Item 2. Properties
Item 2. Properties.
As of January 26, 2024, the principal properties of the Company included its corporate headquarters, subsidiary headquarters, 60 distribution centers and 10 manufacturing plants. The Company owns 47 distribution centers and nine manufacturing plants, and leases its corporate headquarters, subsidiary headquarters, 13 distribution centers and one manufacturing plant.
Following is a summary of the Company’s manufacturing plants and certain other properties:
Facility Type Location Square
Feet Leased /
Owned Lease
Expiration
Distribution Center/Manufacturing Plant Combination (1)
Charlotte, NC 650,000 Owned —
Distribution Center Whitestown, IN 415,000 Owned —
Manufacturing Plant Indianapolis, IN 400,000 Owned —
Warehouse Charlotte, NC 380,000 Leased 2028
Manufacturing Plant Cincinnati, OH 368,000 Owned —
Warehouse Chester, VA 353,000 Leased 2028
Manufacturing Plant Sandston, VA 326,000 Owned —
Manufacturing Plant West Memphis, AR 326,000 Owned —
Manufacturing Plant Roanoke, VA 310,000 Owned —
Distribution Center Erlanger, KY 301,000 Leased 2034
Distribution Center Louisville, KY 300,000 Leased 2030
Manufacturing Plant Twinsburg, OH 287,000 Owned —
Warehouse Hanover, MD 278,000 Leased 2027
Distribution Center Hanover, MD 276,000 Leased 2034
Distribution Center Memphis, TN 266,000 Leased 2025
Distribution Center Clayton, NC 233,000 Leased 2026
Manufacturing Plant Nashville, TN 220,000 Leased 2029
Distribution Center La Vergne, TN 220,000 Leased 2026
Distribution Center Sandston, VA 210,000 Owned —
Corporate Headquarters (2)(3)
Charlotte, NC 172,000 Leased 2029
Manufacturing Plant Baltimore, MD 155,000 Owned —
Manufacturing Plant Silver Spring, MD 104,000 Owned —
(1) Includes a 535,000-square foot manufacturing plant and an adjacent 115,000-square foot distribution center.
(2) Includes two adjacent buildings totaling approximately 172,000 square feet.
(3) The lease for this facility is with a related party.
The Company believes all of its facilities are in good condition and are adequate for the Company’s operations as presently conducted. The Company has production capacity to meet its current operational requirements. The estimated utilization percentage of the Company’s manufacturing plants, which fluctuates with the seasonality of the business, as of December 31, 2023, is indicated below:
Location Utilization (1)
Location Utilization (1)
Roanoke, VA 94 % Cincinnati, OH 80 %
Nashville, TN 83 % Charlotte, NC 76 %
Indianapolis, IN 82 % West Memphis, AR 72 %
Silver Spring, MD 81 % Sandston, VA 72 %
Baltimore, MD 80 % Twinsburg, OH 58 %
(1) Estimated production divided by capacity, based on expected operations of six days per week and 20 hours per day.
In addition to the facilities noted above, the Company utilizes a portion of the production capacity from the 261,000-square foot manufacturing plant owned by SAC, a manufacturing cooperative located in Bishopville, South Carolina.
The Company’s products are generally transported to distribution centers for storage pending sale. There were no changes to the number of distribution centers by market area between December 31, 2023 and January 26, 2024.
18
As of January 26, 2024, the Company owned and operated approximately 4,300 vehicles in the sale and distribution of the Company’s beverage products, of which approximately 2,700 were route delivery trucks. In addition, the Company owned approximately 452,000 beverage dispensing and vending machines for the sale of beverage products in the Company’s territories as of January 26, 2024.