DALLAS, Nov. 16, 2018 /PRNewswire/ -- NexPoint
Residential Trust, Inc. (NYSE: NXRT) ("NXRT") announced today the
closing of its previously announced public offering of 2,702,500
shares of common stock, including 352,500 shares issued pursuant to
the exercise of the underwriters' option to purchase additional
shares in full, at a price to the public of $33 per share. The net proceeds from the
offering, excluding estimated expenses payable by NXRT and
including the proceeds from the exercise of the underwriters'
option to purchase additional shares, are approximately
$85.5 million.
NXRT intends to contribute the net proceeds from the offering to
NexPoint Residential Trust Operating Partnership, L.P., its
operating partnership, which in turn intends to use the net
proceeds to repay the amount outstanding under its $30 million bridge facility and the amount
outstanding under its $60 million
credit facility and for general corporate purposes.
Raymond James & Associates,
Inc. and Jefferies LLC acted as joint book running managers for the
offering. D.A. Davidson & Co. and Ladenburg Thalmann & Co.
Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc.,
served as co-managers.
The offering was made pursuant to a shelf registration statement
on Form S-3 that was declared effective by the SEC on April 24, 2017. A prospectus supplement relating
to the offering was filed with the SEC.
Copies of the prospectus supplement and the accompanying
prospectus related to the offering may be obtained by visiting
EDGAR on the Securities and Exchange Commission (the "SEC") website
at www.sec.gov or from Raymond James
& Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone: (800)
248-8863, email: prospectus@raymondjames.com; and Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY
10022, telephone: (877) 821-7388, email:
Prospectus_Department@Jefferies.com
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
Highland Capital Management, L.P., a leading global alternative
asset manager and an SEC-registered investment adviser.
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 "expect," "anticipate," "estimate," "may," "should,"
"intend" and similar expressions, and variations or negatives of
these words. These forward-looking statements include, but are not
limited to, statements regarding the use of proceeds from the
offering. 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 SEC for a more complete discussion of the risks and other
factors that could affect any forward-looking statements. Except as
required by law, NXRT 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.