Item 2. Properties

The Company’s portfolio as of December 31, 2022 (including communities owned by unconsolidated joint ventures, but excluding communities underlying preferred equity investments) was comprised of 252 stabilized operating apartment communities (comprising 62,147 apartment homes), of which 26,374 apartment homes are located in Southern California, 23,248 apartment homes are located in Northern California, and 12,525 apartment homes are located in the Seattle metropolitan area. The Company’s apartment communities accounted for 99.0% of the Company’s revenues for the year ended December 31, 2022.

Occupancy Rates

Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income. Total scheduled rental income 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 the recently signed effective rates on new leases at the property and are used as the starting point in the determination of the market rates of vacant apartment homes. The Company may increase or decrease these rates based on a variety of factors, including overall supply and demand for housing, concentration of new apartment deliveries within the same submarket which can cause periodic disruption due to greater rental concessions to increase leasing velocity, and rental affordability.

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 income is not considered the best metric to quantify occupancy.

Communities

The Company’s communities are primarily urban and suburban 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, 2022, the Company’s communities include 104 garden-style, 138 mid-rise, and 10 high-rise communities. Garden-style communities are generally defined as on-grade properties with two and/or three-story buildings with no structured parking while mid-rise communities are generally defined as properties with three to seven story buildings and some structured parking. High-rise communities are typically defined as properties with buildings that are greater than seven stories, are steel or concrete framed, and frequently have structured parking. The communities have an average of approximately 247 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, playground areas and dog parks.

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 three commercial buildings with approximately 283,000 square feet located in California and Washington, of which the Company occupied approximately 13,000 square feet as of December 31, 2022. Furthermore, as of December 31, 2022, the commercial buildings' physical occupancy rate was 83% consisting of 7 tenants, including the Company.

Operating Portfolio

The table below describes the Company’s operating portfolio as of December 31, 2022. (See Note 8, "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

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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						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Southern California
Alpine Village						Alpine, CA						Garden						301						1971						2002						96%
Barkley, The (3)(4)						Anaheim, CA						Garden						161						1984						2000						97%
Park Viridian						Anaheim, CA						Mid-rise						320						2008						2014						96%
Bonita Cedars						Bonita, CA						Garden						120						1983						2002						97%
The Village at Toluca Lake						Burbank, CA						Mid-rise						145						1974						2017						97%
Camarillo Oaks						Camarillo, CA						Garden						564						1985						1996						96%
Camino Ruiz Square						Camarillo, CA						Garden						159						1990						2006						98%
Pinnacle at Otay Ranch I & II						Chula Vista, CA						Mid-rise						364						2001						2014						97%
Mesa Village						Clairemont, CA						Garden						133						1963						2002						96%
Villa Siena						Costa Mesa, CA						Garden						272						1974						2014						96%
Emerald Pointe						Diamond Bar, CA						Garden						160						1989						2014						97%
Regency at Encino						Encino, CA						Mid-rise						75						1989						2009						98%
The Havens (5)						Fountain Valley, CA						Garden						440						1969						2014						96%
Valley Park						Fountain Valley, CA						Garden						160						1969						2001						97%
Capri at Sunny Hills (4)						Fullerton, CA						Garden						102						1961						2001						95%
Haver Hill (6)						Fullerton, CA						Garden						264						1973						2012						96%
Pinnacle at Fullerton						Fullerton, CA						Mid-rise						192						2004						2014						97%
Wilshire Promenade						Fullerton, CA						Mid-rise						149						1992						1997						97%
Montejo Apartments						Garden Grove, CA						Garden						124						1974						2001						97%
The Henley I						Glendale, CA						Mid-rise						83						1974						1999						96%
The Henley II						Glendale, CA						Mid-rise						132						1970						1999						96%
CBC and The Sweeps						Goleta, CA						Garden						239						1962						2006						99%
Huntington Breakers						Huntington Beach, CA						Mid-rise						342						1984						1997						97%
The Huntington						Huntington Beach, CA						Garden						276						1975						2012						97%
Hillsborough Park (7)						La Habra, CA						Garden						235						1999						1999						97%
Village Green						La Habra, CA						Garden						272						1971						2014						96%
The Palms at Laguna Niguel						Laguna Niguel, CA						Garden						460						1988						2014						96%
Trabuco Villas						Lake Forest, CA						Mid-rise						132						1985						1997						98%
Marbrisa						Long Beach, CA						Mid-rise						202						1987						2002						96%
Pathways at Bixby Village						Long Beach, CA						Garden						296						1975						1991						96%
5600 Wilshire						Los Angeles, CA						Mid-rise						284						2008						2014						97%
Alessio						Los Angeles, CA						Mid-rise						624						2001						2014						96%
Ashton Sherman Village						Los Angeles, CA						Mid-rise						264						2014						2016						97%
Avant						Los Angeles, CA						Mid-rise						440						2014						2015						95%
The Avery						Los Angeles, CA						Mid-rise						121						2014						2014						96%
Bellerive						Los Angeles, CA						Mid-rise						63						2011						2011						97%
Belmont Station						Los Angeles, CA						Mid-rise						275						2009						2009						96%
Bunker Hill						Los Angeles, CA						High-rise						456						1968						1998						95%
Catalina Gardens						Los Angeles, CA						Mid-rise						128						1987						2014						95%
Cochran Apartments						Los Angeles, CA						Mid-rise						58						1989						1998						96%
Emerson Valley Village						Los Angeles, CA						Mid-rise						144						2012						2016						97%
Gas Company Lofts (6)						Los Angeles, CA						High-rise						251						2004						2013						96%
The Blake LA						Los Angeles, CA						Mid-rise						196						1979						1997						97%
Marbella						Los Angeles, CA						Mid-rise						60						1991						2005						96%

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																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Pacific Electric Lofts (8)						Los Angeles, CA						High-rise						314						2006						2012						95%
Park Catalina						Los Angeles, CA						Mid-rise						90						2002						2012						96%
Park Place						Los Angeles, CA						Mid-rise						60						1988						1997						96%
Regency Palm Court						Los Angeles, CA						Mid-rise						116						1987						2014						89%
Santee Court						Los Angeles, CA						High-rise						165						2004						2010						95%
Santee Village						Los Angeles, CA						High-rise						73						2011						2011						95%
Tiffany Court						Los Angeles, CA						Mid-rise						101						1987						2014						97%
Wallace on Sunset						Los Angeles, CA						Mid-rise						200						2021						2021						95%
Wilshire La Brea						Los Angeles, CA						Mid-rise						478						2014						2014						96%
Windsor Court						Los Angeles, CA						Mid-rise						95						1987						2014						93%
Windsor Court						Los Angeles, CA						Mid-rise						58						1988						1997						96%
Aqua at Marina Del Rey						Marina Del Rey, CA						Mid-rise						500						2001						2014						97%
Marina City Club (9)						Marina Del Rey, CA						Mid-rise						101						1971						2004						99%
Mirabella						Marina Del Rey, CA						Mid-rise						188						2000						2000						96%
Mira Monte						Mira Mesa, CA						Garden						354						1982						2002						97%
Hillcrest Park						Newbury Park, CA						Garden						608						1973						1998						95%
Fairway Apartments at Big Canyon (10)						Newport Beach, CA						Mid-rise						74						1972						1999						93%
Muse						North Hollywood, CA						Mid-rise						152						2011						2011						96%
Country Villas						Oceanside, CA						Garden						180						1976						2002						97%
Mission Hills						Oceanside, CA						Garden						282						1984						2005						96%
Renaissance at Uptown Orange						Orange, CA						Mid-rise						460						2007						2014						96%
Mariner's Place						Oxnard, CA						Garden						105						1987						2000						97%
Monterey Villas						Oxnard, CA						Garden						122						1974						1997						95%
Tierra Vista						Oxnard, CA						Mid-rise						404						2001						2001						96%
Arbors at Parc Rose (8)						Oxnard, CA						Mid-rise						373						2001						2011						96%
The Hallie						Pasadena, CA						Mid-rise						292						1972						1997						97%
The Stuart						Pasadena, CA						Mid-rise						188						2007						2014						97%
Villa Angelina						Placentia, CA						Garden						256						1970						2001						97%
Fountain Park						Playa Vista, CA						Mid-rise						705						2002						2004						96%
Highridge (4)						Rancho Palos Verdes, CA						Mid-rise						255						1972						1997						96%
Cortesia						Rancho Santa Margarita, CA						Garden						308						1999						2014						96%
Pinnacle at Talega						San Clemente, CA						Mid-rise						362						2002						2014						96%
Allure at Scripps Ranch						San Diego, CA						Mid-rise						194						2002						2014						97%
Bernardo Crest						San Diego, CA						Garden						216						1988						2014						97%
Cambridge Park						San Diego, CA						Mid-rise						320						1998						2014						96%
Carmel Creek						San Diego, CA						Garden						348						2000						2014						96%
Carmel Landing						San Diego, CA						Garden						356						1989						2014						95%
Carmel Summit						San Diego, CA						Mid-rise						246						1989						2014						97%
CentrePointe						San Diego, CA						Garden						224						1974						1997						95%
Esplanade (5)						San Diego, CA						Garden						616						1986						2014						96%
Form 15						San Diego, CA						Mid-rise						242						2014						2016						97%
Montanosa						San Diego, CA						Garden						472						1990						2014						97%
Summit Park						San Diego, CA						Garden						300						1972						2002						97%
Essex Skyline (11)						Santa Ana, CA						High-rise						350						2008						2010						94%
Fairhaven Apartments (4)						Santa Ana, CA						Garden						164						1970						2001						97%
Parkside Court (5)						Santa Ana, CA						Mid-rise						210						1986						2014						97%

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																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Pinnacle at MacArthur Place						Santa Ana, CA						Mid-rise						253						2002						2014						96%
Hope Ranch						Santa Barbara, CA						Garden						108						1965						2007						97%
Bridgeport Coast (12)						Santa Clarita, CA						Mid-rise						188						2006						2014						96%
Meadowood (7)						Simi Valley, CA						Garden						320						1986						1996						95%
Shadow Point						Spring Valley, CA						Garden						172						1983						2002						96%
The Fairways at Westridge (12)						Valencia, CA						Mid-rise						234						2004						2014						97%
The Vistas of West Hills (12)						Valencia, CA						Mid-rise						220						2009						2014						97%
Allegro						Valley Village, CA						Mid-rise						97						2010						2010						97%
Lofts at Pinehurst, The						Ventura, CA						Garden						118						1971						1997						96%
Pinehurst (13)						Ventura, CA						Garden						28						1973						2004						99%
Woodside Village						Ventura, CA						Garden						145						1987						2004						97%
Passage Buena Vista (14)						Vista, CA						Garden						179						2020						2021						96%
Walnut Heights						Walnut, CA						Garden						163						1964						2003						97%
The Dylan						West Hollywood, CA						Mid-rise						184						2014						2014						95%
The Huxley						West Hollywood, CA						Mid-rise						187						2014						2014						96%
Reveal						Woodland Hills, CA						Mid-rise						438						2010						2011						96%
Avondale at Warner Center						Woodland Hills, CA						Mid-rise						446						1970						1999						96%
Vela (16)						Woodland Hills, CA						Mid-rise						379						2018						2022						95%
																		26,374																		96%
Northern California
Belmont Terrace						Belmont, CA						Mid-rise						71						1974						2006						96%
Fourth & U						Berkeley, CA						Mid-rise						171						2010						2010						94%
The Commons						Campbell, CA						Garden						264						1973						2010						97%
Pointe at Cupertino						Cupertino, CA						Garden						116						1963						1998						97%
Connolly Station						Dublin, CA						Mid-rise						309						2014						2014						96%
Avenue 64						Emeryville, CA						Mid-rise						224						2007						2014						95%
The Courtyards at 65th Street (15)						Emeryville, CA						Mid-rise						331						2004						2019						94%
Emme						Emeryville, CA						Mid-rise						190						2015						2015						94%
Foster's Landing						Foster City, CA						Garden						490						1987						2014						96%
Stevenson Place						Fremont, CA						Garden						200						1975						2000						95%
Mission Peaks						Fremont, CA						Mid-rise						453						1995						2014						96%
Mission Peaks II						Fremont, CA						Garden						336						1989						2014						97%
Paragon Apartments						Fremont, CA						Mid-rise						301						2013						2014						96%
Boulevard						Fremont, CA						Garden						172						1978						1996						97%
Briarwood (8)						Fremont, CA						Garden						160						1978						2011						97%
The Woods (8)						Fremont, CA						Garden						160						1978						2011						96%
The Rexford (16)						Fremont, CA						Garden						203						1973						2021						96%
City Centre (12)						Hayward, CA						Mid-rise						192						2000						2014						97%
City View						Hayward, CA						Garden						572						1975						1998						97%
Lafayette Highlands						Lafayette, CA						Garden						150						1973						2014						95%
777 Hamilton (17)						Menlo Park, CA						Mid-rise						195						2017						2019						95%
Apex						Milpitas, CA						Mid-rise						367						2014						2014						96%
Regency at Mountain View (6)						Mountain View, CA						Mid-rise						142						1970						2013						96%
Bridgeport (7)						Newark, CA						Garden						184						1987						1987						97%
The Landing at Jack London Square						Oakland, CA						Mid-rise						282						2001						2014						96%
The Grand						Oakland, CA						High-rise						243						2009						2009						95%
The Galloway						Pleasanton, CA						Mid-rise						506						2016						2016						96%

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																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Radius						Redwood City, CA						Mid-rise						264						2015						2015						95%
Township						Redwood City, CA						Mid-rise						132						2014						2019						95%
San Marcos						Richmond, CA						Mid-rise						432						2003						2003						96%
500 Folsom (14)						San Francisco, CA						High-rise						537						2021						2021						95%
Bennett Lofts						San Francisco, CA						Mid-rise						164						2004						2012						82%
Fox Plaza						San Francisco, CA						High-rise						445						1968						2013						96%
MB 360						San Francisco, CA						Mid-rise						360						2014						2014						96%
Park West						San Francisco, CA						Mid-rise						126						1958						2012						95%
101 San Fernando						San Jose, CA						Mid-rise						323						2001						2010						96%
360 Residences (15)						San Jose, CA						Mid-rise						213						2010						2017						94%
Bella Villagio						San Jose, CA						Mid-rise						231						2004						2010						96%
Century Towers (14)						San Jose, CA						High-rise						376						2017						2017						96%
Enso						San Jose, CA						Mid-rise						183						2014						2015						97%
Epic						San Jose, CA						Mid-rise						769						2013						2013						96%
Esplanade						San Jose, CA						Mid-rise						278						2002						2004						97%
Fountains at River Oaks						San Jose, CA						Mid-rise						226						1990						2014						97%
Marquis						San Jose, CA						Mid-rise						166						2015						2016						96%
Meridian at Midtown (15)						San Jose, CA						Mid-rise						218						2015						2018						95%
Mio						San Jose, CA						Mid-rise						103						2015						2016						97%
Palm Valley						San Jose, CA						Mid-rise						1,100						2008						2014						96%
Patina at Midtown (14)						San Jose, CA						Mid-rise						269						2021						2021						95%
Sage at Cupertino (4)						San Jose, CA						Garden						230						1971						2017						95%
Silver (14)						San Jose, CA						Mid-rise						268						2019						2021						94%
The Carlyle (7)						San Jose, CA						Garden						132						2000						2000						96%
The Waterford						San Jose, CA						Mid-rise						238						2000						2000						96%
Willow Lake						San Jose, CA						Mid-rise						508						1989						2012						97%
Lakeshore Landing						San Mateo, CA						Mid-rise						308						1988						2014						96%
Hillsdale Garden (14)						San Mateo, CA						Garden						697						1948						2006						96%
Station Park Green						San Mateo, CA						Mid-rise						599						2018						2018						95%
Deer Valley						San Rafael, CA						Garden						171						1996						2014						97%
Bel Air						San Ramon, CA						Garden						462						1988						1995						96%
Canyon Oaks						San Ramon, CA						Mid-rise						250						2005						2007						96%
Crow Canyon						San Ramon, CA						Mid-rise						400						1992						2014						97%
Foothill Gardens						San Ramon, CA						Garden						132						1985						1997						96%
Mill Creek at Windermere						San Ramon, CA						Mid-rise						400						2005						2007						96%
Twin Creeks						San Ramon, CA						Garden						44						1985						1997						96%
1000 Kiely						Santa Clara, CA						Garden						121						1971						2011						97%
Le Parc						Santa Clara, CA						Garden						140						1975						1994						97%
Marina Cove (18)						Santa Clara, CA						Garden						292						1974						1994						96%
Mylo						Santa Clara, CA						Mid-rise						476						2021						2021						95%
Riley Square (8)						Santa Clara, CA						Garden						156						1972						2012						97%
Villa Granada						Santa Clara, CA						Mid-rise						270						2010						2014						96%
Chestnut Street Apartments						Santa Cruz, CA						Garden						96						2002						2008						98%
Bristol Commons						Sunnyvale, CA						Garden						188						1989						1995						96%
Brookside Oaks (4)						Sunnyvale, CA						Garden						170						1973						2000						98%
Lawrence Station						Sunnyvale, CA						Mid-rise						336						2012						2014						96%
Magnolia Lane (19)						Sunnyvale, CA						Garden						32						2001						2007						96%

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																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Magnolia Square (4)						Sunnyvale, CA						Garden						156						1963						2007						96%
Montclaire						Sunnyvale, CA						Mid-rise						390						1973						1988						97%
Reed Square						Sunnyvale, CA						Garden						100						1970						2011						97%
Solstice						Sunnyvale, CA						Mid-rise						280						2014						2014						96%
Summerhill Park						Sunnyvale, CA						Garden						100						1988						1988						98%
Via						Sunnyvale, CA						Mid-rise						284						2011						2011						96%
Windsor Ridge						Sunnyvale, CA						Mid-rise						216						1989						1989						97%
Vista Belvedere						Tiburon, CA						Mid-rise						76						1963						2004						96%
Verandas (12)						Union City, CA						Mid-rise						282						1989						2014						97%
Agora						Walnut Creek, CA						Mid-rise						49						2016						2016						97%
Brio (4)						Walnut Creek, CA						Mid-rise						300						2015						2019						96%
																		23,248																		96%
Seattle, Washington Metropolitan Area
Belcarra						Bellevue, WA						Mid-rise						296						2009						2014						96%
BellCentre						Bellevue, WA						Mid-rise						249						2001						2014						96%
Cedar Terrace						Bellevue, WA						Garden						180						1984						2005						96%
Courtyard off Main						Bellevue, WA						Mid-rise						110						2000						2010						95%
Ellington						Bellevue, WA						Mid-rise						220						1994						2014						94%
Emerald Ridge						Bellevue, WA						Garden						180						1987						1994						97%
Foothill Commons						Bellevue, WA						Mid-rise						394						1978						1990						96%
Palisades, The						Bellevue, WA						Garden						192						1977						1990						97%
Park Highland						Bellevue, WA						Mid-rise						250						1993						2014						96%
Piedmont						Bellevue, WA						Garden						396						1969						2014						96%
Sammamish View						Bellevue, WA						Garden						153						1986						1994						97%
Woodland Commons						Bellevue, WA						Garden						302						1978						1990						96%
Bothell Ridge (5)						Bothell, WA						Garden						214						1988						2014						96%
Canyon Pointe						Bothell, WA						Garden						250						1990						2003						97%
Inglenook Court						Bothell, WA						Garden						224						1985						1994						96%
Pinnacle Sonata						Bothell, WA						Mid-rise						268						2000						2014						96%
Salmon Run at Perry Creek						Bothell, WA						Garden						132						2000						2000						97%
Stonehedge Village						Bothell, WA						Garden						196						1986						1997						98%
Highlands at Wynhaven						Issaquah, WA						Mid-rise						333						2000						2008						96%
Park Hill at Issaquah						Issaquah, WA						Garden						245						1999						1999						97%
Wandering Creek						Kent, WA						Garden						156						1986						1995						97%
Ascent						Kirkland, WA						Garden						90						1988						2012						96%
Bridle Trails						Kirkland, WA						Garden						108						1986						1997						97%
Corbella at Juanita Bay						Kirkland, WA						Garden						169						1978						2010						97%
Evergreen Heights						Kirkland, WA						Garden						200						1990						1997						97%
Slater 116						Kirkland, WA						Mid-rise						108						2013						2013						96%
Montebello						Kirkland, WA						Garden						248						1996						2012						97%
Martha Lake Apartments (16)						Lynwood, WA						Mid-rise						155						1991						2021						97%
Aviara (19)						Mercer Island, WA						Mid-rise						166						2013						2014						96%
Laurels at Mill Creek						Mill Creek, WA						Garden						164						1981						1996						98%
Monterra in Mill Creek (16)						Mill Creek, WA						Garden						139						2003						2021						97%
Parkwood at Mill Creek						Mill Creek, WA						Garden						240						1989						2014						97%
The Elliot at Mukilteo (4)						Mukilteo, WA						Garden						301						1981						1997						96%
Castle Creek						Newcastle, WA						Garden						216						1998						1998						98%

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																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (20)						Occupancy**(2)**
Elevation						Redmond, WA						Garden						158						1986						2010						96%
Pure Redmond						Redmond, WA						Mid-rise						105						2016						2019						96%
Redmond Hill (8)						Redmond, WA						Garden						442						1985						2011						96%
Shadowbrook						Redmond, WA						Garden						418						1986						2014						95%
The Trails of Redmond						Redmond, WA						Garden						423						1985						2014						95%
Vesta (8)						Redmond, WA						Garden						440						1998						2011						96%
Brighton Ridge						Renton, WA						Garden						264						1986						1996						96%
Fairwood Pond						Renton, WA						Garden						194						1997						2004						98%
Forest View						Renton, WA						Garden						192						1998						2003						97%
Pinnacle on Lake Washington						Renton, WA						Mid-rise						180						2001						2014						97%
8th & Republican (15)						Seattle, WA						Mid-rise						211						2016						2017						96%
Annaliese						Seattle, WA						Mid-rise						56						2009						2013						97%
The Audrey at Belltown						Seattle, WA						Mid-rise						137						1992						2014						96%
The Bernard						Seattle, WA						Mid-rise						63						2008						2011						96%
Cairns, The						Seattle, WA						Mid-rise						99						2006						2007						95%
Collins on Pine						Seattle, WA						Mid-rise						76						2013						2014						96%
Canvas						Seattle, WA						Mid-rise						123						2014						2021						100%
Domaine						Seattle, WA						Mid-rise						92						2009						2012						97%
Expo (14)						Seattle, WA						Mid-rise						275						2012						2012						93%
Fountain Court						Seattle, WA						Mid-rise						320						2000						2000						95%
Patent 523						Seattle, WA						Mid-rise						295						2010						2010						96%
Taylor 28						Seattle, WA						Mid-rise						197						2008						2014						96%
Velo and Ray (15)						Seattle, WA						Mid-rise						308						2014						2019						96%
Vox Apartments						Seattle, WA						Mid-rise						58						2013						2013						95%
Wharfside Pointe						Seattle, WA						Mid-rise						155						1990						1994						97%
																		12,525																		96%
Total/Weighted Average																		62,147																		96%

Footnotes to the Company’s Portfolio Listing as of December 31, 2022

(1)Unless otherwise specified, the Company consolidates each community in accordance with U.S. GAAP.

(2)For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2022, except for communities that were stabilized during the year, in which case occupancy as of December 31, 2022 was used. For an explanation of how financial occupancy is calculated, see "Occupancy Rates" in this Item 2.

(3)The community is subject to a ground lease, which, unless extended, will expire in 2083.

(4)Each of these communities is part of a DownREIT structure in which the Company is the general partner or manager and the other limited partners or members are granted rights of redemption for their interests.

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

(6)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.

(7)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.

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

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

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

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

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(12)This community is owned by Wesco IV, LLC ("Wesco IV") The Company has a 65.1% interest in Wesco IV, which is accounted for using the equity method of accounting.

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

(14)The Company has an interest in a single asset entity owning this community.

(15)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.

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

(17)This community is owned by BEX IV, LLC ("BEX IV"). The Company has a 50.1% interest in BEX IV, which is accounted for using the equity method of accounting.

(18)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.

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

(20) Represents the initial year the joint venture or consolidated community was acquired.