The following is a summary of the NexPoint Residential Trust, Inc. (NXRT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• NexPoint reported Q1 net income of $26.3 million or $1 per diluted share, an increase from a net loss of $4 million in Q1 2023.

• The company reported a gross profit for Q1 of $41.1 million across 37 properties.

• Total revenue for the quarter was $67.5 million, including a gain of $31.7 million from the sale of an old farm.

• Same-store rent for Q1 2024 decreased by 0.4%, while occupancy rose by 0.3% to 94.7%.

• NexPoint also reported Q1 core FFO of $19.6 million or $0.75 per diluted share, up from $0.71 in Q1 2023.

Business Progress:

• In Q1, NexPoint completed 59 full and partial interior upgrades with a decent ROI of 21.8%.

• The company plans to complete more upgrades in 2024, including the installation of 465 washer dryer sets and 318 bespoke upgrades.

• NexPoint completed the sale of old farm and Radbourne Lake, bringing in significant net sales proceeds.

• These proceeds will be allocated for share buybacks and debt reduction.

• In light of an attractive private market arbitrage, NexPoint initiated a share buyback program of up to $25 million.

• Due to the significant gap between public and private market values and the current market conditions, the company is prioritizing stock buybacks over acquisitions.

More details: NexPoint Residential Trust Inc IR

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