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 (NXRT) has successfully closed the sale of Hollister Place in Houston, TX, for $20.6 million after acquiring it for $24.5 million in 2017. The property, boasting a 93.07% occupancy and a monthly rent of approximately $1,200, delivered strong financial metrics, including a 4.37% cap rate and a 2.02x equity multiple. The company aims to utilize proceeds from this and upcoming property sales, projected to yield $62-64 million, to continue debt reduction efforts, including a significant $25.6 million payment on its credit facility. NXRT anticipates resolving its corporate credit facility balance by Q2 2023, enhancing liquidity and strategic flexibility for growth opportunities.
NexPoint Residential Trust (NXRT) announced the closing of 18-property mortgage refinancings totaling $807.6 million through KeyBank and Freddie Mac, representing approximately 47.7% of its total debt. This refinancing improves interest rates significantly (SOFR + 155 bps) and extends the weighted average debt maturity to 6.34 years, with only 5.5% of total debt maturing through 2024. NXRT anticipates lower overall interest rates, reducing it to 3.25% after swaps. These actions enhance liquidity and de-risk the balance sheet, with no significant debt maturities until 2025.
NexPoint Residential Trust (NYSE: NXRT) announced a quarterly dividend of $0.42 per share, payable on December 30, 2022, to shareholders of record on December 15, 2022. This dividend reflects a 10.5% increase from the previous quarter and marks a substantial 103.9% increase since its inception in 2015. The company continues to focus on acquiring and operating multifamily properties in prominent markets across the Southeastern and Southwestern United States.
NexPoint Residential Trust (NXRT) reported strong operational performance for Q3 2022, with total revenues of $68.1 million, up from $56.4 million in Q3 2021. The company's net loss narrowed to $(0.6) million, compared to $(5.4) million in the prior year. FFO reached $24.5 million, marking a significant increase from $16.1 million in Q3 2021. The board approved a 10.5% dividend increase to $0.42 per share. Additionally, NXRT is extending its share repurchase program to $100 million by October 2024.
NexPoint Residential Trust (NXRT) announced a conference call scheduled for October 25, 2022, at 11:00 a.m. ET, to discuss its third quarter 2022 financial results. A live audio webcast will also be available on the company's website. The press release containing the financial results will be issued prior to market open on the same day. An online replay of the conference will be accessible for 60 days thereafter.
NexPoint Residential Trust, Inc. (NXRT) announced the appointment of Dr. Carol Swain to its Board of Directors, effective August 2, 2022. Dr. Swain is a distinguished political scientist with a robust academic background, having served at Princeton and Vanderbilt Universities. She is also an entrepreneur with multiple business ventures and has authored 11 books. Matthew McGraner, Chief Investment Officer of NexPoint, expressed confidence that Dr. Swain's expertise will support the company's long-term objectives as it focuses on multifamily properties with value-add potential in major U.S. cities.
NexPoint Residential Trust announced a quarterly dividend of $0.38 per share, payable on September 30, 2022, to stockholders recorded by September 15, 2022. This reflects the company's commitment to returning value to shareholders through regular dividends. NXRT focuses on acquiring and operating middle-income multifamily properties in major cities, particularly in the Southeastern and Southwestern United States.
NexPoint Residential Trust (NYSE:NXRT) reported a net loss of $(7.8) million for Q2 2022, compared to $(3.4) million in Q2 2021. Despite the loss, revenue reached $65.8 million, reflecting a 25% year-over-year increase. FFO was $17.6 million, up from $16.5 million in the previous year, while Core FFO grew to $20.3 million. Same Store properties saw significant increases in average effective rent (19.2%), total revenue (14.2%), and NOI (16.4%). The company paid a dividend of $0.38 per share and repurchased 69,567 shares at an average price of $73.82.
NexPoint Residential Trust, Inc. (NXRT) will host a conference call on July 26, 2022, at 11:00 a.m. ET to discuss its second quarter 2022 financial results. The call can be accessed by phone or through a live audio webcast on the company's website. A replay will be available for 60 days post-call. NXRT focuses on acquiring and operating middle-income multifamily properties in large metropolitan areas, predominantly in the Southeastern and Southwestern United States. A press release with the financial results will be issued prior to the market open on the same day.
NexPoint Diversified Real Estate Trust (NYSE: NXDT) announced the SEC's order effective July 1, 2022, allowing its transition to a diversified real estate investment trust (REIT). The Company, previously a closed-end investment company, expects enhanced liquidity and transparency in its shares under the NXDT ticker. Over the past decade, NXDT delivered a total return of 258.65%, focusing on prime real estate investments. The transition aims to unlock additional value for shareholders, supported by significant positions in Cityplace Tower and VineBrook Homes Trust, Inc.
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