Exhibit 99.1 26 July 2022 | NYSE: NXRT EARNINGS SUPPLEMENT: SECOND QUARTER 2022 NEXPOINT RESIDENTIAL TRUST, INC. 300 CRESCENT COURT, SUITE 700 DALLAS, TX 75201 PHONE: (214) 276-6300 INVESTOR RELATIONS: JACKIE GRAHAM NXRT.NEXPOINT.COM NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT] TABLE OF CONTENTS | --- | --- | |------------------------------------------------------------|-------| | Earnings Release | 1 | | Cautionary Statement Regarding Forward-Looking Statements | 3 | | Overview | 4 | | Highlights of Recent ...

[Cautionary Statement Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to various risks and uncertainties - This report contains forward-looking statements regarding liquidity, capital resources, property performance, and future financial performance, which are subject to risks and uncertainties[10](index=10&type=chunk) - Key risks include unfavorable market and economic conditions, the COVID-19 pandemic, real estate ownership risks, limited asset disposal ability, geographic concentration, and **increased interest rates**[12](index=12&type=chunk)[13](index=13&type=chunk) [PART I—FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This part presents the company's unaudited financial statements and management's analysis [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements and accompanying notes [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202022%20(Unaudited)%20and%20December%2031%2C%202021) The balance sheet shows a 4.5% increase in total assets driven by a rise in cash and derivative values Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2022 | December 31, 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Net Real Estate Investments | $1,945,131 | $1,961,700 | $(16,569) | -0.84% | | Cash and cash equivalents | $99,538 | $49,450 | $50,088 | 101.29% | | Fair market value of interest rate swaps | $58,104 | $3,526 | $54,578 | 1547.99% | | TOTAL ASSETS | $2,156,411 | $2,063,467 | $92,944 | 4.50% | | Mortgages payable, net | $1,276,240 | $1,276,285 | $(45) | -0.00% | | Credit facility, net | $332,979 | $278,215 | $54,764 | 19.68% | | Total Liabilities | $1,637,242 | $1,587,483 | $49,759 | 3.13% | | Total Stockholders' Equity | $512,555 | $469,845 | $42,710 | 9.09% | [Consolidated Statements of Operations and Comprehensive Income](index=7&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) Total comprehensive income more than doubled due to significant unrealized gains on interest rate derivatives Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $60,786 | $51,796 | $8,990 | 17.36% | | Total expenses | $55,126 | $48,548 | $6,578 | 13.55% | | Operating income | $5,660 | $3,248 | $2,412 | 74.26% | | Interest expense | $(10,636) | $(10,616) | $(20) | 0.19% | | Net loss | $(4,667) | $(6,900) | $2,233 | -32.36% | | Net loss attributable to common stockholders | $(4,653) | $(6,879) | $2,226 | -32.36% | | Unrealized gains on interest rate derivatives | $54,579 | $31,342 | $23,237 | 74.14% | | Total comprehensive income | $49,912 | $24,442 | $25,470 | 104.21% | | Loss per share - basic | $(0.18) | $(0.27) | $0.09 | -33.33% | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Stockholders'%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) Stockholders' equity increased primarily due to other comprehensive income from derivative gains Stockholders' Equity Changes (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Balances, December 31, 2021/2020 | $469,845 | $407,927 | | Net loss attributable to common stockholders | $(4,653) | $(6,879) | | Vesting of stock-based compensation | $(880) | $364 | | Issuance of common stock through ATM offering | $4,138 | $(176) | | Common stock dividends declared | $(9,976) | $(8,776) | | Other comprehensive income | $54,415 | $31,248 | | Adjustment to reflect redemption value of NCI | $(334) | $(215) | | Balances, March 31, 2022/2021 | $512,555 | $423,493 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Unaudited%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) A significant increase in financing activities drove a substantial rise in cash and cash equivalents Consolidated Cash Flow Highlights (in thousands) | Metric | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $8,682 | $13,744 | $(5,062) | -36.83% | | Net cash used in investing activities | $(10,462) | $(7,587) | $(2,875) | 37.90% | | Net cash provided by (used in) financing activities | $45,208 | $(10,541) | $55,749 | -528.88% | | Net increase (decrease) in cash, cash equivalents and restricted cash | $43,428 | $(4,384) | $47,812 | -1090.60% | | Cash, cash equivalents and restricted cash, end of period | $132,124 | $52,631 | $79,493 | 151.03% | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Unaudited%20Financial%20Statements) These notes provide detailed explanations of the company's accounting policies and financial components [1. Organization and Description of Business](index=11&type=section&id=1.%20Organization%20and%20Description%20of%20Business) The company is an externally managed REIT focused on value-add multifamily investments in the U.S - NexPoint Residential Trust, Inc (the 'Company') is a Maryland-incorporated REIT focused on **'value-add' multifamily investments** primarily in the Southeastern and Southwestern United States[30](index=30&type=chunk) - The Company conducts substantially all business through NexPoint Residential Trust Operating Partnership, L.P (the 'OP'), owning approximately **99.9% of the Portfolio**[30](index=30&type=chunk) - The Company is externally managed by NexPoint Real Estate Advisors, L.P (the 'Adviser'), which provides asset management services and makes investment decisions[31](index=31&type=chunk) - Investment objectives include maximizing cash flow and property value, acquiring properties with growth potential, providing quarterly cash distributions, and achieving long-term capital appreciation[32](index=32&type=chunk) [2. Summary of Significant Accounting Policies](index=11&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This section details the accounting principles, estimates, and policies applied in the financial statements - Financial statements are prepared in accordance with GAAP, requiring management estimates and assumptions[34](index=34&type=chunk) - Revenue from rental income is recognized when earned, typically from lease agreements of one year or less[38](index=38&type=chunk) - The Company has elected to be taxed as a REIT and intends to comply with all requirements, including distributing **at least 90% of its REIT taxable income**[46](index=46&type=chunk)[47](index=47&type=chunk) - The Company transitioned a portion of its debt to **one-month Term SOFR in Q1 2022**, applying ASC 848 elections to maintain hedge accounting designations[51](index=51&type=chunk) - The COVID-19 pandemic has not materially impacted the Company to date, but potential risks include difficulties in rent collection, leasing, property transactions, and accessing capital[52](index=52&type=chunk) [3. Investments in Subsidiaries](index=14&type=section&id=3.%20Investments%20in%20Subsidiaries) The company operates through the OP, which holds properties via consolidated single-asset entities - The Company operates through the OP, which owns properties via single-asset limited liability companies (SPEs) that are consolidated[53](index=53&type=chunk) - As of March 31, 2022, the Company owned **39 properties** through SPEs, maintaining 100% effective ownership in each[56](index=56&type=chunk) - The Company may use reverse like-kind exchanges (1031 Exchanges) where an Exchange Accommodation Titleholder (EAT) holds legal title to 'Parked Assets' until the exchange is complete[54](index=54&type=chunk) [4. Real Estate Investments Statistics](index=16&type=section&id=4.%20Real%20Estate%20Investments%20Statistics) Portfolio statistics show a stable unit count with increased average rent and slightly lower occupancy Portfolio Statistics (as of March 31, 2022 vs. December 31, 2021) | Metric | March 31, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Total Number of Units | 14,825 | 14,825 | 0 | | Average Effective Monthly Rent Per Unit | $1,310 | $1,260 | $50 | | % Occupied | 94.2% | 94.5% | -0.3% | - **49 units** were excluded from the Portfolio's total unit count and same store pools due to casualty events (fires and flooding) as of March 31, 2022[59](index=59&type=chunk)[66](index=66&type=chunk) [5. Real Estate Investments](index=18&type=section&id=5.%20Real%20Estate%20Investments) This section details the components of gross operating real estate investments and related expenses Total Gross Operating Real Estate Investments (in thousands) | Component | March 31, 2022 | December 31, 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land | $375,857 | $375,857 | $0 | 0.00% | | Buildings and improvements | $1,745,341 | $1,743,866 | $1,475 | 0.08% | | Intangible lease assets | $1,376 | $2,576 | $(1,200) | -46.58% | | Construction in progress | $4,529 | $6,078 | $(1,549) | -25.49% | | Furniture, fixtures and equipment | $127,030 | $120,419 | $6,611 | 5.49% | | Total Gross Operating Real Estate Investments | $2,254,133 | $2,248,796 | $5,337 | 0.24% | Depreciation and Amortization Expense (in thousands) | Expense Type | Q1 2022 | Q1 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Depreciation expense | $22,600 | $19,900 | $2,700 | 13.57% | | Amortization of intangible lease assets | $1,100 | $800 | $300 | 37.50% | - **No acquisitions or dispositions** of real estate occurred during the three months ended March 31, 2022 and 2021[64](index=64&type=chunk)[65](index=65&type=chunk) - Seven properties (Silverbrook, Venue at 8651, Bloom, Old Farm, Timber Creek, The Preserve at Terrell Mill, and Six Forks) suffered significant property damages from fires and flooding, resulting in **49 units being excluded** from the portfolio[66](index=66&type=chunk) [6. Debt](index=20&type=section&id=6.%20Debt) This section provides a detailed breakdown of the company's mortgage and credit facility obligations Mortgage Debt Summary (in thousands) | Metric | March 31, 2022 | | :--- | :--- | | Total Outstanding Principal | $1,280,765 | | Weighted Average Interest Rate | 2.10% | | Adjusted Weighted Average Interest Rate (with swaps) | 2.95% | - The weighted average interest rate on mortgage indebtedness increased from 1.81% (Dec 31, 2021) to **2.10% (Mar 31, 2022)**, primarily due to a 35 basis point increase in one-month LIBOR[69](index=69&type=chunk) Credit Facility Summary (in thousands) | Metric | March 31, 2022 | | :--- | :--- | | Outstanding Principal | $335,000 | | Interest Rate | 2.80% | | Maturity Date | June 30, 2024 | - The Corporate Credit Facility was modified on March 25, 2022, with **$350.0 million available** for borrowing and an option to increase commitments by an additional $150.0 million[72](index=72&type=chunk) Scheduled Debt Maturities (in thousands) | Year | Operating Properties | Credit Facility | Total | | :--- | :--- | :--- | :--- | | 2022 | $1,040 | $— | $1,040 | | 2023 | $21,047 | $— | $21,047 | | 2024 | $394,956 | $335,000 | $729,956 | | 2025 | $205,662 | $— | $205,662 | | 2026 | $423,149 | $— | $423,149 | | Thereafter | $234,911 | $— | $234,911 | | Total | $1,280,765 | $335,000 | $1,615,765 | [7. Fair Value of Derivatives and Financial Instruments](index=23&type=section&id=7.%20Fair%20Value%20of%20Derivatives%20and%20Financial%20Instruments) The company utilizes interest rate swaps and caps to mitigate risk on its floating rate debt - The Company uses interest rate swaps and caps to manage interest rate risk on floating rate debt, aiming for stability in interest expense[79](index=79&type=chunk)[81](index=81&type=chunk) - As of March 31, 2022, interest rate swaps with a notional amount of **$1.4 billion** effectively fixed the interest rate on a portion of floating rate debt at a weighted average fixed rate of **1.2128%**[82](index=82&type=chunk)[83](index=83&type=chunk) - Interest rate cap agreements covered **$458.8 million** of floating rate mortgage debt, capping one-month LIBOR at a weighted average rate of **4.79%**[81](index=81&type=chunk) Fair Value of Derivative Financial Instruments (in thousands) | Derivative Type | Balance Sheet Location | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | :--- | | Interest rate swaps | Fair market value of interest rate swaps | $58,350 | $11,045 | | Interest rate caps | Prepaid and other assets | $1,453 | $263 | | Total Asset Derivatives | | $59,803 | $11,308 | | Interest rate swaps | Liability Derivatives | $246 | $7,519 | Effect of Derivatives on Statements of Operations (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Unrealized gain (loss) on hedging instruments recognized in OCI | $51,017 | $27,679 | | Gain (loss) reclassified from OCI into income (Interest expense) | $(3,562) | $(3,663) | | Gain (loss) on non-designated derivatives recognized in income (Interest expense) | $1,184 | $12 | [8. Stockholders' Equity](index=26&type=section&id=8.%20Stockholders'%20Equity) This section details common stock activity, including incentive plans and at-the-market offerings - As of March 31, 2022, **25,700,190 shares** of common stock were issued and outstanding[95](index=95&type=chunk) - The Board authorized a Share Repurchase Program of up to **$100.0 million**, extended to March 12, 2023. No shares were repurchased in Q1 2022 or Q1 2021[96](index=96&type=chunk)[97](index=97&type=chunk) - Under the 2016 Long-Term Incentive Plan (LTIP), 142,159 restricted stock units were granted in Q1 2022. Equity-based compensation expense was **$1.9 million in Q1 2022**, up from $1.6 million in Q1 2021[100](index=100&type=chunk)[102](index=102&type=chunk) - Through the 2020 At-the-Market (ATM) Program, 52,091 shares of common stock were issued in Q1 2022 at an average price of $83.16 per share, generating **$4.3 million in gross proceeds**[103](index=103&type=chunk) [9. Earnings (Loss) Per Share](index=28&type=section&id=9.%20Earnings%20(Loss)%20Per%20Share) This section provides the calculation for basic and diluted loss per share for the period Loss Per Share (in thousands, except per share amounts) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net loss attributable to common stockholders | $(4,653) | $(6,879) | | Weighted average common shares outstanding | 25,620 | 25,068 | | Loss per share - basic | $(0.18) | $(0.27) | | Loss per share - diluted | $(0.18) | $(0.27) | - During periods of net loss, unvested restricted stock units are **anti-dilutive** and not included in diluted EPS calculation[104](index=104&type=chunk)[107](index=107&type=chunk) - The conversion of OP Units held by noncontrolling limited partners is not reflected in EPS as they are exchangeable on a one-for-one basis, having **no net impact** on diluted loss per share[105](index=105&type=chunk) [10. Noncontrolling Interests](index=29&type=section&id=10.%20Noncontrolling%20Interests) This section details the accounting for redeemable noncontrolling interests in the Operating Partnership - Redeemable noncontrolling interests (NCI) in the OP are marked to their redemption value if it exceeds carrying value, based on the Company's common stock fair value[108](index=108&type=chunk)[110](index=110&type=chunk) Redeemable Noncontrolling Interests in the OP (in thousands) | Metric | Q1 2022 | | :--- | :--- | | Redeemable noncontrolling interests in the OP, December 31, 2021 | $6,139 | | Net loss attributable to redeemable noncontrolling interests in the OP | $(14) | | Other comprehensive income attributable to redeemable noncontrolling interests in the OP | $164 | | Distributions to redeemable noncontrolling interests in the OP | $(9) | | Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | $334 | | Redeemable noncontrolling interests in the OP, March 31, 2022 | $6,614 | - BH Management Services, LLC ('BH'), the property manager, is an affiliate of BH Equity, a noncontrolling limited partner of the OP. Property management fees paid to BH are approximately **3% of monthly gross income**[113](index=113&type=chunk)[114](index=114&type=chunk) [11. Related Party Transactions](index=31&type=section&id=11.%20Related%20Party%20Transactions) This section discloses transactions with the Adviser and its affiliates, including fees and waivers - The Company pays the Adviser an annual advisory fee of **1.00%** and an administrative fee of **0.20%** of Average Real Estate Assets[115](index=115&type=chunk)[116](index=116&type=chunk) - Advisory and administrative fees incurred were $1.8 million in Q1 2022 and $1.9 million in Q1 2021. The Adviser voluntarily waived approximately **$4.9 million and $4.0 million**, respectively, for these periods[120](index=120&type=chunk)[121](index=121&type=chunk) - The total expense cap for operating expenses and advisory/administrative fees is **1.5% of Average Real Estate Assets** per calendar year[119](index=119&type=chunk) - The Company has funded **$0.3 million** to NLMF Holdco, LLC (an affiliate of the Adviser) for fiber internet service, incurring $0.1 million in expenses in Q1 2022[123](index=123&type=chunk) [12. Commitments and Contingencies](index=32&type=section&id=12.%20Commitments%20and%20Contingencies) The company has construction commitments and potential liabilities that are not expected to be material - The Company has rehabilitation construction commitments and potential future funding requirements of up to **$4.0 million** for NLMF Holdco, LLC[124](index=124&type=chunk)[125](index=125&type=chunk) - Management believes that any liabilities from claims, lawsuits, or legal proceedings will **not have a material adverse effect** on the Company's financial position[126](index=126&type=chunk) - The Company incurred **$0.6 million** in claims related to a fire at Six Forks Station under its 2022 self-insurance policy, which has an aggregate amount of $1.8 million allocated to the Company[129](index=129&type=chunk) [13. Subsequent Events](index=33&type=section&id=13.%20Subsequent%20Events) This section reports on material events that occurred after the balance sheet date - On April 25, 2022, the Board declared a quarterly dividend of **$0.38 per share**, payable on June 30, 2022[130](index=130&type=chunk) - On April 1, 2022, the Company acquired The Adair and Estates on Maryland for a total consideration of **$143.4 million**, consisting of 26,558 OP Units and $71.1 million in cash[131](index=131&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and operating results [Overview](index=34&type=section&id=Overview) The company's portfolio consists of 39 multifamily properties with a focus on value-add strategies - As of March 31, 2022, the portfolio comprised **39 multifamily properties** with 14,825 units, **94.2% leased**, and a weighted average monthly effective rent of **$1,310 per occupied unit**[134](index=134&type=chunk) - The Company focuses on acquiring and operating 'value-add' multifamily properties in the Southeastern and Southwestern U.S. to improve rental rates and NOI[135](index=135&type=chunk) - The Company issued 52,091 common shares for **$4.3 million gross proceeds** in Q1 2022 through its $225 million 2020 ATM Program[136](index=136&type=chunk) - The Company maintains its REIT tax status, requiring distribution of **at least 90% of REIT taxable income**[137](index=137&type=chunk) [Components of Our Revenues and Expenses](index=35&type=section&id=Components%20of%20Our%20Revenues%20and%20Expenses) This section breaks down the primary sources of revenue and categories of expenses for the company - Revenues primarily consist of rental income from multifamily properties (leases typically one year or less) and other income (ancillary fees)[139](index=139&type=chunk)[140](index=140&type=chunk) - Expenses include property operating costs, real estate taxes and insurance, property management fees, advisory and administrative fees, corporate G&A, property G&A, and depreciation and amortization[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) - Other income and expenses include interest expense, loss on extinguishment of debt, casualty losses, miscellaneous income (e.g., business interruption proceeds), and gain on sales of real estate[145](index=145&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) Operating income grew significantly due to strong revenue growth outpacing expense increases Operating Results Summary (in thousands) | Metric | Q1 2022 | Q1 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $60,786 | $51,796 | $8,990 | 17.4% | | Total expenses | $55,126 | $48,548 | $6,578 | 13.5% | | Operating income | $5,660 | $3,248 | $2,412 | 74.3% | | Net loss attributable to common stockholders | $(4,653) | $(6,879) | $2,226 | -32.4% | - Rental income increased by **$9.0 million (17.9%)** due to a 15.9% increase in weighted average monthly effective rent per occupied unit, driven by the value-add program and organic market growth[151](index=151&type=chunk) - Property operating expenses rose by **$2.4 million (21.4%)**, mainly due to a $0.7 million increase in payroll costs and $0.2 million in water/sewer fees[153](index=153&type=chunk) - Depreciation and amortization increased by **$2.9 million (14.0%)**, primarily from a $2.7 million rise in depreciation due to 2021 acquisition activity and a $0.3 million increase in intangible lease asset amortization[159](index=159&type=chunk) - Interest expense remained stable at **$10.6 million**, with a $1.3 million increase in interest on debt offset by a $1.2 million mark-to-market gain on interest rate cap derivatives[160](index=160&type=chunk) [Non-GAAP Measurements](index=37&type=section&id=Non-GAAP%20Measurements) This section defines and reconciles non-GAAP financial measures used to evaluate performance [Net Operating Income and Same Store Net Operating Income](index=37&type=section&id=Net%20Operating%20Income%20and%20Same%20Store%20Net%20Operating%20Income) NOI and Same Store NOI are used to evaluate property-level performance independent of financing and corporate costs - **NOI** is a non-GAAP measure used to evaluate property performance, excluding interest expense, advisory/administrative fees, depreciation/amortization, corporate G&A, and other specific gains/losses[161](index=161&type=chunk) - **Same Store NOI** compares operating results of properties owned for the entirety of current and comparable periods, eliminating variations from acquisitions or dispositions[167](index=167&type=chunk) [NOI and Same Store NOI](index=39&type=section&id=NOI%20and%20Same%20Store%20NOI%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) Both total NOI and Same Store NOI showed strong year-over-year growth in the first quarter NOI and Same Store NOI Reconciliation (in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net loss | $(4,667) | $(6,900) | | Adjustments (Advisory fees, G&A, D&A, Interest, etc.) | $40,902 | $36,624 | | NOI | $36,565 | $29,724 | | Less Non-Same Store (Revenues, Expenses, Income) | $(3,410) | $(1,229) | | Same Store NOI | $33,155 | $28,495 | - Total NOI increased by **$6.8 million (23.0%)** to $36.6 million in Q1 2022, while Same Store NOI increased by **$4.7 million (16.4%)** to $33.2 million[168](index=168&type=chunk)[171](index=171&type=chunk) - The Same Store pool includes **34 properties (13,456 units)**, excluding five properties and 49 units currently down due to casualty events[170](index=170&type=chunk) [Same Store Results of Operations](index=41&type=section&id=Same%20Store%20Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202022%20and%202021) Same Store results were driven by a significant increase in rental income from higher effective rents - Same Store rental income increased by **$5.7 million (11.7%)** to $54.1 million, primarily due to a **15.4% increase** in weighted average monthly effective rent per occupied unit, partially offset by a 0.9% decrease in occupancy[174](index=174&type=chunk) - Same Store property operating expenses increased by **$1.0 million (9.5%)**, mainly from a $0.4 million rise in repair and maintenance costs and a $0.3 million increase in payroll[176](index=176&type=chunk) - Same Store real estate taxes and insurance decreased by **$0.3 million (3.5%)**, largely due to an increase in property tax refunds[177](index=177&type=chunk) [FFO, Core FFO and AFFO](index=41&type=section&id=FFO%2C%20Core%20FFO%20and%20AFFO) Key non-GAAP performance metrics for REITs all demonstrated substantial year-over-year growth - FFO, Core FFO, and AFFO are non-GAAP supplemental measures of operating performance for REITs, providing a more refined view by adjusting for non-cash items and non-recurring events[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) FFO, Core FFO, and AFFO Reconciliation (in thousands, except per share amounts) | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Net loss | $(4,667) | $(6,900) | 32.4% | | FFO attributable to common stockholders | $18,994 | $13,817 | 37.5% | | FFO per share - diluted | $0.74 | $0.55 | 34.5% | | Core FFO attributable to common stockholders | $20,091 | $14,091 | 42.6% | | Core FFO per share - diluted | $0.78 | $0.56 | 39.5% | | AFFO attributable to common stockholders | $22,346 | $16,045 | 39.3% | | AFFO per share - diluted | $0.87 | $0.64 | 36.3% | | Dividends declared per common share | $0.380 | $0.341 | 11.4% | | FFO Coverage - diluted | 1.95x | 1.62x | 20.8% | | Core FFO Coverage - diluted | 2.06x | 1.65x | 25.3% | | AFFO Coverage - diluted | 2.30x | 1.88x | 22.4% | - **FFO increased by $5.2 million**, **Core FFO by $6.0 million**, and **AFFO by $6.3 million** in Q1 2022 compared to Q1 2021, primarily driven by increased revenues and adjustments for casualty-related expenses and equity-based compensation[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) This section analyzes the company's cash flows, debt profile, and capital management strategies [Cash Flows](index=45&type=section&id=Cash%20Flows) Cash from financing activities increased significantly while cash from operations decreased Cash Flow Activities (in thousands) | Activity | Q1 2022 | Q1 2021 | $ Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $8,682 | $13,744 | $(5,062) | | Net cash used in investing activities | $(10,462) | $(7,587) | $(2,875) | | Net cash provided by (used in) financing activities | $45,208 | $(10,541) | $55,749 | - Net cash from operating activities decreased by **$5.1 million**, mainly due to 2021 acquisition and disposition activity[196](index=196&type=chunk) - Net cash from financing activities increased by **$55.7 million**, driven by a $54.8 million net increase in debt and $4.3 million from common stock issuance, partially offset by a $1.4 million increase in dividends paid[198](index=198&type=chunk) [Debt, Derivatives and Hedging Activity](index=45&type=section&id=Debt%2C%20Derivatives%20and%20Hedging%20Activity) The company actively uses derivatives to manage interest rate risk on its significant floating rate debt - As of March 31, 2022, total mortgage debt was **$1.3 billion** with a weighted average interest rate of **2.10%** (adjusted to 2.95% with swaps)[199](index=199&type=chunk) - Interest rate swap agreements covered **100% of $1.2 billion** floating rate mortgage debt and **61.4% of the $335.0 million** Corporate Credit Facility, effectively fixing rates at a weighted average of **1.2128%**[200](index=200&type=chunk)[207](index=207&type=chunk) - Interest rate cap agreements covered **$458.8 million** of floating rate mortgage debt, capping one-month LIBOR at a weighted average rate of **4.79%**[201](index=201&type=chunk) - The Corporate Credit Facility was modified on March 25, 2022, with **$350.0 million available** for borrowing and $335.0 million outstanding, maturing on June 30, 2024[205](index=205&type=chunk) [Obligations and Commitments](index=47&type=section&id=Obligations%20and%20Commitments) This section outlines the company's future contractual obligations, primarily related to debt service Contractual Obligations and Commitments (in thousands) | Type | Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Properties Mortgage Debt (Principal) | $1,280,765 | $1,040 | $21,047 | $394,956 | $205,662 | $423,149 | $234,911 | | Operating Properties Mortgage Debt (Interest) | $120,478 | $27,846 | $26,532 | $22,440 | $16,861 | $11,213 | $15,586 | | Credit Facility (Principal) | $335,000 | $— | $— | $335,000 | $— | $— | $— | | Credit Facility (Interest) | $21,493 | $7,216 | $9,544 | $4,733 | $— | $— | $— | | Total Contractual Obligations | $1,757,736 | $36,102 | $57,123 | $757,129 | $222,523 | $434,362 | $250,497 | - The Advisory Agreement requires an annual advisory and administrative fee of **1.2%**, with a $5.4 million annual cap on Contributed Assets[213](index=213&type=chunk) - The Company has a maximum exposure of **$4.0 million** in potential future funding commitments to NLMF Holdco, LLC for project costs[214](index=214&type=chunk) [Capital Expenditures and Value-Add Program](index=48&type=section&id=Capital%20Expenditures%20and%20Value-Add%20Program) The company details its strategy for recurring capital expenditures and its value-add renovation program - The Company anticipates average annual repairs and maintenance expenses of **$575-$725 per unit** and reserves **$250-$350 per unit** for non-recurring capital expenditures[215](index=215&type=chunk) - The value-add program involves investing **$4,000-$10,000 per unit** in the first 36 months of ownership. As of March 31, 2022, **$14.1 million** in renovation value-add reserves are available for 924 planned interior rehabs[215](index=215&type=chunk) Rehab Expenditures (in thousands) | Expenditure Type | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Interior | $4,714 | $2,332 | | Exterior and common area | $917 | $2,960 | | Total rehab expenditures | $5,631 | $5,292 | [Income Taxes](index=48&type=section&id=Income%20Taxes) The company intends to maintain its REIT status and manage taxable income from non-REIT activities - The Company expects to maintain its REIT status, requiring annual distribution of **at least 90% of REIT taxable income**[216](index=216&type=chunk) - Taxable income from non-REIT activities is managed through a Taxable REIT Subsidiary (TRS) and is subject to applicable income taxes[216](index=216&type=chunk) - **No material unrecognized tax benefit** or expense, accrued interest, or penalties were reported as of March 31, 2022[220](index=220&type=chunk) [Dividends](index=49&type=section&id=Dividends) The company plans to make regular quarterly dividend payments in line with REIT requirements - The Company intends to make regular quarterly dividend payments, generally requiring distribution of **at least 90% of REIT taxable income**[221](index=221&type=chunk) - Dividends are based on estimated taxable earnings, which may differ from GAAP earnings due to items like depreciation and fair value adjustments[222](index=222&type=chunk) - The Board declared a quarterly dividend of **$0.38 per share** on February 14, 2022, paid on March 31, 2022, funded by operating cash flows[222](index=222&type=chunk) [Off-Balance Sheet Arrangements](index=49&type=section&id=Off-Balance%20Sheet%20Arrangements) The company reports no material off-balance sheet arrangements as of the reporting date - As of March 31, 2022, the Company had **no off-balance sheet arrangements** with a material current or future effect on its financial condition or results of operations[223](index=223&type=chunk) [Critical Accounting Policies and Estimates](index=49&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section highlights key accounting policies that require significant management judgment and estimation - Key accounting policies involve significant judgments and estimates, including **purchase price allocation** for acquisitions, **impairment reviews** of real estate assets, and the impact of inflation[224](index=224&type=chunk)[225](index=225&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - Purchase price allocation for asset acquisitions is based on management's estimate of 'as-if' vacant fair value, using **Level 3 inputs**[226](index=226&type=chunk) - Real estate assets are reviewed for impairment when circumstances indicate carrying amounts may not be recoverable, based on estimated future cash flows and liquidation value[227](index=227&type=chunk) - The Company mitigates inflation risks through **short-term leases** that reset to market rates and by using long-term fixed interest rate loans and interest rate hedges[228](index=228&type=chunk)[229](index=229&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to interest rate and counterparty credit risks - Primary market risks are **interest rate risk** on $1.5 billion of floating rate debt and **counterparty credit risk** on derivatives[231](index=231&type=chunk) - Interest rate swap agreements effectively covered **100% of $1.2 billion** floating rate mortgage debt and **61.4% of the $335.0 million** Corporate Credit Facility, fixing rates at a weighted average of **1.2128%**[231](index=231&type=chunk)[233](index=233&type=chunk) - Interest rate cap agreements covered **$458.8 million** of floating rate mortgage debt, capping one-month LIBOR at a weighted average rate of **4.79%**[232](index=232&type=chunk) Estimated Annual Increase to Interest Expense from LIBOR Changes (in thousands) | Change in Interest Rates | Annual Increase to Interest Expense | | :--- | :--- | | 0.25% | $320 | | 0.50% | $640 | | 0.75% | $960 | | 1.00% | $1,280 | - The Company is monitoring the transition from **LIBOR to SOFR**, as it has material contracts indexed to USD-LIBOR[236](index=236&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirms the effectiveness of disclosure controls and procedures as of the quarter-end - As of March 31, 2022, the Company's disclosure controls and procedures were evaluated and **deemed effective** to provide reasonable assurance that required information is recorded, processed, summarized, and reported timely[237](index=237&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended March 31, 2022[239](index=239&type=chunk) [PART II—OTHER INFORMATION](index=53&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This part covers legal proceedings, risk factors, and other required disclosures [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material legal proceedings that would adversely affect its financials - Management is not aware of any **material legal proceedings** or threatened litigation that would adversely affect the Company's operations or financial condition[242](index=242&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Annual Report - **No material changes** to the risk factors previously disclosed in the Annual Report on Form 10-K were identified[243](index=243&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares during the quarter under its authorized program - The Company **did not repurchase any shares** of common stock during the three months ended March 31, 2022[243](index=243&type=chunk) - The Share Repurchase Program, authorized for up to $100.0 million, had **$38.8 million remaining** as of March 31, 2022[243](index=243&type=chunk) - Since inception through March 31, 2022, the Company repurchased **2,382,155 shares** at a total cost of approximately **$61.2 million**, or $25.70 per share[243](index=243&type=chunk) [Item 3. Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - **No defaults** upon senior securities were reported[244](index=244&type=chunk) [Item 4. Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is **not applicable**[245](index=245&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No other information is required to be disclosed under this item - **No other information** was reported[246](index=246&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q - Exhibits include the March 2022 Modification of Loan Documents, certifications from the CEO and CFO (302 and 906), and Inline XBRL documents[249](index=249&type=chunk) [Signatures](index=55&type=section&id=Signatures) The report is duly signed by the company's principal executive and financial officers - The report was signed by Jim Dondero (President and Director) and Brian Mitts (Chief Financial Officer and Director) on **April 28, 2022**[254](index=254&type=chunk)

NexPoint Residential Trust, Inc. (NYSE:NXRT) Q1 2022 Earnings Conference Call April 26, 2022 11:00 AM ET Company Participants Jackie Graham – Director-Investor Relations and Capital Markets Brian Mitts – Executive Vice President and Chief Financial Officer Matt McGraner – Executive Vice President and Chief Investment Officer Conference Call Participants Michael Lewis – Truist Securities Tayo Okusanya – Credit Suisse Peter Abramowitz – Jefferies Operator Good day and welcome to the NexPoint Residential Trust ...

NEXPOINT 15 FEBRUARY 2021 NXRT Q4 2020 BOARD MEETING RESIDENTIAL TRUST Raymond James Institutional Investor Conference| March 2022 Featured Property: Hudson High House, located in Cary, NC n x r t . n e x p o i n t . c o m CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36663 NexPoint Residential Trust, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction of Incorpor ...

NexPoint Residential Trust, Inc. (NYSE:NXRT) Q4 2021 Earnings Conference Call February 15, 2022 11:00 AM ET Company Participants Brian Mitts – Executive Vice President & Chief Financial Officer Matthew McGraner – Executive Vice President & Chief Investment Officer Jackie Graham – Investor Relation Manager Conference Call Participants Buck Horne – Raymond James Aaron Skloff – Skloff Financial Group Peter Abramowitz – Jefferies Operator Good day and welcome to the NexPoint Residential Trust Q4 2021 Quarterly ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36663 NexPoint Residential Trust, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction o ...

NexPoint Residential Trust, Inc. (NYSE:NXRT) Q3 2021 Results Earnings Conference Call November 2, 2021 11:00 AM ET Company Participants Jackie Graham - IR Manager Brian Mitts - EVP, Finance, Treasurer, CFO, Secretary Matthew McGraner - EVP & CIO Bonner McDermott - Vice President, Asset Management Conference Call Participants Amanda Sweitzer - Baird Gaurav Mehta - National Securities Buck Horne - Raymond James Tayo Okusanya - Credit Suisse Michael Lewis - Truist Securities Rob Stevenson - Janney Operator Goo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36663 NexPoint Residential Trust, Inc. (Exact Name of Registrant as Specified in Its Charter) Maryland 47-1881359 (State or other Ju ...

Financial Data and Key Metrics Changes - The net loss for Q2 2021 was $3.4 million, or $0.14 per diluted share, compared to a loss of $9.3 million, or $0.38 per diluted share in Q2 2020 [10] - Core FFO for Q2 2021 was $14.2 million, or $0.56 per diluted share, compared to $0.59 per diluted share in Q2 2020 [10] - Total revenues for Q2 2021 were $52.6 million, a 3.7% increase from $50.7 million in Q2 2020 [17] - Year-to-date core FFO was $28.3 million, or $1.13 per diluted share, compared to $1.11 per diluted share in the same period of 2020 [19] Business Line Data and Key Metrics Changes - Same store NOI for Q2 2021 increased by $179,000, or 0.6%, compared to Q2 2020 [10] - The company completed 336 renovations in Q2 2021, achieving an average monthly rent premium of $170 and a 20.5% return on investment [11] - Year-to-date same store NOI increased by $86,000, or 0.2%, compared to the same period in 2020 [12] Market Data and Key Metrics Changes - Same store rent increased by 3.6% in Q2 2021, with average occupancy at 96% compared to 95.3% in Q2 2020 [18] - The company reported a 35% increase in out-of-state applications quarter-over-quarter and a 29% increase year-to-date [24] - New leases in July 2021 were up 24.4%, with renewals at 8.2%, resulting in a blended increase of 15.8% [27] Company Strategy and Development Direction - The company is focused on organic growth through its rehab program rather than relying solely on acquisitions [8] - The ongoing shortage of affordable housing in the U.S. is seen as an opportunity for the company to implement its value-add strategy [16] - The company plans to continue acquiring properties in core markets while maintaining a strong operational performance [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining high occupancy levels despite the eviction moratorium ending, with only 123 units identified for potential eviction [51] - The company anticipates that the strong leasing performance will translate into meaningful revenue growth in the second half of the year [27] - Management noted that the economic activity in the Sunbelt markets is robust, which may mitigate risks associated with the Delta variant of COVID-19 [65] Other Important Information - The company declared a dividend of $0.34125 per share, which is covered 1.65 times by core FFO, indicating a payout ratio of approximately 61% [13] - The revised NAV per share is reported to range from $55.66 to $66.62, with a midpoint of $61.14 based on current cap rates [12] Q&A Session Summary Question: On same store rental income guidance - Management indicated that the decrease in guidance was due to revisions related to bad debt write-offs rather than forward-looking changes [42][43] Question: On blended lease rates and renewal rates - Management expects renewal rates to converge with new lease rates, indicating a healthy leasing market [45][46] Question: On maintaining occupancy levels post-eviction moratorium - Management is optimistic about holding occupancy levels at 96% despite the eviction moratorium ending, with a plan to address units identified for eviction [51] Question: On total expense expectations - Management noted that savings in R&M categories and payroll contributed to a decrease in total same store expense expectations [52] Question: On the impact of the eviction moratorium on market fundamentals - Management believes that evicted tenants may not qualify for new leases, which could mitigate flooding the market with new inventory [63] Question: On the potential impact of the Delta variant - Management feels insulated from risks associated with the Delta variant due to the progressive reopening in their markets [65]