Item 2. PROPERTIES

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Item 2. PROPERTIES

At December 31, 2025, our consolidated apartment portfolio included 165 communities located in 21 markets, with a total of 55,240 completed apartment homes.

The table below set forth a summary of real estate portfolio by geographic market of the Company at December 31, 2025.

SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2025


					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	%	$	1,423,481	$	—		$	330,658	96.9	%	856
San Francisco, CA	14		3,317		7.5	%		1,240,460		27,000			373,970	97.4	%	829
Seattle, WA	14		2,702		6.9	%		1,142,896		—			422,981	96.9	%	856
Los Angeles, CA	4		1,225		3.0	%		495,389		—			404,399	96.5	%	967
Monterey Peninsula, CA	7		1,567		1.3	%		208,609		—			133,126	96.5	%	728
Other Southern California	3		821		1.4	%		230,659		—			280,949	96.7	%	1,012
Portland, OR	1		220		0.2	%		27,016		—			122,800	96.8	%	1,054
NORTHEAST REGION
Boston, MA	12		4,667		12.1	%		1,996,655		227,698			427,824	96.7	%	994
New York, NY	4		1,945		8.6	%		1,409,922		—			724,896	97.9	%	744
Philadelphia, PA	5		1,650		3.8	%		625,043		—			378,814	95.9	%	674
MID-ATLANTIC REGION
Metropolitan D.C.	25		9,525		17.4	%		2,853,871		160,930			299,619	96.9	%	879
Baltimore, MD	7		2,219		3.5	%		583,010		57,913			262,735	96.9	%	964
Richmond, VA	2		841		0.6	%		90,839		—			108,013	96.4	%	956
SOUTHEAST REGION
Tampa, FL	12		4,207		5.1	%		846,272		—			201,158	96.4	%	977
Orlando, FL	10		3,293		3.4	%		568,799		—			172,730	96.6	%	982
Nashville, TN	8		2,261		1.7	%		280,224		—			123,938	96.3	%	933
Other Florida	1		636		0.6	%		99,389		—			156,272	96.4	%	1,130
SOUTHWEST REGION
Dallas, TX	20		7,449		8.4	%		1,378,030		425,028			184,995	97.1	%	858
Austin, TX	6		1,880		2.0	%		329,246		65,906			175,131	97.2	%	891
Denver, CO	2		510		1.5	%		252,664		—			495,420	95.7	%	861
Total Operating Communities	165		55,240		97.6	%		16,082,474		964,475		$	291,138	96.8	%	893
Real Estate Under Development (a)	—		—		0.4	%		72,885		—
Land	—		—		1.4	%		237,550		—
Other	—		—		0.6	%		94,976		(3,295)
Total Real Estate Owned	165		55,240		100.0	%	$	16,487,885	$	961,180

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