TAMPA, Fla., May 11, 2022 (GLOBE NEWSWIRE) -- 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 Capital
Greenleaf 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 Glover
Gateway Group, Inc.
Tel (949) 574-3860
HCI@gatewayir.com
