Operating Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Operating Leases

Operating Leases

A. At March 31, 2020, we owned 6,525 properties in 49 U.S. states, Puerto Rico, and the U.K. Of the 6,525 properties, 6,490, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At March 31, 2020, 97 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 first three months of 2020 and 2019 was $1.2 million and $3.6 million, respectively.

B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the three months ended March 31, 2020 and 2019.