Item 2. Properties
ITEM
2. PROPERTIES
As of December 31, 2020, we owned a portfolio of 726 postal
properties located in 47 states comprising approximately of 2.7 million net leasable interior square feet. All of our properties
were leased to a single tenant, the USPS, other than the multi-tenant industrial facility located in Warrendale, PA. The USPS occupies
73% of this property as a distribution facility. The following map shows our footprint of owned and managed properties as of December
31, 2020.
Explanatory
Note :
(1)
We own one property
in Galena, AK, which has been omitted from this map.
Information
regarding our properties as of December 31, 2020 are included in “Item 15. “Exhibits, Financial Statement Schedules—Schedule
III. Real Estate and Accumulated Depreciation” of this Annual Report on Form 10-K.
Scheduled
Lease Expirations
As
of December 31, 2020, the weighted average remaining years to maturity pursuant to our leases with the USPS was approximately 3.7
years, with expirations through 2029. The table below details scheduled lease expirations, as of December 31, 2020,
for our properties for the periods indicated.
Number of
Leases
Total Lease
Square Footage
Annualized Lease
Revenue (1)
Year
Expiring
Amount
%
Amount
%
2021 (2)
72
158,539
5.9 %
1,621,273
6.3 %
2022 (3)
212
518,523
19.4 %
4,296,681
16.6 %
2023
87
305,298
11.4 %
3,360,624
13.0 %
2024
90
487,394
18.3 %
4,338,923
16.8 %
2025
120
352,792
13.2 %
4,693,943
18.2 %
2026
83
590,786
22.1 %
4,733,975
18.3 %
2027
54
209,528
7.9 %
2,253,631
8.7 %
2028
6
33,004
1.2 %
294,220
1.1 %
2029
4
12,311
0.5 %
216,238
0.8 %
Totals
728
2,668,175
100.0 %
$ 25,809,508
100.0 %
Explanatory
Notes :
(1)
Expiring rent
calculated on the last contracted rent paid monthly annualized.
29
(2)
Includes approximately 42,000 of interior lease square footage and annualized lease revenue of $0.6 million occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2020.
(3) 135
of the 212 leases are under a master lease that was scheduled to expire in 2022 as of December 31, 2020. Such master lease was
extended in January 2021 to February 2027.
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.