Tenant Concentrations

12 Months Ended

Dec. 31, 2023

The Company had one tenant that constitutes a significant asset concentration. The Company typically leases its operating properties to corporate tenants under master leases that are associated with multiple operating properties, which creates asset concentrations within the Company. Assets leased to subsidiaries of and guaranteed by Amazon.com, Inc. accounted for approximately 31.1% and 41.8% of the Company’s net book value of assets as of December 31, 2023 and 2022, respectively. The audited financial statements for Amazon.com, Inc. for the years ended December 31, 2023 and 2022, are publicly available on the SEC’s website, http://www.sec.gov.

The Company had two and three tenants from which it derived 10% or more of its revenue for the year ended December 31, 2023 and for the period from Inception through December 31, 2022, respectively, as follows:


	Rental Income				Percentage of Total Rental Income
Tenant	Year Ended December 31, 2023		From Inception through December 31, 2022		Year Ended December 31, 2023		From Inception through December 31, 2022
Amazon	$	67,777	$	13,386	27.8	%	29.3	%
Maverick Gaming	$	19,182	$	5,002	7.9	%	10.9	%
McDermott, Inc.	$	26,070	$	4,982	10.7	%	10.9	%

The Company derived 17.8% of its rental revenue from tenants outside of the United States, which includes one property in Canada leased to Amazon.