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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, 2022

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)

 

 

Maryland

 

47-1881359

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

300 Crescent Court, Suite 700, Dallas, Texas

(Address of Principal Executive Offices)

 

75201

(Zip Code)

 

(214) 276-6300

(Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

NXRT

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 26, 2022, the registrant had 25,549,319 shares of its common stock, par value $0.01 per share, outstanding.

 

 

 


 

 

NEXPOINT RESIDENTIAL TRUST, INC.

 

Form 10-Q

Quarter Ended September 30, 2022

INDEX

 

 

 

Page

Cautionary Statement Regarding Forward-Looking Statements

 

ii

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021

 

1

 

 

Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2022 and 2021

 

2

 

 

Consolidated Unaudited Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021

 

3

 

 

Consolidated Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021

 

5

 

 

Notes to Consolidated Unaudited Financial Statements

 

7

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

51

Item 4.

 

Controls and Procedures

 

52

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

Item 1A.

 

Risk Factors

 

53

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53

Item 3.

 

Defaults Upon Senior Securities

 

53

Item 4.

 

Mine Safety Disclosures

 

53

Item 5.

 

Other Information

 

54

Item 6.

 

Exhibits

 

55

Signatures

 

 

 

56

 

i


 

 

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to our liquidity and capital resources, the performance of our properties and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including market conditions and demographics) are forward-looking statements. We caution investors that any forward-looking statements presented in this quarterly report are based on management’s current beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

 

unfavorable changes in market and economic conditions in the United States and globally and in the specific markets where our properties are located;

 

risks associated with the current COVID-19 pandemic, including unpredictable variants, and the future outbreak of other highly infectious or contagious diseases;

 

risks associated with ownership of real estate;

 

limited ability to dispose of assets because of the relative illiquidity of real estate investments;

 

our multifamily properties are concentrated in certain geographic markets in the Southeastern and Southwestern United States, which makes us more susceptible to adverse developments in those markets;

 

increased risks associated with our strategy of acquiring value-enhancement multifamily properties rather than more conservative investment strategies;

 

failure to succeed in new markets may have adverse consequences on our performance;

 

potential reforms to the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”);

 

competition could limit our ability to acquire attractive investment opportunities, which could adversely affect our profitability and impede our growth;

 

competition and any increased affordability of residential homes could limit our ability to lease our apartments or increase or maintain rents;

 

the relatively low residential mortgage rates may result in potential renters purchasing residences rather than leasing them, and as a result, cause a decline in our occupancy rates;

 

the risk that we may fail to consummate future property acquisitions;

 

failure of acquisitions to yield anticipated results;

 

risks associated with increases in interest rates and our ability to issue additional debt or equity securities in the future;

 

risks associated with selling apartment communities, which could limit our operational and financial flexibility;

 

contingent or unknown liabilities related to properties or businesses that we have acquired or may acquire;

 

lack of or insufficient amounts of insurance;

 

the risk that our environmental assessments may not identify all potential environmental liabilities and our remediation actions may be insufficient;

 

high costs associated with the investigation or remediation of environmental contamination, including asbestos, lead-based paint, chemical vapor, subsurface contamination and mold growth;

 

high costs associated with the compliance with various accessibility, environmental, building and health and safety laws and regulations, such as the Americans with Disabilities Act of 1990 and the Fair Housing Act;

 

risks associated with limited warranties we may obtain when purchasing properties;

ii


 

 

 

exposure to decreases in market rents due to our short-term leases;

 

risks associated with operating through joint ventures and funds;

 

our dependence on information systems;

 

risks associated with breaches of our data security;

 

costs associated with being a public company, including compliance with securities laws;

 

the risk that our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting;

 

risks associated with our substantial current indebtedness and indebtedness we may incur in the future;

 

risks associated with derivatives or hedging activity;

 

risks associated with representations and warranties made by the us in connection with sales of our properties may subject us to liability that could result in losses and could harm our operating results and, therefore, distributions we make to our stockholders;

 

loss of key personnel of NexPoint Advisors, L.P. (our “Sponsor”), NexPoint Real Estate Advisors, L.P. (our “Adviser”) and our property manager;

 

the risk that we may not replicate the historical results achieved by other entities managed or sponsored by affiliates of our Adviser, members of our Adviser’s management team or by our Sponsor or its affiliates;

 

risks associated with our Adviser’s ability to terminate the Advisory Agreement (as defined below);

 

our ability to change our major policies, operations and targeted investments without stockholder consent;

 

the substantial fees and expenses we pay to our Adviser and its affiliates;

 

risks associated with any potential internalization of our management functions;

 

conflicts of interest and competing demands for time faced by our Adviser, our Sponsor and their officers and employees;

 

the risk that we may compete with other entities affiliated with our Sponsor or property manager for properties and tenants;

 

failure to maintain our status as a REIT;

 

failure of our operating partnership to be taxable as a partnership for federal income tax purposes, possibly causing us to fail to qualify for or to maintain REIT status;

 

compliance with REIT requirements, which may limit our ability to hedge our liabilities effectively and cause us to forgo otherwise attractive opportunities, liquidate certain of our investments or incur tax liabilities;

 

risks associated with our ownership of interests in taxable REIT subsidiaries;

 

the recognition of taxable gains from the sale of properties as a result of the inability to complete certain like-kind exchanges in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”);

 

the risk that the Internal Revenue Service may consider certain sales of properties to be prohibited transactions, resulting in a 100% penalty tax on any taxable gain;

 

the ineligibility of dividends payable by REITs for the reduced tax rates available for some dividends;

 

risks associated with the stock ownership restrictions of the Code for REITs and the stock ownership limit imposed by our charter;

 

the ability of our board of directors to revoke our REIT qualification without stockholder approval;

 

recent and potential legislative or regulatory tax changes or other actions affecting REITs;

 

risks associated with the market for our common stock and the general volatility of the capital and credit markets;

 

failure to generate sufficient cash flows to service our outstanding indebtedness or pay distributions at expected levels;

 

risks associated with limitations of liability for and our indemnification of our directors and officers;

 

the risk that legal proceedings we become involved in from time to time could adversely affect our business;

 

the risk that acts of violence could decrease the value of our assets and have an adverse effect on our business and results of operations;

iii


 

 

risks associated with the Highland Capital Management, L.P. bankruptcy, including related litigation and potential conflicts of interest; and

 

any other risks included under Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 18, 2022.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this quarterly report. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

 

iv


 

 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Operating Real Estate Investments

 

 

 

 

 

 

 

 

Land

 

$

378,438

 

 

$

375,857

 

Buildings and improvements

 

 

1,759,301

 

 

 

1,743,866

 

Intangible lease assets

 

 

 

 

 

2,576

 

Construction in progress

 

 

8,170

 

 

 

6,078

 

Furniture, fixtures, and equipment

 

 

141,184

 

 

 

120,419

 

Total Gross Operating Real Estate Investments

 

 

2,287,093

 

 

 

2,248,796

 

Accumulated depreciation and amortization

 

 

(326,738

)

 

 

(287,096

)

Total Net Operating Real Estate Investments

 

 

1,960,355

 

 

 

1,961,700

 

Real estate held for sale, net of accumulated depreciation of $28,477 and $0, respectively

 

 

110,638

 

 

 

 

Total Net Real Estate Investments

 

 

2,070,993

 

 

 

1,961,700

 

Cash and cash equivalents

 

 

15,771

 

 

 

49,450

 

Restricted cash

 

 

50,844

 

 

 

39,246

 

Accounts receivable, net

 

 

11,519

 

 

 

4,844

 

Prepaid and other assets

 

 

9,869

 

 

 

4,701

 

Fair market value of interest rate swaps

 

 

110,399

 

 

 

3,526

 

TOTAL ASSETS

 

$

2,269,395

 

 

$

2,063,467

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgages payable, net

 

$

1,268,607

 

 

$

1,276,285

 

Mortgages payable held for sale, net

 

 

82,692

 

 

 

 

Credit facility, net

 

 

333,428

 

 

 

278,215

 

Accounts payable and other accrued liabilities

 

 

13,866

 

 

 

12,590

 

Accrued real estate taxes payable

 

 

22,165

 

 

 

13,182

 

Accrued interest payable

 

 

5,981

 

 

 

2,491

 

Security deposit liability

 

 

3,168

 

 

 

2,945

 

Prepaid rents

 

 

2,039

 

 

 

1,775

 

Total Liabilities

 

 

1,731,946

 

 

 

1,587,483

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in the Operating Partnership

 

 

5,828

 

 

 

6,139

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued

 

 

 

 

 

 

Common stock, $0.01 par value: 500,000,000 shares authorized; 25,549,036 and 25,500,567 shares issued and outstanding, respectively

 

 

255

 

 

 

255

 

Additional paid-in capital

 

 

403,377

 

 

 

407,803

 

Accumulated earnings less dividends

 

 

18,902

 

 

 

59,209

 

Accumulated other comprehensive income

 

 

109,087

 

 

 

2,578

 

Total Stockholders' Equity

 

 

531,621

 

 

 

469,845

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

2,269,395

 

 

$

2,063,467

 

 

See Notes to Consolidated Financial Statements

 

1


 

 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

66,500

 

 

$

54,918

 

 

$

189,949

 

 

$

156,305

 

Other income

 

 

1,551

 

 

 

1,466

 

 

 

4,654

 

 

 

4,438

 

Total revenues

 

 

68,051

 

 

 

56,384

 

 

 

194,603

 

 

 

160,743

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

12,370

 

 

 

12,783

 

 

 

42,669

 

 

 

35,116

 

Real estate taxes and insurance

 

 

9,419

 

 

 

7,646

 

 

 

27,670

 

 

 

24,876

 

Property management fees (1)

 

 

1,960

 

 

 

1,639

 

 

 

5,629

 

 

 

4,640

 

Advisory and administrative fees (2)

 

 

1,904

 

 

 

1,938

 

 

 

5,615

 

 

 

5,706

 

Corporate general and administrative expenses

 

 

3,818

 

 

 

3,152

 

 

 

11,116

 

 

 

9,070

 

Property general and administrative expenses

 

 

2,387

 

 

 

2,076

 

 

 

6,586

 

 

 

5,451

 

Depreciation and amortization

 

 

25,224

 

 

 

21,591

 

 

 

74,490

 

 

 

62,335

 

Total expenses

 

 

57,082

 

 

 

50,825

 

 

 

173,775

 

 

 

147,194

 

Operating income

 

 

10,969

 

 

 

5,559

 

 

 

20,828

 

 

 

13,549

 

Interest expense

 

 

(11,766

)

 

 

(11,531

)

 

 

(34,804

)

 

 

(32,830

)

Loss on extinguishment of debt and modification costs

 

 

 

 

 

 

 

 

 

 

 

(328

)

Casualty gains

 

 

 

 

 

 

 

 

357

 

 

 

2,379

 

Miscellaneous income

 

 

198

 

 

 

565

 

 

 

526

 

 

 

1,505

 

Net loss

 

 

(599

)

 

 

(5,407

)

 

 

(13,093

)

 

 

(15,725

)

Net loss attributable to redeemable noncontrolling interests in the Operating Partnership

 

 

(2

)

 

 

(16

)

 

 

(46

)

 

 

(47

)

Net loss attributable to common stockholders

 

$

(597

)

 

$

(5,391

)

 

$

(13,047

)

 

$

(15,678

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains on interest rate derivatives

 

 

34,938

 

 

 

4,545

 

 

 

106,874

 

 

 

31,082

 

Total comprehensive income (loss)

 

 

34,339

 

 

 

(862

)

 

 

93,781