Par pacific successfully closes sale-leaseback of 21 retail convenience store properties located in the state of hawaii

Houston, feb. 23, 2021 (globe newswire) -- par pacific holdings, inc. (nyse: parr) (“par pacific” or the “company”) today announced that it has successfully completed its previously announced sale-leaseback transaction with a subsidiary of realty income corporation, a publicly-traded real estate investment trust (“realty income”). at the closing, the company sold twenty-one (21) retail convenience store/fuel station properties located in the state of hawaii (the “properties”) to realty income for an aggregate cash purchase price of $109.4 million, and par hawaii, llc, an indirect wholly-owned subsidiary of the company (“par hawaii”), entered into a master lease agreement with realty income, to leaseback, on a commercial triple-net basis, the properties for an initial 15-year term, subject to par hawaii's option to extend the lease for up to an additional twenty (20) years. the company anticipates that during the first quarter there will be a separate closing for one additional property, as provided under the existing purchase agreement.
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