Concentration

9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

Concentration

Concentration

Tenant Concentration

We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. As of September 30, 2019, the U.S. Government, 13 state governments and three other government tenants combined were responsible for approximately 36.3% of our annualized rental income, and as of September 30, 2018, the U.S. Government, 13 state governments and three other government tenants combined were responsible for approximately 62.5% of our annualized rental income. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 25.8% and 45.6% of our annualized rental income as of September 30, 2019 and 2018, respectively.

Geographic Concentration

At September 30, 2019, our 200 wholly owned properties were located in 36 states and the District of Columbia. Properties located in Virginia, California, the District of Columbia, Texas and Maryland were responsible for 15.8%, 11.6%, 9.8%, 9.7% and 7.4% of our annualized rental income as of September 30, 2019, respectively. Properties located in the metropolitan Washington, D.C. market area were responsible for approximately 24.6% of our annualized rental income as of September 30, 2019.