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Lessor Operating Leases
9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Lessor Operating Leases Lessor Operating Leases
As of September 30, 2025, we owned or held interests in 15,542 properties. Of the 15,542 properties, 15,205, or 97.8%, are single-client properties, and the remainder are multi-client properties. As of September 30, 2025, 204 properties were available for lease or sale. The majority of our leases are accounted for as operating leases.
As of September 30, 2025, most of the properties in our portfolio were leased under net lease agreements 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 clients' gross sales, or percentage rent, for the three months ended September 30, 2025 and 2024 was $4.0 million and $3.1 million, respectively. Percentage rent for the nine months ended September 30, 2025 and 2024 was $12.6 million and $10.8 million, respectively.