Item 2. Properties
Item 2. Properties.
As of December 31, 2021, we wholly-owned 129 properties, comprised of 16.2 million square feet of rentable space in 27 states. Our properties were 97.2% leased with an average remaining lease term of 7.2 years. See Schedule III - Real Estate and Accumulated Depreciation included elsewhere in this Annual Report on Form 10-K for a detailed listing of the properties in our portfolio.
The following table summarizes the lease expirations by year for our properties for leases in place as of December 31, 2021 (dollars in thousands):
Year of Lease Expiration
Square Feet (1)
Number of Expiring Leases
Lease Revenue for the year ended December 31, 2021 % Expiring
2022 284,838 3 $ 6,207 4.5 %
2023 1,151,432 14 11,609 8.4 %
2024 1,401,765 8 10,260 7.5 %
2025 653,896 10 15,207 11.0 %
2026 1,855,130 14 12,938 9.4 %
Thereafter 10,428,997 81 75,279 54.7 %
Sold/terminated leases N/A N/A 6,188 4.5 %
15,776,058 130 $ 137,688 100.0 %
(1) Our vacant square footage totaled 456,737 square feet as of December 31, 2021.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2021, 2020, and 2019, respectively (dollars in thousands):
State Lease Revenue for the year ended December 31, 2021 % of Lease Revenue Number of Leases for the year ended December 31, 2021 Rentable Square Feet for the year ended December 31, 2021 Lease Revenue for the year ended December 31, 2020 % of Lease Revenue Number of Leases for the year ended December 31, 2020 Rentable Square Feet for the year ended December 31, 2020 Lease Revenue for the year ended December 31, 2019 % of Lease Revenue Number of Leases for the year ended December 31, 2019 Rentable Square Feet for the year ended December 31, 2019
Florida $ 16,741 12.2 % 9 1,038,076 $ 16,686 12.5 % 11 1,038,076 $ 15,268 13.3 % 11 1,038,076
Texas 16,124 11.7 14 1,492,768 19,021 14.3 14 1,474,967 16,436 14.4 15 1,388,940
Pennsylvania 15,382 11.2 10 2,224,007 13,978 10.5 10 2,224,007 13,640 11.9 9 2,068,740
Ohio 14,911 10.8 15 1,275,023 14,008 10.5 15 1,094,871 11,016 9.6 16 1,442,990
Georgia 10,778 7.8 10 1,686,986 10,360 7.8 9 1,566,986 5,695 5.0 8 1,062,586
Utah 7,641 5.6 3 298,478 7,885 5.9 4 298,478 6,978 6.1 4 298,478
North Carolina 6,860 5.0 8 1,113,846 6,101 4.6 8 944,943 5,666 5.0 7 894,465
Alabama 6,477 4.7 5 921,891 3,865 2.9 5 921,891 3,555 3.1 3 403,294
Michigan 6,374 4.6 6 973,638 6,293 4.7 6 973,638 6,035 5.3 6 973,638
South Carolina 5,559 4.0 2 424,683 4,826 3.6 2 424,683 4,638 4.1 2 424,683
All Other States 30,841 22.4 48 4,783,399 30,129 22.7 46 4,445,006 25,460 22.2 41 4,246,118
$ 137,688 100.0 % 130 16,232,795 $ 133,152 100.0 % 130 15,407,546 $ 114,387 100.0 % 122 14,242,008
The following table summarizes lease revenue by tenant industries for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands):
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For the year ended December 31,
2021 2020 2019
Industry Classification Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue
Telecommunications $ 22,712 16.5 % $ 22,222 16.9 % $ 19,091 16.7 %
Diversified/Conglomerate Services 18,613 13.5 16,587 12.5 15,330 13.4
Healthcare 15,216 11.1 16,133 12.1 13,209 11.5
Automotive 13,555 9.8 13,768 10.3 15,115 13.2
Banking 10,264 7.5 10,042 7.5 7,873 6.9
Buildings and Real Estate 9,582 7.0 9,050 6.8 4,102 3.6
Diversified/Conglomerate Manufacturing 7,774 5.6 6,268 4.7 5,191 4.5
Personal, Food & Miscellaneous Services 7,097 5.2 6,323 4.7 5,995 5.2
Information Technology 6,657 4.8 6,899 5.2 6,154 5.4
Beverage, Food & Tobacco 5,805 4.2 4,268 3.2 2,811 2.5
Chemicals, Plastics & Rubber 4,703 3.4 3,647 2.7 3,124 2.7
Machinery 4,001 2.9 4,191 3.1 2,816 2.5
Containers, Packaging & Glass 2,937 2.1 1,972 1.5 2,035 1.8
Personal & Non-Durable Consumer Products 2,495 1.8 2,450 1.8 2,420 2.1
Childcare 2,293 1.7 2,237 1.7 2,225 1.9
Printing & Publishing 1,668 1.2 1,377 1.0 1,202 1.1
Electronics 1,013 0.7 4,412 3.3 4,539 4.0
Education 818 0.6 823 0.6 660 0.6
Home & Office Furnishings 485 0.4 483 0.4 495 0.4
Total $ 137,688 100.0 % $ 133,152 100.0 % $ 114,387 100.0 %
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