NexPoint Residential Trust, Inc.
For the period ended Apr 29, 2025. Filed Apr 29, 2025.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Apr 29, 2025 · Filed Apr 29, 2025
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Contents
EX-99.1 · Reconciliations
Reconciliations
Reconciliation of Debt to Net Debt
| (dollar amounts in thousands) | Q1 2025 | Q1 2024 |
|---|---|---|
| Total mortgage debt | $1,503,242 | $1,498,277 |
| Total Debt | 1,503,242 | 1,498,277 |
| Adjustments to arrive at net debt: | ||
| Cash and cash equivalents | (23,719) | (37,234) |
| Restricted cash held for value-add upgrades and green improvements | (3,170) | (2,907) |
| Net Debt | $1,476,353 | $1,458,136 |
| Enterprise Value (1) | $2,487,353 | $2,288,136 |
| Leverage Ratio (Total Debt to Market Capitalization plus Total Debt) | 60% | 64% |
| Leverage Ratio (Net Debt to Enterprise Value) | 59% | 64% |
(1)
Enterprise Value is calculated as Market Capitalization as of the end of the period plus Net Debt.
Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2025 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 and for the three months ended June 30, 2025 (in thousands):
| For the Year EndedDecember 31, 2025 · For the Three Months Ended June 30, 2025 | |||
|---|---|---|---|
| Mid-Point (1) · Mid-Point (1) | |||
| Net loss | $(31,547) | $(8,857) | |
| Adjustments to reconcile net loss to NOI: | |||
| Advisory and administrative fees | 7,045 | 1,756 | |
| Corporate general and administrative expenses | 19,454 | 4,881 | |
| Corporate income | (1,709) | (443) | |
| Property general and administrative expenses | (2) | 3,316 | 544 |
| Depreciation and amortization | 95,937 | 24,662 | |
| Interest expense | 59,512 | 15,275 | |
| Loss on extinguishment of debt and modification costs | 18 | 18 | |
| Equity in earnings of affiliate | (240) | (60) | |
| NOI | (3) | $151,786 | $37,776 |
| Less Non-Same Store | |||
| Revenues | (3) | — | |
| Operating expenses | (3) | (41) | |
| Same Store NOI | (3) | $151,745 | |
(1)
Mid-Point estimates shown for full year and second quarter 2025 guidance. Assumptions made for full year and second quarter 2025 NOI guidance include the Same Store operating growth projections included in the “2025 Full Year Guidance Summary” section of this release and the effect of the acquisition and dispositions throughout the fiscal year.
(2)
Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.
(3)
Year-over-year growth for the Full Year 2025 pro forma Same Store pool (35 properties).
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The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 (in thousands, except per share data):
| Mid-Point | |
|---|---|
| Net loss | $(31,547) |
| Depreciation and amortization | 95,937 |
| Adjustment for noncontrolling interests | (254) |
| FFO attributable to common stockholders | 64,136 |
| FFO per share - diluted (1) | $2.48 |
| Loss on extinguishment of debt and modification costs | 18 |
| Amortization of deferred financing costs | 6,213 |
| Mark-to-market adjustments of interest rate caps | 809 |
| Adjustment for noncontrolling interests | (28) |
| Core FFO attributable to common stockholders | 71,148 |
| Core FFO per share - diluted (1) | $2.75 |
| Equity-based compensation expense | 10,572 |
| Adjustment for noncontrolling interests | (42) |
| AFFO attributable to common stockholders | 81,678 |
| AFFO per share - diluted (1) | $3.16 |
| Weighted average common shares outstanding - diluted | 25,834 |
(1)
For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.8 million for the full year 2025.
The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2024 and 2023 and the three months ended December 31, 2024 (in thousands):
| For the Year Ended December 31, · For the Three Months Ended December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 · 2024 | ||||
| Net income (loss) | $1,114 | $44,433 | $(27,038) | |
| Adjustments to reconcile net income (loss) to NOI: | ||||
| Advisory and administrative fees | 6,899 | 7,645 | 1,720 | |
| Corporate general and administrative expenses | 19,399 | 17,146 | 4,875 | |
| Corporate income | (2,215) | (483) | (959) | |
| Casualty-related expenses/(recoveries) | (1) | 1,389 | (2,214) | (249) |
| Casualty losses | 626 | 856 | 88 | |
| Gain on forfeited deposits | — | (250) | — | |
| Property general and administrative expenses | (2) | 3,998 | 3,701 | 1,277 |
| Depreciation and amortization | 97,762 | 95,186 | 24,389 | |
| Interest expense | 58,477 | 67,106 | 15,521 | |
| Equity in earnings of affiliate | (172) | (205) | (28) | |
| Loss on extinguishment of debt and modification costs | 24,004 | 2,409 | 23,203 | |
| Gain on sales of real estate | (54,246) | (67,926) | (3,851) | |
| NOI | $157,035 | $167,404 | $38,948 | |
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The following table reconciles our NOI to our FFO, Core FFO and AFFO to net income, the most directly comparable GAAP financial measure, for the years ended December 31, 2024 and 2023 (in thousands):
| For the Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 · 2023 · % Change 2024 - 2023 | |||||||||
| Net income | $1,114 | $44,433 | N/M | ||||||
| Depreciation and amortization | 97,762 | 95,186 | 2.7% | ||||||
| Gain on sales of real estate | (54,246) | (67,926) | -20.1% | ||||||
| Adjustment for noncontrolling interests | (176) | (273) | -35.5% | ||||||
| FFO attributable to common stockholders | 44,454 | 71,420 | -37.8% | ||||||
| FFO per share - basic | $1.74 | $2.78 | -37.3% | ||||||
| FFO per share - diluted | $1.69 | $2.72 | -37.8% | ||||||
| Loss on extinguishment of debt and modification costs | 24,004 | 2,409 | N/M | ||||||
| Casualty-related expenses/(recoveries) | 1,389 | (2,214) | N/M | ||||||
| Casualty losses | 626 | 856 | -26.9% | ||||||
| Gain on forfeited deposits | — | (250) | N/M | ||||||
| Amortization of deferred financing costs | 3,364 | 2,945 | 14.2% | ||||||
| Mark-to-market adjustments of interest rate caps | (593) | 1,484 | N/M | ||||||
| Adjustment for noncontrolling interests | (114) | (20) | N/M | ||||||
| Core FFO attributable to common stockholders | 73,130 | 76,630 | -4.6% | ||||||
| Core FFO per share - basic | $2.87 | $2.99 | -4.1% | ||||||
| Core FFO per share - diluted | $2.79 | $2.92 | -4.6% | ||||||
| Equity-based compensation expense | 10,543 | 9,287 | 13.5% | ||||||
| Adjustment for noncontrolling interests | (42) | (35) | 20.0% | ||||||
| AFFO attributable to common stockholders | 83,631 | 85,882 | -2.6% | ||||||
| AFFO per share - basic | $3.28 | $3.35 | -2.1% | ||||||
| AFFO per share - diluted | $3.19 | $3.27 | -2.6% | ||||||
| Weighted average common shares outstanding - basic | 25,516 | 25,654 | -0.5% | ||||||
| Weighted average common shares outstanding - diluted | (1) | 26,246 | 26,245 | 0.0% | |||||
| Dividends declared per common share | $1.90 | $1.72 | 10.2% | ||||||
| Net income Coverage - diluted | (2) | 0.02x | 0.98x | N/M | |||||
| FFO Coverage - diluted | (2) | 0.89x | 1.58x | -43.5% | |||||
| Core FFO Coverage - diluted | (2) | 1.47x | 1.70x | -13.4% | |||||
| AFFO Coverage - diluted | (2) | 1.68x | 1.90x | -11.6% | |||||
(1)
The Company uses the diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.
(2)
Indicates coverage ratio of net income/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.