EX-99.1

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Fourth Quarter and Full Year 2024 Activity

COMPLETED DISPOSITIONS


Property Name	Location	Date of Sale	Sales Price		IRR			Multiple on Invested Capital	Net Cash Proceeds (1)
Old Farm	Houston, TX	March 1, 2024	$	103,000		22.1	%	2.98x	$	102,704
Radbourne Lake	Charlotte, NC	April 30, 2024		39,250		19.2	%	3.64x		38,904
Stone Creek at Old Farm	Houston, TX	October 1, 2024		24,500		14.8	%	2.19x		24,095
			$	166,750					$	165,703

(1)

Net Cash Proceeds includes sale prices less closing costs.


(*)	2024			2023		2022			2021		2020		2019		2018			2017		2016		2015			2014
Net income (loss)	$	1,114	$	44,433	$	(9,291	)	$	23,106	$	44,150	$	99,438	$	(1,614	)	$	56,359	$	25,888	$	(10,992	)	$	(17,533	)

     SAME STORE NOI GROWTH VS PEERS(1*)

    

(1)

Based on each REIT's Fourth Quarter and Full Year Earnings Reports.

SAME STORE GROWTH(1)

2022 to 2024


										2024 vs 2022			2024 vs 2022
	FY 2024			FY 2023			FY 2022			$ Change			% Change
Same Store Ending Occupancy		94.7	%		94.7	%		94.1	%					0.6	%
Same Store Average Rent per Unit	$	1,483		$	1,509		$	1,508		$	(25	)		-1.7	%

Same Store Revenues
Same Store Rental Income	$	234,934		$	229,801		$	214,664		$	20,270			9.4	%
Same Store Other Income		5,234			5,661			5,271			(37	)		-0.7	%
Total Same Store Revenues	$	240,168		$	235,462		$	219,935		$	20,233			9.2	%

Total Same Store Operating Expenses	$	94,184		$	91,483		$	86,698		$	7,486			8.6	%

Same Store Operating Income
Miscellaneous income	$	476		$	1,020		$	783			(307	)		-39.2	%
Total Same Store Operating Income	$	476		$	1,020		$	783		$	(307	)		-39.2	%

2022-2024 Same Store NOI (2)	$	146,460		$	144,999		$	134,020		$	12,440			9.3	%

(1)

Same store growth for the 2022-2024 Same Store Pool, see 2022-2024 Same Store Results of Operations section of this release.

(2)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.


NXRT.NEXPOINT.COM	Page 5

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. 30-Day Average SOFR was 4.53% as of December 31, 2024.

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

UPDATES TO CAPITAL STRUCTURE

Mortgage Debt for 34 Properties Refinanced

The following table contains summary information concerning the mortgage debt of the Company for the 17 properties refinanced on October 1, 2024, and 17 properties refinanced on November 26, 2024 (dollars in thousands):


Operating Properties	Type	Term (months)	Outstanding Principal		Interest Rate (1)	Maturity Date
Arbors of Brentwood	Floating	84	$	39,977	5.62%	10/1/2031
Avant at Pembroke Pines	Floating	84		248,185	5.62%	10/1/2031
Bella Vista	Floating	84		37,400	5.62%	10/1/2031
Brandywine I & II	Floating	84		59,526	5.62%	10/1/2031
Cornerstone	Floating	84		45,815	5.62%	10/1/2031
Estates on Maryland	Floating	84		37,345	5.62%	10/1/2031
High House at Cary	Floating	84		32,478	5.62%	10/1/2031
Residences at Glenview Reserve	Floating	84		33,271	5.62%	10/1/2031
Sabal Palm at Lake Buena Vista	Floating	84		56,220	5.62%	10/1/2031
Six Forks Station	Floating	84		30,430	5.62%	10/1/2031
Summers Landing	Floating	84		14,135	5.62%	10/1/2031
The Adair	Floating	84		33,229	5.62%	10/1/2031
The Enclave	Floating	84		33,440	5.62%	10/1/2031
The Heritage	Floating	84		29,810	5.62%	10/1/2031
The Venue on Camelback	Floating	84		36,465	5.62%	10/1/2031
The Verandas at Lake Norman	Floating	84		30,113	5.62%	10/1/2031
Versailles II	Floating	84		15,706	5.62%	10/1/2031
Arbors on Forest Ridge	Floating	84		17,307	5.62%	12/1/2031
Atera Apartments	Floating	84		38,555	5.62%	12/1/2031
Bella Solara	Floating	84		37,772	5.62%	12/1/2031
Bloom	Floating	84		60,848	5.62%	12/1/2031
Courtney Cove	Floating	84		31,596	5.62%	12/1/2031
Creekside at Matthews	Floating	84		28,703	5.62%	12/1/2031
Cutter's Point	Floating	84		18,994	5.62%	12/1/2031
Fairways at San Marcos	Floating	84		55,056	5.62%	12/1/2031
Madera Point	Floating	84		29,676	5.62%	12/1/2031
Parc500	Floating	84		30,012	5.62%	12/1/2031
Rockledge Apartments	Floating	84		78,444	5.62%	12/1/2031
Seasons 704 Apartments	Floating	84		33,960	5.62%	12/1/2031
The Preserve at Terrell Mill	Floating	84		74,341	5.62%	12/1/2031
The Summit at Sabal Park	Floating	84		26,735	5.62%	12/1/2031
Torreyana Apartments	Floating	84		43,153	5.62%	12/1/2031
Venue at 8651	Floating	84		24,620	5.62%	12/1/2031
Versailles	Floating	84		26,108	5.62%	12/1/2031
			$	1,469,425


NXRT.NEXPOINT.COM	Page 6

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES (1)


Market	Submarket (RealPage)	Property	NXRT Unit Exposure	2024 Q4 Inventory	2024 Deliveries	2025 Deliveries	2026 Deliveries	2027 Deliveries	3-year Deliveries	3-year % Growth
ATL	Southeast Marietta	Rockledge	708	14,105	-	-	-	-	-	0.0%
ATL	Southeast Marietta	The Preserve at Terrell Mill	752	14,105	-	-	-	-	-	0.0%
ATL	Sandy Springs	The Adair	232	20,205	-	286	-	-	286	1.4%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman	264	8,091	312	2,573	336	-	2,909	36.0%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews	240	11,931	361	591	185	-	776	6.5%
DFW	East Fort Worth	The Venue at 8651	333	13,395	-	462	204	-	666	5.0%
DFW	Far North Dallas	Versailles	388	30,455	897	-	-	-	-	0.0%
DFW	Far North Dallas	Versailles II	242	30,455	897	-	-	-	-	0.0%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge	210	33,888	13	575	148	-	723	2.1%
DFW	Hurst/Euless/Bedford	Summers Landing	196	33,888	13	575	148	-	723	2.1%
DFW	Oak Lawn/Park Cities	Atera	380	20,708	140	668	452	-	1,120	5.4%
DFW	Richardson	Cutters Point	196	20,126	872	223	618	147	988	4.9%
LSV	Northwest Las Vegas	Bella Solara	320	21,696	965	769	112	-	881	4.1%
LSV	Northwest Las Vegas	Bloom	528	21,696	965	769	112	-	881	4.1%
LSV	Southwest Las Vegas	Torreyana	316	21,155	1,591	650	628	70	1,348	6.4%
NASH	East Nashville	Residences at Glenview Reserve	360	14,779	919	739	36	-	775	5.2%
NASH	South Nashville	Arbors of Brentwood	346	17,696	594	120	203	-	323	1.8%
NASH	South Nashville	Brandywine	632	17,696	594	120	203	-	323	1.8%
ORL	East Orlando	The Cornerstone	430	22,292	562	424	210	-	634	2.8%
ORL	Northwest Orlando	Residences at West Place	342	17,322	309	465	-	-	465	2.7%
ORL	South Orange County	Sabal Palm at Lake Buena Vista	400	34,403	2,216	2,224	441	-	2,665	7.7%
PHX	Chandler	Fairways at San Marcos	352	26,142	528	787	621	-	1,408	5.4%
PHX	North Central Phoenix	Heritage	204	26,926	918	396	28	-	424	1.6%
PHX	North Central Phoenix	The Venue on Camelback	415	26,926	918	396	28	-	424	1.6%
PHX	Northeast Phoenix	Bella Vista	248	22,669	945	198	577	-	775	3.4%
PHX	South Tempe	Enclave	204	17,870	144	-	-	-	-	0.0%
PHX	Southwest Mesa	Madera Point	256	18,201	147	219	14	22	255	1.4%
PHX	West Phoenix	Estates on Maryland	330	15,570	-	-	-	-	-	0.0%
RDU	Far North Raleigh	Six Forks Station	323	13,119	984	137	186	-	323	2.5%
RDU	North Cary/Morrisville	High House at Cary	302	22,890	2,075	549	457	-	1,006	4.4%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines	1,520	26,081	520	332	-	-	332	1.3%
SFL	West Palm Beach	Parc500	217	33,542	1,343	991	1,115	216	2,322	6.9%
SFL	West Palm Beach	Seasons 704	222	33,542	1,343	991	1,115	216	2,322	6.9%
TPA	Egypt Lake/Lowry Park	Courtney Cove	324	12,734	-	273	-	-	273	2.1%
TPA	Temple Terrace	The Summit at Sabal Park	252	16,467	333	232	330	-	562	3.4%
Totals/ Averages		Total	12,984	574,458	17,688	14,883	6,901	455	22,239	3.9%

(1)

Source: 2024 Realpage, Inc.; Data as of February 2025.


NXRT.NEXPOINT.COM	Page 7

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary


	FY 2024			FY 2023			FY 2022			Q4 2024			Q4 2023
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	1,061,000		$	884,000		$	1,112,000
Share Price (as of the last day of the period)	$	41.75		$	34.43		$	43.52
Weighted average common shares outstanding - basic		25,516			25,654			25,610			25,404			25,674
Weighted average common shares outstanding - diluted		26,246			26,245			25,610			25,404			26,298

Earnings Profile
Total revenues	$	259,701		$	277,526		$	263,952		$	63,791		$	69,349
Net income (loss) attributable to common stockholders		1,110			44,264			(9,260	)		(26,931	)		18,351
NOI (1)		157,035			167,404			157,424			38,948			42,160
Same Store NOI (2)		154,050			152,730						38,884			39,059
Same Store NOI Growth (%) (2)		0.9	%								-0.4	%

Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	0.04		$	1.69		$	(0.36	)	$	(1.06	)	$	0.70
FFO (1)	$	1.69		$	2.72		$	2.81		$	(0.25	)	$	0.68
Core FFO (1)	$	2.79		$	2.92		$	3.25		$	0.68		$	0.75
AFFO (1)	$	3.19		$	3.27		$	3.55		$	0.78		$	0.84
Dividends declared per common share	$	1.90		$	1.72		$	1.56		$	0.51		$	0.46
Net Income (Loss) Coverage	0.02x			0.98x			-0.23x			-2.08x			1.51x
FFO Coverage (3)	0.89x			1.58x			1.80x			-0.50x			1.46x
Core FFO Coverage (3)	1.47x			1.70x			2.08x			1.32x			1.63x
AFFO Coverage (3)	1.68x			1.90x			2.28x			1.52x			1.82x

Portfolio
Total Properties		35			38			40
Total Units (4)		12,984			14,133			15,127
Occupancy		94.7	%		94.7	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,491		$	1,502		$	1,480

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35						35			35
Total Same Store Units		12,948			12,940						12,948			12,940
Occupancy		94.7	%		94.7	%					94.7	%		94.7	%
Average Effective Monthly Rent per Unit	$	1,491		$	1,516					$	1,491		$	1,516

Value-Add Program
Completed Full/Partial Interior Rehab Units		388			2,073			2,409			58			198
Cumulative Completed Rehab Units (5)		8,348
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	175
ROI on Post-Rehab Units		20.8	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,503,242		$	1,551,236		$	1,607,028
Credit Facilities		—			24,000			74,500
Total Debt Outstanding	$	1,503,242		$	1,575,236		$	1,681,528
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		59	%		64	%		60	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		58	%		64	%		60	%

(1)

For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2)

We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. Full year results are shown for the 2023-2024 Same Store properties; Q4 results are shown for the Q4 Same Store properties. For additional information regarding our Q4 and 2023-2024 Same Store properties, see the “Q4 Same Store Results” and “2023-2024 Same Store Results” section of this release.

(3)

Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4)

Total units owned is 12,984, however 36 units are currently down due to fires.

(5)

Inclusive of all full and partial interior upgrades completed through December 31, 2024. Cumulative results exclude rehabs completed for properties sold through December 31, 2024.

(6)

For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.


NXRT.NEXPOINT.COM	Page 8

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2025 Full Year Guidance Summary

NXRT is providing initial 2025 guidance ranges for earnings per diluted share, Core FFO per diluted share, Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, and Acquisitions and Dispositions as follows (dollars in millions, except per share amounts):


	Guidance Range
	Low-End			Mid-Point			High-End
Earnings (loss) per diluted share (1)	$	(1.33	)	$	(1.19	)	$	(1.05	)
Core FFO per diluted share (1) (2)	$	2.56		$	2.70		$	2.83

Same Store Growth: (3)
Rental Income		-0.5	%		0.2	%		1.0	%
Total Revenue		-0.2	%		0.5	%		1.3	%
Total Expenses		4.9	%		3.7	%		2.4	%
Same Store NOI (2)		-3.5	%		-1.5	%		0.5	%

Other Considerations: (4)
Acquisitions	$	—		$	100.0		$	200.0
Dispositions	$	—		$	100.0		$	200.0

(1)

Weighted average diluted share count estimate for full year 2025 is approximately 26.4 million.

(2)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2025 Same Store NOI and Core FFO guidance to net loss guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(3)

Year-over-year growth for the Full Year 2025 pro forma Same Store pool (35 properties).

(4)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the earnings per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2025 financial and earnings guidance is included in the following sections of this release.


NXRT.NEXPOINT.COM	Page 9

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)

      REAL ESTATE VALUE BY MARKET

     


Property	NOI	Cap Rate Range (1)		Value Range (2)
Market	Contribution	Min	Max	Min		Max
Texas
Dallas/Fort Worth	10.4%	5.25%	5.75%	$	267,918	$	305,745

North Carolina
Raleigh	4.4%	5.25%	5.75%		113,684		129,735
Charlotte	3.9%	5.25%	5.75%		100,729		114,950

Georgia
Atlanta	12.4%	5.25%	5.75%		320,988		366,307

Tennessee
Nashville	9.0%	5.25%	5.75%		233,747		266,749

Florida
Orlando	9.4%	5.25%	5.75%		242,660		276,920
Tampa	3.6%	5.25%	5.75%		93,435		106,627
South Florida	20.8%	5.25%	5.75%		537,942		613,892

Nevada
Las Vegas	9.3%	5.25%	5.75%		239,546		273,367

Arizona
Phoenix	16.8%	5.25%	5.75%		434,866		496,263
Total / Ave	100.0%	5.25%	5.75%	$	2,585,515	$	2,950,555

      NOI ESTIMATE

     



4Q 2024 NOI Actual			38,948
FY 2024 NOI Actual			157,035
	Low			High
Estimated 1Q 2025 NOI Guidance (3)		36,780			37,348
2025 NOI Guidance (3)	$	148,667		$	154,904

      NAV SUMMARY

     


Component	Min					Max
Tangible Assets
Real Estate (2)	$	2,585,515				$	2,950,555
Cash				23,148
Restricted Cash - Renovation Reserves (4)				3,177
Renovation Expenditures (4)				(3,177	)
Cash Adjustments				0
Fair Market Value of Interest Rate Swaps				41,841
Other Assets				46,031
Value of Assets	$	2,696,535				$	3,061,575

Tangible Liabilities
Credit Facility (5)			$	0
Mortgage Debt				1,503,242
Total Outstanding Debt				1,503,242
Forward 12-month Principal Payments				0
Total Outstanding Debt (FY 2025 Est.)				1,503,242
Other Tangible Liabilities (at Book)				27,620
Value of Liabilities			$	1,530,862
Net Leverage (mid-point)			53%
Net Asset Value	$	1,165,673				$	1,530,713
Shares outstanding - diluted (FY 2025 Est.)				26,158
Est. NAV / Share	$	44.56				$	58.52
NAV / Share (mid-point)			$	51.54

      IMPLIED VALUATION METRICS

     


	Min				Max
Implied Real Estate Value	$	2,585,515			$	2,950,555
No. of Units (December 31, 2024) (2)				12,984
Implied Value/Apartment Unit	$	199.1			$	227.2
Implied Value/Apartment Unit (mid-point)			$	213.2

(1)

Management estimates based on independent third-party review of our properties.

(2)

Estimated value ranges are presented for the existing portfolio (35 properties at December 31, 2024).

(3)

The Company anticipates net loss will be in the range between approximately ($35.2) million and ($27.9) million for the full year 2025 and between ($9.5) million and ($8.9) million for the first quarter of 2025. FY 2025 NOI Guidance considers a commensurate volume of capital recycling.

(4)

Includes approximately $3.2 million that is held for value-add upgrades; reduced by $3.2 million for estimated 2025 rehab expenditures.

(5)

Includes outstanding balance as of December 31, 2024.


NXRT.NEXPOINT.COM	Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	December 31, 2024			December 31, 2023
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	359,819
Buildings and improvements		1,738,677			1,719,864
Construction in progress		1,267			8,322
Furniture, fixtures, and equipment		202,029			180,435
Total Gross Operating Real Estate Investments		2,301,792			2,268,440
Accumulated depreciation and amortization		(508,569	)		(411,087	)
Total Net Operating Real Estate Investments		1,793,223			1,857,353
Real estate held for sale, net of accumulated depreciation of $0 and $31,871, respectively		—			110,747
Total Net Real Estate Investments		1,793,223			1,968,100
Cash and cash equivalents		23,148			12,367
Restricted cash		30,769			32,912
Accounts receivable, net		12,337			14,598
Prepaid and other assets		6,102			8,640
Fair market value of interest rate swaps		41,841			71,028
TOTAL ASSETS	$	1,907,420		$	2,107,645

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,463,650		$	1,453,787
Mortgages payable held for sale, net		—			88,044
Credit facility, net		—			23,243
Accounts payable and other accrued liabilities		11,351			17,140
Accrued real estate taxes payable		4,260			11,230
Accrued interest payable		7,630			9,399
Security deposit liability		2,954			3,159
Prepaid rents		1,425			1,773
Total Liabilities	$	1,491,270		$	1,607,775

Redeemable noncontrolling interests in the OP		5,782			5,246

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; 25,403,537 and 25,674,313 shares issued and outstanding, respectively		254			256
Additional paid-in capital		407,429			413,010
Accumulated earnings (loss) less dividends		(38,030	)		11,493
Accumulated other comprehensive income		40,715			69,865
Total Stockholders' Equity		410,368			494,624
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,907,420		$	2,107,645


NXRT.NEXPOINT.COM	Page 11

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)


	For the Year Ended December 31,
	2024			2023			2022
Revenues
Rental income	$	251,861		$	270,078		$	257,855
Other income		7,840			7,448			6,097
Total revenues		259,701			277,526			263,952
Expenses
Property operating expenses		56,583			57,838			58,151
Real estate taxes and insurance		33,062			36,847			37,433
Property management fees (1)		7,484			8,069			7,636
Advisory and administrative fees (2)		6,899			7,645			7,547
Corporate general and administrative expenses		19,399			17,146			14,670
Property general and administrative expenses		9,198			9,543			9,298
Depreciation and amortization		97,762			95,186			97,648
Total expenses		230,387			232,274			232,383
Operating income before gain on sales of real estate		29,314			45,252			31,569
Gain on sales of real estate (3)		54,246			67,926			14,684
Operating income		83,560			113,178			46,253
Interest expense		(58,477	)		(67,106	)		(50,587	)
Loss on extinguishment of debt and modification costs		(24,004	)		(2,409	)		(8,734	)
Casualty gain (loss)		(626	)		(856	)		2,506
Gain on forfeited deposits		—			250			—
Equity in earnings of affiliate		172			205			—
Miscellaneous income		489			1,171			1,271
Net income (loss)		1,114			44,433			(9,291	)
Net income (loss) attributable to redeemable noncontrolling interests in the OP		4			169			(31	)
Net income (loss) attributable to common stockholders	$	1,110		$	44,264		$	(9,260	)
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(29,265	)		(32,413	)		99,915
Total comprehensive income (loss)		(28,151	)		12,020			90,624
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP		(111	)		46			307
Comprehensive income (loss) attributable to common stockholders	$	(28,040	)	$	11,974		$	90,317

Weighted average common shares outstanding - basic		25,516			25,654			25,610
Weighted average common shares outstanding - diluted		26,246			26,245			25,610

Earnings (loss) per share - basic	$	0.04		$	1.73		$	(0.36	)
Earnings (loss) per share - diluted	$	0.04		$	1.69		$	(0.36	)

(1)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of NexPoint Residential Trust Operating Partnership, L.P. (the "OP").

(2)

Fees incurred to the Company’s adviser.

(3)

$31.5 million with a related party for the year ended December 31, 2024.


NXRT.NEXPOINT.COM	Page 12

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our 2023-2024 and our Q4 Same Store NOI for the years and three months ended December 31, 2024 and 2023 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Year Ended December 31,						For the Three Months Ended December 31,
		2024			2023			2024			2023
Net income (loss)		$	1,114		$	44,433		$	(27,038	)	$	18,421
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees			6,899			7,645			1,720			1,863
Corporate general and administrative expenses			19,399			17,146			4,875			4,249
Corporate income			(2,215	)		(483	)		(959	)		(329	)
Casualty-related expenses/(recoveries)	(1)		1,389			(2,214	)		(249	)		(882	)
Casualty losses (gains)			626			856			88			(124	)
Gain on forfeited deposits			—			(250	)		—			—
Property general and administrative expenses	(2)		3,998			3,701			1,277			1,003
Depreciation and amortization			97,762			95,186			24,389			24,251
Interest expense			58,477			67,106			15,521			18,256
Equity in earnings of affiliate			(172	)		(205	)		(28	)		(28	)
Loss on extinguishment of debt and modification costs			24,004			2,409			23,203			316
Gain on sales of real estate			(54,246	)		(67,926	)		(3,851	)		(24,836	)
NOI		$	157,035		$	167,404		$	38,948		$	42,160
Less Non-Same Store
Revenues			(5,478	)		(30,082	)		58			(6,070	)
Operating expenses			2,496			15,542			(122	)		2,974
Operating income			(3	)		(134	)		—			(5	)
Same Store NOI		$	154,050		$	152,730		$	38,884		$	39,059

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(2)

Adjustment to net income (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.


NXRT.NEXPOINT.COM	Page 13

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2022-2024 Same Store NOI for the years ended December 31, 2024, 2023 and 2022 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Year Ended December 31,
		2024			2023			2022
Net income (loss)		$	1,114		$	44,433		$	(9,291	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			6,899			7,645			7,547
Corporate general and administrative expenses			19,399			17,146			14,670
Corporate income			(2,215	)		(483	)		—
Casualty-related expenses/(recoveries)	(1)		1,389			(2,214	)		1,119
Casualty losses (gains)			626			856			(2,506	)
Gain on forfeited deposits			—			(250	)		—
Property general and administrative expenses	(2)		3,998			3,701			3,600
Depreciation and amortization			97,762			95,186			97,648
Interest expense			58,477			67,106			50,587
Equity in earnings of affiliate			(172	)		(205	)		—
Loss on extinguishment of debt and modification costs			24,004			2,409			8,734
Gain on sales of real estate	(3)		(54,246	)		(67,926	)		(14,684	)
NOI		$	157,035		$	167,404		$	157,424
Less Non-Same Store
Revenues			(17,318	)		(41,581	)		(44,017	)
Operating expenses			6,756			19,327			21,101
Operating income			(13	)		(151	)		(488	)
Same Store NOI		$	146,460		$	144,999		$	134,020

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(2)

(3)

$31.5 million with a related party for the year ended December 31, 2024.


NXRT.NEXPOINT.COM	Page 14

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2023-2024 Same Store Results of Operations for the Years Ended December 31, 2024 and 2023

There are 35 properties encompassing 12,948 units of apartment space, or approximately 100% of our Portfolio, in our 2023-2024 Same Store properties. Our 2023-2024 Same Store properties excludes 36 units that are currently down in our Portfolio as of December 31, 2024.

As of December 31, 2024, our 2023-2024 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,491, which was year-over-year flat and a decrease of $25, respectively.

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2024 and 2023 for our 2023-2024 Same Store and Non-Same Store properties (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		$ Change			% Change
Revenues
Same Store
Rental income	$	246,688	$	241,188	$	5,500			2.3	%
Other income		5,320		5,773		(453	)		-7.8	%
Same Store revenues		252,008		246,961		5,047			2.0	%
Non-Same Store
Rental income		5,173		28,890		(23,717	)	N/M
Other income		305		1,192		(887	)	N/M
Non-Same Store revenues		5,478		30,082		(24,604	)	N/M
Total revenues		257,486		277,043		(19,557	)		-7.1	%

Operating expenses
Same Store
Property operating expenses (1)		53,459		51,280		2,179			4.2	%
Real estate taxes and insurance		32,668		31,900		768			2.4	%
Property management fees (2)		7,279		7,147		132			1.8	%
Property general and administrative expenses (3)		5,038		4,941		97			2.0	%
Same Store operating expenses		98,444		95,268		3,176			3.3	%
Non-Same Store
Property operating expenses (4)		1,735		8,772		(7,037	)	N/M
Real estate taxes and insurance		394		4,947		(4,553	)	N/M
Property management fees (2)		205		922		(717	)	N/M
Property general and administrative expenses (5)		162		901		(739	)	N/M
Non-Same Store operating expenses		2,496		15,542		(13,046	)	N/M
Total operating expenses		100,940		110,810		(9,870	)		-8.9	%

Operating income
Same Store
Miscellaneous income		486		1,037		(551	)	N/M
Non-Same Store
Miscellaneous income		3		134		(131	)	N/M
Total operating income		489		1,171		(682	)	N/M

NOI
Same Store		154,050		152,730		1,320			0.9	%
Non-Same Store		2,985		14,674		(11,689	)	N/M
Total NOI (6)	$	157,035	$	167,404	$	(10,369	)		-6.2	%

(1)

For the years ended December 31, 2024 and 2023, excludes approximately $625,000 and $2,247,000, respectively, of casualty-related recoveries.

(2)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the OP.

(3)

For the years ended December 31, 2024 and 2023, excludes approximately $3,944,000 and $3,004,000, respectively, of 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.

(4)

For the years ended December 31, 2024 and 2023, excludes approximately $16,000 and $32,000, respectively, of casualty-related expenses.


NXRT.NEXPOINT.COM	Page 15

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(5)

For the years ended December 31, 2024 and 2023, excludes approximately $54,000 and $697,000, respectively, of 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.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our 2023-2024 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2024 and 2023 (dollars in thousands, except for per unit data):


	FY 2024			FY 2023			% Change
Same Store Total Units		12,948			12,940
Same Store Occupied Units		12,258			12,259
Same Store Ending Occupancy		94.7	%		94.7	%		0.0	%
Same Store Average Rent per Unit	$	1,491		$	1,516			-1.6	%

Same Store Revenues
Same Store Rental Income	$	246,688		$	241,188			2.3	%
Same Store Other Income		5,320			5,773			-7.8	%
Total Same Store Revenues		252,008			246,961			2.0	%

Same Store Operating Expenses
Payroll		19,926			19,991			-0.3	%
Repairs & Maintenance		22,023			20,386			8.0	%
Utilities		11,510			10,903			5.6	%
Real Estate Taxes		26,321			26,207			0.4	%
Insurance		6,347			5,693			11.5	%
Property Management Fees		7,279			7,147			1.8	%
Office Operations		3,706			3,539			4.7	%
Marketing		1,332			1,402			-5.0	%
Total Same Store Operating Expenses		98,444			95,268			3.3	%

Same Store Operating Income
Miscellaneous income		486			1,037		N/M
Total Same Store Operating Income		486			1,037		N/M

2023-2024 Same Store NOI	$	154,050		$	152,730			0.9	%


NXRT.NEXPOINT.COM	Page 16

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2023-2024 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent					Occupancy								Total Rental Income

	Total		2024		2023		% Change	2024			2023			bps ∆		2024		2023		% Change
Texas
Dallas		1,945	$	1,226	$	1,287	-4.7%		96.3	%		93.1	%		320	$	31,836	$	31,689	0.5%
Average/Total		1,945		1,226		1,287	-4.7%		96.3	%		93.1	%		320		31,836		31,689	0.5%

North Carolina
Charlotte		504		1,380		1,391	-0.8%		97.0	%		95.8	%		120		9,200		8,785	4.7%
Raleigh Durham		625		1,426		1,436	-0.7%		92.6	%		93.7	%		-110		10,726		10,486	2.3%
Average/Total		1,129		1,405		1,416	-0.8%		94.6	%		94.6	%		0		19,926		19,271	3.4%

Georgia
Atlanta		1,672		1,463		1,485	-1.5%		93.9	%		96.2	%		-230		30,319		29,283	3.5%
Average/Total		1,672		1,463		1,485	-1.5%		93.9	%		96.2	%		-230		30,319		29,283	3.5%

Tennessee
Nashville		1,338		1,281		1,315	-2.6%		94.4	%		93.7	%		70		22,284		22,243	0.2%
Average/Total		1,338		1,281		1,315	-2.6%		94.4	%		93.7	%		70		22,284		22,243	0.2%

Florida
Orlando		1,172		1,560		1,583	-1.5%		94.5	%		94.4	%		10		22,744		22,167	2.6%
Tampa		576		1,302		1,385	-6.0%		93.6	%		95.3	%		-170		9,690		9,951	-2.6%
South Florida		1,959		2,120		2,087	1.6%		95.4	%		95.4	%		0		51,744		49,431	4.7%
Average/Total		3,707		1,816		1,819	-0.2%		94.8	%		95.1	%		-30		84,178		81,549	3.2%

Arizona
Phoenix		2,009		1,443		1,477	-2.3%		93.8	%		95.3	%		-150		37,912		38,246	-0.9%
Average/Total		2,009		1,443		1,477	-2.3%		93.8	%		95.3	%		-150		37,912		38,246	-0.9%

Nevada
Las Vegas		1,148		1,336		1,354	-1.3%		94.6	%		94.5	%		10		20,233		18,907	7.0%
Average/Total		1,148		1,336		1,354	-1.3%		94.6	%		94.5	%		10		20,233		18,907	7.0%

Average/Total		12,948	$	1,491	$	1,516	-1.6%		94.7	%		94.7	%		0	$	246,688	$	241,188	2.3%

(1)

This table includes the 35 properties in our 2023-2024 Same Store pool.


NXRT.NEXPOINT.COM	Page 17

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent					Occupancy								Total Rental Income

	Total		Q4 2024		Q3 2024		% Change	Q4 2024			Q3 2024			bps ∆		Q4 2024		Q3 2024		% Change
Texas
Dallas		1,945	$	1,226	$	1,236	-0.8%		96.3	%		95.3	%		100	$	8,108	$	7,912	2.5%
Average/Total		1,945		1,226		1,236	-0.8%		96.3	%		95.3	%		100		8,108		7,912	2.5%

North Carolina
Charlotte		504		1,380		1,399	-1.4%		97.0	%		96.2	%		80		2,308		2,283	1.1%
Raleigh Durham		625		1,426		1,432	-0.4%		92.6	%		95.5	%		-290		2,668		2,717	-1.8%
Average/Total		1,129		1,405		1,417	-0.8%		94.6	%		95.8	%		-120		4,976		5,000	-0.5%

Georgia
Atlanta		1,672		1,463		1,465	-0.1%		93.9	%		95.5	%		-160		7,627		7,509	1.6%
Average/Total		1,672		1,463		1,465	-0.1%		93.9	%		95.5	%		-160		7,627		7,509	1.6%

Tennessee
Nashville		1,338		1,281		1,293	-0.9%		94.4	%		94.8	%		-40		5,518		5,565	-0.8%
Average/Total		1,338		1,281		1,293	-0.9%		94.4	%		94.8	%		-40		5,518		5,565	-0.8%

Florida
Orlando		1,172		1,560		1,562	-0.1%		94.5	%		94.0	%		50		5,656		5,668	-0.2%
Tampa		576		1,302		1,341	-2.9%		93.6	%		92.5	%		110		2,341		2,367	-1.1%
South Florida		1,959		2,120		2,130	-0.5%		95.4	%		95.0	%		40		13,042		12,892	1.2%
Average/Total		3,707		1,816		1,828	-0.7%		94.8	%		94.3	%		50		21,039		20,927	0.5%

Arizona
Phoenix		2,009		1,443		1,460	-1.2%		93.8	%		94.4	%		-60		9,374		9,495	-1.3%
Average/Total		2,009		1,443		1,460	-1.2%		93.8	%		94.4	%		-60		9,374		9,495	-1.3%

Nevada
Las Vegas		1,148		1,336		1,356	-1.5%		94.6	%		94.8	%		-20		5,010		5,102	-1.8%
Average/Total		1,148		1,336		1,356	-1.5%		94.6	%		94.8	%		-20		5,010		5,102	-1.8%

Average/Total		12,948	$	1,491	$	1,502	-0.7%		94.7	%		94.9	%		-20	$	61,652	$	61,510	0.2%

(1)

This table includes the 35 properties in our Q4 Same Store pool.


NXRT.NEXPOINT.COM	Page 18

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2022-2024 Same Store Results of Operations for the Years Ended December 31, 2024, 2023 and 2022

There are 33 properties encompassing 12,386 units of apartment space, or approximately 95% of our Portfolio, in our same store pool for the years ended December 31, 2024, 2023 and 2022 (our “2022-2024 Same Store” properties). Our 2022-2024 Same Store properties exclude the following 2 properties in our Portfolio as of December 31, 2024: The Adair and Estates on Maryland as well as the 36 units mentioned on page 1 that are currently down.

As of December 31, 2024, our 2022-2024 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,483. As of December 31, 2023, our 2022-2024 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,509. As of December 31, 2022, our 2022-2024 Same Store properties were approximately 94.1% leased with a weighted average monthly effective rent per occupied apartment unit of $1,508.


NXRT.NEXPOINT.COM	Page 19

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reflects the revenues, property operating expenses and NOI for the years ended December 31, 2024, 2023 and 2022 for our 2022-2024 Same Store and Non-Same Store properties (dollars in thousands):


	For the Year Ended December 31,						2024 compared to 2023						2023 compared to 2022
	2024		2023		2022		$ Change			% Change			$ Change			% Change
Revenues
Same Store
Rental income	$	234,934	$	229,801	$	214,664	$	5,133			2.2	%	$	15,137			7.1	%
Other income		5,234		5,661		5,271		(427	)		-7.5	%		390			7.4	%
Same Store revenues		240,168		235,462		219,935		4,706			2.0	%		15,527			7.1	%
Non-Same Store
Rental income		16,927		40,277		43,191		(23,350	)	N/M				(2,914	)		-6.7	%
Other income		391		1,304		826		(913	)	N/M				478		N/M
Non-Same Store revenues		17,318		41,581		44,017		(24,263	)	N/M				(2,436	)		-5.5	%
Total revenues		257,486		277,043		263,952		(19,557	)		-7.1	%		13,091			5.0	%

Operating expenses
Same Store
Property operating expenses (1)		51,122		49,221		46,389		1,901			3.9	%		2,832			6.1	%
Real estate taxes and insurance		31,340		30,740		29,443		600			2.0	%		1,297			4.4	%
Property management fees (2)		6,937		6,820		6,333		117			1.7	%		487			7.7	%
Property general and administrative expenses (3)		4,785		4,702		4,533		83			1.8	%		169			3.7	%
Same Store operating expenses		94,184		91,483		86,698		2,701			3.0	%		4,785			5.5	%
Non-Same Store
Property operating expenses (4)		4,072		10,831		10,643		(6,759	)	N/M				188			1.8	%
Real estate taxes and insurance		1,722		6,107		7,990		(4,385	)	N/M				(1,883	)		-23.6	%
Property management fees (2)		547		1,249		1,303		(702	)	N/M				(54	)		-4.1	%
Property general and administrative expenses (5)		415		1,140		1,165		(725	)	N/M				(25	)		-2.1	%
Non-Same Store operating expenses		6,756		19,327		21,101		(12,571	)	N/M				(1,774	)		-8.4	%
Total operating expenses		100,940		110,810		107,799		(9,870	)		-8.9	%		3,011			2.8	%

Operating income
Same Store
Miscellaneous income		476		1,020		784		(544	)	N/M				236			30.1	%
Non-Same Store
Miscellaneous income		12		151		488		(139	)	N/M				(337	)	N/M
Total operating income		488		1,171		1,272		(683	)	N/M				(101	)		-7.9	%

NOI
Same Store		146,460		144,999		134,020		1,461			1.0	%		10,979			8.2	%
Non-Same Store		10,575		22,405		23,404		(11,830	)	N/M				(999	)		-4.3	%
Total NOI (6)	$	157,035	$	167,404	$	157,424	$	(10,369	)		-6.2	%	$	9,980			6.3	%

(1)

For the years ended December 31, 2024, 2023 and 2022, excludes approximately ($624,000), $54,000 and ($614,000), respectively, of casualty-related expenses/(recoveries).

(2)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the OP.

(3)

For the years ended December 31, 2024, 2023 and 2022, excludes approximately $3,746,000, $2,909,000 and $2,914,000, respectively, of 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.

(4)

For the years ended December 31, 2024, 2023 and 2022, excludes approximately $2,013,000, ($2,268,000) and $1,733,000, respectively, of casualty-related expenses/(recoveries).

(5)

For the years ended December 31, 2024, 2023 and 2022, excludes approximately $252,000, $792,000 and $686,000, respectively, of 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.


NXRT.NEXPOINT.COM	Page 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our 2022-2024 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands, except for per unit data):


										2024 vs 2023			2023 vs 2022
	FY 2024			FY 2023			FY 2022			% Change			% Change
Same Store Total Units		12,386			12,378			12,341
Same Store Occupied Units		11,731			11,721			11,619
Same Store Ending Occupancy		94.7	%		94.7	%		94.1	%		0.0	%		0.6	%
Same Store Average Rent per Unit	$	1,483		$	1,509		$	1,508			-1.7	%		0.1	%

Same Store Revenues
Same Store Rental Income	$	234,934		$	229,801		$	214,664			2.2	%		7.1	%
Same Store Other Income		5,234			5,661			5,271			-7.5	%		7.4	%
Total Same Store Revenues		240,168			235,462			219,935			2.0	%		7.1	%

Same Store Operating Expenses
Payroll		19,016			19,063			18,080			-0.2	%		5.4	%
Repairs & Maintenance		21,104			19,705			18,359			7.1	%		7.3	%
Utilities		11,002			10,453			9,950			5.3	%		5.1	%
Real Estate Taxes		25,185			25,250			24,225			-0.3	%		4.2	%
Insurance		6,155			5,490			5,218			12.1	%		5.2	%
Property Management Fees		6,937			6,820			6,333			1.7	%		7.7	%
Office Operations		3,509			3,363			3,202			4.3	%		5.0	%
Marketing		1,276			1,339			1,331			-4.7	%		0.6	%
Total Same Store Operating Expenses		94,184			91,483			86,698			3.0	%		5.5	%

Same Store Operating Income
Miscellaneous income		476			1,020			783		N/M				30.3	%
Total Same Store Operating Income		476			1,020			783		N/M				30.3	%

2022-2024 Same Store NOI	$	146,460		$	144,999		$	134,020			1.0	%		8.2	%


NXRT.NEXPOINT.COM	Page 21

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q4 Same Store Results of Operations for the Three Months Ended December 31, 2024 and 2023

There are 35 properties encompassing 12,948 units of apartment space, or approximately 100% of our Portfolio, in our same store pool for the three months ended December 31, 2024 and 2023 (our “Q4 Same Store” properties). Our Q4 Same Store properties excludes 36 units that are currently down in our Portfolio as of December 31, 2024.

As of December 31, 2024, our Q4 Same Store properties were approximately 94.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,491, which was year-over-year flat and a decrease of $25, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended December 31, 2024 and 2023 for our Q4 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended December 31,
	2024			2023		$ Change			% Change
Revenues
Same Store
Rental income	$	61,652		$	61,083	$	569			0.9	%
Other income		1,238			1,410		(172	)		-12.2	%
Same Store revenues		62,890			62,493		397			0.6	%
Non-Same Store
Rental income		(83	)		5,778		(5,861	)	N/M
Other income		25			292		(267	)	N/M
Non-Same Store revenues		(58	)		6,070		(6,128	)	N/M
Total revenues		62,832			68,563		(5,731	)		-8.4	%

Operating expenses
Same Store
Property operating expenses (1)		13,539			12,911		628			4.9	%
Real estate taxes and insurance		7,619			7,761		(142	)		-1.8	%
Property management fees (2)		1,808			1,813		(5	)		-0.3	%
Property general and administrative expenses (3)		1,278			1,235		43			3.5	%
Same Store operating expenses		24,244			23,720		524			2.2	%
Non-Same Store
Property operating expenses (4)		44			1,729		(1,685	)	N/M
Real estate taxes and insurance		(174	)		900		(1,074	)	N/M
Property management fees (2)		3			167		(164	)	N/M
Property general and administrative expenses (5)		5			178		(173	)	N/M
Non-Same Store operating expenses		(122	)		2,974		(3,096	)	N/M
Total operating expenses		24,122			26,694		(2,572	)		-9.6	%

Operating income
Same Store
Miscellaneous income		238			286		(48	)		-16.8	%
Non-Same Store
Miscellaneous income		—			5		(5	)	N/M
Total operating income		238			291		(53	)		-18.2	%

NOI
Same Store		38,884			39,059		(175	)		-0.4	%
Non-Same Store		64			3,101		(3,037	)	N/M
Total NOI (6)	$	38,948		$	42,160	$	(3,212	)		-7.6	%

(1)

For the three months ended December 31, 2024 and 2023, excludes approximately $622,000 and $865,000, respectively, of casualty-related recoveries.

(2)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the OP.

(3)

For the three months ended December 31, 2024 and 2023, excludes approximately $1,290,000 and $824,000, respectively, of 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.


NXRT.NEXPOINT.COM	Page 22

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4)

For the three months ended December 31, 2024 and 2023, excludes approximately $373,000 and $(17,000), respectively, of casualty-related expenses/(recoveries).

(5)

For the three months ended December 31, 2024 and 2023, excludes approximately ($13,000) and $179,000, respectively, of 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.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q4 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended December 31, 2024 and 2023 (dollars in thousands, except for per unit data):


	Q4 2024			Q4 2023			% Change
Same Store Total Units		12,948			12,940
Same Store Occupied Units		12,258			12,259
Same Store Ending Occupancy		94.7	%		94.7	%		0.0	%
Same Store Average Rent per Unit	$	1,491		$	1,516			-1.6	%

Same Store Revenues
Same Store Rental Income	$	61,652		$	61,083			0.9	%
Same Store Other Income		1,238			1,410			-12.2	%
Total Same Store Revenues		62,890			62,493			0.6	%

Same Store Operating Expenses
Payroll		5,025			4,853			3.5	%
Repairs & Maintenance		5,654			5,300			6.7	%
Utilities		2,860			2,758			3.7	%
Real Estate Taxes		5,915			6,327			-6.5	%
Insurance		1,704			1,434			18.8	%
Property Management Fees		1,808			1,813			-0.3	%
Office Operations		956			889			7.5	%
Marketing		322			346			-6.9	%
Total Same Store Operating Expenses		24,244			23,720			2.2	%

Same Store Operating Income
Miscellaneous income		238			286			-16.8	%
Total Same Store Operating Income		238			286			-16.8	%

Q4 Same Store NOI	$	38,884		$	39,059			-0.4	%


NXRT.NEXPOINT.COM	Page 23

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2024, 2023 and 2022 and for the three months ended December 31, 2024 and 2023 (in thousands, except per share amounts):


		For the Year Ended December 31,									For the Three Months Ended December 31,
		2024			2023			2022			2024			2023
Net income (loss)		$	1,114		$	44,433		$	(9,291	)	$	(27,038	)	$	18,421
Depreciation and amortization			97,762			95,186			97,648			24,389			24,251
Gain on sales of real estate	(1)		(54,246	)		(67,926	)		(14,684	)		(3,851	)		(24,836	)
Adjustment for noncontrolling interests			(176	)		(273	)		(276	)		26			(68	)
FFO attributable to common stockholders			44,454			71,420			73,397			(6,474	)		17,768

FFO per share - basic		$	1.74		$	2.78		$	2.87		$	(0.25	)	$	0.69
FFO per share - diluted		$	1.69		$	2.72		$	2.81		$	(0.25	)	$	0.68

Loss on extinguishment of debt and modification costs			24,004			2,409			8,734			23,203			316
Casualty-related expenses/(recoveries)			1,389			(2,214	)		1,119			(249	)		(882	)
Casualty losses (gains)			626			856			2,506			88			(124	)
Gain on forfeited deposits			—			(250	)		—			—		—
Amortization of deferred financing costs			3,364			2,945			2,779			1,314			732
Mark-to-market adjustments of interest rate caps			(593	)		1,484			(3,446	)		(124	)		1,980
Adjustment for noncontrolling interests			(114	)		(20	)		(44	)		(96	)		(8	)
Core FFO attributable to common stockholders			73,130			76,630			85,045			17,662			19,782

Core FFO per share - basic		$	2.87		$	2.99		$	3.32		$	0.70		$	0.77
Core FFO per share - diluted		$	2.79		$	2.92		$	3.25		$	0.68		$	0.75

Equity-based compensation expense			10,543			9,287			7,911			2,642			2,332
Adjustment for noncontrolling interests			(42	)		(35	)		(30	)		(10	)		(9	)
AFFO attributable to common stockholders			83,631			85,882			92,926			20,294			22,105

AFFO per share - basic		$	3.28		$	3.35		$	3.63		$	0.80		$	0.86
AFFO per share - diluted		$	3.19		$	3.27		$	3.55		$	0.78		$	0.84

Weighted average common shares outstanding - basic			25,516			25,654			25,610			25,404			25,674
Weighted average common shares outstanding - diluted	(2)		26,246			26,245			26,151			26,161			26,298

Dividends declared per common share		$	1.89726		$	1.72242		$	1.56000		$	0.51000		$	0.46242

Net income (loss) Coverage - diluted	(3)	0.02x			0.98x			-0.23x			-2.08x			1.51x
FFO Coverage - diluted	(3)	0.89x			1.58x			1.80x			-0.50x			1.46x
Core FFO Coverage - diluted	(3)	1.47x			1.70x			2.08x			1.32x			1.63x
AFFO Coverage - diluted	(3)	1.68x			1.90x			2.28x			1.52x			1.82x

(1)

$31.5 million with a related party for the year ended December 31, 2024.

(2)

The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(3)

Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.


NXRT.NEXPOINT.COM	Page 24

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures


	FY 2024		FY 2023		% Change			Q4 2024		Q4 2023		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	—	$	—	N/M			$	—	$	—	N/A

Capitalized Rehab Expenditures
Interior		4,760		25,504	N/M				826		3,606	N/M
Exterior and common area		2,202		11,730	N/M				355		1,360	N/M

Capitalized Maintenance Expenditures
Recurring		11,681		10,858		7.6	%		2,553		1,356	N/M
Non-Recurring		11,088		7,915		40.1	%		2,882		1,274	N/M

Total Capital Expenditures	$	29,731	$	56,007		-46.9	%	$	6,616	$	7,596		-12.9	%


NXRT.NEXPOINT.COM	Page 25

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Interiors (Full & Partials)


Property Name (1)	Units		Rehab Units Completed (2)		Average Rent Pre-Rehab		Average Rent Post-Rehab		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change %			ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		168		1,226	$	1,443	$	10,251		17.7	%		25.4	%
Arbors on Forest Ridge		210		182		815		917		4,402		12.6	%		27.9	%
Atera Apartments		380		234		1,206		1,355		3,419		12.4	%		52.5	%
Avant at Pembroke Pines		1,520		695		1,848		2,105		17,848		13.9	%		17.3	%
Bella Solara		320		129		1,284		1,446		11,232		12.6	%		17.3	%
Bella Vista		248		205		1,464		1,607		10,537		9.8	%		16.3	%
Bloom		528		161		1,239		1,402		14,115		13.2	%		13.9	%
Brandywine I & II		632		564		1,033		1,218		10,808		18.0	%		20.6	%
Courtney Cove		324		300		1,000		1,113		4,974		11.3	%		27.1	%
Creekside at Matthews		240		91		1,355		1,570		10,957		15.9	%		23.6	%
Cutter's Point		196		158		1,004		1,133		6,732		12.9	%		23.0	%
Estates on Maryland		330		110		1,282		1,471		13,250		14.7	%		17.1	%
Fairways of San Marcos		352		146		1,510		1,701		13,667		12.7	%		16.8	%
High House at Cary		302		115		1,331		1,602		13,517		20.4	%		24.1	%
Madera Point		256		262		871		983		4,535		12.8	%		29.5	%
Parc500		217		223		1,311		1,502		14,650		14.5	%		15.6	%
Residences at Glenview Reserve		360		280		1,108		1,332		13,544		20.3	%		19.9	%
Residences at West Place		342		156		1,504		1,710		11,892		13.7	%		20.8	%
Rockledge Apartments		708		470		1,237		1,444		11,091		16.7	%		22.4	%
Sabal Palm at Lake Buena Vista		400		106		1,610		1,847		13,114		14.7	%		21.7	%
Seasons 704 Apartments		222		232		1,228		1,371		7,836		11.6	%		21.8	%
Six Forks Station		323		134		1,145		1,435		12,784		25.4	%		27.2	%
Summers Landing		196		61		1,090		1,315		11,415		20.6	%		23.6	%
Summit at Sabal Park		252		241		1,006		1,108		5,864		10.1	%		20.8	%
The Adair		232		143		1,740		2,030		11,904		16.7	%		29.3	%
The Cornerstone		430		519		1,062		1,156		4,950		8.9	%		22.8	%
The Enclave		204		172		1,468		1,654		10,392		12.7	%		21.5	%
The Heritage		204		178		1,409		1,544		9,637		9.6	%		16.8	%
The Preserve at Terrell Mill		752		783		899		1,079		11,370		20.1	%		19.1	%
The Verandas at Lake Norman		264		84		1,313		1,512		12,376		15.2	%		19.3	%
The Venue on Camelback		415		289		776		1,027		10,266		32.4	%		29.4	%
Torreyana Apartments		316		56		1,477		1,609		13,435		9.0	%		11.9	%
Venue at 8651		333		302		824		935		7,009		13.5	%		19.0	%
Versailles		388		317		817		921		6,164		12.7	%		20.2	%
Versailles II		242		82		903		1,038		5,632		15.0	%		28.9	%
Total/Weighted Average		12,984		8,348	$	1,173	$	1,349	$	10,123		15.0	%		20.8	%

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all full and partial interior upgrades completed through December 31, 2024.

(3)

Inclusive of all full and partial interior upgrades completed and leased through December 31, 2024.


NXRT.NEXPOINT.COM	Page 26

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Kitchen & Laundry Appliances


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		315	$	859	$	50		69.6	%
Arbors on Forest Ridge		210		136		787		47		71.4	%
Atera Apartments		380		368		812		40		59.7	%
Avant at Pembroke Pines		1,520		431		1,337		51		45.6	%
Brandywine I & II		632		193		1,038		71		81.7	%
Creekside at Matthews		240		170		1,091		56		61.1	%
Cutter's Point		196		141		756		46		72.9	%
Estates on Maryland		330		21		1,067		38		42.3	%
Madera Point		256		157		885		30		40.2	%
Residences at Glenview Reserve		360		49		1,112		56		60.6	%
Rockledge Apartments		708		620		819		40		58.6	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Six Forks Station		323		197		1,087		55		60.7	%
Summers Landing		196		102		852		60		84.0	%
Summit at Sabal Park		252		249		994		40		48.3	%
The Adair		232		11		1,083		84		92.8	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		207		1,082		46		50.9	%
Venue at 8651		333		268		775		47		72.7	%
Versailles		388		306		868		50		68.4	%
Versailles II		242		138		885		28		38.4	%
Total/Weighted Average		8,238		4,730	$	929	$	50		64.8	%

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all kitchen and laundry appliance upgrades completed through December 31, 2024.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through December 31, 2024.


NXRT.NEXPOINT.COM	Page 27

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		346	$	1,419	$	45		30.9	%
Arbors on Forest Ridge		210		210		1,416		45		30.9	%
Atera Apartments		380		380		1,339		50		37.0	%
Avant at Pembroke Pines		1,520		1,520		1,350		45		32.4	%
Bella Solara		320		320		820		35		39.5	%
Bella Vista		248		248		970		40		39.3	%
Bloom		528		528		901		40		42.3	%
Brandywine I & II		632		632		1,234		45		35.5	%
Courtney Cove		324		324		1,238		35		26.2	%
Creekside at Matthews		240		240		913		65		72.9	%
Cutter's Point		196		196		1,400		45		31.3	%
Estates on Maryland		330		330		913		45		48.0	%
Fairways of San Marcos		352		352		901		40		42.3	%
Hight House at Cary		302		302		899		65		74.1	%
Madera Point		256		256		1,283		45		34.1	%
Residences at Glenview Reserve		360		360		1,017		45		43.1	%
Rockledge Apartments		708		708		942		35		34.4	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Six Forks Station		323		323		844		35		38.4	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
Summers Landing		196		196		1,449		45		30.2	%
The Adair		232		232		913		45		48.0	%
The Cornerstone		430		430		1,236		45		35.4	%
The Enclave		204		204		966		40		39.4	%
The Heritage		204		204		997		40		38.2	%
The Venue on Camelback Apartments		415		415		808		30		33.0	%
The Verandas at Lake Norman		264		264		954		65		69.8	%
Torreyana Apartments		316		316		900		35		36.0	%
Venue at 8651		333		333		1,229		45		35.6	%
Versailles		388		388		1,080		45		40.6	%
Versailles II		242		242		1,241		45		35.3	%
Total/Weighted Average		11,389		11,389	$	1,113	$	43		37.2	%

Planned Value-Add Programs							Rent Change & ROI (Projections)
Residences at West Place		342		—	TBD		TBD		TBD
Seasons 704 Apartments		222		—	TBD		TBD		TBD
Summit at Sabal Park		252		—	TBD		TBD		TBD
The Preserve at Terrell Mill		752		—	TBD		TBD		TBD
Total/Weighted Average Planned		1,568		—	TBD		TBD		TBD

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all smart home technology package upgrades completed through December 31, 2024.

(3)

Inclusive of all smart home technology package upgrades completed and leased through December 31, 2024.


NXRT.NEXPOINT.COM	Page 28

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2024 (dollars in thousands):


Operating Properties	Type	Term (months)		Outstanding Principal			Interest Rate (1)	Maturity Date
Residences at West Place	Fixed		120	$	33,817		4.24%	10/1/2028
Arbors of Brentwood	Floating		84		39,977		5.62%	10/1/2031
Avant at Pembroke Pines	Floating		84		248,185		5.62%	10/1/2031
Bella Vista	Floating		84		37,400		5.62%	10/1/2031
Brandywine I & II	Floating		84		59,526		5.62%	10/1/2031
Cornerstone	Floating		84		45,815		5.62%	10/1/2031
Estates on Maryland	Floating		84		37,345		5.62%	10/1/2031
High House at Cary	Floating		84		32,478		5.62%	10/1/2031
Residences at Glenview Reserve	Floating		84		33,271		5.62%	10/1/2031
Sabal Palm at Lake Buena Vista	Floating		84		56,220		5.62%	10/1/2031
Six Forks Station	Floating		84		30,430		5.62%	10/1/2031
Summers Landing	Floating		84		14,135		5.62%	10/1/2031
The Adair	Floating		84		33,229		5.62%	10/1/2031
The Enclave	Floating		84		33,440		5.62%	10/1/2031
The Heritage	Floating		84		29,810		5.62%	10/1/2031
The Venue on Camelback	Floating		84		36,465		5.62%	10/1/2031
The Verandas at Lake Norman	Floating		84		30,113		5.62%	10/1/2031
Versailles II	Floating		84		15,706		5.62%	10/1/2031
Arbors on Forest Ridge	Floating		84		17,307		5.62%	12/1/2031
Atera Apartments	Floating		84		38,555		5.62%	12/1/2031
Bella Solara	Floating		84		37,772		5.62%	12/1/2031
Bloom	Floating		84		60,848		5.62%	12/1/2031
Courtney Cove	Floating		84		31,596		5.62%	12/1/2031
Creekside at Matthews	Floating		84		28,703		5.62%	12/1/2031
Cutter's Point	Floating		84		18,994		5.62%	12/1/2031
Fairways at San Marcos	Floating		84		55,056		5.62%	12/1/2031
Madera Point	Floating		84		29,676		5.62%	12/1/2031
Parc500	Floating		84		30,012		5.62%	12/1/2031
Rockledge Apartments	Floating		84		78,444		5.62%	12/1/2031
Seasons 704 Apartments	Floating		84		33,960		5.62%	12/1/2031
The Preserve at Terrell Mill	Floating		84		74,341		5.62%	12/1/2031
The Summit at Sabal Park	Floating		84		26,735		5.62%	12/1/2031
Torreyana Apartments	Floating		84		43,153		5.62%	12/1/2031
Venue at 8651	Floating		84		24,620		5.62%	12/1/2031
Versailles	Floating		84		26,108		5.62%	12/1/2031
				$	1,503,242
Fair market value adjustment					397
Deferred financing costs, net of accumulated amortization of $1,113					(39,989	)
				$	1,463,650

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of December 31, 2024, SOFR was 4.53%.


NXRT.NEXPOINT.COM	Page 29

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Swap Agreements

As of December 31, 2024, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
September 1, 2019	September 1, 2026	KeyBank	$	100,000		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
March 1, 2022	March 1, 2025	Truist		145,000		0.5730	%
March 1, 2022	March 1, 2025	Truist		105,000		0.6140	%
			$	1,067,500		0.9807	%	(2)

(1)

The floating rate option for the interest rate swaps is SOFR plus 0.11448% ("Adjusted SOFR"). As of December 31, 2024, Adjusted SOFR was 4.65%.

(2)

Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swap (dollars in thousands):

     Effective Date

     Termination Date

     Counterparty

     Notional Amount

     Fixed Rate (1)

September 1, 2026

January 1, 2027

KeyBank

92,500

1.7980

(1)

The floating rate option for the interest rate swaps is Adjusted SOFR. As of December 31, 2024, Adjusted SOFR was 4.65%.


NXRT.NEXPOINT.COM	Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of December 31, 2024, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands):


Properties	Type	Maturity Date	Notional		Strike Rate
High House at Cary	Floating	1/1/2025	$	46,625		2.74	%
Bella Vista	Floating	2/1/2025		29,040		5.18	%
The Enclave	Floating	2/1/2025		25,322		5.18	%
The Heritage	Floating	2/1/2025		24,625		5.18	%
Estates on Maryland	Floating	4/1/2025		43,157		3.91	%
The Adair	Floating	4/1/2025		35,115		3.91	%
Rockledge Apartments	Floating	12/1/2025		93,129		6.45	%
The Preserve at Terrell Mill	Floating	12/1/2025		71,098		6.45	%
Fairways at San Marcos	Floating	12/1/2025		60,228		6.70	%
Bloom	Floating	12/1/2025		59,830		6.70	%
Torreyana Apartments	Floating	12/1/2025		50,580		6.70	%
Cornerstone	Floating	12/1/2025		46,804		6.66	%
Atera Apartments	Floating	12/1/2025		46,198		6.45	%
Silverbrook	Floating	12/1/2025		46,088		6.45	%
Bella Solara	Floating	12/1/2025		40,328		6.70	%
Versailles	Floating	12/1/2025		40,247		6.45	%
Courtney Cove	Floating	12/1/2025		36,146		6.70	%
Madera Point	Floating	12/1/2025		34,457		6.70	%
Seasons 704 Apartments	Floating	12/1/2025		33,132		6.70	%
The Summit at Sabal Park	Floating	12/1/2025		30,826		6.70	%
Creekside at Matthews	Floating	12/1/2025		29,648		6.45	%
Parc500	Floating	12/1/2025		29,416		6.45	%
Cutter's Point	Floating	12/1/2025		21,524		6.45	%
Arbors on Forest Ridge	Floating	12/1/2025		19,184		6.70	%
Venue at 8651	Floating	12/1/2025		18,690		6.45	%
The Venue on Camelback	Floating	2/1/2026		42,788		6.07	%
Avant at Pembroke Pines	Floating	10/1/2027		248,185		8.16	%
Brandywine I & II	Floating	10/1/2027		59,526		8.16	%
Sabal Palm at Lake Buena Vista	Floating	10/1/2027		56,220		8.41	%
Cornerstone	Floating	10/1/2027		45,815		8.66	%
Arbors of Brentwood	Floating	10/1/2027		39,977		8.16	%
Bella Vista	Floating	10/1/2027		37,400		8.91	%
Estates on Maryland	Floating	10/1/2027		37,345		8.91	%
The Venue on Camelback	Floating	10/1/2027		36,465		8.16	%
The Enclave	Floating	10/1/2027		33,440		8.66	%
Residences at Glenview Reserve	Floating	10/1/2027		33,271		8.16	%
The Adair	Floating	10/1/2027		33,229		8.16	%
High House at Cary	Floating	10/1/2027		32,478		8.16	%
Six Forks Station	Floating	10/1/2027		30,430		8.16	%
The Verandas at Lake Norman	Floating	10/1/2027		30,113		8.16	%
The Heritage	Floating	10/1/2027		29,810		8.91	%
Versailles II	Floating	10/1/2027		15,706		8.16	%
Summers Landing	Floating	10/1/2027		14,135		8.66	%
Rockledge Apartments	Floating	12/1/2027		78,444		7.66	%
The Preserve at Terrell Mill	Floating	12/1/2027		74,341		7.66	%
Bloom	Floating	12/1/2027		60,848		7.66	%
Fairways at San Marcos	Floating	12/1/2027		55,056		7.66	%
Torreyana Apartments	Floating	12/1/2027		43,153		7.66	%
Atera Apartments	Floating	12/1/2027		38,555		7.66	%
Bella Solara	Floating	12/1/2027		37,772		7.66	%
Seasons 704 Apartments	Floating	12/1/2027		33,960		7.66	%
Courtney Cove	Floating	12/1/2027		31,596		7.66	%
Parc500	Floating	12/1/2027		30,012		7.66	%
Madera Point	Floating	12/1/2027		29,676		7.66	%
Creekside at Matthews	Floating	12/1/2027		28,703		7.66	%
The Summit at Sabal Park	Floating	12/1/2027		26,735		7.66	%
Versailles	Floating	12/1/2027		26,108		7.66	%
Venue at 8651	Floating	12/1/2027		24,620		7.66	%
Cutter's Point	Floating	12/1/2027		18,994		7.66	%
Arbors on Forest Ridge	Floating	12/1/2027		17,307		7.66	%
			$	2,523,650		7.22	%


NXRT.NEXPOINT.COM	Page 31

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

As of December 31, 2024, the Company had the following interest rate cap outstanding that was designated as a cash flow hedge of interest rate risk (dollars in thousands):

     Property

     Type

     Maturity Date

     Notional

     Strike Rate

The Verandas at Lake Norman

Floating

7/1/2025

34,925

3.40

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of December 31, 2024 for the next five calendar years subsequent to December 31, 2024 and thereafter. We used the applicable reference rate as of December 31, 2024 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.


		Payments Due by Period (in thousands)
		Total		2025		2026		2027		2028		2029		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,503,242	$	—	$	—	$	—	$	33,817	$	—	$	1,469,425
Interest expense	(1)		470,479		48,350		56,543		76,286		76,080		75,031		138,189
Total		$	1,973,721	$	48,350	$	56,543	$	76,286	$	109,897	$	75,031	$	1,607,614

(1)

Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of December 31, 2024, we had entered into 8 interest rate swap transactions with a combined notional amount of $1.1 billion. We have allocated the total impact of expected settlements on the $1.1 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used Adjusted SOFR as of December 31, 2024 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of December 31, 2024, we had total indebtedness of $1.5 billion at an adjusted weighted average interest rate of 2.96%, of which $1.5 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $1.1 billion, or 73%, of our $1.5 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 0.98% for Adjusted SOFR on the $1.1 billion notional amount of interest rate swap agreements that we have entered into as of December 31, 2024, which effectively fix the interest rate on $1.1 billion of our floating rate mortgage debt outstanding.


NXRT.NEXPOINT.COM	Page 32

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Acquisition Details


(in thousands, except for unit and per unit amounts)
Property Name (1)	Location	Units		Transaction Date	Purchase Price		Rehab Budget (2)		Total Investment		Per Unit
Arbors on Forest Ridge	Bedford, TX		210	1/31/2014	$	12,805	$	1,449	$	14,254	$	67,876
Cutter's Point	Richardson, TX		196	1/31/2014		15,845		1,379		17,224		87,878
The Summit at Sabal Park	Tampa, FL		252	8/20/2014		19,050		1,655		20,705		82,163
Courtney Cove	Tampa, FL		324	8/20/2014		18,950		1,635		20,585		63,534
Sabal Palm at Lake Buena Vista	Orlando, FL		400	11/5/2014		49,500		1,346		50,846		127,115
Cornerstone	Orlando, FL		430	1/15/2015		31,550		2,610		34,160		79,442
The Preserve at Terrell Mill	Marietta, GA		752	2/6/2015		58,000		6,688		64,688		86,021
Versailles	Dallas, TX		388	2/26/2015		26,165		3,997		30,162		77,737
Seasons 704 Apartments	West Palm Beach, FL		222	4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, AZ		256	8/5/2015		22,525		1,808		24,333		95,051
Venue at 8651	Fort Worth, TX		333	10/30/2015		19,250		4,626		23,876		71,700
Parc500	West Palm Beach, FL		217	7/27/2016		22,421		5,082		27,503		126,742
The Venue on Camelback	Phoenix, AZ		415	10/11/2016		44,600		6,018		50,618		121,971
Rockledge Apartments	Marietta, GA		708	6/30/2017		113,500		7,685		121,185		171,165
Atera Apartments	Dallas, TX		380	10/25/2017		59,200		3,721		62,921		165,582
Versailles II	Dallas, TX		242	9/26/2018		24,680		2,843		27,523		113,731
Brandywine I & II	Nashville, TN		632	9/26/2018		79,800		7,787		87,587		138,587
Bella Vista	Phoenix, AZ		248	1/28/2019		48,400		3,414		51,814		208,927
The Enclave	Tempe, AZ		204	1/28/2019		41,800		2,608		44,408		217,686
The Heritage	Phoenix, AZ		204	1/28/2019		41,900		2,660		44,560		218,431
Summers Landing	Fort Worth, TX		196	6/7/2019		19,396		2,980		22,376		114,163
Residences at Glenview Reserve	Nashville, TN		360	7/17/2019		45,000		5,695		50,695		140,819
Residences at West Place	Orlando, FL		342	7/17/2019		55,000		4,129		59,129		172,892
Avant at Pembroke Pines	Pembroke Pines, FL		1,520	8/30/2019		322,000		32,583		354,583		233,278
Arbors of Brentwood	Nashville, TN		346	9/10/2019		62,250		4,248		66,498		192,191
Torreyana Apartments	Las Vegas, NV		316	11/22/2019		68,000		2,771		70,771		223,959
Bloom	Las Vegas, NV		528	11/22/2019		106,500		4,786		111,286		210,769
Bella Solara	Las Vegas, NV		320	11/22/2019		66,500		3,642		70,142		219,194
Fairways at San Marcos	Chandler, AZ		352	11/2/2020		84,480		4,366		88,846		252,403
The Verandas at Lake Norman	Charlotte, NC		264	6/30/2021		63,500		4,628		68,128		258,061
Creekside at Matthews	Charlotte, NC		240	6/30/2021		58,000		3,943		61,943		258,096
Six Forks Station	Raleigh, NC		323	9/10/2021		74,760		6,431		81,191		251,365
Hudson High House	Cary, NC		302	12/7/2021		93,250		1,677		94,927		314,328
The Adair	Sandy Springs, GA		232	4/1/2022		65,500		5,390		70,890		305,560
Estates on Maryland	Phoenix, AZ		330	4/1/2022		77,900		4,636		82,536		250,109
Total/Weighted Average			12,984		$	2,032,977	$	162,816	$	2,195,793	$	169,115

(1)

Only includes properties owned as of December 31, 2024.

(2)

Includes interior and exterior rehab.


NXRT.NEXPOINT.COM	Page 33

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details


(in thousands, except unit and per unit amounts)
Property Name	Location	Units		Purchase Price		Sale Price		Sales Price Per Unit		Sale Date	Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250	5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219	6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828	8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630	9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444	9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707	4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010	4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828	4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169	4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500	7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455	9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684	1/31/2018		29,553		13,742
Edgewater at Sandy Springs	Atlanta, GA		760		58,000		101,250		133,224	8/28/2019		100,219		47,329
Belmont at Duck Creek	Garland, TX		240		18,525		29,500		122,917	8/28/2019		29,148		11,985
The Ashlar	Dallas, TX		264		16,235		29,400		111,364	8/28/2019		29,050		13,205
Heatherstone	Dallas, TX		152		9,450		16,275		107,072	8/28/2019		16,054		6,368
The Pointe at the Foothills	Mesa, AZ		528		52,275		85,400		161,742	8/28/2019		84,663		37,925
Abbington Heights	Antioch, TN		274		17,900		28,050		102,372	8/30/2019		27,630		10,888
Southpoint Reserve at Stoney Creek	Fredericksburg, VA		156		17,000		23,500		150,641	3/20/2020		23,176		5,469
Willow Grove	Nashville, TN		244		13,750		31,300		128,279	3/26/2020		31,005		17,513
Woodbridge	Nashville, TN		220		16,000		31,700		144,091	3/26/2020		31,237		15,990
Eagle Crest	Irving, TX		447		27,325		55,500		124,161	9/30/2020		54,779		30,160
Beechwood Terrace	Antioch, TN		300		21,400		53,600		178,667	11/1/2021		53,003		33,960
Cedar Pointe	Antioch, TN		210		26,500		37,650		179,286	11/1/2021		37,231		12,252
Hollister Place	Houston, TX		260		24,500		36,750		141,346	12/29/2022		36,455		14,684
Silverbrook	Grand Prairie, TX		642		30,400		70,000		109,034	9/22/2023		69,431		43,107
Timber Creek	Charlotte, NC		352		22,750		49,000		139,205	12/13/2023		48,348		24,819
Old Farm	Houston, TX		734		84,721		103,000		140,327	3/1/2024		102,704		31,548
Radbourne Lake	Charlotte, NC		225		24,250		39,250		174,444	4/30/2024		38,904		18,847
Stone Creek at Old Farm	Houston, TX		190		23,332		24,500		128,947	10/1/2024		24,095		3,851
Total/Weighted Average			10,786	$	775,047	$	1,237,675	$	114,748		$	1,222,887	$	497,939

(1)

Represents sales price, net of closing costs.

(2)

The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.


NXRT.NEXPOINT.COM	Page 34

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Definitions and Reconciliations of Non-GAAP Measures

Definitions

This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income (“NOI”), funds from operations attributable to common stockholders (“FFO”), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO (“AFFO”), AFFO per diluted share and net debt.

NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty gains (losses), (8) gain on forfeited deposits, (9) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (10) equity in earnings of affiliate. We define “Same Store NOI” as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT’s definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.

Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, gain on forfeited deposits, casualty-related expenses/(recoveries) and losses (gains), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company has adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to the current presentation.

AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the noncontrolling interests related to this item.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.

We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts (“REITs”) among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt


(dollar amounts in thousands)	FY 2024			FY 2023			FY 2022
Total mortgage debt	$	1,503,242		$	1,551,236		$	1,607,028
Credit facilities		—			24,000			74,500
Total Debt		1,503,242			1,575,236			1,681,528
Adjustments to arrive at net debt:
Cash and cash equivalents		(23,148	)		(12,367	)		(16,762	)
Restricted cash held for value-add upgrades and green improvements		(3,177	)		(2,929	)		(11,894	)
Net Debt	$	1,476,917		$	1,559,940		$	1,652,872
Enterprise Value (1)	$	2,537,917		$	2,443,940		$	2,764,872
Leverage Ratio		58	%		64	%		60	%

(1)

Enterprise Value is calculated as Market Capitalization as of December 31, 2024 plus Net Debt.

Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2025 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 and for the three months ended March 31, 2025 (in thousands):


		For the Year Ended December 31, 2025			For the Three Months Ended March 31, 2025
		Mid-Point (1)			Mid-Point (1)
Net loss		$	(31,547	)	$	(9,232	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,045			1,737
Corporate general and administrative expenses			19,454			4,958
Corporate income			(1,709	)		(381	)
Property general and administrative expenses	(2)		3,316			1,099
Depreciation and amortization			95,935			24,939
Interest expense			59,512			14,004
Loss on extinguishment of debt and modification costs			18			—
Equity in earnings of affiliate			(238	)		(60	)
NOI		$	151,786		$	37,064
Less Non-Same Store
Revenues	(3)		—
Operating expenses	(3)		(42	)
Same Store NOI	(3)	$	151,744

(1)

Mid-Point estimates shown for full year and first quarter 2025 guidance. Assumptions made for full year and first quarter 2025 NOI guidance include the Same Store operating growth projections included in the “2025 Full Year Guidance Summary” section of this release and the effect of the acquisition and 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)

Year-over-year growth for the Full Year 2025 pro forma Same Store pool (35 properties).


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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 (in thousands, except per share data):


	For the Year Ended December 31, 2025
	Mid-Point
Net loss	$	(31,547	)
Depreciation and amortization		95,935
Adjustment for noncontrolling interests		(254	)
FFO attributable to common stockholders		64,134
FFO per share - diluted (1)	$	2.43

Loss on extinguishment of debt and modification costs		18
Amortization of deferred financing costs		6,214
Mark-to-market adjustments of interest rate caps		809
Adjustment for noncontrolling interests		(27	)
Core FFO attributable to common stockholders		71,148
Core FFO per share - diluted (1)	$	2.70

Equity-based compensation expense		10,572
Adjustment for noncontrolling interests		(42	)
AFFO attributable to common stockholders		81,678
AFFO per share - diluted (1)	$	3.09

Weighted average common shares outstanding - diluted		26,395

(1)

For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.4 million for the full year 2025.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 (in thousands):


	For the Year Ended December 31,
	2021			2020			2019			2018			2017			2016			2015			2014
Net income (loss)	$	23,106		$	44,150		$	99,438		$	(1,614	)	$	56,359		$	25,888		$	(10,992	)	$	25,888
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees		7,631			7,670			7,500			7,474			7,419			6,802			5,565			6,802
Corporate general and administrative expenses		11,966			10,035			9,613			7,808			6,275			4,014			2,455			4,014
Casualty-related expenses/(recoveries)		(199	)		789			(34	)		(663	)		(287	)		151			25			—
Casualty losses (gains)		(2,595	)		(5,886	)		3,488			—			—			—			—			—
Property general and administrative expenses		2,539			2,400			1,939			1,294			1,130			879			1,109			879
Depreciation and amortization		86,878			82,411			69,086			47,470			48,752			35,643			40,801			35,643
Interest expense		44,623			44,753			37,385			28,572			29,576			20,167			17,817			21,889
Loss on extinguishment of debt and modification costs		912			1,470			2,869			3,576			5,719			1,722			652			—
Gain on sales of real estate		(46,214	)		(69,151	)		(127,684	)		(13,742	)		(78,365	)		(25,932	)		—			(25,932	)
Acquisition costs		—			—			—			—			—			386			2,975			386
NOI	$	128,647		$	118,641		$	103,600		$	80,175		$	76,578		$	69,720		$	60,407		$	69,569


(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$38.96
Insider Ownership (2)	14.46%
2025 Q1 Dividend Per Share	$0.51
Dividend Yield (1)	5.24%
Shares outstanding - basic (3)	25,516
Shares outstanding - diluted (3)	26,246


Earnings Release		1
Cautionary Statement Regarding Forward-Looking Statements		3
Overview		4
Highlights of Fourth Quarter and FY 2024 Activity		5
Financial Summary		8
2025 Full Year Guidance Summary		9
Components of Net Asset Value		10
Consolidated Balance Sheets		11
Consolidated Statements of Operations		12
NOI and Same Store NOI		13
2023-2024 Same Store Results		15
2023-2024 Same Store Properties Operating Metrics		17
QoQ Same Store Properties Operating Metrics		18
2022-2024 Same Store Results		19
Q4 Same Store Results		22
FFO, Core FFO and AFFO		24
Historical Capital Expenditures		25
Value-Add Program Details		26
Outstanding Debt Details		29
Debt Maturity Schedule		32
Historical Acquisition Details		33
Historical Disposition Details		34
Definitions and Reconciliations of Non-GAAP Measures		35


Market	% of Units
Phoenix		15.5	%
South Florida		15.1	%
Dallas/Fort Worth		15.0	%
Atlanta		13.0	%
Nashville		10.3	%
Orlando		9.0	%
Las Vegas		9.0	%
Raleigh		4.8	%
Tampa		4.4	%
Charlotte		3.9	%
Total		100.0	%


Revenue & Average Rent Per Unit		Stock Price Performance (Since Inception; 4/1/2015)