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Sep 30, 2022
NexPoint Residential Q3 2022 Earnings Report
Reported continued strength in operations, boosted quarterly dividend by 10.5%, and announced accretive 19-property refinancing transaction, extending average maturity to ~6.4 years.
Key Takeaways
NexPoint Residential Trust, Inc. reported financial results for the third quarter ended September 30, 2022, with continued strength in operations. The company boosted its quarterly dividend by 10.5% and announced an accretive 19-property refinancing transaction, extending the average maturity to approximately 6.4 years.
Net Loss, FFO, Core FFO and AFFO of $(0.6)M, $24.5M, $21.8M and $24.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2022, compared to Net Loss, FFO, Core FFO, and AFFO of $(5.4)M, $16.1M, $16.4M and $18.6M, respectively, attributable to common stockholders for the quarter ended September 30, 2021.
For the three months ended September 30, 2022, Q3 Same Store properties average effective rent, total revenue and NOI increased 19.4%, 15.0% and 13.1%, respectively, and occupancy decreased 130 bps over the prior year period.
NXRT paid a third quarter dividend of $0.38 per share of common stock on September 30, 2022.
On October 24, 2022, the Company’s board approved a quarterly dividend of $0.42 per share, an 10.5% increase from the previous dividend per share.
Revenue by Geographic Location
Forward Guidance
NXRT is updating 2022 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, Acquisitions and Dispositions
Positive Outlook
- Earnings per diluted share: $1.30 - $1.36
- Core FFO per diluted share: $3.05 - $3.11
- Same Store Rental Income growth: 13.2% - 13.6%
- Same Store Total Revenue growth: 12.7% - 13.1%
- Same Store NOI growth: 14.9% - 16.1%
Challenges Ahead
- Same Store Total Expenses growth: 9.0% - 9.7%
- Acquisitions: $143.4 million
- Dispositions: $0 - $200 million
- Weighted average diluted share count estimate for full year 2022 is approximately 26.2 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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