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, 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. 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, 2025.
Country / Region # of
Warehouses
Cubic Feet
(In millions)
% of Total
Cubic Feet Average Pallet Positions
(In thousands)
Warehouse Segment Portfolio (1)
United States
East 49 343.0 24 % 1,138
Southeast 45 294.3 21 % 987
Central 42 290.1 20 % 1,110
West 45 262.3 19 % 1,204
Canada 5 32.6 2 % 120
North America Total 186 1,222.3 86 % 4,559
Netherlands 5 22.6 2 % 107
United Kingdom 4 38.3 3 % 244
Spain 4 15.2 1 % 82
Portugal 4 11.5 1 % 58
Ireland 3 9.5 1 % 59
Austria 1 4.2 — % 44
Poland 2 3.5 — % 14
Europe Total 23 104.8 8 % 608
Australia 11 63.0 4 % 222
New Zealand 6 16.9 1 % 80
Asia-Pacific Total 17 79.9 5 % 302
Argentina 2 9.7 1 % 23
South America Total 2 9.7 1 % 23
Warehouse Segment Total / Average 228 1,416.7 100 % 5,492
Third-Party Managed Portfolio
United States 2 8.4 100 % —
Asia-Pacific 1 — — % —
Third-Party Managed Total / Average 3 8.4 100 % —
Portfolio Total / Average 231 1,425.1 100 % 5,492
(1) As of December 31, 2025, we owned 166 of our North American warehouses and 38 of our international warehouses, and we leased 20 of our North American warehouses and 4 of our international warehouses. As of December 31, 2025, 15 of our owned facilities were located on land that we lease pursuant to long-term ground leases.
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Table of Contents
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