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| Maryland | 77-0404318 |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
| Large accelerated filer x | Accelerated filer o |
| Non-accelerated filer (Do not check if a smaller reporting company) o | Smaller reporting company o |
| 9-30-10 | 12-31-09 | |||||||
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(unaudited)
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||||||||
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ASSETS
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||||||||
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Real estate:
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||||||||
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Land
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$ | 1,330,289 | $ | 1,249,236 | ||||
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Buildings and improvements
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6,409,618 | 5,980,423 | ||||||
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Furniture, fixtures and equipment
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197,586 | 185,395 | ||||||
| 7,937,493 | 7,415,054 | |||||||
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Less accumulated depreciation
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(1,650,905 | ) | (1,474,147 | ) | ||||
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Net operating real estate
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6,286,588 | 5,940,907 | ||||||
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Construction in progress, including land
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402,721 | 531,299 | ||||||
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Land held for development
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228,496 | 237,095 | ||||||
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Operating real estate assets held for sale, net
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6,265 | 124,186 | ||||||
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Total real estate, net
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6,924,070 | 6,833,487 | ||||||
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Cash and cash equivalents
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229,111 | 105,691 | ||||||
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Cash in escrow
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178,030 | 210,676 | ||||||
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Resident security deposits
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22,605 | 23,646 | ||||||
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Investments in unconsolidated real estate entities
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93,770 | 74,570 | ||||||
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Deferred financing costs, net
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32,006 | 34,531 | ||||||
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Deferred development costs
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81,124 | 87,763 | ||||||
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Prepaid expenses and other assets
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113,686 | 87,241 | ||||||
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Total assets
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$ | 7,674,402 | $ | 7,457,605 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
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Unsecured notes, net
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$ | 1,660,480 | $ | 1,658,029 | ||||
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Mortgage notes payable
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2,287,410 | 2,316,843 | ||||||
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Dividends payable
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76,127 | 72,773 | ||||||
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Payables for construction
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37,706 | 49,623 | ||||||
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Accrued expenses and other liabilities
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241,875 | 232,964 | ||||||
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Accrued interest payable
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22,377 | 35,069 | ||||||
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Resident security deposits
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33,966 | 33,646 | ||||||
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Liabilities related to real estate assets held for sale
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-- | 2,734 | ||||||
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Total liabilities
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4,359,941 | 4,401,681 | ||||||
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Redeemable noncontrolling interests
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10,630 | 5,797 | ||||||
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Stockholders' equity:
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||||||||
| Common stock, $0.01 par value; 140,000,000 shares authorized at both | ||||||||
| September 30, 2010 and December 31, 2009; 85,284,865 and 81,528,957 shares | ||||||||
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issued and outstanding at September 30, 2010 and December 31, 2009, respectively
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853 | 815 | ||||||
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Noncontrolling interest
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4,812 | -- | ||||||
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Additional paid-in capital
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3,532,451 | 3,200,367 | ||||||
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Accumulated earnings less dividends
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(232,770 | ) | (149,988 | ) | ||||
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Accumulated other comprehensive loss
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(1,515 | ) | (1,067 | ) | ||||
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Total stockholders' equity
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3,303,831 | 3,050,127 | ||||||
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Total liabilities and stockholders' equity
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$ | 7,674,402 | $ | 7,457,605 | ||||
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For the three months ended
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For the nine months ended
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|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
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Revenue:
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||||||||||||||||
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Rental and other income
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$ | 225,783 | $ | 213,165 | $ | 658,040 | $ | 631,392 | ||||||||
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Management, development and other fees
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1,800 | 1,878 | 5,334 | 5,423 | ||||||||||||
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Total revenue
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227,583 | 215,043 | 663,374 | 636,815 | ||||||||||||
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Expenses:
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||||||||||||||||
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Operating expenses, excluding property taxes
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69,848 | 66,693 | 200,575 | 195,226 | ||||||||||||
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Property taxes
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23,402 | 21,093 | 69,695 | 61,871 | ||||||||||||
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Interest expense, net
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44,262 | 41,205 | 128,260 | 108,215 | ||||||||||||
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Gain on extinguishment of debt, net
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-- | -- | -- | (1,062 | ) | |||||||||||
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Depreciation expense
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58,628 | 52,987 | 171,956 | 153,992 | ||||||||||||
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General and administrative expense
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7,039 | 5,750 | 19,975 | 18,388 | ||||||||||||
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Impairment loss - land holdings
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-- | -- | -- | 20,302 | ||||||||||||
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Total expenses
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203,179 | 187,728 | 590,461 | 556,932 | ||||||||||||
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Equity in income (loss) of unconsolidated entities
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(325 | ) | 190 | 364 | 4,139 | |||||||||||
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Gain on sale of land
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-- | 241 | -- | 241 | ||||||||||||
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Income from continuing operations
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24,079 | 27,746 | 73,277 | 84,263 | ||||||||||||
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Discontinued operations:
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||||||||||||||||
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Income (loss) from discontinued operations
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(99 | ) | 3,685 | 1,917 | 10,991 | |||||||||||
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Gain on sale of communities
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-- | 26,670 | 72,220 | 26,670 | ||||||||||||
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Total discontinued operations
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(99 | ) | 30,355 | 74,137 | 37,661 | |||||||||||
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Net income
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23,980 | 58,101 | 147,414 | 121,924 | ||||||||||||
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Net (income) loss attributable to noncontrolling interests
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674 | 53 | 890 | 1,329 | ||||||||||||
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Net income attributable to common stockholders
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$ | 24,654 | $ | 58,154 | $ | 148,304 | $ | 123,253 | ||||||||
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Other comprehensive income:
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Unrealized (loss) gain on cash flow hedges
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(314 | ) | 521 | (448 | ) | 1,318 | ||||||||||
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Comprehensive income
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$ | 24,340 | $ | 58,675 | $ | 147,856 | $ | 124,571 | ||||||||
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Earnings per common share - basic:
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Income from continuing operations attributable to common
stockholders
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$ | 0.29 | $ | 0.34 | $ | 0.88 | $ | 1.08 | ||||||||
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Discontinued operations attributable to common stockholders
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-- | 0.38 | 0.89 | 0.47 | ||||||||||||
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Net income attributable to common stockholders
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$ | 0.29 | $ | 0.72 | $ | 1.77 | $ | 1.55 | ||||||||
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Earnings per common share - diluted:
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Income from continuing operations attributable to common
stockholders
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$ | 0.29 | $ | 0.34 | $ | 0.88 | $ | 1.07 | ||||||||
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Discontinued operations attributable to common stockholders
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-- | 0.38 | 0.88 | 0.47 | ||||||||||||
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Net income attributable to common stockholders
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$ | 0.29 | $ | 0.72 | $ | 1.76 | $ | 1.54 | ||||||||
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Dividends per common share:
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$ | 0.8925 | $ | 0.8925 | $ | 2.6775 | $ | 2.6775 | ||||||||
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For the nine months ended
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||||||||
| 9-30-10 | 9-30-09 | |||||||
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Cash flows from operating activities:
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||||||||
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Net income
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$ | 147,414 | $ | 121,924 | ||||
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Adjustments to reconcile net income to cash provided
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||||||||
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by operating activities:
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||||||||
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Depreciation expense
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171,956 | 153,992 | ||||||
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Depreciation expense from discontinued operations
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371 | 7,701 | ||||||
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Amortization of deferred financing costs and debt premium/discount
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5,944 | 5,422 | ||||||
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Amortization of stock-based compensation
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4,536 | 4,887 | ||||||
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Equity in income of unconsolidated entities and noncontrolling
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||||||||
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interests, net of eliminations
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852 | (3,992 | ) | |||||
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Impairment loss - land holdings
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-- | 20,302 | ||||||
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Gain on sale of real estate assets
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(72,220 | ) | (26,911 | ) | ||||
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Gain on extinguishment of debt, net
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-- | (1,062 | ) | |||||
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Increase in cash in operating escrows
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(294 | ) | (2,699 | ) | ||||
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Increase in resident security deposits,
prepaid expenses and other assets
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(25,221 | ) | (17,711 | ) | ||||
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Increase in accrued expenses, other liabilities
and accrued interest payable
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1,041 | 11,125 | ||||||
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Net cash provided by operating activities
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234,379 | 272,978 | ||||||
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Cash flows from investing activities:
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||||||||
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Development/redevelopment of real estate assets including
|
||||||||
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land acquisitions and deferred development costs
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(330,251 | ) | (444,892 | ) | ||||
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Capital expenditures - existing real estate assets
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(9,683 | ) | (4,112 | ) | ||||
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Capital expenditures - non-real estate assets
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(517 | ) | (699 | ) | ||||
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Proceeds from sale of real estate, net of selling costs
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186,058 | 67,893 | ||||||
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Decrease in payables for construction
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(11,917 | ) | (14,742 | ) | ||||
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Decrease in cash in construction escrows
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32,940 | 66,492 | ||||||
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Acquisition of mortgage note
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(24,000 | ) | -- | |||||
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Decrease (increase) in investments in unconsolidated real estate entities
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(20,977 | ) | 382 | |||||
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Net cash used in investing activities
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(178,347 | ) | (329,678 | ) | ||||
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Cash flows from financing activities:
|
||||||||
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Issuance of common stock
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322,257 | 102,442 | ||||||
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Dividends paid
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(222,081 | ) | (211,269 | ) | ||||
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Payments under unsecured credit facility
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-- | (124,000 | ) | |||||
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Issuance of mortgage notes payable and draws on construction loans
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-- | 741,140 | ||||||
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Repayments of mortgage notes payable
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(29,433 | ) | (29,516 | ) | ||||
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Issuance of unsecured notes
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-- | 499,372 | ||||||
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Repayment of unsecured notes
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-- | (420,936 | ) | |||||
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Payment of deferred financing costs
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(3,149 | ) | (11,635 | ) | ||||
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Redemption of units for cash by minority partners
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-- | (202 | ) | |||||
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Distributions to DownREIT partnership unitholders
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(42 | ) | (39 | ) | ||||
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Distributions to joint venture and profit-sharing partners
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(164 | ) | -- | |||||
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Net cash provided by financing activities
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67,388 | 545,357 | ||||||
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Net increase in cash and cash equivalents
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123,420 | 488,657 | ||||||
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Cash and cash equivalents, beginning of period
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105,691 | 65,678 | ||||||
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Cash and cash equivalents, end of period
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$ | 229,111 | $ | 554,335 | ||||
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Cash paid during the period for interest, net of amount capitalized
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$ | 125,190 | $ | 101,059 | ||||
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●
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As described in Note 4, “Stockholders’ Equity,” 102,984 shares of common stock valued at $7,777 were issued in connection with stock grants; 4,716 shares valued at $419 were issued through the Company’s dividend reinvestment plan; 46,852 shares valued at $3,990 were withheld to satisfy employees’ tax withholding and other liabilities; 1,300 shares valued at $39 were forfeited and 61,055 shares valued at $3,322 were issued to members of the board of directors in fulfillment of deferred stock awards for a net value of $7,489. In addition, the Company granted 126,484 options for common stock at a value of $2,460.
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●
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25 units of limited partnership, valued at $3, were presented for redemption to the DownREIT partnerships that issued such units and were acquired by the Company in exchange for an equal number of shares of the Company’s common stock.
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●
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The Company recorded an increase to other liabilities and a corresponding decrease to other comprehensive income of $448 and recorded an increase to prepaid expenses and other assets of $2,181, with a corresponding offset to the basis of unsecured notes, net to record the impact of the Company’s hedge accounting activity (as described in Note 5, “Derivative Instruments and Hedging Activities”).
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●
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Common dividends declared but not paid totaled $76,127.
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●
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The Company recorded an increase of $5,305 in redeemable noncontrolling interests with a corresponding decrease to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units. For further discussion of the nature and valuation of these items, see Note 11, “Fair Value”.
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●
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The Company recognized $4,812 in noncontrolling interest in conjunction with the consolidation of a Fund I subsidiary. See Note 6, “Investments in Real Estate Entities” for further discussion.
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●
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2,624,641 shares of common stock valued at $139,058 were issued as part of the special dividend declared in the fourth quarter of 2008; 169,851 shares of common stock valued at $8,360 were issued in connection with stock grants; 9,201 shares valued at $505 were issued through the Company’s dividend reinvestment plan; 33,006 shares valued at $1,502 were withheld to satisfy employees’ tax withholding and other liabilities and 1,031 shares valued at $147 were forfeited, for a net value of $146,274. In addition, the Company granted 344,801 options for common stock at a value of $2,252.
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●
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The Company recorded a decrease to other liabilities and a corresponding increase to other comprehensive income of $1,318 to record the impact of the Company’s hedge accounting activity.
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●
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Common dividends declared but not paid totaled $72,595.
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●
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The Company recorded a decrease of $4,745 in redeemable noncontrolling interests with a corresponding increase to accumulated earnings less dividends to adjust the redemption value associated with the put options held by joint venture partners and DownREIT partnership units.
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●
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In May 2009, the Company obtained $93,440 in variable rate tax-exempt bond financing related to a Development Right (as defined elsewhere in this Form 10-Q), the proceeds of which will be held in escrow until requisitioned for construction funding. This loan provides an option for the Company to request an additional construction loan of up to $83,560 subject to the lender’s discretion.
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For the three months ended
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For the nine months ended
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|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
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Basic and diluted shares outstanding
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||||||||||||||||
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Weighted average common shares - basic
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84,968,804 | 80,132,409 | 83,385,833 | 79,521,277 | ||||||||||||
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Weighted average DownREIT units outstanding
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15,346 | 15,351 | 15,349 | 16,874 | ||||||||||||
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Effect of dilutive securities
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784,546 | 461,517 | 728,712 | 631,942 | ||||||||||||
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Weighted average common shares - diluted
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85,768,696 | 80,609,277 | 84,129,894 | 80,170,093 | ||||||||||||
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Calculation of Earnings per Share - basic
|
||||||||||||||||
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Net income attributable to common stockholders
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$ | 24,654 | $ | 58,154 | $ | 148,304 | $ | 123,253 | ||||||||
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Net income allocated to unvested restricted shares
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(68 | ) | (182 | ) | (429 | ) | (389 | ) | ||||||||
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Net income attributable to common stockholders, adjusted
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$ | 24,586 | $ | 57,972 | $ | 147,875 | $ | 122,864 | ||||||||
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Weighted average common shares - basic
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84,968,804 | 80,132,409 | 83,385,833 | 79,521,277 | ||||||||||||
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Earnings per common share - basic
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$ | 0.29 | $ | 0.72 | $ | 1.77 | $ | 1.55 | ||||||||
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Calculation of Earnings per Share - diluted
|
||||||||||||||||
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Net income attributable to common stockholders
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$ | 24,654 | $ | 58,154 | $ | 148,304 | $ | 123,253 | ||||||||
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Add: noncontrolling interests of DownREIT unitholders in
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consolidated partnerships, including discontinued operations
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14 | 14 | 41 | 52 | ||||||||||||
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Adjusted net income attributable to common stockholders
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$ | 24,668 | $ | 58,168 | $ | 148,345 | $ | 123,305 | ||||||||
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Weighted average common shares - diluted
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85,768,696 | 80,609,277 | 84,129,894 | 80,170,093 | ||||||||||||
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Earnings per common share - diluted
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$ | 0.29 | $ | 0.72 | $ | 1.76 | $ | 1.54 | ||||||||
| 9-30-10 | 12-31-09 | |||||||
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Fixed rate unsecured notes
(1)
|
$ | 1,360,477 | $ | 1,360,477 | ||||
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Variable rate unsecured notes
(1)
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300,000 | 300,000 | ||||||
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Fixed rate mortgage notes payable - conventional and tax-exempt
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1,661,705 | 1,632,605 | ||||||
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Variable rate mortgage notes payable - conventional and tax-exempt
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625,705 | 684,238 | ||||||
| Total notes payable and unsecured notes | 3,947,887 | 3,977,320 | ||||||
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Credit Facility
|
-- | -- | ||||||
| Total mortgage notes payable, unsecured notes and Credit Facility | $ | 3,947,887 | $ | 3,977,320 | ||||
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(1)
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Balances at September 30, 2010 and December 31, 2009 exclude $1,950 and $2,220 respectively of debt discount, and $1,953 and ($228) respectively for basis adjustments, as reflected in unsecured notes on the Company's Condensed Consolidated Balance sheets.
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●
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In February 2010, the Company repaid a 6.47% fixed rate secured mortgage note in the amount of $13,961 in advance of its March 2012 scheduled maturity date.
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●
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In March 2010, the Company repaid a 6.95% fixed rate secured mortgage note in the amount of $11,226 in advance of its February 2025 scheduled maturity date.
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Year
|
Secured notes payments
(1)
|
Secured notes maturities
|
Unsecured
notes
maturities
|
Stated
interest rate
of unsecured
notes
|
|
|||||||||||||
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2010
|
$ | 1,325 | $ | 28,989 | $ | 14,576 | 7.500 | % | ||||||||||
| 75,000 | 7.072 | % | (2) | |||||||||||||||
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2011
|
10,776 | 36,425 | 39,900 | 6.625 | % | |||||||||||||
| 150,000 | 5.701 | % | (2) | |||||||||||||||
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2012
|
14,034 | 108,101 | 201,601 | 6.125 | % | |||||||||||||
| 104,400 | 5.500 | % | ||||||||||||||||
| 75,000 | 4.600 | % | (2) | |||||||||||||||
|
2013
|
14,876 | 264,697 | 100,000 | 4.950 | % | |||||||||||||
|
2014
|
15,769 | 33,100 | 150,000 | 5.375 | % | |||||||||||||
|
2015
|
14,725 | 365,130 | -- | -- | ||||||||||||||
|
2016
|
15,600 | -- | 250,000 | 5.750 | % | |||||||||||||
|
2017
|
16,533 | 18,300 | 250,000 | 5.700 | % | |||||||||||||
|
2018
|
17,522 | -- | -- | -- | ||||||||||||||
|
2019
|
2,588 | 699,529 | -- | -- | ||||||||||||||
|
Thereafter
|
110,707 | 498,684 | 250,000 | 6.100 | % | |||||||||||||
| $ | 234,455 | $ | 2,052,955 | $ | 1,660,477 | |||||||||||||
|
(1)
Secured note payments are comprised of the principal pay downs for amortizing mortgage notes.
|
||||||||||||||||||
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(2)
The weighted average interest rate for the swapped unsecured notes as of September 30, 2010.
|
||||||||||||||||||
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Accumulated
|
Accumulated
|
Total
|
||||||||||||||||||||||||||
|
Additional
|
earnings
|
other
|
AvalonBay
|
|||||||||||||||||||||||||
|
Common
|
paid-in
|
less
|
comprehensive
|
stockholders'
|
Noncontrolling
|
Total
|
||||||||||||||||||||||
|
stock
|
capital
|
dividends
|
loss
|
equity
|
interests
|
equity
|
||||||||||||||||||||||
|
Balance at December 31, 2009
|
$ | 815 | $ | 3,200,367 | $ | (149,988 | ) | $ | (1,067 | ) | $ | 3,050,127 | $ | -- | $ | 3,050,127 | ||||||||||||
|
Net income attributable to common stockholders
|
-- | -- | 148,304 | -- | 148,304 | -- | 148,304 | |||||||||||||||||||||
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Unrealized loss on cash flow hedges
|
-- | -- | -- | (448 | ) | (448 | ) | -- | (448 | ) | ||||||||||||||||||
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Change in redemption value of
|
||||||||||||||||||||||||||||
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redeemable noncontrolling interest
|
-- | -- | (5,305 | ) | -- | (5,305 | ) | -- | (5,305 | ) | ||||||||||||||||||
|
Noncontrolling interests (a)
|
-- | -- | -- | -- | - | 4,812 | 4,812 | |||||||||||||||||||||
|
Dividends declared to common stockholders
|
-- | -- | (225,854 | ) | -- | (225,854 | ) | -- | (225,854 | ) | ||||||||||||||||||
|
Issuance of common stock, net of withholdings
|
38 | 321,857 | 73 | -- | 321,968 | -- | 321,968 | |||||||||||||||||||||
|
Amortization of deferred compensation
|
-- | 10,227 | -- | -- | 10,227 | -- | 10,227 | |||||||||||||||||||||
|
Balance at September 30, 2010
|
$ | 853 | $ | 3,532,451 | $ | (232,770 | ) | $ | (1,515 | ) | $ | 3,299,019 | $ | 4,812 | $ | 3,303,831 | ||||||||||||
|
(a) Represents the impact of consolidating a Fund I subsidiary. See Note 6, "Investments in Real Estate Entities".
|
||||||||||||||||||||||||||||
|
|
(i)
|
issued 3,080,204 shares of common stock through public offerings;
|
|
|
(ii)
|
issued 555,076 shares of common stock in connection with stock options exercised;
|
|
|
(iii)
|
issued 4,716 common shares through the Company’s dividend reinvestment plan;
|
|
|
(iv)
|
issued 102,984 common shares in connection with stock grants;
|
|
|
(v)
|
issued 61,055 common shares to two members of the Board of Directors in fulfillment of deferred stock awards;
|
|
|
(vi)
|
issued 25 common shares for DownREIT OP units conversion;
|
|
|
(vii)
|
withheld 46,852 common shares to satisfy employees’ tax withholding and other liabilities; and
|
|
|
(viii)
|
redeemed 1,300 shares of restricted common stock upon forfeiture.
|
|
Non-designated
Hedges
|
Cash Flow
Hedges
|
Fair Value
Hedges
|
||||||||||
|
Interest
|
Interest
|
Interest
|
||||||||||
|
Rate Caps
|
Rate Caps
|
Rate Swaps
|
||||||||||
|
|
||||||||||||
|
Notional balance
|
$ | 109,847 | $ | 196,678 | $ | 300,000 | ||||||
|
Weighted average interest rate (1)
|
1.5 | % | 2.5 | % | 5.8 | % | ||||||
|
Weighted average capped interest rate
|
6.9 | % | 5.3 | % | N/A | |||||||
|
Earliest maturity date
|
Apr-11
|
Jun-12
|
Dec-10
|
|||||||||
|
Latest maturity date
|
Mar-14
|
Jun-15
|
Jan-12
|
|||||||||
|
Estimated fair value, asset/(liability)
|
$ | 22 | $ | 370 | $ | 1,953 | ||||||
|
(1)
For interest rate caps, this represents the weighted average interest rate on the debt.
|
||||||||||||
|
●
|
Creekside Meadows, a garden-style community consisting of 628 apartment homes located in Tustin (Orange County), CA, was acquired for a purchase price of $98,500;
|
|
●
|
Grove Park Apartments, a garden-style community consisting of 684 apartment homes located in Gaithersburg, MD was acquired for a purchase price of $101,000; and
|
|
●
|
The Apartments at Briarwood, a garden-style community consisting of 348 apartment homes located in Owings Mills, MD, was acquired for a purchase price of $44,750.
|
|
Company
|
# of
|
Total
|
Debt
|
||||||||||||||||||||||
|
Ownership
|
Apartment
|
Capitalized
|
Interest
|
Maturity
|
|||||||||||||||||||||
|
Unconsolidated Real Estate Investments
|
Percentage
|
Homes
|
Cost
(1)
|
Amount
(2)
|
Type
|
Rate (3)
|
Date
|
||||||||||||||||||
|
Fund I
|
|||||||||||||||||||||||||
| 1. |
Avalon at Redondo Beach - Los Angeles, CA
|
105 | $ | 24,622 | $ | 21,033 |
Fixed
|
4.87 | % |
Oct 2011
|
|||||||||||||||
| 2. |
Avalon Lakeside - Chicago, IL
|
204 | 18,362 | 12,056 |
Fixed
|
5.74 | % |
Mar 2012
|
|||||||||||||||||
| 3. |
Avalon Columbia - Baltimore, MD
|
170 | 29,406 | 22,275 |
Fixed
|
5.48 | % |
Apr 2012
|
|||||||||||||||||
| 4. |
Avalon Sunset - Los Angeles, CA
|
82 | 20,903 | 12,750 |
Fixed
|
5.41 | % |
Mar 2014
|
|||||||||||||||||
| 5. |
Avalon at Poplar Creek - Chicago, IL
|
196 | 28,093 | 16,500 |
Fixed
|
4.83 | % |
Oct 2012
|
|||||||||||||||||
| 6. |
Avalon at Civic Center - Norwalk, CA
|
192 | 42,756 | 27,001 |
Fixed
|
5.38 | % |
Aug 2013
|
|||||||||||||||||
| 7. |
Avalon Paseo Place - Fremont, CA
|
134 | 24,840 | 11,800 |
Fixed
|
5.74 | % |
Nov 2013
|
|||||||||||||||||
| 8. |
Avalon at Yerba Buena - San Francisco, CA
|
160 | 66,805 | 41,500 |
Fixed
|
5.88 | % |
Mar 2014
|
|||||||||||||||||
| 9. |
Avalon at Aberdeen Station - Aberdeen, NJ
|
290 | 58,385 | 39,842 |
Fixed
|
5.64 | % |
Sep 2013
|
|||||||||||||||||
| 10. |
The Springs - Corona, CA (4)
|
320 | 30,832 | 24,000 |
Fixed
|
6.06 | % |
Oct 2014
|
|||||||||||||||||
| 11. |
Avalon Lombard - Lombard, IL
|
256 | 35,319 | 17,243 |
Fixed
|
5.43 | % |
Jan 2014
|
|||||||||||||||||
| 12. |
Avalon Cedar Place - Columbia, MD
|
156 | 24,466 | 12,000 |
Fixed
|
5.68 | % |
Feb 2014
|
|||||||||||||||||
| 13. |
Avalon Centerpoint - Baltimore, MD
|
392 | 80,059 | 45,000 |
Fixed
|
5.74 | % |
Dec 2013
|
|||||||||||||||||
| - | |||||||||||||||||||||||||
| 14. |
Middlesex Crossing - Billerica, MA
|
252 | 38,089 | 24,100 |
Fixed
|
5.49 | % |
Dec 2013
|
|||||||||||||||||
| 15. |
Avalon Crystal Hill - Ponoma, NY
|
168 | 38,610 | 24,500 |
Fixed
|
5.43 | % |
Dec 2013
|
|||||||||||||||||
| 16. |
Avalon Skyway - San Jose, CA
|
348 | 78,198 | 37,500 |
Fixed
|
6.11 | % |
Mar 2014
|
|||||||||||||||||
| 17. |
Avalon Rutherford Station - East Rutherford, NJ
|
108 | 36,795 | 19,865 |
Fixed
|
6.13 | % |
Sep 2016
|
|||||||||||||||||
| 18. |
South Hills Apartments - West Covina, CA
|
85 | 24,756 | 11,761 |
Fixed
|
5.92 | % |
Oct 2013
|
|||||||||||||||||
| 19. |
Weymouth Place - Weymouth, MA
|
211 | 25,299 | 13,455 |
Fixed
|
5.12 | % |
Mar 2015
|
|||||||||||||||||
|
Total Fund I
|
15.2 | % | 3,829 | $ | 726,595 | $ | 434,181 | 5.6 | % | ||||||||||||||||
|
Fund II
|
|||||||||||||||||||||||||
| 1. |
Avalon Bellevue Park - Bellevue, WA
|
220 | $ | 33,969 | $ | 21,515 |
Fixed
|
5.52 | % |
Jun 2019
|
|||||||||||||||
| 2. |
The Hermitage - Fairfax, VA
|
491 | 72,029 | 42,600 |
Fixed
|
5.26 | % |
May 2017
|
|||||||||||||||||
| 3. |
Avalon Rothbury - Gaithersburg, MD
|
203 | 31,364 | 18,750 |
Variable
|
2.85 | % |
Jun 2017
|
|||||||||||||||||
| 4. |
The Apartments at Briarwood - Owings Mills, MD
|
348 | 44,750 | - | N/A | N/A | N/A | ||||||||||||||||||
| 5. |
Grove Park Apartments - Gaithersburg, MD
|
684 | 101,000 | 63,200 |
Fixed
|
5.42 | % |
Jan 2017
|
|||||||||||||||||
| 6. |
Creekside Meadows - Tustin, CA
|
628 | 98,500 | 59,100 |
Fixed
|
3.81 | % |
Sep 2017
|
|||||||||||||||||
|
Fund II corporate debt
|
N/A | N/A | 46,000 |
Variable
|
2.76 | % | 2010 (5) | ||||||||||||||||||
|
Total Fund II
|
31.3 | % | 2,574 | $ | 381,612 | $ | 251,165 | 4.3 | % | ||||||||||||||||
|
Other Operating Joint Ventures
|
|||||||||||||||||||||||||
| 1. |
Avalon Chrystie Place I - New York, NY (6)
|
|
20.0
|
% | 361 | $ | 135,393 | $ | 117,000 |
Variable
|
0.97 | % |
Nov 2036
|
||||||||||||
| 2. | Avalon at Mission Bay North II - San Francisco, CA (7) |
|
25.0
|
% | 313 | 124,014 | 105,000 |
Fixed
|
6.02 | % |
Dec 2015
|
||||||||||||||
| 3. |
Avalon Del Rey - Los Angeles, CA
|
30.0 | % | 309 | 70,037 | 45,292 |
Variable
|
3.60 | % |
Apr 2016
|
|||||||||||||||
|
Other Development Joint Ventures
|
|||||||||||||||||||||||||
| 1. |
Aria at Hathorne - Danvers, MA (7) (8)
|
50.0 | % | 64 | N/A | 1,860 |
Variable
|
4.19 | % |
Jun 2010
(9)
|
|||||||||||||||
|
Total Other Joint Ventures
|
1,047 | $ | 329,444 | $ | 269,152 | 3.4 | % | ||||||||||||||||||
|
Total Unconsolidated Investments
|
7,450 | $ | 1,437,651 | $ | 954,498 | 4.7 | % | ||||||||||||||||||
|
|
(1)
|
Represents total capitalized cost as of September 30, 2010.
|
|
|
(2)
|
The Company has not guaranteed the debt of its unconsolidated investees and bears no responsibility for the repayment, other than the construction and completion and related financing guarantee for Avalon Chrystie Place I associated with the construction completion and occupancy certificate.
|
|
|
(3)
|
Represents weighted average rate on outstanding debt.
|
|
|
(4)
|
As discussed elsewhere in this Form 10-Q, beginning in the three months ended September 30, 2010, the Company consolidated the net assets and results of operations of The Springs.
|
|
|
(5)
|
As of September 30, 2010, these borrowings are drawn under an unsecured credit facility maturing in December 2011, assuming exercise of a one-year extension option.
|
|
|
(6)
|
After the venture makes certain threshold distributions to the third-party partner, the Company generally receives 50% of all further distributions.
|
|
|
(7)
|
The Company has contributed land at a stepped up basis as its only capital contribution to this development.
|
|
|
(8)
|
After the venture makes certain threshold distributions to the Company, the Company receives 50% of all further distributions.
|
|
|
(9)
|
The loan for this venture matured in June 2010. As of September 30, 2010, the amounts under this borrowing have not been repaid. The venture is negotiating an extension or refinancing of the amounts outstanding. The lender has not to date declared an event of default with respect to the note or required the venture to pay a default rate of interest. Although the Company bears no responsibility to repay the amounts outstanding, the Company has the right to cure any event of default by the venture.
|
| 9-30-10 | 12-31-09 | |||||||
|
(unaudited)
|
(unaudited)
|
|||||||
|
Assets:
|
||||||||
|
Real estate, net
|
$ | 1,291,271 | $ | 1,065,328 | ||||
|
Other assets
|
68,711 | 39,502 | ||||||
|
Total assets
|
$ | 1,359,982 | $ | 1,104,830 | ||||
|
Liabilities and partners' capital:
|
||||||||
|
Mortgage notes payable and credit facility
|
$ | 930,498 | $ | 758,487 | ||||
|
Other liabilities
|
25,278 | 19,669 | ||||||
|
Partners' capital
|
404,206 | 326,674 | ||||||
|
Total liabilities and partners' capital
|
$ | 1,359,982 | $ | 1,104,830 | ||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
|
||||||||||||||||
|
Rental and other income
|
$ | 28,236 | $ | 25,230 | $ | 81,066 | $ | 75,871 | ||||||||
|
Operating and other expenses
|
(15,488 | ) | (12,282 | ) | (40,290 | ) | (36,636 | ) | ||||||||
|
Interest expense, net
|
(9,957 | ) | (9,277 | ) | (28,548 | ) | (27,458 | ) | ||||||||
|
Depreciation expense
|
(9,242 | ) | (8,392 | ) | (26,494 | ) | (24,420 | ) | ||||||||
|
Net loss
|
$ | (6,451 | ) | $ | (4,721 | ) | $ | (14,266 | ) | $ | (12,643 | ) | ||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
|
||||||||||||||||
|
Rental income
|
$ | 127 | $ | 9,149 | $ | 4,142 | $ | 29,200 | ||||||||
|
Operating and other expenses
|
(101 | ) | (3,134 | ) | (1,854 | ) | (9,825 | ) | ||||||||
|
Interest expense, net
|
-- | -- | -- | (682 | ) | |||||||||||
|
Depreciation expense
|
(125 | ) | (2,330 | ) | (371 | ) | (7,702 | ) | ||||||||
|
Income from discontinued operations
|
$ | (99 | ) | $ | 3,685 | $ | 1,917 | $ | 10,991 | |||||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
Net income
|
$ | 23,980 | $ | 58,101 | $ | 147,414 | $ | 121,924 | ||||||||
|
Indirect operating expenses, net of corporate income
|
7,189 | 6,987 | 22,269 | 22,922 | ||||||||||||
|
Investments and investment management expense
|
1,026 | 976 | 3,111 | 2,799 | ||||||||||||
|
Expensed development and other pursuit costs
|
737 | 1,721 | 1,685 | 5,096 | ||||||||||||
|
Interest expense, net
|
44,262 | 41,205 | 128,260 | 108,215 | ||||||||||||
|
Gain on extinguishment of debt, net
|
-- | -- | -- | (1,062 | ) | |||||||||||
|
General and administrative expense
|
7,039 | 5,750 | 19,975 | 18,388 | ||||||||||||
|
Equity in (income) loss of unconsolidated entities
|
325 | (190 | ) | (364 | ) | (4,139 | ) | |||||||||
|
Depreciation expense
|
58,628 | 52,987 | 171,956 | 153,992 | ||||||||||||
|
Impairment loss - land holdings
|
-- | -- | -- | 20,302 | ||||||||||||
|
Gain on sale of real estate assets
|
-- | (26,911 | ) | (72,220 | ) | (26,911 | ) | |||||||||
|
(Income) loss from discontinued operations
|
99 | (3,685 | ) | (1,917 | ) | (10,991 | ) | |||||||||
|
Net operating income
|
$ | 143,285 | $ | 136,941 | $ | 420,169 | $ | 410,535 | ||||||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||||||||||||||
|
Total
|
% NOI change
|
Total
|
% NOI change
|
Gross
|
||||||||||||||||||||||||
|
revenue
|
NOI
|
from prior year
|
revenue
|
NOI
|
from prior year
|
real estate
(1)
|
||||||||||||||||||||||
|
For the period ended September 30, 2010
|
||||||||||||||||||||||||||||
|
Established
|
||||||||||||||||||||||||||||
|
New England
|
$ | 36,291 | $ | 22,562 | (0.1 | %) | $ | 107,138 | $ | 66,505 | (2.3 | %) | $ | 1,099,428 | ||||||||||||||
|
Metro NY/NJ
|
45,945 | 29,944 | (2.2 | %) | 135,622 | 90,041 | (3.4 | %) | 1,391,159 | |||||||||||||||||||
|
Mid-Atlantic/Midwest
|
30,382 | 18,290 | 1.9 | % | 89,704 | 54,501 | (1.0 | %) | 751,739 | |||||||||||||||||||
|
Pacific Northwest
|
6,593 | 4,035 | (14.7 | %) | 19,824 | 12,710 | (14.6 | %) | 239,936 | |||||||||||||||||||
|
Northern California
|
29,754 | 20,248 | (1.4 | %) | 88,707 | 60,651 | (8.0 | %) | 1,113,445 | |||||||||||||||||||
|
Southern California
|
14,683 | 9,328 | (2.8 | %) | 44,142 | 28,466 | (6.9 | %) | 468,666 | |||||||||||||||||||
|
Total Established
|
163,648 | 104,407 | (1.5 | %) | 485,137 | 312,874 | (4.6 | %) | 5,064,373 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Other Stabilized
|
31,783 | 19,411 | N/A | 90,442 | 54,403 | N/A | 1,597,052 | |||||||||||||||||||||
|
Development / Redevelopment
|
30,352 | 19,467 | N/A | 82,461 | 52,892 | N/A | 1,604,250 | |||||||||||||||||||||
|
Land Held for Future Development
|
N/A | N/A | N/A | N/A | N/A | N/A | 228,496 | |||||||||||||||||||||
|
Non-allocated
(2)
|
1,800 | N/A | N/A | 5,334 | N/A | N/A | 74,539 | |||||||||||||||||||||
|
Total
|
$ | 227,583 | $ | 143,285 | 4.6 | % | $ | 663,374 | $ | 420,169 | 2.3 | % | $ | 8,568,710 | ||||||||||||||
|
For the period ended September 30, 2009
|
||||||||||||||||||||||||||||
|
Established
|
||||||||||||||||||||||||||||
|
New England
|
$ | 30,313 | $ | 18,964 | (7.2 | %) | $ | 91,665 | $ | 57,750 | (6.1 | %) | $ | 857,868 | ||||||||||||||
|
Metro NY/NJ
|
38,620 | 25,541 | (9.5 | %) | 117,568 | 79,283 | (5.5 | %) | 1,047,469 | |||||||||||||||||||
|
Mid-Atlantic/Midwest
|
30,662 | 18,458 | (0.7 | %) | 91,711 | 56,704 | (1.8 | %) | 774,762 | |||||||||||||||||||
|
Pacific Northwest
|
6,983 | 4,720 | (9.9 | %) | 21,537 | 14,870 | (5.6 | %) | 238,801 | |||||||||||||||||||
|
Northern California
|
24,203 | 16,681 | (13.2 | %) | 75,034 | 54,019 | (6.1 | %) | 855,803 | |||||||||||||||||||
|
Southern California
|
15,551 | 10,066 | (14.2 | %) | 47,442 | 32,159 | (9.9 | %) | 426,957 | |||||||||||||||||||
|
Total Established
|
146,332 | 94,430 | (8.7 | %) | 444,957 | 294,785 | (5.5 | %) | 4,201,660 | |||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Other Stabilized
|
32,154 | 21,321 | N/A | 94,691 | 61,582 | N/A | 1,410,927 | |||||||||||||||||||||
|
Development / Redevelopment
|
34,679 | 21,190 | N/A | 91,744 | 54,168 | N/A | 2,148,151 | |||||||||||||||||||||
|
Land Held for Future Development
|
N/A | N/A | N/A | N/A | N/A | N/A | 243,656 | |||||||||||||||||||||
|
Non-allocated
(2)
|
1,878 | N/A | N/A | 5,423 | N/A | N/A | 71,765 | |||||||||||||||||||||
|
Total
|
$ | 215,043 | $ | 136,941 | (0.0 | %) | $ | 636,815 | $ | 410,535 | 2.1 | % | $ | 8,076,159 | ||||||||||||||
|
(1)
|
Does not include gross real estate assets held for sale of $10,210 and $274,573 as of September 30, 2010 and 2009, respectively.
|
||||||||||||||||||||||||||||
|
(2)
|
Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not
|
||||||||||||||||||||||||||||
|
allocated to a reportable segment.
|
|||||||||||||||||||||||||||||
|
Weighted
|
Weighted
|
|||||||||||||||
|
average
|
average
|
|||||||||||||||
|
2009 Plan
|
exercise price
|
1994 Plan
|
exercise price
|
|||||||||||||
|
shares
|
per share
|
shares
|
per share
|
|||||||||||||
|
Options Outstanding, December 31, 2009
|
-- | $ | -- | 2,836,254 | $ | 80.76 | ||||||||||
|
Exercised
|
-- | -- | (555,076 | ) | 57.09 | |||||||||||
|
Granted
|
126,484 | 74.20 | -- | -- | ||||||||||||
|
Forfeited
|
-- | -- | (34,656 | ) | 100.02 | |||||||||||
|
Options Outstanding, September 30, 2010
|
126,484 | $ | 74.20 | 2,246,522 | $ | 86.32 | ||||||||||
|
Options Exercisable September 30, 2010
|
-- | N/A | 1,896,182 | $ | 90.69 | |||||||||||
|
|
●
|
Puts – The Company provided redemption options (the “Puts”) that allow two of the Company’s joint venture partners to require the Company to purchase their interests in the investments at the future fair market value. One Put is payable in cash or, at the Company’s option, common stock of the Company, and the second is payable in cash. The Company determines the fair value of the Puts based on unobservable inputs considering the assumptions that market participants would make in pricing the obligations. The Company applies discount factors to the estimated future cash flows of the asset underlying the associated joint venture, which in the case of the Puts is the NOI from an apartment community, as well as potential disposition proceeds utilizing market capitalization rates, to derive the fair value of the position. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. At December 31, 2009, the Puts’ aggregate fair value was $4,101. At September 30, 2010, the aggregate fair value of the Puts was $8,600.
|
|
|
●
|
DownREIT units – The Company issued units of limited partnership interest in DownREITs which provide the DownREIT limited partners the ability to present all or some of their units for redemption for a cash amount as determined by the applicable partnership agreement. Under the DownREIT agreements, for each limited partnership unit, the limited partner is entitled to receive cash in the amount equal to the fair value of the Company’s common stock on or about the date of redemption. In lieu of cash redemption, the Company may elect to exchange such units for an equal number of shares in the Company’s common stock. The limited partnership units in DownREITs are valued using the market price of the Company’s common stock, a Level 1 price under the fair value hierarchy. At December 31, 2009, the fair value of the DownREIT units was $1,260. At September 30, 2010, the fair value of the DownREIT units was $1,594.
|
|
|
●
|
Net income attributable to common stockholders for the quarter ended September 30, 2010 was $24,654,000, a decrease of $33,500,000 or 57.6% from the prior year period. The decrease is attributable primarily to gains from dispositions in the third quarter of 2009, with no comparable activity in the third quarter of 2010.
|
|
|
●
|
For the quarter ended September 30, 2010, Established Communities NOI decreased by 1.5% or $1,614,000 from the prior year period, a continued improvement over the NOI declines of 7.6% and 4.4% for the quarters ended March 31, 2010 and June 30, 2010, respectively. This year-over-year decline for the three months ended September 30, 2010 was driven primarily by an increase in operating expenses of 3.3%. The increase in expenses is offset somewhat by an increase in rental revenue of 0.2%, the first quarter of year-over-year growth in rental revenue for our Established Communities since 2008.
|
|
●
|
Creekside Meadows, a garden-style community consisting of 628 apartment homes located in Tustin (Orange County), CA, was acquired for a purchase price of $98,500,000;
|
|
●
|
Grove Park Apartments, a garden-style community consisting of 684 apartment homes located in Gaithersburg, MD was acquired for a purchase price of $101,000,000; and
|
|
●
|
The Apartments at Briarwood, a garden-style community consisting of 348 apartment homes located in Owings Mills, MD, was acquired for a purchase price of $44,750,000.
|
|
|
●
|
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 period ended September 30, 2010, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2009, 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
are 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. Redevelopment is considered substantial when capital invested during the reconstruction effort is expected to exceed either $5,000,000 or 10% of the community’s pre-redevelopment basis and is expected to have a material impact on the operations of the community, including occupancy levels and future rental rates.
|
| Number of |
|
Number of | ||||||
| communities |
|
apartment homes | ||||||
|
Current Communities
|
||||||||
|
Established Communities:
|
||||||||
|
New England
|
25
|
6,442
|
||||||
|
Metro NY/NJ
|
21
|
6,908
|
||||||
|
Mid-Atlantic/Midwest
|
15
|
5,944
|
||||||
|
Pacific Northwest
|
8
|
1,943
|
||||||
|
Northern California
|
20
|
5,975
|
||||||
|
Southern California
|
12
|
3,460
|
||||||
|
Total Established
|
101
|
30,672
|
||||||
|
Other Stabilized Communities:
|
||||||||
|
New England
|
9
|
2,169
|
||||||
|
Metro NY/NJ
|
9
|
2,423
|
||||||
|
Mid-Atlantic/Midwest
|
13
|
3,836
|
||||||
|
Pacific Northwest
|
4
|
1,021
|
||||||
|
Northern California
|
8
|
2,145
|
||||||
|
Southern California
|
15
|
4,158
|
||||||
|
Total Other Stabilized
|
58
|
15,752
|
||||||
|
Lease-Up Communities
|
1
|
276
|
||||||
|
Redevelopment Communities
|
7
|
2,361
|
||||||
|
Total Current Communities
|
167
|
49,061
|
||||||
|
Development Communities
|
12
|
3,429
|
||||||
|
Development Rights
|
24
|
6,984
|
||||||
|
For the three months ended
|
For the nine months ended
|
||||||||||||||||||||||||||||||
| 9-30-10 | 9-30-09 |
$ Change
|
% Change
|
9-30-10 | 9-30-09 |
$ Change
|
% Change
|
||||||||||||||||||||||||
|
Revenue:
|
|||||||||||||||||||||||||||||||
|
Rental and other income
|
$ | 225,783 | $ | 213,165 | $ | 12,618 | 5.9 | % | $ | 658,040 | $ | 631,392 | $ | 26,648 | 4.2 | % | |||||||||||||||
|
Management, development and other fees
|
1,800 | 1,878 | (78 | ) | (4.2 | %) | 5,334 | 5,423 | (89 | ) | (1.6 | %) | |||||||||||||||||||
| Total revenue | 227,583 | 215,043 | 12,540 | 5.8 | % | 663,374 | 636,815 | 26,559 | 4.2 | % | |||||||||||||||||||||
|
Expenses:
|
|||||||||||||||||||||||||||||||
|
Direct property operating expenses,
|
|||||||||||||||||||||||||||||||
|
excluding property taxes
|
59,114 | 55,164 | 3,950 | 7.2 | % | 168,492 | 158,821 | 9,671 | 6.1 | % | |||||||||||||||||||||
|
Property taxes
|
23,402 | 21,093 | 2,309 | 10.9 | % | 69,695 | 61,871 | 7,824 | 12.6 | % | |||||||||||||||||||||
| Total community operating expenses | 82,516 | 76,257 | 6,259 | 8.2 | % | 238,187 | 220,692 | 17,495 | 7.9 | % | |||||||||||||||||||||
|
Corporate-level property management
|
|||||||||||||||||||||||||||||||
|
and other indirect operating expenses
|
8,971 | 8,832 | 139 | 1.6 | % | 27,287 | 28,510 | (1,223 | ) | (4.3 | %) | ||||||||||||||||||||
|
Investments and investment management expense
|
1,026 | 976 | 50 | 5.1 | % | 3,111 | 2,799 | 312 | 11.1 | % | |||||||||||||||||||||
|
Expensed development and other pursuit costs
|
737 | 1,721 | (984 | ) | (57.2 | %) | 1,685 | 5,096 | (3,411 | ) | (66.9 | %) | |||||||||||||||||||
|
Interest expense, net
|
44,262 | 41,205 | 3,057 | 7.4 | % | 128,260 | 108,215 | 20,045 | 18.5 | % | |||||||||||||||||||||
|
Gain on extinguishment of debt, net
|
-- | -- | N/A | N/A | -- | (1,062 | ) | 1,062 | (100.0 | %) | |||||||||||||||||||||
|
Depreciation expense
|
58,628 | 52,987 | 5,641 | 10.6 | % | 171,956 | 153,992 | 17,964 | 11.7 | % | |||||||||||||||||||||
|
General and administrative expense
|
7,039 | 5,750 | 1,289 | 22.4 | % | 19,975 | 18,388 | 1,587 | 8.6 | % | |||||||||||||||||||||
|
Impairment loss
|
-- | -- | -- | N/A | -- | 20,302 | (20,302 | ) | (100.0 | %) | |||||||||||||||||||||
|
Gain on sale of land
|
-- | (241 | ) | 241 | (100.0 | %) | -- | (241 | ) | 241 | (100.0 | %) | |||||||||||||||||||
| Total other expenses | 120,663 | 111,230 | 9,433 | 8.5 | % | 352,274 | 335,999 | 16,275 | 4.8 | % | |||||||||||||||||||||
|
Equity in income (loss) of unconsolidated entities
|
(325 | ) | 190 | (515 | ) | (271.1 | %) | 364 | 4,139 | (3,775 | ) | (91.2 | %) | ||||||||||||||||||
|
Income from continuing operations
|
24,079 | 27,746 | (3,667 | ) | (13.2 | %) | 73,277 | 84,263 | (10,986 | ) | (13.0 | %) | |||||||||||||||||||
|
Discontinued operations:
|
|||||||||||||||||||||||||||||||
|
Income (loss) from discontinued operations
|
(99 | ) | 3,685 | (3,784 | ) | (102.7 | %) | 1,917 | 10,991 | (9,074 | ) | (82.6 | %) | ||||||||||||||||||
|
Gain on sale of communities
|
- | 26,670 | (26,670 | ) | (100.0 | %) | 72,220 | 26,670 | 45,550 | 170.8 | % | ||||||||||||||||||||
| Total discontinued operations | (99 | ) | 30,355 | (30,454 | ) | (100.3 | %) | 74,137 | 37,661 | 36,476 | 96.9 | % | |||||||||||||||||||
|
Net income
|
23,980 | 58,101 | (34,121 | ) | (58.7 | %) | 147,414 | 121,924 | 25,490 | 20.9 | % | ||||||||||||||||||||
|
Net (income) loss attributable to noncontrolling
interests
|
674 | 53 | 621 | 1,171.7 | % | 890 | 1,329 | (439 | ) | (33.0 | %) | ||||||||||||||||||||
|
Net income attributable to common stockholders
|
$ | 24,654 | $ | 58,154 | $ | (33,500 | ) | (57.6 | %) | $ | 148,304 | $ | 123,253 | $ | 25,051 | 20.3 | % | ||||||||||||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
Net income
|
$ | 23,980 | $ | 58,101 | $ | 147,414 | $ | 121,924 | ||||||||
|
Indirect operating expenses, net of corporate income
|
7,189 | 6,987 | 22,269 | 22,922 | ||||||||||||
|
Investments and investment management expense
|
1,026 | 976 | 3,111 | 2,799 | ||||||||||||
|
Expensed development and other pursuit costs
|
737 | 1,721 | 1,685 | 5,096 | ||||||||||||
|
Interest expense, net
|
44,262 | 41,205 | 128,260 | 108,215 | ||||||||||||
|
Gain on extinguishment of debt, net
|
-- | -- | -- | (1,062 | ) | |||||||||||
|
General and administrative expense
|
7,039 | 5,750 | 19,975 | 18,388 | ||||||||||||
|
Equity in (income) loss of unconsolidated entities
|
325 | (190 | ) | (364 | ) | (4,139 | ) | |||||||||
|
Depreciation expense
|
58,628 | 52,987 | 171,956 | 153,992 | ||||||||||||
|
Impairment loss - land holdings
|
-- | -- | -- | 20,302 | ||||||||||||
|
Gain on sale of real estate assets
|
-- | (26,911 | ) | (72,220 | ) | (26,911 | ) | |||||||||
|
(Income) loss from discontinued operations
|
99 | (3,685 | ) | (1,917 | ) | (10,991 | ) | |||||||||
|
Net operating income
|
$ | 143,285 | $ | 136,941 | $ | 420,169 | $ | 410,535 | ||||||||
|
For the three months ended
|
For the nine months ended
|
|||||||
| 9-30-10 | 9-30-10 | |||||||
|
Established Communities
|
$ | (1,614 | ) | $ | (14,918 | ) | ||
|
Other Stabilized Communities
|
4,086 | 20,819 | ||||||
|
Development and Redevelopment Communities
|
3,872 | 3,733 | ||||||
|
Total
|
$ | 6,344 | $ | 9,634 | ||||
| For the three months ended |
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
|
||||||||||||||||
|
Rental revenue (GAAP basis)
|
$ | 163,464 | $ | 163,194 | $ | 484,744 | $ | 494,864 | ||||||||
|
Concessions amortized
|
705 | 2,472 | 3,451 | 8,103 | ||||||||||||
|
Concessions granted
|
(516 | ) | (2,016 | ) | (1,585 | ) | (6,791 | ) | ||||||||
|
Rental revenue adjusted to state
|
||||||||||||||||
|
concessions on a cash basis
|
$ | 163,653 | $ | 163,650 | $ | 486,610 | $ | 496,176 | ||||||||
|
Year-over-year % change -- GAAP revenue
|
0.2 | % | (2.0 | %) | ||||||||||||
|
Year-over-year % change -- cash concession based revenue
|
0.0 | % | (1.9 | %) | ||||||||||||
|
|
●
|
gains or losses on sales of previously depreciated operating communities;
|
|
|
●
|
extraordinary gains or losses (as defined by GAAP);
|
|
|
●
|
depreciation of real estate assets; and
|
|
|
●
|
adjustments for unconsolidated partnerships and joint ventures.
|
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
Net income attributable to common stockholders
|
$ | 24,654 | $ | 58,154 | $ | 148,304 | $ | 123,253 | ||||||||
|
Depreciation - real estate assets, including discontinued
|
||||||||||||||||
|
operations and joint venture adjustments
|
59,794 | 56,239 | 175,399 | 163,891 | ||||||||||||
|
Distributions to noncontrolling interests, including
|
||||||||||||||||
|
discontinued operations
|
14 | 14 | 41 | 52 | ||||||||||||
|
Gain on sale of operating communities
|
-- | (26,670 | ) | (72,220 | ) | (26,670 | ) | |||||||||
|
FFO attributable to common stockholders
|
$ | 84,462 | $ | 87,737 | $ | 251,524 | $ | 260,526 | ||||||||
|
Weighted average common shares outstanding - diluted
|
85,768,696 | 80,609,277 | 84,129,894 | 80,170,093 | ||||||||||||
|
EPS per common share - diluted
|
$ | 0.29 | $ | 0.72 | $ | 1.76 | $ | 1.54 | ||||||||
|
FFO per common share - diluted
|
$ | 0.98 | $ | 1.09 | $ | 2.99 | $ | 3.25 | ||||||||
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
| 9-30-10 | 9-30-09 | 9-30-10 | 9-30-09 | |||||||||||||
|
Net cash provided by operating activities
|
$ | 62,655 | $ | 83,250 | $ | 234,379 | $ | 272,978 | ||||||||
|
Net cash provided by (used in) investing activities
|
$ | (144,369 | ) | $ | (53,621 | ) | $ | (178,347 | ) | $ | (329,678 | ) | ||||
|
Net cash (used in) provided by financing activities
|
$ | (62,896 | ) | $ | 308,946 | $ | 67,388 | $ | 545,357 | |||||||
|
|
●
|
development and redevelopment activity in which we are currently engaged;
|
|
|
●
|
the minimum dividend payments on our common stock required to maintain our REIT qualification under the Code;
|
|
|
●
|
debt service and principal payments either at maturity or opportunistic pre-payments;
|
|
|
●
|
normal recurring operating expenses; and
|
|
|
●
|
capital calls for Fund II, as required.
|
|
|
●
|
We invested approximately $330,251,000 in the development of communities.
|
|
|
●
|
We had capital expenditures of $10,200,000 for real estate and non-real estate assets.
|
|
|
●
|
limitations on the amount of total and secured debt in relation to our overall capital structure;
|
|
|
●
|
limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and
|
|
|
●
|
minimum levels of debt service coverage.
|
|
|
●
|
we repaid a 6.47% fixed rate secured mortgage note in the amount of $13,961,000 in advance of its March 2012 scheduled maturity date; and
|
|
|
●
|
we repaid a 6.95% fixed rate secured mortgage note in the amount of $11,226,000 in advance of its February 2025 scheduled maturity date.
|
|
All-In
|
Principal
|
|||||||||||||||||||||||||||||||
|
interest
|
maturity
|
Balance outstanding
|
Scheduled maturities
|
|||||||||||||||||||||||||||||
|
Community
|
rate
(1)
|
date
|
12-31-09 | 9-30-10 | 2010 | 2011 | 2012 | 2013 | 2014 |
Thereafter
|
||||||||||||||||||||||
|
Tax-exempt bonds
|
||||||||||||||||||||||||||||||||
|
Fixed rate
|
||||||||||||||||||||||||||||||||
|
CountryBrook
|
-- |
Mar-2012
|
$ | 13,961 | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||||||
|
Avalon at Symphony Glen
|
5.17 | % |
Jul-2024
|
9,780 | 9,780 | (8 | ) | -- | -- | -- | -- | -- | 9,780 | |||||||||||||||||||
|
Avalon at Lexington
|
-- |
Feb-2025
|
11,226 | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||
|
Avalon Campbell
|
-- |
Jun-2025
|
29,881 | -- | (2 | ) | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||
|
Avalon Pacifica
|
-- |
Jun-2025
|
13,554 | -- | (2 | ) | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||
|
Avalon Fields
|
7.79 | % |
May-2027
|
9,714 | 9,495 | 76 | 316 | 339 | 364 | 390 | 8,010 | |||||||||||||||||||||
|
Avalon Oaks
|
7.49 | % |
Feb-2041
|
16,794 | 16,677 | 40 | 168 | 180 | 193 | 207 | 15,889 | |||||||||||||||||||||
|
Avalon Oaks West
|
7.54 | % |
Apr-2043
|
16,661 | 16,556 | 36 | 152 | 162 | 173 | 185 | 15,848 | |||||||||||||||||||||
|
Avalon at Chestnut Hill
|
6.15 | % |
Oct-2047
|
41,501 | 41,240 | 89 | 368 | 388 | 409 | 432 | 39,554 | |||||||||||||||||||||
|
Morningside Park
|
4.09 | % |
Nov-2040
|
-- | 100,000 | (9 | ) | -- | -- | -- | -- | -- | 100,000 | |||||||||||||||||||
| 163,072 | 193,748 | 241 | 1,004 | 1,069 | 1,139 | 1,214 | 189,081 | |||||||||||||||||||||||||
|
Variable rate
(3)
|
||||||||||||||||||||||||||||||||
|
Avalon Burbank
|
2.03 | % |
Oct-2010
|
29,387 | 28,989 | (10 | ) | 28,989 | -- | -- | -- | -- | -- | |||||||||||||||||||
|
Waterford
|
1.13 | % |
Jul-2014
|
33,100 | 33,100 | (4 | ) | -- | -- | -- | -- | 33,100 | -- | |||||||||||||||||||
|
Avalon at Mountain View
|
1.18 | % |
Feb-2017
|
18,300 | 18,300 | (4 | ) | -- | -- | -- | -- | -- | 18,300 | |||||||||||||||||||
|
Avalon at Mission Viejo
|
1.43 | % |
Jun-2025
|
7,635 | 7,635 | (4 | ) | -- | -- | -- | -- | -- | 7,635 | |||||||||||||||||||
|
Avalon at Nob Hill
|
1.35 | % |
Jun-2025
|
20,800 | 20,800 | (4 | ) | -- | -- | -- | -- | -- | 20,800 | |||||||||||||||||||
|
Avalon Campbell
|
1.69 | % |
Jun-2025
|
8,919 | 38,800 | (2 | ) | -- | -- | -- | -- | -- | 38,800 | |||||||||||||||||||
|
Avalon Pacifica
|
1.71 | % |
Jun-2025
|
4,046 | 17,600 | (2 | ) | -- | -- | -- | -- | -- | 17,600 | |||||||||||||||||||
|
Bowery Place I
|
3.33 | % |
Nov-2037
|
93,800 | 93,800 | (4 | ) | -- | -- | -- | -- | -- | 93,800 | |||||||||||||||||||
|
Bowery Place II
|
4.48 | % |
Nov-2039
|
48,500 | 48,500 | (5 | ) | -- | -- | -- | -- | -- | 48,500 | |||||||||||||||||||
|
Avalon Acton
|
1.77 | % |
Jul-2040
|
45,000 | 45,000 | (4 | ) | -- | -- | -- | -- | -- | 45,000 | |||||||||||||||||||
|
Morningside Park
|
0.00 | % |
Nov-2040
|
100,000 | -- | (9 | ) | -- | -- | -- | -- | -- | -- | |||||||||||||||||||
|
West Chelsea
|
0.22 | % |
May-2012
|
93,440 | 93,440 | (5 | ) | -- | -- | 93,440 | -- | -- | -- | |||||||||||||||||||
|
Avalon Walnut Creek
|
2.99 | % |
Mar-2046
|
116,000 | 116,000 | (5 | ) | -- | -- | -- | -- | -- | 116,000 | |||||||||||||||||||
|
Avalon Walnut Creek
|
2.97 | % |
Mar-2046
|
10,000 | 10,000 | (5 | ) | -- | -- | -- | -- | -- | 10,000 | |||||||||||||||||||
| 628,927 | 571,964 | 28,989 | -- | 93,440 | -- | 33,100 | 416,435 | |||||||||||||||||||||||||
|
Conventional loans
(6)
|
||||||||||||||||||||||||||||||||
|
Fixed rate
|
||||||||||||||||||||||||||||||||
|
$200 Million unsecured notes
|
7.67 | % |
Dec-2010
|
14,576 | 14,576 | 14,576 | -- | -- | -- | -- | -- | |||||||||||||||||||||
|
$300 Million unsecured notes
|
6.79 | % |
Sep-2011
|
39,900 | 39,900 | -- | 39,900 | -- | -- | -- | -- | |||||||||||||||||||||
|
$250 Million unsecured notes
|
5.74 | % |
Jan-2012
|
104,400 | 104,400 | -- | -- | 104,400 | -- | -- | -- | |||||||||||||||||||||
|
$250 Million unsecured notes
|
6.26 | % |
Nov-2012
|
201,601 | 201,601 | -- | -- | 201,601 | -- | -- | -- | |||||||||||||||||||||
|
$100 Million unsecured notes
|
5.11 | % |
Mar-2013
|
100,000 | 100,000 | -- | -- | -- | 100,000 | -- | -- | |||||||||||||||||||||
|
$150 Million unsecured notes
|
5.52 | % |
Apr-2014
|
150,000 | 150,000 | -- | -- | -- | -- | 150,000 | -- | |||||||||||||||||||||
|
$250 Million unsecured notes
|
5.89 | % |
Sep-2016
|
250,000 | 250,000 | -- | -- | -- | -- | -- | 250,000 | |||||||||||||||||||||
|
$250 Million unsecured notes
|
5.82 | % |
Mar-2017
|
250,000 | 250,000 | -- | -- | -- | -- | -- | 250,000 | |||||||||||||||||||||
|
$250 Million unsecured notes
|
6.19 | % |
Mar-2020
|
250,000 | 250,000 | -- | -- | -- | -- | -- | 250,000 | |||||||||||||||||||||
|
Avalon at Twinbrook
|
7.25 | % |
Oct-2011
|
7,578 | 7,400 | 61 | 7,339 | -- | -- | -- | -- | |||||||||||||||||||||
|
Avalon at Tysons West
|
5.55 | % |
Jul-2028
|
6,045 | 5,909 | 47 | 193 | 204 | 216 | 229 | 5,020 | |||||||||||||||||||||
|
Avalon Orchards
|
7.78 | % |
Jul-2033
|
19,011 | 18,763 | 85 | 357 | 382 | 409 | 438 | 17,092 | |||||||||||||||||||||
|
Avalon at Arlington Square
|
4.81 | % |
Apr-2013
|
170,125 | 170,125 | -- | -- | -- | 170,125 | -- | -- | |||||||||||||||||||||
|
Avalon at Cameron Court
|
5.07 | % |
Apr-2013
|
94,572 | 94,572 | -- | -- | -- | 94,572 | -- | -- | |||||||||||||||||||||
|
Avalon Crescent
|
5.59 | % |
May-2015
|
110,600 | 110,600 | -- | -- | -- | -- | -- | 110,600 | |||||||||||||||||||||
|
Avalon at Silicon Valley
|
5.74 | % |
Jul-2015
|
150,000 | 150,000 | -- | -- | -- | -- | -- | 150,000 | |||||||||||||||||||||
|
Avalon Darien
|
6.22 | % |
Nov-2015
|
51,172 | 50,718 | 206 | 702 | 746 | 793 | 843 | 47,428 | |||||||||||||||||||||
|
Avalon Greyrock Place
|
6.12 | % |
Nov-2015
|
61,690 | 61,130 | 251 | 861 | 914 | 971 | 1,031 | 57,102 | |||||||||||||||||||||
|
Avalon Commons
|
6.10 | % |
Jan-2019
|
55,100 | 55,100 | -- | 693 | 734 | 779 | 826 | 52,068 | |||||||||||||||||||||
|
Avalon Walnut Creek
|
4.00 | % |
Jul-2066
|
2,500 | 2,500 | -- | -- | -- | -- | -- | 2,500 | |||||||||||||||||||||
|
Avalon Shrewsbury
|
5.92 | % |
May-2019
|
21,130 | 21,130 | -- | 183 | 285 | 301 | 319 | 20,042 | |||||||||||||||||||||
|
Avalon Gates
|
5.92 | % |
May-2019
|
41,321 | 41,321 | -- | 357 | 557 | 589 | 624 | 39,194 | |||||||||||||||||||||
|
Avalon at Stamford Harbor
|
5.92 | % |
May-2019
|
65,695 | 65,695 | -- | 568 | 885 | 937 | 992 | 62,313 | |||||||||||||||||||||
|
Avalon Freehold
|
5.94 | % |
May-2019
|
36,630 | 36,630 | -- | 317 | 493 | 522 | 553 | 34,745 | |||||||||||||||||||||
|
Avalon Run East II
|
5.94 | % |
May-2019
|
39,250 | 39,250 | -- | 339 | 529 | 560 | 592 | 37,230 | |||||||||||||||||||||
|
Avalon Gardens
|
6.05 | % |
May-2019
|
66,237 | 66,237 | -- | 572 | 892 | 945 | 1,000 | 62,828 | |||||||||||||||||||||
|
Avalon Edgewater
|
6.10 | % |
May-2019
|
78,565 | 78,565 | -- | 679 | 1,058 | 1,120 | 1,186 | 74,522 | |||||||||||||||||||||
|
Avalon Foxhall
|
6.05 | % |
May-2019
|
59,010 | 59,010 | -- | 510 | 795 | 841 | 891 | 55,973 | |||||||||||||||||||||
|
Avalon Gallery Place I
|
6.05 | % |
May-2019
|
45,850 | 45,850 | -- | 396 | 618 | 654 | 692 | 43,490 | |||||||||||||||||||||
|
Avalon Traville
|
5.91 | % |
May-2019
|
77,700 | 77,700 | -- | 672 | 1,047 | 1,108 | 1,173 | 73,700 | |||||||||||||||||||||
|
Avalon Bellevue
|
5.91 | % |
May-2019
|
26,698 | 26,698 | -- | 231 | 360 | 381 | 403 | 25,323 | |||||||||||||||||||||
|
Avalon on the Alameda
|
5.90 | % |
May-2019
|
53,980 | 53,980 | -- | 467 | 727 | 770 | 815 | 51,201 | |||||||||||||||||||||
|
Avalon Mission Bay North
|
5.90 | % |
May-2019
|
73,269 | 73,269 | -- | 633 | 987 | 1,045 | 1,106 | 69,498 | |||||||||||||||||||||
|
Avalon Woburn
|
5.90 | % |
May-2019
|
55,805 | 55,805 | -- | 482 | 752 | 796 | 842 | 52,933 | |||||||||||||||||||||
| 2,830,010 | 2,828,434 | 15,226 | 56,451 | 318,966 | 378,434 | 164,555 | 1,894,802 | |||||||||||||||||||||||||
|
Variable rate
(3) (6)
|
||||||||||||||||||||||||||||||||
|
Avalon at Crane Brook
|
2.12 | % |
Mar-2011
|
30,440 | 29,385 | (4 | ) | 299 | 29,086 | -- | -- | -- | -- | |||||||||||||||||||
|
Avalon at Bedford Center
|
1.75 | % |
May-2012
|
15,871 | 15,356 | (4 | ) | 135 | 560 | 14,661 | -- | -- | -- | |||||||||||||||||||
|
Avalon Walnut Creek
|
2.99 | % |
Mar-2046
|
9,000 | 9,000 | (5 | ) | -- | -- | -- | -- | -- | 9,000 | |||||||||||||||||||
|
$200 Million unsecured notes
|
7.07 | % |
Dec-2010
|
75,000 | 75,000 | (7 | ) | 75,000 | -- | -- | -- | -- | -- | |||||||||||||||||||
|
$300 Million unsecured notes
|
5.70 | % |
Sep-2011
|
100,000 | 100,000 | (7 | ) | -- | 100,000 | -- | -- | -- | -- | |||||||||||||||||||
|
$50 Million unsecured notes
|
5.70 | % |
Sep-2011
|
50,000 | 50,000 | (7 | ) | -- | 50,000 | -- | -- | -- | -- | |||||||||||||||||||
|
$250 Million unsecured notes
|
4.60 | % |
Jan-2012
|
75,000 | 75,000 | (7 | ) | -- | -- | 75,000 | -- | -- | -- | |||||||||||||||||||
| 355,311 | 353,741 | 75,434 | 179,646 | 89,661 | -- | -- | 9,000 | |||||||||||||||||||||||||
|
Total indebtedness - excluding unsecured credit facility
|
$ | 3,977,320 | $ | 3,947,887 | $ | 119,890 | $ | 237,101 | $ | 503,136 | $ | 379,573 | $ | 198,869 | $ | 2,509,318 | ||||||||||||||||
|
(1)
|
Includes credit enhancement fees, facility fees, trustees’ fees and other fees.
|
|
(2)
|
Variable rate, tax-exempt debt for which the interest rate on a portion of this debt was effectively fixed through an interest rate swap agreement through the maturity of the swap in early June 2010. Concurrent with the maturity of the interest rate swap, we executed an interest rate cap limiting the maximum interest rate paid on the portion of the debt hedged. The entire outstanding balance has therefore been presented as variable rate financing beginning June 30, 2010.
|
|
(3)
|
Variable rates are given as of September 30, 2010.
|
|
(4)
|
Financed by variable rate debt, but interest rate is capped through an interest rate protection agreement.
|
|
(5)
|
Represents full amount of the debt as of September 30, 2010. Actual amounts drawn on the debt as of September 30, 2010 are $47,074 for Bowery Place II, $95,313 for Walnut Creek, and $0 for West Chelsea.
|
|
(6)
|
Balances at September 30, 2010 and December 31, 2009 exclude $1,950 and $2,220 respectively of debt discount, and $1,953 and ($228) respectively for basis adjustments, as reflected in unsecured notes on our Condensed Consolidated Balance Sheets included elsewhere in this report.
|
|
(7)
|
In October 2009, we executed $300,000 of interest rate swaps allowing us to effectively convert the principal of these fixed rate unsecured notes to floating rate debt.
|
|
(8)
|
Borrowing was repaid, prior to its scheduled maturity, in October 2010.
|
|
(9)
|
In October 2010, we elected to fix the borrowing rate until June 2011, at which point we will select the updated term and mode for the bonds.
|
|
(10)
|
Borrowing was repaid, in accordance with its scheduled maturity, in October 2010.
|
| ● | cash currently on hand, including cash in construction escrows, invested in highly liquid overnight money market funds and repurchase agreements, and short-term investment vehicles; | |
| ● | the remaining capacity under our $1,000,000,000 Credit Facility; | |
| ● | retained operating cash; | |
| ● | the net proceeds from sales of existing communities; | |
| ● | the issuance of debt or equity securities; and/or | |
| ● | private equity funding, including joint venture activity. |
|
|
●
|
CVP I, LLC has outstanding tax-exempt, variable rate bonds maturing in November 2036 in the amount of $117,000,000, which have permanent credit enhancement. We have agreed to guarantee, under limited circumstances, the repayment to the credit enhancer of any advances it may make in fulfillment of CVP I, LLC’s repayment obligations under the bonds
.
We have also guaranteed to the credit enhancer that CVP I, LLC will obtain a final certificate of occupancy for the project (Chrystie Place in New York City), which is expected in 2010. Our 80% partner in this venture has agreed that it will reimburse us its pro rata share of any amounts paid relative to these guaranteed obligations. The estimated fair value of and our obligation under these guarantees, both at inception and as of September 30, 2010, were not significant. As a result we have not recorded any obligation associated with these guarantees at September 30, 2010.
|
|
|
●
|
Subsidiaries of Fund I have 21 loans secured by individual assets with amounts outstanding in the aggregate of $434,181,000, including 24,000,000 for the mortgage note we purchased during the three months ended September 30, 2010 as discussed elsewhere in this Form 10-Q. Fund I subsidiary loans have varying maturity dates (or dates after which the loans can be prepaid), ranging from October 2011 to September 2016. These mortgage loans are secured by the underlying real estate. The mortgage loans are payable by the subsidiaries of Fund I with operating cash flow or disposition proceeds from the underlying real estate. We have not guaranteed the debt of Fund I, nor do we have any obligation to fund this debt should Fund I be unable to do so.
|
|
|
●
|
As of September 30, 2010, subsidiaries of Fund II have five loans secured by individual assets with amounts outstanding in the aggregate of $205,165,000 with varying maturity dates (or dates after which the loans can be prepaid), ranging from January 2017 to June 2019. During the three months ended September 30, 2010, two subsidiaries of Fund II obtained separate fixed rate secured notes, one for $63,200,000 with a 5.42% interest rate with a maturity of January 2017 and the other for $59,100,000 with a 3.81% interest rate with a maturity of September 2017. As of September 30, 2010, Fund II also has $46,000,000 outstanding under a credit facility that matures in December 2011 assuming the exercise of a one year extension by Fund II. The mortgage loans are payable by the subsidiaries of Fund II with operating cash flow or disposition proceeds from the underlying real estate, and the credit facility is payable by Fund II and is secured by capital commitments. We have not guaranteed, beyond our proportionate share of capital commitments supporting the credit facility of Fund II, the debt of Fund II, nor do we have any obligation to fund this debt should Fund II be unable to do so.
|
|
|
●
|
Each individual mortgage loan of Fund I or Fund II was made to a special purpose, single asset subsidiary of the Funds. Each mortgage loan provides that it is the obligation of the respective subsidiary only, except under exceptional circumstances (such as fraud or misapplication of funds) in which case the respective Fund could also have obligations with respect to the mortgage loan. In no event do the mortgage loans provide for recourse against investors in the Funds, including against us or our wholly owned subsidiaries that invest in the Funds. Similarly, in no event are investors in Fund II obligated with respect to the credit facility for Fund II except with respect to their capital commitment to Fund II. A default by a Fund or a Fund subsidiary on any loan to it would not constitute a default under any of our loans or any loans of our other non-Fund subsidiaries or affiliates. If either the Funds or a subsidiary of one of the Funds were unable to meet its obligations under a loan, the value of our investment in that Fund would likely decline and we might also be more likely to be obligated under the guarantee we provided to one of the Fund partners in each Fund as described above. If either of the Funds or a subsidiary of one of the Funds were unable to meet its obligations under a loan, we and/or the other investors might evaluate whether it was in our respective interests to voluntarily support the Fund through additional equity contributions and/or take other actions to avoid a default under a loan or the consequences of a default (such as foreclosure of a Fund asset).
|
|
|
●
|
MVP I, LLC, the entity that owns Avalon at Mission Bay North II, has a loan secured by the underlying real estate assets of the community for $105,000,000. The loan is a fixed rate, interest-only note bearing interest at 6.02%, maturing in December 2015. We have not guaranteed the debt of MVP I, LLC, nor do we have any obligation to fund this debt should MVP I, LLC be unable to do so.
|
|
|
●
|
Avalon Del Rey Apartments, LLC has a loan secured by the underlying real estate assets of the community for $45,292,000 maturing in April 2016. The variable rate loan had an interest rate of 3.60% at September 30, 2010. We have not guaranteed the debt of Avalon Del Rey Apartments, LLC, nor do we have any obligation to fund this debt should Avalon Del Rey Apartments, LLC be unable to do so.
|
|
|
●
|
Aria at Hathorne Hill, LLC is a joint venture in which we have a non-managing member interest. The LLC is developing for-sale town homes in Danvers, Massachusetts. The LLC has a variable rate loan for $1,860,000 at an interest rate of 4.19% that matured in June 2010. As of September 30, 2010, the amounts under this borrowing have not been repaid, and the venture is negotiating an extension or refinancing of the amounts outstanding. The lender has not to date declared an event of default with respect to the note or required the venture to pay a default rate of interest. Although we bear no responsibility to repay the amounts outstanding, we have the right to cure any event of default by the venture.
|
|
|
●
|
In 2007 we entered into a non-cancelable commitment (the “Commitment”) to acquire parcels of land in Brooklyn, New York for an aggregate purchase price of approximately $111,000,000. Under the terms of the Commitment, we are closing on the various parcels over a period determined by the seller’s ability to execute unrelated purchase transactions and achieve deferral of gains for the land sold under this Commitment. However, under no circumstances will the Commitment extend beyond 2011, at which time either we or the seller can compel execution of the remaining transactions. At September 30, 2010, we have an outstanding commitment to purchase the remaining land for approximately $49,430,000.
|
|
Total
|
|||||||||||||||||||||||||
| Number of | capitalized | ||||||||||||||||||||||||
| apartment | cost (1) | Construction |
Initial
|
Estimated
|
Estimated |
|
|||||||||||||||||||
| homes | ($ millions) |
start
|
occupancy (2) |
completion
|
stabilization
(3)
|
|
|||||||||||||||||||
| 1 |
Avalon Fort Greene
|
631 | $ | 304.5 | Q4 2007 | Q4 2009 | Q4 2010 | Q2 2011 | |||||||||||||||||
|
New York, NY
|
|||||||||||||||||||||||||
| 2 |
Avalon Walnut Creek (4)
|
422 | 151.7 | Q3 2008 | Q2 2010 | Q4 2010 | Q2 2011 | ||||||||||||||||||
|
Walnut Creek, CA
|
|||||||||||||||||||||||||
| 3 |
Avalon Norwalk
|
311 | 84.8 | Q3 2008 | Q2 2010 | Q2 2011 | Q4 2011 | ||||||||||||||||||
|
Norwalk, CT
|
|||||||||||||||||||||||||
| 4 |
Avalon Towers Bellevue
|
397 | 125.9 | Q4 2008 | Q2 2010 | Q2 2011 | Q4 2011 | ||||||||||||||||||
|
Bellevue, WA
|
|||||||||||||||||||||||||
| 5 |
Avalon Northborough II
|
219 | 35.3 | Q4 2009 | Q1 2010 | Q4 2010 | Q2 2011 | ||||||||||||||||||
|
Northborough, MA
|
|||||||||||||||||||||||||
| 6 |
Avalon at West Long Branch
|
180 | 27.6 | Q4 2009 | Q3 2010 | Q1 2011 | Q3 2011 | ||||||||||||||||||
|
West Long Branch, NJ
|
|||||||||||||||||||||||||
| 7 |
Avalon Rockville Centre
|
349 | 110.2 | Q1 2010 | Q3 2011 | Q3 2012 | Q1 2013 | ||||||||||||||||||
|
Rockville Centre, NY
|
|||||||||||||||||||||||||
| 8 |
Avalon Queen Anne
|
203 | 56.7 | Q3 2010 | Q1 2012 | Q2 2012 | Q4 2012 | ||||||||||||||||||
|
Seattle, WA
|
|||||||||||||||||||||||||
| 9 |
Avalon at the Pinehills II
|
91 | 18.4 | Q3 2010 | Q2 2011 | Q3 2011 | Q1 2012 | ||||||||||||||||||
|
Plymouth, MA
|
|||||||||||||||||||||||||
| 10 |
Avalon Springs II
|
100 | 31.3 | Q3 2010 | Q2 2011 | Q3 2011 | Q1 2012 | ||||||||||||||||||
|
Wilton, CT
|
|||||||||||||||||||||||||
| 11 |
Avalon Green II
|
444 | 110.6 | Q3 2010 | Q4 2011 | Q1 2013 | Q3 2013 | ||||||||||||||||||
|
Greenburgh, NY
|
|||||||||||||||||||||||||
| 12 |
Avalon Brandemoor II
|
82 | 15.5 | Q3 2010 | Q3 2011 | Q4 2011 | Q2 2012 | ||||||||||||||||||
|
Lynnwood, WA
|
|||||||||||||||||||||||||
|
Total
|
3,429 | $ | 1,072.5 | ||||||||||||||||||||||
|
(1)
|
Total capitalized cost includes all capitalized costs projected to be or actually incurred to develop the respective Development Community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees. Total capitalized cost for communities identified as having joint venture ownership, either during construction or upon construction completion, represents the total projected joint venture contribution amount.
|
|
(2)
|
Future initial occupancy dates are estimates. There can be no assurance that we will pursue to completion any or all of these proposed developments.
|
|
(3)
|
Stabilized operations is defined as the earlier of (i) attainment of 95% or greater physical occupancy or (ii) the one-year anniversary of completion of development.
|
|
(4)
|
This community is being financed in part by third-party, tax-exempt and taxable debt.
|
|
Total cost
|
||||||||||||||||||||||||||
| Number of |
($ millions)
|
Estimated
|
Estimated
|
|||||||||||||||||||||||
| apartment | Pre-redevelopment | Total capitalized | Reconstruction | reconstruction |
restabilized
|
|||||||||||||||||||||
|
homes
|
cost
|
cost
(1)
|
start
|
completion
|
operations
(2)
|
|||||||||||||||||||||
| 1. |
Avalon at Diamond Heights
|
154 | $ | 25.3 | $ | 30.6 | Q4 2007 | Q4 2010 | Q2 2011 | |||||||||||||||||
|
San Francisco, CA
|
||||||||||||||||||||||||||
| 2. |
Avalon Pleasanton
|
456 | 63.0 | 80.9 | Q2 2009 | Q4 2011 | Q2 2012 | |||||||||||||||||||
|
Pleasanton, CA
|
||||||||||||||||||||||||||
| 3. |
Avalon Princeton Junction
|
512 | 30.2 | 49.9 | Q2 2009 | Q1 2012 | Q3 2012 | |||||||||||||||||||
|
West Windsor, NJ
|
||||||||||||||||||||||||||
| 4. |
Avalon at Cedar Ridge
|
195 | 27.7 | 33.8 | Q3 2009 | Q4 2010 | Q2 2011 | |||||||||||||||||||
|
Daly City, CA
|
||||||||||||||||||||||||||
| 5. |
Avalon Warm Springs
|
235 | 36.5 | 44.0 | Q4 2009 | Q1 2011 | Q3 2011 | |||||||||||||||||||
|
Fremont, CA
|
||||||||||||||||||||||||||
| 6. |
Avalon Summit
|
245 | 17.7 | 26.8 | Q2 2010 | Q4 2011 | Q2 2012 | |||||||||||||||||||
|
Quincy, MA
|
||||||||||||||||||||||||||
| 7. |
Avalon at Decoverly (3)
|
564 | 63.5 | 71.3 | Q3 2010 | Q4 2011 | Q2 2012 | |||||||||||||||||||
|
Rockville, MD
|
||||||||||||||||||||||||||
|
Total
(4)
|
2,361 | $ | 263.9 | $ | 337.3 | |||||||||||||||||||||
|
(1)
|
Total capitalized cost includes all capitalized costs projected to be or actually incurred to redevelop the respective Redevelopment Community, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, all as determined in accordance with GAAP.
|
|
(2)
|
Restabilized operations is defined as the earlier of (i) attainment of 95% or greater physical occupancy or (ii) the one-year anniversary of completion of redevelopment.
|
|
(3)
|
Redevelopment efforts will be focused on the 368 apartment homes associated with the initial phase of this community which was acquired by a predecessor of the Company in 3Q 2005.
|
|
(4)
|
The Company commenced the redevelopment of Avalon at Prudential Center in Boston, MA and Crowne Ridge in San Rafael, CA during the second quarter 2010 for an estimated total capital cost of $35.4 million. The redevelopment of these communities is primarily focused on the exterior and/or common area and is not expected to have a material impact on community operations, including occupancy, or the expected future level of rental revenue. These communities are therefore included in the Established Community portfolio and not classified as Redevelopment Communities.
|
| Total |
|
|||||||||
| Estimated | capitalized |
|
||||||||
| number | cost |
|
||||||||
|
Location
|
Land Status
|
of homes | ($ millions) (1) |
|
||||||
| 1. |
San Francisco, CA
|
Owned
|
173
|
$ |
62
|
|||||
| 2. |
Cohasset, MA
|
Owned
|
220
|
53
|
||||||
| 3. |
Tysons Corner, VA I
|
Owned
|
354
|
78
|
||||||
| 4. |
North Bergen, NJ
|
Owned
|
164
|
45
|
||||||
| 5. |
Wood-Ridge, NJ
|
Optioned
|
406
|
87
|
||||||
| 6. |
Garden City, NY
|
Owned
|
204
|
71
|
||||||
| 7. |
Andover, MA
|
Owned
|
115
|
27
|
||||||
| 8. |
New York, NY Phase I
|
Ground Lease
|
396
|
169
|
||||||
| 9. |
Shelton, CT
|
Optioned
|
200
|
41
|
||||||
| 10. |
Seattle, WA
|
Owned
|
271
|
81
|
||||||
| 11. |
Dublin, CA Phase II
|
Optioned
|
486
|
145
|
||||||
| 12. |
Somerset, NJ
|
Optioned
|
384
|
82
|
||||||
| 13. |
Boston, MA
|
Option to Lease
|
187
|
97
|
||||||
| 14. |
Hackensack, NJ
|
Option to Lease
|
226
|
48
|
||||||
| 15. |
Rockville, MD
|
Owned
|
240
|
57
|
||||||
| 16. |
Huntington Station, NY
|
Optioned
|
392
|
92
|
||||||
| 17. |
Bloomingdale, NJ
|
Optioned
|
174
|
33
|
||||||
| 18. |
Tysons Corner, VA II
|
Owned
|
338
|
87
|
||||||
| 19. |
Stratford, CT
|
Owned
|
130
|
25
|
||||||
| 20. |
Ossining, NY
|
Optioned
|
210
|
44
|
||||||
| 21. |
Brooklyn, NY
|
Owned
|
861
|
443
|
||||||
| 22. |
Ocean Township, NJ
|
Optioned
|
309
|
57
|
||||||
| 23. |
New York, NY Phase II
|
Ground Lease
|
295
|
142
|
||||||
| 24. |
Roselle Park, NJ
|
Optioned
|
249
|
54
|
||||||
|
Total
|
6,984
|
$ |
2,120
|
|||||||
|
(1)
|
Total capitalized cost includes all capitalized costs incurred to date (if any) and projected to be incurred to develop the respective community, determined in accordance with GAAP, including land acquisition costs, construction costs, real estate taxes, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees.
|
|
|
●
|
our potential development, redevelopment, acquisition or disposition of communities;
|
|
|
●
|
the timing and cost of completion of apartment communities under construction, reconstruction, development or redevelopment;
|
|
|
●
|
the timing of lease-up, occupancy and stabilization of apartment communities;
|
|
|
●
|
the pursuit of land on which we are considering future development;
|
|
|
●
|
the anticipated operating performance of our communities;
|
|
|
●
|
cost, yield, revenue, NOI and earnings estimates;
|
|
|
●
|
our declaration or payment of distributions;
|
|
|
●
|
our joint venture and discretionary fund activities;
|
|
|
●
|
our policies regarding investments, indebtedness, acquisitions, dispositions, financings and other matters;
|
|
|
●
|
our qualification as a REIT under the Internal Revenue Code;
|
|
|
●
|
the real estate markets in Northern and Southern California and markets in selected states in the Mid-Atlantic, Midwest, New England, Metro New York/New Jersey and Pacific Northwest regions of the United States and in general;
|
|
|
●
|
the availability of debt and equity financing;
|
|
|
●
|
interest rates;
|
|
|
●
|
general economic conditions including the recent economic downturn; and
|
|
|
●
|
trends affecting our financial condition or results of operations.
|
|
|
●
|
we may fail to secure development opportunities due to an inability to reach agreements with third-parties to obtain land at attractive prices or to obtain desired zoning and other local approvals;
|
|
|
●
|
we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses;
|
|
|
●
|
construction costs of a community may exceed our original estimates;
|
|
|
●
|
we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest costs and construction costs and a decrease in our expected rental revenues;
|
|
|
●
|
occupancy rates and market rents may be adversely affected by competition and local economic and market conditions which are beyond our control;
|
|
|
●
|
financing may not be available on favorable terms or at all, and our cash flows from operations and access to cost effective capital may be insufficient for the development of our pipeline which could limit our pursuit of opportunities;
|
|
|
●
|
our cash flows may be insufficient to meet required payments of principal and interest, and we may be unable to refinance existing indebtedness or the terms of such refinancing may not be as favorable as the terms of existing indebtedness;
|
|
|
●
|
we may be unsuccessful in our management of Fund I, Fund II or the REIT vehicles that are used with each respective Fund; and
|
|
|
●
|
we may be unsuccessful in managing changes in our portfolio composition.
|
|
|
There have been no material changes to our exposures to market risk since December 31, 2009.
|
|
Item 4.
|
|
|
(a)
|
Evaluation of disclosure controls and procedures.
|
|
|
|
The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of September 30, 2010. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.
|
|
|
|
We continue to review and document our disclosure controls and procedures, including our internal controls and procedures for financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business. |
|
|
(b)
|
Changes in internal controls over financial reporting. |
|
Item 1a.
|
|
Period
|
(a)
Total Number
of Shares
Purchased
(1)
|
(b)
Average Price
Paid per Share
|
(c)
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
(d)
Maximum Dollar
Amount that May
Yet be Purchased
Under the Plans or
Programs
(in thousands)
(2)
|
|
July 1- July 31, 2010
|
--
|
--
|
--
|
$200,000
|
|
August 1– August 31, 2010
|
1,687
|
105.50
|
--
|
$200,000
|
|
September 1- September 30, 2010
|
--
|
--
|
--
|
$200,000
|
|
|
(1)
|
Reflects shares surrendered to the Company in connection with exercise of stock options as payment of exercise price.
|
|
|
(2)
|
As disclosed in our Form 10-Q for the quarter ended March 31, 2008, represents amounts outstanding under the Company’s $500,000,000 Stock Repurchase Program. There is no scheduled expiration date to this program.
|
| Item 3. | Defaults Upon Senior Securities |
|
|
Exhibit No.
|
|
Description
|
|
|
3(i).1
|
--
|
Articles of Amendment and Restatement of Articles of Incorporation of AvalonBay Communities (the “Company”), dated as of June 4, 1998. (Incorporated by reference to Exhibit 3(i).1 to Form 10-K of the Company filed on March 1, 2007.)
|
|
|
3(i).2
|
--
|
Articles of Amendment, dated as of October 2, 1998. (Incorporated by reference to Exhibit 3(i).2 to Form 10-K of the Company filed on March 1, 2007.)
|
|
|
3(ii).1
|
--
|
Amended and Restated Bylaws of the Company, as adopted by the Board of Directors on May 21, 2009. (Incorporated by reference to Exhibit 3(ii).1 to Form 10-K of the Company filed on March 1, 2010.)
|
|
|
3(ii).2
|
--
|
Amendment to Amended and Restated Bylaws of the Company, dated February 10, 2010. (Incorporated by reference to Exhibit 3.2 to Form 8-K of the Company filed February 12, 2010.)
|
|
|
4.1
|
--
|
Indenture for Senior Debt Securities, dated as of January 16, 1998, between the Company and State Street Bank and Trust Company, as Trustee. (Incorporated by reference to Exhibit 4.1 to Registration Statement on form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
|
|
4.2
|
--
|
First Supplemental Indenture, dated as of January 20, 1998, between the Company and the State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
|
|
4.3
|
--
|
Second Supplemental Indenture, dated as of July 7, 1998, between the Company and State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.3 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
|
|
4.4
|
--
|
Amended and Restated Third Supplemental Indenture, dated as of July 10, 2000 between the Company and State Street Bank and Trust Company as Trustee. (Incorporated by reference to Exhibit 4.4 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
|
|
4.5
|
--
|
Fourth Supplemental Indenture, dated as of September 18, 2006 between the Company and U.S. Bank National Association as Trustee. (Incorporated by reference to Exhibit 4.5 to Registration Statement on Form S-3 of the Company (File No. 333-139839), filed January 8, 2007.)
|
|
|
4.6
|
--
|
Dividend Reinvestment and Stock Purchase Plan of the Company. (Incorporated by reference to Exhibit 8.1 to Registration Statement on Form S-3 of the Company (File No. 333-87063), filed September 14, 1999.)
|
|
|
4.7
|
--
|
Amendment to the Company’s Dividend Reinvestment and Stock Purchase Plan filed on December 17, 1999. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(2) of the Securities Act of 1933 on December 17, 1999.)
|
|
|
4.8
|
--
|
Amendment to the Company’s Dividend Reinvestment and Stock Purchase Plan filed on March 26, 2004. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(3) of the Securities Act of 1933 on March 26, 2004.)
|
|
|
4.9
|
--
|
Amendment to the Company’s Dividend Reinvestment and Stock Purchase Plan filed on May 15, 2006. (Incorporated by reference to the Prospectus Supplement filed pursuant to Rule 424(b)(3) of the Securities Act of 1933 on May 15, 2006.)
|
|
|
10.1
|
--
|
Notice, dated August 16, 2010, to extend Second Amended and Restated Revolving Loan Agreement, as amended, dated November 14, 2006, among AvalonBay Communities, Inc. and JP Morgan Chase, Bank of America, Morgan Stanley, Wells Fargo, Deutsche Bank and other banks. (Filed herewith.)
|
|
|
12.1
|
--
|
Statements re: Computation of Ratios. (Filed herewith.)
|
|
|
31.1
|
--
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). (Filed herewith.)
|
|
|
31.2
|
--
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). (Filed herewith.)
|
|
|
32
|
--
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer). (Furnished herewith.)
|
|
|
101
|
--
|
XBRL (Extensible Business Reporting Language). The following materials from AvalonBay Communities, Inc.’s Quarterly Report on form 10-Q for the period ended September 30, 2010, formatted in XBRL: (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of cash flows, and (iv) notes to consolidated financial statements.
*
|
|
Date: November 4, 2010
|
/s/ Bryce Blair
|
|
|
Bryce Blair
|
||
|
Chief Executive Officer
|
||
|
(Principal Executive Officer)
|
||
|
Date: November 4, 2010
|
/s/ Thomas J. Sargeant
|
|
|
Thomas J. Sargeant
|
||
|
Chief Financial Officer
|
||
|
(Principal Financial Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|