In conjunction with the acquisition and development of the investments in unconsolidated entities, the Company incurred costs in excess of its equity in the underlying net assets of the respective investments.
These costs represent $5,375 at December 31, 2007 and $7,491 at December 31, 2006 of the respective investment balances.
Investments in Unconsolidated Non-Real Estate Entities In February 2005, the Company sold its interest in a technology venture that was accounted for under the cost method.
As a result of this transaction, the Company received net proceeds of approximately $6,700 and recognized a gain on the sale of this investment of $6,252, which is refl ected in equity in income of unconsolidated entities on the accompanying Consolidated Statement of Operations and Other Comprehensive Income for the year ended December 31, 2005.
Under the terms of the sale, certain proceeds were escrowed to secure the purchaser’s rights to indemnifi cation.
Any amounts not used for this purpose were distributed to the former investors in the venture in 2006.
For the year ended December 31, 2006, the Company recognized $433 for the fi nal installment of the gain on this sale upon release of this escrow.
The following is a summary of the Company’s equity in income (loss) of unconsolidated entities for the years presented:
## Table 0 ##
(1) Equity in income from this entity for 2006 includes a gain of $6,609 for the Company’s 25% share of the gain from the fourth quarter disposition of Avalon Bedford, the sole asset held by Avalon Terrace, LLC.
(2) This table does not include Aria at Hathorne.
As a development community, all costs are being capitalized, resulting in no reportable income.7.
Real Estate Disposition Activities During the year ended December 31, 2007, the Company sold four communities: Avalon View, located in Wappingers Falls, New York, San Marino, located in San Jose, California, Avalon West, located in Westborough, Massachusetts and Avalon at Stevens Pond, located in Saugus, Massachusetts.
These four communities contained a total of 982 apartment homes and were sold for an aggregate sales price of $204,650.
The Company also sold its interest in Avalon Grove, which contained 402 apartment homes for a sales price of $63,446.
The sale of these communities and partnership interest resulted in a gain in accordance with GAAP of $162,807.
Details regarding the community asset sales are summarized in the following table:
## Table 1 ##
(1) The Company held and sold its 50% ownership interest in the LLC that developed, owned and operated Avalon Grove.
The Company will continue to manage this community for a customary property management fee.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) As of December 31, 2007, the Company had no communities that qualifi ed as discontinued operations or held for sale under the provisions of SFAS No.144.
In accordance with the requirements of SFAS No.144, the operations for any communities sold from January 1, 2005 through December 31, 2007 and the communities that qualifi ed as discontinued operations as of December 31, 2007 have been presented as discontinued operations in the accompanying Consolidated Financial Statements.
Accordingly, certain reclassifi cations have been made in prior periods to refl ect discontinued operations consistent with current period presentation.
The following is a summary of income from discontinued operations for the periods presented:
## Table 2 ##
The Company’s Consolidated Balance Sheets include other assets (excluding net real estate) of $0 and $3,821 as of December 31, 2007 and December 31, 2006, respectively, and other liabilities of $0 as of December 31, 2007 and $69,100 as of December 31, 2006, relating to real estate assets sold or classifi ed as held for sale.
During the year ended December 31, 2007, the Company sold one parcel of land through a taxable REIT subsidiary, located in the MidAtlantic, for a sales price of $5,800, resulting in a gain of $545 under GAAP.
The Company had gains on the sales of land parcels of $13,519 in 2006, and $4,479 in 2005.8.
Commitments and Contingencies Employment Agreements and Arrangements As of December 31, 2007, the Company had employment agreements with four executive offi cers.
The employment agreements provide for severance payments and generally provide for accelerated vesting of stock options and restricted stock in the event of a termination of employment (except for a termination by the Company with cause or a voluntary termination by the employee).
The current terms of these agreements end on dates that vary between November 2008 and June 2009.
The employment agreements provide for one-year automatic renewals (two years in the case of the Chief Executive Offi cer (“CEO”)) after the initial term unless an advance notice of non-renewal is provided by either party.
Upon a notice of non-renewal by the Company, each of the offi cers may terminate his employment and receive a severance payment.
Upon a change in control, the agreements provide for an automatic extension of up to three years from the date of the change in control.
The employment agreements provide for base salary and incentive compensation in the form of cash awards, stock options and stock grants subject to the discretion of, and attainment of performance goals established by the Compensation Committee of the Board of Directors.
The Company’s stock incentive plan, as described in Note 10, “Stock-Based Compensation Plans,” provides that upon an employee’s Retirement (as defi ned in the plan documents) from the Company, all outstanding stock options and restricted shares of stock held by the employee will vest, and the employee will have up to 12 months to exercise any options held upon retirement.
Under the plan, Retirement means a termination of employment, other than for cause, after attainment of age 50, provided that (i) the employee has worked for the Company for at least 10 years, (ii) the employee’s age at Retirement plus years of employment with the Company equals at least 70, (iii) the employee provides at least six months written notice of his intent to retire, and (iv) the employee enters into a one year non-compete and employee non-solicitation agreement.
The Company also has an Offi cer Severance Program (the “Program”) for the benefi t of those offi cers of the Company who do not have employment agreements.
Under the Program, in the event an offi cer who is not otherwise covered by a severance arrangement is terminated (other than for cause) within two years following a change in control (as defi ned) of the Company, such offi cer will generally receive a cash lump sum payment equal to the sum of such offi cer’s base salary and cash bonus, as well as accelerated vesting of stock options and restricted stock.
Costs related to the Company’s employment agreements and the Program are accounted for in accordance with SFAS No.5, “Accounting for Contingencies,” and therefore are recognized when considered by management to be probable and estimable.
Construction and Development Contingencies In connection with the pursuit of a Development Right in Pleasant Hill, California, $125,000 in bond fi nancing was issued by the Contra Costa County Redevelopment Agency (the “Agency”) in connection with the possible
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 9.
Segment Reporting The Company’s reportable operating segments include Established Communities, Other Stabilized Communities, and Development/ Redevelopment Communities.
Annually as of January 1st, the Company determines which of its communities fall into each of these categories and maintains that classifi cation, unless disposition plans regarding a community change, throughout the year for the purpose of reporting segment operations.  ?
Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year.
For the year ended December 31, 2007, the Established Communities are communities that are consolidated for fi nancial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2006, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year.
A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment.  ?
Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defi ned above.
Other Stabilized Communities do not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year.  ?
Development/Redevelopment Communities consists of communities that are under construction and have not received a fi nal certifi cate of occupancy, communities where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up, that had not reached stabilized occupancy, as defi ned above, as of January 1, 2007.
In addition, the Company owns land held for future development and has other corporate assets that are not allocated to an operating segment.
SFAS No.131, “Disclosures about Segments of an Enterprise and Related Information,” requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing such segments’ performance.
The Company’s chief operating decision maker is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary fi nancial measure for Established Communities and Other Stabilized Communities.
NOI is defi ned by the Company as total revenue less direct property operating expenses.
Although the Company considers NOI a useful measure of a community’s or communities’ operating performance, NOI should not be considered an alternative to net income or net cash fl ow from operating activities, as determined in accordance with GAAP.
NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.
A reconciliation of NOI to net income for the years ended December 31, 2007, 2006 and 2005 is as follows:
## Table 3 ##
The primary performance measure for communities under development or redevelopment depends on the stage of completion.
While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.
Notes to Consolidated Financial Statements—(Continued) (Amounts in Millions, Except Per Share Amounts) A summary of the remaining liability for the 2007, 2003 and 2001 restructuring programs is as follows:
## Table 4 ##
Includes amounts representing adjustments to the liability for changes in foreign currency exchange rates.
Other Reorganization-Related Charges Other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called Mediabrands and the 2006 merger of Draft Worldwide and Foote, Cone and Belding Worldwide to create Draftfcb.
Charges related to severance and terminations costs and lease termination and other exit costs.
We expect charges associated with Mediabrands to be completed during the first half of 2009.
Charges related to the creation of Draftfcb in 2006 are complete.
The charges were separated from the rest of our operating expenses within the Consolidated Statements of Operations because they did not result from charges that occurred in the normal course of business.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">For the year ended</td></tr><tr><td></td><td>12-31-07</td><td>12-31-06</td><td>12-31-05</td></tr><tr><td>Town Grove, LLC</td><td>$57,821</td><td>$1,457</td><td>$1,286</td></tr><tr><td>Avalon Del Rey, LLC</td><td>3,616</td><td>—</td><td>—</td></tr><tr><td>CVP I, LLC</td><td>567</td><td>-68</td><td>-339</td></tr><tr><td>Town Run Associates</td><td>107</td><td>298</td><td>266</td></tr><tr><td>AvalonTerrace, LLC<sup>-1</sup></td><td>22</td><td>6,736</td><td>58</td></tr><tr><td>MVP I, LLC</td><td>-1,261</td><td>-662</td><td>-57</td></tr><tr><td>AvalonBay Value Added Fund, L.P.</td><td>-1,775</td><td>-799</td><td>-341</td></tr><tr><td>AvalonBay Redevelopment LLC</td><td>—</td><td>—</td><td>73</td></tr><tr><td>Rent.com</td><td>—</td><td>433</td><td>6,252</td></tr><tr><td>Constellation Real Technologies</td><td>72</td><td>60</td><td>—</td></tr><tr><td>Total<sup>-2</sup></td><td>$59,169</td><td>$7,455</td><td>$7,198</td></tr></table>
<table><tr><td>Community Name</td><td>Location</td><td>Period of sale</td><td>Apartment homes</td><td>Debt</td><td>Gross sales price</td><td>Net proceeds</td></tr><tr><td>Avalon View</td><td>Wappingers Falls, NY</td><td>Q307</td><td>288</td><td>$—</td><td>$54,000</td><td>$53,293</td></tr><tr><td>San Marino</td><td>San Jose, CA</td><td>Q307</td><td>248</td><td>—</td><td>55,000</td><td>54,333</td></tr><tr><td>Avalon West</td><td>Westborough, MA</td><td>Q307</td><td>120</td><td>8,116</td><td>18,000</td><td>9,585</td></tr><tr><td>Avalon at Stevens Pond</td><td>Saugus, MA</td><td>Q407</td><td>326</td><td>—</td><td>77,650</td><td>76,784</td></tr><tr><td>Avalon Grove<sup>-1</sup></td><td>Stamford, CT</td><td>Q407</td><td>402</td><td>—</td><td>63,446</td><td>63,401</td></tr><tr><td>Total of all 2007 asset sales</td><td></td><td></td><td>1,384</td><td>$8,116</td><td>$268,096</td><td>$257,396</td></tr><tr><td>Total of all 2006 asset sales</td><td></td><td></td><td>1,036</td><td>$37,200</td><td>$261,850</td><td>$218,492</td></tr><tr><td>Total of all 2005 asset sales</td><td></td><td></td><td>1,305</td><td>$—</td><td>$351,450</td><td>$344,185</td></tr></table>
<table><tr><td></td><td colspan="3">For the year ended</td></tr><tr><td></td><td>12-31-07</td><td>12-31-06</td><td>12-31-05</td></tr><tr><td>Rental income</td><td>$10,911</td><td>$17,658</td><td>$42,336</td></tr><tr><td>Operating and other expenses</td><td>-4,043</td><td>-6,491</td><td>-14,441</td></tr><tr><td>Interest expense, net</td><td>-687</td><td>-1,862</td><td>-1,927</td></tr><tr><td>Depreciation expense</td><td>-2,176</td><td>-3,687</td><td>-6,842</td></tr><tr><td>Income from discontinuedoperations</td><td>$4,005</td><td>$5,618</td><td>$19,126</td></tr></table>
<table><tr><td></td><td colspan="3">For the year ended</td></tr><tr><td></td><td>12-31-07</td><td>12-31-06</td><td>12-31-05</td></tr><tr><td>Net income</td><td>$358,160</td><td>$266,546</td><td>$310,468</td></tr><tr><td>Indirect operating expenses, net of corporateincome</td><td>31,285</td><td>28,811</td><td>26,675</td></tr><tr><td>Investments and investment management</td><td>11,737</td><td>7,030</td><td>4,834</td></tr><tr><td>Interest expense, net</td><td>97,545</td><td>109,184</td><td>125,171</td></tr><tr><td>General and administrative expense</td><td>28,494</td><td>24,767</td><td>25,761</td></tr><tr><td>Equity in income of unconsolidated entities</td><td>-59,169</td><td>-7,455</td><td>-7,198</td></tr><tr><td>Minority interest in consolidated partnerships</td><td>1,585</td><td>573</td><td>1,481</td></tr><tr><td>Depreciation expense</td><td>179,549</td><td>160,442</td><td>156,455</td></tr><tr><td>Gain on sale of real estate assets</td><td>-107,032</td><td>-110,930</td><td>-199,766</td></tr><tr><td>Income from discontinued operations</td><td>-4,005</td><td>-5,618</td><td>-19,126</td></tr><tr><td>Net operating income</td><td>$538,149</td><td>$473,350</td><td>$424,755</td></tr></table>
<table><tr><td></td><td>2007 Program</td><td>2003 Program</td><td>2001 Program</td><td>Total</td></tr><tr><td>Liability at December 31, 2006</td><td>$—</td><td>$12.6</td><td>$19.2</td><td>$31.8</td></tr><tr><td>Net charges (reversals) and adjustments</td><td>19.1</td><td>-0.5</td><td>-5.2</td><td>13.4</td></tr><tr><td>Payments and other<sup>1</sup></td><td>-7.2</td><td>-3.1</td><td>-5.3</td><td>-15.6</td></tr><tr><td>Liability at December 31, 2007</td><td>$11.9</td><td>$9.0</td><td>$8.7</td><td>$29.6</td></tr><tr><td>Net charges and adjustments</td><td>4.3</td><td>0.8</td><td>0.7</td><td>5.8</td></tr><tr><td>Payments and other<sup>1</sup></td><td>-15.0</td><td>-4.1</td><td>-3.5</td><td>-22.6</td></tr><tr><td>Liability at December 31, 2008</td><td>$1.2</td><td>$5.7</td><td>$5.9</td><td>$12.8</td></tr></table>

Question: What's the average of the Avalon Terrace, LLC in the years where Town Run Associates is positive?
Answer: 2272
Reasoning program: add(22,6736), add(#0,58), divide(#1,const_3)