Piedmont Office Realty Trust Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Item 2. Properties
As of December 31, 2023, we owned interests in 51 in-service office properties, with approximately 70% of our ALR generated from our properties located in major U.S. Sunbelt markets. As of December 31, 2023 and 2022, our in-service portfolio was 87.1% and 86.7% leased, respectively, with an average lease term remaining as of each period end of approximately six years and an average lease size of 15,000 square feet. No tenant accounts for more than 5% of our ALR, and only a total of three tenants, individually, account for 3% or more of our ALR.
ALR related to our in-service portfolio was $575.5 million, or $39.89 per leased square foot, as of December 31, 2023 as compared with $555.3 million, or $38.46 per leased square foot, as of December 31, 2022.
Property Statistics
The following table shows the geographic diversification of our in-service portfolio as of December 31, 2023:
| Location | AnnualizedLease Revenue(in thousands) | Rentable SquareFeet(in thousands) | Percentage ofAnnualizedLease Revenue (%) | Percent Leased (%) |
|---|---|---|---|---|
| Atlanta | $163,389 | 4,706 | 28.4 | 91.1 |
| Dallas | 112,753 | 3,478 | 19.6 | 80.4 |
| Northern Virginia/Washington, D.C. | 66,190 | 1,589 | 11.5 | 77.9 |
| Minneapolis | 65,381 | 2,104 | 11.4 | 89.6 |
| Orlando | 59,582 | 1,757 | 10.4 | 95.0 |
| New York | 49,142 | 1,045 | 8.5 | 87.3 |
| Boston | 39,301 | 1,270 | 6.8 | 85.0 |
| Other (1) | 19,729 | 614 | 3.4 | 91.2 |
| $575,467 | 16,563 | 100.0 | 87.1 |
(1)Includes 1430 Enclave Parkway and Enclave Place in Houston, Texas.
The following table shows lease expirations of our in-service office portfolio as of December 31, 2023 during each of the next twelve years and thereafter, assuming no exercise of renewal options or termination rights:
| Year of Lease Expiration | AnnualizedLease Revenue(in thousands) | Percentage ofAnnualizedLease Revenue (%) |
|---|---|---|
| 2023 (1) | 8,691 | 1.5 |
| 2024 | 42,280 | 7.4 |
| 2025 | 69,771 | 12.1 |
| 2026 | 64,462 | 11.2 |
| 2027 | 53,412 | 9.3 |
| 2028 | 68,122 | 11.8 |
| 2029 | 56,012 | 9.7 |
| 2030 | 27,674 | 4.8 |
| 2031 | 28,655 | 5.0 |
| 2032 | 23,514 | 4.1 |
| 2033 | 11,022 | 1.9 |
| 2034 | 35,649 | 6.2 |
| 2035 | 19,233 | 3.4 |
| Thereafter | 66,970 | 11.6 |
| $575,467 | 100.0 |
(1) Includes leases with an expiration date of December 31, 2023, comprised of approximately 351,000 square feet.
Certain Restrictions Related to our Properties
As of December 31, 2023, only 1180 Peachtree Street in Atlanta, Georgia was held as collateral for debt, and there were no properties subject to underlying ground leases. Refer to Schedule III listed in the index of Item 15(a) of this report, for further details regarding our properties as of December 31, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.