warner Center |
Woodland Hills, CA | 227 | 191,114 | 7.0 | 1979/1998 | 842 | 96.0 | % | 96.8 | % | 97.5 | % | 1,614 | 1.86 | 26,943 | |||||||||||||||||||||||||||||
Avalon Camarillo |
Camarillo, CA | 249 | 233,267 | 10.0 | 2006 | 937 | 99.2 | % | 54.4 | %(3) | N/A | 3,196 | 1.85 | (3) | 47,174 | |||||||||||||||||||||||||||||
Avalon Glendale (11) |
Burbank, CA | 223 | 241,714 | 5.1 | 2003 | 1,084 | 96.0 | % | 95.4 | % | 95.7 | % | 2,237 | 1.97 | 40,248 | |||||||||||||||||||||||||||||
Avalon Woodland Hills |
Woodland Hills, CA | 663 | 594,396 | 18.2 | 1989/1997 | 897 | 97.0 | % | 95.5 | % | 96.0 | % | 1,491 | 1.59 | 72,073 | |||||||||||||||||||||||||||||
The Promenade |
Burbank, CA | 400 | 360,587 | 6.9 | 1988/2002 | 901 | 98.0 | % | 97.4 | % | 96.9 | % | 1,759 | 1.90 | 71,003 | |||||||||||||||||||||||||||||
Avalon Del Rey (9)(12) |
Los Angeles, CA | 309 | 284,636 | 5.0 | 2006 | 921 | 97.4 | % | 51.5 | %(3) | N/A | 3,710 | 2.07 | (3) | 65,075 | |||||||||||||||||||||||||||||
Orange County, CA |
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Avalon at Pacific Bay |
Huntington Beach, CA | 304 | 268,000 | 9.7 | 1971/1997 | 882 | 96.7 | % | 96.0 | % | 96.7 | % | 1,455 | 1.58 | 32,296 | |||||||||||||||||||||||||||||
Avalon at South Coast |
Costa Mesa, CA | 258 | 207,672 | 8.0 | 1973/1996 | 805 | 98.1 | % | 98.3 | % | 97.2 | % | 1,356 | 1.66 | 25,490 | |||||||||||||||||||||||||||||
Avalon Mission Viejo |
Mission Viejo, CA | 166 | 124,600 | 7.8 | 1984/1996 | 751 | 95.8 | % | 95.5 | % | 95.4 | % | 1,233 | 1.57 | 14,012 | |||||||||||||||||||||||||||||
Avalon Newport |
Costa Mesa, CA | 145 | 122,415 | 6.6 | 1956/1996 | 844 | 100.0 | % | 98.2 | % | 97.5 | % | 1,566 | 1.82 | 10,352 | |||||||||||||||||||||||||||||
Avalon Santa Margarita |
Rancho Santa Margarita, CA | 301 | 229,593 | 20.0 | 1990/1997 | 763 | 97.7 | % | 96.9 | % | 96.5 | % | 1,295 | 1.64 | 24,361 | |||||||||||||||||||||||||||||
San Diego, CA |
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Avalon at Cortez Hill |
San Diego, CA | 294 | 226,140 | 1.4 | 1973/1998 | 769 | 95.6 | % | 95.1 | % | 95.0 | % | 1,404 | 1.74 | 34,556 | |||||||||||||||||||||||||||||
Avalon at Mission Bay |
San Diego, CA | 564 | 402,285 | 12.9 | 1969/1997 | 713 | 97.3 | % | 95.7 | % | 95.1 | % | 1,378 | 1.85 | 66,281 | |||||||||||||||||||||||||||||
Avalon at Mission Ridge |
San Diego, CA | 200 | 207,625 | 4.0 | 1960/1997 | 1,038 | 97.0 | % | 96.3 | % | 96.1 | % | 1,509 | 1.40 | 22,421 |
23
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(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.) | 12/31/06 | 2006 | 2005 | Apt (4) | Sq. Ft. | (5) | |||||||||||||||||||||||||||||||||
DEVELOPMENT COMMUNITIES |
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Avalon at Decoverly II |
Rockville, MD | 196 | 182,560 | 10.8 | N/A | 931 | N/A | N/A | N/A | N/A | N/A | 29,423 | ||||||||||||||||||||||||||||||||
Avalon at Dublin Station I |
Dublin, CA | 305 | 299,329 | 4.7 | N/A | 981 | N/A | N/A | N/A | N/A | N/A | 42,351 | ||||||||||||||||||||||||||||||||
Avalon at Glen Cove North (11) |
Glen Cove, NY | 111 | 101,161 | 1.3 | N/A | 911 | N/A | N/A | N/A | N/A | N/A | 27,137 | ||||||||||||||||||||||||||||||||
Avalon at Lexington Hills |
Lexington, MA | 387 | 487,139 | 2.3 | N/A | 1,259 | N/A | N/A | N/A | N/A | N/A | 22,611 | ||||||||||||||||||||||||||||||||
Avalon Acton |
Acton, MA | 380 | 353,790 | 5.0 | N/A | 931 | N/A | N/A | N/A | N/A | N/A | 16,672 | ||||||||||||||||||||||||||||||||
Avalon Bowery Place II |
New York, NY | 90 | 73,624 | 1.1 | N/A | 838 | N/A | N/A | N/A | N/A | N/A | 15,007 | ||||||||||||||||||||||||||||||||
Avalon Chestnut Hill |
Chestnut Hill, MA | 204 | 275,563 | 4.7 | N/A | 1,351 | N/A | N/A | N/A | N/A | N/A | 59,926 | ||||||||||||||||||||||||||||||||
Avalon Danvers |
Danvers, MA | 433 | 493,095 | 75.0 | N/A | 1,139 | N/A | N/A | N/A | N/A | N/A | 46,433 | ||||||||||||||||||||||||||||||||
Avalon Encino |
Los Angeles, CA | 131 | 131,252 | 2.0 | N/A | 1,002 | N/A | N/A | N/A | N/A | N/A | 22,871 | ||||||||||||||||||||||||||||||||
Avalon Lyndhurst |
Lyndhurst, NJ | 328 | 331,122 | 5.8 | N/A | 1,010 | N/A | N/A | N/A | N/A | N/A | 64,226 | ||||||||||||||||||||||||||||||||
Avalon Meydenbauer |
Bellevue, WA | 368 | 329,613 | 3.6 | N/A | 896 | N/A | N/A | N/A | N/A | N/A | 36,089 | ||||||||||||||||||||||||||||||||
Avalon on the Sound II (11) |
New Rochelle, NY | 588 | 561,981 | 1.7 | N/A | 956 | N/A | N/A | N/A | N/A | N/A | 102,073 | ||||||||||||||||||||||||||||||||
Avalon Riverview North |
Long Island City, NY | 602 | 477,657 | 1.8 | N/A | 793 | N/A | N/A | N/A | N/A | N/A | 85,814 | ||||||||||||||||||||||||||||||||
Avalon Shrewsbury |
Shrewbury, MA | 251 | 209,548 | 25.5 | N/A | 835 | N/A | N/A | N/A | N/A | N/A | 33,543 | ||||||||||||||||||||||||||||||||
Avalon Wilshire |
Los Angeles, CA | 123 | 125,109 | 1.6 | N/A | 1,017 | N/A | N/A | N/A | N/A | N/A | 38,338 | ||||||||||||||||||||||||||||||||
Avalon Woburn |
Woburn, MA | 446 | 483,995 | 56.0 | N/A | 1,085 | N/A | N/A | N/A | N/A | N/A | 61,277 | ||||||||||||||||||||||||||||||||
Avalon Canoga Park |
Conoga Park, CA | 210 | 186,599 | 3.3 | N/A | 889 | N/A | N/A | N/A | N/A | N/A | 14,031 | ||||||||||||||||||||||||||||||||
UNCONSOLIDATED COMMUNITIES |
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Aurora at Yerba Buena (6) |
San Francisco, CA | 160 | 125,636 | 0.9 | 2000/2006 | 785 | 94.4 | % | 95.4 | %(3) | N/A | 2,523 | 3.07 | (3) | N/A | |||||||||||||||||||||||||||||
Avalon at Aberdeen Station (6) |
Aberdeen, NJ | 290 | 296,033 | 16.8 | 2002/2006 | 1,021 | 97.0 | % | 95.0 | %(3) | N/A | 1,736 | 1.61 | (3) | N/A | |||||||||||||||||||||||||||||
Avalon at Mission Bay North II (9)(11) |
San Francisco, CA | 313 | 291,817 | 1.5 | 2006 | 932 | 36.4 | % | 27.8 | %(3) | N/A | 9,048 | 2.69 | (3) | N/A | |||||||||||||||||||||||||||||
Avalon at Poplar Creek (6) |
Schaumburg, IL | 196 | 178,490 | 12.8 | 1986/2005 | 911 | 90.8 | % | 95.9 | %(2) | 94.3 | %(3) | 1,073 | 1.13 | (2) | N/A | ||||||||||||||||||||||||||||
Avalon Chrystie Place I (9)(11) |
New York, NY | 361 | 266,940 | 1.5 | 2005 | 739 | 98.6 | % | 98.4 | % | 62.5 | %(3) | 3,125 | 4.16 | N/A | |||||||||||||||||||||||||||||
Avalon Columbia (6) |
Columbia, MD | 170 | 177,284 | 11.3 | 1989/2004 | 1,043 | 96.5 | % | 96.1 | %(2) | 84.4 | %(3) | 1,273 | 1.17 | (2) | N/A | ||||||||||||||||||||||||||||
Avalon Grove (9) |
Stamford, CT | 402 | 365,252 | 5.1 | 1996 | 906 | 96.8 | % | 96.9 | % | 96.6 | % | 2,101 | 2.24 | N/A | |||||||||||||||||||||||||||||
Avalon Lakeside (6) |
Wheaton, IL | 204 | 162,821 | 12.4 | 2004 | 798 | 96.6 | % | 95.5 | % | 79.6 | % | 894 | 1.07 | N/A | |||||||||||||||||||||||||||||
Avalon at Redondo Beach (6) |
Redondo Beach, CA | 105 | 85,380 | 1.2 | 1971/2004 | 813 | 97.1 | % | 94.4 | % | 95.9 | % | 1,929 | 2.24 | N/A | |||||||||||||||||||||||||||||
Cedar Valley (6) |
Columbia, MD | 156 | 150,276 | 11.4 | 1972/2006 | 963 | 97.0 | % | 96.6 | %(3) | N/A | 1,187 | 1.19 | N/A | ||||||||||||||||||||||||||||||
Civic Center (6) |
Norwalk, CA | 192 | 173,568 | 8.7 | 1987/2005 | 904 | 89.1 | % | 94.8 | %(2) | 98.6 | %(3) | 1,468 | 1.54 | (2) | N/A | ||||||||||||||||||||||||||||
Fuller Martel (6) |
Los Angeles, CA | 82 | 71,846 | 0.8 | 1987/2005 | 876 | 96.3 | % | 96.1 | % | 97.4 | %(3) | 1,650 | 1.81 | N/A | |||||||||||||||||||||||||||||
Paseo Park (6) |
Fremont, CA | 134 | 105,900 | 7.0 | 1987/2005 | 790 | 100.0 | % | 96.9 | % | 96.0 | %(3) | 1,114 | 1.37 | (3) | N/A | ||||||||||||||||||||||||||||
Avalon Redmond (6) |
Redmond, WA | 400 | 340,448 | 24.0 | 1983/2004 | 851 | 87.5 | % | 88.4 | %(2) | 93.9 | % | 1,016 | 1.06 | (2) | N/A | ||||||||||||||||||||||||||||
The Covington (6) |
Schaumburg, IL | 256 | 201,924 | 13.2 | 1988/2006 | 789 | 85.9 | % | 83.8 | %(3) | N/A | 1,008 | 1.07 | (3) | N/A | |||||||||||||||||||||||||||||
Avalon Juanita Village (10) |
Kirkland, WA | 211 | 207,511 | 2.9 | 2005 | 983 | 94.3 | % | 94.1 | % | 45.4 | %(3) | 1,289 | 1.23 | N/A | |||||||||||||||||||||||||||||
The Springs (6) |
Corona, CA | 320 | 241,440 | 13.3 | 1987/2006 | 755 | 94.1 | % | 94.7 | %(3) | N/A | 1,066 | 1.34 | (3) | N/A |
24
Profile of Current, Development and Unconsolidated Communities (1)
(Dollars in thousands, except per apartment home data)
(Dollars in thousands, except per apartment home data)
(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, 2006. Financial reporting costs are excluded for unconsolidated communities, see Note 6, Investments in Unconsolidated Entities of our Consolidated Financial Statements in Item 8 of this report. | |
(6) | We own a 15.2% combined general partnership and indirect limited partner equity interest in this community. | |
(7) | We own a general partnership interest in a partnership that owns a fee simple interest in this community. | |
(8) | We own a general partnership interest in a partnership structured as a DownREIT that owns this community. | |
(9) | We own a membership interest in a limited liability company that holds a fee simple interest in this community. | |
(10) | This community was transferred to a joint venture entity upon completion of development. We do not hold an equity interest in the entity, but retain a promoted residual interest in the profits of the entity. We receive a property management fee for this community. | |
(11) | Community is located on land subject to a land lease. | |
(12) | Upon completion of this community we admitted a 70% joint venture partner to the LLC. However, due to an operating guarantee provided to the joint venture partner, this community is consolidated for financial reporting purposes. | |
(13) | In December 2006, we completed the purchase of our partners interest in Avalon Run, and this community is now a wholly-owned community. See Note 6, Investments in Unconsolidated Entities of our Consolidated Financial Statements in Item 8 of this report. |
25
Features and Recreational Amenities Current and Development Communities
Washer & | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | storage or | patio, deck | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||
Studios / | Parking | hook-ups | Vaulted | walk-in | or | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||
CURRENT COMMUNITIES (1) |
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NORTHEAST |
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Boston, MA |
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Avalon at Bedford Center |
52 | | 87 | | | | | 139 | 269 | All | Some | Some | Some | Some | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Center Place |
103 | | 112 | 4 | | 6 | | 225 | 371 | All | None | None | None | Some | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Crane Brook |
162 | 12 | 175 | 38 | | | | 387 | 658 | All | Some | Some | Some | All | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Faxon Park |
68 | | 75 | 28 | | | | 171 | 327 | All | Some | Some | Some | Most | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Flanders Hill |
108 | 22 | 120 | 30 | | | | 280 | 589 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Lexington |
28 | 25 | 89 | 56 | | | 198 | 362 | All | Some | Some | Some | Most | All | None | Yes | Yes | No | None | |||||||||||||||||||||||||||||||||||||||
Avalon at Newton Highlands |
90 | 40 | 99 | 55 | 4 | 6 | | 294 | 551 | All | Some | Some | Some | Most | Most | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Prudential Center |
361 | | 242 | | 29 | 149 | | 781 | 538 | None | None | None | None | Most | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Stevens Pond |
102 | | 202 | 22 | | | | 326 | 749 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon at The Pinehills I |
12 | | 73 | 16 | | | | 101 | 235 | All | Most | Some | Some | All | All | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Essex |
50 | | 104 | | | | | 154 | 336 | All | Some | Some | Half | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Ledges |
124 | 28 | 124 | 28 | | | | 304 | 594 | All | Some | Some | Some | All | All | 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 | 87 | | | | | | 156 | 307 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Summit |
154 | 58 | 31 | 1 | | | 1 | 245 | 359 | None | None | None | None | Some | Most | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon West |
40 | | 55 | 25 | | | | 120 | 285 | All | Some | Some | Some | All | Half | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Essex Place |
40 | 246 | | | | | | 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 |
52 | 91 | 99 | 12 | | | 52 | 306 | 464 | All | None | None | None | Most | All | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Danbury |
112 | | 98 | 24 | | | | 234 | 54 | All | None | Some | Some | Some | All | None | No | Yes | No | Some | ||||||||||||||||||||||||||||||||||||||
Avalon Darien |
77 | | 80 | 32 | | | | 189 | 443 | All | All | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Gates |
122 | | 168 | 50 | | | | 340 | 688 | All | Some | Some | Half | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Glen |
112 | | 125 | 1 | | | | 238 | 363 | Most | Some | Some | Some | Some | Most | Some | Yes | No | Yes | Most | ||||||||||||||||||||||||||||||||||||||
Avalon Haven |
28 | | 40 | 24 | | | 36 | 128 | 256 | All | Some | Some | Some | All | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Milford I |
184 | | 62 | | | | | 246 | 426 | All | Some | None | Some | Some | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon New Canaan |
16 | | 64 | 24 | | | | 104 | 194 | All | Some | Some | Some | All | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon on Stamford Harbor |
159 | | 130 | 20 | | 14 | | 323 | 503 | All | Some | Some | Some | All | Most | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Orange |
84 | | 28 | 28 | | | 28 | 168 | 362 | All | Some | Some | Some | All | All | None | Yes | 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 | 98 | | | 156 | 764 | 1,411 | All | Some | Some | Some | Most | All | None | Yes | No | No | Half | ||||||||||||||||||||||||||||||||||||||
Long Island, NY |
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Avalon at Glen Cove South |
124 | | 91 | | | 41 | | 256 | 366 | All | None | None | Some | All | Some | None | No | No | Some | 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 | 74 | | | | 494 | 797 | All | Half | Half | Some | Some | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Pines I |
72 | | 220 | | 6 | | | 298 | 1,094 | All | Most | Some | Some | Most | All | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Pines II |
50 | | 102 | | | | | 152 | 135 | All | Most | Some | Some | All | All | None | No | Some | Some | All | ||||||||||||||||||||||||||||||||||||||
Avalon Towers |
| | 38 | | 3 | 1 | 67 | 109 | 198 | All | None | None | None | Most | Most | None | No | Yes | No | None |
26
Features and Recreational Amenities Current and Development Communities
Washer & | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | storage or | patio, deck | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||
Studios / | Parking | hook-ups | Vaulted | walk-in | or | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||
Northern New Jersey |
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Avalon at Edgewater |
158 | | 190 | 60 | | | | 408 | 872 | All | Some | Some | Some | All | Half | None | No | No | Yes | Some | ||||||||||||||||||||||||||||||||||||||
Avalon at Florham Park |
46 | | 162 | 62 | | | | 270 | 583 | All | All | None | Some | Most | Some | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Cove |
197 | | 231 | 26 | 2 | | 48 | 504 | 460 | All | Some | Some | Some | All | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Central New Jersey |
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Avalon at Freehold |
40 | 24 | 192 | 40 | | | | 296 | 591 | All | Some | Some | Half | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Run |
144 | 90 | 108 | 84 | | | | 426 | 640 | All | Some | Some | Some | Some | All | None | Yes | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Run East |
64 | 106 | | 36 | | | | 206 | 401 | All | Some | Some | Some | Most | Most | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Run East II |
72 | 36 | 148 | 56 | | | | 312 | 500 | All | Some | Some | Some | Some | All | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Watch |
252 | 48 | 172 | 40 | | | | 512 | 781 | All | Some | None | Half | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
New York, NY |
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Avalon Bowery Place I |
98 | 54 | | | | 54 | | 206 | 131 | All | None | None | None | Some | Some | None | No | No | Yes | Some | ||||||||||||||||||||||||||||||||||||||
Avalon Gardens |
208 | 48 | 144 | 104 | | | | 504 | 1,382 | All | Half | Half | Some | All | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Green |
25 | 24 | 56 | | | | | 105 | 208 | All | Some | Some | Some | All | All | None | Yes | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon on the Sound |
142 | | 185 | 21 | 21 | 43 | | 412 | 648 | Most | Some | Some | None | Most | Some | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Riverview I |
186 | | 114 | 15 | 14 | 43 | | 372 | 426 | All | None | Some | None | Most | Some | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon View |
112 | 47 | 65 | 64 | | | | 288 | 598 | All | Some | Some | Some | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Willow |
151 | | 76 | | | | | 227 | 371 | All | Some | Some | Some | Some | All | None | No | No | No | No | ||||||||||||||||||||||||||||||||||||||
The Avalon |
55 | 2 | 43 | 10 | | | | 110 | 170 | All | Some | Some | Some | Most | Half | None | No | No | Yes | All | ||||||||||||||||||||||||||||||||||||||
MID-ATLANTIC |
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Baltimore, MD |
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Avalon at Fairway Hills I & II |
185 | 78 | 100 | 38 | | | | 401 | 283 | All | Some | None | Most | Some | All | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Fairway Hills III |
97 | 146 | 54 | 22 | | | 23 | 342 | 522 | All | Some | None | Most | Some | All | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Symphony Glen |
88 | 14 | 54 | 20 | | | | 176 | 268 | All | Some | None | Most | All | Most | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Landing |
83 | 18 | 57 | | | | | 158 | 256 | All | None | None | Most | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Southgate Crossing |
63 94 | 48 | 10 | | | | 2 | 15 353 | All | None | None | Most | None | All | None | No | No | No | None | |||||||||||||||||||||||||||||||||||||||
Washington, DC |
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AutumnWoods |
220 | 104 | 96 | | | | | 420 | 720 | All | Some | None | Some | All | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Arlington Square |
404 | 24 | 196 | 60 | | | 158 | 842 | 1,411 | All | Some | Some | Some | All | All | Some | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Ballston Washington Towers |
233 | 111 | | | | | | 344 | 470 | All | None | None | Some | Most | All | Some | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Cameron Court |
208 | | 168 | | | | 84 | 460 | 897 | All | Most | Some | Some | All | Most | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Decoverly |
156 | | 168 | 44 | | | | 368 | 627 | All | Some | Some | Some | Most | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Foxhall |
160 | 70 | 32 | 2 | | 28 | 16 | 308 | 349 | All | Some | None | Some | All | All | Some | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Gallery Place I |
113 | 75 | | 4 | | 11 | | 203 | 148 | All | Some | None | None | Most | Some | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Grosvenor Station |
265 | 33 | 185 | 13 | | 1 | | 497 | 746 | All | Some | Some | None | Most | Most | None | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Providence Park |
19 | | 112 | 4 | | | 6 | 141 | 299 | All | Some | None | Most | All | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Rock Spring |
178 | 39 | 133 | 36 | | | | 386 | 680 | All | Some | Some | Some | Most | All | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon at Traville |
190 | 30 | 232 | 68 | | | | 520 | 1,062 | All | Some | Some | Some | All | Most | Some | Yes | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Crescent |
186 | 26 | 346 | | | | | 558 | 989 | All | Some | Some | Most | Most | All | Some | No | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Fields I & II |
112 | 32 | 112 | 32 | | | 66 | 288 | 461 | All | Some | Some | Some | Most | Most | None | No | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Knoll |
136 | 56 | 80 | 28 | | | | 300 | 477 | All | Some | None | Most | All | All | Most | No | No | No | None |
27
Features and Recreational Amenities Current and Development Communities
Washer & | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | storage or | patio, deck | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||
Studios / | Parking | hook-ups | Vaulted | walk-in | or | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||
MIDWEST |
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Chicago, IL |
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Avalon at Arlington Heights |
232 | | 147 | | | 30 | | 409 | 650 | All | None | None | None | Some | Half | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Danada Farms |
132 | | 134 | 14 | 15 | | | 295 | 555 | All | None | None | Some | Most | Some | Some | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Stratford Green |
63 | | 108 | 21 | | | | 192 | 424 | All | None | None | Some | Most | Most | Some | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon at West Grove |
200 | 200 | | | | | | 400 | 594 | None | None | None | None | Some | Half | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
PACIFIC NORTHWEST |
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Seattle, WA |
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Avalon at Bear Creek |
55 | 40 | 110 | 56 | 3 | | | 264 | 515 | All | Some | None | Most | All | All | Half | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon Bellevue |
112 | | 67 | | | 23 | | 202 | 300 | All | Some | Some | Some | Most | Some | None | No | No | No | Some | ||||||||||||||||||||||||||||||||||||||
Avalon Belltown |
64 | | 20 | | | 16 | | 100 | 118 | All | None | None | None | Most | Some | None | No | No | No | Yes | ||||||||||||||||||||||||||||||||||||||
Avalon Brandemoor |
88 | 109 | 149 | 78 | | | | 424 | 737 | All | Some | None | Most | All | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon HighGrove |
84 | 119 | 124 | 56 | 8 | | | 391 | 721 | All | Half | None | Most | All | All | Some | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon ParcSquare |
31 | 26 | 55 | 12 | | | 117 | 124 | 189 | All | Some | None | None | All | All | None | No | Yes | Yes | Some | ||||||||||||||||||||||||||||||||||||||
Avalon Redmond Place |
76 | 44 | 67 | 35 | | | | 222 | 161 | All | Some | None | Most | Most | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon RockMeadow |
28 | 48 | 86 | 28 | 16 | | | 206 | 415 | All | Some | None | Most | Most | All | Some | Yes | No | Yes | All | ||||||||||||||||||||||||||||||||||||||
Avalon WildReed |
36 | 60 | 78 | 60 | | | | 234 | 463 | All | Some | None | Most | All | All | Some | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Wynhaven |
3 | 42 | 239 | 13 | 28 | | 8 | 333 | 780 | All | Most | Some | Most | Half | Most | None | Yes | Yes | Yes | All | ||||||||||||||||||||||||||||||||||||||
NORTHERN CALIFORNIA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland-East Bay, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Union Square |
124 | 84 | | | | | | 208 | 296 | 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 | 428 | Most | Some | None | Most | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Fremont I |
88 | | 176 | | 44 | | | 308 | 609 | All | Some | None | Some | Half | All | None | Yes | Yes | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Pleasanton |
238 | | 218 | | | | | 456 | 941 | All | Some | None | Most | Some | All | None | Yes | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Waterford |
208 | | 336 | | | | | 544 | 927 | Some | Some | None | None | All | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
San Francisco, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 191 | All | None | Some | None | All | Most | Some | No | Yes | No | Some | ||||||||||||||||||||||||||||||||||||||
Avalon at Nob Hill |
114 | | 25 | | | 46 | | 185 | 105 | None | None | None | None | Some | Some | Most | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Foster City |
125 | 122 | 1 | | | 40 | | 288 | 290 | None | None | None | None | Most | All | Some | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Pacifica |
58 | 106 | 56 | | | | | 220 | 301 | None | None | None | Some | Some | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Sunset Towers |
183 | 20 | 20 | | | 20 | | 243 | 244 | None | None | None | None | None | Some | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Towers by the Bay |
103 | | 120 | | 3 | | | 226 | 212 | All | None | None | Some | Half | Most | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Crowne Ridge |
158 | 68 | 24 | | | 4 | | 254 | 404 | Some | Some | None | Some | None | All | None | Yes | No | Yes | None |
28
Features and Recreational Amenities Current and Development Communities
Washer & | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | storage or | patio, deck | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||
Studios / | Parking | hook-ups | Vaulted | walk-in | or | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||
San Jose, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Blossom Hill |
90 | | 210 | | 24 | | | 324 | 549 | All | Some | None | None | Most | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Cahill Park |
118 | | 94 | | 6 | | | 218 | 314 | All | Some | Some | None | All | Some | None | No | No | No | Yes | ||||||||||||||||||||||||||||||||||||||
Avalon at Creekside |
158 | 128 | | | | 8 | | 294 | 441 | None | None | None | Some | None | Most | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Foxchase I & II |
156 | | 240 | | | | | 396 | 666 | All | Some | None | None | ALL | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Parkside |
60 | | 96 | 36 | | | | 192 | 353 | 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 | 356 | Most | None | None | Most | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Campbell |
157 | | 179 | | 12 | | | 348 | 454 | All | Some | None | None | All | All | None | Yes | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Mountain View |
108 | | 88 | 52 | | | | 248 | 672 | All | Some | None | None | Some | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon on the Alameda |
113 | | 164 | | 28 | | | 305 | 534 | All | Some | Some | Some | Most | All | None | Some | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Rosewalk |
168 | | 264 | | 24 | | | 456 | 684 | All | Some | None | Some | ALL | All | Most | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Silicon Valley |
338 | | 336 | 18 | 15 | 3 | | 710 | 2,000 | All | Some | Some | Some | All | All | Some | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Towers on the Peninsula |
88 | | 117 | | 6 | | | 211 | 307 | All | Some | None | None | Most | All | None | No | No | Yes | None | ||||||||||||||||||||||||||||||||||||||
CountryBrook |
108 | | 252 | | | | | 360 | 692 | All | None | None | All | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
San Marino |
102 | | 146 | | | | | 248 | 439 | All | Some | None | None | None | All | None | Yes | No | No | None | ||||||||||||||||||||||||||||||||||||||
SOUTHERN CALIFORNIA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Media Center |
296 | 169 | 50 | 12 | | 221 | | 748 | 893 | Most | Some | None | Some | Some | Some | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Warner Center |
88 | 54 | 65 | 20 | | | | 227 | 427 | All | Some | None | Some | Some | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Camarillo |
125 | | | 124 | | | | 249 | 482 | All | None | None | None | All | All | None | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Glendale |
75 | | 121 | | 27 | | | 223 | 519 | All | None | Some | Some | All | All | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Woodland Hills |
222 | | 441 | | | | | 663 | 1,356 | Some | Some | Some | None | Most | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
The Promenade |
153 | | 196 | 51 | | | | 400 | 736 | Some | Some | Some | All | Some | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Del Rey |
190 | | | 119 | | | | 309 | 623 | All | None | Some | None | All | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Orange County, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Pacific Bay |
144 | 56 | 104 | | | | | 304 | 492 | All | None | None | None | All | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at South Coast |
124 | | 86 | | | 48 | | 258 | 428 | Some | Half | None | None | Half | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Mission Viejo |
94 | 28 | 44 | | | | | 166 | 232 | None | None | None | None | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Newport |
44 | 54 | | 35 | | 12 | | 145 | 249 | Most | Some | None | Some | Most | Most | Some | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Santa Margarita |
160 | | 141 | | | | | 301 | 521 | All | None | None | None | None | All | None | Yes | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
San Diego, CA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Cortez Hill |
113 | | 84 | | | 97 | | 294 | 298 | None | None | None | None | None | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Mission Bay |
270 | 9 | 165 | | | 120 | | 564 | 755 | None | None | None | None | Some | All | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Mission Ridge |
18 | 98 | 1 | 83 | | | | 200 | 387 | Most | None | None | Most | Most | Most | Most | No | Yes | No | None |
29
Features and Recreational Amenities Current and Development Communities
Washer & | Large | Balcony, | Non- | Homes w/ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 BR | 2BR | 3BR | dryer | storage or | patio, deck | direct | Direct | pre-wired | ||||||||||||||||||||||||||||||||||||||||||||||||||
Studios / | Parking | hook-ups | Vaulted | walk-in | or | Built-in | access | access | security | |||||||||||||||||||||||||||||||||||||||||||||||||
1/1.5 BA | 1/1.5 BA | 2/2.5/3 BA | 2/2.5 BA | 3BA | efficiencies | Other | Total | spaces | or units | ceilings | Lofts | Fireplaces | closet | sunroom | bookcases | Carports | garages | garages | systems | |||||||||||||||||||||||||||||||||||||||
DEVELOPMENT COMMUNITIES |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avalon at Decoverly II |
106 | | 90 | | | | | 196 | 327 | All | Some | Some | None | Some | All | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Glen Cove North |
87 | 8 | | | | 16 | | 111 | 190 | All | None | None | None | All | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon at Lexington Hills |
109 | | 254 | 24 | | | | 387 | 823 | All | Some | Some | Some | All | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Lyndhurst |
118 | 45 | 157 | | | 8 | | 328 | 569 | Most | Some | Some | None | All | Most | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Acton |
192 | | 188 | | | | | 380 | 732 | All | Some | Some | Some | Most | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Bowery Place II |
62 | 18 | | | | 10 | | 90 | 50 | All | None | None | None | Most | Some | None | No | No | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Canoga Park |
125 | | 70 | 15 | | | | 210 | 370 | All | Some | Some | None | Most | Most | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Chestnut Hill |
36 | 28 | 85 | 50 | | 5 | | 204 | 427 | All | None | Some | None | All | All | None | No | No | No | All | ||||||||||||||||||||||||||||||||||||||
Avalon Danvers |
148 | | 235 | 50 | | | | 433 | 856 | All | Some | Some | Some | Some | Some | None | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Encino |
61 | | 56 | | 14 | | | 131 | 357 | All | Some | None | None | Some | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Meydenbauer |
174 | 5 | 88 | 23 | | 78 | | 368 | 485 | All | None | None | None | Some | Some | None | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon on the Sound II |
208 | | 162 | 128 | | 90 | | 588 | 489 | All | None | None | None | Some | None | None | No | All | None | None | ||||||||||||||||||||||||||||||||||||||
Avalon Riverview North |
381 | | 146 | | 1 | 74 | | 602 | 361 | Some | None | None | None | Some | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Shrewsbury |
92 | 12 | 123 | 24 | | | | 251 | 529 | All | None | Some | None | All | All | None | No | Yes | Yes | None | ||||||||||||||||||||||||||||||||||||||
Avalon Woburn |
158 | | 288 | | | | | 446 | 892 | All | None | Some | Some | All | Some | None | No | Yes | No | None | ||||||||||||||||||||||||||||||||||||||
Avalon Wilshire |
53 | | 62 | 8 | | | | 123 | 350 | All | None | None | None | All | Most | None | No | Yes | No | None |
30
Features and Recreational Amenities Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||
Buildings w/ | entrance | entrance | Under- | Aerobicse | Indoor / | |||||||||||||||||||||||||||||||||
security | controlled | controlled | ground | dance | Picnic | Walking / | Sauna / | Tennis | Fitness | Sand | outdoor | Clubhouse / | Business | |||||||||||||||||||||||||
systems | access | access | parking | studio | Car wash | area | jogging trail | Pool | whirlpool | court | Racquetball | center | volleyball | basketball | clubroom | center | Tot lot | Concierge | ||||||||||||||||||||
CURRENT COMMUNITIES (1) |
||||||||||||||||||||||||||||||||||||||
NORTHEAST |
||||||||||||||||||||||||||||||||||||||
Boston, MA |
||||||||||||||||||||||||||||||||||||||
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 Center Place |
Yes | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||
Avalon at Crane Brook |
Some | Yes | Yes | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | 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 |
None | 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 | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | Yes | |||||||||||||||||||
Avalon at Prudential Center |
None | No | Yes | Yes | No | No | No | No | No | No | No | No | No | No | No | Yes | No | No | Yes | |||||||||||||||||||
Avalon at Stevens Pond |
All | No | No | No | No | No | Yes | No | Yes | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon at The Pinehills I |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||
Avalon Essex |
None | No | No | No | No | Yes | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||
Avalon Ledges |
None | 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 |
None | 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 | Yes | Yes | No | |||||||||||||||||||
Avalon Summit |
None | Yes | 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 | |||||||||||||||||||
Essex Place |
None | No | No | No | No | No | Yes | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | |||||||||||||||||||
Fairfield-New Haven, CT |
||||||||||||||||||||||||||||||||||||||
Avalon at Greyrock Place |
All | No | Yes | Yes | No | No | Yes | No | Yes | No | Yes | No | Yes | No | No | Yes | Yes | Yes | Yes | |||||||||||||||||||
Avalon Danbury |
Some | No | Yes | No | No | No | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||
Avalon Darien |
None | Yes | No | No | No | No | Yes | No | Yes | No | No | No | 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 | Yes | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||
Avalon Haven |
All | Yes | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | No | No | Yes | No | |||||||||||||||||||
Avalon Milford I |
None | No | Yes | No | No | No | No | No | Yes | No | No | No | Yes | No | Yes | 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 HaCBor |
All | Yes | Yes | Yes | No | No | Yes | Yes | Yes | No | No | Yes | Yes | No | Yes | Yes | Yes | No | Yes | |||||||||||||||||||
Avalon Orange |
Some | No | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||
Avalon Springs |
Some | No | Yes | No | No | No | Yes | No | 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 |
None | 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 | No | Yes | No | |||||||||||||||||||
Avalon Court |
All | No | Yes | No | No | No | Yes | Yes | Yes | No | No | Yes | Yes | No | Yes | 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 Pines II |
None | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||
Avalon Towers |
None | No | No | Yes | No | Yes | Yes | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | No | Yes |
31
Features and Recreational Amenities Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||
Buildings w/ | entrance | entrance | Under- | Aerobicse | Indoor / | |||||||||||||||||||||||||||||||||
security | controlled | controlled | ground | dance | Picnic | Walking / | Sauna / | Tennis | Fitness | Sand | outdoor | Clubhouse / | Business | |||||||||||||||||||||||||
systems | access | access | parking | studio | Car wash | area | jogging trail | Pool | whirlpool | court | Racquetball | center | volleyball | basketball | clubroom | center | Tot lot | Concierge | ||||||||||||||||||||
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 | Yes | No | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||
Avalon Cove |
No | Yes | Yes | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | 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 |
None | Yes | No | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | No | No | Yes | No | |||||||||||||||||||
Avalon Run East |
All | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon Run East II |
Yes | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon Watch |
None | No | Some | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||
New York, NY |
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Avalon Bowery Place I |
All | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||
Avalon Gardens |
Some | No | No | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon Green |
None | No | No | No | No | No | Yes | No | Yes | No | No | No | No | No | No | Yes | No | Yes | No | |||||||||||||||||||
Avalon on the Sound |
No | Yes | Yes | No | No | No | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | No | Yes | Yes | |||||||||||||||||||
Avalon Riverview I |
All | Yes | Yes | No | No | No | Yes | No | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||
Avalon View |
Some | No | No | No | No | No | Yes | No | Yes | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon Willow |
No | Yes | Yes | No | No | No | Yes | No | Yes | No | No | Yes | Yes | No | No | Yes | No | Yes | Yes | |||||||||||||||||||
The Avalon |
All | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||
MID-ATLANTIC |
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Baltimore, MD |
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Avalon at Fairway Hills I & II |
None | No | No | No | No | Yes | Yes | No | Yes | No | Yes | Yes | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||
Avalon at Fairway Hills 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 | No | No | |||||||||||||||||||
Avalon Landing |
None | No | No | No | No | Yes | Yes | Yes | Yes | No | No | No | Yes | No | No | Yes | No | No | No | |||||||||||||||||||
Southgate Crossing |
None | Yes | No | No | No | Yes | No | No | No | No | No | No | No | No | No | No | No | No | No | |||||||||||||||||||
Washington, DC |
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AutumnWoods |
None | No | No | No | No | Yes | Yes | No | Yes | No | Yes | No | Yes | Yes | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon at Arlington Square |
None | No | Yes | No | No | Yes | Yes | No | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | No | |||||||||||||||||||
Avalon at Ballston Washington Towers |
All | Yes | Yes | Yes | No | Yes | Yes | Yes | Yes | No | Yes | No | Yes | No | No | Yes | No | No | Yes | |||||||||||||||||||
Avalon at Cameron Court |
All | Yes | Yes | No | No | Yes | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | Yes | Yes | No | Yes | |||||||||||||||||||
Avalon at Decoverly |
None | No | No | No | No | Yes | Yes | No | Yes | No | Yes | Yes | Yes | No | Yes | Yes | No | Yes | No | |||||||||||||||||||
Avalon at Foxhall |
None | Yes | Yes | Yes | No | No | No | No | Yes | No | No | No | Yes | No | No | No | No | No | Yes | |||||||||||||||||||
Avalon at Gallery Place I |
All | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | Yes | |||||||||||||||||||
Avalon at Grosvenor Station |
None | No | 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 | Yes | Yes | No | No | No | No | 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 | Yes | |||||||||||||||||||
Avalon at Traville |
None | No | Yes | No | No | Yes | Yes | Yes | Yes | No | No | No | Yes | No | Yes | Yes | Yes | Yes | Yes | |||||||||||||||||||
Avalon Crescent |
None | Yes | No | No | No | Yes | Yes | Yes | Yes | No | No | No | Yes | No | Yes | No | Yes | Yes | Yes | |||||||||||||||||||
Avalon Fields I & II |
None | 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 | No | Yes | No | Yes | No | Yes | No | Yes | No | No | Yes | No |
32
Features and Recreational Amenities Current and Development Communities
Community | Building | |||||||||||||||||||||||||||||||||||||
Buildings w/ | entrance | entrance | Under- | Aerobicse | Indoor / | |||||||||||||||||||||||||||||||||
security | controlled | controlled | ground | dance | Picnic | Walking / | Sauna / | Tennis | Fitness | Sand | outdoor | Clubhouse / | Business | |||||||||||||||||||||||||
systems | access | access | parking | studio | Car wash | area | jogging trail | Pool | whirlpool | court | Racquetball | center | volleyball | basketball | clubroom | center | Tot lot | Concierge | ||||||||||||||||||||
MIDWEST |
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Chicago, IL |
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Avalon at Arlington Heights |
All | Yes | Yes | No | No | No | Yes | 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 | No | No | No | |||||||||||||||||||
Avalon at Stratford Green |
All | No | No | No | No | Yes | Yes | Yes | Yes | No | No | No | No | No | No | Yes | No | No | No | |||||||||||||||||||
Avalon at West Grove |
None | Yes | Yes | No | No | No | Yes | No | Yes | Yes | No | Yes | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||
PACIFIC NORTHWEST |
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Seattle, WA |
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Avalon at Bear Creek |
None | Yes | No | No | No | No | No | No | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | No | |||||||||||||||||||
Avalon Bellevue |
Yes | No | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||
Avalon Belltown |
Yes | Yes | Yes | Yes | No | No | Yes | No | No | No | No | No | No | No | No | No | 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 |
All | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | No | No | Yes | Yes | No | No | |||||||||||||||||||
Avalon Redmond Place |
None | No | No | No | No | No | No | Yes | Yes | Yes | No | No | Yes | No | No | Yes | No | Yes | No | |||||||||||||||||||
Avalon RockMeadow |
None | No | No | No | No | No | No | 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 Wynhaven |
None | No | Yes | Yes | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | No | Yes | Yes | Yes | Yes | |||||||||||||||||||
NORTHERN CALIFORNIA |
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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 | Yes | No | |||||||||||||||||||
Avalon at Willow Creek |
None | 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 I |
None | No | No | No | No | Yes | No | No | Yes | Yes | No | No | Yes | No | No | No | 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 |
None | Yes | No | No | No | Yes | No |