Business Context and Reporting Period
This Form 8-K is filed by Grubb & Ellis Healthcare REIT, Inc. (referred to in the metadata as Healthcare Realty Trust Inc) for the reporting period ending June 23, 2008. The filing reports on the entry into material definitive agreements and the creation of direct financial obligations related to the company's secured revolving line of credit.
Key Financial Metrics and Obligations
The filing details a specific debt instrument rather than comprehensive financial performance metrics such as revenue or cash flow.
- Debt Facility: An $80,000,000 secured revolving line of credit with LaSalle Bank National Association and KeyBank National Association (the "LaSalle line of credit").
- Collateral: The Amarillo Hospital property located in Amarillo, Texas, acquired on May 15, 2008.
- Subsidiary Involved: G&E Healthcare REIT Amarillo Hospital, LLC.
The filing text does not provide clear values for revenue, profit, operating margins, or overall liquidity positions beyond the specific credit facility mentioned.
Material Changes
On June 23, 2008, the company further secured the existing $80,000,000 LaSalle line of credit. This action involved the execution of the following agreements by the subsidiary G&E Healthcare REIT Amarillo Hospital, LLC:
- Commercial Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing.
- Joinder Agreement.
- Environmental Indemnity Agreement.
These agreements were executed to secure the credit facility with the newly acquired Amarillo Hospital property.
Guidance, Risks, and Contingencies
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard obligations inherent in the secured debt agreements. The material terms of the agreements are qualified in their entirety by the attached exhibits (10.1 through 10.3). The Environmental Indemnity Agreement suggests a contingency related to environmental liabilities associated with the property.
Investor Verification Checklist
- Verify the full terms of the $80,000,000 LaSalle line of credit, including interest rates and covenants, in the attached Exhibits 10.1 through 10.3.
- Confirm the valuation and condition of the Amarillo Hospital property used as collateral.
- Review the Environmental Indemnity Agreement (Exhibit 10.3) for potential liabilities regarding the Amarillo property.
- Check subsequent filings for any drawdowns on the revolving line of credit or changes in the company's overall leverage ratio.