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What were the key takeaways from Nexpoint Residential’s earnings call?

- **Operational Resilience**: Same-store NOI +3.5% YoY despite 0.3% rent decline, driven by 6.2% expense reduction.
- **Growth Catalysts**: $321M Vegas acquisition targeting 7%+ NOI CAGR, 16.5% insider ownership signaling confidence.
- **Expense Efficiency**: Payroll down 7.6%, R&M down 6.1%, bad debt -32% YoY.
- **Supply Cycle Shift**: 2025 multifamily deliveries peak at 697K units, expected to drop 49% in 2026.
- **Dividend Growth**: 3.9% dividend increase to $0.53/share, 1.37x coverage ratio.

**【CFO Financial Commentary】**
- Q3 2025 net loss of $7.8 million (-$0.31 per share) vs. $8.9 million (-$0.35) in Q3 2024. Total revenue $62.8 million vs. $64.1M prior year.
- Same-store NOI +3.5% YoY to $38.8M on 35 properties. Same-store rent -0.3%, occupancy -1.3%, revenue -0.6%, expenses -6.2%.
- Core FFO $17.7M ($0.70 per share) vs. $0.69 prior year. Dividend increased 3.9% to $0.53/share, 157.3% total since inception.
- NAV range: $43.40-$56.24 per share (midpoint $49.82) based on 5.25%-5.75% cap rates.
- 2025 guidance: Core FFO $2.66-$2.84, same-store NOI +1.5%-3.5%.

**【CIO Operational Update】**
- 5/10 markets with +1%+ revenue growth (Atlanta +2.8%, South Florida +2.4%).
- Expenses down 6.4% YoY: payroll -7.6%, R&M -6.1%, insurance -19%, taxes -8.7%.
- 93.6% occupancy, 63.6% renewal conversion, $72/month upgrade premium.
- 2025 supply peak of 697K units expected to drop 49% in 2026, 23% in 2027.
- Acquired 321-unit Las Vegas asset for 7%+ NOI CAGR, targeting 2026-2030 growth.

**【Q&A Highlights】**
- Expense control sustainability: payroll/R&M trends stable, one-time $820K tax benefit in Q3.
- NAV discount: 16.5% insider ownership, 2027 NOI target $170M, 5% cap rate bid for assets.
- CapEx: $9M Q3 maintenance (e.g., $4K/unit upgrades), expected to moderate in 2026.
- Vegas acquisition: 6% entry cap, 7.5%-8% target via value-add, not cannibalizing buybacks.

NexPoint Residential Trust, Inc. (NXRT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NXRT

NXRT fundamentals

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