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FOR IMMEDIATE RELEASE
Financial Relations Board
NEXPOINT RESIDENTIAL TRUST, INC. REPORTS SECOND QUARTER 2018 RESULTS
Strong Demand and Lower Expenses Drive Increases to Same Store NOI and Core FFO Guidance, 5.5% Growth on New Leases;
$9.7 Million Share Repurchases YTD through June 30, 2018
Dallas, TX, July 31, 2018 NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the second quarter ended June 30, 2018.
NXRT reported Net Loss, FFO1, Core FFO1 and AFFO1 of $(1.7)M, $9.3M, $8.7M and $10.2M, respectively, attributable to common stockholders for the quarter ended June 30, 2018.
For the three months ended June 30, 2018, Q2 Same Store properties2 average effective rent, occupancy, total revenue and NOI1 increased 3.6%, 1.6%, 4.7% and 11.0%, respectively, over the prior year period.
Q2 Same Store expenses decreased 2.2% in the second quarter due to implementation of the Freddie Mac Green-Up Program and lower property taxes through aggressive challenges of assessed values.
The weighted average effective monthly rent per unit across all 32 properties held as of June 30, 2018 (the Portfolio), consisting of 11,471 units, was $967, while physical occupancy was 94.2%.
NXRT paid a second quarter dividend of $0.25 per share of common stock on June 29, 2018.
During the second quarter, for the properties in our Portfolio, NXRT completed 379 full and partial upgrades and leased 215 upgraded units, achieving $94 average monthly rent premiums and a 24.6% ROI3. Since inception, for the properties in our Portfolio, we have completed 4,906 full and partial upgrades and achieved a $92 average monthly rental increase per unit, equating to a 21.4% ROI on all units leased as of June 30, 2018.
During the second quarter of 2018, NXRT repurchased 178,988 shares of its common stock at a total cost of approximately $4,615,000, or $25.78 per share. As of June 30, 2018, NXRT had repurchased a total of 737,458 shares of its common stock at a total cost of approximately $16,694,000, or $22.64 per share.
FFO, Core FFO, AFFO and NOI are non-GAAP measures. For reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), and a discussion of why we consider these non-GAAP measures useful, see the Definitions and Reconciliations section 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 30 properties encompassing 10,383 units of apartment space in our Same Store pool for the three months ended June 30, 2018 (our Q2 Same Store properties).
We define Return on Investment (ROI) as the sum of the actual rent premium divided by the sum of the total cost.
The following information was filed by Nexpoint Residential Trust, Inc. (NXRT) on Tuesday, July 31, 2018 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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