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Spotlight On Calista Real Estate
Real Estate Investments Yielding Profits for Calista
Storyknife, July/Aug. 2019 edition
Commercial real estate is a long-term investment opportunity that has generated significant income for Calista Corporation and its Shareholders in recent years. Calista earned nearly $6.3 million in net profits from its real estate investments from 2016 to 2018.
At the July 5 Annual Meeting in Toksook Bay, Calista Chief Financial Officer Sharon Lechner gave a presentation on Calista’s real estate business, focusing on subsidiary Calista Real Estate, LLC.
Calista subsidiaries currently own or co-own 57 real estate properties located in Alaska and six other states: Arizona, California, Colorado, Oregon, Texas and Washington. These are mostly office or retail properties, as well as a few industrial properties. Calista Real Estate (CRE) invests in about 15 of those properties and is a solid performer, responsible for about half of Calista’s real estate earnings over the last three years.
CRE has real estate investments in Alaska, Washington and Oregon. A couple of these properties are familiar sights in Midtown Anchorage—for example, the four-story International & C Building, home to Calista headquarters, and the 17-story Denali Tower near the Midtown Mall, the location of GCI headquarters. CRE is a joint venture partner with JL Properties Inc. in those two office buildings.
Calista earned nearly $6.3 million in net profits from its real estate investments from 2016 to 2018.
In addition, Calista subsidiary STG, Inc. leases its office space and adjacent industrial property on Gambell Street from CRE. Other CRE real estate investments include a medical plaza and retail space in two adjacent residential towers in Portland, Oregon, offices in Vancouver and Bellevue, Washington, and an industrial shop and yard in Nome.
Overall, real estate investments represented nine percent of Calista’s 2018 profits, generating nearly $7.3 million in revenue and nearly $3.5 million in income. All of Calista’s real estate businesses are subsidiaries of Ena Holding, LLC.
Visit Ena Holding, LLC for details on Calista real estate subsidiaries and investment properties