Item 2. Properties
Item 2. Properties
As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 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 183 properties containing approximately 42,875,000 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, 2025 (dollars in thousands):
Undepreciated
Depreciated
Number of Carrying Carrying
State Properties Value (1)
Value (1)
Encumbrances (2)
Alabama 4 $ 126,874 $ 111,628 $ 80,199
Arizona 1 31,518 26,378 23,910
Arkansas 1 4,385 3,434 5,470
Colorado 7 79,168 66,620 91,970
Connecticut 3 22,744 17,309 14,223
Florida 15 361,947 323,444 287,681
Georgia 7 392,927 354,297 183,898
Hawaii 226 640,665 609,105 857,114
Idaho 1 5,216 3,899 4,830
Illinois 11 132,655 115,266 88,465
Indiana 9 352,332 306,824 215,023
Iowa 4 30,100 18,934 33,039
Kansas 5 137,186 122,304 97,225
Kentucky 4 112,980 99,004 84,015
Louisiana 3 44,430 37,724 31,101
Maryland 2 107,548 85,086 104,370
Michigan 5 166,791 142,603 101,990
Minnesota 3 32,541 26,846 32,836
Mississippi 4 92,844 81,739 51,164
Missouri 7 71,332 60,606 53,861
Nebraska 2 17,959 14,620 17,850
Nevada 2 36,718 28,697 49,230
New Hampshire 1 49,409 41,055 72,550
New Jersey 4 216,047 190,305 127,789
New York 5 80,200 67,923 75,148
North Carolina 5 174,212 156,002 102,946
North Dakota 1 3,923 3,043 3,225
Ohio 20 449,857 382,605 318,675
Oklahoma 6 101,871 91,140 76,722
Pennsylvania 2 41,871 37,655 26,335
South Carolina 10 309,238 259,841 297,180
South Dakota 1 17,402 14,551 16,350
Tennessee 6 184,557 150,829 181,218
Texas 10 294,244 262,277 214,048
Utah 2 22,825 19,677 21,540
Vermont 1 48,563 44,321 40,965
Virginia 6 124,727 99,365 104,689
Washington 1 31,004 28,492 8,609
Wisconsin 2 29,149 26,201 16,583
Total 409 $ 5,179,959 $ 4,531,649 $ 4,214,036
(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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