MARCUS CORP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 2. Properties
We own the real estate of a substantial portion of our facilities, including, as of December 31, 2025, The Pfister Hotel, the Hilton Milwaukee, the Hilton Madison at Monona Terrace, the Grand Geneva Resort & Spa, Saint Kate – The Arts Hotel, The Lincoln Marriott Cornhusker Hotel, and the majority of our theatres. We lease the remainder of our facilities. As of December 31, 2025, we also managed two hotels for joint ventures in which we have a minority interest and 8 hotels, resorts, theatres and other properties that are owned by a third party. Additionally, we own surplus land and several former operating properties. All of our properties are suitably maintained and adequately utilized to cover the respective business segment served.
Our owned, leased and managed properties are summarized, as of December 31, 2025, in the following table:
| Business Segment | Total Number ofFacilities inOperation | Owned(1) | Leased fromUnrelatedParties(2) | ManagedforRelatedParties | Managed forUnrelated Parties |
|---|---|---|---|---|---|
| Theatres: | |||||
| Movie Theatres | 78 | 43 | 34 | — | 1 |
| Family Entertainment Center | 1 | 1 | — | — | — |
| Hotels and Resorts: | |||||
| Hotels | 14 | 5 | 1 | 2 | 6 |
| Resorts | 1 | 1 | — | — | — |
| Other Properties(3) | 3 | — | 2 | — | 1 |
| Total | 97 | 50 | 37 | 2 | 8 |
(1)Four of the movie theatres are on land leased from unrelated parties.
(2)The 34 theatres leased from unrelated parties have a total of 368 screens. One Ultra Screen adjacent to an owned theatre is leased from an unrelated party.
(3)Includes a vacation ownership development adjacent to the Grand Geneva Resort & Spa owned by Orange Lake Resort & Country Club of Orlando, Florida, for which we provide hospitality management services and the SafeHouse restaurant located in Milwaukee, Wisconsin which we lease from an unrelated party and is managed by our hotels and resorts division. Also includes retail food outlets and a bar in the building complex adjacent to our Saint Kate - The Arts Hotel and corporate office that we lease from an unrelated third party and are managed by our hotels and resorts division.
Certain of the individual properties or facilities identified above are subject to purchase money or construction mortgages or commercial lease financing arrangements, but we do not consider these encumbrances, individually or in the aggregate, to be material.
All of our operating property leases expire on various dates after the end of fiscal 2026 (assuming we exercise all of our renewal and extension options).
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