Item 2. Properties

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Item 2. Properties

As of December 31, 2019, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 309 properties located in 10 states and the District of Columbia consisting of 79,962 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	105	26,688	254
Mid/High-Rise	204	53,274	261
	309	79,962	259

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


Wholly Owned Properties	291	76,265
Master-Leased Property – Consolidated	1	162
Partially Owned Properties – Consolidated	17	3,535
	309	79,962

The following table sets forth certain information by market relating to the Company’s properties at December 31, 2019:

Portfolio Summary
Markets/Metro Areas	Properties		Apartment Units		% of Stabilized Budgeted NOI (A)			Average Rental Rate (B)
Los Angeles		72		16,603		18.7	%	$	2,634
Orange County		13		4,028		4.3	%		2,271
San Diego		12		3,385		3.8	%		2,437
Subtotal – Southern California		97		24,016		26.8	%		2,545

San Francisco		51		13,606		20.6	%		3,320
Washington D.C.		48		15,248		16.2	%		2,466
New York		37		9,606		14.4	%		3,937
Seattle		45		9,296		10.7	%		2,459
Boston		25		6,430		9.9	%		3,179
Denver		5		1,624		1.4	%		2,053
Other Markets		1		136		—	%		1,323
Total		309		79,962		100.0	%	$	2,858

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

(A)	% of Stabilized Budgeted NOI - Represents budgeted 2020 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, 2019, 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 95.8%. 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, 2019 are included in the following table:

Development and Lease-Up Projects as of December 31, 2019
(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 - Wholly Owned:
Alcott Apartments (fka West End Tower)	Boston, MA		470	$	409,749	$	139,310	$	139,310	$	—		32	%	Q2 2021	Q3 2021	Q1 2023		—			—
4885 Edgemoor Lane (2)	Bethesda, MD		154		75,271		10,865		10,865		—		4	%	Q3 2021	Q3 2021	Q3 2022		—			—
Projects Under Development Wholly Owned			624		485,020		150,175		150,175		—
Projects Under Development - Partially Owned:
Aero Apartments (3)	Alameda, CA		200		117,794		31,455		31,455		7,050		11	%	Q4 2020	Q2 2021	Q2 2022		—			—
Projects Under Development Partially Owned			200		117,794		31,455		31,455		7,050
Projects Under Development			824		602,814		181,630		181,630		7,050
Completed Not Stabilized (4):
Lofts at Kendall Square II (fka 249 Third Street)	Cambridge, MA		84		51,447		47,259		—		—				Q3 2019	Q3 2019	Q2 2020		81	%		79	%
Chloe on Madison (fka 1401 E. Madison)	Seattle, WA		137		65,341		62,995		—		—				Q3 2019	Q3 2019	Q2 2020		81	%		75	%
Projects Completed Not Stabilized			221		116,788		110,254		—		—
Completed and Stabilized During the Quarter:
100K Apartments	Washington D.C.		222		85,273		85,262		—		—				Q3 2018	Q4 2018	Q4 2019		96	%		96	%
Projects Completed and Stabilized During the Quarter			222		85,273		85,262		—		—
Total Development Projects			1,267	$	804,875	$	377,146	$	181,630	$	7,050
Land Held for Development		N/A		N/A		$	96,688	$	96,688	$	—

(1)

Total Budgeted Capital Cost – Estimated remaining cost for projects under development and/or developed plus 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)	4885 Edgemoor Lane – The land under this project is subject to a long-term ground lease. This project is adjacent to an existing apartment property owned by the Company.

(3)	Aero Apartments – This development project is owned 90% by the Company and 10% by a third party partner in a joint venture consolidated by the Company. Construction is being partially funded with a construction loan that is non-recourse to the Company. The joint venture partner has funded $4.6 million for its allocated share of the project equity and serves as the developer of the project.

(4)	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. Both of these properties are wholly owned by the Company.

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