Item 2. Properties
ITEM 2. PROPERTIES
Overview
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 . 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. 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.
Property Statistics
The following table shows the geographic diversification of our in-service portfolio as of December 31, 2023:
Location Annualized
Lease Revenue
(in thousands) Rentable Square
Feet
(in thousands) Percentage of
Annualized
Lease Revenue (%) Percent Leased (%)
Atlanta $ 163,389 4,706 28.4 91.1
Dallas 112,753 3,478 19.6 80.4
Northern Virginia/Washington, D.C. 66,190 1,589 11.5 77.9
Minneapolis 65,381 2,104 11.4 89.6
Orlando 59,582 1,757 10.4 95.0
New York 49,142 1,045 8.5 87.3
Boston 39,301 1,270 6.8 85.0
Other (1)
19,729 614 3.4 91.2
$ 575,467 16,563 100.0 87.1
(1) Includes 1430 Enclave Parkway and Enclave Place in Houston, Texas.
28
Table of Contents
Index to Financial Statements
The following table shows lease expirations of our in-service office portfolio as of December 31, 2023 during each of the next twelve years and thereafter, assuming no exercise of renewal options or termination rights:
Year of Lease Expiration Annualized
Lease Revenue
(in thousands) Percentage of
Annualized
Lease Revenue (%)
2023 (1)
8,691 1.5
2024 42,280 7.4
2025 69,771 12.1
2026 64,462 11.2
2027 53,412 9.3
2028 68,122 11.8
2029 56,012 9.7
2030 27,674 4.8
2031 28,655 5.0
2032 23,514 4.1
2033 11,022 1.9
2034 35,649 6.2
2035 19,233 3.4
Thereafter 66,970 11.6
$ 575,467 100.0
(1) Includes leases with an expiration date of December 31, 2023, comprised of approximately 351,000 square feet.
Certain Restrictions Related to our Properties
As of December 31, 2023, only 1180 Peachtree Street in Atlanta, Georgia was held as collateral for debt, and there were no properties subject to 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, 2023.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.