Item 2. Properties

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Item 2. Properties

As of December 31, 2017, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 305 properties located in 10 states and the District of Columbia consisting of 78,611 apartment units. See Item 1, Business, for additional information regarding the Company’s properties and the markets/metro areas upon which we are focused. The Company’s properties are summarized by building type in the following table:

Type
Garden	107	27,007	252
Mid/High-Rise	198	51,604	261
	305	78,611	258

The Company’s properties are summarized by ownership type in the following table:


Wholly Owned Properties	283	73,598
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	305	78,611

The following table sets forth certain information by market relating to the Company’s properties at December 31, 2017:

Portfolio Summary
Markets/Metro Areas	Properties		Apartment Units		% of Stabilized NOI (A)			Average Rental Rate (B)
Los Angeles		71		16,160		18.6	%	$	2,454
Orange County		13		4,028		4.4	%		2,142
San Diego		12		3,385		3.9	%		2,288
Subtotal – Southern California		96		23,573		26.9	%		2,375

San Francisco		54		12,961		19.5	%		3,089
Washington D.C.		48		15,811		17.3	%		2,360
New York		39		10,462		16.5	%		3,758
Boston		24		6,263		9.9	%		3,001
Seattle		41		8,460		9.9	%		2,365
Other Markets		1		136		—	%		1,157
Total		303		77,666		100.0	%		2,729

Unconsolidated Properties		2		945		—			—

Grand Total		305		78,611		100.0	%	$	2,729

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

	(A)	% of Stabilized NOI - Represents budgeted 2018 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up.

	(B)	Average Rental Rate - Total residential rental revenues reflected on a straight-line basis in accordance with GAAP divided by the weighted average occupied apartment units for the reporting period presented.

As of December 31, 2017, the Company’s same store occupancy was 95.9% and its total portfolio-wide occupancy, which includes completed development properties in various stages of lease-up, was 95.0%. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation. Resident leases are generally for twelve months in length and can require security deposits. The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, such as rooftop decks and swimming pools, fitness centers and community rooms. In addition, many of our urban properties have parking garage and/or retail components.

The consolidated properties currently in various stages of development and lease-up at December 31, 2017 are included in the following table:

Development and Lease-Up Projects as of December 31, 2017
(Amounts in thousands except for project and apartment unit amounts)
Projects	Location	No. of Apartment Units		Total Budgeted Capital Cost (1)		Total Book Value to Date		Total Book Value Not Placed in Service		Total Debt		Percentage Completed			Percentage Leased			Percentage Occupied			Estimated Completion Date	Estimated Stabilization Date
Projects Under Development:
855 Brannan	San Francisco, CA		449	$	304,035	$	296,916	$	90,676	$	—		96	%		55	%		50	%	Q1 2018	Q1 2019
100 K Street	Washington D.C.		222		88,023		45,603		45,603		—		33	%		—			—		Q4 2018	Q4 2019
1401 E. Madison	Seattle, WA		137		62,352		18,334		18,334		—		3	%		—			—		Q3 2019	Q1 2020
249 Third Street	Cambridge, MA		84		51,447		8,934		8,934		—		1	%		—			—		Q4 2019	Q2 2020
Projects Under Development			892		505,857		369,787		163,547		—
Completed Not Stabilized (2):
455 Eye Street	Washington D.C.		174		73,157		72,972		—		—					96	%		91	%	Completed	Q1 2018
Helios (formerly 2nd & Pine)	Seattle, WA		398		227,287		220,101		—		—					54	%		48	%	Completed	Q2 2019
Cascade	Seattle, WA		477		176,378		169,597		—		—					50	%		47	%	Completed	Q2 2019
Projects Completed Not Stabilized			1,049		476,822		462,670		—		—
Completed and Stabilized During the Quarter:
Altitude (formerly Village at Howard Hughes)	Los Angeles, CA		545		192,331		191,747		—		—					96	%		95	%	Completed	Stabilized
The Alton (formerly Millikan)	Irvine, CA		344		107,381		106,795		—		—					96	%		95	%	Completed	Stabilized
One Henry Adams	San Francisco, CA		241		169,437		167,256		—		—					96	%		93	%	Completed	Stabilized
Projects Completed and Stabilized During the Quarter			1,130		469,149		465,798		—		—
Total Development Projects			3,071	$	1,451,828	$	1,298,255	$	163,547	$	—
Land Held for Development		N/A		N/A		$	98,963	$	98,963	$	—

Note: All development projects are wholly owned by the Company.

(1)

Total Budgeted Capital Cost - Estimated cost for projects under development and/or developed and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all projects, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, all in accordance with GAAP.

(2)	Properties included here are substantially complete. However, they may still require additional exterior and interior work for all apartment units to be available for leasing.

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