Item 2. Properties
ITEM 2. PROPERTIES
We typically lease the real properties where we have operations. Our real property leases generally provide for fixed monthly rentals with annual escalation clauses. The table below sets forth certain information concerning our offices and distribution centers as of December 31, 2022, and the lease expiration dates include all stated option periods.
Square Feet
Acres
Lease Expiration (1)
Owned
Office Facilities:
Lincolnshire, Illinois (Corporate headquarters and RV and Outdoor Retail headquarters) (2)
33,090
2024
Englewood, Colorado (Good Sam Services and Plans operations, customer contact and service center and information system functions)
59,704
2054
Bowling Green, Kentucky (RV and Outdoor Retail administrative and information systems functions)
33,947
2054
Oxnard, California (Good Sam Services and Plans publishing and administrative)
10,254
2024
Lakeville, Minnesota (RV and Outdoor Retail administrative and information systems functions)
11,961
2047
St. Paul, Minnesota (RV and Outdoor Retail administrative and information systems functions)
19,364
2027
Chicago, Illinois (Administrative and information systems functions)
15,976
2039
Elkhart, Indiana (RV furniture distributor corporate headquarters)
11,333
2029
Retail Distribution Centers:
Bakersfield, California
169,123
13.1
2053
Lebec, CA
389,160
32.9
2026
Franklin, Kentucky (3)
250,000
33.0
X
Lebanon, Indiana
707,952
32.3
2040
St. Paul, Minnesota (Owasso) (4)
100,548
8.1
2027
Elkhart, Indiana (County Road) (5)
256,652
14.3
X
Elkhart, Indiana (Protecta) (5)
31,900
2.4
2023
Elkhart, Indiana (Chelsea) (5)
115,991
11.4
2029
(1) Assumes exercise of applicable lease renewal options.
(2) The Company intends to transition the existing corporate headquarters and RV and Outdoor Retail headquarters before the current lease expires in 2024 to a new Lincolnshire, IL office building. The new location, purchased in October 2022, consists of 42,845 square feet and is located on 3.45 acres.
(3) The Company closed this distribution center in January 2023. The Company expects to subsequently sell or lease the property.
(4) This property in St. Paul, Minnesota functions as the distribution center for the specialty retail products within the RV and Outdoor Retail segment.
(5) These separate properties in Elkhart, Indiana function together as the distribution center for the RV furniture products within the RV and Outdoor Retail segment.
As of December 31, 2022, we had 197 retail locations in 42 states of which we lease 159 locations. These locations generally range in size from approximately 20,000 to 80,000 square feet and are typically situated on approximately 8 to 50 acres. The leases for our retail locations typically have terms of 15 to 20 years, with multiple renewal terms of five years each. These leases are typically “triple net leases” that require us to pay real estate taxes, insurance and maintenance costs.
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