Item 2. Properties
Item 2. Properties
As of December 31, 2023, our wholly owned properties were comprised of 152 properties located in 30 states and the District of Columbia containing approximately 20.5 million rentable square feet and we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties totaling approximately 468,000 rentable square feet. The following table provides certain information about our wholly owned properties as of December 31, 2023 (dollars in thousands):
State Number of
Properties Undepreciated Carrying Value (1)
Depreciated Carrying Value (1)
Annualized Rental Income
Alabama 3 $ 27,017 $ 20,752 $ 4,271
Arizona 4 26,720 22,160 2,630
California 22 424,607 352,203 60,272
Colorado 6 88,574 61,857 13,677
District of Columbia 7 760,978 653,526 47,905
Florida 3 74,828 60,086 9,650
Georgia 11 375,945 306,316 43,134
Idaho 3 33,662 24,999 4,476
Illinois 3 370,027 336,367 42,383
Indiana 5 103,874 75,841 14,006
Iowa 1 10,646 9,538 3,283
Kentucky 1 13,713 10,364 3,070
Maryland 12 242,057 196,051 30,249
Massachusetts 7 143,320 116,813 15,714
Michigan 2 27,705 20,669 4,058
Minnesota 1 7,536 3,619 1,126
Mississippi 1 27,469 19,969 4,824
Missouri 3 88,754 71,396 23,593
Nebraska 2 21,846 20,113 4,861
New Jersey 3 50,870 45,669 10,502
New York 2 11,379 8,966 2,097
North Carolina 2 24,631 21,082 7,127
Ohio 1 1,511 1,348 498
Pennsylvania 1 34,281 30,623 6,960
South Carolina 2 31,467 29,340 3,794
Texas 15 249,491 213,638 44,887
Utah 3 77,703 69,004 16,557
Vermont 1 9,264 6,305 1,232
Virginia 18 445,665 374,278 59,658
Washington 5 247,605 226,325 11,666
Wyoming 1 12,534 6,283 2,737
Subtotal 151 4,065,679 3,415,500 500,897
Properties Held for Sale
Illinois
1 29,331 26,301 11,954
Subtotal 1 29,331 26,301 11,954
Grand Total 152 $ 4,095,010 $ 3,441,801 $ 512,851
(1) Excludes purchase price allocations assigned to real estate intangibles.
As of December 31, 2023, seven of our properties with an undepreciated carrying value of $226.3 million, were encumbered by mortgages with an aggregate principal balance of $177.3 million. As of December 31, 2023, the three properties owned by our two unconsolidated joint ventures in which we owned 51% and 50% interests were encumbered by two mortgages totaling $82.0 million. In January 2024, we entered into an amended and restated credit agreement, or our credit agreement, and certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries and the pledged subsidiaries provided first mortgage liens on 19 properties that had an undepreciated carrying value of $758.6 million as of December 31, 2023. In February 2024, we issued the 2029 Notes. The 2029 Notes are fully and unconditionally guaranteed on a joint, several and senior secured basis by certain of our subsidiaries
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and secured by a pledge of all of the respective equity interests of the subsidiary guarantors and first mortgage liens on 17 properties with an undepreciated carrying value of $500.3 million as of December 31, 2023. For more information regarding our mortgages, our two unconsolidated joint ventures, our credit agreement and the 2029 Notes, 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.