NexPoint Residential Trust Inc (NYSE:NXRT) Q4 2019 Earnings Conference Call - Final Transcript

Feb 18, 2020 • 11:00 am ET


NexPoint Residential Trust Inc (NYSE:NXRT) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the NexPoint Residential Trust Incorporated Fourth Quarter 2019 Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jackie Graham. Please go ahead, ma'am.

Jackie Graham

Thank you. Good day, everyone, and welcome to NexPoint Residential Trust's conference call to review the company's results for the fourth quarter and full year ended December 31. On the call today are Brian Mitts, Executive Vice President and Chief Financial Officer; and Matt McGraner, Executive Vice President and Chief Investment Officer. As a reminder, this call is being webcast through the company's website at

Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as expect, anticipate, intend and similar expressions and variations or negatives of these words.

These forward-looking statements include, but are not limited to, statements regarding NXRT's strategy and guidance for financial results for the first quarter and full year 2020, expected acquisitions and dispositions, expected redevelopment of units, the projected average rent, change in rent and return on investment after redevelopment and new business metrics relating to Las Vegas portfolio. They are not guarantees of future results and are subject to risks, uncertainties, assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Listeners should not place undue reliance on any forward-looking statements and are encouraged to review the company's most recent Annual Report on Form 10-K and the company's other filings with the SEC, for a more complete discussion of risks and other factors that could affect the forward-looking statements. Except as required by law NXRT, does not undertake any obligation to publicly update or revise any forward-looking statements.

This conference call also includes analysis of funds from operations, or FFO; core funds from operations, or core FFO; adjusted funds from operations, or AFFO; and net operating income, or NOI, all of which are non-GAAP financial measures of performance. These non-GAAP measures should be used as a supplement to and not a substitute for net income loss computed in accordance with GAAP. For a more complete discussion of FFO, core FFO, AFFO and NOI, see the company's earnings release that was filed earlier today.

I would now like to turn the call over to Brian Mitts. Please go ahead, Brian.

Brian Mitts

Thank you, Jackie. I'd like to welcome everyone to the NXRT 2019 fourth quarter conference call. Today, we'll discuss highlights for the year, present our results for 2019, provide guidance for 2020, and discuss recent acquisition, dispositions, our portfolio in general, markets and just what we see in the year ahead.

I'm joined here with Matt McGraner, our Chief Investment Officer. So, I'll start high level. 2019 was our most active year so far on acquisition and disposition front. We acquired a net