Operating Leases

6 Months Ended

Jun. 30, 2019

A. At June 30, 2019, we owned 5,951 properties in 49 states, Puerto Rico, and the U.K. Of the 5,951 properties, 5,922, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At June 30, 2019, 102 properties were available for lease or sale.

Substantially all of our leases are net leases where the tenant pays or reimburses us for property taxes and assessments, maintains the interior and exterior of the building and leased premises, and carries insurance coverage for public liability, property damage, fire and extended coverage.

Rent based on a percentage of a tenants’ gross sales, or percentage rents, for the second quarter of 2019 and 2018 was $495,000 and $449,000, respectively. Percentage rents for the first six months of 2019 and 2018 were $4.1 million and $3.8 million, respectively.

At June 30, 2019, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):



2019	$	702,914
2020	1,391,004
2021	1,346,312
2022	1,279,325
2023	1,197,424
Thereafter	8,049,370
Total	$	13,966,349

B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the six months ended June 30, 2019 and 2018.