President's Message

Dear Visitor:

It gives me great pleasure to welcome you to the Lockhart Companies Incorporated web site.

Lockhart Companies Incorporated, a U.S. Virgin Islands corporation, together with its subsidiaries, owns and operates commercial real estate, insurance, and financial services.

In the U.S. Virgin Islands, Lockhart is one of the pre-eminent and most visible business enterprises, and the Lockhart family is one of the most established and best-known land-holding families. Founded in 1884 by Alfred H. Lockhart, a progenitor of the current controlling shareholders, the Company was incorporated in 1936. Lockhart is one of the largest businesses in the U.S. that is majority-owned by two minorities: both African Americans and women.

Lockhart is the largest owner of shopping centers in the U.S. Virgin Islands and one of the largest owners of undeveloped land on the island of St. Thomas. The Company owns, operates and develops shopping centers and other commercial real estate, primarily on the island of St. Thomas, including seven shopping centers.

Lockhart also owns and operates commercial real estate parks in which the Company provides the necessary infrastructure, such as roads and utilities, and then enters into long-term leases with selected commercial tenants. Lockhart owns approximately 400 acres of undeveloped real estate zoned for commercial and residential development, located either adjacent to the primary business and tourist district on St. Thomas or on the main highway connecting downtown and the eastern end of St. Thomas, where most of the island's population resides.

In an attempt to diversify its businesses, over the past few years, Lockhart has acquired two insurance companies and a financial services company, and has focused on the continued development of its business presence in the U.S. Virgin Islands and the Caribbean. The insurance companies, Guardian Insurance Company, Inc. and Heritage Insurance Company (Caribbean) Limited, provide property and casualty insurance, including commercial, residential and automobile lines, in the U.S. Virgin Islands and selected Caribbean countries. Guardian Insurance Company and affiliates have their roots historically in Puerto Rico, but, since the acquisition of the company by Lockhart, have focused on serving the broad insurance needs of the Caribbean community. The financial services company, Premium Finance Company (Caribbean) Limited, finances insurance premiums for individuals and businesses in the U.S. Virgin Islands and selected Caribbean countries. The Company intends to use the managerial and financial resources of its real estate operations to support the expansion of its financial services and insurance businesses both in the Caribbean on the U.S. mainland.

Lockhart's senior managers include Wesley S. Williams, Jr. and George H.T. Dudley, serving as Co-Chairmen of the Board of Directors and Co-CEOs; Wesley S. Williams, JR. also serves as the President and Chief Operating Officer of the company; N. William Jarvis, Executive Vice President; and Gary V. Norkaitis, Chief Financial Officer. Since 1987, Mr. Williams and Mr. Dudley have headed the Company, and under their leadership Lockhart has substantially grown its real estate business and initiated the expansion of its other businesses.

You may explore Lockhart's website to learn more about our company and its proud tradition. Please enjoy your virtual tour of Lockhart Companies Incorporated and we hope you decide to visit the Lockhart team in person here in the southeast corner of the United States, the U.S. Virgin Islands.

Sincerely,

Wesley S. Williams, Jr.

President and Chief Operating Officer
Lockhart Companies Incorporated