Item 2. Properties
ITEM 2. PROPERTIES
In 2022 , the Company operated in 23 states in the U.S., Mexico, China and Canada. At December 31, 2022 , the Company leased approximately 10.2 million square feet of manufacturing, distribution and corporate facilities and owned approximately 2.9 million square feet, as listed below.
Leased Owned
Purpose / Nature # of Properties Square Footage # of Properties Square Footage
Manufacturing 153 7,962,000 32 2,232,000
Distribution 53 2,002,000 14 493,000
Manufacturing & Distribution (shared space) 1 127,000 1 94,000
Corporate & Other 13 112,000 1 35,000
Total 220 10,203,000 48 2,854,000
Pursuant to the terms of the Company’s 2021 Credit Agreement, most of our owned real property is subject to a security interest.
The Company`s leased properties have lease expiration dates ranging from 2023 to 2032, with the exception of one property with a lease term expiring in 2039. Patrick believes the facilities occupied as of December 31, 2022 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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