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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): January&nbsp;28, 2019 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NEXPOINT RESIDENTIAL TRUST, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name Of Registrant As Specified In Charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36663</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">47-1881359</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission<BR>File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(IRS Employer<BR>Identification No.)</B></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>300 Crescent Court, Suite 700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dallas, Texas 75201 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices) (Zip Code) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code: <B>(972) <FONT STYLE="white-space:nowrap">628-4100</FONT></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT
STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company &#9746; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;13(a) of the Exchange Act. &#9744; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Completion of Acquisition or Disposition of Assets. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;28, 2019, NexPoint Residential Trust, Inc. (the &#147;Company&#148;), through its operating partnership, NexPoint Residential Trust Operating
Partnership, L.P. (&#147;NXRT OP&#148;), acquired a three-property portfolio in Phoenix, Arizona from an unaffiliated third party for approximately $132&nbsp;million. The properties, The Heritage Apartment Homes, a
<FONT STYLE="white-space:nowrap">204-unit</FONT> property built in 1995, Bella Vista Apartment Homes, a <FONT STYLE="white-space:nowrap">248-unit</FONT> property built in 1995, and The Enclave Apartment Homes, a
<FONT STYLE="white-space:nowrap">204-unit</FONT> property built in 1994 (collectively, the &#147;Phoenix Portfolio&#148;), are situated on approximately 7.9, 13.8 and 11.4 acres of land, respectively. The Phoenix Portfolio had average monthly rents
of $1,230 and 95.3% physical occupancy at acquisition and adds 656 units to the Company&#146;s existing Phoenix portfolio of 1,199 units. In addition, the acquisition also adds an additional 425 units to the Company&#146;s interior upgrade pipeline.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Phoenix Portfolio acquisition was structured as a reverse 1031 exchange to facilitate the Company&#146;s continued plan to recycle capital in a tax
efficient manner from dispositions of its rehabbed assets into well-located, &#147;covered-land&#148; assets with <FONT STYLE="white-space:nowrap">value-add</FONT> potential in the Company&#146;s core target markets. The Company funded the purchase
price with cash on hand, borrowings of approximately $52.8&nbsp;million under a new revolving credit facility entered into with SunTrust Bank, as administrative agent, and the lenders party thereto and approximately $79.0&nbsp;million in new first
mortgages with Freddie Mac, each of which were entered into on January&nbsp;28, 2019. Following the completion of the reverse 1031 exchange and execution of the Company&#146;s <FONT STYLE="white-space:nowrap">value-add</FONT> plans, management
expects the Phoenix Portfolio&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratio to stabilize to approximately 50%. A presentation further detailing the merits of the acquisition of the Phoenix
Portfolio can be found under &#147;News&nbsp;&amp; Presentations&#148; in the Investor Relations section of the Company&#146;s website (<U>www.nexpointliving.com</U>). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) <I>Financial Statements</I>. The financial information relating to the Phoenix Portfolio required under Rule <FONT STYLE="white-space:nowrap">3-14</FONT>
of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> will be filed by an amendment to this report no later than April&nbsp;15, 2019, which is the first business day that is 71 calendar days from the date that this report must be filed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) <I>Pro Forma Financial Information.</I> The pro forma financial information required under Article 11 of Regulation
<FONT STYLE="white-space:nowrap">S-X</FONT> will be filed by an amendment to this report no later than April&nbsp;15, 2019, which is the first business day that is 71 calendar days from the date that this report must be filed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) <I>Exhibits</I>. None. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Notice Regarding
Forward-Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This report contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are based on management&#146;s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as &#147;expect,&#148; &#147;intend&#148; and similar expressions, and variations
or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding expected <FONT STYLE="white-space:nowrap">value-add</FONT> plans,
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratio and plan to recycle capital. They are not guarantees of future results and are subject to risks, uncertainties, assumptions and anticipated sales of
properties 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&#146;s Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017 and the Company&#146;s other filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that
could affect any forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing
circumstances or any other reason after the date of this report. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NEXPOINT RESIDENTIAL TRUST, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brian Mitts</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Brian Mitts</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: Chief Financial
Officer, Executive</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">VP-Finance</FONT> and Treasurer</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: January&nbsp;31, 2019 </P>
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{"company-data": {"conformed-name": "NexPoint Residential Trust, Inc.", "cik": "0001620393", "assigned-sic": "6798", "irs-number": "471181359", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36663", "film-number": "19556028"}, "business-address": {"street1": "300 CRESCENT COURT", "street2": "SUITE 700", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "972-628-4100"}, "mail-address": {"street1": "300 CRESCENT COURT", "street2": "SUITE 700", "city": "DALLAS", "state": "TX", "zip": "75201"}}
8-K
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): January 28, 2019
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:
(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):
☐
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))
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 2.01.
Completion of Acquisition or Disposition of Assets.
On January 28, 2019, NexPoint Residential Trust, Inc. (the "Company"), through its operating partnership, NexPoint Residential Trust Operating
Partnership, L.P. ("NXRT OP"), acquired a three-property portfolio in Phoenix, Arizona from an unaffiliated third party for approximately $132 million. The properties, The Heritage Apartment Homes, a
204-unit
property built in 1995, Bella Vista Apartment Homes, a
248-unit
property built in 1995, and The Enclave Apartment Homes, a
204-unit
property built in 1994 (collectively, the "Phoenix Portfolio"), are situated on approximately 7.9, 13.8 and 11.4 acres of land, respectively. The Phoenix Portfolio had average monthly rents
of $1,230 and 95.3% physical occupancy at acquisition and adds 656 units to the Company's existing Phoenix portfolio of 1,199 units. In addition, the acquisition also adds an additional 425 units to the Company's interior upgrade pipeline.
The Phoenix Portfolio acquisition was structured as a reverse 1031 exchange to facilitate the Company's 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 Company's core target markets. The Company funded the purchase
price with cash on hand, borrowings of approximately $52.8 million under a new revolving credit facility entered into with SunTrust Bank, as administrative agent, and the lenders party thereto and approximately $79.0 million in new first
mortgages with Freddie Mac, each of which were entered into on January 28, 2019. Following the completion of the reverse 1031 exchange and execution of the Company's
value-add
plans, management
expects the Phoenix Portfolio's
loan-to-value
ratio to stabilize to approximately 50%. A presentation further detailing the merits of the acquisition of the Phoenix
Portfolio can be found under "News & Presentations" in the Investor Relations section of the Company's website (
www.nexpointliving.com
).
Item 9.01.
Financial Statements and Exhibits.
(a)
Financial Statements
. The financial information relating to the Phoenix Portfolio required under Rule
3-14
of Regulation
S-X
will be filed by an amendment to this report no later than April 15, 2019, 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 April 15, 2019, which is the first business day that is 71 calendar days from the date that this report must be filed.
(d)
Exhibits
. None.
Cautionary Notice Regarding
Forward-Looking Statements
This report 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," "intend" and similar expressions, and variations
or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding expected
value-add
plans,
loan-to-value
ratio and plan to recycle capital. They are not guarantees of future results and are subject to risks, uncertainties, assumptions and anticipated sales of
properties 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 Annual
Report on Form
10-K
for the year ended December 31, 2017 and the Company's other filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that
could affect any forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing
circumstances or any other reason after the date of this report.
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
and Treasurer
Date: January 31, 2019