Item 2. Properties
ITEM 2 PROPERTIES
Peoples' sole banking subsidiary, Peoples Bank, generally owns its offices, related facilities and unimproved real property. At December 31, 2021, Peoples Bank operated 66 offices in Ohio, 34 locations in West Virginia, 26 offices in Kentucky, three offices in Virginia, three offices in Washington D.C., one location in Maryland, an insurance premium finance lending office in Missouri and an equipment leasing office in Vermont. Of these 135 offices, 33 are leased and the rest are owned by Peoples Bank.
Peoples Insurance rents office space in various Peoples Bank offices, and also leases office space from third parties in Sciotoville, Ohio and in Pikeville, Kentucky.
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Rent expense on the leased properties totaled $2.0 million in 2021 and $1.6 million in 2020, which excludes intercompany rent expense. The following properties have a lease term expiring on or before June 2023:
Location Address Lease Expiration Date
DuPont Circle 1604 17th Street
Washingtion, DC March 2022 (a)
Cincinnati West Loan Production Office 6701 Ruwes Oak Drive, Suite 4
Cincinnati, Ohio April 2022 (b)
Charleston Commercial Office 10 Hale Street
Charleston, West Virginia May 2022 (c)
Lancaster Fair Avenue Office 2211 West Fair Avenue
Lancaster, Ohio March 2023 (a)
Premium Finance 600 SW Jefferson, Suite 204
Lee's Summit, Missouri August 2022 (a)
Spencer 303 Main Street
Spencer, West Virginia November 2022 (d)
West Hamlin 40 Lincoln Plaza
Branchland, West Virginia December 2022 (a)
K Street 1501 K Street, NW
Washington, DC December 2022 (a)
Sciotoville Insurance 6606 Gallia Street
Sciotoville, Ohio December 2022 (e)
Vanceburg AA Highway 67 Commercial Drive, Suite 3
Vanceburg, Kentucky February 2023 (a)
Proctorville 7604 County Road 107
Proctorville, Ohio February 2023 (a)
North Star Leasing 747 Pine Street
Burlington, Vermont March 2023 (f)
Akron Business Production Office 354 South Main Street, Suite 200
Akron, Ohio June 2023 (a)
North Canton Loan Production Office 125 South Main Street
North Canton, Ohio June 2023 (g)
(a) Current lease agreement has no remaining extensions available.
(b) Current lease agreement is in final extension.
(c) Current lease agreement has one three-year extension remaining.
(d) Current lease agreement will change to a month-to-month lease upon expiration.
(e) Current lease has one one-year extension remaining.
(f) Current lease has two three-year extensions remaining.
(g) Current lease agreement has one two-year extension remaining.
Peoples considers its offices and related facilities to be suitable and adequate for the present needs of Peoples and its subsidiaries. Peoples evaluates on a continuing basis the suitability and adequacy of its offices and related facilities, and has opened, relocated, remodeled or closed them as appropriate to maintain efficient and attractive premises.
Additional information concerning the property and equipment owned or leased by Peoples and its subsidiaries is incorporated herein by reference from "Note 5 Bank Premises and Equipment" of the Notes to the Consolidated Financial Statements.