Item 2. Properties
Item 2. Properties
As of December 31, 2024, our wholly owned properties were comprised of 128 properties located in 29 states and the District of Columbia containing approximately 17.8 million rentable square feet and we had a noncontrolling ownership interest of 51% in an unconsolidated joint venture that owned two properties totaling approximately 0.3 million rentable square feet. The following table provides certain information about our wholly owned properties as of December 31, 2024 (dollars in thousands):
State Number of
Properties Undepreciated Carrying Value (1)
Depreciated Carrying Value (1)
Annualized Rental Income
Alabama 3 $ 27,127 $ 20,208 $ 4,352
Arizona 2 19,506 15,159 2,753
California 17 306,538 245,176 47,217
Colorado 2 20,881 19,200 636
District of Columbia 7 769,762 639,917 46,895
Florida 3 76,839 59,741 10,204
Georgia 5 303,658 255,333 41,457
Idaho 3 33,936 24,432 4,457
Illinois 3 373,548 327,846 43,015
Indiana 2 17,893 15,612 4,380
Iowa 1 10,646 9,316 3,283
Maryland 12 243,396 191,698 29,039
Massachusetts 5 97,618 80,190 5,183
Michigan 1 8,487 7,630 1,721
Minnesota 1 9,613 5,506 1,464
Mississippi 1 28,137 19,920 6,313
Missouri 2 73,438 57,469 21,687
Nebraska 2 24,202 22,181 2,390
New Jersey 3 51,529 45,119 10,571
New York 2 11,551 8,584 2,125
North Carolina 2 24,853 20,378 6,507
Ohio 1 1,511 1,282 521
Pennsylvania 1 35,142 30,565 —
South Carolina 2 31,467 28,679 3,808
Texas 15 252,942 209,711 44,647
Utah 1 70,815 61,287 9,464
Vermont 1 9,355 6,176 1,225
Virginia 17 451,187 374,862 56,402
Washington 5 257,322 227,713 11,211
Wyoming 1 14,660 8,019 2,668
Subtotal 123 3,657,559 3,038,909 425,595
Properties Held for Sale
Arizona 2 7,516 6,537 —
California 2 22,992 20,748 —
Michigan 1 11,227 4,420 2,352
Subtotal 5 41,735 31,705 2,352
Grand Total 128 $ 3,699,294 $ 3,070,614 $ 427,947
(1) Excludes purchase price allocations assigned to real estate intangibles.
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Table of Contents
As of December 31, 2024, 99 of our properties secured an aggregate $2.0 billion of debt as detailed in the following table:
Secured Properties Number of First-Lien
Properties
Undepreciated
Carrying Value Principal Balance
Mortgage notes 7 $ 230,059 $ 177,320
Amended and restated credit agreement 19 802,865 425,000
Senior secured notes due March 2027 37 1,080,611 444,992
Senior secured notes due March 2029 17 518,269 300,000
Senior secured notes due September 2029 19 538,379 609,999
Total 99 $ 3,170,183 $ 1,957,311
In addition, as of December 31, 2024, the two properties owned by our unconsolidated joint venture in which we owned a 51% interest secured a mortgage totaling $50.0 million.
For more information regarding our secured debt and our unconsolidated joint venture, 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.