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Sep 30, 2023
NexPoint Residential Q3 2023 Earnings Report
Reported third quarter 2023 results, with NXRT boosting quarterly dividend by 10.1% and returning 6.14x multiple on invested capital on $70 million DFW asset, and making $16.0 million paydown on credit facility.
Key Takeaways
NexPoint Residential Trust, Inc. reported a net income of $33.7 million for the third quarter ended September 30, 2023, compared to a net loss of $(0.6) million for the same quarter in 2022. The company's Q3 Same Store NOI increased by 8.0%. NXRT also boosted its quarterly dividend by 10.1% and paid down $16.0 million on its Corporate Credit Facility.
Net Income, FFO, Core FFO and AFFO attributable to common stockholders for the quarter ended September 30, 2023 were $33.7M, $14.5M, $17.1M and $20.0M, respectively.
Q3 Same Store properties average effective rent, total revenue and NOI increased 3.1%, 4.6% and 8.0%, respectively, and occupancy decreased 10 bps over the prior year period.
Completed the sale of Silverbrook for a sales price of $70.0 million, resulting in a gain on sale of real estate of $43.1 million.
Paid down $16.0 million on its Corporate Credit Facility.
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 and Acquisitions.
Positive Outlook
- Earnings per diluted share is expected to be between $3.69 and $3.82.
- Core FFO per diluted share is expected to be between $2.81 and $2.95.
- Same Store Rental Income is expected to grow between 7.0% and 7.7%.
- Same Store Total Revenue is expected to grow between 7.0% and 7.7%.
- Total Interest Expense is expected to be between $(66.1) million and $(64.9) million.
Challenges Ahead
- Same Store total expenses are expected to increase between 4.8% and 5.7%.
- Interest Expense on Mortgage Debt is expected to be between $(105.7) million and $(106.7) million.
- Interest Expense on Revolver is expected to be $(4.7) 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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