Operating Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Operating Leases

Operating Leases

A. At September 30, 2020, we owned 6,588 properties in 49 U.S. states, Puerto Rico, and the U.K. Of the 6,588 properties, 6,554, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At September 30, 2020, 92 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 third quarter of 2020 and 2019 was $532,000 and $407,000, respectively. Percentage rents for the first nine months of 2020 and 2019 were $2.3 million and $4.5 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 and nine months ended September 30, 2020 and 2019.