NexPoint Residential Trust Inc (NYSE:NXRT)
$ 45.87 -0.66 (-1.42%) Market Cap: 1.17 Bil Enterprise Value: 2.62 Bil PE Ratio: 26.21 PB Ratio: 2.61 GF Score: 71/100

Q2 2024 NexPoint Residential Trust Inc Earnings Call Transcript

Jul 30, 2024 / 03:00PM GMT
Release Date Price: $43.75 (+0.44%)

Key Points

Positve
  • 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.
Negative
  • 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.
Operator

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.

Kristen Thomas
NexPoint Residential Trust Inc - Investor Relations

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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