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DALLAS, May 18, 2020 /PRNewswire/ — NexPoint Residential Trust, Inc. (“NXRT” or the “Company”) (NYSE: NXRT) provided an update today on its response to the novel coronavirus (COVID-19) crisis and provided the results of May rent collections through May 16, 2020.

On May 14, 2020, the National Multifamily Housing Council (“NMHC”) released collection data for 11.5 million units across the country.  According to NMHC, 87.7% of tenants paid May 2020 rent by the 13th, compared to 85.0% of the collections through the same date in April 2020.

We are pleased to announce that as of May 13, 2020, NXRT had collected 92.7% of all May 2020 rents, an increase of 6.7% compared to the same period last month and 5.0% stronger than the national average as reported by NMHC.  When factoring in payment plan commitments, 94.1% of May 2020 rent had been accounted for.  And, as of May 16, 2020, NXRT has collected an additional 2.0% of all May 2020 rents, increasing the total collection to 94.7% or 5.7 percentage points better than the same day in April.  We are also encouraged to report that 95.8% of all outstanding rents due under April 2020 payment plans have been collected to date, bringing total April collections to 97.3%. Management is pleased to report that preliminary April 2020 financial results are significantly stronger than what was discussed as a downside scenario on the Company’s first quarter 2020 earnings call.  As of April 30, 2020, year to date Same Store NOI growth accelerated to 5.9% annualized, attributable to high occupancy and strong rent collection during the period.  Payment plans represent 1.9% of May 2020 rents, a substantial decrease from 6.8% in April 2020.  Approximately only 3% of tenant households have been approved for payment plans as a result of a furlough or layoff directly related to COVID-19.

As local and state governments begin to reopen, we will continue to follow CDC guidelines and local cleanliness and social distancing regulations in common areas. Despite a decrease in leasing foot traffic due to shelter-in-place orders, as of May 17, 2020, occupancy was 94.3% and 96.6% of units were leased across the portfolio, which we believe can be attributed to successful virtual showings and other innovative low-contact leasing technologies.  Month to date, retention rates for residents with expiring leases is currently 59.6%, following record-setting retention levels of 57.1% compared to the same period last month.

“As we continue to navigate these trying times, we are encouraged to see shelter-in-place orders being lifted in all our markets.  We will continue to be supportive of our residents who have been impacted by this crisis, while continuing to maintain high standards of health and safety within our communities,” said Chief Investment Officer Matthew McGraner.

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.

Cautionary Notice Regarding Forward-Looking Statements and Non-GAAP Financial Measures

This press 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,” “believe,” “intend,” “prepared” and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the Company’s response to the COVID-19 crisis and Same Store NOI growth. Forward-looking statements 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 risks related to the COVID-19 crisis and the Company’s financial closing procedures, final adjustments and other developments that may arise between the date of this press release and when second quarter financials are finalized. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s other filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release. The Company does not provide a reconciliation of forward-looking same store NOI growth because the timing and nature of excluded items are on unreasonably difficult to fully and accurately estimate.

Jackie Graham
Investor Relations

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