Item 2. Properties
Item 2. Properties
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
Hawaii (2)
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
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
Missouri (3)
— 988 790 83
Virginia (4)
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.
(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.
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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. For more information regarding our mortgages and our two unconsolidated joint ventures, see Notes 3 and 8 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.