UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported): May 27, 2020
HCI Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
|
|
|
|
|
Florida |
|
001-34126 |
|
20-5961396 |
(State or Other Jurisdiction of Incorporation or Organization) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification Number) |
5300 West Cypress Street, Suite 100
Tampa, Florida 33607
(Address of Principal Executive Offices)
(813) 405-3600
(Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
HCI |
NYSE |
Item 1.01. |
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.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: June 1, 2020.
|
|
|
HCI GROUP, INC. |
||
|
|
|
BY: |
|
/s/ James Mark Harmsworth |
|
|
Name: James Mark Harmsworth Title: Chief Financial Officer |
A signed original of this Form 8-K has been provided to HCI Group, Inc. and will be retained by HCI Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.