Legacy Housing Corp 10-K

ITEM 2. PROPERTIES. Facilities The following table sets forth certain information with respect to the facilities where our company operates: ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ ​ Commencement ​ Owned / ​ Square Location ​ of Operations ​ Leased ​ Feet Manufacturing/Warehouse Facilities Fort Worth, TX 2005 Owned 96,880 Commerce, TX 2007 Owned 129,600 Eatonton, GA 2016 Leased 388,000 Retail Locations Acworth, GA ​ 2019 ​ Leased ​ 2,369 Albany, GA 2018 Leased 1,536 Asheboro, NC 2017 Leased 1,472 Athens, GA 2016 Leased 2,016 Augusta, GA 2018 Leased 3,136 Canton, TX 2018 Leased 2,362 Jennings, LA 2017 Owned 2,432 Minden, LA 2017 Leased 2,369 Mt. Pleasant, TX 2016 Leased 1,792 Sapulpa, OK ​ 2020 ​ Leased ​ 1,960 Greenville, TX 2016 Owned 1,256 Gainesville, TX 2017 Owned 2,240 Oklahoma City, OK 2016 Owned 2,100 Corporate/Regional Headquarters Bedford, TX 2018 Leased 8,020 Norcross, GA 2018 Leased 3,358 We own the manufacturing facilities and the land on which the facilities are located in Fort Worth, Texas and Commerce, Texas. We believe that these facilities are adequately maintained and suitable for the purposes for which they are used. We currently lease our facility in Eatonton, Georgia from the Putnam Development Authority. In 18 Table of Contents December 2016, the Company entered into a Payment in Lieu of Taxes (“PILOT”) agreement commonly offered in Georgia by local community development programs to encourage industry development. The net effect of the PILOT agreement is to provide the Company with incentives through the abatement of local, city and county property taxes and to provide financing for improvements to the Company’s Georgia plant (the “Project”). In connection with the PILOT agreement, the Putman County Development Authority provided a credit facility for up to $10,000 which could have been drawn upon to fund Project improvements and capital expenditures as defined in the agreement. If funds had been drawn, the Company would have paid transactions costs and debt service payments. The PILOT agreement required interest payments of 6.00% per annum on outstanding balances, which would have been due each December 1st through maturity on December 1, 2021, at which time all unpaid principal and interest would have been due. The PILOT agreement was collateralized by the assets of the Project. No amounts were drawn on this credit facility. We currently operate 13 retail locations. Each retail location sits on approximately five to seven acres of land. We lease 9 of the 13 retail locations we operate in the business, pursuant to leases expiring from 2023 to 2028. Total rent expense for the years ended December 31, 2022 and 2021 was $713,000 and $698,000, respectively. ​