Item 2. Properties
ITEM 2. PROPERTIES
As of December 31, 2024, we owned a portfolio of 1,703 properties located in 49 states and one territory, comprising approximately of 6.4 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, 2024. As of December 31, 2024, we also managed 360 properties owned by our chief executive officer and his affiliates.
Information regarding our properties as of December 31, 2024 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.
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Table of Contents
Scheduled Lease Expirations
As of December 31, 2024, the weighted average remaining years to maturity pursuant to our leases with the USPS was approximately four years, with expirations through 2035, assuming tenants do not exercise any existing renewal, termination or purchase options. The table below details scheduled lease expirations, as of December 31, 2024, for our properties for the periods indicated.
Number of Leases Expiring Total Lease
Square Footage Annualized Lease
Revenue (1)
Year Amount % Amount %
2024 (2)
9 166,714 2.6 % $ 854,847 1.3 %
2025 234 632,008 9.8 % $ 7,160,770 10.5 %
2026 327 1,178,991 18.4 % $ 11,663,548 17.1 %
2027 460 1,462,512 22.8 % $ 15,444,195 22.8 %
2028 208 857,213 13.4 % $ 10,491,028 15.4 %
2029 152 606,954 9.5 % $ 7,687,053 11.3 %
2030 162 1,008,281 15.7 % $ 6,660,686 9.8 %
2031 26 78,766 1.2 % $ 839,861 1.2 %
2032
2 9,354 0.1 % $ 140,000 0.2 %
2033
1 7,512 0.1 % $ 130,742 0.2 %
2034
115 384,418 6.0 % $ 6,617,743 9.7 %
2035
9 26,564 0.4 % $ 358,890 0.5 %
Totals 1,705 6,419,287 100.0 % $ 68,049,363 100.0 %
Explanatory Notes :
(1) Annualized contractual rent in effect on December 31, 2024 for all of our leases (including those accounted for as direct financing leases).
(2) Includes approximately 164,247 of interior lease square footage occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2024. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
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.