−Removed: As of December 31, 2022, we owned interests in 51 in-service office properties, with over two-thirds of our ALR generated from our properties located primarily in major U.S.
+Added: As of December 31, 2023, we owned interests in 51 in-service office properties, with approximately 70% of our ALR generated from our properties located in major U.S.
Sunbelt markets .
−Removed: As of December 31, 2022 and 2021, our in-service portfolio was 86.7% and 85.5% 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.
−Removed: No tenant accounts for more than 5% of our ALR.
+Added: As of December 31, 2023 and 2022, our in-service portfolio was 87.1% and 86.7% leased, respectively, with an average lease term remainin g as of each period end of approximately six years and an average lease size of 15,000 square feet.
+Added: No tenant accounts for more than 5% of our ALR, and only a total of three tenants, individually, account for 3% or more of our ALR.
ALR related to our in-service portfolio was $575.5 million, or $39.89 per leased square foot, as of December 31, 2023 as compared with $555.3 million, or $38.46 per leased square foot, as of December 31, 2022.
−Removed: These rental rates are presented before consideration of the fact that several of our largest tenants self-perform various aspects of their building management;
−Removed: 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, 2022, increases to approximately $38.86 per leased square foot.
Property Statistics
7 unchanged sentences
Dallas 112,753 3,478 19.6 80.4
−Removed: Washington, D.C./Northern Virginia 67,353 1,620 12.1 79.4
+Added: Northern Virginia/Washington, D.C.
+Added: 66,190 1,589 11.5 77.9
Minneapolis 65,381 2,104 11.4 89.6
25 unchanged sentences
$ 575,467 100.0
+Added: (1) Includes leases with an expiration date of December 31, 2023, comprised of approximately 351,000 square feet.
Certain Restrictions Related to our Properties
2 unchanged sentences
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.