Item 2. Properties

The Properties

Our properties typically consist of mid-rise buildings or two and three story buildings in a landscaped setting, as well as high-rise buildings, and provide residents with a variety of amenities common to multifamily rental properties.

Operating Properties

The 172 operating properties in which we owned interests and operated at December 31, 2022 averaged 960 square feet of living area per apartment home. For the year ended December 31, 2022, no single operating property accounted for greater than 1.4% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 96% and 97% for the years ended December 31, 2022 and 2021, respectively, an average monthly rental rate per apartment home of $1,881 and $1,671 for the same periods, respectively and our average resident lease terms are approximately fourteen months. At December 31, 2022, 154 of our operating properties had over 200 apartment homes, with the largest having 904 apartment homes. Our operating properties were constructed and placed in service as follows:

Table of Contents

Property Table

The following table sets forth information with respect to our 172 operating properties at December 31, 2022:

Table of Contents

Table of Contents

Table of Contents

Table of Contents

*(1)*Represents the average physical occupancy for the year except as noted.

*(2)*The average monthly rental rate per apartment incorporates vacant units and resident concessions calculated on a straight-line basis over the life of the lease.

*(3)*Development property stabilized during 2022 - the average occupancy was calculated from the date at which the occupancy exceeded 90% through December 31, 2022.

*(4)*Property formerly owned through an unconsolidated joint venture in which we owned a 31.3% interest. We acquired the remaining 68.7% ownership interest on April 1, 2022 from an unaffiliated third-party.

*(5)*Property under lease-up at December 31, 2022.