Item 2. Properties

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Item 2. Properties

As of December 31, 2020, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 304 properties located in 9 states and the District of Columbia consisting of 77,889 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	102	25,791	253
Mid/High-Rise	202	52,098	258
	304	77,889	256

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


Wholly Owned Properties	287	74,328
Master-Leased Property – Consolidated	1	162
Partially Owned Properties – Consolidated	16	3,399
	304	77,889

The following table sets forth certain information by market relating to the Company’s properties at December 31, 2020:

Portfolio Summary
Markets/Metro Areas	Properties		Apartment Units		% of Stabilized Budgeted NOI (1)			Average Rental Rate (2)
Los Angeles		72		16,603		21.5	%	$	2,458
Orange County		13		4,028		5.4	%		2,222
San Diego		11		2,706		3.8	%		2,373
Subtotal – Southern California		96		23,337		30.7	%		2,407

San Francisco		48		12,707		18.3	%		3,053
Washington D.C.		47		14,731		17.2	%		2,387
Seattle		46		9,454		11.4	%		2,349
New York		37		9,606		11.3	%		3,617
Boston		25		6,430		9.4	%		2,958
Denver		5		1,624		1.7	%		2,003
Total		304		77,889		100.0	%	$	2,680

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

(1)	% of Stabilized Budgeted NOI - Represents original budgeted 2021 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.

(2)	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, 2020, the Company’s same store occupancy was 94.4% and its total portfolio-wide occupancy, which includes completed development properties in various stages of lease-up, was 94.2%. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation. 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 non-residential components, such as parking garages and/or retail spaces.

The properties currently in various stages of development and lease-up at December 31, 2020, all of which are consolidated, are included in the following table:

Development and Lease-Up Projects as of December 31, 2020
(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	$	267,783	$	267,783	$	—		67	%	Q2 2021	Q3 2021	Q1 2023		—		—
The Edge (fka 4885 Edgemoor Lane) (2)	Bethesda, MD		154		75,271		52,312		52,312		—		70	%	Q3 2021	Q3 2021	Q3 2022		—		—
Projects Under Development Wholly Owned			624		485,020		320,095		320,095		—
Projects Under Development - Partially Owned:
Aero Apartments (3)	Alameda, CA		200		117,794		91,039		91,039		31,494		78	%	Q1 2021	Q2 2021	Q2 2022		—		—
Projects Under Development Partially Owned			200		117,794		91,039		91,039		31,494
Total Projects Under Development			824	$	602,814	$	411,134	$	411,134	$	31,494
Land Held for Development		N/A		N/A		$	86,170	$	86,170	$	—

(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)	The Edge – 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 $4.7 million for its allocated share of the project equity and serves as the developer of the project.

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