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We use the term apartment communities to refer to properties that consist of apartment homes or townhomes or a combination of both.
We focus on leading metropolitan areas that we believe have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets.
At January 31, 2026, we owned or held a direct or indirect ownership interest in: 292 operating apartment communities containing 88,768 apartment homes in 11 states and the District of Columbia, of which 284 communities containing 86,374 apartment homes were consolidated for financial reporting purposes and eight communities containing 2,394 apartment homes were held by unconsolidated entities in which we hold an ownership interest.
27 wholly-owned development apartment communities that are under construction or completed and in lease-up and are expected to contain an aggregate of 9,692 apartment homes when completed.
Rights to develop an additional 33 communities that, if developed as expected, will contain 10,532 apartment homes.
We focus on markets that we believe are generally characterized by growing employment in high wage sectors of the economy, higher cost of home ownership, and a diverse and vibrant quality of life.
During the three years ended December 31, 2025, we: acquired 22 apartment communities, excluding unconsolidated investments; disposed of 21 apartment communities, excluding unconsolidated investments; and completed the development of 20 apartment communities, including unconsolidated investments, and the redevelopment of one apartment community.
In addition to our principal executive office in Arlington, Virginia, we also have regional offices, administrative offices or specialty offices, all of which are located in the United States.
Certain communities are developed through our DFP, which utilizes third-party multifamily developers to source and construct communities which we own and operate.
From time to time we also pursue or arrange ancillary services for our residents to provide additional revenue sources or increase resident satisfaction.
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We focus on leading metropolitan areas that we believe are generally characterized by growing employment in high wage sectors of the economy, higher cost of home ownership and a diverse and vibrant quality of life.
We believe these market characteristics have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets that do not have these characteristics.
At January 31, 2025, we owned or held a direct or indirect ownership interest in: 284 operating apartment communities containing 86,111 apartment homes in 11 states and the District of Columbia, of which 275 communities containing 83,389 apartment homes were consolidated for financial reporting purposes and nine communities containing 2,722 apartment homes were held by unconsolidated entities in which we hold an ownership interest.
21 wholly-owned development apartment communities that are under construction or completed and in lease-up and are expected to contain an aggregate of 7,305 apartment homes when completed.
Rights to develop an additional 30 communities that, if developed as expected, will contain 9,336 apartment homes.
We focus on markets that are characterized by growing employment in high wage sectors of the economy, higher home prices and a diverse and vibrant quality of life.
During the three years ended December 31, 2024, we: acquired 13 apartment communities, excluding unconsolidated investments; disposed of 21 apartment communities, excluding unconsolidated investments; realized our pro rata share of the gain from the sale of three communities owned by unconsolidated real estate entities; and completed the development of 22 apartment communities, including unconsolidated investments, and the redevelopment of two apartment communities.
We generally act as our own development manager, general contractor and construction manager directly (although we may use a wholly-owned subsidiary), and will elect to use a third-party developer or general contractor where we believe it is beneficial to do so, such as in our expansion regions where we may have limited resources or scale.
We estimate that our short-term liquidity needs will be met from cash on hand, borrowings under our $2,250,000,000 revolving variable rate unsecured credit facility (the "Credit Facility") and our $500,000,000 unsecured commercial paper ("CP") note program (the "Commercial Paper Program") which is backstopped by our commitment to maintain available capacity under the Credit Facility for any amounts of CP outstanding, sales of current operating communities and/or issuance of additional debt or equity securities.
Commercial space : we develop, own and lease commercial space at our communities when either (i) the highest and best use of the space is for commercial (e.g., street level in an urban area); (ii) we believe the commercial space will enhance the attractiveness of the community to residents; or (iii) some component of commercial space is required to obtain entitlements to build apartment homes.