Item 2. Properties
ITEM 2. PROPERTIES
In 2021, the Company operated in 23 states in the U.S., China and Canada. At December 31, 2021, the Company leased approximately 9.3 million square feet of manufacturing, distribution and corporate facilities and owned approximately 3.2 million square feet, as listed below.
Leased Owned
Purpose / Nature # of Properties Square Footage # of Properties Square Footage
Manufacturing 139 7,177,000 32 2,138,000
Distribution 48 1,442,000 15 712,000
Manufacturing & Distribution (shared space) 3 567,000 1 94,000
Corporate & Other 15 113,000 2 210,000
Total 205 9,299,000 50 3,154,000
Pursuant to the terms of the Company’s 2021 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 2022 to 2031, with the exception of one property with a lease term expiring in 2039. Patrick believes the facilities occupied as of December 31, 2021 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.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.