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Jun 30, 2023
NexPoint Residential Q2 2023 Earnings Report
NXRT reported financial results for the second quarter, generating strong returns on rehab program and taming controllable expense growth.
Key Takeaways
NexPoint Residential Trust reported a net loss of $(4.0) million for the second quarter of 2023, with total revenues of $69.6 million. Same Store NOI increased by 7.6%. The company completed 505 full and partial upgrades and leased 517 upgraded units, achieving an average monthly rent premium of $224 and a 20.9% ROI.
Net Loss, FFO, Core FFO and AFFO of $(4.0)M, $19.8M, $20.4M and $23.2M, respectively, attributable to common stockholders for the quarter ended June 30, 2023.
Q2 Same Store properties average effective rent, total revenue and NOI increased 7.9%, 7.4% and 7.6%, respectively, and occupancy decreased 60 bps over the prior year period.
Second quarter dividend of $0.42 per share of common stock was paid on June 30, 2023.
Weighted average effective monthly rent per unit across all 40 properties was $1,497, while physical occupancy was 93.9%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NXRT is revising 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, Acquisitions and Dispositions.
Positive Outlook
- Earnings per diluted share Mid-Point $5.09
- Core FFO per diluted share Mid-Point $2.98
- Same Store Rental Income 8.9%
- Same Store Total Revenue 8.8%
- Same Store NOI 10.0%
Challenges Ahead
- Interest Expense on Mortgage Debt $(107.1) million
- Interest Expense on Revolver $(5.0) million
- Deferred Financing Cost & Discount Amortization $(2.6) million
- Mark to Market – Fair Value of Rate Caps $(0.5) million
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
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