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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: i516-i466-3100
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
i☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
i☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock
iBRT
iNYSE
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
i☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Information
We previously reported that we had entered into a contract to purchase a 238-unit multifamily property located in Richmond, VA. for a purchase price of approximately $62.5 million, including the
assumption of approximately $32 million of mortgage debt bearing an interest rate of 3.34% and maturing in 2061. In December 2023, we notified the seller and /or the other parties to the purchase agreement that such agreement had terminated and requested the return from the escrow agent of our approximate $1.3 million down payment. The seller countered that we defaulted under the purchase agreement and is blocking the return of the down payment. Although we are pursuing the return of the down payment(or , under appropriate circumstances, the revival of the purchase contract at a reduced purchase price), we can provide no assurance that we will be successful with respect thereto. If we are unable to recoup all or any portion of such down payment, we will incur a loss on this transaction.
Item
9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
101
Cover Page Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL
document.
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
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.
