Loading...
•
Jun 30, 2021
NexPoint Residential Q2 2021 Earnings Report
Net income increased, and same-store NOI and Core FFO guidance were raised, properties in Charlotte were acquired.
Key Takeaways
NexPoint Residential Trust, Inc. reported financial results for the second quarter ended June 30, 2021. The company reported an increase in total revenues and same store NOI. NXRT acquired The Verandas at Lake Norman and Creekside at Matthews located in Charlotte, North Carolina for a combined purchase price of $121.5 million.
NXRT reported Net Loss of $(3.4)M attributable to common stockholders for the quarter ended June 30, 2021, compared to Net Loss of $(9.3)M for the quarter ended June 30, 2020.
For the three months ended June 30, 2021, Q2 Same Store properties average effective rent, total revenue and NOI increased 3.6%, 3.4% and 0.6%, respectively, and occupancy increased 70 bps over the prior year period.
The weighted average effective monthly rent per unit across all 39 properties held as of June 30, 2021 was $1,159, while physical occupancy was 96.1%.
On June 30, 2021, NXRT acquired The Verandas at Lake Norman and Creekside at Matthews located in Charlotte, North Carolina for a combined purchase price of $121.5 million.
Revenue by Geographic Location
Forward Guidance
NXRT is providing updated 2021 guidance ranges for earnings (loss) per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, and Same Store NOI.
Positive Outlook
- Full Year 2021 guidance forecast includes Same Store growth projections.
- Guidance takes into effect the tornado damage at Cutter’s Point, fires at Timber Creek and Venue 8651, units damaged by winter storm Uri.
- Guidance includes the completed acquisitions of Creekside at Matthews and The Verandas at Lake Norman.
- Guidance includes the forecasted acquisition of a to-be-identified multifamily community in Raleigh, NC.
- Guidance includes the forecasted dispositions of Beechwood Terrace and Cedar Pointe and assumes no further acquisition or disposition activity for the remainder of the year.
Challenges Ahead
- The largest component to our same store operating expense forecast, real estate tax expense, is largely outside of our ability to control.
- Actual acquisitions and dispositions and the corresponding impact to EPS and Core FFO guidance could vary significantly from our projections.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...