Item 2. Properties

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Item 2. Properties

As of December 31, 2018, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 307 properties located in 11 states and the District of Columbia consisting of 79,482 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	104	26,376	254
Mid/High-Rise	203	53,106	262
	307	79,482	259

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


Wholly Owned Properties	287	74,840
Master-Leased Property – Consolidated	1	162
Partially Owned Properties – Consolidated	17	3,535
Partially Owned Properties – Unconsolidated	2	945
	307	79,482

The following table sets forth certain information by market relating to the Company’s properties at December 31, 2018:

Portfolio Summary
Markets/Metro Areas	Properties		Apartment Units		% of Stabilized Budgeted NOI (A)			Average Rental Rate (B)
Los Angeles		70		15,968		18.5	%	$	2,551
Orange County		13		4,028		4.3	%		2,202
San Diego		12		3,385		3.8	%		2,376
Subtotal – Southern California		95		23,381		26.6	%		2,465

San Francisco		55		13,424		20.6	%		3,219
Washington D.C.		49		16,050		17.1	%		2,396
New York		37		9,741		15.2	%		3,848
Boston		25		6,641		10.2	%		3,061
Seattle		41		8,438		9.6	%		2,387
Denver		2		726		0.7	%		2,088
Other Markets		1		136		—	%		1,217
Total		305		78,537		100.0	%		2,789

Unconsolidated Properties		2		945		—			—

Grand Total		307		79,482		100.0	%	$	2,789

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

	(A)	% of Stabilized Budgeted NOI - Represents budgeted 2019 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, 2018, the Company’s same store occupancy was 96.1% and its total portfolio-wide occupancy, which includes completed development properties in various stages of lease-up, was 95.9%. 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. Garden-style are generally defined as properties with two and/or three story buildings while 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 garages and/or retail components.

The consolidated properties currently in various stages of development and lease-up at December 31, 2018 are included in the following table:

Development and Lease-Up Projects as of December 31, 2018
(Amounts in thousands except for project and apartment unit amounts)
				Total		Total		Total Book
		No. of		Budgeted		Book		Value Not							Estimated/Actual
		Apartment		Capital		Value		Placed in		Total		Percentage			Initial	Completion	Stabilization	Percentage			Percentage
Projects	Location	Units		Cost (1)		to Date		Service		Debt		Completed			Occupancy	Date	Date	Leased			Occupied
Projects Under Development:
1401 E. Madison	Seattle, WA		137	$	62,352	$	34,523	$	34,523	$	—		45	%	Q2 2019	Q3 2019	Q1 2020		—			—
249 Third Street	Cambridge, MA		84		51,447		26,168		26,168		—		38	%	Q3 2019	Q4 2019	Q2 2020		—			—
West End Tower	Boston, MA		469		409,749		48,718		48,718		—		7	%	Q2 2021	Q3 2021	Q1 2023		—			—
Projects Under Development			690		523,548		109,409		109,409		—
Completed Not Stabilized (2):
100K Apartments	Washington D.C.		222		88,023		85,116		—		—				Q3 2018	Q4 2018	Q4 2019		39	%		35	%
Projects Completed Not Stabilized			222		88,023		85,116		—		—
Completed and Stabilized During the Quarter:
Cascade	Seattle, WA		477		174,378		171,902		—		—				Q2 2017	Q4 2017	Q4 2018		98	%		97	%
Projects Completed and Stabilized During the Quarter			477		174,378		171,902		—		—
Total Development Projects			1,389	$	785,949	$	366,427	$	109,409	$	—
Land Held for Development		N/A		N/A		$	89,909	$	89,909	$	—

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, 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, plus any estimates of costs remaining to be funded for all projects, 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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