NexPoint Residential Trust Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
$NXRT
Real Estate Investment Trusts
Real Estate
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): November 26, 2024
(Exact Name Of Registrant As Specified In Charter)
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number) |
(IRS Employer
Identification No.) |
(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:
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Exchange Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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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.
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Entry into a Material Definitive Agreement.
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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:
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Operating Properties
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Type
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Term
(months) |
Outstanding
Principal (1) |
Interest Rate (2)
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Maturity Date
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Arbors on Forest Ridge
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Floating
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84 | $ | 17,307 | 5.68% |
12/1/2031
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(3)
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Cutter's Point
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Floating
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84 | 18,994 | 5.68% |
12/1/2031
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(3)
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The Summit at Sabal Park
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Floating
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84 | 26,735 | 5.68% |
12/1/2031
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(3)
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Courtney Cove
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Floating
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84 | 31,596 | 5.68% |
12/1/2031
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(3)
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The Preserve at Terrell Mill
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Floating
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84 | 74,341 | 5.68% |
12/1/2031
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(3)
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Versailles
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Floating
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84 | 26,108 | 5.68% |
12/1/2031
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(3)
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Seasons 704 Apartments
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Floating
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84 | 33,960 | 5.68% |
12/1/2031
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(3)
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Madera Point
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Floating
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84 | 29,676 | 5.68% |
12/1/2031
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(3)
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Venue at 8651
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Floating
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84 | 24,620 | 5.68% |
12/1/2031
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(3)
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Parc500
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Floating
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84 | 30,012 | 5.68% |
12/1/2031
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(3)
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Rockledge Apartments
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Floating
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84 | 78,444 | 5.68% |
12/1/2031
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(3)
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Atera Apartments
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Floating
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84 | 38,555 | 5.68% |
12/1/2031
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(3)
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Torreyana Apartments
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Floating
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84 | 43,153 | 5.68% |
12/1/2031
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(3)
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Bloom
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Floating
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84 | 60,848 | 5.68% |
12/1/2031
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(3)
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Bella Solara
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Floating
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84 | 37,772 | 5.68% |
12/1/2031
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(3)
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Fairways at San Marcos
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Floating
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84 | 55,056 | 5.68% |
12/1/2031
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(3)
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Creekside at Matthews
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Floating
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84 | 28,703 | 5.68% |
12/1/2031
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(3)
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| $ | 655,880 | 5.68% | ||||||||||||
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(1)
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Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.
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(2)
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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.
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(3)
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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.
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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.
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: Brian Mitts
Title: Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer
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Date: November 27, 2024