MARINEMAX INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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FY2024 · Filed Nov 14, 2024
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Item 2. Properties
The Retail Operations segment includes our leased corporate offices in Clearwater, Florida. We also lease 46 properties under leases in the United States and British Virgin Islands, many of which contain multi-year renewal options and some of which grant us right of first refusal to purchase the property at fair value. In most cases, we pay a fixed rent at negotiated rates. In substantially all of the leased locations, we are responsible for taxes, utilities, insurance, and routine repairs and maintenance. We own 38 properties associated with the retail locations we operate. Additionally, we have six retail locations that are currently leased to a third-party or are held for sale. A store is considered one or more retail locations that are adjacent or operate as one entity. Fraser Yachts Group and Northrop & Johnson lease offices in the United States and Europe.
The following table reflects the status, approximate size, and facilities of the various retail locations in the United States and British Virgin Islands we operate as of the date of this report.
| Location | Location Type | SquareFootage(1) | Facilities at Property | OperatedSince(2) | Waterfront |
|---|---|---|---|---|---|
| Alabama | |||||
| Gulf Shores | Company owned | 4,000 | Retail and service | 1998 | — |
| California | |||||
| Newport Beach | Third-party lease | 1,000 | Retail only, 4 wet slips | 2020 | Newport Bay |
| San Diego | Third-party lease | 1,400 | Retail only, 12 wet slips | 2020 | San Diego Bay |
| Sausalito | Third-party lease | 2,000 | Retail and service; 6 wet slips | 2020 | Richardson Bay |
| Connecticut | |||||
| Norwalk | Third-party lease | 9,000 | Retail and service; 42 wet slips | 1994 | Norwalk Harbor |
| Westbrook | Third-party lease | 4,200 | Retail and service | 1998 | Westbrook Harbor |
| Florida | |||||
| Cape Haze (3) | Company owned | 18,000 | Retail and Service, 12 wet slips | — | Intracoastal Waterway |
| Clearwater | Company owned | 42,000 | Retail and service; 18 wet slips | 1973 | Tampa Bay |
| Cocoa | Company owned | 15,000 | Retail and service | 1968 | — |
| Dania | Company owned | 32,000 | Repair and service; 10 wet slips | 1991 | Port Everglades |
| Fort Walton Beach | Company owned | 4,500 | Retail and service; 14 wet slips | 2019 | Choctawhatchee Bay |
| Fort Myers | Company owned | 60,000 | Retail, service, marina and storage; 124 wet slips | 1983 | Caloosahatchee River |
| Islamorada | Third-party lease | 500 | Retail, service | 2023 | Florida Keys |
| Jacksonville | Third-party lease | 9,000 | Retail and service | 2016 | Intracoastal Waterway |
| Jupiter | Third-party lease | 2,187 | Retail and service | 2023 | Loxahatchee River |
| Key Largo | Third-party lease | 8,900 | Retail and service; 24 wet slips | 2002 | Card Sound |
| Miami | Company owned | 7,200 | Retail and service; 17 wet slips | 1980 | Little River |
| Miami | Company owned | 5,000 | Service only; 12 wet slips | 2005 | Little River |
| Naples | Company owned | 19,600 | Retail and service; 17 wet slips | 1997 | Naples Bay |
| North Palm Beach | Third-party lease | 1,000 | Retail only | 2016 | Intracoastal Waterway |
| Orlando | Third-party lease | 18,400 | Retail and service | 1984 | — |
| Panama City | Third-party lease | 10,500 | Retail only; 8 wet slips | 2011 | Saint Andrews Bay |
| Pensacola | Company owned | 52,800 | Retail, service, marina, and storage; 60 wet slips | 2016 | Pensacola Bay |
| Pompano Beach | Company owned | 23,000 | Retail and service; 17 wet slips | 1990 | Intracoastal Waterway |
| Pompano Beach | Company owned | 5,400 | Retail and service; 24 wet slips | 2005 | Intracoastal Waterway |
| Sarasota | Third-party lease | 26,500 | Retail, service, and storage; 14 wet slips | 1972 | Sarasota Bay |
| St. Petersburg | Company owned | 12,000 | Retail and service; 96 wet slips | 2006 | Boca Ciega Bay |
| Stuart | Company owned | 22,400 | Retail, marina and service; 57 wet slips | 2002 | Intracoastal Waterway |
| Tarpon Springs (3) | Company owned | 5,740 | Service only; 18 wet slips | 2022 | Anclote River |
| Venice | Company owned | 62,000 | Retail, marina, service, and storage; 73 wet slips | 1972 | Intracoastal Waterway |
| West Palm Beach | Third-party lease | 1,678 | Retail only | 2023 | — |
| Georgia | |||||
| Buford (Atlanta) (3) | Company owned | 13,500 | Retail and service | 2001 | — |
| Cumming (Atlanta) | Third-party lease | 13,500 | Retail and service; 50 wet slips | 1981 | Lake Lanier | |||
|---|---|---|---|---|---|---|---|---|
| Savannah | Third-party lease | 50,600 | Retail, marina, service and storage; 36 wet slips | 2017 | Wilmington River | |||
| Illinois | ||||||||
| Prairie Harbor | Third-party lease | 3,500 | Marina, 140 wet slips | 2020 | Lake Michigan | |||
| Sequoit Harbor Antioch | Third-party lease | 85,300 | Retail, marina, service and storage; 208 wet slips | 2020 | Lake Marie | |||
| Winthrop Harbor | Third-party lease | 319,100 | Retail, marina, service and storage; 53 wet slips | 2020 | Lake Michigan | |||
| Maryland | ||||||||
| Kent Island | Third-party lease | 30,500 | Retail, service, and storage | 2021 | Kent Narrows | |||
| Joppa (3) | Company owned | 28,400 | Retail, service, and storage; 294 wet slips | 1966 | Gunpowder River | |||
| Massachusetts | ||||||||
| Danvers | Third-party lease | 32,000 | Retail and service | 2016 | — | |||
| Quincy | Company owned | 14,700 | Retail, service, and storage; 247 wet slips | 2018 | Town River | |||
| Michigan | ||||||||
| Bay City | Third-party lease | 195,800 | Retail, marina, service and storage; 59 wet slips | 2020 | Saginaw River | |||
| Bele Mear Harbor | Third-party lease | 8,500 | Retail and service, 4 wet slips | 2020 | Lake St. Clair | |||
| Cass Lake | Third-party lease | 31,600 | Retail, marina, service and storage; 124 wet slips | 2020 | Cass Lake | |||
| Grand Haven | Third-party lease | 32,000 | Retail, service, and storage; 6 wet slips | 2020 | Spring Lake | |||
| Lake Fenton | Third-party lease | 57,900 | Retail, marina, service and storage; 123 wet slips | 2020 | Lake Fenton | |||
| Mac Ray Harbor | Third-party lease | 300 | Retail only, 4 wet slips | 2020 | Lake St. Clair | |||
| Minnesota | ||||||||
| Bayport | Third-party lease | 500 | Retail only; 10 wet slips | 1996 | St. Croix River | |||
| Crosslake | Company owned | 68,040 | Retail, marina, service and storage; 56 wet slips | 2023 | Whitefish Chain of Lakes | |||
| Excelsior | Third-party lease | 2,500 | Retail only; 14 wet slips | 2013 | Lake Minnetonka | |||
| Rogers | Company owned | 69,512 | Retail, service, and storage | 1991 | — | |||
| Nisswa | Company owned | 108,400 | Retail, service, and storage | 2021 | Nisswa Lake | |||
| Missouri | ||||||||
| Lake Ozark | Company owned | 60,300 | Retail, marina, service, and storage; 218 wet slips | 1987 | Lake of the Ozarks | |||
| Laurie (3) | Company owned | 700 | Retail | — | — | |||
| Osage Beach | Company owned | 2,000 | Retail and service | 1987 | — | |||
| New Jersey | ||||||||
| Brant Beach | Company owned | 3,800 | Retail, service, and storage; 36 wet slips | 1965 | Barnegat Bay | |||
| Brick | Company owned | 20,000 | Retail, service, and storage; 225 wet slips | 1977 | Manasquan River | |||
| Lake Hopatcong | Company owned | 4,600 | Retail and service; 80 wet slips | 1998 | Lake Hopatcong | |||
| Ship Bottom (3) | Company owned | 19,300 | Retail and service | 1972 | — | |||
| Somers Point | Company owned | 35,000 | Retail, service, and storage; 33 wet slips | 1987 | Little Egg Harbor Bay | |||
| Ocean View | Company owned | 13,800 | Retail, service, and storage | 2018 | — | |||
| New York | ||||||||
| Huntington | Third-party lease | 1,200 | Retail and service | 1995 | Huntington Harbor and Long Island Sound | |||
| North Carolina | ||||||||
| Lake Norman | Third-party lease | 10,300 | Retail only | 2017 | — | |||
| Wrightsville Beach | Third-party lease | 34,500 | Retail, service, and storage; 42 wet slips | 1996 | Masonboro Inlet | |||
| Ohio | ||||||
|---|---|---|---|---|---|---|
| Marina Del Isle | Company owned | 163,153 | Retail, marina, service and storage; 189 wet slips | 2020 | Lake Erie | |
| Port Clinton | Company owned | 80,000 | Retail, service and storage | 1997 | Lake Erie | |
| Oklahoma | ||||||
| Grand Lake | Company owned | 3,500 | Retail and service; 23 wet slips | 2019 | Grand Lake | |
| Rhode Island | ||||||
| Newport | Third-party lease | 700 | Retail only | 2011 | Newport Harbor | |
| South Carolina | ||||||
| Charleston | Third-party lease | 14,800 | Retail, service, and storage | 2017 | — | |
| Greenville | Third-party lease | 24,500 | Retail, service, and storage | 2017 | — | |
| Lake Wylie | Third-party lease | 76,400 | Retail, marina, service and storage; 82 wet slips | 2017 | Lake Wylie | |
| Texas | ||||||
| Austin | Third-party lease | 26,000 | Retail and service | 2019 | — | |
| Lewisville (Dallas) | Company owned | 22,000 | Retail and service | 2002 | — | |
| Seabrook | Company owned | 127,740 | Retail, service, marina, and storage; 34 wet slips | 2002 | Clear Lake | |
| Fort Worth (3) | Company owned | 40,162 | Retail and service | 2021 | — | |
| Washington | ||||||
| Seattle | Third-party lease | 400 | Retail only, 6 wet slips | 2020 | Lake Union | |
| Wisconsin | ||||||
| Harbor Club Marina | Third-party lease | 1,000 | Marina, 140 wet slips | 2020 | Sturgeon Bay | |
| Lake Geneva | Third-party lease | 114,900 | Retail, service and storage; 2 wet slips | 2020 | — | |
| Madison | Third-party lease | 138,300 | Retail, marina, service and storage; 135 wet slips | 2020 | Lake Mendota | |
| Milwaukee | Third-party lease | 68,100 | Retail, service and storage; 11 wet slips | 2020 | Kinnickinnic River | |
| Oshkosh | Third-party lease | 98,300 | Retail, marina, service and storage; 98 wet slips | 2020 | Lake Butte Des Mortes | |
| Pewaukee | Third-party lease | 157,200 | Retail, service and storage; | 2020 | — | |
| Sturgeon Bay | Third-party lease | 222,200 | Retail, marina, service and storage; 260 wet slips | 2020 | Sturgeon Bay | |
| British Virgin Islands | ||||||
| Tortola | Third-party lease | 2,600 | Vacation charters; 45 wet slips | 2011 | Caribbean Sea | |
(1)
Square footage is approximate and does not include outside sales space or dock or marina facilities.
(2)
Operated since date is the date the facility was opened by us or opened prior to its acquisition by us.
(3)
Owned location that is leased to a third-party or held for sale.
IGY Marinas offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia. The following table reflects the location and status of the various IGY Marinas.
| Location | Location Type |
|---|---|
| Colombia | |
| Marina Santa Marta | Marketed (1) |
| Costa Rica | |
| Marina Bahia Golfito | Marketed (1) |
| England | |
| St. Katharine Docks | Managed (2) |
| France | |
| IGY Sète Marina | Third-party lease |
| IGY Vieux – Port de Cannes | Joint venture |
| Italy, Sardinia | |
| IGY Portisco Marina | Company owned and third-party lease (3) |
| Marina Di Porto Cervo (Marina & Shipyard) | Managed (2) |
| Mexico | |
| Marina Cabo San Lucas | Company owned and third-party lease (3) |
| Panama | |
| Red Frog Beach Island Marina | Third-party lease |
| Providenciales, Turks & Caicos | |
| Blue Haven Marina | Marketed (1) |
| Kingdom of Saudi Arabia | |
| Sindalah Marina | Managed (2) |
| Spain | |
| IGY Málaga Marina | Joint venture |
| Málaga San Andres Marina | Managed (2) |
| IGY Ibiza Marina | Joint venture |
| St. Maarten | |
| Simpson Bay Marina | Third-party lease |
| Yacht Club Isle de Sol | Third-party lease |
| St. Lucia | |
| Rodney Bay Marina | Company owned |
| United States, Florida | |
| Yacht Haven Grande Miami at Island Gardens | Third-party lease |
| Maximo Marina, St. Petersburg | Managed (2) |
| United States, Georgia | |
| IGY Savannah Harbor Marina | Company owned and third-party lease (3) |
| United States, New York | |
| North Cove Marina at Brookfield Place | Managed (2) |
| United States Virgin Islands, Saint Thomas | |
| Yacht Haven Grande | Company owned and third-party lease (3) |
| American Yacht Harbor | Company owned and third-party lease (3) |
(1)
Marinas are marketed under the IGY Marinas brand.
(2)
Marinas are managed by IGY Marinas.
(3)
Owned or controlled through third-party leases or concession agreements.
We have leased offices in the United States through the Fraser Yachts Group and Northrop & Johnson in Ft. Lauderdale, Florida and San Diego, California as well as leased offices outside the United States in Monaco, France, Italy, Spain, Greece and the United Kingdom.
The Product Manufacturing segment operates out of four owned manufacturing properties, three in the Green Bay, Wisconsin metropolitan area, and one in Largo, Florida. We also own a manufacturing property in Swansboro, North Carolina that is currently being leased to third-parties. Additionally, we have one leased office in Dania, Florida.
We believe that our properties are suitable and adequate for our current needs. We believe that our manufacturing facilities have adequate capacity to meet our current and anticipated demand. We believe that our properties are well maintained and in good operating condition.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.