Business Context and Reporting Period
This Form 8-K Current Report was filed by Grubb & Ellis Healthcare REIT, Inc. (referred to in the text as Healthcare Realty Trust Inc in metadata) on March 24, 2008. The report details the completion of a real estate acquisition and the associated financing arrangements.
Key Financial Metrics
- Acquisition Price: $5,850,000 for the Epler Parke Building B property in Indianapolis, Indiana, plus closing costs.
- Financing: The purchase was funded by a $6,100,000 drawdown under a secured revolving line of credit.
- Transaction Fees: An acquisition fee of $176,000 (3.0% of the purchase price) was paid to the Advisor and its affiliate.
- Debt Capacity: The company maintains an $80,000,000 secured revolving line of credit with LaSalle Bank National Association and KeyBank National Association.
- Revenue and Profit: The filing text does not provide a clear value for revenue, profit, cash flow, or margins as this is a transaction-specific report.
Material Changes
On March 24, 2008, the company acquired the Epler B property from an unaffiliated third party, Epler Parke, LLC. This transaction increased the company's real estate portfolio and debt obligations. The company borrowed $6,100,000 under its existing credit facility to fund the acquisition, representing a new direct financial obligation.
Outlook, Risks, and Unusual Items
The filing incorporates a press release issued on March 28, 2008, regarding the acquisition. No specific forward-looking guidance, risk factors, or unusual items beyond the standard terms of the acquisition and financing are detailed in this specific text. The company noted that pro forma financial information is not practical to provide at this time and will be filed as an amendment within 71 days of the filing deadline.
Investor Verification Checklist
- Verify the terms of the $80,000,000 secured revolving line of credit with LaSalle and KeyBank, including interest rates and covenants.
- Confirm the specific closing costs associated with the $5,850,000 purchase price.
- Review the upcoming amendment to this Form 8-K for the required pro forma financial information.
- Examine the attached Exhibits 10.1 and 10.2 for the full legal terms of the purchase agreement and assignment.