Item 2. Properties
Item 2. Properties.
As of December 31, 2023, we wholly-owned 135 properties, comprised of 17.1 million square feet of rentable space in 27 states. Our properties were 96.8% leased with an average remaining lease term of 6.8 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, 2023 (dollars in thousands):
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Year of Lease Expiration
Square Feet (1)
Number of Expiring Leases
Lease Revenue for the year ended December 31, 2023 % Expiring
2024 1,794,776 4 6,596 4.5 %
2025 442,630 9 11,073 7.5 %
2026 1,781,100 12 18,635 12.6 %
2027 1,081,647 12 16,132 10.9 %
2028 2,276,338 15 12,857 8.7 %
Thereafter 9,135,521 85 73,462 49.8 %
Sold/terminated leases N/A N/A 8,829 6.0 %
16,512,012 137 $ 147,584 100.0 %
(1) Our vacant square footage totaled 547,257 square feet as of December 31, 2023.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2023, 2022, and 2021, respectively (dollars in thousands):
State Lease Revenue for the twelve months ended December 31, 2023 % of Lease Revenue Number of Leases for the twelve months ended December 31, 2023 Rentable Square Feet for the twelve months ended December 31, 2023 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 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
Florida $ 19,387 13.1 % 9 1,045,404 $ 16,329 11.0 % 9 1,045,404 $ 16,741 12.2 % 9 1,038,076
Texas 17,847 12.1 14 1,473,264 21,462 14.4 14 1,377,568 16,124 11.7 14 1,492,768
Pennsylvania 14,809 10.0 10 2,267,847 14,850 10.0 10 2,224,007 15,382 11.2 10 2,224,007
Ohio 14,347 9.7 15 1,312,291 13,888 9.3 16 1,312,291 14,911 10.8 15 1,275,023
Georgia 12,061 8.2 11 1,686,986 11,674 7.8 10 1,686,986 10,778 7.8 10 1,686,986
North Carolina 9,340 6.3 10 1,539,430 8,684 5.8 10 1,539,430 6,860 5.0 8 1,113,846
Alabama 8,793 6.0 6 1,107,654 7,578 5.1 7 1,138,504 6,477 4.7 5 921,891
Colorado 7,480 5.1 4 482,481 4,613 3.1 4 482,481 4,331 3.1 3 413,807
Michigan 6,487 4.4 6 973,638 6,435 4.3 6 973,638 6,374 4.6 6 973,638
Indiana 4,223 2.9 11 639,605 4,121 2.8 10 571,896 4,129 3.0 10 571,896
All Other States 32,810 22.2 41 4,530,669 39,347 26.4 41 4,827,746 35,581 25.9 40 4,520,857
$ 147,584 100.0 % 137 17,059,269 $ 148,981 100.0 % 137 17,179,951 $ 137,688 100.0 % 130 16,232,795
The following table summarizes lease revenue by tenant industries for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
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For the year ended December 31,
2023 2022 2021
Industry Classification Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue
Telecommunications $ 21,306 14.1 % $ 22,456 15.1 % $ 22,712 16.5 %
Automotive 20,697 14.0 19,133 12.8 13,555 9.8
Diversified/Conglomerate Services 18,379 12.5 17,946 12.0 18,613 13.5
Healthcare 11,156 7.6 15,928 10.7 15,216 11.1
Diversified/Conglomerate Manufacturing 10,648 7.2 10,976 7.4 7,774 5.6
Buildings and Real Estate 9,667 6.6 9,319 6.3 9,582 7.0
Banking 9,538 6.5 13,136 8.8 10,264 7.5
Personal, Food & Miscellaneous Services 9,382 6.4 7,232 4.9 7,097 5.2
Personal & Non-Durable Consumer Products 7,648 5.2 5,531 3.7 2,495 1.8
Machinery 5,874 4.0 4,257 2.9 4,001 2.9
Beverage, Food & Tobacco 5,724 3.9 5,615 3.8 5,805 4.2
Chemicals, Plastics & Rubber 5,365 3.6 4,838 3.2 4,703 3.4
Containers, Packaging & Glass 4,065 2.8 3,827 2.6 2,937 2.1
Information Technology 2,439 1.7 3,515 2.4 6,657 4.8
Childcare 2,292 1.6 2,292 1.5 2,293 1.7
Electronics 1,145 0.8 725 0.5 1,013 0.7
Printing & Publishing 930 0.6 917 0.6 1,668 1.2
Education 836 0.6 845 0.6 818 0.6
Home & Office Furnishings 493 0.3 493 0.2 485 0.4
Total $ 147,584 100.0 % $ 148,981 100.0 % $ 137,688 100.0 %
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