Item 2. Properties
Item 2. Properties
Overview
As of December 31, 2020, we owned 82 properties that contain an aggregate of approximately 13.9 million net rentable square feet and consist of 73 office properties and five mixed-use properties (collectively, the "Core Properties"), one development property and three redevelopment properties (collectively, the "Properties"). The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Metropolitan Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2020, the properties, excluding properties under development and redevelopment, were approximately 91.9% occupied. As of December 31, 2020, we also owned economic interests in nine unconsolidated real estate ventures (collectively, the “Real Estate Ventures”). See Note 4, ''Investment in Unconsolidated Real Estate Ventures,” to our Consolidated Financial Statements for further information.
Property Statistics
The following table shows lease expirations for the Core Properties as of December 31, 2020, during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights:
Year of Lease Expiration December 31, Rentable Square Feet (in thousands) Final Annualized Base Rent Under Expiring Leases (a) (in thousands) Percentage of Total Final Annualized Base Rent Under Expiring Leases
2021
1,166 $ 34,682 7.1 %
2022 1,490 55,598 11.4 %
2023 645 23,354 4.8 %
2024 1,133 43,308 8.9 %
2025 1,115 45,417 9.3 %
2026 1,029 39,045 8.0 %
2027 1,299 51,951 10.6 %
2028 632 23,696 4.9 %
2029 1,104 48,373 9.9 %
2030 682 32,421 6.6 %
2031 and thereafter 2,027 90,040 18.5 %
12,322 $ 487,885 100.0 %
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(a) Represents the annualized cash rental rate of base rents, including tenant reimbursements, in the final month prior to expiration. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
The following table shows the geographic locations for the Core Properties as of December 31, 2020. For more information about our geographic locations, see Note 19, ''Segment Information" to our Consolidated Financial Statements:
Location Number of Properties Net Rentable Square Feet (in thousands) Percentage Leased as of December 31, 2020
Leased Square Feet (in thousands) Total Base Rent (a) (in thousands) Percentage of Base Rent
Philadelphia 11 4,756 98.0 % 4,660 $ 135,086 39.9 %
Pennsylvania Suburbs 34 4,035 94.6 % 3,819 111,163 32.8 %
Austin 21 2,967 93.2 % 2,764 63,740 18.8 %
Metropolitan Washington, D.C. 5 1,034 73.4 % 759 20,812 6.1 %
Other 7 620 74.8 % 464 8,045 2.4 %
78 13,412 92.9 % 12,466 $ 338,846 100.0 %
(a) Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
The following table shows the major tenants of the Core Properties as of December 31, 2020 and assumes that none of the tenants exercise renewal options or termination rights, if any, at or prior to scheduled expirations:
Tenant Name Annualized Base Rents (a) (in thousands) Percentage of Aggregate Annualized Base Rents
IBM, Inc. $ 24,112 5.6 %
Comcast Corporation 13,952 3.2 %
Spark Therapeutics, Inc. 12,851 3.0 %
FMC Corporation 10,965 2.5 %
CSL Behring, LLC 10,081 2.3 %
Lincoln National Management Co. 9,308 2.2 %
Troutman Pepper Hamilton Sanders LLP 9,301 2.2 %
Dechert LLP 8,090 1.9 %
Independence Blue Cross, LLC 7,422 1.7 %
The Trustees of the University of Pennsylvania 6,996 1.6 %
Other 317,592 73.8 %
$ 430,670 100.0 %
(a) Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2020. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
Developments/Redevelopments
As of December 31, 2020, we were developing/redeveloping 0.4 million rentable square feet of office/life science properties.