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Item 2. Properties

2022-02-18 compared with 2021-02-16 · 18 added, 56 removed, 26 unchanged (74% of the section changed)

The schedule on the following pages lists our real estate investment portfolio as of December 31, 2021, which consisted of 25 properties and land held for development.

As of December 31, 2020, the percent leased is (i) for commercial properties, the percentage of net rentable area for which fully executed leases exist and may include signed leases for space not yet occupied by the tenant, and (ii) for multifamily properties, the percentage of units leased.

Cost information is included in Schedule III to our financial statements included in this Annual Report on Form 10-K.

Schedule of Properties

Properties Location Year Acquired Year Constructed/Renovated # of Units Net Rentable Square Feet Percent Leased, as of December 31, 2020 (1)

Ending Occupancy, as of December 31, 2020 (1)

Multifamily Properties

Clayborne Alexandria, VA 2003 2008 74 60,000 98.6 % 98.6 %

Riverside Apartments Alexandria, VA 2016 1971 1,222 1,001,000 96.0 % 94.6 %

Properties Location Year Acquired Year Constructed/Renovated # of Homes Average Occupancy, year ended December 31, 2021 Ending Occupancy, as of December 31, 2021

Residential Properties

Assembly Alexandria Alexandria, VA 2019 1990 532 95.7 % 95.9 %

Cascade at Landmark Alexandria, VA 2019 1988 277 95.1 % 96.8 %

Clayborne Alexandria, VA N/A 2008 74 96.9 % 97.3 %

Riverside Apartments Alexandria, VA 2016 1971 1,222 94.8 % 95.3 %

Bennett Park Arlington, VA N/A 2007 224 96.4 % 96.4 %

Park Adams Arlington, VA 1969 1959 200 95.6 % 95.5 %

Bennett Park Arlington, VA 2001 2007 224 215,000 96.0 % 95.1 %

The Maxwell Arlington, VA 2011 2014 163 116,000 96.9 % 94.5 %

The Maxwell Arlington, VA N/A 2014 163 96.1 % 96.3 %

The Paramount Arlington, VA 2013 1984 135 96.2 % 95.6 %

The Wellington Arlington, VA 2015 1960 711 95.1 % 96.3 %

Trove Arlington, VA N/A 2020 401 61.9 % 94.5 %

Roosevelt Towers Falls Church, VA 1965 1964 191 96.0 % 94.8 %

The Ashby at McLean McLean, VA 1996 1982 256 274,000 96.5 % 94.9 %

Assembly Dulles Herndon, VA 2019 2000 328 95.9 % 95.4 %

Assembly Herndon Herndon, VA 2019 1991 283 95.1 % 95.8 %

Assembly Manassas Manassas, VA 2019 1986 408 390,000 97.3 % 96.6 %

Assembly Leesburg Leesburg, VA 2019 1986 134 96.5 % 98.5 %

Bethesda Hill Apartments Bethesda, MD 1997 1986 195 225,000 96.9 % 96.9 %

Assembly Germantown Germantown, MD 2019 1990 218 211,000 97.7 % 97.2 %

Assembly Watkins Mill Gaithersburg, MD 2019 1975 210 193,000 96.7 % 96.2 %

Assembly Manassas Manassas, VA 2019 1986 408 95.6 % 95.3 %

The Ashby at McLean McLean, VA 1996 1982 256 96.3 % 95.7 %

3801 Connecticut Avenue Washington, D.C.

4 unchanged sentences

2014 2011 216 95.3 % 96.3 %

Subtotal Stabilized Properties 6,658 5,804,000 95.7 % 94.3 %

Arlington, VA 2015 2020 401 293,000 36.2 % 34.7 %

Subtotal All Properties 7,059 6,097,000 92.3 % 90.9 %

______________________________

(1) Leased percentage and ending occupancy calculations are based on units for multifamily buildings.

(2) This development project consists of 401 units with 374 units delivered in 2020.

Bethesda Hill Apartments Bethesda, MD 1997 1986 195 95.7 % 95.9 %

Assembly Germantown Germantown, MD 2019 1990 218 95.6 % 96.3 %

Assembly Watkins Mill Gaithersburg, MD 2019 1975 210 96.8 % 98.6 %

Assembly Eagles Landing Stockbridge, GA 2021 2000 490 96.1 % 95.7 %

The Oxford Conyers, GA 2021 1999 240 93.0 % 95.0 %

Subtotal Residential Properties 7,789 93.4 % 95.8 %

Properties Location Year Acquired Year Constructed/Renovated Net Rentable Square Feet Percent Leased, as of

1 unchanged sentence

Ending Occupancy, as of December 31, 2021 (1)

Office Buildings

515 King Street Alexandria, VA 1992 1966 75,000 81.5 % 81.5 %

Courthouse Square Alexandria, VA 2000 1979 121,000 80.8 % 80.8 %

1600 Wilson Boulevard Arlington, VA 1997 1973 171,000 86.5 % 86.5 %

Fairgate at Ballston Arlington, VA 2012 1988 144,000 87.8 % 86.3 %

Arlington Tower Arlington, VA 2018 1980/2014 390,000 92.7 % 90.1 %

Silverline Center Tysons, VA 1997 1972/2015 552,000 81.1 % 81.1 %

1901 Pennsylvania Avenue Washington, D.C.

1977 1960 101,000 86.4 % 82.0 %

1220 19 th Street

Washington, D.C.

1995 1976 103,000 87.6 % 82.7 %

2000 M Street (4)

Washington, D.C.

2007 1971 233,000 82.2 % 81.6 %

1140 Connecticut Avenue Washington, D.C.

2011 1966 184,000 88.6 % 88.6 %

Army Navy Building Washington, D.C.

2014 1912/1987/2017 108,000 100.0 % 98.3 %

1775 Eye Street, NW Washington, D.C.

2014 1964 189,000 86.6 % 86.6 %

Office Building

Watergate 600 Washington, D.C.

2017 1972/1997 295,000 92.4 % 91.3 %

Subtotal 2,665,000 86.6 % 85.7 %

Retail Centers

Washington Street Alexandria, VA 1998/2003 1955/1959 46,000 86.3 % 86.3 %

Concord Centre Springfield, VA 1973 1960 75,000 90.2 % 90.2 %

Randolph Shopping Center Rockville, MD 2006 1972 83,000 97.4 % 86.4 %

Montrose Shopping Center Rockville, MD 2006 1970 151,000 73.0 % 73.0 %

Takoma Park Takoma Park, MD 1963 1962 51,000 100.0 % 100.0 %

Westminster Westminster, MD 1972 1969 150,000 94.2 % 94.2 %

Chevy Chase Metro Plaza Washington, D.C.

______________________________

Spring Valley Village Washington, D.C.

2014 1941/1950/2018 94,000 93.8 % 87.6 %

Subtotal 699,000 89.0 % 86.5 %

TOTAL 9,461,000

______________________________

(3) Percent leased and ending occupancy calculations are based on square feet that includes temporary lease agreements for commercial properties.

(4) This property is subject to a ground lease which expires on October 6, 2070.

(1) Percent leased and ending occupancy calculations are based on square feet and includes temporary lease agreements for Watergate 600.

Percent leased is the percentage of net rentable area for which fully executed leases exist and may include signed leases for space not yet occupied by the tenant.

LEGAL PROCEEDINGS

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties