DALLAS, April 30, 2019 /PRNewswire/ -- NexPoint
Residential Trust, Inc. (NYSE:NXRT) reported financial results for
the first quarter ended March 31,
2019.
Highlights
- NXRT1 reported Net Loss, FFO2, Core
FFO2 and AFFO2 of $(4.4)M, $11.0M,
$11.0M and $12.7M, respectively, attributable to common
stockholders for the quarter ended March 31,
2019, compared to Net Income, FFO, Core FFO, and AFFO of
$10.1M, $7.7M, $8.3M and
$9.5M, respectively, attributable to
common stockholders for the quarter ended March 31, 2018.
- For the three months ended March 31,
2019, Q1 Same Store properties3 average effective
rent, total revenue and NOI2 increased 4.0%, 4.7% and
7.0%, respectively, and occupancy decreased 40 bps over the prior
year period.
- For the three months ended March 31,
2019, Q1 Same Store properties expenses increased 2.0% over
the prior year period, primarily due to increases in property taxes
of 9.8%, partially offset by decreases in property operating
expenses of 1.8% which was a result of lower utility costs from
implementation of the Freddie Mac Green Advantage program.
- During the first quarter, NXRT acquired three properties in
Phoenix (Bella Vista, The Heritage
and The Enclave or the "Phoenix Portfolio") for a combined purchase
price of approximately $132.1M.
- On January 28, 2019, NXRT entered
into a $75.0 million credit facility
(the "$75 Million Credit Facility")
with SunTrust Bank and immediately drew $52.5 million to fund a portion of the purchase
price of the Phoenix Portfolio.
- The weighted average effective monthly rent per unit across all
38 properties held as of March 31,
2019 (the "Portfolio"), consisting of 13,211 units, was
$1,007, while physical occupancy was
93.6%.
- NXRT paid a first quarter dividend of $0.275 per share of common stock on March 29, 2019.
- During the first quarter, for the properties in our Portfolio,
we completed 245 full and partial upgrades and leased 174 upgraded
units, achieving an average monthly rent premium of $119 and a 27.4% ROI4. Since
inception, for the properties in our Portfolio, we have completed
5,906 full and partial upgrades and achieved an average monthly
rental increase per unit of $97,
equating to a 23.3% ROI on all units leased as of March 31, 2019.
- In this release, "we," "us," "our," the "Company," "NexPoint
Residential Trust," and "NXRT" each refer to NexPoint Residential
Trust, Inc., a Maryland
corporation.
- 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.
- We define "Same Store" properties as properties that were in
our Portfolio for the entirety of the periods being compared. There
are 32 properties encompassing 11,471 units of apartment space in
our Same Store pool for the three months ended March 31, 2019 (our "Q1 Same Store"
properties).
- We define Return on Investment ("ROI") as the sum of the actual
rent premium divided by the sum of the total cost.
"We're excited about the strong start to 2019, with the
Company's continued execution of its value-add strategy producing
outsized revenue growth and 20%+ ROIs on upgraded units. In
addition, we are already pleased with the $132 million Phoenix Portfolio acquired in
January, where operations are exceeding our expectations" stated
NXRT Chairman and President, Jim
Dondero. "Looking ahead, we believe the future outlook for
quality Class B/workforce housing in our high-growth markets
remains bright."
First Quarter 2019 Financial Results
- Total revenues were $41.5 million
for the first quarter of 2019, compared to $35.1 million for the first quarter of 2018.
- Net loss for the first quarter of 2019 totaled $(4.4) million, or a loss of $(0.19) per diluted share, which included
$15.4 million of depreciation and
amortization expense. This compared to net income of $10.1 million, or earnings of $0.47 per diluted share, for the first quarter of
2018, which included $13.7 million of
gain on sales of real estate, $11.4
million of depreciation and amortization expense and
$0.6 million of loss on
extinguishment and debt modification costs.
- The change in our net income (loss) between the periods
primarily relates to a decrease in gain on sales of real estate and
an increase in total expenses and interest expense, and was
partially offset by an increase in total revenues and decreases in
loss on extinguishment of debt and modification costs.
- For the first quarter of 2019, NOI was $23.6 million on 38 properties, compared to
$19.1 million for the first quarter
of 2018 on 32 properties.
- For the first quarter of 2019, Q1 Same Store NOI increased 7.0%
to $20.4 million, compared to
$19.1 million for the first quarter
of 2018.
- For the first quarter of 2019, FFO totaled $11.0 million, or $0.46 per diluted share, compared to $7.7 million, or $0.36 per diluted share, for the first quarter of
2018.
- For the first quarter of 2019, Core FFO totaled $11.0 million, or $0.46 per diluted share, compared to $8.3 million, or $0.39 per diluted share, for the first quarter of
2018.
- For the first quarter of 2019, AFFO totaled $12.7 million, or $0.53 per diluted share, compared to $9.5 million, or $0.45 per diluted share, for the first quarter of
2018.
First Quarter Earnings Conference Call
NXRT will host a call on Tuesday, April
30, 2019 at 11:00 a.m. ET to
discuss its first quarter financial results. The conference call
can be accessed live over the phone by dialing 877-260-1479 or, for
international callers, (334) 323-0522, and using passcode
Conference ID: 1362865. A live audio webcast of the call will be
available online at the Company's website,
http://www.nexpointliving.com (under "Investor Relations"). An
online replay will be available shortly after the call on the
Company's website and will continue to be available for 60
days.
A replay of the conference call will also be available through
Sunday, May 5, 2019, by dialing (888)
203-1112 or, for international callers, (719) 457-0820 and entering
passcode 1362865.
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
Highland Capital Management, L.P., a leading global alternative
asset manager and an SEC-registered investment adviser. Our filings
with the Securities and Exchange Commission (the "SEC") are
available on our website, www.nexpointliving.com, under the
"Investor Relations" tab.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's current expectations, assumptions
and beliefs. Forward-looking statements can often be identified by
words such as
"expect," "anticipate," "estimate," "may," "should," "intend" 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,
NXRT's guidance for financial results for the full year 2019 and
the related assumptions, net asset value and the related components
and assumptions, guidance for the second quarter 2019 and the
related assumptions, expected acquisitions and dispositions, the
expected redevelopment of units and the projected average rent,
rent change and ROI after redevelopment. 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. 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.
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 periods shown below (in thousands,
except per share amounts):
|
|
For the Three
Months Ended
March 31,
|
|
|
For the Twelve
Months Ended
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
Net income
(loss)
|
|
$
|
(4,373)
|
|
|
$
|
10,094
|
|
|
$
|
(1,614)
|
|
|
$
|
56,359
|
|
Depreciation and
amortization
|
|
|
15,398
|
|
|
|
11,372
|
|
|
|
47,470
|
|
|
|
48,752
|
|
Gain on sales of real
estate
|
|
|
—
|
|
|
|
(13,742)
|
|
|
|
(13,742)
|
|
|
|
(78,365)
|
|
Adjustment for
noncontrolling interests
|
|
|
(33)
|
|
|
|
(23)
|
|
|
|
(96)
|
|
|
|
(1,695)
|
|
FFO attributable
to common stockholders
|
|
|
10,992
|
|
|
|
7,701
|
|
|
|
32,018
|
|
|
|
25,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per share -
basic
|
|
$
|
0.47
|
|
|
$
|
0.37
|
|
|
$
|
1.51
|
|
|
$
|
1.19
|
|
FFO per share -
diluted
|
|
$
|
0.46
|
|
|
$
|
0.36
|
|
|
$
|
1.48
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
extinguishment of debt and modification costs
|
|
|
—
|
|
|
|
551
|
|
|
|
3,576
|
|
|
|
5,719
|
|
Casualty-related
expenses/(recoveries)
|
|
|
35
|
|
|
|
24
|
|
|
|
(663)
|
|
|
|
(287)
|
|
Change in fair value
on derivative instruments - ineffective portion
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(309)
|
|
Amortization of
deferred financing costs - acquisition term notes
|
|
|
—
|
|
|
|
21
|
|
|
|
159
|
|
|
|
403
|
|
Adjustment for
noncontrolling interests
|
|
|
—
|
|
|
|
(26)
|
|
|
|
(9)
|
|
|
|
(430)
|
|
Core FFO
attributable to common stockholders
|
|
|
11,027
|
|
|
|
8,271
|
|
|
|
35,081
|
|
|
|
30,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core FFO per share
- basic
|
|
$
|
0.47
|
|
|
$
|
0.39
|
|
|
$
|
1.66
|
|
|
$
|
1.43
|
|
Core FFO per share
- diluted
|
|
$
|
0.46
|
|
|
$
|
0.39
|
|
|
$
|
1.62
|
|
|
$
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
deferred financing costs - long term debt
|
|
|
432
|
|
|
|
368
|
|
|
|
1,491
|
|
|
|
1,592
|
|
Equity-based
compensation expense
|
|
|
1,235
|
|
|
|
914
|
|
|
|
4,198
|
|
|
|
3,109
|
|
Adjustment for
noncontrolling interests
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
(17)
|
|
|
|
(76)
|
|
AFFO attributable
to common stockholders
|
|
|
12,689
|
|
|
|
9,549
|
|
|
|
40,753
|
|
|
|
34,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFFO per share -
basic
|
|
$
|
0.54
|
|
|
$
|
0.45
|
|
|
$
|
1.92
|
|
|
$
|
1.65
|
|
AFFO per share -
diluted
|
|
$
|
0.53
|
|
|
$
|
0.45
|
|
|
$
|
1.88
|
|
|
$
|
1.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding - basic
|
|
|
23,550
|
|
|
|
20,987
|
|
|
|
21,189
|
|
|
|
21,057
|
|
Weighted average
common shares outstanding - diluted
|
|
|
24,044
|
|
|
|
21,430
|
|
|
|
21,667
|
|
|
|
21,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
0.275
|
|
|
$
|
0.250
|
|
|
$
|
1.025
|
|
|
$
|
0.910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO Coverage -
diluted
|
(1)
|
1.66x
|
|
|
1.44x
|
|
|
|
1.44x
|
|
|
|
1.29x
|
|
Core FFO Coverage
- diluted
|
(1)
|
1.67x
|
|
|
1.54x
|
|
|
|
1.58x
|
|
|
|
1.55x
|
|
AFFO Coverage -
diluted
|
(1)
|
1.92x
|
|
|
1.78x
|
|
|
|
1.84x
|
|
|
|
1.79x
|
|
|
|
(1)
|
Indicates coverage
ratio of FFO/Core FFO/AFFO per common share (diluted) over
dividends declared per common share during the period.
|
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) the cost of funds, (2) acquisition costs,
(3) advisory and administrative fees, (4) 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, (5) corporate general
and administrative expenses, (6) other gains and losses that are
specific to us, (7) casualty-related expenses/(recoveries), and (8)
property general and administrative expenses that are not
reflective of the continuing operations of the properties or are
incurred on behalf of the Company at the property for expenses such
as legal, professional and franchise tax fees. We define "Same
Store NOI" as NOI for our properties that are comparable between
periods. We view Same Store NOI as an important measure of the
operating performance of our properties because it allows us to
compare operating results of properties owned for the entirety of
the current and comparable periods and therefore eliminates
variations caused by acquisitions or dispositions during the
periods.
FFO is defined by the National Association of Real Estate
Investment Trusts ("NAREIT"), as net income (loss) computed in
accordance with GAAP, excluding gains or losses from real estate
dispositions, plus real estate depreciation and amortization and
impairment charges. 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 (1)
noncontrolling interests in consolidated joint ventures and (2)
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 and the write-off of
unamortized deferred financing costs and fair market value
adjustments of assumed debt related to the retirement of debt and
costs incurred in connection with a debt modification that are
expensed), casualty-related expenses and recoveries, the
amortization of deferred financing costs incurred in connection
with obtaining short-term debt financing, the ineffective portion
of fair value adjustments on our interest rate derivatives
designated as cash flow hedges, and the noncontrolling interests
related to these items.
AFFO makes certain adjustments to Core FFO. There is no industry
standard definition of AFFO and practice is divergent across the
industry. AFFO adjusts Core FFO to remove items such as
equity-based compensation expense and the amortization of deferred
financing costs incurred in connection with obtaining long-term
debt financing, and the noncontrolling interests related to these
items.
Net debt is calculated by subtracting cash and cash equivalents
and restricted cash held for value-add upgrades and green
improvements from total debt outstanding.
We believe that the use of NOI, FFO, Core FFO, AFFO and net
debt, combined with the required GAAP presentations, improves the
understanding of operating results and debt levels of real estate
investment trusts ("REITs") among investors and makes comparisons
of operating results and debt levels among such companies more
meaningful. While NOI, FFO, Core FFO, AFFO and net debt are
relevant and widely used measures of operating performance and debt
levels of REITs, they do not represent cash flows from operations,
net income (loss) or total debt as defined by GAAP and should not
be considered an alternative to those measures in evaluating our
liquidity, operating performance and debt levels. NOI, FFO, Core
FFO and AFFO do not purport to be indicative of cash available to
fund our future cash requirements. We present net debt because we
believe it provides our investors a better understanding of our
leverage ratio. Net debt should not be considered an alternative to
total debt, as we may not always be able to use our available cash
to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net
debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt
reported by other REITs. For a more complete discussion of NOI,
FFO, Core FFO and AFFO, see our most recent Annual Report on Form
10-K and our other filings with the SEC.
Reconciliations
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
to net income (loss) (the most directly comparable GAAP financial
measure) for the periods shown below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2019
|
|
|
Q4
2018
|
|
|
Q1
2018
|
|
|
FY
2018
|
|
|
FY
2017
|
|
Net income
(loss)
|
|
$
|
(4,373)
|
|
|
$
|
(4,782)
|
|
|
$
|
10,094
|
|
|
$
|
(1,614)
|
|
|
$
|
56,359
|
|
Adjustments to
reconcile net income (loss) to NOI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
and administrative fees
|
|
|
1,850
|
|
|
|
1,888
|
|
|
|
1,838
|
|
|
|
7,474
|
|
|
|
7,419
|
|
Corporate
general and administrative expenses
|
|
|
2,233
|
|
|
|
2,077
|
|
|
|
1,813
|
|
|
|
7,808
|
|
|
|
6,275
|
|
Casualty-related expenses
|
(1)
|
|
35
|
|
|
|
39
|
|
|
|
24
|
|
|
|
(663)
|
|
|
|
(287)
|
|
Property
general and administrative expenses
|
(2)
|
|
356
|
|
|
|
364
|
|
|
|
380
|
|
|
|
1,294
|
|
|
|
1,130
|
|
Depreciation and amortization
|
|
|
15,398
|
|
|
|
13,832
|
|
|
|
11,372
|
|
|
|
47,470
|
|
|
|
48,752
|
|
Interest
expense
|
|
|
8,088
|
|
|
|
7,833
|
|
|
|
6,797
|
|
|
|
28,572
|
|
|
|
29,576
|
|
Loss on
extinguishment of debt and modification costs
|
|
|
—
|
|
|
|
—
|
|
|
|
551
|
|
|
|
3,576
|
|
|
|
5,719
|
|
Gain on
sales of real estate
|
|
|
—
|
|
|
|
—
|
|
|
|
(13,742)
|
|
|
|
(13,742)
|
|
|
|
(78,365)
|
|
NOI
|
|
$
|
23,587
|
|
|
$
|
21,251
|
|
|
$
|
19,127
|
|
|
$
|
80,175
|
|
|
$
|
76,578
|
|
Less Non-Same
Store
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
(5,012)
|
|
|
|
(4,816)
|
|
|
|
(218)
|
|
|
|
(23,012)
|
|
|
|
(25,765)
|
|
Operating
expenses
|
|
|
1,842
|
|
|
|
2,238
|
|
|
|
176
|
|
|
|
10,744
|
|
|
|
12,433
|
|
Same Store
NOI
|
|
$
|
20,417
|
|
|
$
|
18,673
|
|
|
$
|
19,085
|
|
|
$
|
67,907
|
|
|
$
|
63,246
|
|
|
|
(1)
|
Adjustment to net
income (loss) to exclude certain property operating expenses that
are casualty-related 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 and franchise tax
fees.
|
Reconciliation of Debt to Net Debt
(dollar amounts in
thousands)
|
|
Q1
2019
|
|
|
Q1
2018
|
|
Total mortgage
debt
|
|
$
|
924,463
|
|
|
$
|
744,473
|
|
Credit
facilities
|
|
|
52,500
|
|
|
|
30,000
|
|
Bridge
facility
|
|
|
—
|
|
|
|
—
|
|
Adjustments to arrive at net debt:
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
|
(20,536)
|
|
|
|
(13,935)
|
|
Restricted cash held for value-add upgrades and green
improvements
|
|
|
(8,863)
|
|
|
|
(4,703)
|
|
Net Debt
|
|
$
|
947,564
|
|
|
$
|
755,835
|
|
Enterprise Value
(1)
|
|
$
|
1,853,564
|
|
|
$
|
1,275,835
|
|
Leverage
Ratio
|
|
|
51
|
%
|
|
|
59
|
%
|
|
|
(1)
|
Enterprise Value is
calculated as Market Capitalization plus Net Debt.
|
Reconciliations of NOI, Same Store NOI, FFO, Core FFO and
AFFO
The following table, which has not been adjusted for the effects
of noncontrolling interests, reconciles NOI to net income (loss)
(the most directly comparable GAAP financial measure) for the
periods presented below (in thousands):
|
|
For the Year
Ended December 31,
2019
|
|
|
For the Three
Months Ended June 30,
2019
|
|
|
|
Guidance
(1)
|
|
|
Guidance
(1)
|
|
Net loss
|
|
$
|
(17,040)
|
|
|
$
|
(5,640)
|
|
Adjustments to
reconcile net loss to NOI:
|
|
|
|
|
|
|
|
|
Advisory
and administrative fees
|
|
|
7,500
|
|
|
|
1,870
|
|
Corporate
general and administrative expenses
|
|
|
9,000
|
|
|
|
2,400
|
|
Property
general and administrative expenses
|
(2)
|
|
1,295
|
|
|
|
350
|
|
Depreciation and amortization
|
|
|
62,225
|
|
|
|
16,350
|
|
Interest
expense
|
|
|
34,170
|
|
|
|
8,670
|
|
NOI
|
|
$
|
97,150
|
|
|
$
|
24,000
|
|
Less Non-Same
Store
|
|
|
|
|
|
|
|
|
Revenues
|
(3)
|
|
(23,350)
|
|
|
|
|
|
Operating
expenses
|
(3)
|
|
8,650
|
|
|
|
|
|
Same Store
NOI
|
(3)
|
$
|
82,450
|
|
|
|
|
|
|
|
(1)
|
Estimates shown for
full year and second quarter 2019 guidance. Assumptions made for
full year and second quarter 2019 NOI guidance include the Same
Store operating growth projections included in the "2019 Full Year
Guidance Summary" section of this release, the effect of the
acquisition of the Phoenix Portfolio, and the other acquisition and
disposition assumptions presented under "2019 Full Year Guidance
Summary."
|
|
|
(2)
|
Adjustment to net
loss to exclude certain property general and administrative
expenses that are not reflective of the continuing operations of
the properties or are incurred on our behalf at the property for
expenses such as legal, professional and franchise tax
fees.
|
|
|
(3)
|
Amounts are derived
from the results of operations of our pro forma Full Year 2019 Same
Store properties and Non-Same Store properties. There are 32
properties in our pro forma Full Year 2019 Same Store
pool.
|
The following table reconciles our FFO, Core FFO and AFFO
guidance to our net loss (the most directly comparable GAAP
financial measure) guidance for the year ended December 31, 2019 (in thousands, except per share
data):
|
|
For the Year
Ended December 31,
2019
|
|
|
|
Mid-Point
|
|
Net loss
|
|
$
|
(17,040)
|
|
Depreciation and
amortization
|
|
|
62,225
|
|
Adjustment for
noncontrolling interests
|
|
|
(136)
|
|
FFO attributable
to common stockholders
|
|
|
45,049
|
|
FFO per share -
diluted (1)
|
|
$
|
1.87
|
|
|
|
|
|
|
Core FFO
attributable to common stockholders
|
|
|
45,049
|
|
Core FFO per share
- diluted (1)
|
|
$
|
1.87
|
|
|
|
|
|
|
Amortization of
deferred financing costs - long term debt
|
|
|
1,815
|
|
Equity-based
compensation expense
|
|
|
5,165
|
|
Adjustment for
noncontrolling interests
|
|
|
(21)
|
|
AFFO attributable
to common stockholders
|
|
|
52,008
|
|
AFFO per share -
diluted (1)
|
|
$
|
2.16
|
|
|
|
|
|
|
Weighted average
common shares outstanding - diluted
|
|
|
24,100
|
|
|
|
(1)
|
For purposes of
calculating per share data, we assume a weighted average diluted
share count of approximately 24.1 million for the full year
2019.
|
Contact:
Investor Relations
Jackie Graham
972-419-6213
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SOURCE NexPoint Residential Trust, Inc.