Tenant Concentrations

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Tenant Concentrations

Tenant Concentrations

As of December 31, 2025, the Company had one tenant that constituted 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 11.6% and 20.1% of the Company’s net book value of assets as of December 31, 2025 and 2024, respectively. The audited financial statements for Amazon.com, Inc. for the years ended December 31, 2025 and 2024, are publicly available on the SEC’s website, http://www.sec.gov.

The Company had one tenant from which it derived 10% or more of its revenue for the years ended December 31, 2025 and 2024, and two tenants from which it derived 10% or more of its revenue for the year ended December 31, 2023, as follows:

	Rental Income						Percentage of Total Rental Income
	Year Ended December 31,						Year Ended December 31,
Tenant(1)	2025		2024		2023		2025		2024		2023
Amazon	$	69,415	$	70,504	$	67,777	25.2	%	26.2	%	27.8	%
McDermott, Inc.	$	26,835	$	26,561	$	26,070	9.7	%	9.9	%	10.7	%

(1)     Includes tenants that represent less than 10% of total rental income in the current year for comparative purposes.

The Company derived 16.9% of its rental revenue from tenants outside of the United States, primarily one property in Canada leased to Amazon.