DALLAS, Oct. 2, 2017 /PRNewswire/
-- NexPoint Residential Trust, Inc. (NYSE:
NXRT) today announced that on September 29, 2017 it sold
The Arbors, The Crossings, The Crossings at Holcomb Bridge and The
Knolls for a cumulative gross sales price of $116.0 million. The properties, which the
Company classified as held for sale as of June 30, 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 June 30, 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.
About NexPoint Residential Trust, Inc.
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 Highland Capital Management, L.P.,
a leading global alternative asset manager and an SEC-registered
investment adviser. More information about NXRT is available at
http://www.nexpointliving.com.
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 "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.
Contact:
Marilynn
Meek
Financial Relations Board
212-827-3773
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SOURCE NexPoint Residential Trust, Inc.