Operating Leases

12 Months Ended

Dec. 31, 2014

13. Operating Leases

A. At December 31, 2014, we owned 4,327 properties in 49 states and Puerto Rico, plus an additional two properties owned by Crest. Of the 4,327 properties, 4,308, or 99.6%, are single-tenant properties, and the remaining 19 are multi-tenant properties. At December 31, 2014, 70 properties were available for lease or sale.

Substantially all leases are net leases where the tenant pays 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 (percentage rents) was $3.6 million for 2014, $2.9 million for 2013 and $2.1 million for 2012, including amounts recorded to discontinued operations of $35,000 in 2014, $104,000 in 2013 and $163,000 in 2012.

At December 31, 2014, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):

2015	$	929,507
2016	917,651
2017	898,584
2018	873,474
2019	817,658
Thereafter	5,376,267
Total	$	9,813,141

B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the years ended December 31, 2014, 2013 or 2012.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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