We believe that our properties, taken as a whole, are generally well maintained and are adequate for our current and foreseeable business needs.
−Removed: The following table contains information about our principal office facilities as of January 1, 2023:
+Added: The following table contains information about our principal office facilities as of December 31, 2023:
ACTIVE FACILITIES FACILITIES LOCATION LAND TITLE APPROXIMATE SQ.
8 unchanged sentences
facility primarily serves the International operating segment.
−Removed: At January 1, 2023, Wendy’s and its franchisees operated 7,095 Wendy’s restaurants.
+Added: At December 31, 2023, Wendy’s and its franchisees operated 7,240 Wendy’s restaurants.
Of the 403 Company-operated restaurants in the Wendy’s U.S.
segment, Wendy’s owned the land and building for 158 restaurants, owned the building and held long-term land leases for 145 restaurants and held leases covering the land and building for 100 restaurants.
−Removed: held leases covering the land and building for each of the 12 Company-operated restaurants in the Wendy’s International segment.
+Added: Wendy’s also held leases covering the land and building for each of the 12 Company-operated restaurants in the Wendy’s International segment.
Lease terms are generally initially between 15 and 20 years and, in most cases, provide for rent escalations and renewal options.
Certain leases contain contingent rent provisions that require additional rental payments based upon restaurant sales volume in excess of specified amounts.
−Removed: As part of the Global Real Estate & Development segment, Wendy’s also owned 488 and leased 1,199 properties that were either leased or subleased principally to franchisees as of January 1, 2023.
+Added: As part of the Global Real Estate & Development segment, Wendy’s also owned 488 and leased 1,179 properties that were either leased or subleased principally to franchisees as of December 31, 2023.
Surplus land and buildings are generally held for sale and are not material to our financial condition or results of operations.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.