BEYOND MEAT 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
Our principal facilities, which are leased except where otherwise indicated, are as follows:
| Primary Use | Location | Approximate Area (SF) | Expiration of Lease |
|---|---|---|---|
| United States: | |||
| Production of woven protein and dry blend flavor systems | Columbia, MO | 26,000 | 6/30/2025 |
| Production of woven protein and dry blend flavor systems | Columbia, MO | 64,000 | 7/31/2025 |
| Warehousing and dry blending | Columbia, MO | 142,000 | Owned |
| Production of finished goods | Devault, PA | 86,000 | Owned |
| Corporate headquarters, lab and innovation (“Campus Headquarters”)(1) | El Segundo, CA | 282,000 | 11/30/2033 |
| Lab and innovation space(2) | El Segundo, CA | 16,300 | 1/31/2024 |
| International: | |||
| Production of woven protein and dry blend flavor systems | Enschede, the Netherlands | 46,000 | Owned |
| Production of woven protein and finished goods | Jiaxing, China | 38,000 | 9/09/2027 |
| Research and development | Shanghai, China | 12,000 | 1/11/2030 |
(1) As of December 31, 2023, Phase 1-A and Phase 1-B consisting of approximately 142,000 rentable square feet has been completed and delivered to the Company. See Note 10, Commitments and Contingencies, to the Notes to Consolidated Financial Statements included elsewhere in this report.
(2) Effective November 1, 2023, we partially terminated the lease of our former El Segundo, California lab and innovation space reducing the area leased from approximately 30,000 square feet to 16,300 square feet. This lease expired subsequent to the year ended December 31, 2023 on January 31, 2024.
In 2021, we assumed an operating lease for a building in Commerce, California to house our commercialization center, which was terminated in February 2023.
In 2021, we entered into a lease agreement for our Campus Headquarters in El Segundo, California. In 2022, upon completion of the Phase1-A, we moved our Innovation team from our Manhattan Beach Project Innovation Center to the new campus facility. In 2023, upon completion of the tenant improvements associated with Phase 1-B, we moved our headquarters, sales and marketing operations into the new campus facility. On June 30, 2023, we terminated the lease of our former headquarters, also in El Segundo, California.
In 2022, we entered into an agreement to purchase certain property on a neighboring site to our manufacturing facility in Europe located in Enschede, the Netherlands, for cash consideration of approximately €6.3 million, of which a €0.9 million deposit was made during 2022. Given our intention to reduce our overall operating expenses and cash expenditures, subsequent to the year ended December 31, 2023, on February 2, 2024, we terminated the purchase agreement and entered into a lease agreement with the subsequent purchaser of the property to lease the approximately 114,000 square foot property. See Note 14 Subsequent Event, to the Notes to Consolidated Financial Statements included elsewhere in this report.
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