NEXPOINT RESIDENTIAL TRUST, INC. REPORTS FIRST QUARTER 2025 RESULTS
PR Newswire
DALLAS, April 29, 2025
NXRT Accelerates Partial Upgrades and Boosts Core FFO Guidance
DALLAS, April 29, 2025 /PRNewswire/ -- NexPoint Residential Trust, Inc. $(NXRT)$ reported financial results for the first quarter ended March 31, 2025.
Highlights
-- NXRT1 reported net loss, FFO2, Core FFO2 and AFFO2 of $(6.9)M, $17.4M,
$19.1M and $21.6M, respectively, attributable to common stockholders for
the quarter ended March 31, 2025, compared to net income, FFO, Core FFO,
and AFFO of $26.3M, $18.9M, $19.4M and $22.0M, respectively, attributable
to common stockholders for the quarter ended March 31, 2024.
-- For the three months ended March 31, 2025, Q1 Same Store properties3
total revenue, NOI2 , average effective rent, and occupancy decreased
1.0%, 3.8%, 1.3% and 30 bps, respectively, over the prior year period.
-- The weighted average effective monthly rent per unit across all 35
properties held as of March 31, 2025 (the "Portfolio"), consisting of
12,984 units4, was $1,495, while physical occupancy was 94.4%.
-- NXRT paid a first quarter dividend of $0.51 per share of common stock on
March 31, 2025.
-- During the first quarter, for the properties in the Portfolio, NXRT
completed 210 full and partial upgrades, leased 201 upgraded units,
achieving an average monthly rent premium of $62 and a 16.1% ROI5.
-- Since inception, NXRT has completed installation of 8,558 full and
partial upgrades, 4,795 kitchen and laundry appliances and 11,389
technology packages, resulting in $172, $50 and $43 average monthly
rental increase per unit and 20.7%, 64.5% and 37.2% ROI, respectively.
(1) In this release, "we," "us," "our," the "Company," and "NXRT" each refer
to NexPoint Residential Trust, Inc., a Maryland corporation.
(2) FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of
why we consider these non-GAAP measures useful and reconciliations of
FFO, Core FFO, AFFO and NOI to net income (loss), see the "Definitions
and Reconciliations of Non-GAAP Measures" and "FFO, Core FFO and AFFO"
sections of this release.
(3) We define "Same Store" properties as properties that were in our
Portfolio for the entirety of the periods being compared. There are 35
properties encompassing 12,948 units of apartment space in our Same Store
pool for the three months ended March 31, 2025 (our "Q1 Same Store"
properties). The same store unit count excludes 36 units that are
currently down due to fires (Rockledge: 20 units and Bella Solara: 16
units).
(4) Total number of units owned as of March 31, 2025 is 12,984, however 36
units are currently down due to fires (Rockledge: 20 units and Bella
Solara: 16 units).
(5) We define Return on Investment ("ROI") as the sum of the actual rent
premium divided by the sum of the total cost.
First Quarter 2025 Financial Results
-- Total revenues were $63.2 million for the first quarter of 2025, compared
to $67.6 million for the first quarter of 2024.
-- Net loss attributable to common stockholders for the first quarter of
2025 totaled $(6.9) million, or loss of $(0.27) per diluted share, which
included $24.4 million of depreciation and amortization expense. This
compared to net income attributable to common stockholders of $26.3
million, or income of $1.00 per diluted share, which included a gain on
sales of real estate of $31.7 million and $24.3 million of depreciation
and amortization expense for the first quarter of 2024.
-- The change in our net loss of $(6.9) million for the three months ended
March 31, 2025 as compared to our net income of $26.4 million for the
three months ended March 31, 2024 primarily relates to decreases in gain
on sales of real estate of $31.7 million.
-- For the first quarter of 2025, NOI was $37.8 million on 35 properties,
compared to $41.1 million for the first quarter of 2024 on 37 properties.
-- For the first quarter of 2025, Q1 Same Store NOI decreased -3.8% to $37.7
million, compared to $39.2 million for the full year 2024.
-- For the first quarter of 2025, FFO totaled $17.4 million, or $0.68 per
diluted share, compared to $18.9 million, or $0.72 per diluted share, for
first quarter of 2024. For the first quarter of 2025, Core FFO totaled
$19.1 million, or $0.75 per diluted share, compared to $19.4 million, or
$0.74 per diluted share, for the full year 2024. For the first quarter of
2025, AFFO totaled $21.6 million, or $0.84 per diluted share, compared to
$22.0 million, or $0.83 per diluted share, for the first quarter of 2024.
Subsequent Events
-- On April 28, 2025, the Company's Board approved a quarterly dividend of
$0.51 per share, payable on June 30, 2025 to stockholders of record on
June 16, 2024.
-- From April 1, 2025 through April 28, 2025, the Company has purchased
223,109 shares of its common stock, totaling approximately $7.6 million
at an average price of $34.29 per share.
-- On April 3, 2025, the Company entered into a new five-year $100
million SOFR swap with JP Morgan Chase Bank with a fixed rate of 3.489%.
First Quarter Earnings Conference Call
NXRT will host a call on Tuesday, April 29, 2025, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its first quarter 2025 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, 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, May 13, 2025, 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," "plan," "believe" 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, forecasted submarket deliveries, 2025 full year guidance for earnings per diluted share and Core FFO per diluted share and the related components and assumptions, including acquisitions and dispositions, 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 and second quarter of 2025 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, and expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets. 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.
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 months ended March 31, 2025 and 2024 (in thousands, except per share amounts):
For the Three Months
Ended March 31,
-------------------------
2025 2024 % Change
----------- ------------ --------
Net income (loss) $ (6,924) $ 26,402 N/M
Depreciation and
amortization 24,350 24,323 0.1%
Gain on sales of real
estate (1) -- (31,709) N/M
Adjustment for
noncontrolling
interests (69) (75) -8.0%
------- -------- --------
FFO attributable to
common stockholders 17,357 18,941 -8.4%
======= ======== ========
FFO per share - basic $ 0.68 $ 0.74 -7.4%
======= ======== ========
FFO per share -
diluted $ 0.68 $ 0.72 -5.6%
======= ======== ========
Loss on extinguishment
of debt and
modification costs -- 546 N/M
Casualty-related
expenses/(recoveries) (656) 33 N/M
Casualty losses
(gains) 163 (199) N/M
Amortization of
deferred financing
costs 1,644 717 N/M
Mark-to-market
adjustments of
interest rate caps 591 (626) N/M
Adjustment for
noncontrolling
interests (7) 2 N/M
------- -------- --------
Core FFO attributable
to common
stockholders 19,092 19,414 -1.7%
======= ======== ========
Core FFO per share -
basic $ 0.75 $ 0.75 -0.6%
======= ======== ========
Core FFO per share -
diluted $ 0.75 $ 0.74 1.3%
======= ======== ========
Equity-based
compensation expense 2,475 2,547 -2.8%
Adjustment for
noncontrolling
interests (10) (9) 11.1%
------- -------- --------
AFFO attributable to
common stockholders 21,557 21,952 -1.8%
======= ======== ========
AFFO per share - basic $ 0.85 $ 0.85 -0.7%
======= ======== ========
AFFO per share -
diluted $ 0.84 $ 0.83 1.2%
======= ======== ========
Weighted average
common shares
outstanding - basic 25,448 25,721 -1.1%
======= ======== ========
Weighted average
common shares
outstanding -
diluted (2) 25,576 26,354 -3.0%
======= ======== ========
Dividends declared per
common share $ 0.51 $ 0.46 10.3%
Net income (loss)
Coverage - diluted (3) -0.53x 2.16x N/M
FFO Coverage - diluted (3) 1.33x 1.55x -14.4%
Core FFO Coverage -
diluted (3) 1.46x 1.59x -8.1%
AFFO Coverage -
diluted (3) 1.65x 1.80x -8.3%
(1) $31.7 million with a related party for the three months ended March 31,
2024.
(2) The Company uses the diluted weighted average common shares outstanding
when in a dilutive position for FFO, Core FFO and AFFO.
(3) Indicates coverage ratio of net income (loss)/FFO/Core FFO/AFFO per
common share (diluted) over dividends declared per common share during
the period.
Definitions and Reconciliations of Non-GAAP Measures
Definitions
This presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income ("NOI"), funds from operations attributable to common stockholders ("FFO"), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO ("AFFO"), AFFO per diluted share and net debt.
NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty gains (losses), (8) 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 (9) equity in earnings of affiliate. We define "Same Store NOI" as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.
FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT"), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.
Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, casualty-related expenses/(recoveries) and losses (gains), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company has adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to the current presentation.
AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the noncontrolling interests related to this item.
Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.
We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts ("REITs") among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.
Reconciliations
NOI and Same Store NOI
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q1 Same Store NOI for the three months ended March 31, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):
For the Three Months Ended March 31,
----------------------------------------
2025 2024
-------------------- ------------------
Net income (loss) $ (6,924) $ 26,402
Adjustments to
reconcile net income
(loss) to NOI:
Advisory and
administrative fees 1,696 1,743
Corporate general and
administrative
expenses 4,457 4,910
Corporate income (442) (296)
Casualty-related
expenses/(recoveries) (1) (656) 33
Casualty loss (gain) 163 (199)
Property general and
administrative
expenses (2) 790 988
Depreciation and
amortization 24,350 24,323
Interest expense 14,381 14,391
Equity in earnings of
affiliate (55) (38)
Loss on extinguishment
of debt and
modification costs -- 546
Gain on sales of real
estate -- (31,709)
--- --------------- --------------
NOI $ 37,760 $ 41,094
--- --------------- --------------
Less Non-Same Store
Revenues (4) (3,885)
Operating expenses (22) 2,015
Operating income -- (3)
--- --------------- --------------
Same Store NOI $ 37,734 $ 39,221
=== =============== ==============
(1) Adjustment to net income (loss) to exclude certain property operating
expenses that are casualty-related expenses/(recoveries).
(2) Adjustment to net income (loss) to exclude certain property general and
administrative expenses that are not reflective of the continuing
operations of the properties or are incurred on our behalf at the
property for expenses such as legal, professional, centralized leasing
service and franchise tax fees.
Reconciliation of Debt to Net Debt
(dollar amounts in thousands) Q1 2025 Q1 2024
---------- ----------
Total mortgage debt $1,503,242 $1,498,277
--------- ---------
Total Debt 1,503,242 1,498,277
Adjustments to arrive at net debt:
Cash and cash equivalents (23,719) (37,234)
Restricted cash held for value-add
upgrades and green improvements (3,170) (2,907)
--------- ---------
Net Debt $1,476,353 $1,458,136
========= =========
Enterprise Value (1) $2,487,353 $2,288,136
Leverage Ratio (Total Debt to Market
Capitalization plus Total Debt) 60% 64%
Leverage Ratio (Net Debt to
Enterprise Value) 59% 64%
(1) Enterprise Value is calculated as Market Capitalization as of the end of
the period plus Net Debt.
Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2025 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 and for the three months ended June 30, 2025 (in thousands):
For the Year Ended For the Three Months
December 31, 2025 Ended June 30, 2025
-------------------- ------------------------
Mid-Point (1) Mid-Point (1)
-------------------- ------------------------
Net loss $ (31,547) $ (8,857)
Adjustments to
reconcile net loss
to NOI:
Advisory and
administrative
fees 7,045 1,756
Corporate general
and
administrative
expenses 19,454 4,881
Corporate income (1,709) (443)
Property general
and
administrative
expenses (2) 3,316 544
Depreciation and
amortization 95,937 24,662
Interest expense 59,512 15,275
Loss on
extinguishment of
debt and
modification
costs 18 18
Equity in earnings
of affiliate (240) (60)
---------------- ---- ------------------
NOI (3) $ 151,786 $ 37,776
================ ==== ==================
Less Non-Same
Store
Revenues (3) --
Operating expenses (3) (41)
----------------
Same Store NOI (3) $ 151,745
================
(1) Mid-Point estimates shown for full year and second quarter 2025 guidance.
Assumptions made for full year and second quarter 2025 NOI guidance
include the Same Store operating growth projections included in the "2025
Full Year Guidance Summary" section of this release and the effect of the
acquisition and dispositions throughout the fiscal year.
(2) Adjustment to net loss to exclude certain property general and
administrative expenses that are not reflective of the
continuing operations of the properties or are incurred on our behalf at
the property for expenses such as legal, professional, centralized
leasing service and franchise tax fees.
(3) Year-over-year growth for the Full Year 2025 pro forma Same Store pool
(35 properties).
The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 (in thousands, except per share data):
For the Year Ended December 31, 2025
--------------------------------------
Mid-Point
--------------------------------------
Net loss $ (31,547)
Depreciation and amortization 95,937
Adjustment for noncontrolling
interests (254)
---- --------------------------------
FFO attributable to common
stockholders 64,136
==== ================================
FFO per share - diluted (1) $ 2.48
==== ================================
Loss on extinguishment of debt and
modification costs 18
Amortization of deferred financing
costs 6,213
Mark-to-market adjustments of
interest rate caps 809
Adjustment for noncontrolling
interests (28)
---- --------------------------------
Core FFO attributable to common
stockholders 71,148
==== ================================
Core FFO per share - diluted (1) $ 2.75
==== ================================
Equity-based compensation expense 10,572
Adjustment for noncontrolling
interests (42)
---- --------------------------------
AFFO attributable to common
stockholders 81,678
==== ================================
AFFO per share - diluted (1) $ 3.16
==== ================================
Weighted average common shares
outstanding - diluted 25,834
(1) For purposes of calculating per share data, we assume a weighted average
diluted share count of approximately 25.8 million for the full year
2025.
The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2024 and 2023 and the three months ended December 31, 2024 (in thousands):
For the
Three
Months
Ended
For the Year Ended December
December 31, 31,
-------------------- ---------
2024 2023 2024
--------- --------- ---------
Net income (loss) $ 1,114 $ 44,433 $(27,038)
Adjustments to
reconcile net income
(loss) to NOI:
Advisory and
administrative fees 6,899 7,645 1,720
Corporate general and
administrative
expenses 19,399 17,146 4,875
Corporate income (2,215) (483) (959)
Casualty-related
expenses/(recoveries) (1) 1,389 (2,214) (249)
Casualty gains 626 856 88
Gain on forfeited
deposits -- (250) --
Property general and
administrative
expenses (2) 3,998 3,701 1,277
Depreciation and
amortization 97,762 95,186 24,389
Interest expense 58,477 67,106 15,521
Equity in earnings of
affiliate (172) (205) (28)
Loss on extinguishment
of debt and
modification costs 24,004 2,409 23,203
Gain on sales of real
estate (54,246) (67,926) (3,851)
-------- -------- --------
NOI $ 157,035 $ 167,404 $ 38,948
======== ======== ========
The following table reconciles our NOI to our FFO, Core FFO and AFFO to net income, the most directly comparable GAAP financial measure, for the years ended December 31, 2024 and 2023 (in thousands):
For the Year Ended
December 31,
-----------------------
% Change
2024 -
2024 2023 2023
--------- ------------ --------
Net income $ 1,114 $ 44,433 N/M
Depreciation and
amortization 97,762 95,186 2.7%
Gain on sales of real
estate (54,246) (67,926) -20.1%
Adjustment for
noncontrolling
interests (176) (273) -35.5%
-------- -------- --------
FFO attributable to
common stockholders 44,454 71,420 -37.8%
======== ======== ========
FFO per share - basic $ 1.74 $ 2.78 -37.3%
======== ======== ========
FFO per share -
diluted $ 1.69 $ 2.72 -37.8%
======== ======== ========
Loss on extinguishment
of debt and
modification costs 24,004 2,409 N/M
Casualty-related
expenses/(recoveries) 1,389 (2,214) N/M
Casualty losses
(gains) 626 856 -26.9%
Gain on forfeited
deposits -- (250) N/M
Amortization of
deferred financing
costs 3,364 2,945 14.2%
Mark-to-market
adjustments of
interest rate caps (593) 1,484 N/M
Adjustment for
noncontrolling
interests (114) (20) N/M
-------- -------- --------
Core FFO attributable
to common
stockholders 73,130 76,630 -4.6%
======== ======== ========
Core FFO per share -
basic $ 2.87 $ 2.99 -4.1%
======== ======== ========
Core FFO per share -
diluted $ 2.79 $ 2.92 -4.6%
======== ======== ========
Equity-based
compensation expense 10,543 9,287 13.5%
Adjustment for
noncontrolling
interests (42) (35) 20.0%
-------- -------- --------
AFFO attributable to
common stockholders 83,631 85,882 -2.6%
======== ======== ========
AFFO per share - basic $ 3.28 $ 3.35 -2.1%
======== ======== ========
AFFO per share -
diluted $ 3.19 $ 3.27 -2.6%
======== ======== ========
Weighted average
common shares
outstanding - basic 25,516 25,654 -0.5%
======== ======== ========
Weighted average
common shares
outstanding -
diluted (1) 26,246 26,245 0.0%
======== ======== ========
Dividends declared per
common share $ 1.90 $ 1.72 10.2%
Net income Coverage -
diluted (2) 0.02x 0.98x N/M
FFO Coverage - diluted (2) 0.89x 1.58x -43.5%
Core FFO Coverage -
diluted (2) 1.47x 1.70x -13.4%
AFFO Coverage -
diluted (2) 1.68x 1.90x -11.6%
(1) The Company uses the diluted weighted average common shares outstanding
when in a dilutive position for FFO, Core FFO and AFFO.
(2) Indicates coverage ratio of net income/FFO/Core FFO/AFFO per common share
(diluted) over dividends declared per common share during the period.
Contact:
Investor Relations
Kristen (Thomas) Griffith
IR@nexpoint.com
(214) 276-6300
Media inquiries: Comms@nexpoint.com
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SOURCE NexPoint Residential Trust, Inc.
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April 29, 2025 08:16 ET (12:16 GMT)