PRICESMART INC

At August 31, 2026, PriceSmart operated 58 membership warehouse clubs, as detailed below:

(1)The Company purchased land located in Santo Tomas de Santo Domingo (Heredia), Costa Rica, where we plan to open our eleventh warehouse club in Costa Rica in the spring of 2027.

(2)The Company leased land located in Villa Nueva, Guatemala, where we plan to open our eighth warehouse club in Guatemala in late winter of 2027.

(3)The Company purchased land located in Montego Bay, Jamaica, where we opened our third warehouse club in October 2026 and leased land located on South Camp Road (Kingston), Jamaica, where we plan to open our fourth warehouse club in December 2026.

(4)The Company leased a store location within a shopping mall in Comuna Las Condes, Santiago, Chile, where we plan to open our first warehouse club in Chile in the spring of 2027.

Although we have entered into real estate leases in the past and will likely do so in the future, our current preference is to own rather than lease real estate. We lease land and, in some cases, land and buildings when appropriate sites within market areas are not available to purchase. The terms on these leases for our warehouse clubs generally run for 20 to 30 years and typically contain options to renew from 5 to 20 years. We actively seek to secure lease extensions or find suitable replacement properties before our leases expire. We have successfully negotiated extensions in the past and believe we will continue to be able to do so in the future; however, each lease renewal is subject to its own facts and circumstances, so we cannot be sure that we will be able to renew each lease on economically favorable terms. For instance, we entered into a lease agreement during fiscal year 2023 to relocate our Miraflores, Guatemala club to a new location adjacent to the current club location. Although the existing lease was originally scheduled to expire on December 31, 2025, the lease arrangement permits us to continue operating at the current site until the new location is completed and ready for occupancy. We currently expect to relocate the club during the first half of calendar year 2028 and expect minimal disruption to operations. Refer to Part II. “Item 8. Financial Statements and Supplementary Data: Notes to Consolidated Financial Statements, Note 9 – Commitments and Contingencies” for additional details on our Miraflores club relocation.

As of August 31, 2026, sales floors of the Company’s warehouse club buildings occupied a total of approximately 2.8 million square feet, of which 0.4 million square feet were on leased property.

We operate two large regional distribution centers, one in Miami, Florida and the other in San Jose, Costa Rica, along with several smaller distribution centers in our markets for the consolidation and distribution of merchandise shipments to our warehouse clubs. In addition, we utilize third-party operated distribution centers in China and in some of the countries in which we operate to support the consolidation and distribution of merchandise. Our corporate headquarters is located in San Diego, California, and we maintain other support service center offices in the Miami distribution facility and our international locations. We own our regional dry merchandise distribution facility in Miami, Florida, but we otherwise lease most non-warehouse club facilities and expect to continue to lease these types of facilities as we expand. Our leases for non-warehouse club facilities typically provide for initial lease terms between five and 30 years, with options to extend. We believe this leasing strategy for non-warehouse club facilities enhances our flexibility to pursue expansion opportunities when the needs of our business require. As current leases expire, we believe that we will be able to obtain lease renewals, if desired, for these present locations, or to obtain leases for equivalent or better locations in the same general area.