NexPoint Residential Trust Inc · Q3 2021 earnings

Briefing

Reported third quarter 2021 results, increased guidance, boosted quarterly dividend by 11.4% and acquired $74.8 million property in Raleigh, NC.

NexPoint Residential Trust reported a net loss of $(5.4) million for the third quarter of 2021. However, the company saw increases in average effective rent, total revenue, and NOI for Q3 Same Store properties, and acquired a $74.8 million property in Raleigh, NC.

• 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, compared to Net Income, FFO, Core FFO, and AFFO of $29.6M, $17.2M, $13.3M and $15.1M, respectively, attributable to common stockholders for the quarter ended September 30, 2020.
• Q3 Same Store properties average effective rent, total revenue and NOI increased 6.8%, 5.3% and 6.6%, respectively, and occupancy increased 40 bps over the prior year period.
• The weighted average effective monthly rent per unit across all 40 properties held as of September 30, 2021, consisting of 15,032 units, was $1,204, while physical occupancy was 95.3%.
• On September 10, 2021, NXRT acquired Six Forks Station located in Raleigh, North Carolina for a gross purchase price of $74.76 million.

Headline financials

Revenue & EPS history

NXRT is providing updated 2021 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