Item 2. Properties
Item 2. Properties
As of December 31, 2022, our wholly owned properties were comprised of 160 properties located in 30 states and the District of Columbia containing approximately 21.0 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, 2022 (dollars in thousands):
State Number of
Properties Undepreciated Carrying Value (1)
Depreciated Carrying Value (1)
Annualized Rental Income
Alabama 3 $ 27,008 $ 21,392 $ 4,246
Arizona 5 31,079 27,009 4,829
California 23 431,840 368,639 63,837
Colorado 6 88,265 63,601 13,756
District of Columbia 7 715,576 622,976 57,254
Florida 3 60,032 46,739 9,419
Georgia 11 374,005 313,811 48,982
Idaho 3 33,517 25,682 4,256
Illinois 5 407,443 382,925 58,537
Indiana 5 102,211 77,277 13,150
Iowa 1 10,646 9,759 3,283
Kentucky 1 13,713 10,683 3,094
Maryland 13 249,636 206,373 32,304
Massachusetts 8 144,429 121,205 20,892
Michigan 2 27,686 21,276 4,083
Minnesota 1 8,264 3,628 1,126
Mississippi 1 26,459 19,659 4,710
Missouri 3 87,945 73,128 23,673
Nebraska 2 19,477 18,091 4,228
New Jersey 3 49,210 45,185 14,649
New York 2 10,550 8,568 2,018
North Carolina 2 23,609 20,884 7,134
Ohio 1 1,511 1,413 708
Pennsylvania 1 34,193 31,455 6,924
South Carolina 2 31,386 29,913 3,786
Texas 15 246,624 216,837 42,364
Utah 3 75,743 69,397 15,579
Vermont 1 9,256 6,514 1,202
Virginia 18 426,034 366,435 59,673
Washington 5 156,510 137,817 11,553
Wyoming 1 12,217 6,345 2,775
Subtotal 157 3,936,074 3,374,616 544,024
Properties Held for Sale
Virginia (2)
3 2,584 2,396 —
Subtotal 3 2,584 2,396 —
Grand Total 160 $ 3,938,658 $ 3,377,012 $ 544,024
(1) Excludes purchase price allocations assigned to real estate intangibles.
(2) Properties were sold in January 2023.
As of December 31, 2022, one of our properties with an undepreciated carrying value, excluding purchase price allocations assigned to real estate intangibles, of $40.3 million, was encumbered by a mortgage with a principal balance of $50.0 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, 2022. For more information regarding our mortgage and our two unconsolidated joint ventures, see Notes 4 and 9 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
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