Operating Leases

12 Months Ended

Dec. 31, 2019

A. At December 31, 2019, we owned 6,483 properties in 49 U.S. states, Puerto Rico and the U.K. Of the 6,483 properties, 6,452, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2019, 94 properties were available for lease or sale.

Substantially all 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 was $8.0 million for 2019, $5.9 million for 2018 and $6.1 million for 2017.

At December 31, 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):



2020	$	1,541,732
2021	1,503,125
2022	1,435,784
2023	1,350,877
2024	1,233,083
Thereafter	8,055,610
Total	$	15,120,211

B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2019, 2018 or 2017.