FDD ITEM 20 · FISCAL 2023–2025
PROPERTY MANAGEMENT INCORPORATED FRANCHISE LLC Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), PROPERTY MANAGEMENT INCORPORATED FRANCHISE LLC reported 406 franchised outlets at year end. 50 of 399 franchised outlets open at the start of the year left the system — an annualized exit rate of 12.5%— while 57 new outlets opened. Systemwide units moved +7.7% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 376 | 377 | 399 |
| Opened | 37 | 45 | 57 |
| Transfers | 14 | 2 | 4 |
| Terminations | 33 | 22 | 7 |
| Non-renewals | 1 | 0 | 5 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 38 |
| Outlets at end | 377 | 402 | 406 |
| Net change | +1 | +25 | +7 |
7 terminations + 5 non-renewals + 38 ceased (other) = 50 exits ÷ 399 at start = 12.5%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (4) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| FL | 68 | — |
| TX | 40 | — |
| CA | 37 | — |
| GA | 21 | — |
| CO | 19 | — |
| MD | 16 | — |
| NC | 15 | — |
| VA | 15 | — |
| TN | 14 | — |
| AZ | 13 | — |
| NJ | 11 | — |
| UT | 11 | 0 |
| NY | 10 | — |
| IL | 9 | — |
| OH | 9 | — |
| IN | 7 | — |
| SC | 7 | — |
| MI | 6 | — |
| NV | 6 | — |
| WA | 6 | — |
| AL | 5 | — |
| ID | 5 | — |
| MO | 5 | — |
| WI | 5 | — |
| KS | 4 | — |
| LA | 4 | — |
| MA | 4 | — |
| PA | 4 | — |
| CT | 3 | — |
| MN | 3 | — |
| OK | 3 | — |
| OR | 3 | — |
| AR | 2 | — |
| IA | 2 | — |
| MT | 2 | — |
| NH | 2 | — |
| NM | 2 | — |
| PR | 2 | — |
| DE | 1 | — |
| HI | 1 | — |
| KY | 1 | — |
| ME | 1 | — |
| MS | 1 | — |
| RI | 1 | — |
| AK | 0 | — |
| ND | 0 | — |
| NE | 0 | — |
| SD | 0 | — |
| WV | 0 | — |
| WY | 0 | — |
The PROPERTY MANAGEMENT INCORPORATED FRANCHISE LLC validation checklist
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