High Real Estate Group, which had been left out of a landmark plan that would have seen all of High Industries’ assets transferred to the nonprofit High Foundation in 2022, will be transferred to the foundation, allowing charitable donations to be made throughout the region. Enhanced.
Under a new ownership structure announced Wednesday, High Real Estate Group, an owner, operator and developer of a growing portfolio of industrial, office, residential, retail and hotel properties, will now: Dividends will be allocated directly to the High Foundation.
The company and the foundation did not disclose the amount donated. The High Foundation is already one of the largest private foundations in central Pennsylvania. It ranks among the top 10 properties in Lancaster County.
In 2022, the High family donated $115 million in shares of High Industries when they transferred control of the private company to a foundation in an unusual philanthropic arrangement, a recent tax filing revealed. This stock gift alone doubles the High Foundation’s assets, which totaled $60.7 million in 2019.
The company and foundation had refused to share the value of the family’s stake as of the March 2022 announcement, a decision that had been years in the making. The High Foundation became the sole shareholder of East Lampeter Township-based High Industries. At the time, company officials said High Real Estate could be donated later. The foundation received more than $2.2 million in dividends from donated stock in 2022, according to tax filings.
At the time of the 2022 announcement, High Industries will be partnering with High Industries for programs that address poverty and build the communities in which it operates across multiple states, including Lancaster County in central Pennsylvania, New Jersey, and Ohio. He announced that he will donate more than $5 million annually to the foundation. And Florida.
The top companies had sales of $570 million in 2021 and have grown since then. S. Dale High, chairman of the foundation and chairman emeritus of High Companies, told WGAL in August 2022 that the company has approximately $800 million in revenue and is one of the region’s largest privately held companies. he said.
What began as High Properties, a partnership between S. Dale High and his brother Calvin and their children, has grown over the years to High Real Estate Group. High Real Estate Group owns nearly 400 of his properties, including hotels, corporate centers, and apartments in Pennsylvania, New York. Maryland, North Carolina, South Carolina, Florida.
The transfer of the High family interest in High Real Estate Group to the High Foundation provides further opportunities to impact the community and realizes his vision of a group of companies that exists to benefit the community. The foundation said in a written statement Wednesday.