Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2016, our consolidated apartment portfolio included 127 communities located in 18 markets, with a total of 39,454 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, 2016.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2016

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	12	4,814	12.1	%	$	1,159,595	$	177,005	$	240,880	95.4	%	837
San Francisco, CA	11	2,751	8.8	%	850,605		65,495		309,198		95.8	%	830
Seattle, WA	14	2,593	9.1	%	876,934		79,577		338,193		95.9	%	902
Los Angeles, CA	4	1,225	4.6	%	446,465		110,778		364,461		95.3	%	967
Monterey Peninsula, CA	7	1,565	1.8	%	169,005		—		107,990		96.7	%	728
Other Southern California	3	756	1.3	%	124,891		55,263		165,200		95.8	%	934
Portland, OR	2	476	0.5	%	47,559		—		99,914		97.1	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	22	8,402	22.3	%	2,142,013		272,919		254,941		96.4	%	908
Richmond, VA	4	1,358	1.5	%	143,773		33,850		105,871		96.6	%	1,018
Baltimore, MD	3	720	1.6	%	149,249		—		207,290		96.9	%	993
NORTHEAST REGION
New York, NY	4	1,945	13.6	%	1,301,167		—		668,980		97.3	%	742
Boston, MA	5	1,548	5.8	%	560,593		78,350		362,140		96.3	%	1,042
SOUTHEAST REGION
Orlando, FL	9	2,500	2.3	%	216,647		—		86,659		96.8	%	946
Nashville, TN	8	2,260	2.1	%	201,468		64,971		89,144		97.6	%	933
Tampa, FL	7	2,287	2.6	%	245,242		12,450		107,233		96.7	%	982
Other Florida	1	636	0.8	%	83,404		39,787		131,140		96.4	%	1,130
SOUTHWEST REGION
Dallas, TX	7	2,345	2.7	%	263,352		107,734		112,304		96.6	%	862
Austin, TX	4	1,273	1.6	%	158,009		36,299		124,123		94.6	%	913
Total Operating Communities	127	39,454	95.1	%	9,139,971		1,134,478		$	231,661	96.3	%	900
Real Estate Under Development (a)	—	—	3.6	%	342,282		—
Land	—	—	0.7	%	72,429		—
Held for Disposition	—		—	%	1,624		—
Other	—	—	0.6	%	59,447		—
Total Real Estate Owned	127	39,454	100.0	%	$	9,615,753	$	1,134,478


(a)	As of December 31, 2016, the Company was developing two wholly-owned communities with 1,101 apartment homes, none of which have been completed.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2016

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	7	3,499	21.1	%	$	776,770	$	177,005	$	221,998	95.2	%	806
San Francisco, CA	9	2,185	16.0	%	588,883		65,493		269,512		96.7	%	817
Seattle, WA	5	932	6.0	%	219,445		—		235,456		96.6	%	874
Los Angeles, CA	2	344	3.0	%	110,435		43,078		321,029		95.6	%	976
Monterey Peninsula, CA	7	1,565	4.6	%	169,006		—		107,990		96.7	%	728
Other Southern California	2	516	2.5	%	92,297		55,262		178,876		95.5	%	951
Portland, OR	2	476	1.3	%	47,559		—		99,914		97.1	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	6	2,068	15.1	%	554,630		31,374		268,196		96.5	%	898
Baltimore, MD	2	540	2.8	%	102,303		—		189,450		96.7	%	968
NORTHEAST REGION
New York, NY	2	996	16.5	%	605,682		—		608,113		97.3	%	690
Boston, MA	1	387	1.9	%	69,808		—		180,382		96.7	%	1,069
SOUTHEAST REGION
Nashville, TN	6	1,612	3.8	%	141,452		23,550		87,749		97.6	%	925
Tampa, FL	2	942	2.8	%	103,872		—		110,269		96.9	%	1,043
Other Florida	1	636	2.3	%	83,405		39,787		131,140		96.4	%	1,130
Total Operating Communities	54	16,698	99.7	%	3,665,547		435,549		$	219,205	96.3	%	868
Real Estate Under Development	—	—	—	%	—		—
Land	—	—	—	%	—		—
Other	—	—	0.3	%	9,157		—
Total Real Estate Owned	54	16,698	100.0	%	$	3,674,704	$	435,549

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