Resources Connection Sells Irvine Property for $20.5M

TL;DR

RGP sold its Irvine property for $20.5M, expecting a gain next quarter.

AI Summary

On May 15, 2024, Resources Connection, Inc. announced the sale of its Irvine, California property for $20.5 million. The sale was completed on May 15, 2024, and the company expects to recognize a pre-tax gain on the sale in its first fiscal quarter of 2025.

Why It Matters

This sale represents a significant asset disposition for Resources Connection, Inc., potentially impacting its real estate holdings and financial position.

Risk Assessment

Risk Level: low — The filing details a straightforward property sale with no immediate indication of significant financial or operational risks.

Key Numbers

• $20.5M — Sale Price (Amount received for the Irvine property)

Key Players & Entities

• Resources Connection, Inc. (company) — Seller of the property
• Irvine, California (location) — Location of the sold property
• $20.5 million (dollar_amount) — Sale price of the property
• May 15, 2024 (date) — Date of the sale and report
• First fiscal quarter of 2025 (date) — Expected recognition period for the gain

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share RGP The Nasdaq Stock Market L
• $13,500,000.00 — million, five hundred thousand dollars ($13,500,000.00). Additionally, upon transfer of fee ti
• $20,000.00 — a base rent of twenty thousand dollars ($20,000.00) per month. The closing of the transact

Filing Documents

• rgp8-ksaleofirvineproperty.htm (8-K) — 22KB
• 0001628280-24-023552.txt ( ) — 23KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On May 15, 2024, RGP Property LLC ("Seller"), a wholly owned subsidiary of Resources Connection, Inc., entered into a Purchase and Sale Agreement with the City of Irvine, a California municipal corporation, ("Buyer") for the sale of its property located at 17101 Armstrong Ave., Irvine, CA 92614 with approximately 2.48 acres upon which is located an approximately 57,301 square foot building ("Property"). Pursuant to the terms and conditions of the Purchase and Sale Agreement, the Seller has agreed to sell the Property to the Buyer for a total purchase price of thirteen million, five hundred thousand dollars ($13,500,000.00). Additionally, upon transfer of fee title of the Property to the Buyer, Resources Connection LLC, a wholly owned subsidiary of Resources Connection, Inc., has agreed to lease a portion of the Property for a period of three (3) months at a base rent of twenty thousand dollars ($20,000.00) per month. The closing of the transactions contemplated by the Purchase and Sale Agreement is subject to customary closing conditions, including the satisfactory completion by the Buyer of its due diligence investigation during a due diligence period terminating on May 20, 2024. The anticipated closing date for the sale of the Property is August 15, 2024.

SIGNATURES

SIGNATURES 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. RESOURCES CONNECTION, INC . Date May 15, 2024 By s KATE W. DUCHENE Kate W. Duchene President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR