v3.25.1
Concentration
3 Months Ended
Mar. 31, 2025
Risks and Uncertainties [Abstract]  
Concentration Concentration 
Tenant and Credit Concentration 
As of March 31, 2025 and 2024, the U.S. government and certain state and other government tenants combined were responsible for approximately 25.1% and 27.6%, respectively, of our annualized rental income. The U.S. government is our largest tenant by annualized rental income and represented approximately 16.8% and 20.2% of our annualized rental income as of March 31, 2025 and 2024, respectively. We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.
Geographic Concentration 
As of March 31, 2025, our 125 wholly owned properties were located in 29 states and the District of Columbia. Properties located in Virginia, California, Texas, Georgia and Illinois were responsible for approximately 13.8%, 11.9%, 11.0%, 10.4% and 10.3% of our annualized rental income as of March 31, 2025, respectively.