Item 2. Properties
Item 2. Properties
Restaurant Properties
As of December 31, 2024, restaurant operations included 458 company-operated and franchise locations. Restaurant operations own the land and building for 136 restaurants. The following table lists the locations of the restaurants as of December 31, 2024.
Steak n Shake Western Sizzlin
Company
Operated Franchise
Partner Traditional
Franchise Company
Operated Franchise Total
Domestic:
Alabama 1 1 3 — 4 9
Arkansas — — 3 — 5 8
California — — 2 — — 2
Colorado 1 — — — — 1
Florida 19 56 4 — — 79
Georgia 7 11 11 — 3 32
Illinois 35 14 7 — — 56
Indiana 32 21 — — — 53
Iowa 2 1 1 — — 4
Kentucky — 12 6 — — 18
Louisiana — — 1 — — 1
Maryland — — — — 1 1
Michigan 9 4 1 — — 14
Mississippi — — 6 — 1 7
Missouri 4 15 20 — — 39
Nebraska — — 1 — — 1
Nevada — — 4 — — 4
North Carolina 1 5 1 — 6 13
Ohio 25 18 1 — 1 45
Oklahoma — — 1 — 2 3
Pennsylvania 1 — — — — 1
South Carolina 1 — 2 — 1 4
Tennessee 1 7 5 — 3 16
Texas 1 8 5 — — 14
Virginia — — 4 2 2 8
Washington, D.C. — — 1 — — 1
West Virginia — — 3 1 — 4
International:
France 4 — 14 — — 18
Monaco 1 — — — — 1
Spain 1 — — — — 1
Total 146 173 107 3 29 458
As of December 31, 2024, 10 of the 146 Steak n Shake company-operated stores were closed. Steak n Shake plans to sell or lease six of the 10 locations and refranchise the balance.
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Table of Contents
Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in Louisiana state waters.
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.
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.