Operating Leases

9 Months Ended

Sep. 30, 2019

A. At September 30, 2019, we owned 5,964 properties in 49 U.S. states, Puerto Rico, and the U.K. Of the 5,964 properties, 5,934, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At September 30, 2019, 102 properties were available for lease or sale.

Substantially all of our leases are net leases where the tenant 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 a tenants’ gross sales, or percentage rents, for the third quarter of 2019 and 2018 was $407,000 and $454,000, respectively. Percentage rents for the first nine months of 2019 and 2018 were $4.5 million and $4.3 million, respectively.

At September 30, 2019, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):



2019	$	358,249
2020	1,420,029
2021	1,376,492
2022	1,309,148
2023	1,227,605
Thereafter	8,346,953
Total	$	14,038,476

B. Major Tenants - No individual tenant’s rental revenue, including percentage rents, represented more than 10% of our total revenue for each of the nine months ended September 30, 2019 and 2018.