1 unchanged sentence
Our Warehouse Portfolio
−Removed: 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.
+Added: As of December 31, 2025, we operated a global network of 231 warehouses that contained approximately 1.4 billion refrigerated cubic feet and approximately 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.
4 unchanged sentences
(In millions)
−Removed: Pallet positions
+Added: Cubic Feet Average Pallet Positions
(In thousands)
28 unchanged sentences
As of December 31, 2025, 15 of our owned facilities were located on land that we lease pursuant to long-term ground leases.
−Removed: Table of C ontents
−Removed: We own, develop and manage multiple types of temperature-controlled warehouses, which allows us to service our customers’ needs across our network.
−Removed: Our warehouse portfolio consists of five distinct property types:
−Removed: • Distribution .
−Removed: 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 our customers’ finished products until future shipment to their final destinations.
−Removed: 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.
−Removed: Each distribution center is strategically located in a key distribution hub, serving a distinct population center within a major market.
−Removed: 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 including restaurants, government institutions, hotels, hospitals, schools, or supermarkets.
−Removed: • Production Advantaged .
−Removed: 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.
−Removed: Production advantaged warehouses are temperature-controlled warehouses that are typically dedicated to one or a small number of customers.
−Removed: 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.
−Removed: • Facility Leased .
−Removed: As of December 31, 2024, we had 4 facility leased warehouses with approximately 22.1 million cubic feet of temperature-controlled capacity.
−Removed: We charge our customers that are party to these leases rent based on the square footage leased in our warehouses.
−Removed: 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.
−Removed: The majority of our facility leased warehouses are leased to third parties under “triple net lease” arrangements.
−Removed: • Third-Party Managed .
−Removed: 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.
−Removed: 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 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.
−Removed: , non-refrigerated) customers.
−Removed: 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.