Item 2. Properties
Item 2. Properties
The following table presents certain additional information about the properties we owned as of December 31, 2021:
Portfolio Number
of Properties Rentable
Square Feet Percent Leased (1)
Weighted Average Remaining Lease Term (2)
Gross Asset Value (3)
(In thousands)
Medical Office and Other Healthcare Related Buildings 146 5,018,036 91.5% 4.9 $ 1,424,581
Seniors Housing — Operating Properties 54 4,133,166 74.1% (4) N/A 1,160,878
Land 2 — N/A N/A 3,665
Total Portfolio 202 9,151,202 $ 2,589,124
_______________
(1) Inclusive of leases signed but not yet commenced as of December 31, 2021.
(2) Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2021.
(3) Gross asset value represents total real estate investments, at cost ($2.6 billion total as of December 31, 2021), net of gross market lease intangible liabilities ($23.5 million total as of December 31, 2021). Impairment charges are already reflected within gross asset value.
(4) Weighted by unit count as of December 31, 2021. As of December 31, 2021, we had 4,494 rentable units in our SHOP segment.
N/A Not applicable.
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The following table details the geographic distribution, by state, of our portfolio as of December 31, 2021:
State Number of Properties Annualized Rental Income (1)
Annualized Rental Income as a Percentage of the Total Portfolio Rentable Square Feet Percentage of Portfolio
Rentable Square Feet Rentable Units in SHOP Segment
(In thousands)
Alabama 1 $ 176 0.1 % 5,564 0.1 % —
Arizona 14 9,091 2.9 % 509,642 5.6 % —
Arkansas 3 13,488 4.4 % 248,783 2.7 % 299
California 8 16,373 5.3 % 446,723 4.9 % 247
Colorado 3 1,796 0.6 % 67,016 0.7 % —
Florida 23 54,662 17.7 % 1,099,729 12.0 % 812
Georgia 15 27,411 8.9 % 792,191 8.7 % 624
Idaho 1 3,331 1.1 % 55,846 0.6 % 95
Illinois 21 25,947 8.4 % 857,836 9.4 % 356
Indiana 7 4,337 1.4 % 194,035 2.1 % —
Iowa 14 29,600 9.6 % 585,667 6.4 % 679
Kansas 1 4,679 1.5 % 49,360 0.5 % 71
Kentucky 2 3,921 1.3 % 92,875 1.0 % 114
Louisiana 1 621 0.2 % 17,830 0.2 % —
Maryland 1 938 0.3 % 36,260 0.4 % —
Massachusetts 3 846 0.3 % 36,563 0.4 % —
Michigan 11 15,344 5.0 % 420,298 4.6 % 311
Minnesota 1 1,248 0.4 % 36,375 0.4 % —
Mississippi 3 1,715 0.6 % 73,859 0.8 % —
Missouri 2 7,872 2.6 % 96,016 1.0 % 146
Nevada 2 3,264 1.1 % 86,342 0.9 % —
New York 4 2,633 0.9 % 119,602 1.3 % —
North Carolina 2 761 0.2 % 68,122 0.7 % —
Ohio 5 7,863 2.5 % 172,085 1.9 % —
Oklahoma 2 1,092 0.4 % 47,407 0.5 % —
Oregon 2 8,747 2.8 % 267,748 2.9 % 252
Pennsylvania 17 29,468 9.6 % 1,442,824 15.8 % 257
South Carolina 2 1,103 0.4 % 52,527 0.6 % —
Tennessee 3 3,233 1.0 % 177,489 1.9 % —
Texas 13 12,809 4.2 % 506,122 5.5 % 152
Virginia 1 1,526 0.3 % 62,165 0.7 % —
Washington 1 2,031 0.7 % 52,900 0.6 % —
Wisconsin 13 10,590 3.4 % 373,401 4.1 % 79
Total 202 $ 308,516 100 % 9,151,202 100 % 4,494
__________
(1) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2021, which includes tenant concessions such as free rent, as applicable, as well as annualized gross revenue from our SHOPs for the fourth quarter of 2021.
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Future Minimum Lease Payments
The following table presents future minimum base rental cash payments due to us (excluding the SHOP segment) over the next ten years and thereafter as of December 31, 2021. The SHOP segment is excluded as the leases of units with residents are generally for annual periods or month to month. These amounts exclude contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to performance thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.
(In thousands) Future Minimum
Base Rent Payments
2022 $ 105,694
2023 94,047
2024 85,918
2025 75,192
2026 67,200
2027 49,341
2028 34,897
2029 28,994
2030 25,961
2031 22,174
Thereafter 59,946
$ 649,364
Future Lease Expirations Table
The following is a summary of lease expirations for the next ten years at the properties we owned (excluding the SHOP segment) as of December 31, 2021:
Year of Expiration
Number of Leases Expiring
Annualized Rental Income (1)
Annualized Rental Income as a Percentage of the Total Portfolio
Leased Rentable Square Feet
Percent of Portfolio Rentable Square Feet Expiring
(In thousands)
2022 82 $ 12,020 11.4% 487,343 10.7%
2023 68 8,201 7.8% 344,005 7.5%
2024 102 11,968 11.3% 544,981 11.9%
2025 57 7,023 6.6% 291,457 6.4%
2026 82 18,076 17.1% 1,024,609 22.4%
2027 73 13,763 12.9% 728,860 16.1%
2028 27 8,382 7.9% 324,316 7.1%
2029 16 2,810 2.7% 124,687 2.7%
2030 18 3,258 3.1% 142,269 3.1%
2031 11 3,437 3.3% 124,082 2.7%
Total 536 $ 88,938 84.1% 4,136,609 90.6%
_____________
(1) Annualized rental income on a straight-line basis for the leases in place in the property portfolio as of December 31, 2021, excluding SHOPs, which includes tenant concessions such as free rent, as applicable.
Tenant Concentration
As of December 31, 2021, we did not have any tenants (including for this purpose, all affiliates of such tenants) whose annualized rental income on a straight-line basis represented 10% or more of total annualized rental income on a straight-line basis for our portfolio.
Significant Portfolio Properties
As of December 31, 2021, the rentable square feet or annualized rental income on a straight-line basis of one property represented 5% or more of our total portfolio’s rentable square feet or annualized rental income on a straight-line basis:
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Wellington at Hershey’s Mill - West Chester, PA
In December 2014, we purchased Wellington at Hershey’s Mill, a seniors housing property located in West Chester, Pennsylvania. Wellington at Hershey’s Mill, which is leased to our TRS and operated and managed on our behalf by a third-party operator in our SHOP segment, contains 491,710 rentable square feet and consists of 193 units dedicated to independent living patients and 64 units dedicated to assisted living patients. As of December 31, 2021, this property represented 5.4% of our total rentable square feet and 4.2% of our total annualized rental income on a straight-line basis.
Property Financings
See Note 4 — Mortgage Notes Payable, Net and Note 5 — Credit Facilities to our consolidated financial statements in this Annual Report on Form 10-K for property financings as of December 31, 2021 and 2020.
Item 3. Legal Proceedings.
We are not a party to, and none of our properties are subject to, any material pending legal proceedings.
Item 4. Mine Safety Disclosures.
Not applicable.
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PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.