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Mar 31, 2023
NexPoint Residential Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
NexPoint Residential Trust reported a net loss of $(3.9) million for Q1 2023, with total revenues of $69.2 million. Same Store NOI increased by 9.4%. The company refinanced Venue on Camelback and paid down $17.5 million on its credit facility.
Net Loss, FFO, Core FFO and AFFO of $(3.9)M, $19.3M, $18.6M and $21.0M, respectively.
Q1 Same Store properties average effective rent, total revenue and NOI increased 13.3%, 11.1% and 9.4%, respectively.
Occupancy decreased 30 bps from the prior year period.
Weighted average effective monthly rent per unit across all 40 properties was $1,487, while physical occupancy was 94.0%.
Revenue by Geographic Location
Forward Guidance
NXRT is updating 2023 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, interest expense and its related components, and reaffirming Acquisitions and Dispositions.
Positive Outlook
- Earnings (loss) per diluted share $ 0.86 - $ 1.14
- Core FFO per diluted share $ 2.92 - $ 3.20
- Rental Income growth 10.5 % - 12.1 %
- Total Revenue growth 10.1 % - 11.6 %
- Same Store NOI growth 9.2 % - 12.8 %
Challenges Ahead
- Interest Expense on Mortgage Debt $ (100.0 ) - $ (105.1 ) million
- Interest Expense on Revolver $ (2.5 ) million
- Deferred Financing Cost & Discount Amortization $ (3.0 ) million
- Mark to Market – Fair Value of Rate Caps $ (3.5 ) - $ (0.3 ) million
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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