Greenleaf Capital, the Real Estate Division of HCI Group, Enters Into New Multi-Year Lease Agreement for Office Campus in Tampa
Rhea-AI Summary
HCI Group (NYSE: HCI) has announced that GEICO has signed a multi-year lease agreement to fully occupy a three-building campus in Tampa, Florida, owned by its real estate division Greenleaf Capital. The office campus, acquired by Greenleaf in 2023, features approximately 190,000 square feet of leasable space and is currently reported at a carrying value of $17 million on HCI's balance sheet.
The agreement is expected to bring more than 1,000 new jobs to the local community. With GEICO as the tenant, the campus is now fully leased. The combination of property improvements and the long-term lease with a high-quality tenant is anticipated to enhance the equity value of the investment.
Positive
- Secured full occupancy with GEICO as long-term tenant
- Property will bring 1,000+ new jobs, indicating substantial lease revenue
- Campus fully leased, improving from previous vacancy
- Strategic improvements expected to enhance property's equity value beyond $17M carrying value
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, HCI gained 1.58%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
TAMPA, Fla., March 28, 2025 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI) announced today that GEICO has signed a multi-year lease agreement to fully occupy a three building campus in Tampa, Florida owned as an investment property by Greenleaf Capital, the company’s real-estate division.
“We are excited to secure a long-term tenant who plans to bring more than 1,000 new jobs to our local community,” said Paresh Patel, HCI’s chairman and chief executive officer.
Greenleaf acquired the office campus in 2023, which includes approximately 190,000 square feet of leasable space. HCI currently reports the office campus at a carrying value of approximately
“We believe the combination of property improvements and the long-term lease with a high-quality tenant greatly enhances the equity value of the investment. Greenleaf has a proven history of acquiring properties at favorable prices, enhancing them through strategic improvements, and generating tremendous long-term value for HCI shareholders,” said Paresh Patel, HCI’s chairman and chief executive officer.
About HCI Group, Inc.
HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.
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.
Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com
FAQ
What is the size and value of HCI Group's Tampa office campus leased to GEICO?
How many jobs will GEICO bring to the Tampa campus owned by HCI Group?
When did Greenleaf Capital acquire the Tampa office campus?
What is the current occupancy rate of HCI Group's Tampa office campus after the GEICO lease?
How will the GEICO lease agreement impact HCI Group's real estate portfolio value?
