Maxus Realty Trust, Inc., a Real Estate Investment Trust (REIT)

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MAXUS REALTY TRUST, INC.

Maxus Realty Trust, Inc. ("MRTI")  elected to be taxed as a Real Estate Investment Trust ("REIT") for federal income tax purposes for the year ending December 31, 1985, and they have not revoked that election.  MRTI was incorporated under the laws of the state of Missouri on June 14, 1984 as Nooney Realty Trust, Inc.  A Real Estate Investment Trust, is a company that owns, and in most cases, operates income-producing real estate.  MRTI is a fully integrated real estate investment trust that is in the business of acquiring, investing, developing  and redeveloping multifamily and commercial properties   in  Missouri, Arkansas, Alabama, Kentucky, Oklahoma, Texas, Tennessee, Louisiana, Georgia, North Carolina, Mississippi, Florida and Kansas.   MRTI currently has ownership interests in 34 multifamily properties (8,635 apartment homes) and has 418,814 square feet of retail space.

MRTI's investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth.  MRTI's strong financial condition supports its investment strategy by providing access to a range of capital alternatives.  This enhances MRTI's  ability to quickly shift its acquisition, development, and disposition activities to markets that will optimize the performance of the portfolio, thereby increasing their ability to generate cash flow for future investments.  MRTI's  common stock trades on the Pink Sheets, an over-the-counter, inter-dealer electronic quotation trading system at www.otcmarkets.com  (symbol: MRTI.PK).

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Latest News 

December 2, 2022 – On March 22, 2022, Maxus Realty Trust, Inc. (“Maxus” or the “Company”), a real estate investment trust specializing primarily in multifamily apartment communities, announced that it was undertaking a strategic review of its portfolio of properties to enhance shareholder value and that the strategic review may include opportunistic sales of a significant portion of its property portfolio to take advantage of the current market environment for multifamily housing.

Since that announcement, Maxus has completed the sale of 12 properties for aggregate net proceeds of approximately $297 million. As a result of these transactions, Maxus’ Board of Trustees has declared a special dividend of $100 per share payable on December 22, 2022 to shareholders of record on December 12, 2022. We anticipate completing additional sales in December. If these transactions are completed, we anticipate declaring another special dividend in December to be paid in January 2023.

“We are pleased that we were able to take advantage of the strong market for multifamily housing to provide a significant return to our shareholders,” said David Johnson, Maxus Chairman and CEO. “While rising interest rates have made the market more challenging recently, we anticipate completing the sale of several more properties in 2023.”

Maxus will continue to assess opportunities for opportunistic sales in the near term, which may include potential sales of additional properties. No timetable has been set for completion of this process, and there can be no assurance that this review process will result in any transactions or as to the terms of any such transactions. While the Company continues this process, the Company is suspending its regular monthly dividend effective after the regular dividend payable December 15, 2022. If the Company is successful in completing additional sales, the Company currently expects to declare one or more additional special dividends in future periods in lieu of regular monthly dividends. The Company currently expects to reinstate regular monthly dividends following completion of the strategic review process. However, the reinstatement of regular monthly dividends will be subject to the ultimate results of this process, and there can be no assurance as to the future reinstatement of regular monthly dividends or the levels of any such dividends, although the Company currently expects that any such dividends, if reinstated, would be at reduced levels as compared to historical periods as a result of the number of properties sold pursuant to the process. 

ABOUT MAXUS

Maxus is a real estate investment trust and property management company that is in the business of acquiring, investing, developing and redeveloping primarily multifamily properties. Maxus owns interests in 22 multifamily apartment properties consisting of approximately 5,587 apartment units and owns approximately 417,000 square feet of commercial space located in 9 states including Alabama, Arkansas, Florida, Kansas, Louisiana, Mississippi, Missouri, North Carolina and Texas.

FORWARD-LOOKING STATEMENTS

This press release includes "forward-looking statements," which are statements, other than statements of historical facts, regarding the prospects of our industry and our prospects, plans, financial position and business strategy, including our strategic review process and expected future dividend payments. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from our expectations include those identified in our filings with the OTC as well as potential changes in market conditions or real estate investor perceptions, adverse external events, changes in our expected use of the proceeds of any sales, expected future dividend payments, and potential losses of business opportunities, increases in our costs and disruptions to our business as a result of the strategic review. The forward-looking statements included herein are made only as of the date of this press release, and we do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Media contact: DeAnn Totta, 816-877-0812, dtotta@maxusprop.com

 

March 22, 2022 – Maxus Realty Trust, Inc. (“Maxus”), a real estate investment trust specializing primarily in multifamily apartment communities, today announced that it established a Special Committee of the Board of Directors (“Special Committee”) during 2021 to undertake a strategic review of its portfolio of properties to enhance shareholder value. After reviewing several alternatives, the Trust plans to explore opportunistic sales of a portion of its property portfolio to take advantage of the current market environment for multifamily housing. Depending upon the results of the timing of sales and market conditions moving forward, such sales could represent a significant portion of its existing portfolio. Maxus currently anticipates distributing the majority of the proceeds from any such sales to its shareholders in the form of one or more special dividends.

July 1, 2021 – Maxus Realty Trust, Inc. (“MRTI”), a real estate investment trust ("REIT") with corporate headquarters located in North Kansas City, MO, has recently completed the acquisition of an apartment community in the heart of downtown Frisco, Texas. Frisco is located on the north side of suburban Dallas.

MRTI completed the acquisition of the Isaac apartment community on June 29, 2021. The Isaac consists of 266 apartment units covering approximately 234,000 square feet. The Isaac is adjacent to Toyota Stadium, home of the FC Dallas soccer club and the National Soccer Hall of Fame.

August 24, 2020 - MRTI completed the acquisition of the River Vista apartment community in Wichita, Kansas. River Vista was constructed in 2018 and includes 202 units compromising approximately 172,160 square feet.

May 19, 2020 - Maxus Realty Trust, Inc. (“MRTI”) announced today that it is providing webcast access to its upcoming annual meeting of shareholders being held on Tuesday, June 16, 2020 at 10:00 a.m. (CST) (the “meeting”). While attendance in person at the annual meeting will still be permitted, MRTI strongly encourages all shareholders to access the meeting online via webcast, rather than attending the meeting in person.

March 1, 2019 - MRTI completed the acquisition of the Reflections of Island Park apartment community in Shreveport, Louisiana. Reflections of Island Park was constructed in 2007 and includes 168 units compromising approximately 227,360 square feet.  

June 27, 2018 - MRTI completed the acquisition of the Wellington at Chenal apartment community in Little Rock, Arkansas. The Wellington at Chenal was constructed in 1997 and includes 178 apartment units compromising approximately 175,861 square feet.

May 23, 2018 -  MRTI announced today that the Board of Trustees approved an increase in the regular monthly cash dividend of 20% to $0.60 per share of common stock. The dividend represents an annualized dividend of $7.20 per common share. The increased dividend of $0.60 per share is payable on July 13, 2018 to shareholders of record as of the close of trading on June 29, 2018. The Trustees also declared a $0.60 per share dividend on MRTI’s common stock payable on August 15, 2018 to shareholders of record as of the close of trading on July 31, 2018.

December 21, 2017 - MRTI completed the acquisition of a controlling interest in Frisco Square for $45.5 million.  Frisco Square consists of 114 apartment units and 130,000 square feet of office and retail space.  

October 31, 2017 - Maxus announced today that the Board of Trustees approved an increase in the regular monthly cash dividend of 25% to $0.50 per share of common stock. The dividend represents an annualized dividend of $6.00 per common share. 

August 11, 2017 - Maxus has completed the acquisition of the Village at Lionsgate apartment community in Overland Park, Kansas. Village at Lionsgate was constructed in 2000 and includes 260 apartment units compromising approximately 385,528 square feet. 

July 12, 2017 - Maxus has completed the acquisition of the Waterford Place apartment community in Stockbridge, Georgia. Waterford Place was constructed in 1996 and includes 400 apartment units compromising approximately 447,492 square feet.

June 8, 2017 - Maxus has completed the acquisition of the Carmendy Square apartment community in Lady Lake, Florida. Carmendy Square was constructed in 1999 and includes 152 townhomes compromising approximately 184,152 square feet. 

May 2, 2017 - Maxus has completed the acquisition of the Stone Gables apartment community in Raeford, North Carolina. Stone Gables was constructed in 2013 and includes 192 apartment units compromising approximately 206,256 square feet.

January 1, 2017 - Maxus has completed the acquisition of the Olde Oak apartment community in Saraland, Alabama. Olde Oak was constructed in 2009 and includes 240 apartment units compromising approximately 216,520 square feet. 

August 24, 2016 - Maxus has completed the acquisition of the Viera at Mandarin apartment community in south Jacksonville, Florida. Viera at Mandarin was constructed in 1984 and includes 188 apartment units compromising approximately 166,000 square feet. 

July 7, 2016 - Maxus has completed the acquisition of the Lexington on the Green apartment community in Lithonia, Georgia. Lexington on the Green was constructed in 2002 and includes 216 apartment units comprising approximately 236,652 square feet. 

May 3, 2016 - Maxus has completed the acquisition of the Thomaston Crossing apartment community in Macon, Georgia. Thomaston Crossing was constructed in 2014 and includes 250 apartment units comprising approximately 260,040 square feet.  

March 22, 2016 - Maxus announced that the Board of Trustees approved and declared the regular monthly cash dividend of $0.25 per share of common stock for the 2nd quarter 2016.  The dividend represents an annualized dividend of $3.00 per common share.  

December 31, 2015 – Maxus has completed the acquisition of the Mallard Creek apartment community in Horn Lake, Mississippi for $8,160,000.  Horn Lake is a suburb of Memphis, Tennessee.  Mallard Creek was constructed in 1998 and includes 144 apartment units comprising approximately 165,000 square feet.  

December 29, 2015 – MRTI completed the acquisition of The Villaggio apartment community in Bossier City, Louisiana for $22,050,000.  Bossier City is a suburb of Shreveport, Louisiana and home to Barksdale Air Force Base.  The Villaggio was constructed in 2009 and includes approximately 239 apartment units comprising 233,000 square feet.  In addition, the property has approximately 51,000 square feet of retail space.  MRTI intends to convert 15,000 – 20,000 square feet of the retail space into approximately 15 additional apartment units.  

October 22, 2015 - MRTI completed the acquisitions of the Arbors at Natchez Trace a 328 unit apartment community in Ridgeland, Mississippi for $30,100,000. Arbors was constructed in 1995 and the apartments are located on 36 acres with 342,800 square feet of rentable surface and include 1 and 2 bedroom units. 

October 15, 2015 – MRTI completed the acquisition of Colony Park & Grande at Colony Park apartments in Pearl, Mississippi for $16.4 million.  Pearl is a suburb of Jackson, Mississippi.  Upon acquiring the properties, MRTI renamed the combined properties Grand at Pearl Apartments (www.RentGrandAtPearl.com).  Grand at Pearl was constructed in two phases in 1999 and 2004 and includes approximately 322,000 square feet of rentable area spread over 280 apartment units.  

August 21, 2015 – MRTI completed the acquisition of a controlling interest in Cape Fear Multifamily, LLC (“Cape Fear”).  Cape Fear is a single purpose entity that owns the Astoria Apartment Homes (“Astoria”).  Astoria is an apartment community located in Hope Mills, North Carolina that was built in 2011 and includes approximately 299,000 square feet spread over 272 apartment units.  

August 18, 2015 - MRTI announced that the board of trustees approved and declared the regular monthly cash divided of $0.25 per share of common stock for the 4th quarter. The dividend represents an annualized dividend of $3.00 per common share.

July 15, 2015 – MRTI completed the acquisition of Cross Creek Apartments in Wichita, Kansas for $14.9 million.  Cross Creek includes approximately 239,000 square feet of rentable area spread over 256 apartment units.  Cross Creek is similar in size and design to Berkshire Apartments, which is also located in Wichita and is owned by MRTI.

ACQUISITIONS

MRTI will pursue acquisition opportunities within its core markets.  In addition to these markets, MRTI may consider acquisition opportunities in other markets where marketplace trends would allow for future growth.  MRTI typically acquires assets on an all-cash basis; however we will consider assumption of existing financing. 

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Make Contact

104 Armour Road
North Kansas City, MO 64116

P.O. Box 34729
North Kansas City, MO 64116

816-303-4500

Maxus Realty Trust, Inc. ("MRTI")  elected to be taxed as a Real Estate Investment Trust ("REIT") for federal income tax purposes for the year ending December 31, 1985, and they have not revoked that election.  MRTI was incorporated under the laws of the state of Missouri on June 14, 1984 as Nooney Realty Trust, Inc.  A Real Estate Investment Trust, is a company that owns, and in most cases, operates income-producing real estate.  MRTI is a fully integrated real estate investment trust that is in the business of acquiring, investing, developing  and redeveloping multifamily and commercial properties   in  Missouri, Arkansas, Alabama, Kentucky, Oklahoma, Texas, Tennessee, Louisiana, Georgia, North Carolina, Mississippi, Florida and Kansas.   MRTI currently has ownership interests in 34 multifamily properties (8,635 apartment homes) and has 418,814 square feet of retail space.


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