NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the first quarter ended March 31, 2022.
NXRT reported Net Loss of $4.7 million during the quarter. Same Store properties average effective rent was up 15.4%, total revenue increased 11.3% and occupancy decreased 90 bps from the prior year period.
NXRT paid a first quarter dividend of $0.38 per share of common stock on March 31. During the quarter, through its at-the-market offering NXRT issued 52,091 shares of common stock for approximately $4.3 million in gross proceeds
Total revenues were $60.8 million for the first quarter of 2022, compared to $51.8 million for the first quarter of 2021.
Net loss for the first quarter of 2022 totaled $(4.7) million, or loss of $(0.18) per diluted share, which included $23.7 million of depreciation and amortization expense. This compared to net loss of $(6.9) million, or loss of $(0.27) per diluted share, for the first quarter of 2021, which included $20.8 million of depreciation and amortization expense.
NexPoint Residential Trust is a publicly traded REIT, 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. Its units closed Monday at $89.56.
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