Lessor Operating Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lessor Operating Leases

Lessor Operating Leases

At June 30, 2023, we owned or held interests in 13,118 properties. Of the 13,118 properties, 12,882, or 98.2%, are single-client properties, and the remaining are multi-client properties. At June 30, 2023, 137 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 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 June 30, 2023, and 2022 was $1.7 million, and $2.2 million, respectively. Percentage rent for the six months ended June 30, 2023, and 2022 was $5.8 million, and $6.0 million, respectively.