Concentration

12 Months Ended

Dec. 31, 2021

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, 2021, the U.S. government, 11 state governments and four other government tenants combined were responsible for approximately 28.9% of our annualized rental income. As of December 31, 2020 and 2019, the U.S government, 11 state governments and two other government tenants combined were responsible for approximately 35.3% and 35.5% of our annualized rental income, respectively. The U.S. government is our largest tenant by annualized rental income and represented approximately 19.5%, 25.2% and 25.0% of our annualized rental income as of December 31, 2021, 2020 and 2019, respectively.

Geographic Concentration

At December 31, 2021, our 178 wholly owned properties were located in 33 states and the District of Columbia. Properties located in Virginia, California, the District of Columbia, Illinois and Georgia were responsible for approximately 12.4%, 10.5%, 9.8%, 9.2%, and 8.2% of our annualized rental income as of December 31, 2021, respectively.