PR Newswire
DALLAS, April 30, 2024
NXRT Reports Net Income of $26.4 million; $49.4 million of Capital Recycling Activity and Full Repayment of the Drawn Balance on the Corporate Credit Facility
DALLAS, April 30, 2024 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE: NXRT) reported financial results for the first quarter ended March 31, 2024.
(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 35 properties encompassing 12,961 units of apartment space in our Same Store pool for the three months ended March 31, 2024 (our "Q1 Same Store" properties). The same store unit count excludes 23 units that are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit, Bloom: 1 unit and Torreyana: 1 unit). |
(4) | Total number of units owned in our Portfolio as of March 31, 2024 is 13,399, however 23 units that are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit, Bloom: 1 unit and Torreyana: 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. |
| |
First Quarter 2024 Financial Results
First Quarter Earnings Conference Call
NexPoint Residential Trust, Inc., ("NXRT" or the "Company"), (NYSE:NXRT) will host a call on Tuesday, April 30, 2024, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its first quarter 2024 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, May 14, 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.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "may," "should," "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, dispositions in process, including the timing of sale and investment returns, forecasted job creation, forecasted NXRT MSA quarterly deliveries and absorptions, forecasted submarket deliveries, NXRT's guidance for financial results for the full year 2024, including earnings per diluted share, Core FFO per diluted share, same store rental income, same store total revenue and same store NOI, and the related components and assumptions, including expected acquisitions and dispositions, expected same store pool, shares outstanding and same store growth projections, NXRT's net asset value and the related components and assumptions, estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, net income and NOI guidance for the second quarter and full year 2024 and the related assumptions, planned value-add programs, including 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 and related timing. 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.
FFO, Core FFO and AFFO
The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the three months ended March 31, 2024 and 2023 (in thousands, except per share amounts):
| | For the Three Months Ended March 31, | | | | | | |||||
| | 2024 | | | 2023 | | | % Change | | |||
Net income (loss) | | $ | 26,402 | | | $ | (3,898) | | | N/M | | |
Depreciation and amortization | | | 24,323 | | | | 23,266 | | | | 4.5 | % |
Gain on sales of real estate | | | (31,709) | | | | — | | | | 0.0 | % |
Adjustment for noncontrolling interests | | | (75) | | | | (73) | | | | 2.7 | % |
FFO attributable to common stockholders | | | 18,941 | | | | 19,295 | | | | -1.8 | % |
| | | | | | | | | | | | |
FFO per share - basic | | $ | 0.74 | | | $ | 0.75 | | | | -2.3 | % |
FFO per share - diluted | | $ | 0.72 | | | $ | 0.74 | | | | -2.9 | % |
| | | | | | | | | | | | |
(Gain) loss on extinguishment of debt and modification costs | | | 546 | | | | (122) | | | N/M | | |
Casualty-related expenses/(recoveries) | | | 33 | | | | (1,706) | | | N/M | | |
Casualty losses (gains) | | | (199) | | | | 814 | | | N/M | | |
Amortization of deferred financing costs - acquisition term notes | | | 330 | | | | 330 | | | | 0.0 | % |
Adjustment for noncontrolling interests | | | (2) | | | | 2 | | | N/M | | |
Core FFO attributable to common stockholders | | | 19,649 | | | | 18,613 | | | | 5.6 | % |
| | | | | | | | | | | | |
Core FFO per share - basic | | $ | 0.76 | | | $ Werbung Mehr Nachrichten zur NexPoint Residential Trust Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |