Item 2. Properties

The Company’s portfolio as of December 31, 2024 (including communities owned by unconsolidated joint ventures, but excluding communities underlying preferred equity investments) was comprised of 255 stabilized operating apartment communities (comprising 62,157 apartment homes), of which 26,484 apartment homes are located in Southern California, 22,804 apartment homes are located in Northern California, and 12,869 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, 2024.

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 two to seven stories above grade construction with structured parking situated on 1-20 acres of land with densities of approximately 10 to 80+ units per acre. As of December 31, 2024, the Company’s communities include 103 garden-style, 142 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 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, 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 two operating commercial buildings (totaling approximately 185,000 square feet) located in California and Washington, of which the Company occupied an aggregate of approximately 50,000 square feet as of December 31, 2024. Furthermore, as of December 31, 2024, the commercial buildings’ physical occupancy rate was 93% consisting of seven tenants, including the Company.

Table of Contents

Operating Portfolio

The table below describes the Company’s operating portfolio as of December 31, 2024 (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 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 (2)						Occupancy**(3)**
Southern California
Alpine Village						Alpine, CA						Garden						301						1971						2002						96%
Park Viridian						Anaheim, CA						Mid-rise						320						2008						2014						96%
The Barkley (4)(5)						Anaheim, CA						Garden						161						1984						2000						96%
Bonita Cedars						Bonita, CA						Garden						120						1983						2002						97%
The Village at Toluca Lake						Burbank, CA						Mid-rise						146						1974						2017						96%
Camarillo Oaks						Camarillo, CA						Garden						564						1985						1996						96%
Camino Ruiz Square						Camarillo, CA						Garden						160						1990						2006						97%
Hacienda at Camarillo Oaks						Camarillo, CA						Garden						73						1984						2023						94%
Pinnacle at Otay Ranch I & II						Chula Vista, CA						Mid-rise						364						2001						2014						96%
Mesa Village						Clairemont, CA						Garden						133						1963						2002						95%
Villa Siena						Costa Mesa, CA						Garden						274						1974						2014						96%
Emerald Pointe						Diamond Bar, CA						Garden						160						1989						2014						97%
Regency at Encino						Encino, CA						Mid-rise						75						1989						2009						95%
The Havens						Fountain Valley, CA						Garden						440						1969						2014						97%
Valley Park						Fountain Valley, CA						Garden						160						1969						2001						96%
Capri at Sunny Hills (5)						Fullerton, CA						Garden						102						1961						2001						93%
Haver Hill (6)						Fullerton, CA						Garden						265						1973						2012						97%
Pinnacle at Fullerton						Fullerton, CA						Mid-rise						192						2004						2014						97%
Wilshire Promenade						Fullerton, CA						Mid-rise						149						1992						1997						96%
Montejo						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%
Huntington Breakers						Huntington Beach, CA						Mid-rise						344						1984						1997						97%
The Huntington						Huntington Beach, CA						Garden						276						1975						2012						97%
Hillsborough Park						La Habra, CA						Garden						235						1999						1999						97%
Village Green						La Habra, CA						Garden						272						1971						2014						97%
The Palms at Laguna Niguel						Laguna Niguel, CA						Garden						460						1988						2014						96%
Trabuco Villas						Lake Forest, CA						Mid-rise						132						1985						1997						96%
Marbrisa						Long Beach, CA						Mid-rise						202						1987						2002						95%
Pathways at Bixby Village						Long Beach, CA						Garden						296						1975						1991						97%
5600 Wilshire						Los Angeles, CA						Mid-rise						284						2008						2014						95%
Alessio						Los Angeles, CA						Mid-rise						624						2001						2014						94%
Ashton Sherman Village						Los Angeles, CA						Mid-rise						264						2014						2016						97%
Avant						Los Angeles, CA						Mid-rise						443						2014						2015						93%
The Avery						Los Angeles, CA						Mid-rise						121						2014						2014						96%
Bellerive						Los Angeles, CA						Mid-rise						63						2011						2011						96%
Belmont Station						Los Angeles, CA						Mid-rise						275						2009						2009						94%
Catalina Gardens						Los Angeles, CA						Mid-rise						128						1987						2014						94%
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						92%

Table of Contents

																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (2)						Occupancy**(3)**
Marbella						Los Angeles, CA						Mid-rise						60						1991						2005						96%
Pacific Electric Lofts (7)						Los Angeles, CA						High-rise						314						2006						2012						93%
Park Catalina						Los Angeles, CA						Mid-rise						90						2002						2012						95%
Park Place						Los Angeles, CA						Mid-rise						60						1988						1997						96%
Regency Palm Court						Los Angeles, CA						Mid-rise						116						1987						2014						93%
Santee Court						Los Angeles, CA						High-rise						165						2004						2010						93%
Santee Village						Los Angeles, CA						High-rise						73						2011						2011						93%
Skye at Bunker Hill						Los Angeles, CA						High-rise						456						1968						1998						96%
The Blake LA						Los Angeles, CA						Mid-rise						196						1979						1997						98%
Tiffany Court						Los Angeles, CA						Mid-rise						101						1987						2014						95%
Wallace on Sunset						Los Angeles, CA						Mid-rise						200						2021						2021						91%
Wilshire La Brea						Los Angeles, CA						Mid-rise						478						2014						2014						96%
Windsor Court						Los Angeles, CA						Mid-rise						95						1987						2014						94%
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 (8)						Marina Del Rey, CA						Mid-rise						101						1971						2004						97%
Mirabella						Marina Del Rey, CA						Mid-rise						188						2000						2000						95%
Mira Monte						Mira Mesa, CA						Garden						356						1982						2002						97%
Hillcrest Park						Newbury Park, CA						Garden						608						1973						1998						97%
Fairway at Big Canyon (9)						Newport Beach, CA						Mid-rise						74						1972						1999						97%
Muse						North Hollywood, CA						Mid-rise						152						2011						2011						95%
Country Villas						Oceanside, CA						Garden						180						1976						2002						96%
Mission Hills						Oceanside, CA						Garden						282						1984						2005						96%
Renaissance at Uptown Orange						Orange, CA						Mid-rise						460						2007						2014						97%
Arbors at Parc Rose (7)						Oxnard, CA						Mid-rise						373						2001						2011						96%
Mariner’s Place						Oxnard, CA						Garden						105						1987						2000						95%
Monterey Villas						Oxnard, CA						Garden						122						1974						1997						97%
Tierra Vista						Oxnard, CA						Mid-rise						404						2001						2001						96%
The Hallie						Pasadena, CA						Mid-rise						292						1972						1997						96%
The Stuart						Pasadena, CA						Mid-rise						188						2007						2014						97%
Villa Angelina						Placentia, CA						Garden						256						1970						2001						96%
Fountain Park						Playa Vista, CA						Mid-rise						705						2002						2004						93%
Highridge (5)						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						97%
Allure at Scripps Ranch						San Diego, CA						Mid-rise						194						2002						2014						96%
Bernardo Crest						San Diego, CA						Garden						216						1988						2014						97%
Cambridge Park						San Diego, CA						Mid-rise						320						1998						2014						97%
Carmel Creek						San Diego, CA						Garden						348						2000						2014						97%
Carmel Landing						San Diego, CA						Garden						356						1989						2014						97%
Carmel Summit						San Diego, CA						Mid-rise						246						1989						2014						97%
CentrePointe						San Diego, CA						Garden						224						1974						1997						94%
Esplanade						San Diego, CA						Garden						616						1986						2014						96%
Form 15						San Diego, CA						Mid-rise						242						2014						2016						96%
LIVIA at Scripps Ranch (10)(14)						San Diego, CA						Mid-rise						264						2024						2024						95%
Montanosa						San Diego, CA						Garden						472						1990						2014						97%

Table of Contents

																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (2)						Occupancy**(3)**
Summit Park						San Diego, CA						Garden						300						1972						2002						96%
Essex Skyline (11)						Santa Ana, CA						High-rise						350						2008						2010						94%
Fairhaven (5)						Santa Ana, CA						Garden						164						1970						2001						96%
Parkside Court						Santa Ana, CA						Mid-rise						210						1986						2014						97%
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						Simi Valley, CA						Garden						320						1986						1996						96%
Shadow Point						Spring Valley, CA						Garden						172						1983						2002						95%
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						97%
Pinehurst (13)						Ventura, CA						Garden						28						1973						2004						97%
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						95%
The Dylan						West Hollywood, CA						Mid-rise						184						2014						2014						93%
The Huxley						West Hollywood, CA						Mid-rise						187						2014						2014						95%
Avondale at Warner Center						Woodland Hills, CA						Mid-rise						446						1970						1999						96%
Reveal						Woodland Hills, CA						Mid-rise						438						2010						2011						95%
Vela (16)						Woodland Hills, CA						Mid-rise						379						2018						2022						95%
																		26,484																		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						96%
Emme						Emeryville, CA						Mid-rise						190						2015						2015						94%
The Courtyards at 65th Street (15)						Emeryville, CA						Mid-rise						331						2004						2019						94%
Foster’s Landing						Foster City, CA						Garden						490						1987						2014						97%
Boulevard						Fremont, CA						Garden						172						1978						1996						97%
Briarwood (7)						Fremont, CA						Garden						160						1978						2011						97%
Mission Peaks						Fremont, CA						Mid-rise						453						1995						2014						97%
Mission Peaks II						Fremont, CA						Garden						336						1989						2014						97%
Paragon						Fremont, CA						Mid-rise						301						2013						2014						96%
Stevenson Place						Fremont, CA						Garden						200						1975						2000						96%
The Rexford (16)						Fremont, CA						Garden						203						1973						2021						97%
The Woods (7)						Fremont, CA						Garden						160						1978						2011						95%
City Centre (12)						Hayward, CA						Mid-rise						192						2000						2014						95%
City View						Hayward, CA						Garden						572						1975						1998						95%
Lafayette Highlands						Lafayette, CA						Garden						150						1973						2014						97%
777 Hamilton (17)						Menlo Park, CA						Mid-rise						195						2017						2019						97%
Apex						Milpitas, CA						Mid-rise						367						2014						2014						96%
ARLO Mountain View						Mountain View, CA						Mid-rise						164						2018						2024						95%

Table of Contents

																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (2)						Occupancy**(3)**
Regency at Mountain View (6)						Mountain View, CA						Mid-rise						142						1970						2013						97%
Bridgeport						Newark, CA						Garden						184						1987						1987						99%
The Grand						Oakland, CA						High-rise						243						2009						2009						95%
The Landing at Jack London Square						Oakland, CA						Mid-rise						282						2001						2014						94%
The Galloway						Pleasanton, CA						Mid-rise						506						2016						2016						97%
Radius						Redwood City, CA						Mid-rise						264						2015						2015						96%
Township						Redwood City, CA						Mid-rise						132						2014						2019						96%
San Marcos						Richmond, CA						Mid-rise						432						2003						2003						95%
500 Folsom (14)						San Francisco, CA						High-rise						537						2021						2021						96%
Bennett Lofts						San Francisco, CA						Mid-rise						178						2004						2012						93%
Fox Plaza						San Francisco, CA						High-rise						445						1968						2013						96%
MB 360						San Francisco, CA						Mid-rise						360						2014						2014						95%
Park West						San Francisco, CA						Mid-rise						126						1958						2012						95%
101 San Fernando						San Jose, CA						Mid-rise						323						2001						2010						95%
360 Residences (15)						San Jose, CA						Mid-rise						213						2010						2017						95%
Bella Villagio						San Jose, CA						Mid-rise						231						2004						2010						93%
Century Towers						San Jose, CA						High-rise						376						2017						2017						97%
Enso						San Jose, CA						Mid-rise						183						2014						2015						97%
Epic						San Jose, CA						Mid-rise						769						2013						2013						97%
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						97%
Meridian at Midtown (15)						San Jose, CA						Mid-rise						218						2015						2018						96%
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						San Jose, CA						Mid-rise						269						2021						2021						96%
Sage at Cupertino (5)						San Jose, CA						Garden						230						1971						2017						97%
Silver (14)						San Jose, CA						Mid-rise						268						2019						2021						95%
The Carlyle						San Jose, CA						Garden						132						2000						2000						97%
Waterford Place						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%
Station Park Green						San Mateo, CA						Mid-rise						599						2018						2018						96%
Deer Valley						San Rafael, CA						Garden						171						1996						2014						97%
Bel Air						San Ramon, CA						Garden						462						1988						1995						97%
Canyon Oaks						San Ramon, CA						Mid-rise						250						2005						2007						96%
Crow Canyon						San Ramon, CA						Mid-rise						400						1992						2014						96%
Foothill Gardens						San Ramon, CA						Garden						132						1985						1997						97%
Mill Creek at Windermere						San Ramon, CA						Mid-rise						400						2005						2007						96%
Twin Creeks						San Ramon, CA						Garden						44						1985						1997						97%
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						97%
Mylo						Santa Clara, CA						Mid-rise						476						2021						2021						97%
Riley Square (7)						Santa Clara, CA						Garden						156						1972						2012						96%
Villa Granada						Santa Clara, CA						Mid-rise						270						2010						2014						97%
Chestnut Street						Santa Cruz, CA						Garden						96						2002						2008						96%

Table of Contents

																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (2)						Occupancy**(3)**
Bristol Commons						Sunnyvale, CA						Garden						188						1989						1995						97%
Brookside Oaks (5)						Sunnyvale, CA						Garden						170						1973						2000						97%
Lawrence Station						Sunnyvale, CA						Mid-rise						336						2012						2014						97%
Magnolia Lane (19)						Sunnyvale, CA						Garden						32						2001						2007						97%
Magnolia Square (5)						Sunnyvale, CA						Garden						156						1963						2007						97%
Maxwell Sunnyvale						Sunnyvale, CA						Mid-rise						75						2022						2024						95%
Montclaire						Sunnyvale, CA						Mid-rise						390						1973						1988						96%
Reed Square						Sunnyvale, CA						Garden						100						1970						2011						97%
Solstice						Sunnyvale, CA						Mid-rise						280						2014						2014						97%
Summerhill Park						Sunnyvale, CA						Garden						100						1988						1988						96%
Via						Sunnyvale, CA						Mid-rise						284						2011						2011						97%
Windsor Ridge						Sunnyvale, CA						Mid-rise						216						1989						1989						97%
Vista Belvedere						Tiburon, CA						Mid-rise						76						1963						2004						95%
Verandas (12)						Union City, CA						Mid-rise						282						1989						2014						97%
Agora						Walnut Creek, CA						Mid-rise						49						2016						2016						97%
Brio (5)						Walnut Creek, CA						Mid-rise						300						2015						2019						97%
																		22,804																		96%
Seattle, Washington Metropolitan Area
Belcarra						Bellevue, WA						Mid-rise						296						2009						2014						96%
BellCentre						Bellevue, WA						Mid-rise						249						2001						2014						97%
Cedar Terrace						Bellevue, WA						Garden						180						1984						2005						97%
Courtyard off Main						Bellevue, WA						Mid-rise						110						2000						2010						96%
Ellington						Bellevue, WA						Mid-rise						220						1994						2014						96%
Emerald Ridge						Bellevue, WA						Garden						180						1987						1994						96%
Foothill Commons						Bellevue, WA						Mid-rise						394						1978						1990						97%
Palisades, The						Bellevue, WA						Garden						192						1977						1990						96%
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						97%
Bothell Ridge						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						97%
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						97%
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						97%
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%
Montebello						Kirkland, WA						Garden						248						1996						2012						97%
Slater 116						Kirkland, WA						Mid-rise						108						2013						2013						97%
Martha Lake (16)						Lynwood, WA						Mid-rise						155						1991						2021						97%
Aviara (19)						Mercer Island, WA						Mid-rise						166						2013						2014						97%

Table of Contents

																		Apartment						Year						Year
Communities (1)						Location						Type						Homes						Built						Acquired (2)						Occupancy**(3)**
Laurels at Mill Creek						Mill Creek, WA						Garden						164						1981						1996						96%
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 (5)						Mukilteo, WA						Garden						301						1981						1997						97%
Castle Creek						Newcastle, WA						Garden						216						1998						1998						97%
Elevation						Redmond, WA						Garden						158						1986						2010						97%
Pure Redmond						Redmond, WA						Mid-rise						105						2016						2019						97%
Redmond Hill (7)						Redmond, WA						Garden						442						1985						2011						97%
Shadowbrook						Redmond, WA						Garden						418						1986						2014						97%
The Trails of Redmond						Redmond, WA						Garden						423						1985						2014						97%
Vesta (7)						Redmond, WA						Garden						440						1998						2011						97%
Brighton Ridge						Renton, WA						Garden						264						1986						1996						95%
Fairwood Pond						Renton, WA						Garden						194						1997						2004						96%
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						97%
Annaliese						Seattle, WA						Mid-rise						56						2009						2013						98%
The Bernard						Seattle, WA						Mid-rise						63						2008						2011						97%
Cairns, The						Seattle, WA						Mid-rise						99						2006						2007						96%
Collins on Pine						Seattle, WA						Mid-rise						76						2013						2014						96%
Canvas						Seattle, WA						Mid-rise						123						2014						2021						96%
Domaine						Seattle, WA						Mid-rise						92						2009						2012						96%
Expo (14)						Seattle, WA						Mid-rise						275						2012						2012						97%
Fountain Court						Seattle, WA						Mid-rise						320						2000						2000						97%
Patent 523						Seattle, WA						Mid-rise						295						2010						2010						97%
Taylor 28						Seattle, WA						Mid-rise						197						2008						2014						97%
The Audrey at Belltown						Seattle, WA						Mid-rise						137						1992						2014						97%
Velo and Ray (15)						Seattle, WA						Mid-rise						308						2014						2019						96%
Vox						Seattle, WA						Mid-rise						58						2013						2013						96%
Wharfside Pointe						Seattle, WA						Mid-rise						155						1990						1994						96%
Beaumont						Woodinville, WA						Mid-rise						344						2009						2024						93%
																		12,869																		97%
												Total:						62,157												Weighted Average:						96%

Footnotes to the Company’s Portfolio Listing as of December 31, 2024

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

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

(3)For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2024, except for communities that were stabilized during the year, in which case physical occupancy was used. For an explanation of how financial occupancy is calculated, see “Occupancy Rates” in this Item 2.

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

(5)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.

(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 Wesco I, LLC (“Wesco I”). The Company has a 58% interest in Wesco I, which is accounted for using the equity method of accounting.

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

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

(10)The community is subject to a ground lease, which, unless extended, will expire in 2086.

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

(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.