Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2022, we owned a portfolio of 1,286 properties located in 49 states and one territory, comprising approximately of 5.3 million net leasable interior square feet. Our properties are leased primarily to the USPS. The following map shows our footprint of owned properties as of December 31, 2022.
Information regarding our properties as of December 31, 2022 are included in Item 15. “Exhibits and 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, 2022, the weighted average remaining years to maturity pursuant to our leases with the USPS was approximately three years, with expirations through 2031, assuming tenants do not exercise any existing renewal, termination
30
Table of Contents
or purchase options. The table below details scheduled lease expirations, as of December 31, 2022, for our properties for the periods indicated.
Number of Leases Expiring Total Lease
Square Footage Annualized Lease
Revenue (1)
Year Amount % Amount %
2022 (2)
88 297,501 5.6 % $ 3,602,163 7.6 %
2023 88 610,311 11.5 % 4,010,679 8.5 %
2024 98 547,030 10.3 % 5,240,508 11.1 %
2025 196 1,164,639 21.8 % 8,102,408 17.1 %
2026 255 995,492 18.7 % 9,385,862 19.9 %
2027 298 955,871 17.9 % 8,505,476 18.0 %
2028 80 250,637 4.7 % 2,657,741 5.6 %
2029 91 262,973 4.9 % 2,955,526 6.2 %
2030 91 234,670 4.4 % 2,769,196 5.9 %
2031 3 8,786 0.2 % 65,620 0.1 %
Totals 1,288 5,327,910 100.0 % $ 47,295,179 100.0 %
Explanatory Notes :
(1) Annualized contractual rent in effect on December 31, 2022 for all of our leases (including those accounted for as direct financing leases). For leases in holdover, rent is calculated based on market rent determined by the USPS as a part of ongoing lease renewal negotiations and then annualized.
(2) Includes approximately 278,000 of interior lease square footage and annualized lease revenue of $3.4 million occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2022.
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.