Good day and welcome to the NexPoint Residential Trust Incorporated Second Quarter 2020 Conference Call. [Operator Instructions]
At this time, I would like to turn the conference over to Jackie Graham, Investor Relations. Please go ahead ma'am.
Thank you. Good day everyone and welcome to NexPoint Residential Trust's conference call to review the company's results for the second quarter ended June 30. 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 www.nexpointliving.com.
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, estimate, may, should, 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 business and industry in general, the COVID-19 pandemic and its effect on the company, NXRT's 2020 adjusted NOI estimate and the related assumptions, NXRT's strategy for the third quarter and full-year 2020, NXRT's net asset value and its related components and assumptions, planned value-add programs including projected rent -- projected average rent, rent change and return on investment and expected acquisitions and dispositions.
They are not guarantees of future results and forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including the ultimate geographic spread, duration and severity of the COVID-19 pandemic and the effectiveness of actions taken or actions that may be taken by governmental authorities to contain the outbreak or treat its impact, as well as those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in the company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
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 any forward-looking statements. The statements made during this conference call speak only as of today's date and except as required by laws, 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 or total debt. These non-GAAP measures should be used as a supplement to and not as substitute for net income loss and total debt computed in accordance with GAAP. For a more complete discussion of FFO, core FFO, AFFO, NOI
Chief Financial Officer, Treasurer and Executive Vice President
Chief Investment Officer and Executive Vice President
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