EX-99.1 2 d787893dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

20 February 2024 | NYSE: NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 2023

 

 

 

LOGO

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

 

NXRT.NEXPOINT.COM


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

TABLE OF CONTENTS

 

Earnings Release

   1  

Cautionary Statement Regarding Forward-Looking Statements

   3  

Overview

   4  

Highlights of Fourth Quarter and FY 2023 Activity

   5  

Financial Summary

   8  

2024 Full Year Guidance Summary

   9  

Components of Net Asset Value

   10  

Consolidated Balance Sheets

   11  

Consolidated Statements of Operations

   12  

NOI and Same Store NOI

   13  

2022-2023 Same Store Results

   15  

2022-2023 Same Store Properties Operating Metrics

   17  

QoQ Same Store Properties Operating Metrics

   18  

2021-2023 Same Store Results

   19  

Q4 Same Store Results

   22  

FFO, Core FFO and AFFO

   24  

Historical Capital Expenditures

   25  

Value-Add Program Details

   26  

Outstanding Debt Details

   29  

Debt Maturity Schedule

   32  

Historical Acquisition Details

   33  

Historical Disposition Details

   34  

Definitions and Reconciliations of Non-GAAP Measures

   35  

LOGO

 THE ADAIR APARTMENT HOMES: SANDY SPRINGS, GA

 

LOGO

 REVAMPED FITNESS CENTER

 

LOGO

 COMMUNITY GARDEN AMENITY AREA

 


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

LOGO

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

NXRT Recaps Disposition Activity, Value-Add Results and Issues 2024 Full Year Guidance

Dallas, TX, February 20, 2024 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2023.

Highlights

 

   

NXRT1 reported net income, FFO2, Core FFO2 and AFFO2 of $44.3M, $71.4M, $73.5M and $84.4M, respectively, attributable to common stockholders for the year ended December 31, 2023, compared to net loss, FFO, Core FFO, and AFFO of $(9.3)M, $73.4M, $81.8M and $91.4M, respectively, attributable to common stockholders for the year ended December 31, 2022.

 

   

For the year ended December 31, 2023, 2022-2023 Same Store properties3 average effective rent, total revenue and NOI2 increased 0.1%, 7.1% and 8.2%, respectively, and occupancy increased 60 bps over the prior year period.

 

   

During the year ended December 31, 2023, the Company completed the sales of Silverbrook and Timber Creek for a combined sales price of $119.0 million.

 

   

The weighted average effective monthly rent per unit across all 38 properties held as of December 31, 2023 (the “Portfolio”), consisting of 14,133 units4, was $1,502, while physical occupancy was 94.7%.

 

   

NXRT paid a fourth quarter dividend of $0.46242 per share of common stock on December 29, 2023; this cash dividend represented a $0.04242 per share, or 10.1% increase, over the prior quarter’s dividend. Since inception, NXRT has increased the dividend per share by 124.5%.

 

   

During 2023, for the properties in the Portfolio, NXRT completed 2,073 full/partial upgrades and washer/dryer installation, achieving an average monthly rent premium of $190 and a 21.4% ROI5.

 

   

Since inception, NXRT has completed installation of 8,534 full and partial upgrades, 4,761 kitchen and laundry appliances and 12,348 technology packages, resulting in $169, $49 and $43 average monthly rental increase per unit and 20.9%, 64.7% and 37.8% ROI, respectively.

 

   

During the year ended December 31, 2023, the Company paid down $50.5 million of principal on its corporate credit facility.

 

(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 33 properties encompassing 12,378 units of apartment space in our Same Store pool for the year ended December 31, 2023 (our “2022-2023” Same Store” properties). There are 35 properties encompassing 12,940 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2023 (our “Q4 Same Store” properties). The same store unit count excludes 44 units that are currently down due to fires (Rockledge: 20 units, Bella Solara: 8 units, Six Forks Station: 8 units, Versailles II: 7 units and Bloom: 1 unit).

(4)

Total number of units owned as of December 31, 2023 is 14,133, however 45 units are currently down due to fires and water damage (Rockledge: 20 units, Bella Solara: 8 units, Six Forks Station: 8 units, Versailles II: 7 units, Bloom: 1 unit and Old Farm: 1 unit).

(5)

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

 

NXRT.NEXPOINT.COM   Page 1   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Full Year 2023 Financial Results

 

   

Total revenues were $277.5 million for the full year 2023, compared to $264.0 million for the full year 2022.

 

   

Net income for the full year 2023 totaled $44.3 million, or income of $1.69 per diluted share, which included a gain on sales of real estate of $67.9 million and $95.2 million of depreciation and amortization expense. This compared to net loss of $(9.3) million, or loss of $(0.36) per diluted share, which included a gain on sales of real estate of $14.7 million and $97.6 million of depreciation and amortization expense for the full year 2022.

 

   

The change in our net income of $44.4 million for the year ended December 31, 2023 as compared to our net loss of $(9.3) million for the year ended December 31, 2022 primarily relates to increases in gains on sales of real estate and total revenues, partially offset by an increase in interest expense.

 

   

For the full year 2023, NOI was $167.4 million on 38 properties, compared to $157.4 million for the full year 2022 on 40 properties.

 

   

For the full year 2023, Same Store NOI increased 8.2% to $145.0 million, compared to $134.0 million for the full year 2022.

 

   

For the full year 2023, FFO totaled $71.4 million, or $2.72 per diluted share, compared to $73.4 million, or $2.81 per diluted share, for the full year 2022. For the full year 2023, Core FFO totaled $73.5 million, or $2.80 per diluted share, compared to $81.8 million, or $3.13 per diluted share, for the full year 2022. For the full year 2023, AFFO totaled $84.4 million, or $3.22 per diluted share, compared to $91.4 million, or $3.49 per diluted share, for the full year 2022.

Fourth Quarter 2023 Financial Results

 

   

Total revenues were $68.9 million for the fourth quarter of 2023, compared to $69.3 million for the fourth quarter of 2022.

 

   

Net income for the fourth quarter of 2023 totaled $18.4 million, or income of $0.70 per diluted share, which included $24.3 million of depreciation and amortization expense and $18.3 million of interest expense. This compared to net income of $3.8 million, or income of $0.15 per diluted share, for the fourth quarter of 2022, which included $23.2 million of depreciation and amortization expense and $15.8 million of interest expense.

 

   

The change in our net income of $18.4 million for the fourth quarter of 2023 as compared to our net income of $3.8 primarily relates to increases in gains on sales of real estate, partially offset by an increase in interest expense.

 

   

For the fourth quarter of 2023, NOI was $42.2 million on 38 properties, compared to $41.8 million for the fourth quarter of 2022 on 40 properties.

 

   

For the fourth quarter of 2023, Q4 Same Store NOI increased 4.5% to $39.1 million, compared to $37.4 million for the fourth quarter of 2022.

 

   

For the fourth quarter of 2023, FFO totaled $17.8 million, or $0.68 per diluted share, compared to $12.2 million, or $0.47 per diluted share, for the fourth quarter of 2022. For the fourth quarter of 2023, Core FFO totaled $17.4 million, or $0.66 per diluted share, compared to $19.5 million, or $0.75 per diluted share, for the fourth quarter of 2022. For the fourth quarter of 2023, AFFO totaled $20.1 million, or $0.77 per diluted share, compared to $22.0 million, or $0.84 per diluted share, for the fourth quarter of 2022.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 20, 2024, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2023 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company’s website, nxrt.nexpoint.com (under “Resources”). 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, March 5, 2024, by dialing 800- 770- 2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

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 NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, nxrt.nexpoint.com, under the “Financials” tab.

 

NXRT.NEXPOINT.COM   Page 2   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

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,” “plan,” “believe” 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, pro-forma debt allocation and capital structure and related assumptions, including paydowns of property level debt in connection with dispositions and the paydown of the Company’s Corporate Credit Facility (as defined below) in Q1 2024 with the net proceeds from the sale of Old Farm, forecasted submarket deliveries, 2024 full year guidance and the related components and assumptions, including acquisitions and dispositions, shares outstanding, interest expense and the related components and same store growth projections, NXRT’s net asset value and the related components and assumptions, estimated value-add expenditures, estimated proceeds from dispositions, debt payments, dispositions, outstanding debt and shares outstanding, guidance for the first quarter 2024 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets, and expected acquisitions and dispositions, related timing, expected sales prices, estimated investment returns and net cash proceeds. 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, including those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. 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.

 

NXRT.NEXPOINT.COM   Page 3   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

NEXPOINT RESIDENTIAL TRUST, INC: FOURTH QUARTER & FULL YEAR 2023 OVERVIEW

 

Company Profile

(share counts in thousands)     

Exchange/Ticker

     NYSE: NXRT  

Share Price (1)

   $31.08

Insider Ownership (2)

   13.49%

2024 Q1 Dividend Per Share

   $0.46242

Dividend Yield (1)

   5.95%

Shares outstanding - basic (3)

   25,654

Shares outstanding - diluted (3)

   26,245

 

(1)

As of the close of market trading on February 16, 2024.

(2)

As of the close of market trading on December 29, 2023.

(3)

Weighted average for the year ended December 31, 2023.

 

Portfolio Composition by Market

 

Market

  

% of Units

Phoenix

   14.2%

South Florida

   13.9%

Dallas/Fort Worth

   13.8%

Atlanta

   12.0%

Nashville

   9.5%

Orlando

   8.3%

Las Vegas

   8.2%

Houston

   6.4%

Charlotte

   5.2%

Raleigh

   4.4%

Tampa

   4.1%
  

 

Total

     100.0%

LOGO

 

 

Revenue & Average Rent Per Unit      Stock Price Performance (Since Inception; 4/1/2015)

 

LOGO      LOGO

 

NXRT.NEXPOINT.COM   Page 4   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Highlights of Fourth Quarter and Full Year 2023 Activity

COMPLETED DISPOSITIONS

 

Property Name

  

Location

  

Date of Sale

   Sales
Price
      IRR      Multiple on
 Invested Capital 
     Net Cash
Proceeds
(1)
 

Silverbrook

   Grand Prairie, TX    September 22, 2023    $ 70,000        34.0%        6.14x      $  21,499  

Timber Creek

   Charlotte, NC    December 13, 2023      49,000        25.8%        4.45x        24,007  
        

 

 

          

 

 

 
         $ 119,000            $ 45,506  
        

 

 

          

 

 

 

 

(1)

Net Cash Proceeds includes sale prices less debt paydown and closing costs.

 

(*)    2023      2022     2021      2020      2019      2018     2017      2016      2015  

Net income (loss)

   $ 44,433      $ (9,291   $ 23,106      $ 44,150      $ 99,438      $ (1,614   $ 56,359      $ 25,888      $ (10,992

 

NOI GROWTH*

 

LOGO

DIVIDEND GROWTH

 

LOGO

 

SAME STORE GROWTH

2021 to 2023

 

                       2023 vs 2021      2023 vs 2021  
     FY 2023     FY 2022     FY 2021     $ Change      % Change  

Same Store Ending Occupancy

     94.7     94.1     94.3        0.4

Same Store Average Rent per Unit

   $ 1,520     $ 1,520     $ 1,288     $ 232        18.0
           

Same Store Revenues

           

Same Store Rental Income

   $ 207,034     $ 193,060     $ 167,971     $ 39,063        23.3

Same Store Other Income

     5,278       5,017       5,033       245        4.9
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Same Store Revenues

   $ 212,312     $ 198,077     $ 173,004     $ 39,308        22.7
           
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Same Store Operating Expenses

   $ 82,607     $ 78,682     $ 70,862     $ 11,745        16.6
           

Same Store Operating Income

           

Miscellaneous income

   $ 886     $ 340     $ 321       565        176.0
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Same Store Operating Income

   $ 886     $ 340     $ 321     $ 565        176.0
           
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

2021-2023 Same Store NOI

   $ 130,591     $ 119,735     $ 102,463     $ 28,128        27.5
  

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

 

NXRT.NEXPOINT.COM   Page 5   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

DISPOSITIONS IN PROCESS (1)

 

Property Name

  

Location

  

Date of Sale

   Sales
Price
      IRR      Multiple on
Invested Capital
     Net Cash
Proceeds

(2)
 

Old Farm

   Houston, TX    Q1 2024 Expected    $ 103,000        21.9%        2.92x      $ 48,000  

Radbourne Lake

   Charlotte, NC    Q2 2024 Expected      39,250        19.2%        3.60x        18,100  
        

 

 

          

 

 

 
         $  142,250            $  66,100  
        

 

 

          

 

 

 

 

(1)

The Old Farm and Radbourne Lake assets are both under contract for sale with material earnest money deposits. We expect to execute on these dispositions in the first half of 2024. Investment returns are estimated above and subject to change until the sales are finalized.

 

(2)

Net Cash Proceeds includes sale prices less debt paydown and closing costs.

UPDATES TO CAPITAL STRUCTURE

 

Current Debt Allocation

 

     Pro Forma Debt Allocation

 

As of:

     12/31/2023        As of:      6/30/2024  

Property Level Debt

     1,551,235,411        Property Level Debt(2)      1,478,648,432  

Corporate Facility

     24,000,000        Corporate Facility(3)       

Total Debt

     1,575,235,411        Pro Forma Total Debt      1,478,648,432  
       

Swapped to Fixed

     1,167,500,000           Swapped to Fixed      1,067,500,000  

Rate Capped Debt

     359,610,432        Rate Capped Debt      280,623,432  

Fixed Debt

     33,817,000        Fixed Debt      33,817,000  

Total Fixed

     1,560,927,432        Total Fixed      1,381,940,432  

% of Portfolio Fixed

     99      % of Portfolio Fixed      93
LOGO

 

     LOGO

 

 

(1)

Pro forma property level debt assumes the Old Farm and Radbourne Lake mortgage notes are retired at the sale of those assets, reducing property level debt by $72.9 million by June 30, 2024.

(2)

The Corporate Facility debt is expected to be retired using $24 million of net sales proceeds from the Old Farm sale, which is expected to close in the first quarter of 2024.

 

NXRT.NEXPOINT.COM   Page 6   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

FORECASTED SUBMARKET DELIVERIES (1)

 

Market    Submarket (RealPage)    Property    NXRT Unit 
Exposure 
    

2023 Q3

Inventory

    

Units Under

Construction

Completing in the Next

Four Quarters

    

2023

Deliveries

    

2024

Deliveries

    

2025

Deliveries

    

2026

Deliveries

    

3-year

Deliveries 

    

 3-year %

 Growth

 

ATL

   Southeast Marietta    Rockledge      708         14,110        0        0        0        0        0        0        0.0

ATL

   Southeast Marietta    The Preserve at Terrell Mill      752        14,110        0        0        0        0        0        0        0.0

ATL

   Sandy Springs    The Adair      232        20,205        286        0        286        0        0        286         1.4

CHA

   Huntersville/Cornelius    The Verandas at Lake Norman      264        7,779        1,070        216        1,070        1,147        0        3,364        43.2

CHA

   Matthews/Southeast Charlotte    Creekside at Matthews      240        11,736        343        416        320        402        0        1,124        9.6

CHA

   North Charlotte    Radbourne Lake      225        18,992        3,885        1,624        4,385        1,249        462        7,345        38.7

DFW

   East Fort Worth    The Venue at 8651      333        13,057        0        0        0        0        0        0        0.0

DFW

   Far North Dallas    Versailles      388        29,558        897        0        897        0        0        897        3.0

DFW

   Far North Dallas    Versailles II      242        29,558        897        0        897        0        0        897        3.0

DFW

   Hurst/Euless/Bedford    Arbors on Forest Ridge      210        33,890        93        67        93        187        0        467        1.4

DFW

   Hurst/Euless/Bedford    Summers Landing      196        33,890        93        67        93        187        0        467        1.4

DFW

   Oak Lawn/Park Cities    Atera      380        20,594        152        117        152        856        503        2,367        11.5

DFW

   Richardson    Cutters Point      196        19,253        711        0        711        384        0        1,479        7.7

HOU

   Westchase    Old Farm      734        29,872        165        165        165        56        0        277        0.9

HOU

   Westchase    Stone Creek at Old Farm      190        29,872        165        165        165        56        0        277        0.9

LSV

   Northwest Las Vegas    Bella Solara      320        20,590        910        700        910        158        0        1,226        6.0

LSV

   Northwest Las Vegas    Bloom      528        20,590        910        700        910        158        0        1,226        6.0

LSV

   Southwest Las Vegas    Torreyana      316        19,531        2,028        937        2,083        426        0        2,935        15.0

NASH

   East Nashville    Residences at Glenview Reserve      360        14,177        706        419        674        651        0        1,976        13.9

NASH

   South Nashville    Arbors of Brentwood      346        17,102        623        840        623        116        0        855        5.0

NASH

   South Nashville    Brandywine      632        17,102        623        840        623        116        0        855        5.0

ORL

   East Orlando    The Cornerstone      430        21,867        725        307        590        279        0        1,148        5.2

ORL

   Northwest Orlando    Residences at West Place      342        16,988        659        319        296        820        0        1,936        11.4

ORL

   South Orange County    Sabal Palm at Lake Buena Vista      400        32,163        2,626        2,467        2,328        2,237        0        6,802        21.1

PHX

   Chandler    Fairways at San Marcos      352        25,503        1,175        881        979        415        0        1,809        7.1

PHX

   North Central Phoenix    Heritage      204        25,941        1,334        770        1,334        550        0        2,434        9.4

PHX

   North Central Phoenix    The Venue on Camelback      415        25,941        1,334        770        1,334        550        0        2,434        9.4

PHX

   Northeast Phoenix    Bella Vista      248        21,730        1,032        50        912        120        0        1,152        5.3

PHX

   South Tempe    Enclave      204        17,726        144        259        144        0        0        144        0.8

PHX

   Southwest Mesa    Madera Point      256        18,032        143        254        143        65        0        273        1.5

PHX

   West Phoenix    Estates on Maryland      330        15,570        0        0        0        0        0        0        0.0

RDU

   Far North Raleigh    Six Forks Station      323        12,224        983        1,414        948        0        0        948        7.8

RDU

   North Cary/Morrisville    High House at Cary      302        20,895        2,095        767        2,237        133        0        2,503        12.0

SFL

   Pembroke Pines/Miramar    Avant at Pembroke Pines      1,520        25,903        561        398        893        0        0        893        3.4

SFL

   West Palm Beach    Parc500      217        32,232        2,060        1,282        1,933        0        0        1,933        6.0

SFL

   West Palm Beach    Seasons 704      222        32,232        2,060        1,282        1,933        0        0        1,933        6.0

TPA

   Egypt Lake/Lowry Park    Courtney Cove      324        12,846        0        0        0        245        0        490        3.8

TPA

   Temple Terrace    The Summit at Sabal Park      252        16,002        0        0        0        0        0        0        0.0

Totals/Averages 

        Total       14,133        606,068        25,406        14,669        25,106        10,496        965        47,063        7.8

 

(1)

Source: 2023 RealPage, Inc.; Data as of January 2024.

 

NXRT.NEXPOINT.COM   Page 7   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Financial Summary

 

     FY 2023     FY 2022     FY 2021     Q4 2023     Q4 2022  

(in thousands, except for per share and unit data)

          

Company Profile

          

Market Capitalization

   $ 884,000     $    1,112,000     $    2,138,000      

Share Price (as of the last day of the period)

   $ 34.43     $ 43.52     $ 83.83      

Weighted average common shares outstanding - basic

     25,654       25,610       25,170       25,674       25,549  

Weighted average common shares outstanding - diluted

     26,245       25,610       25,760       26,298       26,077  
          

Earnings Profile

          

Total revenues

   $ 277,526     $ 263,952     $ 219,240     $    68,892     $    69,349  

Net income (loss) attributable to common stockholders

     44,264       (9,260     23,037       18,351       3,787  

NOI (1)

     167,404       157,424       128,647       42,162       41,777  

Same Store NOI (2)

     144,999       134,020         39,060       37,392  

Same Store NOI Growth (%) (2)

     8.2         4.5  
          

Earnings Metrics Per Common Share (diluted basis)

          

Earnings (loss)

   $ 1.69     $ (0.36   $ 0.89     $ 0.70     $ 0.15  

FFO (1)

   $ 2.72     $ 2.81     $ 2.47     $ 0.68     $ 0.47  

Core FFO (1)

   $ 2.80     $ 3.13     $ 2.43     $ 0.66     $ 0.75  

AFFO (1)

   $ 3.22     $ 3.49     $ 2.76     $ 0.77     $ 0.84  

Dividends declared per common share

   $ 1.722     $ 1.56     $ 1.404     $ 0.462     $ 0.42  

Net Income (Loss) Coverage

     0.98x       -0.23x       0.63x       1.51x       0.36x  

FFO Coverage (3)

     1.58x       1.80x       1.76x       1.46x       1.12x  

Core FFO Coverage (3)

     1.63x       2.01x       1.73x       1.43x       1.78x  

AFFO Coverage (3)

     1.87x       2.24x       1.96x       1.66x       2.01x  
          

Portfolio

          

Total Properties

     38       40       39      

Total Units (4)

     14,133       15,127       14,825      

Occupancy

     94.7     94.1     94.3    

Average Effective Monthly Rent per Unit

   $ 1,502     $ 1,480     $ 1,261      
          

Same Store Portfolio Metrics (2)

          

Total Same Store Properties

     33       33         35       35  

Total Same Store Units

     12,378       12,341         12,940       12,903  

Occupancy

     94.7     94.1       94.7     94.1

Average Effective Monthly Rent per Unit

   $ 1,509     $ 1,508       $ 1,516     $ 1,513  
          

Value-Add Program

          

Completed Full/Partial Interior Rehab Units

     2,073       2,409       1,264       198       579  

Cumulative Completed Rehab Units (5)

     8,534          

Average Increase to Effective Monthly Rent per Unit (Post-Rehab)

   $ 169          

ROI on Post-Rehab Units

     20.9        
          

Outstanding Debt Summary

          

Total Mortgage Debt

   $ 1,551,236     $ 1,607,028     $ 1,281,146      

Credit Facilities

     24,000       74,500       280,000      
  

 

 

   

 

 

   

 

 

     

Total Debt Outstanding

   $    1,575,236     $ 1,681,528     $ 1,561,146      
  

 

 

   

 

 

   

 

 

     

Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)

     64     60     42    

Leverage Ratio (Net Debt to Enterprise Value) (6)

     64     60     41    

 

(1)

For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” 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 entirety of the periods being compared. Full year results are shown for the 2022-2023 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2022-2023 Same Store properties, see the “Q4 Same Store Results” and “2022-2023 Same Store Results” section of this release.

(3)

Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4)

Total units owned is 14,133, however 45 units are currently down due to fires and water damage.

(5)

Inclusive of all full and partial interior upgrades completed through December 31, 2023. Cumulative results exclude rehabs completed for properties sold through December 31, 2023.

(6)

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

 

NXRT.NEXPOINT.COM   Page 8   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

2024 Full Year Guidance Summary

NXRT is providing initial 2024 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, interest expense and its related components and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):

 

     Guidance Range (1)  
     Low-End     Mid-Point     High-End  

Earnings per diluted share (2)

   $ 0.59     $ 0.72     $ 0.85  

Core FFO per diluted share (2) (3)

   $      2.60     $      2.72     $      2.85  
      

Same Store Growth: (4)

      

Rental Income

     1.4     2.3     3.2

Total Revenue

     1.1     2.0     2.9

Total Expenses (5)

     6.0     5.1     4.3

Same Store NOI (3)

     -2.0     0.0     2.0
      

Components to Interest Expense:

      

Interest Expense on Mortgage Debt

   $ (98.9   $ (99.8   $ (100.7

Interest Expense on Revolver

     (1.1     (1.1     (1.1

Deferred Financing Cost & Discount Amortization

     (2.4     (2.4     (2.4

Interest Rate Swap Settlement

     45.0       45.7       46.3  

Mark to Market – Fair Value of Rate Caps

     0.2       0.5       0.9  
  

 

 

   

 

 

   

 

 

 

Total Interest Expense

   $ (57.2   $ (57.1   $ (57.0
  

 

 

   

 

 

   

 

 

 
      

Other Considerations: (5)

      

Acquisitions

   $     $ 100.0     $ 200.0  

Dispositions

   $ 150.0     $ 225.0     $ 300.0  

 

(1)

Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the sale of the held for sale properties of Old Farm, Stone Creek at Old Farm and Radbourne Lake, thereby removing those assets from the Full Year 2024 Same Store pool.

(2)

Weighted average diluted share count estimate for full year 2024 is approximately 25.6 million.

(3)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2024 Same Store NOI and Core FFO guidance to net income 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.

(4)

Year-over-year growth for the Full Year 2024 pro forma Same Store pool (35 properties).

(5)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the earnings per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2024 financial and earnings guidance is included in the following sections of this release.

 

NXRT.NEXPOINT.COM   Page 9   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Components of Net Asset Value

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

REAL ESTATE VALUE BY MARKET   NAV SUMMARY

 

Property    NOI    Cap Rate
Range (1)
   Value Range (2)            

Component

 

Min

 

Max

Market    Contribution    Min    Max    Min      Max     Tangible Assets        

 

  

 

  

 

  

 

 

       

Texas

                   Real Estate (2)   $ 2,556,591    $ 2,903,972

 

Dallas/Fort Worth

   10.8%    5.5%    6.0%    $ 277,130      $ 314,785       Cash   12,367

Houston

   1.0%    5.5%    6.0%    $ 25,002      $ 28,399       Restricted Cash - Renovation Reserves (4)   2,929
                   Renovation Expenditures (4)   (2,929)

North Carolina

                   Cash Adjustments (5)   (292)

Raleigh

   4.2%    5.5%    6.0%      107,558        122,173       Fair Market Value of Interest Rate Swaps   71,028

Charlotte

   3.8%    5.5%    6.0%      96,899        110,065       Other Assets   53,221
                   Old Farm & Radbourne Lake Gross Sales Proceeds (6)   142,250
                

 

 

 

                 Value of Assets   $ 2,835,165    $ 3,182,546
                

 

 

 

 

 

Georgia

                    

Atlanta

   12.1%    5.5%    6.0%      309,952        352,067     Tangible Liabilities    
                   Credit Facility (7)   $24,000

Tennessee

                   Mortgage Debt  

1,551,236

Nashville

   9.5%    5.5%    6.0%      242,166        275,071     Total Outstanding Debt   1,575,236
                   Forward 12-month Principal Payments (5)  

(292)

Florida

                 Total Outstanding Debt (FY 2024 Est.)   1,574,944

Orlando

   8.8%    5.5%    6.0%      225,056        255,636       Other Tangible Liabilities (at Book)   42,701
                

 

 

 

Tampa

   3.8%    5.5%    6.0%      95,952        108,990     Value of Liabilities   $1,617,645
                

 

 

 

South Florida

   20.2%    5.5%    6.0%      517,553        587,876       Net Leverage (mid-point)   54%
                

 

 

 

                 Net Asset Value   $ 1,217,520   $ 1,564,901 
                

 

 

 

Nevada

                   Shares outstanding - diluted (FY 2024 Est.)   25,559
                

 

 

 

Las Vegas

   8.5%    5.5%    6.0%      217,453        247,000     Est. NAV / Share   $  47.64   $  61.23
                

 

 

 

                   NAV / Share (mid-point)   $54.43

Arizona

              

Phoenix

   17.3%    5.5%    6.0%      441,870        501,910  

 

  

 

  

 

 

Total / Ave    

   100.0%     5.5%      6.0%     $ 2,556,591      $ 2,903,972     

 

  

 

  

 

          

 

NOI ESTIMATE   IMPLIED VALUATION METRICS
              

                  

4Q 2023 NOI Actual

   42,162      Min       Max
          

 

     

 

FY 2023 NOI Actual

   167,404   Implied Real Estate Value    $2,556,591           $2,903,972
       

 

  

 

     

 

    

No. of Units (December 31, 2023) (2)

  

14,133

       

 

  

 

     

 

   Low    High   Implied Value/Apartment Unit    $ 180.9       $ 205.5

 

  

 

  

 

 

 

  

 

     

 

Estimated 1Q 2024 NOI Guidance (3)   

   39,920    40,802  

 

Implied Value/Apartment Unit (mid-point)

  

$193.2

 

  

 

  

 

          

2024 NOI Guidance (3)

   $ 153,395      $ 159,718          

 

  

 

  

 

             

 

(1)

Management estimates based on independent third-party review of our properties.

(2)

Estimated value ranges are presented for the existing portfolio (38 properties at December 31, 2023).

(3)

The Company anticipates net income will be in the range between approximately $15.2 million and $21.8 million for the full year 2024 and between $21.8 million and $23.1 million for the first quarter of 2024. FY 2024 NOI Guidance considers the forecasted dispositions of Old Farm and Radbourne Lake, and considers a commensurate volume of capital recycling.

(4)

Includes approximately $2.9 million that is held for value-add upgrades; reduced by $2.9 million for estimated 2024 rehab expenditures.

(5)

Includes approximately $0.3 million in forward 12-month principal payments.

(6)

Old Farm and Radbourne Lake are under binding sales contracts and expected to close in the first half of the year.

(7)

Includes outstanding balance as of December 31, 2023.

 

NXRT.NEXPOINT.COM   Page 10   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

      December 31, 2023       December 31, 2022   

ASSETS

    

Operating Real Estate Investments

    

Land

   $ 359,819     $ 378,438  

Buildings and improvements

     1,719,864       1,760,782  

Construction in progress

     8,322       10,622  

Furniture, fixtures, and equipment

     180,435       152,529  
  

 

 

   

 

 

 

Total Gross Operating Real Estate Investments

     2,268,440       2,302,371  

Accumulated depreciation and amortization

     (411,087     (349,276
  

 

 

   

 

 

 

Total Net Operating Real Estate Investments

     1,857,353       1,953,095  

Real estate held for sale, net of accumulated depreciation of $31,871 and $22,017, respectively

     110,747       89,457  
  

 

 

   

 

 

 

Total Net Real Estate Investments

     1,968,100       2,042,552  

Cash and cash equivalents

     12,367       16,762  

Restricted cash

     32,912       35,037  

Accounts receivable, net

     14,598       17,121  

Prepaid and other assets

     8,640       10,425  

Fair market value of interest rate swaps

     71,028       103,440  
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 2,107,645     $ 2,225,337  
  

 

 

   

 

 

 
    

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Liabilities:

    

Mortgages payable, net

   $   1,453,787     $   1,526,828  

Mortgages payable held for sale, net

     88,044       68,016  

Credit facility, net

     23,243       72,644  

Accounts payable and other accrued liabilities

     17,140       12,325  

Accrued real estate taxes payable

     11,230       7,232  

Accrued interest payable

     9,399       7,946  

Security deposit liability

     3,159       3,200  

Prepaid rents

     1,773       1,849  
  

 

 

   

 

 

 

Total Liabilities

   $ 1,607,775     $ 1,700,040  
  

 

 

   

 

 

 
    

Redeemable noncontrolling interests in the Operating Partnership

     5,246       5,631  
    

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; 25,674,313 and 25,549,319 shares issued and outstanding, respectively

     256       255  

Additional paid-in capital

     413,010       405,376  

Accumulated earnings less dividends

     11,493       11,880  

Accumulated other comprehensive income

     69,865       102,155  
  

 

 

   

 

 

 

Total Stockholders’ Equity

     494,624       519,666  
  

 

 

   

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 2,107,645     $ 2,225,337  
  

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 11   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

(Unaudited)

 

     For the Year Ended December 31,  
     2023     2022     2021  

Revenues

      

Rental income

   $ 270,078     $ 257,855     $ 213,505  

Other income

     7,448       6,097       5,735  
  

 

 

   

 

 

   

 

 

 

Total revenues

     277,526       263,952       219,240  
  

 

 

   

 

 

   

 

 

 

Expenses

      

Property operating expenses

     57,838       58,151       47,739  

Real estate taxes and insurance

     36,847       37,433       33,152  

Property management fees (1)

     8,069       7,636       6,334  

Advisory and administrative fees (2)

     7,645       7,547       7,631  

Corporate general and administrative expenses

     17,146       14,670       11,966  

Property general and administrative expenses

     9,543       9,298       7,332  

Depreciation and amortization

     95,186       97,648       86,878  
  

 

 

   

 

 

   

 

 

 

Total expenses

     232,274       232,383       201,032  
  

 

 

   

 

 

   

 

 

 

Operating income before gain on sales of real estate

     45,252       31,569       18,208  

Gain on sales of real estate

     67,926       14,684       46,214  
  

 

 

   

 

 

   

 

 

 

Operating income

     113,178       46,253       64,422  

Interest expense

     (67,106     (50,587     (44,623

Loss on extinguishment of debt and modification costs

     (2,409     (8,734     (912

Casualty gain (loss)

     (856     2,506       2,595  

Gain on forfeited deposits

     250              

Equity in earnings of affiliate

     205              

Miscellaneous income

     1,171       1,271       1,624  
  

 

 

   

 

 

   

 

 

 

Net income (loss)

     44,433       (9,291     23,106  
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership      169       (31     69  
  

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stockholders

   $   44,264     $ (9,260   $ 23,037  
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

      

Unrealized gains (losses) on interest rate derivatives

     (32,413     99,915       47,073  
  

 

 

   

 

 

   

 

 

 

Total comprehensive income

     12,020       90,624       70,179  
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership      46       307       210  
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to common stockholders

   $ 11,974     $   90,317     $   69,969  
  

 

 

   

 

 

   

 

 

 
      

Weighted average common shares outstanding - basic

     25,654       25,610       25,170  
  

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding - diluted

     26,245       25,610       25,760  
  

 

 

   

 

 

   

 

 

 
      

Earnings (loss) per share - basic

   $ 1.73     $ (0.36   $ 0.92  
  

 

 

   

 

 

   

 

 

 

Earnings (loss) per share - diluted

   $ 1.69     $ (0.36   $ 0.89  
  

 

 

   

 

 

   

 

 

 

 

(1)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the Operating Partnership (the “OP”).

(2)

Fees incurred to the Company’s adviser.

 

NXRT.NEXPOINT.COM   Page 12   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our 2022-2023 and our Q4 Same Store NOI for the years and three months ended December 31, 2023 and 2022 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

 

            For the Year Ended  
December 31,
     For the Three Months Ended 
December 31,
 
          2023     2022     2023     2022  
                               

Net income (loss)

    $ 44,433     $ (9,291   $ 18,421     $ 3,802  

Adjustments to reconcile net income (loss) to NOI

         

Advisory and administrative fees

      7,645       7,547       1,863       1,932  

Corporate general and administrative expenses

      16,663       14,670       3,920       3,554  

Casualty-related expenses/(recoveries)

    (1)       (2,214     1,119       (882     456  

Casualty losses (gains)

      856       (2,506     (124     (2,149

Gain on forfeited deposits

      (250                  

Property general and administrative expenses

    (2)       3,701       3,600       1,005       1,191  

Depreciation and amortization

      95,186       97,648       24,251       23,158  

Interest expense

      67,106       50,587       18,256       15,783  

Equity in earnings of affiliate

      (205           (28      

Loss on extinguishment of debt and modification costs

      2,409       8,734       316       8,734  

Gain on sales of real estate

      (67,926     (14,684     (24,836     (14,684
   

 

 

   

 

 

   

 

 

   

 

 

 

NOI

    $  167,404     $  157,424     $  42,162     $  41,777  
   

 

 

   

 

 

   

 

 

   

 

 

 

Less Non-Same Store

         

Revenues

      (41,581     (44,017     (6,071     (9,298

Operating expenses

      19,327       21,101       2,974       5,073  

Operating income

      (151     (488     (5     (160
   

 

 

   

 

 

   

 

 

   

 

 

 

Same Store NOI

    $ 144,999     $ 134,020     $ 39,060     $ 37,392  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(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, centralized leasing service and franchise tax fees.

 

NXRT.NEXPOINT.COM   Page 13   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2021-2023 Same Store NOI for the years ended December 31, 2023, 2022 and 2021 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

 

              For the Year Ended December 31,      
          2023     2022     2021  
                         

Net income (loss)

    $ 44,433     $ (9,291   $ 23,106  

Adjustments to reconcile net income (loss) to NOI:

       

Advisory and administrative fees

      7,645       7,547       7,631  

Corporate general and administrative expenses

      16,663       14,670       11,966  

Casualty-related expenses/(recoveries)

    (1)       (2,214     1,119       (199

Casualty losses (gains)

      856       (2,506     (2,595

Gain on forfeited deposits

      (250            

Property general and administrative expenses

    (2)       3,701       3,600       2,539  

Depreciation and amortization

      95,186       97,648       86,878  

Interest expense

      67,106       50,587       44,623  

Equity in earnings of affiliate

      (205            

Loss on extinguishment of debt and modification costs

      2,409       8,734       912  

Gain on sales of real estate

      (67,926     (14,684     (46,214
   

 

 

   

 

 

   

 

 

 

NOI

    $  167,404     $  157,424     $  128,647  
   

 

 

   

 

 

   

 

 

 

Less Non-Same Store

       

Revenues

      (64,731     (65,875     (46,236

Operating expenses

      28,203       29,116       21,355  

Operating income

      (285     (930     (1,303
   

 

 

   

 

 

   

 

 

 

Same Store NOI

    $ 130,591     $ 119,735     $ 102,463  
   

 

 

   

 

 

   

 

 

 

 

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(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, centralized leasing service and franchise tax fees.

 

NXRT.NEXPOINT.COM   Page 14   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

2022-2023 Same Store Results of Operations for the Years Ended December 31, 2023 and 2022

There are 33 properties encompassing 12,378 units of apartment space, or approximately 88% of our Portfolio, in our 2022-2023 Same Store properties. Our 2022-2023 Same Store properties exclude the following 5 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm, Radbourne Lake, The Adair, and Estates on Maryland as well as the 44 units mentioned on page 1 that are currently down.

As of December 31, 2023, our 2022-2023 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,509, a year-over-year increase of 60 bps and an increase of $1, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2023 and 2022 for our 2022-2023 Same Store and Non-Same Store properties (dollars in thousands):

 

        For the Year Ended December 31,                  
       2023          2022          $ Change         % Change    

Revenues

          

Same Store

          

Rental income

   $ 229,801      $ 214,664      $ 15,137       7.1

Other income

     5,661        5,271        390       7.4
  

 

 

    

 

 

    

 

 

   

 

 

 

Same Store revenues

     235,462        219,935        15,527       7.1

Non-Same Store

          

Rental income

     40,277        43,191        (2,914     -6.7

Other income

     1,304        826        478       57.9
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-Same Store revenues

     41,581        44,017        (2,436     -5.5
  

 

 

    

 

 

    

 

 

   

 

 

 

Total revenues

     277,043        263,952        13,091       5.0
  

 

 

    

 

 

    

 

 

   

 

 

 
          

Operating expenses

          

Same Store

          

Property operating expenses (1)

     49,221        46,389        2,832       6.1

Real estate taxes and insurance

     30,740        29,443        1,297       4.4

Property management fees (2)

     6,820        6,333        487       7.7

Property general and administrative expenses (3)

     4,702        4,533        169       3.7
  

 

 

    

 

 

    

 

 

   

 

 

 

Same Store operating expenses

     91,483        86,698        4,785       5.5

Non-Same Store

          

Property operating expenses (4)

     10,831        10,643        188       1.8

Real estate taxes and insurance

     6,107        7,990        (1,883     -23.6

Property management fees (2)

     1,249        1,303        (54     -4.1

Property general and administrative expenses (5)

     1,140        1,165        (25     -2.1
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-Same Store operating expenses

     19,327        21,101        (1,774     -8.4
  

 

 

    

 

 

    

 

 

   

 

 

 

Total operating expenses

     110,810        107,799        3,011       2.8
  

 

 

    

 

 

    

 

 

   

 

 

 
          

Operating income

          

Same Store

          

Miscellaneous income

     1,020        783        237       30.3

Non-Same Store

          

Miscellaneous income

     151        488        (337     N/M  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total operating income

     1,171        1,271        (100     -7.9
  

 

 

    

 

 

    

 

 

   

 

 

 
          

NOI

          

Same Store

     144,999        134,020        10,979       8.2

Non-Same Store

     22,405        23,404        (999     -4.3
  

 

 

    

 

 

    

 

 

   

 

 

 

Total NOI (6)

   $ 167,404      $ 157,424      $ 9,980       6.3
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1)

For the years ended December 31, 2023 and 2022, excludes approximately $2,268,000 and $614,000, respectively, of casualty-related recoveries.

(2)

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

 

NXRT.NEXPOINT.COM   Page 15   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

(3)

For the years ended December 31, 2023 and 2022, excludes approximately $2,909,000 and $2,914,000, 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, centralized leasing service and franchise tax fees.

(4)

For the years ended December 31, 2023 and 2022, excludes approximately $54,000 and $(2,136,000), respectively, of casualty-related expenses/(recoveries).

(5)

For the years ended December 31, 2023 and 2022, excludes approximately $792,000 and $686,000, 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, centralized leasing service and franchise tax fees.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our 2022-2023 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2023 and 2022 (dollars in thousands, except for per unit data):

 

      FY 2023       FY 2022       % Change   

Same Store Total Units

     12,378       12,341    

Same Store Occupied Units

     11,721       11,619    

Same Store Ending Occupancy

     94.7     94.1     0.6

Same Store Average Rent per Unit

   $ 1,509     $ 1,508       0.1
      

Same Store Revenues

      

Same Store Rental Income

   $    229,801     $   214,664       7.1

Same Store Other Income

     5,661       5,271       7.4
  

 

 

   

 

 

   

 

 

 

Total Same Store Revenues

     235,462       219,935       7.1
      

Same Store Operating Expenses

      

Payroll

     19,061       18,077       5.4

Repairs & Maintenance

     19,704       18,359       7.3

Utilities

     10,456       9,953       5.1

Real Estate Taxes

     25,249       24,225       4.2

Insurance

     5,491       5,218       5.2

Property Management Fees

     6,820       6,333       7.7

Office Operations

     3,363       3,202       5.0

Marketing

     1,339       1,331       0.6
  

 

 

   

 

 

   

 

 

 

Total Same Store Operating Expenses

     91,483       86,698       5.5
      

Same Store Operating Income

      

Miscellaneous income

     1,020       783       30.3
  

 

 

   

 

 

   

 

 

 

Total Same Store Operating Income

     1,020       783          30.3
      
  

 

 

   

 

 

   

 

 

 

2022-2023 Same Store NOI

   $ 144,999     $ 134,020       8.2
  

 

 

   

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 16   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

2022-2023 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     2023     2022      %
Change 
  2023     2022     bps Δ   2023      2022       % Change 

Texas

                                                                         

Dallas

      1,742       $1,270       $1,261        0.7 %       93.1%       95.0%     -190     $28,193       $26,138        7.9 %  

Average/Total

        1,742       1,270       1,261        0.7     93.1%       95.0%     -190     28,193       26,138        7.9
                           

North Carolina

                           

Charlotte

        324       1,327       1,395        -4.9     95.4%       94.4%     100     5,395       4,919        9.7

Average/Total

        324       1,327       1,395        -4.9     95.4%       94.4%     100     5,395       4,919        9.7
                           

Georgia

                           

Atlanta

        1,440       1,407       1,449        -2.9     96.1%       93.8%     230     23,963       23,438        2.2

Average/Total

        1,440       1,407       1,449        -2.9     96.1%       93.8%     230     23,963       23,438        2.2
                           

Tennessee

                           

Nashville

        1,338       1,315       1,312        0.2     93.7%       94.9%     -120     22,243       21,033        5.8

Average/Total

        1,338       1,315       1,312        0.2     93.7%       94.9%     -120     22,243       21,033        5.8
                           

Florida

                           

Orlando

      1,172       1,583       1,568        1.0     94.4%       92.7%     170     22,167       20,119        10.2

Tampa

      448       1,452       1,461        -0.6     94.6%       93.8%     80     8,052       7,479        7.7

South Florida

        1,959       2,087       1,997        4.5     95.4%       95.0%     40     49,431       44,421        11.3

Average/Total

        3,579       1,842       1,789        3.0     95.0%       94.1%     90     79,650       72,019        10.6
                           

Arizona

                           

Phoenix

        2,800       1,457       1,458        -0.1     95.1%       94.7%     40     51,450       48,581        5.9

Average/Total

        2,800       1,457       1,458        -0.1     95.1%       94.7%     40     51,450       48,581        5.9
                           

Nevada

                           

Las Vegas

        1,155       1,354       1,455        -6.9     94.5%       91.1%     340     18,907       18,536        2.0

Average/Total

        1,155       1,354       1,455        -6.9     94.5%       91.1%     340     18,907       18,536        2.0
                           

Average/Total

        12,378       $1,509       $1,508        0.1     94.7%       94.1%     60     $229,801       $214,664        7.1

 

(1)

This table only includes the 33 properties in our 2022-2023 Same Store pool.

 

NXRT.NEXPOINT.COM   Page 17   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

QoQ 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     Q4 2023      Q3 2023      

%

Change

  Q4 2023     Q3 2023     bps Δ   Q4 2023      Q3 2023       % Change 

Texas

                                                                         

Dallas

      1,938       $1,287       $1,291        -0.3 %       93.1%       94.6%     -150     $7,912       $7,941        -0.4 %  

Average/Total

        1,938       1,287       1,291        -0.3     93.1%       94.6%     -150     7,912       7,941        -0.4
                           

North Carolina

                           

Charlotte

      504       1,391       1,406        -1.1     95.8%       93.5%     230     2,291       2,179        5.1

Raleigh Durham

        617       1,436       1,474        -2.6     93.7%       92.9%     80     2,708       2,577        5.1

Average/Total

        1,121       1,416       1,443        -1.9     94.6%       93.1%     150     4,999       4,756        5.1
                           

Georgia

                           

Atlanta

        1,672       1,485       1,517        -2.1     96.2%       92.0%     420     7,604       7,297        4.2

Average/Total

        1,672       1,485       1,517        -2.1     96.2%       92.0%     420     7,604       7,297        4.2
                           

Tennessee

                           

Nashville

 

    1,338       1,315       1,312        0.2     93.7%       94.6%     -90     5,560       5,548        0.2

Average/Total

        1,338       1,315       1,312        0.2     93.7%       94.6%     -90     5,560       5,548        0.2
                           

Florida

                           

Orlando

      1,172       1,583       1,588        -0.3     94.4%       92.7%     170     5,551       5,535        0.3

Tampa

      576       1,385       1,433        -3.3     95.3%       92.5%     280     2,486       2,407        3.3

South Florida

        1,959       2,087       2,095        -0.4     95.4%       95.5%     -10     12,502       12,556        -0.4

Average/Total

        3,707       1,819       1,832        -0.7     95.1%       94.2%     90     20,539       20,498        0.2
                           

Arizona

                           

Phoenix

        2,009       1,477       1,487        -0.7     95.3%       95.0%     30     9,521       9,663        -1.5

Average/Total

        2,009       1,477       1,487        -0.7     95.3%       95.0%     30     9,521       9,663        -1.5
                           

Nevada

                           

Las Vegas

        1,155       1,354       1,368        -1.0     94.5%       93.2%     130     4,948       4,570        8.3

Average/Total

        1,155       1,354       1,368        -1.0     94.5%       93.2%     130     4,948       4,570        8.3
                           

Average/Total

        12,940       $1,516       $1,529        -0.9     94.7%       93.9%     80     $61,083       $60,273        1.3

 

(1)

This table only includes the 35 properties in our Q4 Same Store pool.

 

NXRT.NEXPOINT.COM   Page 18   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

2021-2023 Same Store Results of Operations for the Years Ended December 31, 2023, 2022 and 2021

There are 28 properties encompassing 11,061 units of apartment space, or approximately 78% of our Portfolio, in our same store pool for the years ended December 31, 2023, 2022 and 2021 (our “2021-2023 Same Store” properties). Our 2021-2023 Same Store properties exclude the following 10 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm, Radbourne Lake, Cutter’s Point, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, High House at Cary, The Adair, and Estates on Maryland as well as the 36 units mentioned on page 1 that are currently down.

As of December 31, 2023, our 2021-2023 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520. As of December 31, 2022, our 2021-2023 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520. As of December 31, 2021, our 2021-2023 Same Store properties were approximately 94.3% leased with a weighted average monthly effective rent per occupied apartment unit of $1,288.

 

NXRT.NEXPOINT.COM   Page 19   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2023, 2022 and 2021 for our 2021-2023 Same Store and Non-Same Store properties (dollars in thousands):

 

     For the Year Ended December 31,      2023 compared to 2022     2022 compared to 2021  
     2023      2022      2021      $ Change     % Change     $ Change     % Change  

Revenues

                 

Same Store

                 

Rental income

   $ 207,034      $ 193,060      $ 167,971      $ 13,974       7.2   $ 25,089       14.9

Other income

     5,278        5,017        5,033        261       5.2     (16     -0.3
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Same Store revenues

     212,312        198,077        173,004        14,235       7.2     25,073       14.5

Non-Same Store

                 

Rental income

     63,044        64,795        45,534        (1,751     -2.7     19,261       42.3

Other income

     1,687        1,080        702        607       56.2     378       53.8
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Non-Same Store revenues

     64,731        65,875        46,236        (1,144     -1.7     19,639       42.5
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     277,043        263,952        219,240        13,091       5.0     44,712       20.4
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
                 

Operating expenses

                 

Same Store

                 

Property operating expenses (1)

     44,358        42,015        36,848        2,343       5.6     5,167       14.0

Real estate taxes and insurance

     27,941        26,945        25,505        996       3.7     1,440       5.6

Property management fees (2)

     6,151        5,705        4,946        446       7.8     759       15.3

Property general and administrative expenses (3)

     4,157        4,017        3,563        140       3.5     454       12.7
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Same Store operating expenses

     82,607        78,682        70,862        3,925       5.0     7,820       11.0

Non-Same Store

                 

Property operating expenses (4)

     15,694        15,017        11,090        677       4.5     3,927       35.4

Real estate taxes and insurance

     8,906        10,488        7,647        (1,582     -15.1     2,841       37.2

Property management fees (2)

     1,918        1,931        1,388        (13     -0.7     543       39.1

Property general and administrative expenses (5)

     1,685        1,680        1,230        5       0.3     450       36.6
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Non-Same Store operating expenses

     28,203        29,116        21,355        (913     -3.1     7,761       36.3
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     110,810        107,798        92,217        3,012       2.8     15,581       16.9
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
                 

Operating income

                 

Same Store

                 

Miscellaneous income

     886        340        322        546       N/M       18       5.6

Non-Same Store

                 

Miscellaneous income

     284        931        1,303        (647     N/M       (372     -28.5
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total operating income

     1,170        1,271        1,625        (101     -7.9     (354     -21.8
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
                 

NOI

                 

Same Store

     130,591        119,735        102,463        10,856       9.1     17,272       16.9

Non-Same Store

     36,813        37,689        26,184        (876     -2.3     11,505       43.9
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total NOI (6)

   $   167,404      $   157,424      $   128,647      $   9,980          6.3   $   28,777          22.4
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

For the years ended December 31, 2023, 2022 and 2021, excludes approximately $(2,008,000), $(2,096,000) and $142,000, respectively, of casualty-related expenses/(recoveries).

(2)

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

(3)

For the years ended December 31, 2023, 2022 and 2021, excludes approximately $2,619,000, $2,638,000 and $1,696,000, 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, centralized leasing service and franchise tax fees.

(4)

For the years ended December 31, 2023, 2022 and 2021, excludes approximately $(206,000), $3,215,000 and $(341,000), respectively, of casualty-related expenses/(recoveries).

(5)

For the years ended December 31, 2023, 2022 and 2021, excludes approximately $1,082,000, $963,000 and $843,000, 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, centralized leasing service and franchise tax fees.

 

NXRT.NEXPOINT.COM   Page 20   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our 2021-2023 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands, except for per unit data):

 

     FY 2023     FY 2022     FY 2021     2023 vs 2022
% Change
    2022 vs 2021
% Change
 

Same Store Total Units

     11,061       11,023       11,082      

Same Store Occupied Units

     10,476       10,373       10,445      

Same Store Ending Occupancy

     94.7     94.1     94.3     0.6     -0.2

Same Store Average Rent per Unit

   $ 1,520     $ 1,520     $ 1,288       0.0     18.0
          

Same Store Revenues

          

Same Store Rental Income

   $ 207,034     $ 193,060     $ 167,971       7.2     14.9

Same Store Other Income

     5,278       5,017       5,033       5.2     -0.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Same Store Revenues

     212,312       198,077       173,004       7.2     14.5
          

Same Store Operating Expenses

          

Payroll

     17,091       16,120       14,766       6.0     9.2

Repairs & Maintenance

     17,925       16,990       14,128       5.5     20.3

Utilities

     9,342       8,901       7,954       5.0     11.9

Real Estate Taxes

     23,214       22,374       21,411       3.8     4.5

Insurance

     4,727       4,572       4,094       3.4     11.7

Property Management Fees

     6,151       5,705       4,946       7.8     15.3

Office Operations

     3,008       2,860       2,434       5.2     17.5

Marketing

     1,149       1,160       1,129       -0.9     2.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Same Store Operating Expenses

     82,607       78,682       70,862       5.0     11.0
          

Same Store Operating Income

          

Miscellaneous income

     886       340       321       160.6     5.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Same Store Operating Income

     886       340       321       160.6     5.9
          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2021-2023 Same Store NOI

   $    130,591     $    119,735     $    102,463          9.1        16.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 21   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2023 and 2022

There are 35 properties encompassing 12,940 units of apartment space, or approximately 92% of our Portfolio, in our same store pool for the three months ended December 31, 2023 and 2022 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following 3 properties in our Portfolio as of December 31, 2023: Old Farm, Stone Creek at Old Farm and Radbourne Lake as well as the 44 units mentioned on page 1 that are currently down.

As of December 31, 2023, our Q4 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,516, a year-over-year increase of 60 bps and an increase of $3, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2023 and 2022 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):

 

      For the Three Months Ended December 31,                
     2023      2022        $ Change       % Change  

Revenues

          

Same Store

          

Rental income

   $ 61,083      $ 58,830      $ 2,253       3.8

Other income

     1,409        1,221        188       15.4
  

 

 

    

 

 

    

 

 

   

 

 

 

Same Store revenues

     62,492        60,051        2,441       4.1

Non-Same Store

          

Rental income

     5,778        9,076        (3,298     -36.3

Other income

     293        222        71       32.0
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-Same Store revenues

     6,071        9,298        (3,227     -34.7
  

 

 

    

 

 

    

 

 

   

 

 

 

Total revenues

     68,563        69,349        (786     -1.1
  

 

 

    

 

 

    

 

 

   

 

 

 
          

Operating expenses

          

Same Store

          

Property operating expenses (1)

     12,911        12,610        301       2.4

Real estate taxes and insurance

     7,761        7,658        103       1.3

Property management fees (2)

     1,813        1,729        84       4.9

Property general and administrative expenses (3)

     1,233        1,247        (14     -1.1
  

 

 

    

 

 

    

 

 

   

 

 

 

Same Store operating expenses

     23,718        23,244        474       2.0

Non-Same Store

          

Property operating expenses (4)

     1,729        2,416        (687     -28.4

Real estate taxes and insurance

     900        2,105        (1,205     N/M  

Property management fees (2)

     167        278        (111     -39.9

Property general and administrative expenses (5)

     178        274        (96     -35.0
  

 

 

    

 

 

    

 

 

   

 

 

 

Non-Same Store operating expenses

     2,974        5,073        (2,099     -41.4
  

 

 

    

 

 

    

 

 

   

 

 

 

Total operating expenses

     26,692        28,317        (1,625     -5.7
  

 

 

    

 

 

    

 

 

   

 

 

 
          

Operating income

          

Same Store

          

Miscellaneous income

     286        585        (299     -51.1

Non-Same Store

          

Miscellaneous income

     5        160        (155     N/M  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total operating income

     291        745        (454     -60.9
  

 

 

    

 

 

    

 

 

   

 

 

 
          

NOI

          

Same Store

     39,060        37,392        1,668       4.5

Non-Same Store

     3,102        4,385        (1,283     -29.3
  

 

 

    

 

 

    

 

 

   

 

 

 

Total NOI (6)

   $    42,162      $    41,777      $   385           0.9
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1)

For the three months ended December 31, 2023 and 2022, excludes approximately $(865,000) and $52,000, respectively, of casualty-related expenses/(recoveries).

(2)

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

(3)

For the three months ended December 31, 2023 and 2022, excludes approximately $826,000 and $1,048,000, 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, centralized leasing service and franchise tax fees.

 

NXRT.NEXPOINT.COM   Page 22   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

(4)

For the three months ended December 31, 2023 and 2022, excludes approximately $(17,000) and $404,000, respectively, of casualty-related expenses/(recoveries).

(5)

For the three months ended December 31, 2023 and 2022, excludes approximately $179,000 and $143,000, 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 centralized leasing service and franchise tax fees.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q4 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended December 31, 2023 and 2022 (dollars in thousands, except for per unit data):

 

     Q4 2023     Q4 2022     % Change  

Same Store Total Units

     12,940       12,903    

Same Store Occupied Units

     12,259       12,143    

Same Store Ending Occupancy

     94.7     94.1     0.6

Same Store Average Rent per Unit

   $ 1,516     $ 1,513       0.2
      

Same Store Revenues

      

Same Store Rental Income

   $ 61,083     $ 58,830       3.8

Same Store Other Income

     1,409       1,221       15.4
  

 

 

   

 

 

   

 

 

 

Total Same Store Revenues

     62,492       60,051       4.1
      

Same Store Operating Expenses

      

Payroll

     4,852       4,943       -1.8

Repairs & Maintenance

     5,299       5,028       5.4

Utilities

     2,760       2,639       4.6

Real Estate Taxes

     6,326       6,276       0.8

Insurance

     1,435       1,382       3.8

Property Management Fees

     1,813       1,729       4.9

Office Operations

     886       929       -4.6

Marketing

     347       318       9.1
  

 

 

   

 

 

   

 

 

 

Total Same Store Operating Expenses

     23,718       23,244       2.0
      

Same Store Operating Income

      

Miscellaneous income

     286       585       N/M  
  

 

 

   

 

 

   

 

 

 

Total Same Store Operating Income

     286       585       N/M  
      
  

 

 

   

 

 

   

 

 

 

Q4 Same Store NOI

   $     39,060     $     37,392           4.5
  

 

 

   

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 23   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

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 years ended December 31, 2023, 2022 and 2021 and for the three months ended December 31, 2023 and 2022 (in thousands, except per share amounts):

 

        For the Year Ended December 31,     For the Three Months Ended
December 31,
 
        2023     2022     2021     2023     2022  
Net income (loss)     $ 44,433     $ (9,291   $ 23,106     $ 18,421     $ 3,802  
Depreciation and amortization         95,186         97,648         86,878         24,251         23,158  
Gain on sales of real estate       (67,926     (14,684     (46,214     (24,836     (14,684
Adjustment for noncontrolling interests       (273     (276     (191     (68     (48
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
FFO attributable to common stockholders       71,420       73,397       63,579       17,768       12,228  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
FFO per share - basic     $ 2.78     $ 2.87     $ 2.53     $ 0.69     $ 0.48  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
FFO per share - diluted     $ 2.72     $ 2.81     $ 2.47     $ 0.68     $ 0.47  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
Loss on extinguishment of debt and modification costs       2,409       8,734       912       316       8,734  
Casualty-related expenses/(recoveries)       (2,214     1,119       (199     (882     456  
Casualty losses (gains)       856       (2,506     (2,595     (124     (2,149
Gain on forfeited deposits       (250                        
Amortization of deferred financing costs - acquisition term notes       1,321       1,083       737       330       297  
Adjustment for noncontrolling interests       (8     (31     4       1       (28
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Core FFO attributable to common stockholders       73,534       81,796       62,438       17,409       19,538  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
Core FFO per share - basic     $ 2.87     $ 3.19     $ 2.48     $ 0.68     $ 0.76  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Core FFO per share - diluted     $ 2.80     $ 3.13     $ 2.42     $ 0.66     $ 0.75  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
Amortization of deferred financing costs - long term debt       1,624       1,696       1,460       402       449  
Equity-based compensation expense       9,287       7,911       6,997       2,332       2,005  
Adjustment for noncontrolling interests       (41     (37     (25     (11     (10
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
AFFO attributable to common stockholders       84,404       91,366       70,870       20,132       21,982  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
AFFO per share - basic     $ 3.29     $ 3.57     $ 2.82     $ 0.78     $ 0.86  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
AFFO per share - diluted     $ 3.22     $ 3.49     $ 2.75     $ 0.77     $ 0.84  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
Weighted average common shares outstanding - basic       25,654       25,610       25,170       25,674       25,549  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Weighted average common shares outstanding - diluted   (1)     26,245       26,151       25,760       26,298       26,077  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
Dividends declared per common share     $ 1.72242     $ 1.56     $ 1.40375     $ 0.46242     $ 0.42  
           
Net income (loss) Coverage - diluted   (2)     0.98x       -0.23x       0.63x       1.51x       0.36x  
FFO Coverage - diluted   (2)     1.58x       1.80x       1.76x       1.46x       1.12x  
Core FFO Coverage - diluted   (2)     1.63x       2.01x       1.73x       1.43x       1.78x  
AFFO Coverage - diluted   (2)     1.87x       2.24x       1.96x       1.66x       2.01x  

 

(1)

The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(2)

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

 

NXRT.NEXPOINT.COM   Page 24   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Historical Capital Expenditures

     FY 2023      FY 2022      % Change     Q4 2023      Q4 2022      % Change  

($ in thousands)

                

Capital Expenditures

                

Acquisition Capital Expenditures

   $      $ 143,400        -100.0   $      $        N/A  
                

Capitalized Rehab Expenditures

                

Interior

     25,505        26,229        -2.8     3,606        8,645        N/M  

Exterior and common area

     11,730        9,957        17.8     1,360        3,083        N/M  
                

Capitalized Maintenance Expenditures

                

Recurring

     10,858        11,699        -7.2     1,356        2,720        N/M  

Non-Recurring

     7,915        7,509        5.4     1,274        2,131           -40.2
                
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Capital Expenditures

   $  56,007      $  198,794           -71.8   $   7,597      $   16,579           N/M  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

 

LOGO

LOGO

LOGO

 

NXRT.NEXPOINT.COM   Page 25   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Value-Add Program Details: Interiors (Full & Partials)

 

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)  

Value-Add Programs In Progress

                   

Arbors of Brentwood

     346        158        1,221      $ 1,436      $ 10,346        17.6     24.9

Arbors on Forest Ridge

     210        180        814        916        4,388        12.6     27.9

Atera Apartments

     380        233        1,207        1,356        3,420        12.4     52.5

Avant at Pembroke Pines

     1,520        624        1,838        2,090        17,453        13.8     17.4

Bella Solara

     320        129        1,284        1,446        11,232        12.6     17.3

Bella Vista

     248        204        1,466        1,608        10,516        9.7     16.2

Bloom

     528        160        1,241        1,405        14,199        13.2     13.8

Brandywine I & II

     632        552        1,034        1,218        10,755        17.9     20.6

Courtney Cove

     324        300        1,000        1,113        4,974        11.3     27.1

Creekside at Matthews

     240        83        1,316        1,517        12,455        15.3     19.4

Cutter’s Point

     196        158        1,004        1,133        6,732        12.9     23.0

Estates on Maryland

     330        109        1,285        1,474        13,332        14.7     17.0

Fairways at San Marcos

     352        145        1,508        1,699        13,665        12.7     16.8

High House at Cary

     302        115        1,331        1,602        13,517        20.4     24.1

Madera Point

     256        261        871        983        4,535        12.8     29.5

Parc500

     217        219        1,307        1,497        14,668        14.5     15.5

Radbourne Lake

     225        381        1,079        1,150        2,841        6.6     29.9

Residences at Glenview Reserve

     360        252        1,116        1,334        13,431        19.6     19.5

Residences at West Place

     342        156        1,504        1,710        11,892        13.7     20.8

Rockledge Apartments

     708        470        1,237        1,444        11,091        16.7     22.4

Sabal Palm at Lake Buena Vista

     400        94        1,634        1,871        12,984        14.5     21.9

Seasons 704 Apartments

     222        232        1,228        1,371        7,836        11.6     21.8

Six Forks Station

     323        134        1,145        1,435        12,784        25.4     27.2

Summers Landing

     196        56        1,092        1,316        11,075        20.6     24.3

Summit at Sabal Park

     252        239        1,004        1,105        5,854        10.1     20.8

The Adair

     232        124        1,742        2,029        11,855        16.5     29.0

The Cornerstone

     430        514        1,060        1,154        4,905        8.9     23.0

The Enclave

     204        172        1,468        1,654        10,392        12.7     21.5

The Heritage

     204        177        1,406        1,540        9,609        9.6     16.8

The Preserve at Terrell Mill

     752        781        898        1,079        11,376        20.1     19.0

The Verandas at Lake Norman

     264        90        1,354        1,571        11,041        16.1     23.7

The Venue on Camelback

     415        280        776        1,028        10,269        32.4     29.4

Torreyana Apartments

     316        56        1,477        1,609        13,435        9.0     11.9

Venue at 8651

     333        298        822        933        6,982        13.5     19.1

Versailles

     388        316        817        921        6,164        12.7     20.2

Versailles II

     242        82        903        1,038        5,632        15.0     28.9

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total/Weighted Average

      13,209          8,534      $   1,164      $   1,333      $   9,715          14.5        20.9

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

(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 December 31, 2023.

(3)

Inclusive of all full and partial interior upgrades completed and leased through December 31, 2023.

 

NXRT.NEXPOINT.COM   Page 26   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Value-Add Program Details: Kitchen & Laundry Appliances

 

Property Name (1)

    Units       Rehab Units
 Completed (2) 
     Avg. Rehab
Cost
  Per Unit (3)  
     Post-Rehab
Rent
 Change $ 
       ROI (3)    

Value-Add Programs In Progress

              

Arbors of Brentwood

     346        313      $ 858      $ 50        69.7

Arbors on Forest Ridge

     210        130        770        42        64.7

Atera Apartments

     380        368        812        40        59.7

Avant at Pembroke Pines

     1,520        352        1,382        49        42.3

Brandywine I & II

     632        189        1,033        71        81.9

Creekside at Matthews

     240        190        1,084        45        49.8

Cutter’s Point

     196        141        756        46        72.9

Estates on Maryland

     330        19        1,083        35        38.8

Madera Point

     256        157        885        30        40.2

Radbourne Lake

     225        224        717        40        66.9

Rockledge Apartments

     708        620        819        40        58.6

Sabal Palm at Lake Buena Vista

     400        634        599        86        171.8

Six Forks Station

     323        196        1,087        55        60.7

Summers Landing

     196        97        833        50        72.0

Summit at Sabal Park

     252        249        994        40        48.3

The Adair

     232        11        1,083        84        92.8

The Cornerstone

     430        17        809        50        74.2

The Verandas at Lake Norman

     264        150        1,083        55        60.9

Venue at 8651

     333        260        766        47        72.9

Versailles

     388        306        868        50        68.4

Versailles II

     242        138        885        28        38.4

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total/Weighted Average

       8,103          4,761      $   907      $   49           64.7

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

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

(2)

Inclusive of all kitchen and laundry appliance upgrades completed through December 31, 2023.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2023.

 

NXRT.NEXPOINT.COM   Page 27   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Value-Add Program Details: Smart Home Technology Packages

 

Property Name (1)

    Units       Rehab Units
 Completed (2) 
     Avg. Rehab
Cost
  Per Unit (3)  
     Post-Rehab
Rent
 Change $ 
       ROI (3)    

Value-Add Programs In Progress

              

Arbors of Brentwood

     346        346      $ 1,419      $ 45        30.9

Arbors on Forest Ridge

     210        210        1,416        45        30.9

Atera Apartments

     380        380        1,339        50        37.0

Avant at Pembroke Pines

     1,520        1,520        1,350        45        32.4

Bella Solara

     320        320        820        35        39.5

Bella Vista

     248        248        970        40        39.3

Bloom

     528        528        901        40        42.3

Brandywine I & II

     632        632        1,234        45        35.5

Courtney Cove

     324        324        1,238        35        26.2

Creekside at Matthews

     240        240        913        65        72.9

Cutter’s Point

     196        196        1,400        45        31.3

Estates on Maryland

     330        330        913        45        48.0

Fairways of San Marcos

     352        352        901        40        42.3

Hight House at Cary

     302        302        899        65        74.1

Madera Point

     256        256        1,283        45        34.1

Old Farm

     734        734        928        45        47.2

Radbourne Lake

     225        225        630        35        51.4

Residences at Glenview Reserve

     360        360        1,017        45        43.1

Rockledge Apartments

     708        708        942        35        34.4

Sabal Palm at Lake Buena Vista

     400        400        1,237        45        35.4

Six Forks Station

     323        323        844        35        38.4

Stone Creek at Old Farm

     190        190        909        45        48.2

Summers Landing

     196        196        1,449        45        30.2

The Adair

     232        232        913        45        48.0

The Cornerstone

     430        430        1,236        45        35.4

The Enclave

     204        204        966        40        39.4

The Heritage

     204        204        997        40        38.2

The Venue on Camelback Apartments

     415        415        808        30        33.0

The Verandas at Lake Norman

     264        264        954        65        69.8

Torreyana Apartments

     316        316        900        35        36.0

Venue at 8651

     333        333        1,229        45        35.6

Versailles

     388        388        1,080        45        40.6

Versailles II

     242        242        1,241        45        35.3

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total/Weighted Average

       12,348          12,348      $   1,093      $   43          37.8

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
           
Planned Value-Add Programs              

Rent Change & ROI

(Projections)

 

 

Residences at West Place

     342               TBD        TBD        TBD  

Seasons 704 Apartments

     222               TBD        TBD        TBD  

Summit at Sabal Park

     252               TBD        TBD        TBD  

The Preserve at Terrell Mill

     752               TBD        TBD        TBD  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total/Weighted Average Planned

     1,568               TBD        TBD        TBD  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

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

(2)

Inclusive of all smart home technology package upgrades completed through December 31, 2023.

(3)

Inclusive of all smart home technology package upgrades completed and leased through December 31, 2023.

 

NXRT.NEXPOINT.COM   Page 28   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2023 (dollars in thousands):

 

Operating Properties

           Type          Term (months)       Outstanding
Principal
     Interest Rate (1)       Maturity Date   

Arbors on Forest Ridge

      Floating        120      $ 19,184       6.89%       12/1/2032  

Cutter’s Point

      Floating        120        21,524       6.89%       12/1/2032  

The Summit at Sabal Park

      Floating        120        30,826       6.89%       12/1/2032  

Courtney Cove

      Floating        120        36,146       6.89%       12/1/2032  

The Preserve at Terrell Mill

      Floating        120        71,098       6.89%       12/1/2032  

Versailles

      Floating        120        40,247       6.89%       12/1/2032  

Seasons 704 Apartments

      Floating        120        33,132       6.89%       12/1/2032  

Madera Point

      Floating        120        34,457       6.89%       12/1/2032  

Venue at 8651

      Floating        120        18,690       6.89%       12/1/2032  

The Venue on Camelback

      Floating        120        42,788       7.52%       2/1/2033  

Sabal Palm at Lake Buena Vista

      Floating        84        42,100       6.76%       9/1/2025  

Cornerstone

      Floating        120        46,804       7.43%       12/1/2032  

Parc500

      Floating        120        29,416       6.89%       12/1/2032  

Rockledge Apartments

      Floating        120        93,129       6.89%       12/1/2032  

Atera Apartments

      Floating        120        46,198       6.89%       12/1/2032  

Versailles II

      Floating        84        12,061       6.64%       10/1/2025  

Brandywine I & II

      Floating        84        43,835       6.64%       10/1/2025  

Bella Vista

      Floating        84        29,040       6.78%       2/1/2026  

The Enclave

      Floating        84        25,322       6.78%       2/1/2026  

The Heritage

      Floating        84        24,625       6.78%       2/1/2026  

Summers Landing

    (2)       Floating        84        10,109       6.64%       10/1/2025  

Residences at Glenview Reserve

    (2)       Floating        84        25,574       6.90%       10/1/2025  

Residences at West Place

    (2)       Fixed        120        33,817       4.24%       10/1/2028  

Avant at Pembroke Pines

      Floating        84        177,101       6.89%       9/1/2026  

Arbors of Brentwood

      Floating        84        34,237       6.89%       10/1/2026  

Torreyana Apartments

      Floating        120        50,580       6.89%       12/1/2032  

Bloom

      Floating        120        59,830       6.89%       12/1/2032  

Bella Solara

      Floating        120        40,328       6.89%       12/1/2032  

Fairways at San Marcos

      Floating        120        60,228       6.89%       12/1/2032  

The Verandas at Lake Norman

      Floating        84        34,925       7.19%       7/1/2028  

Creekside at Matthews

      Floating        120        29,648       6.89%       12/1/2032  

Six Forks Station

      Floating        120        41,180       7.06%       10/1/2031  

High House at Cary

      Floating        84        46,625       7.35%       1/1/2029  

The Adair

      Floating        84        35,115       7.31%       4/1/2029  

Estates on Maryland

      Floating        84        43,157       7.31%       4/1/2029  
         

 

 

     
          $ 1,463,076      

Fair market value adjustment

            503  (3)     
Deferred financing costs, net of accumulated amortization of $3,763             (9,792    
         

 

 

     
          $ 1,453,787      
         

 

 

     
             

Held For Sale Properties

             

Old Farm

      Floating        84      $ 52,886       7.14%       7/1/2024  

Stone Creek at Old Farm

      Floating        84        15,274       7.14%       7/1/2024  

Radbourne Lake

      Floating        84        20,000       6.75%       10/1/2025  
         

 

 

     
          $ 88,160      
Deferred financing costs, net of accumulated amortization of $827             (116    
         

 

 

     
          $    88,044      
         

 

 

     

 

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). Loans that transitioned from LIBOR to SOFR include a 0.11448% adjustment to SOFR for the all-in rate. As of December 31, 2023, SOFR was 5.344%.

(2)

Debt was assumed upon acquisition of this property and recorded at approximated fair value.

(3)

The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on their respective dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the mortgages.

 

NXRT.NEXPOINT.COM   Page 29   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of December 31, 2023 (dollars in thousands):

 

     Type      Term (months)      Outstanding
Principal
     Available
Principal
       Interest Rate (1)       Maturity Date  

Corporate Credit Facility

       Floating             36         $ 24,000        $   326,000        7.60%          6/30/2025    
Deferred financing costs, net of accumulated amortization of $2,250            (757)            
        

 

 

          
         $    23,243             
        

 

 

          

 

(1)

Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of December 31, 2023 was 5.355%.

Interest Rate Swap Agreements

As of December 31, 2023, 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

  

Counterparty

     Notional Amount        Fixed Rate (1)  

June 1, 2019

   June 1, 2024    KeyBank    $ 50,000        2.0020

June 1, 2019

   June 1, 2024    Truist      50,000        2.0020

September 1, 2019

   September 1, 2026    KeyBank      100,000        1.4620

September 1, 2019

   September 1, 2026    KeyBank      125,000        1.3020

January 3, 2020

   September 1, 2026    KeyBank      92,500        1.6090

March 4, 2020

   June 1, 2026    Truist      100,000        0.8200

June 1, 2021

   September 1, 2026    KeyBank      200,000        0.8450

June 1, 2021

   September 1, 2026    KeyBank      200,000        0.9530

March 1, 2022

   March 1, 2025    Truist      145,000        0.5730

March 1, 2022

   March 1, 2025    Truist      105,000        0.6140
        

 

 

    

 

 

 
         $     1,167,500           1.0682 %(2) 
        

 

 

    

 

 

 

 

(1)

The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2023, Adjusted SOFR was 5.459%.

(2)

Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swaps (dollars in thousands):

 

Effective Date

  

Termination Date

  

Counterparty

     Notional Amount         Fixed Rate (1)   

September 1, 2026

   January 1, 2027    KeyBank    $ 92,500        1.7980
        

 

 

    

 

 

 

 

(1)

The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2023, Adjusted SOFR was 5.459%.

(2)

Represents the weighted average fixed rate of the forward interest rate swaps.

 

NXRT.NEXPOINT.COM   Page 30   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Interest Rate Cap Agreements

As of December 31, 2023, the Company had the following interest rate caps outstanding that are not designated as cash flow hedges of interest rate risk (dollars in thousands):

 

     Properties

  

Type

    

Maturity Date

     Notional          Strike Rate        

Residences at Glenview Reserve

   Floating      10/1/2024      $ 25,645          4.81% (1)   

Timber Creek

   Floating      10/1/2024        24,100          4.99% (1)   

Brandywine I & II

   Floating      10/1/2024        43,835          6.82%    

Radbourne Lake

   Floating      10/1/2024        20,000          6.46%    

Summers Landing

   Floating      10/1/2024        10,109          6.07%    

Versailles II

   Floating      10/1/2024        12,061          6.82%    

The Verandas at Lake Norman

   Floating      7/1/2024        34,925          3.40% (1)   

Creekside at Matthews

   Floating      7/1/2024        31,900          4.40% (1)   

Six Forks Station

   Floating      10/1/2024        41,180          4.00% (1)   

High House at Cary

   Floating      1/1/2025        46,625          2.74% (1)   

Estates on Maryland

   Floating      4/1/2025        43,157          3.91% (1)   

The Adair

   Floating      4/1/2025        35,115          3.91% (1)   

Rockledge Apartments

   Floating      12/1/2025        93,129          6.45%    

The Preserve at Terrell Mill

   Floating      12/1/2025        71,098          6.45%    

Fairways at San Marcos

   Floating      12/1/2025        60,228          6.70%    

Bloom

   Floating      12/1/2025        59,830          6.70%    

Atera Apartments

   Floating      12/1/2025        46,198          6.45%    

Silverbrook

   Floating      12/1/2025        46,088          6.45%    

Torreyana Apartments

   Floating      12/1/2025        50,580          6.70%    

Cornerstone

   Floating      12/1/2025        46,804          6.66%    

Versailles

   Floating      12/1/2025        40,247          6.45%    

Bella Solara

   Floating      12/1/2025        40,328          6.70%    

Courtney Cove

   Floating      12/1/2025        36,146          6.70%    

Madera Point

   Floating      12/1/2025        34,457          6.70%    

Creekside at Matthews

   Floating      12/1/2025        29,648          6.45%    

Parc500

   Floating      12/1/2025        29,416          6.45%    

Seasons 704 Apartments

   Floating      12/1/2025        33,132          6.70%    

The Summit at Sabal Park

   Floating      12/1/2025        30,826          6.70%    

Cutter’s Point

   Floating      12/1/2025        21,524          6.45%    

Venue at 8651

   Floating      12/1/2025        18,690          6.45%    

The Heritage

   Floating      2/1/2024        24,625          5.18% (1)   

The Enclave

   Floating      2/1/2024        25,322          5.18% (1)   

Bella Vista

   Floating      2/1/2024        29,040          5.18% (1)   

Sabal Palm at Lake Buena Vista

   Floating      9/1/2024        42,100          6.20%    

Arbors on Forest Ridge

   Floating      12/1/2025        19,184          6.70%    

Venue on Camelback

   Floating      2/1/2026        42,788          6.07%    
            

 

 

 

    

 

 

   
             $         1,340,080                 5.90%    
            

 

 

 

    

 

 

   

 

  (1)

As of December 31, 2023, these properties have rate caps that are below the 30-Day Average SOFR rate of 5.344%.

 

NXRT.NEXPOINT.COM   Page 31   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2023 for the next five calendar years subsequent to December 31, 2023 and thereafter. We used the applicable reference rate as of December 31, 2023 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.

 

           Payments Due by Period (in thousands)
           Total   2024   2025   2026   2027   2028   Thereafter

Operating Properties Mortgage Debt

                

Principal payments

     $ 1,463,076     $ 292     $ 133,388     $ 290,324     $     $ 80,641     $ 958,431  

Interest expense

     (1     538,777       52,170       61,158       59,280       72,975       71,072       222,122  
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

     $ 2,001,853     $ 52,462     $ 194,546     $ 349,604     $ 72,975     $ 151,713     $ 1,180,553  

   

                

   

                

Held For Sale Properties Mortgage Debt

                

Principal payments

     $ 88,160     $ 68,160     $ 20,000     $     $     $     $  

Interest expense

       4,784       3,778       1,006                          
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

     $ 92,944     $ 71,938     $ 21,006     $     $     $     $  

   

                

Credit Facility

                

Principal payments

     $ 24,000     $     $ 24,000     $     $     $     $  

Interest expense

       2,770       1,857       913                          
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

     $ 26,770     $ 1,857     $ 24,913     $     $     $     $  

   

                
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total contractual obligations and commitments

     $ 2,121,567      $   126,257      $ 240,465      $ 349,604      $ 72,975      $   151,713      $ 1,180,553   
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2023, we had entered into 10 interest rate swap transactions with a combined notional amount of $1.2 billion. We have allocated the total impact of expected settlements on the $1.2 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used Adjusted SOFR as of December 31, 2023 to determine our expected settlements through the terms of the interest rate swaps.

 

LOGO    LOGO

 

(1)

As of December 31, 2023, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 6.91%, of which $1.5 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $1.2 billion, or 77%, of our $1.5 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.0682% for Adjusted SOFR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2023, which effectively fix the interest rate on $1.2 billion of our floating rate mortgage debt outstanding.

 

NXRT.NEXPOINT.COM   Page 32   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

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        1,379        17,224        87,878  

The Summit at Sabal Park

   Tampa, FL      252        8/20/2014        19,050        1,655        20,705        82,163  

Courtney Cove

   Tampa, FL      324        8/20/2014        18,950        1,635        20,585        63,534  

Radbourne Lake

   Charlotte, NC      225        9/30/2014        24,250        1,437        25,687        114,164  

Sabal Palm at Lake Buena Vista

   Orlando, FL      400        11/5/2014        49,500        1,346        50,846        127,115  

Cornerstone

   Orlando, FL      430        1/15/2015        31,550        2,610        34,160        79,442  

The Preserve at Terrell Mill

   Marietta, GA      752        2/6/2015        58,000        6,688        64,688        86,021  

Versailles

   Dallas, TX      388        2/26/2015        26,165        3,997        30,162        77,737  

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  

Venue at 8651

   Fort Worth, TX      333        10/30/2015        19,250        4,626        23,876        71,700  

Parc500

   West Palm Beach, FL      217        7/27/2016        22,421        5,082        27,503        126,742  

The Venue on Camelback

   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        462        23,794        125,232  

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  

Versailles II

   Dallas, TX      242        9/26/2018        24,680        2,843        27,523        113,731  

Brandywine I & II

   Nashville, TN      632        9/26/2018        79,800        7,787        87,587        138,587  

Bella Vista

   Phoenix, AZ      248        1/28/2019        48,400        3,414        51,814        208,927  

The Enclave

   Tempe, AZ      204        1/28/2019        41,800        2,608        44,408        217,686  

The Heritage

   Phoenix, AZ      204        1/28/2019        41,900        2,660        44,560        218,431  

Summers Landing

   Fort Worth, TX      196        6/7/2019        19,396        2,980        22,376        114,163  

Residences at Glenview Reserve

   Nashville, TN      360        7/17/2019        45,000        5,695        50,695        140,819  

Residences at West Place

   Orlando, FL      342        7/17/2019        55,000        4,129        59,129        172,892  

Avant at Pembroke Pines

   Pembroke Pines, FL      1,520        8/30/2019        322,000        32,583        354,583        233,278  

Arbors of Brentwood

   Nashville, TN      346        9/10/2019        62,250        4,248        66,498        192,191  

Torreyana Apartments

   Las Vegas, NV      316        11/22/2019        68,000        2,771        70,771        223,959  

Bloom

   Las Vegas, NV      528        11/22/2019        106,500        4,786        111,286        210,769  

Bella Solara

   Las Vegas, NV      320        11/22/2019        66,500        3,642        70,142        219,194  

Fairways at San Marcos

   Chandler, AZ      352        11/2/2020        84,480        4,366        88,846        252,403  

The Verandas at Lake Norman

   Charlotte, NC      264        6/30/2021        63,500        4,628        68,128        258,061  

Creekside at Matthews

   Charlotte, NC      240        6/30/2021        58,000        3,943        61,943        258,096  

Six Forks Station

   Raleigh, NC      323        9/10/2021        74,760        6,431        81,191        251,365  

Hudson High House

   Cary, NC      302        12/7/2021        93,250        1,677        94,927        314,328  

The Adair

   Sandy Springs, GA      232        4/1/2022        65,500        5,390        70,890        305,560  

Estates on Maryland

   Phoenix, AZ      330        4/1/2022        77,900        4,636        82,536        250,109  

 

     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

 

Total/Weighted Average

          14,133           $ 2,165,280           $165,850        $ 2,331,130       $ 164,942  

 

     

 

 

       

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Only includes properties owned as of December 31, 2023.

(2)

Includes interior and exterior rehab.

 

NXRT.NEXPOINT.COM   Page 33   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Historical Disposition Details

(in thousands, except unit and per unit amounts)

Property Name       

  

Location

   Units      Purchase
Price
     Sale
Price
     Sales 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  

Edgewater at Sandy Springs

   Atlanta, GA      760        58,000        101,250        133,224        8/28/2019        100,219        47,329  

Belmont at Duck Creek

   Garland, TX      240        18,525        29,500        122,917        8/28/2019        29,148        11,985  

The Ashlar

   Dallas, TX      264        16,235        29,400        111,364        8/28/2019        29,050        13,205  

Heatherstone

   Dallas, TX      152        9,450        16,275        107,072        8/28/2019        16,054        6,368  

The Pointe at the Foothills

   Mesa, AZ      528        52,275        85,400        161,742        8/28/2019        84,663        37,925  

Abbington Heights

   Antioch, TN      274        17,900        28,050        102,372        8/30/2019        27,630        10,888  

Southpoint Reserve at Stoney Creek

   Fredericksburg, VA      156        17,000        23,500        150,641        3/20/2020        23,176        5,469  

Willow Grove

   Nashville, TN      244        13,750        31,300        128,279        3/26/2020        31,005        17,513  

Woodbridge

   Nashville, TN      220        16,000        31,700        144,091        3/26/2020        31,237        15,990  

Eagle Crest

   Irving, TX      447        27,325        55,500        124,161        9/30/2020        54,779        30,160  

Beechwood Terrace

   Antioch, TN      300        21,400        53,600        178,667        11/1/2021        53,003        33,960  

Cedar Pointe

   Antioch, TN      210        26,500        37,650        179,286        11/1/2021        37,231        12,252  

Hollister Place

   Houston, TX      260        24,500        36,750        141,346        12/29/2022        36,455        14,684  

Silverbrook

   Grand Prairie, TX      642        30,400        70,000        109,034        9/22/2023        69,431        43,107  

Timber Creek

   Charlotte, NC      352        22,750        49,000        139,205        12/13/2023        48,348        24,819  

 

     

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

Total/Weighted Average

         9,637      $   642,744      $  1,070,925      $  111,126         $    1,057,184      $   443,693  

 

     

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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.

 

NXRT.NEXPOINT.COM   Page 34   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

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”), 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 is 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) interest expense (2) advisory and administrative fees, (3) the impact of : (a) depreciation and amortization expenses and (b) gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (4) corporate general and administrative expenses, (5) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) gain on forfeited deposits, (8) equity in earnings from affiliate and (9) 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, centralized leasing service and franchise tax fees. 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. 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 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 and defeasance costs incurred on the early payment of debt, the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt, costs incurred in connection with a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment that are expensed), casualty-related expenses/and recoveries and gains (losses), gain on forfeited deposits, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing, and the noncontrolling interests (as described above) related to these items.

AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. 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 and green improvements from total debt outstanding.

We believe that the use of 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, 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, 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, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

 

NXRT.NEXPOINT.COM   Page 35   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

Reconciliations

Reconciliation of Debt to Net Debt

 

(dollar amounts in thousands)    FY 2023     FY 2022     FY 2021  

Total mortgage debt

   $ 1,551,236     $ 1,607,028     $ 1,281,146  

Credit facilities

     24,000       74,500       280,000  
  

 

 

   

 

 

   

 

 

 

Total Debt

     1,575,236       1,681,528       1,561,146  
      

Adjustments to arrive at net debt:

      

Cash and cash equivalents

     (12,367     (16,762     (49,450

Restricted cash held for value-add upgrades and green improvements

     (2,929     (11,894     (11,875
  

 

 

   

 

 

   

 

 

 

Net Debt

   $ 1,559,940     $ 1,652,872     $ 1,499,821  
  

 

 

   

 

 

   

 

 

 

Enterprise Value (1)

   $    2,443,940     $    2,764,872     $    3,637,821  

Leverage Ratio

     64     60     41

 

(1)

Enterprise Value is calculated as Market Capitalization as of December 31, 2023 plus Net Debt.

Guidance 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 our 2024 NOI guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2024 and for the three months ended March 31, 2024 (in thousands):

 

           For the
Year Ended
December 31, 2024
    For the
Three Months Ended
March 31, 2024
 
           Mid-Point (1)     Mid-Point (1)  

Net income

     $ 18,524     $ 22,434  

Adjustments to reconcile net loss to NOI:

      

Advisory and administrative fees

       7,675       1,908  

Corporate general and administrative expenses

       18,135       4,128  

Property general and administrative expenses

     (2     4,818       1,206  

Depreciation and amortization

       99,126       25,767  

Interest expense

       57,140       14,670  

Loss on extinguishment of debt and modification costs

       805       550  

Equity in earnings of affiliate

       (240     (60

Gain on sales of real estate

       (49,427     (30,243
    

 

 

   

 

 

 

NOI

     (3   $       156,556     $       40,360  
    

 

 

   

 

 

 

Less Non-Same Store

      

Revenues

     (4     (7,016  

Operating expenses

     (4     3,194    
    

 

 

   

Same Store NOI

     (4   $ 152,734    
    

 

 

   

 

(1)

Mid-Point estimates shown for full year and first quarter 2024 guidance. Assumptions made for full year and first quarter 2024 NOI guidance include the Same Store operating growth projections included in the “2024 Full Year Guidance Summary” section of this release and the effect of the acquisition and dispositions throughout the fiscal year.

(2)

Adjustment to net income 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, centralized leasing service and franchise tax fees.

(3)

FY 2024 NOI Guidance considers the forecast dispositions of Old Farm, Stone Creek at Old Farm and Radbourne Lake, and considers a commensurate volume of capital recycling.

(4)

Year-over-year growth for the Full Year 2024 pro forma Same Store pool (35 properties).

 

NXRT.NEXPOINT.COM   Page 36   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

The following table reconciles our FFO, Core FFO and AFFO guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2024 (in thousands, except per share data):

 

     For the Year Ended
December 31, 2024
 
     Mid-Point  

Net income

   $ 18,524  

Depreciation and amortization

     99,126  

Gain on sales of real estate

     (49,427

Adjustment for noncontrolling interests

     (297
  

 

 

 

FFO attributable to common stockholders

     67,926  
  

 

 

 

FFO per share - diluted (1)

   $ 2.66  
  

 

 

 
  

Loss on extinguishment of debt and modification costs

     805  

Amortization of deferred financing costs - acquisition term notes

     872  

Adjustment for noncontrolling interests

     (3
  

 

 

 

Core FFO attributable to common stockholders

     69,600  
  

 

 

 

Core FFO per share - diluted (1)

   $        2.72  
  

 

 

 
  

Amortization of deferred financing costs - long term debt

     1,656  

Equity-based compensation expense

     10,395  

Adjustment for noncontrolling interests

     (48
  

 

 

 

AFFO attributable to common stockholders

     81,603  
  

 

 

 

AFFO per share - diluted (1)

   $ 3.19  
  

 

 

 
  

Weighted average common shares outstanding - diluted

     25,559  

 

(1)

For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.6 million for the full year 2024.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands):

 

     For the Year Ended December 31,  
     2020     2019     2018     2017     2016     2015  

Net income (loss)

   $ 44,150     $ 99,438     $ (1,614   $ 56,359     $ 25,888     $ (10,992

Adjustments to reconcile net income (loss) to NOI:

            

Advisory and administrative fees

     7,670       7,500       7,474       7,419       6,802       5,565  

Corporate general and administrative expenses

     10,035       9,613       7,808       6,275       4,014       2,455  

Casualty-related expenses/(recoveries)

     789       (34     (663     (287     151       25  

Casualty losses

     (5,886     3,488                          

Property general and administrative expenses

     2,400       1,939       1,294       1,130       879       1,109  

Depreciation and amortization

     82,411       69,086       47,470       48,752       35,643       40,801  

Interest expense

     44,753       37,385       28,572       29,576       20,167       17,817  

Loss on extinguishment of debt and modification costs

     1,470       2,869       3,576       5,719       1,722       652  

Gain on sales of real estate

     (69,151     (127,684     (13,742     (78,365     (25,932      

Acquisition costs

                             386       2,975  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NOI

   $   118,641     $   103,600     $   80,175     $   76,578     $   69,720     $   60,407  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 37   


NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

 

 

 

The following table reconciles our FFO, Core FFO and AFFO to our net income (loss) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands):

 

     For the Year Ended December 31,  
     2020     2019     2018     2017     2016     2015  

Net income (loss)

   $ 44,150     $ 99,438     $ (1,614   $ 56,359     $ 25,888     $ (10,992

Depreciation and amortization

     82,411       69,086       47,470       48,752       35,643       40,801  

Gain on sales of real estate

     (69,151     (127,684     (13,742     (78,365     (25,932      

Adjustment for noncontrolling interests

     (172     (122     (96     (1,695     (4,583     (4,170
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FFO attributable to common stockholders

     57,238       40,718       32,018       25,051       31,016       25,639  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

FFO per share - basic

   $ 2.32     $ 1.69     $ 1.51     $ 1.19     $ 1.46     $ 1.20  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

FFO per share - diluted

   $ 2.27     $ 1.66     $ 1.48     $ 1.17     $ 1.46     $ 1.20  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

Acquisition costs

     1,470       2,869                   386       2,975  
Loss on extinguishment of debt and modification costs      790       (34     3,576       5,719       1,722       652  

Casualty-related expenses/(recoveries)

     (5,886     3,488       (663                  
Change in fair value on derivative instruments - ineffective portion      510                   (309     (1,683      
Amortization of deferred financing costs - acquisition term notes      1,384       553       159       403              

Adjustment for noncontrolling interests

     6       (21     (9     (429     (94     (322
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Core FFO attributable to common stockholders

     55,512       47,573       35,081       30,435       31,347       28,944  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

Core FFO per share - basic

   $ 2.25     $ 1.97     $ 1.66     $ 1.45     $ 1.48     $ 1.36  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Core FFO per share - diluted

   $ 2.20     $ 1.93     $ 1.62     $ 1.42     $ 1.47     $ 1.36  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

Amortization of deferred financing costs - long term debt

     1,453       1,530       1,491       1,592       1,423       1,081  

Equity-based compensation expense

     5,504       5,130       4,198       3,108       825        

Adjustment for noncontrolling interests

     (21     (20     (17     (76     (140     (92
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

AFFO attributable to common stockholders

     62,448       54,213       40,753       35,059       33,455       29,933  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

AFFO per share - basic

   $ 2.53     $ 2.25     $ 1.92     $ 1.66     $ 1.58     $ 1.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

AFFO per share - diluted

   $ 2.47     $ 2.20     $ 1.88     $ 1.64     $ 1.57     $ 1.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
            

Weighted average common shares outstanding - basic

       24,715         24,116         21,189         21,057         21,232        21,294  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding - diluted

     25,234       24,593       21,667       21,399       21,314       21,294  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

NXRT.NEXPOINT.COM   Page 38