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FOR IMMEDIATE RELEASE
Financial Relations Board
NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2017 RESULTS
Strong Demand Drives Rent and Occupancy Higher
Portfolio Expansion, Implementation and Execution of NXRT Value-Add Strategies Drive Year-Over-Year Same Store and Total Revenue Growth of 7.3% and 10.4%, Respectively
Dallas, TX, May 2, 2017 NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the quarter ended March 31, 2017.
First Quarter 2017 Highlights
|||NXRT paid a first quarter dividend of $0.220 per share of NXRT common stock on March 31, 2017.|
|||NXRT reported Net Income (Loss), FFO1, Core FFO1 and AFFO1 of ($3.6M), $8.0M, $8.1M and $9.1M, respectively, attributable to common stockholders.|
|||Same Store average rent, total revenue and NOI1 increased 5.3%, 7.3%, and 8.4%, respectively.|
|||During the first quarter of 2017, NXRT acquired Hollister Place, a 260-unit property in Houston, Texas, for $24.5 million.|
|||The weighted average effective monthly rent per unit and physical occupancy across all 40 properties held as of March 31, 2017, consisting of 13,225 units, improved to $883 and 94.6%, respectively.|
|||NXRT completed upgrades on 430 units and leased 353 upgraded units during the first quarter of 2017, achieving an average monthly rental increase of $91 and a 21.1% ROI on those units. Since inception, NXRT has completed 4,460 upgrades and achieved an $86 average monthly rental increase per unit, equating to a 20.7% ROI on all units leased through March 31, 2017.|
|||On March 27, 2017, NXRT entered into an interest rate swap transaction with a notional amount of $100.0 million, bringing the total notional amount of NXRTs outstanding interest rate swaps to $500.0 million. These interest rate swaps effectively replace one-month LIBOR on $500.0 million, or 68%, of NXRTs floating rate debt outstanding as of March 31, 2017 with a weighted average interest rate of 1.1879%. See Subsequent Events for more information on an additional $50 million of swaps entered into subsequent to quarter end.|
|||On March 13, 2017, NXRTs board of directors, including the independent directors, unanimously approved the renewal of the Advisory Agreement with the Adviser for a one-year term that expires on March 16, 2018.|
|1.||FFO, Core FFO, AFFO and NOI are non-GAAP measures. For reconciliations of FFO, Core FFO, AFFO and NOI to net income, and a discussion of why we consider these non-GAAP measures useful, see the Definitions and Reconciliations section of this release.|
The following information was filed by Nexpoint Residential Trust, Inc. (NXRT) on Tuesday, May 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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