SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) April 7, 2006
NEWKIRK REALTY TRUST, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Maryland 1-32662 20-3164488
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification Number)
THE NEWKIRK MASTER LIMITED PARTNERSHIP
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 0-50268 11-3636084
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification Number)
7 Bulfinch Place, Suite 500, P.O. Box 9507, Boston, Massachusetts 02114
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (617) 570-4680
Former Name or Former Address, if Changed Since Last Report: N/A
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFT|R 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As permitted and contemplated by the $750 million loan facility with
KeyBank, National Association ("KeyBank") and Bank of America, on April 7, 2006,
The Newkirk Master Limited Partnership (the "Operating Partnership"), the
operating partnership of Newkirk Realty Trust, Inc. (the "Corporation"), entered
into an unsecured revolving credit agreement providing for borrowings of up to
$50 million, subject to increase up to $100 million. The revolving credit line
was contemplated by the existing loan arrangement between the Operating
Partnership and KeyBank and Bank of America. The revolving credit facility
matures April 7, 2009 with the option on the part of the Operating Partnership
to extend the term for an additional year. Amounts borrowed under the revolving
credit line bear interest at rates based on the Operating Partnership's leverage
ratio ranging from LIBOR plus 1.35% to LIBOR plus 2.00%. In addition, the
Operating Partnership is required to pay a 12.5 or 25 basis point fee on the
unused portion of the line, depending on the amount borrowed.
The revolving credit line requires monthly payments of interest only. To
the extent that the amounts outstanding under the revolving credit line are in
excess of the borrowing base (as calculated), the Operating Partnership would be
required to make a principal payment to the extent of such excess. The Operating
Partnership may prepay and reborrow amounts prepaid under the credit line.
The revolving credit line is fully recourse to the Operating Partnership
and the Corporation has guaranteed the Operating Partnership's obligations under
the revolving credit line.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Loan Agreement, dated as of April 7, 2006, between The Newkirk
Master Limited Partnership and KeyBank, National Association
10.2 Guaranty from Newkirk Realty Trust, Inc. in favor of KeyBank,
National Association.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 11th day of April, 2006.
NEWKIRK REALTY TRUST, INC.
By: /s/ Peter Braverman
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Peter Braverman
President
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 11th day of April, 2006.
THE NEWKIRK MASTER LIMITED PARTNERSHIP
By: Newkirk Realty Trust, Inc.
By: /s/ Peter Braverman
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Peter Braverman
President