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

Exhibit 99.1

2 November 2021 | NYSE:NXRT

EARNINGS SUPPLEMENT: THIRD QUARTER 2021

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT SUITE 700

DALLAS, TX 75201

PHONE: (214) 276-6300

INVESTOR RELATIONS:

JACKIE GRAHAM

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 Recent Activity	5
Financial Summary	6
2021 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
Q3 Same Store Results	12
Q3 Same Store Properties Operating Metrics	14
QoQ Same Store Properties Operating Metrics	15
YTD Same Store Results	16
FFO, Core FFO and AFFO	18
Historical Capital Expenditures	19
Value-Add Program Details	20
Outstanding Debt Details	23
Debt Maturity Schedule	25
Historical Acquisition Details	26
Historical Disposition Details	27
Definitions and Reconciliations of Non-GAAP Measures	28

   SIX FORKS STATION: RALEIGH, NC

   ENTRANCE INTO AN EXCITING GROWTH MARKET

   LARGE FLOORPLANS, SIGNIFICANT VALUE-ADD

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Jackie Graham

JGraham@nexpoint.com

(214) 276-6300

Media inquiries: JGraham@nexpoint.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER 2021 RESULTS

NXRT Increases Guidance, Boosts Quarterly Dividend by 11.4% and Acquires $74.8 Million Property in Raleigh, NC

Dallas, TX, November 2, 2021 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the third quarter ended September 30, 2021.

Highlights

• NXRT¹ reported Net Loss, FFO², Core FFO² and AFFO² of $(5.4)M, $16.1M, $16.4M and $18.6M, respectively, attributable to common stockholders for the quarter ended September 30, 2021, compared to Net Income, FFO, Core FFO, and AFFO of $29.6M, $17.2M, $13.3M and $15.1M, respectively, attributable to common stockholders for the quarter ended September 30, 2020.

• NXRT reported Net Loss, FFO, Core FFO and AFFO of $(15.7)M, $46.5M, $44.7M and $51.0M, respectively, attributable to common stockholders for the nine months ended September 30, 2021, compared to Net Income, FFO, Core FFO, and AFFO of $48.2M, $41.6M, $41.3M and $46.5M, respectively, attributable to common stockholders for the nine months ended September 30, 2020.

• For the three months ended September 30, 2021, Q3 Same Store properties³ average effective rent, total revenue and NOI² increased 6.8%, 5.3% and 6.6%, respectively, and occupancy increased 40 bps over the prior year period.

• For the nine months ended September 30, 2021, YTD Same Store properties³ average effective rent, total revenue and NOI² increased 6.8%, 3.6% and 2.4%, respectively, and occupancy increased 40 bps over the prior year period.

• The weighted average effective monthly rent per unit across all 40 properties held as of September 30, 2021 (the “Portfolio”), consisting of 15,032⁴ units, was $1,204, while physical occupancy was 95.3%.

• On September 10, 2021, NXRT acquired Six Forks Station located in Raleigh, North Carolina for a gross purchase price of $74.76 million.

• NXRT paid a third quarter dividend of $0.34125 per share of common stock on September 30, 2021.

• On October 29, 2021, the Company’s board approved a quarterly dividend of $0.38 per share, an 11.4% increase from the previous dividend per share. Since inception, NXRT has increased the dividend per share by 84.5%.

• During the three months ended September 30, 2021, through its at-the-market offering (“ATM program”), NXRT issued 101,587 shares for approximately $6.7 million in gross proceeds.

• During the third quarter, for the properties in our Portfolio, we completed 290 full and partial upgrades and leased 349 upgraded units, achieving an average monthly rent premium of $172 and a 21.2% ROI⁵.

• Since inception, for the properties currently in our Portfolio, we have completed 5,979 full and partial upgrades, 4,554 kitchen and laundry appliances, and 10,134 technology packages, resulting in a $134, $47, and $43 average monthly rental increase per unit and a 21.5%, 72.7%, and 35.0% 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”, “FFO, Core FFO and AFFO” and “NOI and Same Store NOI” sections of this release.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 13,576 units of apartment space in our Same Store pool for the three months ended September 30, 2021 (our “Q3 Same Store” properties) and 35 properties encompassing 13,576 units of apartment space in our Same Store pool for the nine months ended September 30, 2021 (our “YTD Same Store” properties). The same store unit count excludes 81 units that are currently down due to fires and winter storm Uri in February 2021 (Hollister Place: 34 units, Atera: 18 units, Timber Creek: 16 units, Venue at 8651: 8 units and Preserve at Terrell Mill: 5 units).

4) Total units owned in our Portfolio is 15,032, however 89 units are currently down due to fires, a tornado, and winter storm Uri (Hollister Place: 34 units, Atera: 18 units, Timber Creek: 16 units, Cutter’s Point: 8 units, Venue at 8651: 8 units and Preserve at Terrell Mill: 5 units).

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

Third Quarter 2021 Financial Results

• Total revenues were $56.4 million for the third quarter of 2021, compared to $51.0 million for the third quarter of 2020.

• Net loss for the third quarter of 2021 totaled $(5.4) million, or loss of $(0.21) per diluted share, which included $21.6 million of depreciation and amortization expense. This compared to a net income of $29.6 million, or earnings of $1.19 per diluted share, for the third quarter of 2020, which included $17.7 million of depreciation and amortization expense.

• The change in our net loss of $(5.4) million for the three months ended September 30, 2021 as compared to our net income of $29.6 million for the three months ended September 30, 2020 primarily relates to decreases in gain on sales of real estate and casualty gains, partially offset by an increase in total revenues.

• For the third quarter of 2021, NOI was $33.6 million on 40 properties, compared to $29.3 million for the third quarter of 2020 on 36 properties.

• For the third quarter of 2021, Q3 Same Store NOI increased 6.6% to $30.3 million, compared to $28.4 million for the third quarter of 2020.

• For the third quarter of 2021, FFO totaled $16.1 million, or $0.64 per diluted share, compared to $17.2 million, or $0.69 per diluted share, for the third quarter of 2020.

• For the third quarter of 2021, Core FFO totaled $16.4 million, or $0.65 per diluted share, compared to $13.3 million, or $0.53 per diluted share, for the third quarter of 2020.

• For the third quarter of 2021, AFFO totaled $18.6 million, or $0.74 per diluted share, compared to $15.1 million, or $0.60 per diluted share, for the third quarter of 2020.

2021 Year to Date Financial Results

• Total revenues were $160.7 million for the nine months ended September 30, 2021, compared to $154.3 million for the nine months ended September 30, 2020.

• Net loss for the nine months ended September 30, 2021 totaled $(15.7) million, or loss of $(0.62) per diluted share, which included $62.3 million of depreciation and amortization expense. This compared to net income of $48.2 million, or earnings of $1.91 per diluted share, for the nine months ended September 30, 2020, which included a gain on sales of real estate of $69.2 million and $62.5 million of depreciation and amortization expense.

• The change in our net loss of $(15.7) million for the nine months ended September 30, 2021 as compared to our net income of $48.4 million for the nine months ended September 30, 2020 primarily relates to decreases in gains on sales of real estate and casualty gains, partially offset by an increase in total revenues.

• For the nine months ended September 30, 2021, NOI was $93.6 million on 40 properties, compared to $89.9 million for the nine months ended September 30, 2020 on 36 properties.

• For the nine months ended September 30, 2021, Same Store NOI increased 2.4% to $87.5 million, compared to $85.5 million for the nine months ended September 30, 2020.

• For the nine months ended September 30, 2021, FFO totaled $46.5 million, or $1.85 per diluted share, compared to $41.6 million, or $1.65 per diluted share, for the nine months ended September 30, 2020.

• For the nine months ended September 30, 2021, Core FFO totaled $44.7 million, or $1.78 per diluted share, compared to $41.3 million, or $1.64 per diluted share, for the nine months ended September 30, 2020.

• For the nine months ended September 30, 2021, AFFO totaled $51.0 million, or $2.03 per diluted share, compared to $46.5 million, or $1.85 per diluted share, for the nine months ended September 30, 2020.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Third Quarter Earnings Conference Call

NXRT will host a conference call on Tuesday, November 2, 2021 at 11:00 a.m. ET (10:00 am CT), to discuss third quarter financial results. The conference call can be accessed live over the phone by dialing 800-353-6461 or, for international callers, +1 334-323-0501 and using passcode Conference ID: 8698173. A live audio webcast of the call will be available online at the Company's website, http://nxrt.nexpoint.com. An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, November 9, 2021 by dialing 888-203-1112 or, for international callers, +1 719-457-0820 and entering passcode 8698173.

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, 2021 full year guidance and the related components and assumptions, including the effects of tornado damage, fires and winter storm Uri, acquisitions and dispositions, shares outstanding and operating expenses, including real estate taxes, the expectation that NXRT will meet or exceed its preliminary budgeted expectations for real estate tax expense in 2021, NXRT’s net asset value and the related components and assumptions, including pro forma adjustments for acquisitions and dispositions, estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, guidance for the fourth quarter 2021 and the related assumptions, the repayment of $50.0 million of term loans, planned value-add programs, including projected average rent, 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. 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: THIRD QUARTER 2021 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$70.62
Insider Ownership	12.30%
2021 Q4 Dividend Per Share	$0.38
Dividend Yield (1)	2.15%
Shares Outstanding - basic (2)	25,175
Shares Outstanding - diluted (2)	25,175

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

(2) Weighted average for the three months ended September 30, 2021. If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the calculation of diluted shares outstanding.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth	17.2%
South Florida	13.0%
Nashville	12.3%
Phoenix	11.2%
Atlanta	9.7%
Houston	7.9%
Orlando	7.8%
Las Vegas	7.7%
Charlotte	7.3%
Tampa	3.8%
Raleigh	2.1%
Total	100.0%

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

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Highlights of Recent Activity

ACQUISITIONS

Property Name	Location	Date of Acquisition	Purchase Price		Mortgage Debt		# Units		Effective Ownership
The Verandas at Lake Norman	Charlotte, North Carolina	June 30, 2021	$	63,500	$	34,925		264		100	%
Creekside at Matthews	Charlotte, North Carolina	June 30, 2021		58,000		31,900		240		100	%
Six Forks Station	Raleigh, North Carolina	September 10, 2021		74,760		41,180		323		100	%
			$	196,260	$	108,005		827

DISPOSITIONS

Property Name	Location	Acquisition Date	Date of Sale	Sales Price	IRR	Multiple on Invested Capital	Net Cash Proceeds
Beechwood Terrace	Antioch, Tennessee	July 21, 2014	November 1, 2021	$53,600	38.6%	5.82x	$29,478
Cedar Pointe	Antioch, Tennessee	August 24, 2018	November 1, 2021	37,650	26.7%	2.06x	19,606
				$91,250	36.1%	3.55x	$49,084

NXRT Q3 2021 NEW LEASES & RENEWALS

Market	New Leases	% Increase	Rent Increase	Renewals	% Increase	Rent Increase
DFW	336	16.2%	$162.86	370	10.0%	$102.74
HOU	137	13.9%	$161.41	184	5.9%	$68.68
CHA	104	16.0%	$174.17	151	8.5%	$93.67
NASH	198	20.2%	$221.25	289	8.7%	$91.92
ATL	139	31.4%	$356.45	240	10.5%	$118.57
ORL	108	25.8%	$308.13	175	11.2%	$129.97
TPA	49	44.8%	$466.00	101	14.2%	$140.51
South FL	119	34.5%	$517.11	416	12.3%	$181.92
PHX	162	31.3%	$364.10	222	13.2%	$152.80
LSV	107	30.2%	$358.84	126	11.5%	$73.81
TOTAL/AVERAGE	1,459	23.8%	$276.44	2,274	10.5%	$121.22

DIVIDEND GROWTH

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

	Q3 2021			Q3 2020			YTD 2021			YTD 2020
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization (as of the last day of the period)	$	1,563,000		$	1,088,000
Share Price (as of the last day of the period)	$	61.88		$	44.35
Weighted average common shares outstanding - basic		25,175			24,372			25,128			24,688
Weighted average common shares outstanding - diluted		25,175			24,926			25,128			25,194
Earnings Profile
Total revenues	$	56,384		$	50,990		$	160,743		$	154,252
Net income (loss) attributable to common stockholders		(5,391	)		29,552			(15,678	)		48,217
NOI (1)		33,648			29,298			93,599			89,850
Same Store NOI (2)		30,260			28,381			87,517			85,474
Same Store NOI Growth (%) (2)		6.6	%					2.4	%
Earnings Metrics Per Common Share (diluted basis)
Earnings	$	(0.21	)	$	1.19		$	(0.62	)	$	1.91
FFO (1)	$	0.64		$	0.69		$	1.85		$	1.65
Core FFO (1)	$	0.65		$	0.53		$	1.78		$	1.64
AFFO (1)	$	0.74		$	0.60		$	2.03		$	1.85
Dividends declared per common share	$	0.34125		$	0.3125		$	1.0238		$	0.938
FFO Coverage (3)	1.88x			2.20x			1.81x			1.76x
Core FFO Coverage (3)	1.91x			1.71x			1.74x			1.75x
AFFO Coverage (3)	2.16x			1.94x			1.98x			1.97x
Portfolio
Total Properties		40			36
Total Units (4)		15,032			13,657
Occupancy		95.3	%		95.0	%
Average Effective Monthly Rent per Unit	$	1,204		$	1,122
Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35			35			35
Total Same Store Units		13,576			13,657			13,576			13,657
Occupancy		95.4	%		95.0	%		95.4	%		95.0	%
Average Effective Monthly Rent per Unit	$	1,198		$	1,122		$	1,198		$	1,122
Value-Add Program
Completed Rehab Units		290			402			911			1,368
Cumulative Completed Rehab Units (5)		5,979
Average Increase to Effective Monthly Rent      per Unit (Post-Rehab)	$	134
ROI on Post-Rehab Units		21.5	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,275,501		$	1,121,805
Credit Facilities		275,000			215,000
Total Debt Outstanding	$	1,550,501		$	1,336,805
Leverage Ratio (Net Debt to Enterprise Value) (6)		49	%		54	%

(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 Q3 and YTD Same Store properties, see the “Q3 Same Store Results” and “YTD 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) Total units owned is 15,032, however 89 units are currently down due to fires, a tornado, and winter storm Uri in February 2021.

(5) Inclusive of all full and partial interior upgrades completed through. Cumulative results exclude rehabs completed for properties sold through September 30, 2021.

(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.

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2021 Full Year Guidance Summary

NXRT is providing updated 2021 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, acquisitions and dispositions as follows:

	Guidance Range (1)
	Low-End			Mid-Point			High-End			Prior Mid-Point
Earnings per diluted share (2)	$	0.80		$	0.82		$	0.85		$	0.12
Core FFO per diluted share (2) (3)	$	2.36		$	2.38		$	2.41		$	2.35
Same Store Growth: (4)
Rental Income		4.7	%		4.9	%		5.1	%		4.6	%
Total Revenue		4.8	%		5.0	%		5.2	%		4.7	%
Total Expenses (5)		5.4	%		5.0	%		4.6	%		5.6	%
Same Store NOI (3)		4.4	%		5.0	%		5.6	%		4.0	%
Other Considerations: (6)
Acquisitions	$	200.0		$	250.0		$	300.0		$	150.0
Dispositions (7)	$	91.0		$	91.0		$	91.0		$	112.5

(1) Full Year 2021 guidance forecast includes Same Store growth projections presented above, which takes into effect the tornado damage at Cutter’s Point, fires at Timber Creek and Venue 8651, units damaged by winter storm Uri, the completed acquisitions of Creekside at Matthews, The Verandas at Lake Norman, Six Forks Station and the completed dispositions of Beechwood Terrace and Cedar Pointe 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 25.8 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 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 2021 pro forma Same Store pool (33 properties).

(5) The largest component to our same store operating expense forecast, real estate tax expense, is largely outside of our ability to control though we have and expect to continue taking all available action to manage real estate tax expense inflation in 2021 through our national tax consulting vendor and their legal experts. We remain optimistic that we will broadly meet or exceed our preliminary budget expectations for real estate tax expense in 2021.

(6) Transaction volumes presented are representative of expected full year targets which include the completed acquisitions of Creekside at Matthews The Verandas at Lake Norman, Six Forks Station and the completed dispositions of Beechwood Terrace and Cedar Pointe. We continue to evaluate our Portfolio for capital recycling opportunities and actual acquisitions and dispositions and the corresponding impact to EPS and Core FFO guidance could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

(7) Includes the completed 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	13.3%	3.5%	3.8%	$	466,540	$	505,196
Houston	6.2%	3.9%	4.2%		196,303		213,659
North Carolina
Raleigh	2.5%	3.5%	3.8%		85,876		92,992
Charlotte	7.3%	3.5%	3.8%		255,292		276,445
Georgia
Atlanta	9.4%	3.5%	3.8%		327,728		354,882
Tennessee
Nashville	11.1%	3.5%	3.8%		386,783		418,831
Florida
Orlando	7.6%	3.5%	3.8%		266,691		288,789
Tampa	3.4%	3.5%	3.8%		119,652		129,566
South Florida	16.3%	3.5%	3.8%		569,985		617,213
Nevada
Las Vegas	9.0%	3.5%	3.8%		314,730		340,808
Arizona
Phoenix	13.9%	3.5%	3.8%		486,800		527,135
Total / Ave	100.0%	3.5%	3.8%	$	3,476,380	$	3,765,516

NAV SUMMARY

Component	Min		Max
Tangible Assets
Real Estate (2)	$	3,476,380	$	3,765,516
Cash	18,413
Restricted Cash - Renovation Reserves (5)	14,506
Renovation Expenditures (5)	(14,506)
Cash Adjustments (6)	(1,444)
Other Assets	45,996
Value of Assets	$	3,539,345	$	3,828,481
Tangible Liabilities
Credit Facility (7)	$275,000
Mortgage Debt	1,275,501
Total Outstanding Debt	1,550,501
Forward 12-month Principal Payments (6)	(1,444)
Total Outstanding Debt (FY 2021 Est.)	1,549,057
Other Tangible Liabilities (at Book)	39,024
Derivative Liability	12,466
Value of Liabilities	$1,600,547
Net Leverage (mid-point)	43%
Net Asset Value	$	1,938,798	$	2,227,934
Shares outstanding - diluted (FY 2021 Est.)	25,840
Est. NAV / Share	$	75.03	$	86.22
NAV / Share (mid-point)	$80.62

NOI ESTIMATE

2Q 2021 NOI Actual	30,029
3Q 2021 NOI Actual	33,648
	Low		High
Estimated 4Q 2021 NOI Guidance (3)	$	32,654	$	34,031
2021 Pro Forma NOI Guidance (3)(4)	$	131,248	$	132,648

IMPLIED VALUATION METRICS

	Min	Max
Implied Real Estate Value	$3,476,380	$3,765,516
No. of Units (September 30, 2021) (2)	15,032
Implied Value/Apartment Unit	$231.3	$250.5
Implied Value/Apartment Unit (mid-point)	$240.9

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

(2) Estimated value ranges are presented for the existing portfolio (40 properties at September 30, 2021).

(3) The Company anticipates net income will be in the range between approximately $20.2 million and $21.6 million for the full year 2021 and between $36.3 million and $37.7 million for the fourth quarter of 2021. FY 2021 NOI Guidance considers the completed acquisitions of Creekside at Matthews, The Verandas at Lake Norman, Six Forks Station, and the completed dispositions of Beechwood Terrace and Cedar Pointe and assumes no further acquisition or disposition activity for the remainder of the year.

(4) 2021 Pro Forma NOI Guidance takes into effect the acquisitions of Creekside at Matthews, The Verandas at Lake Norman and Six Forks Station as if they were purchased on January 1, 2021, which we estimate would have contributed approximately an additional $1,100, $1,000 and $2,300, respectively, to NOI. Additionally, 2021 Pro Forma NOI Guidance takes into effect the dispositions of Beechwood Terrace and Cedar Pointe as if they were disposed of on December 31, 2021 which we estimate would have contributed approximately an additional $600 to NOI.

(5) Includes approximately $14.5 million that is held for value-add upgrades; reduced by $14.5 million for estimated 2021 rehab expenditures.

(6) Includes approximately $1.4 million in forward 12-month principal payments.

(7) Includes outstanding balance of September 30, 2021.

NXRT.NEXPOINT.COM Page8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	September 30, 2021			December 31, 2020
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	352,048		$	323,429
Buildings and improvements		1,676,850			1,544,115
Intangible lease assets		3,172			1,675
Construction in progress		6,374			10,796
Furniture, fixtures, and equipment		108,430			96,228
Total Gross Operating Real Estate Investments		2,146,874			1,976,243
Accumulated depreciation and amortization		(264,543	)		(215,494	)
Total Net Operating Real Estate Investments		1,882,331			1,760,749
Real estate held for sale, net of accumulated depreciation of $11,028 and $0, respectively		43,998			—
Total Net Real Estate Investments		1,926,329			1,760,749
Cash and cash equivalents		18,413			24,457
Restricted cash		48,871			32,558
Accounts receivable, net		5,783			9,045
Prepaid and other assets		5,848			2,405
TOTAL ASSETS	$	2,005,244		$	1,829,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,229,972		$	1,162,855
Mortgages payable held for sale, net		40,486			—
Credit facility, net		273,339			182,323
Accounts payable and other accrued liabilities		11,452			10,058
Accrued real estate taxes payable		20,624			12,822
Accrued interest payable		2,364			2,274
Security deposit liability		2,941			2,688
Prepaid rents		1,643			1,639
Fair market value of interest rate swaps		12,466			43,530
Total Liabilities		1,595,287			1,418,189
Redeemable noncontrolling interests in the Operating Partnership		4,532			3,098
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; 25,251,641 and 25,016,957 shares issued and outstanding, respectively		252			250
Additional paid-in capital		386,734			376,710
Accumulated earnings less dividends		31,804			75,321
Accumulated other comprehensive loss		(13,365	)		(44,354	)
Total Stockholders' Equity		405,425			407,927
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,005,244		$	1,829,214

NXRT.NEXPOINT.COM Page9

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS

(in thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues
Rental income	$	54,918		$	49,578		$	156,305		$	149,945
Other income		1,466			1,412			4,438			4,307
Total revenues		56,384			50,990			160,743			154,252
Expenses
Property operating expenses		12,783			11,906			35,116			35,591
Real estate taxes and insurance		7,646			7,686			24,876			23,485
Property management fees (1)		1,639			1,489			4,640			4,504
Advisory and administrative fees (2)		1,938			1,976			5,706			5,777
Corporate general and administrative expenses		3,152			2,807			9,070			8,440
Property general and administrative expenses		2,076			1,559			5,451			4,924
Depreciation and amortization		21,591			17,723			62,335			62,479
Total expenses		50,825			45,146			147,194			145,200
Operating income before gain on sales of real estate		5,559			5,844			13,549			9,052
Gain on sales of real estate		—			30,160			—			69,151
Operating income		5,559			36,004			13,549			78,203
Interest expense		(11,531	)		(11,049	)		(32,830	)		(33,704	)
Loss on extinguishment of debt and modification costs		—			(596	)		(328	)		(1,470	)
Casualty gains		—			4,960			2,379			3,932
Miscellaneous income		565			322			1,505			1,401
Net income (loss)		(5,407	)		29,641			(15,725	)		48,362
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(16	)		89			(47	)		145
Net income (loss) attributable to common stockholders	$	(5,391	)	$	29,552		$	(15,678	)	$	48,217
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		4,545			4,068			31,082			(54,518	)
Total comprehensive income (loss)		(862	)		33,709			15,357			(6,156	)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(3	)		101			46			(19	)
Comprehensive income (loss) attributable to common stockholders	$	(859	)	$	33,608		$	15,311		$	(6,137	)
Weighted average common shares outstanding - basic		25,175			24,372			25,128			24,688
Weighted average common shares outstanding - diluted		25,175			24,926			25,128			25,194
Earnings (loss) per share - basic	$	(0.21	)	$	1.21		$	(0.62	)	$	1.95
Earnings (loss) per share - diluted	$	(0.21	)	$	1.19		$	(0.62	)	$	1.91

(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 Page10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Same Store NOI for the three and nine months ended September 30, 2021 and 2020 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2021			2020			2021			2020
Net income (loss)		$	(5,407	)	$	29,641		$	(15,725	)	$	48,362
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,938			1,976			5,706			5,777
Corporate general and administrative expenses			3,152			2,807			9,070			8,440
Casualty-related expenses/(recoveries)	(1)		120			(47	)		(272	)		726
Casualty gain			—			(4,960	)		(2,379	)		(3,932	)
Pandemic expense	(2)		11			191			46			475
Property general and administrative expenses	(3)		712			482			1,660			1,500
Depreciation and amortization			21,591			17,723			62,335			62,479
Interest expense			11,531			11,049			32,830			33,704
Loss on extinguishment of debt and modification costs			—			596			328			1,470
Gain on sales of real estate			—			(30,160	)		—			(69,151	)
NOI		$	33,648		$	29,298		$	93,599		$	89,850
Less Non-Same Store
Revenues			(4,196	)		(1,449	)		(7,421	)		(6,296	)
Operating expenses			1,034			854			2,211			3,321
Operating income			(226	)		(322	)		(872	)		(1,401	)
Same Store NOI		$	30,260		$	28,381		$	87,517		$	85,474

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

(2) Represents additional cleaning, disinfecting 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.

NXRT.NEXPOINT.COM Page11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Results of Operations for the Three Months Ended September 30, 2021 and 2020

There are 35 properties encompassing 13,576 units of apartment space, or approximately 90% of our Portfolio, in our same store pool for the three months ended September 30, 2021 and 2020 (our “Q3 Same Store” properties). Our Q3 Same Store properties exclude the following 5 properties in our Portfolio as of September 30, 2021: Fairways at San Marcos, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, and Cutter’s Point as well as the 81 units mentioned on page 2 that are currently down.

As of September 30, 2021, our Q3 Same Store properties were approximately 95.4% leased with a weighted average monthly effective rent per occupied apartment unit of $1,198, a year-over-year increase of 40 bps and an increase of $76, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended September 30, 2021 and 2020 for our Q3 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended September 30,
	2021		2020		$ Change			% Change
Revenues
Same Store
Rental income	$	50,815	$	48,147	$	2,668			5.5	%
Other income		1,373		1,394		(21	)		-1.5	%
Same Store revenues		52,188		49,541		2,647			5.3	%
Non-Same Store
Rental income		4,103		1,431		2,672		N/M
Other income		93		18		75		N/M
Non-Same Store revenues		4,196		1,449		2,747		N/M
Total revenues		56,384		50,990		5,394			10.6	%
Operating expenses
Same Store
Property operating expenses (1)		11,882		11,299		583			5.2	%
Real estate taxes and insurance		7,613		7,393		220			3.0	%
Property management fees (2)		1,518		1,437		81			5.6	%
Property general and administrative expenses (3)		1,254		1,031		223			21.6	%
Same Store operating expenses		22,267		21,160		1,107			5.2	%
Non-Same Store
Property operating expenses (4)		770		463		307		N/M
Real estate taxes and insurance		33		293		(260	)	N/M
Property management fees (2)		121		52		69		N/M
Property general and administrative expenses (5)		110		46		64		N/M
Non-Same Store operating expenses		1,034		854		180			21.1	%
Total operating expenses		23,301		22,014		1,287			5.8	%
Operating income
Same Store
Miscellaneous income		339		—		339			0.0	%
Non-Same Store
Miscellaneous income		226		322		(96	)		-29.8	%
Total operating income		565		322		243		N/M
NOI
Same Store		30,260		28,381		1,879			6.6	%
Non-Same Store		3,388		917		2,471		N/M
Total NOI (6)	$	33,648	$	29,298	$	4,350			14.8	%

(1) For the three months ended September 30, 2021 and 2020, excludes approximately $136,000 and $700,000, respectively, of casualty-related expenses.

(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 September 30, 2021 and 2020, excludes approximately $677,000 and $455,000, 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended September 30, 2021 and 2020, excludes approximately $5,000 and $556,000, respectively, of casualty-related recoveries.

(5) For the three months ended September 30, 2021 and 2020, excludes approximately $35,000 and $27,000, 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” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q3 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended September 30, 2021 and 2020 (dollars in thousands, except for per unit data):

	Q3 2021			Q3 2020			% Change
Same Store Total Units		13,576			13,657
Same Store Occupied Units		12,947			12,970
Same Store Ending Occupancy		95.4	%		95.0	%		0.4	%
Same Store Average Rent per Unit	$	1,198		$	1,122			6.8	%
Same Store Revenues
Same Store Rental Income	$	50,815		$	48,147			5.5	%
Same Store Other Income		1,373			1,394			-1.5	%
Total Same Store Revenues		52,188			49,541			5.3	%
Same Store Operating Expenses
Payroll		4,632			4,475			3.5	%
Repairs & Maintenance		4,461			4,124			8.2	%
Utilities		2,789			2,700			3.3	%
Real Estate Taxes		6,393			6,273			1.9	%
Insurance		1,220			1,120			8.9	%
Property Management Fees		1,518			1,437			5.6	%
Office Operations		843			654			28.9	%
Marketing		411			377			9.0	%
Total Same Store Operating Expenses		22,267			21,160			5.2	%
Same Store Operating Income
Miscellaneous income		339			—			0.0	%
Total Same Store Operating Income		339			—			0.0	%
Q3 Same Store NOI	$	30,260		$	28,381			6.6	%

NXRT.NEXPOINT.COM Page13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 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	Q3 2021	Q3 2020	% Change	Q3 2021	Q3 2020	bps ∆	Q3 2021	Q3 2020	% Change
Texas
Dallas	2,365	$1,023	$970	5.5%	94.9%	95.6%	-70	$7,928	$7,711	2.8%
Houston	1,150	1,142	1,108	3.1%	96.0%	94.6%	140	4,214	4,156	1.4%
Average/Total	3,515	1,062	1,016	4.5%	95.2%	95.3%	-10	12,142	11,867	2.3%
North Carolina
Charlotte	561	1,076	1,016	5.9%	95.4%	96.5%	-110	1,832	1,834	-0.1%	(2)
Average/Total	561	1,076	1,016	5.9%	95.4%	96.5%	-110	1,832	1,834	-0.1%
Georgia
Atlanta	1,455	1,214	1,114	9.0%	94.2%	95.4%	-120	5,084	4,911	3.5%
Average/Total	1,455	1,214	1,114	9.0%	94.2%	95.4%	-120	5,084	4,911	3.5%
Tennessee
Nashville	1,848	1,065	1,027	3.7%	95.8%	93.9%	190	6,443	6,004	7.3%
Average/Total	1,848	1,065	1,027	3.7%	95.8%	93.9%	190	6,443	6,004	7.3%
Florida
Orlando	1,172	1,232	1,183	4.1%	96.2%	91.3%	490	4,450	4,124	7.9%
Tampa	576	1,097	986	11.3%	95.8%	95.7%	10	1,949	1,757	10.9%
South Florida	1,959	1,580	1,462	8.1%	95.8%	96.2%	-40	9,531	8,863	7.5%
Average/Total	3,707	1,395	1,300	7.3%	95.9%	94.6%	130	15,930	14,744	8.0%
Arizona
Phoenix	1,327	1,191	1,093	9.0%	96.9%	95.7%	120	5,265	4,813	9.4%
Average/Total	1,327	1,191	1,093	9.0%	96.9%	95.7%	120	5,265	4,813	9.4%
Nevada
Las Vegas	1,163	1,236	1,124	10.0%	92.9%	94.8%	-190	4,119	3,974	3.6%
Average/Total	1,163	1,236	1,124	10.0%	92.9%	94.8%	-190	4,119	3,974	3.6%
Average/Total	13,576	$1,198	$1,122	6.8%	95.4%	95.0%	40	$50,815	$48,147	5.5%

(1) This table only includes the 35 properties in our Q3 Same Store pool.

(2) Charlotte Total Rental Income for Q3 2021 does not include approximately $50,000 in business interruption proceeds for lost rent from a partial property casualty. If those rents were to have been collected, Total Rental Income would have increased by 2.6%.

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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	Q3 2021	Q2 2021	% Change	Q3 2021	Q2 2021	bps ∆	Q3 2021	Q2 2021	% Change
Texas
Dallas	2,365	$1,023	$996	2.7%	94.9%	95.9%	-100	$7,928	$7,806	1.6%
Houston	1,150	1,142	1,112	2.7%	96.0%	95.3%	70	4,214	4,090	3.0%
Average/Total	3,515	1,062	1,034	2.7%	95.2%	95.7%	-50	12,142	11,896	2.1%
North Carolina
Charlotte	561	1,076	1,038	3.7%	95.4%	96.6%	-120	1,832	1,813	1.0%
Average/Total	561	1,076	1,038	3.7%	95.4%	96.6%	-120	1,832	1,813	1.0%
Georgia
Atlanta	1,455	1,214	1,176	3.2%	94.2%	95.5%	-130	5,084	5,020	1.3%
Average/Total	1,455	1,214	1,176	3.2%	94.2%	95.5%	-130	5,084	5,020	1.3%
Tennessee
Nashville	1,848	1,065	1,033	3.1%	95.8%	96.3%	-50	6,443	6,140	4.9%
Average/Total	1,848	1,065	1,033	3.1%	95.8%	96.3%	-50	6,443	6,140	4.9%
Florida
Orlando	1,172	1,232	1,187	3.8%	96.2%	96.2%	0	4,450	4,318	3.1%
Tampa	576	1,097	1,020	7.5%	95.8%	97.0%	-120	1,949	1,851	5.3%
South Florida	1,959	1,580	1,510	4.6%	95.8%	96.0%	-20	9,531	9,172	3.9%
Average/Total	3,707	1,395	1,332	4.7%	95.9%	96.2%	-30	15,930	15,341	3.8%
Arizona
Phoenix	1,327	1,191	1,132	5.2%	96.9%	96.9%	0	5,265	4,974	5.9%
Average/Total	1,327	1,191	1,132	5.2%	96.9%	96.9%	0	5,265	4,974	5.9%
Nevada
Las Vegas	1,163	1,236	1,188	4.0%	92.9%	95.6%	-270	4,119	4,217	-2.3%
Average/Total	1,163	1,236	1,188	4.0%	92.9%	95.6%	-270	4,119	4,217	-2.3%
Average/Total	13,576	$1,198	$1,153	3.9%	95.4%	95.8%	-40	$50,815	$49,401	2.9%

(1) This table only includes the 35 properties in our Q3 Same Store pool.

NXRT.NEXPOINT.COM Page15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

YTD Same Store Results of Operations for the Nine Months Ended September 30, 2021 and 2020

There are 35 properties encompassing 13,576 units of apartment space, or approximately 90% of our Portfolio, in our same store pool for the nine months ended September 30, 2021 and 2020 (our “YTD Same Store” properties). Our YTD Same Store properties exclude the following 5 properties in our Portfolio as of September 30, 2021: Fairways at San Marcos, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, and Cutter’s Point as well as the 81 units mentioned on page 2 that are currently down.

As of September 30, 2021, our YTD Same Store properties were approximately 95.4% leased with a weighted average monthly effective rent per occupied apartment unit of $1,198, a year-over-year increase of 40 bps and an increase of $76, respectively.

The following table reflects the revenues, property operating expenses and NOI for the nine months ended September 30, 2021 and 2020 for our YTD Same Store and Non-Same Store properties (dollars in thousands):

	For the Nine Months Ended September 30,
	2021		2020		$ Change			% Change
Revenues
Same Store
Rental income	$	149,027	$	143,716	$	5,311			3.7	%
Other income		4,295		4,240		55			1.3	%
Same Store revenues		153,322		147,956		5,366			3.6	%
Non-Same Store
Rental income		7,278		6,229		1,049			16.8	%
Other income		143		67		76		N/M
Non-Same Store revenues		7,421		6,296		1,125			17.9	%
Total revenues		160,743		154,252		6,491			4.2	%
Operating expenses
Same Store
Property operating expenses (1)		33,910		32,542		1,368			4.2	%
Real estate taxes and insurance		24,534		22,436		2,098			9.4	%
Property management fees (2)		4,419		4,273		146			3.4	%
Property general and administrative expenses (3)		3,575		3,231		344			10.6	%
Same Store operating expenses		66,438		62,482		3,956			6.3	%
Non-Same Store
Property operating expenses (4)		1,432		1,848		(416	)		-22.5	%
Real estate taxes and insurance		342		1,049		(707	)	N/M
Property management fees (2)		221		231		(10	)		-4.3	%
Property general and administrative expenses (5)		216		193		23			11.9	%
Non-Same Store operating expenses		2,211		3,321		(1,110	)		-33.4	%
Total operating expenses		68,649		65,803		2,846			4.3	%
Operating income
Same Store
Miscellaneous income		633		—		633			0.0	%
Non-Same Store
Miscellaneous income		872		1,401		(529	)		-37.8	%
Total operating income		1,505		1,401		104			7.4	%
NOI
Same Store		87,517		85,474		2,043			2.4	%
Non-Same Store		6,082		4,376		1,706			39.0	%
Total NOI (6)	$	93,599	$	89,850	$	3,749			4.2	%

(1) For the nine months ended September 30, 2021 and 2020, excludes approximately $(226,000) and $222,000, 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 nine months ended September 30, 2021 and 2020, excludes approximately $1,562,000 and $1,323,000, 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 nine months ended September 30, 2021 and 2020, excludes approximately $316 and $(21,000), respectively, of casualty-related expenses/(recoveries).

(5) For the nine months ended September 30, 2021 and 2020, excludes approximately $99,000 and $177,000, 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” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the nine months ended September 30, 2021 and 2020 (dollars in thousands, except for per unit data):

	YTD 2021			YTD 2020			% Change
Same Store Total Units		13,576			13,657
Same Store Occupied Units		12,947			12,970
Same Store Ending Occupancy		95.4	%		95.0	%		0.4	%
Same Store Average Rent per Unit	$	1,198		$	1,122			6.8	%
Same Store Revenues
Same Store Rental Income	$	149,027		$	143,716			3.7	%
Same Store Other Income		4,295			4,240			1.3	%
Total Same Store Revenues		153,322			147,956			3.6	%
Same Store Operating Expenses
Payroll		13,362			13,240			0.9	%
Repairs & Maintenance		12,980			11,985			8.3	%
Utilities		7,568			7,317			3.4	%
Real Estate Taxes		20,944			19,321			8.4	%
Insurance		3,590			3,115			15.2	%
Property Management Fees		4,419			4,273			3.4	%
Office Operations		2,359			2,043			15.5	%
Marketing		1,216			1,188			2.4	%
Total Same Store Operating Expenses		66,438			62,482			6.3	%
Same Store Operating Income
Miscellaneous income		633			—			0.0	%
Total Same Store Operating Income		633			—			0.0	%
YTD Same Store NOI	$	87,517		$	85,474			2.4	%

NXRT.NEXPOINT.COM Page17

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 and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts):

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2021			2020			2021			2020			% Change (1)
Net income (loss)		$	(5,407	)	$	29,641		$	(15,725	)	$	48,362		N/M
Depreciation and amortization			21,591			17,723			62,335			62,479			-0.2	%
Gain on sales of real estate			—			(30,160	)		—			(69,151	)	N/M
Adjustment for noncontrolling interests			(49	)		(52	)		(140	)		(125	)		12.0	%
FFO attributable to common stockholders			16,135			17,152			46,470			41,565			11.8	%
FFO per share - basic		$	0.64		$	0.70		$	1.85		$	1.68			10.1	%
FFO per share - diluted		$	0.64		$	0.69		$	1.85		$	1.65			12.1	%
Loss on extinguishment of debt and modification costs			—			596			328			1,470		N/M
Casualty-related expenses/(recoveries)			120			(47	)		(272	)		726		N/M
Casualty gains			—			(4,960	)		(2,379	)		(3,932	)		-39.5	%
Pandemic expense	(2)		11			191			46			475		N/M
Amortization of deferred financing costs - acquisition term notes			150			345			499			1,039		N/M
Adjustment for noncontrolling interests			—			11			6			2		N/M
Core FFO attributable to common stockholders			16,416			13,288			44,698			41,345			8.1	%
Core FFO per share - basic		$	0.65		$	0.55		$	1.78		$	1.67			6.6	%
Core FFO per share - diluted		$	0.65		$	0.53		$	1.78		$	1.64			8.5	%
Amortization of deferred financing costs - long term debt			375			357			1,082			1,102			-1.8	%
Equity-based compensation expense			1,807			1,434			5,211			4,069			28.1	%
Adjustment for noncontrolling interests			(7	)		(5	)		(19	)		(15	)		26.7	%
AFFO attributable to common stockholders			18,591			15,074			50,972			46,501			9.6	%
AFFO per share - basic		$	0.74		$	0.62		$	2.03		$	1.88			8.0	%
AFFO per share - diluted		$	0.74		$	0.60		$	2.03		$	1.85			9.7	%
Weighted average common shares outstanding - basic			25,175			24,372			25,128			24,688			1.8	%
Weighted average common shares outstanding - diluted			25,175			24,926			25,128			25,194			-0.3	%
Dividends declared per common share		$	0.34125		$	0.3125		$	1.0238		$	0.938			9.1	%
FFO Coverage - diluted	(3)	1.88x			2.20x			1.81x			1.76x				2.73	%
Core FFO Coverage - diluted	(3)	1.91x			1.71x			1.74x			1.75x				-0.55	%
AFFO Coverage - diluted	(3)	2.16x			1.94x			1.98x			1.97x				0.54	%

(1) Represents the percentage change for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020.

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

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

NXRT.NEXPOINT.COM Page18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

	Q3 2021		Q3 2020		% Change			YTD 2021		YTD 2020		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	74,760	$	—	N/A			$	196,260	$	—	N/M
Capitalized Rehab Expenditures
Interior		2,739		2,310		18.6	%		8,097		7,433		8.9	%
Exterior and common area		1,498		4,474		-66.5	%		6,780		15,432		-56.1	%
Capitalized Maintenance Expenditures
Recurring		2,573		1,545		66.5	%		5,843		4,124		41.7	%
Non-Recurring		2,014		1,171		72.0	%		3,888		3,116		24.8	%
Total Capital Expenditures	$	83,584	$	9,500	N/M			$	220,868	$	30,105	N/M

NXRT.NEXPOINT.COM Page19

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		41	$	1,188	$	1,355	$	9,028		14.1	%		22.2	%
Arbors on Forest Ridge		210		161		779		879		4,428		12.9	%		27.2	%
Atera Apartments		380		172		1,120		1,268		3,247		13.2	%		54.7	%
Avant at Pembroke Pines		1,520		267		1,570		1,818		13,791		15.8	%		21.6	%
Beechwood Terrace		300		175		829		946		6,952		14.1	%		20.1	%
Bella Solara		320		63		1,249		1,410		9,901		12.9	%		19.5	%
Bella Vista		248		114		1,356		1,505		11,087		11.0	%		16.2	%
Bloom		528		36		1,183		1,338		12,317		13.1	%		15.1	%
Brandywine I & II		632		241		966		1,122		8,753		16.1	%		21.4	%
Cedar Pointe		210		42		990		1,169		10,156		18.1	%		21.2	%
Courtney Cove		324		194		855		957		4,822		12.0	%		25.5	%
Crestmont Reserve		242		50		900		1,024		5,038		13.9	%		29.7	%
Cutter's Point		196		140		956		1,073		5,825		12.3	%		24.2	%
Fairways of San Marcos		352		38		1,432		1,603		12,269		12.0	%		16.7	%
Hollister Place		260		202		904		1,055		7,413		16.7	%		24.4	%
Madera Point		256		223		835		940		4,233		12.5	%		29.7	%
Parc500		217		178		1,213		1,398		14,707		15.3	%		15.1	%
Radbourne Lake		225		310		1,011		1,057		1,042		4.5	%		52.0	%
Residences at Glenview Reserve		360		67		1,006		1,178		10,690		17.2	%		19.4	%
Residences at West Place		342		48		1,231		1,347		6,353		9.5	%		22.0	%
Rockledge Apartments		708		250		1,101		1,289		10,515		17.1	%		21.5	%
Sabal Palm at Lake Buena Vista		400		21		1,265		1,365		986		7.9	%		121.8	%
Seasons 704 Apartments		222		183		1,082		1,183		5,766		9.3	%		21.0	%
Silverbrook		642		461		790		874		4,080		10.7	%		25.0	%
Summers Landing		196		17		850		1,008		7,882		18.6	%		24.1	%
Summit at Sabal Park		252		200		917		1,019		5,682		11.1	%		21.5	%
The Cornerstone		430		347		940		1,029		5,401		9.5	%		19.8	%
The Enclave		204		111		1,365		1,544		9,816		13.1	%		21.9	%
The Heritage		204		97		1,284		1,429		11,019		11.3	%		15.8	%
The Preserve at Terrell Mill		752		581		819		971		9,981		18.6	%		18.3	%
The Venue on Camelback		415		168		696		952		10,634		36.8	%		28.9	%
Timber Creek		352		210		859		1,001		7,677		16.5	%		22.1	%
Torreyana Apartments		315		15		1,404		1,525		11,984		8.6	%		12.1	%
Venue at 8651		333		267		803		911		6,718		13.4	%		19.3	%
Versailles		388		289		800		898		6,168		12.2	%		19.0	%
Total/Weighted Average		13,281		5,979	$	970	$	1,104	$	7,484		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
The Verandas at Lake Norman		264		—		1,121		1,298	TBD			15.8	%	TBD
Creekside at Matthews		240		—		1,267		1,418	TBD			11.9	%	TBD
Six Forks Station		323		—		1,173		1,314	TBD			12.0	%	TBD
Total/Weighted Average Planned		1,751		—	$	1,210	$	1,326	TBD			9.6	%	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 September 30, 2021.

(3) Inclusive of all full and partial interior upgrades completed and leased through September 30, 2021.

NXRT.NEXPOINT.COM Page20

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		270	$	803	$	50		74.4	%
Arbors on Forest Ridge		210		112		713		40		67.3	%
Atera Apartments		380		352		800		40		60.0	%
Avant at Pembroke Pines		1,520		45		730		37		60.1	%
Beechwood Terrace		300		231		743		46		74.2	%
Brandywine I & II		632		30		791		71		107.7	%
Cedar Pointe		210		165		738		48		78.1	%
Crestmont Reserve		242		121		875		27		37.3	%
Cutter's Point		196		128		712		45		76.6	%
Hollister Place		260		213		951		50		63.1	%
Madera Point		256		156		885		30		40.2	%
Radbourne Lake		225		224		717		40		66.9	%
Rockledge Apartments		708		547		781		40		61.5	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Silverbrook		642		365		721		48		80.6	%
Summers Landing		196		75		794		50		75.6	%
Summit at Sabal Park		252		229		987		40		48.6	%
The Cornerstone		430		17		809		50		74.2	%
Timber Creek		352		126		720		45		75.0	%
Venue at 8651		333		219		711		46		77.6	%
Versailles		388		295		864		50		68.9	%
Total/Weighted Average		8,478		4,554	$	777	$	47		72.7	%

(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 September 30, 2021.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through September 30, 2021.

NXRT.NEXPOINT.COM Page21

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		27.6	%
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	%
Fairways of San Marcos		352		352		901		40		46.6	%
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	%
Residences at Glenview Reserve		360		360		1,017		45		46.9	%
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	%
Summers Landing		196		196		1,449		45		27.0	%
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		10,134		10,134	$	1,159	$	43		35.0	%
Planned Value-Add Programs							Rent Change & ROI (Projections)
Bella Solara		320		—	TBD		TBD		TBD
Bloom		528		—	TBD		TBD		TBD
Creekside at Matthews		240		—	TBD		TBD		TBD
Residences at West Place		342		—	TBD		TBD		TBD
Rockledge Apartments		708		—	TBD		TBD		TBD
Seasons 704 Apartments		222		—	TBD		TBD		TBD
Six Forks Station		323		—	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
The Verandas at Lake Norman		264		—	TBD		TBD		TBD
Torreyana Apartments		315		—	TBD		TBD		TBD
Total/Weighted Average Planned		4,681		—	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 September 30, 2021.

(3) Inclusive of all smart home technology package upgrades completed and leased through September 30, 2021.

NXRT.NEXPOINT.COM Page22

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 September 30, 2021 (dollars in thousands):

Operating Properties	Type	Term (months)		Outstanding Principal (1)			Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	Floating		84	$	13,130		1.76%	7/1/2024
Cutter's Point	Floating		84		16,640		1.76%	7/1/2024
Silverbrook	Floating		84		30,590		1.76%	7/1/2024
The Summit at Sabal Park	Floating		84		13,560		1.70%	7/1/2024
Courtney Cove	Floating		84		13,680		1.70%	7/1/2024
The Preserve at Terrell Mill	Floating		84		42,480		1.70%	7/1/2024
Versailles	Floating		84		23,880		1.70%	7/1/2024
Seasons 704 Apartments	Floating		84		17,460		1.70%	7/1/2024
Madera Point	Floating		84		15,150		1.70%	7/1/2024
Venue at 8651	Floating		84		13,734		1.86%	7/1/2024
The Venue on Camelback	Floating		84		28,093		1.76%	7/1/2024
Old Farm	Floating		84		52,886		1.76%	7/1/2024
Stone Creek at Old Farm	Floating		84		15,274		1.76%	7/1/2024
Timber Creek	Floating		84		24,100		1.34%	10/1/2025
Radbourne Lake	Floating		84		20,000		1.37%	10/1/2025
Sabal Palm at Lake Buena Vista	Floating		84		42,100		1.38%	9/1/2025
Cornerstone	Fixed		120		20,929		4.24%	3/1/2023
Parc500	Fixed		120		14,738		4.49%	8/1/2025
Hollister Place	Floating		84		14,811		1.42%	10/1/2025
Rockledge Apartments	Floating		84		68,100		1.65%	7/1/2024
Atera Apartments	Floating		84		29,500		1.56%	11/1/2024
Crestmont Reserve	Floating		84		12,061		1.26%	10/1/2025
Brandywine I & II	Floating		84		43,835		1.26%	10/1/2025
Bella Vista	Floating		84		29,040		1.40%	2/1/2026
The Enclave	Floating		84		25,322		1.40%	2/1/2026
The Heritage	Floating		84		24,625		1.40%	2/1/2026
Summers Landing	Floating		84		10,109		1.26%	10/1/2025
Residences at Glenview Reserve	Floating		84		26,560		1.52%	10/1/2025
Residences at West Place	Fixed		120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating		84		177,101		1.51%	9/1/2026
Arbors of Brentwood	Floating		84		34,237		1.51%	10/1/2026
Torreyana Apartments	Floating		84		37,400		1.78%	12/1/2026
Bloom	Floating		84		58,850		1.78%	12/1/2026
Bella Solara	Floating		84		36,575		1.78%	12/1/2026
Fairways at San Marcos	Floating		84		46,464		2.18%	12/1/2027
The Verandas at Lake Norman	Floating		84		34,925		1.90%	7/1/2028
Creekside at Matthews	Floating		84		31,900		1.90%	7/1/2028
Six Forks Station	Floating		120		41,180		1.77%	10/1/2031
				$	1,234,836
Fair market value adjustment					1,110
Deferred financing costs, net of accumulated amortization of $4,671					(5,974	)
				$	1,229,972
Held For Sale Property
Beechwood Terrace	Floating		84		23,365		1.52%	9/1/2025
Cedar Pointe	Floating		84		17,300		1.43%	9/1/2025
				$	40,665
Deferred financing costs, net of accumulated amortization of $139					(179	)
				$	40,486

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

(2) Interest rate is based on one-month LIBOR or 30-Day Secured Overnight Financing Rate (“SOFR”) plus an applicable margin, except for fixed rate mortgage debt. One-month LIBOR and 30-Day Average SOFR were 0.08025% and 0.05% as of September 30, 2021.

NXRT.NEXPOINT.COM Page23

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of September 30, 2021 (dollars in thousands):

	Type	Term(months)		Outstanding Principal			Interest Rate (1)	Maturity Date
Corporate Credit Facility	Floating		36	$	225,000		2.48%	6/30/2024
Corporate Credit Facility	Floating		3		50,000		2.48%	12/31/2021
Deferred financing costs, net of accumulated amortization of $149					(1,661	)
				$	273,339

(1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of September 30, 2021 was 0.08025%.

Interest Rate Swap Agreements

As of September 30, 2021, 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)
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	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
			$	1,167,500		1.3461	%	(2)

(1) The floating rate option for the interest rate swaps is one-month LIBOR. As of September 30, 2021, one-month LIBOR was 0.08025%.

(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)
March 1, 2022	March 1, 2025	Truist	$	145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%
September 1, 2026	January 1, 2027	KeyBank		92,500		1.7980	%
			$	342,500		0.9164	%	(2)

(1)   The floating rate option for the interest rate swaps is one-month LIBOR. As of September 30, 2021, one-month LIBOR was 0.08025%.

(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

		Payments Due by Period (in thousands)
		Total		2021			2022		2023		2024		2025		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,234,836	$	315		$	1,508	$	21,252	$	395,098	$	205,227	$	611,436
Interest expense	(1)		127,194		5,660			23,301		27,500		26,943		21,535		22,255
Total		$	1,362,030	$	5,975		$	24,809	$	48,752	$	422,041	$	226,762	$	633,691
Held For Sale Property Mortgage Debt
Principal payments		$	40,665	$	—		$	—	$	—	$	—	$	40,665	$	—
Interest expense			3,502		155			652		852		1,060		783		—
Total		$	44,167	$	155		$	652	$	852	$	1,060	$	41,448	$	—
Credit Facility
Principal payments		$	275,000	$	50,000	(2)	$	—	$	—	$	225,000	$	—	$	—
Interest expense			18,548		1,753			5,891		6,994		3,910		—		—
Total		$	293,548	$	51,753		$	5,891	$	6,994	$	228,910	$	—	$	—
Total contractual obligations and commitments		$	1,699,745	$	57,883		$	31,352	$	56,598	$	652,011	$	268,210	$	633,691

(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 September 30, 2021, we had entered into 11 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 September 30, 2021 to determine our expected settlements through the terms of the interest rate swaps.

(2) The Company intends to pay the full $50.0 million on its credit facility maturing December 31, 2021, on November 3, 2021, using the net cash proceeds from the dispositions of its held-for-sale properties, Beechwood Terrace and Cedar Pointe.

(1) As of September 30, 2021, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 2.82%, of which $1.5 billion was debt with a floating interest rate. As of September 30, 2021, interest rate swap agreements effectively covered 97% of our $1.2 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 1.3461% for one-month LIBOR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of September 30, 2021.

NXRT.NEXPOINT.COM Page25

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	Richardson, TX	196	1/31/2014	15,845	1,357	17,202	87,765
Silverbrook	Grand Prairie, TX	642	1/31/2014	30,400	1,661	32,061	49,939
Beechwood Terrace	Antioch, TN	300	7/21/2014	21,400	1,815	23,215	77,383
The Summit at Sabal Park	Tampa, FL	252	8/20/2014	19,050	1,656	20,706	82,167
Courtney Cove	Tampa, FL	324	8/20/2014	18,950	1,691	20,641	63,707
Radbourne Lake	Charlotte, NC	225	9/30/2014	24,250	1,438	25,688	114,169
Timber Creek	Charlotte, NC	352	9/30/2014	22,750	4,334	27,084	76,943
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	2,662	34,212	79,563
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	3,917	30,082	77,531
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	4,592	23,842	71,598
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	456	23,788	125,200
Hollister Place	Houston, TX	260	2/1/2017	24,500	2,952	27,452	105,585
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	2,252	28,752	136,914
Crestmont Reserve	Dallas, TX	242	9/26/2018	24,680	2,797	27,477	113,541
Brandywine I & II	Nashville, TN	632	9/26/2018	79,800	7,762	87,562	138,547
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	4,482	88,962	252,733
The Verandas at Lake Norman	Cornelius, NC	264	6/30/2021	63,500	4,628	68,128	258,061
Creekside at Matthews	Matthews, NC	240	6/30/2021	58,000	3,943	61,943	258,096
Six Forks Station	Raleigh, NC	323	9/10/2021	74,760	6,431	81,191	251,365
Total/Weighted Average		15,032		$2,054,180	$167,174	$2,221,354	$147,775

(1) Only includes properties owned as of September 30, 2021.

(2) Includes interior and exterior rehab.

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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		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) pandemic expenses that are not reflective of continuing operations of the properties and (8) 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 on the early payment of debt, the write-off of unamortized deferred financing costs and fair market value adjustments of assumed debt related to the retirement of debt, costs incurred in connection with a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment that are expensed), casualty-related expenses/and recoveries and gains (losses), pandemic expenses, 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 (as described above) 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 Same Store NOI for the three months ended June 30, 2021

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our Q2 Same Store NOI for the three months ended June 30, 2021 to net loss, the most directly comparable GAAP financial measure (in thousands):

		For the Three Months Ended
		June 30, 2021
Net loss		$(3,418)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees		1,900
Corporate general and administrative expenses		2,978
Casualty-related recoveries	(1)	(435)
Casualty gain		(2,379)
Pandemic expense	(2)	12
Property general and administrative expenses	(3)	374
Depreciation and amortization		19,986
Interest expense		10,683
Loss on extinguishment of debt and modification costs		328
NOI		$30,029
Less Non-Same Store
Revenues		(1,681)
Operating expenses		620
Operating income		(304)
Same Store NOI		$28,664

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

(2) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19.

(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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Same Store NOI for the year ended December 31, 2020

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

		For the Year Ended
		December 31, 2020
Net income		$44,150
Adjustments to reconcile net income to NOI:
Advisory and administrative fees		7,670
Corporate general and administrative expenses		10,035
Casualty-related expenses	(1)	790
Casualty gains		(5,886)
Miscellaneous income		(1,772)
Pandemic expense	(2)	510
Property general and administrative expenses	(3)	1,112
Depreciation and amortization		82,411
Interest expense		44,753
Loss on extinguishment of debt and modification costs		1,470
Gain on sales of real estate		(69,151)
NOI		$116,092
Less Non-Same Store
Revenues		(82,585)
Operating expenses		34,643
Same Store NOI		$68,150

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

(2) Represents additional cleaning, disinfecting, PPE and other costs incurred at the properties related to COVID-19.

(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.

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	Q3 2021			Q3 2020
Total mortgage debt	$	1,275,501		$	1,121,805
Credit facilities		275,000			215,000
Total debt outstanding		1,550,501			1,336,805
Adjustments to arrive at net debt:
Cash and cash equivalents		(18,413	)		(70,282	)
Restricted cash held for value-add upgrades and green improvements		(14,506	)		(11,918	)
Net Debt	$	1,517,582		$	1,254,605
Enterprise Value (1)	$	3,080,582		$	2,342,605
Leverage Ratio		49	%		54	%

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI to net income (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):

		For the Year Ended December 31, 2021			For the Three Months Ended December 31, 2021
		Mid-Point (1)			Mid-Point (1)
Net income		$	21,255		$	36,982
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			7,607			1,901
Corporate general and administrative expenses			12,298			3,228
Property general and administrative expenses	(2)		1,435			—
Depreciation and amortization			87,829			25,494
Interest expense			44,549			11,719
Casualty-related recoveries			(2,379	)		—
Loss on extinguishment of debt and modification costs			503			175
Gain on sales of real estate			(46,157	)		(46,157	)
NOI	(3)	$	126,940		$	33,342
Less Non-Same Store
Revenues	(4)		(18,583	)
Operating expenses	(4)		6,706
Operating income	(4)		(907	)
Same Store NOI		$	114,156

(1) Mid-Point estimates shown for full year and fourth quarter 2021 guidance. Assumptions made for full year and fourth 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) 2021 Pro Forma NOI Guidance takes into effect the acquisitions of Creekside at Matthews, The Verandas at Lake Norman and Six Forks Station as if they were purchased on January 1, 2021, which we estimate would have contributed approximately an additional $1,100, $1,000 and $2,300, respectively, to NOI. Additionally, 2021 Pro Forma NOI Guidance takes into effect the dispositions of Beechwood Terrace and Cedar Pointe as if they were disposed of on December 31, 2021 which we estimate would have contributed approximately an additional $600 to NOI.

(4) 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 33 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 income (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 income	$	21,255
Depreciation and amortization		87,829
Gain on sales of real estate		(46,157	)
Adjustment for noncontrolling interests		(185	)
FFO attributable to common stockholders		62,742
FFO per share - diluted (2)	$	2.44
Loss on extinguishment of debt and modification costs		503
Casualty-related recoveries		(2,606	)
Amortization of deferred financing costs - acquisition term notes		650
Pandemic expense (1)		46
Adjustment for noncontrolling interests		6
Core FFO attributable to common stockholders		61,341
Core FFO per share - diluted (2)	$	2.38
Amortization of deferred financing costs - long term debt		1,457
Equity-based compensation expense		6,990
Adjustment for noncontrolling interests		(26	)
AFFO attributable to common stockholders		69,762
AFFO per share - diluted (2)	$	2.71
Weighted average common shares outstanding - diluted		25,750

(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) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.8 million for the full year 2021.

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