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 Residential Trust (NYSE: NXRT) has announced a quarterly dividend of $0.42 per share, aimed at rewarding its shareholders. This dividend is payable on June 30, 2023, to stockholders of record by June 15, 2023. As a publicly traded REIT, NXRT focuses on acquiring and managing middle-income multifamily properties with potential for value enhancement, particularly in large cities across the Southeastern and Southwestern United States.
NexPoint Residential Trust (NYSE:NXRT) reported its first-quarter financial results for 2023, showing a net loss of $(3.9) million, an improvement compared to $(4.7) million in the same period last year. The company achieved funds from operations (FFO) of $19.3 million, slightly up from $19.0 million, while core FFO decreased to $18.6 million from $20.1 million. Total revenues rose to $69.2 million, a 14% increase year-over-year. The average effective monthly rent across 40 properties was $1,487, with occupancy at 94.0%. NXRT executed a refinancing of Venue on Camelback, paying down $17.5 million of its corporate credit facility. In its value-add strategy, the company completed upgrades on 494 units, achieving a 21.2% return on investment. Lastly, NXRT distributed a dividend of $0.42 per share on March 31, 2023.
NexPoint Residential Trust (NYSE: NXRT) announced the record date for stockholders entitled to vote at the 2023 Annual Meeting as April 3, 2023. The meeting will be held on May 9, 2023, at 10:00 a.m. Central Time in a virtual format. Stockholders of record can vote and ask questions online during the meeting. Further details will be included in the Proxy Materials, which will provide access instructions for the meeting. NexPoint focuses on acquiring and operating middle-income multifamily properties with growth potential in large cities and surrounding areas, mainly in the Southeastern and Southwestern United States.
NexPoint Residential Trust, Inc. (NYSE: NXRT) announced a quarterly dividend of $0.42 per share of common stock. The dividend is payable on March 31, 2023, to stockholders of record on March 15, 2023. This decision by the board emphasizes the company's commitment to returning value to its shareholders. NexPoint Residential Trust focuses on acquiring and operating middle-income multifamily properties, primarily in the Southeastern and Southwestern United States.
NexPoint Residential Trust (NXRT) reported a net loss of $(9.3) million for the year ending December 31, 2022, compared to a net income of $23.0 million in 2021. Total revenues increased to $264.0 million in 2022, up from $219.2 million in 2021. For the fourth quarter, NXRT recorded a net income of $3.8 million, down from $38.8 million a year prior. The company's FFO for 2022 was $73.4 million, with an annual dividend increase of 10.5% to $0.42 per share. The weighted average rent per unit was $1,480, and occupancy stood at 94.1%. The company plans to discuss these results in a conference call on February 21, 2023.
NexPoint Residential Trust (NXRT) announced the final income allocations for its 2022 dividends, totaling $1.56 per share from all distributions. The company detailed the taxable ordinary income, capital gains, and returns of capital for each dividend payment throughout the year. Notably, the dividend payments were made quarterly, with the final payment of $0.42 per share recorded on December 14, 2022. Shareholders are advised to consult their tax advisors regarding the implications of these dividends. The comprehensive allocations will be reported on Form 1099-DIV.
NexPoint Residential Trust (NXRT) announced a conference call scheduled for February 21, 2023, at 11:00 a.m. ET to discuss its fourth quarter 2022 financial results. The company will release its financial results before the market opens on the same day. The conference call can be accessed via phone or online webcast, and a replay will be available until March 7, 2023. NXRT focuses on acquiring and operating middle-income multifamily properties in large cities, primarily in the Southeastern and Southwestern U.S. More information is available on their website.
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