Operating Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Operating Leases

Operating Leases

A. At September 30, 2022, we owned 11,733 properties in all 50 U.S. states, Puerto Rico, the U.K. and Spain. Of the 11,733 properties, 11,587, or 98.8%, are single-client properties, and the remaining are multi-client properties. At September 30, 2022, 131 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 September 30, 2022, and 2021 was $2.3 million and $441,000, respectively. Percentage rents for the nine months ended September 30, 2022 and 2021 were $8.3 million and $2.0 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 nine months ended September 30, 2022, and 2021.