Item 2. Properties
Item 2. Properties
Overview
As of December 31, 2021, we owned 77 properties that contain an aggregate of approximately 13.0 million net rentable square feet and consist of 72 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, 2021, the properties, excluding properties under development and redevelopment, were approximately 91.3% occupied. As of December 31, 2021, we also owned economic interests in nine unconsolidated 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, 2021, 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
2022
1,213 $ 41,266 8.4 %
2023 818 30,393 6.2 %
2024 1,154 46,083 9.3 %
2025 1,175 48,790 9.9 %
2026 929 36,361 7.4 %
2027 1,375 55,930 11.3 %
2028 746 28,863 5.9 %
2029 1,279 57,246 11.6 %
2030 737 35,092 7.1 %
2031 443 21,348 4.3 %
2032 and thereafter 2,031 91,550 18.6 %
11,900 $ 492,922 100.0 %
(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, 2021. 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, 2021
Leased Square Feet (in thousands) Total Base Rent (a) (in thousands) Percentage of Base Rent
Philadelphia 12 4,846 98.0 % 4,749 $ 140,641 41.6 %
Pennsylvania Suburbs 34 4,036 93.7 % 3,780 113,817 33.7 %
Austin 20 2,768 93.0 % 2,575 62,849 18.6 %
Metropolitan Washington, D.C. 4 769 68.0 % 523 12,402 3.7 %
Other 7 620 74.7 % 463 7,995 2.4 %
77 13,039 92.7 % 12,090 $ 337,704 100.0 %
(a) Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
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The following table shows the major tenants of the Core Properties as of December 31, 2021 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. $ 19,762 4.6 %
Spark Therapeutics, Inc. 16,847 3.9 %
Comcast Corporation 11,811 2.7 %
FMC Corporation 11,126 2.6 %
CSL Behring, LLC 10,693 2.5 %
Troutman Pepper Hamilton Sanders LLP 9,571 2.2 %
Lincoln National Management Corporation 9,545 2.2 %
Independence Blue Cross, LLC 7,892 1.8 %
The Trustees of the University of Pennsylvania 7,111 1.6 %
SailPoint Technologies, Inc. 7,046 1.6 %
Other 322,573 74.3 %
$ 433,977 100.0 %
(a) Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2021. 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, 2021, we were developing/redeveloping 0.6 million rentable square feet of office/life science properties and one parking facility.