$NXRT
NexPoint Residential Trust, Inc.

2015 Q2 Form 10-Q Financial Statement

#000156459015007337 Filed on August 14, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q4 2014 Q2
Revenue $28.75M $20.44M $6.818M
YoY Change 321.63% 6366.77%
Cost Of Revenue $2.300M $1.500M $320.0K
YoY Change 618.75%
Gross Profit $26.45M $18.92M $6.500M
YoY Change 306.92%
Gross Profit Margin 92.01% 92.59% 95.34%
Selling, General & Admin $14.19M $9.390M $3.080M
YoY Change 360.71%
% of Gross Profit 53.65% 49.63% 47.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.05M $10.22M $3.570M
YoY Change 181.51%
% of Gross Profit 38.0% 54.02% 54.92%
Operating Expenses $24.23M $19.60M $6.650M
YoY Change 264.36%
Operating Profit $1.973M -$680.0K -$150.0K
YoY Change -1415.33%
Interest Expense $4.239M -$3.160M -$1.330M
YoY Change -418.72%
% of Operating Profit 214.85%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.260M -$6.130M -$2.340M
YoY Change -3.42%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.253M -$5.572M -$1.981M
YoY Change 13.73% 3177.65%
Net Earnings / Revenue -7.84% -27.27% -29.06%
Basic Earnings Per Share -$0.11
Diluted Earnings Per Share -$0.11 -$261.6K -$93.00K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q4 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.20M $12.70M $5.900M
YoY Change 310.17%
Cash & Equivalents $24.16M $12.66M $5.901M
Short-Term Investments
Other Short-Term Assets $4.900M $2.100M $1.000M
YoY Change 390.0%
Inventory
Prepaid Expenses
Receivables $1.800M $1.200M $400.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.90M $16.00M $7.300M
YoY Change 323.29%
LONG-TERM ASSETS
Property, Plant & Equipment $808.8M $628.5M $195.6M
YoY Change 313.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $63.20M $52.40M $12.80M
YoY Change 393.75%
Total Long-Term Assets $872.2M $681.4M $208.4M
YoY Change 318.51%
TOTAL ASSETS
Total Short-Term Assets $30.90M $16.00M $7.300M
Total Long-Term Assets $872.2M $681.4M $208.4M
Total Assets $903.1M $697.4M $215.7M
YoY Change 318.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.700M $5.600M $3.500M
YoY Change 34.29%
Accrued Expenses $1.300M $1.000M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.60M $10.50M $3.500M
YoY Change 345.71%
LONG-TERM LIABILITIES
Long-Term Debt $623.5M $487.0M $157.1M
YoY Change 296.88%
Other Long-Term Liabilities $3.100M $2.300M $1.000M
YoY Change 210.0%
Total Long-Term Liabilities $626.6M $489.3M $158.1M
YoY Change 296.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.60M $10.50M $3.500M
Total Long-Term Liabilities $626.6M $489.3M $158.1M
Total Liabilities $642.2M $499.8M $168.5M
YoY Change 281.11%
SHAREHOLDERS EQUITY
Retained Earnings -$6.639M
YoY Change
Common Stock $241.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $233.6M $176.5M $47.20M
YoY Change
Total Liabilities & Shareholders Equity $903.1M $697.4M $215.7M
YoY Change 318.67%

Cashflow Statement

Concept 2015 Q2 2014 Q4 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.253M -$5.572M -$1.981M
YoY Change 13.73% 3177.65%
Depreciation, Depletion And Amortization $10.05M $10.22M $3.570M
YoY Change 181.51%
Cash From Operating Activities $5.000M $13.13M $140.0K
YoY Change 3471.43%
INVESTING ACTIVITIES
Capital Expenditures -$31.29M -$143.9M -$42.64M
YoY Change -26.62%
Acquisitions
YoY Change
Other Investing Activities $4.810M -$1.380M
YoY Change -448.55%
Cash From Investing Activities -$26.48M -$114.9M -$44.02M
YoY Change -39.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.72M 152.6M 45.01M
YoY Change -69.52%
NET CHANGE
Cash From Operating Activities 5.000M 13.13M 140.0K
Cash From Investing Activities -26.48M -114.9M -44.02M
Cash From Financing Activities 13.72M 152.6M 45.01M
Net Change In Cash -7.760M 50.83M 1.130M
YoY Change -786.73%
FREE CASH FLOW
Cash From Operating Activities $5.000M $13.13M $140.0K
Capital Expenditures -$31.29M -$143.9M -$42.64M
Free Cash Flow $36.29M $157.0M $42.78M
YoY Change -15.17%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term.</p></div>
us-gaap Property Plant And Equipment Impairment
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Impairment</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended June 30, 2015 and 2014, the Company did not record any impairment charges related to real estate assets.</p></div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company maintains cash balances with high quality financial institutions, including NexBank, an affiliate of our Advisor, and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation.</p></div>
dei Entity Incorporation Date Of Incorporation
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2014-09-19
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RenovationValueAddReserves
38943614
CY2015Q2 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
2000000
CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
233931
CY2014Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
56509
CY2015Q2 nxrt Variable Interest Entity Distribution Percentage
VariableInterestEntityDistributionPercentage
0.80
nxrt Minimum Percentage Of Distributed Taxable Income To Qualify As Reit
MinimumPercentageOfDistributedTaxableIncomeToQualifyAsReit
0.90
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2015Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
12038
us-gaap Depreciation
Depreciation
12499888
us-gaap Depreciation
Depreciation
2088554
nxrt Number Of Properties Acquired
NumberOfPropertiesAcquired
38
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
60907729
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
58068087
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1661232
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-22315061
CY2015Q2 nxrt Business Acquisitions Pro Forma General And Administrative Expense
BusinessAcquisitionsProFormaGeneralAndAdministrativeExpense
950000
CY2015Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0253
CY2014Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0265
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
584273
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4609592
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8059713
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
13634121
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
14730436
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
581555496
CY2015Q2 us-gaap Non Recourse Debt
NonRecourseDebt
623173631
CY2014Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
32
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
633200000
CY2014Q4 nxrt Purchase Price Of Land
PurchasePriceOfLand
129320000
CY2014Q4 nxrt Investment Building And Building Improvements And Furniture Fixture
InvestmentBuildingAndBuildingImprovementsAndFurnitureFixture
485996000
CY2014Q4 us-gaap Intangible Assets Current
IntangibleAssetsCurrent
17884000
CY2015Q2 us-gaap Derivative Average Cap Interest Rate
DerivativeAverageCapInterestRate
0.0600
us-gaap Gain Loss On Cash Flow Hedge Ineffectiveness Net
GainLossOnCashFlowHedgeIneffectivenessNet
0
us-gaap Change In Unrealized Gain Loss On Fair Value Hedging Instruments1
ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1
0
CY2015Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
204035
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
458033
nxrt Management And Administrative Fees
ManagementAndAdministrativeFees
2715354
nxrt Management And Administrative Fees
ManagementAndAdministrativeFees
240720
CY2015Q2 nxrt Management And Administrative Fees
ManagementAndAdministrativeFees
1438667
CY2014Q2 nxrt Management And Administrative Fees
ManagementAndAdministrativeFees
115562
us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-08-10
us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2015-09-15
us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2015-09-30

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