Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2023, our consolidated apartment portfolio included 168 communities located in 21 markets, with a total of 55,550 completed apartment homes.

The table below set forth a summary of real estate portfolio by geographic market of the Company at December 31, 2023.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2023


			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	8	4,305	8.6	%	$	1,371,309	$	—	$	318,539	96.4	%	856
San Francisco, CA	14	3,309	7.5	%		1,209,227		67,017		365,436	93.7	%	837
Seattle, WA	14	2,702	6.9	%		1,111,182		—		411,244	97.2	%	859
Monterey Peninsula, CA	7	1,567	1.2	%		197,561		—		126,076	95.6	%	728
Los Angeles, CA	4	1,225	3.0	%		482,945		—		394,241	96.2	%	967
Other Southern California	3	821	1.4	%		224,842		—		273,864	96.8	%	1,016
Portland, OR	2	476	0.3	%		56,055		—		117,763	97.1	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	24	9,119	16.4	%		2,633,863		288,530		288,832	95.7	%	918
Baltimore, MD	7	2,221	3.5	%		562,075		58,600		253,073	95.7	%	963
Richmond, VA	4	1,359	1.0	%		166,013		—		122,158	96.9	%	1,017
NORTHEAST REGION
Boston, MA	12	4,667	12.2	%		1,947,236		323,350		417,235	96.7	%	994
New York, NY	6	2,318	9.9	%		1,584,275		—		683,466	97.8	%	754
Philadelphia, PA	4	1,172	2.7	%		438,465		—		374,117	96.6	%	949
SOUTHEAST REGION
Tampa, FL	11	3,877	4.2	%		673,942		—		173,831	96.7	%	995
Orlando, FL	11	3,493	3.5	%		559,956		—		160,308	96.2	%	974
Nashville, TN	8	2,260	1.6	%		249,705		—		110,489	96.2	%	933
Other Florida	1	636	0.6	%		95,798		—		150,626	96.7	%	1,130
SOUTHWEST REGION
Dallas, TX	19	7,363	8.0	%		1,283,970		476,227		174,381	96.6	%	845
Austin, TX	6	1,880	2.0	%		318,791		67,044		169,570	95.9	%	891
Denver, CO	2	510	1.6	%		249,653		—		489,516	93.5	%	861
Total Operating Communities	167	55,280	96.1	%		15,416,863		1,280,768	$	278,887	96.2	%	908
Real Estate Under Development (a)	—	56	1.0	%		160,404		—
Land	—	—	1.5	%		232,365		—
Held for Disposition	1	214	0.7	%		105,999		—
Other	—	—	0.7	%		108,228		(3,055)
Total Real Estate Owned	168	55,550	100.0	%	$	16,023,859	$	1,277,713

	(a)	As of December 31, 2023, the Company was developing two wholly owned communities with a total of 415 apartment homes, of which 56 have been completed.

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