Welcome to our dedicated page for NexPoint Residential Trust news (Ticker: NXRT), a resource for investors and traders seeking the latest updates and insights on NexPoint Residential Trust stock.
NexPoint Residential Trust Inc (NXRT) is a publicly traded real estate investment trust (REIT) listed on the New York Stock Exchange. The company specializes in acquiring, owning, and operating well-located middle-income multifamily properties with significant 'value-add' potential, focusing primarily on large cities and suburban submarkets within the Southeastern and Southwestern United States. Being externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., NXRT leverages extensive real estate expertise to drive its strategic objectives.
NexPoint Residential Trust aims to maximize cash flow and property value while ensuring quarterly cash distributions and long-term capital appreciation for its stockholders. The company's core business strategy includes acquiring multifamily properties in markets exhibiting strong job growth and household formation fundamentals. Revenue is predominantly generated through the rental of these multifamily properties.
Recent Achievements:
- On August 17, 2023, NXRT announced agreements to sell Old Farm in Houston, TX, and Silverbrook in Dallas, TX, expected to close by early Q4 2023. These transactions are projected to generate around $67 to $69 million of net sales proceeds.
- As of March 5, 2024, NXRT completed the sale of Old Farm, resulting in approximately $49.4 million net proceeds, which were used to pay down the corporate credit facility.
- The company is actively seeking buyers for Timber Creek and Radbourne Lake in Charlotte, NC, and Stone Creek at Old Farm in Houston, TX, with sales expected to complete between late Q4 2023 and Q1 2024.
- NXRT continues to pursue strategic de-leveraging and balance sheet improvement initiatives, including the use of asset sale proceeds to pay off higher property-level debt and improve liquidity.
Current Projects and Financial Health:
NXRT remains focused on its capex value-add program, targeting management and capital expenditures to enhance property performance. The company's portfolio is hedged 97% against debt, providing financial stability and reduced risk heading into 2024. Following recent asset sales, NXRT anticipates paying off the entire $57 million outstanding balance on its corporate credit facility, thus reducing overall portfolio debt by $156 million. These measures offer greater strategic flexibility for future growth and stock repurchases.
Partnerships:
Externally advised by NexPoint Real Estate Advisors, L.P., NXRT benefits from the extensive real estate experience and advisory services of NexPoint Advisors, L.P., an SEC-registered investment advisor. This partnership enables NXRT to execute its strategies efficiently and capitalize on market opportunities.
NexPoint Real Estate Opportunities provided an update on the United Development Funding IV (UDF IV) Board of Trustees election, highlighting the Board's failure to address critical shareholder concerns. The current Board is accused of using deflection tactics to avoid accountability for past criminal misconduct, disclosure violations, and governance failures. Key unaddressed questions include the Board's inaction after criminal convictions of former executives, continued payments to imprisoned executives through advisory agreements, and lack of plans to maximize shareholder value. NexPoint urges shareholders to vote using the GREEN proxy card to replace current Trustees with their nominees to implement critical changes and recover value.
NexPoint Residential Trust (NXRT) has announced its participation in Nareit's REITworld: 2024 Annual Conference, scheduled for November 18-21 at the Wynn Las Vegas. Key executives attending include CFO Brian Mitts, CIO Matthew McGraner, and VPs of Asset Management Bonner McDermett and Sean Jacobson. The company will be conducting investor meetings during the conference and will make meeting materials publicly available on their website (nxrt.nexpoint.com) in the Resources section on November 18, 2024.
NexPoint Residential Trust (NYSE:NXRT) reported Q3 2024 financial results, showing a net loss of $(8.9)M compared to net income of $33.7M in Q3 2023. Total revenues were $64.1M, down from $69.8M year-over-year. The company reported improvements in same-store occupancy (+100 bps) but saw decreases in average effective rent (-1.8%) and NOI (-2.4%). Key developments include a 10.3% increase in quarterly dividend to $0.51 per share, refinancing of 17 properties for $813.5M, and completion of a $24.5M property sale. The board authorized a new $100M share repurchase program.
NexPoint Residential Trust (NYSE: NXRT) has announced a 10.3% increase in its quarterly dividend. The company will pay $0.51 per share to stockholders of record on December 13, 2024, with payment scheduled for December 31, 2024. This dividend increase represents a significant growth of 147.6% since the company's inception in 2015.
NexPoint Residential Trust, Inc. (NYSE: NXRT) has reported that its properties have emerged unscathed from Hurricane Milton. The company stated that none of its properties suffered any material damages due to the hurricane. NXRT has committed to providing further updates should there be any significant changes to this situation. This announcement serves to reassure investors and stakeholders about the integrity of NXRT's property portfolio in the wake of the recent hurricane.
NexPoint Residential Trust (NXRT) announced several key developments:
- Completion of 17 property mortgage refinancings with JP Morgan and Freddie Mac, with 17 more expected to close on November 29th
- Total gross proceeds of $1.466 billion, representing ~97.7% of NXRT's total outstanding debt
- Improved interest rate pricing at SOFR + 109 bps
- Extension of weighted average debt maturity to ~7.0 years from ~5.69 years
- Reduction of weighted average interest rate on total debt by 48 bps to 6.21%
- Sale of Stone Creek at Old Farm property in Houston for net proceeds of $23.7M
- Announcement of Q3 2024 earnings call on October 29, 2024
These refinancings are expected to strengthen NXRT's balance sheet and improve its financial position.
NexPoint Residential Trust, Inc. (NXRT) has reported that its properties were not materially impacted by Hurricane Helene. The company, which trades on the New York Stock Exchange under the ticker symbol NXRT, made this announcement on September 30, 2024. NXRT has committed to providing further updates if there are any significant changes to this situation.
NexPoint Residential Trust (NYSE:NXRT) reported strong Q2 2024 results, with net income of $10.6 million, compared to a net loss of $4.0 million in Q2 2023. The company raised its full-year 2024 guidance and reported $39.25 million in disposition activity and $14.6 million in share repurchases. Key highlights include:
- Q2 Same Store properties saw a 2.3% increase in total revenue and a 2.4% increase in NOI
- Completed the sale of Radbourne Lake for $39.3 million, resulting in an $18.8 million gain
- Paid off a $15.3 million mortgage on Stone Creek at Old Farm
- Repurchased and retired 438,678 shares at an average price of $33.19 per share
- Paid a Q2 dividend of $0.46242 per share
NXRT also announced plans to refinance portfolio-level debt, aiming to reduce the average SOFR spread from 158 bps to 100-110 bps, potentially providing a $0.15-$0.20 per share benefit annually through 2027.
NexPoint Residential Trust (NYSE: NXRT) has declared a quarterly dividend of $0.46242 per share of common stock. The dividend is set to be paid on September 30, 2024, to stockholders of record as of September 13, 2024. This announcement, made on July 30, 2024, demonstrates NXRT's commitment to providing regular returns to its shareholders. As a real estate investment trust (REIT) focused on multifamily properties, NXRT's dividend declaration is a key aspect of its investor relations and financial strategy.
NexPoint Residential Trust (NYSE: NXRT) announced a conference call on Tuesday, July 30, 2024, at 11:00 a.m. ET to discuss its second quarter 2024 financial results.
Participants can join the call by dialing 888-660-4430 (domestic) or +1 646-960-0537 (international) using passcode 5001576. The call will also be webcast live on NexPoint's website and a replay will be accessible shortly after the call for 60 days.
A press release detailing the financial results will be issued before market open on July 30, 2024. A replay of the call will be available until August 13, 2024, by dialing 800-770-2030 (domestic) or +1 647-362-9199 (international) and using passcode 5001576.
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