Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2014, our consolidated apartment portfolio included 139 communities located in 20 markets, with a total of 39,851 completed apartment homes.

As of December 31, 2014, we leased approximately 44,000 square feet of office space in Highlands Ranch, Colorado for our corporate headquarters. We also leased an aggregate of approximately 9,000 square feet of office space in Dallas, Texas, Richmond, Virginia and Alexandria, Virginia.

In February 2015, the Company acquired the office building in Highlands Ranch, Colorado housing its corporate offices, as well as other leased office space, for total consideration of approximately $24.0 million, which was comprised of assumed debt. The building consists of approximately 120,000 square feet, of which UDR occupies approximately 44,000 square feet. All existing leases were assumed by the Company at the time of the acquisition.

The tables below set forth a summary of real estate portfolio by geographic market of the Company and of the Operating Partnership at December 31, 2014.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2014

UDR, INC.



	Number of Apartment Communities	Number of Apartment Homes	Percentage of Carrying Value		Gross Amount (in thousands)		Encumbrances (in thousands)		Cost per Home		Average Physical Occupancy		Average Home Size (in square feet)
WEST REGION
San Francisco, CA	12	2,751	9.7	%	$	815,153	$	66,310	$	296,312	94.6	%	836
Orange County, CA	14	5,214	14.3	%	1,202,995		193,873		230,724		89.2	%	804
Seattle, WA	11	2,085	6.9	%	575,008		58,457		275,783		85.6	%	849
Los Angeles, CA	4	1,225	5.3	%	440,329		100,335		359,452		95.2	%	967
Monterey Peninsula, CA	7	1,565	1.9	%	161,633		—		103,280		95.8	%	728
Other Southern California	4	875	1.7	%	141,660		46,471		161,897		96.1	%	928
Portland, OR	3	716	0.9	%	73,811		35,141		103,088		97.6	%	918
MID-ATLANTIC REGION
Metropolitan D.C.	16	5,156	14.4	%	1,211,295		184,172		234,929		90.7	%	834
Baltimore, MD	11	2,301	3.7	%	309,894		66,711		134,678		96.6	%	957
Richmond, VA	4	1,358	1.7	%	139,538		34,567		102,753		96.5	%	1,018
Norfolk, VA	4	846	0.6	%	54,077		—		63,921		94.6	%	1,023
Other Mid-Atlantic	1	168	0.2	%	12,971		—		77,208		95.4	%	1,002
SOUTHEAST REGION
Tampa, FL	9	2,775	3.3	%	275,355		31,239		99,227		96.6	%	955
Orlando, FL	10	2,796	2.8	%	238,375		63,394		85,256		96.7	%	961
Nashville, TN	8	2,260	2.3	%	191,393		38,834		84,687		97.5	%	933
Other Florida	1	636	0.9	%	81,316		39,179		127,855		96.5	%	1,130
NORTHEAST REGION
New York, NY	4	1,947	15.2	%	1,278,432		190,462		656,616		95.0	%	740
Boston, MA	4	1,179	3.9	%	323,419		79,286		274,316		96.3	%	1,097
SOUTHWEST REGION
Dallas, TX	8	2,725	3.5	%	292,848		102,438		107,467		97.2	%	846
Austin, TX	4	1,273	1.8	%	147,873		30,660		116,161		97.1	%	913
Total Operating Communities	139	39,851	95.0	%	7,967,375		1,361,529		$	199,929	94.1	%	887
Real Estate Under Development (a)	—	—	2.1	%	177,632		—
Land	—	—	2.1	%	171,253		—
Other	—	—	0.8	%	66,999		—
Total Real Estate Owned	139	39,851	100.0	%	$	8,383,259	$	1,361,529


(a)	As of December 31, 2014, the Company was developing one wholly-owned community with 369 apartment homes, which has not been completed.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2014

UNITED DOMINION REALTY, L.P.



	Number of Apartment Communities	Number of Apartment Homes	Percentage of Carrying Value		Gross Amount (in thousands)		Encumbrances (in thousands)		Cost per Home		Average Physical Occupancy		Average Home Size (in square feet)
WEST REGION
San Francisco, CA	9	2,185	13.2	%	$	560,868	$	66,310	$	256,690	97.2	%	821
Orange County, CA	9	3,899	19.5	%	823,931		193,874		211,319		93.8	%	764
Seattle, WA	5	932	5.0	%	213,238		22,957		228,796		97.3	%	869
Los Angeles, CA	2	344	2.5	%	108,081		32,635		314,189		95.6	%	976
Monterey Peninsula, CA	7	1,565	3.8	%	161,633		—		103,280		95.8	%	728
Other Southern California	3	635	2.6	%	109,744		46,471		172,825		96.1	%	939
Portland, OR	3	716	1.7	%	73,811		35,141		103,088		97.6	%	918
MID-ATLANTIC REGION
Metropolitan D.C.	8	2,710	16.3	%	686,019		102,643		253,144		86.4	%	901
Baltimore, MD	5	994	3.6	%	152,040		43,403		152,958		96.3	%	1,064
SOUTHEAST REGION
Tampa, FL	3	1,154	2.8	%	117,261		—		101,613		96.8	%	1,003
Nashville, TN	6	1,612	3.2	%	134,852		—		83,655		97.5	%	925
Other Florida	1	636	1.9	%	81,316		39,179		127,855		96.5	%	1,130
NORTHEAST REGION
New York, NY	2	1,001	14.1	%	598,999		190,462		598,401		97.4	%	685
Boston, MA	2	833	4.2	%	178,607		56,447		214,414		96.5	%	1,120
SOUTHWEST REGION
Dallas, TX	2	1,348	4.5	%	189,458		102,437		140,547		97.0	%	910
Austin, TX	1	250	0.9	%	39,538		—		158,152		96.2	%	883
Total Operating Communities	68	20,814	99.8	%	4,229,396		931,959		$	203,200	94.9	%	876
Other	—	—	0.2	%	9,374		—
Total Real Estate Owned	68	20,814	100.0	%	$	4,238,770	$	931,959

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