8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 25, 2022

NEXPOINT RESIDENTIAL TRUST, INC.

(Exact Name Of Registrant As Specified In Charter)

Maryland	001-36663	47-1881359
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

300 Crescent Court, Suite 700

Dallas, Texas 75201

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (214) 276-6300 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	NXRT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing. In a press release dated October 25, 2022, NexPoint Residential Trust, Inc. (the “Company”) announced financial results for the Company’s third quarter ended September 30, 2022. The full text of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Exhibit Description
99.1	Press Release dated October 25, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEXPOINT RESIDENTIAL TRUST, INC.
By:	/s/ Brian Mitts
	Name: Brian Mitts Title: Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer

Date: October 25, 2022

EX-99.1

Exhibit 99.1

25 October 2022 | NYSE: NXRT

EARNINGS SUPPLEMENT: THIRD QUARTER 2022

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
Balance Sheet Improvements	4
Overview	6
Highlights of Recent Activity	7
Financial Summary	8
2022 Full Year Guidance	9
Components of Net Asset Value	10
Consolidated Balance Sheets	11
Consolidated Statements of Operations	12
NOI and Same Store NOI	13
Q3 Same Store Results	14
Q3 Same Store Properties Operating Metrics	16
QoQ Same Store Properties Operating Metrics	17
YTD Same Store Results	18
FFO, Core FFO and AFFO	20
Historical Capital Expenditures	21
Value-Add Program Details	22
Outstanding Debt Details	25
Debt Maturity Schedule	27
Historical Acquisition Details	28
Historical Disposition Details	29
Definitions and Reconciliations of Non-GAAP Measures	30

   SEASONS 704 APARTMENTS: WEST PALM BEACH, FL

   Q3 LEASED UPGRADES AVERAGED +24.3% ROI

   ENHANCED POOL AMENITY FOR RESIDENTS

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER 2022 RESULTS

NXRT Reports Continued Strength in Operations, Boosts Quarterly Dividend by 10.5% and Announces Accretive

19-Property Refinancing Transaction, Extending Average Maturity to ~6.4 years

Dallas, TX, October 25, 2022 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the third quarter ended September 30, 2022.

Highlights

• NXRT¹ reported Net Loss, FFO², Core FFO² and AFFO² of $(0.6)M, $24.5M, $21.8M and $24.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2022, compared to Net Loss, FFO, Core FFO, and AFFO of $(5.4)M, $16.1M, $16.4M and $18.6M, respectively, attributable to common stockholders for the quarter ended September 30, 2021.

• NXRT reported Net Loss, FFO, Core FFO and AFFO of $(13.0)M, $61.2M, $62.3M and $69.4M, respectively, attributable to common stockholders for the nine months ended September 30, 2022, compared to Net Loss, FFO, Core FFO, and AFFO of $(15.7)M, $46.5M, $44.7M and $51.0M, respectively, attributable to common stockholders for the nine months ended September 30, 2021.

• For the three months ended September 30, 2022, Q3 Same Store properties³ average effective rent, total revenue and NOI² increased 19.4%, 15.0% and 13.1%, respectively, and occupancy decreased 130 bps over the prior year period.

• For the nine months ended September 30, 2022, YTD Same Store properties³ average effective rent, total revenue and NOI² increased 19.9%, 13.6% and 15.8%, respectively, and occupancy decreased 140 bps over the prior year period.

• NXRT paid a third quarter dividend of $0.38 per share of common stock on September 30, 2022.

• On October 24, 2022, the Company’s board approved a quarterly dividend of $0.42 per share, an 10.5% increase from the previous dividend per share. Since inception, NXRT has increased the dividend per share by 103.9%.

• On October 24, 2022, the Company’s board of directors increased the share repurchase authorization to $100.0 million and extended the authorization to October 24, 2024.

• During the three months ended September 30, 2022, NXRT repurchased and retired 98,906 shares at a weighted average price of $60.57 per share. Since inception, NXRT has repurchased 2,550,628 shares at a weighted average price of $28.37 per share.

• The weighted average effective monthly rent per unit across all 41 properties held as of September 30, 2022 (the “Portfolio”), consisting of 15,387⁴ units, was $1,446, while physical occupancy was 94.1%.

• During the third quarter 2022, for the properties in our Portfolio, we completed 649 full and partial upgrades and leased 592 upgraded units, achieving an average monthly rent premium of $163 and a 24.3% ROI⁵.

• Since inception, for the properties currently in our Portfolio, we have completed 7,354 full and partial upgrades, 4,853 kitchen and laundry appliances, and 10,451 technology packages, resulting in a $146, $49, and $44 average monthly rental increase per unit and a 22.0%, 69.3%, and 37.3% ROI, respectively.

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 loss, see the “Definitions and Reconciliations of Non-GAAP Measures,” “FFO, Core FFO and AFFO” and “NOI and Same Store NOI” 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 36 properties encompassing 13,930 units of apartment space in our Same Store pool for the three months ended September 30, 2022 (our “Q3 Same Store” properties) and 34 properties encompassing 13,426 units of apartment space in our Same Store pool for the nine months ended September 30, 2022 (our “YTD Same Store” properties). The same store unit count excludes 74 units that are currently down due to casualty events (Silverbrook: 16 units, Timber Creek: 16 units, Arbors of Brentwood: 16 units, Venue at 8651: 8 units, Hollister Place: 8 units, Versailles: 5 units, The Preserve at Terrell Mill: 3 units, and Parc500: 2 units).

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

4) Total units owned in our Portfolio is 15,387, however 81 units are currently down due to casualty events (Silverbrook: 16 units, Timber Creek: 16 units, Arbors of Brentwood: 16 units, Venue at 8651: 8 units, Hollister Place: 8 units, Six Forks: 6 units, Versailles: 5 units, The Preserve at Terrell Mill: 3 units, Parc500: 2 units, and High House at Cary: 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.

Third Quarter 2022 Financial Results

• Total revenues were $68.1 million for the third quarter of 2022, compared to $56.4 million for the third quarter of 2021.

• Net loss for the third quarter of 2022 totaled $(0.6) million, or loss of $(0.02) per diluted share, which included $25.2 million of depreciation and amortization expense. This compared to a net loss of $(5.4) million, or loss of $(0.21) per diluted share, for the third quarter of 2021, which included $21.6 million of depreciation and amortization expense.

• The change in our net loss of $(0.6) million for the three months ended September 30, 2022 as compared to our net loss of $(5.4) million for the three months ended September 30, 2021 primarily relates to an increase in total revenues, partially offset by an increase in depreciation expense.

• For the third quarter of 2022, NOI was $39.9 million on 41 properties, compared to $33.6 million for the third quarter of 2021 on 40 properties.

• For the third quarter of 2022, Q3 Same Store NOI increased 13.1% to $36.1 million, compared to $31.9 million for the third quarter of 2021.

• For the third quarter of 2022, FFO totaled $24.5 million, or $0.96 per diluted share, compared to $16.1 million, or $0.64 per diluted share, for the third quarter of 2021.

• For the third quarter of 2022, Core FFO totaled $21.8 million, or $0.85 per diluted share, compared to $16.4 million, or $0.65 per diluted share, for the third quarter of 2021.

• For the third quarter of 2022, AFFO totaled $24.3 million, or $0.95 per diluted share, compared to $18.6 million, or $0.74 per diluted share, for the third quarter of 2021.

2022 Year to Date Financial Results

• Total revenues were $194.6 million for the nine months ended September 30, 2022, compared to $160.7 million for the nine months ended September 30, 2021.

• Net loss for the nine months ended September 30, 2022 totaled $(13.0) million, or loss of $(0.51) per diluted share, which included $74.5 million of depreciation and amortization expense. This compared to net loss of $(15.7) million, or loss of $(0.62) per diluted share, for the nine months ended September 30, 2021, which included $62.3 million of depreciation and amortization expense.

• The change in our net loss of $(13.0) million for the nine months ended September 30, 2022 as compared to our net loss of $(15.7) million for the nine months ended September 30, 2021 primarily relates to an increase in total revenues, partially offset by a decrease in casualty gains and an increase in depreciation expense.

• For the nine months ended September 30, 2022, NOI was $115.3 million on 41 properties, compared to $93.6 million for the nine months ended September 30, 2021 on 40 properties.

• For the nine months ended September 30, 2022, Same Store NOI increased 15.8% to $101.5 million, compared to $87.7 million for the nine months ended September 30, 2021.

• For the nine months ended September 30, 2022, FFO totaled $61.2 million, or $2.39 per diluted share, compared to $46.5 million, or $1.85 per diluted share, for the nine months ended September 30, 2021.

• For the nine months ended September 30, 2022, Core FFO totaled $62.3 million, or $2.43 per diluted share, compared to $44.7 million, or $1.78 per diluted share, for the nine months ended September 30, 2021.

• For the nine months ended September 30, 2022, AFFO totaled $69.4 million, or $2.71 per diluted share, compared to $51.0 million, or $2.03 per diluted share, for the nine months ended September 30, 2021.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Third Quarter Earnings Conference Call

NXRT will host a conference call on Tuesday, October 25, 2022 at 11:00 a.m. ET (10:00 am CT), to discuss third quarter financial results.The conference call can be accessed live over the phone by dialing 888-882-4478 or, for international callers, +1 646-828-8193 and using passcode Conference ID: 7733315. A live audio webcast of the call will be available online at the Company's website, https://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, November 1, 2022, by dialing 888-203-1112 or, for international callers, +1 719-457-0820 and entering passcode 7733315.

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.

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 “believe,” “assume,” “expect,” “anticipate,” “estimate,” “may,” “should,” “could,” “plan” 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, the expected refinancing and related timing of 19 property-level mortgages, improved pricing on refinancings, expected use of cash out refinancing proceeds to pay down the corporate credit facility, the refinancing is expected to extend the weighted average debt maturity schedule and the debt maturing through 2024 after the expected refinancing, the expected reduction to the weighted average interest rate on total debt before and after interest rate swaps, the results of the refinancing and extension of maturities, the pro forma debt maturity schedule, analysis of the potential impact of rising rates on future years’ growth, including principal debt balances, weighted average notional swap amount, hedged/fixed rate debt percentage, floating rate principal percentage, swap rate, weighted average forward curve, weighted average forward rate, weighted average spread, all in hedge rate, unhedged blended portfolio rate and spread to all in rate for 2023, 2024 and 2025 and the related assumptions, including the 19 property level refinancing, the use of cash out refinancing to pay down debt, the sale of the Houston properties, the expected use of proceeds to pay down debt, the sale and amount of proceeds from the sale, maturing debt balances between 2023 and 2025 remain the same and are refinanced at the same spread achieved on the current 19 assets being refinanced plus the forward SOFR curve, NXRT’s guidance for financial results for the full year 2022, including earnings per diluted share, Core FFO per diluted share, same store rental income, same store total revenue, same store total expenses and same store NOI, and the related assumptions, including expected acquisitions and dispositions, shares outstanding and same store growth projections, NXRT’s net asset value and the related components and assumptions, including anticipated full year and fourth quarter 2022 net income and NOI, acquisitions and dispositions, pro forma adjustments for acquisitions and dispositions, the NOI related to the acquired or disposed of properties, the Cornerstone loan refinancing, estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, NOI guidance for the fourth quarter 2022 and the related assumptions, planned value-add programs, including projected average rent, 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. 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 the ultimate duration and severity of the COVID-19 pandemic and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, as well as 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

UPDATE TO CAPITAL STRUCTURE & MATURITIES

BALANCE SHEET IMPROVEMENTS:

• NXRT has executed a loan application and is in the process of refinancing 19 property level mortgages thru KeyBank and Freddie Mac, which, in aggregate, represent ~46.7% of the company’s total outstanding debt.

• Notably, NXRT was able to reach an agreement to refinance at interest rate pricing improved from prior terms (SOFR + 155 bps) – a favorable outcome for the Company that would likely be more difficult to achieve in a negotiation started today.

• The Company expects to use approximately $217mm of cash from refinancing proceeds to pay down the outstanding principal balance of the Company’s most expensive debt capital, the corporate credit facility. Further, NXRT has executed it’s 12-month extension option on the Revolving Credit Facility, pushing that maturity out to June 30, 2025.

• Further, this refinancing activity is expected to effectively extend the company’s weighted average debt maturity schedule to ~6.4 years (from ~3.33 years) – debt maturing through ’24 now equates to ~6.8% of total debt (down from ~44% previously).

• Holistically, this refinancing is expected to reduce NXRT’s weighted average interest rate on total debt by 39 bps to 4.33%, before the impact of interest rate swap contracts.  Accounting for the hedging impact of the swap, NXRT’s adjusted weighted average interest rate is expected to be reduced from 3.29% to 2.78%.

• With the completion of this refinancing, the Company has no meaningful debt maturities until June 2025.

• Refinancing and extending maturities on a significant portion of the Company’s first mortgage debt at favorable terms provides greater strategic flexibility, increases liquidity and modestly “de-risks” the company’s balance sheet.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

ANALYSIS OF THE POTENTIAL IMPACT OF RISING RATES ON FUTURE YEARS’ GROWTH

1. Principal debt balances assume the refinancing of 19 property level mortgages, $217mm of facility paydown due to refinancing, and $95mm of facility paydown with Houston net proceeds. Houston net proceeds are assumed to be the midpoint of the Houston Value range on the Components of Q3 2022 Net Asset Value table less existing debt and assumed 5% closing costs.

2. Weighted average notional Swap amounts take into termination dates.

3. Yearly swap rate percentage considers all swaps in place in the corresponding year.

4. Weighted Average Forward Curve considers both SOFR and LIBOR forward curves, all weighted based on asset principal balances over total portfolio debt.

5. Weighted Average Forward Rate is equal to the Total Property and Principal Facility Debt Balance multiplied by the Hedged /Fixed Rate Debt percentage + Property and Principal Facility Debt Balance multiplied by the Floating Rate Principal percentage.

6. Weighted Average Spread considers both SOFR and LIBOR forward curves, all weighted based on asset principal balances over total portfolio debt.

7. Unhedged Blended Portfolio Rate are all-in rates, including asset-specific spreads, SOFR and LIBOR forward curves, fixed rates, and asset-specific rate caps.  All are weighted based on asset principal balances over total portfolio debt.

8. The NXRT Analysis uses Jefferies inputs for all peers of NXRT. NXRT analysis assumes new principal balances for the 19 assets, $217mm of facility paydown due to refinancing, and $95mm of facility paydown with Houston net proceeds. In addition, the analysis assumes all maturing debt balances between 2023 and 2025 remain the same and are refinanced at the same spread achieved on the current 19 assets being refinanced plus the forward SOFR curve.

9. Jefferies: Seeking Resilience in Multifamily; Downgrade NXRT to Hold; Buy MAA, UDR, IRT (2022).

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC.: THIRD QUARTER 2022 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$40.87
Insider Ownership	12.76%
2022 Q4 Dividend Per Share	$0.42
Dividend Yield (1)	4.11%
Shares Outstanding - basic (2)	25,598
Shares Outstanding - diluted (2)	25,598

(1) As of the close of market trading on October 24, 2022.

(2) Weighted average for the three months ended September 30, 2022. If theCompany sustains a net loss for the period presented, unvested restricted stock units are not included in the calculation of diluted shares outstanding.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth	16.8%
Phoenix	13.1%
South Florida	12.7%
Atlanta	11.0%
Nashville	8.7%
Houston	7.7%
Orlando	7.6%
Las Vegas	7.6%
Charlotte	7.0%
Raleigh	4.1%
Tampa	3.7%
Total	100.0%

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Recent Activity

DIVIDEND GROWTH

RENT TRADEOUTS

Market	New Leases		% Increase	Rent Increase		Renewals		% Increase	Rent Increase
DFW		384	17.7%	$	199.14		321	12.4%	$	137.07
HOU		202	5.5%	$	71.20		126	9.1%	$	111.56
CHA		131	10.2%	$	125.71		144	10.1%	$	119.35
NASH		191	11.2%	$	145.17		163	10.5%	$	126.22
ATL		180	13.5%	$	194.44		276	11.1%	$	148.26
ORL		173	21.9%	$	298.05		138	15.7%	$	207.80
TPA		132	17.9%	$	224.64		44	18.7%	$	225.70
SFL		241	22.1%	$	385.90		307	16.4%	$	282.80
PHX		311	13.8%	$	180.48		252	10.4%	$	137.17
LSV		161	7.9%	$	107.32		120	7.1%	$	96.65
RDU		74	10.6%	$	150.00		99	9.3%	$	120.41
TOTAL/AVERAGE		2,180	14.5%	$	196.68		1,990	12.0%	$	160.93

SAME STORE GROWTH

(In thousands)	YTD 2022		YTD 2021		% Change
Rental income	$	168,628	$	148,005		13.9	%
Other income		4,328		4,271		1.3	%
Total revenue		172,956		152,276		13.6	%
Total expense		71,971		65,237		10.3	%
Miscellaneous income		496		633		-21.6	%
NOI	$	101,481	$	87,672		15.8	%

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

	Q3 2022			Q3 2021			YTD 2022			YTD 2021
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization (as of the last day of the period)	$	1,181,000		$	1,563,000
Share Price (as of the last day of the period)	$	46.21		$	61.88
Weighted average common shares outstanding - basic		25,598			25,175			25,630			25,128
Weighted average common shares outstanding - diluted		25,598			25,175			25,630			25,128
Earnings Profile
Total revenues	$	68,051		$	56,384		$	194,603		$	160,743
Net loss attributable to common stockholders		(597	)		(5,391	)		(13,047	)		(15,678	)
NOI (1)		39,865			33,648			115,276			93,599
Same Store NOI (2)		36,055			31,885			101,481			87,672
Same Store NOI Growth (%) (2)		13.1	%					15.8	%
Earnings Metrics Per Common Share (diluted basis)
Earnings	$	(0.02	)	$	(0.21	)	$	(0.51	)	$	(0.62	)
FFO (1)	$	0.96		$	0.64		$	2.39		$	1.85
Core FFO (1)	$	0.85		$	0.65		$	2.43		$	1.78
AFFO (1)	$	0.95		$	0.74		$	2.71		$	2.03
Dividends declared per common share	$	0.38		$	0.34		$	1.14		$	1.02
FFO Coverage (3)	2.52x			1.88x			2.10x			1.81x
Core FFO Coverage (3)	2.25x			1.91x			2.13x			1.74x
AFFO Coverage (3)	2.50x			2.16x			2.38x			1.98x
Portfolio
Total Properties		41			40
Total Units (4)		15,387			15,032
Occupancy		94.1	%		95.3	%
Average Effective Monthly Rent per Unit	$	1,446		$	1,204
Same Store Portfolio Metrics (2)
Total Same Store Properties		36			36			34			34
Total Same Store Units		13,930			13,922			13,426			13,418
Occupancy		94.0	%		95.3	%		94.0	%		95.4	%
Average Effective Monthly Rent per Unit	$	1,445		$	1,210		$	1,448		$	1,208
Value-Add Program
Completed Rehab Units		649			290			1,830			911
Cumulative Completed Rehab Units (5)		7,354
Average Increase to Effective Monthly Rent      per Unit (Post-Rehab)	$	146
ROI on Post-Rehab Units		22.0	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,358,343		$	1,275,501
Credit Facilities		335,000			275,000
Total Debt Outstanding	$	1,693,343		$	1,550,501
Leverage Ratio (Net Debt to Enterprise Value) (6)		58	%		49	%

(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. For additional information regarding our Q3 and YTD Same Store properties, see the “Q3 Same Store Results” and “YTD Same Store Results” section of this release.

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

(4) Total units owned is 15,387, however 81 units are currently down due to casualty events.

(5) Inclusive of all full and partial interior upgrades completed through. Cumulative results exclude rehabs completed for properties sold through September 30, 2022.

(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 Page8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2022 Full Year Guidance Summary

NXRT is updating 2022 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, Acquisitions and Dispositions as follows:

	Guidance Range (1)
	Low-End			Mid-Point			High-End			Prior Mid-Point
Earnings per diluted share (2)	$	1.30		$	1.33		$	1.36		$	3.10
Core FFO per diluted share (2) (3)	$	3.05		$	3.08		$	3.11		$	3.01
Same Store Growth: (4)
Rental Income		13.2	%		13.4	%		13.6	%		12.5	%
Total Revenue		12.7	%		12.9	%		13.1	%		12.0	%
Total Expenses		9.7	%		9.4	%		9.0	%		6.5	%
Same Store NOI (3)		14.9	%		15.5	%		16.1	%		15.8	%
Other Considerations: (5)
Acquisitions	$	143.4		$	143.4		$	143.4		$	225.0
Dispositions	$	—		$	100.0		$	200.0		$	225.0

(1) Full Year 2022 guidance forecast includes Same Store growth projections presented above.

(2) Weighted average diluted share count estimate for full year 2022 is approximately 26.2 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2022 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 2022 pro forma Same Store pool (34 properties).

(5) We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the EPS 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 2022 financial and earnings guidance is included in the following sections of this release.

NXRT.NEXPOINT.COM Page9

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 BY MARKET VALUE 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)	$	3,383,949	$	3,734,130
Dallas/Fort Worth	12.9%	4.3%	4.7%	$	438,505	$	484,461	Cash	15,771
Houston	5.3%	4.5%	4.7%		178,773		188,541	Restricted Cash - Renovation Reserves (5)	15,347
								Renovation Expenditures (5)	(15,347)
North Carolina								Cash Adjustments (6)	(655)
Raleigh	3.4%	4.3%	4.7%		116,060		128,223	Fair Market Value of Interest Rate Swaps	110,399
Charlotte	6.8%	4.3%	4.7%		231,444		255,700	Other Assets	56,885
								Value of Assets	$	3,566,349	$	3,916,530
Georgia
Atlanta	8.2%	4.3%	4.7%		279,969		309,310	Tangible Liabilities
								Credit Facility (7)	$335,000
Tennessee								Mortgage Debt	1,358,343
Nashville	11.2%	4.3%	4.7%		380,933		420,855	Total Outstanding Debt	1,693,343
								Forward 12-month Principal Payments (6)	(655)
Florida								Total Outstanding Debt (FY 2022 Est.)	1,692,688
Orlando	7.7%	4.3%	4.7%		263,124		290,700	Other Tangible Liabilities (at Book)	47,219
Tampa	4.1%	4.3%	4.7%		140,450		155,169	Value of Liabilities	$1,739,907
South Florida	16.2%	4.3%	4.7%		551,964		609,810	Net Leverage (mid-point)	47%
								Net Asset Value	$	1,826,442	$	2,176,623
Nevada								Shares outstanding - diluted (FY 2022 Est.)	26,077
Las Vegas	8.3%	4.5%	5.0%		262,672		294,708	Est. NAV / Share	$	70.04	$	83.47
								NAV / Share (mid-point)	$76.75
Arizona
Phoenix	15.9%	4.3%	4.7%		540,055		596,653
Total / Ave	100.0%	4.3%	4.7%	$	3,383,949	$	3,734,130

NOI ESTIMATE IMPLIED VAUE VALUATION METRICS

Q2 2022 NOI Actual	38,846					Min		Max
Q3 2022 NOI Actual	39,865				Implied Real Estate Value	$	3,383,949	$	3,734,130
	Low		High		No. of Units (September 30, 2022) (2)	15,387
Estimated Q4 2022 NOI Guidance (3)	$	41,360	$	42,906	Implied Value/Apartment Unit	$	219.9	$	242.7
2022 Pro Forma NOI Guidance (3)(4)	$	156,634	$	158,180	Implied Value/Apartment Unit (mid-point)	$231.3

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

(2) Full Year 2022 NOI Guidance is presented for the existing portfolio (41 properties as of September 30, 2022).

(3) The Company anticipates net income will be in the range between approximately $34.1 million and $35.7 million for the full year 2022 and between $47.2 million and $48.7 million for the fourth quarter of 2022. FY 2022 NOI Guidance considers the completed acquisitions of The Adair and Estates on Maryland and assumes no further acquisition or disposition activity for the remainder of the year.

(4) 2022 Pro Forma NOI assumes The Adair and Estates on Maryland were owned for the full year 2022, which we estimate would have contributed approximately an additional $800 and $1,000, respectively, to NOI.

(5) Includes approximately $15.3 million that is held for value-add upgrades; reduced by $15.3 million for estimated 2022 rehab expenditures.

(6) Includes approximately $0.7 million in forward 12-month principal payments (which excludes the repayment of The Cornerstone loan which we expect to refinance in 2023).

(7) Includes outstanding balance of September 30, 2022.

NXRT.NEXPOINT.COM Page10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2022			December 31, 2021
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	378,438		$	375,857
Buildings and improvements		1,759,301			1,743,866
Intangible lease assets		—			2,576
Construction in progress		8,170			6,078
Furniture, fixtures, and equipment		141,184			120,419
Total Gross Operating Real Estate Investments		2,287,093			2,248,796
Accumulated depreciation and amortization		(326,738	)		(287,096	)
Total Net Operating Real Estate Investments		1,960,355			1,961,700
Real estate held for sale, net of accumulated depreciation of $28,477 and $0, respectively		110,638			—
Total Net Real Estate Investments		2,070,993			1,961,700
Cash and cash equivalents		15,771			49,450
Restricted cash		50,844			39,246
Accounts receivable, net		11,519			4,844
Prepaid and other assets		9,869			4,701
Fair market value of interest rate swaps		110,399			3,526
TOTAL ASSETS	$	2,269,395		$	2,063,467
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,268,607		$	1,276,285
Mortgages payable held for sale, net		82,692			—
Credit facility, net		333,428			278,215
Accounts payable and other accrued liabilities		13,866			12,590
Accrued real estate taxes payable		22,165			13,182
Accrued interest payable		5,981			2,491
Security deposit liability		3,168			2,945
Prepaid rents		2,039			1,775
Total Liabilities		1,731,946			1,587,483
Redeemable noncontrolling interests in the Operating Partnership		5,828			6,139
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; 25,549,036 and 25,500,567 shares issued and outstanding, respectively		255			255
Additional paid-in capital		403,377			407,803
Accumulated earnings less dividends		18,902			59,209
Accumulated other comprehensive income		109,087			2,578
Total Stockholders' Equity		531,621			469,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,269,395		$	2,063,467

NXRT.NEXPOINT.COM Page11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2022			2021			2022			2021
Revenues
Rental income	$	66,500		$	54,918		$	189,949		$	156,305
Other income		1,551			1,466			4,654			4,438
Total revenues		68,051			56,384			194,603			160,743
Expenses
Property operating expenses		12,370			12,783			42,669			35,116
Real estate taxes and insurance		9,419			7,646			27,670			24,876
Property management fees (1)		1,960			1,639			5,629			4,640
Advisory and administrative fees (2)		1,904			1,938			5,615			5,706
Corporate general and administrative expenses		3,818			3,152			11,116			9,070
Property general and administrative expenses		2,387			2,076			6,586			5,451
Depreciation and amortization		25,224			21,591			74,490			62,335
Total expenses		57,082			50,825			173,775			147,194
Operating income		10,969			5,559			20,828			13,549
Interest expense		(11,766	)		(11,531	)		(34,804	)		(32,830	)
Loss on extinguishment of debt and modification costs		—			—			—			(328	)
Casualty gains		—			—			357			2,379
Miscellaneous income		198			565			526			1,505
Net loss		(599	)		(5,407	)		(13,093	)		(15,725	)
Net loss attributable to redeemable noncontrolling interests in the Operating Partnership		(2	)		(16	)		(46	)		(47	)
Net loss attributable to common stockholders	$	(597	)	$	(5,391	)	$	(13,047	)	$	(15,678	)
Other comprehensive income
Unrealized gains on interest rate derivatives		34,938			4,545			106,874			31,082
Total comprehensive income (loss)		34,339			(862	)		93,781			15,357
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		132			(3	)		319			46
Comprehensive income (loss) attributable to common stockholders	$	34,207		$	(859	)	$	93,462		$	15,311
Weighted average common stock outstanding - basic		25,598			25,175			25,630			25,128
Weighted average common stock outstanding - diluted		25,598			25,175			25,630			25,128
Loss per share - basic	$	(0.02	)	$	(0.21	)	$	(0.51	)	$	(0.62	)
Loss per share - diluted	$	(0.02	)	$	(0.21	)	$	(0.51	)	$	(0.62	)

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

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

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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 Same Store NOI for the three and nine months ended September 30, 2022 and 2021 to net loss, the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2022			2021			2022			2021
Net loss		$	(599	)	$	(5,407	)	$	(13,093	)	$	(15,725	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			1,904			1,938			5,615			5,706
Corporate general and administrative expenses			3,818			3,152			11,116			9,070
Casualty-related expenses/(recoveries)	(1)		(2,976	)		120			666			(272	)
Casualty gain			—			—			(357	)		(2,379	)
Pandemic expense			—			11			—			46
Property general and administrative expenses	(2)		728			712			2,035			1,660
Depreciation and amortization			25,224			21,591			74,490			62,335
Interest expense			11,766			11,531			34,804			32,830
Loss on extinguishment of debt and modification costs			—			—			—			328
NOI		$	39,865		$	33,648		$	115,276		$	93,599
Less Non-Same Store
Revenues			(6,155	)		(2,570	)		(21,647	)		(8,467	)
Operating expenses			2,361			1,033			7,882			3,412
Operating income			(16	)		(226	)		(30	)		(872	)
Same Store NOI		$	36,055		$	31,885		$	101,481		$	87,672

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

(2) Adjustment to net 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 Page13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Results of Operations for the Three Months Ended September 30, 2022 and 2021

There are 36 properties encompassing 13,930 units of apartment space, or approximately 91% of our Portfolio, in our same store pool for the three months ended September 30, 2022 and 2021 (our “Q3 Same Store” properties). Our Q3 Same Store properties exclude the following 5 properties in our Portfolio as of September 30, 2022: Cutter’s Point, Six Forks Station, High House at Cary, The Adair, and Estates on Maryland, as well as the 74 units mentioned on page 2 that are currently down.

As of September 30, 2022, our Q3 Same Store properties were approximately 94.0% leased with a weighted average monthly effective rent per occupied apartment unit of $1,445, a year-over-year decrease of 130 bps and an increase of $235, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended September 30, 2022 and 2021 for our Q3 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended September 30,
	2022		2021		$ Change			% Change
Revenues
Same Store
Rental income	$	60,407	$	52,441	$	7,966			15.2	%
Other income		1,489		1,373		116			8.4	%
Same Store revenues		61,896		53,814		8,082			15.0	%
Non-Same Store
Rental income		6,093		2,477		3,616		N/M
Other income		62		93		(31	)		-33.3	%
Non-Same Store revenues		6,155		2,570		3,585		N/M
Total revenues		68,051		56,384		11,667			20.7	%
Operating expenses
Same Store
Property operating expenses (1)		14,037		11,982		2,055			17.2	%
Real estate taxes and insurance		8,682		7,433		1,249			16.8	%
Property management fees (2)		1,783		1,561		222			14.2	%
Property general and administrative expenses (3)		1,521		1,292		229			17.7	%
Same Store operating expenses		26,023		22,268		3,755			16.9	%
Non-Same Store
Property operating expenses (4)		1,309		670		639		N/M
Real estate taxes and insurance		737		213		524		N/M
Property management fees (2)		177		78		99		N/M
Property general and administrative expenses (5)		138		72		66		N/M
Non-Same Store operating expenses		2,361		1,033		1,328		N/M
Total operating expenses		28,384		23,301		5,083			21.8	%
Operating income
Same Store
Miscellaneous income		182		339		(157	)		-46.3	%
Non-Same Store
Miscellaneous income		16		226		(210	)	N/M
Total operating income		198		565		(367	)		-65.0	%
NOI
Same Store		36,055		31,885		4,170			13.1	%
Non-Same Store		3,810		1,763		2,047		N/M
Total NOI (6)	$	39,865	$	33,648	$	6,217			18.5	%

(1) For the three months ended September 30, 2022 and 2021, excludes approximately $(1,822,000) and $136,000, respectively, of casualty-related expenses/(recoveries).

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

(3) For the three months ended September 30, 2022 and 2021, excludes approximately $634,000 and $599,000, 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended September 30, 2022 and 2021, excludes approximately $1,154,000 and $5,000, respectively, of casualty-related recoveries.

(5) For the three months ended September 30, 2022 and 2021, excludes approximately $94,000 and $113,000, 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 Q3 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended September 30, 2022 and 2021 (dollars in thousands, except for per unit data):

	Q3 2022			Q3 2021			% Change
Same Store Total Units		13,930			13,922
Same Store Occupied Units		13,096			13,274
Same Store Ending Occupancy		94.0	%		95.3	%		-1.3	%
Same Store Average Rent per Unit	$	1,445		$	1,210			19.4	%
Same Store Revenues
Same Store Rental Income	$	60,407		$	52,441			15.2	%
Same Store Other Income		1,489			1,373			8.4	%
Total Same Store Revenues		61,896			53,814			15.0	%
Same Store Operating Expenses
Payroll		5,242			4,720			11.1	%
Repairs & Maintenance		5,669			4,480			26.5	%
Utilities		3,126			2,782			12.4	%
Real Estate Taxes		7,230			6,170			17.2	%
Insurance		1,452			1,263			15.0	%
Property Management Fees		1,783			1,561			14.2	%
Office Operations		997			865			15.3	%
Marketing		524			427			22.7	%
Total Same Store Operating Expenses		26,023			22,268			16.9	%
Same Store Operating Income
Miscellaneous income		182			339			-46.3	%
Total Same Store Operating Income		182			339			-46.3	%
Q3 Same Store NOI	$	36,055		$	31,885			13.1	%

NXRT.NEXPOINT.COM Page15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)

Properties by Market (1)	Unit Count	Average Effective Rent			Occupancy			Total Rental Income
	Total	Q3 2022	Q3 2021	% Change	Q3 2022	Q3 2021	bps ∆	Q3 2022	Q3 2021	% Change
Texas
Dallas	2,362	$1,215	$1,023	18.8%	94.2%	94.9%	-70	$8,828	$7,928	11.4%
Houston	1,176	1,284	1,142	12.4%	94.6%	96.0%	-140	4,494	4,214	6.6%
Average/Total	3,538	1,238	1,062	16.6%	94.3%	95.2%	-90	13,322	12,142	9.7%
North Carolina
Charlotte	1,065	1,316	1,159	13.5%	94.6%	95.1%	-50	4,198	3,788	10.8%
Average/Total	1,065	1,316	1,159	13.5%	94.6%	95.1%	-50	4,198	3,788	10.8%
Georgia
Atlanta	1,457	1,410	1,214	16.1%	93.0%	94.2%	-120	5,933	5,084	16.7%
Average/Total	1,457	1,410	1,214	16.1%	93.0%	94.2%	-120	5,933	5,084	16.7%
Tennessee
Nashville	1,322	1,294	1,073	20.6%	95.0%	95.7%	-70	5,412	4,632	16.8%
Average/Total	1,322	1,294	1,073	20.6%	95.0%	95.7%	-70	5,412	4,632	16.8%
Florida
Orlando	1,172	1,540	1,232	25.0%	93.8%	96.2%	-240	5,136	4,450	15.4%
Tampa	576	1,384	1,097	26.2%	91.5%	95.8%	-430	2,295	1,949	17.8%
South Florida	1,957	1,938	1,580	22.7%	95.2%	95.8%	-60	11,345	9,532	19.0%
Average/Total	3,705	1,726	1,395	23.7%	94.2%	95.9%	-170	18,776	15,931	17.9%
Arizona
Phoenix	1,679	1,488	1,230	21.0%	94.1%	96.8%	-270	7,898	6,745	17.1%
Average/Total	1,679	1,488	1,230	21.0%	94.1%	96.8%	-270	7,898	6,745	17.1%
Nevada
Las Vegas	1,164	1,445	1,236	16.9%	91.8%	92.9%	-110	4,868	4,119	18.2%
Average/Total	1,164	1,445	1,236	16.9%	91.8%	92.9%	-110	4,868	4,119	18.2%
Average/Total	13,930	$1,445	$1,210	19.4%	94.0%	95.3%	-130	$60,407	$52,441	15.2%

(1) This table only includes the 36 properties in our Q3 Same Store pool.

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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	Q3 2022	Q2 2022	% Change	Q3 2022	Q2 2022	bps ∆	Q3 2022	Q2 2022	% Change
Texas
Dallas	2,362	$1,215	$1,175	3.4%	94.2%	93.8%	40	$8,828	$8,631	2.3%
Houston	1,176	1,284	1,245	3.1%	94.6%	95.1%	-50	4,494	4,513	-0.4%
Average/Total	3,538	1,238	1,198	3.3%	94.3%	94.2%	10	13,322	13,144	1.4%
North Carolina
Charlotte	1,065	1,316	1,273	3.4%	94.6%	95.3%	-70	4,198	4,013	4.6%
Average/Total	1,065	1,316	1,273	3.4%	94.6%	95.3%	-70	4,198	4,013	4.6%
Georgia
Atlanta	1,457	1,410	1,367	3.1%	93.0%	94.2%	-120	5,933	5,791	2.5%
Average/Total	1,457	1,410	1,367	3.1%	93.0%	94.2%	-120	5,933	5,791	2.5%
Tennessee
Nashville	1,322	1,294	1,215	6.5%	95.0%	96.7%	-170	5,412	5,209	3.9%
Average/Total	1,322	1,294	1,215	6.5%	95.0%	96.7%	-170	5,412	5,209	3.9%
Florida
Orlando	1,172	1,540	1,448	6.4%	93.8%	95.6%	-180	5,136	5,096	0.8%
Tampa	576	1,384	1,297	6.7%	91.5%	95.0%	-350	2,295	2,253	1.9%
South Florida	1,957	1,938	1,842	5.2%	95.2%	96.0%	-80	11,344	10,959	3.5%
Average/Total	3,705	1,726	1,633	5.7%	94.2%	95.7%	-150	18,775	18,308	2.6%
Arizona
Phoenix	1,679	1,488	1,429	4.1%	94.1%	92.5%	160	7,899	7,390	6.9%
Average/Total	1,679	1,488	1,429	4.1%	94.1%	92.5%	160	7,899	7,390	6.9%
Nevada
Las Vegas	1,164	1,445	1,390	4.0%	91.8%	91.8%	0	4,868	4,394	10.8%
Average/Total	1,164	1,445	1,390	4.0%	91.8%	91.8%	0	4,868	4,394	10.8%
Average/Total	13,930	$1,445	$1,383	4.5%	94.0%	94.6%	-60	$60,407	$58,249	3.7%

(1) This table only includes the 36 properties in our Q3 Same Store pool.

NXRT.NEXPOINT.COM Page17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

YTD Same Store Results of Operations for the Nine Months Ended September 30, 2022 and 2021

There are 34 properties encompassing 13,426 units of apartment space, or approximately 87% of our Portfolio, in our same store pool for the nine months ended September 30, 2022 and 2021 (our “YTD Same Store” properties). Our YTD Same Store properties exclude the following 7 properties in our Portfolio as of September 30, 2022: 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 74 units mentioned on page 2 that are currently down.

As of September 30, 2022, our YTD Same Store properties were approximately 94.0% leased with a weighted average monthly effective rent per occupied apartment unit of $1,448, a year-over-year decrease of 140 bps and an increase of $240, respectively.

The following table reflects the revenues, property operating expenses and NOI for the nine months ended September 30, 2022 and 2021 for our YTD Same Store and Non-Same Store properties (dollars in thousands):

	For the Nine Months Ended September 30,
	2022		2021		$ Change			% Change
Revenues
Same Store
Rental income	$	168,628	$	148,005	$	20,623			13.9	%
Other income		4,328		4,271		57			1.3	%
Same Store revenues		172,956		152,276		20,680			13.6	%
Non-Same Store
Rental income		21,321		8,300		13,021		N/M
Other income		326		167		159		N/M
Non-Same Store revenues		21,647		8,467		13,180		N/M
Total revenues		194,603		160,743		33,860			21.1	%
Operating expenses
Same Store
Property operating expenses (1)		37,783		33,180		4,603			13.9	%
Real estate taxes and insurance		25,152		24,129		1,023			4.2	%
Property management fees (2)		5,011		4,382		629			14.4	%
Property general and administrative expenses (3)		4,025		3,546		479			13.5	%
Same Store operating expenses		71,971		65,237		6,734			10.3	%
Non-Same Store
Property operating expenses (4)		4,220		2,162		2,058		N/M
Real estate taxes and insurance		2,518		747		1,771		N/M
Property management fees (2)		618		258		360		N/M
Property general and administrative expenses (5)		526		245		281		N/M
Non-Same Store operating expenses		7,882		3,412		4,470		N/M
Total operating expenses		79,853		68,649		11,204			16.3	%
Operating income
Same Store
Miscellaneous income		496		633		(137	)		-21.6	%
Non-Same Store
Miscellaneous income		30		872		(842	)	N/M
Total operating income		526		1,505		(979	)		-65.0	%
NOI
Same Store		101,481		87,672		13,809			15.8	%
Non-Same Store		13,795		5,927		7,868		N/M
Total NOI (6)	$	115,276	$	93,599	$	21,677			23.2	%

(1) For the nine months ended September 30, 2022 and 2021, excludes approximately $3,137,000 and $232,000, respectively, of casualty-related recoveries.

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

NXRT.NEXPOINT.COM Page18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the nine months ended September 30, 2022 and 2021, excludes approximately $1,811,000 and $1,399,000, 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 nine months ended September 30, 2022 and 2021, excludes approximately $(66,000) and $6,000, respectively, of casualty-related expenses/(recoveries).

(5) For the nine months ended September 30, 2022 and 2021, excludes approximately $224,000 and $261,000, 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 YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the nine months ended September 30, 2022 and 2021 (dollars in thousands, except for per unit data):

	YTD 2022			YTD 2021			% Change
Same Store Total Units		13,426			13,418
Same Store Occupied Units		12,623			12,796
Same Store Ending Occupancy		94.0	%		95.4	%		-1.4	%
Same Store Average Rent per Unit	$	1,448		$	1,208			19.9	%
Same Store Revenues
Same Store Rental Income	$	168,628		$	148,005			13.9	%
Same Store Other Income		4,328			4,271			1.3	%
Total Same Store Revenues		172,956			152,276			13.6	%
Same Store Operating Expenses
Payroll		14,435			13,240			9.0	%
Repairs & Maintenance		15,086			12,647			19.3	%
Utilities		8,262			7,293			13.3	%
Real Estate Taxes		21,112			20,520			2.9	%
Insurance		4,040			3,609			11.9	%
Property Management Fees		5,011			4,382			14.4	%
Office Operations		2,614			2,339			11.8	%
Marketing		1,411			1,207			16.9	%
Total Same Store Operating Expenses		71,971			65,237			10.3	%
Same Store Operating Income
Miscellaneous income		496			633			-21.6	%
Total Same Store Operating Income		496			633			-21.6	%
YTD Same Store NOI	$	101,481		$	87,672			15.8	%

NXRT.NEXPOINT.COM Page19

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 loss, the most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2022 and 2021 (in thousands, except per share amounts):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2022			2021			2022			2021			% Change (1)
Net loss		$	(599	)	$	(5,407	)	$	(13,093	)	$	(15,725	)		-16.7	%
Depreciation and amortization			25,224			21,591			74,490			62,335			19.5	%
Adjustment for noncontrolling interests			(99	)		(49	)		(228	)		(140	)	N/M
FFO attributable to common stockholders			24,526			16,135			61,169			46,470			31.6	%
FFO per share - basic		$	0.96		$	0.64		$	2.39		$	1.85			29.2	%
FFO per share - diluted		$	0.96		$	0.64		$	2.39		$	1.85			29.2	%
Loss on extinguishment of debt and modification costs			—			—			—			328		N/M
Casualty-related expenses/(recoveries)			(2,976	)		120			666			(272	)	N/M
Casualty gains			—			—			(357	)		(2,379	)	N/M
Pandemic expense			—			11			—			46		N/M
Amortization of deferred financing costs - acquisition term notes			281			150			786			499		N/M
Adjustment for noncontrolling interests			11			—			(3	)		6		N/M
Core FFO attributable to common stockholders			21,842			16,416			62,261			44,698			39.3	%
Core FFO per share - basic		$	0.85		$	0.65		$	2.43		$	1.78			36.5	%
Core FFO per share - diluted		$	0.85		$	0.65		$	2.43		$	1.78			36.5	%
Amortization of deferred financing costs - long term debt			453			375			1,247			1,082			15.2	%
Equity-based compensation expense			2,025			1,807			5,906			5,211			13.3	%
Adjustment for noncontrolling interests			(10	)		(7	)		(27	)		(19	)		42.1	%
AFFO attributable to common stockholders			24,310			18,591			69,387			50,972			36.1	%
AFFO per share - basic		$	0.95		$	0.74		$	2.71		$	2.03			33.5	%
AFFO per share - diluted		$	0.95		$	0.74		$	2.71		$	2.03			33.5	%
Weighted average common stock outstanding - basic			25,598			25,175			25,630			25,128			2.0	%
Weighted average common stock outstanding - diluted			25,598			25,175			25,630			25,128			2.0	%
Dividends declared per common share		$	0.38		$	0.34		$	1.14		$	1.02			11.4	%
FFO Coverage - diluted	(2)	2.52x			1.88x			2.10x			1.81x				16.02	%
Core FFO Coverage - diluted	(2)	2.25x			1.91x			2.13x			1.74x				22.60	%
AFFO Coverage - diluted	(2)	2.50x			2.16x			2.38x			1.98x				19.88	%

(1) Represents the percentage change for the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021.

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

NXRT.NEXPOINT.COM Page20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

	Q3 2022		Q3 2021		% Change			YTD 2022		YTD 2021		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	—	$	74,760		-100.0	%	$	143,400	$	196,260		-26.9	%
Capitalized Rehab Expenditures
Interior		6,946		2,739		153.6	%		17,584		8,097		117.2	%
Exterior and common area		3,519		1,498		134.9	%		6,874		6,780		1.4	%
Capitalized Maintenance Expenditures
Recurring		3,943		2,573		53.3	%		8,979		5,843		53.7	%
Non-Recurring		2,012		2,014		-0.1	%		5,378		3,888		38.3	%
Total Capital Expenditures	$	16,420	$	83,584		-80.4	%	$	182,214	$	220,868		-17.5	%

NXRT.NEXPOINT.COM Page21

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		98	$	1,232	$	1,407	$	8,867		14.2	%		23.6	%
Arbors on Forest Ridge		210		171		797		899		4,404		12.7	%		27.6	%
Atera Apartments		380		208		1,166		1,315		3,286		12.7	%		54.2	%
Avant at Pembroke Pines		1,520		425		1,715		1,973		14,579		15.1	%		21.3	%
Bella Solara		320		103		1,288		1,448		10,401		12.5	%		18.6	%
Bella Vista		248		169		1,440		1,592		10,425		10.5	%		17.5	%
Bloom		528		91		1,259		1,415		12,439		12.4	%		15.1	%
Brandywine I & II		632		354		1,038		1,192		8,704		14.9	%		21.3	%
Courtney Cove		324		232		913		1,017		4,922		11.3	%		25.3	%
Creekside at Matthews		240		39		1,367		1,539		10,981		12.6	%		18.8	%
Cutter's Point		196		141		962		1,082		5,844		12.4	%		24.6	%
Estates on Maryland		330		28		1,304		1,491		9,864		14.4	%		22.8	%
Fairways of San Marcos		352		103		1,531		1,716		10,512		12.1	%		21.2	%
High House at Cary		302		30		1,343		1,588		10,030		18.3	%		29.4	%
Hollister Place		260		202		904		1,055		7,413		16.7	%		24.4	%
Madera Point		256		244		858		967		4,269		12.7	%		30.6	%
Parc500		217		197		1,263		1,451		13,797		14.9	%		16.3	%
Radbourne Lake		225		328		1,039		1,089		1,495		4.8	%		40.3	%
Residences at Glenview Reserve		360		161		1,136		1,315		11,687		15.8	%		18.4	%
Residences at West Place		342		94		1,442		1,625		9,871		12.7	%		22.3	%
Rockledge Apartments		708		367		1,182		1,382		10,293		16.9	%		23.3	%
Sabal Palm at Lake Buena Vista		400		48		1,578		1,778		8,181		12.7	%		29.3	%
Seasons 704 Apartments		222		213		1,166		1,290		6,315		10.7	%		23.6	%
Silverbrook		642		480		802		888		4,085		10.8	%		25.4	%
Six Forks Station		323		60		1,168		1,402		11,943		20.0	%		23.5	%
Summers Landing		196		25		989		1,167		7,269		18.0	%		29.5	%
Summit at Sabal Park		252		224		969		1,071		5,727		10.5	%		21.3	%
The Adair		232		42		1,707		1,985		12,825		16.3	%		26.0	%
The Cornerstone		430		400		988		1,077		5,183		9.1	%		20.8	%
The Enclave		204		142		1,428		1,610		9,603		12.8	%		22.8	%
The Heritage		204		146		1,376		1,523		10,171		10.6	%		17.3	%
The Preserve at Terrell Mill		752		616		836		991		10,144		18.6	%		18.4	%
The Verandas at Lake Norman		264		33		1,434		1,620		10,632		13.0	%		21.0	%
The Venue on Camelback		415		224		753		1,007		9,779		33.6	%		31.1	%
Timber Creek		352		240		889		1,032		7,464		16.1	%		23.0	%
Torreyana Apartments		316		36		1,500		1,620		12,206		8.0	%		11.8	%
Venue at 8651		333		276		808		916		6,735		13.4	%		19.4	%
Versailles		388		299		802		900		6,103		12.2	%		19.3	%
Versailles II		242		65		953		1,079		4,648		13.2	%		32.6	%
Total/Weighted Average		14,463		7,354	$	1,063	$	1,208	$	7,942		13.7	%		22.0	%

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

(2) Inclusive of all full and partial interior upgrades completed through September 30, 2022.

(3) Inclusive of all full and partial interior upgrades completed and leased through September 30, 2022.

NXRT.NEXPOINT.COM Page22

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		297	$	844	$	50		70.8	%
Arbors on Forest Ridge		210		121		749		41		65.6	%
Atera Apartments		380		363		813		40		59.7	%
Avant at Pembroke Pines		1,520		50		789		39		58.9	%
Brandywine I & II		632		143		1,070		79		88.9	%
Creekside at Matthews		240		103		1,088		55		60.7	%
Cutter's Point		196		136		750		46		73.4	%
Estates on Maryland		330		24		1,100		35		38.2	%
Hollister Place		260		233		966		50		62.1	%
Madera Point		256		156		885		30		40.2	%
Radbourne Lake		225		224		717		40		66.9	%
Rockledge Apartments		708		597		812		40		59.1	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Silverbrook		642		376		735		49		79.5	%
Six Forks Station		323		169		1,100		55		60.0	%
Summers Landing		196		79		819		50		73.3	%
Summit at Sabal Park		252		241		994		40		48.3	%
The Adair		232		11		1,100		45		49.1	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		90		1,092		45		49.4	%
Timber Creek		352		135		758		45		71.3	%
Venue at 8651		333		234		744		46		74.7	%
Versailles		388		297		866		50		68.9	%
Versailles II		242		123		880		28		37.9	%
Total/Weighted Average		9,357		4,853	$	843	$	49		69.3	%

(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 September 30, 2022.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through September 30, 2022.

NXRT.NEXPOINT.COM Page23

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 Vista		248		248		970		40		39.3	%
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	%
Fairways of San Marcos		352		352		901		40		42.3	%
Hollister Place		260		260		843		35		38.4	%
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	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Silverbrook		642		642		1,308		45		33.5	%
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 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 Verandas at Lake Norman		264		264		954		65		69.8	%
Timber Creek		352		352		1,299		45		33.7	%
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		10,451		10,451	$	1,163	$	44		37.3	%
Planned Value-Add Programs							Rent Change & ROI (Projections)
Bella Solara		320		—	TBD		TBD		TBD
Bloom		528		—	TBD		TBD		TBD
Residences at West Place		342		—	TBD		TBD		TBD
Rockledge Apartments		708		—	TBD		TBD		TBD
Seasons 704 Apartments		222		—	TBD		TBD		TBD
Summit at Sabal Park		252		—	TBD		TBD		TBD
The Adair		232		—	TBD		TBD		TBD
The Preserve at Terrell Mill		752		—	TBD		TBD		TBD
The Venue on Camelback		415		—	TBD		TBD		TBD
Torreyana Apartments		316		—	TBD		TBD		TBD
Total/Weighted Average Planned		4,087		—	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 September 30, 2022.

(3) Inclusive of all smart home technology package upgrades completed and leased through September 30, 2022.

NXRT.NEXPOINT.COM Page24

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 September 30, 2022 (dollars in thousands):

Operating Properties	Type	Term (months)		Outstanding Principal (1)			Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	Floating		84	$	13,130		4.82%	7/1/2024	(3)
Cutter's Point	Floating		84		16,640		4.82%	7/1/2024	(3)
Silverbrook	Floating		84		30,590		4.82%	7/1/2024	(3)
The Summit at Sabal Park	Floating		84		13,560		4.76%	7/1/2024	(3)
Courtney Cove	Floating		84		13,680		4.76%	7/1/2024	(3)
The Preserve at Terrell Mill	Floating		84		42,480		4.76%	7/1/2024	(3)
Versailles	Floating		84		23,880		4.76%	7/1/2024	(3)
Seasons 704 Apartments	Floating		84		17,460		4.76%	7/1/2024	(3)
Madera Point	Floating		84		15,150		4.76%	7/1/2024	(3)
Venue at 8651	Floating		84		13,734		4.92%	7/1/2024	(3)
The Venue on Camelback	Floating		84		28,093		4.82%	7/1/2024
Timber Creek	Floating		84		24,100		4.40%	10/1/2025
Radbourne Lake	Floating		84		20,000		4.43%	10/1/2025
Sabal Palm at Lake Buena Vista	Floating		84		42,100		4.44%	9/1/2025
Cornerstone	Fixed		120		20,417		4.24%	3/1/2023
Parc500	Fixed		120		14,443		4.49%	8/1/2025	(3)
Rockledge Apartments	Floating		84		68,100		4.71%	7/1/2024	(3)
Atera Apartments	Floating		84		29,500		4.62%	11/1/2024	(3)
Crestmont Reserve	Floating		84		12,061		4.32%	10/1/2025
Brandywine I & II	Floating		84		43,835		4.32%	10/1/2025
Bella Vista	Floating		84		29,040		4.46%	2/1/2026
The Enclave	Floating		84		25,322		4.46%	2/1/2026
The Heritage	Floating		84		24,625		4.46%	2/1/2026
Summers Landing	Floating		84		10,109		4.32%	10/1/2025
Residences at Glenview Reserve	Floating		84		25,977		4.58%	10/1/2025
Residences at West Place	Fixed		120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating		84		177,101		4.57%	9/1/2026
Arbors of Brentwood	Floating		84		34,237		4.57%	10/1/2026
Torreyana Apartments	Floating		84		37,400		4.84%	12/1/2026	(3)
Bloom	Floating		84		58,850		4.84%	12/1/2026	(3)
Bella Solara	Floating		84		36,575		4.84%	12/1/2026	(3)
Fairways at San Marcos	Floating		84		46,464		4.60%	12/1/2027	(3)
The Verandas at Lake Norman	Floating		84		34,925		4.32%	7/1/2028	(3)
Creekside at Matthews	Floating		84		31,900		4.32%	7/1/2028	(3)
Six Forks Station	Floating		120		41,180		4.18%	10/1/2031
High House at Cary	Floating		84		46,625		4.48%	1/1/2029
The Adair	Floating		84		35,115		4.44%	4/1/2029
Estates on Maryland	Floating		84		43,157		4.44%	4/1/2029
					1,275,372
Fair market value adjustment					908
Deferred financing costs, net of accumulated amortization of $5,800					(7,673	)
					1,268,607
Held For Sale Property
Hollister Place	Floating		84		14,811		4.48%	10/1/2025
Old Farm	Floating		84		52,886		4.82%	7/1/2024
Stone Creek at Old Farm	Floating		84		15,274		4.82%	7/1/2024
					82,971
Deferred financing costs, net of accumulated amortization of $652					(279	)
				$	82,692

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

(2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR was 3.14% and 30-Day Average SOFR was 2.47% as of September 30, 2022.

(3) The Company is finalizing a 10-year term refinance on 19 properties at SOFR plus a 1.55% margin. The refinance is expected to close on November 30, 2022.  

NXRT.NEXPOINT.COM Page25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of September 30, 2022 (dollars in thousands):

	Type	Term (months)		Outstanding Principal			Interest Rate (1)	Maturity Date (2)
Corporate Credit Facility	Floating		36	$	335,000		5.29%	6/30/2024
Deferred financing costs, net of accumulated amortization of $910					(1,572	)
				$	333,428

(1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of September 30, 2022 was 3.04%.

(2) The Company has executed it’s 12-month extension option on the Revolving Credit Facility, resulting in a maturity date of June 30, 2025.

Interest Rate Swap Agreements

As of September 30, 2022, 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 one-month LIBOR. As of September 30, 2022, one-month LIBOR was 3.14%.

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

The following table contains summary information regarding our forward interest rate swap (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 swap is one-month LIBOR. As of September 30, 2022, one-month LIBOR was 3.14%.

NXRT.NEXPOINT.COM Page26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of September 30, 2022 for the next five calendar years subsequent to September 30, 2022 and thereafter. We used the applicable reference rates as of September 30, 2022 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		Remainder of 2022		2023		2024		2025		2026		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,275,372	$	313	$	20,925	$	326,697	$	191,105	$	423,149	$	313,183
Interest expense	(1)		121,328		8,699		33,758		26,951		21,989		16,182		13,750
Total		$	1,396,700	$	9,012	$	54,683	$	353,648	$	213,094	$	439,331	$	326,933
Held For Sale Property Mortgage Debt
Principal payments		$	82,971	$	—	$	—	$	68,160	$	14,811	$	—	$	—
Interest expense			7,856		1,010		4,006		2,337		503		—		—
Total		$	90,827	$	1,010	$	4,006	$	70,497	$	15,314	$	—	$	—
Credit Facility
Principal payments		$	335,000	$	—	$	—	$	335,000	$	—	$	—	$	—
Interest expense			32,932		4,733		18,851		9,348		—		—		—
Total		$	367,932	$	4,733	$	18,851	$	344,348	$	—	$	—	$	—
Total contractual obligations and commitments	(2)	$	1,855,459	$	14,755	$	77,540	$	768,493	$	228,408	$	439,331	$	326,933

(1) Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of September 30, 2022, 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 the applicable reference rates as of September 30, 2022 to determine our expected settlements through the terms of the interest rate swaps.

(2) See page 6 for pro forma contractual obligations and commitments showing the impact of the Company’s refinance.

(1) As of September 30, 2022, we had total indebtedness of $1.7 billion at an adjusted weighted average interest rate of 3.23%, of which $1.6 billion was debt with a floating interest rate. As of September 30, 2022, interest rate swap agreements effectively covered 91% of our $1.3 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 one-month LIBOR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of September 30, 2022.

NXRT.NEXPOINT.COM Page27

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	1,357	17,202	87,765
Silverbrook	Grand Prairie, TX	642	1/31/2014	30,400	1,661	32,061	49,939
The Summit at Sabal Park	Tampa, FL	252	8/20/2014	19,050	1,656	20,706	82,167
Courtney Cove	Tampa, FL	324	8/20/2014	18,950	1,691	20,641	63,707
Radbourne Lake	Charlotte, NC	225	9/30/2014	24,250	1,438	25,688	114,169
Timber Creek	Charlotte, NC	352	9/30/2014	22,750	4,334	27,084	76,943
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	2,662	34,212	79,563
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	3,917	30,082	77,531
Seasons 704 Apartments	West Palm Beach, FL	222	4/15/2015	21,000	1,900	22,900	103,153
Madera Point	Mesa, AZ	256	8/5/2015	22,525	1,808	24,333	95,051
Venue at 8651	Fort Worth, TX	333	10/30/2015	19,250	4,592	23,842	71,598
Parc500	West Palm Beach, FL	217	7/27/2016	22,421	5,082	27,503	126,742
The 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	456	23,788	125,200
Hollister Place	Houston, TX	260	2/1/2017	24,500	2,952	27,452	105,585
Rockledge Apartments	Marietta, GA	708	6/30/2017	113,500	7,685	121,185	171,165
Atera Apartments	Dallas, TX	380	10/25/2017	59,200	3,721	62,921	165,582
Crestmont Reserve	Dallas, TX	242	9/26/2018	24,680	2,797	27,477	113,541
Brandywine I & II	Nashville, TN	632	9/26/2018	79,800	7,762	87,562	138,547
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	4,482	88,962	252,733
The Verandas at Lake Norman	Cornelius, NC	264	6/30/2021	63,500	4,628	68,128	258,061
Creekside at Matthews	Matthews, 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
High House at Cary	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		15,387		$2,242,930	$174,810	$2,417,740	$157,129

(1) Only includes properties owned as of September 30, 2022.

(2) Includes interior and exterior rehab.

NXRT.NEXPOINT.COM Page28

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		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
Total/Weighted Average			8,383	$	565,094	$	915,175	$	109,170		$	902,950	$	361,083

(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 Page29

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 depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, if applicable, (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, if applicable, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) pandemic expenses that are not reflective of continuing operations of the properties and (8) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, 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, if applicable, 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 amount 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), if applicable, casualty-related expenses/and recoveries and gains (losses), pandemic expenses, 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. 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 Page30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	Q3 2022			Q3 2021
Total mortgage debt	$	1,358,343		$	1,275,501
Credit facilities		335,000			275,000
Total debt outstanding		1,693,343			1,550,501
Adjustments to arrive at net debt:
Cash and cash equivalents		(15,771	)		(18,413	)
Restricted cash held for value-add upgrades and green improvements		(15,347	)		(14,506	)
Net Debt	$	1,662,225		$	1,517,582
Enterprise Value (1)	$	2,843,225		$	3,080,582
Leverage Ratio		58	%		49	%

(1) Enterprise Value is calculated as Market Capitalization 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 NOI to net income (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):

		For the Year Ended December 31, 2022			For the Three Months Ended December 31, 2022
		Mid-Point (1)			Mid-Point (1)
Net income (loss)		$	34,879		$	47,974
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			7,577			1,961
Corporate general and administrative expenses			14,587			3,471
Property general and administrative expenses	(2)		3,351			650
Depreciation and amortization			98,651			24,161
Interest expense			52,766			17,962
Casualty-related recoveries			(357	)		—
Loss on extinguishment of debt and modification costs			12,669			12,669
Gain on sales of real estate			(66,716	)		(66,716	)
NOI	(3)	$	157,407		$	42,132
Less Non-Same Store
Revenues	(4)		(30,228	)
Operating expenses	(4)		10,869
Same Store NOI	(4)	$	138,048

(1) Mid-Point estimates shown for full year and fourth quarter 2022 guidance. Assumptions made for full year and fourth quarter 2022 NOI guidance include the Same Store operating growth projections included in the “2022 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 (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.

(3) 2022 Pro Forma NOI assumes The Adair and Estates on Maryland were owned for the full year 2022, which we estimate would have contributed approximately an additional $800 and $1,000, respectively, to NOI.

(4) Amounts are derived from the results of operations of our pro forma Full Year 2022 Same Store properties and Non-Same Store properties. There are 31 properties in our pro forma Full Year 2022 Same Store pool.

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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, 2022 (in thousands, except per share data):

	For the Year Ended December 31, 2022
	Mid-Point
Net income	$	34,879
Depreciation and amortization		98,651
Gain on sales of real estate		(66,716	)
Adjustment for noncontrolling interests		(248	)
FFO attributable to common stockholders		66,566
FFO per share - diluted (1)	$	2.55
Loss on extinguishment of debt and modification costs		12,669
Casualty-related recoveries		305
Amortization of deferred financing costs - acquisition term notes		1,010
Pandemic expense		3
Adjustment for noncontrolling interests		(41	)
Core FFO attributable to common stockholders		80,512
Core FFO per share - diluted (1)	$	3.08
Amortization of deferred financing costs - long term debt		1,699
Equity-based compensation expense		7,903
Adjustment for noncontrolling interests		(36	)
AFFO attributable to common stockholders		90,078
AFFO per share - diluted (1)	$	3.44
Weighted average common shares outstanding - diluted		26,152

(1) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.2 million for the full year 2022.

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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 Same Store NOI for the three months ended June 30, 2022 and the year ended December 31, 2021 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended June 30, 2022			For the Year Ended December 31, 2021
Net income (loss)		$	(7,827	)	$	23,106
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,868			7,631
Corporate general and administrative expenses			3,812			11,966
Casualty-related expenses/(recoveries)	(1)		2,592			(200	)
Casualty gains			(229	)		(2,595	)
Pandemic expense			—			50
Property general and administrative expenses	(2)		680			2,232
Depreciation and amortization			25,548			86,878
Interest expense			12,402			44,623
Loss on extinguishment of debt and modification costs			—			912
Gain on sales of real estate			—			(46,214	)
NOI		$	38,846		$	128,389
Less Non-Same Store
Revenues			(8,053	)		(19,157	)
Operating expenses			2,920			6,971
Operating income			(11	)		(871	)
Same Store NOI		$	33,702		$	115,332

(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 Page33

XML

Document and Entity Information	Oct. 25, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 25, 2022
Entity Registrant Name	NEXPOINT RESIDENTIAL TRUST, INC.
Entity Central Index Key	0001620393
Entity Emerging Growth Company	false
Entity File Number	001-36663
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	276-6300
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	NXRT
Security Exchange Name	NYSE