Atlantic Union Bankshares completes $45.8M sale-leaseback of 27 properties and $228.3M securities sale

Atlantic Union Bankshares Corp

Sale-leaseback of 27 properties (25 branches + drive thru/parking) for $45.8M cash; pre-tax gain $27.9M.
Lease terms: 17-year initial with renewal options; annual rent $3.7M pre-tax with 1.5% escalation.
Concurrently sold $228.3M in AFS securities for pre-tax loss of $27.7M, offsetting the gain.
Net transaction expected to be immediately accretive to net income and EPS; no branch closures.
Securities proceeds initially held at Fed, to be reinvested back into investment portfolio.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Atlantic Union Bankshares Corp entered into Sale Agreement with Blue Owl AUB VA Owner LLC valued at approximately $45.8 million (effective 2023-09-20).

Action: entry
Agreement: asset purchase
Counterparty: Blue Owl AUB VA Owner LLC
Value: approximately $45.8 million
Effective: 2023-09-20

Exact text from the filing

On September 20, 2023, Atlantic Union Bank (the “Bank”), a wholly-owned subsidiary of Atlantic Union Bankshares Corporation (the “Company”), entered into and closed on an agreement for the purchase and sale of real property (the “Sale Agreement”) with Blue Owl AUB VA Owner LLC (the “Purchaser”), an affiliate of Blue Owl Capital Inc., which provides for the sale to Purchaser of 27 properties owned and operated by the Bank, which consist of 25 branches and a drive thru and parking lot, each adjacent to a sold branch (collectively, the “Properties”), for an aggregate cash purchase price of approximately $45.8 million.

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Source: SEC EDGAR

accession 0000883948-23-000082

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