NXRT - Earnings call transcript Q4 2017 | NexPoint Residential Trust, Inc.

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Operator

Good day and welcome to the NexPoint Residential Trust Inc., Fourth Quarter 2017 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Marilynn Meek. Please go ahead.

Marilynn Meek

you. Thank and company's Residential quarter results XX. everyone to conference ended to the review for welcome day Trust NexPoint call December Good the fourth

the President and Vice Investment Officer. Mitts, Officer On Matt Chief are Chief and Vice and Financial Executive Executive McGraner, today call President Brian

As this being call webcast website the company's a at www.nexpointliving.com. reminder site is through

company's the Additionally, available for is XXXX supplemental Investor section a Relations information copy of the company's website. of the review quarter on fourth your

to Litigation remind expectations, looking are like this of Before conference meaning forward we would management's assumptions begin, that contains everyone statements of call I current XXXX beliefs. on based the Reform the and within Private Securities Act

and statements or should by expected for words. be computed operations the can non-GAAP Forward-looking FFO, NexPoint's or full as measures Core year variations such include, statements financial also forward-looking forward-looking negatives Except funds expressions complete revise used identified They guidance words risks These and for FFO, not acquisitions of substitute and These strategy regarding with but these any and statements expect, and operating as in core limited of supplement to, or for anticipate, are The analysis forward-looking as and which of also are from dispositions net statements. or property operations intent, similar XXXX. and discussion results other are of net materially any all not could statements. encouraged undertake to to not undue income should by be other and on company's are place funds operations results more subject a does accordance publicly and cause could statements company's funds SEC in actual with or of non-GAAP GAAP. NOI on performance. assumptions differ and update from risks, AFFO, conference not a uncertainties, filings XX-K to Report to and affect that a those forward-looking statement. the review call from Form that of expressed obligation law, reliance any Listeners recent future to financial are the any most not the forward-looking from guarantees for results the measures adjusted or factors includes income NexPoint loss, required Annual

Core a of For earlier was more Please filed release like and over see Mitts. Brian I Brian. now complete call earnings would discussion the AFFO, FFO, company's go NOI FFO, turn ahead today. the to to that

Brian Mitts

the Marilynn. total the reviewing and of Again, the strategy the our our and well call. We remarks power NXRT our Matt a you before going XXXX the of quarter everyone this Today, and say at the our Store moved in the to well higher of details of mutual into our units a group metrics by for Officer we’ve highlights as results. Same year X,XXX of that and portfolio to show activity in will continue for discussion then year and go Chief million. see we and fund which conference results guidance. prepared QX to achieved three to McGraner, Mitts, Chief we’re guidance of I’m extremely who the turning as value XXXX our then Thank by through starting pleased over as XXXX with joined the detailed the portfolio Financial begin peer full reviewing results with some XXXX Investment properties this full ahead Officer, are XXXX. we I’d To I'll we that price and XXXX year highlights for what of have year. I’ll of discuss present the results start, the to we’ll added like believe acquisitions, the as our Matt XXX.X fourth the to year we again acquired Brian part we quarter discuss in a welcome QX, I'm XXXX year it

dispositions $X.X we bulk for were of for units, a pipeline did in and year rehabs. we we XX% our To from we discuss off those strategic. years X.X as and QX these IRRs disposed year, of nine the the these million as more transactions impactful represented The purpose during We out this the some properties a of these the X.X% or were about and felt million, proceeds good JV done approximately from Management also properties property we really in context realized during we gross overall is our and to call $XXX.X feel like basis had perspective already approximately ongoing lower to and NOI during far bought the and done garnering and replenishes grow properties. we we’ll an multiple with more sold As to our Partner, times in the we our sort were of the XXXX our $XX.X manager. add that on rehab put We upgraded million, properties H the a of NOI. of total sales. portfolio location relation

throughout $XXX debt third we paying in refinanced We the really We this So end benefits basis good strong it used thing second BH but major quarter. acquisition other of the a of you that did for and keep of year, was the fourth year think term. we a and the refinancing and feel did some was million already the proceeds the by the this a longer the at refinancing quarter. really that’s in particular, has one company will fund to lowered on transaction buyout We our that cost well we all XX borrowing mortgages as points. these

effective of Rockledge we fund and that So of majority of out slots that the this we buyout BH out facility overall just we with of taken as paid year off XXXX, borrowing end cost reversed the X.XX%. Timberglen We the the closed Bridge as is of and week as end be Bridge did sale the paid of far June. by a the our part through XXXX the that to to of purchase the the in remainder

So next for that’s years. in puts think position I strong the very us a

We in a owned per advantage purchased the growth December XXXX XXXX on units million we rehab completed average On average XXXX been have December of unit partial some of and at the cost XX.X%, their units of on properties front, for XXXX, we’re We’ve shares interior upgrades still repurchases. our end the the buyback XXXX we the return our on unit length of date; to is, stock, XXX,XXX is we of worth completed interception of for $XX.XX, upgrades. per we active $XX we’ve $XXXX. volatility. approximately of of price achieved on share price XX% to front. investment Through Subsequent taken $X at

We of we repurchase In of purchased the are $XX.XX. June our price share particularly as see million, for a ours; yesterday $X we for print $XX in shares on [Indiscernible] are of approximately for share an board the released we NAV $XX.XX of of total, gone seeing you context, purchased million. REIT we’ve that at million. at total a morning, XXX,XXX NAV into XXX,XXX authorised through per slide put $XX $XX.XX names shares midpoint In can of as supplement $XX at we an average per stock average this price is this XXXX million. To usual so our

discount the approximately that. our is shares repurchase XX% price So of average of that re-purchased we’ve

capital. use of So that’s you powerful a think

paid we million dividends in XX.X For XXXX. in dividends

supplement $X.XX to declared mentioned per morning $XX.XX of by we per As share midpoint in on mentioned the And per share a released on in previously a share. the share quarter. the low quarter high we fourth the share, XX.X% of this end yesterday per from first a as The quarter for raised $XX.XX. $XX.XX per the NAV dividend that for the per $X.XX end dividend XXXX board

kind me the Let through year now details of and full QX. our run results our of for

diluted million share. with was XXXX AFFO $XX.X compared diluted XXXX, or $XX.X $X.XX or Core as in XXXX per total FFO or $X.XX or NOI million per million an compared XXXX $X.XX was for FFO share per million $XXX.X was we Net of in XXXX had diluted $XX.X million diluted $XX.X $XX.X share or of X.X% $XX million increase. or or share. as per of compared for million $X.XX for XXXX $XX.X with with or XXXX XXXX was $X.XX per income for diluted million full $X.XX For or million as increase. share $XX.X X.X% million $X.XX $X.XX share. diluted was XXXX. year or $XXX.X million versus $XX.X XXXX revenues for share was XXXX compared diluted $XX.X to diluted per per as per share. million

-- year consisted Store basis, a or units. results on Same of properties, year XX XXXX For full full

for $XX.X XXXX XX%, which XX.X% XXXX $XX X.X% X% increase. million Our for XXXX rent X.X% XXXX basis was $XX.X NOI an as represents XXXX million million versus to increase to $XX.X increase. was points. compared Same compared for increase million XXXX from Store or Store Store with revenue was as Same increase. for was Same $XXX.X million million $XX.X for for or of X.X%. Occupancy expenses increased XX

revenues million versus Same were XXXX point XX.X% Store also versus to our as increased that XX.X%. Same produced. that XX. XX Store and follows. XX from our Same disclosed where increased pool Same and $XX.X compared results from X.X% what Store or units. increased our to owned to superior increase. Same shows as from our it X.X% X.X%. to X,XXX For from XXXX done increased the properties from of XXXX of and metric $XX.X increase. consists This QX, Store Same increased new increase XXXX the expenses well for we we’ve XX-K our Store increased in that revenue rents this or XXXX to X.X% to supplement XXXX,XX XXXX units NOI Store XX.X% from as Same XXXX properties million to increased X.X%, X.X% for We’ve X.X%. release $XX.X its million XXXX expenses XXXX million longevity Same a Effective in pool to XXXX by Same increased $XX.X consisted Store with and Store million XXXX increase. and are of $XX.X basis presented X.X%. to in as We metric earnings and add we in or for And the results The occupancy XXXX were Store $XX.X increased for by of filed program NOI XXXX XXXX XX in XXXX XX% value properties XXXX

NOI Store our year, full versus expenses As XXXX us the peers for X.X% X% of peers a peers average revenues versus were of X% X.X%. we our peers is Same of on or of of comparison, of increase for us This X.X% for X.X% family multi reported some increase was our versus X%. variance.

year share, So low with income year low let on net share the share million full the million starting of $X.XX full high diluted diluted high the diluted midpoint midpoint a for on FFO me end, per the $XX.X Core $XX.X of end for NOI minus $X.XX. positive diluted, end, midpoint $X.XX to $X.XX end guidance $X.XX for a $X.XX for per of move on on the per from per $XX.X that, the XXXX, share. end with high on million. a end, on low the

Same an on increase increase. we Store end midpoint the high income low are low of estimating on on X% a overall Store, X% of high from for X.X% we midpoint a rental estimating increase the the X.X%. for are revenue Same end end, the X.X% X.X% end, For a of

the X%. Store of on for X.X% estimated For increase end, expenses a end a low on of Same high midpoint the X.X% we

of that For high This Store increase low our X.X% on estimate far of Same to end we expense versus have point revenue our X.X% of basis at peers on basis for versus a we differential. so increase which midpoint NOI, increase midpoint NOI estimates and increase X% X.X% issued X.X% versus for compares of X.X% guidance and of for X.X% estimated approximately XXX X.X% an the where peers of is at Store peers, of reported the the their the our Same our average an a of a expense end, X.X%.

to over and it discussion turn ahead XXXX. the on see markets in we and portfolio me let that, a with for Matt the So

Matt McGraner

talk going to our about the and go value-add full couple the our of XXXX, core bring our some back level about recap of then and you, Brian. over quarter, I’m it year activity, fourth leasing a same-store NAV results, to high accounts. a Thank talk through transactions

First on our value added fund.

with an average has as the XX% in That consistant past better renovations a written $XX year monthly of XXXX in units we’ve calendar a per partial of done and reported just and we’ve XXXX metric unit. achieved completed $XXXX is cost [Indiscernible] premium full the renovated Brian For we at resulted in what mentioned an which XXXX. renovation under it than

plan For at this pace. we continuing XXXX, on

We done over units what upgrading approximately the which XXXX are again planning we’ve several with on inline years. is past

the Store average per Store grew total year $XXX And Same Same by was we Dallas our results $XXX by before, incredibly rent from material for full Brian our quarter achieved Same strong accelerated benefited fourth Revenues of NOI NOI are of seasonality increase. X.X% favourable tax the Same Charlotte Store results strong one growth strong Palm Orlando Beach XX.X% growth, growth Store growth, Tampa, to Dallas follows. at X.X% X.X%, Palm, NOIs our recap X.X% The X.X% and pressures, Going year a X achieved markets Tampa income quarter from growth lease X.X%, while of mentioned growing and NOI very a healthy Phoenix and property NOI Bay typical X.X%, lease was in unit as and it’s X.X% at up which with Nashville achieved XXXX growth; at for markets activity the Orlando, West or a to out somewhat the X.X% the increased XX.X%. expenses was as for Nashville. growth, the Beach we just fourth X.X% X% topline both X.X%. the new appeals new more. for and by Orlando market two X Dallas, real XX.X%, at effective X.X% X.X%, had each Dallas Atlanta Tampa Metro or at the X.X% Palm X.X%, achieved of better. X.X%. quarter Atlanta achieved leasing achieved despite did West Nashville led of West during and DC NOI also Nashville quarter growth, way NOI

renewal very strong. X.X% the front overall at full markets renewal X.X% for the the also and Palm of year West growth it nine with way leading On that is was We Beach atleast achieved X.X%. six seeing

X.X% the and pace focus and also well XX% the as to on that topline of start retention renewal retention, to our year-over-year for February fourth quarter, with the well XXXX February averaging strong Revenue rolls yesterday, of new continue X.X% respectively as executed rent decline and January for and X.X% has continue on third in and with We is healthy X.X% well. respectively, to improved and year-over-year quarter. as kept rent is January growth of

On we this, Dallas the X,XXX in capital totaling Brian most of and reiterate Houston. $XXX approximately recycling front, well-located and units I’ll three just acquired for million, hit that Atlanta, properties

the XXXX capital, totaled Timberglen proceeds IRRs invested can tax gains, and on through exchange nine multiple sales to company’s reverse $XX.X North We we X.XX the XXXX attractive of improving also times of in the our Dallas from efficient, the deals combination recycling for it capital in million XX% sold monetizing as completing and all quarter exchanges. Gross portfolio levered generated Apartment $XXX subsequent sale Atera Dallas. via we by million Brain put the mentioned Community of

on that into you of time multiple on XX% Timberglen mentioned the market approximate times it’s sale, invested asset, a full minds In X.XX multifamily value-add for a receiving to previously levered XX January conducting testament return own and for NXRT offers to of transaction IRR investors in process value-add assets As after closed our demonstrates good This capital. assets. a the a on Timberglen marketing we the XX. the

market Blackstone of example as in B and We are market By some portfolios quality the Blackstone, remember November NAV various support market economic affiliates implying cap Recent and in This struck value today XXXX the Class market. our at for in continue exist the equity which value-add of a affordable of of of communities public to well liquidity of see X% Steadfast repurchase and shares. deal assets. demonstrates disconnect reportedly like robust you demand the share NOI to thoroughly for transaction between midpoint per the way as market private recapitalized to nominal the similar in X% housing to for that strong steadfast size, transactions that which private vintage might $XX the geography decision the NXRT continue an guidance. our in and was our our probably utilizing highlight XX,

As Brian mentioned, our we’ve to and stock we’ll at diligent program levels. exercise repurchased approximately own X the million this of already continue

operating to in market believe any quality affordable thesis remain investors continue tenants and a is team Brian, – have. XXXX we their pursue provide to and file BH strong focus carrying to housing want while always, and thank members We’ll I relatively this results As for forward delivering that looking market of in that’s to in solid in work we at hard investment on and momentum outsized continue to this I our in always return our very cycling. environment. again our it to as XXXX. delivering all NexPoint

Brian Mitts

remarks. Matt. We’ll for turn for That’s Thanks Great. prepared it over it questions.

Operator

first take And ahead. with Instructions] [Operator our we’ll D.A. go from Please Davidson. Jim question Lykins

Jim Lykins

morning everyone. Good

First, additional dispositions then plan, us in any are any and on thinking about color there you’re can how also you XXXX? acquisitions give

Matt McGraner

Yes.

dispositions We moment. have plan, no this at

of activity in lot a We’re mentioned, just execution of I evaluating XXXX as dollar-for-dollar the a selling north and assets. constantly of the side, of million almost we And thing capital did we think buying recycling on tremendous market. amount $XXX in same the

year assets down to is and that course, produce try think going outside NOI that the we do execute So what to of same-store operate dispositioning growth. this and burners is running, well and a lot we’re of keep

Jim Lykins

the disclose Timberglen? you Okay. And rate apologize, If sorry, I this, cap I but did miss for

Matt McGraner

X X, It’s Yes. a nominal.

Jim Lykins

X nominal. X,

about affecting construction hurricanes much labor that and and now right I’m you how costs into with could see just right talk and the also, seeing what still year? And just labor, you wondering the Okay. how trending you’re

Matt McGraner

Yes.

labor So, and which but is increasing. in good I bad, definitely think general, it’s

for but thankfully for up we’re up redevelop, heard then, are aspect Lumber, ground-up budgets and it’s lumber and seeing giving as numbers X% maintain the hurricane anything, contract its are material and not from payroll don’t increasing. program. since value-add there’s in by we just Houston. then don’t very such that’s have we’re workers construction, that XX% prices, develop execute Our our far And example, a subs the aspect not to so qualitative build, we nationwide, that’s costs, to another difficult year-over-year just keep as we

seeing the in guess materials, that’s inflation bottom we’re I market, So, the line.

Jim Lykins

Okay. It’s Matt. helpful. Thanks very

Matt McGraner

You bet. Thanks Jim.

Operator

question move we’ll next Thalmann. Massocca Ladenburg to our And go from Please John with ahead.

John Massocca

morning everyone. Good

Matt McGraner

morning, John. Good

John Massocca

given Class So, the the Would interest any if be given expect the that would expansion of supply rise good rate have rates lack even in B you And apartments? workforce cap rates their respect cap be rise? rates seen apartment kind space? of in recently of guys interest sticky you to to

Matt McGraner

on dramatically another What Mac XX%, risen returns. point-for-point yesterday assets, have provide lows. [BP XX agencies the rates in points. in financing now. Freddie demand multifamily for debt for tenure, XX there agencies basically for securitizations to is example basis XX% chasing much type that closer use spreads spread the assets it’s to is of broght is also to is aspires] brought And value-add XX. that’s for capital so Today the value-add reason there's they that Interest Yes. still for in, historical happen near the fact basically because right

conducted duration we activity. And that XXX. things when we duration capital there least there with will environment which out that short the assets. assets so continued term wall as plus was out should So XX still be I’ll said the demand shorter the demonstrated, management continue as and the is if two for of was constructive upward there’s Those still eco inflation, at adjust see environment should XX inflation. on especially create tours a the much tenure is the think positive to for on and offers that Camden's as which team that for adjust still there we value-add should we that Timberglen deal sale received given transaction financing our call, And their term what long housing a

I very constructive both a simply, transaction So we’re still on guess environment.

John Massocca

to more how do Make to so it buyback you me cash on then, pay should sense. fund any buyback, XXXX, down using least flow doesn’t can maybe And like fund mean debt, retain versus moving do you the how dispositions planned say? sounds in at retained the utilizing capital guys view – the I buyback to I view

Matt McGraner

at Yes. very now don’t I most mean, I fix we think down X.XX% largely much of our debt that X.XX%, in XXXX is paying so XXXX, until virtue debt. see

free Brian $X able as flow, buyback you activity. XX, our sufficient to enough We and tremendous million to know generates to So, that? been you amount a did through have work, cash to February of to put fund portfolio we’ve just anything add if

Brian Mitts

buy current still prizes so XX% at and I’d a that’s through allocation easy we XX% feel say stock we we capital pretty decision, below think a Yes. we’re NAVA, can what discount.

John Massocca

sense. I its on Make mean, know a potentially? its to yet, effect you willing something risk something you’re buyback the that ever have not the might do where that term, liquidity factor longer but is worry I And or about really

Matt McGraner

on that’s for stock Yes. a everyone demand for say, as we��re We liquidity supply and demand outpace that good improves, owns would the the to think will continues a bit, thing risk. stock as improve I our that think it. and I definitely

Brian Mitts

dynamics We that we it stock shown our the of lot properly should not think space allocate we find demand – it anything do our in last supply stock we comfort the way of willing the is to potential we put I today, its way capital into are destroy and trades is think rebuy think in or unique certainly and we that down, or give the – we’re the investors one that to going other. when the at and the discounts out The the have but the value. and their repurchase people fact investors in virtue the what not but the most few only strategy understand market, one results years only results

John Massocca

very it me. Thank much. you That’s from Understood.

Matt McGraner

John. Thanks,

Operator

next Rob over Stevenson go And Janney. question Please we’ll ahead. with take from

Rob Stevenson

looking versus XX. I are are guys How you XXXX terms rate? in guys. you morning, of Good guys rental mean, at occupancy operating about

XX. Some drive down periods if peers occupancy rental XXXX that’s time meaningfully guys for renovation? in of of looking for so and move are what a rate to at byproduct push that Is the rate harder? is Is that having You effort for higher conscious consciously units rental growth as up to a so suggest that to you forward? the

Matt McGraner

Yes.

when think I’d up, still get X.X%- able our our we’re that We guys rate. rehaps. then quarter see but I we we the budgeting across rehap We we it. during really aspiration conducting didn’t is we achieve total XX will with to saw XX in that – given being don’t income was the XX to us budgeting that portfolio, in the say that X% rate in much probably fortunately growth mean, to occupancy. the strategy or XX, income some side that lose still took push when up conducted points for near we’re obviously third trade-off, there’ll any lost lag I some What occupancy We we so quarter be be for our occupancy and that push never the when basis there’ll on strategy. aren’t

rent for one $X,XXX XXXX me, the plus a front. our mind excuse the think XXXX, is we is that only that resident And and fees recurring on to continue $X.XX to that – constructive extremely thing affordable. that way that the burden So effective our speak we’ll still in for this $XXXX be which is year basically to

the that feel full we be deals pushing can pushed So as well pretty to as and that XX. keeping up

Rob Stevenson

and X.X% from assume is expense X.X% Store your and lastly property guidance then insurance? tax for increases what me, And Same Okay. to labor

Matt McGraner

taxes, on real And going have estate worked X% one. April, insurance X.X% is to be the what it about is we what third but that. renew in and we pretty hard in good and a that’s

Rob Stevenson

aggressive is personnel moving yes, Labor market? up personnel in – core your how

Matt McGraner

subs Yes. and is Its that some can the stuff contract number, up portfolio to X% in our which more to is the of across markets. push the painting X% labor payroll and X%

Rob Stevenson

Okay.

rather manager down feeling the material sort moved way wage started So other you’re of of not over property years of your it from the where type stuff of to three sort percentage? move any to sort than

Matt McGraner

It’s on-site. Yes. X% about on

Rob Stevenson

Appreciate guys. Okay, perfect. it,

Matt McGraner

Rob. Thanks

Operator

our [Operator Jefferies. next with Instructions] Please [Indiscernible] And go from we’ll take question ahead.

Unidentified Analyst

Hi. Yes, Good morning.

but you Just cost maintenance be about outlook talking most about because control operating a And you Could about Store I all also bit theirs? and bit packs out lower OpEx Rob’s question your to why to numbers, following they peers expenses, up are kind the put on Same but they’re similar planning your for utilities, think that a repairs higher than seems expenses? on little stuff. are talk of controllable of

Matt McGraner

inflation Yes, a Store I as Jim’s just R&M going seeing think more basis on really as spending in to we’re response I sure, higher three the question. ours in is the I because of mentioned in would Same and categories. say, more of payroll all the to four Other we’re then

turns materials, costs doing on labor tugs The gone those contract For have types and just reservicing of up. things.

deals up this As well being like which costs for upgrade year high-rise. landscaping, those garden more as our marketing profile. then for would And painting and probably more drastic say, its spending – example, just than contract gone contracts a labor to styled for have also attract more and I our we’re demographic

So X% that’s X% as going well. to up about

and in topline across your probably other but results on-site some for on results just the out there some see better market positive line, we the well we’re results as expense the of staff seeing which than board as think we’ll inflation. tough it’s results -- the inflation payroll So on

Unidentified Analyst

Okay. That’s helpful.

what more will growth regards supply relative that the prospects A workforce? on about for particular bit you’re in to current question also area. to And apartment of may kind job what REITs one in see talk many group you the Class just Second to workers? are of to this the other that Could a little regards see apartment in mainstream of focus

Matt McGraner

Yes.

the least markets, base for is job at So, tenant our really tight.

they’re think know XX there’s for -- there’s I all want our growing new tenant family this of of X.X%, representative market the growth are and markets reporting but board, supply, shadow And that in just at our in -- nine to jobs grow tight Top as single – that then rental isn’t X% being across I think markets a supply, and the eight out of markets Top is in most we’re any built space. expected across demographic. that’s REITs if not our certainly to public number year there’s there is XX in in you you our its consider affordable America housing X% and the from of to that job but

about So make those to how investors, recurring again, burden mentioned north new work is returns are the subsidize Can’t garden located. our unless given work work and Rob, thing they of just today cost, the assets favorable resident how less build $XXX,XXX to than bucks the construction they’re and you’re then a probably of where XXXX as which unit. to part subsidize how in to town deal make is our $XXX,XXX I

Analyst

right. Got All sir. Thank you.

Matt McGraner

You bet.

Operator

go And Massocca our Ladenburg question Thalmann. Please with we’ll from take next John ahead.

John Massocca

of Is its but that one-off market. that some to running good market. you strategic the at there You had might you you how but you put last quarters its proceeds Just where been kind D.C. hold do one your over couple area of standpoint, work in a kind quick from look still if performer were no follow-up, near just on in just dispositions, term mentioned to of plans the something a expand you to asset or last ever

any Just helpful.? be would color

Matt McGraner

don’t expanding the in market. us see Yes. I

NOI going stretching a so to there’s do scale up. that up, last going with it market but your number and up I’m earlier it budgeted resources the year. relationship Atlantic, double the already keeps to of on XX% then the BH assets and worried operate they It not keeps was about this year point mid in there, digit Given almost

So can’t complaint about that.

John Massocca

That’s from not. it Absolutely me. Thanks.

Matt McGraner

Thanks John.

Operator

[Operator additional appears And Instructions] turn there for to this questions. time, at like are back it no or remarks. I’d closing it further any

Brian Mitts

in from first appreciate questions. you. further with We’ll and We time back up fall everybody’s today results. us. of Thank Nothing the Yes. May quarter be

NexPoint Residential Trust (NXRT) 13 Feb 182017 Q4 Earnings call transcript