Item 2. Properties
Item 2. Properties
As of December 31, 2023, our portfolio was comprised of 411 properties containing approximately 59,951,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet located on the island of Oahu, Hawaii and 185 properties containing approximately 43,222,000 rentable square feet located in 38 other states in the mainland United States. 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, 2023, our Mainland Properties included 94 properties that we own in a consolidated joint venture in which we own 61% equity interest.
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The following table provides certain information about our properties as of December 31, 2023 (dollars in thousands):
Undepreciated
Depreciated
Number of Carrying Carrying
State Properties Value (1)
Value (1)
Encumbrances (2)
Alabama 4 $ 126,874 $ 119,402 $ 93,008
Arizona 1 31,518 29,050 23,500
Arkansas 1 4,385 3,608 4,240
Colorado 7 78,754 70,195 88,170
Connecticut 3 21,843 17,573 19,533
Florida 15 360,722 340,803 296,191
Georgia 8 393,931 375,536 201,780
Hawaii 226 637,049 609,808 862,930
Idaho 1 5,216 4,181 5,480
Illinois 11 130,537 122,071 92,705
Indiana 9 348,421 322,604 236,897
Iowa 4 30,062 20,744 31,269
Kansas 5 137,102 129,552 97,695
Kentucky 4 113,026 105,756 89,435
Louisiana 3 44,185 39,763 31,096
Maryland 2 106,799 89,562 108,690
Michigan 5 166,479 151,206 98,240
Minnesota 3 32,316 28,374 33,296
Mississippi 4 91,442 86,122 51,164
Missouri 7 70,723 65,012 53,421
Nebraska 2 17,959 15,581 19,130
Nevada 2 36,648 30,466 43,330
New Hampshire 1 49,213 43,356 72,550
New Jersey 4 215,046 196,859 134,599
New York 5 79,030 71,738 70,203
North Carolina 5 173,978 165,331 109,765
North Dakota 1 3,923 3,204 3,180
Ohio 20 448,931 407,112 332,539
Oklahoma 6 101,804 96,320 81,451
Pennsylvania 3 54,049 50,877 33,985
South Carolina 10 307,672 274,844 297,620
South Dakota 1 17,402 15,399 18,750
Tennessee 6 184,259 161,921 181,218
Texas 10 293,618 278,574 210,778
Utah 2 22,825 20,740 24,490
Vermont 1 48,563 46,525 40,965
Virginia 6 123,964 105,663 104,689
Washington 1 30,134 28,932 11,380
Wisconsin 2 29,150 27,734 16,582
Total 411 $ 5,169,552 $ 4,772,098 $ 4,325,944
(1) Excludes the value of real estate related intangibles.
(2) Certain of our 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 balance as stated in the applicable loan agreements.
For more information regarding our mortgages and our joint ventures, see Notes 3 and 5 to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
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