What changed in this filing

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Item 2. Properties

2022-03-14 compared with 2021-03-30 · 27 added, 25 removed, 1 unchanged (98% of the section changed)

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

We own one property

in Galena, AK, which has been omitted from this map.

regarding our properties as of December 31, 2020 are included in “Item 15.

“Exhibits, Financial Statement Schedules—Schedule

Real Estate and Accumulated Depreciation”

of this Annual Report on Form 10-K.

Lease Expirations

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.

Square Footage

Annualized Lease

Expiring rent

calculated on the last contracted rent paid monthly annualized.

As of December 31, 2021, we owned a portfolio of 966 properties located in 49 states comprising approximately of 4.5 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, 2021.

Information regarding our properties as of December 31, 2021 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, 2021, the weighted average remaining years to maturity pursuant to our leases with the USPS was approximately four 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, 2021, for our properties for the periods indicated.

Number of Leases Expiring Total Lease

Square Footage Annualized Lease

Year Amount % Amount %

19 45,869 1.0 % $ 458,213 1.2 %

2022 83 380,793 8.5 % 3,317,315 9.2 %

2023 70 554,500 12.4 % 3,416,028 9.5 %

2024 80 325,138 7.3 % 3,534,214 9.8 %

2025 188 1,153,883 25.9 % 7,923,837 22.0 %

2026 168 802,595 18.0 % 7,130,274 19.7 %

2027 239 785,719 17.6 % 6,133,577 17.0 %

2028 57 201,279 4.5 % 2,118,034 5.9 %

2029 55 180,973 4.1 % 1,782,146 4.9 %

2030 8 26,110 0.6 % 258,262 0.7 %

2031 1 2,435 0.1 % 20,400 0.1 %

Totals 968 4,459,294 100.0 % $ 36,092,300 100.0 %

Explanatory Notes :

(1) Expiring rent is calculated based on the final month of the expiring lease and then annualized.

(2) Includes approximately 43,000 of interior lease square footage and annualized lease revenue of $0.4 million occupied by month-to-month holdover leases or leases that expired during the year ended December 31, 2021.

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.

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.

What changed 10-K

Item 2. Properties