The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI to net income (loss) (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):
For the Year Ended For the Three Months
December 31, 2024 Ended December 31, 2024
-------------------- ------------------------
Mid-Point (1) Mid-Point (1)
-------------------- ------------------------
Net income (loss) $ 700 $ (27,451)
Adjustments to
reconcile net
income to NOI:
Advisory and
administrative
fees 6,952 1,773
Corporate general
and
administrative
expenses 19,576 5,052
Corporate income (1,626) (371)
Property general
and
administrative
expenses (2) 5,586 1,228
Depreciation and
amortization 98,009 24,636
Interest expense 56,893 13,938
Casualty-related
recoveries 538 --
Loss on
extinguishment of
debt and
modification
costs 23,531 22,730
Equity in earnings
of affiliate (204) (60)
Gain on sales of
real estate (54,229) (3,835)
---------------- --- -------------------
NOI $ 155,726 $ 37,640
================ === ===================
Less Non-Same
Store
Revenues (3) (5,539)
Operating expenses (3) 2,619
----------------
Same Store NOI (3) $ 152,806
================
(1) Mid-Point estimates shown for full year and fourth quarter 2024 guidance.
Assumptions made for full year and fourth quarter 2024 NOI guidance
include the Same Store operating growth projections included in the "2024
Full Year Guidance Summary" section of this release and the effect of the
dispositions throughout the fiscal year.
(2) Adjustment to net loss to exclude certain property general and
administrative expenses that are not reflective of the continuing
operations of the properties or are incurred on our behalf at the
property for expenses such as legal, professional, centralized leasing
service and franchise tax fees.
(3) Amounts are derived from the results of operations of our Full Year 2024
Same Store properties and Non-Same Store properties. There are 35
properties in our Full Year 2024 Same Store pool.
The following table reconciles our FFO, Core FFO and AFFO guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2024 (in thousands, except per share data):
For the Year Ended
December 31, 2024
--------------------
Mid-Point
--------------------
Net income $ 700
Depreciation and amortization 98,009
Gain on sales of real estate (54,229)
Adjustment for noncontrolling interests (171)
----------------
FFO attributable to common stockholders 44,309
================
FFO per share - diluted (1) $ 1.69
================
Loss on extinguishment of debt and modification
costs 23,531
Casualty-related expenses 2,176
Amortization of deferred financing costs 3,265
Mark-to-market adjustments of interest rate caps (329)
Adjustment for noncontrolling interests (113)
----------------
Core FFO attributable to common stockholders 72,839
================
Core FFO per share - diluted (1) $ 2.78
================
Equity-based compensation expense 10,586
Adjustment for noncontrolling interests (41)
----------------
AFFO attributable to common stockholders 83,384
================
AFFO per share - diluted (1) $ 3.18
================
Weighted average common shares outstanding - diluted 26,246
(1) For purposes of calculating per share data, we assume a weighted average
diluted share count of approximately 26.2 million for the full year
2024.
NOI
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the three months ended June 30, 2024 and the year ended December 31, 2023 to net income, the most directly comparable GAAP financial measure (in thousands):
For the Year Ended
For the Three Months
Ended June 30, 2024 December 31, 2023
-------------------- --------------------
Net income $ 10,638 $ 44,433
Adjustments to
reconcile net income
to NOI:
Advisory and
administrative fees 1,734 7,645
Corporate general and
administrative
expenses 4,779 16,663
Corporate income (516) -
Casualty-related
expenses/(recoveries) (1) 232 (2,214)
Casualty loss (gain) 737 856
Gain on forfeited
deposits -- (250)
Property general and
administrative
expenses (2) 1,334 3,701
Depreciation and
amortization 24,442 95,186
Interest expense 13,971 67,106
Equity in earnings of
affiliate (53) (205)
Loss (gain) on
extinguishment of
debt and modification
costs 255 2,409
Gain on sales of real
estate (18,686) (67,926)
--- --------------- ----------------
NOI $ 38,867 $ 167,404
=== =============== ================
(1) Adjustment to net income to exclude certain property operating expenses
that are casualty-related expenses/(recoveries).
(2) Adjustment to net income to exclude certain property general and
administrative expenses that are not reflective of the continuing
operations of the properties or are incurred on our behalf at the
property for expenses such as legal, professional, centralized leasing
service and franchise tax fees.
Contact:
Investor Relations
Kristen Thomas
IR@nexpoint.com
(214) 276-6300
Media inquiries: Pro-Nexpoint@prosek.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/nexpoint-residential-trust-inc-reports-third-quarter-2024-results-302289764.html
SOURCE NexPoint Residential Trust, Inc.
(END) Dow Jones Newswires
October 29, 2024 08:16 ET (12:16 GMT)
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