Six years remaining on lease for primary tenant at Winter Haven, Florida property
January 12, 2022 08:30 ET | Source: DSS, Inc.
ROCHESTER, N.Y., Jan. 12, 2022 (GLOBE NEWSWIRE) — DSS, Inc. (“DSS” or the “Company”) (NYSE American: DSS), a multinational company with nine operating business lines in diverse, high-growth industries, today announced its majority-owned subsidiary, American Medical REIT Inc. (“AMRE”), has acquired a tenanted 21,900 square foot medical office building in Winter Haven, Florida.
Palm Medical Center (“Palm”), the primary tenant of the Winter Haven medical office building, leases nearly 19,000 sq. ft. of the property and has six years remaining on its lease with three five-year options to renew. Rent increases to Palm are limited to 1% annually, and Palm has a first right of refusal on any vacant space at the Winter Haven medical office building. The amount Palm pays towards property taxes will freeze at the 2020 rate, and any future increases in property taxes above the 2020 rate will be absorbed by AMRE.
“While other areas within commercial real estate have been impacted by the ongoing pandemic, medical real estate has demonstrated considerable resiliency,” stated Frank D. Heuszel, DSS CEO. “We are thrilled to further expand our medical real estate operations with the addition of the Winter Haven facility to our growing AMRE portfolio. AMRE, launched in March 2020, now owns more than 380,000 sq. ft. of high-quality healthcare assets across the US, providing a formidable foundation for our operations as we seek to further accelerate growth and build long-term value for our shareholders.”
In connection with the acquisition of the Winter Haven property, American Pacific Bancorp, Inc. (“APB”), a majority-owned subsidiary of DSS, loaned AMRE $4.8 million (the “APB Loan”). The APB Loan was made on or about December 21, 2021 (the “APB Loan Date”). As additional inducement for the loan, AMRE granted APB detachable warrants for the purchase of 475,710 shares of common stock, $0.001 par value per share, of AMRE (the “AMRE Common Stock”) at $10.00 per share. The APB Loan matures 12 months from the APB Loan Date (the “APB Loan Maturity Date”). The APB Loan bears interest at a fixed rate of 8% on the outstanding loan balance, calculated on an actual number of 360 days. Accrued interest on the APB Loan is due and payable quarterly, with principal and accrued interest due on the APB Loan Maturity Date.
About American Medical REIT Inc.
AMRE provides financing solutions to leading medical operators by acquiring licensed patient treatment facilities in various communities and delivering reliable, secure, and competitive cash returns to our investors. AMRE focuses on credit worthy single-tenant, single property transactions in the $10-$60M range and portfolio deals of larger scale, having initial rental yield in the 7-9% range and to pay a quarterly dividend up to 8% in annualized yield to the investors.
For more information, please visit: www.americanmedreit.com.
About DSS, Inc.
DSS is a multinational company operating business segments in blockchain security, direct marketing, healthcare, consumer packaging, real estate, renewable energy, securitized digital assets, securities trading and fund management, and banking, lending, and finance. Its business model is based on a distribution sharing system in which shareholders receive shares in its subsidiaries as DSS strategically unlocks value through IPO spin offs. Under new leadership since 2019, DSS has built the necessary foundation for sustainable growth through the acquisition and formation of a diversified portfolio of companies positioned to drive profitability in five high-growth sectors. These companies offer innovative, flexible, and real-world solutions that not only meet customer needs, but create sustainable value and opportunity for transformation.
For more information on DSS visit http://www.dssworld.com.
Investor Contact:
Dave Gentry, CEO
RedChip Companies Inc.
407-491-4498
Dave@redchip.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company’s intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
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