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, 2025 averaged 967 square feet of living area per apartment home. For the year ended December 31, 2025, no single operating property accounted for greater than 1.5% of our total revenues. Our stabilized operating properties had a weighted average occupancy rate of approximately 95% for each of the years ended December 31, 2025 and 2024, an average monthly rental rate per apartment home of $2,006 and $1,997 for the same periods, respectively and our average resident lease terms are approximately fourteen months.

Table of Contents

The following table sets forth certain information with respect to our 172 operating properties at December 31, 2025:

*(1)*Represents the average physical occupancy for the year except for development properties, where average occupancy is calculated from the date the property exceeded 90% occupancy through December 31, 2025, and for acquisitions, where average occupancy is calculated from the acquisition date.

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

Our operating properties were constructed and placed in service as follows: