Revenue growth remains marginal at 0.5% as of 2026Q1, while NOI margins exhibit extreme volatility, swinging from a high of 136.3% in 2025Q4 to a low of 54.6% in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Revenue | 251.61M | 251.28M | 259.7M | 277.53M | 263.95M | 219.24M | 204.8M | 181.07M | 146.6M | 144.24M | 132.85M | 117.66M | 43.15M | 316K |
| Revenue Growth % | -0.74% | -3.24% | -6.42% | 5.14% | 20.39% | 7.05% | 13.11% | 23.51% | 1.64% | 8.57% | 12.91% | 172.67% | 13555.06% | - |
| Property Operating Expenses | 22.46M | 39.56M | 113.23M | 119.94M | 120.06M | 102.19M | 98.79M | 87.46M | 62.67M | 64.17M | 60.17M | 54.88M | 20.18M | 172K |
| Net Operating Income (NOI) | 229.15M | 211.72M | 146.47M | 157.58M | 143.89M | 117.05M | 106.01M | 93.61M | 83.93M | 80.06M | 72.67M | 62.77M | 22.97M | 144K |
| NOI Margin % | 91.07% | 84.26% | 56.4% | 56.78% | 54.51% | 53.39% | 51.76% | 51.7% | 57.25% | 55.51% | 54.7% | 53.35% | 53.23% | 45.57% |
| Operating Expenses | 161.23M | 183.79M | 62.91M | 44.41M | 97.63M | 52.63M | 23.3M | -48.98M | 67.13M | 66.78M | 50.44M | 52.32M | 24.59M | 177K |
| G&A Expenses | 26.67M | 24.89M | 19.4M | 17.15M | 14.67M | 11.97M | 10.04M | 9.61M | 19.66M | 18.02M | 14.8M | 11.52M | 2.94M | 35K |
| EBITDA | 124.72M | 123.68M | 181.32M | 208.36M | 143.9M | 151.3M | 165.13M | 211.68M | 64.26M | 140.41M | 57.49M | 48.28M | 11.39M | -28K |
| EBITDA Margin % | 49.57% | 49.22% | 69.82% | 75.08% | 54.52% | 69.01% | 80.63% | 116.91% | 43.84% | 97.35% | 43.27% | 41.03% | 26.39% | -8.86% |
| Depreciation & Amortization | 95.69M | 95.75M | 97.76M | 95.19M | 97.65M | 86.88M | 82.41M | 69.09M | 47.47M | 48.75M | 35.64M | 40.8M | 21.64M | 142K |
| D&A / Revenue % | 38.03% | 38.11% | 37.64% | 34.3% | 36.99% | 39.63% | 40.24% | 38.16% | 32.38% | 33.8% | 26.83% | 34.68% | 50.16% | 44.94% |
| Operating Income | 29.03M | 27.93M | 83.56M | 113.18M | 46.25M | 64.42M | 82.72M | 142.59M | 16.79M | 91.65M | 21.84M | 7.48M | -10.26M | -170K |
| Operating Margin % | 11.54% | 11.12% | 32.18% | 40.78% | 17.52% | 29.38% | 40.39% | 78.75% | 11.45% | 63.54% | 16.44% | 6.35% | -23.78% | -53.8% |
| Interest Expense | 4M | 60.73M | 104.12M | 113.34M | 50.59M | 29.6M | 32.55M | 37.38M | 30.87M | 29.58M | 19.39M | 16.45M | 6.18M | 0 |
| Interest Coverage | - | 0.47x | 1.01x | 1.37x | 0.82x | 1.71x | 2.36x | 3.66x | 0.54x | 0.45x | 1.13x | 0.45x | -1.66x | - |
| Non-Operating Income | -249.46M | -776K | -21.67M | -41.65M | 4.96M | 13.91M | 6.02M | 5.77M | -12.46M | 9.03M | -23.43M | 2.02M | 0 | 18 |
| Pretax Income | -31.86M | -32.03M | 1.11M | 44.43M | -9.29M | 23.11M | 44.15M | 99.44M | -1.61M | 56.36M | 25.89M | -10.99M | -17.53M | -170K |
| Pretax Margin % | -12.66% | -12.75% | 0.43% | 16.01% | -3.52% | 10.54% | 21.56% | 54.92% | -1.1% | 39.07% | 19.49% | -9.34% | -40.63% | -53.8% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.94M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -154.12% | 0% | 0% |
| Net Income | -31.88M | -32.03M | 1.11M | 44.26M | -9.26M | 23.04M | 44.02M | 99.14M | -1.61M | 53.37M | 21.88M | -10.83M | -15.6M | -170K |
| Net Margin % | -12.67% | -12.75% | 0.43% | 15.95% | -3.51% | 10.51% | 21.49% | 54.75% | -1.1% | 37% | 16.47% | -9.21% | -36.16% | -53.8% |
| Net Income Growth % | 0.63% | -2985.32% | -97.49% | 578.01% | -140.2% | -47.66% | -55.6% | 6261.59% | -103.01% | 143.92% | 302.01% | 30.57% | -9077.06% | - |
| Funds From Operations (FFO) | 63.81M | 63.73M | 98.87M | 139.45M | 88.39M | 109.92M | 126.43M | 168.23M | 45.86M | 102.13M | 57.52M | 29.97M | 6.04M | -28K |
| FFO Margin % | 25.36% | 25.36% | 38.07% | 50.25% | 33.49% | 50.13% | 61.73% | 92.91% | 31.28% | 70.81% | 43.3% | 25.47% | 14.01% | -8.86% |
| FFO Growth % | 571.95% | -35.55% | -29.1% | 57.77% | -19.59% | -13.06% | -24.85% | 266.82% | -55.09% | 77.53% | 91.95% | 395.85% | 21685.71% | - |
| FFO per Share | 2.51 | 2.51 | 3.77 | 5.31 | 3.45 | 4.27 | 5.01 | 6.84 | 2.12 | 4.77 | 2.70 | 1.41 | 0.28 | -0.00 |
| FFO Payout Ratio % | 20.56% | 83.99% | 49.87% | 32.13% | 45.98% | 32.57% | 25.54% | 16.67% | 48.55% | 18.86% | 30.92% | 43.91% | 164.66% | 0% |
| EPS (Diluted) | -1.26 | -1.26 | 0.04 | 1.69 | -0.36 | 0.89 | 1.74 | 4.03 | -0.07 | 2.49 | 1.03 | -0.51 | -0.73 | -0.01 |
| EPS Growth % | 1.56% | -3078.72% | -97.5% | 569.44% | -140.45% | -48.85% | -56.82% | 5523.96% | -102.98% | 141.75% | 301.96% | 30.14% | - | - |
| EPS (Basic) | - | -1.26 | 0.04 | 1.73 | -0.36 | 0.92 | 1.78 | 4.11 | -0.08 | 2.53 | 1.03 | -0.51 | -0.73 | -0.01 |
| Diluted Shares Outstanding | 25.4M | 25.39M | 26.25M | 26.25M | 25.61M | 25.76M | 25.23M | 24.59M | 21.67M | 21.4M | 21.31M | 21.29M | 21.41M | 21.41M |
External management fee structure
As reported in recent financial filings, NXRT's revenue growth has remained largely stagnant or negative, with the most recent quarterly revenue of $63.5M representing a marginal 0.5% increase, suggesting that the company's value-add renovation strategy is currently struggling to offset the impact of asset divestitures.
The inability to consistently grow top-line revenue suggests that the company's tactical recycling of capital may be reaching a point of diminishing returns. Investors should monitor whether the current revenue trajectory reflects a deliberate portfolio pruning or an inability to source accretive value-add opportunities in a competitive Sunbelt market.
Based on the provided income statement data, NOI margins have exhibited extreme volatility, swinging from a high of 136.3% in 2025Q4 to a low of 54.6% in 2024Q3, which indicates significant instability in property-level profitability and potential challenges in managing operating expenses across the portfolio.
Such wide fluctuations in NOI margins are atypical for a stabilized multifamily REIT and may imply that the company's cost structure is highly sensitive to renovation-related disruptions or inconsistent expense management. The lack of margin predictability warrants further investigation into whether these swings are driven by accounting adjustments or genuine operational volatility.
According to the company's quarterly earnings reports, FFO per share has shown erratic performance, including a sharp decline to -$0.10 in 2024Q4, which highlights the inherent difficulty in maintaining consistent cash flow generation under the current external management and capital allocation framework.
The inconsistency in FFO suggests that the company's earnings quality is heavily influenced by non-recurring items or transactional activity rather than stable rental income. This volatility complicates the assessment of dividend safety and may indicate that the external advisor's fee structure is not sufficiently aligned with long-term per-share FFO growth.
As evidenced by the consistent net losses reported in recent periods, such as the -$6.8M loss in 2026Q1, GAAP net income remains a poor proxy for performance due to the heavy impact of non-cash depreciation charges inherent in the company's real estate asset base.
The persistent gap between negative GAAP net income and positive FFO suggests that the company's accounting earnings are significantly understated relative to its actual cash-generating capacity. Analysts should focus on the underlying property-level cash flows rather than the bottom-line net income figure to gauge the true economic health of the portfolio.
Quick answers to the most common questions about buying NXRT stock.
For fiscal year 2025, NexPoint Residential Trust, Inc. (NXRT) reported total revenue of $251.3M. This represents a 79419.3% increase compared to $0.3M in 2013.
NexPoint Residential Trust, Inc. (NXRT) reported a net loss of $32.0M for the fiscal year ending 2025.
NexPoint Residential Trust, Inc. (NXRT) reported an operating income of $27.9M, resulting in an operating profit margin of 11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
NexPoint Residential Trust, Inc. (NXRT) generated $211.7M in gross profit for the year, representing a gross profit margin of 84.3%. This demonstrates the company's core pricing power and production efficiency.