NexPoint Residential Trust (NXRT) Q1 2026 earnings summary

Executive summary

• Q1 2026 net loss was $6.8 million ($0.27 per diluted share) on $63.5 million revenue, nearly flat year-over-year.

• Core FFO was $17.3 million ($0.68 per share), $0.03 above consensus, but down from $0.75 per share in Q1 2025 due to higher interest expense; AFFO was $19.6 million, down 9.0% year-over-year.

• Portfolio comprised 36 multifamily properties with 13,305 units, 93.5% leased, and average monthly rent of $1,485 as of March 31, 2026.

• Dividend of $0.53 per share declared, increased from $0.51 year-over-year.

• Focus remains on value-add multifamily investments in the Southeastern and Southwestern U.S., with REIT status maintained.

Financial highlights

• Total NOI was $37.6 million across 36 properties, compared to $37.7 million on 35 properties in Q1 2025.

• Same-store NOI declined 2.7% year-over-year to $36.7 million, with occupancy improving to 93.6%.

• Total revenues were $63.5 million for Q1 2026, up $0.3 million year-over-year.

• Q1 interest expense rose to $15.4 million from $14.4 million, with swap benefits declining.

• Portfolio NAV per share estimated at $47.70 (midpoint), with stock trading at a 44.7% discount.

Outlook and guidance

• Full-year 2026 Core FFO guidance reaffirmed at $2.42–$2.71 per share; same-store NOI growth range of -2.5% to +1.5%.

• Interest expense for 2026 projected at $69.3 million, up from $67.1 million in the original model due to swap curve shifts.

• Management expects continued challenges from high interest rates and limited credit availability, impacting acquisitions and financing.

• Projected acquisitions and dispositions each between $100 million and $200 million for the year.

• Concession utilization forecast to decline 75% from Q1 levels by the second half of 2026.