Form 8-K - Current report

 

 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

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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): November 26, 2024

 

NEXPOINT RESIDENTIAL TRUST, INC.

(Exact Name Of Registrant As Specified In 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)

 

Registrant’s telephone number, including area code: [phone]

 

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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:

 

☐	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 Exchange 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. ☐

 

 

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Item 1.01.

Entry into a Material Definitive Agreement.

 

On November 26, 2024, NexPoint Residential Trust, Inc. (the “Company”) refinanced the current outstanding debt on 17 properties (the “Refinancing”) by entering into 17 new loan agreements (the “Loan Agreements”) through J.P. Morgan Chase Bank.

 

A summary of the terms of the Loan Agreements are set forth below:

 

Operating Properties		Type		Term (months)			Outstanding Principal (1)				Interest Rate (2)		Maturity Date
Arbors on Forest Ridge		Floating		84			$	17,307			5.68%		12/1/2031	(3)
Cutter's Point		Floating		84				18,994			5.68%		12/1/2031	(3)
The Summit at Sabal Park		Floating		84				26,735			5.68%		12/1/2031	(3)
Courtney Cove		Floating		84				31,596			5.68%		12/1/2031	(3)
The Preserve at Terrell Mill		Floating		84				74,341			5.68%		12/1/2031	(3)
Versailles		Floating		84				26,108			5.68%		12/1/2031	(3)
Seasons 704 Apartments		Floating		84				33,960			5.68%		12/1/2031	(3)
Madera Point		Floating		84				29,676			5.68%		12/1/2031	(3)
Venue at 8651		Floating		84				24,620			5.68%		12/1/2031	(3)
Parc500		Floating		84				30,012			5.68%		12/1/2031	(3)
Rockledge Apartments		Floating		84				78,444			5.68%		12/1/2031	(3)
Atera Apartments		Floating		84				38,555			5.68%		12/1/2031	(3)
Torreyana Apartments		Floating		84				43,153			5.68%		12/1/2031	(3)
Bloom		Floating		84				60,848			5.68%		12/1/2031	(3)
Bella Solara		Floating		84				37,772			5.68%		12/1/2031	(3)
Fairways at San Marcos		Floating		84				55,056			5.68%		12/1/2031	(3)
Creekside at Matthews		Floating		84				28,703			5.68%		12/1/2031	(3)
							$	655,880			5.68%

 

(1)	Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.

(2)	Interest rate is based on a reference rate plus an applicable margin, except for fixed-rate mortgage debt. 30-Day Average SOFR was 4.69% as of November 25, 2024.

(3)	The Company finalized a 7-year term refinance on 17 properties at SOFR plus a 1.09% margin. The Refinancing closed on November 26, 2024.

 

The Loan Agreements include representations and warranties, affirmative and negative covenants, events of default, and other provisions, customary under the most recent agency forms. The Loan Agreements are secured by mortgages on each applicable property.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

 

 

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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: November 27, 2024

 

 

Document And Entity Information	Nov. 26, 2024
Document Information [Line Items]
Entity, Registrant Name	NEXPOINT RESIDENTIAL TRUST, INC.
Document, Type	8-K
Document, Period End Date	Nov. 26, 2024
Entity, Incorporation, State or Country Code	MD
Entity, File Number	001-36663
Entity, Tax Identification Number	47-1881359
Entity, Address, Address Line One	300 Crescent Court
Entity, Address, Address Line Two	Suite 700
Entity, Address, City or Town	Dallas
Entity, Address, State or Province	TX
Entity, Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	NXRT
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001620393

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