What changed in this filing

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Item 2. Properties

2021-02-19 compared with 2020-02-20 · 42 added, 9 removed, 11 unchanged (82% of the section changed)

As of December 31, 2019 , our wholly owned properties were comprised of 189 properties located in 35 states and the District of Columbia containing approximately 25.7 million rentable square feet and we had a noncontrolling ownership interest in three properties containing approximately 0.4 million rentable square feet through two unconsolidated joint ventures in which we own 51% and 50% interests.

The following table provides certain information about our properties as of December 31, 2019 (dollars in thousands):

Undepreciated Carrying Value (1)

As of December 31, 2020, our wholly owned properties were comprised of 181 properties located in 34 states and the District of Columbia containing approximately 24.9 million rentable square feet and we had noncontrolling ownership interests in three properties totaling approximately 444,000 rentable square feet through two unconsolidated joint ventures in which we own 51% and 50% interests.

The following table provides certain information about our wholly owned properties as of December 31, 2020 (dollars in thousands):

State Number of

Properties Undepreciated Carrying Value (1)

Depreciated Carrying Value (1)

Annualized Rental Income

Alabama 7 $ 89,798 $ 82,234 $ 11,578

Arizona 5 30,350 27,947 4,569

California 24 483,503 410,459 70,978

Colorado 7 98,057 75,752 20,208

District of Columbia 7 548,385 479,094 62,997

Florida 3 56,886 46,185 9,890

Georgia 10 206,614 165,019 30,884

1 2,001 2,001 —

Idaho 3 33,441 27,199 4,489

Illinois 4 98,979 92,656 28,481

Indiana 5 99,556 80,758 13,446

Iowa 1 10,646 10,203 3,283

Kentucky 2 18,020 15,460 3,918

Maryland 14 255,011 222,485 37,847

Massachusetts 8 129,071 108,686 21,407

Michigan 2 27,663 22,499 4,274

Minnesota 1 8,243 4,197 1,126

Mississippi 1 26,243 20,820 4,001

Missouri 3 85,411 75,001 23,362

Nebraska 2 19,477 18,784 4,201

New Jersey 3 48,817 46,866 14,573

New York 4 37,738 31,043 8,422

North Carolina 2 22,397 21,156 6,817

Ohio 1 1,134 1,103 829

Oregon 1 29,692 24,676 4,989

Pennsylvania 1 29,584 28,319 6,902

South Carolina 2 31,334 31,157 3,776

Undepreciated Carrying Value (1)

Depreciated Carrying Value (1)

Annualized Rental Income

Tennessee 1 14,682 11,995 3,406

Texas 16 260,241 243,771 48,206

Utah 3 64,339 61,182 12,626

Vermont 1 9,256 6,949 1,121

Virginia 26 498,308 451,723 71,088

Washington 7 129,772 111,681 18,576

Wisconsin 1 5,587 4,471 787

Wyoming 1 11,907 6,698 2,007

Subtotal 180 3,522,143 3,070,229 565,064

Properties Held for Sale

1 54,101 51,822 12,871

Subtotal 1 55,089 52,612 12,954

Grand Total 181 $ 3,577,232 $ 3,122,841 $ 578,018

(1) Excludes value assigned to real estate intangibles in purchase price allocations.

(2) Property is a leasable land parcel.

At December 31, 2019 , 11 of our properties with an aggregate undepreciated carrying value of $513.7 million were encumbered by mortgages totaling $323.1 million.

One of these properties with an undepreciated carrying value of $16.3 million is included in assets of properties held for sale in our consolidated balance sheet as of December 31, 2019 .

Accordingly, the carrying value of the mortgage encumbering that property totaling $13.1 million is included in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019 .

(3) Consists of a warehouse facility adjacent to a property we own in Kansas City, MO that was sold in January 2021.

(4) This property was sold in January 2021.

At December 31, 2020, seven of our properties with an aggregate undepreciated carrying value, excluding value assigned to real estate intangibles in purchase price allocations, of $276.9 million, were encumbered by mortgages totaling $170.8 million.

The three properties owned by our two unconsolidated joint ventures in which we own 51% and 50% interests were encumbered by two mortgages totaling $82.0 million at December 31, 2020.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties