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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number 001-36663

 

NexPoint Residential Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Maryland

 

47-1881359

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

2515 McKinney Avenue, Suite 1100, Dallas, Texas

(Address of Principal Executive Offices)

 

75201

(Zip Code)

 

(833) 463-6697

(Telephone Number, Including Area Code)

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

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

NXRT

 

New York Stock Exchange

 

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

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

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

 

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

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

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

As of July 30, 2021, the registrant had 25,149,927 shares of its common stock, par value $0.01 per share, outstanding.

 

 

 


 

NEXPOINT RESIDENTIAL TRUST, INC.

Form 10-Q

Quarter Ended June 30, 2021

INDEX

 

 

 

Page

Cautionary Statement Regarding Forward-Looking Statements

 

ii

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020

 

1

 

 

Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020

 

2

 

 

Consolidated Unaudited Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

 

3

 

 

Consolidated Unaudited Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

 

5

 

 

Notes to Consolidated Unaudited Financial Statements

 

7

Item 2.

 

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

 

30

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

51

Item 4.

 

Controls and Procedures

 

52

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

 

Legal Proceedings

 

53

Item 1A.

 

Risk Factors

 

53

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

53

Item 3.

 

Defaults Upon Senior Securities

 

53

Item 4.

 

Mine Safety Disclosures

 

53

Item 5.

 

Other Information

 

53

Item 6.

 

Exhibits

 

54

Signatures

 

 

 

55

 

i


 

Cautionary Statement Regarding Forward-Looking Statements

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

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

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

 

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

 

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

 

risks associated with ownership of real estate;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

failure of acquisitions to yield anticipated results;

 

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

 

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

 

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

 

lack of or insufficient amounts of insurance;

 

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

 

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

 

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

 

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

 

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

ii


 

 

risks associated with operating through joint ventures and funds;

 

our dependence on information systems;

 

risks associated with breaches of our data security;

 

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

 

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

 

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

 

risks associated with derivatives or hedging activity;

 

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

 

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

 

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

 

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

 

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

 

risks associated with any potential internalization of our management functions;

 

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

 

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

 

failure to maintain our status as a REIT;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

any other risks included under Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 22, 2021.

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

 

iii


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Operating Real Estate Investments

 

 

 

 

 

 

 

 

Land

 

$

340,691

 

 

$

323,429

 

Buildings and improvements

 

 

1,605,723

 

 

 

1,544,115

 

Intangible lease assets

 

 

1,972

 

 

 

1,675

 

Construction in progress

 

 

9,487

 

 

 

10,796

 

Furniture, fixtures, and equipment

 

 

102,469

 

 

 

96,228

 

Total Gross Operating Real Estate Investments

 

 

2,060,342

 

 

 

1,976,243

 

Accumulated depreciation and amortization

 

 

(242,952

)

 

 

(215,494

)

Total Net Operating Real Estate Investments

 

 

1,817,390

 

 

 

1,760,749

 

Real estate held for sale, net of accumulated depreciation of $11,028 and $0, respectively

 

 

43,850

 

 

 

 

Total Net Real Estate Investments

 

 

1,861,240

 

 

 

1,760,749

 

Cash and cash equivalents

 

 

26,489

 

 

 

24,457

 

Restricted cash

 

 

33,738

 

 

 

32,558

 

Accounts receivable, net

 

 

8,798

 

 

 

9,045

 

Prepaid and other assets

 

 

6,675

 

 

 

2,405

 

TOTAL ASSETS

 

$

1,936,940

 

 

$

1,829,214

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgages payable, net

 

$

1,188,947

 

 

$

1,162,855

 

Mortgages payable held for sale, net

 

 

40,474

 

 

 

 

Credit facility, net

 

 

248,494

 

 

 

182,323

 

Accounts payable and other accrued liabilities

 

 

9,709

 

 

 

10,058

 

Accrued real estate taxes payable

 

 

14,874

 

 

 

12,822

 

Accrued interest payable

 

 

1,723

 

 

 

2,274

 

Security deposit liability

 

 

2,774

 

 

 

2,688

 

Prepaid rents

 

 

1,639

 

 

 

1,639

 

Fair market value of interest rate swaps

 

 

17,010

 

 

 

43,530

 

Total Liabilities

 

 

1,525,644

 

 

 

1,418,189

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in the Operating Partnership

 

 

4,026

 

 

 

3,098

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, $0.01 par value: 500,000,000 shares authorized; 25,149,927 and 25,016,957 shares issued and outstanding, respectively

 

 

251

 

 

 

250

 

Additional paid-in capital

 

 

378,365

 

 

 

376,710

 

Accumulated earnings less dividends

 

 

46,551

 

 

 

75,321

 

Accumulated other comprehensive loss

 

 

(17,897

)

 

 

(44,354

)

Total Stockholders' Equity

 

 

407,270

 

 

 

407,927

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,936,940

 

 

$

1,829,214

 

 

See Notes to Consolidated Financial Statements

 

1


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

51,047

 

 

$

49,253

 

 

$

101,387

 

 

$

100,367

 

Other income

 

 

1,516

 

 

 

1,428

 

 

 

2,972

 

 

 

2,895

 

Total revenues

 

 

52,563

 

 

 

50,681

 

 

 

104,359

 

 

 

103,262

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

11,173

 

 

 

11,964

 

 

 

22,389

 

 

 

23,685

 

Real estate taxes and insurance

 

 

8,508

 

 

 

7,777

 

 

 

17,230

 

 

 

15,799

 

Property management fees (1)

 

 

1,516

 

 

 

1,465

 

 

 

3,001

 

 

 

3,015

 

Advisory and administrative fees (2)

 

 

1,900

 

 

 

1,936

 

 

 

3,768

 

 

 

3,801

 

Corporate general and administrative expenses

 

 

2,978

 

 

 

2,932

 

 

 

5,918

 

 

 

5,633

 

Property general and administrative expenses

 

 

1,760

 

 

 

1,533

 

 

 

3,319

 

 

 

3,365

 

Depreciation and amortization

 

 

19,986

 

 

 

21,418

 

 

 

40,744

 

 

 

44,756

 

Total expenses

 

 

47,821

 

 

 

49,025

 

 

 

96,369

 

 

 

100,054

 

Operating income before gain on sales of real estate

 

 

4,742

 

 

 

1,656

 

 

 

7,990

 

 

 

3,208

 

Gain on sales of real estate

 

 

 

 

 

19

 

 

 

 

 

 

38,991

 

Operating income

 

 

4,742

 

 

 

1,675

 

 

 

7,990

 

 

 

42,199

 

Interest expense

 

 

(10,683

)

 

 

(10,993

)

 

 

(21,299

)

 

 

(22,655

)

Loss on extinguishment of debt and modification costs

 

 

(328

)

 

 

 

 

 

(328

)

 

 

(874

)

Casualty gains (loss)

 

 

2,379

 

 

 

(1,079

)

 

 

2,379

 

 

 

(1,028

)

Miscellaneous income

 

 

472

 

 

 

1,079

 

 

 

940

 

 

 

1,079

 

Net income (loss)

 

 

(3,418

)

 

 

(9,318

)

 

 

(10,318

)

 

 

18,721

 

Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership

 

 

(10

)

 

 

(28

)

 

 

(31

)

 

 

56

 

Net income (loss) attributable to common stockholders

 

$

(3,408

)

 

$

(9,290

)

 

$

(10,287

)

 

$

18,665

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on interest rate derivatives

 

 

(4,805

)

 

 

(8,046

)

 

 

26,537

 

 

 

(58,586

)

Total comprehensive income (loss)

 

 

(8,223

)

 

 

(17,364

)

 

 

16,219

 

 

 

(39,865

)

Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership

 

 

(24

)

 

 

(52

)

 

 

49

 

 

 

(120

)

Comprehensive income (loss) attributable to common stockholders

 

$

(8,199

)

 

$

(17,312

)

 

$

16,170

 

 

$

(39,745

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

25,140