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Jun 30, 2020
NexPoint Residential Q2 2020 Earnings Report
NXRT's affordable Sunbelt portfolio exhibited strength, with healthy rent collections and strategic value-add initiatives.
Key Takeaways
NexPoint Residential Trust, Inc. reported second quarter 2020 results, with healthy rent collections and continued execution of strategic value-add initiatives.
Net Loss, FFO, Core FFO and AFFO attributable to common stockholders for the quarter ended June 30, 2020, compared to Net Loss, FFO, Core FFO, and AFFO for the quarter ended June 30, 2019.
For the three months ended June 30, 2020, Q2 Same Store properties average effective rent, total revenue and NOI increased 2.1%, 4.0% and 5.8%, respectively, and occupancy increased 120 bps over the prior year period.
The weighted average effective monthly rent per unit across all 37 properties held as of June 30, 2020, consisting of 14,104 units, was $1,109, while physical occupancy was 95.3%.
During the second quarter, for the properties in our Portfolio, we completed 411 full and partial upgrades and leased 392 upgraded units, achieving an average monthly rent premium of $113 and a 23.4% ROI.
Revenue by Geographic Location
Forward Guidance
The Company is providing a summary of select July operating metrics in response to economic challenges and related government actions and regulations as a result of the ongoing novel Coronavirus (“COVID-19”) pandemic
Positive Outlook
- Through July’s accounting month end, combined, rent cash collections and payment plans under lease amendments signed by residents financially impacted by COVID-19 represented 99.1% of billed rent for July 2020.
- This compares to 99.8% average cash collections in 2019. Rent cash collections represented 97.9% of billed July 2020 rent and promises to pay by financially impacted residents under lease amendments represented 1.2% of billed July 2020 rent.
- Average Physical Occupancy for the Same Store Portfolio was strong at 95.0% for July 2020, while resident retention was 53.7% for the month.
- NXRT collections data as of July 31, 2020.
- NMHC average collections data as of July 27, 2020.
Challenges Ahead
- COVID-19 has resulted in cessation, severe curtailment, or impairment of business activities in most sectors of the economy in all markets we operate in, due to governmental “stay at home” orders, risk mitigation procedures, closure of businesses not considered to be “essential,” as well as other direct and indirect impacts, including those that may not yet be identified.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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