$NXRT
NexPoint Residential Trust Inc

2017 Q2 Form 10-Q Financial Statement

#000156459017014646 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $35.23M $33.66M
YoY Change 4.69% 17.08%
Cost Of Revenue $2.910M $2.640M
YoY Change 10.23% 14.78%
Gross Profit $32.33M $31.01M
YoY Change 4.26% 17.24%
Gross Profit Margin 91.76% 92.14%
Selling, General & Admin $18.22M $16.24M
YoY Change 12.19% 14.45%
% of Gross Profit 56.36% 52.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.700M $8.000M
YoY Change 21.25% -20.4%
% of Gross Profit 30.0% 25.8%
Operating Expenses $30.43M $24.32M
YoY Change 25.12% 0.37%
Operating Profit $1.900M $6.693M
YoY Change -71.61% 239.23%
Interest Expense $7.063M $5.633M
YoY Change 25.39% 32.89%
% of Operating Profit 371.74% 84.16%
Other Income/Expense, Net
YoY Change
Pretax Income $9.930M $16.60M
YoY Change -40.18% -834.51%
Income Tax
% Of Pretax Income
Net Earnings $7.406M $14.59M
YoY Change -49.24% -747.58%
Net Earnings / Revenue 21.02% 43.35%
Basic Earnings Per Share $0.35 $0.69
Diluted Earnings Per Share $0.34 $0.69
COMMON SHARES
Basic Shares Outstanding 21.04M 21.29M
Diluted Shares Outstanding 21.47M 21.29M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.30M $28.60M
YoY Change -8.04% 18.18%
Cash & Equivalents $26.30M $28.55M
Short-Term Investments
Other Short-Term Assets $3.100M $3.100M
YoY Change 0.0% -36.73%
Inventory
Prepaid Expenses
Receivables $2.200M $1.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.60M $33.50M
YoY Change -5.67% 8.41%
LONG-TERM ASSETS
Property, Plant & Equipment $1.026B $849.8M
YoY Change 20.7% 5.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.40M $34.20M
YoY Change -14.04% -45.89%
Total Long-Term Assets $1.067B $883.9M
YoY Change 20.72% 1.34%
TOTAL ASSETS
Total Short-Term Assets $31.60M $33.50M
Total Long-Term Assets $1.067B $883.9M
Total Assets $1.099B $917.4M
YoY Change 19.75% 1.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $3.800M
YoY Change 31.58% -19.15%
Accrued Expenses $600.0K $1.000M
YoY Change -40.0% -23.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.20M $10.80M
YoY Change 31.48% -30.77%
LONG-TERM LIABILITIES
Long-Term Debt $884.2M $652.3M
YoY Change 35.55% 4.62%
Other Long-Term Liabilities $5.000M $2.600M
YoY Change 92.31% -16.13%
Total Long-Term Liabilities $889.2M $654.9M
YoY Change 35.78% 4.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.20M $10.80M
Total Long-Term Liabilities $889.2M $654.9M
Total Liabilities $903.3M $690.2M
YoY Change 30.88% 7.48%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $5.000K
Shareholders Equity $195.2M $227.2M
YoY Change
Total Liabilities & Shareholders Equity $1.099B $917.4M
YoY Change 19.75% 1.59%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $7.406M $14.59M
YoY Change -49.24% -747.58%
Depreciation, Depletion And Amortization $9.700M $8.000M
YoY Change 21.25% -20.4%
Cash From Operating Activities $6.660M $12.41M
YoY Change -46.33% 148.2%
INVESTING ACTIVITIES
Capital Expenditures -$120.2M -$6.070M
YoY Change 1879.74% -80.6%
Acquisitions
YoY Change
Other Investing Activities $82.74M $63.22M
YoY Change 30.88% 1214.35%
Cash From Investing Activities -$37.44M $57.16M
YoY Change -165.5% -315.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.73M -61.79M
YoY Change -152.97% -550.36%
NET CHANGE
Cash From Operating Activities 6.660M 12.41M
Cash From Investing Activities -37.44M 57.16M
Cash From Financing Activities 32.73M -61.79M
Net Change In Cash 1.950M 7.780M
YoY Change -74.94% -200.26%
FREE CASH FLOW
Cash From Operating Activities $6.660M $12.41M
Capital Expenditures -$120.2M -$6.070M
Free Cash Flow $126.8M $18.48M
YoY Change 586.31% -49.08%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:12pt;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 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 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
PropertyPlantAndEquipmentImpairment
<div> <p style="text-align:justify;margin-top:12pt;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 are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, 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 six months ended June 30, 2017 and 2016, the Company did not record any impairment charges related to real estate assets.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:12pt;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;">Reclassifications</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%;">Certain reclassifications have been made to amounts in the prior year consolidated statements of operations and comprehensive income to conform to current year presentations as a result of an accounting policy election to classify certain expenses incurred in connection with the extinguishment or modification of debt separately from interest expense. These expenses are recorded in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. As a result, for the three and six months ended June 30, 2016, interest expense decreased by approximately $0.8 million and $0.8 million, respectively.</p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:12pt;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, SSB, an affiliate of the Adviser, 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>
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2017Q2 us-gaap Security Deposit
SecurityDeposit
763000
CY2016Q4 us-gaap Security Deposit
SecurityDeposit
852000
CY2017Q2 us-gaap Escrow Deposit
EscrowDeposit
19928000
CY2016Q4 us-gaap Escrow Deposit
EscrowDeposit
18256000
CY2017Q2 nxrt Renovation Value Add Reserves
RenovationValueAddReserves
8756000
CY2016Q4 nxrt Renovation Value Add Reserves
RenovationValueAddReserves
13448000
CY2017Q2 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
0
CY2016Q4 us-gaap Earnest Money Deposits
EarnestMoneyDeposits
0
CY2017Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
400000
CY2016Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
300000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
400000
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
300000
CY2017Q2 nxrt Line Of Credit Gross
LineOfCreditGross
30000000
CY2016Q4 nxrt Line Of Credit Gross
LineOfCreditGross
315000000
CY2017Q2 nxrt Bridge Loan Gross
BridgeLoanGross
65875000
CY2017Q2 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
1.00
nxrt Minimum Percentage Of Distributed Taxable Income To Qualify As Reit
MinimumPercentageOfDistributedTaxableIncomeToQualifyAsREIT
0.90
nxrt Percentage Of Non Deductible Excise Tax On Distribution
PercentageOfNonDeductibleExciseTaxOnDistribution
0.04
nxrt Percentage Of Ordinary Income Considered For Payment Of Distribution
PercentageOfOrdinaryIncomeConsideredForPaymentOfDistribution
0.85
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-09-19
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0
CY2016Q4 nxrt Bridge Loan Gross
BridgeLoanGross
30000000
CY2017Q2 nxrt Amount Used For Calculation Of Op Units Of Net Asset Value
AmountUsedForCalculationOfOPUnitsOfNetAssetValue
2000000
CY2017Q2 nxrt Proceeds From Bridge Facility
ProceedsFromBridgeFacility
21400000
CY2017Q2 nxrt Proceeds From Refinancing Of Properties
ProceedsFromRefinancingOfProperties
16300000
CY2017Q2 nxrt Number Of Properties
NumberOfProperties
22
CY2017Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
11000000
CY2017Q2 us-gaap Cash
Cash
1000000
nxrt Number Of Wholly Ownded Subsidiaries
NumberOfWhollyOwndedSubsidiaries
35
us-gaap Variable Interest Entity Number Of Entities With Unavailability Of Information
VariableInterestEntityNumberOfEntitiesWithUnavailabilityOfInformation
2
nxrt Percentage Of Capital Gain Net Income Considered For Payment Of Distribution
PercentageOfCapitalGainNetIncomeConsideredForPaymentOfDistribution
0.95
nxrt Percentage Of Undistributed Income Of Prior Considered For Payment Of Distribution
PercentageOfUndistributedIncomeOfPriorConsideredForPaymentOfDistribution
1.00
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28550000
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
34200000
CY2017Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
11343000
CY2017Q2 us-gaap Number Of Units In Real Estate Property
NumberOfUnitsInRealEstateProperty
12735
CY2017Q2 us-gaap Depreciation
Depreciation
9700000
CY2016Q2 us-gaap Depreciation
Depreciation
8000000
us-gaap Depreciation
Depreciation
19400000
us-gaap Depreciation
Depreciation
17000000
CY2017Q2 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
2500000
CY2016Q2 us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
100000
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
5300000
us-gaap Amortization Of Leased Asset
AmortizationOfLeasedAsset
700000
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
138000000
us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
138000000
nxrt Number Of Units In Real Estate Property Acquired
NumberOfUnitsInRealEstatePropertyAcquired
968
nxrt Number Of Properties Sold
NumberOfPropertiesSold
3
CY2016Q2 nxrt Sales Price Of Property Held For Sale
SalesPriceOfPropertyHeldForSale
64300000
CY2017Q2 nxrt Sales Price Of Property Held For Sale
SalesPriceOfPropertyHeldForSale
83900000
CY2017Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1834000
CY2017Q2 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
MortgageLoansOnRealEstateCarryingAmountOfMortgages
168400000
CY2017Q2 nxrt Number Of Properties Refinanced Under Existing Mortgage Debt
NumberOfPropertiesRefinancedUnderExistingMortgageDebt
9
CY2017Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4900000
nxrt Number Of Properties Sold
NumberOfPropertiesSold
4
nxrt Number Of Properties Encumbered
NumberOfPropertiesEncumbered
3
CY2017Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
2000000
CY2017Q2 nxrt Number Of Properties Sold
NumberOfPropertiesSold
4
CY2016Q2 nxrt Number Of Cross Collateralized Properties
NumberOfCrossCollateralizedProperties
12
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
66580000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
44662000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3790000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
17833000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
3890000
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
756818000
CY2017Q2 nxrt Long Term Debt Principal Outstanding
LongTermDebtPrincipalOutstanding
893573000
nxrt Number Of Properties Acquired
NumberOfPropertiesAcquired
2
CY2017Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
37
CY2017Q2 us-gaap Derivative Average Cap Interest Rate
DerivativeAverageCapInterestRate
0.0411
CY2017Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
11941000
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
12418000
CY2017Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
867000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-90000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
250156
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4587000
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2018-06-15
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
18.34

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