Item 2. Properties
Item 2. Properties.
As of January 24, 2025, 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 all 10 manufacturing plants, and leases its corporate headquarters, subsidiary headquarters, and 13 distribution centers.
During 2024, the Company purchased its Nashville, Tennessee production facility, which was previously leased, for approximately $56 million.
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 2030
Distribution Center Clayton, NC 233,000 Leased 2026
Manufacturing Plant Nashville, TN 220,000 Owned —
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 —
Distribution Center (4)
Columbus, OH 124,000 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.
(4) In February 2025, this facility will be replaced with a new distribution center totaling approximately 430,000 square feet.
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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. For the fiscal year ended December 31, 2024, the aggregate utilization rate of the Company’s manufacturing plants, which fluctuates with the seasonality of the business, was approximately 89%. The estimated utilization is based on actual production divided by capacity, based on an expected operation rate 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, 2024 and January 24, 2025.
As of January 24, 2025, the Company owned and operated approximately 4,600 vehicles in the sale and distribution of the Company’s beverage products, of which approximately 3,000 were route delivery trucks. In addition, the Company owned approximately 441,000 beverage dispensing and vending machines for the sale of beverage products in the Company’s territories as of January 24, 2025.