Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2021, our consolidated apartment portfolio included 160 communities located in 21 markets, with a total of 53,229 completed apartment homes.

The table below set forth a summary of real estate portfolio by geographic market of the Company at December 31, 2021.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2021


			Percentage		Total								Average
	Number of	Number of	of Total		Carrying						Average		Home Size
	Apartment	Apartment	Carrying		Value		Encumbrances		Cost per		Physical		(in square
	Communities	Homes	Value		(in thousands)		(in thousands)		Home		Occupancy		feet)
WEST REGION
Orange County, CA	10	4,685	9.8	%	$	1,441,597	$	—	$	307,705	97.5	%	862
San Francisco, CA	11	2,751	6.1	%		898,625		27,000		326,654	95.3	%	841
Seattle, WA	15	2,984	7.7	%		1,133,479		—		379,852	95.9	%	872
Monterey Peninsula, CA	7	1,565	1.3	%		188,913		—		120,711	97.0	%	729
Los Angeles, CA	4	1,225	3.2	%		467,815		—		381,890	96.0	%	967
Other Southern California	3	817	1.5	%		216,562		—		265,070	98.2	%	1,021
Portland, OR	3	752	0.8	%		121,565		—		161,656	97.5	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	25	9,415	17.7	%		2,623,356		288,530		278,636	96.7	%	927
Baltimore, MD	7	2,219	3.5	%		522,492		58,600		235,463	97.0	%	963
Richmond, VA	4	1,359	1.1	%		156,904		—		115,455	98.2	%	1,017
NORTHEAST REGION
Boston, MA	12	4,598	12.0	%		1,775,080		323,350		386,055	96.5	%	982
New York, NY	6	2,318	10.6	%		1,557,443		—		671,891	96.6	%	754
Philadelphia, PA	3	972	2.5	%		366,351		—		376,904	95.8	%	955
SOUTHEAST REGION
Tampa, FL	11	3,877	4.3	%		640,550		—		165,218	97.4	%	995
Orlando, FL	11	3,493	3.6	%		524,739		—		150,226	97.0	%	972
Nashville, TN	8	2,260	1.6	%		229,633		—		101,608	97.9	%	933
Other Florida	1	636	0.6	%		92,007		—		144,665	97.9	%	1,130
SOUTHWEST REGION
Dallas, TX	14	5,813	6.3	%		927,960		336,283		159,635	96.2	%	841
Austin, TX	4	1,272	1.2	%		174,084		—		136,858	98.1	%	913
Denver, CO	1	218	1.0	%		145,495		—		667,408	95.6	%	955
Total Operating Communities	160	53,229	96.4	%		14,204,650		1,033,763	$	266,859	96.8	%	913
Real Estate Under Development (a)	—	—	2.6	%		388,569		—
Land	—	—	0.6	%		82,217		—
Other	—	—	0.4	%		65,367		23,617
Total Real Estate Owned	160	53,229	100.0	%	$	14,740,803	$	1,057,380

	(a)	As of December 31, 2021, the Company was developing five wholly owned communities with a total of 1,417 apartment homes, none of which have been completed.

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