NexLiving Communities (NXLV) Q3 2024 earnings summary

Executive summary

• Completed acquisition of 991 suites from Devcore, nearly doubling portfolio size to 2,032 units.

• Achieved record Q3 2024 results with FFO up 39% to $1.2 million for the quarter.

• Reduced net debt to GBV by 36 basis points to 68.2%.

• Declared a quarterly dividend of $0.01 per share, annualized at $0.04.

Financial highlights

• Q3 NOI increased 18% year-over-year to $3.5 million (60.7% margin); nine-month NOI up 15% to $9.4 million (60.1% margin).

• FFO per share rose 3.9% for the quarter and 18.3% for the nine months, fully diluted.

• Same property NOI up 6.7% year-to-date, driven by 5.0% revenue growth and 2.5% expense increase.

• Fair value gain of $8.9 million in Q3 and $9.3 million for the nine months, reflecting NOI growth and forecasted improvements.

Outlook and guidance

• Management expects additional rental increases by year-end and further financial enhancement.

• Robust pipeline of qualified properties for potential acquisition is in place.