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

Exhibit 99.1

21 February 2023 | NYSE:NXRT

EARNINGS SUPPLEMENT: FOURTH QUARTER & FULL YEAR 2022

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS

Earnings Release	1
Cautionary Statement Regarding Forward-Looking Statements	3
Overview	4
Highlights of Fourth Quarter and FY 2022 Activity	5
Financial Summary	7
2023 Full Year Guidance Summary	8
Components of Net Asset Value	9
Consolidated Balance Sheets	10
Consolidated Statements of Operations	11
NOI and Same Store NOI	12
2021-2022 Same Store Results	14
2021-2022 Same Store Properties Operating Metrics	16
QoQ Same Store Properties Operating Metrics	17
2020-2022 Same Store Results	18
Q4 Same Store Results	21
FFO, Core FFO and AFFO	23
Historical Capital Expenditures	24
Value-Add Program Details	25
Outstanding Debt Details	28
Debt Maturity Schedule	30
Historical Acquisition Details	31
Historical Disposition Details	32
Definitions and Reconciliations of Non-GAAP Measures	33

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

NXRT Recaps Acquisition/Disposition Activity, Value-Add Results and Issues 2023 Full Year Guidance

Dallas, TX, February 21, 2023 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2022.

Highlights

• NXRT¹ reported net loss, FFO², Core FFO² and AFFO² of $(9.3)M, $73.4M, $81.8M and $91.4M, respectively, attributable to common stockholders for the year ended December 31, 2022, compared to net income, FFO, Core FFO, and AFFO of $23.0M, $63.6M, $62.5M and $70.9M, respectively, attributable to common stockholders for the year ended December 31, 2021.

• For the year ended December 31, 2022, 2021-2022 Same Store properties³ average effective rent, total revenue and NOI² increased 17.8%, 14.0% and 16.2%, respectively, and occupancy decreased 20 bps over the prior year period.

• During the year ended December 31, 2022, NXRT acquired two properties totaling 562 units for a combined purchase price of $143.4 million.

• During the fourth quarter of 2022, the Company completed the sale of Hollister Place for a sales price of $36.8 million.

• The weighted average effective monthly rent per unit across all 40 properties held as of December 31, 2022 (the “Portfolio”), consisting of 15,127 units⁴, was $1,480, while physical occupancy was 94.1%.

• NXRT paid a fourth quarter dividend of $0.42 per share of common stock on December 30, 2022; this cash dividend represented a $0.04 per share, or 10.5% increase, over the prior quarter’s dividend.

• During 2022, for the properties in the Portfolio, NXRT completed 2,409 full/partial upgrades and washer dryer, achieving an average monthly rent premium of $154 and a 24.3% ROI⁵.

• Since inception, NXRT has completed installation of 7,633 full and partial upgrades, 4,718 kitchen and laundry appliances and 10,191 technology packages, resulting in $149, $47 and $45 average monthly rental increase per unit and 22.0%, 66.9% and 37.2% ROI, respectively.

• During the fourth quarter of 2022, the Company paid down $260.5 million of principal on its corporate credit facility and extended the maturity date to June 30, 2025.

(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 31 properties encompassing 12,210 units of apartment space in our Same Store pool for the year ended December 31, 2022  (our “2021-2022” Same Store” properties). There are 35 properties encompassing 13,227 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2022 (our “Q4 Same Store” properties). The same store unit count excludes 112 units that are currently down due to fires (Rockledge 20 units, Versailles: 17 units, Arbors of Brentwood: 16 units, Silverbrook: 16 units, Timber Creek: 16 units, Bella Solara: 8 units, Venue at 8651: 8 units, Six Forks Station: 6 units, Preserve at Terrell Mill: 3 units and Parc500: 2 units).

(4) Total number of units owned as of December 31, 2022 is 15,127, however 113 units are currently down due to fires and water damage (Rockledge 20 units, Versailles: 17 units, Arbors of Brentwood: 16 units, Silverbrook: 16 units, Timber Creek: 16 units, Bella Solara: 8 units, Venue at 8651: 8 units, Six Forks Station: 6 units, Preserve at Terrell Mill: 3 units, Parc500: 2 units and High House at Cary: 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 2022 Financial Results

• Total revenues were $264.0 million for the full year 2022, compared to $219.2 million for the full year 2021.

• Net loss for the full year 2022 totaled $(9.3) million, or loss of $(0.36) per diluted share, which included a gain on sales of real estate of $14.7 million and $97.6 million of depreciation and amortization expense. This compared to net income of $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 for the full year 2021.

• The change in our net loss of $(9.3) million for the year ended December 31, 2022 as compared to our net income of $23.1 million for the year ended December 31, 2021 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 2022, NOI was $157.4 million on 40 properties, compared to $128.8 million for the full year 2021 on 39 properties.

• For the full year 2022, Same Store NOI increased 16.2% to $129.3 million, compared to $111.3 million for the full year 2021.

• For the full year 2022, FFO totaled $73.4 million, or $2.81 per diluted share, compared to $63.6 million, or $2.47 per diluted share, for the full year 2021. For the full year 2022, Core FFO totaled $81.8 million, or $3.13 per diluted share, compared to $62.5 million, or $2.43 per diluted share, for the full year 2021. For the full year 2022, AFFO totaled $91.4 million, or $3.49 per diluted share, compared to $70.9 million, or $2.75 per diluted share, for the full year 2021.

Fourth Quarter 2022 Financial Results

• Total revenues were $69.3 million for the fourth quarter of 2022, compared to $58.5 million for the fourth quarter of 2021.

• Net income for the fourth quarter of 2022 totaled $3.8 million, or a gain of $0.15 per diluted share, which included $23.2 million of depreciation and amortization expense and $15.8 million of interest expense. This compared to net income of $38.8 million, or income of $1.50 per diluted share, for the fourth quarter of 2021, which included $24.5 million of depreciation and amortization expense and $11.8 million of interest expense.

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

• For the fourth quarter of 2022, NOI was $41.8 million on 40 properties, compared to $34.9 million for the fourth quarter of 2021 on 39 properties.

• For the fourth quarter of 2022, Q4 Same Store NOI increased 14.4% to $36.9 million, compared to $32.3 million for the fourth quarter of 2021.

• For the fourth quarter of 2022, FFO totaled $12.2 million, or $0.47 per diluted share, compared to $17.1 million, or $0.66 per diluted share, for the fourth quarter of 2021. For the fourth quarter of 2022, Core FFO totaled $19.5 million, or $0.75 per diluted share, compared to $17.8 million, or $0.69 per diluted share, for the fourth quarter of 2021. For the fourth quarter of 2022, AFFO totaled $22.0 million, or $0.84 per diluted share, compared to $20.0 million, or $0.77 per diluted share, for the fourth quarter of 2021.

Fourth Quarter Earnings Conference Call

NXRT will host a call on Tuesday, February 21, 2023, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2022 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576.  A live audio webcast of the call will be available online at the Company's website,  nxrt.nexpoint.com (under "Resources").  An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, March 7, 2023, by dialing 800- 770- 2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

About NXRT

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol “NXRT,” primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with “value-add” potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, nxrt.nexpoint.com, under the “Financials” tab.

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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,” “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, the closing of the sales of Old Farm and Stone Creek at Old Farm in the first half of 2023 and the paydown of the remainder of the Corporate Credit Facility and the results of the paydown and other refinancing activities on the Company’s debt profile, 2023 full year guidance and the related components and assumptions, including acquisitions and dispositions, shares outstanding, interest expense and the related components and same store growth projections, NXRT’s net asset value and the related components and assumptions, estimated value-add expenditures, debt payments, dispositions, outstanding debt and shares outstanding, guidance for the first quarter 2023 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 those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC: FOURTH QUARTER & FULL YEAR 2022 OVERVIEW

Company Profile

(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$48.61
Insider Ownership (2)	12.86%
2023 Q1 Dividend Per Share	$0.42
Dividend Yield (1)	3.46%
Shares outstanding - basic (3)	25,610
Shares outstanding - diluted (3)	25,610

(1) As of the close of market trading on February 17, 2023.

(2) As of the close of market trading on December 31, 2022.

(3) Weighted average for the year ended December 31, 2022.

Portfolio Composition by Market

Market	% of Units
Dallas/Fort Worth	17.1%
Phoenix	13.3%
South Florida	13.0%
Atlanta	11.2%
Nashville	8.8%
Orlando	7.8%
Las Vegas	7.7%
Charlotte	7.2%
Houston	6.0%
Raleigh	4.1%
Tampa	3.8%
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 2022 Activity

ACQUISITIONS

Property Name	Location	Date of Acquisition	Purchase Price		Mortgage Debt		# Units
The Adair	Sandy Springs, Georgia	April 1, 2022	$	65,500	$	35,115		232
Estates on Maryland	Phoenix, Arizona	April 1, 2022		77,900		43,157		330
			$	143,400	$	78,272		562

DISPOSITIONS

Property Name	Location	Date of Sale	Sales Price		IRR			Multiple on Invested Capital	Net Cash Proceeds
Hollister Place	Houston, Texas	December 29, 2022	$	36,750		13.5	%	2.02x	$	20,819

NXRT Q4 2022 NEW LEASES & RENEWALS

Market	New Leases	% Increase	Rent Increase	Renewals	% Increase	Rent Increase
Dallas/Fort Worth	279	9.1%	$105	240	8.3%	$97
Houston	156	-2.1%	-$29	78	4.0%	$55
Charlotte	111	5.2%	$66	98	6.7%	$80
Nashville	154	3.4%	$42	128	5.3%	$67
Atlanta	174	8.2%	$111	174	4.4%	$65
Orlando	173	8.8%	$128	136	9.9%	$139
Tampa	69	10.4%	$137	54	10.1%	$130
South Florida	158	11.4%	$220	231	8.8%	$163
Phoenix	208	3.0%	$40	187	4.8%	$67
Las Vegas	126	1.6%	$22	93	2.5%	$34
Raleigh	49	6.5%	$95	57	7.6%	$104
TOTAL	1,657	6.0%	$84	1,476	6.7%	$95

		2022			2021		2020		2019		2018			2017		2016		2015
Net income (loss)	$	(9,260	)	$	23,106	$	44,150	$	99,438	$	(1,614	)	$	56,359	$	25,888	$	(10,992	)

  CORE FFO GROWTH*   NOI GROWTH*

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

UPDATE TO CAPITAL STRUCTURE

• Refinanced 20 properties and sold Hollister Place; paid down approximately $260.5mm of Corporate Credit Facility in Q422.

• As of 12/31/22, the Corporate Credit Facility outstanding balance was approximately $74.5mm.

• On 1/31/23, NXRT refinanced Venue on Camelback and paid down approximately $17.5mm of the Credit Facility through refinancing proceeds and available cash.

• NXRT has entered a binding sales contract to sell Old Farm and Stone Creek at Old Farm. NXRT anticipates closing the sales during the first half of 2023 and paying off the remaining Credit Facility balance of approximately $57mm.¹

• The anticipated payoff of the Credit Facility will reduce our outstanding debt by 7.1% and we will have traded out $335million of outstanding Credit facility debt at a spread of 255 bps over a 1-month term SOFR for $278 million at a weighted average spread of 163 bps over 1-month term SOFR.

o 19 properties were refinanced at a spread of 155 bps over 1-month term SOFR.

o The Cornerstone was refinanced at 209 bps over 1-month term SOFR with a 6-month lockout.

o Venue on Camelback was refinanced at 218 bps over 1-month term SOFR with a 6-month lockout.

1. Q2 2023 assumes that Old Farm and Stone Creek at Old Farm are sold in the first half of 2023, and the net proceeds are used to pay off the remaining Credit Facility balance.

2. Verandas at Lake Norman, High House at Cary, Six Forks Station, Estates on Maryland and The Adair have rate cap strikes below the 1 mo. Term SOFR rate as of 12/31/2022. The current pie chart includes Old Farm and Stone Creek at Old Farm. Both properties are under a binding PSA and are expected to close in the first half of 2023.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

	FY 2022			FY 2021			FY 2020			Q4 2022			Q4 2021
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	1,112,000		$	2,138,000		$	1,058,000
Share Price (as of the last day of the period)	$	43.52		$	83.83		$	42.31
Weighted average common shares outstanding - basic		25,610			25,170			24,715			25,549			25,293
Weighted average common shares outstanding - diluted		25,610			25,760			25,234			26,077			25,882
Earnings Profile
Total revenues	$	263,952		$	219,240		$	204,800		$	69,349		$	58,497
Net income (loss) attributable to common stockholders		(9,260	)		23,037			44,018			3,787			38,715
NOI (1)		157,424			128,763			118,641			41,777			34,885
Same Store NOI (2)		129,279			111,265						36,900			32,266
Same Store NOI Growth (%) (2)		16.2	%								14.4	%
Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	(0.36	)	$	0.89		$	1.74		$	0.15		$	1.50
FFO (1)	$	2.81		$	2.47		$	2.27		$	0.47		$	0.66
Core FFO (1)	$	3.13		$	2.43		$	2.20		$	0.75		$	0.69
AFFO (1)	$	3.49		$	2.75		$	2.47		$	0.84		$	0.77
Dividends declared per common share	$	1.560		$	1.404		$	1.279		$	0.420		$	0.380
Net Income (Loss) Coverage	-0.23x			0.63x			1.36x			0.36x			3.95x
FFO Coverage (3)	1.80x			1.76x			1.77x			1.12x			1.74x
Core FFO Coverage (3)	2.01x			1.73x			1.72x			1.78x			1.81x
AFFO Coverage (3)	2.24x			1.96x			1.94x			2.01x			2.03x
Portfolio
Total Properties		40			39			37
Total Units (4)		15,127			14,825			14,205
Occupancy		94.1	%		94.3	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,480		$	1,261		$	1,128
Same Store Portfolio Metrics (2)
Total Same Store Properties		31			31						35			35
Total Same Store Units		12,210			12,286						13,227			13,309
Occupancy		94.1	%		94.3	%					94.1	%		94.3	%
Average Effective Monthly Rent per Unit	$	1,493		$	1,267					$	1,485		$	1,266
Value-Add Program
Completed Full/Partial Interior Rehab Units		2,409			1,264			1,679			579			353
Cumulative Completed Rehab Units (5)		7,633
Average Increase to Effective Monthly Rent      per Unit (Post-Rehab)	$	149
ROI on Post-Rehab Units		22.0	%
Outstanding Debt Summary
Total Mortgage Debt	$	1,607,028		$	1,281,146		$	1,168,078
Credit Facilities		74,500			280,000			183,000
Total Debt Outstanding	$	1,681,528		$	1,561,146		$	1,351,078
Leverage Ratio (Net Debt to Enterprise Value) (6)		60	%		41	%		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 2021-2022 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2021-2022 Same Store properties, see the “Q4 Same Store Results” and “2021-2022 Same Store Results” section of this release.

(3) Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4) Total units owned is 15,127, however 113 units are currently down due to fires and water damage.

(5) Inclusive of all full and partial interior upgrades completed through December 31, 2022. Cumulative results exclude rehabs completed for properties sold through December 31, 2022.

(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]

2023 Full Year Guidance Summary

NXRT is providing initial 2023 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, interest expense and its related components and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):

	Guidance Range (1)
	Low-End			Mid-Point			High-End
Earnings per diluted share (2)	$	0.90		$	1.08		$	1.26
Core FFO per diluted share (2) (3)	$	2.92		$	3.09		$	3.27
Same Store Growth: (4)
Rental Income		10.5	%		11.5	%		12.6	%
Total Revenue		9.9	%		10.9	%		11.9	%
Total Expenses (5)		11.2	%		10.7	%		10.3	%
Same Store NOI (3)		9.0	%		11.0	%		13.0	%
Components to Interest Expense:
Interest Expense on Mortgage Debt	$	(98.0	)	$	(103.8	)	$	(109.5	)
Interest Expense on Revolver	$	(2.0	)	$	(2.1	)	$	(2.2	)
Deferred Financing Cost & Discount Amortization	$	(3.0	)	$	(3.0	)	$	(3.0	)
Interest Rate Swap Settlement	$	42.2		$	46.6		$	51.0
Mark to Market – Fair Value of Rate Caps	$	(1.7	)	$	1.4		$	4.4
Total Interest Expense	$	(62.5	)	$	(60.9	)	$	(59.3	)
Other Considerations: (5)
Acquisitions	$	—		$	125.0		$	250.0
Dispositions	$	—		$	125.0		$	250.0

(1) Full Year 2023 guidance forecast includes Same Store growth projections presented above, which takes into effect the held for sale properties of Old Farm and Stone Creek at Old Farm, thereby removing those assets from the Full Year 2023 pro forma Same Store pool.

(2) Weighted average diluted share count estimate for full year 2023 is approximately 26.3 million.

(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2023 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 2023 pro forma Same Store pool (36 properties).

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

Additional information on 2023 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	12.8%	5.0%	5.3%	$	405,602	$	441,284
North Carolina
Raleigh	3.8%	5.0%	5.3%		119,892		130,439
Charlotte	6.8%	5.0%	5.3%		216,080		235,089
Georgia
Atlanta	8.4%	5.0%	5.3%		265,248		288,583
Tennessee
Nashville	11.8%	5.0%	5.3%		372,436		405,201
Florida
Orlando	8.1%	5.0%	5.3%		256,702		279,285
Tampa	4.4%	5.0%	5.3%		140,826		153,215
South Florida	18.6%	5.0%	5.3%		588,738		640,532
Nevada
Las Vegas	8.8%	5.0%	5.3%		277,292		301,687
Arizona
Phoenix	16.6%	5.0%	5.3%		524,611		570,764
Total / Ave	100.0%	5.0%	5.3%	$	3,167,427	$	3,446,079

NAV SUMMARY

Component	Min		Max
Tangible Assets
Real Estate (2)	$	3,167,427	$	3,446,079
Cash	16,762
Restricted Cash - Renovation Reserves (4)	11,894
Renovation Expenditures (4)	(11,894)
Cash Adjustments (5)	(307)
Fair Market Value of Interest Rate Swaps	103,440
Other Assets	50,689
Houston Gross Sale Proceeds (6)	135,000
Value of Assets	$	3,473,011	$	3,751,663
Tangible Liabilities
Credit Facility (7)	$74,500
Mortgage Debt	1,607,028
Total Outstanding Debt	1,681,528
Forward 12-month Principal Payments	(307)
Total Outstanding Debt (FY 2023 Est.)	1,681,221
Other Tangible Liabilities (at Book)	32,552
Value of Liabilities	$1,713,773
Net Leverage (mid-point)	47%
Net Asset Value	$	1,759,238	$	2,037,890
Shares outstanding - diluted (FY 2023 Est.)	26,078
Est. NAV / Share	$	67.46	$	78.15
NAV / Share (mid-point)	$72.80

NOI ESTIMATE

4Q 2022 NOI Actual	41,777
FY 2022 NOI Actual	157,424
	Low		High
Estimated 1Q 2023 NOI Guidance (3)		41,038		42,433
2023 NOI Guidance (3)	$	166,290	$	172,304

IMPLIED VALUATION METRICS

	Min	Max
Implied Real Estate Value	$3,167,427	$3,446,079
No. of Units (December 31, 2022) (2)	15,127
Implied Value/Apartment Unit	$209.4	$227.8
Implied Value/Apartment Unit (mid-point)	$218.6

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

(2) Estimated value ranges are presented for the existing portfolio (40 properties at December 31, 2022).

(3) The Company anticipates net income will be in the range between approximately $23.7 million and $32.9 million for the full year 2023 and between ($10.4) million and ($3.0) million for the first quarter of 2023. FY 2023 NOI Guidance considers the forecasted dispositions of Old Farm and Stone Creek at Old Farm and considers a commensurate volume of capital recycling.

(4) Includes approximately $11.9 million that is held for value-add upgrades; reduced by $11.9 million for estimated 2023 rehab expenditures.

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

(6) Old Farm and Stone Creek currently under purchase sale agreement and expected to close in the first half of 2023.

(7) Includes outstanding balance as of December 31, 2022.

NXRT.NEXPOINT.COM Page9

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, 2022			December 31, 2021
ASSETS
Operating Real Estate Investments
Land	$	378,438		$	375,857
Buildings and improvements		1,760,782			1,743,866
Intangible lease assets		—			2,576
Construction in progress		10,622			6,078
Furniture, fixtures, and equipment		152,529			120,419
Total Gross Operating Real Estate Investments		2,302,371			2,248,796
Accumulated depreciation and amortization		(349,276	)		(287,096	)
Total Net Operating Real Estate Investments		1,953,095			1,961,700
Real estate held for sale, net of accumulated depreciation of $22,017 and $0, respectively		89,457			—
Total Net Real Estate Investments		2,042,552			1,961,700
Cash and cash equivalents		16,762			49,450
Restricted cash		35,037			39,246
Accounts receivable, net		17,121			4,844
Prepaid and other assets		10,425			4,701
Fair market value of interest rate swaps		103,440			3,526
TOTAL ASSETS	$	2,225,337		$	2,063,467
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,526,828		$	1,276,285
Mortgages payable held for sale, net		68,016			—
Credit facility, net		72,644			278,215
Accounts payable and other accrued liabilities		12,325			12,590
Accrued real estate taxes payable		7,232			13,182
Accrued interest payable		7,946			2,491
Security deposit liability		3,200			2,945
Prepaid rents		1,849			1,775
Total Liabilities	$	1,700,040		$	1,587,483
Redeemable noncontrolling interests in the Operating Partnership		5,631			6,139
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; 25,549,319 and 25,500,567 shares issued and outstanding, respectively		255			255
Additional paid-in capital		405,376			407,803
Accumulated earnings less dividends		11,880			59,209
Accumulated other comprehensive income		102,155			2,578
Total Stockholders' Equity		519,666			469,845
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,225,337		$	2,063,467

NXRT.NEXPOINT.COM Page10

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,
	2022			2021			2020
Revenues
Rental income	$	257,855		$	213,505		$	199,237
Other income		6,097			5,735			5,563
Total revenues		263,952			219,240			204,800
Expenses
Property operating expenses		58,151			47,739			47,201
Real estate taxes and insurance		37,433			33,152			31,709
Property management fees (1)		7,636			6,334			5,971
Advisory and administrative fees (2)		7,547			7,631			7,670
Corporate general and administrative expenses		14,670			11,966			10,035
Property general and administrative expenses		9,298			7,332			6,239
Depreciation and amortization		97,648			86,878			82,411
Total expenses		232,383			201,032			191,236
Operating income before gain on sales of real estate		31,569			18,208			13,564
Gain on sales of real estate		14,684			46,214			69,151
Operating income		46,253			64,422			82,715
Interest expense (3)		(50,587	)		(44,623	)		(44,753	)
Loss on extinguishment of debt and modification costs		(8,734	)		(912	)		(1,470	)
Casualty gain		2,506			2,595			5,886
Miscellaneous income		1,271			1,624			1,772
Net income (loss)		(9,291	)		23,106			44,150
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		(31	)		69			132
Net income (loss) attributable to common stockholders	$	(9,260	)	$	23,037		$	44,018
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		99,915			47,073			(46,961	)
Total comprehensive income (loss)		90,624			70,179			(2,811	)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		307			210			(9	)
Comprehensive income (loss) attributable to common stockholders	$	90,317		$	69,969		$	(2,802	)
Weighted average common shares outstanding - basic		25,610			25,170			24,715
Weighted average common shares outstanding - diluted		25,610			25,760			25,234
Earnings (loss) per share - basic	$	(0.36	)	$	0.92		$	1.78
Earnings (loss) per share - diluted	$	(0.36	)	$	0.89		$	1.74

(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.

(3) For the years ended December 31, 2022, 2021, and 2020, Interest Expense includes mark-to-market fair value rate cap adjustments of $3,445,928, $(111,672), and $(33,776).

NXRT.NEXPOINT.COM Page11

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, 2022 and 2021 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,
		2022			2021			2022			2021
Net income (loss)		$	(9,291	)	$	23,106		$	3,802		$	38,831
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees			7,547			7,631			1,932			1,925
Corporate general and administrative expenses			14,670			11,966			3,554			2,896
Casualty-related expenses/(recoveries)	(1)		1,119			(199	)		456			73
Casualty gains			(2,506	)		(2,595	)		(2,149	)		(216	)
Property general and administrative expenses	(2)		3,600			2,655			1,191			670
Depreciation and amortization			97,648			86,878			23,158			24,543
Interest expense			50,587			44,623			15,783			11,793
Loss on extinguishment of debt and modification costs			8,734			912			8,734			584
Gain on sales of real estate			(14,684	)		(46,214	)		(14,684	)		(46,214	)
NOI		$	157,424		$	128,763		$	41,777		$	34,885
Less Non-Same Store
Revenues			(48,318	)		(30,116	)		(8,939	)		(5,267	)
Operating expenses			20,688			13,720			4,078			2,707
Operating income			(515	)		(1,102	)		(16	)		(59	)
Same Store NOI		$	129,279		$	111,265		$	36,900		$	32,266

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

(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.

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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 2020-2022 Same Store NOI for the years ended December 31, 2022, 2021 and 2020 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

		For the Year Ended December 31,
		2022			2021			2020
Net income (loss)		$	(9,291	)	$	23,106		$	44,150
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			7,547			7,631			7,670
Corporate general and administrative expenses			14,670			11,966			10,035
Casualty-related expenses/(recoveries)	(1)		1,119			(199	)		789
Casualty gains			(2,506	)		(2,595	)		(5,886	)
Property general and administrative expenses	(2)		3,600			2,655			2,400
Depreciation and amortization			97,648			86,878			82,411
Interest expense			50,587			44,623			44,753
Loss on extinguishment of debt and modification costs			8,734			912			1,470
Gain on sales of real estate			(14,684	)		(46,214	)		(69,151	)
NOI		$	157,424		$	128,763		$	118,641
Less Non-Same Store
Revenues			(55,285	)		(35,956	)		(30,872	)
Operating expenses			22,604			15,384			15,026
Operating income			(515	)		(1,102	)		(1,687	)
Same Store NOI		$	124,228		$	107,089		$	101,108

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

(2) Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

NXRT.NEXPOINT.COM Page13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2021-2022 Same Store Results of Operations for the Years Ended December 31, 2022 and 2021

There are 31 properties encompassing 12,210 units of apartment space, or approximately 81% of our Portfolio, in our same store pool for the years ended December 31, 2022 and 2021 (our “2021-2022 Same Store” properties). Our 2021-2022 Same Store properties exclude the following 9 properties in our Portfolio as of December 31, 2022: Cutter’s Point, Old Farm, Stone Creek at Old Farm, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, High House at Cary, The Adair, and Estates on Maryland as well as the 106 units mentioned on page 1 that are currently down.

As of December 31, 2022, our 2021-2022 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,493, a year-over-year decrease of 20 bps and an increase of $226, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2022 and 2021 for our 2021-2022 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,
	2022		2021		$ Change			% Change
Revenues
Same Store
Rental income	$	210,179	$	183,696	$	26,483			14.4	%
Other income		5,455		5,428		27			0.5	%
Same Store revenues		215,634		189,124		26,510			14.0	%
Non-Same Store
Rental income		47,676		29,809		17,867		N/M
Other income		642		307		335			109.1	%
Non-Same Store revenues		48,318		30,116		18,202		N/M
Total revenues		263,952		219,240		44,712			20.4	%
Operating expenses
Same Store
Property operating expenses (1)		46,614		40,981		5,633			13.7	%
Real estate taxes and insurance		29,743		28,084		1,659			5.9	%
Property management fees (2)		6,226		5,426		800			14.7	%
Property general and administrative expenses (3)		4,528		3,890		638			16.4	%
Same Store operating expenses		87,111		78,381		8,730			11.1	%
Non-Same Store
Property operating expenses (4)		10,418		6,957		3,461			49.7	%
Real estate taxes and insurance		7,690		5,068		2,622			51.7	%
Property management fees (2)		1,410		908		502		N/M
Property general and administrative expenses (5)		1,170		787		383			48.7	%
Non-Same Store operating expenses		20,688		13,720		6,968		N/M
Total operating expenses		107,799		92,101		15,698			17.0	%
Operating income
Same Store
Miscellaneous income		756		522		234			44.8	%
Non-Same Store
Miscellaneous income		515		1,102		(587	)	N/M
Total operating income		1,271		1,624		(353	)		-21.7	%
NOI
Same Store		129,279		111,265		18,014			16.2	%
Non-Same Store		28,145		17,498		10,647		N/M
Total NOI (6)	$	157,424	$	128,763	$	28,661			22.3	%

(1) For the years ended December 31, 2022 and 2021, excludes approximately $2,909,000 and $282,000, 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.

NXRT.NEXPOINT.COM Page14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the years ended December 31, 2022 and 2021, excludes approximately $2,884,000 and $1,986,000, 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, 2022 and 2021, excludes approximately $159,000 and $(17,000), respectively, of casualty-related expenses/(recoveries).

(5) For the years ended December 31, 2022 and 2021, excludes approximately $716,000 and $669,000, 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 2021-2022 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2022 and 2021 (dollars in thousands, except for per unit data):

	FY 2022			FY 2021			% Change
Same Store Total Units		12,210			12,286
Same Store Occupied Units		11,485			11,585
Same Store Ending Occupancy		94.1	%		94.3	%		-0.2	%
Same Store Average Rent per Unit	$	1,493		$	1,267			17.8	%
Same Store Revenues
Same Store Rental Income	$	210,179		$	183,696			14.4	%
Same Store Other Income		5,455			5,428			0.5	%
Total Same Store Revenues		215,634			189,124			14.0	%
Same Store Operating Expenses
Payroll		17,728			16,322			8.6	%
Repairs & Maintenance		18,830			15,718			19.8	%
Utilities		10,056			8,941			12.5	%
Real Estate Taxes		24,866			23,723			4.8	%
Insurance		4,877			4,361			11.8	%
Property Management Fees		6,226			5,426			14.7	%
Office Operations		3,237			2,738			18.2	%
Marketing		1,291			1,152			12.1	%
Total Same Store Operating Expenses		87,111			78,381			11.1	%
Same Store Operating Income
Miscellaneous income		756			522			44.8	%
Total Same Store Operating Income		756			522			44.8	%
2021-2022 Same Store NOI	$	129,279		$	111,265			16.2	%

NXRT.NEXPOINT.COM Page15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2021-2022 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		2022		2021		% Change	2022			2021			bps ∆		2022		2021		% Change
Texas
Dallas		2,350	$	1,249	$	1,068	16.9%		94.4	%		94.8	%		-40	$	35,125	$	31,673	10.9%
Average/Total		2,350		1,249		1,068	16.9%		94.4	%		94.8	%		-40		35,125		31,673	10.9%
North Carolina
Charlotte		561		1,276		1,109	15.1%		94.7	%		95.4	%		-70		8,131		7,360	10.5%
Average/Total		561		1,276		1,109	15.1%		94.7	%		95.4	%		-70		8,131		7,360	10.5%
Georgia
Atlanta		1,437		1,449		1,281	13.1%		93.8	%		92.4	%		140		23,438		20,517	14.2%
Average/Total		1,437		1,449		1,281	13.1%		93.8	%		92.4	%		140		23,438		20,517	14.2%
Tennessee
Nashville		1,322		1,312		1,108	18.4%		94.9	%		95.4	%		-50		21,033		18,158	15.8%
Average/Total		1,322		1,312		1,108	18.4%		94.9	%		95.4	%		-50		21,033		18,158	15.8%
Florida
Orlando		1,172		1,568		1,285	22.0%		92.7	%		95.6	%		-290		20,119		17,579	14.4%
Tampa		576		1,431		1,161	23.3%		94.3	%		94.8	%		-50		9,069		7,650	18.5%
South Florida		1,957		1,997		1,645	21.4%		95.0	%		94.5	%		50		44,421		37,772	17.6%
Average/Total		3,705		1,773		1,456	21.8%		94.2	%		94.9	%		-70		73,609		63,001	16.8%
Arizona
Phoenix		1,679		1,491		1,284	16.1%		94.7	%		94.9	%		-20		30,307		26,197	15.7%
Average/Total		1,679		1,491		1,284	16.1%		94.7	%		94.9	%		-20		30,307		26,197	15.7%
Nevada
Las Vegas		1,156		1,455		1,293	12.5%		91.1	%		91.0	%		10		18,536		16,790	10.4%
Average/Total		1,156		1,455		1,293	12.5%		91.1	%		91.0	%		10		18,536		16,790	10.4%
Average/Total		12,210	$	1,493	$	1,267	17.8%		94.1	%		94.3	%		-20	$	210,179	$	183,696	14.4%

(1) This table only includes the 31 properties in our 2021-2022 Same Store pool.

NXRT.NEXPOINT.COM Page16

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 2022		Q3 2022		% Change	Q4 2022			Q3 2022			bps ∆		Q4 2022		Q3 2022		% Change
Texas
Dallas		2,546	$	1,264	$	1,225	3.2%		94.3	%		94.3	%		0	$	10,058	$	9,673	4.0%
Average/Total		2,546		1,264		1,225	3.2%		94.3	%		94.3	%		0		10,058		9,673	4.0%
North Carolina
Charlotte		561		1,276		1,280	-0.3%		94.7	%		95.4	%		-70		2,123		2,091	1.5%
Average/Total		561		1,276		1,280	-0.3%		94.7	%		95.4	%		-70		2,123		2,091	1.5%
Georgia
Atlanta		1,437		1,449		1,410	2.8%		93.8	%		93.0	%		80		6,194		5,933	4.4%
Average/Total		1,437		1,449		1,410	2.8%		93.8	%		93.0	%		80		6,194		5,933	4.4%
Tennessee
Nashville		1,322		1,312		1,294	1.4%		94.9	%		95.0	%		-10		5,481		5,412	1.3%
Average/Total		1,322		1,312		1,294	1.4%		94.9	%		95.0	%		-10		5,481		5,412	1.3%
Florida
Orlando		1,172		1,568		1,540	1.8%		92.7	%		93.8	%		-110		5,059		5,136	-1.5%
Tampa		576		1,431		1,384	3.4%		94.3	%		91.5	%		280		2,425		2,295	5.7%
South Florida		1,957		1,997		1,938	3.0%		95.0	%		95.2	%		-20		11,684		11,344	3.0%
Average/Total		3,705		1,773		1,726	2.7%		94.2	%		94.2	%		0		19,168		18,775	2.1%
Arizona
Phoenix		1,327		1,456		1,443	0.9%		95.0	%		94.3	%		70		6,148		6,062	1.4%
Average/Total		1,327		1,456		1,443	0.9%		95.0	%		94.3	%		70		6,148		6,062	1.4%
Nevada
Las Vegas		2,329		1,454		1,441	0.9%		92.6	%		93.2	%		-60		9,953		10,053	-1.0%
Average/Total		2,329		1,454		1,441	0.9%		92.6	%		93.2	%		-60		9,953		10,053	-1.0%
Average/Total		13,227	$	1,485	$	1,455	2.1%		94.1	%		94.1	%		0	$	59,125	$	57,999	1.9%

(1) This table only includes the 35 properties in our Q4 Same Store pool.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2020-2022 Same Store Results of Operations for the Years Ended December 31, 2022, 2021 and 2020

There are 30 properties encompassing 11,858 units of apartment space, or approximately 78% of our Portfolio, in our same store pool for the years ended December 31, 2022, 2021 and 2020 (our “2020-2022 Same Store” properties). Our 2020-2022 Same Store properties exclude the following 10 properties in our Portfolio as of December 31, 2022: Cutter’s Point, Old Farm, Stone Creek at Old Farm, Fairways of San Marcos, The Verandas at Lake Norman, Creekside at Matthews, Six Forks Station, High House at Cary, The Adair, and Estates on Maryland as well as the 106 units mentioned on page 1 that are currently down.

As of December 31, 2022, our 2020-2022 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,489. As of December 31, 2021, our 2020-2022 Same Store properties were approximately 94.2% leased with a weighted average monthly effective rent per occupied apartment unit of $1,262. As of December 31, 2020, our 2020-2022 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,132.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2022, 2021 and 2020 for our 2020-2022 Same Store and Non-Same Store properties (dollars in thousands):

	For the Year Ended December 31,						2022 compared to 2021						2021 compared to 2020
	2022		2021		2020		$ Change			% Change			$ Change			% Change
Revenues
Same Store
Rental income	$	203,295	$	177,925	$	168,638	$	25,370			14.3	%	$	9,287			5.5	%
Other income		5,372		5,359		5,290		13			0.2	%		69			1.3	%
Same Store revenues		208,667		183,284		173,928		25,383			13.8	%		9,356			5.4	%
Non-Same Store
Rental income		54,560		35,580		30,599		18,980			53.3	%		4,981			16.3	%
Other income		725		376		273		349			92.8	%		103			37.7	%
Non-Same Store revenues		55,285		35,956		30,872		19,329			53.8	%		5,084			16.5	%
Total revenues		263,952		219,240		204,800		44,712			20.4	%		14,440			7.1	%
Operating expenses
Same Store
Property operating expenses (1)		45,457		40,017		38,864		5,440			13.6	%		1,153			3.0	%
Real estate taxes and insurance		29,316		27,678		25,939		1,638			5.9	%		1,739			6.7	%
Property management fees (2)		6,025		5,260		4,996		765			14.5	%		264			5.3	%
Property general and administrative expenses (3)		4,397		3,762		3,106		635			16.9	%		656			21.1	%
Same Store operating expenses		85,195		76,717		72,905		8,478			11.1	%		3,812			5.2	%
Non-Same Store
Property operating expenses (4)		11,575		7,921		7,548		3,654			46.1	%		373			4.9	%
Real estate taxes and insurance		8,117		5,474		5,770		2,643			48.3	%		(296	)		-5.1	%
Property management fees (2)		1,611		1,074		975		537			50.0	%		99			10.2	%
Property general and administrative expenses (5)		1,301		915		733		386			42.2	%		182			24.8	%
Non-Same Store operating expenses		22,604		15,384		15,026		7,220			46.9	%		358			2.4	%
Total operating expenses		107,799		92,101		87,931		15,698			17.0	%		4,170			4.7	%
Operating income
Same Store
Miscellaneous income		756		522		85		234			44.8	%		437		N/M
Non-Same Store
Miscellaneous income		515		1,102		1,687		(587	)	N/M				(585	)		-34.7	%
Total operating income		1,271		1,624		1,772		(353	)		-21.7	%		(148	)		-8.4	%
NOI
Same Store		124,228		107,089		101,108		17,139			16.0	%		5,981			5.9	%
Non-Same Store		33,196		21,674		17,533		11,522			53.2	%		4,141			23.6	%
Total NOI (6)	$	157,424	$	128,763	$	118,641	$	28,661			22.3	%	$	10,122			8.5	%

(1) For the years ended December 31, 2022, 2021 and 2020, excludes approximately $2,909,000, $17,000 and $897,000, 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, 2022, 2021 and 2020, excludes approximately $2,824,000, $1,959,000 and $1,746,000, 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, 2022, 2021 and 2020, excludes approximately $4,028,000, $(182,000) and $1,686,000, respectively, of casualty-related expenses/(recoveries).

(5) For the years ended December 31, 2022, 2021 and 2020, excludes approximately $776,000, $696,000 and $654,000, 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 2020-2022 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2022, 2021 and 2020 (dollars in thousands, except for per unit data):

										2022 vs 2021			2021 vs 2020
	FY 2022			FY 2021			FY 2020			% Change			% Change
Same Store Total Units		11,858			11,934			11,963
Same Store Occupied Units		11,155			11,246			11,263
Same Store Ending Occupancy		94.1	%		94.2	%		94.1	%		-0.1	%		0.1	%
Same Store Average Rent per Unit	$	1,489		$	1,262		$	1,132			18.0	%		11.5	%
Same Store Revenues
Same Store Rental Income	$	203,295		$	177,925		$	168,638			14.3	%		5.5	%
Same Store Other Income		5,372			5,359			5,290			0.2	%		1.3	%
Total Same Store Revenues		208,667			183,284			173,928			13.8	%		5.4	%
Same Store Operating Expenses
Payroll		17,230			15,815			15,618			8.9	%		1.3	%
Repairs & Maintenance		18,403			15,465			14,443			19.0	%		7.1	%
Utilities		9,824			8,692			8,370			13.0	%		3.8	%
Real Estate Taxes		24,607			23,457			22,207			4.9	%		5.6	%
Insurance		4,709			4,221			3,732			11.6	%		13.1	%
Property Management Fees		6,025			5,260			4,996			14.5	%		5.3	%
Office Operations		3,139			2,644			2,378			18.7	%		11.2	%
Marketing		1,258			1,163			1,161			8.2	%		0.2	%
Total Same Store Operating Expenses		85,195			76,717			72,905			11.1	%		5.2	%
Same Store Operating Income
Miscellaneous income		756			522			85			44.8	%	N/M
Total Same Store Operating Income		756			522			85			44.8	%	N/M
2020-2022 Same Store NOI	$	124,228		$	107,089		$	101,108			16.0	%		5.9	%

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2022 and 2021

There are 35 properties encompassing 13,227 units of apartment space, or approximately 87% of our Portfolio, in our same store pool for the three months ended December 31, 2022 and 2021 (our “Q4 Same Store” properties). Our Q4 Same Store properties exclude the following 5 properties in our Portfolio as of December 31, 2022: Old Farm, Stone Creek at Old Farm, High House at Cary, The Adair and Estates on Marylandas well as the 112 units mentioned on page 1 that are currently down.

As of December 31, 2022, our Q4 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,485, a year-over-year decrease of 20 bps and an increase of $219, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2022 and 2021 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):

	For the Three Months Ended December 31,
	2022		2021		$ Change			% Change
Revenues
Same Store
Rental income	$	59,125	$	51,964	$	7,161			13.8	%
Other income		1,285		1,266		19			1.5	%
Same Store revenues		60,410		53,230		7,180			13.5	%
Non-Same Store
Rental income		8,781		5,236		3,545		N/M
Other income		158		31		127		N/M
Non-Same Store revenues		8,939		5,267		3,672		N/M
Total revenues		69,349		58,497		10,852			18.6	%
Operating expenses
Same Store
Property operating expenses (1)		13,037		11,317		1,720			15.2	%
Real estate taxes and insurance		8,154		7,120		1,034			14.5	%
Property management fees (2)		1,740		1,528		212			13.9	%
Property general and administrative expenses (3)		1,308		1,059		249			23.5	%
Same Store operating expenses		24,239		21,024		3,215			15.3	%
Non-Same Store
Property operating expenses (4)		1,989		1,233		756		N/M
Real estate taxes and insurance		1,609		1,156		453			39.2	%
Property management fees (2)		267		166		101		N/M
Property general and administrative expenses (5)		213		152		61			40.1	%
Non-Same Store operating expenses		4,078		2,707		1,371		N/M
Total operating expenses		28,317		23,731		4,586			19.3	%
Operating income
Same Store
Miscellaneous income		729		60		669			1115.0	%
Non-Same Store
Miscellaneous income		16		59		(43	)	N/M
Total operating income		745		119		626			526.1	%
NOI
Same Store		36,900		32,266		4,634			14.4	%
Non-Same Store		4,877		2,619		2,258		N/M
Total NOI (6)	$	41,777	$	34,885	$	6,892			19.8	%

(1) For the three months ended December 31, 2022 and 2021, excludes approximately $384,000 and $(10,000), respectively, of casualty-related expenses/(recoveries).

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

(3) For the three months ended December 31, 2022 and 2021, excludes approximately $1,097,000 and $561,000, 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.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended December 31, 2022 and 2021, excludes approximately $72,000 and $83,000, respectively, of casualty-related expenses.

(5) For the three months ended December 31, 2022 and 2021, excludes approximately $94,000 and $109,000, 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, 2022 and 2021 (dollars in thousands, except for per unit data):

	Q4 2022			Q4 2021			% Change
Same Store Total Units		13,227			13,309
Same Store Occupied Units		12,442			12,552
Same Store Ending Occupancy		94.1	%		94.3	%		-0.2	%
Same Store Average Rent per Unit	$	1,485		$	1,266			17.3	%
Same Store Revenues
Same Store Rental Income	$	59,125		$	51,964			13.8	%
Same Store Other Income		1,285			1,266			1.5	%
Total Same Store Revenues		60,410			53,230			13.5	%
Same Store Operating Expenses
Payroll		4,999			4,627			8.0	%
Repairs & Maintenance		5,255			4,285			22.6	%
Utilities		2,783			2,405			15.7	%
Real Estate Taxes		6,798			5,944			14.4	%
Insurance		1,356			1,176			15.3	%
Property Management Fees		1,740			1,528			13.9	%
Office Operations		979			706			38.7	%
Marketing		329			353			-6.8	%
Total Same Store Operating Expenses		24,239			21,024			15.3	%
Same Store Operating Income
Miscellaneous income		729			60		N/M
Total Same Store Operating Income		729			60		N/M
Q4 Same Store NOI	$	36,900		$	32,266			14.4	%

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2022, 2021 and 2020 and for the three months ended December 31, 2022 and 2021 (in thousands, except per share amounts):

		For the Year Ended December 31,										For the Three Months Ended December 31,
		2022				2021			2020			2022			2021
Net income (loss)		$	(9,291	)		$	23,106		$	44,150		$	3,802		$	38,831
Depreciation and amortization			97,648				86,878			82,411			23,158			24,543
Gain on sales of real estate			(14,684	)			(46,214	)		(69,151	)		(14,684	)		(46,214	)
Adjustment for noncontrolling interests			(276	)			(191	)		(172	)		(48	)		(51	)
FFO attributable to common stockholders			73,397				63,579			57,238			12,228			17,109
FFO per share - basic		$	2.87			$	2.53		$	2.32		$	0.48		$	0.68
FFO per share - diluted		$	2.81			$	2.47		$	2.27		$	0.47		$	0.66
Loss on extinguishment of debt and modification costs			8,734				912			1,470			8,734			584
Casualty-related expenses/(recoveries)			1,119				(200	)		790			456			72
Casualty losses (gains)			(2,506	)			(2,595	)		(5,886	)		(2,149	)		(216	)
Pandemic expense	(1)		4				50			510			—			4
Amortization of deferred financing costs - acquisition term notes			1,083				737			1,384			297			238
Adjustment for noncontrolling interests			(31	)			4			6			(28	)		(2	)
Core FFO attributable to common stockholders			81,800				62,487			55,512			19,538			17,793
					��
Core FFO per share - basic		$	3.19			$	2.48		$	2.25		$	0.76		$	0.70
Core FFO per share - diluted		$	3.13			$	2.43		$	2.20		$	0.75		$	0.69
Amortization of deferred financing costs - long term debt			1,696				1,460			1,453			449			379
Equity-based compensation expense			7,911				6,997			5,504			2,005			1,786
Adjustment for noncontrolling interests			(37	)			(25	)		(21	)		(10	)		(6	)
AFFO attributable to common stockholders			91,370				70,919			62,448			21,982			19,952
AFFO per share - basic		$	3.57			$	2.82		$	2.53		$	0.86		$	0.79
AFFO per share - diluted		$	3.49			$	2.75		$	2.47		$	0.84		$	0.77
Weighted average common shares outstanding - basic			25,610				25,170			24,715			25,549			25,293
Weighted average common shares outstanding - diluted	(2)		26,152				25,760			25,234			26,077			25,882
Dividends declared per common share		$	1.56			$	1.40		$	1.28		$	0.42		$	0.38
Net income (loss) Coverage - diluted	(3)	-0.23x				0.63x			1.36x			0.36x			3.95x
FFO Coverage - diluted	(3)	1.80x				1.76x			1.77x			1.12x			1.74x
Core FFO Coverage - diluted	(3)	2.01x				1.73x			1.72x			1.78x			1.81x
AFFO Coverage - diluted	(3)	2.24x				1.96x			1.94x			2.01x			2.03x

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

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

Historical Capital Expenditures

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

	FY 2022		FY 2021		% Change			Q4 2022		Q4 2021		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	143,400	$	289,510		-50.5	%	$	—	$	93,250	N/M
Capitalized Rehab Expenditures
Interior		26,229		11,278		132.6	%		8,645		3,180	N/M
Exterior and common area		9,957		7,773		28.1	%		3,083		994	N/M
Capitalized Maintenance Expenditures
Recurring		11,699		6,191		89.0	%		2,720		348	N/M
Non-Recurring		7,509		4,891		53.5	%		2,131		1,003	N/M
Total Capital Expenditures	$	198,794	$	319,643		37.8	%	$	16,579	$	98,775	N/M

NXRT.NEXPOINT.COM Page24

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		114		1,242	$	1,427	$	9,455		14.9	%		23.4	%
Arbors on Forest Ridge		210		175		803		904		4,379		12.7	%		27.9	%
Atera Apartments		380		213		1,171		1,319		3,275		12.7	%		54.4	%
Avant at Pembroke Pines		1,520		461		1,735		1,997		15,128		15.1	%		20.8	%
Bella Solara		320		105		1,287		1,449		10,430		12.5	%		18.5	%
Bella Vista		248		178		1,452		1,602		10,417		10.3	%		17.3	%
Bloom		528		104		1,264		1,420		13,059		12.4	%		14.4	%
Brandywine I & II		632		401		1,042		1,205		9,245		15.7	%		21.2	%
Courtney Cove		324		242		922		1,026		4,924		11.3	%		25.4	%
Creekside at Matthews		240		46		1,364		1,539		11,054		12.8	%		19.0	%
Cutter's Point		196		148		981		1,108		6,033		13.0	%		25.3	%
Estates on Maryland		330		42		1,270		1,458		9,872		14.7	%		22.8	%
Fairways of San Marcos		352		116		1,517		1,705		10,809		12.4	%		20.8	%
High House at Cary		302		43		1,333		1,575		10,281		18.2	%		28.3	%
Madera Point		256		251		864		974		4,279		12.7	%		30.8	%
Parc500		217		199		1,264		1,452		13,798		14.9	%		16.3	%
Radbourne Lake		225		338		1,046		1,098		1,624		5.0	%		38.6	%
Residences at Glenview Reserve		360		181		1,136		1,325		11,989		16.7	%		19.0	%
Residences at West Place		342		112		1,467		1,659		10,633		13.1	%		21.7	%
Rockledge Apartments		708		400		1,199		1,402		10,398		16.9	%		23.3	%
Sabal Palm at Lake Buena Vista		400		67		1,602		1,827		12,089		14.1	%		22.4	%
Seasons 704 Apartments		222		220		1,179		1,308		6,563		10.9	%		23.5	%
Silverbrook		642		481		803		889		4,086		10.8	%		25.5	%
Six Forks Station		323		67		1,172		1,406		12,073		20.0	%		23.3	%
Summers Landing		196		32		1,017		1,209		7,821		18.8	%		29.3	%
Summit at Sabal Park		252		229		979		1,081		5,768		10.4	%		21.2	%
The Adair		232		66		1,707		1,987		12,234		16.4	%		27.5	%
The Cornerstone		430		453		1,030		1,120		4,811		8.8	%		22.6	%
The Enclave		204		148		1,439		1,623		9,612		12.8	%		22.9	%
The Heritage		204		160		1,396		1,539		9,992		10.2	%		17.1	%
The Preserve at Terrell Mill		752		630		841		998		10,205		18.7	%		18.5	%
The Verandas at Lake Norman		264		42		1,419		1,610		10,606		13.4	%		21.6	%
The Venue on Camelback		415		237		761		1,014		9,793		33.2	%		31.0	%
Timber Creek		352		243		893		1,037		7,446		16.1	%		23.1	%
Torreyana Apartments		316		38		1,499		1,620		12,336		8.0	%		11.7	%
Venue at 8651		333		282		815		924		6,780		13.4	%		19.4	%
Versailles		388		301		804		902		6,101		12.2	%		19.3	%
Versailles II		242		68		959		1,085		4,745		13.1	%		31.9	%
Total/Weighted Average		14,203		7,633	$	1,086	$	1,236	$	8,151		13.8	%		22.0	%

(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, 2022.

(3) Inclusive of all full and partial interior upgrades completed and leased through December 31, 2022.

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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		301	$	850	$	50		70.3	%
Arbors on Forest Ridge		210		123		755		41		65.3	%
Atera Apartments		380		364		814		40		59.6	%
Avant at Pembroke Pines		1,520		83		940		45		56.8	%
Brandywine I & II		632		155		1,036		40		46.7	%
Creekside at Matthews		240		111		1,088		55		60.7	%
Cutter's Point		196		137		754		46		73.1	%
Estates on Maryland		330		24		1,100		35		38.2	%
Madera Point		256		156		885		30		40.2	%
Radbourne Lake		225		224		717		40		66.9	%
Rockledge Apartments		708		602		815		40		58.9	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Silverbrook		642		377		736		49		79.4	%
Six Forks Station		323		170		1,100		55		60.0	%
Summers Landing		196		79		819		50		73.3	%
Summit at Sabal Park		252		241		994		40		48.3	%
The Adair		232		11		1,100		45		49.1	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		106		1,091		45		49.5	%
Timber Creek		352		136		761		45		70.9	%
Venue at 8651		333		241		757		46		73.6	%
Versailles		388		297		866		50		68.9	%
Versailles II		242		129		894		29		39.3	%
Total/Weighted Average		9,097		4,718	$	843	$	47		66.9	%

(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, 2022.

(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2022.

NXRT.NEXPOINT.COM Page26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages

Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		346	$	1,419	$	45		30.9	%
Arbors on Forest Ridge		210		210		1,416		45		30.9	%
Atera Apartments		380		380		1,339		50		37.0	%
Avant at Pembroke Pines		1,520		1,520		1,350		45		32.4	%
Bella Vista		248		248		970		40		39.3	%
Brandywine I & II		632		632		1,234		45		35.5	%
Courtney Cove		324		324		1,238		35		26.2	%
Creekside at Matthews		240		240		913		65		72.9	%
Cutter's Point		196		196		1,400		45		31.3	%
Fairways of San Marcos		352		352		901		40		42.3	%
Madera Point		256		256		1,283		45		34.1	%
Old Farm		734		734		928		45		47.2	%
Radbourne Lake		225		225		630		35		51.4	%
Residences at Glenview Reserve		360		360		1,017		45		43.1	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Silverbrook		642		642		1,308		45		33.5	%
Six Forks Station		323		323		844		35		38.4	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
Summers Landing		196		196		1,449		45		30.2	%
The Cornerstone		430		430		1,236		45		35.4	%
The Enclave		204		204		966		40		39.4	%
The Heritage		204		204		997		40		38.2	%
The Verandas at Lake Norman		264		264		954		65		69.8	%
Timber Creek		352		352		1,299		45		33.7	%
Venue at 8651		333		333		1,229		45		35.6	%
Versailles		388		388		1,080		45		40.6	%
Versailles II		242		242		1,241		45		35.3	%
Total/Weighted Average		10,191		10,191	$	1,171	$	45		37.2	%
Planned Value-Add Programs							Rent Change & ROI (Projections)
Bella Solara		320		—	TBD		TBD		TBD
Bloom		528		—	TBD		TBD		TBD
Estates on Maryland		330		—	TBD		TBD		TBD
Hight House at Cary		302		—	TBD		TBD		TBD
Residences at West Place		342		—	TBD		TBD		TBD
Rockledge Apartments		708		—	TBD		TBD		TBD
Seasons 704 Apartments		222		—	TBD		TBD		TBD
Summit at Sabal Park		252		—	TBD		TBD		TBD
The Adair		232		—	TBD		TBD		TBD
The Preserve at Terrell Mill		752		—	TBD		TBD		TBD
The Venue on Camelback		415		—	TBD		TBD		TBD
Torreyana Apartments		316		—	TBD		TBD		TBD
Total/Weighted Average Planned		4,719		—	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, 2022.

(3) Inclusive of all smart home technology package upgrades completed and leased through December 31, 2022.

NXRT.NEXPOINT.COM Page27

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, 2022 (dollars in thousands):

Operating Properties	Type	Term (months)		Outstanding Principal (1)			Interest Rate (2)	Maturity Date
Arbors on Forest Ridge	Floating		120	$	19,184		5.61%	12/1/2032
Cutter's Point	Floating		120		21,524		5.61%	12/1/2032
Silverbrook	Floating		120		46,088		5.61%	12/1/2032
The Summit at Sabal Park	Floating		120		30,826		5.61%	12/1/2032
Courtney Cove	Floating		120		36,146		5.61%	12/1/2032
The Preserve at Terrell Mill	Floating		120		71,098		5.61%	12/1/2032
Versailles	Floating		120		40,247		5.61%	12/1/2032
Seasons 704 Apartments	Floating		120		33,132		5.61%	12/1/2032
Madera Point	Floating		120		34,457		5.61%	12/1/2032
Venue at 8651	Floating		120		18,690		5.61%	12/1/2032
The Venue on Camelback	Floating		84		28,093		6.07%	7/1/2024
Timber Creek	Floating		84		24,100		5.65%	10/1/2025
Radbourne Lake	Floating		84		20,000		5.68%	10/1/2025
Sabal Palm at Lake Buena Vista	Floating		84		42,100		5.69%	9/1/2025
Cornerstone	Floating		120		46,804		6.15%	12/1/2032
Parc500	Floating		120		29,416		5.61%	12/1/2032
Rockledge Apartments	Floating		120		93,129		5.61%	12/1/2032
Atera Apartments	Floating		120		46,198		5.61%	12/1/2032
Crestmont Reserve	Floating		84		12,061		5.57%	10/1/2025
Brandywine I & II	Floating		84		43,835		5.57%	10/1/2025
Bella Vista	Floating		84		29,040		5.71%	2/1/2026
The Enclave	Floating		84		25,322		5.71%	2/1/2026
The Heritage	Floating		84		24,625		5.71%	2/1/2026
Summers Landing	Floating		84		10,109		5.57%	10/1/2025
Residences at Glenview Reserve	Floating		84		25,873		5.83%	10/1/2025
Residences at West Place	Fixed		120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating		84		177,101		5.82%	9/1/2026
Arbors of Brentwood	Floating		84		34,237		5.82%	10/1/2026
Torreyana Apartments	Floating		120		50,580		5.61%	12/1/2032
Bloom	Floating		120		59,830		5.61%	12/1/2032
Bella Solara	Floating		120		40,328		5.61%	12/1/2032
Fairways of San Marcos	Floating		120		60,228		5.61%	12/1/2032
The Verandas at Lake Norman	Floating		84		34,925		5.91%	7/1/2028
Creekside at Matthews	Floating		120		29,648		5.61%	12/1/2032
Six Forks Station	Floating		120		41,180		5.78%	10/1/2031
High House at Cary	Floating		84		46,625		6.07%	1/1/2029
The Adair	Floating		84		35,115		6.03%	4/1/2029
Estates on Maryland	Floating		84		43,157		6.03%	4/1/2029
				$	1,538,868
Fair market value adjustment					609
Deferred financing costs, net of accumulated amortization of $3,146					(12,649	)
				$	1,526,828
Held For Sale Properties
Old Farm	Floating		84	$	52,886		6.07%	7/1/2024
Stone Creek at Old Farm	Floating		84		15,274	��	6.07%	7/1/2024
				$	68,160
Deferred financing costs, net of accumulated amortization of $528					(144	)
				$	68,016

(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 4.392% and 30-Day Average SOFR was 4.062% as of December 31, 2022.

NXRT.NEXPOINT.COM Page28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of December 31, 2022 (dollars in thousands):

	Type	Term(months)		Outstanding Principal			Interest Rate (1)	Maturity Date
Corporate Credit Facility	Floating		36	$	74,500		6.31%	6/30/2025
Deferred financing costs, net of accumulated amortization of $1,151					(1,856	)
				$	72,644

(1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of December 31, 2022 was 4.358%.

Interest Rate Swap Agreements

As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
June 1, 2019	June 1, 2024	KeyBank		50,000		2.0020	%
June 1, 2019	June 1, 2024	Truist		50,000		2.0020	%
September 1, 2019	September 1, 2026	KeyBank		100,000		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
March 1, 2022	March 1, 2025	Truist		145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%
			$	1,167,500		1.0682	%	(2)

(1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%.

(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)
September 1, 2026	January 1, 2027	KeyBank	$	92,500		1.7980	%	(2)

(1)   The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2022, one-month LIBOR was 4.392%.

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

NXRT.NEXPOINT.COM Page29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2022 for the next five calendar years subsequent to December 31, 2022 and thereafter. We used the applicable reference rate as of December 31, 2022 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		2023		2024		2025		2026		2027		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,538,868	$	307	$	28,464	$	177,400	$	290,324	$	—	$	1,042,373
Interest expense	(1)		500,005		49,464		50,230		55,439		51,427		59,820		233,625
Total		$	2,038,873	$	49,771	$	78,694	$	232,839	$	341,751	$	59,820	$	1,275,998
Held For Sale Properties Mortgage Debt
Principal payments		$	68,160	$	—	$	68,160	$	—	$	—	$	—	$	—
Interest expense			6,288		4,196		2,092		—		—		—		—
Total		$	74,448	$	4,196	$	70,252	$	—	$	—	$	—	$	—
Credit Facility
Principal payments		$	74,500	$	—	$	—	$	74,500	$	—	$	—	$	—
Interest expense			12,460		4,991		5,007		2,462		—		—		—
Total		$	86,960	$	4,991	$	5,007	$	76,962	$	—	$	—	$	—
Total contractual obligations and commitments		$	2,200,281	$	58,958	$	153,953	$	309,801	$	341,751	$	59,820	$	1,275,998

(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, 2022, we had entered into 10 interest rate swap transactions with a combined notional amount of $1.2 billion. We have allocated the total impact of expected settlements on the $1.2 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used one-month LIBOR as of December 31, 2022 to determine our expected settlements through the terms of the interest rate swaps.

 

(1) As of December 31, 2022, we had total indebtedness of $1.7 billion at an adjusted weighted average interest rate of 5.74%, of which $1.6 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 74%, of our $1.6 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.0682% for one-month LIBOR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2022, which effectively fix the interest rate on $1.2 billion of our floating rate mortgage debt outstanding.

NXRT.NEXPOINT.COM Page30

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
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 of 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
The Adair	Sandy Springs, GA	232	4/1/2022	65,500	5,390	70,890	305,560
Estates on Maryland	Phoenix, AZ	330	4/1/2022	77,900	4,636	82,536	250,109
Total/Weighted Average		15,127		$2,218,430	$171,459	$2,389,889	$157,988

(1) Only includes properties owned as of December 31, 2022.

(2) Includes interior and exterior rehab.

NXRT.NEXPOINT.COM Page31

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details

(in thousands, except unit and per unit amounts)
Property Name	Location	Units		Purchase Price		Sale Price		Sales Price Per Unit		Sale Date	Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250	5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219	6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828	8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630	9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444	9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707	4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010	4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828	4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169	4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500	7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455	9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684	1/31/2018		29,553		13,742
Edgewater at Sandy Springs	Atlanta, GA		760		58,000		101,250		133,224	8/28/2019		100,219		47,329
Belmont at Duck Creek	Garland, TX		240		18,525		29,500		122,917	8/28/2019		29,148		11,985
The Ashlar	Dallas, TX		264		16,235		29,400		111,364	8/28/2019		29,050		13,205
Heatherstone	Dallas, TX		152		9,450		16,275		107,072	8/28/2019		16,054		6,368
The Pointe at the Foothills	Mesa, AZ		528		52,275		85,400		161,742	8/28/2019		84,663		37,925
Abbington Heights	Antioch, TN		274		17,900		28,050		102,372	8/30/2019		27,630		10,888
Southpoint Reserve at Stoney Creek	Fredericksburg, VA		156		17,000		23,500		150,641	3/20/2020		23,176		5,469
Willow Grove	Nashville, TN		244		13,750		31,300		128,279	3/26/2020		31,005		17,513
Woodbridge	Nashville, TN		220		16,000		31,700		144,091	3/26/2020		31,237		15,990
Eagle Crest	Irving, TX		447		27,325		55,500		124,161	9/30/2020		54,779		30,160
Beechwood Terrace	Antioch, TN		300		21,400		53,600		178,667	11/1/2021		53,003		33,960
Cedar Pointe	Antioch, TN		210		26,500		37,650		179,286	11/1/2021		37,231		12,252
Hollister Place	Houston, TX		260		24,500		36,750		141,346	12/29/2022		36,455		14,684
Total/Weighted Average			8,643	$	589,594	$	951,925	$	110,138		$	939,405	$	375,767

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

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

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Definitions and Reconciliations of Non-GAAP Measures

Definitions

This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income (“NOI”), funds from operations attributable to common stockholders (“FFO”), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO (“AFFO”), AFFO per diluted share and net debt.

NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (4) corporate general and administrative expenses, (5) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, including loss on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses) and (7) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional,centralized leasing service and franchise tax fees. 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 in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the amortization of deferred financing costs incurred in connection with obtaining long-term debt financing, and the noncontrolling interests related to these items.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.

We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts (“REITs”) among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands)	FY 2022			FY 2021			FY 2020
Total mortgage debt	$	1,607,028		$	1,281,146		$	1,168,078
Credit facilities		74,500			280,000			183,000
Total Debt		1,681,528			1,561,146			1,351,078
Adjustments to arrive at net debt:
Cash and cash equivalents		(16,762	)		(49,450	)		(24,457	)
Restricted cash held for value-add upgrades and green improvements		(11,894	)		(11,875	)		(10,614	)
Net Debt	$	1,652,872		$	1,499,821		$	1,316,007
Enterprise Value (1)	$	2,764,872		$	3,637,821		$	2,374,007
Leverage Ratio		60	%		41	%		55	%

(1) Enterprise Value is calculated as Market Capitalization as of December 31, 2022 plus Net Debt.

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

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

		For the Year Ended December 31, 2023			For the Three Months Ended March 31, 2023
		Mid-Point (1)			Mid-Point (1)
Net income (loss)		$	28,314		$	(6,697	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,581			1,869
Corporate general and administrative expenses			16,799			3,989
Property general and administrative expenses	(2)		2,933			786
Depreciation and amortization			93,564			24,834
Interest expense			60,922			14,678
Loss on extinguishment of debt and modification costs			3,079			2,276
Gain on sales of real estate			(43,895	)		—
NOI	(3)	$	169,297		$	41,735
Less Non-Same Store
Revenues	(4)		(16,780	)
Operating expenses	(4)		6,835
Same Store NOI	(4)	$	159,352

(1) Mid-Point estimates shown for full year and first quarter 2023 guidance. Assumptions made for full year and first quarter 2023 NOI guidance include the Same Store operating growth projections included in the “2023 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) FY 2023 NOI Guidance considers the forecast dispositions of Old Farm and Stone Creek at Old Farm, and considers a commensurate volume of capital recycling.

(4) Year-over-year growth for the Full Year 2023 pro forma Same Store pool (36 properties).

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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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

	For the Year Ended December 31, 2023
	Mid-Point
Net income	$	28,314
Depreciation and amortization		93,564
Gain on sales of real estate		(43,895	)
Adjustment for noncontrolling interests		(230	)
FFO attributable to common stockholders		77,753
FFO per share - diluted (1)	$	2.97
Loss on extinguishment of debt and modification costs		3,079
Adjustment for noncontrolling interests		(9	)
Core FFO attributable to common stockholders		80,823
Core FFO per share - diluted (1)	$	3.09
Amortization of deferred financing costs - long term debt		3,072
Equity-based compensation expense		9,688
Adjustment for noncontrolling interests		(38	)
AFFO attributable to common stockholders		93,545
AFFO per share - diluted (1)	$	3.58
Weighted average common shares outstanding - diluted		26,146

(1) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.3 million for the full year 2023.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2019			2018			2017		��	2016			2015
Net income (loss)	$	99,438		$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,500			7,474			7,419			6,802			5,565
Corporate general and administrative expenses		9,613			7,808			6,275			4,014			2,455
Casualty-related expenses/(recoveries)		(34	)		(663	)		(287	)		151			25
Casualty losses		3,488			—			—			—			—
Property general and administrative expenses		1,939			1,294			1,130			879			1,109
Depreciation and amortization		69,086			47,470			48,752			35,643			40,801
Interest expense		37,385			28,572			29,576			20,167			17,817
Loss on extinguishment of debt and modification costs		2,869			3,576			5,719			1,722			652
Gain on sales of real estate		(127,684	)		(13,742	)		(78,365	)		(25,932	)		—
Acquisition costs		—			—			—			386			2,975
NOI	$	103,600		$	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, 2019, 2018, 2017, 2016 and 2015 (in thousands):

	For the Year Ended December 31,
	2019			2018			2017			2016			2015
Net income (loss)	$	99,438		$	(1,614	)	$	56,359		$	25,888		$	(10,992	)
Depreciation and amortization		69,086			47,470			48,752			35,643			40,801
Gain on sales of real estate		(127,684	)		(13,742	)		(78,365	)		(25,932	)		—
Adjustment for noncontrolling interests		(122	)		(96	)		(1,695	)		(4,583	)		(4,170	)
FFO attributable to common stockholders		40,718			32,018			25,051			31,016			25,639
FFO per share - basic	$	1.69		$	1.51		$	1.19		$	1.46		$	1.20
FFO per share - diluted	$	1.66		$	1.48		$	1.17		$	1.46		$	1.20
Acquisition costs		2,869			—			—			386			2,975
Loss on extinguishment of debt and modification costs		(34	)		3,576			5,719			1,722			652
Casualty-related recoveries		3,488			(663	)		—			—			—
Change in fair value on derivative instruments - ineffective portion		—			—			(309	)		(1,683	)		—
Amortization of deferred financing costs - acquisition term notes		553			159			403			—			—
Adjustment for noncontrolling interests		(21	)		(9	)		(429	)		(94	)		(322	)
Core FFO attributable to common stockholders		47,573			35,081			30,435			31,347			28,944
Core FFO per share - basic	$	1.97		$	1.66		$	1.45		$	1.48		$	1.36
Core FFO per share - diluted	$	1.93		$	1.62		$	1.42		$	1.47		$	1.36
Amortization of deferred financing costs - long term debt		1,530			1,491			1,592			1,423			1,081
Equity-based compensation expense		5,130			4,198			3,108			825			—
Adjustment for noncontrolling interests		(20	)		(17	)		(76	)		(140	)		(92	)
AFFO attributable to common stockholders		54,213			40,753			35,059			33,455			29,933
AFFO per share - basic	$	2.25		$	1.92		$	1.66		$	1.58		$	1.41
AFFO per share - diluted	$	2.20		$	1.88		$	1.64		$	1.57		$	1.41
Weighted average common shares outstanding - basic		24,116			21,189			21,057			21,232			21,294
Weighted average common shares outstanding - diluted		24,593			21,667			21,399			21,314			21,294

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