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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 001-36663

 

NexPoint Residential Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Maryland

 

47-1881359

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

300 Crescent Court, Suite 700, Dallas, Texas

 

75201

(Address of Principal Executive Offices)

 

(Zip Code)

(972) 628-4100

(Telephone Number, Including Area Code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

As of November 2, 2018, the registrant had 20,797,135 shares of common stock, $0.01 par value, outstanding.

 

 

 

 

 


 

NEXPOINT RESIDENTIAL TRUST, INC.

Form 10-Q

Quarter Ended September 30, 2018

INDEX

 

 

 

Page

Cautionary Statement Regarding Forward-Looking Statements

 

ii

 

 

 

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements

 

5

 

 

Consolidated Balance Sheets as of September 30, 2018 (Unaudited) and December 31, 2017

 

5

 

 

Consolidated Unaudited Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2018 and 2017

 

6

 

 

Consolidated Unaudited Statement of Equity for the Nine Months Ended September 30, 2017

 

7

 

 

Consolidated Unaudited Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2018

 

8

 

 

Consolidated Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2018 and 2017

 

9

 

 

Notes to Consolidated Unaudited Financial Statements

 

11

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

35

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

57

Item 4.

 

Controls and Procedures

 

58

 

 

 

 

 

 

PART II—OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

59

Item 1A.

 

Risk Factors

 

59

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

59

Item 3.

 

Defaults Upon Senior Securities

 

59

Item 4.

 

Mine Safety Disclosures

 

59

Item 5.

 

Other Information

 

59

Item 6.

 

Exhibits

 

60

Signatures

 

 

 

61

 

i


 

Cautionary Statement Regarding Forward-Looking Statements

This quarterly report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. In particular, statements relating to our liquidity and capital resources, the performance of our properties and results of operations contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including market conditions and demographics) are forward-looking statements. We caution investors that any forward-looking statements presented in this quarterly report are based on management’s current beliefs and assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions.

Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements.

Some of the risks and uncertainties that may cause our actual results, performance, liquidity or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

 

unfavorable changes in market and economic conditions in the United States and globally and in the specific markets where our properties are located;

 

risks associated with ownership of real estate;

 

limited ability to dispose of assets because of the relative illiquidity of real estate investments;

 

our multifamily properties are concentrated in certain geographic markets in the Southeastern and Southwestern United States, which makes us more susceptible to adverse developments in those markets;

 

risks associated with our strategy of acquiring value-enhancement multifamily properties, which involves greater risks than more conservative investment strategies;

 

potential reforms to the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”);

 

competition could limit our ability to acquire attractive investment opportunities, which could adversely affect our profitability and impede our growth;

 

competition and any increased affordability of residential homes could limit our ability to lease our apartments or increase or maintain rents;

 

the relatively low residential mortgage rates may result in potential renters purchasing residences rather than leasing them, and as a result, cause a decline in our occupancy rates;

 

the risk that we may fail to consummate future pending property acquisitions;

 

failure of acquisitions to yield anticipated results;

 

risks associated with increases in interest rates and our ability to issue additional debt or equity securities in the future;

 

we are subject to certain risks associated with selling apartment communities, which could limit our operational and financial flexibility;

 

contingent or unknown liabilities related to properties or businesses that we have acquired or may acquire;

 

lack of or insufficient amounts of insurance;

 

the risk that our environmental assessments may not identify all potential environmental liabilities and our remediation actions may be insufficient;

 

high costs associated with the investigation or remediation of environmental contamination, including asbestos, lead-based paint, chemical vapor, subsurface contamination and mold growth;

 

high costs associated with the compliance with various accessibility, environmental, building and health and safety laws and regulations, such as the Americans with Disabilities Act and the Fair Housing Act;

ii


 

 

risks associated with limited warranties we may obtain when purchasing properties;

 

exposure to decreases in market rents due to our short-term leases;

 

risks associated with operating through joint ventures and funds;

 

our dependence on information systems;

 

risks associated with breaches of our data security;

 

risks associated with our reduced public company reporting requirements as an “emerging growth company”;

 

costs associated with being a public company, including compliance with securities laws;

 

the risk that our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting;

 

risks associated with our substantial current indebtedness and indebtedness we may incur in the future;

 

risks associated with derivatives or hedging activity;

 

the lack of experience of NexPoint Real Estate Advisors, L.P. (our “Adviser”) and property manager in operating under the constraints imposed on us as a real estate investment trust (“REIT”) may hinder the achievement of our investment objectives;

 

loss of key personnel of Highland Capital Management, L.P. (our “Sponsor” or “Highland”), our Adviser and our property manager;

 

the risk that we may not replicate the historical results achieved by other entities managed or sponsored by affiliates of our Adviser, members of our Adviser’s management team or by our Sponsor or its affiliates;

 

risks associated with our Adviser’s ability to terminate the Advisory Agreement (as defined below);

 

our ability to change our major policies, operations and targeted investments without stockholder consent;

 

the substantial fees and expenses we pay to our Adviser and its affiliates;

 

risks associated with any potential internalization of our management functions;

 

conflicts of interest and competing demands for time faced by our Adviser, our Sponsor and their officers and employees;

 

the risk that we may compete with other entities affiliated with our Sponsor or property manager for properties and tenants;

 

failure to maintain our status as a REIT;

 

failure of our operating partnership to be taxable as a partnership for federal income tax purposes, possibly causing us to fail to qualify for or to maintain REIT status;

 

compliance with REIT requirements, which may limit our ability to hedge our liabilities effectively and cause us to forgo otherwise attractive opportunities, liquidate certain of our investments or incur tax liabilities;

 

risks associated with our ownership of interests in taxable REIT subsidiaries;

 

the recognition of taxable gains from the sale of properties as a result of the inability to complete certain like-kind exchanges (“1031 Exchanges”) in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”);

 

the risk that the Internal Revenue Service (the “IRS”) may consider certain sales of properties to be prohibited transactions, resulting in a 100% penalty tax on any taxable gain;

 

the ineligibility of dividends payable by REITs for the reduced tax rates available for some dividends;

 

risks associated with the stock ownership restrictions of the Code for REITs and the stock ownership limit imposed by our charter;

 

the ability of our board of directors (the “Board”) to revoke our REIT qualification without stockholder approval;

 

recent and potential legislative or regulatory tax changes or other actions affecting REITs;

 

risks associated with the market for our common stock and the general volatility of the capital and credit markets;

iii


 

 

failure to generate sufficient cash flows to service our outstanding indebtedness or pay distributions at expected levels;

 

risks associated with limitations of liability for and our indemnification of our directors and officers; and

 

any other risks included under Part I, Item 1A, “Risk Factors” of our annual report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 15, 2018 (our “Annual Report”).

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date of this quarterly report. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by law.

 

 

iv


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

September 30, 2018

 

 

December 31, 2017

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Operating Real Estate Investments

 

 

 

 

 

 

 

 

Land

 

$

202,347

 

 

$

189,615

 

Buildings and improvements

 

 

929,275

 

 

 

806,981

 

Intangible lease assets

 

 

3,049

 

 

 

1,340

 

Construction in progress

 

 

5,048

 

 

 

3,786

 

Furniture, fixtures, and equipment

 

 

57,655

 

 

 

44,725

 

Total Gross Operating Real Estate Investments

 

 

1,197,374

 

 

 

1,046,447

 

Accumulated depreciation and amortization

 

 

(120,292

)

 

 

(88,252

)

Total Net Operating Real Estate Investments

 

 

1,077,082

 

 

 

958,195

 

Real estate held for sale, net of accumulated depreciation of $897 and $3,397, respectively

 

 

17,406

 

 

 

32,961

 

Total Net Real Estate Investments

 

 

1,094,488

 

 

 

991,156

 

Cash and cash equivalents

 

 

19,324

 

 

 

16,036

 

Restricted cash

 

 

26,253

 

 

 

27,212

 

Accounts receivable

 

 

5,014

 

 

 

2,932

 

Prepaid and other assets

 

 

2,660

 

 

 

1,559

 

Fair market value of interest rate swaps

 

 

27,974

 

 

 

16,480

 

TOTAL ASSETS

 

$

1,175,713

 

 

$

1,055,375

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgages payable, net

 

$

824,546

 

 

$

724,057

 

Mortgages payable held for sale, net

 

 

13,368

 

 

 

30,348

 

Credit facility, net

 

 

49,100

 

 

 

29,843

 

Bridge facility, net

 

 

29,550

 

 

 

8,576

 

Accounts payable and other accrued liabilities

 

 

6,181

 

 

 

6,226

 

Accrued real estate taxes payable

 

 

13,492

 

 

 

9,684

 

Accrued interest payable

 

 

2,284

 

 

 

2,074

 

Security deposit liability

 

 

1,917

 

 

 

1,518

 

Prepaid rents

 

 

1,359

 

 

 

1,470

 

Total Liabilities

 

 

941,797

 

 

 

813,796

 

 

 

 

 

 

 

 

 

 

Redeemable noncontrolling interests in the Operating Partnership

 

 

2,431

 

 

 

2,135

 

 

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued

 

 

 

 

 

 

Common stock, $0.01 par value: 500,000,000 shares authorized; 20,797,135 and 21,049,565 shares issued and outstanding, respectively

 

 

207

 

 

 

210

 

Additional paid-in capital

 

 

199,661

 

 

 

206,227

 

Accumulated earnings less dividends

 

 

4,798

 

 

 

17,885

 

Accumulated other comprehensive income

 

 

26,819

 

 

 

15,122

 

Total Stockholders' Equity

 

 

231,485

 

 

 

239,444

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,175,713

 

 

$

1,055,375

 

See Notes to Consolidated Financial Statements

5


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(in thousands, except per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

31,724

 

 

$

32,148

 

 

$

93,366

 

 

$

94,564

 

Other income

 

 

4,771

 

 

 

4,949

 

 

 

13,841

 

 

 

14,758

 

Total revenues

 

 

36,495

 

 

 

37,097

 

 

 

107,207

 

 

 

109,322

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

 

9,231

 

 

 

10,075

 

 

 

26,339

 

 

 

29,611

 

Real estate taxes and insurance

 

 

5,048

 

 

 

4,853

 

 

 

14,492

 

 

 

14,911

 

Property management fees (1)

 

 

1,085

 

 

 

1,110

 

 

 

3,205

 

 

 

3,280

 

Advisory and administrative fees (2)

 

 

1,885

 

 

 

1,870

 

 

 

5,586

 

 

 

5,544

 

Corporate general and administrative expenses

 

 

1,932

 

 

 

1,623

 

 

 

5,731

 

 

 

4,842

 

Property general and administrative expenses

 

 

1,280

 

 

 

1,594

 

 

 

4,475

 

 

 

4,756

 

Depreciation and amortization

 

 

11,228

 

 

 

11,215

 

 

 

33,638

 

 

 

35,866

 

Total expenses

 

 

31,689

 

 

 

32,340

 

 

 

93,466

 

 

 

98,810

 

Operating income

 

 

4,806

 

 

 

4,757

 

 

 

13,741

 

 

 

10,512

 

Interest expense

 

 

(7,119

)

 

 

(8,257

)

 

 

(20,739

)

 

 

(22,479

)

Loss on extinguishment of debt and modification costs

 

 

(2,947

)

 

 

(914

)

 

 

(3,576

)

 

 

(5,717

)

Gain on sales of real estate

 

 

 

 

 

58,490

 

 

 

13,742

 

 

 

78,386

 

Net income (loss)

 

 

(5,260

)

 

 

54,076

 

 

 

3,168

 

 

 

60,702

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

2,836

 

Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership

 

 

(15

)

 

 

162

 

 

 

10

 

 

 

162

 

Net income (loss) attributable to common stockholders

 

$

(5,245

)

 

$

53,914

 

 

$

3,158

 

 

$

57,704

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on interest rate derivatives

 

 

1,222

 

 

 

214

 

 

 

11,732

 

 

 

(835

)

Total comprehensive income (loss)

 

 

(4,038

)

 

 

54,290

 

 

 

14,900

 

 

 

59,867

 

Comprehensive income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

2,720

 

Comprehensive income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership

 

 

(12

)

 

 

163

 

 

 

45

 

 

 

163

 

Comprehensive income (loss) attributable to common stockholders

 

$

(4,026

)

 

$

54,127

 

 

$

14,855

 

 

$

56,984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

20,775

 

 

 

21,085

 

 

 

20,847

 

 

 

21,057

 

Weighted average common shares outstanding - diluted

 

 

21,262

 

 

 

21,453

 

 

 

21,328

 

 

 

21,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share - basic

 

$

(0.25

)

 

$

2.56

 

 

$

0.15

 

 

$

2.74

 

Earnings (loss) per share - diluted

 

$

(0.25

)

 

$

2.51

 

 

$

0.15

 

 

$

2.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share

 

$

0.25

 

 

$

0.22

 

 

$

0.75

 

 

$

0.66

 

 

(1)

Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s operating partnership (see Notes 10 and 11).

(2)

Fees incurred to the Adviser (see Note 11).

 

See Notes to Consolidated Financial Statements

 

 

6


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

(dollars in thousands)

(Unaudited)

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional

 

 

Accumulated

Earnings

 

 

Accumulated Other

 

 

Common Stock

Held in

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Par Value

 

 

Number of

Shares

 

 

Par Value

 

 

Paid-in

Capital

 

 

Less

Dividends

 

 

Comprehensive

Income

 

 

Treasury

at Cost

 

 

Noncontrolling Interests

 

 

Total

 

Balances, December 31, 2016

 

 

 

 

$

 

 

 

21,293,825

 

 

$

213

 

 

$

241,450

 

 

$

(14,584

)

 

$

9,052

 

 

$

(4,587

)

 

$

24,558

 

 

$

256,102

 

Net loss attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,616

)

 

 

 

 

 

 

 

 

 

 

 

(3,616

)

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312

 

 

 

312

 

Contributions by noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

13

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,433

)

 

 

(1,433

)

Vesting of stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

608

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,724

)

 

 

 

 

 

 

 

 

 

 

 

(4,724

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

946

 

 

 

 

 

 

100

 

 

 

1,046

 

Balances, March 31, 2017

 

 

 

 

$

 

 

 

21,293,825

 

 

$

213

 

 

$

242,058

 

 

$

(22,924

)

 

$

9,998

 

 

$

(4,587

)

 

$

23,550

 

 

$

248,308

 

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,406

 

 

 

 

 

 

 

 

 

 

 

 

7,406

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,524

 

 

 

2,524

 

Contributions by noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

25

 

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,356

)

 

 

(3,356

)

Purchase of noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,313

)

 

 

 

 

 

 

 

 

 

 

 

(22,527

)

 

 

(53,840

)

Vesting of stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

984

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

984

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,724

)

 

 

 

 

 

 

 

 

 

 

 

(4,724

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,879

)

 

 

 

 

 

(216

)

 

 

(2,095

)

Balances, June 30, 2017

 

 

 

 

$

 

 

 

21,293,825

 

 

$

213

 

 

$

211,729

 

 

$

(20,242

)

 

$

8,119

 

 

$

(4,587

)

 

$

 

 

$

195,232

 

Net income attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,914

 

 

 

 

 

 

 

 

 

 

 

 

53,914

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,354

)

 

 

 

 

 

(1,354

)

Retirement of common stock held in treasury

 

 

 

 

 

 

 

 

 

 

(308,313

)

 

 

(3

)

 

 

(5,938

)

 

 

 

 

 

 

 

 

5,941

 

 

 

 

 

 

 

Vesting of stock-based compensation

 

 

 

 

 

 

 

 

 

 

110,257

 

 

 

1

 

 

 

822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

823

 

Common stock dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,712

)

 

 

 

 

 

 

 

 

 

 

 

(4,712

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

213

 

 

 

 

 

 

 

 

 

213

 

Balances, September 30, 2017

 

 

 

 

$

 

 

 

21,095,769

 

 

$

211

 

 

$

206,613

 

 

$

28,960

 

 

$

8,332

 

 

$

 

 

$

 

 

$

244,116

 

See Notes to Consolidated Financial Statements

 

7


 

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(dollars in thousands)

(Unaudited)

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional

 

 

Accumulated

Earnings

 

 

Accumulated Other

 

 

Common Stock

Held in

 

 

 

 

 

 

 

Number of

Shares

 

 

Par Value

 

 

Number of

Shares

 

 

Par Value

 

 

Paid-in

Capital

 

 

Less

Dividends

 

 

Comprehensive

Income

 

 

Treasury

at Cost

 

 

Total

 

Balances, December 31, 2017

 

 

 

 

$

 

 

 

21,049,565

 

 

$

210

 

 

$

206,227

 

 

$

17,885

 

 

$

15,122

 

 

$

 

 

$

239,444

 

Net income attributable to common stockholders