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) June 30, 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 (IRS Employer
of Incorporation) File Number) 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 (IRS Employer
of Incorporation) File Number) 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 2.01. Completion of Acquisition or Disposition of Assets.
On July 13, 2006, various wholly-owned subsidiaries of The Newkirk Master
Limited Partnership (the "Operating Partnership"), the operating partnership of
Newkirk Realty Trust, Inc., sold the following 50 retail properties that are
leased to Albertson's Inc. to an unaffiliated third party for a gross purchase
price of $160 million:
State City Square Footage 2006 Base Rent (psf)
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Alabama Dothan 53,820 2.89
Hunstville 60,000 7.45
Huntsville 58,000 5.98
Montgomery 66,000 10.35
Tuscaloosa 53,280 2.42
California Downey 39,000 12.09
Huntington Beach 43,900 12.61
Lancaster 42,000 12.75
Livermore 53,061 4.72
Lomita 33,000 10.24
Pinole 58,300 7.16
Santa Rosa 22,452 5.25
Simi Valley 40,000 12.03
Colorado Aurora 41,896 5.06
Littleton 39,000 12.17
Florida Bradenton 60,000 12.16
Cape Coral 30,380 14.85
Casselberry 68,000 11.26
Gainesville 40,717 12.53
Largo 53,820 3.97
Largo 40,496 14.86
Largo 30,336 12.95
Orlando 58,000 5.67
Pinellas Park 60,000 11.74
Venice 41,954 5.76
Idaho Boise 37,000 15.76
Boise 43,400 8.05
Illinois Freeport 29,915 12.77
Louisiana Baton Rouge 58,000 12.21
Montana Bozeman 20,705 4.19
Nebraska Omaha 72,709 5.32
Omaha 66,000 10.71
Omaha 67,000 10.99
Nevada Las Vegas 38,000 4.45
Las Vegas 60,000 7.57
Las Vegas 38,042 14.13
Reno 42,000 13.16
New Mexico Las Cruces 30,000 14.64
Oregon Beaverton 42,000 13.02
Portland 41,612 8.29
Salem 51,902 7.81
Texas Midland 60,000 10.53
Texarkana 46,000 4.72
Utah Bountiful 49,500 5.76
Washington Bothell 27,968 3.45
Everett 35,000 17.22
Federal Way 42,000 9.76
Kent 42,000 12.99
Spokane 42,000 5.13
Woodinville 29,726 5.77
The Operating Partnership incurred approximately $1,000,000 in closing
costs in connection with the sale resulting in net proceeds of approximately
$159 million. From the net proceeds, the Operating Partnership used
approximately $21.4 million to satisfy existing debt and the balance was
deposited with a Qualified Intermediary for use in 1031 tax free exchanges. On
or about July 14, 2006, the Operating Partnership received approximately $49.4
million from the Qualified Intermediary to complete the reverse 1031 exchanges
with respect to the previously acquired properties located Rochester, New York
leased to The Frontier Corporation and Glenwillow, Ohio property leased to Royal
Appliance (See Item 8.01 below). The balance is being held by the Qualified
Intermediary for future acquisitions. In addition to the approximately $21.4
million payment on the Operating Partnership's existing debt, the Operating
Partnership made an additional payment on such debt of approximately $6.1
million, which was funded from reserves.
ITEM 8.01 Other Events
The Operating Partnership acquired from a non-affiliated third party a
458,000 square foot property located in Glenwillow, Ohio for a purchase price of
$23.3 million. The property, which serves as the North American headquarters and
distribution facility for Royal Appliance, is currently leased to Royal
Appliance for a current term expiring in July 2015 with annual rent of
$1,736,634 increasing to $1,943,734 effective July 2008 and $2,039,914 effective
July 2013.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits
99. Press Release dated July 17, 2006
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 17th day of July, 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 17th day of July, 2006.
THE NEWKIRK MASTER LIMITED PARTNERSHIP
By: Newkirk Realty Trust, Inc.
By: /s/ Peter Braverman
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Peter Braverman
President