Item 2. Properties
Item 2. Properties
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. 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.
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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)
Value (1)
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.
(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.
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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.