Business Context and Reporting Period
This Form 8-K is filed by Grubb & Ellis Healthcare REIT, Inc. (noting the request metadata lists "Healthcare Realty Trust Inc") for the reporting period ending June 27, 2008. The filing primarily discloses the acquisition of a healthcare property and related financing activities.
Key Financial Metrics and Transaction Details
- Acquisition: Purchased Decatur Medical Plaza in Decatur, Georgia, for a total price of $12,000,000 plus closing costs.
- Financing: The acquisition was funded using $12,600,000 in borrowings under an existing $80,000,000 secured revolving line of credit with LaSalle Bank National Association and KeyBank National Association.
- Transaction Costs: An acquisition fee of $360,000 (3.0% of the purchase price) was paid to the company's advisor and its affiliate.
- Financial Statements: This filing does not provide consolidated revenue, profit, cash flow, or margin data for the period.
Material Changes
The primary material change is the expansion of the company's real estate portfolio through the acquisition of the Decatur property. Additionally, the company utilized a portion of its available credit facility, increasing outstanding borrowings by $12,600,000 to fund the purchase.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure that the information is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934. No unusual items or contingencies are detailed in the text provided.
Investor Verification Checklist
- Verify the occupancy status and lease terms of the newly acquired Decatur Medical Plaza.
- Confirm the remaining availability under the $80,000,000 LaSalle line of credit following the $12,600,000 drawdown.
- Review the full text of the press release (Exhibit 99.1) for additional details on the property's performance metrics.
- Check subsequent filings for the impact of the acquisition fee and closing costs on the company's liquidity.