NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER 2023 RESULTS

NXRT Boosts Quarterly Dividend by 10.1%; Returns 6.14x Multiple on Invested Capital on $70 million DFW Asset and Makes $16.0 Million Paydown on Credit Facility

DALLAS, Oct. 31, 2023 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the third quarter ended September 30, 2023.

Highlights

• NXRT¹ reported Net Income, FFO², Core FFO² and AFFO² of $33.7M, $14.5M, $17.1M and $20.0M, respectively, attributable to common stockholders for the quarter ended September 30, 2023, compared to Net Loss, FFO, Core FFO, and AFFO of $(0.6)M, $24.5M, $21.9M and $24.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2022.
• NXRT reported Net Income, FFO, Core FFO and AFFO of $25.9M, $53.7M, $56.1M and $64.3M, respectively, attributable to common stockholders for the nine months ended September 30, 2023, compared to Net Loss, FFO, Core FFO, and AFFO of $(13.0)M, $61.2M, $62.3M and $69.4M, respectively, attributable to common stockholders for the nine months ended September 30, 2022.
• For the three months ended September 30, 2023, Q3 Same Store properties³ average effective rent, total revenue and NOI² increased 3.1%, 4.6% and 8.0%, respectively, and occupancy decreased 10 bps over the prior year period.
• For the nine months ended September 30, 2023, YTD Same Store properties³ average effective rent, total revenue and NOI² increased 3.0%, 8.1% and 9.5%, respectively, and occupancy decreased 10 bps over the prior year period.
• During the third quarter 2023, the Company 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. Additionally, Timber Creek was put under contract for $49 million during the quarter with nonrefundable earnest money and is expected to close by year end.
• During the third quarter 2023, the Company paid down $16.0 million on its Corporate Credit Facility. As of September 30, 2023, the Company had $41.0 million in principal outstanding on its Corporate Credit Facility.
• NXRT paid a third quarter dividend of $0.42 per share of common stock on September 29, 2023.
• On October 30, 2023, the Company's board approved a quarterly dividend of $0.46242 per share, a 10.1% increase from the previous dividend per share. Since inception, NXRT has increased the dividend per share by 124.5%.
• The weighted average effective monthly rent per unit across all 39 properties held as of September 30, 2023 (the "Portfolio"), consisting of 14,485⁴ units, was $1,507, while physical occupancy was 94.0%.
• During the third quarter 2023, for the properties in our Portfolio, we completed 420 full and partial upgrades and leased 330 upgraded units, achieving an average monthly rent premium of $215 and a 23.6% ROI⁵.
• Since inception, for the properties currently in our Portfolio, we have completed 8,671 full and partial upgrades, 4,812 kitchen and laundry appliances, and 12,285 technology packages, resulting in a $168, $49, and $44 average monthly rental increase per unit and a 21.0%, 65.3%, and 37.8% ROI, respectively.

 

1. In this release, "we," "us," "our," the "Company," "NexPoint Residential Trust," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
2. FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net loss, see the "Definitions and Reconciliations of Non-GAAP Measures," "FFO, Core FFO and AFFO" and "NOI and Same Store NOI" sections of this release.
3. We define "Same Store" properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 35 properties encompassing 12,917 units of apartment space in our Same Store pool for the three months ended September 30, 2023 (our "Q3 Same Store" properties) and 33 properties encompassing 12,355 units of apartment space in our Same Store pool for the nine months ended September 30, 2023 (our "YTD Same Store" properties). The same store unit count excludes 67 units that are currently down due to casualty events (Rockledge: 20 units, Arbors of Brentwood: 16 units, Six Forks: 8 units, Bella Solara: 8 units, Versailles II: 7 units, Versailles: 6 units, and Parc500: 2 units).
4. Total units owned in our Portfolio is 14,485, however 67 units are currently down due to casualty events (Rockledge: 20 units, Arbors of Brentwood: 16 units, Six Forks: 8 units, Bella Solara: 8 units, Versailles II: 7 units, Versailles: 6 units, and Parc500: 2 units).
5. We define Return on Investment ("ROI") as the sum of the actual rent premium divided by the sum of the total cost.

Third Quarter 2023 Financial Results

• Total revenues were $69.8 million for the third quarter of 2023, compared to $68.1 million for the third quarter of 2022.
• Net income for the third quarter of 2023 totaled $33.7 million, or income of $1.28 per diluted share, which included $23.8 million of depreciation and amortization expense. This compared to a net loss of $(0.6) million, or loss of $(0.02) per diluted share, for the third quarter of 2022, which included $25.2 million of depreciation and amortization expense.
• The change in our net income of $33.9 million for the three months ended September 30, 2023 as compared to our net loss of $(0.6) million for the three months ended September 30, 2022 primarily relates to an increase in total revenues and gain on sale of $43.1 million, partially offset by an increase in interest expense.
• For the third quarter of 2023, NOI was $42.1 million on 39 properties, compared to $40.0 million for the third quarter of 2022 on 41 properties.
• For the third quarter of 2023, Q3 Same Store NOI increased 8.0% to $38.4 million, compared to $35.6 million for the third quarter of 2022.
• For the third quarter of 2023, FFO totaled $14.5 million, or $0.55 per diluted share, compared to $24.5 million, or $0.94 per diluted share, for the third quarter of 2022.
• For the third quarter of 2023, Core FFO totaled $17.1 million, or $0.65 per diluted share, compared to $21.9 million, or $0.84 per diluted share, for the third quarter of 2022.
• For the third quarter of 2023, AFFO totaled $20.0 million, or $0.76 per diluted share, compared to $24.3 million, or $0.93 per diluted share, for the third quarter of 2022.

2023 Year to Date Financial Results

• Total revenues were $208.6 million for the nine months ended September 30, 2023, compared to $194.6 million for the nine months ended September 30, 2022.
• Net income for the nine months ended September 30, 2023 totaled $25.9 million, or income of $0.99 per diluted share, which included $70.9 million of depreciation and amortization expense. This compared to net loss of $(13.0) million, or loss of $(0.51) per diluted share, for the nine months ended September 30, 2022, which included $74.5 million of depreciation and amortization expense.
• The change in our net income of $26.0 million for the nine months ended September 30, 2023 as compared to our net loss of $(13.1) million for the nine months ended September 30, 2022 primarily relates to an increase in total revenues and gain on sale of $43.1 million, partially offset by an increase in interest expense.
• For the nine months ended September 30, 2023, NOI was $125.2 million on 39 properties, compared to $115.7 million for the nine months ended September 30, 2022 on 41 properties.
• For the nine months ended September 30, 2023, Same Store NOI increased 9.5% to $107.9 million, compared to $98.5 million for the nine months ended September 30, 2022.
• For the nine months ended September 30, 2023, FFO totaled $53.7 million, or $2.05 per diluted share, compared to $61.2 million, or $2.34 per diluted share, for the nine months ended September 30, 2022.
• For the nine months ended September 30, 2023, Core FFO totaled $56.1 million, or $2.14 per diluted share, compared to $62.3 million, or $2.38 per diluted share, for the nine months ended September 30, 2022.
• For the nine months ended September 30, 2023, AFFO totaled $64.3 million, or $2.45 per diluted share, compared to $69.4 million, or $2.65 per diluted share, for the nine months ended September 30, 2022.

Third Quarter Earnings Conference Call

NXRT will host a conference call on Tuesday, October 31, 2023, at 11:00 a.m. ET (10:00 am CT), to discuss third quarter financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, [phone] and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company's website, https://nxrt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, November 14, 2023, by dialing 800-770-2030 or, for international callers, [phone] and entering passcode 5001576.

About NXRT

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located, middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the "SEC") are available on our website, nxrt.nexpoint.com, under the "Financials" tab.

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "may," "should," "plan" and similar expressions and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's business and industry in general, NXRT's guidance for financial results for the full year 2023, including earnings per diluted share, Core FFO per diluted share, same store rental income, same store total revenue, same store total expenses and same store NOI, interest expense, and the related components and assumptions, including expected acquisitions and dispositions, expected same store pool, shares outstanding and same store growth projections, NXRT's net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, net income and NOI guidance for the full year 2023 and the related assumptions, planned value-add programs, including projected rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets, expected acquisitions and dispositions and related timing, NAV NOI for the full year 2023 and estimated 2023 and 2024 net interest rate/expense and the related assumptions, forecasted submarket deliveries and the expected closing of the Timber Creek disposition. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.

FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share amounts):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022				% Change (1)
Net income (loss)		$	33,878			$	(599)			$	26,012			$	(13,093)			N/M
Depreciation and amortization			23,797				25,224				70,935				74,490				-4.8	%
Gain on sales of real estate			(43,090)				—				(43,090)				—				0.0	%
Adjustment for noncontrolling interests			(55)				(99)				(205)				(228)				-10.1	%
FFO attributable to common stockholders			14,530				24,526				53,652				61,169				-12.3	%
FFO per share - basic		$	0.57			$	0.96			$	2.09			$	2.39				-12.6	%
FFO per share - diluted		$	0.55			$	0.94			$	2.05			$	2.34				-12.4	%
Loss on extinguishment of debt and modification costs			2,215				—				2,093				—				0.0	%
Casualty-related expenses/(recoveries)			(24)				(2,966)				(1,332)				672			N/M
Casualty losses (gains)			100				—				980				(357)			N/M
Gain on forfeited deposits			—				—				(250)				—				0.0	%
Amortization of deferred financing costs - acquisition term notes			330				281				991				786				26.1	%
Adjustment for noncontrolling interests			(9)				11				(11)				(3)			N/M
Core FFO attributable to common stockholders			17,142				21,852				56,123				62,267				-9.9	%
Core FFO per share - basic		$	0.67			$	0.85			$	2.19			$	2.43				-9.9	%
Core FFO per share - diluted		$	0.65			$	0.84			$	2.14			$	2.38				-10.1	%
Amortization of deferred financing costs - long term debt			408				453				1,222				1,247				-2.0	%
Equity-based compensation expense			2,494				2,025				6,955				5,906				17.8	%
Adjustment for noncontrolling interests			(11)				(10)				(31)				(27)				14.8	%
AFFO attributable to common stockholders			20,033				24,320				64,269				69,393				-7.4	%
AFFO per share - basic		$	0.78			$	0.95			$	2.51			$	2.71				-7.4	%
AFFO per share - diluted		$	0.76			$	0.93			$	2.45			$	2.65				-7.5	%
Weighted average common shares outstanding - basic			25,674				25,598				25,647				25,630				0.1	%
Weighted average common shares outstanding - diluted	(2)		26,302				26,127				26,228				26,177				0.2	%
Dividends declared per common share		$	0.42			$	0.38			$	1.26			$	1.14				10.5	%
Net income (loss) Coverage - diluted	(3)	3.05x				-0.05x				0.79x				-0.45x					275.6	%
FFO Coverage - diluted	(3)	1.32x				2.47x				1.63x				2.05x					-20.7	%
Core FFO Coverage - diluted	(3)	1.55x				2.20x				1.70x				2.09x					-18.6	%
AFFO Coverage - diluted	(3)	1.81x				2.45x				1.94x				2.32x					-16.4	%

(1)	Represents the percentage change for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.
(2)	The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.
(3)	Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

Definitions and Reconciliations of Non-GAAP Measures

Definitions

This presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income ("NOI"), funds from operations attributable to common stockholders ("FFO"), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO ("AFFO"), AFFO per diluted share and net debt.

NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) the impact of depreciation and amortization expenses, (4) corporate general and administrative expenses, (5) other gains and losses that are specific to us including gain (loss) on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) gain on forfeited deposits, (8) equity in earnings from affiliate, (9) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (10) gain on sales of real estate. We define "Same Store NOI" as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.

FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT"), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, if applicable, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the amount attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.

Core FFO makes certain adjustments to FFO, which are either not likely to occur on a regular basis or are otherwise not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as gain on extinguishment of debt and modification costs, casualty-related expenses/and recoveries and gains (losses), gain on forfeited deposits, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing and the noncontrolling interests (as described above) related to these items.

AFFO makes certain adjustments to Core FFO. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the amortization of deferred financing costs incurred in connection with obtaining long-term debt financing and the noncontrolling interests related to these items.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.

We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts ("REITs") among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

Reconciliations

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Same Store NOI for the three and nine months ended September 30, 2023 and 2022 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2023				2022				2023				2022
Net income (loss)		$	33,878			$	(599)			$	26,012			$	(13,093)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,966				1,904				5,782				5,615
Corporate general and administrative expenses			4,752				3,818				12,743				11,116
Casualty-related expenses/(recoveries)	(1)		(24)				(2,966)				(1,332)				672
Casualty loss (gain)			100				—				980				(357)
Gain on forfeited deposits			—				—				(250)				—
Property general and administrative expenses	(2)		1,139				867				2,696				2,410
Depreciation and amortization			23,797				25,224				70,935				74,490
Interest expense			17,587				11,766				48,850				34,804
Equity in earnings of affiliate			(177)				—				(177)				—
Loss on extinguishment of debt and modification costs			2,215				—				2,093				—
Gain on sales of real estate			(43,090)				—				(43,090)				—
NOI		$	42,143			$	40,014			$	125,242			$	115,657
Less Non-Same Store
Revenues			(7,920)				(9,025)				(32,626)				(31,913)
Operating expenses			4,230				4,705				15,401				15,084
Operating income			(5)				(110)				(129)				(327)
Same Store NOI		$	38,448			$	35,584			$	107,888			$	98,501

(1)	Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).
(2)	Adjustment to net income (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.

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)		Q3 2023				Q3 2022
Total mortgage debt		$	1,575,406			$	1,358,343
Credit facilities			41,000				335,000
Total debt outstanding			1,616,406				1,693,343
Adjustments to arrive at net debt:
Cash and cash equivalents			(7,531)				(15,771)
Restricted cash held for value-add upgrades and green improvements			(2,737)				(15,347)
Net Debt		$	1,606,138			$	1,662,225
Enterprise Value (1)		$	2,432,138			$	2,843,225
Leverage Ratio			66	%			58	%

(1)	Enterprise Value is calculated as Market Capitalization 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 NOI to net income (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):

		For the Year Ended December 31, 2023
		Mid-Point (1)
Net income		$	98,872
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			7,707
Corporate general and administrative expenses			17,123
Property general and administrative expenses	(2)		2,043
Depreciation and amortization			96,547
Interest expense			65,485
Casualty-related recoveries			980
Loss on extinguishment of debt and modification costs			3,889
Gain on forfeited deposits			(250)
Equity in earnings of affiliate			(238)
Gain on sales of real estate			(124,034)
NOI		$	168,124
Less Non-Same Store
Revenues	(3)		(41,925)
Operating expenses	(3)		19,449
Same Store NOI	(3)	$	145,648

(1)	Mid-Point estimates shown for full year 2023 guidance. Assumptions made for full year 2023 NOI guidance include the Same Store operating growth projections included in the "2023 Full Year Guidance Summary" section of this release and the effect of the dispositions throughout the fiscal year.
(2)	Adjustment to net income 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)	Amounts are derived from the results of operations of our Full Year 2023 Same Store properties and Non-Same Store properties. There are 33 properties in our Full Year 2023 Same Store pool.

The following table reconciles our FFO, Core FFO and AFFO guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2023 (in thousands, except per share data):

		For the Year Ended December 31, 2023
		Mid-Point
Net income		$	98,872
Depreciation and amortization			96,547
Gain on sales of real estate			(124,034)
Adjustment for noncontrolling interests			(256)
FFO attributable to common stockholders			71,129
FFO per share - diluted (1)		$	2.71
Loss on extinguishment of debt and modification costs			3,889
Casualty-related recoveries			(352)
Amortization of deferred financing costs - acquisition term notes			1,138
Gain on forfeited deposits			(250)
Adjustment for noncontrolling interests			(15)
Core FFO attributable to common stockholders			75,539
Core FFO per share - diluted (1)		$	2.88
Amortization of deferred financing costs - long term debt			1,669
Equity-based compensation expense			9,446
Adjustment for noncontrolling interests			(40)
AFFO attributable to common stockholders			86,614
AFFO per share - diluted (1)		$	3.30
Weighted average common shares outstanding - diluted			26,247

(1)	For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.2 million for the full year 2023.

NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the three months ended June 30, 2023 and the year ended December 31, 2022 to net loss, the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended June 30, 2023				For the Year Ended December 31, 2022
Net loss		$	(3,968)			$	(9,291)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			1,927				7,547
Corporate general and administrative expenses			4,624				14,670
Casualty-related expenses/(recoveries)	(1)		398				1,119
Casualty loss (gain)			66				(2,506)
Gain on forfeited deposits			(250)				—
Property general and administrative expenses	(2)		776				3,600
Depreciation and amortization			23,872				97,648
Interest expense			14,524				50,587
Loss (gain) on extinguishment of debt and modification costs			—				8,734
Gain on sales of real estate			—				(14,684)
NOI		$	41,969			$	157,424

(1)	Adjustment to net loss to exclude certain property operating expenses that are casualty-related expenses/(recoveries).
(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.

 

Contact:
Investor Relations
Kristen Thomas
[e-mail]
[phone]
Media inquiries: [e-mail]

 

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SOURCE NexPoint Residential Trust, Inc.