NexPoint Residential Trust(NXRT) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, net income attributable to common stockholders was $1.1 million, a decrease from $44.3 million in 2023[5]. - Total revenues for the full year 2024 were $259.7 million, down from $277.5 million in 2023[12]. - For the fourth quarter of 2024, total revenues were $63.8 million, compared to $68.9 million for the same quarter in 2023[12]. - For the full year 2024, FFO totaled $44.5 million, or $1.69 per diluted share, compared to $71.4 million, or $2.72 per diluted share, in 2023[12]. - For the full year 2024, NOI was $157.0 million, down from $167.4 million in 2023[12]. - Net income for 2024 is reported at $1,114 million, a significant decrease from $44,433 million in 2023[23]. - Total revenues decreased to $259,701 thousand in FY 2024 from $277,526 thousand in FY 2023, representing a decline of 6.9%[38]. - Net income attributable to common stockholders was $1,110 thousand in FY 2024, a significant drop from $44,264 thousand in FY 2023[38]. - Same Store NOI growth was 0.9% in FY 2024 compared to the previous year[38]. - Total revenues for the year ended December 31, 2024, were $257,486,000, a decrease of $19,557,000 or 7.1% compared to $277,043,000 in 2023[60]. - The company reported a total NOI of $157.035 million for 2024, down 6.2% from $167.404 million in 2023[72]. Rental Income and Occupancy - The weighted average effective monthly rent per unit across all properties was $1,491, with physical occupancy at 94.7% as of December 31, 2024[5]. - Same Store Rental Income increased by $20,270 million, representing a 9.4% growth compared to 2022[27]. - Same Store Average Rent per Unit decreased by $25, or 1.7%, from $1,508 in 2022 to $1,483 in 2024[27]. - Same Store Ending Occupancy remained stable at 94.7% for both 2024 and 2023, up from 94.1% in 2022[27]. - Same Store rental income increased by $5,500,000 or 2.3% to $246,688,000 in 2024 from $241,188,000 in 2023[60]. - The occupancy rate for Same Store properties remained stable at approximately 94.7% as of December 31, 2024, unchanged from 2023[70]. Dividends and Shareholder Returns - A fourth quarter dividend of $0.51 per share was paid, representing a 10.3% increase over the prior quarter's dividend[5]. - Dividends declared per common share increased to $1.90 in FY 2024 from $1.72 in FY 2023[38]. - Dividends declared per common share increased to $1.89726 in 2024 from $1.72242 in 2023, a rise of 10.1%[82]. Debt and Capital Structure - The company refinanced mortgage debt totaling $1,469,425 million across 34 properties with a floating interest rate of 5.62%[31]. - The company has a total outstanding mortgage debt of $1,503,242,000, with a weighted average interest rate of 5.62% across various floating rate loans[92]. - The leverage ratio (Total Debt to Market Capitalization plus Total Debt) improved to 59% in FY 2024 from 64% in FY 2023[38]. - The company has entered into interest rate swap agreements totaling a notional amount of $1,067,500,000, with an average fixed rate of 0.9807%[94]. - The company has a total of $2,523,650 in interest rate cap agreements outstanding, with strike rates ranging from 2.74% to 8.91%[96]. - The company has multiple floating rate interest rate caps maturing between 2025 and 2027, with notional amounts ranging from $18,690 to $248,185[96]. Property Sales and Acquisitions - The company completed the sales of three properties for a combined price of $166.8 million during 2024[5]. - The company has disposed of properties with a total sales price of $1,237,675,000, resulting in a total gain on sale of $497,939,000[103]. - The NAVA Portfolio, which includes multiple properties, was sold for $116,000,000, generating a gain of $48,046,000[104]. - The highest acquisition price for a single property was $354,583,000 for Avant at Pembroke Pines, comprising 1,520 units[101]. Future Guidance - NXRT's 2025 guidance for earnings per diluted share ranges from $(1.33) to $(1.05) with a midpoint of $(1.19)[42]. - Core FFO per diluted share guidance for 2025 is projected between $2.56 and $2.83, with a midpoint of $2.70[42]. - Same Store rental income growth is expected to range from -0.5% to 1.0% for 2025[42]. - Total revenue growth for Same Store properties is projected between -0.2% and 1.3%[42]. - Same Store NOI is expected to decline between -3.5% and increase by 0.5%[42]. - The estimated 2025 NOI guidance is between $148.67 million and $154.90 million[46].