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Regency Affiliates Security West Lease Termination Notice Received
Regency Affiliates Security West Lease Termination Notice Received.
About this update from Regency Affiliates, Inc.
[{"type":"text","content":"\n\n\n\nRegency Affiliates Security West Lease Termination Notice Received\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nRegency Affiliates Security West Lease Termination Notice Received\nPR Newswire\nNEW YORK, Oct. 5, 2021\n\n\n\nNEW YORK, Oct. 5, 2021 /PRNewswire/ -- Regency Affiliates, Inc. (OTC Pink: RAFI) (\"Regency\") announced that Security Land and Development Company Limited Partnership received a notice under GSA's lease for the Security West building to terminate the lease and vacate the building effective November 1, 2023. \nManagement Comments \n\"While the termination notice from GSA creates uncertainty about Regency's investment in Security West, we have several reasons to be optimistic about this investment. We have about two years to evaluate alternative uses for the facility before GSA vacates the building. At that time, management estimates that the facility will be almost debt free which provides significant financial flexibility. Security West's manager has expressed confidence that, based on current markets conditions and other factors, there should be demand for Security West's space either from other government departments represented by GSA or from private sector tenants or investors. Moreover, a new long-term tenant could facilitate obtaining new financing on the facility. We will keep our shareholders updated about future developments at Security West,\" commented Laurence Levy, Chairman, CEO and CFO of Regency.\nAbout Regency Affiliates \nRegency Affiliates, Inc. invests in businesses that generate attractive, predictable and sustainable returns on capital. We are currently invested in two assets:\nA 50% limited partnership interest in the Security West Complex located on 34.3 acres in Woodlawn, Maryland. The facility is occupied under a lease with the United States General Services Administration which will terminate effective November 1, 2023; and A majority joint-venture interest in a portfolio of five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity comprising approximately 337,000 square feet ...