Lessor Operating Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lessor Operating Leases

Lessor Operating Leases

A.At March 31, 2023, we owned or held interests in 12,492 properties. Of the 12,492 properties, 12,263, or 98.2%, are single-client properties, and the remaining are multi-client properties. At March 31, 2023, 131 properties were available for lease or sale. The majority of our leases are accounted for as operating leases.

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 March 31, 2023, and 2022 was $4.1 million, and $3.7 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, 2023, and 2022.