NXRT - Earnings call transcript Q4 2019 | NexPoint Residential Trust, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and welcome to the NexPoint Residential Trust Inc. Fourth Quarter 2019 Conference Call. Today's conference is being recorded.

At this time I would like to turn the conference over to Jackie Graham. Please go ahead ma'am.

Jackie Graham

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

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

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

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

statements change after Las business and words acquisitions expressions projected in anticipate financial results and Forward-looking strategy the and can of rent cause expressed return statements risks as expected often first or in are units limited the They subject redevelopment variations for are by be these portfolio. statements. similar differ Vegas relating NXRT's and forward-looking such to investment and on but guidance of metrics that These to full-year from not regarding to XXXX forward-looking identified dispositions include and intend for negatives quarter expected words. expect the materially are and average future not of actual could assumptions any guarantees those results new and to rent uncertainties redevelopment results the statements

publicly by undertake affect as of any factors forward-looking could forward-looking report the the are encouraged and with statements. any company's update annual law a and forward-looking revise on to statements other recent does required other XX-K statements. on Form Listeners any should NXRT discussion complete or and reliance not for place not the risks most the obligation SEC undue filings to more Except review that company's

net of These substitute core operations funds computed to This should conference for net or non-GAAP financial and measures be all loss used are FFO; AFFO; core not of GAAP. adjusted with supplement funds operations performance. as accordance call from income or from a income of from which operating or non-GAAP a FFO; includes analysis or in funds NOI operations also measures and

FFO today. complete For company's earlier of a and filed earnings FFO NOI the that release AFFO was more see discussion core

like the would Brian Mitts. ahead I turn over go call to Please to now Brian.

Brian Mitts

year I'd our welcome we'll here to we markets dispositions, Fourth our with results Chief general, what for Jackie. to you, joined Matt year everyone and Today the just the NXRT recent discuss Quarter present XXXX provide I'm XXXX XXXX Officer. Thank highlights in like the for ahead. Call. for McGraner, discuss and our Conference guidance in portfolio see acquisitions, Investment

high-growth with and our a basis above I'll of of properties. FFO so share, we're our points high $X.XX XX the points XXXX midpoint X.X% was front. midpoint guidance. So net which far basis above a in Same-store year for core acquired Consistent reporting was strategy on for per the start level. of per guidance. and $XXX XX% our XX share of the is increase acquisition disposition which active increase XXXX year million most NOI We

an of we into acquisitions. properties units properties proceeds consisting year the our million by rolled during $XXX a units. year units, XX X,XXX acquired X,XXX in new sale of six million net the couple sold X,XXX During nearly for for of We pipeline those and price increase consisting redevelopment $XXX of

XXXX. the Total margin XXX year. year-over-year increase an which was XX.X% $XXX revenue XX.X% and and NOI points year to large of net acquisition was total activity million XXXX NOI XX.X% during increased was reflecting XX.X% the million from basis for for respectively $XXX the in

date return investment during partial an upgrades full investment within by a leased properties our average those return year renovations in Inceptions XX.X% units partial completing full XXXX achieving execute plan the to being X,XXX portfolio achieving completed XX.X%. to as continue of we've of on during XX/XX We still on with and of and value-add business the the XXXX year.

average Additionally dryer installs utilized in proceeds the an use by at net and our for ATM price $XX.XX and We to million intend X,XXX the XXXX shares we for proceeds completed of washer shares. gross completed million units our pay X,XXX The down technology increased XXXX revolver. raising X.X approximately acquisitions general year. outstanding installs of fund smart of home in $XX and

follows: the Based midpoint as on end growth a also that share on the $XX.XX updates NOI based quarter-over-quarter as per rates as low seeing of XXXX we're increase to the $XX.XX; as XX.X% our upward and transactions prior of quarter of for at the XXXX the a in year-over-year market as midpoint cap stock returned by or end in compared are the midpoint of on NAV range or or our evidenced $XX.XX a XX% $XX.XX; the increase sorry while a $XX.XX mentioned in XX%. end which on tightening well revising we're high

For XX% of yesterday XX. fourth the $XX.XX record And on dividend share on dividend by our Year-to-date $XX.XX share is board a payout on of XX. FFO paid December March our we dividend of per per payable to XX March quarter making X.Xx core declared of a ratio covered FFO. core approximately the shareholders

compared XXXX high-level just XXXX. as results our to Going to for

or XXXX. $X.XX $XX.X for XXXX million operating $XXX Net XXXX XXXX year. mentioned was increase. increase million $XXX FFO as million in $XXX million, $XX versus a for $XX was to or a per versus $X.XX in income XX% increase. As XX% is million the Core million revenues This million was $XX.X in total XX.X% share compared increase were a in which

properties pool, of XX units. same-store our we X,XXX comprised have For

XX.X%. NOI Same-store expenses X.X%. $XX increased Same-store three million. or Same-store revenues $XXX X.X% occupancy to increase. in was And million. increase rent X.X% basis X.X% million same-store $XX.X of points declined versus to million Our increased $XX to a XXXX same-store

FFO some a three for want Core increased into through performance year. years Just rolling past in our the new of to go has and we're historical since XX%. year a

calculated issued X.X midpoint stock million has Our our our past dividend an NAV at We've We've years. annualized increased the and substantially over has XX%. shares. we increased basis three price on XX.X% returned the as

of $XX.XX and The shares XXXXXX price average at an of $XX.XX. average back price bought

we think the our And in line a NOI down good by same-store the overall we're as growth evidenced we've capital FFO. bottom carrying So core to increase had allocation.

For our range acquisitions. XXXX the and million guidance raised the dispositions for to to we revolver will, $XXX a $XX $XX of made or pay million assumptions: $XXX acquisitions fund million million for down a $XX on ATM's range we those following million of

So an per XX.X% in $X.XX in over the a of is the $X.XX high diluted to and with guidance the on basis FFO $X.XX the representing in as core follows: end those increase low share end end midpoint assumptions be XXXX on high is on is Same-store X% a estimated midpoint. revenue end at XXXX. with X% the low X.X% increase increase increase the

high expect X.X% X% increase same-store on end the low a increase low X% end for expect the end an increase X%. X.X%. we the of of on midpoint And the then high end on X.X% for on expenses Same-store midpoint NOI we to increase

it So over with that let me to turn

of Matt acquisitions to the dispositions. go through portfolio

Matt McGraner

going XXXX going I'm Thanks Brian. NOI start Yes. by performance. over QX our to

to same-store XX.X%. margin in Houston basis remained except NOI improving XXX Let flat. which me year-over-year our every X% start points least up Rents market at with were also by

tax Houston strength seven Tampa. at by with markets Phoenix Dallas XX portfolio out growing least of saw NOI that our We Orlando the across usual includes DC entirety X.X% of Atlanta as the and The estate the growth were continued comps. by at and real in quarter driven favorable a notable robust Dallas markets NOI NOI growth Atlanta same-store for largely XX.X% fourth delivering acceleration XX%

of our Operationally, leasing activity growth in revenue and quarter. of markets seven XX achieved revenue showed at X.X% continued better. least strength growth the or out fourth

X.X% and X.X%. X.X%. Renewal growth were top DFW D.C. markets renewal a conversions Our five X.X% with book XX out Atlanta Charlotte X.X% at for of at the at were of at least delivering X% rate healthy Phoenix XX% markets our six at at quarter

On to I'm points report XXXX. that us same-store pleased well QX XXX occupancy from for quarter XX.X% improved basis the third front positioning to the occupancy

of XX%. this with our XX-day For morning at trend healthy with leased portfolio trends example sits a of a as healthy XX%

performance of NOI was across increased rent revenues XXXX, margin improved basis full-year year Same-store again and Tampa same-store at NOI and and The X.X% markets growing by NOI out NOI nine X.X%. X.X% NOI same-store portfolio were the with to Turning average also and XXX X.X% the XX year by points notable XX.X%. at the least strong Atlanta of the XX.X% the our growth entirety to respectively. respectively. margins for each for

markets least X.X%. XX at robust out Operationally our XXXX better. at X.X% five at The of with X.X% here Orlando [indiscernible] Atlanta the top at achieving of portfolio at growth Phoenix X% X.X% X.X% growth experienced revenue Nashville markets in at eight or

to turning and Now dispositions. XXXX acquisitions

million. XXXX of $XXX to well it the two to reap $XXX renovate. adding performing units largest our the Both Las active quite allowed sits were we acquisition another remember extremely of while The mentioned course during Brian you by activity new million activity reload components year were selling properties [indiscernible] the us are today. as of our pipeline three as deals XXXX portfolio. Vegas in As This might

XXX we at $XX,XXX planned of of to ROIs of a $XXX cost one XX%. X%. unit, economic and an units a rate for Avant the for We cap premiums approximately reminder upgrade million a purchased As Pines there now $XXX of year unit Pembroke a at generate average

monthly would in $XX We smart premium tech also unit. every a generate plan packages a here to install which of unit,

recall may underwritten three-year by asset same-store NOI average fact we're budget was it X.XX% ahead you beating As a growth of in this our Today result for or that on as NOI X.X%. underwriting. $XXX,XXX

$XXX a year purchased Vegas of cap portfolio these a X%. For for we of also Las one million three three total economic assets rate

an premiums approximately You install $X,XXX $XX plan to generating And we a dryer upgrade of and premiums sets washer XXX of may there. unit a and units recall unit unit units ROI $XXX of to at plan also and of to monthly generate cost XXX expect a we XX.X%. average

unit are unit. Smart installed premiums a be tech expect to in monthly generate to every and $XX of packages

As result underwritten growth this a for X-year X%. is same-store our NOI portfolio average

to turning guidance. Now XXXX

particular X% XXXX. same-store following we're markets. NOI we're growth said As a guide across excited to the Brian From X% perspective geographical for to expecting strength

total expect NOI expense growth for to due We same-store and of favorable plans X.XX% revenue supply-demand grow budgeted affordable budgeted which the the our XX% strength economic X.X% altogether by market growth to interior growth. large real renovation housing Phoenix

strength revenue supply-demand by of We growth market Also X% large growth. and to expect again generate reserve. to total rental we affordable economic due XXXX favorable XX.X% and line at same-store budgeted expect for housing Brandywine grow plans expense of interior NOI renovation Nashville here growth and Arborwood to in roughly X.XX%

Charlotte five for X% to X% total approximately plus growth Finally continued revenue Tampa and market. plus expense strength to approximately here and each the market of middle-income expect grow Atlanta rental X% we and due growth the

full XXXX average complete following Our XXXX the XX% monthly value-add per to $XXXX $XXX expect ROIs. programs assumptions of we to upgrades unit includes at generate approximately our interior an guidance or regarding expect average premium cost

of at expect We to cost generating partial premiums monthly XXX XX% ROI upgrades average an complete margin. unit $XX $XXXX per or interior a average

in at an new cetera We framers return units expect average investment. another upgrade $XX average to generating per premium cost a for on upgrade new unit or backsplashes an appliances XXXX et monthly $XXX XX% example lighting bespoke of

an premium We at cost generate or on year ROI. to in washer the XXX which plan $XX would unit $XXX install monthly average of and per during the dryers average XX%

home out right the online income plan XXXX smart expense we coming packages Finally coming technology online while over install expense the rolls time. with away additional right with away to

litigation. a $XX here budget side XX.X% appropriately to by we potential to property $XX beat premium budgeting Recall X.XX% the monthly provides average profit aggressive growth which with of margin. are estate tax operating tax conservative On is feel average and we expense and real management $XX

with a acquire robust $XXX and guidance. our brief are like in budget far January to think start million year acquisition a we in X.X%. we'll Finally, XXXX remarks in I'd was of of activity off million line a We prepared $XX to in with with of and need overview revenue my fee this an operationally XXXX. so right to after finish January budget disposition XXXX February. great preliminary NOI to properties

deals Sandy $XXX an purchase of a Phoenix, identified which market which in saw best the off Phoenix final the in Charlotte already submarket another two Springs at source would on in the in $XX million. asset of million. three We've Atlanta market market or We're about approximately and price

during in approximately is for value billion the $X.X team underwriting Our continue acquisitions XX assets total and to estate a we'll with today look gross real accretive year. continually

XX. side on two contract March nonrefundable rates $XX On a the we at Grove and disposition occur to Nashville, sub-X% in cap have under closing expected Woodbridge Willow million. assets for Buyer's

a NOI about with and In close of for said growth. target generate We're Southpoint quarter I'll sometime contract excited just negotiating X% to hard $XX.X double-digit to June. that to we'll and second we're want growth XXXX as a approximately work reiterate Reserve on million year Brian date in X.X% earnings another closing

That's BH all here at Thanks [ph] prepared NexPoint to continuing have to for our for I teams remarks. execute. and

Brian Mitts

Thanks Matt.

to of some turn there's questions one go question, that here. morning note notes this the seen So early before it over address I in and we've ahead I'll

changes within other income of result from some income prior lease as new the periods implementation seen You've and which our of ASC rental XXX is standard. a

So did basis. on in those filed. There'll restated detail and more on that retrospective implement it's we the in XXXX be that XX-K a numbers when

over let to turn me that operator with it So questions. the take to

Operator

our take first from We Raymond Buck question Instructions] [Operator Horne with James. will

Buck Horne

And updated estimate updated dive ranges could if in see you like into has to coming provide all? Thanks maybe little tightened tightened rate get taking on maybe cap where color bit you're up for a you of want call. up yourselves? seeing the any because more numbers considerably. the the the first I NAV Just pricing

And new getting color the market projections assets source a have for NAV value-add Class the this? from of the pricing internally? additional your do you're Or is if this behind this estimates. of is data are B kind Just you where in on that's assets? Or any on the these

MattMcGraner

Buck, Yes Matt. it's

XX,XXX January was portfolio. the and of driven of and the on change primarily acquisition Group a So NOI was announced was [indiscernible] a transaction the went expenses. Holdings at brokers we that at TX transaction the adjusted then tax numbers national by portfolio parties. that X.X% looked TXX and roughly a From confirmed in It's Aragon our sophisticated which we cap two off rate units over

largely in with drove assets that portfolio the that few So of exception with a overlay think well. changes basically ours of I a their lot Denver the pretty

number point of kind X. that's So

the X% that's can to And tough a X terms you our value-add acquiring pay in and deals is it's Street just of of in just X.XX% cap really markets chasing experience as find CBRE market And quarter. Phoenix number assets as from now deals for rate such in Point know Green basis. us every you nominal today north today. expect for anything then to and a or

it especially financing quite bit come the a given the for I it's appetite assets. and conservative So number but did think down a available still somewhat

Buck Horne

extra there. Yes, it color makes sense. I appreciate the

update I Secondly business on other property? the Do property you in Could any or And the the operations of you guess anticipate on? the that that should you how had goes the on Cutter's damages loss there? interruption drag anticipate Point. tornado any provide do from that we [indiscernible] or any recoveries as XXXX losses

Brian Mitts

Yes.

beginning offline the tornado process. through through are So that result all of the that and there Dallas came late We've area. the was October the units in the taken reconstruction

We interruption of as have buildings full total insurance cost business coverage as well replacement insurance. from all the

property to and be the For on that thing we we XXXX. what budgeted example expect no in we in from the same fourth difference basically quarter had had that

flip the a quarter year loss that in NXRT result rebuild insurance ultimately accounting no gain XXXX will economically the of transaction. loss that get be we you'll a to casualty to given of GAAP And see is in a the book way accounting But had just proceeds and see that fourth the as you'll that. and works. we on as the there at you'll What end see

were fully we covered. So

Operator

question next Babin comes Our Baird. Drew from with

Drew Babin

opportunity where looks mentioned longer-term looked transaction? mentioned the initial that that talking IRR for? kind talk what what Can yield that held an that of transaction but you back you to obviously Group on sort unlevered Harbor of relative about XRT stood you about The it. I you at you've think The

I do in kind relaying there current And for that you not any just the size next over to now right see larger the environment but in out closing of potentially that deals see guess general year? NXT you

Matt McGraner

Yes.

thanks we some Matt. it portfolio. time an deal for it's So The Sue chased attractive quite is

was held place compelling in of to large there's untouched that was true things A about you it there one story piece to Number things of us program. a the back. value-add couple the had assume. loans interior that units a amortizing One were fairly was a the so of

given the agency the LTV an weren't all just it so nature the debt and that compelling. cash-on-cash returns of was low you that guys And fixed-rate assume the that

did out the that while story to doing execution see at you'll in were of the kind go to anyway active approach so. way still year we return very Number tune can and transformational of two, the and year a that looked being it the want the that $XXX us. thoughtful move not think provides there size just still our the of to this during same we're we in We so a we as double company needle for million without total

a So we of asset such didn't sense. transformational it made a and chasing think ton

from of are million Southeast of deals size kind of two Both there to of Southwestern a expected out type our United numbers there's in of on In the markets. that $XXX terms million out ranging and The are I in portfolios are there. few know States X.X% be to kind cap $XXX that those rates. core in

So very aggressive I those chasing I'm one or still but we're as and markets of out said either very very there. compelling not still

Drew Babin

color. that markets the urban-ish expect suburban of more core still might between kind value-add year markets each with urban look NXRT Or of pipeline to at cap that this anything deal? additions convergence value-add And kind core with little and the past? Appreciate that to rate we is is can and/or and a renovation that the looking relative the there

Matt McGraner

XXXX ourselves set an Yes, which value-add execute and we're is us good think execution XXXX first we'll cap year and on company. in in workforce housing that news stay double-digit have an convergence for returns up will The going year. foremost pretty drive There growth story we a this to internal in to well is rates.

year That half when in being think the the to in we first of you drama in of said lookout everyone year And half can you put that the we've been work second maybe in I have election be one-off. we'll on which any has but be of period the what do are kind there have and I more are not rates. that is where time whether the eager which historically or instances the money think can to active allocations we

to going the have in By we're so So be terms the that's pay in more half the ammo in some then housing. in down still in of on we'll our force to hone second year. which what of try half more second we'll the opportunistic revolver probably work will but

Drew Babin

me And Okay. more too. just for one

years? by themselves. be expect the any debt Will judging guidance EV the over it we that the in by Just the of Should change year? assumptions last to it's mid-XXs that few sort ration to real been still range the net of end

Brian Mitts

I change change but I Yes. year material we the expect any stock think I mean like in in no first unless the half. wouldn't later our material

Operator

from Our with Okusanya next comes Mizuho. Tayo question

Tayo Okusanya

question I being when kind I'm fourth you just you're $X.XX point a that's at how a at at so $XXX really guess guidance. at the XXX strong a and expecting? midpoint the a much but bit given growth and but of is quick take that a curious guidance that just just the built strong still annualize a million year-over-year I'm at very full-year I look year surprised So at in on when growth. end of start-up But such [indiscernible] little assumptions very strong I quarter

MattMcGraner

mean I'll the it. Yes, first I at stab take

with Vegas in to were of to way the of that hot sell we the some on of portfolios. I online we the any down we've buy to kind pay quarter Las kind that we're in quarter the think three expecting the fourth all leverage took fourth deals reloaded to

the two of So we deals of kind knew or were system that anyway. three coming out

think estate tax So those conservative property that X.X% your that almost then do real out budgeting growth the on fairly pulled of side numbers. tax the there. I And but we're

but So factors I perspective think. sure the my two are think from those I'm I

Brian Mitts

that in the refunds XXXX quarter of that come back some In had core tax impacted Yes. FFO. fourth you

a starting from little than you're higher So back. rate probably the run point a that's

As we've the said with Matt in. built conservative assumptions

can to plan to in regard it's still quarter-over-quarter results. them in we proven do everything created in some we although successful We fitted do and litigate which the chunkiness do always past it whatever taxes is

what So I seeing that's in you're think really $X.XX that

Tayo Okusanya

to one hit just expect XXXX it around to you to of only of over we The you actually readouts be very That's all this dryers actually amount curious. into timing? XXXX program is in thinking regards of Great. to tech information all do is expect half other do helpful. the actions you just is And I follow-up. The kind then but numbers of guidance have you you washer those helpful. much do how Smart expect question provided based going translate earnings? all expect actually of Should that stuff you on I'm XXXX of

Brian Mitts

bandwidth those for some it call upgrades to XX% provide Yes numbers there fluctuations of but is any in seasonality that expect roll guidance. would or I rent those or planned

Operator

Ladenburg question Thalmann. Massocca with John Our comes next from

John Massocca

Good morning.

So rehab. just on of sticking kind the

that upgrade kind You time bespoke which the it kind that helpful. a as kind going of is thing issues that desires Or addition to program own? place change? you Just redevelopment of is of of asset kind like essentially of about was Is of get new as of think we there would mentioned seems to plans kind of should How time your a kind rolled to up each be going how in for tenants or that the out? guys are program. come forward kind program

Brian Mitts

there are we in are the specific bespoke programs unit gone each assets have audited and of in each specific the Yes. two properties. No that

targeted into in $XX specific putting Crest for upgrades $XXX example ROI. on for XX% these all Crest, your premium Timberlake think we're will rent Silverbroke, lighting at new example like of we get for estimated So Eagle Eagle like have that

for X So are these like said probably X programs. like there's we I think X targeted that X that assets XX

John Massocca

extra rent unit Or upgrades? market upgraded the of you're units? the guess bear I is into full putting do it And full additional of because accessories not kind Is from that upgrade? won't why unit a just already kind maybe

Brian Mitts

some we to first if No. maybe X% can And value-add story have organically up this gone It's market rent a can above just well drill on. X% and generation And that still deals really we are adding like an still is cases that in in honestly that second. deals these through even push a like incremental growing X%. it

deals still on hold sell differentiated a want of there's kind that little [indiscernible]. So we to to but not of still bit

John Massocca

And acquisitions given you then and given are dispositions in pricing the think any a differential value-add about expecting of of kind thinking just that the updated about of kind XXXX dilution counterbalance more kind numbers each and if also timing? kind bit are other little units you units but maybe maybe between of fully and this

Brian Mitts

Yes just neutral. I is all discussed mean everything I

disruption material terms to cap and won't rate see would any So us. earnings no there like that in differential of you are there's be unfavorable

So this I wouldn't to occur. don't, expect I

Operator

Our Stevenson Janney. next comes Rob with from question

RobStevenson

are that selling Fredricksburg? the million that correctly assets $XX you're hear you I million and Nashville did Matt $XX.X for

MattMcGraner

right. That's

Rob Stevenson

Okay.

math do sold creditexpert one I assets correctly about what bought rehab for the a you increase? and for if Nashville them So is XX% almost and being my double are basically

MattMcGraner

Yes bought 'XX over as few a basis times. we that's actually little refi equity Nashville's the Xx what to unique when in more them from trying the those of Xx. we bit deals little a is a almost like It's what the I'm export

Rob Stevenson

Okay.

that you your market? exit that once so from in am you correct DC assuming And Frederick sell the asset I

MattMcGraner

sir. Yes

Rob Stevenson

going as not Is a the plan compelling Or that to as have Sunbelt presence just you forward? a market markets?

MattMcGraner

good mean It's other haven't there Yes. experience markets. as just of we an had as

us not So we're looking on actively I wouldn't once to do top And expect there. line. we're

RobStevenson

Okay. me. And then for last one

of you will about to that was XXXX got the where right on guys pricing units where and sell many versus position within the actually in beyond? properties you throughout a ones point be How work sort XXXX be rehab. to redevelopment You plan it you to still you'd them to if talked the done that

MattMcGraner

Yes.

believe of deal [ph] So selling for as have every single next ones story guy. potential the the some me part portfolio the including still rehab the we're in

rest In in could that's terms Largely we pretty and one love are we two probably I like what the another it. portfolio. the sell think and otherwise of maybe or comfortable Dallas of

Rob Stevenson

Okay.

guys up extent see be additional equity the not of to So side? you funded amounts dramatic it's being by acquisition that to funded going more to the is wind dispositions opportunities more on likely

Matt McGraner

drop this Correct. say you're Yes, year I to $XXX year going million a see not did you of won't, as year. we on never us sale probably last never but

Operator

comes Barry question D.A. from next with Our Oxford Davidson.

Barry Oxford

Real quick.

the XX what that? a in function a some that rents and you little occupancy tenants? maybe On you it a was color? of basis of guys point a decline give Maybe function the more but out therefore particular higher kind lost Or pressing were Was achieved property? one was NOI of me of property

Matt McGraner

sequentially same-store on talking you Are basis? the

Barry Oxford

Yes exactly.

Matt McGraner

did on we the I same-store which I progress. we Yes. our from quarter-over-quarter points XXXX mean just, lot in compelling which call pool execution this up quarter pleased in made fairly from quite terms think in XXX important third pretty in I quarter. timing it's first goal basis is that third think the stated was our we with it's probably then the just third about that quarter just our set be of quarter the job. And amiable seasonality. I'd of weren't really say of quarter a frankly what's general the trends. I a to Fourth mean

excited about. that's what we're So

Barry Oxford

Okay.

XXXX through occupancy should move notching better upward? for we word of as we a see So lack

Matt McGraner

Yes. It's XXXX. one the for in the goals of company largest

Operator

turn closing this Mitts gentlemen and for Brian now today's it back concludes to will remarks. I session. question-and-answer Ladies

Brian Mitts

questions great you. Appreciate the and a great look time. thank everyone's participation all year forward and Yes to for and thanks

Operator

Thank participation and you teleconference. may for this you concludes your gentlemen now and Ladies today's disconnect.

NexPoint Residential Trust (NXRT) 18 Feb 202019 Q4 Earnings call transcript