What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-02-25 compared with 2021-02-19 · 39 added, 28 removed, 345 unchanged (16% of the section changed)

2 unchanged sentences

Occupancy Rates

Financial occupancy is defined as the percentage resulting from dividing actual rental income by total potential rental income.

Total potential rental income represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents.

Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income.

Total scheduled rental income represents the value of all apartment homes, with occupied apartment homes valued at contractual rental rates pursuant to leases and vacant apartment homes valued at estimated market rents.

When calculating actual rents for occupied apartment homes and market rents for vacant apartment homes, delinquencies and concessions are not taken into account.

17 unchanged sentences

Commercial Buildings

The Company owns an office building with approximately 107,000 square feet located in Irvine, CA, of which the Company occupied approximately 14,000 square feet as of December 31, 2020.

Furthermore, as of December 31, 2020, the office building's physical occupancy rate was 100% consisting of 7 tenants, including the Company.

The Company owns three commercial buildings with approximately 281,000 square feet located in California and Washington, of which the Company occupied approximately 14,000 square feet as of December 31, 2021.

Furthermore, as of December 31, 2021, the commercial buildings' physical occupancy rate was 98% consisting of 7 tenants, including the Company.

Operating Portfolio

12 unchanged sentences

Bonita Cedars Bonita, CA Garden 120 1983 2002 98%

Village at Toluca Lake (5)

Burbank, CA Mid-rise 145 1974 2017 95%

The Village at Toluca Lake Burbank, CA Mid-rise 145 1974 2017 98%

Camarillo Oaks Camarillo, CA Garden 564 1985 1996 98%

18 unchanged sentences

CBC and The Sweeps Goleta, CA Garden 239 1962 2006 95%

Devonshire Hemet, CA Garden 276 1988 2002 98%

Huntington Breakers Huntington Beach, CA Mid-rise 342 1984 1997 96%

The Huntington Huntington Beach, CA Garden 276 1975 2012 97%

Axis 2300 Irvine, CA Mid-rise 115 2010 2010 96%

Hillsborough Park (7)

16 unchanged sentences

Emerson Valley Village Los Angeles, CA Mid-rise 144 2012 2016 96%

Apartment Year Year

Communities (1)

Location Type Homes Built Acquired Occupancy (2)

Gas Company Lofts (6)

1 unchanged sentence

The Blake LA Los Angeles, CA Mid-rise 196 1979 1997 96%

Apartment Year Year

Communities (1)

Location Type Homes Built Acquired Occupancy (2)

Marbella Los Angeles, CA Mid-rise 60 1991 2005 96%

8 unchanged sentences

Tiffany Court Los Angeles, CA Mid-rise 101 1987 2014 98%

Wallace on Sunset Los Angeles, CA Mid-rise 200 2021 2021 96%

Wilshire La Brea Los Angeles, CA Mid-rise 478 2014 2014 95%

2 unchanged sentences

Windsor Court Los Angeles, CA Mid-rise 58 1988 1997 96%

Aqua Marina Del Rey Marina Del Rey, CA Mid-rise 500 2001 2014 94%

Aqua at Marina Del Rey Marina Del Rey, CA Mid-rise 500 2001 2014 96%

Marina City Club (9)

38 unchanged sentences

Santa Ana, CA Garden 164 1970 2001 98%

Parkside Court (5)

Santa Ana, CA Mid-rise 210 1986 2014 97%

Apartment Year Year

1 unchanged sentence

Location Type Homes Built Acquired Occupancy (2)

Parkside Court (6)

Santa Ana, CA Mid-rise 210 1986 2014 97%

Pinnacle at MacArthur Place Santa Ana, CA Mid-rise 253 2002 2014 97%

2 unchanged sentences

Santa Clarita, CA Mid-rise 188 2006 2014 97%

Hidden Valley Simi Valley, CA Garden 324 2004 2004 97%

Meadowood (7)

10 unchanged sentences

Woodside Village Ventura, CA Garden 145 1987 2004 99%

Passage Buena Vista (14)

Vista, CA Garden 179 2020 2021 97%

Walnut Heights Walnut, CA Garden 163 1964 2003 98%

23 unchanged sentences

Fremont, CA Garden 160 1978 2011 97%

The Rexford (16)

Fremont, CA Garden 203 1973 2021 100%

City Centre (12)

18 unchanged sentences

San Marcos Richmond, CA Mid-rise 432 2003 2003 96%

500 Folsom (14)

San Francisco, CA High-rise 537 2021 2021 100%

Bennett Lofts San Francisco, CA Mid-rise 164 2004 2012 92%

17 unchanged sentences

Palm Valley San Jose, CA Mid-rise 1,100 2008 2014 96%

Patina at Midtown (14)

San Jose, CA Mid-rise 269 2021 2021 80%

Sage at Cupertino (4)

San Jose, CA Garden 230 1971 2017 93%

San Jose, CA Mid-rise 268 2019 2021 91%

The Carlyle (7)

3 unchanged sentences

Lakeshore Landing San Mateo, CA Mid-rise 308 1988 2014 96%

Hillsdale Garden San Mateo, CA Garden 697 1948 2006 96%

Park 20 San Mateo, CA Mid-rise 197 2015 2015 97%

Hillsdale Garden (14)

San Mateo, CA Garden 697 1948 2006 94%

Station Park Green - Phases I, II, and III San Mateo, CA Mid-rise 492 2018 2018 95%

10 unchanged sentences

Santa Clara, CA Garden 292 1974 1994 96%

Mylo Santa Clara, CA Mid-rise 476 2021 2021 96%

Riley Square (8)

10 unchanged sentences

Sunnyvale, CA Garden 156 1963 2007 97%

Montclaire Sunnyvale, CA Mid-rise 390 1973 1988 96%

Reed Square Sunnyvale, CA Garden 100 1970 2011 97%

Solstice Sunnyvale, CA Mid-rise 280 2014 2014 96%

Apartment Year Year

1 unchanged sentence

Location Type Homes Built Acquired Occupancy (2)

Montclaire Sunnyvale, CA Mid-rise 390 1973 1988 97%

Reed Square Sunnyvale, CA Garden 100 1970 2011 96%

Solstice Sunnyvale, CA Mid-rise 280 2014 2014 97%

Summerhill Park Sunnyvale, CA Garden 100 1988 1988 97%

35 unchanged sentences

Montebello Kirkland, WA Garden 248 1996 2012 97%

Martha Lake Apartments (16)

Lynwood, WA Mid-rise 155 1991 2021 97%

Mercer Island, WA Mid-rise 166 2013 2014 96%

Laurels at Mill Creek Mill Creek, WA Garden 164 1981 1996 98%

Monterra in Mill Creek (16)

Mill Creek, WA Garden 139 2003 2021 97%

Parkwood at Mill Creek Mill Creek, WA Garden 240 1989 2014 97%

3 unchanged sentences

Elevation Redmond, WA Garden 158 1986 2010 96%

Apartment Year Year

Communities (1)

Location Type Homes Built Acquired Occupancy (2)

Pure Redmond Redmond, WA Mid-rise 105 2016 2019 96%

4 unchanged sentences

Redmond, WA Garden 440 1998 2011 96%

Apartment Year Year

Communities (1)

Location Type Homes Built Acquired Occupancy (2)

Brighton Ridge Renton, WA Garden 264 1986 1996 96%

9 unchanged sentences

Collins on Pine Seattle, WA Mid-rise 76 2013 2014 96%

Canvas Seattle, WA Mid-rise 123 2014 2021 100%

Domaine Seattle, WA Mid-rise 92 2009 2012 97%

10 unchanged sentences

(1) Unless otherwise specified, the Company consolidates each community in accordance with U.S.

(2) For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2020.

(2) For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2021, except for communities that were stabilized during the year, in which case occupancy as of December 31, 2021 was used.

For an explanation of how financial occupancy is calculated, see "Occupancy Rates" in this Item 2.

1 unchanged sentence

(4) Each of these communities is part of a DownREIT structure in which the Company is the general partner or manager and the other limited partners or members are granted rights of redemption for their interests.

(5) This community is owned by BEX III, LLC ("BEX III").

The Company has a 50% interest in BEX III, which is accounted for using the equity method of accounting.

(5) This community is owned by BEXAEW.

11 unchanged sentences

(13) This community is subject to a ground lease, which, unless extended, will expire in 2028.

(14) The Company has an interest in a single asset entity owning this community.

(15) This community is owned by Wesco V, LLC ("Wesco V").

The Company has a 50% interest in Wesco V, which is accounted for using the equity method of accounting.

(16) This community is owned by Wesco VI, LLC ("Wesco VI").

The Company has a 50% interest in Wesco VI, which is accounted for using the equity method of accounting.

(17) This community is owned by BEX IV, LLC ("BEX IV").

The Company has a 50.1% interest in BEX IV, which is accounted for using the equity method of accounting.

(17) The Company has 50% ownership in this community, which is accounted for using the equity method of accounting.

(18) A portion of this community on which 84 apartment homes are presently located is subject to a ground lease, which, unless extended, will expire in 2028.

(19) The community is subject to a ground lease, which, unless extended, will expire in 2070.

(20) This community is subject to a ground lease, which, unless extended, will expire in 2070.

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