DALLAS, March 26, 2020 /PRNewswire/ -- NexPoint
Residential Trust, Inc. ("NXRT" or the "Company") (NYSE: NXRT)
announced today the closing of the sale of two properties in
Nashville, TN, Willow Grove, a 244- unit property built in
1973, and Woodbridge, a 220-unit property built in 1980. The
properties are situated on approximately 18.12 and 18.601 acres of
land, respectively. As of March 25,
2020, the properties were 95.04% occupied with a weighted
average effective monthly rent of approximately $1,037. Net proceeds from the sale were
approximately $33.1M, based on a
blended nominal cap rate of 5.0%. Management anticipates
using the net proceeds from the sales for liquidity, general
corporate purposes and share repurchases as part of NXRT's updated
stock repurchase program that was announced on March 13, 2020.
About NXRT
NexPoint Residential Trust 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.
Cautionary Notice Regarding Forward-Looking
Statements
This press release 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 "expect," "intend" and similar expressions, and
variations or negatives of these words. These forward-looking
statements include, but are not limited to, statements regarding
the disposition of the Nashville
properties and the expected usage of proceeds from the sale, if at
all. Forward-looking statements 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 Annual Report on
Form 10-K for the year ended December 31, 2019 and
the Company's 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 statement. Except as
required by law, the Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, changing
circumstances or any other reason after the date of this press
release.
Contact:
Jackie
Graham
Investor Relations
972-628-4024
JGraham@nexpointadvisors.com
Media Inquiries
MediaRelations@nexpointadvisors.com
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SOURCE NexPoint Residential Trust, Inc.