Item 2. Properties
Item 2. Properties.
As of December 31, 2025, we wholly-owned 151 properties, comprised of 17.7 million square feet of rentable space in 27 states. Our properties were 99.1% leased with an average remaining lease term of 7.3 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, 2025 (dollars in thousands):
Year of Lease Expiration
Square Feet (1)
Number of Expiring Leases
Lease Revenue for the twelve months ended December 31, 2025 % Expiring
2026 1,386,295 8 $ 19,103 11.8 %
2027 1,136,955 13 18,215 11.3
2028 1,822,647 15 12,772 7.9
2029 1,647,579 17 11,731 7.3
2030 996,574 12 12,063 7.5
Thereafter 10,519,597 78 84,918 52.6
Sold/terminated leases N/A N/A 2,534 1.6
17,509,647 143 $ 161,336 100.0 %
(1) Our vacant square footage totaled 166,316 square feet as of December 31, 2025.
N/A - Not Applicable
The following table summarizes the geographic locations of our properties as of December 31, 2025, 2024, and 2023, respectively (dollars in thousands):
State Lease Revenue for the twelve months ended December 31, 2025 % of Lease Revenue Number of Leases for the twelve months ended December 31, 2025 Rentable Square Feet for the twelve months ended December 31, 2025 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 year ended December 31, 2023 % of Lease Revenue Number of Leases for the year ended December 31, 2023 Rentable Square Feet for the year ended December 31, 2023
Texas $ 25,454 15.8 % 17 1,723,160 $ 18,772 12.6 % 15 1,367,382 $ 17,847 12.1 % 14 1,473,264
Pennsylvania 21,419 13.3 11 2,420,790 20,209 13.5 11 2,420,790 14,809 10.0 10 2,267,847
Florida 17,489 10.8 9 1,045,404 17,228 11.5 9 1,045,404 19,387 13.1 9 1,045,404
Ohio 13,487 8.4 15 1,197,505 12,267 8.2 15 1,197,505 14,347 9.7 15 1,312,291
Georgia 9,439 5.9 12 1,102,054 12,132 8.1 9 1,660,655 12,061 8.2 11 1,686,986
Alabama 8,689 5.4 6 1,107,654 8,675 5.8 6 1,107,654 8,793 6.0 6 1,107,654
North Carolina 8,577 5.3 9 1,479,430 9,464 6.3 10 1,539,430 9,340 6.3 10 1,539,430
Michigan 8,073 5.0 10 1,341,513 6,833 4.6 6 973,638 6,487 4.4 6 973,638
Colorado 7,506 4.7 4 482,481 7,480 5.0 4 482,481 7,480 5.1 4 482,481
Wisconsin 5,761 3.6 3 951,083 1,815 1.2 2 647,092 1,728 1.2 2 647,092
All Other States 35,442 21.8 47 4,824,889 34,513 23.2 45 4,457,856 35,305 23.9 50 4,523,182
$ 161,336 100.0 % 143 17,675,963 $ 149,388 100.0 % 132 16,899,887 $ 147,584 100.0 % 137 17,059,269
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The following table summarizes lease revenue by tenant industries for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):
For the year ended December 31,
2025 2024 2023
Industry Classification Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue Lease Revenue Percentage of Lease Revenue
Automotive $ 24,534 15.2 % $ 21,617 14.5 % $ 20,697 14.0 %
Diversified/Conglomerate Services 20,285 12.6 23,584 15.8 18,379 12.5
Buildings and Real Estate 15,437 9.6 14,800 9.9 9,667 6.6
Telecommunications 14,030 8.7 13,401 9.0 21,306 14.1
Beverage. Food & Tobacco 12,918 8.0 5,829 3.9 5,724 3.9
Diversified/Conglomerate Manufacturing 12,126 7.5 9,969 6.7 10,648 7.2
Personal, Food & Miscellaneous Services 10,481 6.5 9,554 6.4 9,382 6.4
Banking 8,949 5.5 9,366 6.3 9,538 6.5
Machinery 7,375 4.6 7,393 4.9 5,874 4.0
Personal & Non-Durable Consumer Products 7,317 4.5 7,440 5.0 7,648 5.2
Healthcare 7,217 4.5 8,180 5.5 11,156 7.6
Chemicals, Plastics & Rubber 5,399 3.3 5,391 3.6 5,365 3.6
Containers, Packaging & Glass 4,727 2.9 4,620 3.1 4,065 2.8
Electronics 2,829 1.8 1,176 0.8 1,145 0.8
Childcare 2,294 1.4 2,293 1.5 2,292 1.6
Information Technology 2,288 1.4 2,288 1.5 2,439 1.7
Printing & Publishing 1,066 0.7 1,065 0.7 930 0.6
Oil & Gas 994 0.6 339 0.2 — —
Education 577 0.4 590 0.4 836 0.6
Home & Office Furnishings 493 0.3 493 0.3 493 0.3
Total $ 161,336 100.0 % $ 149,388 100.0 % $ 147,584 100.0 %
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