Item 2. Properties
ITEM 2. PROPERTIES
In 2020, the Company operated in 23 states in the U.S., China, Canada and the Netherlands. At December 31, 2020, the Company leased approximately 7.6 million square feet of manufacturing, distribution and corporate facilities and owned approximately 2.8 million square feet, as listed below.
Leased Owned
Purpose / Nature # of Properties Square Footage # of Properties Square Footage
Manufacturing 105 5,623,000 31 1,950,000
Distribution 42 1,302,000 13 521,000
Manufacturing & Distribution (shared space) 3 567,000 1 94,000
Corporate & Other 16 102,000 2 210,000
Pursuant to the terms of the Company’s 2019 Credit Agreement, all owned real property subject to the existing security documents is subject to a security interest.
The Company's leased properties have lease expiration dates ranging from 2021 to 2030, with the exception of one property with a lease term expiring in 2039. Patrick believes the facilities occupied as of December 31, 2020 are adequate for the purposes for which they are currently being used and are well-maintained. The Company may, as part of its strategic operating plan, further consolidate and/or close certain owned facilities and may not renew leases on property with near-term lease expirations. Use of our manufacturing and distribution facilities may vary with seasonal, economic, and other business conditions.
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