transforming camden 53 Our multifamily property portfolio, excluding land we hold for future development and joint venture properties we do not manage, at December 31, 2004, 2003 and 2002 is summarized as follows: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2004 2003 2002 APARTMENT HOMES PROPERTIES APARTMENT HOMES PROPERTIES APARTMENT HOMES PROPERTIES  OPERATING PROPERTIES West Region Las Vegas, Nevada $^{(a)}$  9,625 33 9,625 33 10,017 35 Denver, Colorado $^{(a)}$  2,529 8 2,529 8 2,529 8 Phoenix, Arizona  2,433 8 2,433 8 2,433 8 Los Angeles/Orange County, California  2,191 5 1,653 4 1,653 4 San Diego/Inland Empire, California  846 3 846 3 264 1 Tucson, Arizona  821 2 821 2 821 2 Central Region Dallas, Texas 8,359 23 8,359 23 8,359 23 Houston, Texas 6,810 15 6,810 15 6,446 14 St. Louis, Missouri  2,123 6 2,123 6 2,123 6 Austin, Texas  1,745 6 1,745 6 1,745 6 Corpus Christi, Texas 1,410 3 1,284 3 1,284 3 Kansas City, Missouri  596 1 596 1 596 1 East Region Tampa, Florida  6,089 13 6,089 13 6,089 13 Orlando, Florida  2,252 5 2,804 6 2,804 6 Charlotte, North Carolina 1,659 6 1,659 6 1,659 6 Louisville, Kentucky  1,448 5 1,448 5 1,448 5 Greensboro, North Carolina 520 2 520 2 520 2 Total Operating Properties 51,456 144 51,344 144 50,790 143 PROPERTIES UNDER DEVELOPMENT West Region Los Angeles/Orange County, California  - - 538 1 538 1 San Diego/Inland Empire, California - - - - 582 2 Central Region Dallas, Texas  284 1 - - - - Houston, Texas - - - - 364 1 East Region Tampa, Florida 366 1 - - - - Northern Virginia  (b) 464 1 464 1 - - Total Properties Under Development  1,114 3 1,002 2 1,484 4 Total Properties  52,570 147 52,346 146 52,274 147 Less: Joint Venture Properties  (a) (b) 5,011 18 5,011 18 4,939 19 Total Properties Owned 100% 47,559 129 47,335 128 47,335 128 (a) Includes properties held in joint ventures as follows: one property with 320 apartment homes in Colorado in which we own a 50% interest, the remaining interest is owned by an unaffiliated private investor; and 16 properties with 4,227 apartment homes (18 properties with 4,619 apartment homes at December 31, 2002) in Las Vegas in which we own a 20% interest, the remaining interest is owned by an unaffiliated private investor. (b)  Includes one property with 464 apartment homes currently under development in Virginia held in a joint venture we entered into in 2003 in which we own a 20% interest, the remaining interest is owned by an unaffiliated private investor.