PROG Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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ITEM 2. PROPERTIES
The Company leases management and information technology space for corporate functions under operating leases expiring at various times through 2027. Most of the leases contain renewal options for additional periods ranging from three to five years. The following table sets forth certain information regarding our corporate and segment management facilities as of December 31, 2023:
| LOCATION | SEGMENT, PRIMARY USE AND HOW HELD | SQ. FT. |
|---|---|---|
| Draper, Utah2 | Progressive Leasing and Vive—Corporate Management – Leased | 148,000 |
| Glendale, Arizona1, 2 | Progressive Leasing—Corporate Management – Leased | 69,000 |
1 During 2022, the office space in Arizona was consolidated to a single floor as part of the Company's restructuring initiatives and partial impairment was recognized for the abandoned portion of the right-of-use lease asset.
2 On January 25, 2024, the Company announced that it had taken several restructuring actions, including the planned reduction and consolidation of its office space in Utah and Arizona. During the first quarter of 2024, the Company will reduce its office space in Utah by 50% and completely vacate the office space in Arizona, and corresponding impairment will be recognized for the abandoned right-of-use lease assets. The existing lease agreements for Utah and Arizona expire in August 2027 and March 2025, respectively.
We believe that all of our facilities are well maintained and adequate for their current and reasonably foreseeable uses.
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