NexPoint Residential Trust, Inc. Collects 97% of July Rents as of August 16

Rhea-AI Summary

NexPoint Residential Trust (NXRT) reported that as of August 16, 2020, it has collected 96.9% of billed rents for August, slightly down from 97.3% in the same period last year. The company experienced strong collections in Phoenix (99.2%), Nashville (99.1%), and Houston (98.2%). Previous months showed collections of 97.3% in June and 95.3% in July. NXRT continues to educate residents about housing assistance amidst the COVID-19 crisis while adhering to safety guidelines. The company is focused on middle-income multifamily properties in key U.S. markets.

Positive

• August rent collection stands at 96.9%, indicating resilient performance amidst COVID-19.
• Strong collection rates in key markets: Phoenix (99.2%), Nashville (99.1%), Houston (98.2%).
• Ongoing support for residents through education on housing assistance options.

Negative

• Slight decline in rent collection from August 2019 (97.3%).
• July rent collection decreased to 95.3%, indicating potential challenges.

DALLAS, Aug. 17, 2020 /PRNewswire/ -- NexPoint Residential Trust, Inc. ("NXRT" or the "Company") (NYSE: NXRT) released an update today on its response to the novel coronavirus (COVID-19) crisis, as well as portfolio-wide collections updates.

Continuing a trend of several successful months of collections, Management is pleased to report August revenue collected through August 16, 2020 equates to 96.9% of August billed rents.  This is compared to 97.3% of rent collected as of August 16, 2019.  Revenues collected through June 16, 2020 and July 16, 2020, respectively, equated to 97.3% and 95.3% of rent billed. Phoenix, Nashville, and Houston have been the strongest markets for collections in the month of August as of August 16, 2020, with 99.2%, 99.1%, and 98.2% collected, respectively. 

Where available, property management continues to educate residents regarding state and local housing assistance options and subsidies. 

NXRT is closely monitoring the effects of COVID-19 in all markets, and complying with CDC guidelines and state and local ordinances remains a top priority operationally.  As the impact of the virus remains fluid, the health and safety of residents and staff continues to be of utmost importance. 

About NXRT

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience.

Contact:
Jackie Graham
Investor Relations
972-628-4024
JGraham@nexpointadvisors.com

Media Inquiries
MediaRelations@nexpointadvisors.com

View original content:http://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-collects-97-of-july-rents-as-of-august-16-301113476.html

SOURCE NexPoint Residential Trust, Inc.

FAQ

What was NexPoint Residential Trust's rent collection percentage for August 2020?

NexPoint Residential Trust collected 96.9% of billed rents for August 2020.

How does NXRT's August 2020 rent collection compare to August 2019?

The rent collection percentage for August 2020 (96.9%) is slightly lower than August 2019 (97.3%).

What are the strongest markets for NXRT rent collections in August 2020?

The strongest markets for rent collections are Phoenix (99.2%), Nashville (99.1%), and Houston (98.2%).

How did NXRT's rent collections perform in July 2020?

In July 2020, NXRT's rent collections declined to 95.3%.

What measures is NXRT taking in response to COVID-19?

NXRT is educating residents on housing assistance and complying with CDC guidelines.