HCI Group, Inc. (NYSE:HCI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
HCI Group, Inc. (NYSE:HCI) Files An 8-K Entry into a Material Definitive Agreement
On April 27, 2020, Greenleaf Capital, LLC, our real estate division, entered into an agreement with the Florida Department of Transportation by which the State of Florida is to acquire our headquarters property and a nearby right of way in connection with a planned road improvement project. Under Florida law, the agreement did not become effective until May 27, 2020. The combined compensation to Greenleaf for the acquisitions was set at $47.5 million. After transaction costs, Greenleaf expects to net approximately $44 million. HCI’s headquarters property, known as “Cypress Commons,” is located at 5300 West Cypress Street in Tampa, Florida. The transaction is expected to conclude by the end of July 2020.
As part of the agreement, we have the option to occupy the headquarters property for up to three years after the acquisition. During this time, Greenleaf will continue to manage the property, which has numerous tenants.
About HCI Group, Inc. (NYSE:HCI)
HCI Group, Inc. (HCI) is a holding company. The Company is engaged in providing property and casualty insurance to homeowners, condominium owners, and tenants in the state of Florida through its subsidiaries. The Company operates through property and casualty insurance operations segment. The Company’s operations include Insurance Operations and Other Operations. The Company’s Insurance Operations include property and casualty insurance, and reinsurance. HCI’s Other Operations include information technology (IT) and real estate. The Company, through its subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides property and casualty insurance. Its real estate operations consist of properties it owns, operations located at those owned properties and investments in approximately three commercial development projects. Its IT operations are focused on developing cloud-based products or services, including Exzeo, Proplet and Atlas Viewer.
