−Removed: In addition to the information in this Item 2, certain information regarding our portfolio is contained in Schedule III (“Financial Statement Schedule”) under Part IV, Item 15(b) and which is included in Part II, Item 8.
+Added: In addition to the information in this Item 2, certain information regarding our portfolio is contained in Schedule III (“ Real Estate and Accumulated Depreciation ”) under Part IV, Item 15(b) and which is included in Part II, Item 8 .
Our Warehouse Portfolio
6 unchanged sentences
(In millions)
−Removed: cubic feet Pallet
−Removed: (in thousands) Average economic occupancy (1)
−Removed: occupancy (1)
−Removed: (in millions)
−Removed: (in millions)
−Removed: customers (4)
+Added: Pallet positions
+Added: (In thousands)
Warehouse Segment Portfolio (1)
22 unchanged sentences
United States 3 14.9 100 % —
−Removed: Canada 1 5.3 26 % — — — 3.7 0.8 1
−Removed: North America Total / Average 4 20.2 100 % — — — $ 19.8 $ 1.4 4
Asia-Pacific 1 — — % —
1 unchanged sentence
Portfolio Total / Average 239 1,445.0 100 % 5,523
−Removed: (1) We define average economic occupancy as the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication.
−Removed: We estimate the number of contractually committed pallet positions by taking into account actual pallet commitments specified in each customer’s contract, and subtracting the physical pallet positions.
−Removed: We define average physical occupancy as the average number of occupied pallets divided by the estimated number of average physical pallet positions in our warehouses for the year ended December 31, 2023.
−Removed: We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis.
−Removed: We base this estimate on the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse.
−Removed: On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein.
−Removed: The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization.
−Removed: (2) Year ended December 31, 2023.
−Removed: (3) We use the term “segment contribution NOI” to mean a segment’s revenues less its cost of operations (excluding any depreciation and amortization, impairment charges and corporate-level selling, general and administrative expenses).
−Removed: The applicable segment contribution NOI from our owned and leased warehouses and our third-party managed warehouses is included in our warehouse segment contribution NOI and third-party managed segment contribution NOI, respectively.
−Removed: (4) We serve some of our customers in multiple geographic regions and in multiple facilities within geographic regions.
−Removed: As a result, the total number of customers that we serve is less than the total number of customers reflected in the table above that we serve in each geographic region.
−Removed: (5) As of December 31, 2023, we owned 157 of our North American warehouses and 40 of our international warehouses, and we leased 36 of our North American warehouses and seven of our international warehouses.
−Removed: As of December 31, 2023, fourteen of our owned facilities were located on land that we lease pursuant to long-term ground leases.
+Added: (1) As of December 31, 2024, we owned 168 of our North American warehouses and 40 of our international warehouses, and we leased 24 of our North American warehouses and 3 of our international warehouses.
+Added: As of December 31, 2024, 14 of our owned facilities were located on land that we lease pursuant to long-term ground leases.
+Added: Table of C ontents
We own, develop and manage multiple types of temperature-controlled warehouses, which allows us to service our customers’ needs across our network.
2 unchanged sentences
As of December 31, 2024, we owned or leased 92 distribution centers with approximately 655.9 million cubic feet of temperature-controlled capacity and 2.3 million pallet positions.
−Removed: Distribution centers typically house a wide variety of customers’ finished products until future shipment to end users.
−Removed: Each distribution center is located in a key distribution hub that services a distinct surrounding population center in a major market.
+Added: Distribution centers typically house a wide variety of our customers’ finished products until future shipment to their final destinations.
+Added: Our food service distribution centers typically supply restaurants, government institutions, hotels, hospitals, and schools, while our retail-focused distribution centers primarily service supermarkets and e-commerce fulfillment centers.
+Added: Each distribution center is strategically located in a key distribution hub, serving a distinct population center within a major market.
As of December 31, 2024, we owned or leased 81 public warehouses with approximately 402.6 million cubic feet of temperature-controlled capacity and 1.7 million pallet positions.
−Removed: Public warehouses generally store multiple types of inventory and cater to small and medium-sized businesses by primarily serving the needs of local and regional customers.
+Added: Public warehouses generally store multiple types of inventory and cater to small and medium-sized businesses by primarily serving the needs of local and regional customers including restaurants, government institutions, hotels, hospitals, schools, or supermarkets.
• Production Advantaged .
10 unchanged sentences
We manage warehouses on behalf of third parties and provide warehouse management services to several leading food retailers and manufacturers in customer-owned facilities, including some of our largest and longest-standing customers.
−Removed: Our third-party managed segment provides a complete outsourcing solution by managing all
−Removed: aspects of the distribution of our customers’ products, including order management, reverse logistics, inventory control and, in some instances, dedicated transportation services for temperature-controlled and ambient ( i.e.
+Added: Our third-party managed segment provides a complete outsourcing solution by managing all aspects of the distribution of our customers’ products, including order management, reverse logistics, inventory control and, in some instances, dedicated transportation services for temperature-controlled and ambient ( i.e.
, non-refrigerated) customers.
+Added: Table of C ontents
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.