1 unchanged sentence
Our properties are leased primarily to the USPS.
−Removed: The following map shows our footprint of owned properties as of December 31, 2022.
+Added: The following
+Added: map shows our footprint of owned properties as of December 31, 2023.
+Added: As of December 31, 2023, we also managed an additional 397 properties owned by our chief executive officer and his affiliates.
Information regarding our properties as of December 31, 2023 are included in Item 15.
2 unchanged sentences
Scheduled Lease Expirations
−Removed: 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
−Removed: or purchase options.
+Added: As of December 31, 2023, 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 or purchase options.
The table below details scheduled lease expirations, as of December 31, 2023, for our properties for the periods indicated.
11 unchanged sentences
2031 6 35,800 0.6 % 258,126 0.5 %
−Removed: 2031 3 8,786 0.2 % 65,620 0.1 %
Totals 1,511 5,862,568 100.0 % $ 54,935,336 100.0 %
1 unchanged sentence
(1) Annualized contractual rent in effect on December 31, 2023 for all of our leases (including those accounted for as direct financing leases).
−Removed: 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.
−Removed: (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.
+Added: (2) Includes approximately 588,000 of interior lease square footage occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2023.
+Added: Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
+Added: (3) Includes a property for which we received notice in August 2023 from the USPS to terminate the lease for such property, which termination became effective in February 2024.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.