NexPoint Residential Trust (NXRT) Misses Q4 EPS by 13c, Revenues Beat

NexPoint Residential Trust (NYSE: NXRT) reported Q4 EPS of ($0.21), $0.13 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $39.4 million versus the consensus estimate of $39.15 million.

• Total revenues were $39.4 million for the fourth quarter of 2018, compared to $34.9 million for the fourth quarter of 2017.
• Net loss for the fourth quarter of 2018 totaled $(4.8) million, or a loss of $(0.21) per diluted share, which included $13.8 million of depreciation and amortization expense and $7.8 million of interest expense. This compared to net loss of $(4.3) million, or a loss of $(0.21) per diluted share, for the fourth quarter of 2017, which included $12.9 million of depreciation and amortization expense and $7.1 million of interest expense.
• The change in our net loss between the periods primarily relates to increases in total property operating expenses and interest expense, partially offset by an increase in total revenues.
• For the fourth quarter of 2018, NOI was $21.3 million on 35 properties, compared to $19.3 million for the fourth quarter of 2017 on 33 properties.
• For the fourth quarter of 2018, Q4 Same Store NOI1 increased 1.2% to $18.7 million, compared to $18.4 million for the fourth quarter of 2017, which was impacted by a 46% increase in real estate taxes in the fourth quarter of 2018.
• For the fourth quarter of 2018, FFO totaled $9.0 million, or $0.40 per diluted share, compared to $8.5 million, or $0.40 per diluted share, for the fourth quarter of 2017.
• For the fourth quarter of 2018, Core FFO totaled $9.2 million, or $0.41 per diluted share, compared to $8.5 million, or $0.40 per diluted share, for the fourth quarter of 2017.
• For the fourth quarter of 2018, AFFO totaled $10.7 million, or $0.47 per diluted share, compared to $9.5 million, or $0.45 per diluted share, for the fourth quarter of 2017.

"We continued to experience robust demand for our well-located value-add communities in the fourth quarter, evidenced by 7.4% year-over-year same store NOI growth. We also completed our first equity raise since listing in April 2015, with the proceeds being used to pay down the outstanding balances under our credit and bridge facilities, which helped capitalize the purchases of two well-located value-add properties exhibiting significant upside potential in our core markets. As we move into 2019, we continue to see healthy demand, from both renters and investors, for well-located work force housing with value-add potential," stated NXRT Chairman and President, Jim Dondero.

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

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