NEXPOINT DIVERSIFIED REAL ESTATE TRUST
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
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.
Jun 30, 2024 · Filed Aug 9, 2024
NXDT$3.30-3.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
| June 30, 2024 (Unaudited) | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Consolidated Real Estate Investments | ||
| Land | $70,381 | $47,708 |
| Buildings and improvements | 336,269 | 206,213 |
| Intangible lease assets | 10,979 | 10,979 |
| Construction in progress | 25,935 | 19,177 |
| Furniture, fixtures, and equipment | 13,134 | 362 |
| Right-of-use assets | 1,465 | — |
| Total Gross Consolidated Real Estate Investments | 458,163 | 284,439 |
| Accumulated depreciation and amortization | (27,123) | (20,525) |
| Total Net Consolidated Real Estate Investments | 431,040 | 263,914 |
| Investments, at fair value ($505,599 and $533,065 with related parties, respectively) | 655,644 | 691,238 |
| Equity method investments ($6,948 and $7,079 with related parties, respectively) | 63,518 | 66,263 |
| Cash and cash equivalents | 28,372 | 20,608 |
| Restricted cash | 45,935 | 32,561 |
| Accounts receivable, net | 4,029 | 4,347 |
| Prepaid and other assets | 12,748 | 10,431 |
| Accrued interest and dividends | 4,546 | 6,078 |
| Interest rate caps | 815 | — |
| Deferred tax asset, net | 3,086 | 2,896 |
| Total Assets | $1,249,733 | $1,098,336 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Liabilities: | ||
| Mortgages payable, net | $252,580 | $142,186 |
| Notes payable, net ($70,980 and $20,000 with related party, respectively) | 101,085 | 52,919 |
| Prime brokerage borrowing | 1,349 | 1,782 |
| Accounts payable and other accrued liabilities | 19,990 | 8,633 |
| Income tax payable | — | 356 |
| Accrued real estate taxes payable | 2,035 | 231 |
| Accrued interest payable | 7,877 | 1,398 |
| Security deposit liability | 422 | 422 |
| Prepaid rents | 1,354 | 768 |
| Intangible lease liabilities, net | 3,975 | 4,567 |
| Total Liabilities | $390,667 | $213,262 |
| Shareholders' Equity: | ||
| Preferred shares, $0.001 par value: 4,800,000 shares authorized; 3,359,593 shares issued and outstanding | 3 | 3 |
| Common shares, $0.001 par value: unlimited shares authorized; 40,650,118 and 38,389,600 shares issued and outstanding, respectively | 41 | 38 |
| Additional paid-in capital | 1,025,144 | 1,011,613 |
| Accumulated earnings (loss) | (171,101) | (126,580) |
| Noncontrolling interests | 4,979 | — |
| Total Shareholders' Equity | 859,066 | 885,074 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,249,733 | $1,098,336 |
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)
| For the Three Months Ended June 30, · For the Six Months Ended June 30 | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Revenues | ||||||
| Rental income | $3,985 | $5,417 | $8,032 | $10,137 | ||
| Rooms | 8,200 | — | 8,200 | — | ||
| Food and beverage | 812 | — | 812 | — | ||
| Interest income ($584, $692, $1,066 and $1,317 with related parties, respectively) | 1,708 | 1,751 | 3,390 | 3,769 | ||
| Dividend income ($6,948, $6,438, $13,853 and $12,864 with related parties, respectively) | 7,196 | 6,690 | 14,245 | 14,809 | ||
| Other income | 373 | 22 | 400 | 31 | ||
| Total revenues | 22,274 | 13,880 | 35,079 | 28,746 | ||
| Expenses | ||||||
| Property operating expenses | 6,756 | 2,520 | 8,333 | 4,026 | ||
| Property management fees | 185 | 191 | 361 | 362 | ||
| Real estate taxes and insurance | 1,775 | 1,340 | 3,014 | 2,697 | ||
| Advisory and administrative fees | 3,443 | 1,660 | 6,689 | 5,238 | ||
| Property general and administrative expenses | 2,225 | 1,025 | 2,892 | 1,768 | ||
| Corporate general and administrative expenses | 3,195 | 2,252 | 6,030 | 3,748 | ||
| Conversion expenses | — | 1,281 | — | 1,444 | ||
| Depreciation and amortization | 4,102 | 3,584 | 6,898 | 7,108 | ||
| Total expenses | 21,681 | 13,853 | 34,217 | 26,391 | ||
| Operating income (loss) | 593 | 27 | 862 | 2,355 | ||
| Interest expense | (7,851) | (3,762) | (12,382) | (7,224) | ||
| Equity in income (losses) of unconsolidated equity method ventures ($156, $209, $370 and $421 with related parties, respectively) | 196 | 422 | (958) | 346 | ||
| Change in unrealized gains (losses) ($3,295, $(1,303), $(12,381) and $(17,311) with related parties, respectively) | (3,154) | (9,332) | 3,136 | (27,972) | ||
| Realized gains (losses) | (3) | (914) | (21,875) | 221 | ||
| Net income (loss) before income taxes | (10,219) | (13,559) | (31,217) | (32,274) | ||
| Income tax expense | (303) | (308) | (853) | (1,114) | ||
| Net income (loss) | (10,522) | (13,867) | (32,070) | (33,388) | ||
| Net (income) loss attributable to preferred shareholders | (1,155) | (1,155) | (2,310) | (2,310) | ||
| Net (income) loss attributable to noncontrolling interests | 1,894 | — | 1,894 | — | ||
| Net income (loss) attributable to common shareholders | $(9,783) | $(15,022) | $(32,486) | $(35,698) | ||
| Weighted average common shares outstanding - basic | 39,616 | 37,172 | 39,094 | 37,172 | ||
| Weighted average common shares outstanding - diluted | 39,616 | 37,172 | 39,094 | 37,172 | ||
| Earnings (loss) per share - basic | $(0.24) | $(0.40) | $(0.83) | $(0.96) | ||
| Earnings (loss) per share - diluted | $(0.24) | $(0.40) | $(0.83) | $(0.96) | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.