Natural Grocers by Vitamin Cottage, Inc.

As of September 30, 2025, we had 169 stores located in 21 states, as shown in the following table:

Our home office is located in Lakewood, Colorado. We occupy our home office under a lease covering approximately 35,000 square feet; this facility is co-located with one of our stores. Additionally, we lease a 150,000 square foot bulk food repackaging facility and distribution center located in Golden, Colorado. That facility also houses a training center and certain administrative support functions.

As of September 30, 2025, we owned buildings in which 17 of our stores are located. Eleven of those buildings are located on land that is leased pursuant to a ground lease; the remaining six stores are on land owned by the Company. Lease terms typically range between 10 and 25 years, with additional renewal options. Of the current leases for our stores, seven expire in fiscal year 2026, nine expire in fiscal year 2027, 12 expire in fiscal year 2028, 19 expire in fiscal year 2029, 15 expire in fiscal year 2030 and the remainder expire between fiscal years 2031 and 2062. We expect that we will be able to renegotiate these leases or relocate these stores as necessary.