NXRT - NexPoint Residential Trust announces contract to sell Old Farm in Houston and Silverbrook in Dallas

2023-08-17 09:01:23 ET

• NexPoint Residential Trust Inc ( NYSE: NXRT ) Thursday announced the execution of agreements to sell Old Farm in Houston, TX, and Silverbrook in Dallas, TX to separate buyers, with an expected closing in early Q4 2023.
• Old Farm and Silverbrook's trailing nominal cap rates are 5.12% and 4.55%, and their tax and insurance-adjusted cap rates are 4.96% and 4.61%, respectively.
• The company expects the dispositions of these assets to generate about $67 to $69 million of net sales proceeds at a combined approximate trailing nominal cap rate of 4.96% and tax and insurance-adjusted cap rate of 4.82%.
• After completing these sales, NexPoint expects to pay off the entire $57 million outstanding balance on the corporate credit facility.
• Source: Press Release

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