Item 2. Properties
Item 2. Properties
The following table provides a summary of the Company’s material physical property as of December 31, 2022:
Average Effective Monthly
Occupied Rent Per Square Foot
(1) as of % Occupied (2) as of
Property Name Rentable Square
Footage
(in thousands) Property Type Date
Acquired December 31,
2022 December 31,
2022
Cityplace Tower 1,353,087 Office and Hospitality 8/15/2018 2.10 32.9%
(1) Average effective monthly occupied rent per square foot is equal to the average of the contractual rent for commenced leases as of December 31, 2022, minus any tenant concessions over the term of the lease, divided by the occupied square footage of commenced leases as of December 31, 2022.
(2) Percent occupied is calculated as the rentable square footage occupied as of December 31, 2022, divided by the total rentable square footage, expressed as a percentage.
The Company’s ownership of Cityplace Tower is subject to mortgage debt with an outstanding principal balance of approximately $144.7 million as of December 31, 2022. For further information on the Company’s owned real properties, see Notes 4, 5 and 6 to our consolidated financial statements.
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.