Item 2. Properties
ITEM 2. Properties
General
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
As of December 31, 2024, we operated a global network of 239 warehouses that contained approximately 1.4 billion cubic feet and over 5.5 million pallet positions. We believe that the volume of cubic feet in our warehouses and the number of pallets contained therein provide a more meaningful measure of our storage space than warehouse surface area expressed in square feet as customers generally contract for storage on a pallet-by-pallet basis, not on a square footage basis. Our warehouses feature customized racking systems that allow for the storage of products on pallets in horizontal rows across vertically stacked levels. Our racking systems can accommodate a wide array of different customer storage needs.
The following table provides summary information regarding the warehouses in our portfolio that we owned, leased or managed as of December 31, 2024.
Country / Region # of
warehouses
Cubic feet
(In millions)
% of total
cubic feet
Pallet positions
(In thousands)
Warehouse Segment Portfolio (1)
United States
East 53 351.0 25 % 1,217
Southeast 48 315.6 22 % 1,022
Central 41 268.2 19 % 1,087
West 45 262.3 18 % 1,142
Canada 5 32.6 2 % 120
North America Total 192 1,229.7 86 % 4,588
Netherlands 6 31.5 2 % 112
United Kingdom 5 39.3 3 % 244
Spain 4 15.2 1 % 80
Portugal 4 11.5 1 % 58
Ireland 3 9.5 1 % 59
Austria 1 4.2 — % 44
Poland 2 3.5 — % 14
Europe Total 25 114.7 8 % 611
Australia 10 59.1 4 % 219
New Zealand 6 16.9 1 % 82
Asia-Pacific Total 16 76.0 5 % 301
Argentina 2 9.7 1 % 23
South America Total 2 9.7 1 % 23
Warehouse Segment Total / Average 235 1,430.1 100 % 5,523
Third-Party Managed Portfolio
United States 3 14.9 100 % —
Asia-Pacific 1 — — % —
Third-Party Managed Total / Average 4 14.9 100 % —
Portfolio Total / Average 239 1,445.0 100 % 5,523
(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. As of December 31, 2024, 14 of our owned facilities were located on land that we lease pursuant to long-term ground leases.
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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. Our warehouse portfolio consists of five distinct property types:
• Distribution . 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. Distribution centers typically house a wide variety of our customers’ finished products until future shipment to their final destinations. 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. Each distribution center is strategically located in a key distribution hub, serving a distinct population center within a major market.
• Public . 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. 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 . As of December 31, 2024, we owned or leased 58 production advantaged warehouses with approximately 349.5 million cubic feet of temperature-controlled capacity and 1.5 million pallet positions. Production advantaged warehouses are temperature-controlled warehouses that are typically dedicated to one or a small number of customers. Production advantaged warehouses are generally located adjacent to or otherwise in close proximity to customer processing or production facilities and were often build-to-suit at the time of their construction.
• Facility Leased . As of December 31, 2024, we had 4 facility leased warehouses with approximately 22.1 million cubic feet of temperature-controlled capacity. We charge our customers that are party to these leases rent based on the square footage leased in our warehouses. Our facility leased warehouses are facilities that are leased to third parties, such as retailers, e-tailers, distributors, transportation companies and food producers, that desire to manage their own temperature-controlled warehousing or carry on processing operations generally in warehouses adjacent, or in close proximity, to their retail stores or production facilities. The majority of our facility leased warehouses are leased to third parties under “triple net lease” arrangements.
• Third-Party Managed . As of December 31, 2024, we managed 4 warehouses on behalf of third parties with approximately 14.9 million cubic feet of temperature-controlled capacity. 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. 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.
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Table of C ontents