Current Report Filing (8-k)
July 07 2017 - 3:07PM
Edgar (US Regulatory)
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): June 30, 2017
NEXPOINT RESIDENTIAL TRUST, INC.
(Exact Name Of Registrant As Specified In Charter)
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Maryland
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001-36663
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47-1881359
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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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):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to
Rule 14a-12
under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth
company as defined in 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 2.01.
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Completion of Acquisition or Disposition of Assets.
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On June 30, 2017, NexPoint
Residential Trust, Inc. (the Company), through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P. (NXRT OP), acquired a property in Marietta, Georgia from an unaffiliated third-party for
approximately $113.5 million. The property, Rockledge A Residential Resort (Rockledge) totals 708 apartment units situated on 78.1 acres of contiguous land situated within Atlantas second largest Class A Office
submarket (Cumberland/Galleria), approximately one mile from the new Atlanta Braves stadium (Sun Trust Park), with direct access to the Chattahoochee River National Recreation Area. Originally developed in three phases by Post Properties, the
community had average monthly rents of $1,153 and 93.6% physical occupancy at acquisition.
The Rockledge acquisition was structured as a
reverse 1031 exchange to facilitate the Companys continued plan to recycle capital in a tax efficient manner from dispositions of its rehabbed assets into well-located, covered-land assets with
value-add
potential in the Companys core target markets. The Company funded the purchase price with cash on hand, and borrowings of approximately $113.5 million under the 2016 Bridge Facility with
KeyBank National Association, as amended on June 30, 2017, and a new first mortgage with the Federal Home Loan Mortgage Corporation (Freddie Mac), which the Company entered into, through NXRT OP, on June 30, 2017. Following the
completion of the reverse 1031 exchange, management expects the Rockledge
loan-to-value
ratio to stabilize at approximately 55%.
Additional information can be found on the Companys website at
www.nexpointliving.com
, including a presentation that discusses
the rationale and details of the transactions discussed above. More information will be provided on how these transactions impact the Companys earnings for the remainder of 2017 and into 2018 when the Company releases earnings for the second
quarter of 2017. Information contained on our website is not incorporated by reference herein.
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 under Item 2.01 of this Current Report is incorporated into this Item 2.03 by this reference.
Item 9.01.
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Financial Statements and Exhibits.
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(a)
Financial Statements
. The financial
information relating to Rockledge required under
Rule 3-14
of Regulation
S-X
will be filed by an amendment to this report no later than September 18, 2017,
which is the first business day that is 71 calendar days from the date that this report must be filed.
(b)
Pro Forma Financial
Information.
The pro forma financial information required under Article 11 of Regulation
S-X
will be filed by an amendment to this report no later than September 18, 2017, which is the first business
day that is 71 calendar days from the date that this report must be filed.
(d)
Exhibits
. None.
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.
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NEXPOINT RESIDENTIAL TRUST, INC.
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By:
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/s/ Brian Mitts
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Name:
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Brian Mitts
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Title:
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Chief Financial Officer, Executive
VP-Finance
and Treasurer
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Date: July 7, 2017
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