NXRT · NexPoint Residential Trust, Inc.

NexPoint Residential Trust's Q1 2026 results show stable top-line revenue at $63.5 million, up slightly from $63.2 million year-over-year, driven by portfolio expansion to 36 properties from 35, though Same Store NOI declined 2.7% to $36.7 million due to 2.2% lower total revenue, 0.9% reduced average effective rent to $1,482, and 80 bps occupancy drop to 93.6%. The net loss remained steady at $6.8 million, with operating income up $1.1 million offset by $1.0 million higher interest expense. Non-GAAP metrics were mixed: FFO flat at $17.4 million ($0.69/share), Core FFO down to $17.3 million ($0.68/share), and AFFO decreased to $19.6 million ($0.77/share) from prior year levels, reflecting expense growth partially tamed as noted in the release. Value-add initiatives progressed with 300 full/partial upgrades completed, 225 leased at $69 monthly premium yielding 19.0% ROI, building on inception totals of 10,118 upgrades at 20.7% ROI. Balance sheet action included a $33.0 million Credit Facility paydown on February 3 using proceeds from a new Sedona at Lone Mountain mortgage, supporting deleveraging. Portfolio metrics across 13,304 units showed weighted average effective rent of $1,485 at 93.5% occupancy. Dividend consistency persists at $0.53/share, with Q2 approved payable June 30 to record June 16 holders. Management highlights expense control and value-add returns amid softening Same Store performance, with market leasing trade-outs averaging -6.6% on new leases but +2.3% on renewals.