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Concentrations Risk
12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentrations Risk

15. Concentration Risk

Concentrations of credit risk arise for us when multiple tenants of the Company are engaged in similar business activities, are located in the same geographic region or have similar economic features that impact in a similar manner their ability to meet contractual obligations, including those to us. We regularly monitor our tenant base to assess potential concentrations of credit risk.

At December 31, 2024, the U.S. Government accounted for 91.1% of our total leased square feet, state and local government tenants accounted for 3.7% of our total leased square feet and non-governmental tenants accounted for the remaining 5.2% of our total leased square feet. At December 31, 2023, the U.S. Government accounted for 96.0% of our leased square feet, state and local government tenants accounted for 1.2% of our total leased square feet and non-governmental tenants accounted for the remaining 2.8% of our total leased square feet.

At December 31, 2024, 18 of our 100 wholly-owned and unconsolidated operating properties were located in California, accounting for approximately 14.2% of our total leased square feet. At December 31, 2023, 18 of our 90 operating properties were located in California, accounting for approximately 15.7% of our total leased square feet. To the extent that weak economic or real estate conditions or natural disasters affect California, our business, financial condition and results of operations could be negatively impacted.