JBG SMITH Properties 10-K

ITEM 2. PROPERTIES Note on presentation of "at share" information. We present certain financial information and metrics "at JBG SMITH Share," which is calculated on an entity-by-entity basis. "At JBG SMITH Share" information, which we also refer to as being "at share," "our pro rata share" or "our share," is not, and is not intended to be, a presentation in accordance with GAAP. Because as of December 31, 2021, 10.3% of our assets, as measured by total square feet, were held through real estate ventures in which we own less than 100% of the ownership interest, we believe this form of presentation, which includes our economic interests in the unconsolidated real estate ventures, provides investors important information regarding a significant component of our portfolio, its composition, performance and capitalization. We classify our portfolio as "operating," "under-construction," "near-term development" or "future development." The following tables provide information about each of our commercial, multifamily, near-term development pipeline and future development pipeline portfolios as of December 31, 2021. Many of our near-term and future development pipeline assets are adjacent to or an integrated component of operating commercial or multifamily assets in our portfolio. A significant number of our assets included in the following tables are held through real estate ventures with third parties or are subject to ground leases. In addition to other information, the following tables indicate our percentage ownership, whether the asset is consolidated or unconsolidated, and whether the asset is subject to a ground lease. 35 Table of Contents Commercial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ % ​ ​ ​ Same Store (2) : ​ Square ​ % ​ Office % ​ Retail % Commercial Assets ​ Ownership ​ C/U (1) ​ YTD 2020-2021 ​ Feet ​ Leased ​ Occupied ​ Occupied ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ National Landing ​ 1550 Crystal Drive (3) 100.0 % C Y 550,179 94.6% ​ 92.0% ​ 86.0% ​ 2121 Crystal Drive 100.0 % C Y 505,349 71.3% ​ 71.3% ​ - ​ 2345 Crystal Drive 100.0 % C Y 499,663 87.3% ​ 87.1% ​ 100.0% ​ 2231 Crystal Drive 100.0 % C Y 468,238 86.9% ​ 80.3% ​ 97.4% ​ 2011 Crystal Drive 100.0 % C Y 440,996 57.5% ​ 52.7% ​ 100.0% ​ 2451 Crystal Drive 100.0 % C Y 401,902 76.9% ​ 76.4% ​ 92.6% ​ 1235 S. Clark Street 100.0 % C Y 384,753 97.5% ​ 95.9% ​ 97.2% ​ 241 18th Street S. 100.0 % C Y 363,356 96.5% ​ 97.6% ​ 84.0% ​ 251 18th Street S. (3) 100.0 % C Y 337,961 89.7% ​ 97.9% ​ 34.6% ​ 1215 S. Clark Street 100.0 % C Y 336,159 100.0% ​ 100.0% ​ 100.0% ​ 201 12th Street S. 100.0 % C Y 329,607 98.5% ​ 98.5% ​ 100.0% ​ 2200 Crystal Drive 100.0 % C Y 283,608 57.0% ​ 57.0% ​ - ​ 1225 S. Clark Street 100.0 % C Y 276,594 96.2% ​ 96.0% ​ 100.0% ​ 1901 South Bell Street (3) 100.0 % C Y 275,037 92.1% ​ 92.1% ​ - ​ 1770 Crystal Drive ​ 100.0 % C ​ N ​ 273,650 ​ 98.4% ​ 100.0% ​ 68.5% ​ Crystal City Marriott (345 Rooms) 100.0 % C Y 266,000 - ​ - ​ - ​ 2100 Crystal Drive 100.0 % C Y 253,437 100.0% ​ 100.0% ​ - ​ 1800 South Bell Street 100.0 % C Y 206,186 99.2% ​ 100.0% ​ 88.8% ​ 200 12th Street S. 100.0 % C Y 202,708 79.5% ​ 79.5% ​ - ​ Crystal City Shops at 2100 (3) 100.0 % C Y 53,174 81.3% ​ - ​ 81.3% ​ Crystal Drive Retail (3) 100.0 % C Y 49,839 86.2% ​ - ​ 86.2% ​ 2221 S. Clark Street - Office ​ 100.0 % C Y 35,182 - ​ - ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other VA ​ Courthouse Plaza 1 and 2 (4) 100.0 % C Y 630,135 82.0% ​ 80.8% ​ 94.3% ​ RTC-West (3) 100.0 % C Y 470,095 87.4% ​ 85.7% ​ 93.3% ​ 800 North Glebe Road 100.0 % C Y 303,644 98.5% ​ 100.0% ​ 82.3% ​ Central Place Tower (4) 50.0 % U Y 551,758 98.4% ​ 98.3% ​ 100.0% ​ Stonebridge at Potomac Town Center (5) 10.0 % U Y 504,327 97.8% ​ - ​ 95.2% ​ Rosslyn Gateway-North 18.0 % U Y 145,601 67.4% ​ 62.9% ​ 72.3% ​ Rosslyn Gateway-South 18.0 % U Y 102,879 75.9% ​ 78.8% ​ 40.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ D.C. ​ Universal Buildings 100.0 % C Y 659,459 64.1% ​ 58.4% ​ 99.6% ​ 2101 L Street 100.0 % C Y 378,660 85.6% ​ 70.5% ​ 92.6% ​ 1730 M Street (4) 100.0 % C Y 204,840 90.4% ​ 83.8% ​ 100.0% ​ 1700 M Street (6) 100.0 % C Y 34,000 - ​ - ​ - ​ L'Enfant Plaza Office-East (4) 49.0 % U Y 397,855 63.4% ​ 63.4% ​ - ​ L'Enfant Plaza Office-North 49.0 % U Y 298,567 90.5% ​ 90.2% ​ 87.1% ​ L'Enfant Plaza Retail (4) 49.0 % U Y 119,291 71.0% ​ 100.0% ​ 66.3% ​ 1900 N Street (4) ​ 55.0 % U ​ N ​ 269,581 ​ 82.7% ​ 76.4% ​ 21.3% ​ The Foundry 9.9 % U Y 225,683 88.2% ​ 87.9% ​ 100.0% ​ 1101 17th Street 55.0 % U Y 208,894 85.0% ​ 84.2% ​ 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MD ​ 4747 Bethesda Avenue (7) ​ 100.0 % C ​ N ​ 300,508 ​ 98.0% ​ 96.2% ​ 100.0% ​ 7200 Wisconsin Avenue 100.0 % C Y 270,817 72.5% ​ 56.3% ​ 100.0% ​ One Democracy Plaza (4) (5) 100.0 % C Y 212,922 86.9% ​ 86.8% ​ 100.0% ​ Operating - Total / Weighted Average ​ ​ ​ ​ ​ ​ 13,083,094 85.1% ​ 82.8% ​ 88.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals at JBG SMITH Share ​ National Landing ​ ​ ​ ​ ​ ​ 6,793,578 86.3% ​ 85.5% ​ 82.3% ​ Other VA ​ ​ ​ ​ ​ ​ 1,774,912 89.0% ​ 88.1% ​ 92.4% ​ D.C. ​ ​ ​ ​ ​ ​ 1,962,101 76.2% ​ 70.5% ​ 87.8% ​ MD ​ ​ ​ ​ ​ ​ 784,247 86.2% ​ 79.9% 100.0% Operating - Total / Weighted Average ​ ​ ​ ​ ​ ​ ​ 11,314,838 ​ 84.9% ​ 82.9% ​ 86.3% ​ ​ Note: At 100% share, unless otherwise noted. Excludes our 10% subordinated interest in one commercial building held through a real estate venture in which we have no economic interest. (1) "C" denotes a consolidated interest. "U" denotes an unconsolidated interest. (2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store. 36 Table of Contents (3) The following assets contain space that is held for development or not otherwise available for lease. This out-of-service square footage is excluded from square feet, leased, and occupancy metrics in the above table. ​ ​ ​ ​ ​ ​ ​ ​ ​ Not Available Commercial Asset In-Service for Lease 1550 Crystal Drive 550,179 ​ 1,721 251 18th Street S. ​ 337,961 ​ 1,480 1901 South Bell Street ​ 275,037 ​ 1,924 Crystal City Shops at 2100 ​ 53,174 ​ 19,041 Crystal Drive Retail ​ 49,839 ​ 7,126 RTC-West ​ 470,095 ​ 17,988 ​ (4) Asset is subject to a ground lease where we are the lessee. (5) Not Metro-served. (6) This asset, a development site in Washington, D.C., was leased by us (as landlord) in 2018 for a 99-year term, with no extension options. (7) Includes our corporate office lease for approximately 84,400 square feet. Multifamily Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Total ​ ​ Multifamily ​ ​ ​ ​ ​ % ​ ​ ​ Same Store (2) : ​ of ​ Square ​ % ​ % ​ Retail % ​ Multifamily Assets ​ Ownership ​ C/U (1) ​ YTD 2020-2021 ​ Units ​ Feet ​ Leased ​ Occupied ​ Occupied ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ National Landing ​ ​ ​ RiverHouse Apartments 100.0 % C Y 1,676 1,327,551 96.3% ​ 95.1% ​ 100.0% ​ The Bartlett 100.0 % C Y 699 619,372 95.7% ​ 93.6% ​ 100.0% ​ 220 20th Street 100.0 % C Y 265 271,476 97.0% ​ 94.0% ​ 100.0% ​ 2221 S. Clark Street - Residential (3) 100.0 % C Y 216 96,948 72.5% ​ 60.1% ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ D.C. ​ ​ ​ West Half ​ 100.0 % C N 465 385,368 91.0% ​ 88.6% ​ 72.6% ​ Fort Totten Square 100.0 % C Y 345 384,956 98.1% ​ 96.5% ​ 100.0% ​ The Wren (4) ​ 96.1 % C ​ N ​ 433 ​ 332,682 ​ 90.7% ​ 83.8% ​ 100.0% ​ The Batley (5) ​ 100.0 % C ​ N ​ 432 ​ 300,388 ​ 91.4% ​ 89.6% ​ - ​ WestEnd25 100.0 % C Y 283 273,264 97.2% ​ 95.4% ​ - ​ F1RST Residences 100.0 % C Y 325 270,928 97.2% ​ 94.8% ​ 100.0% ​ 1221 Van Street 100.0 % C Y 291 225,530 95.7% ​ 94.5% ​ 100.0% ​ 901 W Street ​ 100.0 % C ​ N ​ 161 ​ 154,862 ​ 94.7% ​ 98.1% ​ 70.8% ​ 900 W Street (3) ​ 100.0 % C ​ N ​ 95 ​ 69,183 ​ 53.7% ​ 51.6% ​ - ​ North End Retail 100.0 % C Y — 27,355 92.7% ​ - ​ 92.7% ​ The Gale Eckington 5.0 % U Y 603 466,716 92.4% ​ 86.7% ​ 100.0% ​ Atlantic Plumbing 64.0 % U Y 310 245,527 93.3% ​ 91.6% ​ 97.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MD ​ ​ ​ Falkland Chase-South & West 100.0 % C Y 268 222,754 98.9% ​ 98.1% ​ - ​ Falkland Chase-North 100.0 % C Y 170 112,143 98.8% ​ 97.6% ​ - ​ Galvan 1.8 % U Y 356 390,293 97.8% ​ 96.9% ​ 97.1% ​ The Alaire (6) 18.0 % U Y 279 266,673 94.6% ​ 93.5% ​ 78.4% ​ The Terano (6) 1.8 % U Y 214 196,921 95.8% ​ 94.9% ​ 88.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Weighted Average (3) ​ ​ ​ ​ ​ ​ 7,886 6,640,890 95.3% ​ 93.0% ​ 94.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recently Delivered ​ ​ ​ MD ​ ​ ​ 8001 Woodmont ​ 50.0 % U ​ N ​ 322 ​ 363,979 ​ 41.0% ​ 33.2% ​ 74.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating - Total / Weighted Average (3) ​ ​ ​ ​ ​ ​ 8,208 7,004,869 92.4% ​ 90.6% ​ 93.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under-Construction ​ ​ ​ National Landing ​ ​ ​ ​ ​ 1900 Crystal Drive (7) — ​ C ​ ​ 808 633,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ 9,016 7,638,854 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Totals at JBG SMITH Share (3) ​ ​ ​ National Landing ​ ​ ​ ​ ​ ​ 2,856 2,315,347 96.2% ​ 94.6% ​ 100.0% ​ D.C. ​ ​ ​ ​ ​ ​ ​ 3,042 ​ 2,592,147 ​ 94.3% ​ 91.6% ​ 93.9% ​ MD ​ ​ ​ ​ ​ ​ 498 393,468 98.3% ​ 97.5% ​ 85.9% ​ In-service assets ​ ​ ​ ​ ​ ​ 6,396 5,300,962 95.4% ​ 93.4% ​ 94.5% ​ Recently delivered assets ​ ​ ​ ​ ​ ​ 161 181,990 41.0% ​ 33.2% ​ 74.7% ​ Operating - Total / Weighted Average ​ ​ ​ ​ ​ ​ ​ 6,557 ​ 5,482,952 ​ 93.6% ​ 91.8% ​ 94.0% ​ In-service excluding newly developed and acquired assets (8) ​ ​ ​ ​ ​ ​ ​ 4,611 ​ 3,974,373 ​ 96.6% ​ 94.9% ​ 98.9% ​ Under-construction assets ​ ​ ​ ​ ​ ​ ​ 808 ​ 633,985 ​ ​ ​ ​ ​ ​ 37 Table of Contents Note: At 100% share, unless otherwise noted. (1) "C" denotes a consolidated interest. "U" denotes an unconsolidated interest. (2) "Y" denotes an asset as same store and "N" denotes an asset as non-same store. (3) 2221 S. Clark Street - Residential and 900 W Street are excluded from percent leased and percent occupied metrics as they are operated as short-term rental properties . (4) Ownership percentage reflects expected dilution of our real estate venture partner as contributions are funded during the construction of the asset. As of December 31, 2021, our ownership interest was 96.0%. (5) The Batley was acquired in November 2021. See Note 3 to the consolidated financial statements for additional information. (6) Asset is subject to a ground lease. In January 2022, our unconsolidated real estate venture sold The Alaire and The Terano. (7) In March 2021, we leased the land underlying 1900 Crystal Drive to a lessee. The asset is consolidated in our financial statements as it is owned through a variable interest entity of which we are the primary beneficiary. See Note 6 to the consolidated financial statements for additional information. (8) Excludes West Half, The Wren, The Batley and 901 W Street. ​ Near-Term Development Pipeline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ % ​ Estimated Potential Development Density (SF) ​ Number of Asset Ownership ​ Total Office Multifamily Retail ​ Units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ National Landing ​ ​ ​ ​ ​ ​ ​ 2000 South Bell Street (1) — ​ 389,600 — 374,400 15,200 355 2001 South Bell Street (1) ​ — ​ 351,400 ​ — ​ 339,800 ​ 11,600 ​ 420 Potomac Yard Landbay F - Block 15 - 3331 Exchange Avenue ​ 50.0% ​ 181,300 ​ — ​ 164,300 ​ 17,000 ​ 210 Potomac Yard Landbay F - Block 19 - 3330 Exchange Avenue ​ 50.0% ​ 238,100 ​ — ​ 214,800 ​ 23,300 ​ 260 2250 Crystal Drive ​ 100.0% ​ 677,100 ​ — ​ 677,100 ​ — ​ 825 223 23rd Street ​ 100.0% ​ 512,800 ​ — ​ 512,800 ​ — ​ 700 2525 Crystal Drive (2) ​ 100.0% ​ 750,000 ​ 750,000 ​ — ​ — ​ — 101 12th Street ​ 100.0% ​ 239,600 ​ 234,400 ​ — ​ 5,200 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other VA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RTC - West Trophy Office ​ 100.0% ​ 396,000 ​ 380,000 ​ — ​ 16,000 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ D.C. ​ ​ 5 M Street Southwest 100.0% ​ 705,400 ​ — ​ 675,400 ​ 30,000 ​ 615 Gallaudet Parcel 1-3 (3) ​ 100.0% ​ 818,000 — 756,400 61,600 840 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ 5,259,300 1,364,400 3,715,000 179,900 4,225 Totals at JBG SMITH Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ National Landing ​ ​ ​ 3,130,300 ​ 984,400 ​ 2,093,700 ​ 52,200 ​ 2,535 Other VA ​ ​ ​ 396,000 ​ 380,000 ​ — ​ 16,000 ​ — D.C. ​ ​ ​ 1,523,400 ​ — ​ 1,431,800 ​ 91,600 ​ 1,455 ​ ​ ​ ​ 5,049,700 ​ 1,364,400 ​ 3,525,500 ​ 159,800 ​ 3,990 Note: At JBG SMITH share. (1) In December 2021, we leased the land underlying 2000/2001 South Bell Street to a lessee. This asset, consisting of two multifamily towers, is consolidated in our financial statements as we are the primary beneficiary of the variable interest entity. See Note 6 to the consolidated financial statements for additional information. In January 2022, we commenced construction on 2000/2001 South Bell Street, a 775-unit multifamily asset. (2) Estimated potential development density (SF) use is subject to change based on market demand and entitlement. (3) Controlled through an option to acquire a leasehold interest. As of December 31, 2021, the weighted average remaining term for the option is 2.1 years. 38 Table of Contents Future Development Pipeline ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial SF / ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Multifamily ​ ​ Number of ​ Estimated Potential Development Density (SF) ​ Units to be Region Assets Total Office Multifamily Retail Replaced (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VA National Landing 8 4,141,500 1,610,800 2,433,000 97,700 206,186 SF Reston 3 2,140,600 544,800 1,409,800 186,000 — Other VA 3 148,000 88,200 54,000 5,800 21,691 SF ​ 14 6,430,100 2,243,800 3,896,800 289,500 227,877 SF D.C. D.C. 6 1,024,400 312,100 703,300 9,000 — MD Silver Spring 1 1,276,300 — 1,156,300 120,000 170 units Greater Rockville 1 1,200 — — 1,200 — ​ 2 1,277,500 — 1,156,300 121,200 170 units Total / weighted average 22 8,732,000 2,555,900 5,756,400 419,700 227,877 SF / 170 units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Optioned (2) D.C. D.C. 2 783,600 — 678,900 104,700 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held for Sale VA National Landing (3) 1 2,082,000 2,082,000 — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Weighted Average 25 11,597,600 4,637,900 6,435,300 524,400 227,877 SF / 170 units Note: At JBG SMITH share. (1) Represents management's estimate of the total office and/or retail rentable square feet and multifamily units currently included in our Operating Portfolio that would need to be redeveloped to access some of the estimated potential development density. (2) As of December 31, 2021, the weighted average remaining term for the optioned future development pipeline assets is 3.4 years. (3) Represents the estimated potential development density that we have under contract for sale to Amazon pursuant to an executed purchase and sale agreement. In March 2019, we entered into an agreement for the sale of Pen Place, a land site with an estimated potential development density of 2.1 million square feet. In December 2021, we finalized the agreement for the sale of Pen Place for $198.0 million, which represents a $48.1 million increase over the previously estimated contract value. The sale of Pen Place is expected to close during the second quarter of 2022. Major Tenants The following table sets forth information for our 10 largest tenants by annualized rent for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At JBG SMITH Share ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ % of Total ​ ​ Number of Square % of Total Rent Annualized Tenant ​ Leases ​ Feet ​ Square Feet ​ (In thousands) ​ Rent GSA 57 2,197,989 23.1 % $ 88,372 20.3 % Amazon 7 1,025,463 10.8 % 44,058 10.1 % Gartner, Inc 1 174,424 1.8 % 12,331 2.8 % Family Health International 3 220,670 2.3 % 12,265 2.8 % Lockheed Martin Corporation 2 232,598 2.4 % 11,420 2.6 % Arlington County 2 235,779 2.5 % 10,536 2.4 % Booz Allen Hamilton Inc 3 159,610 1.7 % 7,787 1.8 % Greenberg Traurig LLP 1 101,602 1.1 % 7,348 1.7 % Accenture LLP 2 116,736 1.2 % 7,188 1.6 % Public Broadcasting Service 1 125,533 1.3 % 4,700 1.1 % Total 79 4,590,404 48.2 % $ 206,005 47.2 % ​ Note: Includes all in-place leases as of December 31, 2021 for which a tenant has taken occupancy for office and retail space within our Operating Portfolio. 39 Table of Contents Lease Expirations The following table sets forth as of December 31, 2021 the scheduled expirations of tenant leases in our Operating Portfolio for each year from 2022 through 2030 and thereafter, assuming no exercise of renewal options or early termination rights: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At JBG SMITH Share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ Annualized ​ Total ​ Annualized ​ ​ Number of ​ Square ​ Total ​ Rent (1) ​ Annualized ​ Rent Per Year of Lease Expiration ​ Leases ​ Feet ​ Square Feet ​ (in thousands) ​ Rent ​ Square Foot (1) Month-to-Month 56 84,578 0.9 % $ 1,828 0.4 % $ 21.62 2022 105 827,415 8.7 % 38,001 8.7 % 45.93 2023 130 1,020,318 10.7 % 44,696 10.2 % 43.81 2024 105 1,525,246 16.0 % 71,559 16.4 % 46.92 2025 95 952,266 10.0 % 41,569 9.5 % 43.65 2026 79 458,021 4.8 % 19,585 4.5 % 47.02 2027 56 623,423 6.5 % 29,359 6.7 % 47.09 2028 52 435,237 4.6 % 20,830 4.8 % 47.86 2029 40 444,526 4.7 % 23,171 5.3 % 52.13 2030 36 470,364 4.9 % 25,674 5.9 % 54.58 Thereafter 104 2,682,244 28.2 % 119,874 27.6 % 45.35 Total / Weighted Average 858 9,523,638 100.0 % $ 436,146 100.0 % $ 46.19 Note: Includes all in-place leases as of December 31, 2021 for office and retail space within our Operating Portfolio and assuming no exercise of renewal options or early termination rights. The weighted average remaining lease term for the entire portfolio is 6.0 years. (1) Annualized rent and annualized rent per square foot exclude percentage rent and the square footage of tenants that only pay percentage rent. ​ ITEM 3. LEGAL PROCEEDINGS We are, from time to time, involved in legal actions arising in the ordinary course of business. In our opinion, the outcome of such matters is not expected to have a material adverse effect on our financial position, results of operations or cash flows. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ​ PART II