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office markets:
−Removed: Dallas, Atlanta, Washington, D.C., Minneapolis, Boston, Orlando, and New York , with a majority of such revenue coming from Sunbelt markets.
−Removed: As of December 31, 2020 and 2019, our in-service portfolio was 86.8% and 89.7% (as restated to include one previously out-of-service asset, Two Pierce Place in Itasca, Illinois, which was placed back into service on January 1, 2020) leased, respectively, with an average lease term remaining as of each period end of approximately six years and an average lease size of between 15,000 and 20,000 square feet.
−Removed: Only two tenants account for 5% or more of our ALR;
−Removed: US Bancorp (5.1% of ALR) and State of New York (5.0% of ALR).
+Added: Atlanta, Dallas, Washington, D.C., Minneapolis, Boston, Orlando, and New York , with over 60% of such revenue coming from Sunbelt markets.
+Added: As of December 31, 2021 and 2020, our in-service portfolio was approximately 86% and 87% leased, respectively, with an average lease term remaining as of each period end of approximatel y six years and an average lease size of 15,000 square feet.
+Added: No tenant accounts for more than 5% of our ALR.
ALR related to our in-service portfolio was $536.8 million, or $36.81 per leased square foot, as of December 31, 2021 as compared with $515.1 million, or $36.12 per leased square foot, as of December 31, 2020.
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therefore, we do not count those expenses in our gross rent calculations.
−Removed: If the costs of these functions are added to these leases, our average gross rent for our in-service portfolio as of December 31, 2020, increases to $36.87 per leased square foot.
+Added: If the costs of these functions are added to these leases, our average gross rent for our in-service portfolio as of December 31, 2021, increases to approximately $37.54 per leased square foot.
Index to Financial Statements
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Lease Revenue (%) Percent Leased (%)
−Removed: Dallas $ 101,639 3,549 19.7 86.0
Atlanta $ 111,739 4,016 20.8 84.1
+Added: Dallas 104,979 3,544 19.6 84.8
Washington, D.C.
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and Two Pierce Place in Chicago, Illinois.
+Added: The Two Pierce Place asset, the last remaining asset owned in the Chicago office market, was sold in January 2022.
The following table shows lease expirations of our in-service office portfolio as of December 31, 2021 during each of the next thirteen years and thereafter, assuming no exercise of renewal options or termination rights:
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Lease Revenue (%)
−Removed: Available space $ — —
2022 34,295 6.4
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Certain Restrictions Related to our Properties
−Removed: As of December 31, 2020, only the 5 Wall Street building in Burlington, Massachusetts is held as collateral for debt, and no properties were subject to ground leases.
+Added: As of December 31, 2021, no properties were held as collateral for debt, nor were any subject to any underlying ground leases.
Refer to Schedule III listed in the index of Item 15(a) of this report, for further details regarding our properties as of December 31, 2021.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.