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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NexPoint Residential Trust Inc | NYSE:NXRT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.58 | 1.69% | 34.85 | 35.38 | 34.505 | 35.03 | 177,015 | 22:30:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 13, 2019
NEXPOINT RESIDENTIAL TRUST, INC.
(Exact Name Of Registrant As Specified In Its Charter)
Maryland | 001-36663 | 47-1881359 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
300 Crescent Court, Suite 700
Dallas, Texas 75201
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (972) 628-4100
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):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
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 |
||
Common Stock, par value $0.01 per share | NXRT | New York Stock Exchange |
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).
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 1.01. |
Entry into a Material Definitive Agreement. |
On August 13, 2019, a subsidiary of NexPoint Residential Trust, Inc. (the Company ) entered into an agreement (the Agreement ) to purchase a 1,520-unit multifamily property located in Pembroke Pines, Florida, a suburb of Miami (the Pembroke Apartments ), from an unaffiliated third party ( Seller ) for approximately $322.0 million, subject to prorations and other adjustments as described in the Agreement. As of July 29, 2019, the Pembroke Apartments were 96.1% occupied with a weighted average effective monthly rent of $1,487.
The purchase of the property is subject to customary closing conditions set forth in the Agreement. The Agreement also contains customary representations and warranties and covenants of the parties. The purchase of the Pembroke Apartments is expected to close on August 30, 2019. There can be no assurance that the closing conditions will be satisfied or that the purchase will be consummated.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Companys Quarterly Report on Form 10-Q for the quarter ending September 30, 2019.
Item 8.01. |
Other Events. |
The Company has also entered into an agreement to purchase a 346-unit multifamily property located in Nashville, Tennessee (Arbors of Brentwood), from an unaffiliated third party for $62.3 million, subject to prorations and other adjustments.
A presentation that includes additional information regarding the purchase of the Pembroke Apartments, Arbors of Brentwood and the Companys revised full year 2019 guidance can be found under News & Presentations in the Investor Relations section of the Companys website (www.nexpointliving.com). Information contained on the Companys website is not incorporated by reference herein.
Cautionary Notice Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on managements 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 expected closing of the Pembroke Apartments acquisition, 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 Companys Annual Report on Form 10-K for the year ended December 31, 2018 and the Companys 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 report.
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.
NEXPOINT RESIDENTIAL TRUST, INC. | ||
By: |
/s/ Brian Mitts |
|
Name: | Brian Mitts | |
Title: |
Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer |
Date: August 13, 2019
1 Year NexPoint Residential Chart |
1 Month NexPoint Residential Chart |
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