Voltari Corporation (OTCMKTS:VLTC) Files An 8-K Entry into a Material Definitive Agreement

On January 19, 2018, Voltari Corporation (the “Company”), through its wholly owned subsidiary, Voltari Real Estate Holding LLC, a Delaware limited liability company (the “Purchaser”), entered into a purchase and sale agreement (the “Purchase Agreement”) with The State Media Company, a South Carolina corporation (the “Seller”), to acquire all of Seller’s right, title and interest in a real estate parcel located in Columbia, South Carolina (the “Property”) for $17.0 million.

to the terms and conditions of the Purchase Agreement, upon the closing of the sale of the Property, Purchaser will enter into a triple net lease with The McClatchy Company (the “Lease”), a publicly traded Delaware corporation and an affiliate of the Seller (“McClatchy”). The Lease will have an initial term of fifteen years, with three five-year extension options (the “Term”). During the Term, in addition to rent, McClatchy will be responsible for the payment of all real estate taxes, utilities, tenant’s insurance and other property related costs, and the maintenance of the Property and its premises. The initial average annual rental income for the Property will be approximately $1,613,000 (the “Base Rent”). On each of the fifth (5th) and tenth (10th) anniversaries of the commencement date of the Lease, the Base Rent will be increased by ten percent (10%) above the then current Base Rent.

The Purchase Agreement contains customary representations, warranties and covenants by the parties and the closing of the purchase is subject to customary conditions precedent, including a due diligence period. The Company makes no assurances that the conditions will be satisfied or that the purchase will be consummated in a timely manner, if at all.

The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by reference to the Purchase Agreement, which is attached as Exhibit 10.1 hereto, and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Voltari Corp ExhibitEX-10.1 2 vltc_ex101.htm MATERIAL CONTRACTS Blueprint   Exhibit 10.1   REAL PROPERTY PURCHASE AND SALE AGREEMENT   THIS REAL PROPERTY PURCHASE AND SALE AGREEMENT (this “Agreement”) dated as of January 19,…To view the full exhibit click here
About Voltari Corporation (OTCMKTS:VLTC)
Voltari Corporation is engaged in the business of acquiring, financing and leasing commercial real properties. The Company owns approximately one commercial real property in Long Branch, New Jersey, which it leases to JPMorgan Chase Bank, N.A. (Chase) pursuant to a triple net lease (the Long Branch Lease). The Company intends to acquire additional properties primarily in the Northeast United States. The Company intends to lease such properties pursuant to double net or triple net leases. The Company intends to explore additional strategic opportunities from time to time, which may include opportunities with respect to its intellectual property, investments in various industries or acquisitions. The Company’s subsidiary is Voltari Real Estate Holding LLC.