Greenleaf Capital, the Real Estate Division of HCI Group, Enters Into New Multi-Year Lease Agreement for Office Campus in Tampa
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 $17 million on its balance sheet. With the new tenant secured, the campus is now fully leased under a multi-year agreement.
"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
[email protected]
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
[email protected]
