MERCURY GENERAL CORP
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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FY2023 · Filed Feb 13, 2024
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Item 2. Properties
The Company owns the following buildings which support all business segments. Space not occupied by the Company may be leased to independent third party tenants.
| Location | Purpose | Size inSquare Feet | Percent Occupied bythe Company atDecember 31, 2023 |
|---|---|---|---|
| Brea, CA | Property held for sale | 156,000 | 100% |
| Brea, CA | Home office and I.T. facilities | 80,000 | 100% |
| Folsom, CA | Administrative | 88,000 | 100% |
| Los Angeles, CA | Executive offices | 41,000 | 95% |
| Oklahoma City, OK | Administrative | 100,000 | 10% |
The Company leases additional office space for operations. In addition, the Company owns 5.9 acres of land in Rancho Cucamonga, California. The Company’s properties are well maintained, adequately meet its needs, and are being utilized for their intended purposes.
Office location is not crucial to the Company’s operations. Although the Company occupies space in owned buildings and leased office space, and all team members may utilize this office space to carry out Company business, most of its workforce chooses to work from home, as a result of the "Mercury's My Workplace" policy that allows most of its employees to work from anywhere in the U.S. beginning January 2022. Consequently, the Company is in the process of reducing its office footprint.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.