NEXPOINT DIVERSIFIED REAL ESTATE TRUST
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
- Consolidated Real Estate Investments
As of March 31, 2024, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the consolidated balance sheet, were as follows (in thousands):
| Operating Properties | Land | Buildings and Improvements | Intangible Lease Assets | Intangible Lease Liabilities | Construction in Progress | Furniture, Fixtures, and Equipment | Totals |
|---|---|---|---|---|---|---|---|
| White Rock Center | $1,315 | $10,408 | $1,921 | $(101) | $— | $5 | $13,548 |
| 5916 W Loop 289 | 1,081 | 2,938 | — | — | — | — | 4,019 |
| Cityplace Tower | 18,812 | 193,200 | 9,058 | (6,669) | 19,993 | 357 | 234,751 |
| NexPoint Dominion Land, LLC | 26,500 | — | — | — | — | — | 26,500 |
| 47,708 | 206,546 | 10,979 | (6,770) | 19,993 | 362 | 278,818 | |
| Accumulated depreciation and amortization | — | (15,805) | (7,117) | 2,496 | — | (250) | (20,676) |
| Total Operating Properties | $47,708 | $190,741 | $3,862 | $(4,274) | $19,993 | $112 | $258,142 |
As of December 31, 2023, the major components of the Company’s investments in real estate held by SPEs the Company consolidates, which are included in "Consolidated Real Estate Investments" on the consolidated balance sheet, were as follows (in thousands):
| Operating Properties | Land | Buildings and Improvements | Intangible Lease Assets | Intangible Lease Liabilities | Construction in Progress | Furniture, Fixtures, and Equipment | Totals |
|---|---|---|---|---|---|---|---|
| White Rock Center | $1,315 | $10,345 | $1,921 | $(101) | $— | $5 | $13,485 |
| 5916 W Loop 289 | 1,081 | 2,938 | — | — | — | — | 4,019 |
| Cityplace Tower | 18,812 | 192,930 | 9,058 | (6,669) | 19,177 | 357 | 233,665 |
| NexPoint Dominion Land, LLC | 26,500 | — | — | — | — | — | 26,500 |
| 47,708 | 206,213 | 10,979 | (6,770) | 19,177 | 362 | 277,669 | |
| Accumulated depreciation and amortization | — | (13,490) | (6,798) | 2,203 | — | (237) | (18,322) |
| Total Operating Properties | $47,708 | $192,723 | $4,181 | $(4,567) | $19,177 | $125 | $259,347 |
Depreciation expense was $2.3 million for the three months ended March 31, 2024 and $2.1 million for the three months ended March 31, 2023. Amortization expense related to the Company’s intangible lease assets was $0.3 million for the three months ended March 31, 2024 and $1.3 million for the three months ended March 31, 2023. Amortization expense related to the Company's intangible lease liabilities was $0.3 million for the three months ended March 31, 2024 and $0.4 million for the three months ended March 31, 2023. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.3 million for the three months ended March 31, 2024 and $0.4 million for the three months ended March 31, 2023.
Acquisitions
There were no acquisitions by the Company for the three months ended March 31, 2024 and 2023.
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