NEXPOINT RESIDENTIAL TRUST, INC. (NYSE:NXRT) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On September29, 2017, NexPoint Residential Trust, Inc. (the “Company”) sold The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls for a cumulative gross sales price of $116.0million. The properties, which the Company classified as held for sale as of June30, 2017, were sold as a four-property portfolio to an unaffiliated third party.
The Company will use the net proceeds from these dispositions, approximately $62.6 million after the repayment of first mortgage debt obligations and other closing costs, to pay down short-term debt incurred on June30, 2017 and used to acquire Rockledge Apartments and to finance a portion of the BH Buyout. The closing of these sales also completed the reverse 1031 exchange initiated to acquire Rockledge Apartments.
Cautionary Notice Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “will,” “expect,” “anticipate,” “intend” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the expected use of proceeds from property dispositions. They are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
About NEXPOINT RESIDENTIAL TRUST, INC. (NYSE:NXRT)
NexPoint Residential Trust, Inc. is an externally managed real estate investment trust (REIT). The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a capex value-add program. It focuses on multifamily investments primarily located in the Southeastern and Southwestern United States. All of its business operations are conducted through NexPoint Residential Trust Operating Partnership, L.P. Its properties include The Miramar Apartments, Arbors on Forest Ridge, Cutter’s Point, Eagle Crest, Meridian, Toscana, The Grove at Alban, McMillan Place Old Farm Apartment Homes, Stone Creek at Old Farm Apartments and Dana Point. It owns approximately 40 properties consisting of over 12,960 units in approximately 10 markets. Its advisor is NexPoint Real Estate Advisors, L.P.