Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Marilynn Meek

Financial Relations Board

212-827-3773

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER 2018 RESULTS

NXRT Boosts Quarterly Dividend, Same Store NOI and Core FFO Guidance;

Acquires $131 million of Properties in Nashville and Dallas

Dallas, TX, October 30, 2018 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the third quarter ended September 30, 2018.

Highlights

• NXRT¹ reported Net Loss, FFO², Core FFO² and AFFO² of $(5.2)M, $5.9M, $8.9M and $10.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2018, compared to Net Income, FFO, Core FFO, and AFFO of $53.9M, $6.8M, $7.5M and $8.7M, respectively, attributable to common stockholders for the quarter ended September 30, 2017.

• For the three months ended September 30, 2018, Q3 Same Store properties³ average effective rent, total revenue and NOI² increased 4.1%, 4.7% and 8.3%, respectively, and occupancy decreased 0.2% over the prior year period.

• For the three months ended September 30, 2018, Q3 Same Store properties expenses increased 0.7% over the prior year period, primarily due to increases in property taxes of 3.9%, partially offset by decreases in property operating expenses of 1.9%.

• During the third quarter, NXRT acquired two properties in Nashville (Cedar Pointe and Brandywine I & II) and one in Dallas (Crestmont Reserve) for a combined purchase price of approximately $131.0M.

• During the third quarter, NXRT refinanced six mortgage loans, reducing the borrowing rates on each of the loans. These refinances, along with the refinanced mortgage loan in Q2, reduced spreads by a weighted average 54 basis points.

• On September 26, 2018, NXRT repaid the $30.0 million outstanding under the $30 Million Credit Facility and amended the loan agreement, extending the maturity date to September 26, 2020 and increasing the loan commitment to $60.0 million (the “$60 Million Credit Facility”). NXRT immediately drew $50.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve.

• On September 26, 2018, NXRT entered into a $30.0 million bridge facility (the “$30 Million Bridge Facility”) with KeyBank and immediately drew $30.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve.

• The weighted average effective monthly rent per unit across all 35 properties held as of September 30, 2018 (the “Portfolio”), consisting of 12,555 units, was $979, while physical occupancy was 93.8%.

• NXRT paid a third quarter dividend of $0.25 per share of common stock on September 28, 2018.

• On October 29, 2018, our board of directors increased our quarterly dividend 10.0%, or by $0.025 per share, declaring a quarterly dividend of $0.275 per share, payable on December 31, 2018 to stockholders of record on December 17, 2018. The increase in our quarterly dividend to $0.275 per share is the third time we’ve increased our quarterly dividend, and results in a cumulative 33.5% increase in the dividend since becoming a public company on April 1, 2015.

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• During the third quarter, for the properties in our Portfolio, we completed 439 full and partial upgrades and leased 330 upgraded units, achieving $110 average monthly rent premiums and a 25.4% ROI⁴. Since inception, for the properties in our Portfolio, we have completed 5,345 full and partial upgrades and achieved a $95 average monthly rental increase per unit, equating to a 22.6% ROI on all units leased as of September 30, 2018.

(1) In this release, “we,” “us,” “our,” the “Company,” “NexPoint Residential Trust,” and “NXRT” each refer to NexPoint Residential Trust, Inc., a Maryland corporation.

(2) FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), see the “Definitions and Reconciliations of Non-GAAP Measures” and “FFO, Core FFO and AFFO” sections of this release.

(3) We define “Same Store” properties as properties that were in our portfolio for the entirety of the periods being compared. There are 31 properties encompassing 11,091 units of apartment space in our Same Store pool for the three months ended September 30, 2018 (our “Q3 Same Store” properties).

(4) We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of the total cost.

“We continued to experience robust demand for our well-located value-add communities in the third quarter, evidenced by 8.3% same store NOI growth. We are also pleased with the Board’s approval of another double-digit increase to NXRT’s quarterly dividend, buoyed by $131 million of accretive acquisitions in our core markets of Nashville and Dallas,” stated NXRT Chairman and President, Jim Dondero.

Third Quarter 2018 Financial Results

• Total revenues were $36.5 million for the third quarter of 2018, compared to $37.1 million for the third quarter of 2017.

• Net loss for the third quarter of 2018 totaled $(5.3) million, or a loss of $(0.25) per diluted share, which included $11.2 million of depreciation and amortization expense and $2.9 million of loss on extinguishment of debt and modification costs. This compared to net income of $54.1 million, or earnings of $2.51 per diluted share, for the third quarter of 2017, which included $58.5 million of gain on sales of real estate, $11.2 million of depreciation and amortization expense and $0.9 million of loss on extinguishment and debt modification costs.

• The change in our net income (loss) between the periods primarily relates to decreases in total revenues and gain on sales of real estate and an increase is loss on extinguishment of debt and modification costs, and was partially offset by decreases in total property operating expenses and interest expense.

• For the third quarter of 2018, NOI was $20.0 million on 35 properties, compared to $19.5 million for the third quarter of 2017 on 32 properties.

• For the third quarter of 2018, Q3 Same Store NOI increased 8.3% to $19.0 million, compared to $17.6 million for the third quarter of 2017.

• For the third quarter of 2018, FFO totaled $5.9 million, or $0.28 per diluted share, compared to $6.8 million, or $0.32 per diluted share, for the third quarter of 2017.

• For the third quarter of 2018, Core FFO totaled $8.9 million, or $0.42 per diluted share, compared to $7.5 million, or $0.35 per diluted share, for the third quarter of 2017.

• For the third quarter of 2018, AFFO totaled $10.3 million, or $0.48 per diluted share, compared to $8.7 million, or $0.40 per diluted share, for the third quarter of 2017.

Third Quarter Earnings Conference Call

NXRT will host a call on Tuesday, October 30, 2018 at 11:00 a.m. ET to discuss its third quarter financial results. The conference call can be accessed live over the phone by dialing (800) 667-5617 or, for international callers, (334) 323-0505, and entering passcode 8481837. A live audio webcast of the call will be available online at the Company’s website, http://www.nexpointliving.com (under “Investor Relations”). An online replay will be available shortly after the call on the Company’s website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, November 6, 2018, by dialing (888) 203-1112 or, for international callers, (719) 457-0820 and entering passcode 8481837.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

About NXRT

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. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, www.nexpointliving.com, under the “Investor Relations” tab.

Cautionary Statement Regarding Forward-Looking Statements

This 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,” “estimate,” “may,” “should,” “intend” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT’s business and industry in general, NXRT’s guidance for financial results for the fourth quarter of 2018 and for the full year 2018, expected acquisitions and dispositions and the expected redevelopment of units. 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. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: THIRD QUARTER 2018 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$35.03
Inside Ownership	22.17%
2018 Q4 Dividend Per Share	$0.275
Dividend Yield (1)	3.14%
Shares Outstanding - basic (Wtd Avg. 3 mo. ended 9/30/2018)	20,775
Shares Outstanding - diluted (Wtd Avg. 3 mo. ended 9/30/2018)	21,262

(1) As of the close of market trading on October 29, 2018.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth		27.8	%
Atlanta		17.8	%
Nashville		15.0	%
Phoenix		9.5	%
Houston		9.4	%
Orlando		6.6	%
Charlotte		4.6	%
Tampa		4.6	%
West Palm Beach		3.5	%
D.C. Metro		1.2	%
Total		100.0	%

Revenue & Average Rent Per Unit

Stock Price Performance (Since Inception; 4/1/2015) ₍₁₎

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Highlights of Recent Activity

ACQUISITIONS

(dollar amounts in thousands)
Property Name	Location	Date of Acquisition	Purchase Price		Mortgage Debt		# Units
Cedar Pointe	Antioch, Tennessee	August 24, 2018	$	26,500	$	17,300		210
Crestmont Reserve	Dallas, Texas	September 26, 2018		24,680		12,061		242
Brandywine I & II	Nashville, Tennessee	September 26, 2018		79,800		43,835		632
			$	130,980	$	73,196		1,084

REFINANCINGS

(dollar amounts in thousands)
Property Name	Occurred		Former Outstanding Principal		New Outstanding Principal		Reduction in Spread (in bps) (1)
Belmont at Duck Creek		Q2	$	10,853	$	17,760		103	(2)
Sabal Palm at Lake Buena Vista		Q3		37,166		42,100		51
Abbington Heights		Q3		9,868		16,920		28	(2)
Beechwood Terrace		Q3		20,150		23,365		24
Timber Creek		Q3		19,137		24,100		56
Radbourne Lake		Q3		18,881		20,000		52
Hollister Place		Q3		13,475		14,811		90
			$	129,530	$	159,056		54	(3)

(1) For previous floating rate mortgages, represents the reduction in the borrowing spread from the previous mortgage to the current mortgage. For previous fixed-rate mortgages, represents the reduction in the borrowing rate from the previous mortgage to the current mortgage (using one-month LIBOR as of September 30, 2018).

(2) Previous mortgage was a fixed-rate loan.

(3) Represents the weighted average reduction in the borrowing spreads

DIVIDEND INCREASE: Q4 2018

$0.275/SHARE

GREEN IMPROVEMENTS

32% AVERAGE MONTHLY SAVINGS

(WATER UTILITY COST)

• Replacement of showerheads, plumbing fixtures and toilets with modern energy efficient upgrades

• As of September 30, 2018, NXRT has completed 16 of the planned 26 green improvement projects

• Savings analysis has been completed on 14 properties with results shown below:

Metric	Amount
# of Units	5,164
Annual Gallons Saved	~163,000,000
Annual Cost Savings	~$1,000,000
Monthly Savings per unit	$16
Average Monthly Cost Savings	32%

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Financial Summary

	Q3 2018			Q3 2017			YTD 2018			YTD 2017
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	690,000		$	501,000
Share Price (as of the last day of the period)	$	33.20		$	23.73
Weighted average common shares outstanding - basic		20,775			21,085			20,847			21,057
Weighted average common shares outstanding - diluted		21,262			21,453			21,328			21,407
Earnings Profile
Total revenues	$	36,495		$	37,097		$	107,207		$	109,322
Net income (loss) attributable to common stockholders		(5,245	)		53,914			3,158			57,704
NOI (1)		19,959			19,512			58,924			57,317
Same Store NOI (2)		19,013			17,553			50,771			46,581
Same Store NOI Growth (%) (2)		8.3	%					9.0	%
Earnings Metrics Per Common Share (diluted basis) (3)
Earnings (loss)	$	(0.25	)	$	2.51		$	0.15		$	2.70
FFO (1)	$	0.28		$	0.32		$	1.08		$	0.77
Core FFO (1)	$	0.42		$	0.35		$	1.21		$	1.01
AFFO (1)	$	0.48		$	0.40		$	1.41		$	1.18
Dividends declared per common share	$	0.25		$	0.22		$	0.75		$	0.66
FFO Coverage		1.12x			1.44x			1.44x			1.17x
Core FFO Coverage		1.67x			1.58x			1.62x			1.53x
AFFO Coverage		1.93x			1.84x			1.88x			1.79x
Portfolio
Total Properties		35			32
Total Units		12,555			11,395
Occupancy		93.8	%		94.0	%
Average Effective Monthly Rent per Unit	$	979		$	932
Same Store Portfolio Metrics (2)
Total Same Store Properties		31			31			29			29
Total Same Store Units		11,091			11,091			10,123			10,123
Occupancy		93.8	%		94.0	%		93.8	%		94.2	%
Average Effective Monthly Rent per Unit	$	972		$	934		$	958		$	918
Value-Add Program
Completed Rehab Units		439			422			1,116			1,253
Cumulative Completed Rehab Units (4)		5,345
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	95
ROI on Post-Rehab Units		22.6	%
Outstanding Debt Summary
Total Mortgage Debt	$	845,945		$	733,300
Credit Facility		50,000			30,000
Bridge Facility		30,000			54,597
Total Debt Outstanding	$	925,945		$	817,897
Leverage Ratio (Net Debt to Enterprise Value) (5)		57	%		59	%

(1) For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2) We define “Same Store” properties as properties that were in our portfolio for the periods being compared. For additional information regarding our Q3 and YTD Same Store properties, see the “Q3 Same Store Results” and “YTD Same Store Results” sections of this release.

(3) Indicates coverage ratio of FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

(4) Inclusive of all full and partial interior upgrades completed through September 30, 2018. Cumulative results exclude rehabs completed for properties sold through September 30, 2018.

(5) For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

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2018 Full Year Guidance Summary

NXRT has revised full year 2018 guidance ranges for Earnings (loss) per diluted share, Same Store Total Expenses, and Same Store NOI; raised the mid-point and tightened its 2018 guidance range for Core FFO per diluted share and reaffirmed 2018 guidance ranges for Same Store Rental Income and Same Store Total Revenue as follows:

	Guidance Range (1)
	Low-End			Mid-Point			High-End			Prior Mid-Point
Earnings (loss) per diluted share (2) (3)	$	(0.08	)	$	(0.05	)	$	(0.02	)	$	0.10
Core FFO per diluted share (3) (4) (5)	$	1.64		$	1.67		$	1.70		$	1.66
Same Store Growth: (6)
Rental Income		4.8	%		5.3	%		5.8	%
Total Revenue		5.0	%		5.5	%		6.0	%
Total Expenses (7)		1.0	%		1.5	%		2.0	%		2.5	%
Same Store NOI (5) (8)		7.0	%		7.8	%		8.5	%		7.0	%

(1) Full Year 2018 guidance forecast includes Same Store growth projections presented above, the effect of the Timberglen sale and the acquisitions of Cedar Pointe, Crestmont Reserve and Brandywine I & II, and no further acquisition or disposition activity for the remainder of the year.

(2) 2018 Full Year Guidance for earnings (loss) per diluted share revised due to the impact of recent refinancing activity.

(3) Weighted average diluted share count estimate for FY 2018 is approximately 21.3 million. For the three months ended March 31, June 30 and September 30, 2018, earnings (loss) per diluted share was $0.47, $(0.08) and $(0.25), respectively. For the three months ended December 31, 2018, loss per diluted share is estimated to be $(0.17) at the low-end and $(0.23) at the high-end.

(4) NXRT increased the mid-point and tightened Full Year 2018 Core FFO Guidance due to the factors listed in footnotes 2 and 8.

(5) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Same Store NOI and Core FFO guidance to net income (loss) guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(6) Year-over-year growth for 2018 pro forma Same Store pool (29 properties).

(7) 2018 Full Year Guidance for Same Store Total Expenses growth revised lower due to tax settlements, utility reductions and other favorable expense controls.

(8) 2018 Full Year Guidance for Same Store NOI increased as a result of better than expected operating performance.

Additional information on third quarter 2018 results and 2018 financial and earnings guidance is included in the following sections of this release.

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Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)

REAL ESTATE VALUE BY MARKET

Property	NOI			Cap Rate Range (1)						Value Range (2)
Market	Contribution			Min			Max			Min		Max
Texas
Dallas/Fort Worth		26.2	%		5.3	%		5.8	%	$	392,623	$	447,958
Houston		9.4	%		5.5	%		5.9	%		139,107		154,133
North Carolina
Charlotte		4.7	%		5.2	%		5.7	%		70,968		81,038
Georgia
Atlanta		17.8	%		5.2	%		5.7	%		269,099		307,282
Tennessee
Nashville		15.2	%		5.5	%		5.9	%		223,512		247,656
Florida
Orlando		8.2	%		5.5	%		5.8	%		123,573		134,580
Tampa		4.0	%		5.5	%		5.8	%		59,603		64,912
West Palm Beach		3.8	%		5.5	%		5.9	%		56,100		62,160
Washington D.C.
Other		1.5	%		5.8	%		5.9	%		22,624		23,978
Arizona
Phoenix		9.2	%		5.2	%		5.7	%		139,740		159,568
Total / Ave		100.0	%		5.3	%		5.8	%	$	1,496,949	$	1,683,265

NAV SUMMARY

Component	Min		Max
Tangible Assets
Real Estate	$	1,496,949	$	1,683,265
Cash		19,324
Restricted Cash - Renovation & Green Reserves (4)		5,488
Renovation & Green Capital Expenditures (4)		(5,488)
Cash Adjustments (5)		(31,000)
Fair Market Value of Interest Rate Swaps		27,974
Other Assets		28,439
Value of Assets	$	1,541,686	$	1,728,002
Tangible Liabilities
Credit and Bridge Facilities (5)		$80,000
Mortgage Debt		845,945
Total Outstanding Debt		925,945
Forward 12-month Principal Payments (5)		(31,000)
Total Outstanding Debt (FY 2018 Est.)		894,945
Other Tangible Liabilities (at Book)		25,233
Value of Liabilities		$920,178
Net Leverage (mid-point)		56%
Net Asset Value	$	621,508	$	807,824
Shares outstanding - diluted (FY 2018 Est.)		21,310
Est. NAV / Share	$	29.17	$	37.91
NAV / Share (mid-point)		$33.54

NOI ESTIMATE

1Q 2018 NOI Actual		$ 19,127
2Q 2018 NOI Actual		19,838
3Q 2018 NOI Actual		19,959
	Low		High
Estimated 4Q 2018 NOI Guidance (3)		19,776		20,576
Estimated 4Q 2018 NOI - Acquisitions (3)		1,793		1,893
Revised 4Q 2018 NOI Guidance, annualized (3)	$	86,276	$	89,876

IMPLIED VALUATION METRICS

	Min		Max
Implied Real Estate Value	$	1,496,949	$	1,683,265
No of Units (December 31, 2018 E.) (2)		12,555
Implied Value/Apartment Unit	$	119.2	$	134.1
Implied Value/Apartment Unit (mid-point)		$126.7

(1) Management estimates based on independent third party review of our properties.

(2) Estimated value ranges, based on revised fourth quarter NOI guidance annualized, are presented for the existing portfolio (35 properties at September 30, 2018).

(3) We anticipate net loss will be between $0.4 million and $1.6 million for the full year of 2018 and between $3.6 million and $4.8 million for the fourth quarter of 2018. Fourth quarter net operating income for the new acquisitions are forecast using Management’s year one estimates; the new acquisitions NOI contributions are then added to the Company’s original estimated 4Q 2018 guidance for the 32 properties.

(4) Includes approximately $2.5 million that is held for value-add upgrades and approximately $3.0 million that is escrowed to finance green property improvements; reduced by $5.5 million for estimated forward 12-month rehab and green capital expenditures.

(5) Includes approximately $31.0 million in forward 12-month principal payments. The $30 Million Bridge Facility matures on March 26, 2019.

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NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2018			December 31, 2017
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	202,347		$	189,615
Buildings and improvements		929,275			806,981
Intangible lease assets		3,049			1,340
Construction in progress		5,048			3,786
Furniture, fixtures, and equipment		57,655			44,725
Total Gross Operating Real Estate Investments		1,197,374			1,046,447
Accumulated depreciation and amortization		(120,292	)		(88,252	)
Total Net Operating Real Estate Investments		1,077,082			958,195
Real estate held for sale, net of accumulated depreciation of $897 and $3,397, respectively		17,406			32,961
Total Net Real Estate Investments		1,094,488			991,156
Cash and cash equivalents		19,324			16,036
Restricted cash		26,253			27,212
Accounts receivable		5,014			2,932
Prepaid and other assets		2,660			1,559
Fair market value of interest rate swaps		27,974			16,480
TOTAL ASSETS	$	1,175,713		$	1,055,375
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgages payable, net	$	824,546		$	724,057
Mortgages payable held for sale, net		13,368			30,348
Credit facility, net		49,100			29,843
Bridge facility, net		29,550			8,576
Accounts payable and other accrued liabilities		6,181			6,226
Accrued real estate taxes payable		13,492			9,684
Accrued interest payable		2,284			2,074
Security deposit liability		1,917			1,518
Prepaid rents		1,359			1,470
Total Liabilities		941,797			813,796
Redeemable noncontrolling interests in the Operating Partnership		2,431			2,135
Stockholders’ Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued		—			—
Common stock, $0.01 par value: 500,000,000 shares authorized; 20,797,135 and 21,049,565 shares issued and outstanding, respectively		207			210
Additional paid-in capital		199,661			206,227
Accumulated earnings less dividends		4,798			17,885
Accumulated other comprehensive income		26,819			15,122
Total Stockholders’ Equity		231,485			239,444
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,175,713		$	1,055,375

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NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Revenues
Rental income	$	31,724		$	32,148		$	93,366		$	94,564
Other income		4,771			4,949			13,841			14,758
Total revenues		36,495			37,097			107,207			109,322
Expenses
Property operating expenses		9,231			10,075			26,339			29,611
Real estate taxes and insurance		5,048			4,853			14,492			14,911
Property management fees (1)		1,085			1,110			3,205			3,280
Advisory and administrative fees (2)		1,885			1,870			5,586			5,544
Corporate general and administrative expenses		1,932			1,623			5,731			4,842
Property general and administrative expenses		1,280			1,594			4,475			4,756
Depreciation and amortization		11,228			11,215			33,638			35,866
Total expenses		31,689			32,340			93,466			98,810
Operating income		4,806			4,757			13,741			10,512
Interest expense		(7,119	)		(8,257	)		(20,739	)		(22,479	)
Loss on extinguishment of debt and modification costs		(2,947	)		(914	)		(3,576	)		(5,717	)
Gain on sales of real estate		—			58,490			13,742			78,386
Net income (loss)		(5,260	)		54,076			3,168			60,702
Net income attributable to noncontrolling interests		—			—			—			2,836
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(15	)		162			10			162
Net income (loss) attributable to common stockholders	$	(5,245	)	$	53,914		$	3,158		$	57,704
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		1,222			214			11,732			(835	)
Total comprehensive income (loss)		(4,038	)		54,290			14,900			59,867
Comprehensive income attributable to noncontrolling interests		—			—			—			2,720
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(12	)		163			45			163
Comprehensive income (loss) attributable to common stockholders	$	(4,026	)	$	54,127		$	14,855		$	56,984
Weighted average common shares outstanding - basic		20,775			21,085			20,847			21,057
Weighted average common shares outstanding - diluted		21,262			21,453			21,328			21,407
Earnings (loss) per share - basic	$	(0.25	)	$	2.56		$	0.15		$	2.74
Earnings (loss) per share - diluted	$	(0.25	)	$	2.51		$	0.15		$	2.70
Dividends declared per common share	$	0.25		$	0.22		$	0.75		$	0.66

(1) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

(2) Fees incurred to the Company’s adviser.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Results of Operations for the Three Months Ended September 30, 2018 and 2017

There are 31 properties encompassing 11,091 units of apartment space, or approximately 88% of our Portfolio, in our same store pool for the three months ended September 30, 2018 and 2017 (our “Q3 Same Store” properties). Our Q3 Same Store properties exclude the following four properties in our Portfolio as of September 30, 2018: Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II.

As of September 30, 2018, our Q3 Same Store properties were approximately 93.8% leased with a weighted average monthly effective rent per occupied apartment unit of $972, a year over year decrease of (20) bps and an increase of $38, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended September 30, 2018 and 2017 for our Q3 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended September 30,
	2018		2017		$ Change			% Change
Revenues
Same Store
Rental income	$	30,130	$	28,725	$	1,405			4.9	%
Other income		4,582		4,413		169			3.8	%
Same Store revenues		34,712		33,138		1,574			4.7	%
Non-Same Store
Rental income		1,594		3,423		(1,829	)		-53.4	%
Other income		189		536		(347	)		-64.7	%
Non-Same Store revenues		1,783		3,959		(2,176	)		-55.0	%
Total revenues		36,495		37,097		(602	)		-1.6	%
Operating expenses
Same Store
Property operating expenses (1)		8,913		9,083		(170	)		-1.9	%
Real estate taxes and insurance		4,670		4,493		177			3.9	%
Property management fees (2)		1,029		987		42			4.3	%
Property general and administrative expenses (3)		1,087		1,022		65			6.4	%
Same Store operating expenses		15,699		15,585		114			0.7	%
Non-Same Store
Property operating expenses		354		1,372		(1,018	)		-74.2	%
Real estate taxes and insurance		378		360		18			5.0	%
Property management fees (2)		56		123		(67	)		-54.5	%
Property general and administrative expenses (4)		49		145		(96	)		-66.2	%
Non-Same Store operating expenses		837		2,000		(1,163	)		-58.2	%
Total operating expenses		16,536		17,585		(1,049	)		-6.0	%
NOI
Same Store		19,013		17,553		1,460			8.3	%
Non-Same Store		946		1,959		(1,013	)		-51.7	%
Total NOI (5)	$	19,959	$	19,512	$	447			2.3	%

(1) For the three months ended September 30, 2018 and 2017, excludes approximately $36,000 and $380,000, respectively, of casualty-related recoveries.

(2) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of NexPoint Residential Trust Operating Partnership, L.P. (the “OP”).

(3) For the three months ended September 30, 2018 and 2017, excludes approximately $96,000 and $388,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(4) For the three months ended September 30, 2018 and 2017, excludes approximately $48,000 and $39,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(5) For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

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The following table contains additional information about our Q3 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended September 30, 2018 and 2017 (dollars in thousands, except for per unit data):

	Q3 2018			Q3 2017			% Change
Same Store Total Units		11,091			11,091
Same Store Occupied Units		10,405			10,425
Same Store Ending Occupancy		93.8	%		94.0	%		-0.2	%
Same Store Average Rent per Unit	$	972		$	934			4.1	%
Same Store Revenues
Same Store Rental Income	$	30,130		$	28,725			4.9	%
Same Store Other Income		4,582			4,413			3.8	%
Total Same Store Revenues		34,712			33,138			4.7	%
Same Store Operating Expenses
Payroll		3,532			3,523			0.3	%
Repairs & Maintenance		3,033			2,984			1.6	%
Utilities		2,348			2,576			-8.9	%
Real Estate Taxes		3,975			3,844			3.4	%
Insurance		695			649			7.1	%
Property Management Fees		1,029			987			4.3	%
Office Operations		617			580			6.4	%
Marketing		470			442			6.3	%
Total Same Store Operating Expenses		15,699			15,585			0.7	%
Q3 Same Store NOI	$	19,013		$	17,553			8.3	%

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Q3 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)
Properties by Market (1)	Unit Count		Average Effective Rent							Occupancy								Total Rental Income
	Total		Q3 2018		Q3 2017		% Change			Q3 2018			Q3 2017			bps D		Q3 2018		Q3 2017		% Change
Texas
Dallas		2,872	$	895	$	857		4.4	%		94.0	%		94.8	%		-80	$	7,335	$	6,902		6.3	%
Houston		1,184		1,137		1,133		0.4	%		93.5	%		93.1	%		40		3,751		3,518		6.6	%
Average/Total		4,056		966		938		3.0	%		93.8	%		94.3	%		-50		11,086		10,420		6.4	%
North Carolina
Charlotte		577		931		911		2.2	%		93.1	%		94.5	%		-140		1,498		1,476		1.5	%
Average/Total		577		931		911		2.2	%		93.1	%		94.5	%		-140		1,498		1,476		1.5	%
Georgia
Atlanta		2,220		1,013		973		4.1	%		93.1	%		93.2	%		-10		6,157		5,988		2.8	%
Average/Total		2,220		1,013		973		4.1	%		93.1	%		93.2	%		-10		6,157		5,988		2.8	%
Tennessee
Nashville		1,038		948		913		3.8	%		93.3	%		94.7	%		-140		2,722		2,658		2.4	%
Average/Total		1,038		948		913		3.8	%		93.3	%		94.7	%		-140		2,722		2,658		2.4	%
Florida
Orlando		830		1,112		1,029		8.1	%		95.5	%		94.2	%		130		2,629		2,406		9.3	%
Tampa		576		916		857		6.9	%		95.0	%		94.4	%		60		1,474		1,391		6.0	%
West Palm Beach		439		1,172		1,110		5.6	%		95.4	%		94.8	%		60		1,442		1,367		5.5	%
Average/Total		1,845		1,065		995		7.0	%		95.3	%		94.4	%		90		5,545		5,164		7.4	%
Washington D.C.
D.C. Metro		156		1,100		1,069		2.9	%		94.9	%		96.8	%		-190		486		460		5.7	%
Average/Total		156		1,100		1,069		2.9	%		94.9	%		96.8	%		-190		486		460		5.7	%
Arizona
Phoenix		1,199		798		771		3.5	%		93.5	%		92.5	%		100		2,636		2,559		3.0	%
Average/Total		1,199		798		771		3.5	%		93.5	%		92.5	%		100		2,636		2,559		3.0	%
Average/Total		11,091	$	972	$	934		4.1	%		93.8	%		94.0	%		-20	$	30,130	$	28,725		4.9	%

(1) This table only includes the 31 properties in our Q3 Same Store pool.

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YTD Same Store Results of Operations for the Nine Months Ended September 30, 2018 and 2017

There are 29 properties encompassing 10,123 units of apartment space, or approximately 81% of our Portfolio, in our same store pool for the nine months ended September 30, 2018 and 2017 (our “YTD Same Store” properties). Our YTD Same Store properties exclude the following six properties in our portfolio as of September 30, 2018: Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II.

As of September 30, 2018, our YTD Same Store properties were approximately 93.8% leased with a weighted average monthly effective rent per occupied apartment unit of $958, a year over year decrease of (40) bps and an increase of $40, respectively.

The following table reflects the revenues, property operating expenses and NOI for the nine months ended September 30, 2018 and 2017 for our YTD Same Store and Non-Same Store properties (dollars in thousands):

	For the Nine Months Ended September 30,
	2018		2017		$ Change			% Change
Revenues
Same Store
Rental income	$	80,085	$	76,566	$	3,519			4.6	%
Other income		12,258		12,003		255			2.1	%
Same Store revenues		92,343		88,569		3,774			4.3	%
Non-Same Store
Rental income		13,281		17,998		(4,717	)		-26.2	%
Other income		1,583		2,755		(1,172	)		-42.5	%
Non-Same Store revenues		14,864		20,753		(5,889	)		-28.4	%
Total revenues		107,207		109,322		(2,115	)		-1.9	%
Operating expenses
Same Store
Property operating expenses (1)		23,732		23,826		(94	)		-0.4	%
Real estate taxes and insurance		11,955		12,406		(451	)		-3.6	%
Property management fees (2)		2,773		2,659		114			4.3	%
Property general and administrative expenses (3)		3,112		3,097		15			0.5	%
Same Store operating expenses		41,572		41,988		(416	)		-1.0	%
Non-Same Store
Property operating expenses (4)		3,309		6,136		(2,827	)		-46.1	%
Real estate taxes and insurance		2,537		2,505		32			1.3	%
Property management fees (2)		432		621		(189	)		-30.4	%
Property general and administrative expenses (5)		433		755		(322	)		-42.6	%
Non-Same Store operating expenses		6,711		10,017		(3,306	)		-33.0	%
Total operating expenses		48,283		52,005		(3,722	)		-7.2	%
NOI
Same Store		50,771		46,581		4,190			9.0	%
Non-Same Store		8,153		10,736		(2,583	)		-24.1	%
Total NOI (6)	$	58,924	$	57,317	$	1,607			2.8	%

(1) For the nine months ended September 30, 2018 and 2017, excludes approximately $709,000 and $370,000, respectively, of casualty-related recoveries.

(2) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

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(3) For the nine months ended September 30, 2018 and 2017, excludes approximately $779,000 and $742,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(4) For the nine months ended September 30, 2018 and 2017, excludes approximately $7,000 and $19,000, respectively, of casualty-related expenses.

(5) For the nine months ended September 30, 2018 and 2017, excludes approximately $151,000 and $162,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(6) For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

The following table contains additional information about our YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the nine months ended September 30, 2018 and 2017 (dollars in thousands, except for per unit data):

	YTD 2018			YTD 2017			% Change
Same Store Total Units		10,123			10,123
Same Store Occupied Units		9,492			9,531
Same Store Ending Occupancy		93.8	%		94.2	%		-0.4	%
Same Store Average Rent per Unit	$	958		$	918			4.3	%
Same Store Revenues
Same Store Rental Income	$	80,085		$	76,566			4.6	%
Same Store Other Income		12,258			12,003			2.1	%
Total Same Store Revenues		92,343			88,569			4.3	%
Same Store Operating Expenses
Payroll		9,664			9,450			2.3	%
Repairs & Maintenance		7,888			7,753			1.7	%
Utilities		6,180			6,623			-6.7	%
Real Estate Taxes		10,085			10,653			-5.3	%
Insurance		1,870			1,753			6.7	%
Property Management Fees		2,773			2,659			4.3	%
Office Operations		1,832			1,875			-2.3	%
Marketing		1,280			1,222			4.7	%
Total Same Store Operating Expenses		41,572			41,988			-1.0	%
YTD Same Store NOI	$	50,771		$	46,581			9.0	%

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FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2018 and 2017 (in thousands, except per share amounts):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	(5,260	)	$	54,076		$	3,168		$	60,702
Depreciation and amortization		11,228			11,215			33,638			35,866
Gain on sales of real estate		—			(58,490	)		(13,742	)		(78,386	)
Adjustment for noncontrolling interests		(19	)		(21	)		(70	)		(1,670	)
FFO attributable to common stockholders		5,949			6,780			22,994			16,512
FFO per share - basic	$	0.29		$	0.32		$	1.10		$	0.78
FFO per share - diluted	$	0.28		$	0.32		$	1.08		$	0.77
Loss on extinguishment of debt and modification costs		2,947			914			3,576			5,717
Casualty-related recoveries		(36	)		(380	)		(702	)		(351	)
Change in fair value on derivative instruments – ineffective portion		—			(32	)		—			(97	)
Amortization of deferred financing costs – acquisition term notes		—			197			21			323
Adjustment for noncontrolling interests		(9	)		(3	)		(9	)		(430	)
Core FFO attributable to common stockholders		8,851			7,476			25,880			21,674
Core FFO per share - basic	$	0.43		$	0.35		$	1.24		$	1.03
Core FFO per share - diluted	$	0.42		$	0.35		$	1.21		$	1.01
Amortization of deferred financing costs – long term debt		341			375			1,061			1,225
Equity-based compensation expense		1,094			822			3,103			2,414
Adjustment for noncontrolling interests		(4	)		(3	)		(12	)		(72	)
AFFO attributable to common stockholders		10,282			8,670			30,032			25,241
AFFO per share - basic	$	0.49		$	0.41		$	1.44		$	1.20
AFFO per share - diluted	$	0.48		$	0.40		$	1.41		$	1.18
Weighted average common shares outstanding - basic		20,775			21,085			20,847			21,057
Weighted average common shares outstanding - diluted		21,262			21,453			21,328			21,407
Dividends declared per common share	$	0.25		$	0.22		$	0.75		$	0.66
FFO Coverage - diluted		1.12x			1.44x			1.44x			1.17x
Core FFO Coverage - diluted		1.67x			1.58x			1.62x			1.53x
AFFO Coverage - diluted		1.93x			1.84x			1.88x			1.79x

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The three months ended September 30, 2018 as compared to the three months ended September 30, 2017

The change in our net loss of $5.3 million for the three months ended September 30, 2018 as compared to our net income of $54.1 million for the three months ended September 30, 2017 primarily relates to decreases in total revenues and gain on sales of real estate and an increase in loss on extinguishment of debt and modification costs, and was partially offset by decreases in total property operating expenses and interest expense. The change in our net income (loss) between the periods was also due to our acquisition and disposition activity in 2017 and 2018 and the timing of the transactions (we acquired one property in the first quarter of 2017, one property in the second quarter of 2017, one property in the fourth quarter of 2017 and three properties in the third quarter of 2018; we sold four properties in the second quarter of 2017, five properties in the third quarter of 2017 and one property in the first quarter of 2018).

FFO was $5.9 million for the three months ended September 30, 2018 compared to $6.8 million for the three months ended September 30, 2017, which was a decrease of approximately $0.9 million. The change in our FFO between the periods primarily relates to an increase in loss on extinguishment and modification costs of $2.0 million and a decrease in total revenues of $0.6 million, partially offset by decreases in total property operating expenses of $1.0 million and interest expense of $1.1 million and adjustments for amounts attributable to noncontrolling interests.

Core FFO was $8.9 million for the three months ended September 30, 2018 compared to $7.5 million for the three months ended September 30, 2017, which was an increase of approximately $1.4 million. The change in our Core FFO between the periods primarily relates to an increase in loss on extinguishment of debt and modification costs of $2.0 million, partially offset by a decrease in FFO and adjustments for amounts attributable to noncontrolling interests.

AFFO was $10.3 million for the three months ended September 30, 2018 compared to $8.7 million for the three months ended September 30, 2017, which was an increase of approximately $1.6 million. The change in our AFFO between the periods primarily relates to increases in Core FFO and equity-based compensation expense of $0.3 million.

The nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017

The change in our net income of $3.2 million for the nine months ended September 30, 2018 as compared to our net income of $60.7 million for the nine months ended September 30, 2017 primarily relates to decreases in total revenues and gain on sales of real estate, and was partially offset by decreases in total property operating expenses, depreciation and amortization, interest expense and loss on extinguishment of debt and modification costs. The change in our net income between the periods was also due to our acquisition and disposition activity in 2017 and 2018 and the timing of the transactions, as described above.

FFO was $23.0 million for the nine months ended September 30, 2018 compared to $16.5 million for the nine months ended September 30, 2017, which was an increase of approximately $6.5 million. The change in our FFO between the periods primarily relates to decreases in total property operating expenses of $4.0 million, interest expense of $1.7 million and loss on extinguishment of debt and modification costs of $2.1 million, partially offset by a decrease in total revenues of $2.1 million and adjustments for amounts attributable to noncontrolling interests.

Core FFO was $25.9 million for the nine months ended September 30, 2018 compared to $21.7 million for the nine months ended September 30, 2017, which was an increase of approximately $4.2 million. The change in our Core FFO between the periods primarily relates to an increase in FFO, partially offset by a $2.1 million decrease in loss on extinguishment of debt and modification costs and adjustments for amounts attributable to noncontrolling interests.

AFFO was $30.0 million for the nine months ended September 30, 2018 compared to $25.2 million for the nine months ended September 30, 2017, which was an increase of approximately $4.8 million. The change in our AFFO between the periods primarily relates to increases in Core FFO and equity-based compensation expense of $0.7 million.

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Historical Capital Expenditures

	Q3 2018		Q3 2017		% Change			YTD 2018		YTD 2017		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	130,980	$	—		N/A		$	130,980	$	138,000		-5.1	%
Capitalized Rehab Expenditures
Interior		2,582		1,883		37.1	%		6,138		6,647		-7.7	%
Exterior and common area		2,322		1,166		99.1	%		7,314		5,067		44.3	%
Capitalized Maintenance Expenditures
Recurring		1,463		1,334		9.7	%		3,782		3,647		3.7	%
Non-Recurring		1,340		1,184		13.2	%		3,265		2,592		26.0	%
Total Capital Expenditures	$	138,687	$	5,567		2391.2	%	$	151,479	$	155,953		-2.9	%

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Value-Add Program Details

Property Name (1)	Units		Rehab Units Completed (2)		Average Rent Pre-Rehab		Average Rent Post-Rehab		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change %			ROI (3)
Completed Value-Add Programs
Southpoint Reserve at Stoney Creek (4)		156		55	$	990	$	1,096	$	7,428		10.7	%		17.1	%
Total/Weighted Average		156		55	$	990	$	1,096	$	7,428		10.7	%		17.1	%
Value-Add Programs In Progress
Abbington Heights		274		172	$	797	$	896	$	4,759		12.5	%		25.1	%
Arbors on Forest Ridge		210		174		794		875		3,220		10.2	%		30.1	%
Atera Apartments		380		52		1,222		1,381		3,297		13.0	%		57.9	%
Beechwood Terrace		300		208		877		971		5,341		10.7	%		21.1	%
Belmont at Duck Creek		240		189		932		1,024		3,650		9.9	%		30.3	%
Cornerstone		430		209		924		1,005		5,351		8.8	%		18.1	%
Courtney Cove		324		123		787		890		4,684		13.0	%		26.3	%
Cutter’s Point		196		165		1,040		1,135		4,224		9.1	%		26.9	%
Eagle Crest		447		98		783		864		2,679		10.3	%		36.2	%
Edgewater at Sandy Springs		760		389		882		987		7,439		11.9	%		17.0	%
Heatherstone		152		156		806		884		4,281		9.6	%		21.7	%
Hollister Place		260		113		918		1,066		7,313		16.2	%		24.3	%
Madera Point		256		138		808		901		4,041		11.5	%		27.5	%
Parc500		217		96		1,178		1,354		14,093		14.9	%		14.9	%
Radbourne Lake		225		257		986		1,039		955		5.3	%		65.8	%
Rockledge Apartments		708		87		1,046		1,269		11,690		21.2	%		22.8	%
Sabal Palm at Lake Buena Vista		400		192		1,131		1,210		694		7.0	%		136.8	%
Seasons 704 Apartments		222		127		1,056		1,121		5,903		6.2	%		13.3	%
Silverbrook		642		420		786		851		3,040		8.3	%		25.6	%
The Ashlar		264		258		827		898		3,897		8.7	%		22.0	%
The Colonnade		415		74		652		915		10,658		40.3	%		29.6	%
The Pointe at the Foothills		528		63		914		948		1,940		3.8	%		21.5	%
The Preserve at Terrell Mill		752		392		766		901		8,562		17.6	%		18.9	%
The Summit at Sabal Park		252		177		886		968		4,526		9.3	%		21.8	%
Timber Creek		352		61		843		946		4,712		12.3	%		26.4	%
Venue at 8651		333		265		831		907		4,199		9.2	%		21.8	%
Versailles		388		413		834		909		3,956		8.9	%		22.6	%
Willow Grove		244		129		820		926		5,620		12.9	%		22.6	%
Woodbridge		220		93		958		1,047		5,315		9.3	%		20.1	%
Total/Weighted Average		10,391		5,290	$	875	$	970	$	5,010		10.8	%		24.0	%
Total/Weighted Average Completed		10,547		5,345	$	876	$	971	$	5,033		10.8	%		22.6	%
Planned Value-Add Programs				Projected Avg. Rent								Rent Change & ROI (Projections)
Old Farm		734		—	$	1,226	$	1,316		TBD		7.3	%		TBD
Stone Creek at Old Farm		190		—		1,261		1,305		TBD		3.5	%		TBD
Cedar Pointe		210		—		1,058		1,188		TBD		12.3	%		TBD
Crestmont Reserve		242		—		910		1,010		TBD		11.0	%		TBD
Brandywine I & II		632		—		959		1,079		TBD		12.5	%		TBD
Total/Weighted Average Planned		2,008		—	$	1,090	$	1,190		TBD		9.2	%		TBD

(1) We do not plan to upgrade 100% of the units at each of our properties.

(2) Inclusive of all full and partial interior upgrades completed through September 30, 2018.

(3) Inclusive of all full and partial interior upgrades completed and leased through September 30, 2018.

(4) Property was classified as held for sale as of September 30, 2018.

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Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of September 30, 2018 (dollars in thousands):

Operating Properties	Type		Term (months)		Outstanding Principal (1)			Interest Rate (2)			Maturity Date
Arbors on Forest Ridge		Floating		84	$	13,130			3.94	%	7/1/2024
Cutter’s Point		Floating		84		16,640			3.94	%	7/1/2024
Eagle Crest		Floating		84		29,510			3.94	%	7/1/2024
Silverbrook		Floating		84		30,590			3.94	%	7/1/2024
Edgewater at Sandy Springs		Floating		84		52,000			3.94	%	7/1/2024
Beechwood Terrace (3)		Floating		84		23,365			3.70	%	9/1/2025
Willow Grove		Floating		84		14,818			4.04	%	7/1/2024
Woodbridge		Floating		84		13,677			4.04	%	7/1/2024
The Summit at Sabal Park		Floating		84		13,560			3.88	%	7/1/2024
Courtney Cove		Floating		84		13,680			3.88	%	7/1/2024
The Preserve at Terrell Mill		Floating		84		42,480			3.88	%	7/1/2024
The Ashlar		Floating		84		14,520			3.88	%	7/1/2024
Heatherstone		Floating		84		8,880			3.88	%	7/1/2024
Versailles		Floating		84		23,880			3.88	%	7/1/2024
Seasons 704 Apartments		Floating		84		17,460			3.88	%	7/1/2024
Madera Point		Floating		84		15,150			3.88	%	7/1/2024
The Pointe at the Foothills		Floating		84		34,800			3.88	%	7/1/2024
Venue at 8651		Floating		84		13,734			4.04	%	7/1/2024
The Colonnade		Floating		84		28,093			3.94	%	7/1/2024
Old Farm		Floating		84		52,886			3.94	%	7/1/2024
Stone Creek at Old Farm		Floating		84		15,274			3.94	%	7/1/2024
Timber Creek (4)		Floating		84		24,100			3.52	%	10/1/2025
Radbourne Lake (5)		Floating		84		20,000			3.55	%	10/1/2025
Sabal Palm at Lake Buena Vista (6)		Floating		84		42,100			3.56	%	9/1/2025
Abbington Heights (7)		Floating		84		16,920			3.51	%	9/1/2025
Belmont at Duck Creek		Floating		84		17,760			3.65	%	6/1/2025
Cornerstone		Fixed		120		22,339			4.24	%	3/1/2023
Parc500		Fixed		120		15,547			4.49	%	8/1/2025
Hollister Place (8)		Floating		84		14,811			3.60	%	10/1/2025
Rockledge Apartments		Floating		84		68,100			3.83	%	7/1/2024
Atera Apartments		Floating		84		29,500			3.74	%	11/1/2024
Cedar Pointe		Floating		84		17,300			3.61	%	9/1/2025
Crestmont Reserve		Floating		84		12,061			3.44	%	10/1/2025
Brandywine I & II		Floating		84		43,835			3.44	%	10/1/2025
					$	832,500
Fair market value adjustment						656
Deferred financing costs, net of accumulated amortization of $1,424						(8,610	)
					$	824,546
Held For Sale Property
Southpoint Reserve at Stoney Creek		Floating		84		13,445			4.37	%	1/1/2022
Deferred financing costs, net of accumulated amortization of $88						(77	)
					$	13,368

(1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.

(2) Interest rate is based on one-month LIBOR plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR as of September 30, 2018 was 2.2606%.

(3) On August 31, 2018, the Company refinanced the existing floating rate mortgage of approximately $20.2 million.

(4) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $19.1 million.

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(5) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $18.9 million.

(6) On August 20, 2018, the Company refinanced the existing floating rate mortgage of approximately $37.2 million.

(7) On August 21, 2018, the Company refinanced the existing fixed rate mortgage of approximately $9.9 million, which was assumed upon acquisition of this property, into a floating rate mortgage.

(8) On September 28, 2018, the Company refinanced the existing floating rate mortgage of approximately $13.5 million.

Credit and Bridge Facilities

The following table contains summary information concerning the Company’s credit and bridge facilities as of September 30, 2018 (dollars in thousands):

	Type		Term (months)		Outstanding Principal			Interest Rate (1)			Maturity Date
$60 Million Credit Facility		Floating		24	$	50,000			4.26	%		9/26/2020
Deferred financing costs, net of accumulated amortization of $0						(900	)
					$	49,100
$30 Million Bridge Facility		Floating		6	$	30,000			4.26	%		3/26/2019
Deferred financing costs, net of accumulated amortization of $0						(450	)
					$	29,550

(1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of September 30, 2018 was 2.2606%.

As of September 30, 2018, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Effective Date	Termination Date	Notional		Fixed Rate (1)
July 1, 2016	June 1, 2021	$	100,000		1.1055	%
July 1, 2016	June 1, 2021		100,000		1.0210	%
July 1, 2016	June 1, 2021		100,000		0.9000	%
September 1, 2016	June 1, 2021		100,000		0.9560	%
April 1, 2017	April 1, 2022		100,000		1.9570	%
May 1, 2017	April 1, 2022		50,000		1.9610	%
July 1, 2017	July 1, 2022		100,000		1.7820	%
		$	650,000		1.3388	%(2)

(1) The floating rate option for the interest rate swaps in one-month LIBOR. As of September 30, 2018, one-month LIBOR was 2.2606%.

(2) Represents the weighted average fixed rate of the interest rate swaps.

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Debt Maturity Schedule

	Payments Due by Period (in thousands)
	Total		2018		2019		2020		2021		2022		Thereafter
Operating Properties Mortgage Debt
Principal payments	$	832,500	$	175	$	716	$	744	$	782	$	817	$	829,266
Interest expense (1)		177,994		6,607		26,191		26,248		29,133		31,812		58,003
Total	$	1,010,494	$	6,782	$	26,907	$	26,992	$	29,915	$	32,629	$	887,269
Held For Sale Property Mortgage Debt
Principal payments	$	13,445	$	56	$	207	$	205	$	219	$	12,758	$	—
Interest expense		1,889		150		588		581		570		—		—
Total	$	15,334	$	206	$	795	$	786	$	789	$	12,758	$	—
Credit and Bridge Facilities
Principal payments (2)	$	80,000	$	—	$	30,000	$	50,000	$	—	$	—	$	—
Interest expense		4,929		870		2,464		1,595		—		—		—
Total	$	84,929	$	870	$	32,464	$	51,595	$	—	$	—	$	—
Total contractual obligations and commitments	$	1,110,757	$	7,858	$	60,166	$	79,373	$	30,704	$	45,387	$	887,269

(1) Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of September 30, 2018, we had entered into seven interest rate swap transactions with a combined notional amount of $650.0 million. We have allocated the total impact of expected settlements on the $650.0 million notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used one-month LIBOR as of September 30, 2018 to determine our expected settlements through the terms of the interest rate swaps.

(2) The $30 Million Bridge Facility, which had $30.0 million outstanding as of September 30, 2018, is scheduled to mature on March 26, 2019. The $60 Million Credit Facility, which had $50.0 million outstanding as of September 30, 2018, is scheduled to mature on September 26, 2020. The $60 Million Credit Facility has one 12-month extension option, at our election.

(1) As of September 30, 2018, we had total indebtedness of $925.9 million at a weighted average interest rate of 3.87%, of which $888.1 million was debt with a floating rate. The interest rate swap agreements we have entered into effectively fix the rate on $650.0 million, or 80% of our $808.1 million of floating rate mortgage debt outstanding. As of September 30, 2018, the adjusted weighted average interest rate of our total indebtedness was 3.20%. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.3388% for one-month LIBOR on the $650.0 million national amount of interest rate swap agreements that we have entered into as of September 30, 2018, which effectively fix the interest rate on $650.0 million of our floating rate mortgage debt outstanding.

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Historical Acquisition Details

(in thousands, except for unit and per unit amounts)

Property Name (1)	Location	Units		Transaction Date	Purchase Price		Rehab Budget (2)		Total Investment		Per Unit
Arbors on Forest Ridge	Bedford, TX		210	1/31/2014	$	12,805	$	1,449	$	14,254	$	67,876
Cutter’s Point	Richardson, TX		196	1/31/2014		15,845		1,357		17,202		87,765
Eagle Crest	Irving, TX		447	1/31/2014		27,325		1,120		28,445		63,635
Silverbrook	Grand Prairie, TX		642	1/31/2014		30,400		1,661		32,061		49,939
Edgewater at Sandy Springs	Atlanta, GA		760	7/18/2014		58,000		5,281		63,281		83,264
Beechwood Terrace	Antioch, TN		300	7/21/2014		21,400		1,815		23,215		77,383
Willow Grove	Nashville, TN		244	7/21/2014		13,750		2,116		15,866		65,025
Woodbridge	Nashville, TN		220	7/21/2014		16,000		1,641		17,641		80,186
Abbington Heights	Antioch, TN		274	8/1/2014		17,900		1,617		19,517		71,230
The Summit at Sabal Park	Tampa, FL		252	8/20/2014		19,050		1,656		20,706		82,167
Courtney Cove	Tampa, FL		324	8/20/2014		18,950		1,691		20,641		63,707
Radbourne Lake	Charlotte, NC		225	9/30/2014		24,250		1,438		25,688		114,169
Timber Creek	Charlotte, NC		352	9/30/2014		22,750		4,334		27,084		76,943
Belmont at Duck Creek	Garland, TX		240	9/30/2014		18,525		1,174		19,699		82,079
Sabal Palm at Lake Buena Vista	Orlando, FL		400	11/5/2014		49,500		1,346		50,846		127,115
Southpoint Reserve at Stoney Creek (3)	Fredericksburg, VA		156	12/18/2014		17,000		1,737		18,737		120,109
Cornerstone	Orlando, FL		430	1/15/2015		31,550		2,662		34,212		79,563
The Preserve at Terrell Mill	Marietta, GA		752	2/6/2015		58,000		6,688		64,688		86,021
The Ashlar	Dallas, TX		264	2/26/2015		16,235		2,165		18,400		69,697
Heatherstone	Dallas, TX		152	2/26/2015		9,450		1,648		11,098		73,013
Versailles	Dallas, TX		388	2/26/2015		26,165		3,917		30,082		77,531
Seasons 704 Apartments	West Palm Beach, FL		222	4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, AZ		256	8/5/2015		22,525		1,808		24,333		95,051
The Pointe at the Foothills	Mesa, AZ		528	8/5/2015		52,275		1,372		53,647		101,604
Venue at 8651	Fort Worth, TX		333	10/30/2015		19,250		4,592		23,842		71,598
Parc500	West Palm Beach, FL		217	7/27/2016		22,421		5,082		27,503		126,742
The Colonnade	Phoenix, AZ		415	10/11/2016		44,600		6,018		50,618		121,971
Old Farm	Houston, TX		734	12/29/2016		84,721		1,135		85,856		116,970
Stone Creek at Old Farm	Houston, TX		190	12/29/2016		23,332		456		23,788		125,200
Hollister Place	Houston, TX		260	2/1/2017		24,500		2,952		27,452		105,585
Rockledge Apartments	Marietta, GA		708	6/30/2017		113,500		7,685		121,185		171,165
Atera Apartments	Dallas, TX		380	10/25/2017		59,200		3,721		62,921		165,582
Cedar Pointe	Antioch, TN		210	8/24/2018		26,500		2,252		28,752		136,914
Crestmont Reserve	Dallas, TX		242	9/26/2018		24,680		2,797		27,477		113,541
Brandywine I & II	Nashville, TN		632	9/26/2018		79,800		7,762		87,562		138,547
Total/Weighted Average			12,555		$	1,143,154	$	98,045	$	1,241,199	$	98,861

(1) Only includes properties currently owned.

(2) Includes interior and exterior rehab.

(3) Property was classified as held for sale as of September 30, 2018.

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Historical Disposition Details

(in thousands, except unit and per unit amounts)
Property Name	Location	Units		Purchase Price		Sale Price		Per Unit		Sale Date	Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250	5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219	6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828	8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630	9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444	9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707	4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010	4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828	4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169	4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500	7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455	9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684	1/31/2018		29,553		13,742
Total/Weighted Average			4,588	$	270,734	$	392,050	$	85,451		$	385,755	$	118,039

(1) Represents sales price, net of closing costs.

(2) The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.

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Definitions and Reconciliations of Non-GAAP Measures

Definitions

This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income (“NOI”), revised fourth quarter 2018 NOI guidance annualized (“Annualized 4^th Quarter NOI”), funds from operations attributable to common stockholders (“FFO”), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO (“AFFO”), AFFO per diluted share and net debt.

NOI and Annualized 4^th Quarter NOI are used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) the cost of funds, (2) acquisition costs, (3) advisory and administrative fees, (4) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (5) corporate general and administrative expenses, (6) other gains and losses that are specific to us, (7) casualty-related expenses/(recoveries), and (8) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional and franchise tax fees. Annualized 4^th Quarter NOI is calculated by annualizing the mid-point of the Company’s fourth quarter NOI guidance. We define “Same Store NOI” as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges. We compute FFO in accordance with NAREIT’s definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to (1) noncontrolling interests in consolidated joint ventures and (2) redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.

Core FFO makes certain adjustments to FFO, which are either not likely to occur on a regular basis or are otherwise not representative of the ongoing operating performance of our portfolio. Core FFO adjusts FFO to remove items such as losses on extinguishment of debt and modification costs (includes prepayment penalties incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt and costs incurred in connection with a debt modification that are expensed), casualty-related expenses and recoveries, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing, the ineffective portion of fair value adjustments on our interest rate derivatives designated as cash flow hedges, and the noncontrolling interests related to these items.

AFFO makes certain adjustments to Core FFO. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the amortization of deferred financing costs incurred in connection with obtaining long-term debt financing, and the noncontrolling interests related to these items.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades from total debt outstanding.

We believe that the use of NOI, Annualized 4^th Quarter NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts (“REITs”) among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, Annualized 4^th Quarter NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, Annualized 4^th Quarter NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, Annualized 4^th Quarter NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, Annualized 4^th Quarter NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, Annualized 4^th Quarter NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

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Reconciliations

NOI and Same Store NOI for the three and nine months ended September 30, 2018 and 2017

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q3 and YTD Same Store NOI for the three and nine months ended September 30, 2018 and 2017 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	(5,260	)	$	54,076		$	3,168		$	60,702
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		1,885			1,870			5,586			5,544
Corporate general and administrative expenses		1,932			1,623			5,731			4,842
Casualty-related recoveries (1)		(36	)		(380	)		(702	)		(351	)
Property general and administrative expenses (2)		144			427			930			904
Depreciation and amortization		11,228			11,215			33,638			35,866
Interest expense		7,119			8,257			20,739			22,479
Loss on extinguishment of debt and modification costs		2,947			914			3,576			5,717
Gain on sales of real estate		—			(58,490	)		(13,742	)		(78,386	)
NOI	$	19,959		$	19,512		$	58,924		$	57,317
Less Non-Same Store
Revenues (3)		(1,783	)		(3,959	)		(14,864	)		(20,753	)
Operating expenses (3)		837			2,000			6,711			10,017
Same Store NOI (3)	$	19,013		$	17,553		$	50,771		$	46,581

(1) Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related recoveries.

(2) Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(3) Amounts for the three months ended September 30, 2018 and 2017 are derived from the operations of our Q3 Same Store and Non-Same Store properties; amounts for the nine months ended September 30, 2018 and 2017 are derived from the operations of our YTD Same Store and Non-Same Store properties.

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	Q3 2018			Q3 2017
Total mortgage debt	$	845,945		$	733,300
Credit facility		50,000			30,000
Bridge facility		30,000			54,597
Adjustments to arrive at net debt:
Cash and cash equivalents		(19,324	)		(92,695	)
Restricted cash held for value-add upgrades		(2,502	)		(6,291	)
Net Debt	$	904,119		$	718,911
Enterprise Value (1)	$	1,594,119		$	1,219,911
Leverage Ratio		57	%		59	%

(1) Enterprise Value is calculated as Market Capitalization plus Net Debt.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI to net income (loss) (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):

	For the Year Ended December 31,						2018 Quarters Ended
	2018 (1)			2017			March 31			June 30			September 30			December 31 (1)
Net income (loss)	$	(1,030	)	$	56,359		$	10,094		$	(1,666	)	$	(5,260	)	$	(4,198	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,473			7,419			1,838			1,863			1,885			1,887
Corporate general and administrative expenses		7,612			6,275			1,813			1,986			1,932			1,881
Casualty-related expenses/(recoveries) (2)		(702	)		(287	)		24			(690	)		(36	)		—
Property general and administrative expenses (3)		1,140			1,130			380			406			144			210
Depreciation and amortization		47,455			48,752			11,372			11,038			11,228			13,817
Interest expense		29,161			29,576			6,797			6,823			7,119			8,422
Loss on extinguishment of debt and modification costs		3,576			5,719			551			78			2,947			—
Gain on sales of real estate		(13,742	)		(78,365	)		(13,742	)		—			—			—
NOI	$	80,943		$	76,578		$	19,127		$	19,838		$	19,959		$	22,019
Less Non-Same Store
Revenues (4)		(23,404	)		(25,764	)
Operating expenses (4)		10,611			12,433
Same Store NOI (4)	$	68,150		$	63,247

(1) Mid-point estimates shown for full year and fourth quarter 2018 guidance. Assumptions made for full year and fourth quarter 2018 NOI guidance include the Same Store operating growth projections included in the “2018 Full Year Guidance Summary” section of this release, the effect of the Timberglen sale and the acquisitions of Cedar Pointe, Crestmont Reserve and Brandywine I & II, and no further acquisition or disposition activity for the remainder of the year.

(2) Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(3) Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional and franchise tax fees.

(4) Amounts are derived from the results of operations of our pro forma Full Year 2018 Same Store properties and Non-Same Store properties. There are 29 properties in our pro forma Full Year 2018 Same Store pool.

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The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2018 (in thousands, except per share data):

	For the Year Ended December 31, 2018
	Mid-Point
Net loss	$	(1,030	)
Depreciation and amortization		47,455
Gain on sale of real estate		(13,742	)
Adjustment for noncontrolling interests		(98	)
FFO attributable to common stockholders		32,585
FFO per share - diluted (1)	$	1.53
Loss on extinguishment of debt and modification costs		3,576
Casualty-related recoveries		(702	)
Amortization of deferred financing costs - acquisition term notes		244
Adjustment for noncontrolling interests		(9	)
Core FFO attributable to common stockholders		35,694
Core FFO per share - diluted (1)	$	1.67
Amortization of deferred financing costs - long term debt		1,536
Equity-based compensation expense		4,198
Adjustment for noncontrolling interests		(17	)
AFFO attributable to common stockholders		41,411
AFFO per share - diluted (1)	$	1.94
Weighted average common shares outstanding - diluted		21,310

(1) For purposes of calculating per share data, NXRT assumes a weighted average diluted share count of approximately 21.3 million for the full year 2018.

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