NexPoint Residential Trust Inc 2024年度报告

2024ANNUALREPORT nxrt.nexpoint.com NexPoint Residential Trust, Inc. (“NXRT”) isan externally advised, publicly traded realestate investment trust primarily focusedon acquiring, owning and operatingwell-located middle-income multifamilyproperties with “value-add” potential inlarge cities and suburban submarkets oflarge cities, primarily in the Southeasternand Southwestern United States. April, 2025 TO MY FELLOW STOCKHOLDERS, NexPoint Residential Trust, Inc. (NYSE: NXRT) (“NXRT” or the “Company”) demonstratedresilience in navigating shiftingmarket conditions, showcasing adaptability in a fluctuatingreal estate landscape. The Company maintained its commitment to enhancing propertyvalues through the successful execution of strategic renovations and upgrades, whichpositions the portfolio well for long-term value creation. Management’s expertise inidentifying and executing these improvements is a key driver of NXRT’s growth and successto date. NXRT’s central focus on high quality suburban Sunbelt locations, targetingunderutilized assets that we expect to see increased demand and higher rental incomesover time, continues to serve the Company well. An outsized bias toward Sunbelt assets,where migration, population and employment growth are expected to persist near-term isexpected to support further growth in operating performance, stockholder value andcapital demand for our portfolio. NXRT continues to dedicate resources toward sustainability and community development.Sinceinception,NXRT has spent approximately$5.2 million on environmentallyresponsible green initiatives across all properties. From inception of the program throughDecember 31, 2024, those properties reported reduced utility costs of approximately$17.0 million, saving approximately 2.0 billion gallons of water and approximately 50.0million kWh since inception, while also generating an average annual ROI of 3.2%. Weexpect these environmentally friendly improvements will continue to reduce operatingexpenses, benefitting residents and investors alike, thereby enhancing property value,asset quality, and extending the runway for further organic revenue growth. By integrating eco-friendly practices, tech-enabled centralization initiatives and fosteringcommunity engagement, NXRT is not only contributing to the well-being of its tenants butalso enhancing the appeal of its properties, which leads to higher occupancy rates,improved operating margins and elevated tenant satisfaction. Looking ahead, NXRT's initiatives to strengthen the portfolio and engage in responsiblegrowth practices lay a solid foundation for enhancing stockholder value. We believe ourstrategic investments, focus on high-potential Sunbelt markets, and commitment tosustainability and community well-being highlight a promising trajectory for the future. Note: See “Cautionary Statement Regarding Forward-Looking Statements” in our Form 10-K for the yearended December 31, 2024, accompanying this letter. For the full year 2024, NXRT reported Net Income, FFO, Core FFO and AFFO of $1.1M,$44.5M, $73.1M and $883.6M, respectively, attributable to common stockholders.1Forthe full year 2023, NXRT reported Net Income, FFO, Core FFO and AFFO of $44.3M,$71.4M, $73.5M and $84.4M, respectively, attributable to common stockholders.1 Since inception, we have continued to generate superior Same Store NOI growth relativeto our multifamily peers.3During 2024, our 2023-2024 Same Store properties averageeffective rent decreased 1.6% and total revenue and NOI increased 2.0% and 0.9%,respectively, over the prior year period.1. Our value-add program has also continued to add to our outsized performance. Wecompleted full and partial renovations on 195 units across our portfolio in 2024, improvingcurrent resident quality of life, attracting new residents, and achieving meaningful returnsfor our stockholders. During the past year, we leased 182 completed renovations andachieved an average monthly rent increase of $197 resulting in a total return on investmentof 18.2%. Looking forward to 2025, we are expecting to complete 425 full interiorupgrades and 326 partial interior upgrades which we expect to produce estimated ROIs ofapproximately 17.8% and 19.9%, respectively, on those value-added initiatives. In 2024, we installed 193 new kitchen and laundry appliances, which produced an ROI ofapproximately61.3%.Looking forward to 2025,we are budgeting to install 661washer/dryer sets and expect to produce an estimated ROI of approximately 64.0%. We believe NXRT's focus on acquiring properties with a value-add component shouldcontinue to produce attractive returns and outsized Core FFO and NOI growth, which webelievewill deliver long-term capital appreciation to stockholders.Additionally,theCompany declared dividends totaling $49.8 million, or $1.90 per share, in 2024. Drivenby excellent cash flow generation, our board of directors increased the quarterly dividendby 10.3% during the fourth quarter of 2024. This increa