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

Exhibit 99.1

16 February 2021 | NYSE:NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 2020

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

PHONE: 972-628-4100

INVESTOR RELATIONS:

JACKIE GRAHAM - 972-419-6213

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS

Earnings Release	1
Cautionary Statement Regarding Forward-Looking Statements	3
Overview	4
Highlights of Fourth Quarter and FY 2020 Activity	5
Financial Summary	6
2021 Full Year Guidance Summary	7
Components of Net Asset Value	8
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
2019-2020 Same Store Results	11
2019-2020 Same Store Properties Operating Metrics	13
QoQ Same Store Properties Operating Metrics	14
2018-2020 Same Store Results	15
Q4 Same Store Results	17
FFO, Core FFO and AFFO	19
Historical Capital Expenditures	20
Value-Add Program Details	21
Outstanding Debt Details	24
Debt Maturity Schedule	26
Historical Acquisition Details	27
Historical Disposition Details	28
Definitions and Reconciliations of Non-GAAP Measures	29

   FAIRWAYS AT SAN MARCOS

  STANDARD INTERIOR UNIT

   UPGRADED INTERIOR UNIT

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Jackie Graham

JGraham@nexpoint.com

972-419-6213

Media inquiries: JGraham@nexpoint.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2020RESULTS

NXRT Recaps Acquisition/Disposition Activity, Value-Add Results and Issues 2021 Full Year Guidance

Dallas, TX, February 16, 2021 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2020.

Highlights

• NXRT¹ reported net income, FFO², Core FFO² and AFFO² of $44.0M, $57.2M, $55.5M and $62.4M, respectively, attributable to common stockholders for the year ended December 31, 2020, compared to net income, FFO, Core FFO, and AFFO of $99.1M, $40.7M, $47.6M and $54.2M, respectively, attributable to common stockholders for the year ended December 31, 2019.

• For the year ended December 31, 2020, 2019-2020 Same Store properties³ average effective rent, total revenue and NOI² increased 1.4%, 3.6% and 3.2%, respectively, and occupancy decreased 10 bps over the prior year period.

• During the three months ended December 31, 2020, NXRT acquired the Fairways at San Marcos, a 352-unit garden style apartment community in Chandler, Arizona, for a purchase price of approximately $84.5 million.

• The weighted average effective monthly rent per unit across all 37 properties held as of December 31, 2020 (the “Portfolio”), consisting of 14,069 units⁴, was $1,128, while physical occupancy was 94.1%.

• NXRT paid a fourth quarter dividend of $0.34125 per share of common stock on December 31, 2020; this cash dividend represented a $0.0288 per share, or 9.2% increase, over the prior quarter’s dividend.

• During 2020, for the properties in the Portfolio, NXRT completed 1,679 full and partial upgrades, achieving an average monthly rent premium of $131 and a 21.7% ROI⁵.

• Since inception, NXRT has completed installation of 5,355 full & partial upgrades, 4,286 kitchen and laundry appliances and 8,880 technology packages, resulting in $126, $48 and $44 average monthly rental increase per unit and 21.5%, 74.2% and 33.8% ROI, respectively.

• During the full year 2020, through its at-the-market offering (“ATM program”), NXRT issued approximately 1.3 million shares of common stock for approximately $59.5 million in gross proceeds.

(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 24 properties encompassing 9,074 units of apartment space in our Same Store pool for the year ended December 31, 2020  (our “2019-2020” Same Store” properties). There are 32 properties encompassing 12,494 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2020 (our “Q4 Same Store” properties).

(4) Total number of units owned as of December 31, 2020 is 14,205. Cutter’s Point suffered damage from a tornado on October 20, 2019 and 60 of the 196 units were rebuilt and returned to operation as of December 31, 2020.

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Full Year 2020 Financial Results

• Total revenues were $204.8 million for the full year 2020, compared to $181.1 million for the full year 2019.

• Net income for the full year 2020 totaled $44.0 million, or income of $1.74 per diluted share, which included a gain on sales of real estate of $69.2 million and $82.4 million of depreciation and amortization expense. This compared to net income of $99.1 million, or income of $4.03 per diluted share, which included a gain on sales of real estate of $127.7 million and $69.1 million of depreciation and amortization expense for the full year 2019.

• The change in our net income of $44.2 million for the year ended December 31, 2020 as compared to our net income of $99.4 million for the year ended December 31, 2019 primarily relates to decreases in gains on sales of real estate and increases in depreciation and total property operating expenses, partially offset by an increase in total revenues.

• For the full year 2020, NOI was $116.1 million on 37 properties, compared to $102.6 million for the full year 2019 on 40 properties.

• For the full year 2020, Same Store NOI increased 3.2% to $68.2 million, compared to $66.1 million for the full year 2019.

• For the full year 2020, FFO totaled $57.2 million, or $2.27 per diluted share, compared to $40.7 million, or $1.66 per diluted share, for the full year 2019. For the full year 2020, Core FFO totaled $55.5 million, or $2.20 per diluted share, compared to $47.6 million, or $1.93 per diluted share, for the full year 2019. For the full year 2020, AFFO totaled $62.4 million, or $2.47 per diluted share, compared to $54.2 million, or $2.20 per diluted share, for the full year 2019.

Fourth Quarter 2020 Financial Results

• Total revenues were $50.5 million for the fourth quarter of 2020, compared to $49.7 million for the fourth quarter of 2019.

• Net loss for the fourth quarter of 2020 totaled $(4.2) million, or a loss of $(0.17) per diluted share, which included $19.9 million of depreciation and amortization expense and $11.0 million of interest expense. This compared to net loss of $(13.3) million, or a loss of $(0.53) per diluted share, for the fourth quarter of 2019, which included $23.4 million of depreciation and amortization expense and $10.7 million of interest expense.

• The change in our net loss between the periods primarily relates to an increase in total revenues, partially offset by increases in interest expense and depreciation and amortization expense.

• For the fourth quarter of 2020, NOI was $28.0 million on 37 properties, compared to $28.3 million for the fourth quarter of 2019 on 40 properties.

• For the fourth quarter of 2020, Q4 Same Store NOI decreased 1.8% to $24.6 million, compared to $25.1 million for the fourth quarter of 2019, which was impacted by a 21.0% increase in real estate tax accruals.

• For the fourth quarter of 2020, FFO totaled $15.7 million, or $0.62 per diluted share, compared to $10.1 million, or $0.39 per diluted share, for the fourth quarter of 2019. For the fourth quarter of 2020, Core FFO totaled $14.2 million, or $0.56 per diluted share, compared to $13.8 million, or $0.54 per diluted share, for the fourth quarter of 2019. For the fourth quarter of 2020, AFFO totaled $15.9 million, or $0.63 per diluted share, compared to $15.0 million, or $0.59 per diluted share, for the fourth quarter of 2019.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 16, 2021 at 11:00 a.m. ET to discuss its fourth quarter and full year financial results. The conference call can be accessed live over the phone by dialing 800-437-2398 or, for international callers, +1 323-289-6576 and using passcode Conference ID: 7677037.  A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Investor Relations").  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, February 23, 2021 by dialing 888-203-1112 or, for international callers, +1 719-457-0820 and entering passcode 7677037.

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 “Investor Relations” tab.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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,” “intend” 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, the COVID-19 pandemic and its effects on our business, net asset value and the related components and assumptions, NXRT’s guidance for financial results for the full year 2021 and the related assumptions, including the effects of tornado damage at Cutter’s Point, expected acquisitions and dispositions, shares outstanding and real estate taxes, net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, guidance for the first quarter 2021 and the related assumptions, planned value-add programs, including projected average rent, rent change and return on investment, expected return to service of units at Cutter’s Point damaged by the tornado and expected acquisitions and dispositions. 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 the ultimate geographic spread, duration and severity of the COVID-19 pandemic, and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, as well as those described in greater detail in our filings with the Securities and Exchange Commission, particularly those specifically 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: FOURTH QUARTER & FULL YEAR 2020 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$42.54
Insider Ownership	12.32%
2021 Q1 Dividend Per Share	$0.3413
Dividend Yield (1)	3.21%
Shares outstanding - basic (2)	24,715
Shares outstanding - diluted (2)	25,234

(1) As of the close of market trading on February 12, 2021.

(2) Weighted average for the year ended December 31, 2020.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth	18.2%
Nashville	13.0%
South Florida	13.8%
Atlanta	10.3%
Phoenix	11.8%
Houston	8.3%
Orlando	8.3%
Las Vegas	8.1%
Charlotte	4.1%
Tampa	4.1%
Total	100.0%

Revenue & Average Rent Per Unit	Stock Price Performance (Since Inception; 4/1/2015)

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Fourth Quarter and Full Year 2020 Activity

DISPOSITIONS

Property Name	Location	Date of Sale	Sales Price		Multiple on Invested Capital	Net Cash Proceeds(1)		Gain on Sale of Real Estate
Southpoint Reserve at Stoney Creek	Fredericksburg, Virginia	March 20, 2020	$	23,500	2.20x	$	9,944	$	5,469
Willow Grove	Nashville, Tennessee	March 26, 2020		31,300	4.92x		16,039		17,513
Woodbridge	Nashville, Tennessee	March 26, 2020		31,700	4.33x		17,423		15,990
Eagle Crest	Irving, Texas	September 30, 2020		55,500	5.96x		24,974		30,160
			$	142,000	4.42x	$	68,380	$	69,132

(1) Represents sales price, net of debt repayment and prepayment penalties.

NXRT 2020 COLLECTIONS*

Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
98.9%	99.5%	99.4%	93.9%	98.4%	100.8%	99.1%	101.2%	100.2%	97.0%	99.0%	98.7%

* Represents collected rent as a percentage of charged rent as of the applicable month. NXRT continues to collect delinquent rent, payment plans and state issued rental assistance funds.

LEASED REHABS	DIVIDEND GROWTH
CORE FFO GROWTH*	NOI GROWTH*

*Net income (loss) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands) was $44,150, $99,438, $(1,614), $56,359, $25,888 and      $(10,992), respectively.  

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

	FY 2020			FY 2019			FY 2018			Q4 2020			Q4 2019
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	1,058,000		$	1,136,000		$	824,000
Share Price (as of the last day of the period)	$	42.31		$	45.00		$	35.05
Weighted average common shares outstanding - basic		24,715			24,116			21,189			24,797			25,073
Weighted average common shares outstanding - diluted		25,234			24,593			21,667			25,350			25,520
Earnings Profile
Total revenues	$	204,800		$	181,066		$	146,597		$	50,548		$	49,676
Net income (loss) attributable to common stockholders		44,018			99,140			(1,609	)		(4,199	)		(13,266	)
NOI (1)		116,092			102,591			80,175			28,046			28,327
Same Store NOI (2)		68,150			66,054						24,627			25,078
Same Store NOI Growth (%) (2)		3.2	%								-1.8	%
Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	1.74		$	4.03		$	(0.08	)	$	(0.17	)	$	(0.53	)
FFO (1)	$	2.27		$	1.66		$	1.48		$	0.62		$	0.39
Core FFO (1)	$	2.20		$	1.93		$	1.62		$	0.56		$	0.54
AFFO (1)	$	2.47		$	2.20		$	1.88		$	0.63		$	0.59
Dividends declared per common share	$	1.279		$	1.138		$	1.025		$	0.341		$	0.313
FFO Coverage (3)	1.77x			1.46x			1.44x			1.81x			1.26x
Core FFO Coverage (3)	1.72x			1.70x			1.58x			1.64x			1.73x
AFFO Coverage (3)	1.94x			1.94x			1.84x			1.84x			1.88x
Portfolio
Total Properties		37			40			35
Total Units		14,205			14,724			12,555
Occupancy		94.1	%		94.2	%		94.6	%
Average Effective Monthly Rent per Unit	$	1,128		$	1,103		$	985
Same Store Portfolio Metrics (2)
Total Same Store Properties		24			24						32			32
Total Same Store Units		9,074			9,074						12,494			12,494
Occupancy		94.2	%		94.3	%					94.1	%		94.3	%
Average Effective Monthly Rent per Unit	$	1,047		$	1,033					$	1,124		$	1,108
Value-Add Program
Completed Full/Partial Interior Rehab Units		1,679			2,516			1,432			311			533
Cumulative Completed Rehab Units (4)		5,355
Average Increase to Effective Monthly Rent      per Unit (Post-Rehab)	$	126
ROI on Post-Rehab Units		21.5	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,168,078		$	1,193,528		$	845,713
Credit Facilities		183,000			218,000
Total Debt Outstanding	$	1,351,078		$	1,411,528		$	845,713
Leverage Ratio (Net Debt to Enterprise Value) (5)		55	%		55	%		50	%

(1) For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO” 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. Full year results are shown for the 2019-2020 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2019-2020 Same Store properties, see the “Q4 Same Store Results” and “2019-2020 Same Store Results” section of this release.

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

(4) Inclusive of all full and partial interior upgrades completed through December 31, 2020. Cumulative results exclude rehabs completed for properties sold through December 31, 2020.

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2021 Full Year Guidance Summary

NXRT is providing initial 2021 guidance ranges for earnings (loss) per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, and Same Store NOI as follows:

	Guidance Range (1)
	Low-End			Mid-Point			High-End
Earnings (loss) per diluted share (2)	$	(0.97	)	$	(0.88	)	$	(0.79	)
Core FFO per diluted share (2) (3)	$	2.16		$	2.25		$	2.35
Same Store Growth: (4)
Rental Income		4.1	%		4.7	%		5.4	%
Total Revenue		3.9	%		4.5	%		5.2	%
Total Operating Expenses (5)		7.9	%		6.6	%		5.3	%
Same Store NOI (3)		0.9	%		3.0	%		5.1	%
Other Considerations: (6)
Acquisitions	$	100.0		$	150.0		$	200.0
Dispositions (7)	$	75.0		$	112.5		$	150.0

(1) Full Year 2021 guidance forecast includes Same Store growth projections presented above, which takes into effect the tornado damage at Cutter’s Point and the forecast dispositions of Beechwood Terrace and Cedar Point, and assumes no further acquisition or disposition activity for the remainder of the year.

(2) Weighted average diluted share count estimate for full year 2021 is approximately 25.7 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2021 Same Store NOI and Core FFO guidance to net loss 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 2021 pro forma Same Store pool (35 properties).

(5) The largest component to our same store operating expense forecast, real estate tax expense, is largely outside of our ability to control and while we do everything in our power to effectuate reasonable outcomes, we come into the 2021 forecast year amidst the backdrop of a COVID-19 recession that has accentuated state and local municipal budget shortfalls. One expected area of opportunity for such state and local municipalities to make up for any anticipated or actual budget shortfalls is through increased taxation. There is significant uncertainty surrounding potential property value and millage rate increases for 2021, and our forecast reflects a similar variance in potential results. Furthermore, both Davidson and Williamson County, Tennessee operate on a four-year reappraisal cycle, which is set to occur in 2021. As a result, we expect to see significant assessed value inflation across our Nashville portfolio in 2021. Initial indications of value will be available by early May 2021 but our initial guidance assumes revaluation at a rate of purchase price plus 8% annual inflation. Across all assets, we expect to take all available action to control real estate tax expense inflation but we do see this as a significant component of full year performance and we highlight it here as such.

(6) We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are not incorporated into the EPS and CFFO 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.

(7) Includes the forecast dispositions of Beechwood Terrace and Cedar Pointe.

Additional information on 2021 financial and earnings guidance is included in the following sections of this release.

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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	13.2%	4.4%	4.8%	$	326,113	$	364,028
Houston	7.1%	4.7%	5.0%		166,063		182,672
North Carolina
Charlotte	3.8%	4.4%	4.7%		94,643		104,535
Georgia
Atlanta	10.7%	4.4%	4.7%		268,400		296,452
Tennessee
Nashville	11.9%	4.4%	4.7%		298,439		329,630
Florida
Orlando	8.0%	4.7%	5.0%		188,621		207,486
Tampa	3.6%	4.4%	4.7%		89,756		99,136
South Florida	17.4%	4.4%	4.7%		435,493		481,009
Nevada
Las Vegas	9.7%	4.7%	5.0%		227,963		250,763
Arizona
Phoenix	14.6%	4.4%	4.7%		365,977		404,227
Total / Ave	100.0%	4.5%	4.8%	$	2,461,468	$	2,719,938

NAV SUMMARY

Component	Min		Max
Tangible Assets
Real Estate (2)	$	2,461,468	$	2,719,938
Cash	24,457
Restricted Cash - Renovation Reserves (4)	10,614
Renovation Capital Expenditures (4)	(10,614)
Cash Adjustments (5)	(896)
Fair Market Value of Interest Rate Swaps	0
Other Assets	33,394
Value of Assets	$	2,518,423	$	2,776,893
Tangible Liabilities
Credit Facility (6)	$183,000
Mortgage Debt	1,168,078
Total Outstanding Debt	1,351,078
Forward 12-month Principal Payments (5)	(896)
Total Outstanding Debt (FY 2021 Est.)	1,350,182
Other Tangible Liabilities (at Book)	29,481
Derivative Liability	43,530
Value of Liabilities	$1,423,193
Net Leverage (mid-point)	54%
Net Asset Value	$	1,095,230	$	1,353,700
Shares outstanding - diluted (FY 2021 Est.)	25,571
Est. NAV / Share	$	42.83	$	52.94
NAV / Share (mid-point)	$47.88

NOI ESTIMATE

4Q 2020 NOI Actual	28,046
FY 2020 NOI Actual	116,092
	Low		High
Estimated 1Q 2021 NOI Guidance (3)		28,125		29,325
2021 NOI Guidance (3)	$	117,600	$	121,600

IMPLIED VALUATION METRICS

	Min	Max
Implied Real Estate Value	$2,461,468	$2,719,938
No. of Units (December 31, 2020) (2)	14,205
Implied Value/Apartment Unit	$173.3	$191.5
Implied Value/Apartment Unit (mid-point)	$182.4

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

(2) Estimated value ranges are presented for the existing portfolio (37 properties at December 31, 2020).

(3) The Company anticipates net loss will be in the range between approximately ($20.2) million and ($25.0) million for the full year 2021 and between ($8.1) million and ($9.2) million for the first quarter of 2021. FY 2021 NOI Guidance does not consider any additional acquisition or disposition activity for the remainder of the year.

(4) Includes approximately $10.6 million that is held for value-add upgrades; reduced by $10.6 million for estimated 2021 rehab expenditures.

(5) Includes approximately $0.9 million in forward 12-month principal payments.

(6) Includes outstanding balance as of December 31, 2020.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	December 31, 2020			December 31, 2019
ASSETS
Operating Real Estate Investments
Land	$	323,429		$	317,886
Buildings and improvements		1,544,115			1,472,319
Intangible lease assets		1,675			12,414
Construction in progress		10,796			4,375
Furniture, fixtures, and equipment		96,228			81,038
Total Gross Operating Real Estate Investments		1,976,243			1,888,032
Accumulated depreciation and amortization		(215,494	)		(152,552	)
Total Net Operating Real Estate Investments		1,760,749			1,735,480
Real estate held for sale, net of accumulated depreciation of $0 and $7,859, respectively		—			46,330
Total Net Real Estate Investments		1,760,749			1,781,810
Cash and cash equivalents		24,457			25,671
Restricted cash		32,558			45,511
Accounts receivable		9,045			6,285
Prepaid and other assets		2,405			2,336
Fair market value of interest rate swaps		—			4,376
TOTAL ASSETS	$	1,829,214		$	1,865,989
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,162,855		$	1,145,371
Mortgages payable held for sale, net		—			41,176
Credit facility, net		182,323			216,501
Accounts payable and other accrued liabilities		10,058			11,971
Accrued real estate taxes payable		12,822			12,206
Accrued interest payable		2,274			3,691
Security deposit liability		2,688			2,977
Prepaid rents		1,639			1,658
Fair market value of interest rate swaps		43,530			902
Total Liabilities		1,418,189			1,436,453
Redeemable noncontrolling interests in the Operating Partnership		3,098			3,295
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; 25,016,957 and 25,245,740 shares issued and outstanding, respectively		250			251
Additional paid-in capital		376,710			359,748
Accumulated earnings less dividends		75,321			63,776
Accumulated other comprehensive income (loss)		(44,354	)		2,466
Total Stockholders' Equity		407,927			426,241
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,829,214		$	1,865,989

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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 Year Ended December 31,
	2020			2019			2018
Revenues
Rental income	$	199,237		$	177,162		$	143,158
Other income		5,563			3,904			3,439
Total revenues		204,800			181,066			146,597
Expenses
Property operating expenses		47,201			42,692			35,824
Real estate taxes and insurance		31,709			25,113			20,713
Property management fees (1)		5,971			5,388			4,382
Advisory and administrative fees (2)		7,670			7,500			7,474
Corporate general and administrative expenses		10,035			9,613			7,808
Property general and administrative expenses		6,239			6,765			6,134
Depreciation and amortization		82,411			69,086			47,470
Total expenses		191,236			166,157			129,805
Operating income before gain on sales of real estate		13,564			14,909			16,792
Gain on sales of real estate		69,151			127,684			13,742
Operating income		82,715			142,593			30,534
Interest expense		(44,753	)		(37,385	)		(28,572	)
Loss on extinguishment of debt and modification costs		(1,470	)		(2,869	)		(3,576	)
Casualty gains (losses)		5,886			(3,488	)		—
Miscellaneous income		1,772			587			—
Net income (loss)		44,150			99,438			(1,614	)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		132			298			(5	)
Net income (loss) attributable to common stockholders	$	44,018		$	99,140		$	(1,609	)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(46,961	)		(14,625	)		1,931
Total comprehensive income (loss)		(2,811	)		84,813			317
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(9	)		254			1
Comprehensive income (loss) attributable to common stockholders	$	(2,802	)	$	84,559		$	316
Weighted average common shares outstanding - basic		24,715			24,116			21,189
Weighted average common shares outstanding - diluted		25,234			24,593			21,667
Earnings (loss) per share - basic	$	1.78		$	4.11		$	(0.08	)
Earnings (loss) per share - diluted	$	1.74		$	4.03		$	(0.08	)

(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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2019-2020 Same Store Results of Operations for the Years Ended December 31, 2020 and 2019

There are 24 properties encompassing 9,074 units of apartment space, or approximately 64% of our Portfolio, in our same store pool for the years ended December 31, 2020 and 2019 (our “2019-2020 Same Store” properties). Our 2019-2020 Same Store properties exclude the following 13 properties in our Portfolio as of December 31, 2020: Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, Bella Solara, Fairways at San Marcos, and Cutter’s Point.

As of December 31, 2020, our 2019-2020 Same Store properties were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $1,047, a year-over-year decrease of 10 bps and an increase of $14, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2020 and 2019 for our 2019-2020 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,
	2020		2019		$ Change			% Change
Revenues
Same Store
Rental income	$	120,109	$	115,588	$	4,521			3.9	%
Other income		2,106		2,331		(225	)		-9.7	%
Same Store revenues		122,215		117,919		4,296			3.6	%
Non-Same Store
Rental income		79,128		61,574		17,554			28.5	%
Other income		3,457		1,573		1,884			119.8	%
Non-Same Store revenues		82,585		63,147		19,438			30.8	%
Total revenues		204,800		181,066		23,734			13.1	%
Operating expenses
Same Store
Property operating expenses (1)		27,910		27,484		426			1.5	%
Real estate taxes and insurance		19,301		17,331		1,970			11.4	%
Property management fees (2)		3,629		3,518		111			3.2	%
Property general and administrative expenses (3)		3,225		3,532		(307	)		-8.7	%
Same Store operating expenses		54,065		51,865		2,200			4.2	%
Non-Same Store
Property operating expenses (4)		17,991		15,242		2,749			18.0	%
Real estate taxes and insurance		12,408		7,782		4,626			59.4	%
Property management fees (2)		2,342		1,870		472			25.2	%
Property general and administrative expenses (5)		1,902		1,716		186			10.8	%
Non-Same Store operating expenses		34,643		26,610		8,033			30.2	%
Total operating expenses		88,708		78,475		10,233			13.0	%
NOI
Same Store		68,150		66,054		2,096			3.2	%
Non-Same Store		47,942		36,537		11,405			31.2	%
Total NOI (6)	$	116,092	$	102,591	$	13,501			13.2	%

(1) For the years ended December 31, 2020 and 2019, excludes approximately $555,000 and $53,000, respectively, of casualty-related recoveries.

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

(3) For the years ended December 31, 2020 and 2019, excludes approximately $495,000 and $883,000, 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 and franchise tax fees.

(4) For the years ended December 31, 2020 and 2019, excludes approximately $344,000 and $19,000, respectively, of casualty-related expenses.

(5) For the years ended December 31, 2020 and 2019, excludes approximately $617,000 and $634,000, 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 and franchise tax fees.

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table contains additional information about our 2019-2020 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2020 and 2019 (dollars in thousands, except for per unit data):

	FY 2020			FY 2019			% Change
Same Store Total Units		9,074			9,074
Same Store Occupied Units		8,548			8,555
Same Store Ending Occupancy		94.2	%		94.3	%		-0.1	%
Same Store Average Rent per Unit	$	1,047		$	1,033			1.4	%
Same Store Revenues
Same Store Rental Income	$	120,109		$	115,588			3.9	%
Same Store Other Income		2,106			2,331			-9.7	%
Total Same Store Revenues		122,215			117,919			3.6	%
Same Store Operating Expenses
Payroll		11,821			11,661			1.4	%
Repairs & Maintenance		9,763			9,654			1.1	%
Utilities		6,326			6,169			2.5	%
Real Estate Taxes		16,945			15,258			11.1	%
Insurance		2,356			2,073			13.7	%
Property Management Fees		3,629			3,518			3.2	%
Office Operations		2,178			2,261			-3.7	%
Marketing		1,047			1,271			-17.6	%
Total Same Store Operating Expenses		54,065			51,865			4.2	%
2019-2020 Same Store NOI	$	68,150		$	66,054			3.2	%

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2019-2020 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		2020		2019		% Change	2020			2019			bps ∆		2020		2019		% Change
Texas
Dallas		2,195	$	977	$	959	1.9%		94.4	%		94.7	%		-30	$	28,245	$	27,165	4.0%
Houston		1,184		1,115		1,131	-1.4%		91.9	%		93.3	%		-140		16,644		16,214	2.7%
Average/Total		3,379		1,025		1,019	0.6%		93.5	%		94.2	%		-70		44,889		43,379	3.5%
North Carolina
Charlotte		577		1,020		993	2.7%		92.0	%		93.2	%		-120		7,192		6,833	5.3%
Average/Total		577		1,020		993	2.7%		92.0	%		93.2	%		-120		7,192		6,833	5.3%
Georgia
Atlanta		1,460		1,130		1,110	1.8%		95.5	%		95.1	%		40		19,694		19,159	2.8%
Average/Total		1,460		1,130		1,110	1.8%		95.5	%		95.1	%		40		19,694		19,159	2.8%
Tennessee
Nashville		1,142		978		984	-0.6%		95.0	%		92.6	%		240		14,497		13,771	5.3%
Average/Total		1,142		978		984	-0.6%		95.0	%		92.6	%		240		14,497		13,771	5.3%
Florida
Orlando		830		1,156		1,156	0.0%		93.0	%		94.7	%		-170		11,750		11,760	-0.1%
Tampa		576		985		964	2.2%		94.6	%		95.8	%		-120		7,030		6,693	5.0%
South Florida		439		1,274		1,228	3.7%		98.2	%		93.8	%		440		7,085		6,649	6.6%
Average/Total		1,845		1,131		1,113	1.6%		94.7	%		94.9	%		-20		25,865		25,102	3.0%
Arizona
Phoenix		671		882		834	5.8%		93.7	%		94.9	%		-120		7,972		7,344	8.6%
Average/Total		671		882		834	5.8%		93.7	%		94.9	%		-120		7,972		7,344	8.6%
Average/Total		9,074	$	1,047	$	1,033	1.4%		94.2	%		94.3	%		-10	$	120,109	$	115,588	3.9%

(1) This table only includes the 24 properties in our 2019-2020 Same Store pool.

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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		Q4 2020		Q3 2020		% Change	Q4 2020			Q3 2020			bps ∆		Q4 2020		Q3 2020		% Change
Texas
Dallas		2,391	$	974	$	970	0.4%		94.6	%		95.6	%		-100	$	7,713	$	7,711	0.0%
Houston		1,184		1,115		1,108	0.6%		91.9	%		94.6	%		-270		4,105		4,156	-1.2%
Average/Total		3,575		1,021		1,016	0.5%		93.7	%		95.3	%		-160		11,818		11,867	-0.4%
North Carolina
Charlotte		577		1,020		1,016	0.4%		92.0	%		96.5	%		-450		1,765		1,834	-3.8%
Average/Total		577		1,020		1,016	0.4%		92.0	%		96.5	%		-450		1,765		1,834	-3.8%
Georgia
Atlanta		1,460		1,130		1,114	1.4%		95.5	%		95.4	%		10		4,999		4,911	1.8%
Average/Total		1,460		1,130		1,114	1.4%		95.5	%		95.4	%		10		4,999		4,911	1.8%
Tennessee
Nashville		1,848		1,020		1,027	-0.7%		93.9	%		93.9	%		0		6,032		5,477	10.1%
Average/Total		1,848		1,020		1,027	-0.7%		93.9	%		93.9	%		0		6,032		5,477	10.1%
Florida
Orlando		1,172		1,173		1,183	-0.8%		92.2	%		91.3	%		90		4,088		3,981	2.7%
Tampa		576		985		986	-0.1%		94.6	%		95.7	%		-110		1,766		1,757	0.5%
South Florida		1,959		1,459		1,462	-0.2%		95.3	%		96.2	%		-90		8,955		8,863	1.0%
Average/Total		3,707		1,295		1,300	-0.4%		94.2	%		94.6	%		-40		14,809		14,601	1.4%
Arizona
Phoenix		1,327		1,103		1,093	0.9%		94.7	%		95.7	%		-100		4,866		4,813	1.1%
Average/Total		1,327		1,103		1,093	0.9%		94.7	%		95.7	%		-100		4,866		4,813	1.1%
Average/Total		12,494	$	1,124	$	1,122	0.2%		94.1	%		95.0	%		-90	$	44,289	$	43,503	1.8%

(1) This table only includes the 32 properties in our Q4 Same Store pool.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2018-2020 Same Store Results of Operations for the Years Ended December 31, 2020, 2019 and 2018

There are 21 properties encompassing 7,990 units of apartment space, or approximately 57% of our Portfolio, in our same store pool for the years ended December 31, 2020, 2019 and 2018 (our “2018-2020 Same Store” properties). Our 2018-2020 Same Store properties exclude the following 16 properties in our Portfolio as of December 31, 2020: Cedar Pointe, Crestmont Reserve, Brandywine I & II, Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, Bella Solara, Fairways at San Marcos, and Cutter’s Point.

As of December 31, 2020, our 2018-2020 Same Store properties were approximately 94.0% leased with a weighted average monthly effective rent per occupied apartment unit of $1,058. As of December 31, 2019, our 2018-2020 Same Store properties were approximately 94.4% leased with a weighted average monthly effective rent per occupied apartment unit of $1,040. As of December 31, 2018, our 2018-2020 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,005.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2020, 2019 and 2018 for our 2018-2020 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,						2020 compared to 2019						2019 compared to 2018
	2020		2019		2018		$ Change			% Change			$ Change			% Change
Revenues
Same Store
Rental income	$	106,490	$	102,554	$	98,013	$	3,936			3.8	%	$	4,541			4.6	%
Other income		1,952		2,145		2,576		(193	)		-9.0	%		(431	)		-16.7	%
Same Store revenues		108,442		104,699		100,589		3,743			3.6	%		4,110			4.1	%
Non-Same Store
Rental income		92,747		74,608		45,145		18,139			24.3	%		29,463			65.3	%
Other income		3,611		1,759		863		1,852			105.3	%		896			103.8	%
Non-Same Store revenues		96,358		76,367		46,008		19,991			26.2	%		30,359			66.0	%
Total revenues		204,800		181,066		146,597		23,734			13.1	%		34,469			23.5	%
Operating expenses
Same Store
Property operating expenses (1)		24,817		24,462		24,059		355			1.5	%		403			1.7	%
Real estate taxes and insurance		17,467		15,876		15,832		1,591			10.0	%		44			0.3	%
Property management fees (2)		3,219		3,122		3,000		97			3.1	%		122			4.1	%
Property general and administrative expenses (3)		2,841		3,119		3,295		(278	)		-8.9	%		(176	)		-5.3	%
Same Store operating expenses		48,344		46,579		46,186		1,765			3.8	%		393			0.9	%
Non-Same Store
Property operating expenses (4)		21,084		18,264		12,428		2,820			15.4	%		5,836			47.0	%
Real estate taxes and insurance		14,242		9,237		4,881		5,005			54.2	%		4,356			89.2	%
Property management fees (2)		2,752		2,266		1,382		486			21.4	%		884			64.0	%
Property general and administrative expenses (5)		2,286		2,129		1,545		157			7.4	%		584			37.8	%
Non-Same Store operating expenses		40,364		31,896		20,236		8,468			26.5	%		11,660			57.6	%
Total operating expenses		88,708		78,475		66,422		10,233			13.0	%		12,053			18.1	%
NOI
Same Store		60,098		58,120		54,403		1,978			3.4	%		3,717			6.8	%
Non-Same Store		55,994		44,471		25,772		11,523			25.9	%		18,699			72.6	%
Total NOI (6)	$	116,092	$	102,591	$	80,175	$	13,501			13.2	%	$	22,416			28.0	%

(1) For the years ended December 31, 2020, 2019 and 2018, excludes approximately $(609,000), $(58,000) and $95,000, 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the years ended December 31, 2020, 2019 and 2018, excludes approximately $472,000, $578,000 and $698,000, 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 and franchise tax fees.

(4) For the years ended December 31, 2020, 2019 and 2018, excludes approximately $1,910,000, $23,000 and $(758,000), respectively, of casualty-related expenses/(recoveries).

(5) For the years ended December 31, 2020, 2019 and 2018, excludes approximately $640,000, $939,000 and $596,000, 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 and franchise tax fees.

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

The following table contains additional information about our 2018-2020 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands, except for per unit data):

										2020 vs 2019			2019 vs 2018
	FY 2020			FY 2019			FY 2018			% Change			% Change
Same Store Total Units		7,990			7,990			7,990
Same Store Occupied Units		7,511			7,543			7,566
Same Store Ending Occupancy		94.0	%		94.4	%		94.7	%		-0.4	%		-0.3	%
Same Store Average Rent per Unit	$	1,058		$	1,040		$	1,005			1.7	%		3.5	%
Same Store Revenues
Same Store Rental Income	$	106,490		$	102,554		$	98,013			3.8	%		4.6	%
Same Store Other Income		1,952			2,145			2,576			-9.0	%		-16.7	%
Total Same Store Revenues		108,442			104,699			100,589			3.6	%		4.1	%
Same Store Operating Expenses
Payroll		10,543			10,339			9,952			2.0	%		3.9	%
Repairs & Maintenance		8,636			8,656			8,135			-0.2	%		6.4	%
Utilities		5,638			5,467			5,973			3.1	%		-8.5	%
Real Estate Taxes		15,352			14,012			13,686			9.6	%		2.4	%
Insurance		2,115			1,865			2,146			13.4	%		-13.1	%
Property Management Fees		3,219			3,122			3,000			3.1	%		4.1	%
Office Operations		1,924			2,007			2,042			-4.1	%		-1.7	%
Marketing		917			1,111			1,252			-17.5	%		-11.3	%
Total Same Store Operating Expenses		48,344			46,579			46,186			3.8	%		0.9	%
2018-2020 Same Store NOI	$	60,098		$	58,120		$	54,403			3.4	%		6.8	%

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2020 and 2019

There are 32 properties encompassing 12,494 units of apartment space, or approximately 89% of our Portfolio, in our same store pool for the three months ended December 31, 2020 and 2019 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following 5 properties in our Portfolio as of December 31, 2020: Torreyana, Bloom, Bella Solara, Fairways at San Marcos, and Cutter’s Point.

As of December 31, 2020, our Q4 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,124, a year-over-year decrease of 20 bps and an increase of $16, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2020 and 2019 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended December 31,
	2020		2019		$ Change			% Change
Revenues
Same Store
Rental income	$	44,289	$	43,294	$	995			2.3	%
Other income		851		687		164			23.9	%
Same Store revenues		45,140		43,981		1,159			2.6	%
Non-Same Store
Rental income		5,003		5,598		(595	)		-10.6	%
Other income		405		97		308			317.5	%
Non-Same Store revenues		5,408		5,695		(287	)		-5.0	%
Total revenues		50,548		49,676		872			1.8	%
Operating expenses
Same Store
Property operating expenses (1)		10,230		9,907		323			3.3	%
Real estate taxes and insurance		7,858		6,514		1,344			20.6	%
Property management fees (2)		1,302		1,280		22			1.7	%
Property general and administrative expenses (3)		1,123		1,202		(79	)		-6.6	%
Same Store operating expenses		20,513		18,903		1,610			8.5	%
Non-Same Store
Property operating expenses (4)		1,281		1,589		(308	)		-19.4	%
Real estate taxes and insurance		366		546		(180	)		-33.0	%
Property management fees (2)		165		169		(4	)		-2.4	%
Property general and administrative expenses (5)		177		142		35			24.6	%
Non-Same Store operating expenses		1,989		2,446		(457	)		-18.7	%
Total operating expenses		22,502		21,349		1,153			5.4	%
NOI
Same Store		24,627		25,078		(451	)		-1.8	%
Non-Same Store		3,419		3,249		170			5.2	%
Total NOI (6)	$	28,046	$	28,327	$	(281	)		-1.0	%

(1) For the three months ended December 31, 2020 and 2019, excludes approximately $613,000 and $46,000, respectively, of casualty-related 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 December 31, 2020 and 2019, excludes approximately $(5,000) and $320,000, 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 and franchise tax fees.

(4) For the three months ended December 31, 2020 and 2019, excludes approximately $712,000 and $(14,000), respectively, of casualty-related expenses/(recoveries).

(5) For the three months ended December 31, 2020 and 2019, excludes approximately $20,000 and $128,000, 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 and franchise tax fees.

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

nxrt.nexpoint.com Page17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table contains additional information about our Q4 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended December 31, 2020 and 2019 (dollars in thousands, except for per unit data):

	Q4 2020			Q4 2019			% Change
Same Store Total Units		12,494			12,494
Same Store Occupied Units		11,757			11,778
Same Store Ending Occupancy		94.1	%		94.3	%		-0.2	%
Same Store Average Rent per Unit	$	1,124		$	1,108			1.4	%
Same Store Revenues
Same Store Rental Income	$	44,289		$	43,294			2.3	%
Same Store Other Income		851			687			23.9	%
Total Same Store Revenues		45,140			43,981			2.6	%
Same Store Operating Expenses
Payroll		4,228			4,111			2.8	%
Repairs & Maintenance		3,811			3,631			5.0	%
Utilities		2,191			2,165			1.2	%
Real Estate Taxes		6,817			5,633			21.0	%
Insurance		1,041			881			18.2	%
Property Management Fees		1,302			1,280			1.7	%
Office Operations		784			785			-0.1	%
Marketing		339			417			-18.7	%
Total Same Store Operating Expenses		20,513			18,903			8.5	%
Q4 Same Store NOI	$	24,627		$	25,078			-1.8	%

nxrt.nexpoint.com Page18

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 years ended December 31, 2020, 2019 and 2018 and for the three months ended December 31, 2020 and 2019 (in thousands, except per share amounts):

		For the Year Ended December 31,									For the Three Months Ended December 31,
		2020			2019			2018			2020			2019
Net income (loss)		$	44,150		$	99,438		$	(1,614	)	$	(4,212	)	$	(13,306	)
Depreciation and amortization			82,411			69,086			47,470			19,932			23,394
Gain on sales of real estate			(69,151	)		(127,684	)		(13,742	)		—			16
Adjustment for noncontrolling interests			(172	)		(122	)		(96	)		(47	)		(30	)
FFO attributable to common stockholders			57,238			40,718			32,018			15,673			10,074
FFO per share - basic		$	2.32		$	1.69		$	1.51		$	0.63		$	0.40
FFO per share - diluted		$	2.27		$	1.66		$	1.48		$	0.62		$	0.39
Loss on extinguishment of debt and modification costs			1,470			2,869			3,576			—			—
Casualty-related expenses/(recoveries)			790			(34	)		(663	)		64			(60	)
Casualty losses (gains)			(5,886	)		3,488			—			(1,954	)		3,488
Pandemic expense	(1)		510			—			—			35			—
Amortization of deferred financing costs - acquisition term notes			1,384			553			159			345			269
Adjustment for noncontrolling interests			6			(21	)		(9	)		5			(11	)
Core FFO attributable to common stockholders			55,512			47,573			35,081			14,168			13,760
Core FFO per share - basic		$	2.25		$	1.97		$	1.66		$	0.57		$	0.55
Core FFO per share - diluted		$	2.20		$	1.93		$	1.62		$	0.56		$	0.54
Amortization of deferred financing costs - long term debt			1,453			1,530			1,491			351			87
Equity-based compensation expense			5,504			5,130			4,198			1,434			1,186
Adjustment for noncontrolling interests			(21	)		(20	)		(17	)		(5	)		(4	)
AFFO attributable to common stockholders			62,448			54,213			40,753			15,948			15,029
AFFO per share - basic		$	2.53		$	2.25		$	1.92		$	0.64		$	0.60
AFFO per share - diluted		$	2.47		$	2.20		$	1.88		$	0.63		$	0.59
Weighted average common shares outstanding - basic			24,715			24,116			21,189			24,797			25,073
Weighted average common shares outstanding - diluted			25,234			24,593			21,667			25,350			25,520
Dividends declared per common share		$	1.279		$	1.138		$	1.025		$	0.341		$	0.313
FFO Coverage - diluted	(2)	1.77x			1.46x			1.44x			1.81x			1.26x
Core FFO Coverage - diluted	(2)	1.72x			1.70x			1.58x			1.64x			1.73x
AFFO Coverage - diluted	(2)	1.94x			1.94x			1.84x			1.84x			1.88x

(1) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19 that are not reflective of the continuing operations of the properties.

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

nxrt.nexpoint.com Page19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

	FY 2020		FY 2019		% Change			Q4 2020		Q4 2019		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	84,480	$	876,746		-90.4	%	$	84,480	$	241,000	N/M
Capitalized Rehab Expenditures
Interior		10,093		12,044		-16.2	%		2,660		3,235		-17.8	%
Exterior and common area		20,447		11,242		81.9	%		5,015		2,899	N/M
Capitalized Maintenance Expenditures
Recurring		5,417		5,435		-0.3	%		1,293		1,195		8.2	%
Non-Recurring		3,746		5,256		-28.7	%		630		1,230		-48.8	%
Total Capital Expenditures	$	124,183	$	910,723		86.4	%	$	94,078	$	249,559	N/M

Glenview Reserve - Standard Interior Unit:	Glenview Reserve - Updated Interior Unit:
Parc500 - Standard Kitchen:	Parc500 - Updated Kitchen:

nxrt.nexpoint.com Page20

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		9		1,048	$	1,212	$	9,979			15.7	%		19.7	%
Arbors on Forest Ridge		210		159		773		874		4,417			13.0	%		27.2	%
Atera Apartments		380		171		1,126		1,271		3,278			12.9	%		53.3	%
Avant at Pembroke Pines		1,520		143		1,404		1,641		13,578			16.9	%		21.0	%
Beechwood Terrace		300		175		829		946		6,952			14.1	%		20.1	%
Bella Solara		320		35		1,122		1,271		9,935			13.3	%		18.0	%
Bella Vista		248		77		1,245		1,394		11,310			12.0	%		15.9	%
Bloom		528		26		1,051		1,204		12,015			14.6	%		15.3	%
Brandywine I & II		632		164		916		1,073		9,015			17.2	%		20.9	%
Cedar Pointe		210		41		965		1,145		10,410			18.7	%		20.7	%
Courtney Cove		324		178		825		927		4,791			12.4	%		25.7	%
Crestmont Reserve		242		50		821		946		5,037			15.2	%		29.7	%
Cutter's Point		196		140		956		1,073		5,825			12.3	%		24.2	%
Fairways of San Marcos		352		1	TBD		TBD		TBD			TBD			TBD
Hollister Place		260		201		897		1,048		7,429			16.8	%		24.3	%
Madera Point		256		214		818		916		4,153			12.0	%		28.5	%
Parc500		217		168		1,167		1,349		14,684			15.6	%		14.8	%
Radbourne Lake		225		306		1,002		1,047		1,028	��		4.5	%		53.0	%
Residences at Glenview Reserve		360		53		938		1,113		10,281			18.7	%		20.4	%
Residences at West Place		342		48		1,213		1,327		6,148			9.4	%		22.4	%
Rockledge Apartments		708		247		1,082		1,271		10,477			17.5	%		21.7	%
Sabal Palm at Lake Buena Vista		400		18		1,234		1,334		986			8.1	%		121.8	%
Seasons 704 Apartments		222		172		1,047		1,148		5,715			9.6	%		21.1	%
Silverbrook		642		450		778		859		4,070			10.4	%		23.8	%
Summers Landing		196		17		830		989		7,920			19.1	%		24.0	%
Summit at Sabal Park		252		191		889		992		5,670			11.5	%		21.6	%
The Cornerstone		430		324		927		1,017		5,396			9.6	%		19.9	%
The Enclave		204		80		1,252		1,398		10,025			11.6	%		17.4	%
The Heritage		204		68		1,181		1,326		11,141			12.3	%		15.7	%
The Preserve at Terrell Mill		752		543		791		939		9,589			18.7	%		18.5	%
The Venue on Camelback		415		138		667		924		10,743			38.7	%		28.8	%
Timber Creek		352		197		843		984		7,867			16.7	%		21.5	%
Torreyana Apartments		315		8		1,103		1,224		12,063			10.9	%		12.0	%
Venue at 8651		333		254		798		904		6,682			13.3	%		19.0	%
Versailles		388		289		800		898		6,168			12.2	%		19.0	%
Total/Weighted Average		13,281		5,355	$	914	$	1,040	$	7,039			13.8	%		21.5	%
Total/Weighted Average Completed		13,281		5,355	$	914	$	1,040	$	7,039			13.8	%		21.5	%
Planned Value-Add Programs					Projected Avg. Rent							Rent Change & ROI (Projections)
Old Farm		734		—	$	1,226	$	1,316	TBD				7.3	%	TBD
Stone Creek at Old Farm		190		—		1,261		1,305	TBD				3.5	%	TBD
Total/Weighted Average Planned		924		—	$	1,301	$	1,455	TBD				11.9	%	TBD

(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 December 31, 2020.

(3) Inclusive of all full and partial interior upgrades completed and leased through December 31, 2020.

nxrt.nexpoint.com Page21

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		230	$	807	$	49		73.0	%
Arbors on Forest Ridge		210		107		713		40		67.3	%
Atera Apartments		380		346		730		40		65.8	%
Avant at Pembroke Pines		1,520		14		730		25		41.1	%
Beechwood Terrace		300		208		737		45		74.0	%
Brandywine I & II		632		5		770		50		78.0	%
Cedar Pointe		210		152		722		50		83.1	%
Crestmont Reserve		242		120		875		27		37.3	%
Cutter's Point		196		122		711		45		76.0	%
Hollister Place		260		191		953		50		63.0	%
Madera Point		256		156		885		30		40.2	%
Radbourne Lake		225		216		717		40		66.9	%
Rockledge Apartments		708		504		781		40		61.5	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Silverbrook		642		350		721		48		80.5	%
Summers Landing		196		68		790		50		75.9	%
Summit at Sabal Park		252		223		988		40		48.6	%
The Cornerstone		430		17		809		50		74.2	%
Timber Creek		352		120		720		45		75.0	%
Venue at 8651		333		210		711		46		77.4	%
Versailles		388		293		864		50		68.9	%
Total/Weighted Average		8,478		4,286	$	772	$	48		74.2	%

(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 December 31, 2020.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2020.

nxrt.nexpoint.com Page22

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 on Forest Ridge		210		210	$	1,416	$	45			27.7	%
Atera Apartments		380		380		1,339		50			33.5	%
Avant at Pembroke Pines		1,520		1,520		1,350		45			29.0	%
Beechwood Terrace		300		300		1,291		45			30.3	%
Bella Vista		248		248		970		40			43.3	%
Brandywine I & II		632		632		1,234		45			31.7	%
Cedar Pointe		210		210		1,242		45			31.5	%
Courtney Cove		324		324		1,238		35			22.4	%
Crestmont Reserve		242		242		1,241		45			31.6	%
Cutter's Point		196		196		1,400		45			28.0	%
Hollister Place		260		260		843		35			47.3	%
Madera Point		256		256		1,283		45			30.5	%
Old Farm		734		734		928		45			55.3	%
Radbourne Lake		225		225		630		35			50.0	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45			31.7	%
Silverbrook		642		642		1,308		45			29.9	%
Stone Creek at Old Farm		190		190		909		45			56.5	%
The Cornerstone		430		430		1,236		45			31.7	%
The Enclave		204		204		966		40			43.5	%
The Heritage		204		204		997		40			42.1	%
Timber Creek		352		352		1,299		45			30.2	%
Venue at 8651		333		333		1,229		45			31.9	%
Versailles		388		388		1,080		45	��		36.3	%
Total/Weighted Average		8,880		8,880	$	1,194	$	44			33.8	%
Planned Value-Add Programs							Rent Change & ROI (Projections)
Arbors of Brentwood		346		—	TBD		TBD			TBD
Bella Solara		320		—	TBD		TBD			TBD
Bloom		528		—	TBD		TBD			TBD
Fairways of San Marcos		352		—	TBD		TBD			TBD
Residences at Glenview Reserve		360		—	TBD		TBD			TBD
Residences at West Place		342		—	TBD		TBD			TBD
Rockledge Apartments		708		—	TBD		TBD			TBD
Seasons 704 Apartments		222		—	TBD		TBD			TBD
Summers Landing		196		—	TBD		TBD			TBD
Summit at Sabal Park		252		—	TBD		TBD			TBD
The Preserve at Terrell Mill		752		—	TBD		TBD			TBD
The Venue on Camelback		415		—	TBD		TBD			TBD
Torreyana Apartments		315		—	TBD		TBD			TBD
Total/Weighted Average Planned		5,108		—	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 December 31, 2020.

(3) Inclusive of all smart home technology package upgrades completed and leased through December 31, 2020.

nxrt.nexpoint.com Page23

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 December 31, 2020 (dollars in thousands):

Operating Properties	Type	Term (months)		Outstanding Principal (1)			Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	Floating		84	$	13,130		1.82%	7/1/2024
Cutter's Point	Floating		84		16,640		1.82%	7/1/2024
Silverbrook	Floating		84		30,590		1.82%	7/1/2024
Beechwood Terrace	Floating		84		23,365		1.58%	9/1/2025
The Summit at Sabal Park	Floating		84		13,560		1.76%	7/1/2024
Courtney Cove	Floating		84		13,680		1.76%	7/1/2024
The Preserve at Terrell Mill	Floating		84		42,480		1.76%	7/1/2024
Versailles	Floating		84		23,880		1.76%	7/1/2024
Seasons 704 Apartments	Floating		84		17,460		1.76%	7/1/2024
Madera Point	Floating		84		15,150		1.76%	7/1/2024
Venue at 8651	Floating		84		13,734		1.92%	7/1/2024
The Venue on Camelback	Floating		84		28,093		1.82%	7/1/2024
Old Farm	Floating		84		52,886		1.82%	7/1/2024
Stone Creek at Old Farm	Floating		84		15,274		1.82%	7/1/2024
Timber Creek	Floating		84		24,100		1.40%	10/1/2025
Radbourne Lake	Floating		84		20,000		1.43%	10/1/2025
Sabal Palm at Lake Buena Vista	Floating		84		42,100		1.44%	9/1/2025
Cornerstone	Fixed		120		21,299		4.24%	3/1/2023
Parc500	Fixed		120		14,951		4.49%	8/1/2025
Hollister Place	Floating		84		14,811		1.48%	10/1/2025
Rockledge Apartments	Floating		84		68,100		1.71%	7/1/2024
Atera Apartments	Floating		84		29,500		1.62%	11/1/2024
Cedar Pointe	Floating		84		17,300		1.49%	9/1/2025
Crestmont Reserve	Floating		84		12,061		1.32%	10/1/2025
Brandywine I & II	Floating		84		43,835		1.32%	10/1/2025
Bella Vista	Floating		84		29,040		1.46%	2/1/2026
The Enclave	Floating		84		25,322		1.46%	2/1/2026
The Heritage	Floating		84		24,625		1.46%	2/1/2026
Summers Landing	Floating		84		10,109		1.32%	10/1/2025
Residences at Glenview Reserve	Floating		84		26,560		1.58%	10/1/2025
Residences at West Place	Fixed		120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating		84		177,100		1.57%	9/1/2026
Arbors of Brentwood	Floating		84		34,237		1.57%	10/1/2026
Torreyana Apartments	Floating		84		37,400		1.84%	12/1/2026
Bloom	Floating		84		58,850		1.84%	12/1/2026
Bella Solara	Floating		84		36,575		1.84%	12/1/2026
Fairways at San Marcos	Floating		84		46,464		2.21%	12/1/2027
				$	1,168,078
Fair market value adjustment					1,261
Deferred financing costs, net of accumulated amortization of $3,706					(6,484	)
				$	1,162,855

(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. One-month LIBOR was 0.14388% and 30-Day Average SOFR was 0.08334% as of December 31, 2020. Fairways at San Marcos utilizes 30-Day Average SOFR as its reference rate while all other properties utilize one-month LIBOR.

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of December 31, 2020 (dollars in thousands):

	Type	Term(months)		Outstanding Principal			Interest Rate (1)	Maturity Date
Corporate Credit Facility	Floating		24	$	183,000		2.64%	1/28/2022
Deferred financing costs, net of accumulated amortization of $1,937					(677	)
				$	182,323

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2020 was 0.14388%.

Interest Rate Swap Agreements

As of December 31, 2020, 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)
July 1, 2016	June 1, 2021	KeyBank	$	100,000		1.1055	%
July 1, 2016	June 1, 2021	KeyBank		100,000		1.0210	%
July 1, 2016	June 1, 2021	KeyBank		100,000		0.9000	%
September 1, 2016	June 1, 2021	KeyBank		100,000		0.9560	%
April 1, 2017	April 1, 2022	KeyBank		100,000		1.9570	%
May 1, 2017	April 1, 2022	KeyBank		50,000		1.9610	%
July 1, 2017	July 1, 2022	KeyBank		100,000		1.7820	%
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	%
			$	1,167,500		1.3792	%	(2)

(1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2020, one-month LIBOR was 0.14388%.

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

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

Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
June 1, 2021	September 1, 2026	KeyBank	$	200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
September 1, 2026	January 1, 2027	KeyBank		92,500		1.7980	%
			$	492,500		1.0678	%	(2)

(1)   The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2020, one-month LIBOR was 0.14388%.

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2020 for the next five calendar years subsequent to December 31, 2020 and thereafter. We used one-month LIBOR as of December 31, 2020 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		2021		2022		2023		2024		2025		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,168,078	$	896	$	1,509	$	21,293	$	395,168	$	245,780	$	503,432
Interest expense	(1)		155,861		34,200		29,946		28,656		25,558		20,769		16,732
Total		$	1,323,939	$	35,096	$	31,455	$	49,949	$	420,726	$	266,549	$	520,164
Credit Facility
Principal payments		$	183,000	$	—	$	183,000	$	—	$	—	$	—	$	—
Interest expense			4,782		4,453		329		—		—		—		—
Total		$	187,782	$	4,453	$	183,329	$	—	$	—	$	—	$	—
Total contractual obligations and commitments		$	1,511,721	$	39,549	$	214,784	$	49,949	$	420,726	$	266,549	$	520,164

(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 December 31, 2020, we had entered into 13 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 one-month LIBOR as of December 31, 2020 to determine our expected settlements through the terms of the interest rate swaps.

 

(1) As of December 31, 2020, we had total indebtedness of $1.4 billion at an adjusted weighted average interest rate of 1.94%, of which $1.3 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $1.2 billion, or 100%, of our $1.1 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 1.3792% for one-month LIBOR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2020, which effectively fix the interest rate on $1.2 billion of our floating rate mortgage debt outstanding.

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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, TX	210	1/31/2014	$12,805	$1,449	$14,254	$67,876
Cutter's Point (3)	Richardson, TX	196	1/31/2014	15,845	1,379	17,224	87,878
Silverbrook	Grand Prairie, TX	642	1/31/2014	30,400	1,662	32,062	49,941
Beechwood Terrace	Antioch, TN	300	7/21/2014	21,400	1,796	23,196	77,320
The Summit at Sabal Park	Tampa, FL	252	8/20/2014	19,050	1,655	20,705	82,163
Courtney Cove	Tampa, FL	324	8/20/2014	18,950	1,635	20,585	63,534
Radbourne Lake	Charlotte, NC	225	9/30/2014	24,250	1,437	25,687	114,164
Timber Creek	Charlotte, NC	352	9/30/2014	22,750	3,947	26,697	75,844
Sabal Palm at Lake Buena Vista	Orlando, FL	400	11/5/2014	49,500	1,346	50,846	127,115
Cornerstone	Orlando, FL	430	1/15/2015	31,550	2,610	34,160	79,442
The Preserve at Terrell Mill	Marietta, GA	752	2/6/2015	58,000	6,688	64,688	86,021
Versailles	Dallas, TX	388	2/26/2015	26,165	3,997	30,162	77,737
Seasons 704 Apartments	West Palm Beach, FL	222	4/15/2015	21,000	1,900	22,900	103,153
Madera Point	Mesa, AZ	256	8/5/2015	22,525	1,808	24,333	95,051
Venue at 8651	Fort Worth, TX	333	10/30/2015	19,250	4,626	23,876	71,700
Parc500	West Palm Beach, FL	217	7/27/2016	22,421	5,082	27,503	126,742
The Venue on Camelback	Phoenix, AZ	415	10/11/2016	44,600	6,018	50,618	121,971
Old Farm	Houston, TX	734	12/29/2016	84,721	1,135	85,856	116,970
Stone Creek at Old Farm	Houston, TX	190	12/29/2016	23,332	462	23,794	125,232
Hollister Place	Houston, TX	260	2/1/2017	24,500	2,961	27,461	105,619
Rockledge Apartments	Marietta, GA	708	6/30/2017	113,500	7,685	121,185	171,165
Atera Apartments	Dallas, TX	380	10/25/2017	59,200	3,721	62,921	165,582
Cedar Pointe	Antioch, TN	210	8/24/2018	26,500	2,352	28,852	137,390
Crestmont Reserve	Dallas, TX	242	9/26/2018	24,680	2,843	27,523	113,731
Brandywine I & II	Nashville, TN	632	9/26/2018	79,800	7,787	87,587	138,587
Bella Vista	Phoenix, AZ	248	1/28/2019	48,400	3,414	51,814	208,927
The Enclave	Tempe, AZ	204	1/28/2019	41,800	2,608	44,408	217,686
The Heritage	Phoenix, AZ	204	1/28/2019	41,900	2,660	44,560	218,431
Summers Landing	Fort Worth, TX	196	6/7/2019	19,396	2,980	22,376	114,163
Residences at Glenview Reserve	Nashville, TN	360	7/17/2019	45,000	5,695	50,695	140,819
Residences at West Place	Orlando, FL	342	7/17/2019	55,000	4,129	59,129	172,892
Avant at Pembroke Pines	Pembroke Pines, FL	1,520	8/30/2019	322,000	32,583	354,583	233,278
Arbors of Brentwood	Nashville, TN	346	9/10/2019	62,250	4,248	66,498	192,191
Torreyana Apartments	Las Vegas, NV	315	11/22/2019	68,000	2,771	70,771	224,670
Bloom	Las Vegas, NV	528	11/22/2019	106,500	4,786	111,286	210,769
Bella Solara	Las Vegas, NV	320	11/22/2019	66,500	3,642	70,142	219,194
Fairways at San Marcos	Chandler, AZ	352	11/2/2020	84,480	2,045	86,525	245,810
Total/Weighted Average		14,205		$1,857,920	$149,542	$2,007,462	$141,321

(1) Only includes properties owned as of December 31, 2020.

(2) Includes interior and exterior rehab.

(3) Cutter’s Point suffered significant damage from a tornado on October 20, 2019 which necessitated a temporary halt to operation of all 196 units. Upon completion of Phase I of the rebuild efforts, NXRT returned 60 units to service in 2020; there are 57 units occupied out of the 60 available as of December 31, 2020. The remaining 136 units are currently being rebuilt as part of Phase II of the rebuild with an expected return to service in 2021.

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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, Virginia		156		17,000		23,500		150,641	3/20/2020		23,176		5,469
Willow Grove	Nashville, Tennessee		244		13,750		31,300		128,279	3/26/2020		31,005		17,513
Woodbridge	Nashville, Tennessee		220		16,000		31,700		144,091	3/26/2020		31,237		15,990
Eagle Crest	Irving, Texas		447		27,325		55,500		124,161	9/30/2020		54,779		30,160
Total/Weighted Average			7,873	$	517,194	$	823,925	$	104,652		$	812,716	$	314,871

(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.

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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 as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (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) miscellaneous income derived from recognition of lost rents covered by insurance, (8) pandemic expenses that are not reflective of continuing operations of the properties and (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 and franchise tax fees. 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, 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 combined amounts 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 losses on extinguishment of debt and modification costs (includes prepayment penalties and defeasance costs incurred and the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt and costs incurred in connection with a debt modification that are expensed), casualty-related expenses/recoveries, casualty gains or losses, pandemic expenses, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing and the noncontrolling interests 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

NOI and 2019-2020 Same Store NOI for the Years Ended December 31, 2020 and 2019

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our 2019-2020 Same Store NOI for the years ended December 31, 2020 and 2019 to net income, the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,
		2020			2019
Net income		$	44,150		$	99,438
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			7,670			7,500
Corporate general and administrative expenses			10,035			9,613
Casualty-related expenses/(recoveries)	(1)		790			(34	)
Casualty losses (gains)			(5,886	)		3,488
Miscellaneous income			(1,772	)		(587	)
Pandemic expense	(2)		510			—
Property general and administrative expenses	(3)		1,112			1,517
Depreciation and amortization			82,411			69,086
Interest expense			44,753			37,385
Loss on extinguishment of debt and modification costs			1,470			2,869
Gain on sales of real estate			(69,151	)		(127,684	)
NOI		$	116,092		$	102,591
Less Non-Same Store
Revenues			(82,585	)		(63,147	)
Operating expenses			34,643			26,610
Same Store NOI		$	68,150		$	66,054

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

(2) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19 that are not reflective of the continuing operations of the properties.

(3) 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 and franchise tax fees.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and 2018-2020 Same Store NOI for the Years Ended December 31, 2020, 2019 and 2018

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2018-2020 Same Store NOI for the years ended December 31, 2020, 2019 and 2018 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,
		2020			2019			2018
Net income (loss)		$	44,150		$	99,438		$	(1,614	)
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			7,670			7,500			7,474
Corporate general and administrative expenses			10,035			9,613			7,808
Casualty-related expenses/(recoveries)	(1)		790			(34	)		(663	)
Casualty losses (gains)			(5,886	)		3,488			—
Miscellaneous income			(1,772	)		(587	)		—
Pandemic expense	(2)		510			—			—
Property general and administrative expenses	(3)		1,112			1,517			1,294
Depreciation and amortization			82,411			69,086			47,470
Interest expense			44,753			37,385			28,572
Loss on extinguishment of debt and modification costs			1,470			2,869			3,576
Gain on sales of real estate			(69,151	)		(127,684	)		(13,742	)
NOI		$	116,092		$	102,591		$	80,175
Less Non-Same Store
Revenues			(96,358	)		(76,367	)		(46,008	)
Operating expenses			40,364			31,896			20,236
Same Store NOI		$	60,098		$	58,120		$	54,403

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

(2) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19 that are not reflective of the continuing operations of the properties.

(3) 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 and franchise tax fees.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Q4 Same Store NOI for the Three Months Ended December 31, 2020 and 2019

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our Q4 Same Store NOI for the three months ended December 31, 2020 and 2019 to net loss, the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended December 31,
		2020			2019
Net loss		$	(4,212	)	$	(13,306	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			1,893			1,887
Corporate general and administrative expenses			1,595			2,300
Casualty-related expenses/(recoveries)	(1)		64			(60	)
Casualty losses (gains)			(1,954	)		3,488
Miscellaneous income			(371	)		(587	)
Pandemic expense	(2)		35			—
Property general and administrative expenses	(3)		15			448
Depreciation and amortization			19,932			23,394
Interest expense			11,049			10,747
Loss on extinguishment of debt and modification costs			—			—
Gain on sales of real estate			—			16
NOI		$	28,046		$	28,327
Less Non-Same Store
Revenues	(4)		(5,408	)		(5,695	)
Operating expenses	(4)		1,989			2,446
Same Store NOI	(4)	$	24,627		$	25,078

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

(2) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19 that are not reflective of the continuing operations of the properties.

(3) 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 and franchise tax fees.

(4) Amounts for the three months ended December 31, 2020 and 2019 are derived from the operations of our Q4 Same Store and Non-Same Store properties.

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	FY 2020			FY 2019			FY 2018
Total mortgage debt	$	1,168,078		$	1,193,528		$	845,713
Credit facilities		183,000			218,000			—
Total Debt		1,351,078			1,411,528			845,713
Adjustments to arrive at net debt:
Cash and cash equivalents		(24,457	)		(25,671	)		(19,864	)
Restricted cash held for value-add upgrades and green improvements		(10,614	)		(21,903	)		(5,209	)
Net Debt	$	1,316,007		$	1,363,954		$	820,640
Enterprise Value (1)	$	2,374,007		$	2,499,954		$	1,644,640
Leverage Ratio		55	%		55	%		50	%

(1) Enterprise Value is calculated as Market Capitalization as of December 31, 2020 plus Net Debt.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 our 2021 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2021 and for the three months ended March 31, 2021 (in thousands):

		For the Year Ended December 31, 2021			For the Three Months Ended March 31, 2021
		Mid-Point (1)			Mid-Point (1)
Net loss		$	(22,633	)	$	(8,726	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,570			1,867
Corporate general and administrative expenses			12,479			3,009
Property general and administrative expenses	(2)		10			10
Depreciation and amortization			81,127			22,533
Interest expense			42,063			10,440
Casualty-related recoveries			(1,016	)		(408	)
Loss on extinguishment of debt and modification costs			—			—
Gain on sales of real estate			—			—
NOI		$	119,600		$	28,725
Less Non-Same Store
Revenues	(3)		(5,501	)
Operating expenses	(3)		1,793
Same Store NOI	(3)	$	115,892

(1) Mid-Point estimates shown for full year and first quarter 2021 guidance. Assumptions made for full year and first quarter 2021 NOI guidance include the Same Store operating growth projections included in the “2021 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 and franchise tax fees.

(3) Amounts are derived from the results of operations of our pro forma Full Year 2021 Same Store properties and Non-Same Store properties. There are 35 properties in our pro forma Full Year 2021 Same Store pool.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2021 (in thousands, except per share data):

	For the Year Ended December 31, 2021
	Mid-Point
Net loss	$	(22,633	)
Depreciation and amortization		81,127
Gain on sales of real estate		-
Adjustment for noncontrolling interests		(165	)
FFO attributable to common stockholders		58,329
FFO per share - diluted (1)	$	2.27
Loss on extinguishment of debt and modification costs		—
Casualty-related recoveries		(1,016	)
Amortization of deferred financing costs - acquisition term notes		625
Adjustment for noncontrolling interests		—
Core FFO attributable to common stockholders		57,938
Core FFO per share - diluted (1)	$	2.25
Amortization of deferred financing costs - long term debt		1,432
Equity-based compensation expense		6,687
Adjustment for noncontrolling interests		(26	)
AFFO attributable to common stockholders		66,031
AFFO per share - diluted (1)	$	2.57
Weighted average common shares outstanding - diluted		25,705

(1) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.7 million for the full year 2021.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2017			2016			2015
Net income (loss)	$	56,359		$	25,888		$	(10,992	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,419			6,802			5,565
Corporate general and administrative expenses		6,275			4,014			2,455
Casualty-related expenses/(recoveries)		(287	)		151			25
Property general and administrative expenses		1,130			879			1,109
Depreciation and amortization		48,752			35,643			40,801
Interest expense		29,576			20,167			17,817
Loss on extinguishment of debt and modification costs		5,719			1,722			652
Gain on sales of real estate		(78,365	)		(25,932	)		—
Acquisition costs		—			386			2,975
NOI	$	76,578		$	69,720		$	60,407

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO to our net income (loss) for the years ended December 31, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2017			2016			2015
Net income (loss)	$	56,359		$	25,888		$	(10,992	)
Depreciation and amortization		48,752			35,643			40,801
Gain on sales of real estate		(78,365	)		(25,932	)		—
Adjustment for noncontrolling interests		(1,695	)		(4,583	)		(4,170	)
FFO attributable to common stockholders		25,051			31,016			25,639
FFO per share - basic	$	1.19		$	1.46		$	1.20
FFO per share - diluted	$	1.17		$	1.46		$	1.20
Acquisition costs		—			386			2,975
Loss on extinguishment of debt and modification costs		5,719			1,722			652
Change in fair value on derivative instruments - ineffective portion		(309	)		(1,683	)		—
Amortization of deferred financing costs - acquisition term notes		403			—			—
Adjustment for noncontrolling interests		(429	)		(94	)		(322	)
Core FFO attributable to common stockholders		30,435			31,347			28,944
Core FFO per share - basic	$	1.45		$	1.48		$	1.36
Core FFO per share - diluted	$	1.42		$	1.47		$	1.36
Amortization of deferred financing costs - long term debt		1,592			1,423			1,081
Equity-based compensation expense		3,108			825			—
Adjustment for noncontrolling interests		(76	)		(140	)		(92	)
AFFO attributable to common stockholders		35,059			33,455			29,933
AFFO per share - basic	$	1.66		$	1.58		$	1.41
AFFO per share - diluted	$	1.64		$	1.57		$	1.41
Weighted average common shares outstanding - basic		21,057			21,232			21,294
Weighted average common shares outstanding - diluted		21,399			21,314			21,294

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