Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2015, our consolidated apartment portfolio included 133 communities located in 18 markets, with a total of 40,728 completed apartment homes.

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, 2015.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2015

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
Orange County, CA	13	4,814	12.3	%	$	1,132,589	$	177,005	$	235,270	95.3	%	837
San Francisco, CA	11	2,751	9.1	%	834,068		66,310		303,187		96.5	%	830
Seattle, WA	11	2,085	6.3	%	583,077		57,525		279,653		96.7	%	854
Los Angeles, CA	4	1,225	4.8	%	442,905		110,778		361,555		95.5	%	967
Monterey Peninsula, CA	7	1,565	1.8	%	164,948		—		105,398		97.0	%	728
Other Southern California	3	756	1.3	%	123,486		55,263		163,341		96.2	%	934
Portland, OR	2	476	0.5	%	46,902		—		98,534		97.5	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	22	8,402	22.9	%	2,108,521		407,067		250,955		94.6	%	908
Baltimore, MD	10	2,122	3.1	%	287,435		65,778		135,455		96.7	%	952
Richmond, VA	4	1,358	1.5	%	141,228		34,567		103,997		96.1	%	1,018
SOUTHEAST REGION
Orlando, FL	9	2,500	2.3	%	211,624		62,383		84,650		96.9	%	946
Nashville, TN	8	2,260	2.1	%	196,023		38,481		86,736		97.4	%	933
Tampa, FL	7	2,287	2.6	%	240,220		30,943		105,037		97.0	%	982
Other Florida	1	636	0.8	%	82,192		39,179		129,233		96.6	%	1,130
NORTHEAST REGION
New York, NY	4	1,945	14.1	%	1,293,394		—		664,984		97.4	%	742
Boston, MA	5	1,548	6.1	%	544,000		77,066		351,421		85.5	%	1,042
SOUTHWEST REGION
Dallas, TX	8	2,725	3.2	%	297,126		112,095		109,037		96.9	%	851
Austin, TX	4	1,273	1.6	%	150,319		36,299		118,083		97.2	%	913
Total Operating Communities	133	40,728	96.4	%	8,880,057		1,370,739		$	218,033	95.7	%	898
Real Estate Under Development (a)	—	—	1.4	%	124,072		—
Land	—	—	1.0	%	80,620		—
Held for Disposition	—		0.2	%	12,606
Other	—	—	1.0	%	92,921		11,755
Total Real Estate Owned	133	40,728	100.0	%	$	9,190,276	$	1,382,494


(a)	As of December 31, 2015, the Company was developing one wholly-owned community with 516 apartment homes, which has not been completed.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2015

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
Orange County, CA	8	3,499	20.7	%	$	751,329	$	177,005	$	214,727	95.6	%	806
San Francisco, CA	9	2,209	15.8	%	574,853		66,310		260,232		96.5	%	817
Seattle, WA	5	932	5.9	%	215,883		22,591		231,634		97.2	%	874
Los Angeles, CA	2	344	3.0	%	108,828		43,078		316,360		96.4	%	976
Monterey Peninsula, CA	7	1,565	4.5	%	164,948		—		105,398		97.0	%	728
Other Southern California	2	516	2.5	%	91,262		55,262		176,864		95.8	%	951
Portland, OR	2	476	1.3	%	46,902		—		98,534		97.5	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	6	2,068	15.1	%	549,110		32,037		265,527		92.7	%	898
Baltimore, MD	4	732	3.5	%	127,840		42,701		174,645		96.3	%	1,074
SOUTHEAST REGION
Nashville, TN	6	1,612	3.8	%	137,495		—		85,295		97.5	%	925
Tampa, FL	2	942	2.8	%	102,100		—		108,386		97.0	%	1,043
Other Florida	1	636	2.2	%	82,192		39,179		129,233		96.6	%	1,130
NORTHEAST REGION
New York, NY	2	996	16.6	%	601,147		—		603,561		97.9	%	690
Boston, MA	1	387	1.9	%	68,495		—		176,990		96.4	%	1,069
Total Operating Communities	57	16,914	99.6	%	3,622,384		478,163		$	214,165	96.2	%	873
Other	—	—	0.4	%	8,521		—
Total Real Estate Owned	57	16,914	100.0	%	$	3,630,905	$	478,163

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