Operating Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Leases

Operating Leases

A. At March 31, 2022, we owned 11,288 properties in all 50 U.S. states, Puerto Rico, the U.K. and Spain. Of the 11,288 properties, 11,180, or 99.0%, are single-client properties, and the remaining are multi-client properties. At March 31, 2022, 156 properties were available for lease or sale.

Substantially all of our leases are net leases where our client 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 our client's gross sales, or percentage rents, for the three months ended March 31, 2022, and 2021 was $3.7 million and $1.0 million, respectively.

B. Major Clients - No individual client’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the three months ended March 31, 2022, and 2021.