Greenleaf Capital Enters into Agreement to Sell Parcel for $13.4 Million Gain
May 11 2022 - 8:00AM
Greenleaf Capital, LLC, the real estate division
of
HCI Group,
Inc. (NYSE:HCI), has entered into an
agreement to sell one and a half acres of right-of-way in
connection with a planned road improvement project. After
transaction costs, Greenleaf expects to receive net proceeds of
approximately $14.5 million compared with a net book value of $1.1
million. Following the sale, Greenleaf will retain an office
building on six acres of land and expects to re-lease the property
to a new tenant at a significant premium to existing rent. The sale
is scheduled to close by the end of third quarter 2022.
Management Commentary“This sale highlights the
embedded value in our real estate portfolio,” said HCI Group Chief
Executive Officer Paresh Patel.
About Greenleaf CapitalGreenleaf Capital, LLC
is the real estate division of HCI Group, Inc. Greenleaf owns and
manages numerous Florida real estate properties, including office
buildings, retail shopping centers and waterfront properties
representing over 500,000 square feet of space and 60 acres of
land. For more information, please
visit www.gleafcapital.com.
About HCI Group, Inc.HCI Group, Inc. owns
subsidiaries engaged in diverse, yet complementary business
activities, including homeowners insurance, information technology
services, real estate, and reinsurance. HCI’s leading insurance
operation, TypTap Insurance Company, is a rapidly growing,
technology-driven insurance company that is expanding nationwide to
provide homeowners and flood insurance. TypTap’s operations are
powered in large part by insurance-related information technology
developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s
largest subsidiary, Homeowners Choice Property & Casualty
Insurance Company, Inc., provides homeowners insurance primarily in
Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns
and operates multiple properties in Florida, including office
buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange
under the ticker symbol "HCI" and are included in the Russell 2000
and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes
financial and other information in the Investor Information section
of the company’s website. For more information about HCI Group and
its subsidiaries, visit www.hcigroup.com.
Investor Relations Contact:Matt GloverGateway
Group, Inc.Tel (949) 574-3860HCI@gatewayir.com
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