DALLAS, May 2, 2024
/PRNewswire/ -- NexPoint Residential Trust, Inc. ("NXRT" or the
"Company") (NYSE: NXRT) announced today the closing of the sale of
Radbourne Lake Apartment Homes in Charlotte, NC, a 225-unit property built in
1991. The property was acquired for $24.3 million on September
30, 2014, and has provided consistent operational and cash
flow performance for the portfolio for the last 9+ years. As
of April 30, 2024, the property was
92.4% leased with a weighted average effective monthly rent of
approximately $1,420, which is 58.5%,
or $524, higher than it was upon
takeover. Net proceeds from the sale were approximately
$18.6M, delivering a trailing nominal
tax and insurance adjusted cap rate of 5.18%, a 19.24% levered
internal rate of return and a 3.64x multiple on invested capital,
each of which well exceeded expectations.
"NXRT is pleased to announce another successful 2024
disposition, as highlighted during the first quarter 2024 earnings
call. Moving forward, NXRT will continue to diligently monitor the
transaction and capital markets, seeking opportunities to unlock
liquidity that the Company can utilize to enhance the balance
sheet, repurchase shares, and/or pay off higher property-level
debt, all of which would be conducive to future growth," said
Matt McGraner, Chief Investment
Officer.
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 Statement 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 "should," "continue," "will," "seek" and
similar expressions, and variations or negatives of these words.
These forward-looking statements include, but are not limited to,
statements regarding the Company's strategic objectives, the
execution of the strategic objectives, that NXRT will continue to
diligently monitor the transaction and capital market activity,
seeking opportunities to unlock liquidity which the Company can use
to enhance the balance sheet, repurchase shares and/or pay off
higher property-level debt that will be conducive to future growth
and that the Company remains committed to prioritizing share
repurchases. 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 statements described in our filings with the
Securities and Exchange Commission, particularly those described in
our Annual Report on Form 10-K. 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 SEC for a more complete discussion of the
risks and other factors that could affect any forward-looking
statements. The statements made herein speak only as of the date of
this release and except as required by law, NXRT does not undertake
any obligation to publicly update or revise any forward-looking
statements.
Contact:
Kristen Thomas
Investor Relations
IR@nexpoint.com
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SOURCE NexPoint Residential Trust, Inc.