Operating Leases

12 Months Ended

Dec. 31, 2016

Operating Leases

Operating Leases

12.        Operating Leases

A.         At December 31, 2016, we owned 4,944 properties in 49 states and Puerto Rico. Of the 4,944 properties, 4,920, or 99.5%, are single-tenant properties, and the remaining are multi-tenant properties. At December 31, 2016, 84 properties were available for lease or sale.

Substantially all 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 (percentage rents) was $5.3 million for 2016, $4.5 million for 2015 and $3.6 million for 2014.

At December 31, 2016, minimum future annual rents to be received on the operating leases for the next five years and thereafter are as follows (dollars in thousands):

2017	$	1,146,053
2018	1,092,071
2019	1,042,068
2020	992,192
2021	940,379
Thereafter	6,043,472
Total	$	11,256,235

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, 2016, 2015 or 2014.