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Mar 31, 2022
NexPoint Residential Q1 2022 Earnings Report
Reported first quarter 2022 results, increased 2022 full year guidance, and continued to see strong rental rate growth and execute value-add strategy.
Key Takeaways
NexPoint Residential Trust, Inc. reported a net loss of $(4.7) million for the first quarter of 2022. Total revenues were $60.8 million, compared to $51.8 million for the first quarter of 2021. The company increased its 2022 full year guidance and continues to see strong rental rate growth and execute its value-add strategy.
Net Loss, FFO, Core FFO and AFFO of $(4.7)M, $19.0M, $20.1M and $22.3M, respectively, attributable to common stockholders for the quarter ended March 31, 2022.
Q1 Same Store properties average effective rent, total revenue and NOI increased 15.4%, 11.3% and 16.4%, respectively.
Occupancy decreased 90 bps from the prior year period.
Completed 531 full and partial upgrades and leased 489 upgraded units, achieving an average monthly rent premium of $138 and a 26.3% ROI.
Revenue by Geographic Location
Forward Guidance
NXRT is providing updated 2022 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses and Same Store NOI.
Positive Outlook
- Earnings (loss) per diluted share: $4.11 - $4.28
- Core FFO per diluted share: $2.93 - $3.09
- Same Store Rental Income: 10.7% - 12.2%
- Same Store Total Revenue: 10.1% - 11.6%
- Acquisitions: $150.0 - $300.0
Challenges Ahead
- Total Expenses: 6.6% - 5.2%
- Same Store NOI: 12.6% - 16.0%
- Dispositions: $150.0 - $300.0
- Weighted average diluted share count estimate for full year 2021 is approximately 26.2 million.
- Actual acquisitions and dispositions could vary significantly from projections.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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