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Spacehab Announces Gain from Sale Leaseback Transaction
Houston TX (SPX) May 27, 2005 Spacehab announced last Thursday that it has successfully completed a sale-leaseback transaction for its Houston-based headquarters building resulting in a gain of more than $1.0 million. Making use of a provision in the original lease agreement allowing for a first right of refusal to the Company on any sale transaction, Spacehab opted to exercise the provision, purchasing the 9.3 acre tract for approximately $2.0 million and then selling a portion of the property for $3.25 million. The Company then entered into a 10-year lease agreement, maintaining corporate offices in its current location near NASA's Johnson Space Center. Under the terms of the deal, Spacehab maintained ownership of approximately three acres of land. Commenting on the transaction, Brian K. Harrington, Spacehab Chief Financial Officer said, "This sale-leaseback is another positive step toward building our financial strength. We now benefit from lower overall lease expenses, a generation of additional cash, and the acquisition of an adjacent piece of property that could be used for our own business uses or for sale at a later date." Spacehab's headquarters are located across the street from Ellington Field, a joint military reserve base and home to NASA's aircraft operations, situated in the center of a prized development area. With two renowned commercial aerospace companies housed on adjoining property and within close proximity to the Johnson Space Center - NASA's leader in human space exploration initiatives - Spacehab hopes to see other entrepreneurial space companies join forces in the area with hopes of creating an epicenter for emerging space commerce initiatives. "The significance of the aerospace sector as well as the mounting influence of private industry in aerospace growth is evident to the economic development of the area as well as to the space program in general," stated Jim Reinhartsen, Bay Area Houston Economic Partnership President. "We are pleased that established high-quality companies such as Spacehab are reaffirming their commitment to the community and furthering the development of a burgeoning commercial space market." Bay Area Houston represents the second largest concentration of aerospace companies in the United States. Community Email This Article Comment On This Article Related Links Spacehab SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express Space Shuttle News at Space-Travel.Com
Heads Up, Space Station, Discovery Is Ready To Blast Off
Cape Canaveral (AFP) Jul 12, 2005A plastic and foam cover fell off a window of Discovery, but damage to the space shuttle was rapidly fixed and will not cause any delays, NASA said Tuesday on the eve of the planned launch. |
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