Form 8-K - Current report

Share Name	Share Symbol	Market	Type
NexPoint Residential Trust Inc	NYSE:NXRT	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.33	-0.76%	43.23	44.00	42.1201	43.98	64,864	19:06:18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 30, 2024

NEXPOINT RESIDENTIAL TRUST, INC.

(Exact Name Of Registrant As Specified In Charter)

Maryland

001-36663

47-1881359

(State or Other Jurisdiction

of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

300 Crescent Court, Suite 700

Dallas, Texas 75201

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (214) 276-6300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	NXRT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing. In a press release dated July 30, 2024, NexPoint Residential Trust, Inc. (the “Company”) announced financial results for the Company’s second quarter ended June 30, 2024. The full text of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Exhibit Description

99.1		Press Release dated July 30, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


NEXPOINT RESIDENTIAL TRUST, INC.

By:		/s/ Brian Mitts
		Name: Brian Mitts
		Title: Chief Financial Officer, Executive VP-Finance, Secretary and Treasurer

Date: July 30, 2024

Exhibit 99.1

30 July 2024 | NYSE: NXRT

EARNINGS SUPPLEMENT: SECOND QUARTER 2024

LOGO

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS



Earnings Release		1

Cautionary Statement Regarding Forward-Looking Statements		3

Overview		4

Highlights of Recent Activity		5

Financial Summary		7

2024 Full Year Guidance		8

Components of Net Asset Value		9

Consolidated Balance Sheets		10

Consolidated Statements of Operations		11

NOI and Same Store NOI		12

Q2 Same Store Results		13

Q2 Same Store Properties Operating Metrics		15

QoQ Same Store Properties Operating Metrics		16

YTD Same Store Results		17

FFO, Core FFO and AFFO		19

Historical Capital Expenditures		20

Value-Add Program Details		21

Outstanding Debt Details		24

Debt Maturity Schedule		27

Historical Acquisition Details		28

Historical Disposition Details		29

Definitions and Reconciliations of Non-GAAP Measures		30

LOGO

BELLA VISTA APARTMENTS: PHOENIX, AZ

LOGO

EXTERIOR PAINT REFRESHED

LOGO

FULLY UPGRADED KITCHEN

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

LOGO

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS SECOND QUARTER 2024 RESULTS

NXRT Raises Full Year 2024 Guidance, Reports Net Income of $10.6 million, $39.25 million of Disposition Activity and $14.6 million of Share Repurchase Activity

Dallas, TX, July 30, 2024 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the second quarter ended June 30, 2024.

Highlights

●

NXRT¹ reported Net Income, FFO², Core FFO² and AFFO² of $10.6M, $16.3M, $17.9M and $20.9M, respectively, attributable to common stockholders for the quarter ended June 30, 2024, compared to Net Loss, FFO, Core FFO, and AFFO of $(4.0)M, $19.8M, $20.4M and $23.2M, respectively, attributable to common stockholders for the quarter ended June 30, 2023.

●

NXRT reported Net Income, FFO, Core FFO and AFFO of $36.9M, $35.3M, $37.5M and $43.5M, respectively, attributable to common stockholders for the six months ended June 30, 2024, compared to Net Loss, FFO, Core FFO, and AFFO of $(7.8)M, $39.1M, $39.0M and $44.2M, respectively, attributable to common stockholders for the six months ended June 30, 2023.

●

For the three months ended June 30, 2024, Q2 Same Store properties³, occupancy was flat, total revenue and NOI² increased 2.3% and 2.4%, respectively, and average effective rent decreased 1.0% over the prior year period.

●

For the six months ended June 30, 2024, YTD Same Store properties³, occupancy was flat, total revenue and NOI² increased 2.9% and 3.2%, respectively, and average effective rent decreased 1.0% over the prior year period.

●

During the second quarter 2024, the Company completed the sale of Radbourne Lake for a sales price of approximately $39.3 million, resulting in a gain on sale of real estate of $18.8 million.

●

During the second quarter 2024, the Company paid off the mortgage on Stone Creek at Old Farm of $15.3 million.

●

During the second quarter 2024, the Company repurchased and subsequently retired 438,678 shares at an average price of $33.19 per share, totaling approximately $14.6 million of its common stock.

●

NXRT paid a second quarter dividend of $0.46242 per share of common stock on June 28, 2024.

●

The weighted average effective monthly rent per unit across all 36 properties held as of June 30, 2024 (the “Portfolio”), consisting of 13,174⁴ units, was $1,517, while physical occupancy was 94.1%.

●

During the second quarter 2024, for the properties in our Portfolio, we completed 59 full and partial upgrades and leased 56 upgraded units, achieving an average monthly rent premium of $240 and a 20.1% ROI⁵.

●

Since inception, for the properties currently in our Portfolio, we have completed 8,271 full and partial upgrades, 4,659 kitchen and laundry appliances, and 11,389 technology packages, resulting in a $175, $48, and $43 average monthly rental increase per unit and a 20.8%, 62.0%, and 37.2% ROI, respectively.

1)	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 loss, see the “Definitions and Reconciliations of Non-GAAP Measures,” “FFO, Core FFO and AFFO” and “NOI and Same Store NOI” 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 35 properties encompassing 12,963 units of apartment space in our Same Store pool for the three months ended June 30, 2024 (our “Q2 Same Store” properties) and 35 properties encompassing 12,963 units of apartment space in our Same Store pool for the six months ended June 30, 2024 (our “YTD Same Store” properties). The same store unit count excludes 21 units that are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit).


NXRT.NEXPOINT.COM		Page 1

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

4)	Total units owned in our Portfolio is 13,174, however 21 units are currently down due to casualty events (Rockledge: 20 units, Bella Solara: 1 unit).

5)	We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of the total cost.

Second Quarter 2024 Financial Results

●

Total revenues were $64.2 million for the second quarter of 2024, compared to $69.6 million for the second quarter of 2023.

●

Net income for the second quarter of 2024 totaled $10.6 million, or income of $0.40 per diluted share, which included $24.4 million of depreciation and amortization expense. This compared to a net loss of $(4.0) million, or loss of $(0.15) per diluted share, for the second quarter of 2023, which included $23.9 million of depreciation and amortization expense.

●

The change in our net income of $10.6 million for the three months ended June 30, 2024 as compared to our net loss of $(4.0) million for the three months ended June 30, 2023 primarily relates to an increase in gain on sales of real estate of $18.7 million.

●

For the second quarter of 2024, NOI was $38.9 million on 36 properties, compared to $42.0 million for the second quarter of 2023 on 40 properties.

●

For the second quarter of 2024, Q2 Same Store NOI increased 2.4% to $38.4 million, compared to $37.5 million for the second quarter of 2023.

●

For the second quarter of 2024, FFO totaled $16.3 million, or $0.62 per diluted share, compared to $19.8 million, or $0.75 per diluted share, for the second quarter of 2023.

●

For the second quarter of 2024, Core FFO totaled $17.9 million, or $0.68 per diluted share, compared to $20.4 million, or $0.77 per diluted share, for the second quarter of 2023.

●

For the second quarter of 2024, AFFO totaled $20.9 million, or $0.80 per diluted share, compared to $23.2 million, or $0.88 per diluted share, for the second quarter of 2023.

2024 Year to Date Financial Results

●

Total revenues were $131.8 million for the six months ended June 30, 2024, compared to $138.8 million for the six months ended June 30, 2023.

●

Net income for the six months ended June 30, 2024 totaled $36.9 million, or income of $1.40 per diluted share, which included $48.8 million of depreciation and amortization expense. This compared to net loss of $(7.8) million, or loss of $(0.31) per diluted share, for the six months ended June 30, 2023, which included $47.1 million of depreciation and amortization expense.

●

The change in our net income of $37.0 million for the six months ended June 30, 2024 as compared to our net loss of $(7.9) million for the six months ended June 30, 2023 primarily relates to an increase in gain on sales of real estate of $50.4 million.

●

For the six months ended June 30, 2024, NOI was $80.0 million on 36 properties, compared to $83.1 million for the six months ended June 30, 2023 on 40 properties.

●

For the six months ended June 30, 2024, Same Store NOI increased 3.2% to $77.7 million, compared to $75.2 million for the six months ended June 30, 2023.

●

For the six months ended June 30, 2024, FFO totaled $35.3 million, or $1.34 per diluted share, compared to $39.1 million, or $1.49 per diluted share, for the six months ended June 30, 2023.

●

For the six months ended June 30, 2024, Core FFO totaled $37.5 million, or $1.43 per diluted share, compared to $39.0 million, or $1.49 per diluted share, for the six months ended June 30, 2023.

●

For the six months ended June 30, 2024, AFFO totaled $43.5 million, or $1.65 per diluted share, compared to $44.2 million, or $1.69 per diluted share, for the six months ended June 30, 2023.

NXRT Path to Growth: 2025-2027

●

The Company expects to refinance portfolio-level debt to current floating rate spreads, aiming to reduce the average SOFR spread from 158 bps to 100-110 bps. This reduction is estimated to provide a $0.15-$0.20 per share benefit annually through 2027, assuming all other factors remain constant. One significant added benefit to this refinancing initiative, beyond tightening credit spreads and extending maturities out another seven years, is to offset the expected impact of our interest rate swaps maturing over the next three years.


NXRT.NEXPOINT.COM		Page 2

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Second Quarter Earnings Conference Call

NXRT will host a conference call on Tuesday, July 30, 2024, at 11:00 a.m. ET (10:00 am CT), to discuss second quarter financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company’s website, https://nxrt.nexpoint.com (under “Resources”). An online replay will be available shortly after the call on the Company’s website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, August 13, 2024, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

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. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, nxrt.nexpoint.com, under the “Financials” 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,” “plan” 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, the NXRT Path to Growth: 2025-2027, forecasted submarket deliveries, NXRT’s guidance for financial results for the full year 2024, including net loss per diluted share, Core FFO per diluted share, same store rental income, same store total revenue, same store expense, same store NOI, and the related components and assumptions, including expected acquisitions and dispositions, expected same store pool, shares outstanding and same store growth projections, NXRT’s net asset value and the related components and assumptions, estimated value-add expenditures, debt payments and outstanding debt, net loss and NOI guidance for the third quarter and full year 2024 and the related assumptions, planned value-add programs, including rehab costs, rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets and acquisitions and dispositions. 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, including those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. 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.


NXRT.NEXPOINT.COM		Page 3

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC.: SECOND QUARTER 2024 OVERVIEW

Company Profile


(share counts in thousands)
Exchange/Ticker		NYSE: NXRT
Share Price (1)		$43.56
Insider Ownership(2)		14.08%
2024 Q3 Dividend Per Share		$0.46242
Dividend Yield (1)		4.25%
Shares Outstanding - basic (3)		25,540
Shares Outstanding - diluted (3)		26,309

(1)	As of the close of market trading on July 29, 2024.

(2)	As of the close of market trading on June 30, 2024.

(3)	Weighted average for the three months ended June 30, 2024.

Portfolio Composition by Market


Market		% of Units
Phoenix		15.2%
South Florida		15.0%
Dallas/Fort Worth		14.9%
Atlanta		12.7%
Nashville		10.2%
Orlando		8.9%
Las Vegas		8.8%
Raleigh		4.7%
Tampa		4.4%
Charlotte		3.8%
Houston		1.4%


Total		100.0%

LOGO


Revenue & Average Rent Per Unit				Stock Price Performance (Since Inception; 4/1/2015)


NXRT.NEXPOINT.COM		Page 4

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Recent Activity

COMPLETED DISPOSITION

Property Name

Location

Date of Sale

Sales Price

IRR

Multiple on
Invested
Capital

Net Cash
Proceeds
(1)

Radbourne Lake

Charlotte, NC

April 30, 2024

39,250

19.2%

3.64x

18,704

(1)	Net Cash Proceeds include sale price less debt paydown and closing costs.

3-YEAR CAGR:

Q2 YEAR-TO-DATE SAME STORE


Market	Dallas Fort- Woth	Atlanta	Nashville	Charlotte	Raleigh ⁽¹⁾	Tampa	Orlando	South Florida	Phoenix	Las Vegas	Total

Units	1,945	1,692	1,338	504	625	576	1,172	1,959	2,009	1,164	12,984

Revenue	3.1%	6.3%	3.3%	5.7%	3.3%	4.6%	4.9%	6.3%	6.0%	4.1%	5.0%

Expenses	2.6%	7.5%	2.3%	10.1%	8.8%	7.4%	4.5%	3.7%	6.4%	0.8%	4.6%
Net Operating Income	3.6%	5.6%	3.9%	3.4%	-0.1%	2.8%	5.1%	8.2%	5.8%	6.0%	5.3%

(1)	Raleigh real estate taxes account for ~33% of the total expenses due to the recent 4-year reassessment.

LOGO


NXRT.NEXPOINT.COM		Page 5

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES ⁽¹⁾


Market	Submarket	Property	NXRT Unit Exposure		2024 Q1 Inventory		2023 Deliveries		2024 Deliveries		2025 Deliveries		2026 Deliveries		3-year Deliveries		3-year % Growth
ATL	Southeast Marietta	Rockledge		708		14,105		-		-		-		-		-		0.0	%
ATL	Southeast Marietta	The Preserve at Terrell Mill		752		14,105		-		-		-		-		-		0.0	%
ATL	Sandy Springs	The Adair		232		20,205		-		142		144		-		286		1.4	%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman		264		7,779		216		914		2,001		-		2,915		37.5	%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews		240		11,749		395		438		697		-		1,135		9.7	%
DFW	East Fort Worth	The Venue at 8651		333		13,395		114		-		462		204		666		5.0	%
DFW	Far North Dallas	Versailles		388		30,216		-		897		-		-		897		3.0	%
DFW	Far North Dallas	Versailles II		242		30,216		-		897		-		-		897		3.0	%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge		210		33,888		52		13		608		164		785		2.3	%
DFW	Hurst/Euless/Bedford	Summers Landing		196		33,888		52		13		608		164		785		2.3	%
DFW	Oak Lawn/Park Cities	Atera		380		21,035		119		152		656		452		1,260		6.0	%
DFW	Richardson	Cutters Point		196		19,829		-		985		110		-		1,095		5.5	%
HOU	Westchase	Stone Creek at Old Farm		190		29,899		165		193		28		-		221		0.7	%
LSV	Northwest Las Vegas	Bella Solara		320		21,172		775		998		882		38		1,918		9.1	%
LSV	Northwest Las Vegas	Bloom		528		21,172		775		998		882		38		1,918		9.1	%
LSV	Southwest Las Vegas	Torreyana		316		20,491		905		1,611		719		-		2,330		11.4	%
NASH	East Nashville	Residences at Glenview Reserve		360		14,418		102		915		727		-		1,642		11.4	%
NASH	South Nashville	Arbors of Brentwood		346		17,445		840		622		295		-		917		5.3	%
NASH	South Nashville	Brandywine		632		17,445		840		622		295		-		917		5.3	%
ORL	East Orlando	The Cornerstone		430		22,111		325		563		424		210		1,197		5.4	%
ORL	Northwest Orlando	Residences at West Place		342		17,202		276		309		593		257		1,159		6.7	%
ORL	South Orange County	Sabal Palm at Lake Buena Vista		400		33,072		193		348		-		-		348		1.1	%
PHX	Chandler	Fairways at San Marcos		352		25,870		850		744		606		-		1,350		5.2	%
PHX	North Central Phoenix	Heritage		204		26,405		770		971		517		-		1,488		5.6	%
PHX	North Central Phoenix	The Venue on Camelback		415		26,405		770		971		517		-		1,488		5.6	%
PHX	Northeast Phoenix	Bella Vista		248		22,033		44		965		93		-		1,058		4.8	%
PHX	South Tempe	Enclave		204		17,870		259		144		-		-		144		0.8	%
PHX	Southwest Mesa	Madera Point		256		18,162		276		193		65		-		258		1.4	%
PHX	West Phoenix	Estates on Maryland		330		15,570		-		-		-		-		-		0.0	%
RDU	Far North Raleigh	Six Forks Station		323		12,477		1,336		1,037		473		-		1,510		12.1	%
RDU	North Cary/Morrisville	High House at Cary		302		21,372		774		2,159		50		-		2,209		10.3	%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines		1,520		26,127		386		740		112		-		852		3.3	%
SFL	West Palm Beach	Parc500		217		33,240		1,282		1,924		408		321		2,653		8.0	%
SFL	West Palm Beach	Seasons 704		222		33,240		1,282		1,924		408		321		2,653		8.0	%
TPA	Egypt Lake/Lowry Park	Courtney Cove		324		12,846		-		-		245		-		245		1.9	%
TPA	Temple Terrace	The Summit at Sabal Park		252		16,002		132		409		474		36		919		5.7	%
Totals/Averages		Total		13,174		566,086		10,421		18,386		11,389		1,682		31,457		5.6	%

(1)	Source: 2024 RealPage, Inc.; Data as of July 2024


NXRT.NEXPOINT.COM		Page 6

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary


	Q2 2024			Q2 2023			YTD 2024			YTD 2023
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization (as of the last day of the period)	$	1,004,000		$	1,168,000
Share Price (as of the last day of the period)	$	39.51		$	45.48
Weighted average common shares outstanding - basic		25,540			25,667			25,630			25,633
Weighted average common shares outstanding - diluted		26,309			25,667			26,331			25,633

Earnings Profile
Total revenues	$	64,238		$	69,569		$	131,815		$	138,796
Net income (loss) attributable to common stockholders		10,596			(3,953	)		36,894			(7,836	)
NOI (1)		38,867			41,969			79,958			83,099
Same Store NOI (2)		38,442			37,532			77,660			75,222
Same Store NOI Growth (%) (2)		2.4	%					3.2	%

Earnings Metrics Per Common Share (diluted basis)
Earnings	$	0.40		$	(0.15	)	$	1.40		$	(0.31	)
FFO (1)	$	0.62		$	0.75		$	1.34		$	1.49
Core FFO (1)	$	0.68		$	0.77		$	1.43		$	1.49
AFFO (1)	$	0.80		$	0.88		$	1.65		$	1.69
Dividends declared per common share	$	0.46		$	0.42		$	0.92		$	0.84
Net Income (Loss) Coverage (3)		0.87x			-0.36x			1.51x			-0.37x
FFO Coverage (3)		1.34x			1.79x			1.45x			1.77x
Core FFO Coverage (3)		1.47x			1.84x			1.55x			1.77x
AFFO Coverage (3)		1.72x			2.10x			1.78x			2.01x

Portfolio
Total Properties		36			40
Total Units (4)		13,174			15,127
Occupancy		94.1	%		93.9	%
Average Effective Monthly Rent per Unit	$	1,517		$	1,497

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35			35			35
Total Same Store Units		12,963			12,909			12,963			12,909
Occupancy		94.1	%		94.1	%		94.1	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,520		$	1,535		$	1,520		$	1,535

Value-Add Program
Completed Rehab Units		113			667			240			1,357
Cumulative Completed Rehab Units (5)		8,271
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	175
ROI on Post-Rehab Units		20.8	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,462,935		$	1,621,563
Credit Facilities		—			57,000

Total Debt Outstanding	$	1,462,935		$	1,678,563

Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		59	%		59	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		59	%		59	%

(1)	For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2)	We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. For additional information regarding our Q2 and YTD Same Store properties, see the “Q2 Same Store Results” and “YTD Same Store Results” section of this release.

(3)	Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4)	Total units owned is 13,174, however 21 units are currently excluded due to fire and water damage.

(5)	Inclusive of all full and partial interior upgrades completed through June 30, 2024. Cumulative results exclude rehabs completed for properties sold through June 30, 2024.

(6)	For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.


NXRT.NEXPOINT.COM		Page 7

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2024 Full Year Guidance Summary

NXRT is revising guidance ranges for loss per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):


	Guidance Range (1)
	Low-End			Mid-Point			High-End			Prior Mid-Point
Earnings (loss) per diluted share (2)	$	(1.22	)	$	(1.15	)	$	(1.08	)	$	0.72
Core FFO per diluted share (2) (3)	$	2.66		$	2.72		$	2.79		$	2.72

Same Store Growth: (4)
Rental Income		1.7	%		2.1	%		2.6	%		2.3	%
Total Revenue		1.3	%		1.7	%		2.2	%		2.0	%
Total Expenses (5)		4.4	%		3.7	%		3.0	%		5.1	%
Same Store NOI (3)		-0.6	%		0.5	%		1.6	%		0.0	%

Other Considerations: (5)
Acquisitions	$	—		$	50.0		$	100.0		$	100.0
Dispositions	$	150.0		$	175.0		$	200.0		$	225.0

(1)	Full Year 2024 guidance forecast includes Same Store growth projections presented above, which takes into effect the held for sale property of Stone Creek at Old Farm, thereby removing the asset from the Full Year 2024 expected Same Store pool.

(2)	Weighted average diluted share count estimate for full year 2024 is approximately 26.2 million. The change in the full year expected weighted average diluted share count is attributable to a reduction in expected share buybacks for the full year 2024.

(3)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2024 Same Store NOI and Core FFO guidance to net loss guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(4)	Year-over-year growth for the Full Year 2024 expected Same Store pool (35 properties).

(5)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the loss per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2024 financial and earnings guidance is included in the following sections of this release.


NXRT.NEXPOINT.COM		Page 8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)


REAL ESTATE BY MARKET VALUE		NAV SUMMARY


Property	NOI	Cap Rate Range (1)		Value Range (2)				Component	Min	Max
Market	Contribution	Min	Max	Min		Max		Tangible Assets

Texas								Real Estate (2)	$ 2,663,332	$2,982,345
Dallas/Fort Worth	10.7%	5.25%	5.75%	$	284,385	$	318,459	Cash	21,262
Houston	0.9%	5.50%	6.00%		24,152		26,939	Restricted Cash - Renovation Reserves (4)	4,219
								Renovation Expenditures (4)	(4,219)
North Carolina								Cash Adjustments (5)	(320)
Raleigh	4.1%	5.25%	5.75%		110,471		123,708	Fair Market Value of Interest Rate Swaps	66,225
Charlotte	3.8%	5.25%	5.75%		101,501		113,662	Other Assets	51,781

								Value of Assets	$ 2,802,280	$ 3,121,293

Georgia
Atlanta	12.0%	5.25%	5.75%		319,335		357,598	Tangible Liabilities
								Credit Facility (6)	$0
Tennessee								Mortgage Debt	1,462,935
Nashville	9.3%	5.25%	5.75%		247,023		276,621	Total Outstanding Debt	1,462,935
								Forward 12-month Principal Payments (5)	(320)
Florida								Total Outstanding Debt (FY 2024 Est.)	1,462,615
Orlando	8.8%	5.25%	5.75%		235,730		263,975	Other Tangible Liabilities (at Book)	37,541

Tampa	3.7%	5.25%	5.75%		98,064		109,815	Value of Liabilities	$1,500,156

South Florida	20.5%	5.25%	5.75%		545,566		610,935	Net Leverage (mid-point)	51%

								Net Asset Value	$ 1,302,124	$ 1,621,137

Nevada								Shares outstanding - diluted (as of June 30, 2024)	26,161

Las Vegas	8.9%	5.25%	5.75%		237,537		265,999	Est. NAV / Share	$ 49.77	$ 61.97

								NAV / Share (mid-point)	$55.87
Arizona
Phoenix	17.2%	5.25%	5.75%		459,568		514,634

Total / Avg	100.0%	5.25%	5.75%	$	2,663,332	$	2,982,345


NOI ESTIMATE		IMPLIED VAUE VALUATION METRICS

Q1 2024 NOI Actual

41,089

Min

Max

Q2 2024 NOI Actual

38,867

Implied Real Estate Value

$2,663,332

$2,982,345

Low

High

No. of Units (June 30, 2024) (2)

13,174

Estimated Q3 2024 NOI Guidance (3)

37,334

38,667

Implied Value/Apartment Unit

$ 202.2

$ 226.4

2024 NOI Guidance (3)

153,202

$ 156,640

Implied Value/Apartment Unit (mid-point)

$214.3

(1)	Management estimates based on independent third-party review of our properties.

(2)	Estimated value ranges are presented for the existing portfolio (36 properties as of June 30, 2024).

(3)	The Company anticipates net loss will be in the range between approximately $32.0 million and $28.4 million for the full year 2024 and between $9.4 million and $7.9 million for the third quarter of 2024. FY 2024 NOI Guidance considers a commensurate volume of capital recycling.

(4)	Includes approximately $4.2 million that is held for value-add upgrades; reduced by $4.2 million for estimated 2024 rehab expenditures.

(5)	Includes approximately $0.3 million in forward 12-month principal payments.

(6)	Includes outstanding balance as of June 30, 2024.


NXRT.NEXPOINT.COM		Page 9

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	June 30, 2024			December 31, 2023
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	359,819
Buildings and improvements		1,729,021			1,719,864
Construction in progress		5,197			8,322
Furniture, fixtures, and equipment		190,879			180,435

Total Gross Operating Real Estate Investments		2,284,916			2,268,440
Accumulated depreciation and amortization		(459,854	)		(411,087	)

Total Net Operating Real Estate Investments		1,825,062			1,857,353
Real estate held for sale, net of accumulated depreciation of $4,624 and $31,871, respectively		20,173			110,747

Total Net Real Estate Investments		1,845,235			1,968,100
Cash and cash equivalents		21,262			12,367
Restricted cash		33,385			32,912
Accounts receivable, net		11,508			14,598
Prepaid and other assets		11,107			8,640
Fair value of interest rate swaps		66,225			71,028

TOTAL ASSETS	$	1,988,722		$	2,107,645


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgages payable, net	$	1,454,418		$	1,453,787
Mortgages payable held for sale, net		—			88,044
Credit facility, net		—			23,243
Accounts payable and other accrued liabilities		10,826			17,140
Accrued real estate taxes payable		13,615			11,230
Accrued interest payable		8,603			9,399
Security deposit liability		3,004			3,159
Prepaid rents		1,493			1,773

Total Liabilities		1,491,959			1,607,775

Redeemable noncontrolling interests in the Operating Partnership		5,618			5,246

Stockholders’ Equity:
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued		—			—
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,403,537 and 25,674,313 shares issued and outstanding, respectively		254			256
Additional paid-in capital		402,117			413,010
Accumulated earnings less dividends		23,695			11,493
Accumulated other comprehensive income		65,079			69,865

Total Stockholders’ Equity		491,145			494,624

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,988,722		$	2,107,645


NXRT.NEXPOINT.COM		Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Revenues
Rental income	$	62,383		$	67,810		$	127,981		$	135,347
Other income		1,855			1,759			3,834			3,449

Total revenues		64,238			69,569			131,815			138,796

Expenses
Property operating expenses		13,776			15,492			27,544			28,758
Real estate taxes and insurance		8,188			9,334			17,500			19,354
Property management fees (1)		1,872			2,031			3,830			4,058
Advisory and administrative fees (2)		1,734			1,927			3,477			3,816
Corporate general and administrative expenses		4,779			4,624			9,689			7,991
Property general and administrative expenses		2,651			2,242			4,932			4,512
Depreciation and amortization		24,442			23,872			48,765			47,138

Total expenses		57,442			59,522			115,737			115,627

Operating income before gain on sales of real estate		6,796			10,047			16,078			23,169
Gain on sales of real estate (3)		18,686			—			50,395			—

Operating income		25,482			10,047			66,473			23,169
Interest expense		(13,971	)		(14,524	)		(28,362	)		(31,263	)
Gain (loss) on extinguishment of debt and modification costs		(255	)		—			(801	)		122
Casualty loss		(737	)		(66	)		(538	)		(880	)
Gain on forfeited deposits		—			250			—			250
Equity in earnings of affiliate		53			—			91			—
Miscellaneous income		66			325			177			736

Net income (loss)		10,638			(3,968	)		37,040			(7,866	)
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		42			(15	)		146			(30	)

Net income (loss) attributable to common stockholders	$	10,596		$	(3,953	)	$	36,894		$	(7,836	)

Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(7,488	)		13,130			(4,805	)		(4,076	)

Total comprehensive income (loss)		3,150			9,162			32,235			(11,942	)
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership		12			35			127			(45	)

Comprehensive income (loss) attributable to common stockholders	$	3,138		$	9,127		$	32,108		$	(11,897	)


Weighted average common shares outstanding - basic		25,540			25,677			25,630			25,633

Weighted average common shares outstanding - diluted		26,309			25,677			26,331			25,633


Earnings (loss) per share - basic	$	0.41		$	(0.15	)	$	1.44		$	(0.31	)

Earnings (loss) per share - diluted	$	0.40		$	(0.15	)	$	1.40		$	(0.31	)

(1)	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Operating Partnership (the “OP”).

(2)	Fees incurred to the Company’s adviser.

(3)	$31.5 million with a related party for the six months ended June 30, 2024.


NXRT.NEXPOINT.COM		Page 11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 for the three and six months ended June 30, 2024 and 2023 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


			For the Three Months Ended June 30,						For the Six Months Ended June 30,
			2024			2023			2024			2023
Net income (loss)			$	10,638		$	(3,968	)	$	37,040		$	(7,866	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees				1,734			1,927			3,477			3,816
Corporate general and administrative expenses				4,779			4,624			9,689			7,991
Corporate income				(516	)		—			(812	)		—
Casualty-related expenses/(recoveries)	(1)			232			398			267			(1,308	)
Casualty loss				737			66			538			880
Gain on forfeited deposits				—			(250	)		—			(250	)
Property general and administrative expenses	(2)			1,334			776			2,317			1,557
Depreciation and amortization				24,442			23,872			48,765			47,138
Interest expense				13,971			14,524			28,362			31,263
Equity in earnings of affiliate				(53	)		—			(91	)		—
Loss (gain) on extinguishment of debt and modification costs				255			—			801			(122	)
Gain on sales of real estate	(3	)		(18,686	)		—			(50,395	)		—

NOI			$	38,867		$	41,969		$	79,958		$	83,099


Less Non-Same Store
Revenues				(818	)		(8,049	)		(4,702	)		(16,092	)
Operating expenses				393			3,678			2,407			8,339
Operating income				—			(66	)		(3	)		(124	)

Same Store NOI			$	38,442		$	37,532		$	77,660		$	75,222

(1)	Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(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, centralized leasing service and franchise tax fees.

(3)	$31.5 million with a related party for the six months ended June 30, 2024.


NXRT.NEXPOINT.COM		Page 12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q2 Same Store Results of Operations for the Three Months Ended June 30, 2024 and 2023

There are 35 properties encompassing 12,963 units of apartment space, or approximately 98% of our Portfolio, in our same store pool for the three months ended June 30, 2024 and 2023 (our “Q2 Same Store” properties). Our Q2 Same Store properties exclude the following one property in our Portfolio as of June 30, 2024: Stone Creek at Old Farm, as well as the 21 units mentioned on page 2 that are currently down.

As of June 30, 2024, our Q2 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520, year-over-year flat and a decrease of $15, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended June 30, 2024 and 2023 for our Q2 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended June 30,
	2024			2023		$ Change			% Change
Revenues
Same Store
Rental income	$	61,615		$	60,069	$	1,546			2.6	%
Other income		1,290			1,451		(161	)		-11.1	%

Same Store revenues		62,905			61,520		1,385			2.3	%
Non-Same Store
Rental income		768			7,741		(6,973	)		N/M
Other income		50			308		(258	)		N/M

Non-Same Store revenues		818			8,049		(7,231	)		N/M

Total revenues		63,723			69,569		(5,846	)		-8.4	%


Operating expenses
Same Store
Property operating expenses (1)		13,150			13,005		145			1.1	%
Real estate taxes and insurance		8,281			8,225		56			0.7	%
Property management fees (2)		1,831			1,783		48			2.7	%
Property general and administrative expenses (3)		1,267			1,234		33			2.7	%

Same Store operating expenses		24,529			24,247		282			1.2	%
Non-Same Store
Property operating expenses (4)		395			2,089		(1,694	)		N/M
Real estate taxes and insurance		(93	)		1,109		(1,202	)		N/M
Property management fees (2)		41			248		(207	)		N/M
Property general and administrative expenses (5)		50			232		(182	)		N/M

Non-Same Store operating expenses		393			3,678		(3,285	)		N/M

Total operating expenses		24,922			27,925		(3,003	)		-10.8	%


Operating income
Same Store
Miscellaneous income		66			259		(193	)		N/M
Non-Same Store
Miscellaneous income		—			66		(66	)		N/M

Total operating income		66			325		(259	)		-79.7	%


NOI
Same Store		38,442			37,532		910			2.4	%
Non-Same Store		425			4,437		(4,012	)		N/M

Total NOI (6)	$	38,867		$	41,969	$	(3,102	)		-7.4	%

(1)	For the three months ended June 30, 2024 and 2023, excludes approximately $231,000 and $360,000, respectively, of casualty-related expenses.

(2)	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

(3)

For the three months ended June 30, 2024 and 2023, excludes approximately $1,151,000 and $664,000, respectively, of 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, centralized leasing service and franchise tax fees.

(4)	For the three months ended June 30, 2024 and 2023, excludes approximately $0 and $38,000, respectively, of casualty-related expenses.


NXRT.NEXPOINT.COM		Page 13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(5)

For the three months ended June 30, 2024 and 2023, excludes approximately $183,000 and $112,000, respectively, of 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, centralized leasing service and franchise tax fees.

(6)	For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q2 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended June 30, 2024 and 2023 (dollars in thousands, except for per unit data):


	Q2 2024			Q2 2023			% Change
Same Store Total Units		12,963			12,909
Same Store Occupied Units		12,193			12,143
Same Store Ending Occupancy		94.1	%		94.1	%		0.0	%
Same Store Average Rent per Unit	$	1,520		$	1,535			-1.0	%

Same Store Revenues
Same Store Rental Income	$	61,615		$	60,069			2.6	%
Same Store Other Income		1,290			1,451			-11.1	%

Total Same Store Revenues		62,905			61,520			2.3	%

Same Store Operating Expenses
Payroll		4,945			4,984			-0.8	%
Repairs & Maintenance		5,473			5,430			0.8	%
Utilities		2,732			2,591			5.4	%
Real Estate Taxes		6,680			6,792			-1.6	%
Insurance		1,601			1,433			11.7	%
Property Management Fees		1,831			1,783			2.7	%
Office Operations		920			868			6.0	%
Marketing		347			366			-5.2	%

Total Same Store Operating Expenses		24,529			24,247			1.2	%

Same Store Operating Income
Miscellaneous income		66			259			-74.5	%

Total Same Store Operating Income		66			259			-74.5	%


Q2 Same Store NOI	$	38,442		$	37,532			2.4	%


NXRT.NEXPOINT.COM		Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q2 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent							Occupancy					Total Rental Income
	Total		Q2 2024		Q2 2023		% Change			Q2 2024		Q2 2023		bps Δ	Q2 2024		Q2 2023		% Change
Texas
Dallas		1,945		$1,261		$1,292		-2.4	%		93.5%		93.4%	10		$7,884		$7,919		-0.4	%
Average/Total		1,945		1,261		1,292		-2.4	%		93.5%		93.4%	10		7,884		7,919		-0.4	%

North Carolina
Charlotte		504		1,388		1,377		0.8	%		93.8%		95.0%	-120		2,287		2,177		5.1	%
Raleigh/Durham		625		1,432		1,457		-1.7	%		94.6%		93.3%	130		2,686		2,625		2.3	%
Average/Total		1,129		1,412		1,421		-0.6	%		94.2%		94.1%	10		4,973		4,802		3.6	%

Georgia
Atlanta		1,672		1,500		1,524		-1.6	%		93.9%		91.1%	280		7,486		7,021		6.6	%
Average/Total		1,672		1,500		1,524		-1.6	%		93.9%		91.1%	280		7,486		7,021		6.6	%

Tennessee
Nashville		1,338		1,297		1,334		-2.8	%		94.4%		94.0%	40		5,615		5,547		1.2	%
Average/Total		1,338		1,297		1,334		-2.8	%		94.4%		94.0%	40		5,615		5,547		1.2	%

Florida
Orlando		1,172		1,584		1,615		-1.9	%		94.5%		93.8%	70		5,707		5,659		0.8	%
Tampa		576		1,385		1,464		-5.4	%		92.7%		92.7%	0		2,465		2,528		-2.5	%
South Florida		1,959		2,131		2,058		3.5	%		95.2%		96.8%	-160		12,888		12,364		4.2	%
Average/Total		3,707		1,842		1,826		0.9	%		94.6%		95.2%	-60		21,060		20,551		2.5	%

Arizona
Phoenix		2,009		1,481		1,495		-0.9	%		93.5%		95.6%	-210		9,469		9,534		-0.7	%
Average/Total		2,009		1,481		1,495		-0.9	%		93.5%		95.6%	-210		9,469		9,534		-0.7	%

Nevada
Las Vegas		1,163		1,368		1,400		-2.3	%		94.1%		93.2%	90		5,128		4,695		9.2	%
Average/Total		1,163		1,368		1,400		-2.3	%		94.1%		93.2%	90		5,128		4,695		9.2	%

Average/Total		12,963		$1,520		$1,535		-1.0	%		94.1%		94.1%	0		$61,615		$60,069		2.6	%

(1)	This table only includes the 35 properties in our Q2 Same Store pool.


NXRT.NEXPOINT.COM		Page 15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent							Occupancy					Total Rental Income
	Total		Q2 2024		Q1 2024		% Change			Q2 2024		Q1 2024		bps Δ	Q2 2024		Q1 2024		% Change
Texas
Dallas		1,945		$1,261		$1,273		-0.9	%		93.5%		92.9%	60		$7,884		$7,932		-0.6	%
Average/Total		1,945		1,261		1,273		-0.9	%		93.5%		92.9%	60		7,884		7,932		-0.6	%

North Carolina
Charlotte		504		1,388		1,392		-0.3	%		93.8%		96.0%	-220		2,287		2,322		-1.5	%
Raleigh/Durham		625		1,432		1,451		-1.3	%		94.6%		92.8%	180		2,686		2,656		1.1	%
Average/Total		1,129		1,412		1,425		-0.9	%		94.2%		94.2%	0		4,973		4,978		-0.1	%

Georgia
Atlanta		1,672		1,500		1,479		1.4	%		93.9%		96.1%	-220		7,486		7,697		-2.7	%
Average/Total		1,672		1,500		1,479		1.4	%		93.9%		96.1%	-220		7,486		7,697		-2.7	%

Tennessee
Nashville		1,338		1,297		1,290		0.5	%		94.4%		95.3%	-90		5,615		5,585		0.5	%
Average/Total		1,338		1,297		1,290		0.5	%		94.4%		95.3%	-90		5,615		5,585		0.5	%

Florida
Orlando		1,172		1,584		1,582		0.1	%		94.5%		94.7%	-20		5,707		5,713		-0.1	%
Tampa		576		1,385		1,388		-0.2	%		92.7%		94.3%	-160		2,465		2,517		-2.1	%
South Florida		1,959		2,131		2,109		1.0	%		95.2%		95.2%	0		12,888		12,923		-0.3	%
Average/Total		3,707		1,842		1,830		0.7	%		94.6%		94.9%	-30		21,060		21,153		-0.4	%

Arizona
Phoenix		2,009		1,481		1,479		0.1	%		93.5%		95.2%	-170		9,471		9,574		-1.1	%
Average/Total		2,009		1,481		1,479		0.1	%		93.5%		95.2%	-170		9,471		9,574		-1.1	%

Nevada
Las Vegas		1,163		1,368		1,349		1.4	%		94.1%		94.7%	-60		5,126		4,993		2.7	%
Average/Total		1,163		1,368		1,349		1.4	%		94.1%		94.7%	-60		5,126		4,993		2.7	%

Average/Total		12,963		$1,520		$1,514		0.4	%		94.1%		94.7%	-60		$61,615		$61,912		-0.5	%

(1)	This table only includes the 35 properties in our Q2 Same Store pool.


NXRT.NEXPOINT.COM		Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

YTD Same Store Results of Operations for the Six Months Ended June 30, 2024 and 2023

There are 35 properties encompassing 12,963 units of apartment space, or approximately 98% of our Portfolio, in our same store pool for the six months ended June 30, 2024 and 2023 (our “YTD Same Store” properties). Our YTD Same Store properties exclude the following one property in our Portfolio as of June 30, 2024: Stone Creek at Old Farm, as well as the 21 units mentioned on page 2 that are currently down.

As of June 30, 2024, our YTD Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,520, year-over-year flat and a decrease of $15, respectively.

The following table reflects the revenues, property operating expenses and NOI for the six months ended June 30, 2024 and 2023 for our YTD Same Store and Non-Same Store properties (dollars in thousands):


	For the Six Months Ended June 30,
	2024		2023		$ Change			% Change
Revenues
Same Store
Rental income	$	123,526	$	119,829	$	3,697			3.1	%
Other income		2,776		2,875		(99	)		-3.4	%

Same Store revenues		126,302		122,704		3,598			2.9	%
Non-Same Store
Rental income		4,455		15,518		(11,063	)		N/M
Other income		247		574		(327	)		N/M

Non-Same Store revenues		4,702		16,092		(11,390	)		N/M

Total revenues		131,004		138,796		(7,792	)		-5.6	%


Operating expenses
Same Store
Property operating expenses (1)		25,854		25,599		255			1.0	%
Real estate taxes and insurance		16,837		16,463		374			2.3	%
Property management fees (2)		3,653		3,561		92			2.6	%
Property general and administrative expenses (3)		2,472		2,471		1			0.0	%

Same Store operating expenses		48,816		48,094		722			1.5	%
Non-Same Store
Property operating expenses (4)		1,424		4,468		(3,044	)		N/M
Real estate taxes and insurance		663		2,891		(2,228	)		N/M
Property management fees (2)		177		497		(320	)		N/M
Property general and administrative expenses (5)		143		483		(340	)		N/M

Non-Same Store operating expenses		2,407		8,339		(5,932	)		N/M

Total operating expenses		51,223		56,433		(5,210	)		-9.2	%


Operating income
Same Store
Miscellaneous income		174		612		(438	)		N/M
Non-Same Store
Miscellaneous income		3		124		(121	)		N/M

Total operating income		177		736		(559	)		-76.0	%


NOI
Same Store		77,660		75,222		2,438			3.2	%
Non-Same Store		2,298		7,877		(5,579	)		N/M

Total NOI (6)	$	79,958	$	83,099	$	(3,141	)		-3.8	%

(1)	For the six months ended June 30, 2024 and 2023, excludes approximately $263,000 and $(1,495,000), respectively, of casualty-related expenses/(recoveries).

(2)	Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.


NXRT.NEXPOINT.COM		Page 17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3)

For the six months ended June 30, 2024 and 2023, excludes approximately $2,064,000 and $1,301,000, respectively, of 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, centralized leasing service and franchise tax fees.

(4)	For the six months ended June 30, 2024 and 2023, excludes approximately $3,000 and $186,000, respectively, of casualty-related expenses.

(5)

For the six months ended June 30, 2024 and 2023, excludes approximately $253,000 and $257,000, respectively, of 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, centralized leasing service and franchise tax fees.

(6)	For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the six months ended June 30, 2024 and 2023 (dollars in thousands, except for per unit data):


	YTD 2024			YTD 2023			% Change
Same Store Total Units		12,963			12,909
Same Store Occupied Units		12,193			12,143
Same Store Ending Occupancy		94.1	%		94.1	%		0.0	%
Same Store Average Rent per Unit	$	1,520		$	1,535			-1.0	%

Same Store Revenues
Same Store Rental Income	$	123,526		$	119,829			3.1	%
Same Store Other Income		2,776			2,875			-3.4	%

Total Same Store Revenues		126,302			122,704			2.9	%

Same Store Operating Expenses
Payroll		9,814			10,178			-3.6	%
Repairs & Maintenance		10,474			10,306			1.6	%
Utilities		5,566			5,115			8.8	%
Real Estate Taxes		13,801			13,651			1.1	%
Insurance		3,036			2,812			8.0	%
Property Management Fees		3,653			3,561			2.6	%
Office Operations		1,811			1,761			2.8	%
Marketing		661			710			-6.9	%

Total Same Store Operating Expenses		48,816			48,094			1.5	%

Same Store Operating Income
Miscellaneous income		174			612			-71.6	%

Total Same Store Operating Income		174			612			-71.6	%


YTD Same Store NOI	$	77,660		$	75,222			3.2	%


NXRT.NEXPOINT.COM		Page 18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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 three and six months ended June 30, 2024 and 2023 (in thousands, except per share amounts):


			For the Three Months Ended June 30,						For the Six Months Ended June 30,
			2024			2023			2024			2023			% Change
Net income (loss)			$	10,638		$	(3,968	)	$	37,040		$	(7,866	)		N/M
Depreciation and amortization				24,442			23,872			48,765			47,138			3.5	%
Gain on sales of real estate	(1	)		(18,686	)		—			(50,395	)		—			0.0	%
Adjustment for noncontrolling interests				(64	)		(76	)		(139	)		(149	)		-6.7	%

FFO attributable to common stockholders				16,330			19,828			35,271			39,123			-9.8	%


FFO per share - basic			$	0.64		$	0.77		$	1.38		$	1.53			-9.8	%

FFO per share - diluted			$	0.62		$	0.75		$	1.34		$	1.49			-10.1	%


Loss (gain) on extinguishment of debt and modification costs				255			—			801			(122	)		N/M
Casualty-related expenses/(recoveries)				232			398			267			(1,308	)		N/M
Casualty loss				737			66			538			880			-38.9	%
Gain on forfeited deposits				—			(250	)		—			(250	)		N/M
Amortization of deferred financing costs - acquisition term notes				331			331			661			661			0.0	%
Adjustment for noncontrolling interests				(6	)		(3	)		(9	)		(1	)		N/M

Core FFO attributable to common stockholders				17,879			20,370			37,529			38,983			-3.7	%


Core FFO per share - basic			$	0.70		$	0.79		$	1.46		$	1.52			-3.9	%

Core FFO per share - diluted			$	0.68		$	0.77		$	1.43		$	1.49			-4.0	%


Amortization of deferred financing costs - long term debt				372			377			759			814			-6.8	%
Equity-based compensation expense				2,684			2,495			5,231			4,461			17.3	%
Adjustment for noncontrolling interests				(12	)		(10	)		(24	)		(20	)		20.0	%

AFFO attributable to common stockholders				20,923			23,232			43,495			44,238			-1.7	%


AFFO per share - basic			$	0.82		$	0.91		$	1.70		$	1.73			-1.7	%

AFFO per share - diluted			$	0.80		$	0.88		$	1.65		$	1.69			-2.4	%


Weighted average common shares outstanding - basic				25,540			25,667			25,630			25,633			0.0	%

Weighted average common shares outstanding - diluted	(2	)		26,309			26,304			26,331			26,190			0.5	%


Dividends declared per common share			$	0.46242		$	0.42		$	0.92484		$	0.84			10.1	%

Net income (loss) Coverage - diluted	(3	)		0.87x			-0.36x			1.51x			-0.37x			510.2	%
FFO Coverage - diluted	(3	)		1.34x			1.79x			1.45x			1.77x			-18.3	%
Core FFO Coverage - diluted	(3	)		1.47x			1.84x			1.55x			1.77x			-12.8	%
AFFO Coverage - diluted	(3	)		1.72x			2.10x			1.78x			2.01x			-11.3	%

(1)	$31.5 million with a related party for the six months ended June 30, 2024.

(2)	The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(3)	Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.


NXRT.NEXPOINT.COM		Page 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures


	Q2 2024		Q2 2023		% Change			YTD 2024		YTD 2023		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures		—		—		N/A			—		—		N/A

Capitalized Rehab Expenditures
Interior		1,063		7,344		-85.5	%		2,794		14,652		-80.9	%
Exterior and common area		889		4,578		-80.6	%		1,363		8,585		-84.1	%

Capitalized Maintenance Expenditures
Recurring		1,610		3,540		-54.5	%		4,529		6,220		-27.2	%
Non-Recurring		2,572		3,418		-24.8	%		4,348		5,712		-23.9	%


Total Capital Expenditures	$	6,134	$	18,880		-67.5	%	$	13,034	$	35,169		-62.9	%

LOGO


NXRT.NEXPOINT.COM		Page 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Interiors (Full & Partials)


Property Name (1)	Units		Rehab Units Completed (2)		Average Rent Pre-Rehab		Average Rent Post-Rehab		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change%			ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		163	$	1,220	$	1,436	$	10,179		17.7	%		25.5	%
Arbors on Forest Ridge		210		181		815		918		4,393		12.5	%		27.9	%
Atera Apartments		380		233		1,207		1,356		3,420		12.4	%		52.5	%
Avant at Pembroke Pines		1,520		664		1,845		2,100		17,673		13.8	%		17.3	%
Bella Solara		320		129		1,284		1,446		11,232		12.6	%		17.3	%
Bella Vista		248		204		1,466		1,608		10,516		9.7	%		16.2	%
Bloom		528		161		1,239		1,402		14,115		13.2	%		13.9	%
Brandywine I & II		632		554		1,034		1,219		10,766		17.9	%		20.6	%
Courtney Cove		324		300		1,000		1,113		4,974		11.3	%		27.1	%
Creekside at Matthews		240		83		1,316		1,517		12,455		15.3	%		19.4	%
Cutter’s Point		196		158		1,004		1,133		6,732		12.9	%		23.0	%
Estates on Maryland		330		109		1,285		1,474		13,332		14.7	%		17.0	%
Fairways of San Marcos		352		146		1,510		1,701		13,667		12.7	%		16.8	%
High House at Cary		302		115		1,331		1,602		13,517		20.4	%		24.1	%
Madera Point		256		262		871		983		4,535		12.8	%		29.5	%
Parc500		217		222		1,311		1,502		14,650		14.5	%		15.6	%
Residences at Glenview Reserve		360		268		1,112		1,333		13,501		19.9	%		19.7	%
Residences at West Place		342		156		1,504		1,710		11,892		13.7	%		20.8	%
Rockledge Apartments		708		470		1,237		1,444		11,091		16.7	%		22.4	%
Sabal Palm at Lake Buena Vista		400		106		1,610		1,847		13,114		14.7	%		21.7	%
Seasons 704 Apartments		222		232		1,228		1,371		7,836		11.6	%		21.8	%
Six Forks Station		323		134		1,145		1,435		12,784		25.4	%		27.2	%
Summers Landing		196		58		1,093		1,316		11,211		20.4	%		23.9	%
Summit at Sabal Park		252		241		1,006		1,108		5,864		10.1	%		20.8	%
The Adair		232		140		1,742		2,031		11,839		16.6	%		29.4	%
The Cornerstone		430		517		1,061		1,155		4,931		8.9	%		22.9	%
The Enclave		204		172		1,468		1,654		10,392		12.7	%		21.5	%
The Heritage		204		177		1,406		1,540		9,609		9.6	%		16.8	%
The Preserve at Terrell Mill		752		782		899		1,079		11,378		20.1	%		19.0	%
The Verandas at Lake Norman		264		90		1,354		1,571		11,041		16.1	%		23.7	%
The Venue on Camelback		415		289		776		1,027		10,266		32.4	%		29.4	%
Torreyana Apartments		316		56		1,477		1,609		13,435		9.0	%		11.9	%
Venue at 8651		333		300		822		933		6,982		13.5	%		19.1	%
Versailles		388		317		817		921		6,164		12.7	%		20.2	%
Versailles II		242		82		903		1,038		5,632		15.0	%		28.9	%

Total/Weighted Average		12,984		8,271	$	1,171	$	1,346	$	10,076		14.9	%		20.8	%

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all full and partial interior upgrades completed through June 30, 2024.

(3)	Inclusive of all full and partial interior upgrades completed and leased through June 30, 2024.


NXRT.NEXPOINT.COM		Page 21

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Kitchen & Laundry Appliances


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		314	$	859	$	50		69.6	%
Arbors on Forest Ridge		210		136		787		17		26.0	%
Atera Apartments		380		368		812		40		59.7	%
Avant at Pembroke Pines		1,520		396		1,363		51		44.9	%
Brandywine I & II		632		189		1,033		71		81.9	%
Creekside at Matthews		240		196		1,080		45		50.3	%
Cutter’s Point		196		141		756		46		72.9	%
Estates on Maryland		330		21		1,067		38		42.3	%
Madera Point		256		157		885		30		40.2	%
Residences at Glenview Reserve		360		43		1,083		48		53.5	%
Rockledge Apartments		708		620		819		40		58.6	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Six Forks Station		323		197		1,087		55		60.7	%
Summers Landing		196		100		840		12		17.4	%
Summit at Sabal Park		252		249		994		40		48.3	%
The Adair		232		11		1,083		84		92.8	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		161		1,076		45		50.4	%
Venue at 8651		333		265		772		47		72.9	%
Versailles		388		306		868		50		68.4	%
Versailles II		242		138		885		28		38.4	%

Total/Weighted Average		8,238		4,659	$	922	$	48		62.0	%

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all kitchen and laundry appliance upgrades completed through June 30, 2024.

(3)	Inclusive of all kitchen and laundry appliance upgrades completed and leased through June 30, 2024.


NXRT.NEXPOINT.COM		Page 22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		346	$	1,419	$	45		30.9	%
Arbors on Forest Ridge		210		210		1,416		45		30.9	%
Atera Apartments		380		380		1,339		50		37.0	%
Avant at Pembroke Pines		1,520		1,520		1,350		45		32.4	%
Bella Solara		320		320		820		35		39.5	%
Bella Vista		248		248		970		40		39.3	%
Bloom		528		528		901		40		42.3	%
Brandywine I & II		632		632		1,234		45		35.5	%
Courtney Cove		324		324		1,238		35		26.2	%
Creekside at Matthews		240		240		913		65		72.9	%
Cutter’s Point		196		196		1,400		45		31.3	%
Estates on Maryland		330		330		913		45		48.0	%
Fairways of San Marcos		352		352		901		40		42.3	%
Hight House at Cary		302		302		899		65		74.1	%
Madera Point		256		256		1,283		45		34.1	%
Residences at Glenview Reserve		360		360		1,017		45		43.1	%
Rockledge Apartments		708		708		942		35		34.4	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Six Forks Station		323		323		844		35		38.4	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
Summers Landing		196		196		1,449		45		30.2	%
The Adair		232		232		913		45		48.0	%
The Cornerstone		430		430		1,236		45		35.4	%
The Enclave		204		204		966		40		39.4	%
The Heritage		204		204		997		40		38.2	%
The Venue on Camelback Apartments		415		415		808		30		33.0	%
The Verandas at Lake Norman		264		264		954		65		69.8	%
Torreyana Apartments		316		316		900		35		36.0	%
Venue at 8651		333		333		1,229		45		35.6	%
Versailles		388		388		1,080		45		40.6	%
Versailles II		242		242		1,241		45		35.3	%

Total/Weighted Average		11,389		11,389	$	1,113	$	43		37.2	%


Planned Value-Add Programs								Rent Change & ROI (Projections)
Residences at West Place		342		—		TBD		TBD		TBD
Seasons 704 Apartments		222		—		TBD		TBD		TBD
Summit at Sabal Park		252		—		TBD		TBD		TBD
The Preserve at Terrell Mill		752		—		TBD		TBD		TBD

Total/Weighted Average Planned		1,568		—		TBD		TBD		TBD

(1)	We do not plan to upgrade 100% of the units at each of our properties.

(2)	Inclusive of all smart home technology package upgrades completed through June 30, 2024.

(3)	Inclusive of all smart home technology package upgrades completed and leased through June 30, 2024.


NXRT.NEXPOINT.COM		Page 23

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2024 (dollars in thousands):


Operating Properties	Type	Term (months)	Outstanding Principal			Interest Rate (1)	Maturity Date
Arbors on Forest Ridge	Floating	120	$	19,184		6.89%	12/1/2032
Cutter’s Point	Floating	120		21,524		6.89%	12/1/2032
The Summit at Sabal Park	Floating	120		30,826		6.89%	12/1/2032
Courtney Cove	Floating	120		36,146		6.89%	12/1/2032
The Preserve at Terrell Mill	Floating	120		71,098		6.89%	12/1/2032
Versailles	Floating	120		40,247		6.89%	12/1/2032
Seasons 704 Apartments	Floating	120		33,132		6.89%	12/1/2032
Madera Point	Floating	120		34,457		6.89%	12/1/2032
Venue at 8651	Floating	120		18,690		6.89%	12/1/2032
The Venue on Camelback	Floating	120		42,788		7.52%	2/1/2033
Sabal Palm at Lake Buena Vista	Floating	84		42,100		6.75%	9/1/2025
Cornerstone	Floating	120		46,804		7.43%	12/1/2032
Parc500	Floating	120		29,416		6.89%	12/1/2032
Rockledge Apartments	Floating	120		93,129		6.89%	12/1/2032
Atera Apartments	Floating	120		46,198		6.89%	12/1/2032
Versailles II	Floating	84		12,061		6.63%	10/1/2025
Brandywine I & II	Floating	84		43,835		6.63%	10/1/2025
Bella Vista	Floating	84		29,040		6.77%	2/1/2026
The Enclave	Floating	84		25,322		6.77%	2/1/2026
The Heritage	Floating	84		24,625		6.77%	2/1/2026
Summers Landing	Floating	84		10,109		6.63%	10/1/2025
Residences at Glenview Reserve	Floating	84		25,434		6.89%	10/1/2025
Residences at West Place	Fixed	120		33,817		4.24%	10/1/2028
Avant at Pembroke Pines	Floating	84		177,100		6.88%	9/1/2026
Arbors of Brentwood	Floating	84		34,237		6.88%	10/1/2026
Torreyana Apartments	Floating	120		50,580		6.89%	12/1/2032
Bloom	Floating	120		59,830		6.89%	12/1/2032
Bella Solara	Floating	120		40,328		6.89%	12/1/2032
Fairways at San Marcos	Floating	120		60,228		6.89%	12/1/2032
The Verandas at Lake Norman	Floating	84		34,925		7.19%	7/1/2028
Creekside at Matthews	Floating	120		29,648		6.89%	12/1/2032
Six Forks Station	Floating	120		41,180		7.05%	10/1/2031
High House at Cary	Floating	84		46,625		7.35%	1/1/2029
The Adair	Floating	84		35,115		7.31%	4/1/2029
Estates on Maryland	Floating	84		43,157		7.31%	4/1/2029

				1,462,935
Fair market value adjustment				450	(2)
Deferred financing costs, net of accumulated amortization of $4,588				(8,967	)

			$	1,454,418

(1)	Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of June 30, 2024, SOFR was 5.34%

(2)

The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on its respective date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage.

Interest Rate Swap Agreements

As of June 30, 2024, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):


NXRT.NEXPOINT.COM		Page 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
September 1, 2019	September 1, 2026	KeyBank	$	100,000		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
March 1, 2022	March 1, 2025	Truist		145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%

			$	1,067,500		0.9807	% (2)

(1)	The floating rate option for the interest rate swaps is daily compounded average of SOFR plus a 0.11448% adjustment (“Adjusted SOFR”). As of June 30, 2024, Adjusted SOFR was 5.45%.

(2)	Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swap (dollars in thousands):

Effective Date

Termination Date

Counterparty

Notional Amount

Fixed Rate (1)

September 1, 2026

January 1, 2027

KeyBank

92,500

1.7980

(1)	The floating rate option for the interest rate swap is Adjusted SOFR. As of June 30, 2024, Adjusted SOFR was 5.45%.


NXRT.NEXPOINT.COM		Page 25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of June 30, 2024, the Company had the following interest rate caps outstanding that are not designated as cash flow hedges of interest rate risk (dollars in thousands):


Properties	Type	Maturity Date	Notional		Strike Rate
The Verandas at Lake Norman	Floating	7/1/2024	$	34,925		3.40%
Creekside at Matthews	Floating	7/1/2024		31,900		4.40%
Sabal Palm at Lake Buena Vista	Floating	9/1/2024		42,100		6.20%
Residences at Glenview Reserve	Floating	10/1/2024		25,645		4.81%
Timber Creek	Floating	10/1/2024		24,100		4.99%
Brandywine I & II	Floating	10/1/2024		43,835		6.82%
Radbourne Lake	Floating	10/1/2024		20,000		6.46%
Summers Landing	Floating	10/1/2024		10,109		6.07%
Versailles II	Floating	10/1/2024		12,061		6.82%
Six Forks Station	Floating	10/1/2024		41,180		4.00%
High House at Cary	Floating	1/1/2025		46,625		2.74%
The Heritage	Floating	2/1/2025		24,625		5.18%
The Enclave	Floating	2/1/2025		25,322		5.18%
Bella Vista	Floating	2/1/2025		29,040		5.18%
Estates on Maryland	Floating	4/1/2025		43,157		3.91%
The Adair	Floating	4/1/2025		35,115		3.91%
Rockledge Apartments	Floating	12/1/2025		93,129		6.45%
The Preserve at Terrell Mill	Floating	12/1/2025		71,098		6.45%
Fairways at San Marcos	Floating	12/1/2025		60,228		6.70%
Bloom	Floating	12/1/2025		59,830		6.70%
Atera Apartments	Floating	12/1/2025		46,198		6.45%
Silverbrook	Floating	12/1/2025		46,088		6.45%
Torreyana Apartments	Floating	12/1/2025		50,580		6.70%
Cornerstone	Floating	12/1/2025		46,804		6.66%
Versailles	Floating	12/1/2025		40,247		6.45%
Bella Solara	Floating	12/1/2025		40,328		6.70%
Courtney Cove	Floating	12/1/2025		36,146		6.70%
Madera Point	Floating	12/1/2025		34,457		6.70%
Creekside at Matthews	Floating	12/1/2025		29,648		6.45%
Parc500	Floating	12/1/2025		29,416		6.45%
Seasons 704 Apartments	Floating	12/1/2025		33,132		6.70%
The Summit at Sabal Park	Floating	12/1/2025		30,826		6.70%
Cutter’s Point	Floating	12/1/2025		21,524		6.45%
Venue at 8651	Floating	12/1/2025		18,690		6.45%
Arbors on Forest Ridge	Floating	12/1/2025		19,184		6.70%
Venue on Camelback	Floating	2/1/2026		42,788		6.07%

			$	1,340,080		5.90%

The following table contains summary information regarding our forward interest rate cap that is designated as cash flow hedge of interest rate risk (dollars in thousands):

Property

Effective Date

Maturity Date

Notional Amount

Strike Rate

The Verandas at Lake Norman

7/1/2024

7/1/2025

34,925

3.40%


NXRT.NEXPOINT.COM		Page 26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of June 30, 2024 for the next five calendar years subsequent to June 30, 2024 and thereafter. We used the applicable reference rates as of June 30, 2024 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.


			Payments Due by Period (in thousands)
			Total		Remainder of 2024		2025		2026		2027		2028		Thereafter
Operating Properties Mortgage Debt
Principal payments			$	1,462,935	$	147	$	133,392	$	290,324	$	—	$	81,042	$	958,030
Interest expense	(1	)		397,322		26,504		49,549		42,225		55,673		53,665		169,706

Total			$	1,860,257	$	26,651	$	182,941	$	332,549	$	55,673	$	134,707	$	1,127,736

(1)

Interest expense obligations include the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of June 30, 2024, we had entered into 8 interest rate swap transactions with a combined notional amount of $1.1 billion. We have allocated the total impact of expected settlements on the $1.1 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used the applicable reference rates as of June 30, 2024 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of June 30, 2024, we had total indebtedness of $1.5 billion at an adjusted weighted average interest rate of 3.55% of which $1.4 billion was debt with a floating interest rate. As of June 30, 2024, interest rate swap agreements effectively covered 75% of our $1.4 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 0.98% for Adjusted SOFR on the $1.1 billion notional amount of interest rate swap agreements that we have entered into as of June 30, 2024.


NXRT.NEXPOINT.COM		Page 27

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Acquisition Details

(in thousands, except for unit and per unit amounts)


Property Name (1)	Location	Units		Transaction Date		Purchase Price		Rehab Budget (2)		Total Investment		Per Unit
Arbors on Forest Ridge	Bedford, TX		210		1/31/2014		$12,805		$1,449		$14,254		$67,876
Cutter’s Point	Richardson, TX		196		1/31/2014		15,845		1,357		17,202		87,765
The Summit at Sabal Park	Tampa, FL		252		8/20/2014		19,050		1,656		20,706		82,167
Courtney Cove	Tampa, FL		324		8/20/2014		18,950		1,691		20,641		63,707
Sabal Palm at Lake Buena Vista	Orlando, FL		400		11/5/2014		49,500		1,346		50,846		127,115
Cornerstone	Orlando, FL		430		1/15/2015		31,550		2,662		34,212		79,563
The Preserve at Terrell Mill	Marietta, GA		752		2/6/2015		58,000		6,688		64,688		86,021
Versailles	Dallas, TX		388		2/26/2015		26,165		3,917		30,082		77,531
Seasons 704 Apartments	West Palm Beach, FL		222		4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, AZ		256		8/5/2015		22,525		1,808		24,333		95,051
Venue at 8651	Fort Worth, TX		333		10/30/2015		19,250		4,592		23,842		71,598
Parc500	West Palm Beach, FL		237		7/27/2016		22,421		5,082		27,503		116,046
The Venue on Camelback	Phoenix, AZ		415		10/11/2016		44,600		6,018		50,618		121,971
Stone Creek at Old Farm	Houston, TX		190		12/29/2016		23,332		456		23,788		125,200
Rockledge Apartments	Marietta, GA		688		6/30/2017		113,500		7,685		121,185		176,141
Atera Apartments	Dallas, TX		380		10/25/2017		59,200		3,721		62,921		165,582
Versailles II	Dallas, TX		242		9/26/2018		24,680		2,797		27,477		113,541
Brandywine I & II	Nashville, TN		632		9/26/2018		79,800		7,762		87,562		138,547
Bella Vista	Phoenix, AZ		248		1/28/2019		48,400		3,414		51,814		208,927
The Enclave	Tempe, AZ		204		1/28/2019		41,800		2,608		44,408		217,686
The Heritage	Phoenix, AZ		204		1/28/2019		41,900		2,660		44,560		218,431
Summers Landing	Fort Worth, TX		196		6/7/2019		19,396		2,980		22,376		114,163
Residences at Glenview Reserve	Nashville, TN		360		7/17/2019		45,000		5,695		50,695		140,819
Residences at West Place	Orlando, FL		342		7/17/2019		55,000		4,129		59,129		172,892
Avant at Pembroke Pines	Pembroke Pines, FL		1,520		8/30/2019		322,000		32,583		354,583		233,278
Arbors of Brentwood	Nashville, TN		346		9/10/2019		62,250		4,248		66,498		192,191
Torreyana Apartments	Las Vegas, NV		316		11/22/2019		68,000		2,771		70,771		223,959
Bloom	Las Vegas, NV		528		11/22/2019		106,500		4,786		111,286		210,769
Bella Solara	Las Vegas, NV		320		11/22/2019		66,500		3,642		70,142		219,194
Fairways at San Marcos	Chandler, AZ		352		11/2/2020		84,480		4,482		88,962		252,733
The Verandas at Lake Norman	Cornelius, NC		264		6/30/2021		63,500		4,628		68,128		258,061
Creekside at Matthews	Matthews, NC		240		6/30/2021		58,000		3,943		61,943		258,096
Six Forks Station	Raleigh, NC		323		9/10/2021		74,760		6,431		81,191		251,365
High House at Cary	Cary, NC		302		12/7/2021		93,250		1,677		94,927		314,328
The Adair	Sandy Springs, GA		232		4/1/2022		65,500		5,390		70,890		305,560
Estates on Maryland	Phoenix, AZ		330		4/1/2022		77,900		4,636		82,536		250,109

Total/Weighted Average			13,174				$2,056,309		$163,290		$2,219,599		$168,483

(1)	Only includes properties owned as of June 30, 2024.

(2)	Includes interior and exterior rehab.


NXRT.NEXPOINT.COM		Page 28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details

(in thousands, except unit and per unit amounts)


Property Name	Location	Units		Purchase Price		Sale Price		Per Unit		Sale Date		Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250		5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219		6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828		8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630		9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444		9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707		4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010		4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828		4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169		4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500		7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455		9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684		1/31/2018		29,553		13,742
Edgewater at Sandy Springs	Atlanta, GA		760		58,000		101,250		133,224		8/28/2019		100,219		47,329
Belmont at Duck Creek	Garland, TX		240		18,525		29,500		122,917		8/28/2019		29,148		11,985
The Ashlar	Dallas, TX		264		16,235		29,400		111,364		8/28/2019		29,050		13,205
Heatherstone	Dallas, TX		152		9,450		16,275		107,072		8/28/2019		16,054		6,368
The Pointe at the Foothills	Mesa, AZ		528		52,275		85,400		161,742		8/28/2019		84,663		37,925
Abbington Heights	Antioch, TN		274		17,900		28,050		102,372		8/30/2019		27,630		10,888
Southpoint Reserve at Stoney Creek	Fredericksburg, VA		156		17,000		23,500		150,641		3/20/2020		23,176		5,469
Willow Grove	Nashville, TN		244		13,750		31,300		128,279		3/26/2020		31,005		17,513
Woodbridge	Nashville, TN		220		16,000		31,700		144,091		3/26/2020		31,237		15,990
Eagle Crest	Irving, TX		447		27,325		55,500		124,161		9/30/2020		54,779		30,160
Beechwood Terrace	Antioch, TN		300		21,400		53,600		178,667		11/1/2021		53,003		33,960
Cedar Pointe	Antioch, TN		210		26,500		37,650		179,286		11/1/2021		37,231		12,252
Hollister Place	Houston, TX		260		24,500		36,750		141,346		12/29/2022		36,455		14,684
Silverbrook	Grand Prairie, TX		642		30,400		70,000		109,034		9/22/2023		69,431		43,107
Timber Creek	Charlotte, NC		352		22,750		49,000		139,205		12/13/2023		48,348		24,819
Old Farm	Houston, TX		734		84,721		103,000		140,327		3/1/2024		102,704		31,548
Radbourne Lake	Charlotte, NC		225		24,250		39,250		174,444		4/30/2024		38,904		18,847

Total/Weighted Average			10,596	$	751,715	$	1,213,175	$	114,494			$	1,198,792	$	494,088

(1)	Represents sales price, net of closing costs.

(2)	The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.


NXRT.NEXPOINT.COM		Page 29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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) interest expense (2) advisory and administrative fees, (3) the impact of: (a) depreciation and amortization expenses and (b) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income that is not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty gains (losses), (8) gain (loss) on extinguishment of debt and modification costs that are not reflective of continuing operations of the properties, (9) gain on forfeited deposits, (10) 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, centralized leasing service and franchise tax fees and (11) equity in earnings of affiliate. 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, if applicable, plus real estate depreciation and amortization. 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 redeemable noncontrolling interests in the OP and we show the amount 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 gain (loss) on extinguishment of debt and modification costs, gain on forfeited deposits, casualty-related expenses/and recoveries and gains (losses), the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing and the noncontrolling interests (as described above) 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.


NXRT.NEXPOINT.COM		Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt


(dollar amounts in thousands)	Q2 2024			Q2 2023
Total mortgage debt	$	1,462,935		$	1,621,563
Credit facilities		—			57,000

Total debt outstanding		1,462,935			1,678,563

Adjustments to arrive at net debt:
Cash and cash equivalents		(21,262	)		(10,056	)
Restricted cash held for value-add upgrades and green improvements		(4,219	)		32,921

Net Debt	$	1,437,454		$	1,701,428

Enterprise Value (1)	$	2,441,454		$	2,869,428
Leverage Ratio		59	%		59	%

(1)	Enterprise Value is calculated as Market Capitalization plus Net Debt.

Guidance 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 (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):


			For the Year Ended December 31, 2024			For the Three Months Ended September 30, 2024
			Mid-Point (1)			Mid-Point (1)
Net loss			$	(30,170	)	$	(8,683	)
Adjustments to reconcile net income to NOI:
Advisory and administrative fees				7,092			1,808
Corporate general and administrative expenses				20,161			5,341
Corporate income				(1,662	)		(425	)
Property general and administrative expenses	(2	)		5,033			1,203
Depreciation and amortization				97,741			24,506
Interest expense				55,380			14,311
Casualty-related recoveries				538			—
Loss on extinguishment of debt and modification costs				52,973			—
Gain on forfeited deposits				—			—
Equity in earnings of affiliate				(211	)		(60	)
Gain on sales of real estate				(50,395	)		—

NOI			$	156,480		$	38,001

Less Non-Same Store
Revenues	(3	)		(6,386	)
Operating expenses	(3	)		3,360

Same Store NOI	(3	)	$	153,454

(1)

Mid-Point estimates shown for full year and third quarter 2024 guidance. Assumptions made for full year and third quarter 2024 NOI guidance include the Same Store operating growth projections included in the “2024 Full Year Guidance Summary” section of this release and the effect of the dispositions throughout the fiscal year.

(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, centralized leasing service and franchise tax fees.

(3)	Amounts are derived from the results of operations of our Full Year 2024 Same Store properties and Non-Same Store properties. There are 35 properties in our Full Year 2024 Same Store pool.


NXRT.NEXPOINT.COM		Page 31

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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, 2024 (in thousands, except per share data):


	For the Year Ended December 31, 2024
	Mid-Point
Net loss	$	(30,170	)
Depreciation and amortization		97,741
Gain on sales of real estate		(50,395	)
Adjustment for noncontrolling interests		(99	)

FFO attributable to common stockholders		17,077

FFO per share - diluted (1)	$	0.65


Loss on extinguishment of debt and modification costs		52,973
Casualty-related expenses		802
Amortization of deferred financing costs - acquisition term notes		872
Gain on forfeited deposits		—
Adjustment for noncontrolling interests		(207	)

Core FFO attributable to common stockholders		71,517

Core FFO per share - diluted (1)	$	2.72


Amortization of deferred financing costs - long term debt		1,359
Equity-based compensation expense		10,601
Adjustment for noncontrolling interests		(46	)

AFFO attributable to common stockholders		83,431

AFFO per share - diluted (1)	$	3.18


Weighted average common shares outstanding - diluted		26,246

(1)	For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.2 million for the full year 2024.


NXRT.NEXPOINT.COM		Page 32

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the three months ended March 31, 2024 and the year ended December 31, 2023 to net income, the most directly comparable GAAP financial measure (in thousands):


			For the Three Months Ended March 31, 2024			For the Year Ended December 31, 2023
Net income			$	26,402		$	44,433
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees				1,743			7,645
Corporate general and administrative expenses				4,614			16,663
Casualty-related expenses/(recoveries)	(1	)		33			(2,214	)
Casualty loss (gain)				(199	)		856
Gain on forfeited deposits				—			(250	)
Property general and administrative expenses	(2	)		983			3,701
Depreciation and amortization				24,323			95,186
Interest expense				14,391			67,106
Equity in earnings of affiliate				(38	)		(205	)
Loss (gain) on extinguishment of debt and modification costs				546			2,409
Gain on sales of real estate				(31,709	)		(67,926	)

NOI			$	41,089		$	167,404

(1)	Adjustment to net income to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(2)	Adjustment to net income 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, centralized leasing service and franchise tax fees.


NXRT.NEXPOINT.COM		Page 33

Document and Entity Information	Jul. 30, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001620393
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	NEXPOINT RESIDENTIAL TRUST, INC.
Entity Incorporation State Country Code	MD
Entity File Number	001-36663
Entity Tax Identification Number	47-1881359
Entity Address, Address Line One	300 Crescent Court
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	276-6300
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	NXRT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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