NexPoint Residential Trust 8K Results of Operations and Financial Condition | NXRT 30 Apr 24

Exhibit 99.1

30 April 2024 | NYSE:NXRT

EARNINGS SUPPLEMENT: FIRST QUARTER 2024

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NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS



Earnings Release		1

Cautionary Statement Regarding Forward-Looking Statements		2

Overview		3

Highlights of Recent Activity		4

Financial Summary		6

2024 Full Year Guidance		7

Components of Net Asset Value		8

Consolidated Balance Sheets		9

Consolidated Statements of Operations		10

NOI and Same Store NOI		11

Q1 Same Store Results		12

Q1 Same Store Properties Operating Metrics		14

QoQ Same Store Properties Operating Metrics		15

FFO, Core FFO and AFFO		16

Historical Capital Expenditures		17

Value-Add Program Details		18

Outstanding Debt Details		21

Debt Maturity Schedule		24

Historical Acquisition Details		25

Historical Disposition Details		26

Definitions and Reconciliations of Non-GAAP Measures		27

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SABAL PALM AT LAKE BUENA VISTA: ORLANDO, FL

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FULLY UPGRADED KITCHEN

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REFRESHED GYM EQUIPMENT, PAINT AND CARPETING

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-NexPoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2024 RESULTS

NXRT Reports Net Income of $26.4 million; $49.4 million of Capital Recycling Activity and Full Repayment of the Drawn

Balance on the Corporate Credit Facility

Dallas, TX, April 30, 2024 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the first quarter ended March 31, 2024.

Highlights

●

NXRT¹ reported Net Income, FFO², Core FFO² and AFFO² of $26.3M, $18.9M, $19.6M and $22.6M, respectively, attributable to common stockholders for the quarter ended March 31, 2024, compared to Net Loss, FFO, Core FFO and AFFO of $(3.9)M, $19.3M, $18.6M and $21.0M, respectively, attributable to common stockholders for the quarter ended March 31, 2023.

●

For the three months ended March 31, 2024, Q1 Same Store properties³ total revenue, NOI² and occupancy increased 3.6%, 4.0% and 30 bps respectively, and average effective rent decreased 0.4% from the prior year period.

●

The weighted average effective monthly rent per unit across all 37 properties held as of March 31, 2024 (the “Portfolio”), consisting of 13,376 units⁴, was $1,511, while physical occupancy was 94.6%.

●

NXRT paid a first quarter dividend of $0.46242 per share of common stock on March 28, 2024.

●

During the first quarter, NXRT completed the sale of Old Farm for a sales price of $103.0 million.

●

On March 5, 2024, NXRT fully repaid the remaining drawn balance of $24.0 million on its Corporate Credit Facility.

●

During the first quarter, for the properties in our Portfolio, we completed 59 full and partial upgrades and leased 59 upgraded units, achieving an average monthly rent premium of $240 and a 21.8% ROI⁵.

●

Since inception, for the properties currently in our Portfolio, we have completed 8,593 full and partial, 4,829 kitchen and laundry appliances and 11,614 technology packages, resulting in a $170, $39 and $43 average monthly rental increase per unit and a 20.9%, 51.4% and 37.4% 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 income (loss), see the “Definitions and Reconciliations of Non-GAAP Measures” and “FFO, Core FFO and AFFO” 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 12,961 units of apartment space in our Same Store pool for the three months ended March 31, 2024 (our “Q1 Same Store” properties). The same store unit count excludes 23 units that are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit, Bloom: 1 unit and Torreyana: 1 unit).

(4)

Total number of units owned in our Portfolio as of March 31, 2024 is 13,399, however 23 units that are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit, Bloom: 1 unit and Torreyana: 1 unit).

(5)

We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of the total cost.


NXRT.NEXPOINT.COM		Page 1

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

First Quarter 2024 Financial Results

●

Total revenues were $67.6 million for the first quarter of 2024, compared to $69.2 million for the first quarter of 2023.

●

Net income for the first quarter of 2024 totaled $26.3 million, or income of $1.00 per diluted share, which included $24.3 million of depreciation and amortization expense. This compared to net loss of $(3.9) million, or loss of $(0.15) per diluted share, for the first quarter of 2023, which included $23.3 million of depreciation and amortization expense.

●

The change in our net income of $26.4 million for the three months ended March 31, 2024 as compared to our net loss of $(3.9) million for the three months ended March 31, 2023 primarily relates to an increase in gain on sale of real estate and a decrease in interest expense, partially offset by an increase in depreciation expense.

●

For the first quarter of 2024, NOI was $41.1 million on 37 properties, compared to $41.1 million for the first quarter of 2023 on 40 properties.

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For the first quarter of 2024, Q1 Same Store NOI increased 4.0% to $39.2 million, compared to $37.7 million for the first quarter of 2023.

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For the first quarter of 2024, FFO totaled $18.9 million, or $0.72 per diluted share, compared to $19.3 million, or $0.74 per diluted share, for the first quarter of 2023.

●

For the first quarter of 2024, Core FFO totaled $19.6 million, or $0.75 per diluted share, compared to $18.6 million, or $0.71 per diluted share, for the first quarter of 2023.

●

For the first quarter of 2024, AFFO totaled $22.6 million, or $0.86 per diluted share, compared to $21.0 million, or $0.81 per diluted share, for the first quarter of 2023.

First Quarter Earnings Conference Call

NexPoint Residential Trust, Inc., (“NXRT” or the “Company”), (NYSE:NXRT) will host a call on Tuesday, April 30, 2024, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its first quarter 2024 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company’s website, 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, May 14, 2024, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 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, dispositions in process, including the timing of sale and investment returns, forecasted job creation, forecasted NXRT MSA quarterly deliveries and absorptions, forecasted submarket deliveries, NXRT’s guidance for financial results for the full year 2024, including earnings per diluted share, Core FFO per diluted share, same store rental income, same store total revenue and same store NOI, 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, estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, net income and NOI guidance for the second quarter and full year 2024 and the related assumptions, planned value-add programs, including rehab costs, rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets and expected acquisitions and dispositions and related timing. 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.


NXRT.NEXPOINT.COM		Page 2

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: FIRST QUARTER 2024 OVERVIEW

Company Profile


(share counts in thousands)
Exchange/Ticker		NYSE:NXRT
Share Price (1)		$33.31
Insider Ownership (2)		13.98%
2024 Q2 Dividend Per Share		$0.46242
Dividend Yield (1)		5.55%
Shares outstanding - basic (3)		25,721
Shares outstanding - diluted (3)		26,354

(1)	As of the close of market trading on April 29, 2024.

(2)	As of the close of market trading on March 31, 2024.

(3)	Weighted average for the three months ended March 31, 2024.

Portfolio Composition by Market


Market	% of Units
Phoenix		15.0%
South Florida		14.6%
Dallas/Fort Worth		14.5%
Atlanta		12.6%
Nashville		10.0%
Orlando		8.8%
Las Vegas		8.7%
Charlotte		5.4%
Raleigh		4.7%
Tampa		4.3%
Houston		1.4%


Total		100.0%

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Revenue & Average Rent Per Unit

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[Stock Price Performance (Since Inception; 4/1/2015)]

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NXRT.NEXPOINT.COM		Page 3

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Recent Activity

COMPLETED DISPOSITIONS

Property Name

Location

Date of Sale

Sales Price

IRR

Multiple on
Invested Capital

Net Cash
Proceeds (1)

Gain on Sale
of Real Estate

Old Farm

Houston, TX

March 1, 2024

103,000

22.1%

2.98x

$49,397

$31,709

DISPOSITION IN PROCESS⁽²⁾

Property Name

Location

Date of Sale

Sales Price

IRR

Multiple on
Invested Capital

Net Cash
Proceeds (1)

Radbourne Lake

Charlotte, NC

Q2 2024 Expected

39,250

19.3%

3.60x

18,647

(1)	Net Cash Proceeds include sale price less debt paydown and closing costs.

(2)	Radbourne Lake is under contract for sale with a material non-refundable earnest money deposit. We expect to execute this disposition in the second quarter of 2024. Investment returns are estimated above and subject to change until the sale is finalized.

JOB CREATION NXRT MARKETS v. TOP 80 MSAs

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Annual Job Creation	2023	2024	2025	2026	2027

NXRT Markets	508,354	264,008	201,871	151,156	138,674

All other MSAs	1,031,994	542,610	337,649	164,221	136,982

Total	1,540,348	806,618	539,520	315,377	275,656

NXRT Mkts % of Total	33.0%	32.7%	37.4%	47.9%	50.3%

Job Growth NXRT Mkts	2.4%	1.2%	0.9%	0.7%	0.6%

Job Growth All other MSAs	1.8%	0.9%	0.6%	0.4%	0.3%

NXRT MSA QUARTERLY DELIVERIES AND ABSORBTION ⁽¹⁾

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(1)	Source: 2024 Costar Group.; Data as of April 2024.


NXRT.NEXPOINT.COM		Page 4

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORCASTED SUBMARKET DELIVERIES ⁽¹⁾


Market	Submarket (RealPage)	Property	NXRT Unit Exposure		2024 Q1 Inventory		2023 Deliveries		2024 Q1		2024 Q2		2024 Q3		2024 Q4		2024 Deliveries		2025 Q1		2025 Q2		2025 Q3		2025 Q4		2025 Deliveries		2026 Deliveries		3-year Deliveries		3-year % Growth
ATL	Southeast Marietta	Rockledge		708		14,105		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0	%
ATL	Southeast Marietta	The Preserve at Terrell Mill		752		14,105		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0	%
ATL	Sandy Springs	The Adair		232		20,205		0		0		0		0		142		142		144		0		0		0		144		0		286		1.4	%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman		264		7,779		216		0		0		609		301		910		572		587		642		204		2,005		0		2,915		37.5	%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews		240		11,777		416		79		43		0		273		395		283		120		0		0		403		0		798		6.8	%
DFW	East Fort Worth	The Venue at 8651		333		13,057		114		0		0		0		0		0		0		0		151		311		462		204		666		5.1	%
DFW	Far North Dallas	Versailles		388		29,650		0		92		566		239		0		897		0		0		0		0		0		0		897		3.0	%
DFW	Far North Dallas	Versailles II		242		29,650		0		92		566		239		0		897		0		0		0		0		0		0		897		3.0	%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge		210		33,890		53		14		0		0		0		14		210		70		70		210		560		140		714		2.1	%
DFW	Hurst/Euless/Bedford	Summers Landing		196		33,890		53		14		0		0		0		14		210		70		70		210		560		140		714		2.1	%
DFW	Oak Lawn/Park Cities	Atera		380		20,626		119		32		104		16		0		152		255		225		172		204		856		503		1,511		7.3	%
DFW	Richardson	Cutters Point		196		19,433		0		180		531		0		0		711		230		154		0		0		384		0		1,095		5.6	%
HOU	Westchase	Stone Creek at Old Farm		190		29,872		165		0		0		81		84		165		56		0		0		0		56		0		221		0.7	%
LSV	Northwest Las Vegas	Bella Solara		320		20,790		709		144		237		294		149		824		187		365		217		113		882		38		1,744		8.4	%
LSV	Northwest Las Vegas	Bloom		528		20,790		709		144		237		294		149		824		187		365		217		113		882		38		1,744		8.4	%
LSV	Southwest Las Vegas	Torreyana		316		19,932		905		435		541		287		391		1,654		523		64		0		0		587		0		2,241		11.2	%
NASH	East Nashville	Residences at Glenview Reserve		360		13,939		102		105		513		172		138		928		186		174		141		213		714		0		1,642		11.8	%
NASH	South Nashville	Arbors of Brentwood		346		17,293		840		141		202		112		168		623		57		0		0		0		57		0		680		3.9	%
NASH	South Nashville	Brandywine		632		17,293		840		141		202		112		168		623		57		0		0		0		57		0		680		3.9	%
ORL	East Orlando	The Cornerstone		430		21,948		325		350		0		93		129		572		171		108		0		0		279		0		851		3.9	%
ORL	Northwest Orlando	Residences at West Place		342		17,079		245		165		55		60		90		370		139		147		149		128		563		257		1,190		7.0	%
ORL	South Orange County	Sabal Palm at Lake Buena Vista		400		32,727		193		0		39		0		309		348		0		0		0		0		0		0		348		1.1	%
PHX	Chandler	Fairways at San Marcos		352		25,570		850		38		300		212		292		842		287		172		93		0		552		0		1,394		5.5	%
PHX	North Central Phoenix	Heritage		204		26,116		770		74		326		214		362		976		213		178		126		0		517		0		1,493		5.7	%
PHX	North Central Phoenix	The Venue on Camelback		415		26,116		770		74		326		214		362		976		213		178		126		0		517		0		1,493		5.7	%
PHX	Northeast Phoenix	Bella Vista		248		21,880		50		150		153		549		107		959		93		0		0		0		93		0		1,052		4.8	%
PHX	South Tempe	Enclave		204		17,812		259		86		58		0		0		144		0		0		0		0		0		0		144		0.8	%
PHX	Southwest Mesa	Madera Point		256		18,090		276		36		18		18		49		121		57		8		0		0		65		0		186		1.0	%
PHX	West Phoenix	Estates on Maryland		330		15,570		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0	%
RDU	Far North Raleigh	Six Forks Station		323		12,477		1,350		306		74		489		183		1,052		0		0		0		0		0		0		1,052		8.4	%
RDU	North Cary/Morrisville	High House at Cary		302		20,949		740		163		275		850		964		2,252		145		0		0		0		145		0		2,397		11.4	%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines		1,520		26,029		398		126		154		223		278		781		112		0		0		0		112		0		893		3.4	%
SFL	West Palm Beach	Parc500		217		32,516		1,282		319		264		1,018		326		1,927		0		80		120		120		320		0		2,247		6.9	%
SFL	West Palm Beach	Seasons 704		222		32,516		1,282		319		264		1,018		326		1,927		0		80		120		120		320		0		2,247		6.9	%
TPA	Egypt Lake/Lowry Park	Courtney Cove		324		12,846		0		0		0		0		0		0		122		123		0		0		245		0		245		1.9	%
TPA	Temple Terrace	The Summit at Sabal Park		252		16,002		0		0		0		0		0		0		70		105		107		72		354		0		354		2.2	%
Totals/Averages				13,174		560,087		10,212		3,035		4,453		5,536		4,735		17,759		4,112		2,680		1,988		1,575		10,355		1,142		29,256		5.2	%

(1)	Source: 2024 RealPage, Inc.; Data as of April 2024.


NXRT.NEXPOINT.COM		Page 5

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary


	Q1 2024			Q1 2023			FY 2023			FY 2022
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	830,000		$	1,120,000		$	884,000		$	1,112,000
Share Price (as of the last day of the period)	$	32.19		$	43.67		$	34.43		$	43.52
Weighted average common shares outstanding - basic		25,721			25,599			25,654			25,610
Weighted average common shares outstanding - diluted		26,354			25,599			26,245			25,610

Earnings Profile
Total revenues	$	67,577		$	69,227		$	277,526		$	263,952
Net income (loss) attributable to common stockholders		26,298			(3,883	)		44,264			(9,260	)
NOI (1)		41,089			41,130			167,404			157,424
Same Store NOI (2)		39,216			37,691			144,999			129,279
Same Store NOI Growth (%) (2)		4.0	%					8.2	%

Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	1.00		$	(0.15	)	$	1.69		$	(0.36	)
FFO (1)	$	0.72		$	0.74		$	2.72		$	2.81
Core FFO (1)	$	0.75		$	0.71		$	2.80		$	3.13
AFFO (1)	$	0.86		$	0.81		$	3.22		$	3.49
Dividends declared per common share	$	0.46		$	0.42		$	1.72		$	1.56
Net Income (Loss) Coverage (3)		2.16x			-0.36x			0.98x			-0.23x
FFO Coverage (3)		1.55x			1.76x			1.58x			1.80x
Core FFO Coverage (3)		1.61x			1.70x			1.63x			2.01x
AFFO Coverage (3)		1.85x			1.92x			1.87x			2.24x

Portfolio
Total Properties		37			40			38			40
Total Units (4)		13,376			15,020			14,117			15,127
Occupancy		94.6	%		94.0	%		94.7	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,511		$	1,487		$	1,502		$	1,480

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35			33			33
Total Same Store Units		12,961			12,893			12,378			12,341
Occupancy		94.7	%		94.4	%		94.7	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,514		$	1,520		$	1,509		$	1,508

Value-Add Program
Completed Full/Partial Interior Rehab Units		127			690			2,073			2,409
Cumulative Completed Rehab Units (5)		8,593
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	170
ROI on Post-Rehab Units		20.9	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,498,277		$	1,621,634
Credit Facilities		—			57,000

Total Debt Outstanding	$	1,498,277		$	1,678,634

Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		64	%		60	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		64	%		60	%

(1) For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2) We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. For additional information regarding our Q1 Same Store properties, see the “Q1 Same Store Results” section of this release.

(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. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4) Total units owned as of March 31, 2024 is 13,399, however 23 units are currently excluded due to fires and water damage.

(5) Inclusive of all full and partial interior upgrades completed through March 31, 2024. Cumulative results exclude rehabs completed for properties sold through March 31, 2024.

(6) For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.


NXRT.NEXPOINT.COM		Page 6

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2024 Full Year Guidance Summary

NXRT is reaffirming 2024 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):


	Guidance Range (1)
	Low-End			Mid-Point			High-End
Earnings per diluted share (2)	$	0.59		$	0.72		$	0.85
Core FFO per diluted share (2) (3)	$	2.60		$	2.72		$	2.85

Same Store Growth: (4)
Rental Income		1.4	%		2.3	%		3.2	%
Total Revenue		1.1	%		2.0	%		2.9	%
Total Expenses (5)		6.0	%		5.1	%		4.3	%
Same Store NOI (3)		-2.0	%		0.0	%		2.0	%

Other Considerations: (5)
Acquisitions	$	—		$	100.0		$	200.0
Dispositions	$	150.0		$	225.0		$	300.0

(1) Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the held for sale properties of Stone Creek at Old Farm and Radbourne Lake, thereby removing those assets from the Full Year 2024 expected Same Store pool.

(2) Weighted average diluted share count estimate for full year 2024 is approximately 25.6 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2024 Same Store NOI and Core FFO guidance to net income guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(4) Year-over-year growth for the Full Year 2024 expected Same Store pool (35 properties).

(5) We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the earnings per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2024 financial and earnings guidance is included in the following sections of this release.


NXRT.NEXPOINT.COM		Page 7

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)

REAL ESTATE VALUE BY MARKET


Property	NOI		Cap Rate Range (1)						Value Range (2)
Market	Contribution		Min			Max			Min		Max
Texas
Dallas/Fort Worth		10.8%		5.5	%		6.0	%	$	277,130	$	314,785
Houston		1.0%		5.5	%		6.0	%		25,002		28,399

North Carolina
Raleigh		4.2%		5.5	%		6.0	%		107,558		122,173
Charlotte		3.8%		5.5	%		6.0	%		96,899		110,065

Georgia
Atlanta		12.1%		5.5	%		6.0	%		309,952		352,067

Tennessee
Nashville		9.5%		5.5	%		6.0	%		242,166		275,071

Florida
Orlando		8.8%		5.5	%		6.0	%		225,056		255,636
Tampa		3.8%		5.5	%		6.0	%		95,952		108,990
South Florida		20.2%		5.5	%		6.0	%		517,553		587,876

Nevada
Las Vegas		8.5%		5.5	%		6.0	%		217,453		247,000

Arizona
Phoenix		17.3%		5.5	%		6.0	%		441,870		501,910

Total / Ave		100.0%		5.5	%		6.0	%	$	2,556,591	$	2,903,972

NAV SUMMARY


Component	Min		Max
Tangible Assets
Real Estate (2)	$	2,556,591	$	2,903,972
Cash		37,234
Restricted Cash - Renovation Reserves (4)		2,907
Renovation Expenditures (4)		(2,907)
Cash Adjustments (5)		(314)
Fair Market Value of Interest Rate Swaps		73,711
Other Assets		48,560
Radbourne Lake Gross Sale Proceeds (6)		39,250

Value of Assets	$	2,755,032	$	3,102,413


Tangible Liabilities
Credit Facility (7)		$0
Mortgage Debt		1,498,277

Total Outstanding Debt		1,498,277
Forward 12-month Principal Payments (5)		(314)

Total Outstanding Debt (FY 2024 Est.)		1,497,963
Other Tangible Liabilities (at Book)		35,520

Value of Liabilities		$1,533,483

Net Leverage (mid-point)		52%

Net Asset Value	$	1,221,549	$	1,568,930

Shares outstanding - diluted (as of March 31, 2024)		26,606

Est. NAV / Share	$	45.91	$	58.97

NAV / Share (mid-point)		$52.44

NOI ESTIMATE


Q4 2023 NOI Actual		42,162
Q1 2024 NOI Actual		41,089
		Low		High
Estimated Q2 2024 NOI Guidance (3)		37,916		39,378

2024 NOI Guidance (3)	$	153,395	$	159,718

IMPLIED VALUATION METRICS


	Min	Max
Implied Real Estate Value	$2,556,591	$2,903,972

No. of Units (March 31, 2024) (2)	13,399

Implied Value/Apartment Unit	$190.8	$216.7

Implied Value/Apartment Unit (mid-point)	$203.8

(1) Management estimates based on independent third-party review of our properties.

(2) Estimated value ranges are presented for the existing portfolio (37 properties as of as of March 31, 2024).

(3) The Company anticipates net income will be in the range between approximately $15.2 million and $21.8 million for the full year 2024 and between $9.6 million and $11.1 million for the second quarter of 2024. FY 2024 NOI Guidance considers the forecast disposition of Radbourne Lake and considers a commensurate volume of capital recycling.

(4) Includes approximately $2.9 million that is held for value-add upgrades; reduced by $2.9 million for estimated 2024 rehab expenditures.

(5) Includes approximately $0.3 million in forward 12-month principal payments.

(6) Radbourne Lake is under a binding sales contract and expected to close in the second quarter of 2024.

(7) Includes outstanding balance of March 31, 2024.


NXRT.NEXPOINT.COM		Page 8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	March 31, 2024			December 31, 2023
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	359,819
Buildings and improvements		1,723,657			1,719,864
Construction in progress		6,861			8,322
Furniture, fixtures and equipment		185,257			180,435

Total Gross Operating Real Estate Investments		2,275,594			2,268,440
Accumulated depreciation and amortization		(435,410	)		(411,087	)

Total Net Operating Real Estate Investments		1,840,184			1,857,353
Real estate held for sale, net of accumulated depreciation of $14,478 and $38,871, respectively		40,090			110,747

Total Net Real Estate Investments		1,880,274			1,968,100
Cash and cash equivalents		37,234			12,367
Restricted cash		31,515			32,912
Accounts receivable, net		13,082			14,598
Prepaid and other assets		6,870			8,640
Fair value of interest rate swaps		73,711			71,028

TOTAL ASSETS	$	2,042,686		$	2,107,645


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgages payable, net	$	1,454,101		$	1,453,787
Mortgages payable held for sale, net		35,204			88,044
Credit facility, net		—			23,243
Accounts payable and other accrued liabilities		14,121			17,140
Accrued real estate taxes payable		7,619			11,230
Accrued interest payable		9,077			9,399
Security deposit liability		3,060			3,159
Prepaid rents		1,643			1,773

Total Liabilities		1,524,825			1,607,775

Redeemable noncontrolling interests in the Operating Partnership		5,082			5,246

Stockholders’ Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued		—			—
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,774,730 and 25,674,313 shares issued and outstanding, respectively		257			256
Additional paid-in capital		414,243			413,010
Accumulated earnings (loss) less dividends		25,742			11,493
Accumulated other comprehensive income		72,537			69,865

Total Stockholders’ Equity		512,779			494,624

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,042,686		$	2,107,645


NXRT.NEXPOINT.COM		Page 9

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended March 31,
	2024			2023
Revenues
Rental income	$	65,598		$	67,537
Other income		1,979			1,690

Total revenues		67,577			69,227

Expenses
Property operating expenses		13,768			13,266
Real estate taxes and insurance		9,312			10,020
Property management fees (1)		1,958			2,027
Advisory and administrative fees (2)		1,743			1,889
Corporate general and administrative expenses		4,910			3,367
Property general and administrative expenses		2,281			2,270
Depreciation and amortization		24,323			23,266

Total expenses		58,295			56,105

Operating income before gain on sales of real estate		9,282			13,122
Gain on sales of real estate ($31,709 with related party)		31,709			—

Operating income		40,991			13,122
Interest expense		(14,391	)		(16,739	)
Gain (loss) on extinguishment of debt and modification cost		(546	)		122
Casualty gain (loss)		199			(814	)
Equity in earnings of affiliate		38			—
Miscellaneous income		111			411

Net income (loss)		26,402			(3,898	)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		104			(15	)

Net income (loss) attributable to common stockholders	$	26,298		$	(3,883	)

Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		2,683			(17,206	)

Total comprehensive income (loss)		29,085			(21,104	)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		115			(80	)

Comprehensive income (loss) attributable to common stockholders	$	28,970		$	(21,024	)


Weighted average common shares outstanding - basic		25,721			25,599

Weighted average common shares outstanding - diluted		26,354			25,599


Earnings (loss) per share - basic	$	1.02		$	(0.15	)

Earnings (loss) per share - diluted	$	1.00		$	(0.15	)

(1)	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Operating Partnership (the “OP”).

(2)	Fees incurred to the Company’s adviser.


NXRT.NEXPOINT.COM		Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Same Store NOI for the Three Months Ended March 31, 2024 and 2023

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q1 Same Store NOI for the three months ended March 31, 2024 and 2023 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


			For the Three Months Ended March 31,
			2024			2023

Net income (loss)			$	26,402		$	(3,898	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees				1,743			1,889
Corporate general and administrative expenses				4,614			3,367
Casualty-related expenses/(recoveries)	(1	)		33			(1,706	)
Casualty loss (gain)				(199	)		814
Property general and administrative expenses	(2	)		983			781
Depreciation and amortization				24,323			23,266
Interest expense				14,391			16,739
Equity in earnings of affiliate				(38	)		—
Gain (loss) on extinguishment of debt and modification costs				546			(122	)
Gain on sales of real estate				(31,709	)		—

NOI			$	41,089		$	41,130

Less Non-Same Store
Revenues				(3,885	)		(8,041	)
Operating expenses				2,015			4,660
Operating income				(3	)		(58	)

Same Store NOI			$	39,216		$	37,691

(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.


NXRT.NEXPOINT.COM		Page 11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q1 Same Store Results of Operations for the Three Months Ended March 31, 2024 and 2023

There are 35 properties encompassing 12,961 units of apartment space, or approximately 96.7% of our Portfolio, in our same store pool for the three months ended March 31, 2024 and 2023 (our “Q1 Same Store” properties). Our Q1 Same Store properties exclude the following two properties in our Portfolio as of March 31, 2024: Stone Creek at Old Farm and Radbourne Lake as well as the 23 units mentioned on page 1 that are currently down.

As of March 31, 2024, our Q1 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,514, a year-over-year increase of 30 bps and decrease of $6, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended March 31, 2024 and 2023 for our Q1 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended March 31,
	2024		2023		$ Change			% Change
Revenues
Same Store
Rental income	$	61,910	$	59,761	$	2,149			3.6	%
Other income		1,486		1,425		61			4.3	%

Same Store revenues		63,396		61,186		2,210			3.6	%
Non-Same Store
Rental income		3,688		7,776		(4,088	)		N/M
Other income		197		265		(68	)		-25.7	%

Non-Same Store revenues		3,885		8,041		(4,156	)		N/M

Total revenues		67,281		69,227		(1,946	)		-2.8	%


Operating expenses
Same Store
Property operating expenses (1)		12,706		12,595		111			0.9	%
Real estate taxes and insurance		8,555		8,238		317			3.8	%
Property management fees (2)		1,821		1,778		43			2.4	%
Property general and administrative expenses (3)		1,206		1,237		(31	)		-2.5	%

Same Store operating expenses		24,288		23,848		440			1.8	%
Non-Same Store
Property operating expenses (4)		1,029		2,377		(1,348	)		N/M
Real estate taxes and insurance		757		1,782		(1,025	)		N/M
Property management fees (2)		137		249		(112	)		-45.0	%
Property general and administrative expenses (5)		92		252		(160	)		N/M

Non-Same Store operating expenses		2,015		4,660		(2,645	)		N/M

Total operating expenses		26,303		28,508		(2,205	)		-7.7	%


Operating income
Same Store
Miscellaneous income		108		353		(245	)		N/M
Non-Same Store
Miscellaneous income		3		58		(55	)		N/M

Total operating income		111		411		(300	)		N/M


NOI
Same Store		39,216		37,691		1,525			4.0	%
Non-Same Store		1,873		3,439		(1,566	)		-45.5	%

Total NOI (6)	$	41,089	$	41,130	$	(41	)		-0.1	%

(1)	For the three months ended March 31, 2024 and 2023, excludes approximately $32,000 and $(1,856,000), respectively, of casualty-related expenses/(recoveries).

(2)	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

(3)

For the three months ended March 31, 2024 and 2023, excludes approximately $913,000 and $638,000, respectively, of 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.


NXRT.NEXPOINT.COM		Page 12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4)	For the three months ended March 31, 2024 and 2023, excludes approximately $1,000 and $150,000, respectively, of casualty-related expenses.

(5)

For the three months ended March 31, 2024 and 2023, excludes approximately $70,000 and $143,000, respectively, of 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.

(6)	For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q1 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended March 31, 2024 and 2023 (dollars in thousands, except for per unit data):


	Q1 2024			Q1 2023			% Change
Same Store Total Units		12,961			12,893
Same Store Occupied Units		12,280			12,177
Same Store Ending Occupancy		94.7	%		94.4	%		0.3	%
Same Store Average Rent per Unit	$	1,514		$	1,520			-0.4	%

Same Store Revenues
Same Store Rental Income	$	61,910		$	59,761			3.6	%
Same Store Other Income		1,486			1,425			4.3	%

Total Same Store Revenues		63,396			61,186			3.6	%

Same Store Operating Expenses
Payroll		4,871			5,195			-6.2	%
Repairs & Maintenance		5,002			4,861			2.9	%
Utilities		2,833			2,539			11.6	%
Real Estate Taxes		7,122			6,860			3.8	%
Insurance		1,433			1,378			4.0	%
Property Management Fees		1,821			1,778			2.4	%
Office Operations		890			893			-0.3	%
Marketing		316			344			-8.1	%

Total Same Store Operating Expenses		24,288			23,848			1.8	%

Same Store Operating Income
Miscellaneous income		108			353			N/M

Total Same Store Operating Income		108			353			N/M


Q1 Same Store NOI	$	39,216		$	37,691			4.0	%


NXRT.NEXPOINT.COM		Page 13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q1 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent							Occupancy					Total Rental Income
	Total		Q1 2024		Q1 2023		% Change			Q1 2024		Q1 2023		bps Δ	Q1 2024		Q1 2023		% Change
Texas
Dallas		1,945		$1,273		$1,290		-1.3	%		92.9%		94.9%	-200		$7,932		$7,917		0.2	%
Average/Total		1,945		1,273		1,290		-1.3	%		92.9%		94.9%	-200		7,932		7,917		0.2	%

North Carolina
Charlotte		504		1,392		1,391		0.1	%		96.0%		92.5%	350		2,322		2,137		8.7	%
Raleigh/Durham		625		1,451		1,420		2.2	%		92.8%		94.9%	-210		2,656		2,576		3.1	%
Average/Total		1,129		1,425		1,407		1.3	%		94.2%		93.8%	40		4,978		4,713		5.6	%

Georgia
Atlanta		1,672		1,479		1,516		-2.4	%		96.1%		92.4%	370		7,697		7,362		4.6	%
Average/Total		1,672		1,479		1,516		-2.4	%		96.1%		92.4%	370		7,697		7,362		4.6	%

Tennessee
Nashville		1,338		1,290		1,329		-2.9	%		95.3%		94.2%	110		5,585		5,587		0.0	%
Average/Total		1,338		1,290		1,329		-2.9	%		95.3%		94.2%	110		5,585		5,587		0.0	%

Florida
Orlando		1,172		1,582		1,578		0.3	%		94.7%		94.9%	-20		5,713		5,422		5.4	%
Tampa		576		1,388		1,430		-2.9	%		94.3%		95.5%	-120		2,517		2,530		-0.5	%
South Florida		1,959		2,109		2,013		4.8	%		95.2%		95.4%	-20		12,922		12,009		7.6	%
Average/Total		3,707		1,830		1,785		2.5	%		94.9%		95.2%	-30		21,152		19,961		6.0	%

Arizona
Phoenix		2,009		1,479		1,488		-0.6	%		95.2%		95.3%	-10		9,573		9,528		0.5	%
Average/Total		2,009		1,479		1,488		-0.6	%		95.2%		95.3%	-10		9,573		9,528		0.5	%

Nevada
Las Vegas		1,161		1,349		1,430		-5.7	%		94.7%		93.5%	120		4,993		4,693		6.4	%
Average/Total		1,161		1,349		1,430		-5.7	%		94.7%		93.5%	120		4,993		4,693		6.4	%

Average/Total		12,961		$1,514		$1,520		-0.4	%		94.7%		94.4%	30		$61,910		$59,761		3.6	%

(1)	This table only includes the 35 properties in our Q1 Same Store pool.


NXRT.NEXPOINT.COM		Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent							Occupancy					Total Rental Income
	Total		Q1 2024		Q4 2023		% Change			Q1 2024		Q4 2023		bps Δ	Q1 2024		Q4 2023		% Change
Texas
Dallas		1,945		$1,273		$1,287		-1.1	%		92.9%		93.1%	-20		$7,932		$7,912		0.3	%
Average/Total		1,945		1,273		1,287		-1.1	%		92.9%		93.1%	-20		7,932		7,912		0.3	%

North Carolina
Charlotte		504		1,392		1,391		0.1	%		96.0%		95.8%	20		2,322		2,291		1.4	%
Raleigh/Durham		625		1,451		1,436		1.0	%		92.8%		93.7%	-90		2,656		2,708		-1.9	%
Average/Total		1,129		1,425		1,416		0.6	%		94.2%		94.6%	-40		4,978		4,999		-0.4	%

Georgia
Atlanta		1,672		1,479		1,485		-0.4	%		96.1%		96.2%	-10		7,697		7,604		1.2	%
Average/Total		1,672		1,479		1,485		-0.4	%		96.1%		96.2%	-10		7,697		7,604		1.2	%

Tennessee
Nashville		1,338		1,290		1,315		-1.9	%		95.3%		93.7%	160		5,585		5,561		0.4	%
Average/Total		1,338		1,290		1,315		-1.9	%		95.3%		93.7%	160		5,585		5,561		0.4	%

Florida
Orlando		1,172		1,582		1,583		-0.1	%		94.7%		94.4%	30		5,713		5,551		2.9	%
Tampa		576		1,388		1,385		0.2	%		94.3%		95.3%	-100		2,517		2,486		1.2	%
South Florida		1,959		2,109		2,087		1.1	%		95.2%		95.4%	-20		12,923		12,502		3.4	%
Average/Total		3,707		1,830		1,819		0.6	%		94.9%		95.1%	-20		21,153		20,539		3.0	%

Arizona
Phoenix		2,009		1,479		1,477		0.1	%		95.2%		95.3%	-10		9,573		9,521		0.5	%
Average/Total		2,009		1,479		1,477		0.1	%		95.2%		95.3%	-10		9,573		9,521		0.5	%

Nevada
Las Vegas		1,161		1,349		1,354		-0.4	%		94.7%		94.5%	20		4,992		4,948		0.9	%
Average/Total		1,161		1,349		1,354		-0.4	%		94.7%		94.5%	20		4,992		4,948		0.9	%

Average/Total		12,961		$1,514		$1,516		-0.1	%		94.7%		94.7%	0		$61,910		$61,084		1.4	%

(1)	This table only includes the 35 properties in our Q1 Same Store pool.


NXRT.NEXPOINT.COM		Page 15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 months ended March 31, 2024 and 2023 (in thousands, except per share amounts):


		For the Three Months Ended March 31,
		2024			2023			% Change
Net income (loss)		$	26,402		$	(3,898	)		N/M
Depreciation and amortization			24,323			23,266			4.5	%
Gain on sales of real estate			(31,709	)		—			0.0	%
Adjustment for noncontrolling interests			(75	)		(73	)		2.7	%

FFO attributable to common stockholders			18,941			19,295			-1.8	%


FFO per share - basic		$	0.74		$	0.75			-2.3	%

FFO per share - diluted		$	0.72		$	0.74			-2.9	%


(Gain) loss on extinguishment of debt and modification costs			546			(122	)		N/M
Casualty-related expenses/(recoveries)			33			(1,706	)		N/M
Casualty losses (gains)			(199	)		814			N/M
Amortization of deferred financing costs - acquisition term notes			330			330			0.0	%
Adjustment for noncontrolling interests			(2	)		2			N/M

Core FFO attributable to common stockholders			19,649			18,613			5.6	%


Core FFO per share - basic		$	0.76		$	0.73			5.1	%

Core FFO per share - diluted		$	0.75		$	0.71			4.4	%


Amortization of deferred financing costs - long term debt			387			437			-11.4	%
Equity-based compensation expense			2,547			1,966			29.6	%
Adjustment for noncontrolling interests			(12	)		(9	)		33.3	%

AFFO attributable to common stockholders			22,571			21,007			7.4	%


AFFO per share - basic		$	0.88		$	0.82			6.9	%

AFFO per share - diluted		$	0.86		$	0.81			6.3	%


Weighted average common shares outstanding - basic			25,721			25,599			0.5	%

Weighted average common shares outstanding - diluted	(1)		26,354			26,075			1.1	%


Dividends declared per common share		$	0.46242		$	0.42			10.1	%

Net income (loss) Coverage - diluted	(2)		2.16x			-0.36x			N/M
FFO Coverage - diluted	(2)		1.55x			1.76x			-11.8	%
Core FFO Coverage - diluted	(2)		1.61x			1.70x			-5.1	%
AFFO Coverage - diluted	(2)		1.85x			1.92x			-3.4	%

(1)	The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(2)	Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.


NXRT.NEXPOINT.COM		Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures


	Q1 2024		Q1 2023		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	—	$	—		N/A

Capitalized Rehab Expenditures
Interior		1,730		7,309		-76.3	%
Exterior and common area		474		4,007		-88.2	%

Capitalized Maintenance Expenditures
Recurring		2,919		2,680		8.9	%
Non-Recurring		1,776		2,294		-22.6	%


Total Capital Expenditures	$	6,899	$	16,290		-57.6	%

LOGO


NXRT.NEXPOINT.COM		Page 17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Interiors (Full & Partials)


Property Name (1)	Units		Rehab Units Completed (2)		Average Rent Pre-Rehab		Average Rent Post-Rehab		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change %			ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		158	$	1,221	$	1,436	$	10,346		17.6	%		24.9	%
Arbors on Forest Ridge		210		180		814		916		4,388		12.6	%		27.9	%
Atera Apartments		380		233		1,207		1,356		3,420		12.4	%		52.5	%
Avant at Pembroke Pines		1,520		646		1,841		2,095		17,570		13.8	%		17.4	%
Bella Solara		320		129		1,284		1,446		11,232		12.6	%		17.3	%
Bella Vista		248		204		1,466		1,608		10,516		9.7	%		16.2	%
Bloom		528		160		1,241		1,405		14,199		13.2	%		13.8	%
Brandywine I & II		632		553		1,034		1,219		10,766		17.9	%		20.6	%
Courtney Cove		324		300		1,000		1,113		4,974		11.3	%		27.1	%
Creekside at Matthews		240		83		1,316		1,517		12,455		15.3	%		19.4	%
Cutter’s Point		196		158		1,004		1,133		6,732		12.9	%		23.0	%
Estates on Maryland		330		109		1,285		1,474		13,332		14.7	%		17.0	%
Fairways of San Marcos		352		146		1,510		1,701		13,667		12.7	%		16.8	%
High House at Cary		302		115		1,331		1,602		13,517		20.4	%		24.1	%
Madera Point		256		262		871		983		4,535		12.8	%		29.5	%
Parc500		217		221		1,310		1,501		14,628		14.5	%		15.6	%
Radbourne Lake		225		381		1,079		1,150		2,841		6.6	%		29.9	%
Residences at Glenview Reserve		360		258		1,113		1,332		13,456		19.7	%		19.6	%
Residences at West Place		342		156		1,504		1,710		11,892		13.7	%		20.8	%
Rockledge Apartments		708		470		1,237		1,444		11,091		16.7	%		22.4	%
Sabal Palm at Lake Buena Vista		400		98		1,628		1,865		13,038		14.6	%		21.8	%
Seasons 704 Apartments		222		232		1,228		1,371		7,836		11.6	%		21.8	%
Six Forks Station		323		134		1,145		1,435		12,784		25.4	%		27.2	%
Summers Landing		196		56		1,092		1,316		11,075		20.6	%		24.3	%
Summit at Sabal Park		252		239		1,004		1,105		5,854		10.1	%		20.8	%
The Adair		232		135		1,741		2,030		11,918		16.6	%		29.1	%
The Cornerstone		430		517		1,061		1,155		4,931		8.9	%		22.9	%
The Enclave		204		172		1,468		1,654		10,392		12.7	%		21.5	%
The Heritage		204		177		1,406		1,540		9,609		9.6	%		16.8	%
The Preserve at Terrell Mill		752		781		898		1,079		11,376		20.1	%		19.0	%
The Verandas at Lake Norman		264		90		1,354		1,571		11,041		16.1	%		23.7	%
The Venue on Camelback		415		286		776		1,028		10,264		32.4	%		29.4	%
Torreyana Apartments		316		56		1,477		1,609		13,435		9.0	%		11.9	%
Venue at 8651		333		299		822		933		6,982		13.5	%		19.1	%
Versailles		388		317		817		921		6,164		12.7	%		20.2	%
Versailles II		242		82		903		1,038		5,632		15.0	%		28.9	%

Total/Weighted Average		13,209		8,593	$	1,166	$	1,336	$	9,746		14.6	%		20.9	%

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all full and partial interior upgrades completed through March 31, 2024.

(3)	Inclusive of all full and partial interior upgrades completed and leased through March 31, 2024.


NXRT.NEXPOINT.COM		Page 18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Kitchen & Laundry Appliances


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $			ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		313	$	858	$	50			69.7	%
Arbors on Forest Ridge		210		136		787		17			26.0	%
Atera Apartments		380		368		812		40			59.7	%
Avant at Pembroke Pines		1,520		371		1,364		(40	)		-34.9	%
Brandywine I & II		632		189		1,033		71			81.9	%
Creekside at Matthews		240		191		1,080		45			50.0	%
Cutter’s Point		196		141		756		46			72.9	%
Estates on Maryland		330		21		1,067		38			42.3	%
Madera Point		256		157		885		30			40.2	%
Radbourne Lake		225		224		717		40			66.9	%
Residences at Glenview Reserve		360		31		1,083		46			50.6	%
Rockledge Apartments		708		620		819		40			58.6	%
Sabal Palm at Lake Buena Vista		400		634		599		86			171.8	%
Six Forks Station		323		197		1,087		55			60.7	%
Summers Landing		196		99		835		11			16.4	%
Summit at Sabal Park		252		249		994		40			48.3	%
The Adair		232		11		1,083		84			92.8	%
The Cornerstone		430		17		809		50			74.2	%
The Verandas at Lake Norman		264		152		1,075		44			49.5	%
Venue at 8651		333		264		770		47			73.0	%
Versailles		388		306		868		50			68.4	%
Versailles II		242		138		885		28			38.4	%

Total/Weighted Average		8,463		4,829	$	911	$	39			51.4	%

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all kitchen and laundry appliance upgrades completed through March 31, 2024.

(3)	Inclusive of all kitchen and laundry appliance upgrades completed and leased through March 31, 2024.


NXRT.NEXPOINT.COM		Page 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		346	$	1,419	$	45		30.9	%
Arbors on Forest Ridge		210		210		1,416		45		30.9	%
Atera Apartments		380		380		1,339		50		37.0	%
Avant at Pembroke Pines		1,520		1,520		1,350		45		32.4	%
Bella Solara		320		320		820		35		39.5	%
Bella Vista		248		248		970		40		39.3	%
Bloom		528		528		901		40		42.3	%
Brandywine I & II		632		632		1,234		45		35.5	%
Courtney Cove		324		324		1,238		35		26.2	%
Creekside at Matthews		240		240		913		65		72.9	%
Cutter’s Point		196		196		1,400		45		31.3	%
Estates on Maryland		330		330		913		45		48.0	%
Fairways of San Marcos		352		352		901		40		42.3	%
Hight House at Cary		302		302		899		65		74.1	%
Madera Point		256		256		1,283		45		34.1	%
Old Farm		734		734		928		45		47.2	%
Radbourne Lake		225		225		630		35		51.4	%
Residences at Glenview Reserve		360		360		1,017		45		43.1	%
Rockledge Apartments		708		708		942		35		34.4	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Six Forks Station		323		323		844		35		38.4	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
Summers Landing		196		196		1,449		45		30.2	%
The Adair		232		232		913		45		48.0	%
The Cornerstone		430		430		1,236		45		35.4	%
The Enclave		204		204		966		40		39.4	%
The Heritage		204		204		997		40		38.2	%
The Venue on Camelback Apartments		415		415		808		30		33.0	%
The Verandas at Lake Norman		264		264		954		65		69.8	%
Torreyana Apartments		316		316		900		35		36.0	%
Venue at 8651		333		333		1,229		45		35.6	%
Versailles		388		388		1,080		45		40.6	%
Versailles II		242		242		1,241		45		35.3	%

Total/Weighted Average		11,614		11,614	$	1,104	$	43		37.4	%


Planned Value-Add Programs								Rent Change & ROI (Projections)
Residences at West Place		342		—		TBD		TBD		TBD
Seasons 704 Apartments		222		—		TBD		TBD		TBD
Summit at Sabal Park		252		—		TBD		TBD		TBD
The Preserve at Terrell Mill		752		—		TBD		TBD		TBD

Total/Weighted Average Planned		1,568		—		TBD		TBD		TBD

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all smart home technology package upgrades completed through March 31, 2024.

(3)	Inclusive of all smart home technology package upgrades completed and leased through March 31, 2024.


NXRT.NEXPOINT.COM		Page 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2024 (dollars in thousands):


Operating Properties	Type	Term (months)	Outstanding Principal (1)			Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	Floating	120	$	19,184		6.87%	12/1/2032
Cutter’s Point	Floating	120		21,524		6.87%	12/1/2032
The Summit at Sabal Park	Floating	120		30,826		6.87%	12/1/2032
Courtney Cove	Floating	120		36,146		6.87%	12/1/2032
The Preserve at Terrell Mill	Floating	120		71,098		6.87%	12/1/2032
Versailles	Floating	120		40,247		6.87%	12/1/2032
Seasons 704 Apartments	Floating	120		33,132		6.87%	12/1/2032
Madera Point	Floating	120		34,457		6.87%	12/1/2032
Venue at 8651	Floating	120		18,690		6.87%	12/1/2032
The Venue on Camelback	Floating	120		42,788		7.50%	2/1/2033
Sabal Palm at Lake Buena Vista	Floating	84		42,100		6.74%	9/1/2025
Cornerstone	Floating	120		46,804		7.41%	12/1/2032
Parc500	Floating	120		29,416		6.87%	12/1/2032
Rockledge Apartments	Floating	120		93,129		6.87%	12/1/2032
Atera Apartments	Floating	120		46,198		6.87%	12/1/2032
Versailles II	Floating	84		12,061		6.62%	10/1/2025
Brandywine I & II	Floating	84		43,835		6.62%	10/1/2025
Bella Vista	Floating	84		29,040		6.76%	2/1/2026
The Enclave	Floating	84		25,322		6.76%	2/1/2026
The Heritage	Floating	84		24,625		6.76%	2/1/2026
Summers Landing	Floating	84		10,109		6.62%	10/1/2025
Residences at Glenview Reserve	Floating	84		25,502		6.88%	10/1/2025
Residences at West Place	Fixed	120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating	84		177,100		6.87%	9/1/2026
Arbors of Brentwood	Floating	84		34,237		6.87%	10/1/2026
Torreyana Apartments	Floating	120		50,580		6.87%	12/1/2032
Bloom	Floating	120		59,830		6.87%	12/1/2032
Bella Solara	Floating	120		40,328		6.87%	12/1/2032
Fairways at San Marcos	Floating	120		60,228		6.87%	12/1/2032
The Verandas at Lake Norman	Floating	84		34,925		7.17%	7/1/2028
Creekside at Matthews	Floating	120		29,648		6.87%	12/1/2032
Six Forks Station	Floating	120		41,180		7.04%	10/1/2031
High House at Cary	Floating	84		46,625		7.33%	1/1/2029
The Adair	Floating	84		35,115		7.29%	4/1/2029
Estates on Maryland	Floating	84		43,157		7.29%	4/1/2029

			$	1,463,003
Fair market value adjustment				477
Deferred financing costs, net of accumulated amortization of $4,175				(9,379	)

			$	1,454,101


Held For Sale Properties
Stone Creek at Old Farm	Floating	84		15,274		7.12%	7/1/2024
Radbourne Lake	Floating	84		20,000		6.73%	10/1/2025

			$	35,274
Deferred financing costs, net of accumulated amortization of $530				(70	)

			$	35,204

(1)	Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.

(2)	Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of March 31, 2024, SOFR was 5.322%.


NXRT.NEXPOINT.COM		Page 21

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of March 31, 2024 (dollars in thousands):

Type

Term (months)

Outstanding
Principal

Interest Rate (1)

Maturity Date

Corporate Credit Facility

Floating

—

7.58%

6/30/2025

(1)	Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of March 31, 2024 was 5.329%.

Interest Rate Swap Agreements

As of March 31, 2024, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
June 1, 2019	June 1, 2024	KeyBank	$	50,000		2.0020	%
June 1, 2019	June 1, 2024	Truist		50,000		2.0020	%
September 1, 2019	September 1, 2026	KeyBank		100,000		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
March 1, 2022	March 1, 2025	Truist		145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%

			$	1,167,500		1.0682	%(2)

(1)	The floating rate option for the interest rate swaps is daily compounded average of SOFR plus a 0.11448% adjustment (“Adjusted SOFR”). As of March 31, 2024, Adjusted SOFR was 5.436%.

(2)	Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swap (dollars in thousands):

Effective Date

Termination Date

Counterparty

Notional Amount

Fixed Rate (1)

September 1, 2026

January 1, 2027

KeyBank

92,500

1.7980

(1)	The floating rate option for the interest rate swap is Adjusted SOFR. As of March 31, 2024, Adjusted SOFR was 5.436%.

(2)	Represents the weighted average fixed rate of the forward interest rate swap.


NXRT.NEXPOINT.COM		Page 22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of March 31, 2024, the Company had the following outstanding interest rate caps outstanding that are not designated as cash flow hedges of interest rate risk (dollars in thousands):


Properties	Type	Maturity Date	Notional		Strike Rate
The Verandas at Lake Norman	Floating	7/1/2024		34,925		3.40%
Creekside at Matthews	Floating	7/1/2024		31,900		4.40%
Sabal Palm at Lake Buena Vista	Floating	9/1/2024		42,100		6.20%
Residences at Glenview Reserve	Floating	10/1/2024		25,645		4.81%
Timber Creek	Floating	10/1/2024		24,100		4.99%
Brandywine I & II	Floating	10/1/2024		43,835		6.82%
Radbourne Lake	Floating	10/1/2024		20,000		6.46%
Summers Landing	Floating	10/1/2024		10,109		6.07%
Versailles II	Floating	10/1/2024		12,061		6.82%
Six Forks Station	Floating	10/1/2024		41,180		4.00%
High House at Cary	Floating	1/1/2025		46,625		2.74%
The Heritage	Floating	2/1/2025		24,625		5.18%
The Enclave	Floating	2/1/2025		25,322		5.18%
Bella Vista	Floating	2/1/2025		29,040		5.18%
Estates on Maryland	Floating	4/1/2025		43,157		3.91%
The Adair	Floating	4/1/2025		35,115		3.91%
Rockledge Apartments	Floating	12/1/2025		93,129		6.45%
The Preserve at Terrell Mill	Floating	12/1/2025		71,098		6.45%
Fairways at San Marcos	Floating	12/1/2025		60,228		6.70%
Bloom	Floating	12/1/2025		59,830		6.70%
Atera Apartments	Floating	12/1/2025		46,198		6.45%
Silverbrook	Floating	12/1/2025		46,088		6.45%
Torreyana Apartments	Floating	12/1/2025		50,580		6.70%
Cornerstone	Floating	12/1/2025		46,804		6.66%
Versailles	Floating	12/1/2025		40,247		6.45%
Bella Solara	Floating	12/1/2025		40,328		6.70%
Courtney Cove	Floating	12/1/2025		36,146		6.70%
Madera Point	Floating	12/1/2025		34,457		6.70%
Creekside at Matthews	Floating	12/1/2025		29,648		6.45%
Parc500	Floating	12/1/2025		29,416		6.45%
Seasons 704 Apartments	Floating	12/1/2025		33,132		6.70%
The Summit at Sabal Park	Floating	12/1/2025		30,826		6.70%
Cutter’s Point	Floating	12/1/2025		21,524		6.45%
Venue at 8651	Floating	12/1/2025		18,690		6.45%
Arbors on Forest Ridge	Floating	12/1/2025		19,184		6.70%
Venue on Camelback	Floating	2/1/2026		42,788		6.07%

			$	1,340,080		5.90%	(1)

(1)	Represents the weighted average cap rate of the interest rate caps.


NXRT.NEXPOINT.COM		Page 23

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of March 31, 2024 for the next five calendar years subsequent to March 31, 2024 and thereafter. We used the applicable reference rates as of March 31, 2024 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.


			Payments Due by Period (in thousands)

			Total		2024		2025		2026		2027		2028		Thereafter
Operating Properties Mortgage Debt
Principal payments			$	1,463,003	$	222	$	133,386	$	290,324	$	—	$	81,041	$	958,030
Interest expense	(1	)		383,090		24,907		46,288		40,090		54,145		52,453		165,207

Total			$	1,846,093	$	25,129	$	179,674	$	330,414	$	54,145	$	133,494	$	1,123,237

Held For Sale Property Mortgage Debt
Principal payments			$	35,274	$	15,274	$	20,000	$	—	$	—	$	—	$	—
Interest expense				2,142		1,271		871		—		—		—		—

Total			$	37,416	$	16,545	$	20,871	$	—	$	—	$	—	$	—

Credit Facility
Principal payments			$	—	$	—	$	—	$	—	$	—	$	—	$	—
Interest expense				1,115		668		447		—		—		—		—

Total			$	1,115	$	668	$	447	$	—	$	—	$	—	$	—


Total contractual obligations and commitments			$	1,884,624	$	42,342	$	200,992	$	330,414	$	54,145	$	133,494	$	1,123,237

(1)

Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of March 31, 2024, we had entered into 10 interest rate swap transactions with a combined notional amount of $1.2 billion. We have allocated the total impact of expected settlements on the $1.2 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used the applicable reference rates as of March 31, 2024 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of March 31, 2024, we had total indebtedness of $1.5 billion at an adjusted weighted average interest rate of 3.39%, of which $1.5 billion was debt with a floating interest rate. As of March 31, 2024, interest rate swap agreements effectively covered 80% of our $1.5 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.0682% for Adjusted SOFR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of March 31, 2024, which effectively fix the interest rate on $1.2 billion of our floating rate debt outstanding.


NXRT.NEXPOINT.COM		Page 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Acquisition Details

(in thousands, except for unit and per unit amounts)


Property Name (1)	Location	Units		Transaction Date		Purchase Price		Rehab Budget (2)		Total Investment		Per Unit
Arbors on Forest Ridge	Bedford, Texas		210		1/31/2014	$	12,805	$	1,449	$	14,254	$	67,876
Cutter’s Point	Richardson, Texas		196		1/31/2014		15,845		1,379		17,224		87,878
The Summit at Sabal Park	Tampa, Florida		252		8/20/2014		19,050		1,655		20,705		82,163
Courtney Cove	Tampa, Florida		324		8/20/2014		18,950		1,635		20,585		63,534
Radbourne Lake	Charlotte, North Carolina		225		9/30/2014		24,250		3,947		28,197		125,320
Sabal Palm at Lake Buena Vista	Orlando, Florida		400		11/5/2014		49,500		1,346		50,846		127,115
Cornerstone	Orlando, Florida		430		1/15/2015		31,550		2,610		34,160		79,442
The Preserve at Terrell Mill	Marietta, Georgia		752		2/6/2015		58,000		6,688		64,688		86,021
Versailles	Dallas, Texas		388		2/26/2015		26,165		3,997		30,162		77,737
Seasons 704 Apartments	West Palm Beach, Florida		222		4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, Arizona		256		8/5/2015		22,525		1,808		24,333		95,051
Venue at 8651	Fort Worth, Texas		333		10/30/2015		19,250		4,626		23,876		71,700
Parc500	West Palm Beach, Florida		217		7/27/2016		22,421		5,082		27,503		126,742
The Venue on Camelback	Phoenix, Arizona		415		10/11/2016		44,600		6,018		50,618		121,971
Stone Creek at Old Farm	Houston, Texas		190		12/29/2016		23,332		462		23,794		125,232
Rockledge Apartments	Marietta, Georgia		708		6/30/2017		113,500		2,961		116,461		164,493
Atera Apartments	Dallas, Texas		380		10/25/2017		59,200		7,685		66,885		176,013
Versailles II	Dallas, Texas		242		9/26/2018		24,680		3,721		28,401		117,360
Brandywine I & II	Nashville, Tennessee		632		9/26/2018		79,800		2,843		82,643		130,764
Bella Vista	Phoenix, Arizona		248		1/28/2019		48,400		7,787		56,187		226,560
The Enclave	Tempe, Arizona		204		1/28/2019		41,800		3,414		45,214		221,637
The Heritage	Phoenix, Arizona		204		1/28/2019		41,900		2,608		44,508		218,176
Summers Landing	Fort Worth, Texas		196		6/7/2019		19,396		2,660		22,056		112,531
Residences at Glenview Reserve	Nashville, Tennessee		360		7/17/2019		45,000		2,980		47,980		133,278
Residences at West Place	Orlando, Florida		342		7/17/2019		55,000		5,695		60,695		177,471
Avant at Pembroke Pines	Pembroke Pines, Florida		1,520		8/30/2019		322,000		4,129		326,129		214,559
Arbors of Brentwood	Nashville, Tennessee		346		9/10/2019		62,250		32,583		94,833		274,084
Torreyana Apartments	Las Vegas, Nevada		316		11/22/2019		68,000		4,248		72,248		228,633
Bloom	Las Vegas, Nevada		528		11/22/2019		106,500		2,771		109,271		206,953
Bella Solara	Las Vegas, Nevada		320		11/22/2019		66,500		4,786		71,286		222,769
Fairways at San Marcos	Chandler, Arizona		352		11/2/2020		84,480		3,642		88,122		250,347
The Verandas at Lake Norman	Charlotte, North Carolina		264		6/30/2021		63,500		4,366		67,866		257,068
Creekside at Matthews	Charlotte, North Carolina		240		6/30/2021		63,500		4,628		68,128		283,867
Six Forks Station	Raleigh, North Carolina		323		9/10/2021		58,000		3,943		61,943		191,774
High House at Cary	Cary, North Carolina		302		12/7/2021		74,760		6,431		81,191		268,844
The Adair	Sandy Springs, Georgia		232		4/1/2022		93,250		1,677		94,927		409,168
Estates on Maryland	Phoenix, Arizona		330		4/1/2022		77,900		4,636		82,536		250,109

Total/Weighted Average			13,399			$	2,078,559	$	164,796	$	2,243,355	$	167,427

(1)	Only includes properties owned as of March 31, 2024.

(2)	Includes interior and exterior rehab.


NXRT.NEXPOINT.COM		Page 25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details

(in thousands, except unit and per unit amounts)


Property Name	Location	Units		Purchase Price		Sale Price		Sales Price Per Unit		Sale Date		Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250		5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219		6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828		8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630		9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444		9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707		4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010		4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828		4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169		4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500		7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455		9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684		1/31/2018		29,553		13,742
Edgewater at Sandy Springs	Atlanta, GA		760		58,000		101,250		133,224		8/28/2019		100,219		47,329
Belmont at Duck Creek	Garland, TX		240		18,525		29,500		122,917		8/28/2019		29,148		11,985
The Ashlar	Dallas, TX		264		16,235		29,400		111,364		8/28/2019		29,050		13,205
Heatherstone	Dallas, TX		152		9,450		16,275		107,072		8/28/2019		16,054		6,368
The Pointe at the Foothills	Mesa, AZ		528		52,275		85,400		161,742		8/28/2019		84,663		37,925
Abbington Heights	Antioch, TN		274		17,900		28,050		102,372		8/30/2019		27,630		10,888
Southpoint Reserve at Stoney Creek	Fredericksburg, VA		156		17,000		23,500		150,641		3/20/2020		23,176		5,469
Willow Grove	Nashville, TN		244		13,750		31,300		128,279		3/26/2020		31,005		17,513
Woodbridge	Nashville, TN		220		16,000		31,700		144,091		3/26/2020		31,237		15,990
Eagle Crest	Irving, TX		447		27,325		55,500		124,161		9/30/2020		54,779		30,160
Beechwood Terrace	Antioch, TN		300		21,400		53,600		178,667		11/1/2021		53,003		33,960
Cedar Pointe	Antioch, TN		210		26,500		37,650		179,286		11/1/2021		37,231		12,252
Hollister Place	Houston, TX		260		24,500		36,750		141,346		12/29/2022		36,455		14,684
Silverbrook	Grand Prairie, TX		642		30,400		70,000		109,034		9/22/2023		69,431		43,107
Timber Creek	Charlotte, NC		352		22,750		49,000		139,205		12/13/2023		48,348		24,819
Old Farm	Houston, TX		734		84,721		103,000		140,327		3/1/2024		102,704		31,709

Total/Weighted Average			10,371	$	727,465	$	1,173,925	$	113,193			$	1,159,888	$	475,402

(1)	Represents sales price, net of closing costs.

(2)	The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.


NXRT.NEXPOINT.COM		Page 26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 loss on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) 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 (8) equity in earnings of affiliate. 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), 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.


NXRT.NEXPOINT.COM		Page 27

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt


(dollar amounts in thousands)	Q1 2024			Q1 2023
Total mortgage debt	$	1,498,277		$	1,621,634
Credit facilities		—			57,000

Total Debt		1,498,277			1,678,634
Adjustments to arrive at net debt:
Cash and cash equivalents		(37,234	)		(14,142	)
Restricted cash held for value-add upgrades and green improvements		(2,907	)		(6,988	)

Net Debt	$	1,458,136		$	1,657,504

Enterprise Value (1)	$	2,288,136		$	2,777,504
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		64	%		60	%
Leverage Ratio (Net Debt to Enterprise Value)		64	%		60	%

(1)	Enterprise Value is calculated as Market Capitalization plus Net Debt.

Guidance Reconciliations of NOI, Same Store NOI, 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, 2024			For the Three Months Ended June 30, 2024
			Mid-Point (1)			Mid-Point (1)
Net income			$	18,524		$	10,380
Adjustments to reconcile net income to NOI:
Advisory and administrative fees				7,675			1,910
Corporate general and administrative expenses				18,135			4,693
Property general and administrative expenses	(2	)		4,818			1,130
Depreciation and amortization				99,127			24,525
Interest expense				57,140			14,268
Casualty-related recoveries				—			—
Loss on extinguishment of debt and modification costs				805			258
Equity in earnings of affiliate				(240	)		(60	)
Gain on sales of real estate				(49,427	)		(18,457	)

NOI	(3	)	$	156,557		$	38,647

Less Non-Same Store
Revenues	(4	)		(7,016	)
Operating expenses	(4	)		3,194

Same Store NOI	(4	)	$	152,735

(1)

Mid-Point estimates shown for full year and second quarter 2024 guidance. Assumptions made for full year and second quarter 2024 NOI guidance include the Same Store operating growth projections included in the “2024 Full Year Guidance Summary” section of this release and the effect of the acquisition and 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)	FY 2024 NOI Guidance considers the forecast disposition of Radbourne Lake and considers a commensurate volume of capital recycling.

(4)	Year-over-year growth for the Full Year 2024 pro forma Same Store pool (35 properties).


NXRT.NEXPOINT.COM		Page 28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2023 and 2022 and the three months ended December 31, 2023 (in thousands):


			For the Year Ended December 31,						For the Three Months Ended December 31,
			2023			2022			2023
Net income (loss)			$	44,433		$	(9,291	)	$	18,421
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees				7,645			7,547			1,863
Corporate general and administrative expenses				16,663			14,670			3,920
Casualty-related expenses/(recoveries)	(1	)		(2,214	)		1,119			(882	)
Casualty gains				856			(2,506	)		(124	)
Gain on forfeited deposits				(250	)		—			—
Property general and administrative expenses	(2	)		3,701			3,600			1,005
Depreciation and amortization				95,186			97,648			24,251
Interest expense				67,106			50,587			18,256
Equity in earnings of affiliate				(205	)		—			(28	)
Loss on extinguishment of debt and modification costs				2,409			8,734			316
Gain on sales of real estate				(67,926	)		(14,684	)		(24,836	)

NOI			$	167,404		$	157,424		$	42,162

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

(2)


NXRT.NEXPOINT.COM		Page 29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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, 2024 (in thousands, except per share data):


	For the Year Ended December 31, 2024
	Mid-Point
Net income	$	18,524
Depreciation and amortization		99,127
Gain on sales of real estate		(49,427	)
Adjustment for noncontrolling interests		(295	)

FFO attributable to common stockholders		67,929

FFO per share - diluted (1)	$	2.66


Loss on extinguishment of debt and modification costs		805
Casualty-related recoveries		—
Amortization of deferred financing costs - acquisition term notes		872
Adjustment for noncontrolling interests		(2	)

Core FFO attributable to common stockholders		69,604

Core FFO per share - diluted (1)	$	2.72


Amortization of deferred financing costs - long term debt		1,656
Equity-based compensation expense		10,395
Adjustment for noncontrolling interests		(48	)

AFFO attributable to common stockholders		81,607

AFFO per share - diluted (1)	$	3.19


Weighted average common shares outstanding - diluted		25,559

(1)	For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.6 million for the full year 2024.


NXRT.NEXPOINT.COM		Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income, the most directly comparable GAAP financial measure, for the years ended December 31, 2023 and 2022 (in thousands, except per share amounts):


	For the Year Ended December 31,
	2023			2022
Net income (loss)	$	44,433		$	(9,291	)
Depreciation and amortization		95,186			97,648
Gain on sales of real estate		(67,926	)		(14,684	)
Adjustment for noncontrolling interests		(273	)		(276	)

FFO attributable to common stockholders		71,420			73,397


FFO per share - basic	$	2.78		$	2.87

FFO per share - diluted	$	2.72		$	2.81


Loss on extinguishment of debt and modification costs		2,409			8,734
Casualty-related expenses/(recoveries)		(2,214	)		1,119
Casualty losses (gains)		856			(2,506	)
Gain on forfeited deposits		(250	)		—
Amortization of deferred financing costs - acquisition term notes		1,321			1,083
Adjustment for noncontrolling interests		(8	)		(31	)

Core FFO attributable to common stockholders		73,534			81,796


Core FFO per share - basic	$	2.87		$	3.19

Core FFO per share - diluted	$	2.80		$	3.13


Amortization of deferred financing costs - long term debt		1,624			1,696
Equity-based compensation expense		9,287			7,911
Adjustment for noncontrolling interests		(41	)		(37	)

AFFO attributable to common stockholders		84,404			91,366


AFFO per share - basic	$	3.29		$	3.57

AFFO per share - diluted	$	3.22		$	3.49


Weighted average common shares outstanding - basic		25,654			25,610

Weighted average common shares outstanding - diluted		26,245			26,151


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NexPoint Residential Trust (NXRT) 8-KResults of Operations and Financial Condition