NXRT Supplement Q4 2015_FINAL.xlsx

Transcription

NYSE: NXRT
Supplemental Information
4th Quarter 2015
The Unaudited Reconciliation Tables and Supplemental Disclosure of NexPoint Residential Trust, Inc. ("NXRT" or the "Company") presented herein speak
only as of the date or period indicated, and NXRT does not undertake any obligation, and disclaims any duty, to update any of this information except as
required by law. NXRT’s future financial performance is subject to various risks and uncertainties that could cause actual results to differ materially from
expectations. The factors that could affect NXRT's future financial results are discussed more fully in our reports on Form 10, Form 10-Qs and Form 8-Ks
filed with the SEC. Readers are advised to refer to these reports for additional information concerning NXRT. Pictures above are illustrative of a typical NXRT
value-add rehab execution as shown at Arbors on Forest Ridge in Bedford, Texas.
NexPoint Residential Trust, Inc.
March 8, 2016 (updated March 9, 2016)
300 Crescent Court
Suite 700
Dallas, Texas 75201
Phone: 972-628-4100
www.nexpointliving.com
Cautionary Statements
Forward Looking Statements
This presentation includes forward-looking statements. These statements reflect the current views of the Company’s management with respect to future events and financial performance. These
statements include forward-looking statements with respect to the Company’s business and industry in general. Statements that include the words “expect,” “intend,” “estimate,” “may,” “should,”
“anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. Forward-looking statements
address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in
these statements. For a discussion of the factors that could change these forward-looking statements, see our filings with the SEC. The statements made herein speak only as of the date of this
presentation and the Company does not undertake to update this information except as required by law. Past performance does not guarantee future results. Performance during time periods
shown is limited and may not reflect the performance in different economic and market cycles. There can be no assurance that similar performance will be experienced.
Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a Company’s financial performance that excludes or includes
amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash
flow of the Company. The non-GAAP financial measures used within this presentation are funds from operations, or FFO, adjusted funds from operations, or AFFO, and net operating income, or
NOI. FFO is defined by NAREIT as net income computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and
impairment charges. We compute FFO in accordance with NAREIT’s definition. Our presentation differs slightly in that we begin with Net Income/(Loss) before adjusting for noncontrolling
interest as an adjustment to arrive at FFO. AFFO is calculated by adjusting our FFO by adding back items that do not reflect ongoing property operations, such as acquisition expenses, equitybased compensation expenses and the amortization of deferred loan costs. AFFO will also be adjusted to include any gains (losses) from sales of property to the extent excluded from FFO and
exclude relevant noncontrolling interests. We will not have any equity-based compensation expenses unless and until our stockholders approve an amendment to the Company’s charter to
remove the 1940 Act compliance requirements. NOI is calculated by adjusting net loss to add back interest, depreciation and amortization, acquisition costs, non-operating fees to affiliates, gains
or losses from the sale of operating real estate assets, corporate general and administrative costs and entity level general and administrative costs that are either non-recurring in nature or
incurred on behalf of us at the property for expenses such as legal, professional and franchise tax fees. We believe that the use of FFO, AFFO, and NOI, combined with the required GAAP
presentations, improves the understanding of operating results of REITs among investors and makes comparisons of operating results among such companies more meaningful. While FFO,
AFFO, and NOI are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not
be considered an alternative to those measures in evaluating our liquidity or operating performance. FFO, AFFO, and NOI do not purport to be indicative of cash available to fund our future cash
requirements. Further, our computation of FFO, AFFO, and NOI may not be comparable to FFO, AFFO, and NOI reported by other REITs.
Additional Information
For additional information, see our filings with the SEC including our Form 10-K for the year ended December 31, 2015 that will be filed on or before March 30, 2016. More information is also
included in the Company’s information statement filed as an exhibit to the Company’s registration statement on Form 10 that was declared effective by the SEC on March 18, 2015. The final
information statement is available on our website, www.nexpointliving.com, under the "Investor Relations" tab. Investors are urged to read the Form 10 and our other filings with the SEC,
including our Forms 10-Q and Forms 8-K, in their entirety. When filed with the SEC, investors are urged to read in its entirety our Form 10-K for the 2015 fiscal year.
1
Table of Contents
Company Profile
3
Financial Summary
4
Consolidated Statement of Operations
5
Reconciliation of Net Income (Loss) to FFO, AFFO and NOI
6
Balance Sheet
7
Joint Ventures Details
8
Components to Net Asset Value
9
Portfolio Operating Metrics
10
Pro Forma Same-Store Analysis
11
Same-Store Results
12
Historical Capital Expenditures
13
Debt Maturity Schedule
14
Outstanding Debt Details
15
Acquisition Details
16
Rehabilitation Details
17
Definitions
18
Reconciliation of Guidance
19
ARBORS ON FOREST RIDGE - BEFORE RENOVATION
ARBORS ON FOREST RIDGE - AFTER RENOVATION
Contact:
Marilynn Meek
Financial Relations Board
Phone: 212.827.3773
Email: [email protected]
2
Company Profile
Company Overview
Operating Portfolio by Region (1)
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the
New York Stock Exchange under the symbol "NXRT," and is primarily focused on
acquiring, owning and operating well-located middle-income multifamily properties
with "value-add" potential in large cities, primarily in the Southeastern and
Southwestern United States. NXRT is externally advised by NexPoint Real Estate
Advisors, L.P., an affiliate of Highland Capital Management, L.P., a leading global
alternative asset manager and an SEC-registered investment adviser.
Market Exposure (% of Units)
Dallas/Fort Worth
Atlanta
Jacksonville
Nashville
District of Columbia
Orlando
Phoenix
Charlotte
Tampa
Houston
West Palm Beach
Austin
Total:
We pursue investments in multifamily real property, typically with a value-add
component, where we can invest capital to provide "lifestyle" amenties to "work
force" and middle-income housing. Our value-add strategies seek to provide both
dramatically-improved communities for our residents and outsized returns for our
shareholders. As of March 8, 2016, NXRT owned 13,155 units across the U.S. in
Texas, Arizona, Georgia, Tennessee, Florida, North Carolina, and the Washington
D.C. Metro area.
Company Snapshot
Recent News
•
•
•
On October 30, 2015, NXRT acquired The Place at Vanderbilt, a 333-unit
property in Fort Worth, Texas, for $19.25 million.
As of December 31, 2015, NXRT owned 42 properties, consisting of 13,155
units and a portfolio occupancy of 93.9%.
In Q4 2015, NXRT achieved Same Store NOI growth of 7.3%, upgraded 552
units, and reported FFO and AFFO of $6.9M and $7.4M, respectively.
Exchange/Ticker
Share Price (1)
Insider Ownership
2015 Q4 Dividend Per Share
Dividend Yield (1)
Revenue & Average Rent Per Unit
Revenue ($000s)
$40,000
$850
$35,000
$800
$750
$700
$25,000
$650
$20,000
$600
$15,000
NYSE:NXRT
$12.40
15.99%
$0.206
6.65%
Guidance Summary (2016 Full Year)
Avg. Rent/Unit
$30,000
31%
20%
8%
8%
7%
6%
6%
4%
4%
2%
2%
2%
100%
(In thousands, except for per share data)
Revenue (2)
NOI (2)
FFO/Share
AFFO/Share
G&A Expenses (3)
Low-End
Mid-Point
High-End
$134,500
$69,100
$1.49
$1.54
$9,600
$135,500
$70,100
$1.53
$1.58
$10,100
$136,500
$71,100
$1.57
$1.62
$10,600
$550
$10,000
$500
$5,000
$450
$0
$400
(1) As of the close of market trading March 7, 2016
(2) Gross estimates (including NCI)
(3) Includes advisory and administrative expenses and other typical G&A expenses
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
3
Financial Summary
Company Profile
Q4 2015
Q4 2014
FY 2014
FY 2013 (1)
$236,000
21,294
$14.00
$279,000
21,294
$13.09
$236,000
21,294
$14.00
$8,000
21,294
$14.00
$32,602
15,957
16,645
7.3%
$20,435
9,749
10,686
$117,658
57,276
60,382
$43,150
21,056
22,094
$316
187
129
Per Share
FFO
AFFO
Dividends
$0.33
$0.35
$0.206
$0.21
$0.32
$0.000
$1.20
$1.38
$0.618
$0.17
$0.54
$0.000
($0.00)
$0.01
$0.000
Portfolio
Total Properties
Total Units
42
13,155
32
9,428
42
13,155
32
9,428
1
314
Market Capitalization (In thousands)
Shares Outstanding (In thousands)
OP Units Outstanding
Share Price (as of the last day of the quarter, respectively)
Earnings Profile
Revenues (In thousands)
Expenses (In thousands)
NOI (In thousands)
Same-Store NOI Growth (%)
Occupancy
Average Rent per Unit
Completed Rehab Units
YTD Completed Rehab Units (2)
Debt Summary
Total Mortgage Debt Outstanding (In thousands)
Bridge Facility (In thousands)
Leverage Ratio (Debt to Enterprise Value)
$279,000
21,294
$13.09
FY 2015
93.9%
$803
552
2,313
93.2%
$770
208
330
93.9%
$803
2,313
93.2%
$770
330
94.3%
$443
-
$682,050
$29,000
0.69
$486,575
0.63
$682,050
$29,000
0.69
$486,575
0.63
$0
0.00
Capital Expenditures
Maintenance Capital Expenditures
Expansion Capital Expenditures
$0
$0
$0
$0
$0
(1) Miramar was purchased October 31, 2013. "FY 2013" shown above is for November-December 2013 only.
(2) Inclusive of all full and partial interior upgrades completed through December 31, 2015.
4
Consolidated Statement of Operations
In thousands, except for per share data
Q4 2015
Q4 2014
FY 2015
FY 2014
FY 2013 (1)
Revenues:
Rental income
Other property revenue
Total Revenues
$28,620
3,982
$32,602
$18,233
2,202
$20,435
$103,804
13,854
$117,658
38,578
4,572
$43,150
$284
32
$316
Operating Expenses:
Property operating expenses
Acquisition-related expenses
Real estate taxes and insurance
Property management fees
Advisory and administrative fees
Corporate general and administrative expenses
Property general and administrative expenses
Depreciation and amortization
Total Operating Expenses
$9,453
188
4,501
974
1,395
807
1,623
10,005
$28,947
$5,877
2,287
2,669
602
912
844
10,220
$23,411
$34,252
2,975
15,231
3,501
5,565
2,455
5,401
40,801
$110,181
12,348
8,639
5,743
1,289
1,653
2,091
21,645
$53,408
$122
137
36
13
22
16
142
$488
Operating Income (Loss):
Interest income
Interest expense
Income from continuing operations before income taxes
Income tax (expense)/benefit
Income/(loss) from continuing operations
Net income/(loss)
Net income/(loss) attributable to redeemable non-controlling int (OP units)
Net income/(loss) attributable to non-controlling interests
Net Income/(Loss) to NXRT
$3,655
(5,600)
(1,945)
(1,945)
(1,945)
172
($2,116)
($2,975)
(3,158)
(6,134)
(6,134)
(6,134)
(562)
($5,572)
$7,477
(18,469)
(10,992)
(10,992)
(10,992)
(160)
(10,832)
($10,258)
(7,274)
(17,532)
(17,532)
(17,532)
(1,932)
($15,600)
($172)
(172)
(172)
(172)
($172)
Other Comprehensive Income/(Loss):
Change in cash flow hedges, net
Total Comprehensive Income/(Loss)
Comprehensive income/(loss) attributable to non-controlling interests
Comprehensive Income/(Loss) to NXRT
117
($1,828)
285
($2,113)
(244)
($6,377)
($6,377)
(391)
($11,383)
(93)
($11,290)
(306)
($17,838)
(1,962)
($15,876)
($172)
($172)
21,294
21,294
21,294
21,294
21,294
21,294
21,294
21,294
Common shares outstanding - basic
Common shares outstanding - diluted
21,294
21,294
(1) Miramar was purchased October 31, 2013. "FY 2013" shown above is for November-December 2013 only
5
Reconciliation of Net Income/(Loss) to FFO, AFFO, and NOI
In thousands, except for per share data
Q4 2015
Q4 2014
FY 2015
FY 2014
FY 2013 (1)
RECONCILIATION OF NET INCOME/(LOSS) TO FFO & AFFO
Consolidated Net Income/(Loss)
Add:
Gain on eminent domain
Adjustment for noncontrolling interest
FFO
Add:
Acquisition costs
Gain on eminent domain
Amortization of deferred loan costs
Equity-based compensation expenses
Adjustment for noncontrolling interest
($1,945)
($6,134)
10,005
(1,123)
10,220
469
$6,938
$4,556
$188
272
26
$2,287
157
(125)
($10,992)
($17,532)
40,801
(158)
(4,012)
21,645
(563)
142
0
$3,550
($30)
8,639
320
(1,048)
137
-
$25,639
$2,975
158
1,081
(365)
($172)
AFFO
$7,425
$6,874
$29,488
$11,461
$107
Common shares outstanding - Diluted
21,294
21,294
21,294
21,294
21,294
FFO/AFFO per Share - Diluted
FFO
AFFO
$0.33
$0.35
$0.21
$0.32
$1.20
$1.38
$0.17
$0.54
($0.00)
$0.01
Common Stock Dividends
FFO Coverage
AFFO Coverage
$0.206
1.58x
1.69x
$0.000
N/A
N/A
$0.618
1.95x
2.24x
$0.000
N/A
N/A
$0.000
N/A
N/A
Add:
Advisory and administrative fees
Corporate general and administrative fees
Non-recurring property general and administrative
Interest expense
Acquisition Costs
($1,945)
($6,134)
($10,992)
($17,532)
($172)
1,395
807
595
10,005
5,600
188
912
243
10,220
3,158
2,287
5,565
2,455
1,109
40,801
18,469
2,975
1,653
415
21,645
7,274
8,639
22
142
137
Net Operating Income (NOI)
$16,645
$10,686
$60,382
$22,094
$129
RECONCILIATION OF NET INCOME/(LOSS) TO NOI
(1) Miramar was purchased October 31, 2013. "FY 2013" shown above is for November-December 2013 only
6
Balance Sheet
In thousands
ASSETS
Real estate assets
Operating properties, net
Construction in progress, including land
Land held for development
Operating real estate assets held for sale, net
Total Real Estate Assets
Cash and cash equivalents
Accounts receivable
Other receivables due to affiliates
Restricted cash (2)
Goodwill
Real estate and escrow deposits
Deferred financing costs, net
Other assets, net
Total Assets
LIABILITIES AND EQUITY
Liabilities
Bridge Facility
Mortgage loan payables
Accounts payable and accrued liabilities
Dividend payable
Other payables due to affiliates
Acquisition contingent consideration
Security deposits, prepaid rent and other liabilities
Total Liabilities
Equity
Common stock
Additional paid-in capital
Treasury stock
Accumulated other comprehensive items, net
Accumulated deficit
Total Stockholders' Equity
Redeemable non-controlling interests
Non-controlling interest
Total Equity
Total Liabilities and Equity
Share Count Details
Shares Outstanding
Dilution
Total Share Equivalents Outstanding
FY 2015
FY 2014
FY 2013 (1)
$897,536
5,346
$902,882
16,226
2,122
46,869
6,213
1,961
$976,273
$621,996
6,530
$628,526
12,662
1,151
47,817
4,632
2,569
$697,357
$8,733
240
$8,973
190
7
2,035
27
$11,232
$29,000
682,342
12,625
3,368
$727,335
486,976
10,532
20
2,305
$499,833
15
3
50
$68
$213
240,625
(697)
(18,593)
$221,548
27,390
$248,938
$976,273
$176,549
(306)
$176,243
21,281
$197,524
$697,357
21,294
21,294
21,294
21,294
$11,163
$11,163
$11,163
$11,232
21,294
21,294
(1) Miramar was purchased October 31, 2013
(2) Includes approximately $24.5M reserved for value-add upgrades as of December 31, 2015
7
Joint Ventures Details
In thousands, except for property and unit data
# of Properties
# of Units
NXRT Ownership Percentage
Balance Sheet Information as of 12/31/15
ASSETS
Real Estate Assets (Gross)
Depreciation & Amortization
Real Estate Assets (Net)
Cash & Equivalents
Other Tangible Assets
Other Intangible Assets
Total Assets
LIABILITIES
Bridge Facility
Mortgage Debt Outstanding
Other Liabilities
Total Liabilities
Statement of Operations for the Full Year 2015
Total Revenues
Total Property Operating Expenses
NXRT's Share of NOI (Loss)
Corporate G&A
Depreciation & Amortization
Other Expenses & Income
Net Income (Loss)
NXRT's Share of Net Income (Loss)
8
Wholly Owned
Portfolio
NXRT/BH
Portfolio
NXRT/BH/Other
Portfolio
Consolidated
Total
1
314
100%
38
11,963
90.8%
3
878
80%
42
13,155
90%
$10,831
(744)
10,087
277
308
210
$10,882
$849,797
(35,115)
814,682
15,122
46,741
4,709
$881,255
$82,127
(4,014)
78,113
826
3,903
1,295
$84,136
$942,755
(39,873)
902,882
16,226
50,952
6,213
$976,273
$8,400
369
$8,769
$608,822
14,707
$623,529
$65,120
917
$66,037
$29,000
$682,342
15,993
$727,335
$2,248
1,165
$1,083
$1,082.97
$105,396
51,307
$54,089
$49,107.52
$10,014
4,804
$5,210
$4,180.37
$117,658
57,276
$60,382
$54,365.16
($5)
$0
($141)
(37)
$900
$900
($3,517)
(11)
(19,788)
(2,513)
$28,261
$25,658
($24)
0
(1732)
(15)
$3,439
$2,760
($3,546)
(11)
(21,660)
(2,565)
$32,600
$29,351
Components to Net Asset Value
$ amounts in thousands, except for per share data
Est. % NOI
Ownership
Contribution
(%)
(1)
Texas
90%
28.1%
Dallas
90%
2.6%
Houston
90%
1.6%
Austin
Cap Rate Range (2)
Min
Max
Property
Value Range (pro rata) (1)
Min
Max
5.8%
6.3%
6.0%
6.3%
6.8%
6.5%
$267,983
$22,516
$14,853
$300,140
$25,057
$16,579
North Carolina
Charlotte
90%
4.8%
6.3%
6.8%
$41,732
$46,441
Georgia
Atlanta
90%
20.1%
6.0%
6.5%
$183,295
$204,605
Tennessee
Nashville
90%
8.1%
6.0%
6.5%
$73,562
$82,114
NAV Summary
Component
Min
Max
Tangible Assets (pro rata)
Real Estate
$927,901
$1,035,822
42,702
Cash(3)
17,546
Other Tangible Assets (at Book)
Value of Assets (pro rata)
Tangible Liabilities
Bridge Facility
Mortgage Notes Payable
Total Debt Outstanding
Other Tangible Liabilities (at Book)
Partner's share of liabilities (4)
Florida
Jacksonville
Orlando
Tampa
West Palm Beach
90%
90%
90%
90%
6.9%
8.7%
4.0%
1.5%
6.0%
5.8%
6.0%
6.3%
6.5%
6.3%
6.5%
6.5%
$62,557
$82,443
$36,615
$13,342
$69,830
$92,336
$40,872
$14,297
Washington D.C.
Other
80%
8.3%
5.6%
6.0%
$72,577
$80,125
Arizona
Phoenix
95%
5.4%
5.5%
6.0%
$56,426
$63,427
Total / Ave
90%
100.0%
5.9%
6.4%
$927,901
$1,035,822
NOI ESTIMATE
Estimated 1Q 2016 NOI Range (1)
Estimated 1Q 2016 NOI Guidance Annualized (1)
$1,096,070
$29,000
682,050
711,050
15,993
72,008
Value of Liabilities (pro rata)
Net Leverage (mid-point)
$655,035
$655,035
63%
Net Asset Value (pro rata)
$333,114
Shares Outstanding
Dillution
Est. NAV / Share
$441,035
21,294
0
0
$15.64
$20.71
IMPLIED VALUATION METRICS
$927,901
$1,035,822
Implied Real Estate Value (pro rata)
10%
Add Back NCI
$14,847
$15,700
$16,645
2Q 2015 NOI Actual
3Q 2015 NOI Actual
4Q 2015 NOI Actual
$988,149
Low
16,450
High
16,950
$65,800
$67,800
Implied Real Estate Value
No of Units (Dec. 31, 2015)
Implied Value/Apartment Unit
$1,034,630 $1,154,965
13,155
$78.6
$87.8
(1) Assumes we own all properties for the full year 2016
(2) Management estimates based on independent third party review of our properties
(3) Includes Cash & cash equivalents and approximately $25.4M that is held for value-add upgrades
(4) Partner's share of liabilities excludes Bridge Facility
9
Portfolio Operating Metrics
In thousands, except for unit counts, all numbers @ 100% ownership
Owned Properties
by Region
Ownership
Unit Count
(%)
Portfolio
Total
Average Rental Rates
Q4 2015
Q4 2014
Occupancy
% Change
Q4 2015
Q4 2014
Q4 2014 (1)
-6 bps
-292 bps
-100 bps
-37 bps
$8,127
673
460
9,260
$5,011
402
431
5,844
62.2%
67.5%
6.8%
58.5%
92.9%
92.9%
243 bps
243 bps
1,318
1,318
1,236
1,236
6.6%
6.6%
94.6%
94.6%
93.5%
93.5%
109 bps
109 bps
5,613
5,613
3,385
3,385
65.8%
65.8%
6.0%
6.0%
96.1%
96.1%
95.2%
95.2%
87 bps
87 bps
2,315
2,315
2,076
2,076
11.5%
11.5%
679
1,036
728
0
761
6.2%
-8.3%
7.5%
N/A
8.3%
93.9%
94.6%
94.1%
97.3%
94.4%
94.3%
95.0%
92.2%
0.0%
93.8%
-36 bps
-42 bps
191 bps
N/A
59 bps
2,204
2,122
1,233
579
6,138
2,091
662
1,152
3,905
5.4%
220.7%
7.0%
N/A
57.2%
976
976
988
988
-1.2%
-1.2%
91.8%
91.8%
86.8%
86.8%
501 bps
501 bps
2,311
2,311
1,788
1,788
29.3%
29.3%
803
803
0
N/A
N/A
N/A
91.7%
91.7%
0.0%
N/A
N/A
N/A
1,667
1,667
0
0
93.9%
93.2%
75 bps
$28,620
$18,233
90.5%
90.0%
90.0%
90.4%
4,084
240
200
4,524
$747
1,010
816
764
$714
936
772
736
4.6%
7.9%
5.7%
3.8%
93.3%
93.3%
94.0%
93.4%
93.4%
96.3%
95.0%
93.7%
North Carolina
Charlotte
Average/Total
90.0%
90.0%
577
577
817
817
794
794
3.0%
3.0%
95.3%
95.3%
Georgia
Atlanta
Average/Total
90.0%
90.0%
2,612
2,612
786
786
738
738
6.4%
6.4%
Tennessee
Nashville
Average/Total
90.0%
90.0%
1,038
1,038
804
804
759
759
Florida
Jacksonville
Orlando
Tampa
West Palm Beach
Average/Total
90.0%
90.0%
90.0%
90.0%
90.0%
1,114
830
576
222
2,742
721
950
782
980
825
Washington D.C.
Other
Average/Total
80.2%
80.2%
878
878
Arizona
Phoenix
Average/Total
95.0%
95.0%
784
784
90%
13,155
bps ∆
Q4 2015 (1)
Texas
Dallas
Houston
Austin
Average/Total
Average/Total:
Total Rental Revenue
$803
$770
4.2%
`
% Change
N/A
N/A
57.0%
(1) Only includes partial months for acquisitions made during the quarter
10
Pro Forma Same-Store Analysis (1)
In thousands, except for unit counts
Pro Forma Same Store Portfolio Details
Total Units
Q4 2015
Q4 2014
13,155
13,155
Same Store Rental Revenue
Same Store Other Revenue
Same Store Revenue
$28,843
4,011
$32,854
$27,125
3,262
$30,387
Same Store Property Operating Expenses
Pro Forma Same Store NOI
16,300
$16,554
14,993
$15,394
Q4 2015
Property Operating Expenses Detail
Property Taxes
Payroll
Repairs & Maintenance
Office Operations
Utilities
Insurance
Marketing
Property Management Fee
Total
Q4 2014
% Change
FY 2015
FY 2014
% Change
13,155
13,155
6.3%
23.0%
8.1%
$112,527
14,901
$127,428
$107,371
12,691
$120,062
4.8%
17.4%
6.1%
8.7%
7.5%
62,336
$65,092
60,521
$59,541
3.0%
9.3%
% Change
FY 2015
FY 2014
% Change
$3,756
4,073
2,546
810
2,880
795
458
982
$3,030
3,829
2,649
665
2,680
870
346
924
23.9%
6.4%
-3.9%
21.8%
7.5%
-8.6%
32.4%
6.3%
$13,070
15,771
10,186
3,452
11,020
3,269
1,809
3,760
$11,362
15,531
11,001
3,284
10,692
3,257
1,454
3,940
15.0%
1.5%
-7.4%
5.1%
3.1%
0.3%
24.4%
-4.6%
16,300
14,993
8.7%
62,336
60,521
3.0%
(1) The Pro Forma Same Store Analysis combines unaudited financial statements provided by the respective sellers with NXRT's actual unaudited financial statements. The
trailing 3 month average was used to estimate performance for months in which we were not provided the financial statements from the sellers. Given the limited amount of
time NXRT has operated as a public company, this information is being presented to give representative performance metrics on our entire portfolio.
11
Same Store Results
In thousands, except for unit counts
Same Store Portfolio Details
Same Store Total Units
Same Store Occupied Units
Same Store Ending Occupancy
Same Store Average Rent per Unit
Same Store Rental Revenue
Same Store Other Revenue
Same Store Revenue
Same Store Property Operating Expenses
Same Store NOI
Q4 2015 (1)
7,532
7,097
94.2%
$793
Total
7,532
6,992
92.8%
$753
% Change
1.50%
139 bps
5.3%
FY 2015 (2)
314
290
92.4%
$596
FY 2014 (2)
314
292
93.0%
$546
% Change
-0.7%
-64 bps
9.0%
$16,489
2,278
$18,767
$15,327
1,828
$17,156
7.6%
24.6%
9.4%
$1,979
263
$2,242
$1,730
214
$1,944
14.4%
22.9%
15.3%
9,576
$9,191
8,589
$8,567
11.5%
7.3%
1,147
$1,096
1,127
$817
1.7%
34.2%
Q4 2015 (1)
Property Operating Expenses Detail
Property Taxes
Payroll
Repairs & Maintenance
Office Operations
Utilities
Insurance
Marketing
Property Management Fee
Q4 2014 (1)
Q4 2014 (1)
% Change
$2,243
2,295
1,428
523
1,843
461
225
557
$1,781
2,096
1,491
441
1,560
516
195
508
25.9%
9.5%
-4.2%
18.6%
18.2%
-10.7%
15.6%
9.6%
9,576
8,589
11.5%
FY 2015 (2)
FY 2014 (2)
% Change
$176
337
211
81
196
42
27
78
$167
335
196
74
182
82
14
77
5.1%
0.5%
7.8%
9.5%
7.6%
-49.1%
93.4%
0.9%
1,147
1,127
2%
(1) For the fourth quarter of 2015, our same store pool consisted of 25 properties: Miramar, Arbors on Forest Ridge, Cutter's Point, Eagle Crest, Meridian, Silverbrook,
Timberglen, Toscana, The Grove at Alban, Willowdale Crossing, Edgewater at Sandy Springs, Beechwood Terrace, Willow Grove, Woodbridge, Abbington Heights, Colonial
Forest, Courtney Cove, Park at Blanding, Park at Regency, The Summit at Sabal Park, Jade Park, Mandarin Reserve, Timber Creek, Belmont at Duck Creek, and Radbourne
Lake.
(2) Miramar was purchased October 31, 2013 and it is the only property eligible for a full year same-store comparison.
12
Historical Capital Expenditures
Q4 2015
In thousands
Acquisition Capital Expenditures
Rehab Capital Expenditures (1)
Total Capital Expenditures
Historical Cap Ex Composition
(Oct '13 - Dec '15)
Q4 2014
% Change
FY 2015
FY 2014
% Change
$19,250
9,024
$150,900
7,111
-87.2%
26.9%
$277,434
35,097
$624,325
13,209
-55.6%
165.7%
$28,274
$158,011
-82.1%
$312,531
$637,534
-51.0%
In Millions
Acquistion
Rehab
5%
95%
$285
$151
$148
$162
$75
$9
$41
$0.2
4Q13
$0.6
$0.8
1Q14
2Q14
$4.8
3Q14
$7.1
4Q14
$7.4
1Q15
$21
$19
$8.1
$10.5
$9.0
2Q15
3Q15
4Q15
(1) Includes interior, exterior, and common area capital expenditures
13
Debt Maturities and Principal Payments
2016
In thousands
Floating Rate Debt
Bridge Facility
Total Floating Debt
Fixed Rate Debt
Unsecured Notes
Total Fixed Debt
Total Consolidated Debt
Total Debt (Pro-Rata)
Weighted Avg. Interest Rates
Consolidated - Floating
Consolidated - Fixed
Total Consolidated
2017
2018
2019
2020
Thereafter
$3,830
29,000
32,830
$7,136
7,136
$12,098
12,098
$12,893
12,893
$72,008
72,008
$528,861
528,861
$636,825
29,000
665,825
$789
789
$829
829
$11,593
11,593
$678
678
$702
702
30,634
30,634
$45,225
45,225
$33,619
$33,619
$7,965
$7,965
$23,690
$23,690
$13,571
$13,571
$72,710
$72,710
$559,495
$559,495
$711,050
$711,050
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Debt Composition
Fixed Rate Debt
Floating Rate Debt
$559,495
$600,000
6%
Total
$500,000
$400,000
$300,000
94%
$200,000
$100,000
$33,619
$72,710
$7,965
$23,690
$13,571
2017
2018
2019
$0
2016
14
2020
Thereafter
Outstanding Debt Details
In thousands and as of December 31, 2015
Property
Abbington Heights
Belmont at Duck Creek
Cornerstone
Total/Average
Miramar
Arbors on Forest Ridge
Cutter's Point
Eagle Crest
Meridian
Silverbrook
Timberglen
Toscana
The Grove at Alban
Willowdale Crossings
Edgewater at Sandy Springs
Beechwood Terrace
Willow Grove
Woodbridge
Colonial Forest
Courtney Cove
Park at Blanding
Park at Regency
The Summit at Sabal Park
Jade Park
Mandarin Reserve
Timber Creek
Radbourne Lake
The Arbors
The Knolls
The Crossings at Holcomb Bridge
The Crossings
Sabal Palm at Lake Buena Vista
Southpoint Reserve at Stoney Creek
McMillan Place
Barrington Mill
Dana Point
Heatherstone
Versailles
Seasons 704
The Place at Vanderbilt
Total/Average
Madera Point
The Pointe at the Foothills
Regatta Bay (2)
Total/Average
Total/Average
15
Principal
Int. Rate
Fixed Rate First Mortgage Debt
3.79%
$10,403
4.68%
$11,342
4.24%
$23,480
$45,225
4.25%
Max
Note Rate
Maturity
Date
Recourse /
Non-Recourse
3.79%
4.68%
4.24%
4.25%
Sep-22
Sep-18
Mar-23
No
No
No
Feb-25
Feb-21
Feb-21
Feb-21
Feb-21
Feb-21
Feb-21
Feb-21
Apr-21
Jun-21
Aug-21
Aug-21
Aug-21
Aug-21
Sep-21
Sep-21
Sep-21
Sep-21
Sep-21
Sep-21
Oct-21
Oct-24
Oct-24
Nov-24
Nov-24
Nov-24
Nov-24
Dec-24
Jan-22
Feb-25
Mar-22
Mar-22
Mar-22
Mar-22
May-22
Jan-22
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Sep-20
Sep-20
Nov-20
No
No
No
Variable Rate First Mortgage Debt with Interest Rate Caps
$8,400
2.65%
5.75%
3.16%
5.75%
$10,244
3.16%
5.75%
$12,676
3.16%
5.75%
$21,860
3.16%
5.75%
$9,840
3.16%
5.75%
$24,320
3.16%
5.75%
$13,560
3.16%
5.75%
$7,100
2.97%
6.50%
$18,720
2.70%
5.75%
$32,800
2.52%
5.75%
$43,550
2.51%
6.00%
$17,120
2.54%
6.00%
$11,000
2.52%
6.25%
$12,800
2.59%
6.25%
$4,125
2.51%
5.75%
$14,210
2.59%
7.25%
$4,875
2.59%
7.01%
$6,225
2.51%
5.75%
$14,287
2.58%
6.49%
$5,850
2.53%
5.50%
$19,575
2.25%
5.96%
$19,482
2.24%
6.25%
$19,213
2.24%
7.11%
$5,812
2.24%
7.11%
$16,038
2.24%
7.35%
$12,450
2.24%
7.21%
$15,874
2.24%
6.26%
$37,680
2.54%
6.00%
$13,600
2.35%
5.92%
$15,738
2.39%
5.50%
$43,500
2.48%
5.50%
$12,176
2.51%
5.50%
$7,087
2.46%
5.50%
$19,623
2.23%
5.95%
$12,660
2.66%
5.75%
$13,875
$577,945
2.58%
5.99%
Variable Rate First Mortgage Debt without Interest Rate Caps
2.33%
$13,515
2.32%
$31,365
2.31%
$14,000
2.32%
$58,880
$682,050
2.67%
-
Bridge Facility
(as of 12/31/2015) (1)
Capacity
Outstanding
Type
Letters of Credit
Remaining Capacity
Interest Rate Spread
Interest Rate
Maturity Date
$29,000
$29,000
Floating
N/A
$
4.00%
4.43%
Aug-16
(1) The Bridge Facility is recourse to the Company and is secured by the
equity interests in Madera Point and The Pointe at the Foothills
(2) Regatta Bay loan was refinanced with a 5-year $14M variable rate loan
priced at 3-Month LIBOR (subject to 25 bps floor) plus 170 bpsRemaining
and 36month interest only period (subject to 2 call options at Lender's discretion 11/1/18, 11/1/19)
Interest Ra
Interest Ra
N/A
N/A
N/A
Acquisition Details
In thousands, excluding unit counts and investment per unit
Acquisition History
Location
Ownership
%
Units
Acquisitions
Occupancy
at Acquisiton
Transaction
Date
Purchase Price
Investment
Rehab Budget(1)
Total
Per Unit
Q4 2013
Miramar
Richardson, TX
100%
314
95.9%
10/31/2013
$8,875
$2,151
$11,026
$35,115
Q1 2014
Cutter's Point
Eagle Crest
Meridian
Silverbrook
Timberglen
Toscana
The Grove at Alban
Bedford, TX
Richardson, TX
Irving, TX
Austin, TX
Grand Prairie, TX
Dallas, TX
Dallas, TX
Frederick, MD
90%
90%
90%
90%
90%
90%
90%
76%
210
196
447
200
642
304
192
290
93.8%
93.4%
95.1%
95.5%
93.8%
94.7%
93.8%
93.4%
1/31/2014
1/31/2014
1/31/2014
1/31/2014
1/31/2014
1/31/2014
1/31/2014
3/10/2014
12,805
15,845
27,325
12,300
30,400
16,950
8,875
23,050
1,449
1,357
1,120
1,247
1,661
1,013
1,077
1,704
14,254
17,202
28,445
13,547
32,061
17,963
9,952
24,754
67,877
87,765
63,636
67,737
49,939
59,089
51,835
85,357
Q2 2014
Willowdale Crossing
Frederick, MD
80%
432
95.1%
5/15/2014
41,000
2,033
43,033
99,613
Q3 2014
Edgewater at Sandy Spings
Beechwood Terrace
Willow Grove
Woodbridge
Abbington Heights
Colonial Forest
Courtney Cove
Park at Blanding
Park at Regency
Jade Park
Mandarin Reserve
Timber Creek
Radbourne Lake
Atlanta, GA
Antioch, TN
Nashville, TN
Nashville, TN
Antioch, TN
Jacksonville, FL
Tampa, FL
Orange Park, FL
Jacksonville, FL
Tampa, FL
Daytona Beach, FL
Jacksonville, FL
Charlotte, NC
Garland, TX
Charlotte, NC
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
760
300
244
220
274
174
324
117
159
252
144
520
352
240
225
95.8%
97.3%
96.3%
95.0%
96.4%
91.4%
96.3%
94.9%
96.2%
98.4%
96.5%
95.8%
96.9%
96.3%
93.8%
7/18/2014
7/21/2014
7/21/2014
7/21/2014
8/1/2014
8/20/2014
8/20/2014
8/20/2014
8/20/2014
8/20/2014
8/20/2014
9/15/2014
9/30/2014
9/30/2014
9/30/2014
58,000
21,400
13,750
16,000
17,900
5,500
18,950
6,500
8,300
19,050
7,800
26,200
22,750
18,525
24,250
5,281
1,815
2,116
1,641
1,617
888
1,691
898
923
1,656
935
3,319
4,334
1,174
1,438
63,281
23,215
15,866
17,641
19,517
6,388
20,641
7,398
9,223
20,706
8,735
29,519
27,084
19,699
25,688
83,264
77,382
65,024
80,188
71,231
36,713
63,708
63,231
58,007
82,165
60,656
56,767
76,942
82,079
114,167
Q4 2014
The Arbors
The Knolls
The Crossings
Regatta Bay
Tucker, GA
Marietta, GA
Roswell, GA
Marietta, GA
Seabrook, TX
Orlando, FL
Fredericksburg, VA
90%
90%
90%
90%
90%
90%
85%
140
312
268
380
240
400
156
94.3%
94.9%
94.0%
96.8%
88.8%
95.3%
93.6%
10/16/2014
10/16/2014
10/16/2014
10/16/2014
11/4/2014
11/5/2014
12/18/2014
7,800
21,200
16,000
21,200
18,200
49,500
17,000
1,340
2,059
2,220
2,220
1,987
1,346
1,737
9,140
23,259
18,220
23,420
20,187
50,846
18,737
65,285
74,549
67,986
61,632
84,112
127,114
120,110
Q1 2015
Cornerstone
McMillan Place
Barrington Mill
Dana Point
Heatherstone
Versailles
Orlando, FL
Dallas, TX
Marietta, GA
Dallas, TX
Dallas, TX
Dallas, TX
90%
90%
90%
90%
90%
90%
430
402
752
264
152
388
95.3%
93.5%
94.0%
92.8%
95.4%
92.8%
1/15/2015
1/15/2015
2/6/2015
2/26/2015
2/26/2015
2/26/2015
31,550
20,984
58,000
16,235
9,450
26,165
2,662
3,011
6,688
2,165
1,648
3,917
34,212
23,995
64,688
18,400
11,098
30,082
79,562
59,688
86,021
69,698
73,015
77,530
Q2 2015
Seasons 704
West Palm Beach, FL
90%
222
98.2%
4/15/2015
21,000
1,900
22,900
103,154
Q3 2015
Madera Point
Pointe at the Foothills
Mesa, AZ
Phoenix, AZ
95%
95%
256
528
96.9%
96.4%
8/5/2015
8/5/2015
22,525
52,275
1,808
1,372
24,333
53,647
95,049
101,604
Q4 2015
Fort Worth, TX
95%
333
91.6%
10/30/2015
90%
13,155
95.0%
Total/Wtd. Avg.
19,250
4,592
23,842
$910,634
$87,208
$997,842
71,598
$75,853
(1) Includes interior and exterior rehab
16
Rehabilitation Details
In thousands, excluding unit counts
Rehabs In Process
Rehabilitation Projects
In Process
Abbington Heights
Barrington Mill
Beechwood Terrace
Colonial Forest
Cornerstone
Courtney Cove
Cutter's Point
Dana Point
Eagle Crest
Edgewater at Sandy Springs
Heatherstone
Jade Park
Mandarin Reserve
Meridian
Miramar
Park at Blanding
Park at Regency
Radbourne Lake
Regatta Bay
Silverbrook
The Arbors
The Crossings
The Grove at Alban
The Knolls
Timber Creek
Timberglen
Toscana
Versailles
Willow Grove
Willowdale Crossing
Woodbridge
McMillan Place
Seasons 704
Madera Point
Location
Antioch, Tennessee
Bedford, Texas
Marietta, Georgia
Antioch, Tennessee
Dallas, Texas
Jacksonville, Florida
Orlando, Florida
Tampa, Florida
Richardson, Texas
Dallas, Texas
Irving, Texas
Atlanta, Georgia
Dallas, Texas
Daytona Beach, Florida
Austin, Texas
Richardson, Texas
Orange Park, Florida
Charlotte, North Carolina
Seabrook, Texas
Grand Prairie, Texas
Fredericksburg, Virginia
Tucker, Georgia
Marietta, Georgia
Roswell, Georgia
Frederick, Maryland
Marietta, Georgia
Tampa, Florida
Charlotte, North Carolina
Dallas, Texas
Dallas, Texas
Dallas, Texas
Nashville, Tennessee
Frederick, Maryland
Nashville, Tennessee
Dallas, Texas
Orlando, Florida
West Palm Beach, Florida
Mesa, Arizona
Total/Wtd. Avg.
Rehabilitation Projects
Planned
Location
Rehab Units: Avg. Rent
Pre-Rehab
Post-Rehab
Rehab Returns
Rent % Change
ROI (3)
Ownership
%
Units (1)
Units
Completed (2)
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
100%
90%
90%
90%
90%
90%
85%
90%
90%
90%
76%
90%
90%
90%
90%
90%
90%
90%
80%
90%
90%
90%
90%
95%
274
210
752
300
240
174
430
324
196
264
447
760
152
144
520
200
314
117
159
225
240
642
156
140
380
268
290
312
252
352
304
192
388
244
432
220
402
400
222
256
75
61
105
52
73
52
57
63
76
71
58
174
56
36
90
85
43
29
56
132
85
119
28
40
95
97
50
98
80
34
73
66
55
49
31
46
56
19
22
56
737
774
738
775
872
623
830
715
874
726
772
808
749
742
720
765
601
753
625
901
979
700
923
831
762
750
948
786
817
747
705
590
554
716
911
831
625
1083
998
625
824
856
889
861
976
670
921
807
989
796
850
908
823
843
808
823
652
832
705
962
1094
768
1081
914
821
826
1005
884
896
876
785
667
637
842
982
940
705
1160
1088
705
11.8%
10.6%
20.6%
11.2%
12.0%
7.5%
10.9%
12.9%
13.2%
9.6%
10.1%
12.4%
10.0%
13.7%
12.2%
7.6%
8.4%
10.5%
12.9%
6.8%
11.8%
9.8%
17.1%
10.0%
7.7%
10.1%
6.1%
12.5%
9.7%
17.4%
11.3%
13.1%
15.1%
17.6%
7.8%
13.0%
12.9%
7.1%
9.1%
12.9%
18.4%
21.8%
20.6%
15.6%
40.6%
25.0%
25.0%
24.6%
25.9%
16.4%
29.7%
19.9%
18.1%
24.7%
23.6%
20.9%
18.0%
18.4%
15.2%
66.2%
28.7%
20.8%
25.9%
19.1%
17.1%
16.2%
16.4%
19.4%
21.4%
30.5%
20.1%
22.6%
12.9%
25.3%
14.1%
16.3%
15.2%
68.2%
19.8%
15.2%
5,419
4,389
8,280
6,215
3,176
2,163
4,425
4,352
4,989
4,901
3,276
6,013
4,661
4,943
4,507
3,301
3,163
5,097
6,236
1,044
4,179
4,034
5,890
4,707
4,122
5,521
4,745
5,946
4,282
4,912
4,837
4,188
8,076
5,903
5,900
7,546
6,236
1,254
5,445
6,236
90%
12,294
2,643
$769
$863
11.4%
21.5%
$4,728
Rehabs Planned
Ownership
%
Units
Units
Completed
Projected Avg. Rent (4)
Pre-Rehab
Post-Rehab
Projected Rehab Returns (4)
Rent % Change
ROI
Rehab Cost (3)
Avg. $/Unit
Rehab Cost
Avg. $/Unit
95%
95%
528
333
-
810
748
860
792
6.2%
5.9%
TBD
TBD
TBD
TBD
Total/Wtd. Avg.
95%
861
-
$786
$834
6.0%
TBD
TBD
Total/Wtd. Avg.
90%
13,155
2,643
$770
$861
11.0%
TBD
TBD
The Pointe at the Foothills
Phoenix, Arizona
Fort Worth, Texas
(1) We do not plan to upgrade 100% of the units at each of our properties
(2) Inclusive of all full and partial interior upgrades completed through December 31, 2015
(3) Inclusive of all full and partial interior upgrades completed and leased through December 31, 2015
(4) Year 1 estimates
17
Definitions
Funds from Operations (FFO):
Funds From Operations, or FFO, is defined in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss)
attributable to common shareholders (computed in accordance with Generally Accepted Accounting Principles), excluding real estate related depreciation and amortization, excluding gains and losses from the
cumulative effects of accounting changes, extraordinary items and sales of properties, and including adjustments for non-controlling interests.
Adjusted Funds from Operations (AFFO):
AFFO is calculated by adjusting our FFO by adding back items that do not reflect ongoing property operations, such as acquisition expenses, equity-based compensation expenses and the amortization of
deferred loan costs. AFFO will also be adjusted to include any gains (losses) from sales of property to the extent excluded from FFO and exclude relevant noncontrolling interests.
Net Operating Income:
Net Operating Income, or NOI, is a non-GAAP financial measure of performance. NOI is used by investors and our management to evaluate and compare the performance of our properties, to determine trends
in earnings and to compute the fair value of our properties as it is not affected by (1) the cost of funds, (2) acquisition costs, (3) non-operating fees to affiliates, (4) the impact of depreciation and amortization
expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (5) corporate general and administrative expenses and
other gains and losses that are specific to us and (6) entity level general and administrative expenses that are either non-recurring in nature or incurred on behalf of us at the property for expenses such as legal,
professional and franchise tax fees.
Same Store:
We define “same store” properties as properties that were in our portfolio on October 1st, 2014 and December 31, 2015. There are twenty-five properties meeting this definition as of December 31, 2015:
Miramar, Arbors on Forest Ridge, Cutter's Point, Eagle Crest, Meridian, Silverbrook, Timberglen, Toscana, The Grove at Alban, Willowdale Crossing, Edgewater at Sandy Springs, Beechwood Terrace, Willow
Grove, Woodbridge, Abbington Heights, Colonial Forest, Courtney Cove, Park at Blanding, Park at Regency, The Summit at Sabal Park, Jade Park, Mandarin Reserve, Timber Creek, Belmont at Duck Creek,
and Radbourne Lake.
18
Reconciliation of Guidance
Reconciliation of Guidance for 2016 NOI, FFO, and AFFO
The Company anticipates that net loss will be in the range between $2.0 million to $4.0 million for the full year and between $(0.9) million to $(1.3) million for the first quarter of 2016. The
difference between net loss and FFO is depreciation and amortization, which is anticipated to be $35.0 million to $36.0 million for the full year 2016. The difference between FFO and AFFO is
deferred loan costs to the extent excluded from FFO, which are anticipated to total approximately $1.1 million for the full year 2016. The difference between net loss and NOI is depreciation
and amortization, interest expense, the advisory and administrative fees and the reimbursement of adviser expenses, which are anticipated to total approximately $72.0 million to $74.0 million
for the full year and $17.6 million to $18.0 million for the first quarter of 2016. Our guidance assumes we own all properties for the full year 2016. The Company expects approximately
21,293,825 shares to be outstanding during 2016.
RECONCILIATION OF NET INCOME/(LOSS) TO NOI
Add:
Management and administrative fees
Corporate general and administrative fees
Non-recurring property general and administrative
Interest expense
Acquisition Costs
19
Q1 2015
Unaudited
($5,893)
Q2 2015
Unaudited
($2,265)
1,277
0
255
11,610
4,009
1,932
1,439
831
315
10,050
4,239
238
$13,190
$14,847
Q3 2015
Unaudited
($890)
1,454
817
(56)
9,135
4,622
618
$15,700
Q4 2015
Unaudited
($1,945)
FY 2015
($10,992)
1,395
807
595
10,005
5,600
188
5,565
2,455
1,109
40,801
18,469
2,975
$16,645
$60,382

NXRT Supplement Q4 2015_FINAL.xlsx

Transcription

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