NexPoint Residential Trust (NXRT) Q2 2026 earnings summary

Executive summary

• Q2 2026 core FFO was $16.9 million ($0.66 per share), slightly above consensus but down from $18 million ($0.71 per share) year-over-year.

• Net loss for Q2 2026 was $8.6 million ($0.34 per share), compared to $7 million ($0.28 per share) last year, mainly due to higher property operating and interest expenses, partially offset by increased revenues.

• Total revenue rose to $64.6 million from $63.1 million year-over-year, with new property Sedona contributing.

• Deployed $22.1 million into a fixed-rate term loan for a multifamily property, marking the first investment under the DST bridge-lending program.

• Completed 459 unit upgrades in Q2, leasing 258 at an $89 rent premium and 23% return.

Financial highlights

• Core FFO for Q2 was $16.9 million ($0.66 per share); FFO was $15.2 million ($0.60 per share); AFFO was $19.7 million ($0.77 per share), all down year-over-year.

• Total NOI was $37.9 million, flat year-over-year; Q2 Same Store NOI decreased 2.9% to $36.9 million.

• Same-store revenue was $62.4 million, down 0.6%; average effective rent was $1,487, down 80 basis points year-over-year.

• Dividend declared at $0.53 per share, payable September 30th.

• Six-month 2026 revenues reached $128.2 million, with net loss at $15.4 million.

Outlook and guidance

• Full-year 2026 core FFO guidance midpoint lowered to $2.45 per share, primarily due to higher interest expense and slower same-store revenue rebound.

• NOI guidance for 2026 at $154.1 million, with Same Store NOI at $150.1 million.

• Interest expense for 2026 projected at $71.2 million, up from $69 million last quarter.

• Guidance revision mainly driven by higher interest rates and concentrated revenue softness in select markets, especially Nashville.

• Q3 2026 NOI guidance midpoint at $38.8 million.