Credit Concentration

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Credit Concentration

Credit Concentration

The Company uses annualized base rent (“ABR”) as its credit concentration metric. ABR is calculated by multiplying contractual base rent for the month ended December 31, 2023 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, 2023 (in thousands):

Tenant	Total ABR		Percent of ABR
CommonSpirit - CHI - Nebraska	$	18,667	5.1	%
Northside Hospital	16,953		4.6	%
UofL Health - Louisville, Inc.	14,987		4.1	%
US Oncology	10,925		3.0	%
HonorHealth	10,244		2.8	%
Remaining portfolio	297,302		80.4	%
Total	$	369,078	100.0	%

ABR collected from the Company’s top five tenant relationships comprises 19.6% of its total ABR as of December 31, 2023. Total ABR from CommonSpirit Health affiliated tenants totals 14.9%, including the affiliates disclosed above.

The following table summarizes certain information about the Company’s top five geographic concentrations as of December 31, 2023 (in thousands):

State	Total ABR		Percent of ABR
Texas	$	49,329	13.4	%
Georgia	27,676		7.5	%
Florida	24,756		6.7	%
Indiana	23,580		6.4	%
Arizona	21,286		5.8	%
Other	222,451		60.2	%
Total	$	369,078	100.0	%