Concentration

12 Months Ended

Dec. 31, 2019

Risks and Uncertainties [Abstract]

Concentration

Concentration

Tenant and Credit 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 December 31, 2019, the U.S. Government, 11 state governments, and two other government tenants combined were responsible for approximately 35.5% of our annualized rental income. As of December 31, 2018 and 2017, the U.S. Government, 13 state governments and three other government tenants combined were responsible for 35.4% and 62.6% of our annualized rental income, respectively. The U.S. Government is our largest tenant by annualized rental income and represented approximately 25.0%, 25.6% and 43.5% of our annualized rental income as of December 31, 2019, 2018 and 2017, respectively.

Geographic Concentration

At December 31, 2019, our 189 wholly owned properties were located in 35 states and the District of Columbia. Properties located in Virginia, California, the District of Columbia, Texas and Maryland were responsible for approximately 15.6%, 11.9%, 10.4%, 7.9%, and 6.6% of our annualized rental income as of December 31, 2019, respectively. Properties located in the metropolitan Washington, D.C. market area were responsible for approximately 24.1% of our annualized rental income as of December 31, 2019.