Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

Contact:

Marilynn Meek

Financial Relations Board

212-827-3773

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER RESULTS

NXRT Reports Net Income of $54.1 million and 9.3% Same-Store NOI Increase; $141.7 million of

Capital Recycling Activity; 13.6% Increase in Quarterly Dividend; and $1.35 million of Share

Repurchase Activity

Dallas, TX, October 31, 2017 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the three and nine months ended September 30, 2017.

Highlights

 

    NXRT reported Net Income, FFO¹, Core FFO¹, and AFFO¹ of $57.7M, $16.5M, $22.0M, and $25.6M, respectively, attributable to common stockholders for the nine months ended September 30, 2017.

 

    For the nine months ended September 30, 2017, Same Store average effective rent, total revenue and NOI¹ increased 5.5%, 7.1% and 7.9%, respectively, over the prior year period.

 

    The weighted average effective monthly rent per unit, across all 32 properties held as of September 30, 2017, improved to $932, while we closed the quarter with physical occupancy of 94.0%.

 

    NXRT paid a third quarter dividend of $0.22 per share of common stock on September 29, 2017.

 

    On October 30, 2017, the Company’s board of directors increased the Company’s quarterly dividend 13.6%, or by $0.03 per share, declaring a quarterly dividend of $0.25 per share, payable on December 29, 2017 to stockholders of record on December 15, 2017.

 

    On July 14, 2017, NXRT sold Regatta Bay for a gross sales price of $28.2 million. The disposition had an IRR of approximately 43% and a 1.89x multiple on invested capital.

 

    On September 29, 2017, NXRT sold four properties: The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls (the “NAVA Portfolio”) for a cumulative gross sales price of $116.0 million. The portfolio had combined returns totaling an IRR of approximately 47% and a 2.89x multiple on invested capital. The Company used proceeds from the sale of the NAVA Portfolio to repay $46.0 million of short term debt and to complete the reverse 1031 exchange initiated to acquire Rockledge Apartments in the second quarter of this year.

 

    During the third quarter of 2017, NXRT completed upgrades on 422 units and leased 168 upgraded units, achieving an average monthly rental increase per unit of $79 and a 23.5% ROI on those units. Across its current portfolio, NXRT has completed 4,029 upgrades and achieved a $91 average monthly rental increase per unit, equating to a 20.7% ROI on all units leased through September 30, 2017.

 

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, October 31, 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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