Real Estate Investment Trust
Maxus Realty Trust, Inc., a Real Estate Investment Trust (REIT)
Maxus Realty Trust, Inc. (“MRTI”), is a fully integrated Real Estate Investment Trust ("REIT") that is in the business of acquiring, investing, developing and redeveloping multifamily and commercial properties in Missouri, Arkansas, Oklahoma, Texas, Florida and Kansas. MRTI currently has ownership interests in 22 multifamily properties (5,761 apartment homes) and has 40,412 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.pinksheets.com (symbol: MRTI.PK).
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 - Maxus Properties took over management of the Arbors at Natchez Trace a 328 unit apartment community in Ridgeland, Mississippi
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.
May 22, 2015- The Board of Trustees approved and declared a regular monthly cash dividend of $0.25 per share of common stock. The dividend represents an annualized dividend of $3.00 per common share. The initial monthly $0.25 per share dividend on MRTI’s common stock will be paid on July 15, 2015 to MRTI shareholders of record as of the close of trading on July 1, 2015. The Trustees also declared a $0.25 per share dividend on MRTI’s common stock payable on August 14, 2015 and September 15, 2015 to MRTI shareholders of record as of the close of trading July 31, 2015 and September 1, 2015, respectively. In addition, the Board of Trustees approved the termination of the First Amended Optional Stock Dividend Plan.
September 17, 2014 – MRTI completed the acquisition of a 77% equity interest in Applewood Partners L.P., (“Applewood”), primarily from affiliates of MRTI’s board of trustees. Applewood owns the Ashbrooke residential apartment community in Ankeny, Iowa. Ankeny is located in suburban Des Moines. Ashbrooke includes approximately 149,000 square feet of rentable area spread over 196 apartment units and a variety of resident amenities. The acquisition was completed through MRTI’s wholly owned subsidiary, Maxus Operating Limited Partnership (“MOLP”). Limited Partners in Applewood representing 77% of the partnerships interest agreed to exchange their interest in the partnership for 18,295 MOLP Units valued at $65. An exchange offer was made to all of the limited partners on the same terms as to the MRTI affiliates. MRTI affiliates participating in the exchange represented a 67% ownership interest in the partnership. The MOLP Units may be redeemed for MRTI common stock (on a one-for-one basis) or cash, at MRTI’s election, after a holding period of at least one year. Applewood has assets with a fair value of approximately $12.3 million and a mortgage loan of approximately $9.4 million. The mortgage loan matures September 2024 and has a fixed interest rate of 4.04%. The financial results of Applewood will be reflected in the consolidated financial statements of MRTI.
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.
104 Armour Road
North Kansas City, MO 64116
P.O. Box 34729
North Kansas City, MO 64116