Credit Concentration

12 Months Ended

Dec. 31, 2018

The Company uses annualized base rent (“ABR”) as its credit concentration metric. Annualized base rent is calculated by multiplying contractual base rent for the month ended December 31, 2018 by 12, excluding the impact of concessions and straight-line rent. The following table summarizes certain information about the Company’s top five tenant credit concentrations as of December 31, 2018 (in thousands):



Tenant	Total ABR		Percent of ABR
CHI - Nebraska	$	16,336	5.7	%
CHI - KentuckyOne Health	13,577		4.8	%
Northside Hospital	10,086		3.5	%
Baylor Scott and White Health	7,583		2.7	%
Ascension - St. Vincent's - Indianapolis	7,291		2.5	%
Remaining portfolio	231,141		80.8	%
Total	$	286,014	100.0	%

Annualized base rent collected from the Company’s top five tenant relationships comprises 19.2% of its total annualized base rent for the period ending December 31, 2018. Total annualized base rent from CHI affiliated tenants totals 19.2%, including the affiliates disclosed above. Although CHI is not a party to nor a guarantor of the related lease agreements, it controls each of the subsidiaries and the affiliates that are parties to the master lease agreements, which were entered into in connection with the closing of the transactions. Consolidated financial statements of CHI, the parent of the subsidiaries and affiliates of the entities party to master lease agreements, are publicly available on the Catholic Health Initiatives website (http://www.catholichealthinitiatives.org/). Information included on the CHI website is not incorporated by reference within this Annual Report on Form 10-K.

The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2018 (in thousands):



State	Total ABR		Percent of ABR
Texas	$	44,064	15.4	%
Georgia	24,716		8.6	%
Indiana	19,824		6.9	%
Nebraska	17,739		6.2	%
Minnesota	17,154		6.0	%
Other	162,517		56.9	%
Total	$	286,014	100.0	%