Item 2. Properties
Item 2. Properties
The Company’s portfolio as of December 31, 2022 (including communities owned by unconsolidated joint ventures, but excluding communities underlying preferred equity investments) was comprised of 252 stabilized operating apartment communities (comprising 62,147 apartment homes), of which 26,374 apartment homes are located in Southern California, 23,248 apartment homes are located in Northern California, and 12,525 apartment homes are located in the Seattle metropolitan area. The Company’s apartment communities accounted for 99.0% of the Company’s revenues for the year ended December 31, 2022.
Occupancy Rates
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. The Company believes that financial occupancy is a meaningful measure of occupancy because it considers the value of each vacant unit at its estimated market rate. Financial occupancy may not completely reflect short-term trends in physical occupancy and financial occupancy rates, and the Company's calculation of financial occupancy may not be comparable to financial occupancy as disclosed by other REITs. Market rates are determined using the recently signed effective rates on new leases at the property and are used as the starting point in the determination of the market rates of vacant apartment homes. The Company may increase or decrease these rates based on a variety of factors, including overall supply and demand for housing, concentration of new apartment deliveries within the same submarket which can cause periodic disruption due to greater rental concessions to increase leasing velocity, and rental affordability.
For communities that are development properties in lease-up without stabilized occupancy figures, the Company believes the physical occupancy rate is the appropriate performance metric. While a community is in the lease-up phase, the Company’s primary motivation is to stabilize the property, which may entail the use of rent concessions and other incentives, and thus financial occupancy which is based on contractual income is not considered the best metric to quantify occupancy.
Communities
The Company’s communities are primarily urban and suburban high density wood frame communities comprising of three to seven stories above grade construction with structured parking situated on 1-10 acres of land with densities averaging between 30-80+ units per acre. As of December 31, 2022, the Company’s communities include 104 garden-style, 138 mid-rise, and 10 high-rise communities. Garden-style communities are generally defined as on-grade properties with two and/or three-story buildings with no structured parking while mid-rise communities are generally defined as properties with three to seven story buildings and some structured parking. High-rise communities are typically defined as properties with buildings that are greater than seven stories, are steel or concrete framed, and frequently have structured parking. The communities have an average of approximately 247 apartment homes, with a mix of studio, one-, two- and some three-bedroom apartment homes. A wide variety of amenities are available at the Company’s communities, including covered parking, fireplaces, swimming pools, clubhouses with fitness facilities, playground areas and dog parks.
The Company hires, trains and supervises on-site service and maintenance personnel. The Company believes that the following primary factors enhance the Company’s ability to retain tenants:
• located near employment centers;
• attractive communities that are well maintained; and
• proactive customer service.
Commercial Buildings
The Company owns three commercial buildings with approximately 283,000 square feet located in California and Washington, of which the Company occupied approximately 13,000 square feet as of December 31, 2022. Furthermore, as of December 31, 2022, the commercial buildings' physical occupancy rate was 83% consisting of 7 tenants, including the Company.
Operating Portfolio
The table below describes the Company’s operating portfolio as of December 31, 2022. (See Note 8, "Mortgage Notes Payable" to the Company’s consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K for more
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information about the Company’s secured mortgage debt and Schedule III thereto for a list of secured mortgage loans related to the Company’s portfolio.)
Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Southern California
Alpine Village Alpine, CA Garden 301 1971 2002 96%
Barkley, The (3)(4)
Anaheim, CA Garden 161 1984 2000 97%
Park Viridian Anaheim, CA Mid-rise 320 2008 2014 96%
Bonita Cedars Bonita, CA Garden 120 1983 2002 97%
The Village at Toluca Lake Burbank, CA Mid-rise 145 1974 2017 97%
Camarillo Oaks Camarillo, CA Garden 564 1985 1996 96%
Camino Ruiz Square Camarillo, CA Garden 159 1990 2006 98%
Pinnacle at Otay Ranch I & II Chula Vista, CA Mid-rise 364 2001 2014 97%
Mesa Village Clairemont, CA Garden 133 1963 2002 96%
Villa Siena Costa Mesa, CA Garden 272 1974 2014 96%
Emerald Pointe Diamond Bar, CA Garden 160 1989 2014 97%
Regency at Encino Encino, CA Mid-rise 75 1989 2009 98%
The Havens (5)
Fountain Valley, CA Garden 440 1969 2014 96%
Valley Park Fountain Valley, CA Garden 160 1969 2001 97%
Capri at Sunny Hills (4)
Fullerton, CA Garden 102 1961 2001 95%
Haver Hill (6)
Fullerton, CA Garden 264 1973 2012 96%
Pinnacle at Fullerton Fullerton, CA Mid-rise 192 2004 2014 97%
Wilshire Promenade Fullerton, CA Mid-rise 149 1992 1997 97%
Montejo Apartments Garden Grove, CA Garden 124 1974 2001 97%
The Henley I Glendale, CA Mid-rise 83 1974 1999 96%
The Henley II Glendale, CA Mid-rise 132 1970 1999 96%
CBC and The Sweeps Goleta, CA Garden 239 1962 2006 99%
Huntington Breakers Huntington Beach, CA Mid-rise 342 1984 1997 97%
The Huntington Huntington Beach, CA Garden 276 1975 2012 97%
Hillsborough Park (7)
La Habra, CA Garden 235 1999 1999 97%
Village Green La Habra, CA Garden 272 1971 2014 96%
The Palms at Laguna Niguel Laguna Niguel, CA Garden 460 1988 2014 96%
Trabuco Villas Lake Forest, CA Mid-rise 132 1985 1997 98%
Marbrisa Long Beach, CA Mid-rise 202 1987 2002 96%
Pathways at Bixby Village Long Beach, CA Garden 296 1975 1991 96%
5600 Wilshire Los Angeles, CA Mid-rise 284 2008 2014 97%
Alessio Los Angeles, CA Mid-rise 624 2001 2014 96%
Ashton Sherman Village Los Angeles, CA Mid-rise 264 2014 2016 97%
Avant Los Angeles, CA Mid-rise 440 2014 2015 95%
The Avery Los Angeles, CA Mid-rise 121 2014 2014 96%
Bellerive Los Angeles, CA Mid-rise 63 2011 2011 97%
Belmont Station Los Angeles, CA Mid-rise 275 2009 2009 96%
Bunker Hill Los Angeles, CA High-rise 456 1968 1998 95%
Catalina Gardens Los Angeles, CA Mid-rise 128 1987 2014 95%
Cochran Apartments Los Angeles, CA Mid-rise 58 1989 1998 96%
Emerson Valley Village Los Angeles, CA Mid-rise 144 2012 2016 97%
Gas Company Lofts (6)
Los Angeles, CA High-rise 251 2004 2013 96%
The Blake LA Los Angeles, CA Mid-rise 196 1979 1997 97%
Marbella Los Angeles, CA Mid-rise 60 1991 2005 96%
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Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Pacific Electric Lofts (8)
Los Angeles, CA High-rise 314 2006 2012 95%
Park Catalina Los Angeles, CA Mid-rise 90 2002 2012 96%
Park Place Los Angeles, CA Mid-rise 60 1988 1997 96%
Regency Palm Court Los Angeles, CA Mid-rise 116 1987 2014 89%
Santee Court Los Angeles, CA High-rise 165 2004 2010 95%
Santee Village Los Angeles, CA High-rise 73 2011 2011 95%
Tiffany Court Los Angeles, CA Mid-rise 101 1987 2014 97%
Wallace on Sunset Los Angeles, CA Mid-rise 200 2021 2021 95%
Wilshire La Brea Los Angeles, CA Mid-rise 478 2014 2014 96%
Windsor Court Los Angeles, CA Mid-rise 95 1987 2014 93%
Windsor Court Los Angeles, CA Mid-rise 58 1988 1997 96%
Aqua at Marina Del Rey Marina Del Rey, CA Mid-rise 500 2001 2014 97%
Marina City Club (9)
Marina Del Rey, CA Mid-rise 101 1971 2004 99%
Mirabella Marina Del Rey, CA Mid-rise 188 2000 2000 96%
Mira Monte Mira Mesa, CA Garden 354 1982 2002 97%
Hillcrest Park Newbury Park, CA Garden 608 1973 1998 95%
Fairway Apartments at Big Canyon (10)
Newport Beach, CA Mid-rise 74 1972 1999 93%
Muse North Hollywood, CA Mid-rise 152 2011 2011 96%
Country Villas Oceanside, CA Garden 180 1976 2002 97%
Mission Hills Oceanside, CA Garden 282 1984 2005 96%
Renaissance at Uptown Orange Orange, CA Mid-rise 460 2007 2014 96%
Mariner's Place Oxnard, CA Garden 105 1987 2000 97%
Monterey Villas Oxnard, CA Garden 122 1974 1997 95%
Tierra Vista Oxnard, CA Mid-rise 404 2001 2001 96%
Arbors at Parc Rose (8)
Oxnard, CA Mid-rise 373 2001 2011 96%
The Hallie Pasadena, CA Mid-rise 292 1972 1997 97%
The Stuart Pasadena, CA Mid-rise 188 2007 2014 97%
Villa Angelina Placentia, CA Garden 256 1970 2001 97%
Fountain Park Playa Vista, CA Mid-rise 705 2002 2004 96%
Highridge (4)
Rancho Palos Verdes, CA Mid-rise 255 1972 1997 96%
Cortesia Rancho Santa Margarita, CA Garden 308 1999 2014 96%
Pinnacle at Talega San Clemente, CA Mid-rise 362 2002 2014 96%
Allure at Scripps Ranch San Diego, CA Mid-rise 194 2002 2014 97%
Bernardo Crest San Diego, CA Garden 216 1988 2014 97%
Cambridge Park San Diego, CA Mid-rise 320 1998 2014 96%
Carmel Creek San Diego, CA Garden 348 2000 2014 96%
Carmel Landing San Diego, CA Garden 356 1989 2014 95%
Carmel Summit San Diego, CA Mid-rise 246 1989 2014 97%
CentrePointe San Diego, CA Garden 224 1974 1997 95%
Esplanade (5)
San Diego, CA Garden 616 1986 2014 96%
Form 15 San Diego, CA Mid-rise 242 2014 2016 97%
Montanosa San Diego, CA Garden 472 1990 2014 97%
Summit Park San Diego, CA Garden 300 1972 2002 97%
Essex Skyline (11)
Santa Ana, CA High-rise 350 2008 2010 94%
Fairhaven Apartments (4)
Santa Ana, CA Garden 164 1970 2001 97%
Parkside Court (5)
Santa Ana, CA Mid-rise 210 1986 2014 97%
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Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Pinnacle at MacArthur Place Santa Ana, CA Mid-rise 253 2002 2014 96%
Hope Ranch Santa Barbara, CA Garden 108 1965 2007 97%
Bridgeport Coast (12)
Santa Clarita, CA Mid-rise 188 2006 2014 96%
Meadowood (7)
Simi Valley, CA Garden 320 1986 1996 95%
Shadow Point Spring Valley, CA Garden 172 1983 2002 96%
The Fairways at Westridge (12)
Valencia, CA Mid-rise 234 2004 2014 97%
The Vistas of West Hills (12)
Valencia, CA Mid-rise 220 2009 2014 97%
Allegro Valley Village, CA Mid-rise 97 2010 2010 97%
Lofts at Pinehurst, The Ventura, CA Garden 118 1971 1997 96%
Pinehurst (13)
Ventura, CA Garden 28 1973 2004 99%
Woodside Village Ventura, CA Garden 145 1987 2004 97%
Passage Buena Vista (14)
Vista, CA Garden 179 2020 2021 96%
Walnut Heights Walnut, CA Garden 163 1964 2003 97%
The Dylan West Hollywood, CA Mid-rise 184 2014 2014 95%
The Huxley West Hollywood, CA Mid-rise 187 2014 2014 96%
Reveal Woodland Hills, CA Mid-rise 438 2010 2011 96%
Avondale at Warner Center Woodland Hills, CA Mid-rise 446 1970 1999 96%
Vela (16)
Woodland Hills, CA Mid-rise 379 2018 2022 95%
26,374 96%
Northern California
Belmont Terrace Belmont, CA Mid-rise 71 1974 2006 96%
Fourth & U Berkeley, CA Mid-rise 171 2010 2010 94%
The Commons Campbell, CA Garden 264 1973 2010 97%
Pointe at Cupertino Cupertino, CA Garden 116 1963 1998 97%
Connolly Station Dublin, CA Mid-rise 309 2014 2014 96%
Avenue 64 Emeryville, CA Mid-rise 224 2007 2014 95%
The Courtyards at 65th Street (15)
Emeryville, CA Mid-rise 331 2004 2019 94%
Emme Emeryville, CA Mid-rise 190 2015 2015 94%
Foster's Landing Foster City, CA Garden 490 1987 2014 96%
Stevenson Place Fremont, CA Garden 200 1975 2000 95%
Mission Peaks Fremont, CA Mid-rise 453 1995 2014 96%
Mission Peaks II Fremont, CA Garden 336 1989 2014 97%
Paragon Apartments Fremont, CA Mid-rise 301 2013 2014 96%
Boulevard Fremont, CA Garden 172 1978 1996 97%
Briarwood (8)
Fremont, CA Garden 160 1978 2011 97%
The Woods (8)
Fremont, CA Garden 160 1978 2011 96%
The Rexford (16)
Fremont, CA Garden 203 1973 2021 96%
City Centre (12)
Hayward, CA Mid-rise 192 2000 2014 97%
City View Hayward, CA Garden 572 1975 1998 97%
Lafayette Highlands Lafayette, CA Garden 150 1973 2014 95%
777 Hamilton (17)
Menlo Park, CA Mid-rise 195 2017 2019 95%
Apex Milpitas, CA Mid-rise 367 2014 2014 96%
Regency at Mountain View (6)
Mountain View, CA Mid-rise 142 1970 2013 96%
Bridgeport (7)
Newark, CA Garden 184 1987 1987 97%
The Landing at Jack London Square Oakland, CA Mid-rise 282 2001 2014 96%
The Grand Oakland, CA High-rise 243 2009 2009 95%
The Galloway Pleasanton, CA Mid-rise 506 2016 2016 96%
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Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Radius Redwood City, CA Mid-rise 264 2015 2015 95%
Township Redwood City, CA Mid-rise 132 2014 2019 95%
San Marcos Richmond, CA Mid-rise 432 2003 2003 96%
500 Folsom (14)
San Francisco, CA High-rise 537 2021 2021 95%
Bennett Lofts San Francisco, CA Mid-rise 164 2004 2012 82%
Fox Plaza San Francisco, CA High-rise 445 1968 2013 96%
MB 360 San Francisco, CA Mid-rise 360 2014 2014 96%
Park West San Francisco, CA Mid-rise 126 1958 2012 95%
101 San Fernando San Jose, CA Mid-rise 323 2001 2010 96%
360 Residences (15)
San Jose, CA Mid-rise 213 2010 2017 94%
Bella Villagio San Jose, CA Mid-rise 231 2004 2010 96%
Century Towers (14)
San Jose, CA High-rise 376 2017 2017 96%
Enso San Jose, CA Mid-rise 183 2014 2015 97%
Epic San Jose, CA Mid-rise 769 2013 2013 96%
Esplanade San Jose, CA Mid-rise 278 2002 2004 97%
Fountains at River Oaks San Jose, CA Mid-rise 226 1990 2014 97%
Marquis San Jose, CA Mid-rise 166 2015 2016 96%
Meridian at Midtown (15)
San Jose, CA Mid-rise 218 2015 2018 95%
Mio San Jose, CA Mid-rise 103 2015 2016 97%
Palm Valley San Jose, CA Mid-rise 1,100 2008 2014 96%
Patina at Midtown (14)
San Jose, CA Mid-rise 269 2021 2021 95%
Sage at Cupertino (4)
San Jose, CA Garden 230 1971 2017 95%
Silver (14)
San Jose, CA Mid-rise 268 2019 2021 94%
The Carlyle (7)
San Jose, CA Garden 132 2000 2000 96%
The Waterford San Jose, CA Mid-rise 238 2000 2000 96%
Willow Lake San Jose, CA Mid-rise 508 1989 2012 97%
Lakeshore Landing San Mateo, CA Mid-rise 308 1988 2014 96%
Hillsdale Garden (14)
San Mateo, CA Garden 697 1948 2006 96%
Station Park Green San Mateo, CA Mid-rise 599 2018 2018 95%
Deer Valley San Rafael, CA Garden 171 1996 2014 97%
Bel Air San Ramon, CA Garden 462 1988 1995 96%
Canyon Oaks San Ramon, CA Mid-rise 250 2005 2007 96%
Crow Canyon San Ramon, CA Mid-rise 400 1992 2014 97%
Foothill Gardens San Ramon, CA Garden 132 1985 1997 96%
Mill Creek at Windermere San Ramon, CA Mid-rise 400 2005 2007 96%
Twin Creeks San Ramon, CA Garden 44 1985 1997 96%
1000 Kiely Santa Clara, CA Garden 121 1971 2011 97%
Le Parc Santa Clara, CA Garden 140 1975 1994 97%
Marina Cove (18)
Santa Clara, CA Garden 292 1974 1994 96%
Mylo Santa Clara, CA Mid-rise 476 2021 2021 95%
Riley Square (8)
Santa Clara, CA Garden 156 1972 2012 97%
Villa Granada Santa Clara, CA Mid-rise 270 2010 2014 96%
Chestnut Street Apartments Santa Cruz, CA Garden 96 2002 2008 98%
Bristol Commons Sunnyvale, CA Garden 188 1989 1995 96%
Brookside Oaks (4)
Sunnyvale, CA Garden 170 1973 2000 98%
Lawrence Station Sunnyvale, CA Mid-rise 336 2012 2014 96%
Magnolia Lane (19)
Sunnyvale, CA Garden 32 2001 2007 96%
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Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Magnolia Square (4)
Sunnyvale, CA Garden 156 1963 2007 96%
Montclaire Sunnyvale, CA Mid-rise 390 1973 1988 97%
Reed Square Sunnyvale, CA Garden 100 1970 2011 97%
Solstice Sunnyvale, CA Mid-rise 280 2014 2014 96%
Summerhill Park Sunnyvale, CA Garden 100 1988 1988 98%
Via Sunnyvale, CA Mid-rise 284 2011 2011 96%
Windsor Ridge Sunnyvale, CA Mid-rise 216 1989 1989 97%
Vista Belvedere Tiburon, CA Mid-rise 76 1963 2004 96%
Verandas (12)
Union City, CA Mid-rise 282 1989 2014 97%
Agora Walnut Creek, CA Mid-rise 49 2016 2016 97%
Brio (4)
Walnut Creek, CA Mid-rise 300 2015 2019 96%
23,248 96%
Seattle, Washington Metropolitan Area
Belcarra Bellevue, WA Mid-rise 296 2009 2014 96%
BellCentre Bellevue, WA Mid-rise 249 2001 2014 96%
Cedar Terrace Bellevue, WA Garden 180 1984 2005 96%
Courtyard off Main Bellevue, WA Mid-rise 110 2000 2010 95%
Ellington Bellevue, WA Mid-rise 220 1994 2014 94%
Emerald Ridge Bellevue, WA Garden 180 1987 1994 97%
Foothill Commons Bellevue, WA Mid-rise 394 1978 1990 96%
Palisades, The Bellevue, WA Garden 192 1977 1990 97%
Park Highland Bellevue, WA Mid-rise 250 1993 2014 96%
Piedmont Bellevue, WA Garden 396 1969 2014 96%
Sammamish View Bellevue, WA Garden 153 1986 1994 97%
Woodland Commons Bellevue, WA Garden 302 1978 1990 96%
Bothell Ridge (5)
Bothell, WA Garden 214 1988 2014 96%
Canyon Pointe Bothell, WA Garden 250 1990 2003 97%
Inglenook Court Bothell, WA Garden 224 1985 1994 96%
Pinnacle Sonata Bothell, WA Mid-rise 268 2000 2014 96%
Salmon Run at Perry Creek Bothell, WA Garden 132 2000 2000 97%
Stonehedge Village Bothell, WA Garden 196 1986 1997 98%
Highlands at Wynhaven Issaquah, WA Mid-rise 333 2000 2008 96%
Park Hill at Issaquah Issaquah, WA Garden 245 1999 1999 97%
Wandering Creek Kent, WA Garden 156 1986 1995 97%
Ascent Kirkland, WA Garden 90 1988 2012 96%
Bridle Trails Kirkland, WA Garden 108 1986 1997 97%
Corbella at Juanita Bay Kirkland, WA Garden 169 1978 2010 97%
Evergreen Heights Kirkland, WA Garden 200 1990 1997 97%
Slater 116 Kirkland, WA Mid-rise 108 2013 2013 96%
Montebello Kirkland, WA Garden 248 1996 2012 97%
Martha Lake Apartments (16)
Lynwood, WA Mid-rise 155 1991 2021 97%
Aviara (19)
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%
The Elliot at Mukilteo (4)
Mukilteo, WA Garden 301 1981 1997 96%
Castle Creek Newcastle, WA Garden 216 1998 1998 98%
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Apartment Year Year
Communities (1)
Location Type Homes Built Acquired (20)
Occupancy (2)
Elevation Redmond, WA Garden 158 1986 2010 96%
Pure Redmond Redmond, WA Mid-rise 105 2016 2019 96%
Redmond Hill (8)
Redmond, WA Garden 442 1985 2011 96%
Shadowbrook Redmond, WA Garden 418 1986 2014 95%
The Trails of Redmond Redmond, WA Garden 423 1985 2014 95%
Vesta (8)
Redmond, WA Garden 440 1998 2011 96%
Brighton Ridge Renton, WA Garden 264 1986 1996 96%
Fairwood Pond Renton, WA Garden 194 1997 2004 98%
Forest View Renton, WA Garden 192 1998 2003 97%
Pinnacle on Lake Washington Renton, WA Mid-rise 180 2001 2014 97%
8th & Republican (15)
Seattle, WA Mid-rise 211 2016 2017 96%
Annaliese Seattle, WA Mid-rise 56 2009 2013 97%
The Audrey at Belltown Seattle, WA Mid-rise 137 1992 2014 96%
The Bernard Seattle, WA Mid-rise 63 2008 2011 96%
Cairns, The Seattle, WA Mid-rise 99 2006 2007 95%
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%
Expo (14)
Seattle, WA Mid-rise 275 2012 2012 93%
Fountain Court Seattle, WA Mid-rise 320 2000 2000 95%
Patent 523 Seattle, WA Mid-rise 295 2010 2010 96%
Taylor 28 Seattle, WA Mid-rise 197 2008 2014 96%
Velo and Ray (15)
Seattle, WA Mid-rise 308 2014 2019 96%
Vox Apartments Seattle, WA Mid-rise 58 2013 2013 95%
Wharfside Pointe Seattle, WA Mid-rise 155 1990 1994 97%
12,525 96%
Total/Weighted Average 62,147 96%
Footnotes to the Company’s Portfolio Listing as of December 31, 2022
(1) Unless otherwise specified, the Company consolidates each community in accordance with U.S. GAAP.
(2) For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2022, except for communities that were stabilized during the year, in which case occupancy as of December 31, 2022 was used. For an explanation of how financial occupancy is calculated, see "Occupancy Rates" in this Item 2.
(3) The community is subject to a ground lease, which, unless extended, will expire in 2083.
(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 BEXAEW. The Company has a 50% interest in BEXAEW, which is accounted for using the equity method of accounting.
(6) This community is owned by Wesco III, LLC ("Wesco III"). The Company has a 50% interest in Wesco III, which is accounted for using the equity method of accounting.
(7) This community is owned by BEX II, LLC ("BEX II"). The Company has a 50% interest in BEX II, which is accounted for using the equity method of accounting.
(8) This community is owned by Wesco I, LLC ("Wesco I"). The Company has a 58% interest in Wesco I, which is accounted for using the equity method of accounting.
(9) This community is subject to a ground lease, which, unless extended, will expire in 2067.
(10) This community is subject to a ground lease, which, unless extended, will expire in 2027.
(11) The Company has a 97% interest and a former Executive Vice President of the Company has a 3% interest in this community.
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(12) This community is owned by Wesco IV, LLC ("Wesco IV") The Company has a 65.1% interest in Wesco IV, which is accounted for using the equity method of accounting.
(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.
(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) Represents the initial year the joint venture or consolidated community was acquired.