Item 2. Properties
Item 2. Properties.
As of December 31, 2022, we wholly-owned 137 properties, comprised of 17.2 million square feet of rentable space in 27 states. Our properties were 96.8% leased with an average remaining lease term of 7.0 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, 2022 (dollars in thousands):
Year of Lease Expiration
Square Feet (1)
Number of Expiring Leases
Lease Revenue for the year ended December 31, 2022 % Expiring
2023 910,526 7 10,454 7.0 %
2024 1,251,411 8 6,576 4.4 %
2025 561,854 10 14,313 9.6 %
2026 1,795,019 13 16,717 11.2 %
2027 1,833,683 13 18,716 12.6 %
Thereafter 10,284,432 86 71,896 48.3 %
Sold/terminated leases N/A N/A 10,309 6.9 %
16,636,925 137 $ 148,981 100.0 %
(1) Our vacant square footage totaled 543,026 square feet as of December 31, 2022.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2022, 2021, and 2020, respectively (dollars in thousands):
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State Lease Revenue for the twelve months ended December 31, 2022 % of Lease Revenue Number of Leases for the twelve months ended December 31, 2022 Rentable Square Feet for the twelve months ended December 31, 2022 Lease Revenue for the twelve months ended December 31, 2021 % of Lease Revenue Number of Leases for the twelve months ended December 31, 2021 Rentable Square Feet for the twelve months 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
Texas $ 21,462 14.4 % 14 1,377,568 $ 16,124 11.7 % 14 1,492,768 $ 19,021 14.3 % 14 1,474,967
Florida 16,329 11.0 9 1,045,404 16,741 12.2 9 1,038,076 16,686 12.5 11 1,038,076
Pennsylvania 14,850 10.0 10 2,224,007 15,382 11.2 10 2,224,007 13,978 10.5 10 2,224,007
Ohio 13,888 9.3 16 1,312,291 14,911 10.8 15 1,275,023 14,008 10.5 15 1,094,871
Georgia 11,674 7.8 10 1,686,986 10,778 7.8 10 1,686,986 10,360 7.8 9 1,566,986
North Carolina 8,684 5.8 10 1,539,430 6,860 5.0 8 1,113,846 6,101 4.6 8 944,943
Alabama 7,578 5.1 7 1,138,504 6,477 4.7 5 921,891 3,865 2.9 5 921,891
New Jersey 6,757 4.5 4 331,575 3,025 2.2 4 145,686 3,000 2.3 4 145,686
Michigan 6,435 4.3 6 973,638 6,374 4.6 6 973,638 6,293 4.7 6 973,638
South Carolina 5,426 3.6 2 489,683 5,559 4.0 2 424,683 4,826 3.6 2 424,683
All Other States 35,898 24.2 49 5,060,865 35,457 25.8 47 4,936,191 35,014 26.3 46 4,597,798
$ 148,981 100.0 % 137 17,179,951 $ 137,688 100.0 % 130 16,232,795 $ 133,152 100.0 % 130 15,407,546
The following table summarizes lease revenue by tenant industries for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands):
For the year ended December 31,
2022 2021 2020
Industry Classification Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue
Telecommunications $ 22,456 15.1 % $ 22,712 16.5 % $ 22,222 16.9 %
Automotive 19,133 12.8 13,555 9.8 13,768 10.3
Diversified/Conglomerate Services 17,946 12.0 18,613 13.5 16,587 12.5
Healthcare 15,928 10.7 15,216 11.1 16,133 12.1
Banking 13,136 8.8 10,264 7.5 10,042 7.5
Diversified/Conglomerate Manufacturing 10,976 7.4 7,774 5.6 6,268 4.7
Buildings and Real Estate 9,319 6.3 9,582 7.0 9,050 6.8
Personal, Food & Miscellaneous Services 7,232 4.9 7,097 5.2 6,323 4.7
Beverage, Food & Tobacco 5,615 3.8 5,805 4.2 4,268 3.2
Personal & Non-Durable Consumer Products 5,531 3.7 2,495 1.8 2,450 1.8
Chemicals, Plastics & Rubber 4,838 3.2 4,703 3.4 3,647 2.7
Machinery 4,257 2.9 4,001 2.9 4,191 3.1
Containers, Packaging & Glass 3,827 2.6 2,937 2.1 1,972 1.5
Information Technology 3,515 2.4 6,657 4.8 6,899 5.2
Childcare 2,292 1.5 2,293 1.7 2,237 1.7
Printing & Publishing 917 0.6 1,668 1.2 1,377 1.0
Education 845 0.6 818 0.6 823 0.6
Electronics 725 0.5 1,013 0.7 4,412 3.3
Home & Office Furnishings 493 0.2 485 0.4 483 0.4
Total $ 148,981 100.0 % $ 137,688 100.0 % $ 133,152 100.0 %
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