|These markets are in the Northeast, Mid-Atlantic, Pacific Northwest, Northern
California and Southern California regions of the country. As of December 31, 2016, the Company owned or held a direct or indirect ownership interest in 285
apartment communities containing 83,667 apartment homes in 10 states and the District of Columbia, of which 27 communities were under construction and four
communities were under reconstruction.
These 285 apartment communities are located in 18 high barrier-to-entry markets characterized by a low supply of zoned apartment land and lengthy entitlement processes. Our strategy is to focus on our chosen core markets and to become the market leader in each of these markets. Please see our
Portfolio Overview page for a listing of the markets.