false 0001620393 0001620393 2024-10-01 2024-10-01
 
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): October 1, 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: (214) 276-6300
 
 
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. ☐
 
 
 
 
 
Item 1.01.
   Entry into a Material Definitive Agreement.
 
On October 1, 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 and the Federal Home Loan Mortgage Corporation.
 
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
The Venue on Camelback
  
Floating
  
84
  
                 36,465
  
6.25%
  
9/30/2031
Sabal Palm at Lake Buena Vista
Floating
  
84
  
                 56,220
  
6.25%
  
9/30/2031
Cornerstone
  
Floating
  
84
  
                 45,815
  
6.25%
  
9/30/2031
Versailles II
  
Floating
  
84
  
                 15,706
  
6.25%
  
9/30/2031
Brandywine I & II
  
Floating
  
84
  
                 59,526
  
6.25%
  
9/30/2031
Bella Vista
  
Floating
  
84
  
                 37,400
  
6.25%
  
9/30/2031
The Enclave
  
Floating
  
84
  
                 33,440
  
6.25%
  
9/30/2031
The Heritage
  
Floating
  
84
  
                 29,810
  
6.25%
  
9/30/2031
Summers Landing
  
Floating
  
84
  
                 14,135
  
6.25%
  
9/30/2031
Residences at Glenview Reserve
Floating
  
84
  
                 33,271
  
6.25%
  
9/30/2031
Avant at Pembroke Pines
  
Floating
  
84
  
               248,185
  
6.25%
  
9/30/2031
Arbors of Brentwood
  
Floating
  
84
  
                 39,977
  
6.25%
  
9/30/2031
The Verandas at Lake Norman
Floating
  
84
  
                 30,113
  
6.25%
  
9/30/2031
Six Forks Station
  
Floating
  
84
  
                 30,430
  
6.25%
  
9/30/2031
High House at Cary
  
Floating
  
84
  
                 32,478
  
6.25%
  
9/30/2031
The Adair
  
Floating
  
84
  
                 33,229
  
6.25%
  
9/30/2031
Estates on Maryland
  
Floating
  
84
  
                 37,345
  
6.25%
  
9/30/2031
           
            $ 813,545
        
 
(1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.
(2) Interest rate is based on a reference rate (30-Day Average SOFR) plus an applicable margin (109 basis points), for each new mortgage loan origination. The term for each new loan is 84 months with interest only due for the full term. As a requirement for financing, each loan has an interest rate cap with a maximum strike ranging from 8.16% to 8.91%. 30-Day Average SOFR was 5.16% as of October 1, 2024.
 
The Loan Agreements include representations and warranties, affirmative and negative covenants, events of default, and other provisions, customary under the most recent forms required by the Federal Home Loan Mortgage Corporation for multifamily properties. 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.
 
 
 
 
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: October 4, 2024
 
 
v3.24.3
Document And Entity Information
Oct. 01, 2024
Document Information [Line Items]  
Entity, Registrant Name NEXPOINT RESIDENTIAL TRUST, INC.
Document, Type 8-K
Document, Period End Date Oct. 01, 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, 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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