What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-14 compared with 2022-02-15 · 49 added, 38 removed, 4 unchanged (96% of the section changed)

As of December 31, 2021, our portfolio was comprised of 288 wholly owned properties located in 31 states containing approximately 34.0 million rentable square feet, including 226 buildings, leasable land parcels and easements located on the island of Oahu, HI containing approximately 16.7 million rentable square feet and 62 properties located in 30 other states throughout the continental United States containing approximately 17.3 million rentable square feet.

As of December 31, 2022, our portfolio was comprised of 413 consolidated properties located in 39 states containing approximately 60.0 million rentable square feet, including 226 buildings, leasable land parcels and easements located on the island of Oahu, Hawaii containing approximately 16.7 million rentable square feet and 187 properties located in 38 other states containing approximately 43.3 million rentable square feet.

Most of our Hawaii Properties are lands leased to industrial and commercial tenants, many of which own buildings and operate their businesses on our lands.

The following table provides certain information about our wholly owned properties as of December 31, 2021 (dollars in thousands):

Undepreciated Depreciated Annualized

Number of Carrying Carrying Rental

As of December 31, 2022, our 413 consolidated properties included 94 properties that we own in a consolidated joint venture in which we own 61% equity interest.

As of December 31, 2022, we also owned a 22% equity interest in an unconsolidated joint venture, which owns 18 properties located in 12 states containing approximately 11.7 million rentable square feet.

The following table provides certain information about our consolidated properties as of December 31, 2022 (dollars in thousands):

Undepreciated Depreciated

Number of Carrying Carrying

State Properties Value (1)

HI 226 $ 635,222 $ 611,925 $ 111,213

OH 9 137,882 119,431 11,883

IN 5 98,921 91,344 10,280

SC 4 120,870 102,919 9,665

TN 2 76,658 64,969 6,551

VA 1 71,681 60,002 6,428

MD 1 76,521 64,053 6,236

NJ 2 72,747 61,724 6,090

NH 1 49,213 45,835 4,919

CO 5 41,189 36,049 4,375

IA 3 25,372 17,648 3,314

KS 1 38,479 37,659 3,286

NV 2 36,648 32,308 2,882

NY 2 21,127 18,248 2,821

MN 2 27,440 25,155 2,819

FL 2 45,222 41,050 2,559

MI 1 43,229 36,208 2,184

CT 2 16,363 13,141 1,856

MO 3 19,484 17,938 1,850

SD 1 17,402 16,246 1,535

LA 2 15,850 13,527 1,324

NE 1 11,106 9,574 1,269

UT 1 8,433 7,233 1,096

KY 1 11,292 10,364 883

OK 1 7,400 6,521 792

IL 2 4,723 4,108 657

AR 1 4,385 3,782 475

ID 1 5,037 4,264 393

ND 1 3,923 3,366 346

NC 1 2,014 1,752 251

TX 1 3,000 3,000 —

Encumbrances (2)

Alabama 4 $ 126,874 $ 123,291 $ 94,236

Arizona 1 31,518 30,386 4,240

Arkansas 1 4,385 3,695 23,500

Colorado 7 78,541 71,947 88,170

Connecticut 3 21,786 18,054 19,533

Florida 15 360,539 349,814 296,191

Georgia 8 393,679 385,449 188,604

Hawaii 226 635,949 610,720 862,930

Idaho 1 5,182 4,287 31,269

Illinois 11 129,877 125,742 5,480

Indiana 9 347,503 331,335 92,705

Iowa 4 30,098 21,501 239,156

Kansas 5 136,703 132,766 97,695

Kentucky 4 113,030 109,170 89,435

Louisiana 3 44,033 40,718 31,096

Maryland 2 106,576 91,912 108,690

Michigan 5 166,160 155,294 98,240

Minnesota 3 32,160 29,067 33,296

Mississippi 4 91,121 88,699 53,421

Missouri 7 70,898 67,232 30,138

Nebraska 2 17,959 16,061 111,507

Nevada 2 36,648 31,387 3,180

New Hampshire 1 49,213 44,595 19,130

New Jersey 4 214,969 200,523 72,550

New York 5 77,899 72,956 137,799

North Carolina 6 175,732 171,520 43,330

North Dakota 1 3,923 3,285 70,203

Ohio 20 447,453 418,033 328,108

Oklahoma 6 101,791 98,929 81,451

Pennsylvania 3 54,049 52,737 33,985

South Carolina 10 307,464 282,813 297,620

South Dakota 1 17,402 15,822 18,750

Tennessee 6 183,996 167,293 181,218

Texas 11 305,556 298,710 204,088

Utah 2 22,825 21,271 24,490

Vermont 1 48,563 47,627 104,689

Virginia 6 123,552 108,697 40,965

Washington 1 31,352 30,800 12,691

Wisconsin 2 29,150 28,503 16,581

Total 413 $ 5,176,108 $ 4,902,641 $ 4,290,363

(1) Excludes the value of real estate related intangibles.

At December 31, 2021, 186 of our properties located on the island of Oahu, HI with an aggregate undepreciated carrying value of $506.0 million were encumbered by mortgages totaling $650.0 million.

For more information regarding our mortgages

and our unconsolidated joint venture, see Notes 3, 5 and 6 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

(2) Certain of our consolidated properties are encumbered by mortgage debts.

For purposes of this table, the total principal balance of a mortgage debt that is secured by certain of our properties is allocated among such properties based on each property’s investment balance.

For more information regarding our mortgages and our joint ventures, see Notes 3, 5, 6, 9, 10, and 11 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties