NexPoint Residential Trust, Inc. Announces Entrance Into Contract To Sell Old Farm In Houston, TX, and Silverbrook In Dallas, TX; Co Expects The Dispositions Of These Assets To Generate Approximately $67M-$69M Of Net Sales Proceeds
Portfolio Pulse from Happy Mohamed
NexPoint Residential Trust, Inc. (NXRT) has entered into contracts to sell Old Farm in Houston, TX, and Silverbrook in Dallas, TX, with expected closings in early Q4 2023. The company expects these sales to generate approximately $67M-$69M of net sales proceeds. The proceeds will be used to pay off the entire $57M outstanding balance on the corporate credit facility, reducing portfolio-level debt by approximately $156M. NXRT is also in the process of selecting buyers for other properties, with sales expected to be completed in late Q4 2023 or early Q1 2024.
August 17, 2023 | 12:37 pm
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NXRT's sale of properties is expected to generate significant net sales proceeds, which will be used to pay off corporate debt. This move is likely to strengthen the company's financial position and provide strategic flexibility.
The sale of properties will generate significant revenue for NXRT, which will be used to pay off corporate debt. This will reduce the company's liabilities and strengthen its balance sheet, potentially making it more attractive to investors. The company's strategic flexibility will also be enhanced, as it will have more resources to invest in growth opportunities or to buy back shares.
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