Item 2. Properties
Item 2. Properties
As of December 31, 2024, our portfolio was comprised of 411 properties containing approximately 59,890,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet that were primarily industrial lands located on the island of Oahu, Hawaii and 185 properties containing approximately 43,161,000 rentable square feet that were industrial and logistics properties located in 38 other states in the mainland United States, which included 94 properties in 27 states totaling approximately 20,978,000 rentable square feet, owned by Mountain JV in which we own a 61% equity interest.
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The following table provides certain information about our properties as of December 31, 2024 (dollars in thousands):
Undepreciated
Depreciated
Number of Carrying Carrying
State Properties Value (1)
Value (1)
Encumbrances (2)
Alabama 4 $ 126,874 $ 115,515 $ 91,728
Arizona 1 31,518 27,714 23,500
Arkansas 1 4,385 3,521 4,240
Colorado 7 78,890 68,337 88,170
Connecticut 3 22,674 17,839 19,533
Florida 15 360,974 331,789 296,191
Georgia 8 394,271 365,681 196,550
Hawaii 226 639,311 609,987 862,930
Idaho 1 5,216 4,040 5,480
Illinois 11 131,059 118,188 92,705
Indiana 9 349,453 313,847 234,539
Iowa 4 30,100 19,858 31,269
Kansas 5 137,186 125,973 97,695
Kentucky 4 113,038 102,360 89,435
Louisiana 3 44,430 38,879 31,096
Maryland 2 107,211 87,382 108,690
Michigan 5 166,479 146,754 98,240
Minnesota 3 32,467 27,657 33,296
Mississippi 4 91,779 83,518 51,164
Missouri 7 71,180 62,982 53,421
Nebraska 2 17,959 15,101 19,130
Nevada 2 36,648 29,545 43,330
New Hampshire 1 49,254 42,155 72,550
New Jersey 4 215,685 193,745 131,264
New York 5 79,464 69,702 70,203
North Carolina 5 174,086 160,661 107,969
North Dakota 1 3,923 3,124 3,180
Ohio 20 449,344 394,842 329,785
Oklahoma 6 101,791 93,685 81,451
Pennsylvania 3 54,202 49,164 33,985
South Carolina 10 308,514 267,471 297,620
South Dakota 1 17,402 14,975 18,750
Tennessee 6 184,401 156,382 181,218
Texas 10 294,149 270,663 210,778
Utah 2 22,825 20,208 24,490
Vermont 1 48,563 45,423 40,965
Virginia 6 124,314 102,502 104,689
Washington 1 30,216 28,363 10,019
Wisconsin 2 29,150 26,967 16,581
Total 411 $ 5,180,385 $ 4,656,499 $ 4,307,829
(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 further information regarding our joint ventures and our mortgages, 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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