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Mar 31, 2024
NexPoint Residential Q1 2024 Earnings Report
Reported first quarter 2024 results, featuring a net income of $26.4 million and capital recycling activity of $49.4 million, alongside the full repayment of the drawn balance on the corporate credit facility.
Key Takeaways
NexPoint Residential Trust, Inc. reported a net income of $26.3 million for the first quarter ended March 31, 2024. The company completed the sale of Old Farm for $103.0 million and fully repaid the $24.0 million drawn balance on its Corporate Credit Facility. Same-store properties saw revenue and NOI increases, while average effective rent decreased slightly.
Net Income, FFO, Core FFO and AFFO were $26.3M, $18.9M, $19.6M and $22.6M, respectively.
Q1 Same Store properties total revenue and NOI increased 3.6% and 4.0%, respectively, and occupancy increased 30 bps.
Weighted average effective monthly rent per unit across all 37 properties was $1,511, with 94.6% physical occupancy.
Completed the sale of Old Farm for $103.0 million and fully repaid the $24.0 million remaining drawn balance on the Corporate Credit Facility.
Forward Guidance
NXRT is reaffirming 2024 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, and Acquisitions and Dispositions.
Positive Outlook
- Earnings per diluted share (2) $ 0.59 - $ 0.85
- Core FFO per diluted share (2) (3) $ 2.60 - $ 2.85
- Rental Income 1.4 % - 3.2 %
- Total Revenue 1.1 % - 2.9 %
- Total Expenses (5) 6.0 % - 4.3 %
Challenges Ahead
- Same Store NOI (3) -2.0 % - 2.0 %
- Acquisitions $ — - $ 200.0 million
- Dispositions $ 150.0 - $ 300.0 million
- Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the held for sale properties of Stone Creek at Old Farm and Radbourne Lake, thereby removing those assets from the Full Year 2024 expected Same Store pool.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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