Operating Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Operating Leases

Operating Leases

A. At June 30, 2022, we owned 11,427 properties in all 50 U.S. states, Puerto Rico, the U.K. and Spain. Of the 11,427 properties, 11,289, or 98.8%, are single-client properties, and the remaining are multi-client properties. At June 30, 2022, 132 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 rent, for the three months ended June 30, 2022, and 2021 was $2.2 million and $596,000, respectively. Percentage rents for the six months ended
June 30, 2022 and 2021 were $6.0 million and $1.6 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 six months ended June 30, 2022, and 2021.