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, 2022, Peoples Bank operated 65 offices in Ohio, 29 offices in West Virginia, 23 offices in Kentucky, 2 offices in Virginia, 3 offices in Washington D.C., 1 office in Maryland, an insurance premium finance lending office in Missouri, an equipment leasing office in Vermont. Of these 125 offices, 27 are leased and the rest are owned by Peoples Bank.
Peoples Bank's subsidiary, Peoples Insurance rents office space in various Peoples Bank offices, and also leases office space from third parties in Inez, Louisa, and Pikeville, Kentucky. Peoples Bank's subsidiary, Vantage, rents office space in Excelsior, Minnesota.
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Rent expense on the leased properties totaled $3.3 million in 2022 and $2.0 million in 2021, which excludes intercompany rent expense. The following properties have a lease term expiring on or before June 2024:
Location Address Lease Expiration Date
Athens - Mall Office 801 East State Street, Athens, Ohio
June 2024 (a)
Beachwood 24400 Chagrin Boulevard, Beachwood, Ohio
September 2023 (a)
Beckley LPO 300 N Kanawha St STE 207, Beckley WV
February 2023 (c)
Chevy Chase 5530 Wisconsin Ave STE 105, Chevy Chase, MD
September 2023 (e)
Cincinnati West LPO 6701 Ruwes Oak Dr, Cincinnati, OH
February 2023 (a)
Lancaster Fair Ave 2211 West Fair Avenue, Lancaster, Ohio
March 2023 (d)
Louisa Insurance 306 Commerce Drive, Louisa, KY
December 2023 (f)
Milford LPO 151 Castleberry Ct., Milford, OH
June 2024 (b)
Nelsonville 951 Canal Street, Nelsonville, Ohio
January 2024 (a)
North Canton LPO 125 S. Main Street, North Canton, OH
July 2023 (d)
Vanceburg AA Highway 67 Commercial Dr STE 3, Vanceburg, KY
February 2023 (a)
Washington DC LPO 1130 Connecticut Ave, Washington, DC
August 2023 (a)
Worthington LPO 250 E. Wilson Bridge Rd., Suite 230, Worthington, Ohio
March 2024 (a)
(a) Current lease agreement has no remaining extensions available.
(b) Current lease agreement has one three-year extension remaining.
(c) Current lease agreement will change to a month-to-month lease upon expiration.
(d) Current lease has one one-year extension remaining.
(e) Current lease agreement has one five-year extension remaining.
(f) Current lease agreement has three three-year extensions 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."