NexPoint Residential Trust, Inc. reports developments for a publicly traded real estate investment trust focused on acquiring, owning and operating middle-income multifamily properties with value-add potential in large cities and suburban submarkets, primarily in the Southeastern and Southwestern United States. The company generates revenue from apartment rentals and is externally advised by NexPoint Real Estate Advisors, L.P.
Recurring NXRT news includes quarterly and annual results, FFO, Core FFO, AFFO and NOI measures, same-store portfolio performance, property acquisitions, value-add renovation activity, credit facility updates, quarterly dividends, dividend tax treatment and annual meeting matters for its NYSE-listed common stock.
NexPoint Residential Trust (NYSE:NXRT) reported a net loss of $(9.3) million for Q2 2020, compared to a net loss of $(2.0) million in Q2 2019. Total revenues increased to $50.7 million, up from $43.1 million year-over-year. For the first six months ending June 30, 2020, total revenues were $103.3 million, significantly higher than $84.6 million in the same period last year. The company's AFFO and Core FFO increased to $16.1 million and $14.5 million respectively for Q2 2020. Despite challenges from COVID-19, rent collections were strong at 97.9% for July 2020.
NexPoint Residential Trust, Inc. (NXRT) announced the appointment of Catherine Wood as an independent director on the board, effective July 27, 2020. Chairman and CEO James Dondero expressed excitement about the fresh perspective Ms. Wood brings, highlighting her unique background. She is the CEO and CIO of ARK Investment Management LLC, which she founded in 2014, and has extensive experience in investment strategies from her previous roles at AllianceBernstein and Tupelo Capital Management. NXRT focuses on acquiring and operating middle-income multifamily properties in large cities.
NexPoint Residential Trust (NXRT) will host a conference call on August 4, 2020, at 11:00 a.m. ET to discuss its second quarter financial results and the impact of COVID-19 on operations and rent collections. The financial results will be released before market open on the same day. Investors can access the call by phone or online, with replays available until August 11, 2020. NXRT focuses on middle-income multifamily properties in large cities and suburban markets across the Southeastern and Southwestern United States.