Operating Leases

12 Months Ended

Dec. 31, 2015

Operating Leases

Operating Leases

13.        Operating Leases

A.         At December 31, 2015, we owned 4,538 properties in 49 states and Puerto Rico, plus an additional eight properties owned by Crest. Of the 4,538 properties, 4,519, or 99.6%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2015, 71 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 $4.5 million for 2015, $3.6 million for 2014 and $2.9 million for 2013.

At December 31, 2015, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):

2016	$	998,632
2017	984,748
2018	960,857
2019	906,498
2020	857,543
Thereafter	5,539,698
Total	$	10,247,976

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, 2015, 2014 or 2013.