filings.toolsItem 2. PROPERTIES
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Item 2. PROPERTIES
At December 31, 2017, our consolidated apartment portfolio included 127 communities located in 19 markets, with a total of 39,998 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, 2017.
SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2017
UDR, INC.
| Percentage | Gross | Average | |||||||||||||||||
| Number of | Number of | of | Amount | Average | Home Size | ||||||||||||||
| Apartment | Apartment | Carrying | (in | Encumbrances | Cost per | Physical | (in square | ||||||||||||
| Communities | Homes | Value | thousands) | (in thousands) | Home | Occupancy | feet) | ||||||||||||
| WEST REGION | |||||||||||||||||||
| San Francisco, CA | 11 | 2,751 | 8.5 | % | $ | 860,823 | $ | 65,495 | $ | 312,913 | 96.5 | % | 830 | ||||||
| Orange County, CA | 11 | 4,698 | 11.4 | % | 1,155,124 | — | 245,876 | 95.5 | % | 838 | |||||||||
| Seattle, WA | 15 | 2,837 | 9.7 | % | 984,139 | 77,272 | 346,894 | 96.4 | % | 900 | |||||||||
| Los Angeles, CA | 4 | 1,225 | 4.4 | % | 451,322 | 67,700 | 368,426 | 95.7 | % | 967 | |||||||||
| Monterey Peninsula, CA | 7 | 1,565 | 1.7 | % | 172,856 | — | 110,451 | 96.8 | % | 728 | |||||||||
| Other Southern California | 2 | 654 | 1.0 | % | 106,023 | — | 162,115 | 96.0 | % | 960 | |||||||||
| Portland, OR | 2 | 476 | 0.5 | % | 48,317 | — | 101,506 | 97.2 | % | 903 | |||||||||
| MID-ATLANTIC REGION | |||||||||||||||||||
| Metropolitan D.C. | 22 | 8,402 | 21.2 | % | 2,160,447 | 247,992 | 257,135 | 97.0 | % | 908 | |||||||||
| Richmond, VA | 4 | 1,358 | 1.4 | % | 145,969 | 33,850 | 107,488 | 97.6 | % | 1,018 | |||||||||
| Baltimore, MD | 3 | 720 | 1.5 | % | 150,168 | — | 208,567 | 96.6 | % | 993 | |||||||||
| NORTHEAST REGION | |||||||||||||||||||
| New York, NY | 4 | 1,945 | 12.8 | % | 1,304,372 | — | 670,628 | 97.7 | % | 742 | |||||||||
| Boston, MA | 5 | 1,548 | 5.6 | % | 566,487 | 76,721 | 365,948 | 96.3 | % | 1,042 | |||||||||
| SOUTHEAST REGION | |||||||||||||||||||
| Orlando, FL | 9 | 2,500 | 2.2 | % | 219,764 | — | 87,906 | 96.9 | % | 946 | |||||||||
| Nashville, TN | 8 | 2,260 | 2.0 | % | 206,572 | 39,881 | 91,404 | 96.7 | % | 933 | |||||||||
| Tampa, FL | 7 | 2,287 | 2.5 | % | 251,246 | 12,450 | 109,858 | 97.0 | % | 982 | |||||||||
| Other Florida | 1 | 636 | 0.8 | % | 84,520 | 39,787 | 132,893 | 96.3 | % | 1,130 | |||||||||
| SOUTHWEST REGION | |||||||||||||||||||
| Dallas, TX | 7 | 2,345 | 2.7 | % | 277,303 | 107,734 | 118,253 | 96.3 | % | 862 | |||||||||
| Austin, TX | 4 | 1,273 | 1.6 | % | 162,215 | 36,299 | 127,427 | 96.1 | % | 913 | |||||||||
| Denver, CO | 1 | 218 | 1.4 | % | 139,264 | — | 638,826 | 88.2 | % | 948 | |||||||||
| Total Operating Communities | 127 | 39,698 | 92.9 | % | 9,446,931 | 805,181 | $ | 237,970 | 96.6 | % | 901 | ||||||||
| Real Estate Under Development (a) | — | 300 | 5.8 | % | 592,490 | — | |||||||||||||
| Land | — | — | 0.7 | % | 75,940 | — | |||||||||||||
| Other | — | — | 0.6 | % | 61,845 | (1,912) | |||||||||||||
| Total Real Estate Owned | 127 | 39,998 | 100.0 | % | $ | 10,177,206 | $ | 803,269 |
| (a) | As of December 31, 2017, the Company was developing two wholly-owned communities with 1,101 apartment homes, 300 of which have been completed. |
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SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2017
UNITED DOMINION REALTY, L.P.
| Percentage | Gross | Average | |||||||||||||||||
| Number of | Number of | of | Amount | Average | Home Size | ||||||||||||||
| Apartment | Apartment | Carrying | (in | Encumbrances | Cost per | Physical | (in square | ||||||||||||
| Communities | Homes | Value | thousands) | (in thousands) | Home | Occupancy | feet) | ||||||||||||
| WEST REGION | |||||||||||||||||||
| San Francisco, CA | 9 | 2,185 | 15.6 | % | $ | 596,299 | $ | 65,495 | $ | 272,906 | 97.6 | % | 817 | ||||||
| Orange County, CA | 6 | 3,383 | 20.2 | % | 770,308 | — | 227,700 | 95.5 | % | 806 | |||||||||
| Seattle, WA | 5 | 932 | 5.9 | % | 223,419 | — | 239,720 | 96.8 | % | 874 | |||||||||
| Los Angeles, CA | 2 | 344 | 3.0 | % | 113,853 | — | 330,968 | 95.7 | % | 976 | |||||||||
| Monterey Peninsula, CA | 7 | 1,565 | 4.5 | % | 172,856 | — | 110,451 | 96.8 | % | 728 | |||||||||
| Other Southern California | 1 | 414 | 1.9 | % | 72,988 | — | 176,300 | 96.0 | % | 996 | |||||||||
| Portland, OR | 2 | 476 | 1.3 | % | 48,317 | — | 101,506 | 97.2 | % | 903 | |||||||||
| MID-ATLANTIC REGION | |||||||||||||||||||
| Metropolitan D.C. | 6 | 2,068 | 14.5 | % | 554,100 | 31,373 | 267,940 | 97.2 | % | 898 | |||||||||
| Baltimore, MD | 2 | 540 | 2.7 | % | 103,028 | — | 190,793 | 96.7 | % | 968 | |||||||||
| NORTHEAST REGION | |||||||||||||||||||
| New York, NY | 2 | 996 | 15.9 | % | 606,732 | — | 609,169 | 97.6 | % | 690 | |||||||||
| Boston, MA | 1 | 387 | 1.9 | % | 71,653 | — | 185,150 | 96.8 | % | 1,069 | |||||||||
| SOUTHEAST REGION | |||||||||||||||||||
| Nashville, TN | 6 | 1,612 | 3.8 | % | 144,786 | 23,550 | 89,818 | 96.4 | % | 925 | |||||||||
| Tampa, FL | 2 | 942 | 2.8 | % | 105,505 | — | 112,001 | 97.5 | % | 1,043 | |||||||||
| Other Florida | 1 | 636 | 2.2 | % | 84,520 | 39,787 | 132,893 | 96.3 | % | 1,130 | |||||||||
| SOUTHWEST REGION | |||||||||||||||||||
| Denver, CO | 1 | 218 | 3.6 | % | 139,264 | — | 638,826 | 88.2 | % | 948 | |||||||||
| Total Operating Communities | 53 | 16,698 | 99.8 | % | 3,807,628 | 160,205 | $ | 228,029 | 96.6 | % | 871 | ||||||||
| Other | — | — | 0.2 | % | 9,328 | (360) | |||||||||||||
| Total Real Estate Owned | 53 | 16,698 | 100 | % | $ | 3,816,956 | $ | 159,845 |
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