Item 2. Properties
Item 2. Properties
Restaurant Properties
As of December 31, 2023, restaurant operations included 492 company-operated and franchise locations. Restaurant operations own the land and building for 142 restaurants; they also own one other property. The following table lists the locations of the restaurants as of December 31, 2023.
Steak n Shake Western Sizzlin
Company
Operated Franchise
Partner Traditional
Franchise Company
Operated Franchise Total
Domestic:
Alabama 1 1 4 — 5 11
Arkansas — — 4 — 6 10
California — — 2 — — 2
Colorado 1 — — — — 1
Florida 16 60 5 — — 81
Georgia 7 11 10 — 4 32
Illinois 37 17 8 — — 62
Indiana 35 20 1 — — 56
Iowa 2 1 1 — — 4
Kansas — — 2 — — 2
Kentucky — 12 6 — — 18
Louisiana — — 1 — — 1
Maryland — — — — 1 1
Michigan 7 6 1 — — 14
Mississippi — — 6 — 1 7
Missouri 6 14 20 — — 40
Nebraska — — 1 — — 1
Nevada — — 5 — — 5
North Carolina 1 5 2 — 6 14
Ohio 27 19 1 — 1 48
Oklahoma — — 2 — 2 4
Pennsylvania 1 — 1 — — 2
South Carolina 1 — 2 — 1 4
Tennessee 1 7 9 — 3 20
Texas 1 8 10 — — 19
Virginia — — 4 2 2 8
Washington, D.C. — — 1 — — 1
West Virginia — — 2 1 — 3
International:
France 2 — 17 — — 19
Monaco 1 — — — — 1
Spain 1 — — — — 1
Total 148 181 128 3 32 492
As of December 31, 2023, 17 of the 148 Steak n Shake company-operated stores were closed. Steak n Shake plans to sell or lease 10 of the 17 locations and refranchise the balance.
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Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in the shallow waters of the Gulf of Mexico.
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
Through its subsidiaries, the Company owns Steak n Shake’s office building in Indianapolis, Indiana; First Guard’s office building in Venice, Florida; and Southern Pioneer’s office building in Jonesboro, Arkansas. In addition, the Company owns eight various locations that are being leased or are available to be leased by third parties, along with owning one undeveloped property in San Antonio, Texas.
Item 3. Legal Proceedings
Refer to Commitments and Contingencies - Note 15 to the Consolidated Financial Statements included in Item 8 for a discussion of legal proceedings.
Item 4. Mine Safety Disclosures
Not applicable.
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Part II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.