NexPoint Residential Trust, Inc. Announces $30.0 Million Stock Repurchase Program
NexPoint Residential Trust, Inc. Announces $30.0 Million Stock Repurchase Program
PR Newswire
DALLAS, June 15, 2016
DALLAS, June 15, 2016 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) ("NXRT") announced today that its Board of Directors has authorized the repurchase of up to $30.0 million of its common stock. This authorization expires on June 15, 2018. The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether NXRT's common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time.
About NexPoint Residential Trust
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. More information about NXRT is available at http://www.nexpointliving.com.
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," "intend" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding repurchases of NXRT's common stock. 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. Factors that could cause actual results to differ materially include, among others things, the timing and amount of repurchases of NXRT's common stock, if any, changes to NXRT's expected liquidity position, the possibility that the repurchase program may be suspended or discontinued and the risk factors set forth in NXRT's Annual Report on Form 10-K for the year ended December 31, 2015. Except as required by the federal securities laws, NXRT 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 press release.
Contact:
Marilynn Meek
Financial Relations Board
212-827-3773
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SOURCE NexPoint Residential Trust, Inc.
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