What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-02-21 compared with 2024-02-23 · 58 added, 68 removed, 320 unchanged (28% of the section changed)

11 unchanged sentences

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.

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.

The Company’s communities are primarily urban and suburban high density wood frame communities comprising of two to seven stories above grade construction with structured parking situated on 1-20 acres of land with densities of approximately 10 to 80+ units per acre.

As of December 31, 2024, the Company’s communities include 103 garden-style, 142 mid-rise, and 10 high-rise communities.

9 unchanged sentences

Commercial Buildings

The Company owns three commercial buildings (totaling approximately 283,000 square feet) located in California and Washington, of which the Company occupied an aggregate of approximately 35,000 square feet as of December 31, 2023.

Furthermore, as of December 31, 2023, the commercial buildings' physical occupancy rate was 90% consisting of 7 tenants, including the Company.

The Company owns two operating commercial buildings (totaling approximately 185,000 square feet) located in California and Washington, of which the Company occupied an aggregate of approximately 50,000 square feet as of December 31, 2024.

Furthermore, as of December 31, 2024, the commercial buildings’ physical occupancy rate was 93% consisting of seven tenants, including the Company.

Operating Portfolio

The table below describes the Company’s operating portfolio as of December 31, 2023.

(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 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.)

The table below describes the Company’s operating portfolio as of December 31, 2024 (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 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

4 unchanged sentences

Alpine Village Alpine, CA Garden 301 1971 2002 96%

Barkley, The (3)(4)

Anaheim, CA Garden 161 1984 2000 96%

Park Viridian Anaheim, CA Mid-rise 320 2008 2014 96%

The Barkley (4)(5)

Anaheim, CA Garden 161 1984 2000 96%

Bonita Cedars Bonita, CA Garden 120 1983 2002 97%

8 unchanged sentences

Regency at Encino Encino, CA Mid-rise 75 1989 2009 95%

The Havens (5)

Fountain Valley, CA Garden 440 1969 2014 97%

The Havens Fountain Valley, CA Garden 440 1969 2014 97%

Valley Park Fountain Valley, CA Garden 160 1969 2001 96%

5 unchanged sentences

Wilshire Promenade Fullerton, CA Mid-rise 149 1992 1997 96%

Montejo Apartments Garden Grove, CA Garden 124 1974 2001 97%

Montejo Garden Grove, CA Garden 124 1974 2001 97%

The Henley I Glendale, CA Mid-rise 83 1974 1999 96%

2 unchanged sentences

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

Hillsborough Park (7)

La Habra, CA Garden 235 1999 1999 97%

Hillsborough Park La Habra, CA Garden 235 1999 1999 97%

Village Green La Habra, CA Garden 272 1971 2014 97%

10 unchanged sentences

Belmont Station Los Angeles, CA Mid-rise 275 2009 2009 94%

Bunker Hill Los Angeles, CA High-rise 456 1968 1998 96%

Catalina Gardens Los Angeles, CA Mid-rise 128 1987 2014 94%

1 unchanged sentence

Emerson Valley Village Los Angeles, CA Mid-rise 144 2012 2016 97%

Gas Company Lofts (6)

Los Angeles, CA High-rise 251 2004 2013 92%

Apartment Year Year

2 unchanged sentences

Occupancy (3)

Gas Company Lofts (6)

Los Angeles, CA High-rise 251 2004 2013 95%

The Blake LA Los Angeles, CA Mid-rise 196 1979 1997 98%

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

6 unchanged sentences

Santee Village Los Angeles, CA High-rise 73 2011 2011 93%

Skye at Bunker Hill Los Angeles, CA High-rise 456 1968 1998 96%

The Blake LA Los Angeles, CA Mid-rise 196 1979 1997 98%

Tiffany Court Los Angeles, CA Mid-rise 101 1987 2014 95%

9 unchanged sentences

Hillcrest Park Newbury Park, CA Garden 608 1973 1998 97%

Fairway Apartments at Big Canyon (10)

Fairway at Big Canyon (9)

Newport Beach, CA Mid-rise 74 1972 1999 97%

3 unchanged sentences

Renaissance at Uptown Orange Orange, CA Mid-rise 460 2007 2014 97%

Arbors at Parc Rose (7)

Oxnard, CA Mid-rise 373 2001 2011 96%

Mariner’s Place Oxnard, CA Garden 105 1987 2000 95%

1 unchanged sentence

Tierra Vista Oxnard, CA Mid-rise 404 2001 2001 96%

Arbors at Parc Rose (8)

Oxnard, CA Mid-rise 373 2001 2011 97%

The Hallie Pasadena, CA Mid-rise 292 1972 1997 96%

13 unchanged sentences

CentrePointe San Diego, CA Garden 224 1974 1997 94%

Esplanade (5)

San Diego, CA Garden 616 1986 2014 96%

Esplanade San Diego, CA Garden 616 1986 2014 96%

Form 15 San Diego, CA Mid-rise 242 2014 2016 96%

LIVIA at Scripps Ranch (10)(14)

San Diego, CA Mid-rise 264 2024 2024 95%

Montanosa San Diego, CA Garden 472 1990 2014 97%

Summit Park San Diego, CA Garden 300 1972 2002 97%

Apartment Year Year

2 unchanged sentences

Occupancy (3)

Summit Park San Diego, CA Garden 300 1972 2002 96%

Essex Skyline (11)

Santa Ana, CA High-rise 350 2008 2010 94%

Fairhaven Apartments (4)

Fairhaven (5)

Santa Ana, CA Garden 164 1970 2001 96%

Parkside Court (5)

Santa Ana, CA Mid-rise 210 1986 2014 96%

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

Pinnacle at MacArthur Place Santa Ana, CA Mid-rise 253 2002 2014 96%

2 unchanged sentences

Santa Clarita, CA Mid-rise 188 2006 2014 96%

Meadowood (7)

Simi Valley, CA Garden 320 1986 1996 97%

Meadowood Simi Valley, CA Garden 320 1986 1996 96%

Shadow Point Spring Valley, CA Garden 172 1983 2002 95%

13 unchanged sentences

The Huxley West Hollywood, CA Mid-rise 187 2014 2014 95%

Reveal Woodland Hills, CA Mid-rise 438 2010 2011 96%

Avondale at Warner Center Woodland Hills, CA Mid-rise 446 1970 1999 96%

Reveal Woodland Hills, CA Mid-rise 438 2010 2011 95%

Woodland Hills, CA Mid-rise 379 2018 2022 95%

6 unchanged sentences

Avenue 64 Emeryville, CA Mid-rise 224 2007 2014 96%

Emme Emeryville, CA Mid-rise 190 2015 2015 94%

The Courtyards at 65th Street (15)

Emeryville, CA Mid-rise 331 2004 2019 94%

Emme Emeryville, CA Mid-rise 190 2015 2015 97%

Foster’s Landing Foster City, CA Garden 490 1987 2014 97%

Stevenson Place Fremont, CA Garden 200 1975 2000 97%

Mission Peaks Fremont, CA Mid-rise 453 1995 2014 97%

Mission Peaks II Fremont, CA Garden 336 1989 2014 97%

Paragon Apartments Fremont, CA Mid-rise 301 2013 2014 97%

Boulevard Fremont, CA Garden 172 1978 1996 97%

1 unchanged sentence

Fremont, CA Garden 160 1978 2011 97%

The Woods (8)

Fremont, CA Garden 160 1978 2011 97%

Mission Peaks Fremont, CA Mid-rise 453 1995 2014 97%

Mission Peaks II Fremont, CA Garden 336 1989 2014 97%

Paragon Fremont, CA Mid-rise 301 2013 2014 96%

Stevenson Place Fremont, CA Garden 200 1975 2000 96%

The Rexford (16)

Fremont, CA Garden 203 1973 2021 97%

The Woods (7)

Fremont, CA Garden 160 1978 2011 95%

City Centre (12)

5 unchanged sentences

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 98%

ARLO Mountain View Mountain View, CA Mid-rise 164 2018 2024 95%

Apartment Year Year

2 unchanged sentences

Occupancy (3)

The Landing at Jack London Square Oakland, CA Mid-rise 282 2001 2014 95%

Regency at Mountain View (6)

Mountain View, CA Mid-rise 142 1970 2013 97%

Bridgeport Newark, CA Garden 184 1987 1987 99%

The Grand Oakland, CA High-rise 243 2009 2009 95%

The Landing at Jack London Square Oakland, CA Mid-rise 282 2001 2014 94%

The Galloway Pleasanton, CA Mid-rise 506 2016 2016 97%

12 unchanged sentences

Bella Villagio San Jose, CA Mid-rise 231 2004 2010 93%

Century Towers (14)

San Jose, CA High-rise 376 2017 2017 96%

Century Towers San Jose, CA High-rise 376 2017 2017 97%

Enso San Jose, CA Mid-rise 183 2014 2015 97%

7 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 96%

Patina at Midtown San Jose, CA Mid-rise 269 2021 2021 96%

Sage at Cupertino (5)

1 unchanged sentence

San Jose, CA Mid-rise 268 2019 2021 95%

The Carlyle (7)

San Jose, CA Garden 132 2000 2000 96%

The Waterford San Jose, CA Mid-rise 238 2000 2000 97%

The Carlyle San Jose, CA Garden 132 2000 2000 97%

Waterford Place 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 95%

Station Park Green San Mateo, CA Mid-rise 599 2018 2018 96%

14 unchanged sentences

Villa Granada Santa Clara, CA Mid-rise 270 2010 2014 97%

Chestnut Street Apartments Santa Cruz, CA Garden 96 2002 2008 91%

Bristol Commons Sunnyvale, CA Garden 188 1989 1995 97%

Chestnut Street Santa Cruz, CA Garden 96 2002 2008 96%

Apartment Year Year

2 unchanged sentences

Occupancy (3)

Bristol Commons Sunnyvale, CA Garden 188 1989 1995 97%

Brookside Oaks (5)

5 unchanged sentences

Sunnyvale, CA Garden 156 1963 2007 97%

Maxwell Sunnyvale Sunnyvale, CA Mid-rise 75 2022 2024 95%

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

22 unchanged sentences

Woodland Commons Bellevue, WA Garden 302 1978 1990 97%

Bothell Ridge (5)

Bothell, WA Garden 214 1988 2014 96%

Bothell Ridge Bothell, WA Garden 214 1988 2014 96%

Canyon Pointe Bothell, WA Garden 250 1990 2003 97%

10 unchanged sentences

Evergreen Heights Kirkland, WA Garden 200 1990 1997 97%

Slater 116 Kirkland, WA Mid-rise 108 2013 2013 97%

Montebello Kirkland, WA Garden 248 1996 2012 97%

Martha Lake Apartments (16)

Slater 116 Kirkland, WA Mid-rise 108 2013 2013 97%

Martha Lake (16)

Lynwood, WA Mid-rise 155 1991 2021 97%

Mercer Island, WA Mid-rise 166 2013 2014 97%

Laurels at Mill Creek Mill Creek, WA Garden 164 1981 1996 97%

Monterra in Mill Creek (16)

Mill Creek, WA Garden 139 2003 2021 96%

Apartment Year Year

2 unchanged sentences

Occupancy (3)

Laurels at Mill Creek Mill Creek, WA Garden 164 1981 1996 96%

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%

16 unchanged sentences

Annaliese Seattle, WA Mid-rise 56 2009 2013 98%

The Audrey at Belltown Seattle, WA Mid-rise 137 1992 2014 96%

The Bernard Seattle, WA Mid-rise 63 2008 2011 97%

7 unchanged sentences

Taylor 28 Seattle, WA Mid-rise 197 2008 2014 97%

The Audrey at Belltown Seattle, WA Mid-rise 137 1992 2014 97%

Velo and Ray (15)

Seattle, WA Mid-rise 308 2014 2019 96%

Vox Apartments Seattle, WA Mid-rise 58 2013 2013 97%

Vox Seattle, WA Mid-rise 58 2013 2013 96%

Wharfside Pointe Seattle, WA Mid-rise 155 1990 1994 96%

Total/Weighted Average 61,997 96%

Beaumont Woodinville, WA Mid-rise 344 2009 2024 93%

62,157 Weighted Average:

Footnotes to the Company’s Portfolio Listing as of December 31, 2024

(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, 2023, except for communities that were stabilized during the year, in which case physical occupancy as of December 31, 2023 was used.

(2) Represents the initial year the joint venture or consolidated community was acquired.

(3) For communities, occupancy rates are based on financial occupancy for the year ended December 31, 2024, except for communities that were stabilized during the year, in which case physical occupancy was used.

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

1 unchanged sentence

(5) 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.

(7) This community is owned by Wesco I, LLC (“Wesco I”).

2 unchanged sentences

(9) This community is subject to a ground lease, which, unless extended, will expire in 2027.

(10) The community is subject to a ground lease, which, unless extended, will expire in 2086.

(11) The Company has a 97% interest and a former Executive Vice President of the Company has a 3% interest in this community.

(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.

(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.

8 unchanged sentences

(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.

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