NexPoint Residential Trust (NXRT) Q4 2025 earnings summary

Executive summary

• FY 2025 net loss was $32 million ($1.26 per diluted share), compared to $1.1 million net income in 2024, mainly due to higher depreciation and absence of prior year asset sale gains.

• Q4 2025 net loss was $10.3 million ($0.41 per diluted share) on $62.1 million revenue, improving from a $26.9 million loss in Q4 2024.

• Completed the $73.25 million acquisition of Sedona at Lone Mountain in Las Vegas, adding 321 units to the portfolio.

• Paid a Q4 dividend of $0.53 per share, a 3.9% increase over the prior quarter; cumulative dividend growth since inception is 157.3%.

• Repurchased and retired 223,109 shares at a 29% discount to NAV midpoint.

Financial highlights

• FY 2025 total revenues: $251.3 million, down from $259.7 million in FY 2024.

• FY 2025 NOI: $151.7 million (36 properties), down from $157.0 million (35 properties) in FY 2024.

• Core FFO for 2025 was $71.3 million ($2.79 per diluted share), flat year-over-year.

• Q4 Core FFO was $16.5 million ($0.65 per diluted share), down from $0.68 per share in Q4 2024.

• FY 2025 AFFO: $81.1 million ($3.18/share), down from $83.6 million ($3.19/share) in FY 2024.

Outlook and guidance

• 2026 guidance: rental income growth 0%-1.9%, total revenue growth 0.1%-2%, expense growth 2.8%-4.2%.

• Same-store NOI guidance: -2.5% to +1.5%, midpoint -0.5%.

• Core FFO per diluted share guidance: $2.42-$2.71.

• Anticipates $100M–$200M in acquisitions and dispositions each.

• Expecting 93.4%-94.1% financial occupancy, with peak in Q3 2026.