Concentration

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022, the U.S. government and certain state and other government tenants combined were responsible for approximately 28.5% and 29.0%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 19.6% and 19.4% of our annualized rental income as of March 31, 2023 and 2022, respectively.

Geographic Concentration 

At March 31, 2023, our 157 wholly owned properties were located in 30 states and the District of Columbia. Properties located in California, Illinois, Virginia, the District of Columbia and Georgia were responsible for approximately 11.9%, 11.0%, 11.0%, 10.4% and 9.1% of our annualized rental income as of March 31, 2023, respectively.