NexPoint Residential Trust CFO Resigns, Successor Named

On November 8, 2024, NexPoint Residential Trust, Inc. (NYSE: NXRT) filed an 8-K form with the Securities and Exchange Commission announcing the resignation of Brian Mitts from his positions as Chief Financial Officer, Executive VP-Finance, Secretary, and Treasurer, effective as of 11:59 p.m. Central Time on December 31, 2024. Brian Mitts will continue to serve as a member of the Board of Directors of the company.

In connection with Brian Mitts’ resignation, NexPoint Real Estate Advisors, L.P., along with several other affiliated entities, entered into a Separation Agreement on November 11, 2024. Under this agreement, NexPoint Real Estate Advisors, L.P. will provide two separation payments of $200,000 to Mr. Mitts, with payments scheduled for February 28, 2025, and August 29, 2025. Additionally, Mr. Mitts’ COBRA premium will be subsidized for a twelve-month period.

As part of the agreement, various outstanding restricted stock units granted to Mr. Mitts by different entities were amended and restated to adjust vesting conditions and definitions of “Qualifying Termination” and “Cause.” In case of a Qualifying Termination, all outstanding restricted stock units will vest in accordance with the amended agreements.

Simultaneously, the Board of NexPoint Residential Trust appointed Paul Richards as the new Chief Financial Officer, Executive VP-Finance, Treasurer, and Assistant Secretary, effective from January 1, 2025. Paul Richards, who has been a member of NexPoint Real Estate Advisors, L.P. since 2019, brings a wealth of experience to his new role, having served in various capacities in affiliated entities.

Furthermore, David Willmore was appointed as the Chief Accounting Officer, Assistant Treasurer, and Assistant Secretary of the company, also effective from January 1, 2025. Mr. Willmore, with a background in finance and accounting, has been associated with NexPoint Residential Trust and its affiliates in various key roles.

The Separation Agreement and appointments of new executives mark significant changes within NexPoint Residential Trust, reflecting a strategic shift in leadership roles within the company. The details of these transitions were disclosed in the 8-K form filed by the company on November 8, 2024.

The news of these developments is likely to be of interest to investors and stakeholders as NexPoint Residential Trust moves forward with its new executive team.

This article contains a summary of the key points disclosed in NexPoint Residential Trust’s recent 8-K form and does not serve as a complete representation of the information provided in the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NexPoint Residential Trust’s 8K filing here.

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.