Concentration

9 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

Concentration

Concentration 

Tenant and Credit Concentration 

As of September 30, 2023 and 2022, the U.S. government and certain state and other government tenants combined were responsible for approximately 28.1% and 27.8%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 20.0% and 19.1% of our annualized rental income as of September 30, 2023 and 2022, respectively. 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.

Geographic Concentration 

As of September 30, 2023, our 154 wholly owned properties were located in 30 states and the District of Columbia. Properties located in California, Virginia, Illinois, Georgia and the District of Columbia were responsible for approximately 12.2%, 11.3%, 10.6%, 9.4% and 9.2% of our annualized rental income as of September 30, 2023, respectively.