Pico Holdings Inc., which owns water-storage operations and develops real estate, said on Monday that it has signed an agreement to sell a unit that owns almost a half-million acres in Nevada for $31 million in cash.
Pico said it has collected a non-refundable deposit of $1 million for its wholly owned subsidiary Nevada Land and Resource Co. LLC. It didn't identify the buyer, saying only that it is a third party.
The deal is scheduled to close in December. It excludes $3 million in promissory notes and some water rights and related land assets.
NLRC's assets include more than 480,000 acres of Nevada property as well as a mineral estate.
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Pico Holdings shares had risen $1.12, or 5.4 percent, to close at $21.94 before the deal was announced. They fell 30 cents to $21.64 in aftermarket trading.