DALLAS, March 13, 2020 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NXRT) - Get Report ("NXRT") announced today that its Board of Directors authorized an increase in its previously announced share repurchase program from $40.0 million to $100.0 million of its common stock. There is approximately $75.0 million available to repurchase shares of its common stock.
The repurchase program was first announced on June 15, 2016 and originally authorized the repurchase of $30.0 million of common stock. As a result of the update, the authorization now expires on March 12, 2023. NXRT may utilize various methods to affect 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.
NXRT also announced today that it entered into interest rate swaps with a notional value of $500.0 million at a weighted average rate of 0.8832% on one-month LIBOR. $400.0 million of notional value were forward swaps as they do not become effective until June 1, 2021 and mature on September 1, 2026 and $100.0 million of notional value was effective March 4, 2020 and matures on June 1, 2026. As of March 13, 2020, NXRT has entered into interest rate swaps with a notional value of $1,568.0 million, and a weighted average rate on one-month LIBOR of 1.2869% and weighted average maturity of 4.4 years and has no significant near-term maturities until 2024.
About NexPoint Residential Trust, Inc.
NexPoint Residential Trust, Inc. 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 NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. More information about NXRT is available at http://www.nexpointliving.com.
SOURCE NexPoint Residential Trust, Inc.