AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Fremont	Fremont, CA	$	10,746	$	43,399	$	4,765	$	10,746	$	48,164	$	58,910	$	24,409	$	34,501	$	—		1994
Eaves Dublin	Dublin, CA		5,276		19,642		4,411		5,276		24,053		29,329		12,263		17,066		—		1989/1997
Avalon Campbell	Campbell, CA		11,830		47,828		1,897		11,830		49,725		61,555		24,454		37,101		38,800		1995
Eaves Daly City	Daly City, CA		4,230		9,659		18,547		4,230		28,206		32,436		12,710		19,726		—		1972/1997
AVA Nob Hill	San Francisco, CA		5,403		21,567		6,858		5,403		28,425		33,828		12,017		21,811		20,800		1990/1995
Eaves San Jose	San Jose, CA		12,920		53,047		15,717		12,920		68,764		81,684		23,666		58,018		—		1985/1996
Eaves San Rafael	San Rafael, CA		5,982		16,885		23,641		5,982		40,526		46,508		15,298		31,210		—		1973/1996
Eaves Pleasanton	Pleasanton, CA		11,610		46,552		21,261		11,610		67,813		79,423		28,556		50,867		—		1988/1994
AVA Newport	Costa Mesa, CA		1,975		3,814		9,327		1,975		13,141		15,116		4,474		10,642		—		1956/1996
Avalon at Media Center	Burbank, CA		22,483		28,104		28,894		22,483		56,998		79,481		27,007		52,474		—		1961/1997
Avalon Mission Viejo	Mission Viejo, CA		2,517		9,257		2,438		2,517		11,695		14,212		6,368		7,844		7,635		1984/1996
Eaves South Coast	Costa Mesa, CA		4,709		16,063		12,742		4,709		28,805		33,514		11,822		21,692		—		1973/1996
Avalon at Mission Bay	San Diego, CA		9,922		40,580		17,595		9,922		58,175		68,097		28,026		40,071		—		1969/1997
Eaves Mission Ridge	San Diego, CA		2,710		10,924		10,879		2,710		21,803		24,513		10,696		13,817		—		1960/1997
Eaves Union City	Union City, CA		4,249		16,820		2,717		4,249		19,537		23,786		9,870		13,916		—		1973/1996
Avalon on the Alameda	San Jose, CA		6,119		50,225		1,550		6,119		51,775		57,894		24,355		33,539		52,975		1999
Eaves Foster City	Foster City, CA		7,852		31,445		11,157		7,852		42,602		50,454		18,142		32,312		—		1973/1994
Avalon Rosewalk	San Jose, CA		15,814		62,007		3,116		15,814		65,123		80,937		32,066		48,871		—		1997/1999
Avalon Pacifica	Pacifica, CA		6,125		24,796		2,116		6,125		26,912		33,037		13,625		19,412		17,600		1971/1995
Avalon Sunset Towers	San Francisco, CA		3,561		21,321		14,548		3,561		35,869		39,430		13,746		25,684		—		1961/1996
Avalon Silicon Valley	Sunnyvale, CA		20,713		99,573		4,737		20,713		104,310		125,023		51,965		73,058		150,000		1997
Avalon Woodland Hills	Woodland Hills, CA		23,828		40,372		46,688		23,828		87,060		110,888		30,308		80,580		—		1989/1997
Avalon Mountain View	Mountain View, CA		9,755		39,393		9,503		9,755		48,896		58,651		22,257		36,394		18,300		1986

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Santa Margarita	Rancho Santa Margarita, CA		4,607		16,911		9,975		4,607		26,886		31,493		10,669		20,824		—		1990/1997
Eaves Diamond Heights	San Francisco, CA		4,726		19,130		5,745		4,726		24,875		29,601		11,330		18,271		—		1972/1994
Eaves Fremont	Fremont, CA		6,581		26,583		9,729		6,581		36,312		42,893		16,702		26,191		—		1985/1994
Avalon at Creekside	Mountain View, CA		6,546		26,263		10,970		6,546		37,233		43,779		18,068		25,711		—		1962/1997
Eaves Warner Center	Woodland Hills, CA		7,045		12,986		9,050		7,045		22,036		29,081		11,338		17,743		—		1979/1998
Eaves Huntington Beach	Huntington Beach, CA		4,871		19,745		9,401		4,871		29,146		34,017		14,337		19,680		—		1971/1997
AVA Cortez Hill	San Diego, CA		2,768		20,134		21,559		2,768		41,693		44,461		15,814		28,647		—		1973/1998
Avalon at Cahill Park	San Jose, CA		4,765		47,600		629		4,765		48,229		52,994		17,458		35,536		—		2002
Avalon Towers on the Peninsula	Mountain View, CA		9,560		56,136		808		9,560		56,944		66,504		21,185		45,319		—		2002
Avalon at Mission Bay North	San Francisco, CA		14,029		78,452		1,884		14,029		80,336		94,365		27,409		66,956		71,905		2003
Avalon at Glendale	Burbank, CA		—		41,434		495		—		41,929		41,929		13,580		28,349		—		2003
Avalon Burbank	Burbank, CA		14,053		56,827		23,762		14,053		80,589		94,642		23,588		71,054		—		1988/2002
Avalon Camarillo	Camarillo, CA		8,446		40,290		50		8,446		40,340		48,786		9,532		39,254		—		2006
Avalon Wilshire	Los Angeles, CA		5,459		41,182		623		5,459		41,805		47,264		8,268		38,996		—		2007
Avalon at Dublin Station	Dublin, CA		10,058		74,297		155		10,058		74,452		84,510		12,663		71,847		—		2006
Avalon Encino	Los Angeles, CA		12,789		49,073		356		12,789		49,429		62,218		7,266		54,952		—		2008
Avalon Warner Place	Canoga Park, CA		7,920		44,855		105		7,920		44,960		52,880		7,279		45,601		—		2007
Avalon Fashion Valley	San Diego, CA		19,627		44,972		168		19,627		45,140		64,767		6,607		58,160		—		2008
Avalon Anaheim Stadium	Anaheim, CA		27,874		69,156		496		27,874		69,652		97,526		9,302		88,224		—		2009
Avalon Union City	Union City, CA		14,732		104,025		117		14,732		104,142		118,874		12,384		106,490		—		2009
Avalon Irvine	Irvine, CA		9,911		67,524		5		9,911		67,529		77,440		7,693		69,747		—		2010
Avalon at Mission Bay III	San Francisco, CA		28,687		119,156		27		28,687		119,183		147,870		14,241		133,629		—		2009
Avalon Walnut Creek	Walnut Creek, CA		—		145,681		570		—		146,251		146,251		11,853		134,398		137,500		2010
Avalon Ocean Avenue	San Francisco, CA		5,537		50,589		1,713		5,537		52,302		57,839		1,012		56,827		—		2012
Eaves Phillips Ranch	Pomona, CA		9,796		41,740		—		9,796		41,740		51,536		2,543		48,993		53,348		1989/2011
Eaves San Dimas	San Dimas, CA		1,916		7,820		—		1,916		7,820		9,736		481		9,255		—		1978/2011

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves San Dimas Canyon	San Dimas, CA		2,953		12,429		—		2,953		12,429		15,382		759		14,623		—		1981/2011
Eaves San Marcos	San Marcos, CA		3,277		13,385		—		3,277		13,385		16,662		826		15,836		—		1988/2011
Eaves Rancho Penasquitos	San Diego, CA		6,692		27,143		—		6,692		27,143		33,835		1,639		32,196		—		1986/2011
Eaves Lake Forest	Lake Forest, CA		5,199		21,135		—		5,199		21,135		26,334		1,285		25,049		—		1976/ 2011
The Mark Pasadena	Pasadena, CA		8,400		11,547		—		8,400		11,547		19,947		347		19,600		11,958		1973/2012
Eaves Cerritos	Artesia, CA		8,305		21,195		—		8,305		21,195		29,500		400		29,100		—		1973/2012
Avalon Del Rey	Del Rey, CA		30,900		72,008		99		30,900		72,107		103,007		1,038		101,969		—		2006
The Springs	Corona, CA		5,724		23,433		868		5,724		24,301		30,025		2,121		27,904		—		1987/2006
Eaves Trumbull	Trumbull, CT		4,414		31,268		2,580		4,414		33,848		38,262		18,191		20,071		40,552		1997
Avalon Glen	Stamford, CT		5,956		23,993		3,843		5,956		27,836		33,792		17,491		16,301		—		1991
Avalon Wilton 1	Wilton, CT		2,116		14,664		5,572		2,116		20,236		22,352		8,372		13,980		—		1997
Avalon Valley	Danbury, CT		2,277		23,561		779		2,277		24,340		26,617		11,417		15,200		—		1999
Avalon on Stamford Harbor	Stamford, CT		10,836		51,989		706		10,836		52,695		63,531		19,150		44,381		64,472		2003
Avalon New Canaan	New Canaan, CT		4,834		19,485		277		4,834		19,762		24,596		7,282		17,314		—		2002
Avalon at Greyrock Place	Stamford, CT		13,819		56,499		1,022		13,819		57,521		71,340		20,659		50,681		59,292		2002
Avalon Danbury	Danbury, CT		4,933		30,638		407		4,933		31,045		35,978		8,175		27,803		—		2005
Avalon Darien	Darien, CT		6,926		34,659		923		6,926		35,582		42,508		11,126		31,382		49,221		2004
Avalon Milford I	Milford, CT		8,746		22,699		429		8,746		23,128		31,874		6,850		25,024		—		2004
Avalon Norwalk	Norwalk, CT		11,320		62,910		—		11,320		62,910		74,230		4,912		69,318		—		2011
Avalon Huntington	Shelton, CT		5,277		20,029		78		5,277		20,107		25,384		2,945		22,439		—		2008
Avalon Wilton II	Wilton, CT		6,604		23,727		—		6,604		23,727		30,331		1,290		29,041		—		2011
Avalon at Foxhall	Washington, DC		6,848		27,614		11,065		6,848		38,679		45,527		22,151		23,376		57,912		1982
Avalon at Gallery Place	Washington, DC		8,800		39,658		621		8,800		40,279		49,079		13,753		35,326		44,997		2003
Avalon at Lexington	Lexington, MA		2,124		12,599		8,901		2,124		21,500		23,624		9,740		13,884		—		1994
Avalon Oaks	Wilmington, MA		2,129		18,676		1,582		2,129		20,258		22,387		9,470		12,917		16,288		1999

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Quincy	Quincy, MA		1,743		14,662		9,080		1,743		23,742		25,485		10,082		15,403		—		1986/1996
Avalon Essex	Peabody, MA		5,184		16,320		1,609		5,184		17,929		23,113		7,823		15,290		—		2000
Avalon at Prudential Center	Boston, MA		25,812		104,399		52,403		25,812		156,802		182,614		62,991		119,623		—		1968/1998
Avalon Oaks West	Wilmington, MA		3,318		13,467		546		3,318		14,013		17,331		5,351		11,980		16,205		2002
Avalon Orchards	Marlborough, MA		2,983		18,037		1,554		2,983		19,591		22,574		7,242		15,332		17,939		2002
Avalon at Newton Highlands	Newton, MA		11,039		45,590		2,538		11,039		48,128		59,167		15,517		43,650		—		2003
Avalon at The Pinehills	Plymouth, MA		3,623		16,291		111		3,623		16,402		20,025		4,890		15,135		—		2004
Eaves Peabody	Peabody, MA		4,645		19,007		11,643		4,645		30,650		35,295		7,529		27,766		—		2004
Avalon at Bedford Center	Bedford, MA		4,258		20,569		139		4,258		20,708		24,966		5,221		19,745		—		2005
Avalon Chestnut Hill	Chestnut Hill, MA		14,572		45,911		640		14,572		46,551		61,123		10,236		50,887		40,390		2007
Avalon Shrewsbury	Shrewsbury, MA		5,152		30,608		203		5,152		30,811		35,963		6,858		29,105		20,737		2007
Avalon Danvers	Danvers, MA		7,010		76,904		443		7,010		77,347		84,357		14,342		70,015		—		2006
Avalon at Lexington Hills	Lexington, MA		8,691		79,153		194		8,691		79,347		88,038		13,740		74,298		—		2007
Avalon Acton	Acton, MA		13,124		49,935		70		13,124		50,005		63,129		8,461		54,668		45,000		2007
Avalon at Hingham Shipyard	Hingham, MA		12,218		41,591		27		12,218		41,618		53,836		6,040		47,796		—		2009
Avalon Sharon	Sharon, MA		4,719		25,522		31		4,719		25,553		30,272		4,138		26,134		—		2007
Avalon Northborough	Northborough, MA		3,362		22,322		—		3,362		22,322		25,684		2,760		22,924		—		2009
Avalon Blue Hills	Randolph, MA		11,110		34,736		—		11,110		34,736		45,846		4,324		41,522		—		2009
Avalon Northborough II	Northborough, MA		4,782		30,132		—		4,782		30,132		34,914		2,625		32,289		—		2010
Avalon at the Pinehills II	Plymouth, MA		3,253		14,109		—		3,253		14,109		17,362		820		16,542		—		2011
Avalon Cohasset	Cohasset, MA		8,780		46,075		—		8,780		46,075		54,855		1,599		53,256		—		2012
Avalon Andover	Andover, MA		4,271		21,665		—		4,271		21,665		25,936		492		25,444		—		2012

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Eaves Burlington	Burlington, MA		7,989		32,261		—		7,989		32,261		40,250		60		40,190		—		1988/2012
Avalon at Fairway Hills	Columbia, MD		8,603		34,432		10,493		8,603		44,925		53,528		25,036		28,492		—		1987/1996
Avalon at Decoverly	Rockville, MD		11,865		49,686		8,692		11,865		58,378		70,243		21,856		48,387		—		1991/1995/2007
Eaves Washingtonian Center I	Gaithersburg, MD		2,608		11,707		470		2,608		12,177		14,785		7,031		7,754		8,764		1996
Eaves Washingtonian Center II	Gaithersburg, MD		1,439		6,846		103		1,439		6,949		8,388		3,496		4,892		—		1998
Eaves Columbia Town Center	Columbia, MD		8,802		35,536		11,375		8,802		46,911		55,713		13,030		42,683		—		1986
Avalon at Grosvenor Station	North Bethesda, MD		29,159		53,001		930		29,159		53,931		83,090		17,172		65,918		—		2004
Avalon at Traville	North Potomac, MD		14,365		55,398		574		14,365		55,972		70,337		17,640		52,697		76,254		2004
Avalon Cove	Jersey City, NJ		8,760		82,574		20,242		8,760		102,816		111,576		46,825		64,751		—		1997
Avalon Run	Lawrenceville, NJ		14,650		60,486		2,235		14,650		62,721		77,371		19,253		58,118		—		1994/1996
Avalon Princeton Junction	West Windsor, NJ		5,585		22,394		20,573		5,585		42,967		48,552		18,341		30,211		—		1988
Avalon at Edgewater	Edgewater, NJ		14,528		60,240		2,968		14,528		63,208		77,736		24,107		53,629		77,103		2002
Avalon at Florham Park	Florham Park, NJ		6,647		34,906		1,168		6,647		36,074		42,721		15,259		27,462		—		2001
Avalon at Freehold	Freehold, NJ		4,119		30,514		330		4,119		30,844		34,963		11,833		23,130		35,948		2002
Avalon Run East	Lawrenceville, NJ		6,766		45,366		572		6,766		45,938		52,704		13,146		39,558		38,519		2003
Avalon Lyndhurst	Lyndhurst, NJ		18,620		59,879		442		18,620		60,321		78,941		12,488		66,453		—		2006
Avalon at Tinton Falls	Tinton Falls, NJ		7,939		33,176		—		7,939		33,176		41,115		5,342		35,773		—		2007
Avalon at West Long Branch	West Long Branch, NJ		2,721		22,939		—		2,721		22,939		25,660		1,771		23,889		—		2011
Avalon North Bergen	North Bergon, NJ		8,984		30,885		33		8,984		30,918		39,902		550		39,352		—		2012
Avalon at Wesmont Station I	Wood-Ridge, NJ		15,265		41,268		—		15,265		41,268		56,533		814		55,719		—		2012
Avalon Commons	Smithtown, NY		4,679		28,286		5,661		4,679		33,947		38,626		16,032		22,594		—		1997
Eaves Nanuet	Nanuet, NY		8,428		45,660		2,578		8,428		48,238		56,666		24,689		31,977		65,004		1998
Avalon Green	Elmsford, NY		1,820		10,525		1,370		1,820		11,895		13,715		7,120		6,595		—		1995

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Avalon Towers	Long Beach, NY		3,118		12,709		6,126		3,118		18,835		21,953		10,151		11,802		—		1990/1995
Avalon Willow	Mamaroneck, NY		6,207		40,791		1,188		6,207		41,979		48,186		18,925		29,261		—		2000
Avalon Court	Melville, NY		9,228		50,063		2,499		9,228		52,562		61,790		24,874		36,916		—		1997/2000
The Avalon	Bronxville, NY		2,889		28,324		3,180		2,889		31,504		34,393		13,335		21,058		—		1999
Avalon Riverview I	Long Island City, NY		—		94,113		2,274		—		96,387		96,387		34,611		61,776		—		2002
Avalon at Glen Cove	Glen Cove, NY		7,871		59,969		528		7,871		60,497		68,368		17,814		50,554		—		2004
Avalon Pines	Coram, NY		8,700		62,931		156		8,700		63,087		71,787		16,609		55,178		—		2005/2006
Avalon Bowery Place I	New York, NY		18,575		75,009		2,600		18,575		77,609		96,184		16,837		79,347		93,800		2006
Avalon Glen Cove North	Glen Cove, NY		2,577		37,336		83		2,577		37,419		39,996		7,404		32,592		—		2007
Avalon Riverview North	Long Island City, NY		—		166,651		1,039		—		167,690		167,690		30,395		137,295		—		2007
Avalon on the Sound East	New Rochelle, NY		5,735		180,911		593		5,735		181,504		187,239		32,938		154,301		—		2007
Avalon Bowery Place II	New York, NY		9,106		47,180		678		9,106		47,858		56,964		8,404		48,560		—		2007
Avalon White Plains	White Plains, NY		15,391		137,353		11		15,391		137,364		152,755		17,752		135,003		—		2009
Avalon Morningside Park	New York, NY		—		114,327		775		—		115,102		115,102		16,440		98,662		100,000		2009
Avalon Charles Pond	Coram, NY		14,715		33,640		6		14,715		33,646		48,361		4,392		43,969		—		2009
Avalon Fort Greene	Brooklyn, NY		83,038		218,444		561		83,038		219,005		302,043		19,716		282,327		—		2010
Avalon Rockville Centre	Rockville Centre, NY		32,285		77,994		—		32,285		77,994		110,279		2,797		107,482		—		2012
Avalon Green Phase II	Elmsford, NY		27,672		75,202		—		27,672		75,202		102,874		1,802		101,072		—		2012
Avalon at Center Place	Providence, RI		—		26,816		10,178		—		36,994		36,994		16,987		20,007		—		1991/1997
Eaves Fair Lakes	Fairfax, VA		6,096		24,400		7,661		6,096		32,061		38,157		15,482		22,675		—		1989/1996
AVA Ballston	Arlington, VA		7,291		29,177		15,226		7,291		44,403		51,694		20,830		30,864		—		1990
Eaves Fairfax City	Fairfax, VA		2,152		8,907		4,627		2,152		13,534		15,686		5,498		10,188		—		1988/1997
Avalon Crescent	McLean, VA		13,851		43,397		1,157		13,851		44,554		58,405		23,606		34,799		110,600		1996
Avalon at Arlington Square	Arlington, VA		22,041		90,296		2,402		22,041		92,698		114,739		36,374		78,365		170,125		2001

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Fairfax Towers	Falls Church, VA		17,889		74,734		86		17,889		74,820		92,709		4,386		88,323		42,459		1978/2011
Avalon Redmond Place	Redmond, WA		4,558		18,368		9,451		4,558		27,819		32,377		12,535		19,842		—		1991/1997
Avalon at Bear Creek	Redmond, WA		6,786		27,641		3,129		6,786		30,770		37,556		14,935		22,621		—		1998
Avalon Bellevue	Bellevue, WA		6,664		24,119		1,132		6,664		25,251		31,915		10,323		21,592		26,201		2001
Avalon RockMeadow	Bothell, WA		4,777		19,765		1,458		4,777		21,223		26,000		8,916		17,084		—		2000
Avalon ParcSquare	Redmond, WA		3,789		15,139		2,181		3,789		17,320		21,109		7,256		13,853		—		2000
Avalon Brandemoor	Lynwood, WA		8,608		36,679		1,559		8,608		38,238		46,846		15,202		31,644		—		2001
AVA Belltown	Seattle, WA		5,644		12,733		867		5,644		13,600		19,244		5,241		14,003		—		2001
Avalon Meydenbauer	Bellevue, WA		12,697		77,451		1,094		12,697		78,545		91,242		12,564		78,678		—		2008
Avalon Towers Bellevue	Bellevue, WA		—		123,010		228		—		123,238		123,238		10,146		113,092		—		2011
AVA Queen Anne	Seattle, WA		12,081		41,583		—		12,081		41,583		53,664		1,295		52,369		—		2012
Avalon Brandemoor Phase II	Lynwood, WA		2,655		11,343		—		2,655		11,343		13,998		614		13,384		—		2011

		$	1,394,717	$	6,686,252	$	680,021	$	1,394,717	$	7,366,273	$	8,760,990	$	2,015,449	$	6,745,541	$	1,898,603

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

		Initial Cost						Total Cost

	City and state	Land		Building/ Construction in Progress & Improvements		Costs Subsequent to Acquisition / Construction		Land		Building/ Construction in Progress & Improvements		Total		Accumulated Depreciation		Total Cost, Net of Accumulated Depreciation		Encumbrances		Year of Completion/ Acquisition
Development Communities
Avalon Garden City	Garden City, NY	$	13,084	$	36,346	$	15,494	$	13,084	$	51,840	$	64,924	$	459	$	64,465		—		N/A
Avalon Park Crest	Tysons Corner, VA		7,615		36,405		31,860		7,615		68,265		75,880		327		75,553		—		N/A
Avalon Somerset	Somerset, NJ		3,371		11,710		38,080		3,371		49,790		53,161		75		53,086		—		N/A
Avalon Irvine II	Irvine, CA		587		6,060		36,204		587		42,264		42,851		17		42,834		—		N/A
AVA H Street	Washington, DC		—		859		29,314		—		30,173		30,173		—		30,173		—		N/A
Avalon Natick	Natick, MA		—		134		54,674		—		54,808		54,808		—		54,808		—		N/A
Avalon Ballard	Seattle, WA		—		971		54,055		—		55,026		55,026		—		55,026		—		N/A
Avalon Exeter	Boston, MA		—		212		46,567		—		46,779		46,779		—		46,779		—		N/A
Avalon Shelton III	Shelton, CT		—		130		31,896		—		32,026		32,026		—		32,026		—		N/A
Avalon Hackensack at Riverside	Hackensack, NJ		—		299		26,802		—		27,101		27,101		—		27,101		—		N/A
West Chelsea/AVA High Line	New York, NY		—		106		88,629		—		88,735		88,735		—		88,735		—		N/A
Avalon Mosaic	Tysons Corner, VA		—		1		59,927		—		59,928		59,928		—		59,928		—		N/A
Avalon East Norwalk	Norwalk, CT		—		59		15,831		—		15,890		15,890		—		15,890		—		N/A
Avalon Dublin Station II	Dublin, CA		—		86		37,644		—		37,730		37,730		—		37,730		—		N/A
Avalon at Assembly Row/AVA Somerville	Somerville, MA		—		—		38,506		—		38,506		38,506		—		38,506		—		N/A
AVA University District	Seattle, WA		—		—		29,461		—		29,461		29,461		—		29,461		—		N/A
Avalon Bloomingdale	Bloomingdale, NJ		—		6		6,957		—		6,963		6,963		—		6,963		—		N/A
Avalon at Wesmont Station II	Wood-Ridge, NJ		—		209		13,067		—		13,276		13,276		—		13,276		—		N/A
Avalon Morrison Park	San Jose, CA		—		21		31,429		—		31,450		31,450		—		31,450		—		N/A
AVA 55 Ninth	San Francisco, CA		—		225		39,525		—		39,750		39,750		—		39,750		—		N/A
Avalon Ossining	Ossining, NY		—		—		7,901		—		7,901		7,901		—		7,901		—		N/A
AVA Little Tokyo	Los Angeles, CA		—		149		27,397		—		27,546		27,546		—		27,546		—		N/A
Avalon Wharton	Wharton, NJ		—		—		1,925		—		1,925		1,925		—		1,925		—		N/A

		$	24,657	$	93,988	$	763,145	$	24,657	$	857,133	$	881,790	$	878	$	880,912	$	0

Land Held for Development			316,037		—		—		316,037		—		316,037		—		316,037		5,465
Corporate Overhead			33,081		25,130		54,314		33,081		79,444		112,525		39,895		72,630		1,950,000

		$	1,768,492	$	6,805,370	$	1,497,480	$	1,768,492	$	8,302,850	$	10,071,342	$	2,056,222	$	8,015,120	$	3,854,068

(1) This community is a Fund asset which the Company consolidated beginning in 2011.

AVALONBAY COMMUNITIES, INC.

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2012

(Dollars in thousands)

Amounts include real estate assets held for sale.

Depreciation of AvalonBay Communities, Inc. building, improvements, upgrades and furniture, fixtures and equipment (FF&E) is calculated over the following useful lives, on a straight line basis:

Building—30 years
Improvements, upgrades and FF&E—not to exceed 7 years

The aggregate cost of total real estate for federal income tax purposes was approximately $9,901,570 at December 31, 2012.

The changes in total real estate assets for the years ended December 31, 2012, 2011 and 2010 are as follows:

	Years ended December 31,

	2012			2011			2010
Balance, beginning of period	$	9,288,496		$	8,661,211		$	8,360,091
Acquisitions, construction costs and improvements		934,935			864,439			475,211
Dispositions, including impairment loss on planned dispositions		(152,089	)		(237,154	)		(174,091	)

Balance, end of period	$	10,071,342		$	9,288,496		$	8,661,211

The changes in accumulated depreciation for the years ended December 31, 2012, 2011 and 2010, are as follows:

	Years ended December 31,

	2012			2011			2010
Balance, beginning of period	$	1,863,466		$	1,705,567		$	1,526,604
Depreciation, including discontinued operations		260,094			250,269			232,942
Dispositions		(67,338	)		(92,370	)		(53,979	)

Balance, end of period	$	2,056,222		$	1,863,466		$	1,705,567