Companies · NXRT
NexPoint Residential Trust
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Latest analysis
Updated Nov 4, 2026
NXRT Q3 2026: Same-Store NOI Falls 8.2% as Expense Inflation and Interest Rate Headwinds Overwhelm Modest Rent Growth
NexPoint Residential Trust's Q3 2026 same-store NOI declined 8.2% year-over-year to $35.6 million, driven by same-store operating expense growth of 11.2% against a 0.7% same-store revenue decline — the gap between expense inflation and revenue growth is widening, not narrowing. Interest expense rose to $18.1 million in Q3 2026 from $15.5 million in Q3 2025, as reduced benefit from interest rate swap settlements ($3.8 million less benefit quarter-over-quarter) overwhelmed a $1.0 million decline in cash interest on debt. AFFO per diluted share fell to $0.63 in Q3 2026 from $0.80 in Q3 2025, while dividend coverage on a Core FFO basis compressed to 0.99x — essentially at breakeven — signaling that the current dividend structure is under material pressure.
Tone: defensiveRevenue
$251.3M
NXRT 10-K · FY 2025
Employees
1
Revenue FY2024
$259.7M
Founded
2014
Profile
NXRT 10-K Item 1 · Feb 26, 2026NexPoint Residential Trust is an externally managed, Maryland-incorporated REIT focused on value-add Class B multifamily properties concentrated in the Southeastern and Southwestern United States. The company acquires properties at discounts to replacement cost, executes interior and exterior renovation programs to drive rent growth, and leases apartment units primarily to low and moderate income renters. As of December 31, 2025, it owned 36 properties totaling 13,305 units across seven states.
Read filing description ↓ Collapse description ↑
NexPoint Residential Trust, Inc. was incorporated in Maryland on September 19, 2014, and has elected to be taxed as a REIT. The Company is focused on 'value-add' multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company's business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the 'OP'), the Company's operating partnership. The Company owns its properties (the 'Portfolio') through the OP and its wholly owned TRS. The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company's primary business objectives are to deliver stable, attractive yields and long-term capital appreciation to its stockholders; acquire multifamily properties in markets with attractive job growth and household formation fundamentals primarily in the Southeastern and Southwestern United States; acquire assets at discounts to replacement cost; implement a value-add program to increase returns to its stockholders; own assets that provide lifestyle amenities and upgraded living spaces for low and moderate income renters; and recycle capital from dispositions when economic and market conditions present opportunities. The Company is externally managed by its Adviser through an Advisory Agreement. All of the Company's investment decisions are made by the Adviser, subject to general oversight by the Adviser's investment committee and the Company's board of directors. As of December 31, 2025, the Company owned 36 properties representing 13,305 units in seven states that were approximately 92.7% occupied with a weighted average monthly effective rent per occupied apartment unit of $1,492.
Primary products
- Class B multifamily apartment leasing
- Value-add renovation program
- Real estate-related debt and securities investments
Business segments
End markets
Geographies
“The properties in our Portfolio compete directly with other rental apartments as well as condominiums and single-family homes that are available for rent or purchase in the sub-markets in which our properties are located.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $259.7 million in 2024 to $251.3 million in 2025, driven primarily by a decrease in rental income reflecting lower same-store occupancy and average effective monthly rent.
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