Part I Item 1 Entergy Corporation, Domestic utility companies, and System Energy 113 Entergy Louisiana holds non-exclusive franchises to provide electric service in approximately 116 incorporated Louisiana municipalities.
Most of these franchises have 25-year terms, although six of these municipalities have granted 60-year franchises.
Entergy Louisiana also supplies electric service in approximately 353 unincorporated communities, all of which are located in Louisiana parishes in which it holds non-exclusive franchises.
Entergy Mississippi has received from the MPSC certificates of public convenience and necessity to provide electric service to areas within 45 counties, including a number of municipalities, in western Mississippi.
Under Mississippi statutory law, such certificates are exclusive.
Entergy Mississippi may continue to serve in such municipalities upon payment of a statutory franchise fee, regardless of whether an original municipal franchise is still in existence.
Entergy New Orleans provides electric and gas service in the City of New Orleans pursuant to city ordinances (except electric service in Algiers, which is provided by Entergy Louisiana).
These ordinances contain a continuing option for the City of New Orleans to purchase Entergy New Orleans' electric and gas utility properties.
The business of System Energy is limited to wholesale power sales.
It has no distribution franchises.
Property and Other Generation Resources Generating Stations The total capability of the generating stations owned and leased by the domestic utility companies and System Energy as of December 31, 2004, is indicated below:
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(1) "Owned and Leased Capability" is the dependable load carrying capability as demonstrated under actual operating conditions based on the primary fuel (assuming no curtailments) that each station was designed to utilize.
Entergy's load and capacity projections are reviewed periodically to assess the need and timing for additional generating capacity and interconnections.
These reviews consider existing and projected demand, the availability and price of power, the location of new loads, and economy.
Peak load in the U. S.  Utility service territory is typically around 21,000 MW, with minimum load typically around 9,000 MW.
Allowing for an adequate reserve margin, Entergy has been short approximately 3,000 MW during the summer peak load period.
In addition to its net short position at summer peak, Entergy considers its generation in three categories: (1) baseload (e. g.  coal and nuclear); (2) load-following (e. g.  combined cycle gas-fired); and (3) peaking.
The relative supply and demand for these categories of generation vary by region of the Entergy System.
For example, the north end of its system has more baseload coal and nuclear generation than regional demand requires, but is short load-following or intermediate generation.
In the south end of the Entergy system, load would be more effectively served if gasfired intermediate resources already in place were supplemented with additional solid fuel baseload generation.
REIT ownership requirements; however, the restrictions may have the effect of preventing a change of control, which does not threaten REIT status.
These restrictions include a provision that generally limits ownership by any person of more than 9.9% of the value of our outstanding equity stock, unless our board of directors exempts the person from such ownership limitation, provided that any such exemption shall not allow the person to exceed 13% of the value of our outstanding equity stock.
These provisions may have the effect of delaying, deferring or preventing someone from taking control of us, even though a change of control might involve a premium price for our stockholders or might otherwise be in our stockholders’ best interests.
Item 1B.
UNRESOLVED STAFF COMMENTS None.
Item 2.
PROPERTIES At December 31, 2007, our apartment portfolio included 234 communities located in 30 markets, with a total of 65,867 completed apartment homes.
We own approximately 50,300 square feet of office space in Richmond, Virginia, and we lease approximately 15,500 square feet of office space in Highlands Ranch, Colorado, for our corporate headquarters.
The table below sets forth a summary of our real estate portfolio by geographic market at December 31, 2007.
SUMMARY OF REAL ESTATE PORTFOLIO BY GEOGRAPHIC MARKET AT DECEMBER 31, 2007
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PART II Item 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES UDR, Inc. : Common Stock UDR, Inc. ’s common stock has been listed on the New York Stock Exchange (“NYSE”) under the symbol “UDR” since May 7, 1990.
The following tables set forth the quarterly high and low sale prices per common share reported on the NYSE for each quarter of the last two fiscal years.
Distribution information for common stock reflects distributions declared per share for each calendar quarter and paid at the end of the following month.
## Table 2 ##
On February 16, 2018, the closing sale price of our common stock was $34.61 per share on the NYSE, and there were 3,639 holders of record of the 268,160,029 outstanding shares of our common stock.
We have determined that, for federal income tax purposes, approximately 83% of the distributions for 2017 represented ordinary income, 1% represented qualified ordinary income, 11% represented long-term capital gain, and 5% represented unrecaptured section 1250 gain.
UDR pays regular quarterly distributions to holders of its common stock.
Future distributions will be at the discretion of our Board of Directors and will depend on our actual funds from operations, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code, and other factors.
Series E Preferred Stock The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share.
Subject to certain adjustments and conditions, each share of the Series E is convertible at any time and from time to time at the holder’s option into 1.083 shares of our common stock.
The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote.
The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption.
In connection with a special dividend (declared on November 5, 2008), the Company reserved for issuance upon conversion of the Series E additional shares of common stock to which a holder of the Series E would have received if the holder had converted the Series E immediately prior to the record date for this special dividend.
Distributions declared on the Series E for the years ended December 31, 2017 and 2016 were $1.33 per share or $0.3322 per quarter.
The Series E is not listed on any exchange.
At December 31, 2017, a total of 2,780,994 shares of the Series E were outstanding.
Series F Preferred Stock We are authorized to issue up to 20,000,000 shares of our Series F Preferred Stock (“Series F”).
The Series F may be purchased by holders of our Operating Partnership Units, or OP Units, described below under “Operating Partnership Units,” at a purchase price of $0.0001 per share.
OP unitholders are entitled to subscribe for and purchase one share of the Series F for each OP Unit held.
In connection with the acquisition of properties from Home OP and the formation of the DownREIT Partnership in October 2015, we issued 13,988,313 Series F shares at $0.0001 per share to former limited partners of the Home OP, which had the right to subscribe for one share of Series F for each DownREIT Unit issued in connection with the acquisitions.
For the years ended December 31, 2017 and 2016, we recognized income/(loss) from unconsolidated entities of $(19.3) million and $(37.4) million, respectively.
The decrease in loss from unconsolidated entities as compared to the prior year was primarily attributable to a reduction in depreciation and amortization at the DownREIT Partnership as a result of fully depreciated assets.
Interest Expense For the year ended December 31, 2018, interest expense decreased by 24.8% or $7.5 million as compared to 2017, which was primarily due to lower debt balances as a result of the prepayment of debt during the year ended December 31, 2018 and higher prepayment penalties incurred during the year ended December 31, 2017.
Gain/(Loss) on Sale of Real Estate Owned During the year ended December 31, 2018, the Operating Partnership recognized total gains of $75.5 million on the sale of an operating community in Orange County, California with a total of 264 apartment homes and a commercial office building in Fairfax, Virginia.
During the year ended December 31, 2017, the Operating Partnership sold two operating communities in Orange County, California and Carlsbad, California with a total of 218 apartment homes, resulting in a gain of $41.3 million.
During the year ended December 31, 2016, the Operating Partnership sold two operating communities in Baltimore, Maryland with a total of 276 apartment homes, resulting in a gain of $33.2 million.
Inflation We believe that the direct effects of inflation on our operations have been immaterial.
While the impact of inflation primarily impacts our results of operations as a result of wage pressures and increases in utilities and material costs, the majority of our apartment leases have initial terms of 12 months or less, which generally enables us to compensate for any inflationary effects by increasing rental rates on our apartment homes.
Although an extreme escalation in costs could have a negative impact on our residents and their ability to absorb rent increases, we do not believe this has had a material impact on our results for the year ended December 31, 2018.
Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that are material.
Contractual Obligations The following table summarizes our contractual obligations as of December 31, 2018 (dollars in thousands):

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Owned and Leased Capability MW-1
Company	Total	Gas/Oil	Nuclear	Coal	Hydro
Entergy Arkansas	4,709	1,613	1,837	1,189	70
Entergy Gulf States	6,485	4,890	968	627	-
Entergy Louisiana	5,363	4,276	1,087	-	-
Entergy Mississippi	2,898	2,490	-	408	-
Entergy New Orleans	915	915	-	-	-
System Energy	1,143	-	1,143	-	-
Total	21,513	14,184	5,035	2,224	70

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Number of Apartment Communities	Number of Apartment Homes	Percentage of Carrying Value	Carrying Value (In thousands)	Encumbrances (In thousands)	Cost per Home	Average Physical Occupancy	Average Home Size (Square Feet)
WESTERN REGION
Orange Co., CA	13	4,067	11.7%	$696,332	$146,319	$171,215	94.9%	821
San Francisco, CA	9	1,896	5.7%	339,664	—	179,148	96.3%	791
Los Angeles, CA	7	1,380	4.7%	278,375	89,574	201,721	92.9%	940
San Diego, CA	5	1,123	2.8%	166,900	39,847	148,620	94.1%	797
Inland Empire, CA	3	1,074	2.5%	147,351	—	137,198	92.2%	886
Seattle, WA	7	1,270	2.5%	147,268	68,920	115,959	95.7%	871
Monterey Peninsula, CA	7	1,565	2.5%	146,325	—	93,498	93.5%	724
Portland, OR	5	1,365	1.5%	91,537	20,891	67,060	95.2%	887
Sacramento, CA	2	914	1.1%	65,466	48,167	71,626	92.1%	820
MID-ATLANTIC REGION
Metropolitan DC	10	3,138	7.3%	432,905	90,563	137,956	89.1%	928
Raleigh, NC	11	3,663	3.9%	234,849	56,862	64,114	93.8%	957
Richmond, VA	9	2,636	3.3%	195,943	40,715	74,333	90.5%	968
Baltimore, MD	10	2,119	3.2%	188,347	—	88,885	93.2%	924
Wilmington, NC	6	1,868	1.8%	107,439	—	57,516	94.0%	952
Charlotte, NC	6	1,226	1.5%	91,768	—	74,852	94.5%	990
Norfolk, VA	6	1,438	1.3%	77,089	28,388	53,608	94.5%	1,016
Other Mid-Atlantic	13	2,817	2.6%	152,308	—	54,067	94.2%	922
SOUTHEASTERN REGION
Tampa, FL	12	4,106	5.0%	294,845	51,994	71,808	88.4%	977
Orlando, FL	12	3,476	4.1%	244,373	84,098	70,303	90.0%	955
Nashville, TN	10	2,966	3.4%	204,382	78,814	68,908	93.2%	918
Jacksonville, FL	5	1,857	2.5%	149,131	16,011	80,307	93.0%	913
Other Florida	8	2,400	2.8%	169,006	—	70,419	89.4%	917
Other Southeastern	7	1,752	1.4%	82,046	—	46,830	94.7%	819

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2017	2016
High	Low	Distributions Declared	High	Low	Distributions Declared
Quarter ended March 31,	$36.50	$34.48	$0.310	$38.53	$33.15	$0.295
Quarter ended June 30,	$40.49	$35.97	$0.310	$38.56	$33.42	$0.295
Quarter ended September 30,	$39.79	$37.75	$0.310	$37.63	$34.20	$0.295
Quarter ended December 31,	$40.05	$37.68	$0.310	$36.48	$33.11	$0.295

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Question: What is the total value of Orange Co., CA, San Francisco, CA, Los Angeles, CA and San Diego, CA for Number of Apartment Communities?
Answer: 34.0