CARRIAGE SERVICES INC
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
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Item 2. Properties
At December 31, 2023, we operated 171 funeral homes in 26 states and 32 cemeteries in 11 states. We own the real estate and buildings for 150 of our funeral homes and lease 21 facilities. We own 31 cemeteries and operate one cemetery under a long-term contract with a municipality, which we refer to as a managed property. We operate 20 funeral homes in combination with cemeteries as these locations are physically located on the same property or in very close proximity and are under the same leadership.
The 32 cemeteries that we operate have developed cemetery property of approximately 143,000 and 162,000 units available-for-sale at December 31, 2022 and 2023, respectively. In addition, we own approximately 500 acres that are available for future development or sale. We anticipate having a sufficient inventory of lots to maintain our property sales for the foreseeable future.
Our support center is located in Houston, Texas, where we lease approximately 48,000 square feet of office space.
The following table sets forth certain information as of December 31, 2023, regarding our properties used by the funeral home segment and by the cemetery segment identified by state:
| Number ofFuneral Homes · Number ofCemeteries | ||||
|---|---|---|---|---|
| State | Owned | Leased(1) | Owned | Managed |
| California | 23 | 5 | 7 | — |
| Connecticut | 7 | 2 | — | — |
| Florida | 11 | 5 | 5 | — |
| Georgia | 3 | — | — | — |
| Idaho | 4 | 1 | 3 | — |
| Illinois | 2 | — | 1 | — |
| Kansas | 2 | — | — | — |
| Kentucky | 6 | 1 | — | — |
| Louisiana | 3 | 1 | 1 | — |
| Massachusetts | 7 | — | — | — |
| Michigan | 2 | — | — | — |
| Montana | 2 | 1 | 1 | — |
| Nevada | 2 | — | 2 | 1 |
| New Jersey | 1 | 1 | — | — |
| New Mexico | 1 | — | — | — |
| New York | 10 | 1 | — | — |
| North Carolina | 11 | 1 | 2 | — |
| Ohio | 5 | — | — | — |
| Oklahoma | 5 | — | 2 | — |
| Pennsylvania | 2 | — | — | — |
| Rhode Island | 4 | — | — | — |
| Tennessee | 4 | — | — | — |
| Texas | 22 | 1 | 6 | — |
| Virginia | 8 | 1 | 1 | — |
| Washington | 2 | — | — | — |
| Wisconsin | 1 | — | — | — |
| Total | 150 | 21 | 31 | 1 |
| (1) | The leases, with respect to these funeral homes, generally have remaining terms ranging from one to twenty years, and generally, we have the right to renew past the initial terms and have a right of first refusal on any proposed sale of the property where these funeral homes are located. |
The following table sets forth the number of funeral homes and cemeteries owned and operated by us for the periods presented:
| Years Ended December 31, | |||
|---|---|---|---|
| 2021 | 2022 | 2023 | |
| Funeral homes at beginning of period | 178 | 170 | 171 |
| Acquisitions | — | 6 | 3 |
| Divestitures | (2) | (4) | (2) |
| Mergers of funeral homes | (6) | (1) | (1) |
| Funeral homes at end of period | 170 | 171 | 171 |
| Cemeteries at beginning of period | 32 | 31 | 32 |
| Acquisitions | — | 1 | 2 |
| Divestitures | (1) | — | (2) |
| Cemeteries at end of period | 31 | 32 | 32 |
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