15. CONCENTRATIONS

Tenant Revenue Concentrations—Rental revenues from the U.S. General Services Administration and other government agencies (collectively, "Governmental Tenants"), which primarily occupy properties located in Washington, D.C., accounted for approximately 26%, and 28% of our rental and other property income for the three months ended March 31, 2014 and 2013, respectively. At March 31, 2014, and December 31, 2013, $6,444,000 and $5,596,000, respectively, is due from Governmental Tenants (see Note 14).

Geographical Concentrations of Investments in Real Estate—As of March 31, 2014, and December 31, 2013, we owned 19 office properties, five multifamily properties and three hotel properties, located in four states and Washington, D.C.

Our revenues concentration from properties for the periods ended March 31, 2014 and 2013, are as follows:



California	60.2	%	57.5	%
North Carolina	5.3		6.4
Texas	7.7		7.9
New York	2.1		2.2
Washington, D.C.	24.7		26.0


	100.0	%	100.0	%

Our real estate investments concentration from properties as of March 31, 2014, and December 31, 2013, are as follows:



California	50.5	%	50.5	%
North Carolina	5.6		5.6
Texas	7.7		7.7
New York	3.7		3.7
Washington, D.C.	32.5		32.5


	100.0	%	100.0	%

Concentration of loans receivable—Substantially all of our interest income is generated from loans collateralized by hospitality properties. At March 31, 2014, our loans receivable were 95% concentrated in the hospitality industry. In addition, at March 31, 2014, 12% of our loans were collateralized by properties in Texas. No other state had a concentration of 10% or greater of our loans receivable at March 31, 2014.