The bank retains control of the properties and, simultaneouswith the sale, entered into long-term operating leases for all ofthem with ARC. Each lease has a minimum term of 15 years, withoptions to renew under certain conditions.
Of the $38.2-million net proceeds, Harleysville recorded a gainof approximately $2.3 million or $0.05 per share, which representsa portion of the total gain of $18.9 million. The remaining gainwill be deferred and recognized over the 15-year term of theleases. The properties are in Berks, Bucks, Lehigh, Montgomery,Northampton and Carbon counties.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
