Exhibit 99.1
30 April 2024 | NYSE:NXRT
EARNINGS SUPPLEMENT: FIRST QUARTER 2024
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 | 2 | |
Statements | ||
Overview | 3 | |
Highlights of Recent Activity | 4 | |
Financial Summary | 6 | |
2024 Full Year Guidance | 7 | |
Components of Net Asset Value | 8 | |
Consolidated Balance Sheets | 9 | |
Consolidated Statements of Operations | 10 | |
NOI and Same Store NOI | 11 | |
Q1 Same Store Results | 12 | |
Q1 Same Store Properties Operating Metrics | 14 | |
QoQ Same Store Properties Operating Metrics | 15 | |
FFO, Core FFO and AFFO | 16 | |
Historical Capital Expenditures | 17 | |
Value-Add Program Details | 18 | |
Outstanding Debt Details | 21 | |
Debt Maturity Schedule | 24 | |
Historical Acquisition Details | 25 | |
Historical Disposition Details | 26 | |
Definitions and Reconciliations of Non-GAAP | 27 | |
Measures | ||
SABAL PALM AT LAKE BUENA VISTA: ORLANDO, FL
FULLY UPGRADED KITCHEN
REFRESHED GYM EQUIPMENT, PAINT AND CARPETING
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
FOR IMMEDIATE RELEASE
Contact: Investor Relations Kristen ThomasIR@nexpoint.com(214) 276-6300
Media inquiries:Pro-NexPoint@prosek.com
NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2024 RESULTS
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, TX, April 30, 2024 - NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the first quarter ended March 31, 2024.
Highlights
- NXRT1 reported Net Income, FFO2, Core FFO2 and AFFO2 of $26.3M, $18.9M, $19.6M and $22.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2024, compared to Net Loss, FFO, Core FFO and AFFO of $(3.9)M, $19.3M, $18.6M and $21.0M, respectively, attributable to common stockholders for the quarter ended March 31, 2023.
- For the three months ended March 31, 2024, Q1 Same Store properties3 total revenue, NOI2 and occupancy increased 3.6%, 4.0% and 30 bps respectively, and average effective rent decreased 0.4% from the prior year period.
- The weighted average effective monthly rent per unit across all 37 properties held as of March 31, 2024 (the "Portfolio"), consisting of 13,376 units4, was $1,511, while physical occupancy was 94.6%.
- NXRT paid a first quarter dividend of $0.46242 per share of common stock on March 28, 2024.
- During the first quarter, NXRT completed the sale of Old Farm for a sales price of $103.0 million.
- On March 5, 2024, NXRT fully repaid the remaining drawn balance of $24.0 million on its Corporate Credit Facility.
- During the first quarter, for the properties in our Portfolio, we completed 59 full and partial upgrades and leased 59 upgraded units, achieving an average monthly rent premium of $240 and a 21.8% ROI5.
- Since inception, for the properties currently in our Portfolio, we have completed 8,593 full and partial, 4,829 kitchen and laundry appliances and 11,614 technology packages, resulting in a $170, $39 and $43 average monthly rental increase per unit and a 20.9%, 51.4% and 37.4% ROI, respectively.
- In this release, "we," "us," "our," the "Company," "NexPoint Residential Trust," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
- 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.
- 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).
- 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).
- We define Return on Investment ("ROI") as the sum of the actual rent premium divided by the sum of the total cost.
NXRT.NEXPOINT.COM | Page 1 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
First Quarter 2024 Financial Results
- Total revenues were $67.6 million for the first quarter of 2024, compared to $69.2 million for the first quarter of 2023.
- Net income for the first quarter of 2024 totaled $26.3 million, or income of $1.00 per diluted share, which included $24.3 million of depreciation and amortization expense. This compared to net loss of $(3.9) million, or loss of $(0.15) per diluted share, for the first quarter of 2023, which included $23.3 million of depreciation and amortization expense.
- The change in our net income of $26.4 million for the three months ended March 31, 2024 as compared to our net loss of $(3.9) million for the three months ended March 31, 2023 primarily relates to an increase in gain on sale of real estate and a decrease in interest expense, partially offset by an increase in depreciation expense.
- For the first quarter of 2024, NOI was $41.1 million on 37 properties, compared to $41.1 million for the first quarter of 2023 on 40 properties.
- For the first quarter of 2024, Q1 Same Store NOI increased 4.0% to $39.2 million, compared to $37.7 million for the first quarter of 2023.
- For the first quarter of 2024, FFO totaled $18.9 million, or $0.72 per diluted share, compared to $19.3 million, or $0.74 per diluted share, for the first quarter of 2023.
- For the first quarter of 2024, Core FFO totaled $19.6 million, or $0.75 per diluted share, compared to $18.6 million, or $0.71 per diluted share, for the first quarter of 2023.
- For the first quarter of 2024, AFFO totaled $22.6 million, or $0.86 per diluted share, compared to $21.0 million, or $0.81 per diluted share, for the first quarter of 2023.
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-locatedmiddle-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.
NXRT.NEXPOINT.COM | Page 2 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
NEXPOINT RESIDENTIAL TRUST, INC: FIRST QUARTER 2024 OVERVIEW
Company Profile | |||
(share counts in thousands) | |||
Exchange/Ticker | NYSE:NXRT | ||
Share Price (1) | $33.31 | ||
Insider Ownership (2) | 13.98% | ||
2024 Q2 Dividend Per Share | $0.46242 | ||
Dividend Yield (1) | 5.55% | ||
Shares outstanding - basic (3) | 25,721 | ||
Shares outstanding - diluted (3) | 26,354 |
- As of the close of market trading on April 29, 2024.
- As of the close of market trading on March 31, 2024.
- Weighted average for the three months ended March 31, 2024.
Portfolio Composition by Market
Market | % of Units | |
Phoenix | 15.0% | |
South Florida | 14.6% | |
Dallas/Fort Worth | 14.5% | |
Atlanta | 12.6% | |
Nashville | 10.0% | |
Orlando | 8.8% | |
Las Vegas | 8.7% | |
Charlotte | 5.4% | |
Raleigh | 4.7% | |
Tampa | 4.3% | |
Houston | 1.4% | |
Total | 100.0% |
Revenue & Average Rent Per Unit
$70,000 | Revenue ($000s) | Avg. Rent/Unit | ||||
$1,500 | ||||||
$60,000
$1,250
$50,000
$40,000 | $1,000 | |||||||||||||||||||||||||||||||||||
$750 | ||||||||||||||||||||||||||||||||||||
$30,000 | ||||||||||||||||||||||||||||||||||||
1Q20 | 1Q21 | 1Q22 | 1Q23 | 1Q24 |
Stock Price Performance (Since Inception; 4/1/2015)
NXRT.NEXPOINT.COM | Page 3 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
Highlights of Recent Activity
COMPLETED DISPOSITIONS
Multiple on | Net Cash | Gain on Sale | ||||||||||||
Property Name | Location | Date of Sale | Sales Price | IRR | Invested Capital | Proceeds (1) | of Real Estate | |||||||
Old Farm | Houston, TX | March 1, 2024 | $103,000 | 22.1% | 2.98x | $49,397 | $31,709 |
DISPOSITION IN PROCESS (2)
Multiple on | Net Cash | |||||||||||
Property Name | Location | Date of Sale | Sales Price | IRR | Invested Capital | Proceeds (1) | ||||||
Radbourne Lake | Charlotte, NC | Q2 2024 Expected | $39,250 | 19.3% | 3.64x | $18,647 |
- Net Cash Proceeds include sale price less debt paydown and closing costs.
- Radbourne Lake is under contract for sale with a material non-refundable earnest money deposit. We expect to execute this disposition in the second quarter of 2024. Investment returns are estimated above and subject to change until the sale is finalized.
JOB CREATION NXRT MARKETS v. TOP 80 MSAs
1,200,000
1,000,000 | Forecast |
800,000 | |
600,000 | |
400,000 | |
200,000 |
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Job Created NXRT MSAs | Jobs Created outside NXRTs MSAs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Job Creation | 2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||||||||||||||||||||||||
NXRT Markets | 508,354 | 264,008 | 201,871 | 151,156 | 138,674 | |||||||||||||||||||||||||||||||||||||||||||||||||
All other MSAs | 1,031,994 | 542,610 | 337,649 | 164,221 | 136,982 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,540,348 | 806,618 | 539,520 | 315,377 | 275,656 | |||||||||||||||||||||||||||||||||||||||||||||||||
NXRT Mkts % of Total | 33.0% | 32.7% | 37.4% | 47.9% | 50.3% | |||||||||||||||||||||||||||||||||||||||||||||||||
Job Growth NXRT Mkts | 2.4% | 1.2% | 0.9% | 0.7% | 0.6% | |||||||||||||||||||||||||||||||||||||||||||||||||
Job Growth All other MSAs | 1.8% | 0.9% | 0.6% | 0.4% | 0.3% | |||||||||||||||||||||||||||||||||||||||||||||||||
NXRT MSA QUARTERLY DELIVERIES AND ABSORBTION (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
50,000 | Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||
40,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2026 | 2026 | 2026 | 2026 | 2027 | 2027 | 2027 | 2027 | |||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2024 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||||||||||||||||||
EST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units Deliveries | Absorption | |||||||||||||||||||||||||||||||||||||||||||||||||||||
- Source: 2024 Costar Group.; Data as of April 2024.
NXRT.NEXPOINT.COM | Page 4 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
FORCASTED SUBMARKET DELIVERIES (1)
- Source: 2024 RealPage, Inc.; Data as of April 2024.
NXRT.NEXPOINT.COM | Page 5 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
Financial Summary
Q1 2024 | Q1 2023 | FY 2023 | FY 2022 | ||||||||||||
(in thousands, except for per share and unit data) | |||||||||||||||
Company Profile | |||||||||||||||
Market Capitalization | $ | 830,000 | $ | 1,120,000 | $ | 884,000 | $ | 1,112,000 | |||||||
Share Price (as of the last day of the period) | $ | 32.19 | $ | 43.67 | $ | 34.43 | $ | 43.52 | |||||||
Weighted average common shares outstanding - basic | 25,721 | 25,599 | 25,654 | 25,610 | |||||||||||
Weighted average common shares outstanding - diluted | 26,354 | 25,599 | 26,245 | 25,610 | |||||||||||
Earnings Profile | |||||||||||||||
Total revenues | $ | 67,577 | $ | 69,227 | $ | 277,526 | $ | 263,952 | |||||||
Net income (loss) attributable to common stockholders | 26,298 | (3,883) | 44,264 | (9,260) | |||||||||||
NOI (1) | 41,089 | 41,130 | 167,404 | 157,424 | |||||||||||
Same Store NOI (2) | 39,216 | 37,691 | 144,999 | 129,279 | |||||||||||
Same Store NOI Growth (%) (2) | 4.0 | % | 8.2 | % | |||||||||||
Earnings Metrics Per Common Share (diluted basis) | |||||||||||||||
Earnings (loss) | $ | 1.00 | $ | (0.15) | $ | 1.69 | $ | (0.36) | |||||||
FFO (1) | $ | 0.72 | $ | 0.74 | $ | 2.72 | $ | 2.81 | |||||||
Core FFO (1) | $ | 0.75 | $ | 0.71 | $ | 2.80 | $ | 3.13 | |||||||
AFFO (1) | $ | 0.86 | $ | 0.81 | $ | 3.22 | $ | 3.49 | |||||||
Dividends declared per common share | $ | 0.46 | $ | 0.42 | $ | 1.72 | $ | 1.56 | |||||||
Net Income (Loss) Coverage (3) | 2.16x | -0.36x | 0.98x | -0.23x | |||||||||||
FFO Coverage (3) | 1.55x | 1.76x | 1.58x | 1.80x | |||||||||||
Core FFO Coverage (3) | 1.61x | 1.70x | 1.63x | 2.01x | |||||||||||
AFFO Coverage (3) | 1.85x | 1.92x | 1.87x | 2.24x | |||||||||||
Portfolio | |||||||||||||||
Total Properties | 37 | 40 | 38 | 40 | |||||||||||
Total Units (4) | 13,376 | 15,020 | 14,117 | 15,127 | |||||||||||
Occupancy | 94.6 | % | 94.0 | % | 94.7 | % | 94.1 | % | |||||||
Average Effective Monthly Rent per Unit | $ | 1,511 | $ | 1,487 | $ | 1,502 | $ | 1,480 | |||||||
Same Store Portfolio Metrics (2) | |||||||||||||||
Total Same Store Properties | 35 | 35 | 33 | 33 | |||||||||||
Total Same Store Units | 12,961 | 12,893 | 12,378 | 12,341 | |||||||||||
Occupancy | 94.7 | % | 94.4 | % | 94.7 | % | 94.1 | % | |||||||
Average Effective Monthly Rent per Unit | $ | 1,514 | $ | 1,520 | $ | 1,509 | $ | 1,508 | |||||||
Value-Add Program | |||||||||||||||
Completed Full/Partial Interior Rehab Units | 127 | 690 | 2,073 | 2,409 | |||||||||||
Cumulative Completed Rehab Units (5) | 8,593 | ||||||||||||||
Average Increase to Effective Monthly Rent | |||||||||||||||
per Unit (Post-Rehab) | $ | 170 | |||||||||||||
ROI on Post-Rehab Units | 20.9% | ||||||||||||||
Outstanding Debt Summary | |||||||||||||||
Total Mortgage Debt | $ | 1,498,277 | $ | 1,621,634 | |||||||||||
Credit Facilities | - | 57,000 | |||||||||||||
Total Debt Outstanding | $ | 1,498,277 | $ | 1,678,634 | |||||||||||
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt) | |||||||||||||||
64% | 60% | ||||||||||||||
Leverage Ratio (Net Debt to Enterprise Value) (6) | 64 | % | 60 | % |
- 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.
- 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 Q1 Same Store properties, see the "Q1 Same Store Results" section of this release.
- Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.
- Total units owned as of March 31, 2024 is 13,399, however 23 units are currently excluded due to fires and water damage.
- Inclusive of all full and partial interior upgrades completed through March 31, 2024. Cumulative results exclude rehabs completed for properties sold through March 31, 2024.
- For more information and a reconciliation of debt to net debt, see the "Definitions and Reconciliations of Non-GAAP Measures" section of this release.
NXRT.NEXPOINT.COM | Page 6 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
2024 Full Year Guidance Summary
NXRT is reaffirming 2024 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):
Guidance Range (1) | ||||||||||||
Low-End | Mid-Point | High-End | ||||||||||
Earnings per diluted share (2) | $ | 0.59 | $ | 0.72 | $ | 0.85 | ||||||
Core FFO per diluted share (2) (3) | $ | 2.60 | $ | 2.72 | $ | 2.85 | ||||||
Same Store Growth: (4) | ||||||||||||
Rental Income | 1.4 | % | 2.3 | % | 3.2 | % | ||||||
Total Revenue | 1.1 | % | 2.0% | 2.9% | ||||||||
Total Expenses (5) | 6.0 | % | 5.1 | % | 4.3 | % | ||||||
Same Store NOI (3) | -2.0 | % | 0.0% | 2.0% | ||||||||
Other Considerations: (5) | ||||||||||||
Acquisitions | $ | - | $ | 100.0 | $ | 200.0 | ||||||
Dispositions | $ | 150.0 | $ | 225.0 | $ | 300.0 |
- Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the held for sale properties of Stone Creek at Old Farm and Radbourne Lake, thereby removing those assets from the Full Year 2024 expected Same Store pool.
- Weighted average diluted share count estimate for full year 2024 is approximately 25.6 million.
- Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2024 Same Store NOI and Core FFO guidance to net income guidance, and a discussion of why we consider these non-GAAP measures useful, see the "Definitions and Reconciliations of Non-GAAP Measures" section of this release.
- Year-over-yeargrowth for the Full Year 2024 expected Same Store pool (35 properties).
- We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the earnings per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.
Additional information on 2024 financial and earnings guidance is included in the following sections of this release.
NXRT.NEXPOINT.COM | Page 7 |
NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]
Components of Net Asset Value
(dollar and share amounts in thousands, except per share and per unit data)
REAL ESTATE VALUE BY MARKET
NAV SUMMARY
Cap Rate | ||||||||||||||||||||
Property | NOI | Range (1) | Value Range (2) | |||||||||||||||||
Market | Contribution | Min | Max | Min | Max | |||||||||||||||
Texas | ||||||||||||||||||||
Dallas/Fort Worth | 10.8% | 5.5% | 6.0% | $ | 277,130 | $ | 314,785 | |||||||||||||
Houston | 1.0% | 5.5% | 6.0% | 25,002 | 28,399 | |||||||||||||||
North Carolina | ||||||||||||||||||||
Raleigh | 4.2% | 5.5% | 6.0% | 107,558 | 122,173 | |||||||||||||||
Charlotte | 3.8% | 5.5% | 6.0% | 96,899 | 110,065 | |||||||||||||||
Georgia | ||||||||||||||||||||
Atlanta | 12.1% | 5.5% | 6.0% | 309,952 | 352,067 | |||||||||||||||
Tennessee | ||||||||||||||||||||
Nashville | 9.5% | 5.5% | 6.0% | 242,166 | 275,071 | |||||||||||||||
Florida | ||||||||||||||||||||
Orlando | 8.8% | 5.5% | 6.0% | 225,056 | 255,636 | |||||||||||||||
Tampa | 3.8% | 5.5% | 6.0% | 95,952 | 108,990 | |||||||||||||||
South Florida | 20.2% | 5.5% | 6.0% | 517,553 | 587,876 | |||||||||||||||
Nevada | ||||||||||||||||||||
Las Vegas | 8.5% | 5.5% | 6.0% | 217,453 | 247,000 | |||||||||||||||
Arizona | ||||||||||||||||||||
Phoenix | 17.3% | 5.5% | 6.0% | 441,870 | 501,910 | |||||||||||||||
Total / Ave | 100.0% | 5.5% | 6.0% | $ | 2,556,591 | $ | 2,903,972 | |||||||||||||
NOI ESTIMATE | ||||||||||||||||||||
Q4 2023 NOI Actual | 42,162 | |||||||||||||||||||
Q1 2024 NOI Actual | 41,089 | |||||||||||||||||||
Low | High | |||||||||||||||||||
Estimated Q2 2024 NOI | 37,916 | 39,378 | ||||||||||||||||||
Guidance (3) | ||||||||||||||||||||
2024 NOI Guidance (3) | $ | 153,395 | $ | 159,718 |
Component | Min | Max | ||||||
Tangible Assets | ||||||||
Real Estate (2) | $2,556,591 | $ | 2,903,972 | |||||
Cash | 37,234 | |||||||
Restricted Cash - Renovation Reserves (4) | 2,907 | |||||||
Renovation Expenditures (4) | (2,907) | |||||||
Cash Adjustments (5) | (314) | |||||||
Fair Market Value of Interest Rate Swaps | 73,711 | |||||||
Other Assets | 48,560 | |||||||
Radbourne Lake Gross Sale Proceeds (6) | 39,250 | |||||||
Value of Assets | $2,755,032 | $ | 3,102,413 | |||||
Tangible Liabilities | ||||||||
Credit Facility (7) | $0 | |||||||
Mortgage Debt | 1,498,277 | |||||||
Total Outstanding Debt | 1,498,277 | |||||||
Forward 12-month Principal Payments (5) | (314) | |||||||
Total Outstanding Debt (FY 2024 Est.) | 1,497,963 | |||||||
Other Tangible Liabilities (at Book) | 35,520 | |||||||
Value of Liabilities | $1,533,483 | |||||||
Net Leverage (mid-point) | 52% | |||||||
Net Asset Value | $ | 1,221,549 | $ | 1,568,930 | ||||
Shares outstanding - diluted (as of March | 26,606 | |||||||
31, 2024) | ||||||||
Est. NAV / Share | $ | 45.91 | $ | 58.97 | ||||
NAV / Share (mid-point) | $52.44 |
IMPLIED VALUATION METRICS
Min | Max | ||||
Implied Real Estate Value | $2,556,591 | $2,903,972 | |||
No. of Units (March 31, 2024) | 13,399 | ||||
(2) | |||||
Implied Value/Apartment Unit | $190.8 | $216.7 | |||
Implied Value/Apartment Unit | $203.8 | ||||
(mid-point) | |||||
- Management estimates based on independent third-party review of our properties.
- Estimated value ranges are presented for the existing portfolio (37 properties as of as of March 31, 2024).
- The Company anticipates net income will be in the range between approximately $15.2 million and $21.8 million for the full year 2024 and between $9.6 million and $11.1 million for the second quarter of 2024. FY 2024 NOI Guidance considers the forecast disposition of Radbourne Lake and considers a commensurate volume of capital recycling.
- Includes approximately $2.9 million that is held for value-add upgrades; reduced by $2.9 million for estimated 2024 rehab expenditures.
- Includes approximately $0.3 million in forward 12-month principal payments.
- Radbourne Lake is under a binding sales contract and expected to close in the second quarter of 2024.
- Includes outstanding balance of March 31, 2024.
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NexPoint Residential Trust Inc. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 12:18:04 UTC.