Item 2. Properties

We operate breweries, wineries, distilleries, and bottling plants, many of which include warehousing and distribution facilities on the premises, as well as standalone warehouses and through a joint venture, we operate a glass production plant. In addition to our principal physical properties described below, certain of our businesses maintain office space for sales and similar activities and offsite warehouse and distribution facilities in a variety of geographic locations.

Our corporate headquarters are located in a leased office in Rochester, New York. Our segments also maintain leased office spaces in other locations in the U.S. and internationally.

We believe that our facilities, taken as a whole, are in good condition and working order. Within the Beer segment, we believe we have adequate capacity to meet our current needs and we have undertaken activities to increase our production capacity to address our anticipated future demand. Within the Wine and Spirits segment, we believe we have adequate capacity to meet our needs for the foreseeable future. As of February 28, 2025, our principal physical properties by segment, all of which are owned unless otherwise noted, consist of:

			Beer									Wine and Spirits
Breweries •Nava Brewery in Nava •Obregón Brewery in Obregón Warehouse, distribution, and other production facilities •Glass Plant in Nava •Warehouse in Arlington, Texas (1) •Warehouse in Hutchins, Texas (1) •Warehouse in Jacksonville, Florida (1) •Warehouse in Jurupa Valley, California (1)									Wineries •Gonzales Winery in Gonzales, California (2) •Kim Crawford Winery in Marlborough, New Zealand •Mission Bell Winery in Madera, California •Woodbridge Winery in Acampo, California (2) Warehouse, distribution, and other production facilities •Lodi Distribution Center in Lodi, California •Pontassieve Winery in Florence, Italy

(1)This is a leased facility.

(2)In April 2025, we entered into the 2025 Wine Divestitures Transaction which includes two of our principal physical properties for the Wine and Spirits segment: the Gonzales Winery and the Woodbridge Winery as well as approximately 6,600 acres of vineyards in the U.S. For further information about this transaction, refer to “Recent Development” in MD&A and Note 2.

Within our Wine and Spirits segment, as of February 28, 2025, we owned, leased, or had interests in approximately 9,900 acres of vineyards in the U.S., 6,600 acres of vineyards in New Zealand, and 1,500 acres of vineyards in Italy.