Item 2. Properties
ITEM 2. PROPERTIES
Overview
As of December 31, 2025, we owned and operated a portfolio comprised of 29 in-service projects and three redevelopment projects. As of December 31, 2025 and 2024, our in-service p ortfolio was 89.6% and 88.4% leased, respectively, with an average lease term remaining as of each period end of six years. As of December 31, 2025, our average lease size was approximately 14,000 square feet, and no single tenant accounts for more than 5% of our ALR.
ALR related to our in-service portfolio was $578.7 million, or $43.31 per leased square foot, as of December 31, 2025 as compared with $567.3 million, or $41.91 per leased square foot, as of December 31, 2024.
Property Statistics
The following table shows the geographic diversification of our in-service portfolio as of December 31, 2025:
Location Annualized
Lease Revenue
(in thousands) Rentable Square
Feet
(in thousands) Percentage of
Annualized
Lease Revenue (%) Percent Leased (%)
Atlanta $ 185,462 4,731 32.0 94.4
Dallas 114,331 2,821 19.7 93.2
Orlando 67,671 1,754 11.7 94.4
Northern Virginia / Washington, D.C. 57,111 1,584 9.9 69.1
New York 54,946 1,047 9.5 92.7
Minneapolis 44,431 1,434 7.7 83.5
Boston 34,079 936 5.9 84.6
Other (1)
20,691 614 3.6 91.2
$ 578,722 14,921 100.0 89.6
(1) Includes 1430 Enclave Parkway and Enclave Place in Houston, Texas.
The following table shows lease expirations of our in-service office portfolio as of December 31, 2025 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 (%)
2025 (1)
$ 2,938 0.5
2026 55,048 9.5
2027 56,136 9.7
2028 50,769 8.8
2029 54,270 9.4
2030 58,690 10.2
2031 45,335 7.8
2032 40,110 6.9
2033 14,120 2.4
2034 50,978 8.8
2035 31,943 5.5
2036 26,720 4.6
2037 48,928 8.5
Thereafter 42,737 7.4
$ 578,722 100.0
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Table of Contents
Index to Financial Statements
(1) Includes leases with an expiration date of December 31, 2025, comprised of approximately 80,000 square feet.
Certain Restrictions Related to our Properties
As of December 31, 2025, 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, 2025.
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.