Business Context and Reporting Period
This Form 8-K is filed by Grubb & Ellis Healthcare REIT, Inc. (noting the metadata reference to Healthcare Realty Trust Inc) for the reporting period ending September 16, 2008. The filing primarily discloses the acquisition of a healthcare property portfolio and related financing activities.
Key Financial Metrics and Transaction Details
- Acquisition Price: $29,250,000 plus closing costs for the Oklahoma City Medical Portfolio.
- Financing Structure: $29,700,000 borrowed under a secured revolving line of credit; the remaining balance funded by IPO proceeds.
- Debt Facility: Utilization of an $80,000,000 secured revolving line of credit with LaSalle Bank National Association and KeyBank National Association.
- Transaction Fees: $878,000 (3.0% of purchase price) paid to the advisor and its affiliate.
- Revenue and Profit: The filing text does not provide a clear value for revenue, profit, cash flow, or margins.
Material Changes
The company expanded its asset base by acquiring the Oklahoma City property from Deaconess Portland MOB Limited Partnership, an unaffiliated third party. This transaction represents a material change in the company's real estate holdings and debt utilization.
Outlook, Risks, and Management Commentary
Management announced the acquisition via a press release on September 22, 2008, incorporated as Exhibit 99.1. The filing notes that the information provided under Item 7.01 is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. No specific forward-looking guidance, risk factors, or contingencies beyond the transaction details are explicitly detailed in this text.
Investor Verification Checklist
- Verify the exact purchase price and closing costs associated with the Oklahoma City Medical Portfolio.
- Confirm the remaining availability under the $80,000,000 LaSalle line of credit post-transaction.
- Review the full text of the September 22, 2008 press release (Exhibit 99.1) for additional property details.
- Assess the impact of the $878,000 acquisition fee on near-term cash flow.