EX-99.1

FORECASTED SUBMARKET DELIVERIES(1)


Market	Submarket (RealPage)	Property	NXRT Unit Exposure		2025 Q1 Inventory		2024 Deliveries		2025 Deliveries		2026 Deliveries		2027 Deliveries		3-year Deliveries		3-year % Growth
ATL	Southeast Marietta	Rockledge		708		14,105		-		-		-		-		-	0.0%
ATL	Southeast Marietta	The Preserve at Terrell Mill		752		14,105		-		-		-		-		-	0.0%
ATL	Sandy Springs	The Adair		232		20,201		-		286		-		-		286	1.4%
CHA	Huntersville/Cornelius	The Verandas at Lake Norman		264		8,391		312		2,193		413		-		2,606	31.1%
CHA	Matthews/Southeast Charlotte	Creekside at Matthews		240		12,214		328		610		199		320		1,129	9.2%
DFW	East Fort Worth	The Venue at 8651		333		13,395		-		158		240		-		398	3.0%
DFW	Far North Dallas	Versailles		388		30,455		897		-		-		-		-	0.0%
DFW	Far North Dallas	Versailles II		242		30,455		897		-		-		-		-	0.0%
DFW	Hurst/Euless/Bedford	Arbors on Forest Ridge		210		33,981		13		575		148		-		723	2.1%
DFW	Hurst/Euless/Bedford	Summers Landing		196		33,981		13		575		148		-		723	2.1%
DFW	Oak Lawn/Park Cities	Atera		380		21,026		140		622		498		-		1,120	5.3%
DFW	Richardson	Cutters Point		196		20,349		872		223		618		147		988	4.9%
LSV	Northwest Las Vegas	Bella Solara		320		21,952		965		832		112		-		944	4.3%
LSV	Northwest Las Vegas	Bloom		528		21,952		965		832		112		-		944	4.3%
LSV	Southwest Las Vegas	Torreyana		316		21,485		1,591		771		922		458		2,151	10.0%
NASH	East Nashville	Residences at Glenview Reserve		360		14,962		919		663		112		-		775	5.2%
NASH	South Nashville	Arbors of Brentwood		346		17,780		594		120		203		-		323	1.8%
NASH	South Nashville	Brandywine		632		17,780		594		120		203		-		323	1.8%
ORL	East Orlando	The Cornerstone		430		22,436		562		326		381		-		707	3.2%
ORL	Northwest Orlando	Residences at West Place		342		17,412		309		465		-		-		465	2.7%
ORL	South Orange County	Sabal Palm at Lake Buena Vista		400		34,976		2,216		2,167		498		320		2,985	8.5%
PHX	Chandler	Fairways at San Marcos		352		26,305		528		787		691		30		1,508	5.7%
PHX	North Central Phoenix	Heritage		204		27,128		918		396		58		-		454	1.7%
PHX	North Central Phoenix	The Venue on Camelback		415		27,128		918		396		58		-		454	1.7%
PHX	Northeast Phoenix	Bella Vista		248		22,734		926		217		577		-		794	3.5%
PHX	South Tempe	Enclave		204		17,870		144		-		229		-		229	1.3%
PHX	Southwest Mesa	Madera Point		256		18,246		147		129		104		22		255	1.4%
PHX	West Phoenix	Estates on Maryland		330		15,570		-		-		-		-		-	0.0%
RDU	Far North Raleigh	Six Forks Station		323		13,182		984		137		410		-		547	4.1%
RDU	North Cary/Morrisville	High House at Cary		302		23,267		2,075		537		664		-		1,201	5.2%
SFL	Pembroke Pines/Miramar	Avant at Pembroke Pines		1,520		26,081		520		332		-		-		332	1.3%
SFL	West Palm Beach	Parc500		217		33,657		1,343		671		1,115		216		2,002	5.9%
SFL	West Palm Beach	Seasons 704		222		33,657		1,343		671		1,115		216		2,002	5.9%
TPA	Egypt Lake/Lowry Park	Courtney Cove		324		12,734		-		245		28		-		273	2.1%
TPA	Temple Terrace	The Summit at Sabal Park		252		16,669		333		212		350		-		562	3.4%
Totals/ Averages		Total		12,984		578,563		17,636		13,674		8,570		1,513		23,757	4.1%

(1)

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

Financial Summary


	Q1 2025			Q1 2024			FY 2024			FY 2023
(in thousands, except for per share and unit data)
Company Profile
Market Capitalization	$	1,011,000		$	830,000		$	1,061,000		$	884,000
Share Price (as of the last day of the period)	$	39.53		$	32.19		$	41.75		$	34.43
Weighted average common shares outstanding - basic		25,448			25,721			25,516			25,654
Weighted average common shares outstanding - diluted		25,448			26,354			26,246			26,245

Earnings Profile
Total revenues	$	63,216		$	67,577		$	259,701		$	277,526
Net income (loss) attributable to common stockholders		(6,897	)		26,298			1,110			44,264
NOI (1)		37,760			41,094			157,035			167,404
Same Store NOI (2)		37,734			39,221			154,050			152,730
Same Store NOI Growth (%) (2)		(3.8	)%					0.9	%

Earnings Metrics Per Common Share (diluted basis)
Earnings (loss)	$	(0.27	)	$	1.00		$	0.04		$	1.69
FFO (1)	$	0.68		$	0.72		$	1.69		$	2.72
Core FFO (1)	$	0.75		$	0.74		$	2.79		$	2.92
AFFO (1)	$	0.84		$	0.83		$	3.19		$	3.27
Dividends declared per common share	$	0.51		$	0.46		$	1.90		$	1.72
Net Income (Loss) Coverage (3)	-0.53x			2.16x			0.02x			0.98x
FFO Coverage (3)	1.33x			1.55x			0.89x			1.58x
Core FFO Coverage (3)	1.46x			1.59x			1.47x			1.70x
AFFO Coverage (3)	1.65x			1.80x			1.68x			1.90x

Portfolio
Total Properties		35			37			35			38
Total Units (4)		12,948			13,376			12,984			14,133
Occupancy		94.4	%		94.6	%		94.7	%		94.7	%
Average Effective Monthly Rent per Unit	$	1,495		$	1,511		$	1,491		$	1,502

Same Store Portfolio Metrics (2)
Total Same Store Properties		35			35			35			35
Total Same Store Units		12,948			12,961			12,948			12,940
Occupancy		94.4	%		94.7	%		94.7	%		94.7	%
Average Effective Monthly Rent per Unit	$	1,495		$	1,514		$	1,491		$	1,516

Value-Add Program
Completed Full and Partial Interior Rehab Units		210			127			388			2,073
Cumulative Completed Rehab Units (5)		8,558
Average Increase to Effective Monthly Rent per Unit (Post-Rehab)	$	172
ROI on Post-Rehab Units		20.7	%

Outstanding Debt Summary
Total Mortgage Debt	$	1,503,242		$	1,498,277
Total Debt Outstanding	$	1,503,242		$	1,498,277
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		60	%		64	%
Leverage Ratio (Net Debt to Enterprise Value) (6)		59	%		64	%

(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 Q1 Same Store properties, see the “Q1 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 36 units are currently down due to fires.

(5)

Inclusive of all full and partial interior upgrades completed through March 31, 2025. Cumulative results exclude rehabs completed for properties sold through March 31, 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 revising 2025 guidance ranges for earnings (loss) per diluted share and Core FFO per diluted share, and reaffirming Same Store rental income, Same Store total revenue, Same Store total expenses, Same Store NOI, and Acquisitions and Dispositions 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)	$	(1.36	)	$	(1.22	)	$	(1.08	)	$	(1.19	)
Core FFO per diluted share (1) (2)	$	2.61		$	2.75		$	2.89		$	2.70

Same Store Growth: (3)
Rental Income		-0.5	%		0.2	%		1.0	%		0.2	%
Total Revenue		-0.2	%		0.5	%		1.3	%		0.5	%
Total Expenses		4.9	%		3.7	%		2.4	%		3.7	%
Same Store NOI (2)		-3.5	%		-1.5	%		0.5	%		-1.5	%

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

(1)

Weighted average diluted share count estimate for full year 2025 is approximately 25.8 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 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 earnings 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	10.4%	5.25%	5.75%	$	267,918	$	305,745

North Carolina
Raleigh	4.4%	5.25%	5.75%		113,684		129,735
Charlotte	3.9%	5.25%	5.75%		100,729		114,950

Georgia
Atlanta	12.4%	5.25%	5.75%		320,988		366,307

Tennessee
Nashville	9.0%	5.25%	5.75%		233,747		266,749

Florida
Orlando	9.4%	5.25%	5.75%		242,660		276,920
Tampa	3.6%	5.25%	5.75%		93,435		106,627
South Florida	20.8%	5.25%	5.75%		537,942		613,892

Nevada
Las Vegas	9.3%	5.25%	5.75%		239,546		273,367

Arizona
Phoenix	16.8%	5.25%	5.75%		434,866		496,263
Total / Ave	100.0%	5.25%	5.75%	$	2,585,515	$	2,950,555

       NOI ESTIMATE

      


4Q 2024 NOI Actual			38,948
Q1 2025 NOI Actual			37,760
	Low			High
Estimated Q2 2025 NOI Guidance (3)		36,978			38,573
2025 NOI Guidance (3)	$	148,667		$	154,904

       NAV SUMMARY

      


Component	Min					Max
Tangible Assets
Real Estate (2)	$	2,585,515				$	2,950,555
Cash				23,719
Restricted Cash - Renovation Reserves (4)				3,170
Renovation Expenditures (4)				(3,170	)
Cash Adjustments				0
Fair Market Value of Interest Rate Swaps				31,618
Other Assets				46,832
Value of Assets	$	2,687,684				$	3,052,724

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)				31,130
Value of Liabilities			$	1,534,372
Net Leverage (mid-point)			53%
Net Asset Value	$	1,153,312				$	1,518,352
Shares outstanding - diluted (FY 2025 Est.)				26,090
Est. NAV / Share	$	44.20				$	58.20
NAV / Share (mid-point)			$	51.20

       IMPLIED VALUATION METRICS

      


	Min				Max
Implied Real Estate Value	$	2,585,515			$	2,950,555
No. of Units (March 31, 2025) (2)				12,984
Implied Value/Apartment Unit	$	199.1			$	227.2
Implied Value/Apartment Unit (mid-point)			$	213.2

(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 March 31, 2025).

(3)

The Company anticipates net loss will be in the range between approximately ($35.2) million and ($27.9) million for the full year 2025 and between ($9.7) million and ($8.0) million for the second quarter of 2025. FY 2025 NOI Guidance considers a commensurate volume of capital recycling.

(4)

Includes approximately $3.2 million that is held for value-add upgrades; reduced by $3.2 million for estimated 2025 rehab expenditures.

(5)

Includes outstanding balance as of March 31, 2025.

NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	March 31, 2025			December 31, 2024
	(Unaudited)
ASSETS
Operating Real Estate Investments
Land	$	359,819		$	359,819
Buildings and improvements		1,740,732			1,738,677
Construction in progress		2,784			1,267
Furniture, fixtures and equipment		205,993			202,029
Total Gross Operating Real Estate Investments		2,309,328			2,301,792
Accumulated depreciation and amortization		(532,919	)		(508,569	)
Total Net Operating Real Estate Investments		1,776,409			1,793,223
Cash and cash equivalents		23,719			23,148
Restricted cash		35,101			30,769
Accounts receivable, net		11,691			12,337
Prepaid and other assets		3,210			6,102
Fair value of interest rate swaps		31,618			41,841
TOTAL ASSETS	$	1,881,748		$	1,907,420

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages payable, net	$	1,465,090		$	1,463,650
Accounts payable and other accrued liabilities		12,023			11,351
Accrued real estate taxes payable		7,396			4,260
Accrued interest payable		7,173			7,630
Security deposit liability		2,963			2,954
Prepaid rents		1,575			1,425
Total Liabilities		1,496,220			1,491,270

Redeemable noncontrolling interests in the OP		5,619			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; 25,570,810 and 25,403,537 shares issued and outstanding, respectively		256			254
Additional paid-in capital		407,205			407,429
Accumulated earnings less dividends		(58,135	)		(38,030	)
Accumulated other comprehensive income		30,583			40,715
Total Stockholders' Equity		379,909			410,368
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,881,748		$	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 March 31,
	2025			2024
Revenues
Rental income	$	61,440		$	65,598
Other income		1,776			1,979
Total revenues		63,216			67,577
Expenses
Property operating expenses		12,468			13,768
Real estate taxes and insurance		9,002			9,312
Property management fees (1)		1,820			1,958
Advisory and administrative fees (2)		1,696			1,743
Corporate general and administrative expenses		4,457			4,910
Property general and administrative expenses		2,000			2,281
Depreciation and amortization		24,350			24,323
Total expenses		55,793			58,295
Operating income before gain on sales of real estate		7,423			9,282
Gain on sales of real estate (3)		—			31,709
Operating income		7,423			40,991
Interest expense		(14,381	)		(14,391	)
Loss on extinguishment of debt and modification cost		—			(546	)
Casualty gain (loss)		(163	)		199
Equity in earnings of affiliate		55			38
Miscellaneous income		142			111
Net income (loss)		(6,924	)		26,402
Net income (loss) attributable to redeemable noncontrolling interests in the OP		(27	)		104
Net income (loss) attributable to common stockholders	$	(6,897	)	$	26,298
Other comprehensive income (loss)
Unrealized gains (losses) on interest rate derivatives		(10,172	)		2,683
Total comprehensive income (loss)		(17,096	)		29,085
Comprehensive income (loss) attributable to redeemable noncontrolling interests in the OP		(67	)		115
Comprehensive income (loss) attributable to common stockholders	$	(17,029	)	$	28,970

Weighted average common shares outstanding - basic		25,448			25,721
Weighted average common shares outstanding - diluted		25,448			26,354

Earnings (loss) per share - basic	$	(0.27	)	$	1.02
Earnings (loss) per share - diluted	$	(0.27	)	$	1.00

(1)

Fees incurred to an unaffiliated third party that is an affiliate of a noncontrolling limited partner of NexPoint Residential Trust Operating Partnership, L.P. (the "OP").

(2)

Fees incurred to the Company’s adviser.

(3)

$31.7 million with a related party for the three months ended March 31, 2024.

NOI and Same Store NOI

The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our Q1 Same Store NOI for the three months ended March 31, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):


		For the Three Months Ended March 31,
		2025			2024
Net income (loss)		$	(6,924	)	$	26,402
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			1,696			1,743
Corporate general and administrative expenses			4,457			4,910
Corporate income			(442	)		(296	)
Casualty-related expenses/(recoveries)	(1)		(656	)		33
Casualty loss (gain)			163			(199	)
Property general and administrative expenses	(2)		790			988
Depreciation and amortization			24,350			24,323
Interest expense			14,381			14,391
Equity in earnings of affiliate			(55	)		(38	)
Loss on extinguishment of debt and modification costs			—			546
Gain on sales of real estate			—			(31,709	)
NOI		$	37,760		$	41,094
Less Non-Same Store
Revenues			(4	)		(3,885	)
Operating expenses			(22	)		2,015
Operating income			—			(3	)
Same Store NOI		$	37,734		$	39,221

(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.

Q1 Same Store Results of Operations for the Three Months Ended March 31, 2025 and 2024

There are 35 properties encompassing 12,948 units of apartment space, or approximately 100% of our Portfolio, in our same store pool for the three months ended March 31, 2025 and 2024. Our Q1 Same Store properties excludes 36 units that are currently down in our Portfolio as of March 31, 2025 and properties sold during the year ended December 31, 2024.

As of March 31, 2025, our Q1 Same Store properties were approximately 94.4% leased with a weighted average monthly effective rent per occupied apartment unit of $1,495, which were decreases of 30 bps and $19, respectively.

The following table reflects the revenues, property operating expenses and NOI for the three months ended March 31, 2025 and 2024 for our Q1 Same Store and Non-Same Store properties (dollars in thousands):


	For the Three Months Ended March 31,
	2025			2024		$ Change			% Change
Revenues
Same Store
Rental income	$	61,436		$	61,910	$	(474	)		-0.8	%
Other income		1,334			1,486		(152	)		-10.2	%
Same Store revenues		62,770			63,396		(626	)		-1.0	%
Non-Same Store
Rental income		4			3,688		(3,684	)	N/M
Other income		—			197		(197	)	N/M
Non-Same Store revenues		4			3,885		(3,881	)	N/M
Total revenues		62,774			67,281		(4,507	)		-6.7	%

Operating expenses
Same Store
Property operating expenses (1)		13,122			12,706		416			3.3	%
Real estate taxes and insurance		9,026			8,555		471			5.5	%
Property management fees (2)		1,820			1,821		(1	)		-0.1	%
Property general and administrative expenses (3)		1,210			1,201		9			0.7	%
Same Store operating expenses		25,178			24,283		895			3.7	%
Non-Same Store
Property operating expenses (4)		2			1,029		(1,027	)	N/M
Real estate taxes and insurance		(24	)		757		(781	)	N/M
Property management fees (2)		—			137		(137	)	N/M
Property general and administrative expenses (5)		—			92		(92	)	N/M
Non-Same Store operating expenses		(22	)		2,015		(2,037	)	N/M
Total operating expenses		25,156			26,298		(1,142	)		-4.3	%

Operating income
Same Store
Miscellaneous income		142			108		34			31.5	%
Non-Same Store
Miscellaneous income		—			3		(3	)	N/M
Total operating income		142			111		31			27.9	%

NOI
Same Store		37,734			39,221		(1,487	)		-3.8	%
Non-Same Store		26			1,873		(1,847	)	N/M
Total NOI (6)	$	37,760		$	41,094	$	(3,334	)		-8.1	%

(1)

For the three months ended March 31, 2025 and 2024, excludes approximately $(656,000) and $32,000, respectively, of casualty-related expenses/(recoveries).

(2)

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

(3)

For the three months ended March 31, 2025 and 2024, excludes approximately $791,000 and $917,000, 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 March 31, 2025 and 2024, excludes approximately $- and $1,000, respectively, of casualty-related expenses.

(5)

For the three months ended March 31, 2025 and 2024, excludes approximately $(1,000) and $71,000, 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 Q1 Same Store properties rent and occupancy metrics, revenues, operating expenses and NOI for the three months ended March 31, 2025 and 2024 (dollars in thousands, except for per unit data):


	Q1 2025			Q1 2024			% Change
Same Store Total Units		12,948			12,961
Same Store Occupied Units		12,228			12,280
Same Store Ending Occupancy		94.4	%		94.7	%		-0.3	%
Same Store Average Rent per Unit	$	1,495		$	1,514			-1.3	%

Same Store Revenues
Same Store Rental Income	$	61,436		$	61,910			-0.8	%
Same Store Other Income		1,334			1,486			-10.2	%
Total Same Store Revenues		62,770			63,396			-1.0	%

Same Store Operating Expenses
Payroll		4,949			4,873			1.6	%
Repairs & Maintenance		5,238			4,993			4.9	%
Utilities		2,935			2,840			3.3	%
Real Estate Taxes		7,329			7,122			2.9	%
Insurance		1,697			1,433			18.4	%
Property Management Fees		1,820			1,821			-0.1	%
Office Operations		905			892			1.5	%
Marketing		305			309			-1.3	%
Total Same Store Operating Expenses		25,178			24,283			3.7	%

Same Store Operating Income
Miscellaneous income		142			108			31.5	%
Total Same Store Operating Income		142			108			31.5	%

Q1 Same Store NOI	$	37,734		$	39,221			-3.8	%

Q1 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		Q1 2025		Q1 2024		% Change	Q1 2025			Q1 2024			bps ∆		Q1 2025		Q1 2024		% Change
Texas
Dallas		1,945	$	1,236	$	1,273	-2.9%		93.3	%		92.9	%		40	$	7,992	$	7,932	0.8%
Average/Total		1,945		1,236		1,273	-2.9%		93.3	%		92.9	%		40		7,992		7,932	0.8%

North Carolina
Charlotte		504		1,389		1,392	-0.2%		95.2	%		96.0	%		-80		2,274		2,322	-2.1%
Raleigh/Durham		625		1,409		1,451	-2.9%		92.2	%		92.8	%		-60		2,636		2,656	-0.8%
Average/Total		1,129		1,400		1,425	-1.8%		93.5	%		94.2	%		-70		4,910		4,978	-1.4%

Georgia
Atlanta		1,672		1,463		1,479	-1.1%		93.8	%		96.1	%		-230		7,552		7,697	-1.9%
Average/Total		1,672		1,463		1,479	-1.1%		93.8	%		96.1	%		-230		7,552		7,697	-1.9%

Tennessee
Nashville		1,338		1,265		1,290	-1.9%		95.4	%		95.3	%		10		5,483		5,585	-1.8%
Average/Total		1,338		1,265		1,290	-1.9%		95.4	%		95.3	%		10		5,483		5,585	-1.8%

Florida
Orlando		1,172		1,553		1,582	-1.8%		94.6	%		94.7	%		-10		5,635		5,713	-1.4%
Tampa		576		1,327		1,388	-4.4%		94.3	%		94.3	%		0		2,456		2,517	-2.4%
South Florida		1,959		2,142		2,109	1.6%		95.5	%		95.2	%		30		13,110		12,922	1.5%
Average/Total		3,707		1,829		1,830	-0.1%		95.0	%		94.9	%		10		21,201		21,152	0.2%

Arizona
Phoenix		2,009		1,435		1,479	-3.0%		94.6	%		95.2	%		-60		9,224		9,573	-3.6%
Average/Total		2,009		1,435		1,479	-3.0%		94.6	%		95.2	%		-60		9,224		9,573	-3.6%

Nevada
Las Vegas		1,148		1,357		1,349	0.6%		95.0	%		94.7	%		30		5,074		4,993	1.6%
Average/Total		1,148		1,357		1,349	0.6%		95.0	%		94.7	%		30		5,074		4,993	1.6%

Average/Total		12,948	$	1,495	$	1,514	-1.3%		94.4	%		94.7	%		-30	$	61,436	$	61,910	-0.8%

(1)

This table includes the 35 properties in our Q1 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		Q1 2025		Q4 2024		% Change	Q1 2025			Q4 2024			bps ∆		Q1 2025		Q4 2024		% Change
Texas
Dallas		1,945	$	1,236	$	1,226	0.8%		93.3	%		96.3	%		-300	$	7,992	$	8,108	-1.4%
Average/Total		1,945		1,236		1,226	0.8%		93.3	%		96.3	%		-300		7,992		8,108	-1.4%

North Carolina
Charlotte		504		1,389		1,380	0.7%		95.2	%		97.0	%		-180		2,274		2,308	-1.5%
Raleigh/Durham		625		1,409		1,426	-1.2%		92.2	%		92.6	%		-40		2,636		2,668	-1.2%
Average/Total		1,129		1,400		1,405	-0.4%		93.5	%		94.6	%		-110		4,910		4,976	-1.3%

Georgia
Atlanta		1,672		1,463		1,463	0.0%		93.8	%		93.9	%		-10		7,552		7,627	-1.0%
Average/Total		1,672		1,463		1,463	0.0%		93.8	%		93.9	%		-10		7,552		7,627	-1.0%

Tennessee
Nashville		1,338		1,265		1,281	-1.2%		95.4	%		94.4	%		100		5,483		5,518	-0.6%
Average/Total		1,338		1,265		1,281	-1.2%		95.4	%		94.4	%		100		5,483		5,518	-0.6%

Florida
Orlando		1,172		1,553		1,560	-0.4%		94.6	%		94.5	%		10		5,635		5,656	-0.4%
Tampa		576		1,327		1,302	1.9%		94.3	%		93.6	%		70		2,456		2,341	4.9%
South Florida		1,959		2,142		2,120	1.0%		95.5	%		95.4	%		10		13,109		13,042	0.5%
Average/Total		3,707		1,829		1,816	0.7%		95.0	%		94.8	%		20		21,200		21,039	0.8%

Arizona
Phoenix		2,009		1,435		1,443	-0.6%		94.6	%		93.8	%		80		9,224		9,374	-1.6%
Average/Total		2,009		1,435		1,443	-0.6%		94.6	%		93.8	%		80		9,224		9,374	-1.6%

Nevada
Las Vegas		1,148		1,357		1,336	1.6%		95.0	%		94.6	%		40		5,075		5,010	1.3%
Average/Total		1,148		1,357		1,336	1.6%		95.0	%		94.6	%		40		5,075		5,010	1.3%

Average/Total		12,948	$	1,495	$	1,491	0.3%		94.4	%		94.7	%		-30	$	61,436	$	61,652	-0.4%

(1)

This table includes the 35 properties in our Q1 Same Store pool.

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 months ended March 31, 2025 and 2024 (in thousands, except per share amounts):


		For the Three Months Ended March 31,
		2025			2024			% Change
Net income (loss)		$	(6,924	)	$	26,402		N/M
Depreciation and amortization			24,350			24,323			0.1	%
Gain on sales of real estate	(1)		—			(31,709	)	N/M
Adjustment for noncontrolling interests			(69	)		(75	)		-8.0	%
FFO attributable to common stockholders			17,357			18,941			-8.4	%

FFO per share - basic		$	0.68		$	0.74			-7.4	%
FFO per share - diluted		$	0.68		$	0.72			-5.6	%

Loss on extinguishment of debt and modification costs			—			546		N/M
Casualty-related expenses/(recoveries)			(656	)		33		N/M
Casualty losses (gains)			163			(199	)	N/M
Amortization of deferred financing costs			1,644			717		N/M
Mark-to-market adjustments of interest rate caps			591			(626	)	N/M
Adjustment for noncontrolling interests			(7	)		2		N/M
Core FFO attributable to common stockholders			19,092			19,414			-1.7	%

Core FFO per share - basic		$	0.75		$	0.75			-0.6	%
Core FFO per share - diluted		$	0.75		$	0.74			1.3	%

Equity-based compensation expense			2,475			2,547			-2.8	%
Adjustment for noncontrolling interests			(10	)		(9	)		11.1	%
AFFO attributable to common stockholders			21,557			21,952			-1.8	%

AFFO per share - basic		$	0.85		$	0.85			-0.7	%
AFFO per share - diluted		$	0.84		$	0.83			1.2	%

Weighted average common shares outstanding - basic			25,448			25,721			-1.1	%
Weighted average common shares outstanding - diluted	(2)		25,576			26,354			-3.0	%

Dividends declared per common share		$	0.51		$	0.46			10.3	%

Net income (loss) Coverage - diluted	(3)	-0.53x			2.16x			N/M
FFO Coverage - diluted	(3)	1.33x			1.55x				-14.4	%
Core FFO Coverage - diluted	(3)	1.46x			1.59x				-8.1	%
AFFO Coverage - diluted	(3)	1.65x			1.80x				-8.3	%

(1)

$31.7 million with a related party for the three months ended March 31, 2024.

(2)

The Company uses the 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


	Q1 2025		Q1 2024		% Change
($ in thousands)
Capital Expenditures
Acquisition Capital Expenditures	$	—	$	—	N/A

Capitalized Rehab Expenditures
Interior		652		1,730		-62.3	%
Exterior and common area		58		474		-87.8	%

Capitalized Maintenance Expenditures
Recurring		2,797		2,919		-4.2	%
Non-Recurring		2,286		1,776		28.7	%

Total Capital Expenditures	$	5,793	$	6,899		-16.0	%

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		170	$	1,231	$	1,445	$	10,127		17.4	%		25.4	%
Arbors on Forest Ridge		210		183		817		919		4,382		12.5	%		27.9	%
Atera Apartments		380		234		1,206		1,355		3,419		12.4	%		52.5	%
Avant at Pembroke Pines		1,520		729		1,859		2,111		17,477		13.5	%		17.3	%
Bella Solara		320		131		1,287		1,447		11,055		12.4	%		17.3	%
Bella Vista		248		207		1,470		1,611		10,440		9.6	%		16.3	%
Bloom		528		172		1,247		1,400		13,185		12.3	%		13.9	%
Brandywine I & II		632		575		1,032		1,217		10,787		18.0	%		20.6	%
Courtney Cove		324		310		1,008		1,117		4,880		10.8	%		26.8	%
Creekside at Matthews		240		95		1,359		1,565		10,515		15.1	%		23.5	%
Cutter's Point		196		163		1,025		1,151		6,581		12.3	%		23.0	%
Estates on Maryland		330		119		1,301		1,476		12,400		13.5	%		17.0	%
Fairways of San Marcos		352		147		1,510		1,700		13,580		12.6	%		16.8	%
High House at Cary		302		121		1,340		1,597		12,883		19.2	%		23.9	%
Madera Point		256		265		876		986		4,501		12.6	%		29.4	%
Parc500		217		226		1,322		1,510		14,495		14.2	%		15.6	%
Residences at Glenview Reserve		360		283		1,109		1,333		13,526		20.3	%		19.9	%
Residences at West Place		342		166		1,519		1,711		11,179		12.7	%		20.6	%
Rockledge Apartments		708		483		1,243		1,445		10,831		16.2	%		22.3	%
Sabal Palm at Lake Buena Vista		400		110		1,610		1,839		12,684		14.2	%		21.6	%
Seasons 704 Apartments		222		236		1,244		1,384		7,747		11.2	%		21.7	%
Six Forks Station		323		140		1,150		1,433		12,529		24.7	%		27.2	%
Summers Landing		196		63		1,093		1,311		11,090		19.9	%		23.6	%
Summit at Sabal Park		252		246		1,016		1,115		5,750		9.8	%		20.8	%
The Adair		232		146		1,742		2,026		11,704		16.3	%		29.2	%
The Cornerstone		430		525		1,066		1,160		4,925		8.8	%		22.8	%
The Enclave		204		174		1,469		1,654		10,333		12.6	%		21.5	%
The Heritage		204		180		1,414		1,548		9,541		9.5	%		16.8	%
The Preserve at Terrell Mill		752		802		907		1,085		11,169		19.5	%		19.0	%
The Verandas at Lake Norman		264		87		1,315		1,507		12,020		14.7	%		19.2	%
The Venue on Camelback		415		296		783		1,029		10,085		31.4	%		29.3	%
Torreyana Apartments		316		57		1,477		1,608		13,202		8.8	%		11.9	%
Venue at 8651		333		306		828		938		6,931		13.3	%		19.0	%
Versailles		388		324		824		926		6,050		12.4	%		20.2	%
Versailles II		242		87		910		1,036		5,266		13.8	%		28.7	%
Total/Weighted Average		12,984		8,558	$	1,182	$	1,354	$	9,967		14.6	%		20.7	%

(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 March 31, 2025.

(3)

Inclusive of all full and partial interior upgrades completed and leased through March 31, 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		315	$	859	$	50		69.6	%
Arbors on Forest Ridge		210		136		787		47		71.4	%
Atera Apartments		380		369		813		40		59.7	%
Avant at Pembroke Pines		1,520		462		1,324		51		46.0	%
Brandywine I & II		632		196		1,043		71		81.5	%
Creekside at Matthews		240		174		1,095		56		60.9	%
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		63		1,134		55		58.2	%
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		107		874		59		80.8	%
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		212		1,083		46		51.0	%
Venue at 8651		333		268		775		47		72.7	%
Versailles		388		307		870		49		68.3	%
Versailles II		242		138		885		28		38.4	%
Total/Weighted Average		8,238		4,795	$	934	$	50		64.5	%

(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 March 31, 2025.

(3)

Inclusive of all kitchen and laundry appliance upgrades completed and leased through March 31, 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		913		45		48.0	%
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	%
Stone Creek at Old Farm		190		190		909		45		48.2	%
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		11,389		11,389	$	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 March 31, 2025.

(3)

Inclusive of all smart home technology package upgrades completed and leased through March 31, 2025.

Outstanding Debt Details

Mortgage Debt

The following table contains summary information concerning the mortgage debt of the Company as of March 31, 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		5.42%	10/1/2031
Avant at Pembroke Pines	Floating		84		248,185		5.42%	10/1/2031
Bella Vista	Floating		84		37,400		5.42%	10/1/2031
Brandywine I & II	Floating		84		59,526		5.42%	10/1/2031
Cornerstone	Floating		84		45,815		5.42%	10/1/2031
Estates on Maryland	Floating		84		37,345		5.42%	10/1/2031
High House at Cary	Floating		84		32,478		5.42%	10/1/2031
Residences at Glenview Reserve	Floating		84		33,271		5.42%	10/1/2031
Sabal Palm at Lake Buena Vista	Floating		84		56,220		5.42%	10/1/2031
Six Forks Station	Floating		84		30,430		5.42%	10/1/2031
Summers Landing	Floating		84		14,135		5.42%	10/1/2031
The Adair	Floating		84		33,229		5.42%	10/1/2031
The Enclave	Floating		84		33,440		5.42%	10/1/2031
The Heritage	Floating		84		29,810		5.42%	10/1/2031
The Venue on Camelback	Floating		84		36,465		5.42%	10/1/2031
The Verandas at Lake Norman	Floating		84		30,113		5.42%	10/1/2031
Versailles II	Floating		84		15,706		5.42%	10/1/2031
Arbors on Forest Ridge	Floating		84		17,307		5.42%	12/1/2031
Atera Apartments	Floating		84		38,555		5.42%	12/1/2031
Bella Solara	Floating		84		37,772		5.42%	12/1/2031
Bloom	Floating		84		60,848		5.42%	12/1/2031
Courtney Cove	Floating		84		31,596		5.42%	12/1/2031
Creekside at Matthews	Floating		84		28,703		5.42%	12/1/2031
Cutter's Point	Floating		84		18,994		5.42%	12/1/2031
Fairways at San Marcos	Floating		84		55,056		5.42%	12/1/2031
Madera Point	Floating		84		29,676		5.42%	12/1/2031
Parc500	Floating		84		30,012		5.42%	12/1/2031
Rockledge Apartments	Floating		84		78,444		5.42%	12/1/2031
Seasons 704 Apartments	Floating		84		33,960		5.42%	12/1/2031
The Preserve at Terrell Mill	Floating		84		74,341		5.42%	12/1/2031
The Summit at Sabal Park	Floating		84		26,735		5.42%	12/1/2031
Torreyana Apartments	Floating		84		43,153		5.42%	12/1/2031
Venue at 8651	Floating		84		24,620		5.42%	12/1/2031
Versailles	Floating		84		26,108		5.42%	12/1/2031
				$	1,503,242
Fair market value adjustment					371
Deferred financing costs, net of accumulated amortization of $2,579					(38,523	)
				$	1,465,090

(1)

Interest rate is based on a reference rate plus an applicable margin, except for fixed rate mortgage debt. The reference rates used in our portfolio is 30-Day Average Secured Overnight Financing Rate (“SOFR”). As of March 31, 2025, SOFR was 4.33%.

Interest Rate Swap Agreements

As of March 31, 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		1.4620	%
September 1, 2019	September 1, 2026	KeyBank		125,000		1.3020	%
January 3, 2020	September 1, 2026	KeyBank		92,500		1.6090	%
March 4, 2020	June 1, 2026	Truist		100,000		0.8200	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.8450	%
June 1, 2021	September 1, 2026	KeyBank		200,000		0.9530	%
			$	817,500		1.1002	%	(2)

(1)

The floating rate option for the interest rate swaps is SOFR plus 0.11448% ("Adjusted SOFR"). As of March 31, 2025, Adjusted SOFR was 4.45%.

(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

1.7980

(1)

The floating rate option for the interest rate swaps is Adjusted SOFR. As of March 31, 2025, Adjusted SOFR was 4.45%.

Interest Rate Cap Agreements

As of March 31, 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
Estates on Maryland	Floating	4/1/2025		43,157		3.91	%
The Adair	Floating	4/1/2025		35,115		3.91	%
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	%
			$	2,398,038		7.37	%

As of March 31, 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 March 31, 2025 for the next five calendar years subsequent to March 31, 2025 and thereafter. We used the applicable reference rate as of March 31, 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		2025		2026		2027		2028		2029		Thereafter
Operating Properties Mortgage Debt
Principal payments		$	1,503,242	$	—	$	—	$	—	$	33,817	$	—	$	1,469,425
Interest expense	(1)		424,542		37,606		50,387		67,812		68,951		69,100		130,686
Total		$	1,927,784	$	37,606	$	50,387	$	67,812	$	102,768	$	69,100	$	1,600,111

(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 March 31, 2025, we had entered into 6 interest rate swap transactions with a combined notional amount of $0.8 billion. We have allocated the total impact of expected settlements on the $0.8 billion notional amount of interest rate swaps to ‘Operating Properties Mortgage Debt.’ We used Adjusted SOFR as of March 31, 2025 to determine our expected settlements through the terms of the interest rate swaps.

(1)

As of March 31, 2025, we had total indebtedness of $1.5 billion at an adjusted weighted average interest rate of 3.58%, of which $1.5 billion was debt with a floating interest rate. The interest rate swap agreements we have entered into effectively fix the interest rate on $0.8 billion, or 55.6%, 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 1.10% for Adjusted SOFR on the $0.8 billion notional amount of interest rate swap agreements that we have entered into as of March 31, 2025, which effectively fix the interest rate on $0.8 billion of our floating rate mortgage debt outstanding.

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		1,379		17,224		87,878
The Summit at Sabal Park	Tampa, FL		252	8/20/2014		19,050		1,655		20,705		82,163
Courtney Cove	Tampa, FL		324	8/20/2014		18,950		1,635		20,585		63,534
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		2,610		34,160		79,442
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		3,997		30,162		77,737
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		4,626		23,876		71,700
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		2,843		27,523		113,731
Brandywine I & II	Nashville, TN		632	9/26/2018		79,800		7,787		87,587		138,587
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		4,366		88,846		252,403
The Verandas at Lake Norman	Charlotte, NC		264	6/30/2021		63,500		4,628		68,128		258,061
Creekside at Matthews	Charlotte, 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
Hudson High House	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	$	162,816	$	2,195,793	$	169,115

(1)

Only includes properties owned as of March 31, 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		Sales 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 loss on extinguishment of debt and modification costs, casualty-related expenses/(recoveries) and losses (gains), 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)	Q1 2025			Q1 2024
Total mortgage debt	$	1,503,242		$	1,498,277
Total Debt		1,503,242			1,498,277
Adjustments to arrive at net debt:
Cash and cash equivalents		(23,719	)		(37,234	)
Restricted cash held for value-add upgrades and green improvements		(3,170	)		(2,907	)
Net Debt	$	1,476,353		$	1,458,136
Enterprise Value (1)	$	2,487,353		$	2,288,136
Leverage Ratio (Total Debt to Market Capitalization plus Total Debt)		60	%		64	%
Leverage Ratio (Net Debt to Enterprise Value)		59	%		64	%

(1)

Enterprise Value is calculated as Market Capitalization as of the end of the period 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 our 2025 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 and for the three months ended June 30, 2025 (in thousands):


		For the Year Ended December 31, 2025			For the Three Months Ended June 30, 2025
		Mid-Point (1)			Mid-Point (1)
Net loss		$	(31,547	)	$	(8,857	)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees			7,045			1,756
Corporate general and administrative expenses			19,454			4,881
Corporate income			(1,709	)		(443	)
Property general and administrative expenses	(2)		3,316			544
Depreciation and amortization			95,937			24,662
Interest expense			59,512			15,275
Loss on extinguishment of debt and modification costs			18			18
Equity in earnings of affiliate			(240	)		(60	)
NOI	(3)	$	151,786		$	37,776
Less Non-Same Store
Revenues	(3)		—
Operating expenses	(3)		(41	)
Same Store NOI	(3)	$	151,745

(1)

Mid-Point estimates shown for full year and second quarter 2025 guidance. Assumptions made for full year and second 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 acquisition and 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)

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

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	$	(31,547	)
Depreciation and amortization		95,937
Adjustment for noncontrolling interests		(254	)
FFO attributable to common stockholders		64,136
FFO per share - diluted (1)	$	2.48

Loss on extinguishment of debt and modification costs		18
Amortization of deferred financing costs		6,213
Mark-to-market adjustments of interest rate caps		809
Adjustment for noncontrolling interests		(28	)
Core FFO attributable to common stockholders		71,148
Core FFO per share - diluted (1)	$	2.75

Equity-based compensation expense		10,572
Adjustment for noncontrolling interests		(42	)
AFFO attributable to common stockholders		81,678
AFFO per share - diluted (1)	$	3.16

Weighted average common shares outstanding - diluted		25,834

(1)

For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 25.8 million for the full year 2025.

The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2024 and 2023 and the three months ended December 31, 2024 (in thousands):


		For the Year Ended December 31,						For the Three Months Ended December 31,
		2024			2023			2024
Net income (loss)		$	1,114		$	44,433		$	(27,038	)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees			6,899			7,645			1,720
Corporate general and administrative expenses			19,399			17,146			4,875
Corporate income			(2,215	)		(483	)		(959	)
Casualty-related expenses/(recoveries)	(1)		1,389			(2,214	)		(249	)
Casualty losses			626			856			88
Gain on forfeited deposits			—			(250	)		—
Property general and administrative expenses	(2)		3,998			3,701			1,277
Depreciation and amortization			97,762			95,186			24,389
Interest expense			58,477			67,106			15,521
Equity in earnings of affiliate			(172	)		(205	)		(28	)
Loss on extinguishment of debt and modification costs			24,004			2,409			23,203
Gain on sales of real estate			(54,246	)		(67,926	)		(3,851	)
NOI		$	157,035		$	167,404		$	38,948

The following table reconciles our NOI to our FFO, Core FFO and AFFO to net income, the most directly comparable GAAP financial measure, for the years ended December 31, 2024 and 2023 (in thousands):


		For the Year Ended December 31,
		2024			2023			% Change 2024 - 2023
Net income		$	1,114		$	44,433		N/M
Depreciation and amortization			97,762			95,186			2.7	%
Gain on sales of real estate			(54,246	)		(67,926	)		-20.1	%
Adjustment for noncontrolling interests			(176	)		(273	)		-35.5	%
FFO attributable to common stockholders			44,454			71,420			-37.8	%

FFO per share - basic		$	1.74		$	2.78			-37.3	%
FFO per share - diluted		$	1.69		$	2.72			-37.8	%

Loss on extinguishment of debt and modification costs			24,004			2,409		N/M
Casualty-related expenses/(recoveries)			1,389			(2,214	)	N/M
Casualty losses			626			856			-26.9	%
Gain on forfeited deposits			—			(250	)	N/M
Amortization of deferred financing costs			3,364			2,945			14.2	%
Mark-to-market adjustments of interest rate caps			(593	)		1,484		N/M
Adjustment for noncontrolling interests			(114	)		(20	)	N/M
Core FFO attributable to common stockholders			73,130			76,630			-4.6	%

Core FFO per share - basic		$	2.87		$	2.99			-4.1	%
Core FFO per share - diluted		$	2.79		$	2.92			-4.6	%

Equity-based compensation expense			10,543			9,287			13.5	%
Adjustment for noncontrolling interests			(42	)		(35	)		20.0	%
AFFO attributable to common stockholders			83,631			85,882			-2.6	%

AFFO per share - basic		$	3.28		$	3.35			-2.1	%
AFFO per share - diluted		$	3.19		$	3.27			-2.6	%

Weighted average common shares outstanding - basic			25,516			25,654			-0.5	%
Weighted average common shares outstanding - diluted	(1)		26,246			26,245			0.0	%

Dividends declared per common share		$	1.90		$	1.72			10.2	%

Net income Coverage - diluted	(2)	0.02x			0.98x			N/M
FFO Coverage - diluted	(2)	0.89x			1.58x				-43.5	%
Core FFO Coverage - diluted	(2)	1.47x			1.70x				-13.4	%
AFFO Coverage - diluted	(2)	1.68x			1.90x				-11.6	%

(1)

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

(2)

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


(share counts in thousands)
Exchange/Ticker	NYSE:NXRT
Share Price (1)	$36.64
Insider Ownership (2)	15.68%
2025 Q2 Dividend Per Share	$0.51
Dividend Yield (1)	5.57%
Shares outstanding - basic (3)	25,448
Shares outstanding - diluted (3)	25,448


NXRT Exposure to Top-Absorbing Markets
Rank	Market	Q1'25 Absorption(1)	NXRT Properties	NXRT Units	NXRT %
1	Atlanta-Sandy Springs-Roswell, GA	7,612	3	1,692	13.0%
2	Phoenix-Mesa-Scottsdale, AZ	7,461	7	2,009	15.5%
3	Dallas-Plano-Irving, TX	7,387	4	1,206	9.3%
6	Charlotte-Concord-Gastonia, NC-SC	4,903	2	504	3.9%
7	Tampa-St. Petersburg-Clearwater, FL	4,808	2	576	4.4%
13	Orlando-Kissimmee-Sanford, FL	3,095	3	1,172	9.0%
17	Fort Worth-Arlington, TX	2,835	3	739	5.7%
20	Raleigh/Durham, NC	2,474	2	625	4.8%
21	Fort Lauderdale-Pompano Beach-Deerfield Beach, FL	2,459	1	1,520	11.7%
30	Las Vegas-Henderson-Paradise, NV	1,470	3	1,164	9.0%
33	Nashville-Davidson--Murfreesboro--Franklin, TN	1,318	3	1,338	10.3%
35	West Palm Beach-Boca Raton-Delray Beach, FL	1,102	2	439	3.4%


Earnings Release		1
Cautionary Statement Regarding Forward-Looking Statements		2
Overview		3
Highlights of Recent Activity		4
Financial Summary		6
2025 Full Year Guidance		7
Components of Net Asset Value		8
Consolidated Balance Sheets		9
Consolidated Statements of Operations		10
NOI and Same Store NOI		11
Q1 Same Store Results		12
Q1 Same Store Properties Operating Metrics		14
QoQ Same Store Properties Operating Metrics		15
FFO, Core FFO and AFFO		16
Historical Capital Expenditures		17
Value-Add Program Details		18
Outstanding Debt Details		21
Debt Maturity Schedule		24
Historical Acquisition Details		25
Historical Disposition Details		26
Definitions and Reconciliations of Non-GAAP Measures		27


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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