DALLAS, March 13, 2020 /PRNewswire/ -- NexPoint
Residential Trust, Inc. (NYSE: NXRT) ("NXRT") announced today that
its Board of Directors authorized an increase in its
previously announced share repurchase program from
$40.0 million to $100.0 million of its common stock. There is
approximately $75.0 million available
to repurchase shares of its common stock.
The repurchase program was first announced on June 15, 2016 and originally authorized the
repurchase of $30.0 million of common
stock. As a result of the update, the authorization now expires on
March 12, 2023. NXRT may utilize
various methods to affect the repurchases, and the timing and
extent of the repurchases will depend upon several factors,
including market and business conditions, regulatory requirements
and other corporate considerations, including whether NXRT's common
stock is trading at a significant discount to net
asset value per share. Repurchases under this program may be
discontinued at any time.
NXRT also announced today that it entered into interest rate
swaps with a notional value of $500.0
million at a weighted average rate of 0.8832% on one-month
LIBOR. $400.0 million of notional value were forward swaps as
they do not become effective until June 1,
2021 and mature on September 1,
2026 and $100.0 million of
notional value was effective March 4,
2020 and matures on June 1,
2026. As of March 13, 2020,
NXRT has entered into interest rate swaps with a notional value of
$1,568.0 million, and a weighted
average rate on one-month LIBOR of 1.2869% and weighted average
maturity of 4.4 years and has no significant near-term maturities
until 2024.
About NexPoint Residential Trust, Inc.
NexPoint Residential Trust, Inc. is a publicly traded REIT, with
its shares listed on the New York Stock Exchange under the symbol
"NXRT," primarily focused on acquiring, owning and operating
well-located middle-income multifamily properties with "value-add"
potential in large cities and suburban submarkets of large cities,
primarily in the Southeastern and Southwestern United States. NXRT is externally
advised by NexPoint Real Estate Advisors, L.P., an affiliate of
NexPoint Advisors, L.P., an SEC-registered investment advisor,
which has extensive real estate experience. More information about
NXRT is available at http://www.nexpointliving.com.
Contact:
NexPoint Residential Trust, Inc.
Investor Relations
Jackie Graham, 972-628-4024
jgraham@nexpointadvisors.com
Media Inquiries: MediaRelations@nexpointadvisors.com
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SOURCE NexPoint Residential Trust, Inc.