Item 2. Properties
Item 2. Properties.
At December 31, 2023, our portfolio was comprised of 371 owned properties. The gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, or gross book value of real estate assets, of these properties totaled $7.2 billion at December 31, 2023. As of December 31, 2023, two properties with a gross book value of real estate assets of $43.4 million were subject to finance lease obligations with an aggregate principal balance of $3.9 million. As of December 31, 2023, one property with a gross book value of real estate assets of $25.0 million was encumbered by a mortgage with a principal balance of $9.1 million. As of December 31, 2023, 95 properties with a gross book value of real estate assets of $1.6 billion were encumbered by our senior secured notes with a principal balance of $940.5 million. The eleven properties owned by our unconsolidated joint ventures in which we own 10% and 20% interests were encumbered by three mortgages totaling $1.1 billion as of December 31, 2023. For more information regarding our finance leases, mortgages, senior secured notes and two unconsolidated joint ventures, see Notes 3 and 9 to our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
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The following table summarizes certain information about our owned properties as of December 31, 2023. All dollar amounts are in thousands:
Office Portfolio Senior Housing Operating Portfolio All Other Consolidated
State Number
of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value Number of
Properties Gross Book Value of Real Estate Assets (1)
Net Book
Value
AL — $ — $ — 8 $ 105,624 $ 73,132 — $ — $ — 8 $ 105,624 $ 73,132
AR — — — 3 46,373 27,703 — — — 3 46,373 27,703
AZ 4 77,357 54,998 6 171,288 103,994 1 3,510 1,885 11 252,155 160,877
CA 10 448,262 328,089 9 211,388 134,862 1 7,281 3,994 20 666,931 466,945
CO 2 20,780 12,373 8 116,698 75,925 2 18,594 11,783 12 156,072 100,081
CT 1 7,928 5,243 — — — — — — 1 7,928 5,243
DC 2 107,529 80,622 — — — — — — 2 107,529 80,622
DE — — — 6 125,926 82,377 — — — 6 125,926 82,377
FL 7 43,691 30,271 19 667,684 429,150 2 18,487 16,501 28 729,862 475,922
GA 5 89,609 60,611 25 322,044 214,549 2 50,028 36,416 32 461,681 311,576
HI 1 80,643 56,944 — — — — — — 1 80,643 56,944
ID — — — — — — 2 23,298 15,541 2 23,298 15,541
IL 4 70,142 44,639 11 186,787 109,603 1 20,641 13,115 16 277,570 167,357
IN 1 22,296 12,445 11 183,207 121,584 2 69,406 48,704 14 274,909 182,733
KS 2 63,299 39,240 3 71,093 44,037 — — — 5 134,392 83,277
KY — — — 9 120,188 67,793 — — — 9 120,188 67,793
MA 6 166,169 123,338 1 35,524 20,967 — — — 7 201,693 144,305
MD 1 8,252 5,707 11 269,741 180,513 1 20,964 14,605 13 298,957 200,825
MI — — — — — — 5 15,942 8,617 5 15,942 8,617
MN 9 128,542 85,784 1 16,969 12,514 2 6,319 3,440 12 151,830 101,738
MO 3 141,111 89,045 5 73,817 46,698 — — — 8 214,928 135,743
NC 2 61,899 42,663 16 240,351 174,940 1 6,839 3,689 19 309,089 221,292
NE — — — 1 8,661 5,312 1 26,702 18,239 2 35,363 23,551
NJ — — — 3 128,507 88,895 1 2,277 2,277 4 130,784 91,172
NM 2 39,879 28,465 1 34,237 19,433 3 33,303 20,620 6 107,419 68,518
NV — — — 2 85,927 58,415 — — — 2 85,927 58,415
NY 3 80,821 53,425 1 115,283 80,642 — — — 4 196,104 134,067
OH 1 18,601 11,573 1 50,011 29,616 1 4,428 1,643 3 73,040 42,832
OR — — — 1 50,225 43,158 — — — 1 50,225 43,158
PA 4 57,376 37,442 7 93,517 57,080 2 3,535 1,952 13 154,428 96,474
SC 1 4,942 3,291 17 141,655 99,483 2 3,935 2,195 20 150,532 104,969
TN 1 9,764 6,159 13 185,177 137,456 2 15,667 9,698 16 210,608 153,313
TX 11 223,296 149,414 13 390,146 251,462 1 20,502 13,618 25 633,944 414,494
VA 8 130,117 83,289 11 150,770 97,382 — — — 19 280,887 180,671
WA — — — — — — 2 18,743 10,714 2 18,743 10,714
WI 10 169,236 112,860 7 121,620 83,833 — — — 17 290,856 196,693
WY — — — 2 14,997 7,940 — — — 2 14,997 7,940
Total 101 2,271,541 1,557,930 232 4,535,435 2,980,448 37 390,401 259,246 370 7,197,377 4,797,624
Held for Sale 1 13,405 9,377 — — — — — — 1 13,405 9,377
Grand Total 102 $ 2,284,946 $ 1,567,307 232 $ 4,535,435 $ 2,980,448 37 $ 390,401 $ 259,246 371 $ 7,210,782 $ 4,807,001
(1) Represents gross book value of real estate assets at cost plus certain acquisition costs, before depreciation and purchase price allocations and less impairment write downs, if any.
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