PATRICK INDUSTRIES INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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ITEM 2. PROPERTIES
Patrick believes the facilities occupied as of December 31, 2023 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. Our primary corporate office is located in Elkhart, Indiana.
In 2023, the Company operated in 23 states in the U.S., Mexico, China and Canada. As of December 31,2023, the Company leased approximately 10.1 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 | 145 | 7,840,000 | 34 | 2,230,000 |
| Distribution | 48 | 1,975,000 | 14 | 493,000 |
| Manufacturing & Distribution (shared space) | 1 | 127,000 | 1 | 94,000 |
| Corporate & Other | 14 | 109,000 | 1 | 35,000 |
| Total | 208 | 10,051,000 | 50 | 2,852,000 |
Pursuant to the terms of the Company’s 2021 Credit Agreement, most of our owned real property is subject to a security interest.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.