The San Antonio-based oil pipeline and terminal operator has sold its corporate offices but will lease the space in a transaction known as a sale-leaseback.
will rent the real estate from an affiliate of Charlotte, N.C.,-based Truist in a transaction known as a sale-leaseback and use the proceeds from the sale to pay off debt.
NuStar will pay an average annual rent of $8.2 million during its initial 20-year lease, with two options to extend the term for 10 years each, according to a filing last month with theThe company bought about 37 acres off Interstate 10 north of The Rim shopping center in 2010 and moved into its roughly 319,000-square-foot corporate offices there in 2012.
It had a profit of $92 million in the three months through December — $75 million after adjustments for one-time items — and its Permian pipeline system handled record volumes of 584,000 barrels per day. Nustar said it expects profits of $202 million to $240 million profit, compared with $222 million for all of 2022. It closed the year with debt of $3.3 billion.
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