{"id":9860,"date":"2020-05-07T12:15:00","date_gmt":"2020-05-07T12:15:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/05\/07\/nexpoint-residential-trust-inc-reports-first-quarter-2020-results\/"},"modified":"2020-05-07T12:15:00","modified_gmt":"2020-05-07T12:15:00","slug":"nexpoint-residential-trust-inc-reports-first-quarter-2020-results","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/07\/nexpoint-residential-trust-inc-reports-first-quarter-2020-results\/","title":{"rendered":"NexPoint Residential Trust, Inc. Reports First Quarter 2020 Results"},"content":{"rendered":"
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NexPoint Residential Trust, Inc.  reported financial results for the first quarter ended March 31, 2020<\/span>.<\/p>\n

Highlights<\/strong><\/p>\n<\/div>\n<\/div>\n

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  • NXRT1<\/sup> reported Net Income, FFO2<\/sup>, Core FFO2<\/sup> and AFFO2<\/sup> of $28.0M<\/span>, $12.4M<\/span>, $13.6M<\/span> and $15.3M<\/span>, respectively, attributable to common stockholders for the quarter ended March 31, 2020<\/span>, compared to Net Loss, FFO, Core FFO, and AFFO of $(4.4)M<\/span>, $11.0M<\/span>, $11.0M<\/span> and $12.7M<\/span>, respectively, attributable to common stockholders for the quarter ended March 31, 2019<\/span>.<\/li>\n
  • For the three months ended March 31, 2020<\/span>, Q1 Same Store properties3<\/sup> average effective rent, total revenue and NOI2<\/sup> increased 2.9%, 5.3% and 5.6%, respectively, and occupancy increased 90 bps over the prior year period.<\/li>\n
  • During the three months ended March 31, 2020<\/span>, NXRT disposed of three properties, Southpoint Reserve, Willow Grove<\/span>, and Woodbridge, for a combined sales price of $86.5M<\/span> and net cash proceeds of $43.4M<\/span>.<\/li>\n
  • The weighted average effective monthly rent per unit across all 37 properties held as of March 31, 2020<\/span> (the “Portfolio”), consisting of 14,104 units, was $1,110<\/span>, while physical occupancy was 94.2%.<\/li>\n
  • NXRT paid a first quarter dividend of $0.3125<\/span> per share of common stock on March 31, 2020<\/span>.<\/li>\n
  • During the first quarter, for the properties in our Portfolio, we completed 412 full and partial upgrades and leased 215 upgraded units, achieving an average monthly rent premium of $115<\/span> and a 23.6% ROI4<\/sup>. Since inception, for the properties currently in our Portfolio, we have completed 6,914 full and partial upgrades and achieved an average monthly rental increase per unit of $102<\/span>, equating to a 24.6% ROI on all units leased as of March 31, 2020<\/span>.<\/li>\n
  • During the three months ended March 31, 2020<\/span>, through its at-the-market offering (“ATM program”), NXRT issued approximately 0.6 million shares for approximately $28.0 million<\/span> in gross proceeds. On March 4, 2020<\/span>, NXRT entered into a new ATM program for $225.0 million<\/span>.<\/li>\n<\/ul>\n
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    (1)<\/span><\/p>\n<\/td>\n

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    In this release, “we,” “us,” “our,” the “Company,” “NexPoint Residential Trust,” and “NXRT” each refer to NexPoint Residential Trust, Inc., a Maryland corporation.<\/span><\/p>\n<\/td>\n<\/tr>\n

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    (2)<\/span><\/p>\n<\/td>\n

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    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.<\/span><\/p>\n<\/td>\n<\/tr>\n

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    (3)<\/span><\/p>\n<\/td>\n

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    We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 25 properties encompassing 9,521 units of apartment space in our Same Store pool for the three months ended March 31, 2020 (our “Q1 Same Store” properties).<\/span><\/p>\n<\/td>\n<\/tr>\n

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    (4)<\/span><\/p>\n<\/td>\n

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    We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of the total cost.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

    First Quarter 2020 Financial Results<\/strong><\/p>\n

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    • Total revenues were $52.6 million<\/span> for the first quarter of 2020, compared to $41.5 million<\/span> for the first quarter of 2019.<\/li>\n
    • Net income for the first quarter of 2020 totaled $28.0 million<\/span>, or income of $1.08<\/span> per diluted share, which included $23.3 million<\/span> of depreciation and amortization expense. This compared to a net loss of $(4.4) million<\/span>, or a loss of $(0.19)<\/span> per diluted share, for the first quarter of 2019, which included $15.4 million<\/span> of depreciation and amortization expense.<\/li>\n
    • The change in our net income of $28.0 million<\/span> for the three months ended March 31, 2020<\/span> as compared to our net loss of $(4.4) million<\/span> for the three months ended March 31, 2019<\/span> primarily relates to increases in gains on sales of real estate and total revenues, partially offset by increases in depreciation and property operating expenses. <\/li>\n
    • For the first quarter of 2020, NOI was $30.0 million<\/span> on 37 properties, compared to $23.6 million<\/span> for the first quarter of 2019 on 38 properties.<\/li>\n
    • For the first quarter of 2020, Q1 Same Store NOI increased 5.6% to $17.8 million<\/span>, compared to $16.9 million<\/span> for the first quarter of 2019.<\/li>\n
    • For the first quarter of 2020, FFO totaled $12.4 million<\/span>, or $0.48<\/span> per diluted share, compared to $11.0 million<\/span>, or $0.46<\/span> per diluted share, for the first quarter of 2019.<\/li>\n
    • For the first quarter of 2020, Core FFO totaled $13.6 million<\/span>, or $0.53<\/span> per diluted share, compared to $11.0 million<\/span>, or $0.46<\/span> per diluted share, for the first quarter of 2019.<\/li>\n
    • For the first quarter of 2020, AFFO totaled $15.3 million<\/span>, or $0.59<\/span> per diluted share, compared to $12.7 million<\/span>, or $0.53<\/span> per diluted share, for the first quarter of 2019.<\/li>\n<\/ul>\n

      Subsequent Events & Operational Trends<\/strong><\/p>\n