Southland completes $42.5M sale-leaseback on three properties; proceeds to reduce debt and fund corporate purposes

Southland Holdings, Inc.

Closed sale-leaseback of two Texas and one Pennsylvania property for $42.5M on July 19, 2024.
Approximately $25M used for general corporate purposes; $16M to reduce debt; remainder for expenses.
Entered 20-year net leases with aggregate first-year rent of $3.8M; two five-year renewal options.
Purchaser (GCP Southland, LLC) has put right requiring Southland to repurchase properties for $52.5M in 2029 if exercised.
CEO Frank Renda and co-COOs Tim Winn and Rudy Renda personally guarantee the put obligations; Rendas hold indirect minority interest in purchaser.

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