NexPoint Residential Trust (NXRT) Reports Q1 Revenues of $52.6M

NexPoint Residential Trust (NYSE: NXRT) reported Q1 revenue for the quarter came in at $52.6 million versus the consensus estimate of $52.68 million.

First Quarter 2020 Financial Results

• Total revenues were $52.6 million for the first quarter of 2020, compared to $41.5 million for the first quarter of 2019.
• Net income for the first quarter of 2020 totaled $28.0 million, or income of $1.08 per diluted share, which included $23.3 million of depreciation and amortization expense. This compared to a net loss of $(4.4) million, or a loss of $(0.19) per diluted share, for the first quarter of 2019, which included $15.4 million of depreciation and amortization expense.
• The change in our net income of $28.0 million for the three months ended March 31, 2020 as compared to our net loss of $(4.4) million for the three months ended March 31, 2019 primarily relates to increases in gains on sales of real estate and total revenues, partially offset by increases in depreciation and property operating expenses.
• For the first quarter of 2020, NOI was $30.0 million on 37 properties, compared to $23.6 million for the first quarter of 2019 on 38 properties.
• For the first quarter of 2020, Q1 Same Store NOI increased 5.6% to $17.8 million, compared to $16.9 million for the first quarter of 2019.
• For the first quarter of 2020, FFO totaled $12.4 million, or $0.48 per diluted share, compared to $11.0 million, or $0.46 per diluted share, for the first quarter of 2019.
• For the first quarter of 2020, Core FFO totaled $13.6 million, or $0.53 per diluted share, compared to $11.0 million, or $0.46 per diluted share, for the first quarter of 2019.
• For the first quarter of 2020, AFFO totaled $15.3 million, or $0.59 per diluted share, compared to $12.7 million, or $0.53 per diluted share, for the first quarter of 2019.

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

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