Q2 2024 NexPoint Residential Trust Inc Earnings Call Transcript
Key Points
- NexPoint Residential Trust Inc (NXRT) reported a net income of $10.6 million for Q2 2024, a significant improvement from a net loss of $4 million in Q2 2023.
- The company completed the sale of Radbourne Lake, generating $18.6 million in net sales proceeds and achieving a 19.2% levered IRR.
- NXRT paid a second-quarter dividend of $0.46 per share, marking a 124.5% increase since inception.
- The company successfully completed 59 full and partial upgrades, achieving an average monthly rent premium of $240 and a 20.1% return on investment.
- NXRT has signed an application with JPMorgan and Freddie Mac to refinance 17 properties at favorable terms, potentially providing $0.15 to $0.20 of earnings annually.
- Total revenue for Q2 2024 was $64 million, down from $69.6 million in Q2 2023.
- Same-store rent decreased by 1% year-over-year, indicating challenges in rent growth.
- Core FFO per diluted share decreased to $0.68 in Q2 2024 from $0.77 in Q2 2023.
- The company faced higher property tax expenses in Raleigh due to a four-year reassessment, impacting overall expenses.
- Occupancy remained flat at 94.1%, showing no significant improvement in tenant retention.
Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Residential Trust second-quarter 2024 earnings call. (Operator Instructions)
And I will now turn the floor over to Kristen Thomas, Investor Relations. Kristen, you may begin the call.
Thank you. Good day, everyone, and welcome to NexPoint Residential Trust conference call to review the company's results from the second quarter in mid-June 30, 2024.
On the call today are Brian Mitts, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Bonner McDermett, Vice President, Asset and Investment Management.
As a reminder, this call is being webcast through the company's website at nxrt.nexpoint.com. Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private
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