Item 2. Properties
ITEM 2. PROPERTIES
Overview
As of December 31, 2024, we owned and operated a portfolio comprised of 30 in-service projects and three redevelopment projects. As of December 31, 2024 and 2023, our in-service p ortfolio was 88.4% and 87.1% leased, respectively, with an average lease term remaining as of each period end of six years. As of December 31, 2024, our average lease size was approximately 14,000 square feet, and only one tenant, the State of New York at our 60 Broad Street project, accounts for more than 5% of our ALR.
ALR related to our in-service portfolio was $567.3 million, or $41.91 per leased square foot, as of December 31, 2024 as compared with $575.5 million, or $39.89 per leased square foot, as of December 31, 2023.
Property Statistics
The following table shows the geographic diversification of our in-service portfolio as of December 31, 2024:
Location Annualized
Lease Revenue
(in thousands) Rentable Square
Feet
(in thousands) Percentage of
Annualized
Lease Revenue (%) Percent Leased (%)
Atlanta $ 173,668 4,712 30.6 92.7
Dallas 106,736 2,917 18.8 85.8
Orlando 63,988 1,754 11.3 93.2
Northern Virginia / Washington, D.C. 59,224 1,579 10.4 69.7
New York 55,379 1,045 9.8 95.5
Minneapolis 47,811 1,434 8.4 88.9
Boston 40,524 1,268 7.2 86.7
Other (1)
20,014 614 3.5 91.2
$ 567,344 15,323 100.0 88.4
(1) Includes 1430 Enclave Parkway and Enclave Place in Houston, Texas.
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Table of Contents
Index to Financial Statements
The following table shows lease expirations of our in-service office portfolio as of December 31, 2024 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 (%)
2024 (1)
7,702 1.4
2025 41,933 7.4
2026 68,714 12.1
2027 50,551 8.9
2028 51,515 9.1
2029 54,854 9.7
2030 54,553 9.6
2031 35,075 6.2
2032 33,750 5.9
2033 10,198 1.8
2034 40,416 7.1
2035 29,553 5.2
2036 21,564 3.8
Thereafter 66,966 11.8
$ 567,344 100.0
(1) Includes leases with an expiration date of December 31, 2024, comprised of approximately 131,000 square feet.
Certain Restrictions Related to our Properties
As of December 31, 2024, 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, 2024.
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.