NexPoint Residential Trust (NXRT) Tops Q1 EPS by 2c, Slight Miss on Revenues

NexPoint Residential Trust (NYSE: NXRT) reported Q1 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $35.1 million versus the consensus estimate of $36.06 million.

Highlights

• NXRT reported Net Income, FFO1, Core FFO1 and AFFO1 of $10.1M, $7.7M, $8.3M and $9.5M, respectively, attributable to common stockholders for the quarter ended March 31, 2018.
• For the three months ended March 31, 2018, Same Store properties average effective rent, total revenue and NOI1 increased 3.9%, 3.6% and 5.9%, respectively, over the prior year period.
• The weighted average effective monthly rent per unit across all 32 properties held as of March 31, 2018 (the \"Portfolio\"), consisting of 11,471 units, was $958, while physical occupancy was 94.0%.
• NXRT paid a first quarter dividend of $0.25 per share of common stock on March 29, 2018.
• During the first quarter, NXRT completed the disposition of Timberglen for gross sales proceeds of $30.0 million.
• In February 2018, NXRT used $8.6 million of proceeds from the Timberglen sale to pay the remaining outstanding balance on the bridge facility with KeyBank National Association (the \"2017 Bridge Facility\"), which retired the bridge facility.
• During the first quarter, for the properties in our Portfolio, NXRT completed 298 full and partial upgrades and leased 167 upgraded units, achieving $95 average monthly rent premiums and a 21.2% ROI2. Since inception, for the properties in our Portfolio, we have completed 4,527 full and partial upgrades and achieved a $90 average monthly rental increase per unit, equating to a 21.2% ROI on all units leased as of March 31, 2018.
• During the first quarter of 2018, NXRT repurchased 203,953 shares of its common stock at a total cost of approximately $5,058,000, or $24.80 per share. As of March 31, 2018, NXRT had repurchased a total of 558,470 shares of its common stock at a total cost of approximately $12,079,000, or $21.63 per share.
• On February 12, 2018, NXRT\'s board of directors, including its independent directors, unanimously approved a renewal of the Advisory Agreement with NexPoint Real Estate Advisors, L.P. (the \"Adviser\") for a one-year term that expires on March 16, 2019.

For earnings history and earnings-related data on NexPoint Residential Trust (NXRT) click here.

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