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Equibles

8-K

NexPoint Residential Trust, Inc. (NXRT)

8-K 2023-10-31 For: 2023-10-31
View Original
Added on April 10, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 31, 2023

NEXPOINT RESIDENTIAL TRUST, INC.

(Exact Name Of Registrant As Specified In Charter)

Maryland 001-36663 47-1881359
(State or Other Jurisdiction<br> <br>of Incorporation) (Commission<br> <br>File Number) (IRS Employer<br> <br>Identification No.)

300 Crescent Court, Suite 700

Dallas, Texas 75201

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (214) 276-6300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange<br> <br>on which registered
Common Stock, par value $0.01 per share NXRT New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing. In a press release dated October 31, 2023, NexPoint Residential Trust, Inc. (the “Company”) announced financial results for the Company’s third quarter ended September 30, 2023. The full text of the press release is furnished herewith as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br> <br>Number Exhibit Description
99.1 Press Release dated October 31, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NEXPOINT RESIDENTIAL TRUST, INC.
By: /s/ Brian Mitts
Name: Brian Mitts<br> <br>Title: Chief Financial Officer, Executive<br> <br>VP-Finance, Secretary and Treasurer

Date: October 31, 2023

EX-99.1

Exhibit 99.1

31 October 2023 | NYSE: NXRT

EARNINGS SUPPLEMENT: THIRD QUARTER 2023

LOGO

NEXPOINT RESIDENTIAL TRUST, INC.

300 CRESCENT COURT, SUITE 700

DALLAS, TX 75201

INVESTOR RELATIONS:

KRISTEN THOMAS

NXRT.NEXPOINT.COM

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

TABLE OF CONTENTS

Earnings Release 1
Cautionary Statement Regarding Forward-Looking<br>Statements 3
Overview 4
Highlights of Recent Activity 5
Financial Summary 7
2023 Full Year Guidance 8
Components of Net Asset Value 9
Consolidated Balance Sheets 10
Consolidated Statements of Operations 11
NOI and Same Store NOI 12
Q3 Same Store Results 13
Q3 Same Store Properties Operating Metrics 15
QoQ Same Store Properties Operating Metrics 16
YTD Same Store Results 17
FFO, Core FFO and AFFO 19
Historical Capital Expenditures 20
Value-Add Program Details 21
Outstanding Debt Details 24
Debt Maturity Schedule 27
Historical Acquisition Details 28
Historical Disposition Details 29
Definitions and Reconciliations of Non-GAAP<br>Measures 30

LOGO

FAIRWAYS AT SAN MARCOS: CHANDLER, AZ

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FULLY UPGRADED KITCHEN

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UPDATED EXTERIOR POOL AMENITY AREA

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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FOR IMMEDIATE RELEASE

Contact:

Investor Relations

Kristen Thomas

IR@nexpoint.com

(214) 276-6300

Media inquiries: Pro-Nexpoint@prosek.com

NEXPOINT RESIDENTIAL TRUST, INC. REPORTS THIRD QUARTER 2023 RESULTS

NXRT Boosts Quarterly Dividend by 10.1%; Returns 6.14x Multiple on Invested Capital on $70 million DFW Asset and Makes $16.0 Million Paydownon Credit Facility

Dallas, TX, October 31, 2023 – NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the third quarter ended September 30, 2023.

Highlights

● NXRT^1^ reported Net Income, FFO^2^, Core FFO^2^ and AFFO^2^ of $33.7M, $14.5M, $17.1M and $20.0M, respectively, attributable to<br>common stockholders for the quarter ended September 30, 2023, compared to Net Loss, FFO, Core FFO, and AFFO of $(0.6)M, $24.5M, $21.9M and $24.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2022.<br>
● NXRT reported Net Income, FFO, Core FFO and AFFO of $25.9M, $53.7M, $56.1M and $64.3M, respectively,<br>attributable to common stockholders for the nine months ended September 30, 2023, compared to Net Loss, FFO, Core FFO, and AFFO of $(13.0)M, $61.2M, $62.3M and $69.4M, respectively, attributable to common stockholders for the nine months ended<br>September 30, 2022.
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● For the three months ended September 30, 2023, Q3 Same Store properties^3^ average effective rent, total revenue and NOI^2^ increased 3.1%, 4.6% and 8.0%, respectively, and occupancy decreased 10 bps over the prior year<br>period.
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● For the nine months ended September 30, 2023, YTD Same Store properties^3^ average effective rent, total revenue and NOI^2^ increased 3.0%, 8.1% and 9.5%, respectively, and occupancy decreased 10 bps over the prior year<br>period.
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● During the third quarter 2023, the Company completed the sale of Silverbrook for a sales price of $70.0<br>million, resulting in a gain on sale of real estate of $43.1 million. Additionally, Timber Creek was put under contract for $49 million during the quarter with nonrefundable earnest money and is expected to close by year end.
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● During the third quarter 2023, the Company paid down $16.0 million on its Corporate Credit Facility. As of<br>September 30, 2023, the Company had $41.0 million in principal outstanding on its Corporate Credit Facility.
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● NXRT paid a third quarter dividend of $0.42 per share of common stock on September 29, 2023.<br>
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● On October 30, 2023, the Company’s board approved a quarterly dividend of $0.46242 per share, a 10.1%<br>increase from the previous dividend per share. Since inception, NXRT has increased the dividend per share by 124.5%.
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● The weighted average effective monthly rent per unit across all 39 properties held as of September 30,<br>2023 (the “Portfolio”), consisting of 14,485^4^ units, was $1,507, while physical occupancy was 94.0%.
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● During the third quarter 2023, for the properties in our Portfolio, we completed 420 full and partial upgrades<br>and leased 330 upgraded units, achieving an average monthly rent premium of $215 and a 23.6% ROI^5^.
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● Since inception, for the properties currently in our Portfolio, we have completed 8,671 full and partial<br>upgrades, 4,812 kitchen and laundry appliances, and 12,285 technology packages, resulting in a $168, $49, and $44 average monthly rental increase per unit and a 21.0%, 65.3%, and 37.8% ROI, respectively.
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1) In this release, “we,” “us,” “our,” the “Company,” “NexPoint<br>Residential Trust,” and “NXRT” each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
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2) FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP<br>measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net loss, see the “Definitions and Reconciliations of Non-GAAP Measures,” “FFO, Core FFO and AFFO” and “NOI and Same Store NOI” sections of this<br>release.
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NXRT.NEXPOINT.COM Page 1
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

3) We define “Same Store” properties as properties that were in our Portfolio for the entirety of the<br>periods being compared. There are 35 properties encompassing 12,917 units of apartment space in our Same Store pool for the three months ended September 30, 2023 (our “Q3 Same Store” properties) and 33 properties encompassing 12,355<br>units of apartment space in our Same Store pool for the nine months ended September 30, 2023 (our “YTD Same Store” properties). The same store unit count excludes 67 units that are currently down due to casualty events (Rockledge: 20<br>units, Arbors of Brentwood: 16 units, Six Forks: 8 units, Bella Solara: 8 units, Versailles II: 7 units, Versailles: 6 units, and Parc500: 2 units).
4) Total units owned in our Portfolio is 14,485, however 67 units are currently down due to casualty events<br>(Rockledge: 20 units, Arbors of Brentwood: 16 units, Six Forks: 8 units, Bella Solara: 8 units, Versailles II: 7 units, Versailles: 6 units, and Parc500: 2 units).
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5) We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of<br>the total cost.
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Third Quarter 2023 Financial Results

● Total revenues were $69.8 million for the third quarter of 2023, compared to $68.1 million for the third<br>quarter of 2022.
● Net income for the third quarter of 2023 totaled $33.7 million, or income of $1.28 per diluted share, which<br>included $23.8 million of depreciation and amortization expense. This compared to a net loss of $(0.6) million, or loss of $(0.02) per diluted share, for the third quarter of 2022, which included $25.2 million of depreciation and amortization<br>expense.
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● The change in our net income of $33.9 million for the three months ended September 30, 2023 as compared<br>to our net loss of $(0.6) million for the three months ended September 30, 2022 primarily relates to an increase in total revenues and gain on sale of $43.1 million, partially offset by an increase in interest expense.
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● For the third quarter of 2023, NOI was $42.1 million on 39 properties, compared to $40.0 million for the third<br>quarter of 2022 on 41 properties.
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● For the third quarter of 2023, Q3 Same Store NOI increased 8.0% to $38.4 million, compared to $35.6 million<br>for the third quarter of 2022.
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● For the third quarter of 2023, FFO totaled $14.5 million, or $0.55 per diluted share, compared to $24.5<br>million, or $0.94 per diluted share, for the third quarter of 2022.
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● For the third quarter of 2023, Core FFO totaled $17.1 million, or $0.65 per diluted share, compared to $21.9<br>million, or $0.84 per diluted share, for the third quarter of 2022.
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● For the third quarter of 2023, AFFO totaled $20.0 million, or $0.76 per diluted share, compared to $24.3<br>million, or $0.93 per diluted share, for the third quarter of 2022.
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2023 Year to Date Financial Results

● Total revenues were $208.6 million for the nine months ended September 30, 2023, compared to $194.6<br>million for the nine months ended September 30, 2022.
● Net income for the nine months ended September 30, 2023 totaled $25.9 million, or income of $0.99 per<br>diluted share, which included $70.9 million of depreciation and amortization expense. This compared to net loss of $(13.0) million, or loss of $(0.51) per diluted share, for the nine months ended September 30, 2022, which included $74.5 million<br>of depreciation and amortization expense.
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● The change in our net income of $26.0 million for the nine months ended September 30, 2023 as compared to<br>our net loss of $(13.1) million for the nine months ended September 30, 2022 primarily relates to an increase in total revenues and gain on sale of $43.1 million, partially offset by an increase in interest expense.
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● For the nine months ended September 30, 2023, NOI was $125.2 million on 39 properties, compared to $115.7<br>million for the nine months ended September 30, 2022 on 41 properties.
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● For the nine months ended September 30, 2023, Same Store NOI increased 9.5% to $107.9 million, compared<br>to $98.5 million for the nine months ended September 30, 2022.
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● For the nine months ended September 30, 2023, FFO totaled $53.7 million, or $2.05 per diluted share,<br>compared to $61.2 million, or $2.34 per diluted share, for the nine months ended September 30, 2022.
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● For the nine months ended September 30, 2023, Core FFO totaled $56.1 million, or $2.14 per diluted share,<br>compared to $62.3 million, or $2.38 per diluted share, for the nine months ended September 30, 2022.
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● For the nine months ended September 30, 2023, AFFO totaled $64.3 million, or $2.45 per diluted share,<br>compared to $69.4 million, or $2.65 per diluted share, for the nine months ended September 30, 2022.
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NXRT.NEXPOINT.COM Page 2
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Third Quarter Earnings Conference Call

NXRT will host a conference call on Tuesday, October 31, 2023, at 11:00 a.m. ET (10:00 am CT), to discuss third quarter financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company’s website, https://nxrt.nexpoint.com (under “Resources”). An online replay will be available shortly after the call on the Company’s website and continue to be available for 60 days.

A replay of the conference call will also be available through Tuesday, November 14, 2023, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.

About NXRT

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol “NXRT,” primarily focused on acquiring, owning and operating well-located, middle-income multifamily properties with “value-add” potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the “SEC”) are available on our website, nxrt.nexpoint.com, under the “Financials” tab.

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “expect,” “anticipate,” “estimate,” “may,” “should,” “plan” and similar expressions and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT’s business and industry in general, NXRT’s guidance for financial results for the full year 2023, including earnings per diluted share, Core FFO per diluted share, same store rental income, same store total revenue, same store total expenses and same store NOI, interest expense, and the related components and assumptions, including expected acquisitions and dispositions, expected same store pool, shares outstanding and same store growth projections, NXRT’s net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt and shares outstanding, net income and NOI guidance for the full year 2023 and the related assumptions, planned value-add programs, including projected rent change and return on investment, expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets, expected acquisitions and dispositions and related timing, NAV NOI for the full year 2023 and estimated 2023 and 2024 net interest rate/expense and the related assumptions, forecasted submarket deliveries and the expected closing of the Timber Creek disposition. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.

NXRT.NEXPOINT.COM Page 3

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC.: THIRD QUARTER 2023 OVERVIEW

Company Profile
(share counts in thousands)
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Exchange/Ticker NYSE: NXRT
Share Price (1) $26.84
Insider Ownership 13.69%
2023 Q4 Dividend Per Share $0.46242
Dividend Yield (1) 6.89%
Shares Outstanding - basic (2) 25,674
Shares Outstanding - diluted (2) 26,302
(1) As of the close of market trading on October 30, 2023.
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(2) Weighted average for the three months ended September 30, 2023.
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Portfolio Composition by Market
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Market % of Units
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Phoenix 13.9%
South Florida 13.5%
Dallas/Fort Worth 13.4%
Atlanta 11.7%
Nashville 9.2%
Orlando 8.1%
Las Vegas 8.0%
Charlotte 7.5%
Houston 6.4%
Raleigh 4.3%
Tampa 4.0%
Total 100.0%

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Revenue & Average Rent Per Unit Stock Price Performance (Since Inception; 4/1/2015)
NXRT.NEXPOINT.COM Page 4
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Highlights of Recent Activity

DISPOSITION

Property Name Location Date of Sale Sales<br>Price IRR Multiple on<br>Invested Capital Net CashProceeds
Silverbrook Grand Prairie, Texas September 22, 2023 $ 70,000 34.0% 6.14x $ 69,431

DIVIDEND GROWTH

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INTEREST RATE DETAIL

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  • Rate cap cash inflow is not included in CFFO calculations. The change in the Rate Caps mark-to-market is captured in interest expense for financial purposes.

  • Forecasted 2024 interest rate assumes all maturing debt is refinanced at the same nominal amount with a 1.55% spread of 1-month SOFR.

  • 2023 Q4 and 2024 assume the Chatham Fallback LIBOR and 1-month Term SOFR curve forecast as of October 23, 2023.

NXRT.NEXPOINT.COM Page 5

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

FORECASTED SUBMARKET DELIVERIES ^(1)^

Market Submarket Property NXRT UnitExposure 2023 Q3<br> <br>Inventory 2023<br> <br>Deliveries 2024<br> <br>Deliveries 2025<br> <br>Deliveries 3-year<br> <br>Deliveries 3-year %<br> <br>Growth
Atlanta Southeast Marietta Rockledge 708 14,110 0 0 0 0 0.0 %
Atlanta Southeast Marietta The Preserve at Terrell Mill 752 14,110 0 0 0 0 0.0 %
Atlanta Sandy Springs The Adair 232 20,138 0 286 0 286 1.4 %
Charlotte Huntersville/Cornelius The Verandas at Lake Norman 264 7,758 360 879 603 1,842 23.7 %
Charlotte Matthews/Southeast Charlotte Creekside at Matthews 240 11,746 455 374 300 1,129 9.6 %
Charlotte Myers Park Timber Creek 352 12,969 589 807 519 1,915 14.8 %
Charlotte North Charlotte Radbourne Lake 225 18,203 2,136 3,902 653 6,691 36.8 %
Dallas/Fort Worth East Fort Worth The Venue at 8651 333 13,057 0 0 0 0 0.0 %
Dallas/Fort Worth Far North Dallas Versailles 388 29,558 0 897 0 897 3.0 %
Dallas/Fort Worth Far North Dallas Versailles II 242 29,558 0 897 0 897 3.0 %
Dallas/Fort Worth Hurst/Euless/Bedford Arbors on Forest Ridge 210 33,571 67 67 269 403 1.2 %
Dallas/Fort Worth Hurst/Euless/Bedford Summers Landing 196 33,571 67 67 269 403 1.2 %
Dallas/Fort Worth Oak Lawn/Park Cities Atera 380 20,594 167 102 710 979 4.8 %
Dallas/Fort Worth Richardson Cutters Point 196 19,253 286 425 384 1,095 5.7 %
Houston Westchase Old Farm 734 29,872 165 165 56 386 1.3 %
Houston Westchase Stone Creek at Old Farm 190 29,872 165 165 56 386 1.3 %
Las<br>Vegas Northwest Las Vegas Bella Solara 320 20,366 672 938 158 1,768 8.7 %
Las<br>Vegas Northwest Las Vegas Bloom 528 20,366 672 938 158 1,768 8.7 %
Las<br>Vegas Southwest Las Vegas Torreyana 316 19,366 1,118 2,000 0 3,118 16.1 %
Nashville East Nashville Residences at Glenview Reserve 360 14,071 419 962 675 2,056 14.6 %
Nashville South Nashville Arbors of Brentwood 346 16,709 766 315 102 1,183 7.1 %
Nashville South Nashville Brandywine 632 16,709 766 315 102 1,183 7.1 %
Orlando East Orlando The Cornerstone 430 21,595 331 701 144 1,176 5.4 %
Orlando Northwest Orlando Residences at West Place 342 16,759 276 702 857 1,835 10.9 %
Orlando South Orange County Sabal Palm at Lake Buena Vista 400 31,590 2,577 2,868 659 6,104 19.3 %
Phoenix Chandler Fairways at San Marcos 352 25,245 821 1,175 279 2,275 9.0 %
Phoenix North Central Phoenix Heritage 204 26,009 878 1,226 301 2,405 9.2 %
Phoenix North Central Phoenix The Venue on Camelback 415 26,009 878 1,226 301 2,405 9.2 %
Phoenix Northeast Phoenix Bella Vista 248 21,680 89 993 0 1,082 5.0 %
Phoenix South Tempe Enclave 204 17,601 302 101 0 403 2.3 %
Phoenix Southwest Mesa Madera Point 256 17,970 300 97 65 462 2.6 %
Phoenix West Phoenix Estates on Maryland 330 15,570 0 0 0 0 0.0 %
Raleigh/Durham Far North Raleigh Six Forks Station 323 11,852 1,433 807 0 2,240 18.9 %
Raleigh/Durham North Cary/Morrisville High House at Cary 302 20,727 956 2,078 394 3,428 16.5 %
South<br>Florida Pembroke Pines/Miramar Avant at Pembroke Pines 1,520 25,781 398 561 0 959 3.7 %
South<br>Florida West Palm Beach Parc500 217 32,063 1,305 2,073 220 3,598 11.2 %
South<br>Florida West Palm Beach Seasons 704 222 32,063 1,305 2,073 220 3,598 11.2 %
Tampa Egypt Lake/Lowry Park Courtney Cove 324 12,846 0 0 245 245 1.9 %
Tampa Temple Terrace The Summit at Sabal Park 252 16,002 0 0 0 0 0.0 %
Totals/Averages **** 14,485 **** 614,631 **** 16,866 **** 25,501 **** 7,593 **** 49,960 **** 8.1 %
(1) Source: 2023 RealPage, Inc.; Data as of October 2023.
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NXRT.NEXPOINT.COM Page 6
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Financial Summary

Q3 2023 Q3 2022 YTD 2023 YTD 2022
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization (as of the last day of the period) $ 826,000 $ 1,181,000
Share Price (as of the last day of the period) $ 32.18 $ 46.21
Weighted average common shares outstanding - basic 25,674 25,598 25,647 25,630
Weighted average common shares outstanding - diluted 26,302 25,598 26,228 25,630
Earnings Profile
Total revenues $ 69,838 $ 68,051 $ 208,634 $ 194,603
Net income (loss) attributable to common stockholders 33,749 (597 ) 25,913 (13,047 )
NOI (1) 42,143 40,014 125,242 115,657
Same Store NOI (2) 38,448 35,584 107,888 98,501
Same Store NOI Growth (%) (2) 8.0 % 9.5 %
Earnings Metrics Per Common Share (diluted basis)
Earnings $ 1.28 $ (0.02 ) $ 0.99 $ (0.51 )
FFO (1) $ 0.55 $ 0.94 $ 2.05 $ 2.34
Core FFO (1) $ 0.65 $ 0.84 $ 2.14 $ 2.38
AFFO (1) $ 0.76 $ 0.93 $ 2.45 $ 2.65
Dividends declared per common share $ 0.42 $ 0.38 $ 1.26 $ 1.14
Net Income (Loss) Coverage (3) 3.05x -0.05x 0.79x -0.45x
FFO Coverage (3) 1.32x 2.47x 1.63x 2.05x
Core FFO Coverage (3) 1.55x 2.20x 1.70x 2.09x
AFFO Coverage (3) 1.81x 2.45x 1.94x 2.32x
Portfolio
Total Properties 39 41
Total Units (4) 14,485 15,387
Occupancy 94.0 % 94.1 %
Average Effective Monthly Rent per Unit $ 1,507 $ 1,446
Same Store Portfolio Metrics (2)
Total Same Store Properties 35 35 33 33
Total Same Store Units 12,917 12,943 12,355 12,381
Occupancy 93.9 % 94.0 % 93.9 % 94.0 %
Average Effective Monthly Rent per Unit $ 1,529 $ 1,483 $ 1,524 $ 1,479
Value-Add Program
Completed Rehab Units 420 649 1,777 1,830
Cumulative Completed Rehab Units (5) 8,671
Average Increase to Effective Monthly Rent per Unit (Post-Rehab) $ 168
ROI on Post-Rehab Units 21.0 %
Outstanding Debt Summary
Total Mortgage Debt $ 1,575,406 $ 1,358,343
Credit Facilities 41,000 335,000
Total Debt Outstanding $ 1,616,406 $ 1,693,343
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt) 66 % 59 %
Leverage Ratio (Net Debt to Enterprise Value) (6) 66 % 58 %
(1) For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and<br>AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.
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(2) We define “Same Store” properties as properties that were in our Portfolio for the entirety of the<br>periods being compared. For additional information regarding our Q3 and YTD Same Store properties, see the “Q3 Same Store Results” and “YTD Same Store Results” section of this release.
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(3) Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends<br>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.
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(4) Total units owned is 14,485, however 67 units are currently excluded due to fire and water damage.<br>
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(5) Inclusive of all full and partial interior upgrades completed through September 30, 2023. Cumulative<br>results exclude rehabs completed for properties sold through September 30, 2023.
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(6) For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations<br>of Non-GAAP Measures” section of this release.
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NXRT.NEXPOINT.COM Page 7
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

2023 Full Year Guidance Summary

NXRT is revising 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, interest expense and its related components and Acquisitions as follows (dollars in millions, except per share amounts):

Guidance Range (1)
Low-End Mid-Point High-End Prior Mid-Point
Earnings per diluted share (2) $ 3.69 $ 3.75 $ 3.82 $ 5.09
Core FFO per diluted share (2) (3) $ 2.81 $ 2.88 $ 2.95 $ 2.98
Same Store Growth: (4)
Rental Income 7.0 % 7.3 % 7.7 % 8.9 %
Total Revenue 7.0 % 7.3 % 7.7 % 8.8 %
Total Expenses (5) 5.7 % 5.2 % 4.8 % 7.0 %
Same Store NOI (3) 7.8 % 8.7 % 9.5 % 10.0 %
Components to Interest Expense:
Interest Expense on Mortgage Debt $ (105.7 ) $ (106.2 ) $ (106.7 ) $ (107.1 )
Interest Expense on Revolver $ (4.7 ) $ (4.7 ) $ (4.7 ) $ (5.0 )
Deferred Financing Cost & Discount Amortization $ (2.7 ) $ (2.7 ) $ (2.7 ) $ (2.6 )
Interest Rate Swap Settlement $ 47.4 $ 47.8 $ 48.2 $ 7.5
Mark to Market – Fair Value of Rate Caps $ (0.4 ) $ 0.3 $ 1.0 $ (0.5 )
Total Interest Expense $ (66.1 ) $ (65.5 ) $ (64.9 ) $ (67.7 )
Other Considerations: (5)
Acquisitions $ — $ — $ — $ 75.0
Dispositions $ — $ 175.0 $ 350.0 $ 175.0
(1) Full Year 2023 guidance forecast includes Same Store growth projections presented above, which takes into<br>effect the sale of the held for sale properties of Old Farm, Stone Creek at Old Farm, Timber Creek and Radbourne Lake, thereby removing those assets from the Full Year 2023 expected Same Store pool.
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(2) Weighted average diluted share count estimate for full year 2023 is approximately 26.2 million.<br>
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(3) Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2023 Same Store NOI and<br>Core FFO guidance to net income 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.
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(4) Year-over-year growth for the Full Year 2023 expected Same Store pool (33 properties).
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(5) We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are<br>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.<br>
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Additional information on 2023 financial and earnings guidance is included in the following sections of this release.

NXRT.NEXPOINT.COM Page 8

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 BY MARKET VALUE NAV SUMMARY
Property NOI Cap RateRange (1) Value Range (2) Component Min
--- --- --- --- --- --- --- --- --- ---
Market Contribution Min Max Min Max Tangible Assets
Texas Real Estate (2) 2,780,907
Dallas/Fort Worth 12.3% 5.5% 6.0% $ 341,367 $ 378,068 Cash 7,531
Houston 4.5% 5.5% 6.0% 125,149 138,604 Restricted Cash - Renovation Reserves (4) 2,737
Renovation Expenditures (4) (2,737)
North Carolina Cash Adjustments (5) (286)
Raleigh 3.7% 5.5% 6.0% 101,628 112,554 Fair Market Value of Interest Rate Swaps 98,621
Charlotte 6.5% 5.5% 6.0% 180,503 199,909 Other Assets 67,607
Value of Assets 2,954,380
Georgia
Atlanta 8.1% 5.5% 6.0% 224,000 248,083 Tangible Liabilities
Credit Facility (6) 41,000
Tennessee Mortgage Debt 1,575,406
Nashville 10.9% 5.5% 6.0% 304,466 337,200 Total Outstanding Debt 1,616,406
Forward 12-month Principal Payments (5) (286)
Florida Total Outstanding Debt (FY 2023 Est.) 1,616,120
Orlando 7.7% 5.5% 6.0% 214,940 238,048 Other Tangible Liabilities (at Book) 55,534
Tampa 4.2% 5.5% 6.0% 116,575 129,109 Value of Liabilities 1,671,654
South Florida 17.6% 5.5% 6.0% 489,008 541,583 Net Leverage (mid-point) 54%
Net Asset Value 1,282,726
Nevada Shares outstanding - diluted (FY 2023 Est.) 26,302
Las Vegas 8.6% 5.5% 6.0% 238,332 263,955 Est. NAV / Share 48.77
NAV / Share (mid-point) 54.45
Arizona
Phoenix 16.0% 5.5% 6.0% 444,939 492,776
Total  / Ave 100.0% 5.5% 6.0% $ 2,780,907 $ 3,079,889

All values are in US Dollars.

NOI ESTIMATE IMPLIED VAUE VALUATION METRICS
Q2 2023 NOI Actual (3) 41,969 Min
--- --- --- --- ---
Q3 2023 NOI Actual (3) 42,143 Implied Real Estate Value 2,780,907
No. of Units (September 30, 2023) (2) 14,485
Low High Implied Value/Apartment Unit 192.0
2023 NOI Guidance (3) $ 166,854 $ 169,394 Implied Value/Apartment Unit (mid-point) 202.3

All values are in US Dollars.

(1) Management estimates based on independent third-party review of our properties.
(2) Estimated value ranges are presented for the existing portfolio (39 properties as of September 30,<br>2023).
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(3) The Company anticipates net income will be in the range between approximately $97.1 million and $100.7<br>million for the full year 2023. Net income (loss) for the first, second and third quarters of 2023 was approximately $(3.9) million, $(4.0) million and $33.7 million, respectively. FY 2023 NOI Guidance considers the forecast dispositions of Old<br>Farm, Stone Creek at Old Farm, Timber Creek and Radbourne Lake, and considers a commensurate volume of capital recycling.
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(4) Includes approximately $2.7 million that is held for value-add upgrades; reduced by $2.7 million for<br>estimated 2023 rehab expenditures.
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(5) Includes approximately $0.3 million in forward 12-month principal payments.
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(6) Includes outstanding balance as of September 30, 2023.
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NXRT.NEXPOINT.COM Page 9
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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, 2022
ASSETS
Operating Real Estate Investments
Land 359,839 $ 378,438
Buildings and improvements 1,711,122 1,760,782
Construction in progress 11,899 10,622
Furniture, fixtures, and equipment 173,564 152,529
Total Gross Operating Real Estate Investments 2,256,424 2,302,371
Accumulated depreciation and amortization (386,869 ) (349,276 )
Total Net Operating Real Estate Investments 1,869,555 1,953,095
Real estate held for sale, net of accumulated depreciation of 40,750 and 22,017,<br>respectively 133,851 89,457
Total Net Real Estate Investments 2,003,406 2,042,552
Cash and cash equivalents 7,531 16,762
Restricted cash 42,302 35,037
Accounts receivable, net 14,739 17,121
Prepaid and other assets 13,303 10,425
Fair value of interest rate swaps 98,621 103,440
TOTAL ASSETS 2,179,902 $ 2,225,337
LIABILITIES AND STOCKHOLDERS’<br>EQUITY
Liabilities:
Mortgages payable, net 1,453,471 $ 1,526,828
Mortgages payable held for sale, net 112,026 68,016
Credit facility, net 39,968 72,644
Accounts payable and other accrued liabilities 18,842 12,325
Accrued real estate taxes payable 22,176 7,232
Accrued interest payable 9,465 7,946
Security deposit liability 3,218 3,200
Prepaid rents 1,833 1,849
Total Liabilities 1,660,999 1,700,040
Redeemable noncontrolling interests in the Operating Partnership 5,081 5,631
Stockholders’ Equity:
Preferred stock, 0.01 par value: 100,000,000 shares authorized; 0 shares<br>issued — —
Common stock, 0.01 par value: 500,000,000 shares authorized; 25,674,313 and 25,549,319 shares<br>issued and outstanding, respectively 256 255
Additional paid-in capital 410,679 405,376
Accumulated earnings less dividends 5,534 11,880
Accumulated other comprehensive income 97,353 102,155
Total Stockholders’ Equity 513,822 519,666
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 2,179,902 $ 2,225,337

All values are in US Dollars.

NXRT.NEXPOINT.COM Page 10

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(in thousands, except per share amounts)

(Unaudited)

For the Three Months<br>Ended September 30, For the Nine Months Ended<br>September 30,
2023 2022 2023 2022
Revenues
Rental income $ 67,870 $ 66,500 $ 203,217 $ 189,949
Other income 1,968 1,551 5,417 4,654
Total revenues 69,838 68,051 208,634 194,603
Expenses
Property operating expenses 15,322 12,370 44,080 42,669
Real estate taxes and insurance 8,832 9,419 28,186 27,670
Property management fees (1) 2,031 1,960 6,089 5,629
Advisory and administrative fees (2) 1,966 1,904 5,782 5,615
Corporate general and administrative expenses 4,906 3,818 12,897 11,116
Property general and administrative expenses 2,615 2,387 7,127 6,586
Depreciation and amortization 23,797 25,224 70,935 74,490
Total expenses 59,469 57,082 175,096 173,775
Operating income before gain on sales of real estate 10,369 10,969 33,538 20,828
Gain on sales of real estate 43,090 — 43,090 —
Operating income 53,459 10,969 76,628 20,828
Interest expense (17,587 ) (11,766 ) (48,850 ) (34,804 )
Gain (loss) on extinguishment of debt and modification costs (2,215 ) — (2,093 ) —
Casualty gain (loss) (100 ) — (980 ) 357
Gain on forfeited deposits — — 250 —
Equity in earnings of affiliate 177 — 177 —
Miscellaneous income 144 198 880 526
Net income (loss) 33,878 (599 ) 26,012 (13,093 )
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 129 (2 ) 99 (46 )
Net income (loss) attributable to common stockholders $ 33,749 $ (597 ) $ 25,913 $ (13,047 )
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives (744 ) 34,938 (4,820 ) 106,874
Total comprehensive income 33,134 34,339 21,192 93,781
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership 126 132 81 319
Comprehensive income attributable to common stockholders $ 33,008 $ 34,207 $ 21,111 $ 93,462
Weighted average common shares outstanding - basic 25,674 25,598 25,647 25,630
Weighted average common shares outstanding - diluted 26,302 25,598 26,228 25,630
Earnings (loss) per share - basic $ 1.31 $ (0.02 ) $ 1.01 $ (0.51 )
Earnings (loss) per share - diluted $ 1.28 $ (0.02 ) $ 0.99 $ (0.51 )
(1) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of<br>the Operating Partnership (the “OP”).
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(2) Fees incurred to the Company’s adviser.
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NXRT.NEXPOINT.COM Page 11
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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 Same Store NOI for the three and nine months ended September 30, 2023 and 2022 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

For the Three Months Ended<br>September 30, For the Nine Months Ended<br>September 30,
2023 2022 2023 2022
Net income (loss) $ 33,878 $ (599 ) $ 26,012 $ (13,093 )
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees 1,966 1,904 5,782 5,615
Corporate general and administrative expenses 4,752 3,818 12,743 11,116
Casualty-related expenses/(recoveries) (1) (24 ) (2,966 ) (1,332 ) 672
Casualty loss (gain) 100 — 980 (357 )
Gain on forfeited deposits — — (250 ) —
Property general and administrative expenses (2) 1,139 867 2,696 2,410
Depreciation and amortization 23,797 25,224 70,935 74,490
Interest expense 17,587 11,766 48,850 34,804
Equity in earnings of affiliate (177 ) — (177 ) —
Loss on extinguishment of debt and modification costs 2,215 — 2,093 —
Gain on sales of real estate (43,090 ) — (43,090 ) —
NOI $ 42,143 $ 40,014 $ 125,242 $ 115,657
Less Non-Same Store
Revenues (7,920 ) (9,025 ) (32,626 ) (31,913 )
Operating expenses 4,230 4,705 15,401 15,084
Operating income (5 ) (110 ) (129 ) (327 )
Same Store NOI $ 38,448 $ 35,584 $ 107,888 $ 98,501
(1) Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related<br>expenses/(recoveries).
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(2) Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not<br>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.
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NXRT.NEXPOINT.COM Page 12
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Results of Operations for the Three Months Ended September 30, 2023 and2022

There are 35 properties encompassing 12,917 units of apartment space, or approximately 89% of our Portfolio, in our same store pool for the three months ended September 30, 2023 and 2022 (our “Q3 Same Store” properties). Our Q3 Same Store properties exclude the following 4 properties in our Portfolio as of September 30, 2023: Old Farm, Stone Creek at Old Farm, Timber Creek and Radbourne Lake, as well as the 67 units mentioned on page 2 that are currently down.

As of September 30, 2023, our Q3 Same Store properties were approximately 93.9% leased with a weighted average monthly effective rent per occupied apartment unit of $1,529, a year-over-year decrease of 10 bps and an increase of $46, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended September 30, 2023 and 2022 for our Q3 Same Store and Non-Same Store properties (dollars in thousands):

For the Three Months Ended September 30,
2023 2022 Change % Change
Revenues
Same Store
Rental income $ 60,275 $ 57,643 4.6 %
Other income 1,489 1,383 7.7 %
Same Store revenues 61,764 59,026 4.6 %
Non-Same Store
Rental income 7,595 8,857 ) -14.2 %
Other income 325 168 N/M
Non-Same Store revenues 7,920 9,025 ) -12.2 %
Total revenues 69,684 68,051 2.4 %
Operating expenses
Same Store
Property operating expenses (1) 12,771 12,892 ) -0.9 %
Real estate taxes and insurance 7,675 7,680 ) -0.1 %
Property management fees (2) 1,773 1,688 5.0 %
Property general and administrative expenses (3) 1,235 1,270 ) -2.8 %
Same Store operating expenses 23,454 23,530 ) -0.3 %
Non-Same Store
Property operating expenses (4) 2,575 2,444 5.4 %
Real estate taxes and insurance 1,157 1,739 ) -33.5 %
Property management fees (2) 258 272 ) -5.1 %
Property general and administrative expenses (5) 240 250 ) -4.0 %
Non-Same Store operating expenses 4,230 4,705 ) -10.1 %
Total operating expenses 27,684 28,235 ) -2.0 %
Operating income
Same Store
Miscellaneous income 138 88 N/M
Non-Same Store
Miscellaneous income 5 110 ) N/M
Total operating income 143 198 ) -27.8 %
NOI
Same Store 38,448 35,584 8.0 %
Non-Same Store 3,695 4,430 ) -16.6 %
Total NOI (6) $ 42,143 $ 40,014 5.3 %

All values are in US Dollars.

(1) For the three months ended September 30, 2023 and 2022, excludes approximately $113,000 and<br>$(1,169,000), respectively, of casualty-related expenses/(recoveries).
(2) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of<br>the OP.
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(3) For the three months ended September 30, 2023 and 2022, excludes approximately $877,000 and $704,000,<br>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.<br>
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NXRT.NEXPOINT.COM Page 13
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(4) For the three months ended September 30, 2023 and 2022, excludes approximately $137,000 and $1,797,000,<br>respectively, of casualty-related recoveries.
(5) For the three months ended September 30, 2023 and 2022, excludes approximately $263,000 and $163,000,<br>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.<br>
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(6) For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP<br>Measures” and “NOI and Same Store NOI” sections of this release.
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The following table contains additional information about our Q3 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended September 30, 2023 and 2022 (dollars in thousands, except for per unit data):

Q3 2023 Q3 2022 % Change
Same Store Total Units 12,917 12,943
Same Store Occupied Units 12,134 12,160
Same Store Ending Occupancy 93.9 % 94.0 % -0.1 %
Same Store Average Rent per Unit $ 1,529 $ 1,483 3.1 %
Same Store Revenues
Same Store Rental Income $ 60,275 $ 57,643 4.6 %
Same Store Other Income 1,489 1,383 7.7 %
Total Same Store Revenues 61,764 59,026 4.6 %
Same Store Operating Expenses
Payroll 4,959 4,932 0.5 %
Repairs & Maintenance 4,782 5,117 -6.5 %
Utilities 3,030 2,843 6.6 %
Real Estate Taxes 6,228 6,296 -1.1 %
Insurance 1,447 1,384 4.6 %
Property Management Fees 1,773 1,688 5.0 %
Office Operations 889 888 0.1 %
Marketing 346 382 -9.4 %
Total Same Store Operating Expenses 23,454 23,530 -0.3 %
Same Store Operating Income
Miscellaneous income 138 88 56.8 %
Total Same Store Operating Income 138 88 56.8 %
Q3 Same Store NOI $ 38,448 $ 35,584 8.0 %
NXRT.NEXPOINT.COM Page 14
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Q3 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)

Properties by<br><br><br>Market (1) Unit Count Average Effective Rent Occupancy Total Rental Income
Total Q3 2023 Q3 2023 Q3 2022 bpsΔ**** Q3 2023
Texas
Dallas 1,932 1,291 1,252 3.1 % 94.6% 94.0% 60 7,941 7,404 7.3 %
Average/Total 1,932 1,291 1,252 3.1 % 94.6% 94.0% 60 7,941 7,404 7.3 %
North Carolina
Charlotte 504 1,406 1,358 3.5 % 93.5% 93.8% -30 2,179 2,107 3.4 %
Raleigh/Durham 617 1,474 1,397 5.5 % 92.9% 96.0% -310 2,577 2,580 -0.1 %
Average/Total 1,121 1,443 1,379 4.6 % 93.1% 95.0% -190 4,756 4,687 1.5 %
Georgia
Atlanta 1,672 1,517 1,468 3.3 % 92.0% 93.4% -140 7,297 7,196 1.4 %
Average/Total 1,672 1,517 1,468 3.3 % 92.0% 93.4% -140 7,297 7,196 1.4 %
Tennessee
Nashville 1,322 1,312 1,294 1.4 % 94.6% 95.0% -40 5,548 5,412 2.5 %
Average/Total 1,322 1,312 1,294 1.4 % 94.6% 95.0% -40 5,548 5,412 2.5 %
Florida
Orlando 1,172 1,588 1,540 3.1 % 92.7% 93.8% -110 5,535 5,136 7.8 %
Tampa 576 1,433 1,384 3.5 % 92.5% 91.5% 100 2,407 2,295 4.9 %
South Florida 1,957 2,095 1,938 8.1 % 95.5% 95.2% 30 12,556 11,344 10.7 %
Average/Total 3,705 1,832 1,726 6.1 % 94.2% 94.2% 0 20,498 18,775 9.2 %
Arizona
Phoenix 2,009 1,487 1,472 1.0 % 95.0% 93.9% 110 9,665 9,301 3.9 %
Average/Total 2,009 1,487 1,472 1.0 % 95.0% 93.9% 110 9,665 9,301 3.9 %
Nevada
Las Vegas 1,156 1,368 1,445 -5.3 % 93.2% 91.8% 140 4,570 4,868 -6.1 %
Average/Total 1,156 1,368 1,445 -5.3 % 93.2% 91.8% 140 4,570 4,868 -6.1 %
Average/Total **** 12,917 **** 1,529 1,483 3.1 % **** 93.9% **** 94.0% -10 **** 60,275 57,643 4.6 %

All values are in US Dollars.

(1) This table only includes the 35 properties in our Q3 Same Store pool.
NXRT.NEXPOINT.COM Page 15
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)

Properties by<br><br><br>Market (1) UnitCount Average Effective Rent Occupancy Total Rental Income
Total Q3 2023 Q3 2023 Q2 2023 bpsΔ**** Q3 2023
Texas
Dallas 1,932 1,291 1,292 -0.1 % 94.6% 93.4% 120 7,941 7,919 0.3 %
Average/Total 1,932 1,291 1,292 -0.1 % 94.6% 93.4% 120 7,941 7,919 0.3 %
North Carolina
Charlotte 504 1,406 1,377 2.1 % 93.5% 95.0% -150 2,179 2,177 0.1 %
Raleigh/Durham 617 1,474 1,457 1.2 % 92.9% 93.3% -40 2,577 2,625 -1.8 %
Average/Total 1,121 1,443 1,421 1.5 % 93.1% 94.1% -100 4,756 4,802 -1.0 %
Georgia
Atlanta 1,672 1,517 1,524 -0.5 % 92.0% 91.1% 90 7,297 7,021 3.9 %
Average/Total 1,672 1,517 1,524 -0.5 % 92.0% 91.1% 90 7,297 7,021 3.9 %
Tennessee
Nashville 1,322 1,312 1,334 -1.6 % 94.6% 94.0% 60 5,548 5,547 0.0 %
Average/Total 1,322 1,312 1,334 -1.6 % 94.6% 94.0% 60 5,548 5,547 0.0 %
Florida
Orlando 1,172 1,588 1,615 -1.7 % 92.7% 93.8% -110 5,535 5,659 -2.2 %
Tampa 576 1,433 1,464 -2.1 % 92.5% 92.7% -20 2,407 2,528 -4.8 %
South Florida 1,957 2,095 2,058 1.8 % 95.5% 96.8% -130 12,556 12,364 1.6 %
Average/Total 3,705 1,832 1,826 0.3 % 94.2% 95.2% -100 20,498 20,551 -0.3 %
Arizona
Phoenix 2,009 1,487 1,495 -0.5 % 95.0% 95.6% -60 9,663 9,535 1.3 %
Average/Total 2,009 1,487 1,495 -0.5 % 95.0% 95.6% -60 9,663 9,535 1.3 %
Nevada
Las Vegas 1,156 1,368 1,400 -2.3 % 93.2% 93.2% 0 4,572 4,695 -2.6 %
Average/Total 1,156 1,368 1,400 -2.3 % 93.2% 93.2% 0 4,572 4,695 -2.6 %
Average/Total **** 12,917 **** 1,529 1,535 -0.4 % **** 93.9% **** 94.0% -10 **** 60,275 60,070 0.3 %

All values are in US Dollars.

(1) This table only includes the 35 properties in our Q3 Same Store pool.
NXRT.NEXPOINT.COM Page 16
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

YTD Same Store Results of Operations for the Nine Months Ended September 30, 2023 and 2022

There are 33 properties encompassing 12,355 units of apartment space, or approximately 85% of our Portfolio, in our same store pool for the nine months ended September 30, 2023 and 2022 (our “YTD Same Store” properties). Our YTD Same Store properties exclude the following 6 properties in our Portfolio as of September 30, 2023: Old Farm, Stone Creek at Old Farm, Timber Creek, Radbourne Lake, The Adair and Estates on Maryland, as well as the 67 units mentioned on page 2 that are currently down.

As of September 30, 2023, our YTD Same Store properties were approximately 93.9% leased with a weighted average monthly effective rent per occupied apartment unit of $1,524, a year-over-year decrease of 10 bps and an increase of $45, respectively.

The following table reflects the revenues, property operating expenses and NOI for the nine months ended September 30, 2023 and 2022 for our YTD Same Store and Non-Same Store properties (dollars in thousands):

For the Nine Months Ended September 30,
2023 2022 Change % Change
Revenues
Same Store
Rental income $ 171,589 $ 158,615 8.2 %
Other income 4,265 4,075 4.7 %
Same Store revenues 175,854 162,690 8.1 %
Non-Same Store
Rental income 31,628 31,334 0.9 %
Other income 998 579 N/M
Non-Same Store revenues 32,626 31,913 2.2 %
Total revenues 208,480 194,603 7.1 %
Operating expenses
Same Store
Property operating expenses (1) 36,828 34,303 7.4 %
Real estate taxes and insurance 23,271 22,062 5.5 %
Property management fees (2) 5,090 4,684 8.7 %
Property general and administrative expenses (3) 3,528 3,339 5.7 %
Same Store operating expenses 68,717 64,388 6.7 %
Non-Same Store
Property operating expenses (4) 8,584 7,694 11.6 %
Real estate taxes and insurance 4,915 5,608 ) -12.4 %
Property management fees (2) 999 945 5.7 %
Property general and administrative expenses (5) 903 837 7.9 %
Non-Same Store operating expenses 15,401 15,084 2.1 %
Total operating expenses 84,118 79,472 5.8 %
Operating income
Same Store
Miscellaneous income 751 199 N/M
Non-Same Store
Miscellaneous income 129 327 ) N/M
Total operating income 880 526 67.3 %
NOI
Same Store 107,888 98,501 9.5 %
Non-Same Store 17,354 17,156 1.2 %
Total NOI (6) $ 125,242 $ 115,657 8.3 %

All values are in US Dollars.

(1) For the nine months ended September 30, 2023 and 2022, excludes approximately $1,382,000 and $666,000,<br>respectively, of casualty-related recoveries.
(2) Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of<br>the OP.
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NXRT.NEXPOINT.COM Page 17
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

(3) For the nine months ended September 30, 2023 and 2022, excludes approximately $2,107,000 and $1,879,000,<br>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.<br>
(4) For the nine months ended September 30, 2023 and 2022, excludes approximately $50,000 and $(2,531,000),<br>respectively, of casualty-related expenses/(recoveries).
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(5) For the nine months ended September 30, 2023 and 2022, excludes approximately $589,000 and $531,000,<br>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.<br>
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(6) For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP<br>Measures” and “NOI and Same Store NOI” sections of this release.
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The following table contains additional information about our YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the nine months ended September 30, 2023 and 2022 (dollars in thousands, except for per unit data):

YTD 2023 YTD 2022 % Change
Same Store Total Units 12,355 12,381
Same Store Occupied Units 11,599 11,632
Same Store Ending Occupancy 93.9 % 94.0 % -0.1 %
Same Store Average Rent per Unit $ 1,524 $ 1,479 3.0 %
Same Store Revenues
Same Store Rental Income $ 171,589 $ 158,615 8.2 %
Same Store Other Income 4,265 4,075 4.7 %
Total Same Store Revenues 175,854 162,690 8.1 %
Same Store Operating Expenses
Payroll 14,425 13,386 7.8 %
Repairs & Maintenance 14,591 13,533 7.8 %
Utilities 7,812 7,384 5.8 %
Real Estate Taxes 19,161 18,186 5.4 %
Insurance 4,110 3,876 6.0 %
Property Management Fees 5,090 4,684 8.7 %
Office Operations 2,519 2,310 9.0 %
Marketing 1,009 1,029 -1.9 %
Total Same Store Operating Expenses 68,717 64,388 6.7 %
Same Store Operating Income
Miscellaneous income 751 199 277.4 %
Total Same Store Operating Income 751 199 277.4 %
YTD Same Store NOI $ 107,888 $ 98,501 9.5 %
NXRT.NEXPOINT.COM Page 18
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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 three and nine months ended September 30, 2023 and 2022 (in thousands, except per share amounts):

For the Three Months Ended<br>September 30, For the Nine Months Ended<br>September 30,
2023 2022 2023 2022 % Change (1)
Net income (loss) $ 33,878 $ (599 ) $ 26,012 $ (13,093 ) N/M
Depreciation and amortization 23,797 25,224 70,935 74,490 -4.8 %
Gain on sales of real estate (43,090 ) — (43,090 ) — 0.0 %
Adjustment for noncontrolling interests (55 ) (99 ) (205 ) (228 ) -10.1 %
FFO attributable to common stockholders 14,530 24,526 53,652 61,169 -12.3 %
FFO per share - basic $ 0.57 $ 0.96 $ 2.09 $ 2.39 -12.6 %
FFO per share - diluted $ 0.55 $ 0.94 $ 2.05 $ 2.34 -12.4 %
Loss on extinguishment of debt and modification costs 2,215 — 2,093 — 0.0 %
Casualty-related expenses/(recoveries) (24 ) (2,966 ) (1,332 ) 672 N/M
Casualty losses (gains) 100 — 980 (357 ) N/M
Gain on forfeited deposits — — (250 ) — 0.0 %
Amortization of deferred financing costs - acquisition term notes 330 281 991 786 26.1 %
Adjustment for noncontrolling interests (9 ) 11 (11 ) (3 ) N/M
Core FFO attributable to common stockholders 17,142 21,852 56,123 62,267 -9.9 %
Core FFO per share - basic $ 0.67 $ 0.85 $ 2.19 $ 2.43 -9.9 %
Core FFO per share - diluted $ 0.65 $ 0.84 $ 2.14 $ 2.38 -10.1 %
Amortization of deferred financing costs - long term debt 408 453 1,222 1,247 -2.0 %
Equity-based compensation expense 2,494 2,025 6,955 5,906 17.8 %
Adjustment for noncontrolling interests (11 ) (10 ) (31 ) (27 ) 14.8 %
AFFO attributable to common stockholders 20,033 24,320 64,269 69,393 -7.4 %
AFFO per share - basic $ 0.78 $ 0.95 $ 2.51 $ 2.71 -7.4 %
AFFO per share - diluted $ 0.76 $ 0.93 $ 2.45 $ 2.65 -7.5 %
Weighted average common shares outstanding - basic 25,674 25,598 25,647 25,630 0.1 %
Weighted average common shares outstanding - diluted (2) 26,302 26,127 26,228 26,177 0.2 %
Dividends declared per common share $ 0.42 $ 0.38 $ 1.26 $ 1.14 10.5 %
Net income (loss) Coverage - diluted (3) 3.05x -0.05x 0.79x -0.45x 275.6 %
FFO Coverage - diluted (3) 1.32x 2.47x 1.63x 2.05x -20.7 %
Core FFO Coverage - diluted (3) 1.55x 2.20x 1.70x 2.09x -18.6 %
AFFO Coverage - diluted (3) 1.81x 2.45x 1.94x 2.32x -16.4 %
(1) Represents the percentage change for the nine months ended September 30, 2023 compared to the nine<br>months ended September 30, 2022.
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(2) The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for<br>FFO, Core FFO and AFFO.
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(3) Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends<br>declared per common share during the period.
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NXRT.NEXPOINT.COM Page 19
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Capital Expenditures

Q3 2022 % Change YTD 2023 YTD 2022 % Change
( in thousands)
Capital Expenditures
Acquisition Capital Expenditures — $ — N/A $ — $ 143,400 -100.0 %
Capitalized Rehab Expenditures
Interior 7,246 6,946 4.3 % 21,898 17,584 24.5 %
Exterior and common area 1,785 3,519 -49.3 % 10,370 6,874 50.9 %
Capitalized Maintenance Expenditures
Recurring 3,282 3,943 -16.8 % 9,502 8,979 5.8 %
Non-Recurring 928 2,012 -53.9 % 6,641 5,378 23.5 %
Total Capital Expenditures 13,241 $ 16,420 -19.4 % $ 48,410 $ 182,214 -73.4 %

All values are in US Dollars.

LOGO

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NXRT.NEXPOINT.COM Page 20

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

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

Property Name (1) Units Rehab Units<br>Completed (2) Average Rent<br>Pre-Rehab Average Rent<br>Post-Rehab Avg. Rehab<br>Cost<br>Per Unit (3) Post-Rehab<br>Rent<br>Change % ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood 346 155 $ 1,224 $ 1,438 $ 10,375 17.5 % 24.7 %
Arbors on Forest Ridge 210 180 814 916 4,388 12.6 % 27.9 %
Atera Apartments 380 233 1,207 1,356 3,420 12.4 % 52.5 %
Avant at Pembroke Pines 1,520 594 1,828 2,081 17,084 13.8 % 17.7 %
Bella Solara 320 128 1,284 1,446 11,216 12.7 % 17.4 %
Bella Vista 248 200 1,462 1,606 10,529 9.8 % 16.3 %
Bloom 528 160 1,241 1,405 14,199 13.2 % 13.8 %
Brandywine I & II 632 548 1,033 1,218 10,728 17.8 % 20.6 %
Courtney Cove 324 300 1,000 1,113 4,974 11.3 % 27.1 %
Creekside at Matthews 240 81 1,312 1,512 12,396 15.3 % 19.4 %
Cutter’s Point 196 158 1,004 1,133 6,732 12.9 % 23.0 %
Estates on Maryland 330 109 1,285 1,474 13,332 14.7 % 17.0 %
Fairways of San Marcos 352 143 1,509 1,700 13,665 12.6 % 16.8 %
High House at Cary 302 103 1,348 1,614 13,205 19.7 % 24.1 %
Madera Point 256 260 871 982 4,533 12.8 % 29.5 %
Parc500 217 218 1,304 1,493 14,723 14.5 % 15.4 %
Radbourne Lake 225 381 1,079 1,150 2,841 6.6 % 29.9 %
Residences at Glenview Reserve 360 242 1,122 1,339 13,335 19.3 % 19.5 %
Residences at West Place 342 156 1,504 1,710 11,892 13.7 % 20.8 %
Rockledge Apartments 708 468 1,236 1,443 11,067 16.7 % 22.4 %
Sabal Palm at Lake Buena Vista 400 87 1,635 1,867 12,391 14.2 % 22.5 %
Seasons 704 Apartments 222 231 1,227 1,369 7,783 11.5 % 21.8 %
Six Forks Station 323 133 1,143 1,433 12,842 25.4 % 27.1 %
Summers Landing 196 55 1,094 1,319 11,208 20.6 % 24.1 %
Summit at Sabal Park 252 238 1,003 1,105 5,833 10.1 % 20.9 %
The Adair 232 113 1,749 2,035 11,740 16.4 % 29.3 %
The Cornerstone 430 512 1,059 1,153 4,895 8.9 % 23.0 %
The Enclave 204 172 1,468 1,654 10,392 12.7 % 21.5 %
The Heritage 204 177 1,406 1,540 9,609 9.6 % 16.8 %
The Preserve at Terrell Mill 752 779 898 1,078 11,366 20.1 % 19.0 %
The Verandas at Lake Norman 264 86 1,361 1,578 10,907 16.0 % 23.9 %
The Venue on Camelback 415 271 775 1,027 10,248 32.5 % 29.5 %
Timber Creek 352 250 900 1,044 7,461 16.0 % 23.2 %
Torreyana Apartments 316 55 1,478 1,611 13,458 9.0 % 11.9 %
Venue at 8651 333 298 822 933 6,982 13.5 % 19.1 %
Versailles 388 315 816 919 6,134 12.6 % 20.1 %
Versailles II 242 82 903 1,038 5,632 15.0 % 28.9 %
Total/Weighted Average **** 13,561 **** 8,671 $ 1,153 $ 1,320 $ 9,565 **** 14.5 % **** 21.0 %
(1) We do not plan to upgrade 100% of the units at each of our properties.
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(2) Inclusive of all full and partial interior upgrades completed through September 30, 2023.<br>
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(3) Inclusive of all full and partial interior upgrades completed and leased through September 30, 2023.<br>
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NXRT.NEXPOINT.COM Page 21
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Kitchen & Laundry Appliances

Property Name (1) Units Rehab Units<br>Completed (2) Avg. Rehab<br>Cost<br>Per Unit (3) Post-RehabRent Change ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood 346 313 $ 858 69.7 %
Arbors on Forest Ridge 210 130 770 64.7 %
Atera Apartments 380 366 810 59.7 %
Avant at Pembroke Pines 1,520 324 1,403 41.5 %
Brandywine I & II 632 189 1,033 81.9 %
Creekside at Matthews 240 159 1,085 49.8 %
Cutter’s Point 196 137 740 74.2 %
Estates on Maryland 330 16 1,083 38.8 %
Madera Point 256 157 885 40.2 %
Radbourne Lake 225 224 717 66.9 %
Rockledge Apartments 708 619 818 58.7 %
Sabal Palm at Lake Buena Vista 400 634 599 171.8 %
Six Forks Station 323 196 1,087 60.7 %
Summers Landing 196 96 828 72.4 %
Summit at Sabal Park 252 249 994 48.3 %
The Adair 232 11 1,083 92.8 %
The Cornerstone 430 17 809 74.2 %
The Verandas at Lake Norman 264 138 1,083 60.9 %
Timber Creek 352 136 750 72.0 %
Venue at 8651 333 257 761 73.3 %
Versailles 388 306 868 68.4 %
Versailles II 242 138 885 38.4 %
Total/Weighted Average **** 8,455 **** 4,812 $ 897 **** 65.3 %

All values are in US Dollars.

(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 September 30, 2023.<br>
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(3) Inclusive of all kitchen and laundry appliance upgrades completed and leased through September 30, 2023.<br>
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NXRT.NEXPOINT.COM Page 22
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Value-Add Program Details: Smart Home Technology Packages

Property Name (1) Units Rehab Units<br>Completed (2) Avg. Rehab<br>Cost<br>Per Unit (3) Post-RehabRent Change ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood 346 346 $ 1,419 30.9 %
Arbors on Forest Ridge 210 210 1,416 30.9 %
Atera Apartments 380 380 1,339 37.0 %
Avant at Pembroke Pines 1,520 1,520 1,350 32.4 %
Bella Solara 320 320 820 39.5 %
Bella Vista 248 248 970 39.3 %
Bloom 528 528 901 42.3 %
Brandywine I & II 632 632 1,234 35.5 %
Courtney Cove 324 324 1,238 26.2 %
Creekside at Matthews 240 240 913 72.9 %
Cutter’s Point 196 196 1,400 31.3 %
Estates on Maryland 330 330 913 48.0 %
Fairways of San Marcos 352 352 901 42.3 %
High House at Cary 302 302 899 74.1 %
Madera Point 256 256 1,283 34.1 %
Old Farm 734 734 928 47.2 %
Radbourne Lake 225 225 630 51.4 %
Residences at Glenview Reserve 360 360 1,017 43.1 %
Rockledge Apartments 708 708 942 34.4 %
Sabal Palm at Lake Buena Vista 400 400 1,237 35.4 %
Six Forks Station 323 323 844 38.4 %
Stone Creek at Old Farm 190 190 909 48.2 %
Summers Landing 196 196 1,449 30.2 %
The Adair 232 232 913 48.0 %
The Cornerstone 430 430 1,236 35.4 %
The Enclave 204 204 966 39.4 %
The Heritage 204 204 997 38.2 %
The Verandas at Lake Norman 264 264 954 69.8 %
Timber Creek 352 352 1,299 33.7 %
Torreyana Apartments 316 316 900 36.0 %
Venue at 8651 333 333 1,229 35.6 %
Versailles 388 388 1,080 40.6 %
Versailles II 242 242 1,241 35.3 %
Total/Weighted Average **** 12,285 **** 12,285 $ 1,109 **** 37.8 %
Planned Value-Add Programs **** <br> <br>****
Residences at West Place 342 — TBD TBD
Seasons 704 Apartments 222 — TBD TBD
Summit at Sabal Park 252 — TBD TBD
The Preserve at Terrell Mill 752 — TBD TBD
The Venue on Camelback 415 — TBD TBD
Total/Weighted Average Planned **** 1,983 **** — **** TBD **** TBD ****

All values are in US Dollars.

(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 September 30, 2023.<br>
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(3) Inclusive of all smart home technology package upgrades completed and leased through September 30, 2023.<br>
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NXRT.NEXPOINT.COM Page 23
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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 September 30, 2023 (dollars in thousands):

Operating Properties Term (months) Outstanding<br>Principal (1) Interest Rate (2) Maturity Date
Arbors on Forest Ridge Floating 120 $ 19,184 6.87% 12/1/2032
Cutter’s Point Floating 120 21,524 6.87% 12/1/2032
The Summit at Sabal Park Floating 120 30,826 6.87% 12/1/2032
Courtney Cove Floating 120 36,146 6.87% 12/1/2032
The Preserve at Terrell Mill Floating 120 71,098 6.87% 12/1/2032
Versailles Floating 120 40,247 6.87% 12/1/2032
Seasons 704 Apartments Floating 120 33,132 6.87% 12/1/2032
Madera Point Floating 120 34,457 6.87% 12/1/2032
Venue at 8651 Floating 120 18,690 6.87% 12/1/2032
The Venue on Camelback Floating 120 42,788 7.50% 2/1/2033
Sabal Palm at Lake Buena Vista Floating 84 42,100 6.73% 9/1/2025
Cornerstone Floating 120 46,804 7.41% 12/1/2032
Parc500 Floating 120 29,416 6.87% 12/1/2032
Rockledge Apartments Floating 120 93,129 6.87% 12/1/2032
Atera Apartments Floating 120 46,198 6.87% 12/1/2032
Versailles II Floating 84 12,061 6.61% 10/1/2025
Brandywine I & II Floating 84 43,835 6.61% 10/1/2025
Bella Vista Floating 84 29,040 6.75% 2/1/2026
The Enclave Floating 84 25,322 6.75% 2/1/2026
The Heritage Floating 84 24,625 6.75% 2/1/2026
Summers Landing Floating 84 10,109 6.61% 10/1/2025
Residences at Glenview Reserve Floating 84 25,645 6.87% 10/1/2025
Residences at West Place Fixed 120 33,817 4.24% 10/1/2028
Avant at Pembroke Pines Floating 84 177,100 6.86% 9/1/2026
Arbors of Brentwood Floating 84 34,237 6.86% 10/1/2026
Torreyana Apartments Floating 120 50,580 6.87% 12/1/2032
Bloom Floating 120 59,830 6.87% 12/1/2032
Bella Solara Floating 120 40,328 6.87% 12/1/2032
Fairways at San Marcos Floating 120 60,228 6.87% 12/1/2032
The Verandas at Lake Norman Floating 84 34,925 7.17% 7/1/2028
Creekside at Matthews Floating 120 29,648 6.87% 12/1/2032
Six Forks Station Floating 120 41,180 7.03% 10/1/2031
High House at Cary Floating 84 46,625 7.33% 1/1/2029
The Adair Floating 84 35,115 7.29% 4/1/2029
Estates on Maryland Floating 84 43,157 7.29% 4/1/2029
1,463,146
Fair market value adjustment 530
Deferred financing costs, net of accumulated amortization of 3,351 (10,205 )
$ 1,453,471
Held For Sale Properties
Old Farm Floating 84 52,886 7.11% 7/1/2024
Stone Creek at Old Farm Floating 84 15,274 7.11% 7/1/2024
Timber Creek Floating 84 24,100 6.69% 10/1/2025
Radbourne Lake Floating 84 20,000 6.72% 10/1/2025
112,260
Deferred financing costs, net of accumulated amortization of 1,005 (234 )
$ 112,026

All values are in US Dollars.

(1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties.<br>
(2) Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt.<br>The reference rate used in our Portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). Loans that transitioned from LIBOR to SOFR include a 0.11448% adjustment to the all-in rate. As of September 30, 2023, 30-Day<br>Average SOFR was 5.32%.
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NXRT.NEXPOINT.COM Page 24
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Credit Facility

The following table contains summary information concerning the Company’s credit facility as of September 30, 2023 (dollars in thousands):

Term (months) Outstanding<br>Principal Interest Rate (1) Maturity Date
Corporate Credit Facility Floating 36 $ 41,000 7.57% 6/30/2025
Deferred financing costs, net of accumulated amortization of 1,975 (1,032)
$ 39,968

All values are in US Dollars.

(1) Interest rate is based on Term SOFR plus an applicable margin. Term SOFR as of September 30, 2023 was<br>5.32%.

Interest Rate Swap Agreements

As of September 30, 2023, 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)
June 1, 2019 June 1, 2024 KeyBank $ 50,000 2.0020 %
June 1, 2019 June 1, 2024 Truist 50,000 2.0020 %
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 %
$ 1,167,500 1.0682 %(2)
(1) The floating rate option for the interest rate swaps is one-month fallback LIBOR. As of September 30,<br>2023, one-month fallback LIBOR was 5.43%.
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(2) Represents the weighted average fixed rate of the interest rate swaps.
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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 one-month fallback LIBOR. As of September 30,<br>2023, one-month fallback LIBOR was 5.43%.
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NXRT.NEXPOINT.COM Page 25
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Interest Rate Cap Agreements

As of September 30, 2023, the Company had the following interest rate caps outstanding that are not designated as cash flow hedges of interest rate risk (dollars in thousands):

Properties Type Maturity Date Notional Strike Rate
Residences at Glenview Reserve Floating 10/1/2024 25,977 4.81% (1)
Timber Creek Floating 10/1/2024 24,100 4.99% (1)
Brandywine I & II Floating 10/1/2024 43,835 6.82%
Radbourne Lake Floating 10/1/2024 20,000 6.46%
Summers Landing Floating 10/1/2024 10,109 6.07%
Versailles II Floating 10/1/2024 12,061 6.82%
Fairways at San Marcos Floating 12/1/2023 46,464 3.37% (1)
The Verandas at Lake Norman Floating 7/1/2024 34,925 3.40% (1)
Creekside at Matthews Floating 7/1/2024 31,900 4.40% (1)
Six Forks Station Floating 10/1/2024 41,180 4.00% (1)
High House at Cary Floating 1/1/2025 46,625 2.74% (1)
Estates on Maryland Floating 4/1/2025 43,157 3.91% (1)
The Adair Floating 4/1/2025 35,115 3.91% (1)
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%
Atera Apartments Floating 12/1/2025 46,198 6.45%
Silverbrook Floating 12/1/2025 46,088 6.45%
Torreyana Apartments Floating 12/1/2025 50,580 6.70%
Cornerstone Floating 12/1/2025 46,804 6.66%
Versailles Floating 12/1/2025 40,247 6.45%
Bella Solara Floating 12/1/2025 40,328 6.70%
Courtney Cove Floating 12/1/2025 36,146 6.70%
Madera Point Floating 12/1/2025 34,457 6.70%
Creekside at Matthews Floating 12/1/2025 29,648 6.45%
Parc500 Floating 12/1/2025 29,416 6.45%
Seasons 704 Apartments Floating 12/1/2025 33,132 6.70%
The Summit at Sabal Park Floating 12/1/2025 30,826 6.70%
Cutter’s Point Floating 12/1/2025 21,524 6.45%
Venue at 8651 Floating 12/1/2025 18,690 6.45%
The Heritage Floating 12/1/2025 24,625 5.18% (1)
The Enclave Floating 2/1/2024 25,322 5.18% (1)
Bella Vista Floating 2/1/2024 29,040 5.18% (1)
Sabal Palm at Lake Buena Vista Floating 9/1/2024 42,100 6.20%
Arbors on Forest Ridge Floating 12/1/2025 19,184 6.70%
Venue on Camelback Floating 2/1/2026 42,788 6.07%
$ 1,386,876 5.82%
(1) As of September 30, 2023, these properties have rate caps that are below the 30-Day Average SOFR rate of<br>5.32%.
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NXRT.NEXPOINT.COM Page 26
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of September 30, 2023 for the next five calendar years subsequent to September 30, 2023 and thereafter. We used the applicable reference rates as of September 30, 2023 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 Remainderof 2023 2024 2025 2026 2027 Thereafter
Operating Properties Mortgage Debt
Principal payments $ 1,463,146 $ 71 $ 301 $ 133,378 $ 290,324 $ — $ 1,039,072
Interest expense (1 ) 572,421 27,866 57,453 65,177 61,743 73,225 286,957
Total $ 2,035,567 $ 27,937 $ 57,754 $ 198,555 $ 352,067 $ 73,225 $ 1,326,029
Held For Sale Property Mortgage Debt
Principal payments $ 112,260 $ — $ 68,160 $ 44,100 $ — $ — $ —
Interest expense 4,780 2,403 2,377 — — — —
Total $ 117,040 $ 2,403 $ 70,537 $ 44,100 $ — $ — $ —
Credit Facility
Principal payments $ 41,000 $ — $ — $ 41,000 $ — $ — $ —
Interest expense 5,500 793 3,155 1,552 — — —
Total $ 46,500 $ 793 $ 3,155 $ 42,552 $ — $ — $ —
Total contractual obligations and commitments $ 2,199,107 $ 31,133 $ 131,446 $ 285,207 $ 352,067 $ 73,225 $ 1,326,029
(1) Interest expense obligations includes the impact of expected settlements on interest rate swaps which have<br>been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of September 30, 2023, we had entered into 10 interest rate swap transactions with a combined notional amount of $1.2 billion.<br>We have allocated the total impact of expected settlements on the $1.2 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used the applicable reference rates as of September 30, 2023 to<br>determine our expected settlements through the terms of the interest rate swaps.
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(2) As of September 30, 2023, we had total indebtedness of $1.6 billion at an adjusted weighted average<br>interest rate of 3.74% of which $1.6 billion was debt with a floating interest rate. As of September 30, 2023, interest rate swap agreements effectively covered 76% of our $1.5 billion of floating rate mortgage debt outstanding and rate caps<br>agreements effectively covered 22% of our $1.6 billion of floating rate mortgage debt. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.0682% for<br>one-month fallback LIBOR on the $1.2 billion notional amount of interest rate swap agreements that we have entered into as of September 30, 2023.
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NXRT.NEXPOINT.COM Page 27
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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
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 1,357 17,202 87,765
The Summit at Sabal Park Tampa, FL 252 8/20/2014 19,050 1,656 20,706 82,167
Courtney Cove Tampa, FL 324 8/20/2014 18,950 1,691 20,641 63,707
Radbourne Lake Charlotte, NC 225 9/30/2014 24,250 1,438 25,688 114,169
Timber Creek Charlotte, NC 352 9/30/2014 22,750 4,334 27,084 76,943
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 2,662 34,212 79,563
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 3,917 30,082 77,531
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 4,592 23,842 71,598
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
Old Farm Houston, TX 734 12/29/2016 84,721 1,135 85,856 116,970
Stone Creek at Old Farm Houston, TX 190 12/29/2016 23,332 456 23,788 125,200
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 2,797 27,477 113,541
Brandywine I & II Nashville, TN 632 9/26/2018 79,800 7,762 87,562 138,547
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 4,482 88,962 252,733
The Verandas at Lake Norman Cornelius, NC 264 6/30/2021 63,500 4,628 68,128 258,061
Creekside at Matthews Matthews, 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
High House at Cary 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 **** 14,485 **** 2,188,030 170,197 2,358,227 $162,805

All values are in US Dollars.

(1) Only includes properties owned as of September 30, 2023.
(2) Includes interior and exterior rehab.
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NXRT.NEXPOINT.COM Page 28
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Historical Disposition Details

(in thousands, except unit and per unit amounts)

Property Name Location Units Purchase<br>Price Sale<br>Price Per Unit Sale Date Net Cash<br>Proceeds (1) Gain on<br>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 43,090
Total/Weighted Average **** 9,285 $ 619,994 $ 1,021,925 $ 110,062 $ 1,008,836 $ 418,857
(1) Represents sales price, net of closing costs.
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(2) The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.<br>
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NXRT.NEXPOINT.COM Page 29
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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, 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) the impact of depreciation and amortization expenses, (4) corporate general and administrative expenses, (5) other gains and losses that are specific to us including gain (loss) on extinguishment of debt and modification costs, (6) casualty-related expenses/(recoveries) and casualty gains (losses), (7) gain on forfeited deposits, (8) equity in earnings from affiliate, (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) gain on sales of real estate. 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, if applicable, 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 amount 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 either not likely to occur on a regular basis or are otherwise not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as gain on extinguishment of debt and modification costs, casualty-related expenses/and recoveries and gains (losses), gain on forfeited deposits, the amortization of deferred financing costs incurred in connection with obtaining short-term debt financing and the noncontrolling interests (as described above) related to these items.

AFFO makes certain adjustments to Core FFO. 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 amortization of deferred financing costs incurred in connection with obtaining long-term debt financing and the noncontrolling interests related to these items.

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.

NXRT.NEXPOINT.COM Page 30

NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

Reconciliations

Reconciliation of Debt to Net Debt

(dollar amounts in thousands) Q3 2023 Q3 2022
Total mortgage debt $ 1,575,406 $ 1,358,343
Credit facilities 41,000 335,000
Total debt outstanding 1,616,406 1,693,343
Adjustments to arrive at net debt:
Cash and cash equivalents (7,531 ) (15,771 )
Restricted cash held for value-add upgrades and green improvements (2,737 ) (15,347 )
Net Debt $ 1,606,138 $ 1,662,225
Enterprise Value (1) $ 2,432,138 $ 2,843,225
Leverage Ratio 66 % 58 %
(1) Enterprise Value is calculated as Market Capitalization plus Net Debt.
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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 NOI to net income (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):

For the<br>Year Ended<br>December 31, 2023
Mid-Point (1)
Net income $ 98,872
Adjustments to reconcile net income to NOI:
Advisory and administrative fees 7,707
Corporate general and administrative expenses 17,123
Property general and administrative expenses (2 ) 2,043
Depreciation and amortization 96,547
Interest expense 65,485
Casualty-related recoveries 980
Loss on extinguishment of debt and modification costs 3,889
Gain on forfeited deposits (250 )
Equity in earnings of affiliate (238 )
Gain on sales of real estate (124,034 )
NOI $ 168,124
Less Non-Same Store
Revenues (3 ) (41,925 )
Operating expenses (3 ) 19,449
Same Store NOI (3 ) $ 145,648
(1) Mid-Point estimates shown for full year 2023 guidance. Assumptions made for full year 2023 NOI guidance<br>include the Same Store operating growth projections included in the “2023 Full Year Guidance Summary” section of this release and the effect of the dispositions throughout the fiscal year.
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(2) Adjustment to net income to exclude certain property general and administrative expenses that are not<br>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.
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(3) Amounts are derived from the results of operations of our Full Year 2023 Same Store properties and Non-Same<br>Store properties. There are 33 properties in our Full Year 2023 Same Store pool.
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NXRT.NEXPOINT.COM Page 31
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

The following table reconciles our FFO, Core FFO and AFFO guidance to our net income (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2023 (in thousands, except per share data):

For the Year Ended<br>December 31, 2023
Mid-Point
Net income $ 98,872
Depreciation and amortization 96,547
Gain on sales of real estate (124,034 )
Adjustment for noncontrolling interests (256 )
FFO attributable to common stockholders 71,129
FFO per share - diluted (1) $ 2.71
Loss on extinguishment of debt and modification costs 3,889
Casualty-related recoveries (352 )
Amortization of deferred financing costs - acquisition term notes 1,138
Gain on forfeited deposits (250 )
Adjustment for noncontrolling interests (15 )
Core FFO attributable to common stockholders 75,539
Core FFO per share - diluted (1) $ 2.88
Amortization of deferred financing costs - long term debt 1,669
Equity-based compensation expense 9,446
Adjustment for noncontrolling interests (40 )
AFFO attributable to common stockholders 86,614
AFFO per share - diluted (1) $ 3.30
Weighted average common shares outstanding - diluted 26,247
(1) For purposes of calculating per share data, we assume a weighted average diluted share count of approximately<br>26.2 million for the full year 2023.
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NXRT.NEXPOINT.COM Page 32
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NEXPOINT RESIDENTIAL TRUST, INC. [NYSE:NXRT]

NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the three months ended June 30, 2023 and the year ended December 31, 2022 to net loss, the most directly comparable GAAP financial measure (in thousands):

For the Three MonthsEnded June 30, 2023 For the Year EndedDecember 31, 2022
Net loss $ (3,968 ) $ (9,291 )
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees 1,927 7,547
Corporate general and administrative expenses 4,624 14,670
Casualty-related expenses/(recoveries) (1 ) 398 1,119
Casualty loss (gain) 66 (2,506 )
Gain on forfeited deposits (250 ) —
Property general and administrative expenses (2 ) 776 3,600
Depreciation and amortization 23,872 97,648
Interest expense 14,524 50,587
Loss (gain) on extinguishment of debt and modification costs — 8,734
Gain on sales of real estate — (14,684 )
NOI $ 41,969 $ 157,424
(1) Adjustment to net loss to exclude certain property operating expenses that are casualty-related<br>expenses/(recoveries).
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(2) Adjustment to net loss to exclude certain property general and administrative expenses that are not<br>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.
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NXRT.NEXPOINT.COM Page 33
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