EX-99.1


Earnings Release		1
Cautionary Statement Regarding Forward-Looking Statements		3
Overview		4
Highlights of Recent Activity		5
Financial Summary		7
2025 Full Year Guidance		8
Components of Net Asset Value		9
Consolidated Balance Sheets		10
Consolidated Statements of Operations		11
NOI and Same Store NOI		12
Q2 Same Store Results		13
Q2 Same Store Properties Operating Metrics		15
QoQ Same Store Properties Operating Metrics		16
YTD Same Store Results		16
FFO, Core FFO and AFFO		19
Historical Capital Expenditures		20
Value-Add Program Details		21
Outstanding Debt Details		24
Debt Maturity Schedule		27
Historical Acquisition Details		28
Historical Disposition Details		29
Definitions and Reconciliations of Non-GAAP Measures		30

Highlights of Second Quarter 2025 Activity

NEW SWAP


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
April 3, 2025	April 1, 2030	JPMorgan	$	100,000		3.489	%

(1)

The floating rate option for the interest rate swap is the Secured Overnight Financing Rate (“SOFR”).

CREDIT FACILITY

•

On July 11, 2025 the Company, through the OP, entered into a $200.0 million revolving credit facility with J.P. Morgan Chase Bank, N.A. and the lenders party thereto from time to time

The Credit Facility may be increased by up to an additional $200.0 million if the lenders agree to increase their commitments. The Credit Facility will mature on June 30, 2028, unless the Company exercises its option to extend for a one-year term.

NXRT Q2 2025 NEW LEASES & RENEWALS


By Market
Market	New Leases	% Increase	Rent Increase			Renewals	% Increase	Rent Increase
ATL	146	-1.03%	$	(15.63	)	213	2.20%	$	31.33
CHA	40	2.48%	$	35.35		63	3.39%	$	46.10
DFW	202	-3.18%	$	(38.43	)	254	3.37%	$	40.85
LSV	94	1.64%	$	22.70		153	3.96%	$	54.07
NASH	135	-1.79%	$	(21.54	)	185	0.34%	$	6.62
ORL	114	-1.31%	$	(18.59	)	153	2.87%	$	45.42
PHX	194	-4.64%	$	(65.10	)	249	1.99%	$	30.17
RDU	71	-2.86%	$	(41.12	)	99	3.34%	$	46.66
SFL	163	0.68%	$	14.37		299	2.75%	$	58.33
TPA	60	1.15%	$	12.88		64	3.51%	$	45.28
TOTAL	1,219	-1.52%	$	(19.65	)	1,732	2.61%	$	39.76

SHARE REPURCHASES



Period	Shares	Cost	Weighted Avg Cost/sh	Discount to Q2'25 NAV
Q2'25	223,109	$7,650,069	$34.29	-32%
Q2'24	438,678	$14,559,561	$33.19	-34%
Total	661,787	$22,209,630	$33.56	-33%

FORECASTED SUBMARKET DELIVERIES (1)


Market	Submarket (RealPage)	Property	NXRT Unit Exposure		2025 Q2 Inventory		2024 Deliveries		2025 Deliveries		2026 Deliveries		2027 Deliveries		3-year Deliveries		3-year % Growth
ATL	Southeast Marietta	Rockledge		708		13,563		-		-		-		-		-	0.0%
ATL	Southeast Marietta	The Preserve at Terrell Mill		752		13,563		-		-		-		-		-	0.0%
ATL	Sandy Springs	The Adair		232		20,359		-		286		-		733		1,019	5.0%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman		264		8,598		312		1,341		1,030		350		2,721	31.6%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews		240		13,153		286		532		153		527		1,212	9.2%
DFW	East Fort Worth	The Venue at 8651		333		13,395		-		158		240		-		398	3.0%
DFW	Far North Dallas	Versailles		388		30,136		897		-		-		-		-	0.0%
DFW	Far North Dallas	Versailles II		242		30,136		897		-		-		-		-	0.0%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge		210		33,981		13		675		177		-		852	2.5%
DFW	Hurst/Euless/Bedford	Summers Landing		196		33,981		13		675		177		-		852	2.5%
DFW	Oak Lawn/Park Cities	Atera		380		21,239		140		622		721		-		1,343	6.3%
DFW	Richardson	Cutters Point		196		20,444		872		223		618		147		988	4.8%
LSV	Northwest Las Vegas	Bella Solara		320		22,603		965		608		-		-		608	2.7%
LSV	Northwest Las Vegas	Bloom		528		22,603		965		608		-		-		608	2.7%
LSV	Southwest Las Vegas	Torreyana		316		21,536		1,591		1,029		1,106		458		2,593	12.0%
NASH	East Nashville	Residences at Glenview Reserve		360		15,321		919		625		150		-		775	5.1%
NASH	South Nashville	Arbors of Brentwood		346		18,035		594		264		60		-		324	1.8%
NASH	South Nashville	Brandywine		632		18,035		594		264		60		-		324	1.8%
ORL	East Orlando	The Cornerstone		430		22,580		562		288		419		-		707	3.1%
ORL	Northwest Orlando	Residences at West Place		342		17,572		309		465		-		-		465	2.6%
ORL	South Orange County	Sabal Palm at Lake Buena Vista		400		35,355		2,380		1,701		908		627		3,236	9.2%
PHX	Chandler	Fairways at San Marcos		352		26,874		528		787		691		30		1,508	5.6%
PHX	North Central Phoenix	Heritage		204		27,233		918		396		58		-		454	1.7%
PHX	North Central Phoenix	The Venue on Camelback		415		27,233		918		396		58		-		454	1.7%
PHX	Northeast Phoenix	Bella Vista		248		22,762		926		112		622		60		794	3.5%
PHX	South Tempe	Enclave		204		16,998		144		-		229		-		229	1.3%
PHX	Southwest Mesa	Madera Point		256		18,340		147		129		104		132		365	2.0%
PHX	West Phoenix	Estates on Maryland		330		15,568		-		-		-		-		-	0.0%
RDU	Far North Raleigh	Six Forks Station		323		13,438		984		63		484		-		547	4.1%
RDU	North Cary/Morrisville	High House at Cary		302		23,481		2,081		467		1,103		302		1,872	8.0%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines		1,520		26,191		520		332		-		-		332	1.3%
SFL	West Palm Beach	Parc500		217		33,771		1,327		561		1,225		216		2,002	5.9%
SFL	West Palm Beach	Seasons 704		222		33,771		1,327		561		1,225		216		2,002	5.9%
TPA	Egypt Lake/Lowry Park	Courtney Cove		324		13,681		-		245		28		-		273	2.0%
TPA	Temple Terrace	The Summit at Sabal Park		252		16,551		333		212		350		-		562	3.4%
Totals/ Averages		Total		12,984		582,758		17,748		12,121		10,476		3,582		26,179	4.5%

(1)

Source: 2025 Realpage, Inc.; Data as of July 2025.

Financial Summary


	Q2 2025			Q2 2024			YTD 2025			YTD 2024
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization (as of the last day of the period)	$	845,000		$	1,004,000
Share Price (as of the last day of the period)	$	33.32		$	39.51
Weighted average common shares outstanding - basic		25,384			25,540			25,416			25,630
Weighted average common shares outstanding - diluted		25,384			26,309			25,416			26,331

Earnings Profile
Total revenues	$	63,149		$	64,238		$	126,365		$	131,815
Net income (loss) attributable to common stockholders		(7,033	)		10,596			(13,930	)		36,894
NOI (1)		38,036			38,867			75,796			79,958
Same Store NOI (2)		38,036			38,442			75,773			77,660
Same Store NOI Growth (%) (2)		-1.1	%					-2.4	%

Earnings Metrics Per Common Share (diluted basis)
Earnings	$	(0.28	)	$	0.40		$	(0.55	)	$	1.40
FFO (1)	$	0.67		$	0.62		$	1.34		$	1.34
Core FFO (1)	$	0.71		$	0.69		$	1.45		$	1.43
AFFO (1)	$	0.80		$	0.79		$	1.64		$	1.62
Dividends declared per common share	$	0.51		$	0.46		$	1.02		$	0.92
Net Income (Loss) Coverage (3)	-0.55x			0.87x			-0.54x			1.51x
FFO Coverage (3)	1.31x			1.34x			1.31x			1.45x
Core FFO Coverage (3)	1.39x			1.49x			1.42x			1.55x
AFFO Coverage (3)	1.57x			1.71x			1.61x			1.75x

Portfolio
Total Properties		35			36
Total Units (4)		12,984			13,174
Occupancy		93.3	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,500		$	1,517

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35			35			35
Total Same Store Units		12,946			12,963			12,946			12,963
Occupancy		93.3	%		94.1	%		93.3	%		94.1	%
Average Effective Monthly Rent per Unit	$	1,500		$	1,520		$	1,500		$	1,520

Value-Add Program
Completed Rehab Units		555			113			765			240
Cumulative Completed Rehab Units (5)		9,113
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	165
ROI on Post-Rehab Units		20.8	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,503,242		$	1,462,935
Total Debt Outstanding	$	1,503,242		$	1,462,935
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		64	%		59	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		64	%		59	%

(1)

For more information and reconciliations of NOI, FFO, Core FFO and AFFO, see the “FFO, Core FFO and AFFO,” “NOI and Same Store NOI” and “Definitions and Reconciliations of Non-GAAP Measures” sections of this release.

(2)

We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. For additional information regarding our Q2 and YTD Same Store properties, see the “Q2 Same Store Results” and “YTD Same Store Results” section of this release.

(3)

Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period. The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(4)

Total units owned is 12,984, however 38 units are currently excluded due to fire and water damage.

(5)

Inclusive of all full and partial interior upgrades completed through June 30, 2025. Cumulative results exclude rehabs completed for properties sold through June 30, 2025.

(6)

For more information and a reconciliation of debt to net debt, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

2025 Full Year Guidance Summary

NXRT is reaffirming guidance mid-points for Core FFO per diluted share, Same Store NOI, and Acquisitions and Dispositions and revising guidance ranges for earnings (loss) per diluted share, Same Store rental income, Same Store total revenue, and Same Store total expenses as follows (dollars in millions, except per share amounts):


	Guidance Range (1)
	Low-End			Mid-Point			High-End			Prior Mid-Point
Earnings (loss) per diluted share (1)	$	(1.40	)	$	(1.31	)	$	(1.22	)	$	(1.22	)
Core FFO per diluted share (1) (2)	$	2.66		$	2.75		$	2.84		Affirmed

Same Store Growth: (3)
Rental Income		-0.7	%		-0.1	%		0.4	%		0.2	%
Total Revenue		-0.4	%		0.1	%		0.6	%		0.5	%
Total Expenses		3.6	%		2.5	%		1.5	%		3.7	%
Same Store NOI (2)		-3.0	%		-1.5	%		0.0	%	Affirmed

Other Considerations: (4)
Acquisitions	$	—		$	100.0		$	200.0		Affirmed
Dispositions	$	—		$	100.0		$	200.0		Affirmed

(1)

Weighted average diluted share count estimate for full year 2025 is approximately 25.6 million.

(2)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2025 Same Store NOI and Core FFO guidance to net income (loss) guidance, and a discussion of why we consider these non-GAAP measures useful, see the “Definitions and Reconciliations of Non-GAAP Measures” section of this release.

(3)

Year-over-year growth for the Full Year 2025 Same Store pool (35 properties).

(4)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the loss per share and Core FFO guidance above. Actual acquisitions and dispositions could vary significantly from our projections. We undertake no duty to update these assumptions, except as required by law.

Additional information on 2025 financial and earnings guidance is included in the following sections of this release.

Components of Net Asset Value

(dollar and share amounts in thousands, except per share and per unit data)

       REAL ESTATE VALUE BY MARKET

      


Property	NOI			Cap Rate Range (1)						Value Range (2)
Market	Contribution			Min			Max			Min		Max
Texas
Dallas/Fort Worth		10.6	%		5.25	%		5.75	%	$	274,389	$	309,826

North Carolina
Raleigh		4.3	%		5.25	%		5.75	%		111,536		125,940
Charlotte		4.0	%		5.25	%		5.75	%		102,914		116,205

Georgia
Atlanta		12.4	%		5.25	%		5.75	%		322,677		364,350

Tennessee
Nashville		8.8	%		5.25	%		5.75	%		231,252		261,118

Florida
Orlando		9.2	%		5.25	%		5.75	%		240,353		271,394
Tampa		3.8	%		5.25	%		5.75	%		97,652		110,264
South Florida		20.7	%		5.25	%		5.75	%		538,298		607,818

Nevada
Las Vegas		9.3	%		5.25	%		5.75	%		240,516		271,579

Arizona
Phoenix		16.9	%		5.25	%		5.75	%		439,594		496,368
Total / Ave		100.0	%		5.25	%		5.75	%	$	2,599,181	$	2,934,862

       NOI ESTIMATE

      


Q1 2025 NOI Actual			37,760
Q2 2025 NOI Actual			38,036
	Low			High
Estimated Q3 2025 NOI Guidance (3)		36,780			38,628
2025 NOI Guidance (3)	$	149,453		$	154,080

       NAV SUMMARY

      


Component	Min					Max
Tangible Assets
Real Estate (2)	$	2,599,181				$	2,934,862
Cash				13,623
Restricted Cash - Renovation Reserves (4)				3,320
Renovation Expenditures (4)				(3,320	)
Cash Adjustments				0
Fair Market Value of Interest Rate Swaps				25,575
Other Assets				51,428
Value of Assets	$	2,689,807				$	3,025,488

Tangible Liabilities
Credit Facility (5)			$	0
Mortgage Debt				1,503,242
Total Outstanding Debt				1,503,242
Forward 12-month Principal Payments				0
Total Outstanding Debt (FY 2025 Est.)				1,503,242
Other Tangible Liabilities (at Book)				37,193
Derivative Liability				424
Value of Liabilities			$	1,540,859
Net Leverage (mid-point)				54	%
Net Asset Value	$	1,148,948				$	1,484,629
Shares outstanding - diluted (FY 2025 Est.)				26,171
Est. NAV / Share	$	43.90				$	56.73
NAV / Share (mid-point)			$	50.31

       IMPLIED VALUATION METRICS

      


	Min				Max
Implied Real Estate Value	$	2,599,181			$	2,934,862
No. of Units (June 30, 2025) (2)				12,984
Implied Value/Apartment Unit	$	200.2			$	226.0
Implied Value/Apartment Unit (mid-point)			$	213.1

(1)

Management estimates based on independent third-party review of our properties.

(2)

Estimated value ranges are presented for the existing portfolio (35 properties at June 30, 2025).

(3)

The Company anticipates net loss will be in the range between approximately ($35.9) million and ($31.3) million for the full year 2025 and between ($11.5) million and ($9.6) million for the third quarter of 2025. FY 2025 NOI Guidance considers a commensurate volume of capital recycling.

(4)

Includes approximately $3.3 million that is held for value-add upgrades; reduced by $3.3 million for estimated 2025 rehab expenditures.

(5)

Includes outstanding balance as of June 30, 2025.

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	359,819
Buildings and improvements		1,744,482			1,738,677
Construction in progress		4,918			1,267
Furniture, fixtures, and equipment		211,014			202,029
Total Gross Operating Real Estate Investments		2,320,233			2,301,792
Accumulated depreciation and amortization		(556,978	)		(508,569	)
Total Net Operating Real Estate Investments		1,763,255			1,793,223
Cash and cash equivalents		13,623			23,148
Restricted cash		34,381			30,769
Accounts receivable, net		14,363			12,337
Prepaid and other assets		6,004			6,102
Fair value of interest rate swaps		25,575			41,841
TOTAL ASSETS	$	1,857,201		$	1,907,420

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,466,530		$	1,463,650
Accounts payable and other accrued liabilities		13,151			11,351
Accrued real estate taxes payable		13,137			4,260
Accrued interest payable		6,734			7,630
Security deposit liability		2,902			2,954
Prepaid rents		1,269			1,425
Fair value of interest rate swaps		424			—
Total Liabilities		1,504,147			1,491,270

Redeemable noncontrolling interests in the OP		5,164			5,782

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; 25,364,470 and 25,403,537 shares issued and outstanding, respectively		254			254
Additional paid-in capital		401,622			407,429
Accumulated earnings less dividends		(78,152	)		(38,030	)
Accumulated other comprehensive income		24,166			40,715
Total Stockholders' Equity		347,890			410,368
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,857,201		$	1,907,420

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 June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Revenues
Rental income	$	61,230		$	62,383		$	122,670		$	127,981
Other income		1,919			1,855			3,695			3,834
Total revenues		63,149			64,238			126,365			131,815
Expenses
Property operating expenses		12,529			13,776			24,997			27,544
Real estate taxes and insurance		8,485			8,188			17,487			17,500
Property management fees (1)		1,806			1,872			3,626			3,830
Advisory and administrative fees (2)		1,725			1,734			3,421			3,477
Corporate general and administrative expenses		4,499			4,779			8,956			9,689
Property general and administrative expenses		2,143			2,651			4,143			4,932
Depreciation and amortization		24,059			24,442			48,409			48,765
Total expenses		55,246			57,442			111,039			115,737
Operating income before gain on sales of real estate		7,903			6,796			15,326			16,078
Gain on sales of real estate (3)		—			18,686			—			50,395
Operating income		7,903			25,482			15,326			66,473
Interest expense		(15,162	)		(13,971	)		(29,543	)		(28,362	)
Loss on extinguishment of debt and modification costs		—			(255	)		—			(801	)
Casualty loss		(5	)		(737	)		(168	)		(538	)
Equity in earnings of affiliate		59			53			114			91
Miscellaneous income		144			66			286			177
Net income (loss)		(7,061	)		10,638			(13,985	)		37,040
Net income (loss) attributable to redeemable noncontrolling interests in the OP		(28	)		42			(55	)		146
Net income (loss) attributable to common stockholders	$	(7,033	)	$	10,596		$	(13,930	)	$	36,894
Other comprehensive loss
Unrealized losses on interest rate derivatives		(6,442	)		(7,488	)		(16,614	)		(4,805	)
Total comprehensive income (loss)		(13,503	)		3,150			(30,599	)		32,235
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP		(53	)		12			(120	)		127
Comprehensive income (loss) attributable to common stockholders	$	(13,450	)	$	3,138		$	(30,479	)	$	32,108

Weighted average common shares outstanding - basic		25,384			25,540			25,416			25,630
Weighted average common shares outstanding - diluted		25,384			26,309			25,416			26,331

Earnings (loss) per share - basic	$	(0.28	)	$	0.41		$	(0.55	)	$	1.44
Earnings (loss) per share - diluted	$	(0.28	)	$	0.40		$	(0.55	)	$	1.40

(1)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of the OP.

(2)

Fees incurred to the Company’s adviser.

(3)

$31.5 million with a related party for the six months ended June 30, 2024.

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Same Store NOI for the three and six months ended June 30, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2025			2024			2025			2024
Net income (loss)		$	(7,061	)	$	10,638		$	(13,985	)	$	37,040
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,725			1,734			3,421			3,477
Corporate general and administrative expenses			4,499			4,779			8,956			9,689
Corporate income			(370	)		(516	)		(812	)		(812	)
Casualty-related expenses/(recoveries)	(1)		(792	)		232			(1,448	)		267
Casualty loss			5			737			168			538
Property general and administrative expenses	(2)		868			1,334			1,658			2,317
Depreciation and amortization			24,059			24,442			48,409			48,765
Interest expense			15,162			13,971			29,543			28,362
Equity in earnings of affiliate			(59	)		(53	)		(114	)		(91	)
Loss on extinguishment of debt and modification costs			—			255			—			801
Gain on sales of real estate	(3)		—			(18,686	)		—			(50,395	)
NOI		$	38,036		$	38,867		$	75,796		$	79,958
Less Non-Same Store
Revenues			—			(818	)		(4	)		(4,702	)
Operating expenses			—			393			(19	)		2,407
Operating income			—			—			—			(3	)
Same Store NOI		$	38,036		$	38,442		$	75,773		$	77,660

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(2)

Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(3)

$31.5 million with a related party for the six months ended June 30, 2024.

Q2 Same Store Results of Operations for the Three Months Ended June 30, 2025 and 2024

There are 35 properties encompassing 12,946 units of apartment space, or approximately 100% of our Portfolio, in our same store pool for the three months ended June 30, 2025 and 2024 (our “Q2 Same Store” properties). Our Q2 Same Store properties exclude 38 units mentioned on page 1 that are currently down.

As of June 30, 2025, our Q2 Same Store properties were approximately 93.3% leased with a weighted average monthly effective rent per occupied apartment unit of $1,500, year-over-year decrease of 80 bps and a decrease of $20, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended June 30, 2025 and 2024 for our Q2 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended June 30,
	2025		2024			$ Change			% Change
Revenues
Same Store
Rental income	$	61,230	$	61,615		$	(385	)		-0.6	%
Other income		1,549		1,290			259			20.1	%
Same Store revenues		62,779		62,905			(126	)		-0.2	%
Non-Same Store
Rental income		—		768			(768	)	N/M
Other income		—		50			(50	)	N/M
Non-Same Store revenues		—		818			(818	)	N/M
Total revenues		62,779		63,723			(944	)		-1.5	%

Operating expenses
Same Store
Property operating expenses (1)		13,322		13,150			172			1.3	%
Real estate taxes and insurance		8,485		8,281			204			2.5	%
Property management fees (2)		1,806		1,831			(25	)		-1.4	%
Property general and administrative expenses (3)		1,274		1,267			7			0.6	%
Same Store operating expenses		24,887		24,529			358			1.5	%
Non-Same Store
Property operating expenses (4)		—		395			(395	)	N/M
Real estate taxes and insurance		—		(93	)		93		N/M
Property management fees (2)		—		41			(41	)	N/M
Property general and administrative expenses (5)		—		50			(50	)	N/M
Non-Same Store operating expenses		—		393			(393	)	N/M
Total operating expenses		24,887		24,922			(35	)		-0.1	%

Operating income
Same Store
Miscellaneous income		144		66			78		N/M
Total operating income		144		66			78			118.2	%

NOI
Same Store		38,036		38,442			(406	)		-1.1	%
Non-Same Store		—		425			(425	)	N/M
Total NOI (6)	$	38,036	$	38,867		$	(831	)		-2.1	%

(1)

For the three months ended June 30, 2025 and 2024, excludes approximately $(792,000) and $231,000, respectively, of casualty-related expenses/(recoveries).

(2)

Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

(3)

For the three months ended June 30, 2025 and 2024, excludes approximately $835,000 and $1,151,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(4)

For the three months ended June 30, 2025 and 2024, excludes approximately $– and $–, respectively, of casualty-related expenses.

(5)

For the three months ended June 30, 2025 and 2024, excludes approximately $34,000 and $183,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our Q2 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended June 30, 2025 and 2024 (dollars in thousands, except for per unit data):


	Q2 2025			Q2 2024			% Change
Same Store Total Units		12,946			12,963
Same Store Occupied Units		12,075			12,193
Same Store Ending Occupancy		93.3	%		94.1	%		-0.8	%
Same Store Average Rent per Unit	$	1,500		$	1,520			-1.3	%

Same Store Revenues
Same Store Rental Income	$	61,230		$	61,615			-0.6	%
Same Store Other Income		1,549			1,290			20.1	%
Total Same Store Revenues		62,779			62,905			-0.2	%

Same Store Operating Expenses
Payroll		4,804			4,945			-2.9	%
Repairs & Maintenance		5,666			5,471			3.6	%
Utilities		2,852			2,733			4.4	%
Real Estate Taxes		7,195			6,678			7.7	%
Insurance		1,290			1,603			-19.5	%
Property Management Fees		1,806			1,831			-1.4	%
Office Operations		945			921			2.6	%
Marketing		329			346			-4.9	%
Total Same Store Operating Expenses		24,887			24,528			1.5	%

Same Store Operating Income
Miscellaneous Income		144			66			118.2	%
Total Same Store Operating Income		144			66			118.2	%

Q2 Same Store NOI	$	38,036		$	38,443			-1.1	%

Q2 Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent					Occupancy								Total Rental Income

	Total		Q2 2025		Q2 2024		% Change	Q2 2025			Q2 2024			bps ∆		Q2 2025		Q2 2024		% Change
Texas
Dallas		1,944	$	1,235	$	1,261	-2.1%		92.6	%		93.5	%		-90	$	7,848	$	7,884	-0.5%
Average/Total		1,944		1,235		1,261	-2.1%		92.6	%		93.5	%		-90		7,848		7,884	-0.5%

North Carolina
Charlotte		504		1,390		1,388	0.1%		95.2	%		93.8	%		140		2,283		2,287	-0.2%
Raleigh/Durham		625		1,397		1,432	-2.4%		93.9	%		94.6	%		-70		2,724		2,686	1.4%
Average/Total		1,129		1,394		1,412	-1.3%		94.5	%		94.2	%		30		5,007		4,973	0.7%

Georgia
Atlanta		1,672		1,467		1,500	-2.2%		93.7	%		93.9	%		-20		7,615		7,486	1.7%
Average/Total		1,672		1,467		1,500	-2.2%		93.7	%		93.9	%		-20		7,615		7,486	1.7%

Tennessee
Nashville		1,338		1,265		1,297	-2.5%		94.4	%		94.4	%		0		5,496		5,615	-2.1%
Average/Total		1,338		1,265		1,297	-2.5%		94.4	%		94.4	%		0		5,496		5,615	-2.1%

Florida
Orlando		1,172		1,568		1,584	-1.0%		93.4	%		94.5	%		-110		5,584		5,707	-2.2%
Tampa		576		1,324		1,385	-4.4%		92.9	%		92.7	%		20		2,432		2,465	-1.3%
South Florida		1,958		2,154		2,131	1.1%		94.6	%		95.2	%		-60		13,116		12,888	1.8%
Average/Total		3,706		1,840		1,842	-0.1%		94.0	%		94.6	%		-60		21,132		21,060	0.3%

Arizona
Phoenix		2,009		1,442		1,481	-2.6%		91.2	%		93.5	%		-230		9,141		9,469	-3.5%
Average/Total		2,009		1,442		1,481	-2.6%		91.2	%		93.5	%		-230		9,141		9,469	-3.5%

Nevada
Las Vegas		1,148		1,356		1,368	-0.9%		92.5	%		94.1	%		-160		4,991		5,128	-2.7%
Average/Total		1,148		1,356		1,368	-0.9%		92.5	%		94.1	%		-160		4,991		5,128	-2.7%

Average/Total		12,946	$	1,500	$	1,520	-1.3%		93.3	%		94.1	%		-80	$	61,230	$	61,615	-0.6%

(1)

This table includes the 35 properties in our Q2 Same Store pool.

QoQ Same Store Properties Operating Metrics

(dollars in thousands, except for per unit data)



Properties by Market (1)	Unit Count		Average Effective Rent					Occupancy								Total Rental Income

	Total		Q2 2025		Q1 2025		% Change	Q2 2025			Q1 2025			bps ∆		Q2 2025		Q1 2025		% Change
Texas
Dallas		1,944	$	1,235	$	1,236	-0.1%		92.6	%		93.3	%		-70	$	7,848	$	7,992	-1.8%
Average/Total		1,944		1,235		1,236	-0.1%		92.6	%		93.3	%		-70		7,848		7,992	-1.8%

North Carolina
Charlotte		504		1,390		1,389	0.1%		95.2	%		95.2	%		0		2,283		2,274	0.4%
Raleigh/Durham		625		1,397		1,409	-0.9%		93.9	%		92.2	%		170		2,724		2,636	3.3%
Average/Total		1,129		1,394		1,400	-0.4%		94.5	%		93.5	%		100		5,007		4,910	2.0%

Georgia
Atlanta		1,672		1,467		1,463	0.3%		93.7	%		93.8	%		-10		7,615		7,552	0.8%
Average/Total		1,672		1,467		1,463	0.3%		93.7	%		93.8	%		-10		7,615		7,552	0.8%

Tennessee
Nashville		1,338		1,265		1,265	0.0%		94.4	%		95.4	%		-100		5,496		5,483	0.2%
Average/Total		1,338		1,265		1,265	0.0%		94.4	%		95.4	%		-100		5,496		5,483	0.2%

Florida
Orlando		1,172		1,568		1,553	1.0%		93.4	%		94.6	%		-120		5,584		5,635	-0.9%
Tampa		576		1,324		1,327	-0.2%		92.9	%		94.3	%		-140		2,432		2,456	-1.0%
South Florida		1,958		2,154		2,142	0.6%		94.6	%		95.5	%		-90		13,116		13,109	0.1%
Average/Total		3,706		1,840		1,829	0.6%		94.0	%		95.0	%		-100		21,132		21,200	-0.3%

Arizona
Phoenix		2,009		1,442		1,435	0.5%		91.2	%		94.6	%		-340		9,141		9,225	-0.9%
Average/Total		2,009		1,442		1,435	0.5%		91.2	%		94.6	%		-340		9,141		9,225	-0.9%

Nevada
Las Vegas		1,148		1,356		1,357	-0.1%		92.5	%		95.0	%		-250		4,991		5,074	-1.6%
Average/Total		1,148		1,356		1,357	-0.1%		92.5	%		95.0	%		-250		4,991		5,074	-1.6%

Average/Total		12,946	$	1,500	$	1,495	0.3%		93.3	%		94.5	%		-120	$	61,230	$	61,436	-0.3%

(1)

This table includes the 35 properties in our Q2 Same Store pool.

YTD Same Store Results of Operations for the Six Months Ended June 30, 2025 and 2024

There are 35 properties encompassing 12,946 units of apartment space, or approximately 100% of our Portfolio, in our same store pool for the six months ended June 30, 2025 and 2024 (our “YTD Same Store” properties). Our YTD Same Store properties excludes 38 units mentioned on page 1 that are currently down.

As of June 30, 2025, our YTD Same Store properties were approximately 93.3% leased with a weighted average monthly effective rent per occupied apartment unit of $1,500, year-over-year decrease of 80 bps and a decrease of $20, respectively.

The following table reflects the revenues, property operating expenses and NOI for the six months ended June 30, 2025 and 2024 for our YTD Same Store and Non-Same Store properties (dollars in thousands):


	For the Six Months Ended June 30,
	2025			2024		$ Change			% Change
Revenues
Same Store
Rental income	$	122,666		$	123,526	$	(860	)		-0.7	%
Other income		2,883			2,776		107			3.9	%
Same Store revenues		125,549			126,302		(753	)		-0.6	%
Non-Same Store
Rental income		4			4,455		(4,451	)	N/M
Other income		—			247		(247	)	N/M
Non-Same Store revenues		4			4,702		(4,698	)	N/M
Total revenues		125,553			131,004		(5,451	)		-4.2	%

Operating expenses
Same Store
Property operating expenses (1)		26,443			25,854		589			2.3	%
Real estate taxes and insurance		17,510			16,837		673			4.0	%
Property management fees (2)		3,626			3,653		(27	)		-0.7	%
Property general and administrative expenses (3)		2,483			2,472		11			0.4	%
Same Store operating expenses		50,062			48,816		1,246			2.6	%
Non-Same Store
Property operating expenses (4)		1			1,424		(1,423	)	N/M
Real estate taxes and insurance		(23	)		663		(686	)	N/M
Property management fees (2)		—			177		(177	)	N/M
Property general and administrative expenses (5)		3			143		(140	)	N/M
Non-Same Store operating expenses		(19	)		2,407		(2,426	)	N/M
Total operating expenses		50,043			51,223		(1,180	)		-2.3	%

Operating income
Same Store
Miscellaneous income		286			174		112		N/M
Non-Same Store
Miscellaneous income		—			3		(3	)	N/M
Total operating income		286			177		109			61.6	%

NOI
Same Store		75,773			77,660		(1,887	)		-2.4	%
Non-Same Store		23			2,298		(2,275	)	N/M
Total NOI (6)	$	75,796		$	79,958	$	(4,162	)		-5.2	%

(1)

For the six months ended June 30, 2025 and 2024, excludes approximately $(1,449,000) and $263,000, respectively, of casualty-related expenses/(recoveries).

(2)

Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the OP.

(3)

For the six months ended June 30, 2025 and 2024, excludes approximately $1,626,000 and $2,064,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(4)

For the six months ended June 30, 2025 and 2024, excludes approximately $2,000 and $1,000, respectively, of casualty-related expenses.

(5)

For the six months ended June 30, 2025 and 2024, excludes approximately $32,000 and $252,000, respectively, of expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(6)

For additional information regarding NOI, see the “Definitions and Reconciliations of Non-GAAP Measures” and “NOI and Same Store NOI” sections of this release.

The following table contains additional information about our YTD Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the six months ended June 30, 2025 and 2024 (dollars in thousands, except for per unit data):


	YTD 2025			YTD 2024			% Change
Same Store Total Units		12,946			12,963
Same Store Occupied Units		12,075			12,193
Same Store Ending Occupancy		93.3	%		94.1	%		-0.8	%
Same Store Average Rent per Unit	$	1,500		$	1,520			-1.3	%

Same Store Revenues
Same Store Rental Income	$	122,666		$	123,526			-0.7	%
Same Store Other Income		2,883			2,776			3.9	%
Total Same Store Revenues		125,549			126,302			-0.6	%

Same Store Operating Expenses
Payroll		9,756			9,814			-0.6	%
Repairs & Maintenance		10,904			10,474			4.1	%
Utilities		5,783			5,566			3.9	%
Real Estate Taxes		14,523			13,801			5.2	%
Insurance		2,987			3,036			-1.6	%
Property Management Fees		3,626			3,653			-0.7	%
Office Operations		1,849			1,811			2.1	%
Marketing		634			661			-4.1	%
Total Same Store Operating Expenses		50,062			48,816			2.6	%

Same Store Operating Income
Miscellaneous Income		286			174			64.4	%
Total Same Store Operating Income		286			174			64.4	%

YTD Same Store NOI	$	75,773		$	77,660			-2.4	%

FFO, Core FFO and AFFO

The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share amounts):


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2025			2024			2025			2024			% Change
Net income (loss)		$	(7,061	)	$	10,638		$	(13,985	)	$	37,040		N/M
Depreciation and amortization			24,059			24,442			48,409			48,765			-0.7	%
Gain on sales of real estate	(1)		—			(18,686	)		—			(50,395	)	N/M
Adjustment for noncontrolling interests			(67	)		(64	)		(136	)		(139	)		-2.2	%
FFO attributable to common stockholders			16,931			16,330			34,288			35,271			-2.8	%

FFO per share - basic		$	0.67		$	0.64		$	1.35		$	1.38			-2.2	%
FFO per share - diluted		$	0.67		$	0.62		$	1.34		$	1.34			0.0	%

Loss on extinguishment of debt and modification costs			—			255			—			801		N/M
Casualty-related expenses/(recoveries)			(792	)		232			(1,448	)		267		N/M
Casualty loss			5			737			168			538		N/M
Amortization of deferred financing costs			1,628			702			3,272			1,419		N/M
Mark-to-market adjustments of interest rate caps			187			(116	)		778			(742	)	N/M
Adjustment for noncontrolling interests			(4	)		(7	)		(11	)		(9	)		22.2	%
Core FFO attributable to common stockholders			17,955			18,133			37,047			37,545			-1.3	%

Core FFO per share - basic		$	0.71		$	0.71		$	1.46		$	1.46			0.0	%
Core FFO per share - diluted		$	0.71		$	0.69		$	1.45		$	1.43			1.4	%

Equity-based compensation expense			2,335			2,684			4,810			5,231			-8.0	%
Adjustment for noncontrolling interests			(9	)		(11	)		(19	)		(21	)		-9.5	%
AFFO attributable to common stockholders			20,281			20,806			41,838			42,755			-2.1	%

AFFO per share - basic		$	0.80		$	0.81		$	1.65		$	1.67			-1.2	%
AFFO per share - diluted		$	0.80		$	0.79		$	1.64		$	1.62			1.2	%

Weighted average common shares outstanding - basic			25,384			25,540			25,416			25,630			-0.8	%
Weighted average common shares outstanding - diluted	(2)		25,404			26,309			25,540			26,331			-3.0	%

Dividends declared per common share		$	0.51		$	0.46		$	1.02		$	0.92			10.3	%

Net income (loss) Coverage - diluted	(3)	-0.55x			0.87x			-0.54x			1.51x			N/M
FFO Coverage - diluted	(3)	1.31x			1.34x			1.31x			1.45x				-9.3	%
Core FFO Coverage - diluted	(3)	1.39x			1.49x			1.42x			1.55x				-8.1	%
AFFO Coverage - diluted	(3)	1.57x			1.71x			1.61x			1.75x				-8.2	%

(1)

$31.5 million with a related party for the six months ended June 30, 2024.

(2)

The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.

(3)

Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.

Historical Capital Expenditures


	Q2 2025		Q2 2024		% Change			YTD 2025		YTD 2024		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures		—		—	N/A				—		—	N/A

Capitalized Rehab Expenditures
Interior		1,329		1,063		25.0	%		1,981		2,794		-29.1	%
Exterior and common area		91		889		-89.8	%		149		1,363		-89.1	%

Capitalized Maintenance Expenditures
Recurring		3,247		1,610		101.7	%		8,044		4,529		77.6	%
Non-Recurring		4,532		2,572		76.2	%		6,818		4,348		56.8	%

Total Capital Expenditures	$	9,199	$	6,134		50.0	%	$	16,992	$	13,034		30.4	%

Value-Add Program Details: Interiors (Full & Partials)


Property Name (1)	Units		Rehab Units Completed (2)		Average Rent Pre-Rehab		Average Rent Post-Rehab		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change %			ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		177	$	1,241	$	1,449	$	9,879		16.8	%		25.3	%
Arbors on Forest Ridge		210		193		787		883		4,214		12.3	%		27.5	%
Atera Apartments		380		252		1,198		1,342		3,348		12.0	%		51.5	%
Avant at Pembroke Pines		1,520		807		1,834		2,068		16,245		12.7	%		17.3	%
Bella Solara		320		140		1,275		1,424		10,339		11.7	%		17.3	%
Bella Vista		248		211		1,463		1,603		10,338		9.6	%		16.2	%
Bloom		528		174		1,247		1,398		13,050		12.2	%		13.9	%
Brandywine I & II		632		602		1,028		1,211		10,585		17.8	%		20.8	%
Courtney Cove		324		341		983		1,084		4,549		10.2	%		26.5	%
Creekside at Matthews		240		102		1,359		1,555		9,959		14.4	%		23.7	%
Cutter's Point		196		175		1,011		1,129		6,229		11.7	%		22.8	%
Estates on Maryland		330		130		1,283		1,451		11,723		13.1	%		17.2	%
Fairways of San Marcos		352		163		1,475		1,649		12,396		11.8	%		16.8	%
High House at Cary		302		130		1,339		1,580		12,104		18.0	%		23.8	%
Madera Point		256		276		883		991		4,427		12.2	%		29.2	%
Parc500		217		241		1,345		1,524		13,822		13.3	%		15.5	%
Residences at Glenview Reserve		360		306		1,100		1,319		13,019		19.9	%		20.2	%
Residences at West Place		342		175		1,528		1,715		10,935		12.3	%		20.6	%
Rockledge Apartments		708		529		1,254		1,439		9,962		14.8	%		22.3	%
Sabal Palm at Lake Buena Vista		400		121		1,600		1,807		11,457		12.9	%		21.7	%
Seasons 704 Apartments		222		247		1,228		1,363		7,619		11.0	%		21.3	%
Six Forks Station		323		146		1,137		1,409		12,073		23.9	%		27.0	%
Summers Landing		196		69		1,094		1,300		10,465		18.8	%		23.6	%
Summit at Sabal Park		252		255		1,013		1,110		5,570		9.6	%		20.9	%
The Adair		232		156		1,743		2,017		11,356		15.8	%		29.0	%
The Cornerstone		430		546		1,068		1,162		4,782		8.8	%		23.5	%
The Enclave		204		180		1,460		1,638		10,012		12.2	%		21.4	%
The Heritage		204		184		1,400		1,531		9,366		9.4	%		16.8	%
The Preserve at Terrell Mill		752		846		895		1,064		10,643		18.9	%		19.1	%
The Verandas at Lake Norman		264		101		1,295		1,466		10,626		13.3	%		19.4	%
The Venue on Camelback		415		301		779		1,022		9,975		31.2	%		29.2	%
Torreyana Apartments		316		60		1,451		1,575		12,571		8.5	%		11.8	%
Venue at 8651		333		314		831		939		6,781		13.0	%		19.1	%
Versailles		388		356		818		913		5,616		11.6	%		20.3	%
Versailles II		242		107		843		947		4,489		12.4	%		27.9	%
Total/Weighted Average		12,984		9,113	$	1,177	$	1,342	$	9,525		14.0	%		20.8	%

(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 June 30, 2025.

(3)

Inclusive of all full and partial interior upgrades completed and leased through June 30, 2025.

Value-Add Program Details: Kitchen & Laundry Appliances


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		319	$	871	$	50		68.8	%
Arbors on Forest Ridge		210		136		787		47		71.4	%
Atera Apartments		380		369		813		40		59.7	%
Avant at Pembroke Pines		1,520		503		1,310		51		46.4	%
Brandywine I & II		632		205		1,061		71		80.7	%
Creekside at Matthews		240		176		1,097		56		60.8	%
Cutter's Point		196		141		756		46		72.9	%
Estates on Maryland		330		21		1,067		38		42.3	%
Madera Point		256		158		893		31		41.3	%
Residences at Glenview Reserve		360		71		1,169		55		56.5	%
Rockledge Apartments		708		620		819		40		58.6	%
Sabal Palm at Lake Buena Vista		400		634		599		86		171.8	%
Six Forks Station		323		197		1,087		55		60.7	%
Summers Landing		196		109		882		59		79.7	%
Summit at Sabal Park		252		249		994		40		48.3	%
The Adair		232		11		1,083		84		92.8	%
The Cornerstone		430		17		809		50		74.2	%
The Verandas at Lake Norman		264		214		1,083		46		51.1	%
Venue at 8651		333		269		776		47		72.6	%
Versailles		388		313		876		49		67.6	%
Versailles II		242		138		885		28		38.4	%
Total/Weighted Average		8,238		4,870	$	941	$	50		64.2	%

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all kitchen and laundry appliance upgrades completed through June 30, 2025.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through June 30, 2025.

Value-Add Program Details: Smart Home Technology Packages


Property Name (1)	Units		Rehab Units Completed (2)		Avg. Rehab Cost Per Unit (3)		Post-Rehab Rent Change $		ROI (3)
Value-Add Programs In Progress
Arbors of Brentwood		346		346	$	1,419	$	45		30.9	%
Arbors on Forest Ridge		210		210		1,416		45		30.9	%
Atera Apartments		380		380		1,339		50		37.0	%
Avant at Pembroke Pines		1,520		1,520		1,350		45		32.4	%
Bella Solara		320		320		820		35		39.5	%
Bella Vista		248		248		970		40		39.3	%
Bloom		528		528		901		40		42.3	%
Brandywine I & II		632		632		1,234		45		35.5	%
Courtney Cove		324		324		1,238		35		26.2	%
Creekside at Matthews		240		240		913		65		72.9	%
Cutter's Point		196		196		1,400		45		31.3	%
Estates on Maryland		330		330		1,074		20		14.2	%
Fairways of San Marcos		352		352		901		40		42.3	%
Hight House at Cary		302		302		899		65		74.1	%
Madera Point		256		256		1,283		45		34.1	%
Residences at Glenview Reserve		360		360		1,017		45		43.1	%
Rockledge Apartments		708		708		942		35		34.4	%
Sabal Palm at Lake Buena Vista		400		400		1,237		45		35.4	%
Six Forks Station		323		323		844		35		38.4	%
Summers Landing		196		196		1,449		45		30.2	%
The Adair		232		232		913		45		48.0	%
The Cornerstone		430		430		1,236		45		35.4	%
The Enclave		204		204		966		40		39.4	%
The Heritage		204		204		997		40		38.2	%
The Venue on Camelback Apartments		415		415		808		30		33.0	%
The Verandas at Lake Norman		264		264		954		65		69.8	%
Torreyana Apartments		316		316		900		35		36.0	%
Venue at 8651		333		333		1,229		45		35.6	%
Versailles		388		388		1,080		45		40.6	%
Versailles II		242		242		1,241		45		35.3	%
Total/Weighted Average		11,199		11,199	$	1,113	$	43		37.2	%

Planned Value-Add Programs							Rent Change & ROI (Projections)
Residences at West Place		342		—	TBD		TBD		TBD
Seasons 704 Apartments		222		—	TBD		TBD		TBD
Summit at Sabal Park		252		—	TBD		TBD		TBD
The Preserve at Terrell Mill		752		—	TBD		TBD		TBD
Total/Weighted Average Planned		1,568		—	TBD		TBD		TBD

(1)

We do not plan to upgrade 100% of the units at each of our properties.

(2)

Inclusive of all smart home technology package upgrades completed through June 30, 2025.

(3)

Inclusive of all smart home technology package upgrades completed and leased through June 30, 2025.

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of June 30, 2025 (dollars in thousands):


Operating Properties	Type	Term (months)		Outstanding Principal				Interest Rate (1)	Maturity Date
Residences at West Place	Fixed		120	$	33,817			4.24%	10/1/2028
Arbors of Brentwood	Floating		84		39,977			5.41%	10/1/2031
Avant at Pembroke Pines	Floating		84		248,185			5.41%	10/1/2031
Bella Vista	Floating		84		37,400			5.41%	10/1/2031
Brandywine I & II	Floating		84		59,526			5.41%	10/1/2031
Cornerstone	Floating		84		45,815			5.41%	10/1/2031
Estates on Maryland	Floating		84		37,345			5.41%	10/1/2031
High House at Cary	Floating		84		32,478			5.41%	10/1/2031
Residences at Glenview Reserve	Floating		84		33,271			5.41%	10/1/2031
Sabal Palm at Lake Buena Vista	Floating		84		56,220			5.41%	10/1/2031
Six Forks Station	Floating		84		30,430			5.41%	10/1/2031
Summers Landing	Floating		84		14,135			5.41%	10/1/2031
The Adair	Floating		84		33,229			5.41%	10/1/2031
The Enclave	Floating		84		33,440			5.41%	10/1/2031
The Heritage	Floating		84		29,810			5.41%	10/1/2031
The Venue on Camelback	Floating		84		36,465			5.41%	10/1/2031
The Verandas at Lake Norman	Floating		84		30,113			5.41%	10/1/2031
Versailles II	Floating		84		15,706			5.41%	10/1/2031
Arbors on Forest Ridge	Floating		84		17,307			5.41%	12/1/2031
Atera Apartments	Floating		84		38,555			5.41%	12/1/2031
Bella Solara	Floating		84		37,772			5.41%	12/1/2031
Bloom	Floating		84		60,848			5.41%	12/1/2031
Courtney Cove	Floating		84		31,596			5.41%	12/1/2031
Creekside at Matthews	Floating		84		28,703			5.41%	12/1/2031
Cutter's Point	Floating		84		18,994			5.41%	12/1/2031
Fairways at San Marcos	Floating		84		55,056			5.41%	12/1/2031
Madera Point	Floating		84		29,676			5.41%	12/1/2031
Parc500	Floating		84		30,012			5.41%	12/1/2031
Rockledge Apartments	Floating		84		78,444			5.41%	12/1/2031
Seasons 704 Apartments	Floating		84		33,960			5.41%	12/1/2031
The Preserve at Terrell Mill	Floating		84		74,341			5.41%	12/1/2031
The Summit at Sabal Park	Floating		84		26,735			5.41%	12/1/2031
Torreyana Apartments	Floating		84		43,153			5.41%	12/1/2031
Venue at 8651	Floating		84		24,620			5.41%	12/1/2031
Versailles	Floating		84		26,108			5.41%	12/1/2031
					1,503,242
Fair market value adjustment					344		(2)
Deferred financing costs, net of accumulated amortization of $4,046					(37,056	)
				$	1,466,530

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rate used in our Portfolio is 30-Day SOFR. As of June 30, 2025, SOFR was 4.32%

(2)

The Company reflected a valuation adjustment on its fixed rate debt for Residences at West Place to adjust it to fair market value on its respective date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage.

Interest Rate Swap Agreements

As of June 30, 2025, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands):


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
September 1, 2019	September 1, 2026	KeyBank	$	100,000		1.462	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.302	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.609	%
March 4, 2020	June 1, 2026	Truist		100,000		0.820	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.845	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.953	%
April 3, 2025	April 1, 2030	JPMorgan		100,000		3.489	%
			$	917,500		1.361	%	(2)

(1)

The floating rate option for the interest rate swaps is SOFR plus 0.11448% (“Adjusted SOFR”) other than for the JPMorgan swap which is based on SOFR. As of June 30, 2025, Adjusted SOFR and SOFR were 4.44% and 4.32%, respectively.

(2)

Represents the weighted average fixed rate of the interest rate swaps.

The following table contains summary information regarding our forward interest rate swap (dollars in thousands):


Effective Date	Termination Date	Counterparty	Notional Amount		Fixed Rate (1)
September 1, 2026	January 1, 2027	KeyBank	$	92,500		1.798	%

(1)

The floating rate option for the interest rate swap is Adjusted SOFR. As of June 30, 2025, Adjusted SOFR was 4.44%.

Interest Rate Cap Agreements

As of June 30, 2025, the Company had the following interest rate caps outstanding that were not designated as cash flow hedges of interest rate risk (dollars in thousands):


Properties	Type	Maturity Date	Notional		Strike Rate
Rockledge Apartments	Floating	12/1/2025	$	93,129		6.45	%
The Preserve at Terrell Mill	Floating	12/1/2025		71,098		6.45	%
Fairways at San Marcos	Floating	12/1/2025		60,228		6.70	%
Bloom	Floating	12/1/2025		59,830		6.70	%
Torreyana Apartments	Floating	12/1/2025		50,580		6.70	%
Cornerstone	Floating	12/1/2025		46,804		6.66	%
Atera Apartments	Floating	12/1/2025		46,198		6.45	%
Silverbrook	Floating	12/1/2025		46,088		6.45	%
Bella Solara	Floating	12/1/2025		40,328		6.70	%
Versailles	Floating	12/1/2025		40,247		6.45	%
Courtney Cove	Floating	12/1/2025		36,146		6.70	%
Madera Point	Floating	12/1/2025		34,457		6.70	%
Seasons 704 Apartments	Floating	12/1/2025		33,132		6.70	%
The Summit at Sabal Park	Floating	12/1/2025		30,826		6.70	%
Creekside at Matthews	Floating	12/1/2025		29,648		6.45	%
Parc500	Floating	12/1/2025		29,416		6.45	%
Cutter's Point	Floating	12/1/2025		21,524		6.45	%
Arbors on Forest Ridge	Floating	12/1/2025		19,184		6.70	%
Venue at 8651	Floating	12/1/2025		18,690		6.45	%
The Venue on Camelback	Floating	2/1/2026		42,788		6.07	%
Avant at Pembroke Pines	Floating	10/1/2027		248,185		8.16	%
Brandywine I & II	Floating	10/1/2027		59,526		8.16	%
Sabal Palm at Lake Buena Vista	Floating	10/1/2027		56,220		8.41	%
Cornerstone	Floating	10/1/2027		45,815		8.66	%
Arbors of Brentwood	Floating	10/1/2027		39,977		8.16	%
Bella Vista	Floating	10/1/2027		37,400		8.91	%
Estates on Maryland	Floating	10/1/2027		37,345		8.91	%
The Venue on Camelback	Floating	10/1/2027		36,465		8.16	%
The Enclave	Floating	10/1/2027		33,440		8.66	%
Residences at Glenview Reserve	Floating	10/1/2027		33,271		8.16	%
The Adair	Floating	10/1/2027		33,229		8.16	%
High House at Cary	Floating	10/1/2027		32,478		8.16	%
Six Forks Station	Floating	10/1/2027		30,430		8.16	%
The Verandas at Lake Norman	Floating	10/1/2027		30,113		8.16	%
The Heritage	Floating	10/1/2027		29,810		8.91	%
Versailles II	Floating	10/1/2027		15,706		8.16	%
Summers Landing	Floating	10/1/2027		14,135		8.66	%
Rockledge Apartments	Floating	12/1/2027		78,444		7.66	%
The Preserve at Terrell Mill	Floating	12/1/2027		74,341		7.66	%
Bloom	Floating	12/1/2027		60,848		7.66	%
Fairways at San Marcos	Floating	12/1/2027		55,056		7.66	%
Torreyana Apartments	Floating	12/1/2027		43,153		7.66	%
Atera Apartments	Floating	12/1/2027		38,555		7.66	%
Bella Solara	Floating	12/1/2027		37,772		7.66	%
Seasons 704 Apartments	Floating	12/1/2027		33,960		7.66	%
Courtney Cove	Floating	12/1/2027		31,596		7.66	%
Parc500	Floating	12/1/2027		30,012		7.66	%
Madera Point	Floating	12/1/2027		29,676		7.66	%
Creekside at Matthews	Floating	12/1/2027		28,703		7.66	%
The Summit at Sabal Park	Floating	12/1/2027		26,735		7.66	%
Versailles	Floating	12/1/2027		26,108		7.66	%
Venue at 8651	Floating	12/1/2027		24,620		7.66	%
Cutter's Point	Floating	12/1/2027		18,994		7.66	%
Arbors on Forest Ridge	Floating	12/1/2027		17,307		7.66	%
			$	2,319,766		7.49	%

As of June 30, 2025, the Company had the following interest rate cap outstanding that was designated as a cash flow hedge of interest rate risk (dollars in thousands):


Property	Type	Maturity Date	Notional		Strike Rate
The Verandas at Lake Norman	Floating	7/1/2025	$	34,925		3.40	%

Debt Maturity Schedule

The following table summarizes our contractual obligations and commitments as of June 30, 2025 for the next five calendar years subsequent to June 30, 2025 and thereafter. We used the applicable reference rates as of June 30, 2025 to calculate interest expense due by period on our floating rate debt and net interest expense due by period on our interest rate swaps.


		Payments Due by Period (in thousands)
		Total		Remainder of 2025		2026		2027		2028		2029		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,503,242	$	—	$	—	$	—	$	33,817	$	—	$	1,469,425
Interest expense	(1)		397,909		26,601		49,030		62,449		64,854		66,115		128,860
Total		$	1,901,151	$	26,601	$	49,030	$	62,449	$	98,671	$	66,115	$	1,598,285

(1)

Interest expense obligations includes the impact of expected settlements on interest rate swaps which have been entered into in order to fix the interest rate on the hedged portion of our floating rate debt obligations. As of June 30, 2025, we had entered into 7 interest rate swap transactions with a combined notional amount of $0.9 billion. We have allocated the total impact of expected settlements on the $0.9 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used the applicable reference rates as of June 30, 2025 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of June 30, 2025, we had total indebtedness of $1.5 billion at an adjusted weighted average interest rate of 3.51% of which $1.5 billion was debt with a floating interest rate. As of June 30, 2025, interest rate swap agreements effectively covered 62% of our $1.5 billion of floating rate mortgage debt outstanding. For purposes of calculating the adjusted weighted average interest rate of the total indebtedness, we have included the weighted average fixed rate of 1.36% for Adjusted SOFR and SOFR on the $0.9 billion notional amount of interest rate swap agreements that we have entered into as of June 30, 2025.

(2)

Debt maturity schedule as of June 30, 2025.

Historical Acquisition Details


(in thousands, except for unit and per unit amounts)
Property Name (1)	Location	Units		Transaction Date	Purchase Price		Rehab Budget (2)		Total Investment		Per Unit
Arbors on Forest Ridge	Bedford, TX		210	1/31/2014	$	12,805	$	1,449	$	14,254	$	67,876
Cutter's Point	Richardson, TX		196	1/31/2014		15,845		1,357		17,202		87,765
The Summit at Sabal Park	Tampa, FL		252	8/20/2014		19,050		1,656		20,706		82,167
Courtney Cove	Tampa, FL		324	8/20/2014		18,950		1,691		20,641		63,707
Sabal Palm at Lake Buena Vista	Orlando, FL		400	11/5/2014		49,500		1,346		50,846		127,115
Cornerstone	Orlando, FL		430	1/15/2015		31,550		2,662		34,212		79,563
The Preserve at Terrell Mill	Marietta, GA		752	2/6/2015		58,000		6,688		64,688		86,021
Versailles	Dallas, TX		388	2/26/2015		26,165		3,917		30,082		77,531
Seasons 704 Apartments	West Palm Beach, FL		222	4/15/2015		21,000		1,900		22,900		103,153
Madera Point	Mesa, AZ		256	8/5/2015		22,525		1,808		24,333		95,051
Venue at 8651	Fort Worth, TX		333	10/30/2015		19,250		4,592		23,842		71,598
Parc500	West Palm Beach, FL		217	7/27/2016		22,421		5,082		27,503		126,742
The Venue on Camelback	Phoenix, AZ		415	10/11/2016		44,600		6,018		50,618		121,971
Rockledge Apartments	Marietta, GA		708	6/30/2017		113,500		7,685		121,185		171,165
Atera Apartments	Dallas, TX		380	10/25/2017		59,200		3,721		62,921		165,582
Versailles II	Dallas, TX		242	9/26/2018		24,680		2,797		27,477		113,541
Brandywine I & II	Nashville, TN		632	9/26/2018		79,800		7,762		87,562		138,547
Bella Vista	Phoenix, AZ		248	1/28/2019		48,400		3,414		51,814		208,927
The Enclave	Tempe, AZ		204	1/28/2019		41,800		2,608		44,408		217,686
The Heritage	Phoenix, AZ		204	1/28/2019		41,900		2,660		44,560		218,431
Summers Landing	Fort Worth, TX		196	6/7/2019		19,396		2,980		22,376		114,163
Residences at Glenview Reserve	Nashville, TN		360	7/17/2019		45,000		5,695		50,695		140,819
Residences at West Place	Orlando, FL		342	7/17/2019		55,000		4,129		59,129		172,892
Avant at Pembroke Pines	Pembroke Pines, FL		1,520	8/30/2019		322,000		32,583		354,583		233,278
Arbors of Brentwood	Nashville, TN		346	9/10/2019		62,250		4,248		66,498		192,191
Torreyana Apartments	Las Vegas, NV		316	11/22/2019		68,000		2,771		70,771		223,959
Bloom	Las Vegas, NV		528	11/22/2019		106,500		4,786		111,286		210,769
Bella Solara	Las Vegas, NV		320	11/22/2019		66,500		3,642		70,142		219,194
Fairways at San Marcos	Chandler, AZ		352	11/2/2020		84,480		4,482		88,962		252,733
The Verandas at Lake Norman	Cornelius, NC		264	6/30/2021		63,500		4,628		68,128		258,061
Creekside at Matthews	Matthews, NC		240	6/30/2021		58,000		3,943		61,943		258,096
Six Forks Station	Raleigh, NC		323	9/10/2021		74,760		6,431		81,191		251,365
High House at Cary	Cary, NC		302	12/7/2021		93,250		1,677		94,927		314,328
The Adair	Sandy Springs, GA		232	4/1/2022		65,500		5,390		70,890		305,560
Estates on Maryland	Phoenix, AZ		330	4/1/2022		77,900		4,636		82,536		250,109
Total/Weighted Average			12,984		$	2,032,977	$	162,834	$	2,195,811	$	169,117

(1)

Only includes properties owned as of June 30, 2025.

(2)

Includes interior and exterior rehab.

Historical Disposition Details


(in thousands, except unit and per unit amounts)
Property Name	Location	Units		Purchase Price		Sale Price		Per Unit		Sale Date	Net Cash Proceeds (1)		Gain on Sale
Meridian	Austin, TX		200	$	12,300	$	17,250	$	86,250	5/10/2016	$	16,981	$	4,786
Park at Regency and Mandarin Reserve	Jacksonville, FL		679		34,500		47,000		69,219	6/6/2016		46,239		11,584
Park at Blanding and Colonial Forest	Jacksonville, FL		291		12,000		14,500		49,828	8/31/2016		14,259		2,007
Willowdale Crossings	Frederick, MD		432		41,000		45,200		104,630	9/15/2016		44,439		5,576
Jade Park	Dayton Beach, FL		144		7,800		10,000		69,444	9/30/2016		9,868		1,979
The Miramar Apartments	Dallas, TX		314		8,875		16,550		52,707	4/3/2017		16,326		6,368
Toscana	Dallas, TX		192		8,875		13,250		69,010	4/3/2017		13,040		4,283
The Grove at Alban	Frederick, MD		290		23,050		27,500		94,828	4/3/2017		27,021		4,514
Twelve 6 Ten at the Park	Dallas, TX		402		20,984		26,600		66,169	4/27/2017		26,349		4,731
Regatta Bay	Seabrook, TX		240		18,200		28,200		117,500	7/14/2017		27,670		10,423
NAVA Portfolio (2)	Atlanta, GA		1,100		66,200		116,000		105,455	9/27/2017		114,010		48,046
Timberglen	Dallas, TX		304		16,950		30,000		98,684	1/31/2018		29,553		13,742
Edgewater at Sandy Springs	Atlanta, GA		760		58,000		101,250		133,224	8/28/2019		100,219		47,329
Belmont at Duck Creek	Garland, TX		240		18,525		29,500		122,917	8/28/2019		29,148		11,985
The Ashlar	Dallas, TX		264		16,235		29,400		111,364	8/28/2019		29,050		13,205
Heatherstone	Dallas, TX		152		9,450		16,275		107,072	8/28/2019		16,054		6,368
The Pointe at the Foothills	Mesa, AZ		528		52,275		85,400		161,742	8/28/2019		84,663		37,925
Abbington Heights	Antioch, TN		274		17,900		28,050		102,372	8/30/2019		27,630		10,888
Southpoint Reserve at Stoney Creek	Fredericksburg, VA		156		17,000		23,500		150,641	3/20/2020		23,176		5,469
Willow Grove	Nashville, TN		244		13,750		31,300		128,279	3/26/2020		31,005		17,513
Woodbridge	Nashville, TN		220		16,000		31,700		144,091	3/26/2020		31,237		15,990
Eagle Crest	Irving, TX		447		27,325		55,500		124,161	9/30/2020		54,779		30,160
Beechwood Terrace	Antioch, TN		300		21,400		53,600		178,667	11/1/2021		53,003		33,960
Cedar Pointe	Antioch, TN		210		26,500		37,650		179,286	11/1/2021		37,231		12,252
Hollister Place	Houston, TX		260		24,500		36,750		141,346	12/29/2022		36,455		14,684
Silverbrook	Grand Prairie, TX		642		30,400		70,000		109,034	9/22/2023		69,431		43,107
Timber Creek	Charlotte, NC		352		22,750		49,000		139,205	12/13/2023		48,348		24,819
Old Farm	Houston, TX		734		84,721		103,000		140,327	3/1/2024		102,704		31,548
Radbourne Lake	Charlotte, NC		225		24,250		39,250		174,444	4/30/2024		38,904		18,847
Stone Creek at Old Farm	Houston, TX		190		23,332		24,500		128,947	10/1/2024		24,095		3,851
Total/Weighted Average			10,786	$	775,047	$	1,237,675	$	114,748		$	1,222,887	$	497,939

(1)

Represents sales price, net of closing costs.

(2)

The NAVA Portfolio consists of The Arbors, The Crossings, The Crossings at Holcomb Bridge and The Knolls.

Definitions and Reconciliations of Non-GAAP Measures

Definitions

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 (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income (“NOI”), funds from operations attributable to common stockholders (“FFO”), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO (“AFFO”), AFFO per diluted share and net debt.

NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty gains (losses), (8) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (9) equity in earnings of affiliate. We define “Same Store NOI” as NOI for our properties that are comparable between periods. We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions during the periods.

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT’s definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.

Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as casualty-related expenses/(recoveries) and losses (gains), loss on extinguishment of debt and modification costs, the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company has adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to the current presentation.

AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our Portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the noncontrolling interests related to this item.

Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.

We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts (“REITs”) among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.

Reconciliations

Reconciliation of Debt to Net Debt


(dollar amounts in thousands)	Q2 2025			Q2 2024
Total mortgage debt	$	1,503,242		$	1,462,935
Total debt outstanding		1,503,242			1,462,935

Adjustments to arrive at net debt:
Cash and cash equivalents		(13,623	)		(21,262	)
Restricted cash held for value-add upgrades and green improvements		(3,320	)		(4,219	)
Net Debt	$	1,486,299		$	1,437,454
Enterprise Value (1)	$	2,331,299		$	2,441,454
Leverage Ratio		64	%		59	%

(1)

Enterprise Value is calculated as Market Capitalization plus Net Debt.

Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI to net loss (the most directly comparable GAAP financial measure) for the periods presented below (in thousands):


		For the Year Ended December 31, 2025			For the Three Months Ended September 30, 2025
		Mid-Point (1)			Mid-Point (1)
Net loss		$	(33,617	)	$	(10,526	)
Adjustments to reconcile net income to NOI:
Advisory and administrative fees			6,981			1,780
Corporate general and administrative expenses			18,805			4,925
Corporate income			(1,697	)		(443	)
Property general and administrative expenses	(2)		3,130			1,279
Depreciation and amortization			98,259			25,348
Interest expense			59,972			15,402
Casualty-related recoveries			168			—
Equity in earnings of affiliate			(234	)		(60	)
NOI		$	151,767		$	37,705
Less Non-Same Store
Revenues	(3)		(7	)
Operating expenses	(3)		(19	)
Same Store NOI	(3)	$	151,741

(1)

Mid-Point estimates shown for full year and third quarter 2025 guidance. Assumptions made for full year and third quarter 2025 NOI guidance include the Same Store operating growth projections included in the “2025 Full Year Guidance Summary” section of this release and the effect of the dispositions throughout the fiscal year.

(2)

Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.

(3)

Amounts are derived from the results of operations of our Full Year 2025 Same Store properties and Non-Same Store properties. There are 35 properties in our Full Year 2025 Same Store pool.

The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 (in thousands, except per share data):


	For the Year Ended December 31, 2025
	Mid-Point
Net loss	$	(33,617	)
Depreciation and amortization		98,259
Adjustment for noncontrolling interests		(255	)
FFO attributable to common stockholders		64,387
FFO per share - diluted (1)	$	2.51

Casualty-related recoveries		(1,281	)
Amortization of deferred financing costs		6,481
Mark-to-market adjustments of interest rate caps		911
Adjustment for noncontrolling interests		(24	)
Core FFO attributable to common stockholders		70,474
Core FFO per share - diluted (1)	$	2.75

Equity-based compensation expense		9,993
Adjustment for noncontrolling interests		(39	)
AFFO attributable to common stockholders		80,428
AFFO per share - diluted (1)	$	3.14

Weighted average common shares outstanding - diluted		25,616

(1)

For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.6 million for the full year 2025.

NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI for the three months ended March 31, 2025 and the year ended December 31, 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Three Months Ended March 31, 2025			For the Year Ended December 31, 2024
Net income (loss)		$	(6,924	)	$	1,114
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,696			6,899
Corporate general and administrative expenses			4,457			19,399
Corporate income			(442	)		(2,215	)
Casualty-related expenses/(recoveries)	(1)		(656	)		1,389
Casualty loss			163			626
Property general and administrative expenses	(2)		790			3,998
Depreciation and amortization			24,350			97,762
Interest expense			14,381			58,477
Equity in earnings of affiliate			(55	)		(172	)
Loss on extinguishment of debt and modification costs			—			24,004
Gain on sales of real estate			—			(54,246	)
NOI		$	37,760		$	157,035

(1)

Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).

(2)


(share counts in thousands)
Exchange/Ticker	NYSE: NXRT
Share Price (1)	$33.01
Insider Ownership (2)	15.97%
2025 Q3 Dividend Per Share	$0.51
Dividend Yield (1)	6.18%
Shares Outstanding - basic (3)	25,384
Shares Outstanding - diluted (3)	25,404


Market	% of Units
Phoenix		15.5	%
South Florida		15.1	%
Dallas/Fort Worth		15.0	%
Atlanta		13.0	%
Nashville		10.3	%
Orlando		9.0	%
Las Vegas		9.0	%
Raleigh		4.8	%
Tampa		4.4	%
Charlotte		3.9	%
Total		100.0	%


Revenue & Average Rent Per Unit		Stock Price Performance (Since Inception; 4/1/2015)


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