NEXPOINT DIVERSIFIED REAL ESTATE TRUST
For the period ended Mar 31, 2025. Filed May 15, 2025.
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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, 2025 · Filed May 15, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Defaults Upon Senior Securities
- Consolidated Real Estate Investments
As of March 31, 2025, 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 Sheets, were as follows (in thousands):
| Operating Properties | Land | Buildings and Improvements | Intangible Lease Assets | Intangible Lease Liabilities | Right of use assets | Construction in Progress | Furniture, Fixtures, and Equipment | Totals |
|---|---|---|---|---|---|---|---|---|
| White Rock Center | $1,315 | $10,568 | $1,921 | $(101) | $— | $— | $13 | $13,716 |
| 5916 W Loop 289 | 1,081 | 2,938 | — | — | — | — | — | 4,019 |
| Cityplace Tower | 18,813 | 195,409 | 9,058 | (6,669) | — | 19,154 | 356 | 236,121 |
| NexPoint Dominion Land, LLC | 26,500 | — | — | — | — | — | — | 26,500 |
| Dallas Hilton Garden Inn | 4,116 | 24,657 | — | — | — | 100 | 1,512 | 30,385 |
| St. Petersburg Marriott | 5,829 | 33,770 | — | — | — | 4,003 | 2,301 | 45,903 |
| Hyatt Place Park City | 3,737 | 20,172 | — | — | — | 956 | 3,162 | 28,027 |
| Bradenton Hampton Inn & Suites | 837 | 25,403 | — | — | 1,465 | 577 | 2,850 | 31,132 |
| HUB Research Triangle Park | — | — | — | — | 668 | — | — | 668 |
| Accumulated depreciation and amortization | — | (28,410) | (8,576) | 3,900 | (39) | — | (1,769) | (34,894) |
| Total Operating Properties | $62,228 | $284,507 | $2,403 | $(2,870) | $2,094 | $24,790 | $8,425 | $381,577 |
| Held for Sale Properties | ||||||||
| Las Colinas Homewood Suites | $2,292 | $10,438 | $— | $— | $— | $6 | $1,043 | $13,779 |
| Addison Property | 1,805 | 3,536 | — | — | — | 523 | 640 | 6,504 |
| Accumulated depreciation and amortization | — | (131) | — | — | — | — | (114) | (245) |
| Total Held for Sale Properties | $4,097 | $13,843 | $— | $— | $— | $529 | $1,569 | $20,038 |
As of December 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 Sheets, were as follows (in thousands):
| Operating Properties | Land | Buildings and Improvements | Intangible Lease Assets | Intangible Lease Liabilities | Right of use assets | Construction in Progress | Furniture, Fixtures, and Equipment | Totals |
|---|---|---|---|---|---|---|---|---|
| White Rock Center | $1,315 | $10,568 | $1,921 | $(101) | $— | $— | $13 | $13,716 |
| 5916 W Loop 289 | 1,081 | 2,938 | — | — | — | — | — | 4,019 |
| Cityplace Tower | 18,812 | 195,408 | 9,058 | (6,669) | — | 19,053 | 356 | 236,018 |
| NexPoint Dominion Land, LLC | 26,500 | — | — | — | — | — | — | 26,500 |
| Dallas Hilton Garden Inn | 4,116 | 24,631 | — | — | — | 96 | 1,475 | 30,318 |
| St. Petersburg Marriott | 5,829 | 33,715 | — | — | — | 3,951 | 2,301 | 45,796 |
| Hyatt Place Park City | 3,737 | 19,876 | — | — | — | 877 | 3,146 | 27,636 |
| Bradenton Hampton Inn & Suites | 837 | 25,064 | — | — | 1,465 | 712 | 2,833 | 30,911 |
| HUB Research Triangle Park | — | — | — | — | 711 | — | — | 711 |
| Accumulated depreciation and amortization | — | (25,230) | (8,353) | 3,631 | (29) | — | (1,390) | (31,371) |
| Total Operating Properties | $62,227 | $286,970 | $2,626 | $(3,139) | $2,147 | $24,689 | $8,734 | $384,254 |
| Held for Sale Properties | ||||||||
| Plano Homewood Suites | $2,106 | $5,394 | $— | $— | $— | $28 | $738 | $8,266 |
| Las Colinas Homewood Suites | 2,292 | 10,153 | — | — | — | 313 | 1,004 | 13,762 |
| Addison Property | 2,351 | 4,577 | — | — | — | 518 | 804 | 8,250 |
| Accumulated depreciation and amortization | — | (218) | — | — | — | — | (170) | (388) |
| Total Held for Sale Properties | $6,749 | $19,906 | $— | $— | $— | $859 | $2,376 | $29,890 |
Depreciation expense was $3.5 million for the three months ended March 31, 2025 and $2.3 million for the three months ended March 31, 2024. Amortization expense related to the Company’s intangible lease assets was $0.2 million for the three months ended March 31, 2025 and $0.3 million for the three months ended March 31, 2024. Amortization expense related to the Company's intangible lease liabilities was $0.3 million for the three months ended March 31, 2025 and $0.3 million for the three months ended March 31, 2024. The net amount amortized as an increase to rental revenue for capitalized above and below-market lease intangibles was $0.2 million for the three months ended March 31, 2025 and $0.3 million for the three months ended March 31, 2024.
Acquisitions
There were no acquisitions by the Company for the three months ended March 31, 2025 and 2024.
Dispositions
The Company soldone andzero property during the three months ended March 31, 2025 and 2024, respectively, as detailed in the table below (in thousands).
| Property Name | Location | Date of Sale | Sales Price | Net Cash Proceeds | Gain on Sale of Real Estate |
|---|---|---|---|---|---|
| Plano Homewood Suites | Plano, Texas | January 24, 2025 | $8,300 | $8,154 | $11 |
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