Item 2. Properties

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Item 2. Properties

The Company’s portfolio as of December 31, 2017 (including communities owned by unconsolidated joint ventures, but excluding communities underlying preferred equity investments) was comprised of 247 operating apartment communities (comprising 60,239 apartment homes), of which 27,613 apartment homes are located in Southern California, 20,806 apartment homes are located in the San Francisco Bay Area, and 11,820 apartment homes are located in the Seattle metropolitan area. The Company’s apartment communities accounted for 99.3% of the Company’s revenues for the year ended December 31, 2017.

Occupancy Rates

Financial occupancy is defined as the percentage resulting from dividing actual rental revenue by total potential rental revenue. Total potential rental revenue represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents. When calculating actual rents for occupied apartment homes and market rents for vacant apartment homes, delinquencies and concessions are not taken into account. The Company believes that financial occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Financial occupancy may not completely reflect short-term trends in physical occupancy and financial occupancy rates and the Company's calculation of financial occupancy may not be comparable to financial occupancy as disclosed by other REITs. Market rates are determined using a variety of factors such as effective rental rates at the property based on recently signed leases and asking rates for comparable properties in the market. The recently signed effective rates at the property are used as the starting point in the determination of the market rates of vacant apartment homes. The Company then increases or decreases these rates based on the supply and demand in the apartment community’s market. The Company will check the reasonableness of these rents based on its position within the market and compare the rents against the asking rents by comparable properties in the market.

For communities that are development properties in lease-up without stabilized occupancy figures, the Company believes the physical occupancy rate is the appropriate performance metric. While a community is in the lease-up phase, the Company’s primary motivation is to stabilize the property, which may entail the use of rent concessions and other incentives, and thus financial occupancy which is based on contractual revenue is not considered the best metric to quantify occupancy.

Communities

The Company’s communities are primarily urban core high density wood frame communities comprising of three to seven stories above grade construction with structured parking situated on 1-10 acres of land with densities averaging between 30-80+ units per acre. As of December 31, 2017, the Company’s communities include 105 garden-style, 128 mid-rise, and 14 high-rise communities. The communities have an average of approximately 244 apartment homes, with a mix of studio, one-, two- and some three-bedroom apartment homes. A wide variety of amenities are available at the Company’s communities, including covered parking, fireplaces, swimming pools, clubhouses with fitness facilities, volleyball and playground areas and tennis courts.

The Company hires, trains and supervises on-site service and maintenance personnel. The Company believes that the following primary factors enhance the Company’s ability to retain tenants:


•	located near employment centers;


•	attractive communities that are well maintained; and


•	proactive customer service.

Commercial Buildings

The Company owns an office building with approximately 106,564 square feet located in Irvine, CA, of which the Company occupies approximately 8,000 square feet at December 31, 2017.

Operating Portfolio

The following tables describe the Company’s operating portfolio as of December 31, 2017. The first table describes the Company’s communities and the second table describes the Company’s other real estate assets. (See Note 7, "Mortgage Notes Payable" to the Company’s consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K for more information about the Company’s secured mortgage debt and Schedule III thereto for a list of secured mortgage loans related to the Company’s portfolio.)



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
Southern California
Alpine Village	Alpine, CA	Garden	301	254,400	1971	2002	97%
Anavia	Anaheim, CA	Mid-rise	250	312,343	2009	2010	96%
Barkley, The (3)(4)	Anaheim, CA	Garden	161	139,800	1984	2000	97%
Park Viridian	Anaheim, CA	Mid-rise	320	254,600	2008	2014	97%
Bonita Cedars	Bonita, CA	Garden	120	120,800	1983	2002	97%
Village at Toluca Lake (5)	Burbank, CA	Mid-rise	145	132,144	1974	2017	95%
Camarillo Oaks	Camarillo, CA	Garden	564	459,000	1985	1996	97%
Camino Ruiz Square	Camarillo, CA	Garden	159	105,448	1990	2006	98%
Enclave at Town Square (6)	Chino Hills, CA	Garden	124	89,948	1987	2014	97%
The Summit (7)	Chino Hills, CA	Garden	125	98,420	1989	2014	98%
Pinnacle at Otay Ranch I & II	Chula Vista, CA	Mid-rise	364	384,192	2001	2014	96%
Mesa Village	Clairemont, CA	Garden	133	43,600	1963	2002	97%
Villa Siena	Costa Mesa, CA	Garden	272	262,842	1974	2014	96%
Emerald Pointe	Diamond Bar, CA	Garden	160	134,816	1989	2014	97%
Regency at Encino	Encino, CA	Mid-rise	75	78,487	1989	2009	96%
The Havens (6)	Fountain Valley, CA	Garden	440	414,040	1969	2014	96%
Valley Park	Fountain Valley, CA	Garden	160	169,700	1969	2001	98%
Capri at Sunny Hills (4)	Fullerton, CA	Garden	102	128,100	1961	2001	96%
Haver Hill (7)	Fullerton, CA	Garden	264	224,130	1973	2012	97%
Pinnacle at Fullerton	Fullerton, CA	Mid-rise	192	174,336	2004	2014	96%
Wilshire Promenade	Fullerton, CA	Mid-rise	149	128,000	1992	1997	98%
Montejo Apartments	Garden Grove, CA	Garden	124	103,200	1974	2001	98%
CBC Apartments & The Sweeps	Goleta, CA	Garden	239	179,908	1962	2006	96%
416 on Broadway	Glendale, CA	Mid-rise	115	126,782	2009	2010	97%
Hampton Court	Glendale, CA	Mid-rise	83	71,500	1974	1999	95%
Hampton Place	Glendale, CA	Mid-rise	132	141,500	1970	1999	95%
Devonshire	Hemet, CA	Garden	276	207,200	1988	2002	97%
Huntington Breakers	Huntington Beach, CA	Mid-rise	342	241,700	1984	1997	97%
The Huntington	Huntington Beach, CA	Garden	276	202,256	1975	2012	96%
Axis 2300	Irvine, CA	Mid-rise	115	170,714	2010	2010	98%
Hillsborough Park (8)	La Habra, CA	Garden	235	215,500	1999	1999	97%
Village Green	La Habra, CA	Garden	272	175,762	1971	2014	96%
The Palms at Laguna Niguel	Laguna Niguel, CA	Garden	460	362,136	1988	2014	96%
Trabuco Villas	Lake Forest, CA	Mid-rise	132	131,000	1985	1997	98%
Marbrisa	Long Beach, CA	Mid-rise	202	122,800	1987	2002	97%
Pathways at Bixby Village	Long Beach, CA	Garden	296	197,700	1975	1991	96%
8th & Hope	Los Angeles, CA	High-rise	290	298,437	2014	2015	96%
5600 Wilshire	Los Angeles, CA	Mid-rise	284	243,910	2008	2014	96%
Alessio	Los Angeles, CA	Mid-rise	624	552,716	2001	2014	96%
Ashton Sherman Village	Los Angeles, CA	Mid-rise	264	296,186	2014	2016	95%
Avant	Los Angeles, CA	Mid-rise	440	305,989	2014	2015	96%
The Avery	Los Angeles, CA	Mid-rise	121	129,393	2014	2014	98%
Bellerive	Los Angeles, CA	Mid-rise	63	79,296	2011	2011	98%



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
Belmont Station	Los Angeles, CA	Mid-rise	275	225,000	2009	2009	97%
Bunker Hill	Los Angeles, CA	High-rise	456	346,600	1968	1998	93%
Catalina Gardens	Los Angeles, CA	Mid-rise	128	117,585	1987	2014	96%
Cochran Apartments	Los Angeles, CA	Mid-rise	58	51,400	1989	1998	97%
Emerson Valley Village	Los Angeles, CA	Mid-rise	144	179,060	2012	2016	96%
Gas Company Lofts (7)	Los Angeles, CA	High-rise	251	226,666	2004	2013	96%
Kings Road	Los Angeles, CA	Mid-rise	196	132,100	1979	1997	97%
Marbella	Los Angeles, CA	Mid-rise	60	50,108	1991	2005	97%
Pacific Electric Lofts (9)	Los Angeles, CA	High-rise	314	277,980	2006	2012	95%
Park Catalina	Los Angeles, CA	Mid-rise	90	72,864	2002	2012	96%
Park Place	Los Angeles, CA	Mid-rise	60	48,000	1988	1997	97%
Regency Palm Court (7)	Los Angeles, CA	Mid-rise	116	54,844	1987	2014	96%
Santee Court	Los Angeles, CA	High-rise	165	132,040	2004	2010	96%
Santee Village	Los Angeles, CA	High-rise	73	69,817	2011	2011	96%
Tiffany Court	Los Angeles, CA	Mid-rise	101	74,538	1987	2014	98%
Wilshire La Brea	Los Angeles, CA	Mid-rise	478	354,972	2014	2014	96%
Windsor Court (7)	Los Angeles, CA	Mid-rise	95	51,266	1987	2014	96%
Windsor Court	Los Angeles, CA	Mid-rise	58	46,600	1988	1997	97%
Aqua Marina Del Rey	Marina Del Rey, CA	Mid-rise	500	479,312	2001	2014	96%
Marina City Club (10)	Marina Del Rey, CA	Mid-rise	101	127,200	1971	2004	98%
Mirabella	Marina Del Rey, CA	Mid-rise	188	176,800	2000	2000	96%
Mira Monte	Mira Mesa, CA	Garden	354	262,600	1982	2002	97%
Hillcrest Park	Newbury Park, CA	Garden	608	521,900	1973	1998	97%
Fairway Apartments at Big Canyon (11)	Newport Beach, CA	Mid-rise	74	107,100	1972	1999	97%
Muse	North Hollywood, CA	Mid-rise	152	135,292	2011	2011	97%
Country Villas	Oceanside, CA	Garden	180	179,700	1976	2002	97%
Mission Hills	Oceanside, CA	Garden	282	244,000	1984	2005	97%
Renaissance at Uptown Orange	Orange, CA	Mid-rise	460	432,836	2007	2014	97%
Mariner's Place	Oxnard, CA	Garden	105	77,200	1987	2000	98%
Monterey Villas	Oxnard, CA	Garden	122	122,100	1974	1997	98%
Tierra Vista	Oxnard, CA	Mid-rise	404	387,100	2001	2001	97%
Arbors at Parc Rose (9)	Oxnard, CA	Mid-rise	373	503,196	2001	2011	97%
The Hallie	Pasadena, CA	Mid-rise	292	216,700	1972	1997	95%
The Stuart	Pasadena, CA	Mid-rise	188	168,630	2007	2014	96%
Villa Angelina	Placentia, CA	Garden	256	217,600	1970	2001	98%
Fountain Park	Playa Vista, CA	Mid-rise	705	608,900	2002	2004	97%
Highridge (4)	Rancho Palos Verdes, CA	Mid-rise	255	290,200	1972	1997	97%
Cortesia	Rancho Santa Margarita, CA	Garden	308	277,580	1999	2014	97%
Pinnacle at Talega	San Clemente, CA	Mid-rise	362	355,764	2002	2014	96%
Allure at Scripps Ranch	San Diego, CA	Mid-rise	194	207,052	2002	2014	98%
Bernardo Crest	San Diego, CA	Garden	216	205,548	1988	2014	97%
Cambridge Park	San Diego, CA	Mid-rise	320	317,958	1998	2014	97%



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
Carmel Creek	San Diego, CA	Garden	348	384,216	2000	2014	96%
Carmel Landing	San Diego, CA	Garden	356	283,426	1989	2014	95%
Carmel Summit	San Diego, CA	Mid-rise	246	225,880	1989	2014	97%
CentrePointe	San Diego, CA	Garden	224	126,700	1974	1997	97%
Domain	San Diego, CA	Mid-rise	379	345,044	2013	2013	96%
Esplanade (6)	San Diego, CA	Garden	616	479,600	1986	2014	96%
Form 15	San Diego, CA	Mid-rise	242	184,190	2014	2016	96%
Montanosa	San Diego, CA	Garden	472	414,968	1990	2014	97%
Summit Park	San Diego, CA	Garden	300	229,400	1972	2002	96%
Essex Skyline (12)	Santa Ana, CA	High-rise	349	512,791	2008	2010	97%
Fairhaven Apartments (4)	Santa Ana, CA	Garden	164	135,700	1970	2001	96%
Parkside Court (6)	Santa Ana, CA	Mid-rise	210	152,400	1986	2014	98%
Pinnacle at MacArthur Place	Santa Ana, CA	Mid-rise	253	262,867	2002	2014	97%
Hope Ranch	Santa Barbara, CA	Garden	108	126,700	1965	2007	98%
Bridgeport Coast (13)	Santa Clarita, CA	Mid-rise	188	168,198	2006	2014	96%
Hidden Valley (14)	Simi Valley, CA	Garden	324	310,900	2004	2004	98%
Meadowood (8)	Simi Valley, CA	Garden	320	264,500	1986	1996	96%
Shadow Point	Spring Valley, CA	Garden	172	131,200	1983	2002	97%
The Fairways at Westridge (13)	Valencia, CA	Mid-rise	234	223,330	2004	2014	96%
The Vistas of West Hills (13)	Valencia, CA	Mid-rise	220	221,119	2009	2014	96%
Allegro	Valley Village, CA	Mid-rise	97	127,812	2010	2010	97%
Lofts at Pinehurst, The	Ventura, CA	Garden	118	71,100	1971	1997	98%
Pinehurst (15)	Ventura, CA	Garden	28	21,200	1973	2004	97%
Woodside Village	Ventura, CA	Garden	145	136,500	1987	2004	98%
Walnut Heights	Walnut, CA	Garden	163	146,700	1964	2003	96%
The Dylan	West Hollywood, CA	Mid-rise	184	150,678	2014	2014	96%
The Huxley	West Hollywood, CA	Mid-rise	187	154,776	2014	2014	96%
Reveal	Woodland Hills, CA	Mid-rise	438	414,892	2010	2011	96%
Avondale at Warner Center	Woodland Hills, CA	Mid-rise	446	331,000	1970	1999	96%
			27,613	24,536,226			96%
Northern California
Belmont Terrace	Belmont, CA	Mid-rise	71	72,951	1974	2006	98%
Fourth & U	Berkeley, CA	Mid-rise	171	146,255	2010	2010	97%
The Commons	Campbell, CA	Garden	264	153,168	1973	2010	96%
Pointe at Cupertino	Cupertino, CA	Garden	116	135,200	1963	1998	97%
Connolly Station (16)	Dublin, CA	Mid-rise	309	286,348	2014	2014	97%
Avenue 64	Emeryville, CA	Mid-rise	224	196,896	2007	2014	97%
Emme (16)	Emeryville, CA	Mid-rise	190	148,935	2015	2015	97%
Foster's Landing	Foster City, CA	Garden	490	415,130	1987	2014	97%
Stevenson Place	Fremont, CA	Garden	200	146,200	1975	2000	94%
Mission Peaks	Fremont, CA	Mid-rise	453	404,034	1995	2014	94%
Mission Peaks II	Fremont, CA	Garden	336	294,720	1989	2014	95%
Paragon Apartments	Fremont, CA	Mid-rise	301	267,047	2013	2014	97%
Boulevard	Fremont, CA	Garden	172	131,200	1978	1996	95%
Briarwood (9)	Fremont, CA	Garden	160	111,160	1978	2011	95%



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
The Woods (9)	Fremont, CA	Garden	160	105,280	1978	2011	96%
City Centre (13)	Hayward, CA	Mid-rise	192	175,420	2000	2014	98%
City View	Hayward, CA	Garden	572	462,400	1975	1998	97%
Lafayette Highlands	Lafayette, CA	Garden	150	151,790	1973	2014	98%
Apex	Milpitas, CA	Mid-rise	366	350,961	2014	2014	96%
Regency at Mountain View (7)	Mountain View, CA	Mid-rise	142	127,600	1970	2013	91%
Bridgeport (8)	Newark, CA	Garden	184	139,000	1987	1987	97%
The Landing at Jack London Square	Oakland, CA	Mid-rise	282	257,796	2001	2014	97%
The Grand	Oakland, CA	High-rise	243	205,026	2009	2009	98%
The Galloway (16)	Pleasanton, CA	Mid-rise	506	470,550	2016	2016	73%
Radius	Redwood City, CA	Mid-rise	264	245,862	2015	2015	96%
San Marcos	Richmond, CA	Mid-rise	432	407,600	2003	2003	96%
Bennett Lofts	San Francisco, CA	Mid-rise	165	184,713	2004	2012	95%
Fox Plaza	San Francisco, CA	High-rise	444	230,017	1968	2013	96%
MB 360	San Francisco, CA	Mid-rise	360	441,489	2014	2014	97%
Mosso (16)	San Francisco, CA	High-rise	463	607,549	2014	2014	97%
Park West	San Francisco, CA	Mid-rise	126	90,060	1958	2012	95%
101 San Fernando	San Jose, CA	Mid-rise	323	296,078	2001	2010	96%
360 Residences (17)	San Jose, CA	Mid-rise	213	281,108	2010	2017	95%
Bella Villagio	San Jose, CA	Mid-rise	231	227,511	2004	2010	98%
Century Towers (18)	San Jose, CA	High-rise	376	330,178	2017	2017	54%
Enso	San Jose, CA	Mid-rise	183	179,562	2014	2015	97%
Epic (16)	San Jose, CA	Mid-rise	769	660,030	2013	2013	96%
Esplanade	San Jose, CA	Mid-rise	278	279,000	2002	2004	97%
Fountains at River Oaks	San Jose, CA	Mid-rise	226	209,954	1990	2014	98%
Marquis (18)	San Jose, CA	Mid-rise	166	136,467	2015	2016	96%
Mio	San Jose, CA	Mid-rise	103	92,405	2015	2016	98%
Museum Park	San Jose, CA	Mid-rise	117	121,329	2002	2014	96%
One South Market (19)	San Jose, CA	High-rise	312	283,268	2015	2015	96%
Palm Valley (27)	San Jose, CA	Mid-rise	1,098	1,132,284	2008	2014	97%
Sage at Cupertino (20)	San Jose, CA	Garden	230	178,961	1971	2017	96%
The Carlyle (8)	San Jose, CA	Garden	132	129,200	2000	2000	97%
The Waterford	San Jose, CA	Mid-rise	238	219,600	2000	2000	96%
Willow Lake	San Jose, CA	Mid-rise	508	471,744	1989	2012	97%
Lakeshore Landing	San Mateo, CA	Mid-rise	308	223,972	1988	2014	97%
Hillsdale Garden	San Mateo, CA	Garden	697	611,505	1948	2006	97%
Park 20 (16)	San Mateo, CA	Mid-rise	197	140,547	2015	2015	97%
Deer Valley	San Rafael, CA	Garden	171	167,238	1996	2014	97%
Bel Air	San Ramon, CA	Garden	462	391,000	1988	1995	98%
Canyon Oaks	San Ramon, CA	Mid-rise	250	237,894	2005	2007	99%
Crow Canyon	San Ramon, CA	Mid-rise	400	337,064	1992	2014	97%
Foothill Gardens	San Ramon, CA	Garden	132	155,100	1985	1997	97%
Mill Creek at Windermere	San Ramon, CA	Mid-rise	400	381,060	2005	2007	98%
Twin Creeks	San Ramon, CA	Garden	44	51,700	1985	1997	97%
1000 Kiely	Santa Clara, CA	Garden	121	128,486	1971	2011	95%
Le Parc	Santa Clara, CA	Garden	140	113,200	1975	1994	98%



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
Marina Cove (21)	Santa Clara, CA	Garden	292	250,200	1974	1994	97%
Riley Square (9)	Santa Clara, CA	Garden	156	126,900	1972	2012	96%
Villa Granada	Santa Clara, CA	Mid-rise	270	238,841	2010	2014	97%
Chestnut Street Apartments	Santa Cruz, CA	Garden	96	87,640	2002	2008	98%
Bristol Commons	Sunnyvale, CA	Garden	188	142,600	1989	1995	98%
Brookside Oaks (4)	Sunnyvale, CA	Garden	170	119,900	1973	2000	97%
Lawrence Station	Sunnyvale, CA	Mid-rise	336	297,188	2012	2014	97%
Magnolia Lane (22)	Sunnyvale, CA	Garden	32	31,541	2001	2007	98%
Magnolia Square (4)	Sunnyvale, CA	Garden	156	110,824	1963	2007	98%
Montclaire	Sunnyvale, CA	Mid-rise	390	294,100	1973	1988	98%
Reed Square	Sunnyvale, CA	Garden	100	95,440	1970	2011	98%
Solstice	Sunnyvale, CA	Mid-rise	280	257,659	2014	2014	97%
Summerhill Park	Sunnyvale, CA	Garden	100	78,500	1988	1988	98%
Via	Sunnyvale, CA	Mid-rise	284	309,421	2011	2011	98%
Windsor Ridge	Sunnyvale, CA	Mid-rise	216	161,800	1989	1989	97%
Vista Belvedere	Tiburon, CA	Mid-rise	76	78,300	1963	2004	95%
Verandas (13)	Union City, CA	Mid-rise	282	199,092	1989	2014	97%
Agora (23)	Walnut Creek, CA	Mid-rise	49	106,228	2016	2016	99%
			20,806	18,715,976			95%
Seattle, Washington Metropolitan Area
Belcarra	Bellevue, WA	Mid-rise	296	241,567	2009	2014	96%
BellCentre	Bellevue, WA	Mid-rise	248	181,288	2001	2014	96%
Cedar Terrace	Bellevue, WA	Garden	180	174,200	1984	2005	96%
Courtyard off Main	Bellevue, WA	Mid-rise	110	108,388	2000	2010	96%
Ellington	Bellevue, WA	Mid-rise	220	165,794	1994	2014	96%
Emerald Ridge	Bellevue, WA	Garden	180	144,000	1987	1994	96%
Foothill Commons	Bellevue, WA	Mid-rise	394	288,300	1978	1990	96%
Palisades, The	Bellevue, WA	Garden	192	159,700	1977	1990	97%
Park Highland	Bellevue, WA	Mid-rise	250	224,750	1993	2014	96%
Piedmont	Bellevue, WA	Garden	396	348,969	1969	2014	96%
Sammamish View	Bellevue, WA	Garden	153	133,500	1986	1994	98%
Woodland Commons	Bellevue, WA	Garden	302	217,878	1978	1990	97%
Bothell Ridge (6)	Bothell, WA	Garden	214	167,370	1988	2014	96%
Canyon Pointe	Bothell, WA	Garden	250	210,400	1990	2003	97%
Inglenook Court	Bothell, WA	Garden	224	183,600	1985	1994	97%
Pinnacle Sonata	Bothell, WA	Mid-rise	268	343,095	2000	2014	96%
Salmon Run at Perry Creek	Bothell, WA	Garden	132	117,100	2000	2000	97%
Stonehedge Village	Bothell, WA	Garden	196	214,800	1986	1997	96%
Highlands at Wynhaven	Issaquah, WA	Mid-rise	333	424,674	2000	2008	96%
Park Hill at Issaquah	Issaquah, WA	Garden	245	277,700	1999	1999	96%
Wandering Creek	Kent, WA	Garden	156	124,300	1986	1995	98%
Ascent	Kirkland, WA	Garden	90	75,840	1988	2012	97%
Bridle Trails	Kirkland, WA	Garden	108	99,700	1986	1997	97%
Corbella at Juanita Bay	Kirkland, WA	Garden	169	103,339	1978	2010	97%
Evergreen Heights	Kirkland, WA	Garden	200	188,300	1990	1997	95%
Slater 116	Kirkland, WA	Mid-rise	108	81,415	2013	2013	97%
Montebello	Kirkland, WA	Garden	248	272,734	1996	2012	96%



			Apartment	Rentable	Year	Year
Communities (1)	Location	Type	Homes	Square Footage	Built	Acquired	Occupancy(2)
Aviara (24)	Mercer Island, WA	Mid-rise	166	147,033	2013	2014	96%
Laurels at Mill Creek	Mill Creek, WA	Garden	164	134,300	1981	1996	96%
Parkwood at Mill Creek	Mill Creek, WA	Garden	240	257,160	1989	2014	96%
The Elliot at Mukilteo (4)	Mukilteo, WA	Garden	301	245,900	1981	1997	96%
Castle Creek	Newcastle, WA	Garden	216	191,900	1998	1998	97%
Delano	Redmond, WA	Mid-rise	126	116,340	2005	2011	98%
Elevation	Redmond, WA	Garden	158	138,916	1986	2010	97%
Redmond Hill (9)	Redmond, WA	Garden	442	350,275	1985	2011	97%
Shadowbrook	Redmond, WA	Garden	418	338,880	1986	2014	96%
The Trails of Redmond	Redmond, WA	Garden	423	376,000	1985	2014	97%
Vesta (9)	Redmond, WA	Garden	440	381,675	1998	2011	97%
Brighton Ridge	Renton, WA	Garden	264	201,300	1986	1996	96%
Fairwood Pond	Renton, WA	Garden	194	189,200	1997	2004	97%
Forest View	Renton, WA	Garden	192	182,500	1998	2003	98%
Pinnacle on Lake Washington	Renton, WA	Mid-rise	180	190,908	2001	2014	95%
8th & Republican (17)	Seattle, WA	High-rise	211	161,371	2016	2017	95%
Annaliese	Seattle, WA	High-rise	56	48,216	2009	2013	97%
The Audrey at Belltown	Seattle, WA	Mid-rise	137	94,119	1992	2014	96%
The Bernard	Seattle, WA	Mid-rise	63	43,151	2008	2011	96%
Cairns, The	Seattle, WA	Mid-rise	99	70,806	2006	2007	96%
Collins on Pine	Seattle, WA	Mid-rise	76	48,733	2013	2014	97%
Domaine	Seattle, WA	Mid-rise	92	79,421	2009	2012	96%
Expo (18)	Seattle, WA	Mid-rise	275	190,176	2012	2012	97%
Fountain Court	Seattle, WA	Mid-rise	320	207,000	2000	2000	96%
Joule (25)	Seattle, WA	Mid-rise	295	191,109	2010	2010	97%
Taylor 28	Seattle, WA	Mid-rise	197	155,630	2008	2014	96%
Vox Apartments	Seattle, WA	Mid-rise	58	42,173	2013	2013	96%
Wharfside Pointe	Seattle, WA	Mid-rise	155	119,200	1990	1994	96%
			11,820	10,166,093			96%

Total/Weighted Average			60,239	53,418,295			96%



			Square	Year	Year
Other real estate assets (1)	Location	Tenants	Footage	Built	Acquired	Occupancy (2)
Derian Office Building (26)	Irvine, CA	6	106,564	1983	2000	74%
		6	106,564			74%

Footnotes to the Company’s Portfolio Listing as of December 31, 2017


(1)	Unless otherwise specified, the Company has a 100% ownership interest in each community.


(2)	For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2017; for the commercial buildings occupancy rates are based on physical occupancy as of December 31, 2017. For an explanation of how financial occupancy and physical occupancy are calculated, see “Occupancy Rates” in this Item 2.


(3)	The community is subject to a ground lease, which, unless extended, will expire in 2082.


(4)	The Company holds a 1% special limited partner interest in the partnerships which own these apartment communities. These investments were made under arrangements whereby Essex Management Company, a wholly-owned subsidiary of Essex, became the 1% sole general partner and the other limited partners were granted the right to require the applicable partnership to redeem their interest for cash. Subject to certain conditions, the Company may, however,

(4)

The Company holds a 1% special limited partner interest in the partnerships which own these apartment communities. These investments were made under arrangements whereby Essex Management Company, a wholly-owned subsidiary of Essex, became the 1% sole general partner and the other limited partners were granted the right to require the applicable partnership to redeem their interest for cash. Subject to certain conditions, the Company may, however,

elect to deliver an equivalent number of shares of the Company’s common stock in satisfaction of the applicable partnership’s cash redemption obligation.


(5)	This community is owned by BEX III, LLC ("BEX III"). The Company has a 50% interest in BEX III, which is accounted for using the equity method of accounting.


(6)	This community is owned by BEXAEW. The Company has a 50% interest in BEXAEW, which is accounted for using the equity method of accounting.


(7)	This community is owned by Wesco III, LLC ("Wesco III"). The Company has a 50% interest in Wesco III, which is accounted for using the equity method of accounting.


(8)	This community is owned by BEX II, LLC ("BEX II"). The Company has a 50% interest in BEX II, which is accounted for using the equity method of accounting.


(9)	This community is owned by Wesco I. The Company has a 58% interest in Wesco I, which is accounted for using the equity method of accounting.


(10)	This community is subject to a ground lease, which, unless extended, will expire in 2067.


(11)	This community is subject to a ground lease, which, unless extended, will expire in 2027.


(12)	The Company has a 97% interest and an Executive Vice President of the Company has a 3% interest in this community.


(13)	This community is owned by Wesco IV, LLC ("Wesco IV") The Company has a 50% interest in Wesco IV, which is accounted for using the equity method of accounting.


(14)	The Company has a 75% member interest in this community.


(15)	This community is subject to a ground lease, which, unless extended, will expire in 2028.


(16)	This community is owned by an entity that is co-owned by the Company and the Canadian Pension Plan Investment Board ("CPPIB" or "CPP"). The Company has a 55% ownership in this community, which is accounted for using the equity method of accounting.


(17)	This community is owned by Wesco V, LLC ("Wesco V"). The Company has a 50% interest in Wesco V, which is accounted for using the equity method of accounting.


(18)	The Company has 50% ownership in this community, which is accounted for using the equity method of accounting.


(19)	The Company has a 55% membership interest in this community, which is accounted for using the equity method of accounting.


(20)	The Company has a 41% ownership in this community.


(21)	A portion of this community on which 84 apartment homes are presently located is subject to a ground lease, which, unless extended, will expire in 2028.


(22)	The community is subject to a ground lease, which, unless extended, will expire in 2070.


(23)	This community is owned by an entity that is co-owned by the Company and CPP. The Company has a 51% membership interest in this community, which is accounted for using the equity method of accounting.


(24)	This community is subject to a ground lease, which, unless extended, will expire in 2070.


(25)	The Company has 99% ownership in this community.


(26)	The Company occupies 8% of space in this property.


(27)	In January 2017, the Company purchased its joint venture partner's 50% membership interest in the Palm Valley co-investment.

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