Item 2. PROPERTIES

At December 31, 2022, our consolidated apartment portfolio included 165 communities located in 21 markets, with a total of 54,999 completed apartment homes.

The table below set forth a summary of real estate portfolio by geographic market of the Company at December 31, 2022.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2022


			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	9	4,595	9.2	%	$	1,440,030	$	—	$	313,391	96.9	%	860
San Francisco, CA	13	3,135	7.2	%		1,128,299		27,000		359,904	90.6	%	847
Seattle, WA	15	2,985	7.4	%		1,146,389		—		384,050	97.3	%	869
Los Angeles, CA	4	1,225	3.0	%		472,430		—		385,657	96.6	%	967
Monterey Peninsula, CA	7	1,567	1.2	%		192,299		—		122,718	96.2	%	728
Other Southern California	3	821	1.4	%		221,093		—		269,297	97.2	%	1,012
Portland, OR	3	752	0.8	%		122,856		—		163,372	97.6	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	25	9,393	17.1	%		2,650,010		288,530		282,126	97.1	%	925
Baltimore, MD	7	2,219	3.5	%		541,169		58,600		243,880	96.3	%	963
Richmond, VA	4	1,359	1.0	%		160,265		—		117,929	97.5	%	1,017
NORTHEAST REGION
Boston, MA	13	5,031	13.0	%		2,002,253		323,350		397,983	96.7	%	996
New York, NY	6	2,318	10.1	%		1,569,928		—		677,277	97.8	%	754
Philadelphia, PA	4	1,172	2.8	%		435,330		—		371,442	88.7	%	949
SOUTHEAST REGION
Tampa, FL	11	3,877	4.2	%		652,802		—		168,378	96.8	%	995
Orlando, FL	11	3,493	3.5	%		540,609		—		154,769	96.4	%	972
Nashville, TN	8	2,260	1.5	%		234,298		—		103,672	97.4	%	933
Other Florida	1	636	0.6	%		93,792		—		147,472	97.0	%	1,130
SOUTHWEST REGION
Dallas, TX	15	6,218	6.6	%		1,032,325		335,143		166,022	93.4	%	837
Austin, TX	4	1,272	1.2	%		181,477		—		142,671	97.7	%	913
Denver, CO	2	510	1.6	%		248,223		—		486,712	60.5	%	861
Total Operating Communities	165	54,838	96.9	%		15,065,877		1,032,623	$	274,734	95.7	%	912
Real Estate Under Development (a)	—	161	1.2	%		190,105		—
Land	—	—	1.3	%		206,018		—
Held for Disposition	—	—	0.0	%		14,039		—
Other	—	—	0.6	%		94,033		19,658
Total Real Estate Owned	165	54,999	100.0	%	$	15,570,072	$	1,052,281

	(a)	As of December 31, 2022, the Company was developing three wholly owned communities with a total of 715 apartment homes, of which 161 have been completed.

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