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

Exhibit 99.1

15 February 2022 | NYSE:NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 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 Fourth Quarter and FY 2021 Activity	5
Financial Summary	6
2022 Full Year Guidance Summary	7
Components of Net Asset Value	8
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
NOI and Same Store NOI	11
2020-2021 Same Store Results	13
2020-2021 Same Store Properties Operating Metrics	15
QoQ Same Store Properties Operating Metrics	16
2019-2021 Same Store Results	17
Q4 Same Store Results	20
FFO, Core FFO and AFFO	22
Historical Capital Expenditures	23
Value-Add Program Details	24
Outstanding Debt Details	27
Debt Maturity Schedule	29
Historical Acquisition Details	30
Historical Disposition Details	31
Definitions and Reconciliations of Non-GAAP Measures	32

   HUDSON HIGH HOUSE: CARY, NC

  EXPANSION IN RALEIGH/DURHAM

   PRIME VALUE-ADD OPPORTUNITY

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 FOURTH QUARTER AND FULL YEAR 2021 RESULTS

NXRT Recaps Acquisition/Disposition Activity, Value-Add Results and Issues 2022 Full Year Guidance

Dallas, TX, February 15, 2022 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2021.

Highlights

• NXRT¹ reported net income, FFO², Core FFO² and AFFO² of $23.0M, $63.6M, $62.5M and $70.9M, respectively, attributable to common stockholders for the year ended December 31, 2021, compared to net income, FFO, Core FFO, and AFFO of $44.0M, $57.2M, $55.5M and $62.4M, respectively, attributable to common stockholders for the year ended December 31, 2020.

• For the year ended December 31, 2021, 2020-2021 Same Store properties³ average effective rent, total revenue and NOI² increased 11.1%, 4.9% and 5.5%, respectively, and occupancy increased 30 bps over the prior year period.

• During the year ended December 31, 2021, NXRT acquired four properties totaling 1,129 units for a combined purchase price of $289.5 million.

• The weighted average effective monthly rent per unit across all 39 properties held as of December 31, 2021 (the “Portfolio”), consisting of 14,825 units⁴, was $1,261, while physical occupancy was 94.3%.

• NXRT paid a fourth quarter dividend of $0.38 per share of common stock on December 30, 2021; this cash dividend represented a $0.0388 per share, or 11.4% increase, over the prior quarter’s dividend.

• During 2021, for the properties in the Portfolio, NXRT completed 1,264 full and partial upgrades, achieving an average monthly rent premium of $175 and a 21.1% ROI⁵.

• Since inception, NXRT has completed installation of 6,015 full & partial upgrades, 4,321 kitchen and laundry appliances and 9,624 technology packages, resulting in $136, $47 and $43 average monthly rental increase per unit and 21.6%, 72.0% and 33.5% ROI, respectively.

• During the full year 2021, through its at-the-market offering (“ATM program”), NXRT issued 350,513 shares of common stock for approximately $26.4 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 33 properties encompassing 13,098 units of apartment space in our Same Store pool for the year ended December 31, 2021  (our “2020-2021” Same Store” properties). There are 33 properties encompassing 13,098 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2021 (our “Q4 Same Store” properties). The same store unit count excludes 50 units that are currently down due to fires and winter storm Uri (Hollister Place: 19 units, Timber Creek: 15 units, Venue at 8651: 8 units, Atera: 4 units, Preserve at Terrell Mill: 3 units and Old Farm: 1 unit).

(4) Total number of units owned as of December 31, 2021 is 14,825, however 50 units are currently down due to fires and winter storm Uri (Hollister Place: 19 units, Timber Creek: 15 units, Venue at 8651: 8 units, Atera: 4 units, Preserve at Terrell Mill: 3 units and Old Farm: 1 unit).

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Full Year 2021 Financial Results

• Total revenues were $219.2 million for the full year 2021, compared to $204.8 million for the full year 2020.

• Net income for the full year 2021 totaled $23.0 million, or income of $0.89 per diluted share, which included a gain on sales of real estate of $46.2 million and $86.9 million of depreciation and amortization expense. This compared to net income of $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 for the full year 2020.

• The change in our net income of $23.1 million for the year ended December 31, 2021 as compared to our net income of $44.2 million for the year ended December 31, 2020 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 2021, NOI was $128.4 million on 39 properties, compared to $118.4 million for the full year 2020 on 37 properties.

• For the full year 2021, Same Store NOI increased 5.5% to $115.3 million, compared to $109.3 million for the full year 2020.

• For the full year 2021, FFO totaled $63.6 million, or $2.47 per diluted share, compared to $57.2 million, or $2.27 per diluted share, for the full year 2020. For the full year 2021, Core FFO totaled $62.5 million, or $2.43 per diluted share, compared to $55.5 million, or $2.20 per diluted share, for the full year 2020. For the full year 2021, AFFO totaled $70.9 million, or $2.75 per diluted share, compared to $62.4 million, or $2.47 per diluted share, for the full year 2020.

Fourth Quarter 2021 Financial Results

• Total revenues were $58.5 million for the fourth quarter of 2021, compared to $50.5 million for the fourth quarter of 2020.

• Net income for the fourth quarter of 2021 totaled $38.8 million, or a gain of $1.50 per diluted share, which included $24.5 million of depreciation and amortization expense and $11.8 million of interest expense. This compared to net loss of $(4.2) million, or a loss of $(0.17) per diluted share, for the fourth quarter of 2020, which included $19.9 million of depreciation and amortization expense and $11.0 million of interest expense.

• The change in our net income (loss) between the periods primarily relates to increases in total revenues and gains on sales of real estate, partially offset by increases in total property operating expenses and depreciation and amortization expense.

• For the fourth quarter of 2021, NOI was $34.8 million on 39 properties, compared to $28.5 million for the fourth quarter of 2020 on 37 properties.

• For the fourth quarter of 2021, Q4 Same Store NOI increased 14.7% to $30.7 million, compared to $26.7 million for the fourth quarter of 2020.

• For the fourth quarter of 2021, FFO totaled $17.1 million, or $0.66 per diluted share, compared to $15.7 million, or $0.62 per diluted share, for the fourth quarter of 2020. For the fourth quarter of 2021, Core FFO totaled $17.8 million, or $0.69 per diluted share, compared to $14.2 million, or $0.56 per diluted share, for the fourth quarter of 2020. For the fourth quarter of 2021, AFFO totaled $19.9 million, or $0.77 per diluted share, compared to $15.9 million, or $0.63 per diluted share, for the fourth quarter of 2020.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 15, 2022 at 11:00 a.m. ET to discuss its fourth quarter and full year 2021 financial results. The conference call can be accessed live over the phone by dialing 888-220-8451 or, for international callers, +1 323-794-2588 and using passcode Conference ID: 2052798.  A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Resources").  An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, February 22, 2022 by dialing 888-203-1112 or, for international callers, +1 719-457-0820 and entering passcode 2052798.

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.

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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,” “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, 2022 full year and pro forma guidance and the related components and assumptions, including acquisitions and dispositions, the NOI related to the acquired or disposed properties, shares outstanding and same store growth projections, NXRT’s net asset value and the related components and assumptions, including pro forma adjustments for acquisitions and dispositions, the NOI related to the acquired or disposed of properties, estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, guidance for the first quarter 2022 and the related assumptions, 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 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 2021 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$78.54
Insider Ownership (2)	12.25%
2022 Q1 Dividend Per Share	$0.38
Dividend Yield (1)	1.94%
Shares outstanding - basic (3)	25,170
Shares outstanding - diluted (3)	25,760

(1) As of the close of market trading on February 14, 2022.

(2) As of the close of market trading on December 31, 2021.

(3) Weighted average for the year ended December 31, 2021.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth	17.5%
South Florida	13.2%
Phoenix	11.3%
Atlanta	9.8%
Nashville	9.0%
Houston	8.0%
Orlando	7.9%
Las Vegas	7.9%
Charlotte	7.3%
Raleigh	4.2%
Tampa	3.9%
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 2021 Activity

ACQUISITIONS

Property Name	Location	Date of Acquisition	Purchase Price		Mortgage Debt		# Units
The Verandas at Lake Norman	Charlotte, North Carolina	June 30, 2021	$	63,500	$	34,925		264
Creekside at Matthews	Charlotte, North Carolina	June 30, 2021		58,000		31,900		240
Six Forks Station	Raleigh, North Carolina	September 10, 2021		74,760		41,180		323
Hudson High House	Cary, North Carolina	December 7, 2021		93,250		46,625		302
			$	289,510	$	154,630		1,129

DISPOSITIONS

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

NXRT Q4 2021 NEW LEASES & RENEWALS

Market	New Leases	% Increase	Rent Increase	Renewals	% Increase	Rent Increase
Dallas/Fort Worth	244	24.2%	$250	262	15.4%	$147
Houston	91	17.8%	$209	132	9.3%	$106
Charlotte	118	12.7%	$136	121	11.4%	$126
Nashville	154	17.0%	$189	178	12.6%	$134
Atlanta	132	22.6%	$270	161	16.7%	$188
Orlando	102	34.9%	$400	150	19.0%	$217
Tampa	70	39.6%	$399	57	24.4%	$248
South Florida	196	31.8%	$482	226	17.5%	$262
Phoenix	187	28.5%	$327	176	17.2%	$195
Las Vegas	120	19.5%	$242	152	16.1%	$188
Raleigh	25	17.2%	$196	53	14.1%	$158
TOTAL	1,439	24.5%	$291	1,668	15.6%	$179

  CORE FFO GROWTH*   NOI GROWTH*

*Net income (loss) for the years ended December 31, 2021, 2020, 2019, 2018, 2017, 2016 and 2015 (in thousands) was $23,106, $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 2021			FY 2020			FY 2019			Q4 2021			Q4 2020
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	2,138,000		$	1,058,000		$	1,136,000
Share Price (as of the last day of the period)	$	83.83		$	42.31		$	45.00
Weighted average common shares outstanding - basic		25,170			24,715			24,116			25,293			24,797
Weighted average common shares outstanding - diluted		25,760			25,234			24,593			25,882			25,350
Earnings Profile
Total revenues	$	219,240		$	204,800		$	181,066		$	58,497		$	50,548
Net income attributable to common stockholders		23,037			44,018			99,140			38,715			(4,199	)
NOI (1)		128,389			118,396			103,600			34,789			28,545
Same Store NOI (2)		115,332			109,286						30,687			26,747
Same Store NOI Growth (%) (2)		5.5	%								14.7	%
Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	0.89		$	1.74		$	4.03		$	1.50		$	(0.17	)
FFO (1)	$	2.47		$	2.27		$	1.66		$	0.66		$	0.62
Core FFO (1)	$	2.43		$	2.20		$	1.93		$	0.69		$	0.56
AFFO (1)	$	2.75		$	2.47		$	2.20		$	0.77		$	0.63
Dividends declared per common share	$	1.404		$	1.279		$	1.138		$	0.380		$	0.341
FFO Coverage (3)	1.76x			1.77x			1.46x			1.74x			1.81x
Core FFO Coverage (3)	1.73x			1.72x			1.70x			1.81x			1.64x
AFFO Coverage (3)	1.96x			1.94x			1.94x			2.03x			1.84x
Portfolio
Total Properties		39			37			40
Total Units (4)		14,825			14,205			14,724
Occupancy		94.3	%		94.1	%		94.2	%
Average Effective Monthly Rent per Unit	$	1,261		$	1,128		$	1,103
Same Store Portfolio Metrics (2)
Total Same Store Properties		33			33						33			33
Total Same Store Units		13,098			13,148						13,098			13,148
Occupancy		94.2	%		93.9	%					94.2	%		93.9	%
Average Effective Monthly Rent per Unit	$	1,255		$	1,130					$	1,255		$	1,130
Value-Add Program
Completed Full/Partial Interior Rehab Units		1,264			1,679			2,516			353			311
Cumulative Completed Rehab Units (5)		6,015
Average Increase to Effective Monthly Rent      per Unit (Post-Rehab)	$	136
ROI on Post-Rehab Units		21.6	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,281,146		$	1,168,078		$	1,193,528
Credit Facilities		280,000			183,000			218,000
Total Debt Outstanding	$	1,561,146		$	1,351,078		$	1,411,528
Leverage Ratio (Net Debt to Enterprise Value) (6)		41	%		55	%		55	%

(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. Full year results are shown for the 2020-2021 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2020-2021 Same Store properties, see the “Q4 Same Store Results” and “2020-2021 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 14,825, however 50 units are currently down due to fires and winter storm Uri in February 2021.

(5) Inclusive of all full and partial interior upgrades completed through December 31, 2021. Cumulative results exclude rehabs completed for properties sold through December 31, 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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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2022 Full Year Guidance Summary

NXRT is providing initial 2022 guidance ranges for earnings 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 per diluted share (2)	$	4.05		$	4.15		$	4.25
Core FFO per diluted share (2) (3)	$	2.87		$	2.97		$	3.07
Same Store Growth: (4)
Rental Income		10.0	%		10.9	%		11.7	%
Total Revenue		9.4	%		10.2	%		11.1	%
Total Operating Expenses		7.2	%		6.3	%		5.5	%
Same Store NOI (3)		11.0	%		13.0	%		15.0	%
Other Considerations: (5)
Acquisitions	$	150.0		$	225.0		$	300.0
Dispositions	$	150.0		$	225.0		$	300.0

(1) Full Year 2022 guidance forecast includes Same Store growth projections presented above, which takes into effect the forecast dispositions of Old Farm, Stone Creek at Old Farm and Hollister Place, thereby removing those assets from the Full Year 2022 pro forma Same Store pool.

(2) Weighted average diluted share count estimate for full year 2022 is approximately 26.3 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2022 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 2022 pro forma Same Store pool (31 properties).

(5) We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are 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.

Additional information on 2022 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	13.9%	3.5%	3.8%	$	541,105	$	599,996
Houston	6.0%	3.9%	4.2%		209,238		233,200
North Carolina
Raleigh	4.4%	3.5%	3.8%		169,919		188,412
Charlotte	7.2%	3.5%	3.8%		276,449		306,536
Georgia
Atlanta	9.5%	3.5%	3.8%		369,473		409,685
Tennessee
Nashville	8.2%	3.5%	3.8%		320,260		355,116
Florida
Orlando	7.8%	3.5%	3.8%		304,219		337,328
Tampa	3.4%	3.5%	3.8%		130,530		144,736
South Florida	16.5%	3.5%	3.8%		642,598		712,535
Nevada
Las Vegas	9.4%	3.5%	3.8%		365,787		405,597
Arizona
Phoenix	13.7%	3.5%	3.8%		531,651		589,513
Total / Ave	100.0%	3.5%	3.8%	$	3,861,229	$	4,282,654

NAV SUMMARY

Component	Min		Max
Tangible Assets
Real Estate (2)	$	3,861,229	$	4,282,654
Cash	49,450
Restricted Cash - Renovation Reserves (5)	11,875
Renovation Capital Expenditures (5)	(11,875)
Cash Adjustments (6)	(1,482)
Fair Market Value of Interest Rate Swaps	3,526
Other Assets	36,916
Value of Assets	$	3,949,639	$	4,371,064
Tangible Liabilities
Credit Facility (7)	$280,000
Mortgage Debt	1,281,146
Total Outstanding Debt	1,561,146
Forward 12-month Principal Payments (6)	(1,482)
Total Outstanding Debt (FY 2022 Est.)	1,559,664
Other Tangible Liabilities (at Book)	32,983
Derivative Liability	-
Value of Liabilities	$1,592,647
Net Leverage (mid-point)	38%
Net Asset Value	$	2,356,992	$	2,778,417
Shares outstanding - diluted (FY 2021 Est.)	26,122
Est. NAV / Share	$	90.23	$	106.36
NAV / Share (mid-point)	$98.30

NOI ESTIMATE

4Q 2021 NOI Actual	34,789
FY 2021 NOI Actual	128,389
	Low		High
Estimated 1Q 2022 NOI Guidance (3)		34,560		35,308
2022 Pro Forma NOI Guidance (3)(4)	$	145,738	$	150,826

IMPLIED VALUATION METRICS

	Min	Max
Implied Real Estate Value	$3,861,229	$4,282,654
No. of Units (December 31, 2021) (2)	14,825
Implied Value/Apartment Unit	$260.5	$288.9
Implied Value/Apartment Unit (mid-point)	$274.7

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

(2) Estimated value ranges are presented for the existing portfolio (39 properties at December 31, 2021).

(3) The Company anticipates net income (loss) will be in the range between approximately $106.9 million and $112.2 million for the full year 2022 and between $(7.0) million and $(7.8) million for the first quarter of 2022. FY 2022 NOI Guidance considers the forecast dispositions of Old Farm, Stone Creek at Old Farm, and Hollister Place, and considers a commensurate volume of capital recycling.

(4) 2022 Pro Forma NOI Guidance takes into effect the forecast dispositions of Old Farm, Stone Creek at Old Farm, and Hollister Place as if they were disposed of on December 31, 2022, which we estimate would have contributed approximately an additional $2,000, $500, and $700, respectively, to NOI. Additionally, 2022 Pro Forma NOI Guidance excludes NOI for projected acquisitions in 2022, which we estimate would have contributed approximately an additional $5,400 to NOI.

(5) Includes approximately $11.9 million that is held for value-add upgrades; reduced by $11.9 million for estimated 2022 rehab expenditures.

(6) Includes approximately $1.5 million in forward 12-month principal payments.

(7) Includes outstanding balance as of December 31, 2021.

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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, 2021			December 31, 2020
ASSETS
Operating Real Estate Investments
Land	$	375,857		$	323,429
Buildings and improvements		1,743,866			1,544,115
Intangible lease assets		2,576			1,675
Construction in progress		6,078			10,796
Furniture, fixtures, and equipment		120,419			96,228
Total Gross Operating Real Estate Investments		2,248,796			1,976,243
Accumulated depreciation and amortization		(287,096	)		(215,494	)
Total Net Real Estate Investments		1,961,700			1,760,749
Cash and cash equivalents		49,450			24,457
Restricted cash		39,246			32,558
Accounts receivable, net		4,844			9,045
Prepaid and other assets		4,701			2,405
Fair market value of interest rate swaps		3,526			—
TOTAL ASSETS	$	2,063,467		$	1,829,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,276,285		$	1,162,855
Credit facility, net		278,215			182,323
Accounts payable and other accrued liabilities		12,590			10,058
Accrued real estate taxes payable		13,182			12,822
Accrued interest payable		2,491			2,274
Security deposit liability		2,945			2,688
Prepaid rents		1,775			1,639
Fair market value of interest rate swaps		—			43,530
Total Liabilities		1,587,483			1,418,189
Redeemable noncontrolling interests in the Operating Partnership		6,139			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; 25,500,567 and 25,016,957 shares issued and outstanding, respectively		255			250
Additional paid-in capital		407,803			376,710
Accumulated earnings less dividends		59,209			75,321
Accumulated other comprehensive income (loss)		2,578			(44,354	)
Total Stockholders' Equity		469,845			407,927
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,063,467		$	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 INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)

	For the Year Ended December 31,
	2021			2020			2019
Revenues
Rental income	$	213,505		$	199,237		$	177,162
Other income		5,735			5,563			3,904
Total revenues		219,240			204,800			181,066
Expenses
Property operating expenses		47,739			47,201			42,692
Real estate taxes and insurance		33,152			31,709			25,113
Property management fees (1)		6,334			5,971			5,388
Advisory and administrative fees (2)		7,631			7,670			7,500
Corporate general and administrative expenses		11,966			10,035			9,613
Property general and administrative expenses		7,332			6,239			6,765
Depreciation and amortization		86,878			82,411			69,086
Total expenses		201,032			191,236			166,157
Operating income before gain on sales of real estate		18,208			13,564			14,909
Gain on sales of real estate		46,214			69,151			127,684
Operating income		64,422			82,715			142,593
Interest expense		(44,623	)		(44,753	)		(37,385	)
Loss on extinguishment of debt and modification costs		(912	)		(1,470	)		(2,869	)
Casualty gain (loss)		2,595			5,886			(3,488	)
Miscellaneous income		1,624			1,772			587
Net income		23,106			44,150			99,438
Net income attributable to redeemable noncontrolling interests in the Operating Partnership		69			132			298
Net income attributable to common stockholders	$	23,037		$	44,018		$	99,140
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		47,073			(46,961	)		(14,625	)
Total comprehensive income (loss)		70,179			(2,811	)		84,813
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		210			(9	)		254
Comprehensive income (loss) attributable to common stockholders	$	69,969		$	(2,802	)	$	84,559
Weighted average common shares outstanding - basic		25,170			24,715			24,116
Weighted average common shares outstanding - diluted		25,760			25,234			24,593
Earnings per share - basic	$	0.92		$	1.78		$	4.11
Earnings per share - diluted	$	0.89		$	1.74		$	4.03

(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 years and three months ended December 31, 2021 and 2020 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,						For the Three Months Ended December 31,
		2021			2020			2021			2020
Net income (loss)		$	23,106		$	44,150		$	38,831		$	(4,212	)
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees			7,631			7,670			1,925			1,893
Corporate general and administrative expenses			11,966			10,035			2,896			1,595
Casualty-related expenses/(recoveries)	(1)		(200	)		790			72			64
Casualty losses (gains)			(2,595	)		(5,886	)		(216	)		(1,954	)
Pandemic expense	(2)		50			510			4			35
Property general and administrative expenses	(3)		2,232			1,644			571			143
Depreciation and amortization			86,878			82,411			24,543			19,932
Interest expense			44,623			44,753			11,793			11,049
Loss on extinguishment of debt and modification costs			912			1,470			584			—
Gain on sales of real estate			(46,214	)		(69,151	)		(46,214	)		—
NOI		$	128,389		$	118,396		$	34,789		$	28,545
Less Non-Same Store
Revenues			(19,157	)		(14,101	)		(6,430	)		(2,748	)
Operating expenses			6,971			6,678			2,328			1,237
Operating income			(871	)		(1,687	)		—			(287	)
Same Store NOI		$	115,332		$	109,286		$	30,687		$	26,747

(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, centralized leasing service and franchise tax fees.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2019-2021 Same Store NOI for the years ended December 31, 2021, 2020 and 2019 to net income, the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,
		2021			2020			2019
Net income		$	23,106		$	44,150		$	99,438
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			7,631			7,670			7,500
Corporate general and administrative expenses			11,966			10,035			9,613
Casualty-related expenses/(recoveries)	(1)		(200	)		790			(34	)
Casualty losses (gains)			(2,595	)		(5,886	)		3,488
Pandemic expense	(2)		50			510			—
Property general and administrative expenses	(3)		2,232			1,644			1,939
Depreciation and amortization			86,878			82,411			69,086
Interest expense			44,623			44,753			37,385
Loss on extinguishment of debt and modification costs			912			1,470			2,869
Gain on sales of real estate			(46,214	)		(69,151	)		(127,684	)
NOI		$	128,389		$	118,396		$	103,600
Less Non-Same Store
Revenues			(98,786	)		(89,362	)		(69,608	)
Operating expenses			39,001			37,394			29,163
Operating income			(871	)		(1,687	)		(587	)
Same Store NOI		$	67,733		$	64,741		$	62,568

(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, centralized leasing service and franchise tax fees.

NXRT.NEXPOINT.COM Page12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2020-2021 Same Store Results of Operations for the Years Ended December 31, 2021 and 2020

There are 33 properties encompassing 13,098 units of apartment space, or approximately 88% of our Portfolio, in our same store pool for the years ended December 31, 2021 and 2020 (our “2020-2021 Same Store” properties). Our 2020-2021 Same Store properties exclude the following 6 properties in our Portfolio as of December 31, 2021: Fairways at San Marcos, Cutter’s Point, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station and Hudson High House as well as the 50 units mentioned on page 1 that are currently down.

As of December 31, 2021, our 2020-2021 Same Store properties were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $1,255, a year-over-year increase of 30 bps and an increase of $125, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2021 and 2020 for our 2020-2021 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,
	2021		2020		$ Change			% Change
Revenues
Same Store
Rental income	$	194,609	$	185,283	$	9,326			5.0	%
Other income		5,474		5,416		58			1.1	%
Same Store revenues		200,083		190,699		9,384			4.9	%
Non-Same Store
Rental income		18,896		13,954		4,942			35.4	%
Other income		261		147		114			77.6	%
Non-Same Store revenues		19,157		14,101		5,056			35.9	%
Total revenues		219,240		204,800		14,440			7.1	%
Operating expenses
Same Store
Property operating expenses (1)		43,643		41,949		1,694			4.0	%
Real estate taxes and insurance		31,525		29,874		1,651			5.5	%
Property management fees (2)		5,758		5,499		259			4.7	%
Property general and administrative expenses (3)		4,578		4,175		403			9.7	%
Same Store operating expenses		85,504		81,497		4,007			4.9	%
Non-Same Store
Property operating expenses (4)		4,246		3,952		294			7.4	%
Real estate taxes and insurance		1,627		1,835		(208	)		-11.3	%
Property management fees (2)		576		472		104			22.0	%
Property general and administrative expenses (5)		522		419		103			24.6	%
Non-Same Store operating expenses		6,971		6,678		293			4.4	%
Total operating expenses		92,475		88,175		4,300			4.9	%
Operating income
Same Store
Miscellaneous income		753		84		669		N/M
Non-Same Store
Miscellaneous income		871		1,687		(816	)		-48.4	%
Total operating income		1,624		1,771		(147	)		-8.3	%
NOI
Same Store		115,332		109,286		6,046			5.5	%
Non-Same Store		13,057		9,110		3,947			43.3	%
Total NOI (6)	$	128,389	$	118,396	$	9,993			8.4	%

(1) For the years ended December 31, 2021 and 2020, excludes approximately $255,000 and $414,000, 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the years ended December 31, 2021 and 2020, excludes approximately $1,874,000 and $1,289,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(4) For the years ended December 31, 2021 and 2020, excludes approximately $5,000 and $203,000, respectively, of casualty-related expenses.

(5) For the years ended December 31, 2021 and 2020, excludes approximately $358,000 and $356,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

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

The following table contains additional information about our 2020-2021 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2021 and 2020 (dollars in thousands, except for per unit data):

	FY 2021			FY 2020			% Change
Same Store Total Units		13,098			13,148
Same Store Occupied Units		12,341			12,351
Same Store Ending Occupancy		94.2	%		93.9	%		0.3	%
Same Store Average Rent per Unit	$	1,255		$	1,130			11.1	%
Same Store Revenues
Same Store Rental Income	$	194,609		$	185,283			5.0	%
Same Store Other Income		5,474			5,416			1.1	%
Total Same Store Revenues		200,083			190,699			4.9	%
Same Store Operating Expenses
Payroll		17,368			17,171			1.1	%
Repairs & Maintenance		16,786			15,601			7.6	%
Utilities		9,489			9,177			3.4	%
Real Estate Taxes		26,827			25,726			4.3	%
Insurance		4,698			4,148			13.3	%
Property Management Fees		5,758			5,499			4.7	%
Office Operations		2,961			2,659			11.4	%
Marketing		1,617			1,516			6.7	%
Total Same Store Operating Expenses		85,504			81,497			4.9	%
Same Store Operating Income
Miscellaneous income		753			84			796.4	%
Total Same Store Operating Income		753			84			796.4	%
2020-2021 Same Store NOI	$	115,332		$	109,286			5.5	%

NXRT.NEXPOINT.COM Page14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2020-2021 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		2021		2020		% Change	2021			2020			bps ∆		2021		2020		% Change
Texas
Dallas		2,379	$	1,068	$	974	9.7%		94.8	%		94.6	%		20	$	31,673	$	30,574	3.6%
Houston		1,164		1,185		1,115	6.3%		94.1	%		91.9	%		220		16,685		16,644	0.2%
Average/Total		3,543		1,106		1,020	8.4%		94.6	%		93.7	%		90		48,358		47,218	2.4%
North Carolina
Charlotte		562		1,109		1,020	8.7%		95.4	%		92.0	%		340		7,360		7,192	2.3%
Average/Total		562		1,109		1,020	8.7%		95.4	%		92.0	%		340		7,360		7,192	2.3%
Georgia
Atlanta		1,457		1,281		1,130	13.4%		92.4	%		95.5	%		-310		20,517		19,694	4.2%
Average/Total		1,457		1,281		1,130	13.4%		92.4	%		95.5	%		-310		20,517		19,694	4.2%
Tennessee
Nashville		1,338		1,108		1,028	7.8%		95.4	%		93.1	%		230		18,158		17,242	5.3%
Average/Total		1,338		1,108		1,028	7.8%		95.4	%		93.1	%		230		18,158		17,242	5.3%
Florida
Orlando		1,172		1,285		1,173	9.5%		95.6	%		92.2	%		340		17,579		16,683	5.4%
Tampa		576		1,161		985	17.9%		94.8	%		94.6	%		20		7,650		7,030	8.8%
South Florida		1,959		1,645		1,459	12.7%		94.5	%		95.3	%		-80		37,772		35,589	6.1%
Average/Total		3,707		1,456		1,295	12.4%		94.9	%		94.2	%		70		63,001		59,302	6.2%
Arizona
Phoenix		1,327		1,245		1,103	12.9%		94.6	%		94.7	%		-10		20,425		18,880	8.2%
Average/Total		1,327		1,245		1,103	12.9%		94.6	%		94.7	%		-10		20,425		18,880	8.2%
Nevada
Las Vegas		1,164		1,293		1,139	13.5%		91.0	%		93.0	%		-200		16,790		15,755	6.6%
Average/Total
Average/Total		13,098	$	1,255	$	1,130	11.1%		94.2	%		93.9	%		30	$	194,609	$	185,283	5.0%

(1) This table only includes the 33 properties in our 2020-2021 Same Store pool.

NXRT.NEXPOINT.COM Page15

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 2021		Q3 2021		% Change	Q4 2021			Q3 2021			bps ∆		Q4 2021		Q3 2021		% Change
Texas
Dallas		2,379	$	1,068	$	1,023	4.4%		94.8	%		94.9	%		-10	$	8,245	$	7,928	4.0%
Houston		1,164		1,185		1,142	3.8%		94.1	%		96.0	%		-190		4,309		4,214	2.3%
Average/Total		3,543		1,106		1,062	4.1%		94.6	%		95.2	%		-60		12,554		12,142	3.4%
North Carolina
Charlotte		562		1,109		1,076	3.1%		95.4	%		95.4	%		0		1,899		1,832	3.7%
Average/Total		562		1,109		1,076	3.1%		95.4	%		95.4	%		0		1,899		1,832	3.7%
Georgia
Atlanta		1,457		1,281		1,214	5.5%		92.4	%		94.2	%		-180		5,320		5,084	4.6%
Average/Total		1,457		1,281		1,214	5.5%		92.4	%		94.2	%		-180		5,320		5,084	4.6%
Tennessee
Nashville		1,338		1,108		1,073	3.3%		95.4	%		95.7	%		-30		4,793		4,632	3.5%
Average/Total		1,338		1,108		1,073	3.3%		95.4	%		95.7	%		-30		4,793		4,632	3.5%
Florida
Orlando		1,172		1,285		1,232	4.3%		95.6	%		96.2	%		-60		4,659		4,450	4.7%
Tampa		576		1,161		1,097	5.8%		94.8	%		95.8	%		-100		2,030		1,949	4.2%
South Florida		1,959		1,645		1,580	4.1%		94.5	%		95.8	%		-130		9,854		9,531	3.4%
Average/Total		3,707		1,456		1,395	4.4%		94.9	%		95.9	%		-100		16,543		15,930	3.8%
Arizona
Phoenix		1,327		1,245		1,191	4.5%		94.6	%		96.9	%		-230		5,320		5,266	1.0%
Average/Total		1,327		1,245		1,191	4.5%		94.6	%		96.9	%		-230		5,320		5,266	1.0%
Nevada
Las Vegas		1,164		1,293		1,236	4.6%		91.0	%		92.9	%		-190		4,381		4,119	6.4%
Average/Total		1,164		1,293		1,236	4.6%		91.0	%		92.9	%		-190		4,381		4,119	6.4%
Average/Total		13,098	$	1,255	$	1,204	4.2%		94.2	%		95.3	%		-110	$	50,810	$	49,005	3.7%

(1) This table only includes the 33 properties in our Q4 Same Store pool.

NXRT.NEXPOINT.COM Page16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2019-2021 Same Store Results of Operations for the Years Ended December 31, 2021, 2020 and 2019

There are 22 properties encompassing 8,514 units of apartment space, or approximately 57% of our Portfolio, in our same store pool for the years ended December 31, 2021, 2020 and 2019 (our “2019-2021 Same Store” properties). Our 2019-2021 Same Store properties exclude the following 17 properties in our Portfolio as of December 31, 2021: 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, Cutter’s Point, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station and Hudson High House as well as the 50 units mentioned on page 1 that are currently down.

As of December 31, 2021, our 2019-2021 Same Store properties were approximately 94.5% leased with a weighted average monthly effective rent per occupied apartment unit of $1,162. As of December 31, 2020, our 2019-2021 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,050. As of December 31, 2019, our 2019-2021 Same Store properties were approximately 94.5% leased with a weighted average monthly effective rent per occupied apartment unit of $1,035.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2021, 2020 and 2019 for our 2019-2021 Same Store and Non-Same Store properties (dollars in thousands):

NXRT.NEXPOINT.COM Page17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

	For the Year Ended December 31,						2021 compared to 2020						2020 compared to 2019
	2021		2020		2019		$ Change			% Change			$ Change			% Change
Revenues
Same Store
Rental income	$	118,292	$	113,402	$	109,222	$	4,890			4.3	%	$	4,180			3.8	%
Other income		2,162		2,036		2,236		126			6.2	%		(200	)		-8.9	%
Same Store revenues		120,454		115,438		111,458		5,016			4.3	%		3,980			3.6	%
Non-Same Store
Rental income		95,213		85,835		67,940		9,378			10.9	%		17,895			26.3	%
Other income		3,573		3,527		1,668		46			1.3	%		1,859			111.5	%
Non-Same Store revenues		98,786		89,362		69,608		9,424			10.5	%		19,754			28.4	%
Total revenues		219,240		204,800		181,066		14,440			7.1	%		23,734			13.1	%
Operating expenses
Same Store
Property operating expenses (1)		27,334		26,061		25,766		1,273			4.9	%		295			1.1	%
Real estate taxes and insurance		19,593		18,582		16,787		1,011			5.4	%		1,795			10.7	%
Property management fees (2)		3,559		3,428		3,324		131			3.8	%		104			3.1	%
Property general and administrative expenses (3)		2,988		2,710		3,013		278			10.3	%		(303	)		-10.1	%
Same Store operating expenses		53,474		50,781		48,890		2,693			5.3	%		1,891			3.9	%
Non-Same Store
Property operating expenses (4)		20,555		19,840		16,960		715			3.6	%		2,880			17.0	%
Real estate taxes and insurance		13,559		13,127		8,326		432			3.3	%		4,801			57.7	%
Property management fees (2)		2,775		2,543		2,064		232			9.1	%		479			23.2	%
Property general and administrative expenses (5)		2,112		1,884		1,813		228			12.1	%		71			3.9	%
Non-Same Store operating expenses		39,001		37,394		29,163		1,607			4.3	%		8,231			28.2	%
Total operating expenses		92,475		88,175		78,053		4,300			4.9	%		10,122			13.0	%
Operating income
Same Store
Miscellaneous income		753		84		—		669		N/M				84			0.0	%
Non-Same Store
Miscellaneous income		871		1,687		587		(816	)		-48.4	%		1,100		N/M
Total operating income		1,624		1,771		587		(147	)		-8.3	%		1,184		N/M
NOI
Same Store		67,733		64,741		62,568		2,992			4.6	%		2,173			3.5	%
Non-Same Store		60,656		53,655		41,032		7,001			13.0	%		12,623			30.8	%
Total NOI (6)	$	128,389	$	118,396	$	103,600	$	9,993			8.4	%	$	14,796			14.3	%

(1) For the years ended December 31, 2021, 2020 and 2019, excludes approximately $248,000, $595,000 and $80,000, 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, 2021, 2020 and 2019, excludes approximately $1,256,000, $674,000 and $1,071,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(4) For the years ended December 31, 2021, 2020 and 2019, excludes approximately $98,000, $1,895,000 and $46,000, respectively, of casualty-related expenses.

(5) For the years ended December 31, 2021, 2020 and 2019, excludes approximately $976,000, $970,000 and $869,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table contains additional information about our 2019-2021 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2021, 2020 and 2019 (dollars in thousands, except for per unit data):

										2021 vs 2020			2020 vs 2019
	FY 2021			FY 2020			FY 2019			% Change			% Change
Same Store Total Units		8,514			8,564			8,564
Same Store Occupied Units		8,049			8,059			8,089
Same Store Ending Occupancy		94.5	%		94.1	%		94.5	%		0.4	%		-0.4	%
Same Store Average Rent per Unit	$	1,162		$	1,050		$	1,035			10.7	%		1.4	%
Same Store Revenues
Same Store Rental Income	$	118,292		$	113,402		$	109,222			4.3	%		3.8	%
Same Store Other Income		2,162			2,036			2,236			6.2	%		-8.9	%
Total Same Store Revenues		120,454			115,438			111,458			4.3	%		3.6	%
Same Store Operating Expenses
Payroll		11,297			11,184			11,025			1.0	%		1.4	%
Repairs & Maintenance		9,716			9,078			8,993			7.0	%		0.9	%
Utilities		6,321			5,799			5,748			9.0	%		0.9	%
Real Estate Taxes		17,045			16,324			14,796			4.4	%		10.3	%
Insurance		2,548			2,258			1,991			12.8	%		13.4	%
Property Management Fees		3,559			3,428			3,324			3.8	%		3.1	%
Office Operations		1,934			1,717			1,812			12.6	%		-5.2	%
Marketing		1,054			993			1,201			6.1	%		-17.3	%
Total Same Store Operating Expenses		53,474			50,781			48,890			5.3	%		3.9	%
Same Store Operating Income
Miscellaneous income		753			84			—			796.4	%		0.0	%
Total Same Store Operating Income		753			84			—			796.4	%		0.0	%
2019-2021 Same Store NOI	$	67,733		$	64,741		$	62,568			4.6	%		3.5	%

NXRT.NEXPOINT.COM Page19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2021 and 2020

There are 33 properties encompassing 13,098 units of apartment space, or approximately 88% of our Portfolio, in our same store pool for the three months ended December 31, 2021 and 2020 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following 6 properties in our Portfolio as of December 31, 2021: Fairways at San Marcos, Cutter’s Point, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station and Hudson High Houseas well as the 50 units mentioned on page 1 that are currently down.

As of December 31, 2021, our Q4 Same Store properties were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $1,255, a year-over-year increase of 30 bps and an increase of $125, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2021 and 2020 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended December 31,
	2021		2020		$ Change			% Change
Revenues
Same Store
Rental income	$	50,810	$	46,565	$	4,245			9.1	%
Other income		1,257		1,235		22			1.8	%
Same Store revenues		52,067		47,800		4,267			8.9	%
Non-Same Store
Rental income		6,390		2,727		3,663		N/M
Other income		40		21		19		N/M
Non-Same Store revenues		6,430		2,748		3,682		N/M
Total revenues		58,497		50,548		7,949			15.7	%
Operating expenses
Same Store
Property operating expenses (1)		11,168		10,809		359			3.3	%
Real estate taxes and insurance		7,698		7,876		(178	)		-2.3	%
Property management fees (2)		1,498		1,376		122			8.9	%
Property general and administrative expenses (3)		1,135		1,076		59			5.5	%
Same Store operating expenses		21,499		21,137		362			1.7	%
Non-Same Store
Property operating expenses (4)		1,379		702		677		N/M
Real estate taxes and insurance		578		348		230		N/M
Property management fees (2)		196		91		105		N/M
Property general and administrative expenses (5)		175		96		79		N/M
Non-Same Store operating expenses		2,328		1,237		1,091		N/M
Total operating expenses		23,827		22,374		1,453			6.5	%
Operating income
Same Store
Miscellaneous income		119		84		35			41.7	%
Non-Same Store
Miscellaneous income		—		287		(287	)		0.0	%
Total operating income		119		371		(252	)		-67.9	%
NOI
Same Store		30,687		26,747		3,940			14.7	%
Non-Same Store		4,102		1,798		2,304		N/M
Total NOI (6)	$	34,789	$	28,545	$	6,244			21.9	%

(1) For the three months ended December 31, 2021 and 2020, excludes approximately $22,000 and $603,000, 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, 2021 and 2020, excludes approximately $489,000 and $80,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

NXRT.NEXPOINT.COM Page20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended December 31, 2021 and 2020, excludes approximately $98,000 and $702,000, respectively, of casualty-related expenses.

(5) For the three months ended December 31, 2021 and 2020, excludes approximately $82,000 and $63,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional centralized leasing service and franchise tax fees.

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

The following table contains additional information about our Q4 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended December 31, 2021 and 2020 (dollars in thousands, except for per unit data):

	Q4 2021			Q4 2020			% Change
Same Store Total Units		13,098			13,148
Same Store Occupied Units		12,341			12,351
Same Store Ending Occupancy		94.2	%		93.9	%		0.3	%
Same Store Average Rent per Unit	$	1,255		$	1,130			11.1	%
Same Store Revenues
Same Store Rental Income	$	50,810		$	46,565			9.1	%
Same Store Other Income		1,257			1,235			1.8	%
Total Same Store Revenues		52,067			47,800			8.9	%
Same Store Operating Expenses
Payroll		4,501			4,413			2.0	%
Repairs & Maintenance		4,321			4,139			4.4	%
Utilities		2,346			2,257			3.9	%
Real Estate Taxes		6,507			6,770			-3.9	%
Insurance		1,191			1,106			7.7	%
Property Management Fees		1,498			1,376			8.9	%
Office Operations		694			704			-1.4	%
Marketing		441			372			18.5	%
Total Same Store Operating Expenses		21,499			21,137			1.7	%
Same Store Operating Income
Miscellaneous income		119			84			41.7	%
Total Same Store Operating Income		119			84			41.7	%
Q4 Same Store NOI	$	30,687		$	26,747			14.7	%

NXRT.NEXPOINT.COM Page21

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, the most directly comparable GAAP financial measure, for the years ended December 31, 2021, 2020 and 2019 and for the three months ended December 31, 2021 and 2020 (in thousands, except per share amounts):

		For the Year Ended December 31,									For the Three Months Ended December 31,
		2021			2020			2019			2021			2020
Net income		$	23,106		$	44,150		$	99,438		$	38,831		$	(4,212	)
Depreciation and amortization			86,878			82,411			69,086			24,543			19,932
Gain on sales of real estate			(46,214	)		(69,151	)		(127,684	)		(46,214	)		—
Adjustment for noncontrolling interests			(191	)		(172	)		(122	)		(51	)		(47	)
FFO attributable to common stockholders			63,579			57,238			40,718			17,109			15,673
FFO per share - basic		$	2.53		$	2.32		$	1.69		$	0.68		$	0.63
FFO per share - diluted		$	2.47		$	2.27		$	1.66		$	0.66		$	0.62
Loss on extinguishment of debt and modification costs			912			1,470			2,869			584			—
Casualty-related expenses/(recoveries)			(200	)		790			(34	)		72			64
Casualty losses (gains)			(2,595	)		(5,886	)		3,488			(216	)		(1,954	)
Pandemic expense	(1)		50			510			—			4			35
Amortization of deferred financing costs - acquisition term notes			737			1,384			553			238			345
Adjustment for noncontrolling interests			4			6			(21	)		(2	)		5
Core FFO attributable to common stockholders			62,487			55,512			47,573			17,789			14,168
Core FFO per share - basic		$	2.48		$	2.25		$	1.97		$	0.70		$	0.57
Core FFO per share - diluted		$	2.43		$	2.20		$	1.93		$	0.69		$	0.56
Amortization of deferred financing costs - long term debt			1,460			1,453			1,530			379			351
Equity-based compensation expense			6,997			5,504			5,130			1,786			1,434
Adjustment for noncontrolling interests			(25	)		(21	)		(20	)		(6	)		(5	)
AFFO attributable to common stockholders			70,919			62,448			54,213			19,948			15,948
AFFO per share - basic		$	2.82		$	2.53		$	2.25		$	0.79		$	0.64
AFFO per share - diluted		$	2.75		$	2.47		$	2.20		$	0.77		$	0.63
Weighted average common shares outstanding - basic			25,170			24,715			24,116			25,293			24,797
Weighted average common shares outstanding - diluted			25,760			25,234			24,593			25,882			25,350
Dividends declared per common share		$	1.404		$	1.279		$	1.138		$	0.380		$	0.341
FFO Coverage - diluted	(2)	1.76x			1.77x			1.46x			1.74x			1.81x
Core FFO Coverage - diluted	(2)	1.73x			1.72x			1.70x			1.81x			1.64x
AFFO Coverage - diluted	(2)	1.96x			1.94x			1.94x			2.03x			1.84x

(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 Page22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

	FY 2021		FY 2020		% Change			Q4 2021		Q4 2020		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	289,510	$	84,480		242.7	%	$	93,250	$	84,480		10.4	%
Capitalized Rehab Expenditures
Interior		11,278		10,093		11.7	%		3,180		2,660		19.5	%
Exterior and common area		7,773		20,447		-62.0	%		994		5,015	N/M
Capitalized Maintenance Expenditures
Recurring		6,191		5,417		14.3	%		348		1,293	N/M
Non-Recurring		4,891		3,746		30.6	%		1,003		630	N/M
Total Capital Expenditures	$	319,643	$	124,183		157.4	%	$	98,775	$	94,078		5.0	%

NXRT.NEXPOINT.COM Page23

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		53		1,217	$	1,384	$	8,941		13.8	%		22.5	%
Arbors on Forest Ridge		210		162		781		882		4,429		12.9	%		27.3	%
Atera Apartments		380		178		1,130		1,278		3,233		13.2	%		55.2	%
Avant at Pembroke Pines		1,520		304		1,608		1,857		13,868		15.5	%		21.6	%
Bella Solara		320		71		1,255		1,417		9,820		12.9	%		19.8	%
Bella Vista		248		126		1,371		1,524		11,055		11.1	%		16.6	%
Bloom		528		45		1,193		1,349		11,705		13.0	%		15.9	%
Brandywine I & II		632		259		970		1,126		8,756		16.0	%		21.3	%
Courtney Cove		324		201		874		977		4,869		11.7	%		25.2	%
Creekside at Matthews		240		10		1,206		1,251		984		3.7	%		54.9	%
Cutter's Point		196		140		956		1,073		5,825		12.3	%		24.2	%
Fairways of San Marcos		352		52		1,482		1,654		12,108		11.6	%		17.1	%
Hollister Place		260		202		904		1,055		7,413		16.7	%		24.4	%
Madera Point		256		229		842		948		4,255		12.6	%		29.9	%
Parc500		217		178		1,213		1,398		14,707		15.3	%		15.1	%
Radbourne Lake		225		311		1,011		1,057		1,042		4.5	%		52.0	%
Residences at Glenview Reserve		360		82		1,022		1,194		10,957		16.9	%		18.9	%
Residences at West Place		342		50		1,251		1,372		6,181		9.6	%		23.4	%
Rockledge Apartments		708		263		1,112		1,303		10,470		17.1	%		21.8	%
Sabal Palm at Lake Buena Vista		400		22		1,265		1,365		986		7.9	%		121.8	%
Seasons 704 Apartments		222		188		1,099		1,203		5,773		9.5	%		21.7	%
Silverbrook		642		463		790		874		4,080		10.7	%		25.0	%
Six Forks Station		323		2		1,088		1,310		10,920		20.4	%		24.4	%
Summers Landing		196		18		861		1,020		7,612		18.5	%		25.1	%
Summit at Sabal Park		252		205		930		1,032		5,661		11.0	%		21.6	%
The Cornerstone		430		352		944		1,033		5,389		9.4	%		19.8	%
The Enclave		204		117		1,381		1,561		9,835		13.0	%		22.0	%
The Heritage		204		108		1,304		1,454		10,934		11.6	%		16.5	%
The Preserve at Terrell Mill		752		590		825		978		9,924		18.6	%		18.5	%
The Verandas at Lake Norman		264		6		1,399		1,582		7,983		13.0	%		27.4	%
The Venue on Camelback		415		183		708		962		10,322		35.9	%		29.5	%
Timber Creek		352		215		865		1,006		7,631		16.4	%		22.3	%
Torreyana Apartments		316		22		1,443		1,563		11,580		8.3	%		12.5	%
Venue at 8651		333		269		803		911		6,717		13.4	%		19.3	%
Versailles		388		289		800		898		6,168		12.2	%		19.0	%
Versailles II		242		50		900		1,024		5,038		13.9	%		29.7	%
Total/Weighted Average		13,599		6,015	$	985	$	1,121	$	7,547		13.8	%		21.6	%
Total/Weighted Average Completed		13,599		6,015	$	985	$	1,121	$	7,547		13.8	%		21.6	%
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
Hudson High House		302		—		1,329		1,494	TBD			12.4	%	TBD
Total/Weighted Average Planned		1,226		—	$	1,257	$	1,358	TBD			8.1	%	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, 2021.

(3) Inclusive of all full and partial interior upgrades completed and leased through December 31, 2021.

NXRT.NEXPOINT.COM Page24

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		277	$	817	$	50		73.1	%
Arbors on Forest Ridge		210		112		713		40		67.3	%
Atera Apartments		380		354		803		40		59.9	%
Avant at Pembroke Pines		1,520		48		768		38		59.2	%
Brandywine I & II		632		41		953		76		95.4	%
Creekside at Matthews		240		9		1,100		55		60.0	%
Cutter's Point		196		129		717		45		76.1	%
Hollister Place		260		220		957		50		62.7	%
Madera Point		256		156		885		30		40.2	%
Radbourne Lake		225		224		717		40		66.9	%
Rockledge Apartments		708		564		794		40		60.5	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Silverbrook		642		367		723		48		80.4	%
Six Forks Station		323		81		1,100		55		60.0	%
Summers Landing		196		76		801		50		74.9	%
Summit at Sabal Park		252		231		988		40		48.6	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		20		1,100		45		49.1	%
Timber Creek		352		126		720		45		75.0	%
Venue at 8651		333		219		711		46		77.6	%
Versailles		388		295		864		50		68.9	%
Versailles II		242		121		875		27		37.3	%
Total/Weighted Average		8,795		4,321	$	788	$	47		72.0	%

(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, 2021.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2021.

NXRT.NEXPOINT.COM Page25

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	%
Bella Vista		248		248		970		40		43.3	%
Brandywine I & II		632		632		1,234		45		31.7	%
Courtney Cove		324		324		1,238		35		22.4	%
Cutter's Point		196		196		1,400		45		28.0	%
Fairways of San Marcos		352		352		901		40		19.7	%
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	%
Versailles II		242		242		1,241		45		31.6	%
Total/Weighted Average		9,624		9,624	$	1,185	$	43		33.5	%
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		316		—	TBD		TBD		TBD
Total/Weighted Average Planned		4,682		—	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, 2021.

(3) Inclusive of all smart home technology package upgrades completed and leased through December 31, 2021.

NXRT.NEXPOINT.COM Page26

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, 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		1.78%	7/1/2024
Cutter's Point	Floating		84		16,640		1.78%	7/1/2024
Silverbrook	Floating		84		30,590		1.78%	7/1/2024
The Summit at Sabal Park	Floating		84		13,560		1.72%	7/1/2024
Courtney Cove	Floating		84		13,680		1.72%	7/1/2024
The Preserve at Terrell Mill	Floating		84		42,480		1.72%	7/1/2024
Versailles	Floating		84		23,880		1.72%	7/1/2024
Seasons 704 Apartments	Floating		84		17,460		1.72%	7/1/2024
Madera Point	Floating		84		15,150		1.72%	7/1/2024
Venue at 8651	Floating		84		13,734		1.88%	7/1/2024
The Venue on Camelback	Floating		84		28,093		1.78%	7/1/2024
Old Farm	Floating		84		52,886		1.78%	7/1/2024
Stone Creek at Old Farm	Floating		84		15,274		1.78%	7/1/2024
Timber Creek	Floating		84		24,100		1.36%	10/1/2025
Radbourne Lake	Floating		84		20,000		1.39%	10/1/2025
Sabal Palm at Lake Buena Vista	Floating		84		42,100		1.40%	9/1/2025
Cornerstone	Fixed		120		20,803		4.24%	3/1/2023
Parc500	Fixed		120		14,665		4.49%	8/1/2025
Hollister Place	Floating		84		14,811		1.44%	10/1/2025
Rockledge Apartments	Floating		84		68,100		1.67%	7/1/2024
Atera Apartments	Floating		84		29,500		1.58%	11/1/2024
Versailles II	Floating		84		12,061		1.28%	10/1/2025
Brandywine I & II	Floating		84		43,835		1.28%	10/1/2025
Bella Vista	Floating		84		29,040		1.42%	2/1/2026
The Enclave	Floating		84		25,322		1.42%	2/1/2026
The Heritage	Floating		84		24,625		1.42%	2/1/2026
Summers Landing	Floating		84		10,109		1.28%	10/1/2025
Residences at Glenview Reserve	Floating		84		26,445		1.54%	10/1/2025
Residences at West Place	Fixed		120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating		84		177,100		1.53%	9/1/2026
Arbors of Brentwood	Floating		84		34,237		1.53%	10/1/2026
Torreyana Apartments	Floating		84		37,400		1.80%	12/1/2026
Bloom	Floating		84		58,850		1.80%	12/1/2026
Bella Solara	Floating		84		36,575		1.80%	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		1.76%	10/1/2031
Hudson High House	Floating		84		46,625		2.06%	1/1/2029
				$	1,281,146
Fair market value adjustment					1,059
Deferred financing costs, net of accumulated amortization of $5,047					(5,920	)
				$	1,276,285

(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 0.10125% and 30-Day Average SOFR was 0.04967% as of December 31, 2021.

NXRT.NEXPOINT.COM Page27

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of December 31, 2021 (dollars in thousands):

	Type	Term(months)		Outstanding Principal			Interest Rate (1)	Maturity Date
Amended and Restated Corporate Credit Facility	Floating		36	$	280,000		2.50%	6/30/2024
Deferred financing costs, net of accumulated amortization of $387					(1,785	)
				$	278,215

(1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2021 was 0.10125%.

Interest Rate Swap Agreements

As of December 31, 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 December 31, 2021, one-month LIBOR was 0.10125%.

(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 December 31, 2021, one-month LIBOR was 0.10125%.

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

NXRT.NEXPOINT.COM Page28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2021 for the next five calendar years subsequent to December 31, 2021 and thereafter. We used one-month LIBOR as of December 31, 2021 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		2022		2023		2024		2025		2026		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,281,146	$	1,482	$	21,198	$	395,068	$	205,338	$	423,149	$	234,911
Interest expense	(1)		145,639		35,228		32,921		28,365		22,910		15,351		10,864
Total		$	1,426,785	$	36,710	$	54,119	$	423,433	$	228,248	$	438,500	$	245,775
Credit Facility
Principal payments		$	280,000	$	—	$	—	$	280,000	$	—	$	—	$	—
Interest expense			17,785		7,125		7,126		3,534		—		—		—
Total		$	297,785	$	7,125	$	7,126	$	283,534	$	—	$	—	$	—
Total contractual obligations and commitments		$	1,724,570	$	43,835	$	61,245	$	706,967	$	228,248	$	438,500	$	245,775

(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, 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 December 31, 2021 to determine our expected settlements through the terms of the interest rate swaps.

 

(1) As of December 31, 2021, we had total indebtedness of $1.6 billion at an adjusted weighted average interest rate of 1.96%, of which $1.5 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 96%, 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 December 31, 2021, which effectively fix the interest rate on $1.2 billion of our floating rate mortgage debt outstanding.

NXRT.NEXPOINT.COM Page29

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	1,379	17,224	87,878
Silverbrook	Grand Prairie, TX	642	1/31/2014	30,400	1,662	32,062	49,941
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
Versailles II	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	316	11/22/2019	68,000	2,771	70,771	223,959
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	4,366	88,846	252,403
The Verandas at Lake Norman	Charlotte, NC	264	6/30/2021	63,500	4,628	68,128	258,061
Creekside at Matthews	Charlotte, 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
Hudson High House	Cary, NC	302	12/7/2021	93,250	1,677	94,927	314,328
Total/Weighted Average		14,825		$2,099,530	$164,394	$2,263,924	$152,710

(1) Only includes properties owned as of December 31, 2021.

(2) Includes interior and exterior rehab.

NXRT.NEXPOINT.COM Page30

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
Beechwood Terrace	Antioch, Tennessee		300		21,400		53,600		178,667	11/1/2021		53,003		33,960
Cedar Pointe	Antioch, Tennessee		210		26,500		37,650		179,286	11/1/2021		37,231		12,252
Total/Weighted Average			8,383	$	565,094	$	915,175	$	109,170		$	902,950	$	361,083

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

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

NXRT.NEXPOINT.COM Page31

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,centralized leasing service 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 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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Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	FY 2021			FY 2020			FY 2019
Total mortgage debt	$	1,281,146		$	1,168,078		$	1,193,528
Credit facilities		280,000			183,000			218,000
Total Debt		1,561,146			1,351,078			1,411,528
Adjustments to arrive at net debt:
Cash and cash equivalents		(49,450	)		(24,457	)		(25,671	)
Restricted cash held for value-add upgrades and green improvements		(11,875	)		(10,614	)		(21,903	)
Net Debt	$	1,499,821		$	1,316,007		$	1,363,954
Enterprise Value (1)	$	3,637,821		$	2,374,007		$	2,499,954
Leverage Ratio		41	%		55	%		55	%

(1) Enterprise Value is calculated as Market Capitalization as of December 31, 2021 plus Net Debt.

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

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2022 Pro Forma NOI guidance to our net income (loss) (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2022 and for the three months ended March 31, 2022 (in thousands):

		For the Year Ended December 31, 2022			For the Three Months Ended March 31, 2022
		Mid-Point (1)			Mid-Point (1)
Net income (loss)		$	109,508		$	(7,426	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,648			1,857
Corporate general and administrative expenses			14,596			3,434
Property general and administrative expenses	(2)		2,600			650
Depreciation and amortization			95,233			24,935
Interest expense			48,086			12,167
Loss on extinguishment of debt and modification costs			981			(141	)
Gain on sales of real estate			(128,156	)		—
NOI	(3)	$	150,496		$	35,476
Less Non-Same Store
Revenues	(4)		(42,540	)
Operating expenses	(4)		17,435
Same Store NOI	(4)	$	125,391

(1) Mid-Point estimates shown for full year and first quarter 2022 guidance. Assumptions made for full year and first quarter 2022 NOI guidance include the Same Store operating growth projections included in the “2022 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 (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(3) 2022 Pro Forma NOI Guidance takes into effect the forecast dispositions of Old Farm, Stone Creek at Old Farm, and Hollister Place as if they were disposed of on December 31, 2022, which we estimate would have contributed approximately an additional $2,000, $500, and $700, respectively, to NOI. Additionally, 2022 Pro Forma NOI Guidance excludes NOI for projected acquisitions in 2022, which we estimate would have contributed approximately an additional $5,400 to NOI.

(4) Amounts are derived from the results of operations of our pro forma Full Year 2022 Same Store properties and Non-Same Store properties. There are 31 properties in our pro forma Full Year 2022 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, 2022 (in thousands, except per share data):

	For the Year Ended December 31, 2022
	Mid-Point
Net income	$	109,508
Depreciation and amortization		95,233
Gain on sales of real estate		(128,156	)
Adjustment for noncontrolling interests		(238	)
FFO attributable to common stockholders		76,347
FFO per share - diluted (1)	$	2.90
Loss on extinguishment of debt and modification costs		981
Amortization of deferred financing costs - acquisition term notes		714
Adjustment for noncontrolling interests		(3	)
Core FFO attributable to common stockholders		78,039
Core FFO per share - diluted (1)	$	2.97
Amortization of deferred financing costs - long term debt		1,534
Equity-based compensation expense		8,700
Adjustment for noncontrolling interests		(33	)
AFFO attributable to common stockholders		88,240
AFFO per share - diluted (1)	$	3.36
Weighted average common shares outstanding - diluted		26,284

(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 2022.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2018			2017			2016			2015
Net income (loss)	$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,474			7,419			6,802			5,565
Corporate general and administrative expenses		7,808			6,275			4,014			2,455
Casualty-related expenses/(recoveries)		(663	)		(287	)		151			25
Property general and administrative expenses		1,294			1,130			879			1,109
Depreciation and amortization		47,470			48,752			35,643			40,801
Interest expense		28,572			29,576			20,167			17,817
Loss on extinguishment of debt and modification costs		3,576			5,719			1,722			652
Gain on sales of real estate		(13,742	)		(78,365	)		(25,932	)		—
Acquisition costs		—			—			386			2,975
NOI	$	80,175		$	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, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2018			2017			2016			2015
Net income (loss)	$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Depreciation and amortization		47,470			48,752			35,643			40,801
Gain on sales of real estate		(13,742	)		(78,365	)		(25,932	)		—
Adjustment for noncontrolling interests		(96	)		(1,695	)		(4,583	)		(4,170	)
FFO attributable to common stockholders		32,018			25,051			31,016			25,639
FFO per share – basic	$	1.51		$	1.19		$	1.46		$	1.20
FFO per share – diluted	$	1.48		$	1.17		$	1.46		$	1.20
Acquisition costs		—			—			386			2,975
Loss on extinguishment of debt and modification costs		3,576			5,719			1,722			652
Casualty-related recoveries		(663	)		—			—			—
Change in fair value on derivative instruments - ineffective portion		—			(309	)		(1,683	)		—
Amortization of deferred financing costs - acquisition term notes		159			403			—			—
Adjustment for noncontrolling interests		(9	)		(429	)		(94	)		(322	)
Core FFO attributable to common stockholders		35,081			30,435			31,347			28,944
Core FFO per share – basic	$	1.66		$	1.45		$	1.48		$	1.36
Core FFO per share – diluted	$	1.62		$	1.42		$	1.47		$	1.36
Amortization of deferred financing costs - long term debt		1,491			1,592			1,423			1,081
Equity-based compensation expense		4,198			3,108			825			—
Adjustment for noncontrolling interests		(17	)		(76	)		(140	)		(92	)
AFFO attributable to common stockholders		40,753			35,059			33,455			29,933
AFFO per share – basic	$	1.92		$	1.66		$	1.58		$	1.41
AFFO per share – diluted	$	1.88		$	1.64		$	1.57		$	1.41
Weighted average common shares outstanding - basic		21,189			21,057			21,232			21,294
Weighted average common shares outstanding - diluted		21,667			21,399			21,314			21,294

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