Item 2. Properties
Item 2. Properties
As of December 31, 2021, our wholly owned properties were comprised of 178 properties located in 33 states and the District of Columbia containing approximately 23.3 million rentable square feet and we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties totaling approximately 444,000 rentable square feet. The following table provides certain information about our wholly owned properties as of December 31, 2021 (dollars in thousands):
State Number of
Properties Undepreciated Carrying Value (1)
Depreciated Carrying Value (1)
Annualized Rental Income
Alabama 6 $ 38,710 $ 33,728 $ 6,682
Arizona 5 31,043 27,842 4,664
California 23 418,029 364,084 60,653
Colorado 7 99,232 74,740 20,362
District of Columbia 7 602,767 522,241 57,001
Florida 3 58,459 46,525 9,628
Georgia 11 366,606 316,907 47,399
Hawaii (2)
1 2,001 2,001 —
Idaho 3 33,432 26,413 4,431
Illinois 5 408,197 395,057 53,383
Indiana 5 101,364 79,502 13,727
Iowa 1 10,646 9,981 3,283
Kentucky 2 18,020 15,022 3,965
Maryland 13 244,687 207,916 34,559
Massachusetts 8 140,958 121,368 20,989
Michigan 2 27,686 21,899 4,222
Minnesota 1 8,264 3,926 1,126
Mississippi 1 26,427 20,324 3,919
Missouri 3 87,366 74,843 23,389
Nebraska 2 19,477 18,438 4,201
New Jersey 3 48,859 45,872 14,570
New York 3 38,126 30,451 9,735
North Carolina 2 22,918 20,952 6,872
Ohio 1 1,216 1,153 840
Oregon 1 30,838 24,920 4,516
Pennsylvania 1 30,655 28,679 6,924
South Carolina 2 31,386 30,562 3,771
Texas 16 262,909 239,483 44,117
Utah 3 64,463 59,723 16,046
Vermont 1 9,256 6,732 1,168
Virginia 24 481,350 425,004 69,034
Washington 7 133,725 112,423 18,564
Wyoming 1 12,014 6,463 2,611
Subtotal 174 3,911,086 3,415,174 576,351
Properties Held for Sale
Maryland (3)
1 6,447 6,447 —
Virginia (4)
2 17,745 15,391 2,957
Wisconsin 1 3,598 3,598 810
Subtotal 4 27,790 25,436 3,767
Grand Total 178 $ 3,938,876 $ 3,440,610 $ 580,118
(1) Excludes value assigned to real estate intangibles in purchase price allocations.
(2) Property is a leasable land parcel.
(3) This property was sold in January 2022.
(4) These properties were sold in February 2022.
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As of December 31, 2021, three of our properties with an aggregate undepreciated carrying value, excluding value assigned to real estate intangibles in purchase price allocations, of $168.7 million, were encumbered by mortgages with a principal balance totaling $98.3 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 as of December 31, 2021. 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.