Restaurant Brands International Limited Partnership
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Item 2. Properties
Our general partner’s corporate headquarters are located in Miami, Florida and Toronto, Ontario and consist of approximately 150,000 square feet and approximately 65,000 square feet, respectively, which we lease. We also lease property for brand and other regional offices. Our TH segment is based in Toronto, Ontario, our BK and PLK segments are based in Miami, Florida, our FHS segment is based in Jacksonville, Florida, and our INTL segment is based in Zug, Switzerland.
The table below sets forth the real estate profile of each of our franchised restaurants and Company restaurants by operating segment. As discussed in the Business section, our TH, BK, PLK, and FHS segments include operations for each of these brands in the U.S. and Canada, while our INTL segment includes operations of each of our four brands outside of the U.S. and Canada. In addition to the restaurant properties below, we own five distribution centers and two manufacturing plants in Canada which are included in our TH segment. We also lease one manufacturing plant in the U.S. which is included in our TH segment.
As of December 31, 2025, our restaurant footprint was as follows:
| TH | BK | PLK | FHS | INTL | Total | |
|---|---|---|---|---|---|---|
| Franchised Restaurants | ||||||
| Sites owned by us and leased to franchisees | 765 | 530 | 34 | — | — | 1,329 |
| Sites leased by us and subleased to franchisees | 2,769 | 554 | 52 | — | 4 | 3,379 |
| Sites owned/leased directly by franchisees | 1,021 | 4,809 | 3,397 | 1,407 | 15,319 | 25,953 |
| Total franchised restaurant sites | 4,555 | 5,893 | 3,483 | 1,407 | 15,323 | 30,661 |
| Company Restaurants | ||||||
| Sites owned by us | 12 | 118 | 11 | — | — | 141 |
| Sites leased by us | 19 | 1,014 | 84 | 42 | 1,080 | 2,239 |
| Total Company restaurant sites (a) | 31 | 1,132 | 95 | 42 | 1,080 | 2,380 |
| Total system-wide restaurant sites | 4,586 | 7,025 | 3,578 | 1,449 | 16,403 | 33,041 |
(a)BK segment includes 1,005 Carrols BK Company restaurants included in our RH segment. INTL segment includes 1,247 BK China restaurants, consisting of 999 Company restaurants and 248 franchised restaurants, which are included in discontinued operations, 73 PLK China Company restaurants included in our RH segment, and 8 FHS Brazil Company restaurants included in our RH segment. Upon the closing of the Burger King China JV on January 30, 2026, the 999 BK China Company restaurants were reclassified to franchised restaurant sites.
We believe that our existing headquarters and other leased and owned facilities are adequate to meet our current requirements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.