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NexPoint Residential Trust, Inc. - NXRT STOCK NEWS

Welcome to our dedicated page for NexPoint Residential Trust news (Ticker: NXRT), a resource for investors and traders seeking the latest updates and insights on NexPoint Residential Trust stock.

NexPoint Residential Trust Inc (NXRT) is a publicly traded real estate investment trust (REIT) listed on the New York Stock Exchange. The company specializes in acquiring, owning, and operating well-located middle-income multifamily properties with significant 'value-add' potential, focusing primarily on large cities and suburban submarkets within the Southeastern and Southwestern United States. Being externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., NXRT leverages extensive real estate expertise to drive its strategic objectives.

NexPoint Residential Trust aims to maximize cash flow and property value while ensuring quarterly cash distributions and long-term capital appreciation for its stockholders. The company's core business strategy includes acquiring multifamily properties in markets exhibiting strong job growth and household formation fundamentals. Revenue is predominantly generated through the rental of these multifamily properties.

Recent Achievements:

  • On August 17, 2023, NXRT announced agreements to sell Old Farm in Houston, TX, and Silverbrook in Dallas, TX, expected to close by early Q4 2023. These transactions are projected to generate around $67 to $69 million of net sales proceeds.
  • As of March 5, 2024, NXRT completed the sale of Old Farm, resulting in approximately $49.4 million net proceeds, which were used to pay down the corporate credit facility.
  • The company is actively seeking buyers for Timber Creek and Radbourne Lake in Charlotte, NC, and Stone Creek at Old Farm in Houston, TX, with sales expected to complete between late Q4 2023 and Q1 2024.
  • NXRT continues to pursue strategic de-leveraging and balance sheet improvement initiatives, including the use of asset sale proceeds to pay off higher property-level debt and improve liquidity.

Current Projects and Financial Health:

NXRT remains focused on its capex value-add program, targeting management and capital expenditures to enhance property performance. The company's portfolio is hedged 97% against debt, providing financial stability and reduced risk heading into 2024. Following recent asset sales, NXRT anticipates paying off the entire $57 million outstanding balance on its corporate credit facility, thus reducing overall portfolio debt by $156 million. These measures offer greater strategic flexibility for future growth and stock repurchases.

Partnerships:

Externally advised by NexPoint Real Estate Advisors, L.P., NXRT benefits from the extensive real estate experience and advisory services of NexPoint Advisors, L.P., an SEC-registered investment advisor. This partnership enables NXRT to execute its strategies efficiently and capitalize on market opportunities.

Rhea-AI Summary

NexPoint Residential Trust (NYSE: NXRT) announced a conference call on Tuesday, July 30, 2024, at 11:00 a.m. ET to discuss its second quarter 2024 financial results.

Participants can join the call by dialing 888-660-4430 (domestic) or +1 646-960-0537 (international) using passcode 5001576. The call will also be webcast live on NexPoint's website and a replay will be accessible shortly after the call for 60 days.

A press release detailing the financial results will be issued before market open on July 30, 2024. A replay of the call will be available until August 13, 2024, by dialing 800-770-2030 (domestic) or +1 647-362-9199 (international) and using passcode 5001576.

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NexPoint Residential Trust (NXRT) announced today that key executives, including Executive VP and Chief Investment Officer Matthew McGraner, and VPs Bonner McDermett and Sean Jacobson, will participate in Nareit's REITWeek: 2024 Investor Conference. The event will run from June 3-6 at the New York Hilton Midtown. Meeting materials will be available on NXRT's website from June 3, 2024.

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NexPoint Residential Trust, Inc. announced the completion of the sale of Radbourne Lake Apartment Homes in Charlotte, NC, a property acquired for $24.3 million in 2014. The sale generated net proceeds of approximately $18.6M, with impressive financial performance metrics well exceeding expectations.

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NexPoint Residential Trust, Inc. (NXRT) reported financial results for Q1 2024 with a net income of $26.4 million, $49.4 million of capital recycling activity, and full repayment of the drawn balance on the corporate credit facility. Q1 Same Store properties saw increases in total revenue, NOI, and occupancy. The company paid a dividend of $0.46242 per share of common stock, completed property sales, and upgrades with positive ROI. Financially, total revenues were $67.6 million, net income was $26.3 million, and FFO, Core FFO, and AFFO all showed growth. The company will host an earnings conference call on April 30, 2024, to discuss these results.

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NexPoint Residential Trust, Inc. (NXRT) declared a quarterly dividend of $0.46242 per share of common stock, to be paid on June 28, 2024, to stockholders of record on June 14, 2024.

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NexPoint Residential Trust, Inc. (NXRT) will host a conference call on April 30, 2024, to discuss first quarter financial results. The call can be accessed live over the phone or online. A replay will also be available for 60 days.
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NexPoint Residential Trust, Inc. (NXRT) announced the record date for the 2024 Annual Meeting of Stockholders, set for May 7, 2024, to be held virtually. Stockholders can vote and ask questions online. Attendance is restricted to stockholders of record and beneficial owners with proof of ownership.
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NexPoint Residential Trust, Inc. (NXRT) announced the successful sale of Old Farm in Houston, TX, for $84.7 million, resulting in net proceeds of approximately $49.4 million. The property, acquired in 2016, delivered exceptional financial performance with a 5.36% cap rate, 22.14% levered internal rate of return, and a 2.98x multiple on invested capital. The Company used a portion of the proceeds to pay down $24 million on its corporate credit facility, aiming for strategic de-leveraging and balance sheet enhancement.
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NexPoint Residential Trust, Inc. (NXRT) reported financial results for Q4 and full year 2023, highlighting significant increases in net income, FFO, Core FFO, and AFFO compared to the previous year. The company achieved growth in Same Store properties' rent, revenue, and NOI, with a 10.1% dividend increase. NXRT also completed property sales, upgrades, and reduced corporate credit facility debt in 2023.
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NexPoint Residential Trust, Inc. (NXRT) declares a dividend of $0.46242 per share, approved by the board of directors, payable on March 28, 2024.
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FAQ

What does NexPoint Residential Trust Inc. (NXRT) do?

NXRT is a real estate investment trust focused on acquiring, owning, and operating middle-income multifamily properties with significant value-add potential in the Southeastern and Southwestern United States.

Where is NexPoint Residential Trust Inc. (NXRT) listed?

NXRT is publicly traded on the New York Stock Exchange under the symbol 'NXRT'.

What is the primary business strategy of NXRT?

NXRT aims to maximize cash flow and property value through the acquisition and targeted management of multifamily properties in markets with strong job growth and household formation fundamentals.

Who advises NXRT?

NexPoint Residential Trust is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor.

How does NXRT generate revenue?

NXRT generates revenue primarily through the rental of its multifamily properties.

What recent property sales has NXRT announced?

In August 2023, NXRT announced agreements to sell Old Farm in Houston, TX, and Silverbrook in Dallas, TX, with expected closings in early Q4 2023.

What are NXRT's plans for the proceeds from property sales?

NXRT plans to use the proceeds to pay off higher property-level debt, improve liquidity, and possibly repurchase shares.

What financial measures is NXRT taking for stability?

NXRT has hedged 97% of its debt, reduced portfolio debt by $156 million, and improved strategic flexibility through asset sales.

What is NXRT’s capex value-add program?

The capex value-add program focuses on targeted management and capital expenditures to enhance property performance and increase value.

How does NXRT ensure long-term growth?

NXRT ensures long-term growth through strategic property acquisitions, value-enhancing capital expenditure programs, and prudent financial management.

NexPoint Residential Trust, Inc.

NYSE:NXRT

NXRT Rankings

NXRT Stock Data

979.70M
25.78M
12.47%
78.78%
2.03%
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