Item 2. Properties
Item 2. Properties.
As of December 31, 2024, we wholly-owned 135 properties, comprised of 16.9 million square feet of rentable space in 27 states. Our properties were 98.7% 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, 2024 (dollars in thousands):
Year of Lease Expiration
Square Feet (1)
Number of Expiring Leases
Lease Revenue for the year ended December 31, 2024 % Expiring
2025 851,355 4 $ 4,773 3.2 %
2026 1,683,479 9 17,535 11.7
2027 1,081,647 12 16,497 11.0
2028 1,754,938 14 12,082 8.1
2029 1,647,579 17 11,619 7.8
Thereafter 9,658,573 76 79,743 53.4
Sold/terminated leases N/A N/A 7,139 4.8
16,677,571 132 $ 149,388 100.0 %
(1) Our vacant square footage totaled 222,316 square feet as of December 31, 2024.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2024, 2023, and 2022, respectively (dollars in thousands):
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State Lease Revenue for the twelve months ended December 31, 2024 % of Lease Revenue Number of Leases for the twelve months ended December 31, 2024 Rentable Square Feet for the twelve months ended December 31, 2024 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 year ended December 31, 2022 % of Lease Revenue Number of Leases for the year ended December 31, 2022 Rentable Square Feet for the year ended December 31, 2022
Pennsylvania $ 20,209 13.5 % 11 2,420,790 $ 14,809 10.0 % 10 2,267,847 $ 14,850 10.0 % 10 2,224,007
Texas 18,772 12.6 15 1,367,382 17,847 12.1 14 1,473,264 21,462 14.4 14 1,377,568
Florida 17,228 11.5 9 1,045,404 19,387 13.1 9 1,045,404 16,329 11.0 9 1,045,404
Ohio 12,267 8.2 15 1,197,505 14,347 9.7 15 1,312,291 13,888 9.3 16 1,312,291
Georgia 12,132 8.1 9 1,660,655 12,061 8.2 11 1,686,986 11,674 7.8 10 1,686,986
North Carolina 9,464 6.3 10 1,539,430 9,340 6.3 10 1,539,430 8,684 5.8 10 1,539,430
Alabama 8,675 5.8 6 1,107,654 8,793 6.0 6 1,107,654 7,578 5.1 7 1,138,504
Colorado 7,480 5.0 4 482,481 7,480 5.1 4 482,481 4,613 3.1 4 482,481
Michigan 6,833 4.6 6 973,638 6,487 4.4 6 973,638 6,435 4.3 6 973,638
Indiana 4,685 3.1 10 639,605 4,223 2.9 11 639,605 4,121 2.8 10 571,896
All Other States 31,643 21.3 37 4,465,343 32,810 22.2 41 4,530,669 39,347 26.4 41 4,827,746
$ 149,388 100.0 % 132 16,899,887 $ 147,584 100.0 % 137 17,059,269 $ 148,981 100.0 % 137 17,179,951
The following table summarizes lease revenue by tenant industries for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):
For the year ended December 31,
2024 2023 2022
Industry Classification Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue
Diversified/Conglomerate Services $ 23,584 15.8 % $ 18,379 12.5 % $ 17,946 12.0 %
Automotive 21,617 14.5 20,697 14.0 19,133 12.8
Buildings and Real Estate 14,800 9.9 9,667 6.6 9,319 6.3
Telecommunications 13,401 9.0 21,306 14.1 22,456 15.1
Diversified/Conglomerate Manufacturing 9,969 6.7 10,648 7.2 10,976 7.4
Personal, Food & Miscellaneous Services 9,554 6.4 9,382 6.4 7,232 4.9
Banking 9,366 6.3 9,538 6.5 13,136 8.8
Healthcare 8,180 5.5 11,156 7.6 15,928 10.7
Personal & Non-Durable Consumer Products 7,440 5.0 7,648 5.2 5,531 3.7
Machinery 7,393 4.9 5,874 4.0 4,257 2.9
Beverage, Food & Tobacco 5,829 3.9 5,724 3.9 5,615 3.8
Chemicals, Plastics & Rubber 5,391 3.6 5,365 3.6 4,838 3.2
Containers, Packaging & Glass 4,620 3.1 4,065 2.8 3,827 2.6
Childcare 2,293 1.5 2,292 1.6 2,292 1.5
Information Technology 2,288 1.5 2,439 1.7 3,515 2.4
Electronics 1,176 0.8 1,145 0.8 725 0.5
Printing & Publishing 1,065 0.7 930 0.6 917 0.6
Education 590 0.4 836 0.6 845 0.6
Home & Office Furnishings 493 0.3 493 0.3 493 0.2
Oil & Gas 339 0.2 — — — —
Total $ 149,388 100.0 % $ 147,584 100.0 % $ 148,981 100.0 %
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