Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2024, our consolidated apartment portfolio included 169 communities located in 21 markets, with a total of 55,696 completed apartment homes.

The table below set forth a summary of real estate portfolio by geographic market of the Company at December 31, 2024.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2024


			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	%	$	1,389,451	$	—	$	322,753	96.7	%	856
San Francisco, CA	14	3,310	7.6	%		1,224,694		27,000		369,998	96.2	%	830
Seattle, WA	14	2,702	7.0	%		1,128,582		—		417,684	97.1	%	856
Monterey Peninsula, CA	7	1,567	1.3	%		203,571		—		129,911	96.1	%	727
Los Angeles, CA	4	1,225	3.0	%		490,239		—		400,195	96.1	%	967
Other Southern California	3	821	1.4	%		228,259		—		278,026	96.6	%	1,012
Portland, OR	2	476	0.4	%		57,352		—		120,487	97.0	%	903
MID-ATLANTIC REGION
Metropolitan D.C.	24	9,119	16.5	%		2,671,495		288,530		292,959	97.1	%	918
Baltimore, MD	7	2,219	3.5	%		574,107		58,600		258,723	96.2	%	963
Richmond, VA	4	1,359	1.1	%		173,749		—		127,851	96.9	%	1,017
NORTHEAST REGION
Boston, MA	12	4,667	12.2	%		1,975,353		228,553		423,260	96.6	%	994
New York, NY	4	1,945	8.6	%		1,386,449		—		712,827	97.5	%	744
Philadelphia, PA	4	1,172	2.7	%		442,714		—		377,742	96.6	%	949
SOUTHEAST REGION
Tampa, FL	12	4,207	5.1	%		824,301		—		195,936	91.4	%	977
Orlando, FL	11	3,493	3.5	%		572,803		—		163,986	96.6	%	974
Nashville, TN	8	2,261	1.7	%		267,894		—		118,485	96.6	%	933
Other Florida	1	636	0.6	%		96,959		—		152,451	97.2	%	1,130
SOUTHWEST REGION
Dallas, TX	20	7,449	8.4	%		1,358,799		473,196		182,414	96.0	%	858
Austin, TX	6	1,880	2.0	%		326,491		66,919		173,665	96.7	%	891
Denver, CO	2	510	1.6	%		251,694		—		493,518	96.3	%	861
Total Operating Communities	167	55,323	96.8	%		15,644,956		1,142,798	$	282,793	96.2	%	909
Land	—	—	1.3	%		253,949		—
Held for Disposition	2	373	1.3	%		218,569		—
Other	—	—	0.6	%		95,889		(3,467)
Total Real Estate Owned	169	55,696	100.0	%	$	16,213,363	$	1,139,331

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