Business Context and Reporting Period
This Form 8-K was filed by Grubb & Ellis Healthcare REIT, Inc. (also referenced as Healthcare Realty Trust Inc in metadata) on February 20, 2008. The report details a material definitive agreement involving a subsidiary, NNN Gallery Medical, LLC, and its lender, LaSalle Bank National Association.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or margin data. The only specific financial figure disclosed relates to a secured loan:
- Loan Principal: $6,000,000
- Collateral: The Gallery Professional Building property
- Lender: LaSalle Bank National Association
Material Changes
The primary material change reported is the execution of a First Amendment to a Promissory Note originally entered into on February 5, 2007. The amendment, effective February 12, 2008, modified the Defeasance section of the loan agreement. Specifically, it extended the earliest date the borrower could release the property from the mortgage lien from February 5, 2010, to March 31, 2010.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of general risks. The document strictly addresses the administrative amendment of the loan terms regarding the release of the property lien. No unusual items or contingencies beyond the loan amendment are disclosed.
Investor Verification Checklist
- Verify the full terms of the First Amendment to the Promissory Note attached as Exhibit 10.1.
- Confirm the impact of the extended defeasance date (March 31, 2010) on the company's ability to refinance or sell The Gallery property.
- Review the subsidiary's (NNN Gallery Medical, LLC) overall debt load and liquidity position, as this filing only covers a single $6 million loan.