NexPoint Residential Trust Inc (NXRT) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexPoint Residential Trust third quarter 2025 earnings call. (Operator Instructions)

您好，感謝您的耐心等待。我叫萊西，今天我將擔任你們的會議接線生。在此，我謹代表 NexPoint Residential Trust 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Kristen Griffith, Investor Relations. You may begin.

現在我將把會議交給投資人關係部的克莉絲汀‧格里菲斯。你可以開始了。

Thank you. Good day, everyone, and welcome to NexPoint Residential Trust conference call to review the company's results for the third quarter ended September 30, 2025. On the call today are Paul Bridges, Executive Vice President and Chief Financial Officer; Matt McGraner, Executive Vice President and Chief Investment Officer; and Bonner McDermett, Vice President, Asset and Investment Management.

謝謝。大家好，歡迎參加 NexPoint Residential Trust 的電話會議，本次會議將回顧該公司截至 2025 年 9 月 30 日的第三季業績。今天參加電話會議的有：執行副總裁兼財務長保羅·布里奇斯；執行副總裁兼首席投資官馬特·麥格雷納；以及資產和投資管理副總裁邦納·麥克德米特。

As a reminder, this call is being webcast through the company's website at nxrt.nextpoint.com. Before we begin, I would like to remind everyone that this conference call contains forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs.

再次提醒各位，本次電話會議將透過公司網站 nxrt.nextpoint.com 進行網路直播。在會議開始前，我想提醒大家，本次電話會議包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述，這些陳述是基於管理階層目前的預期、假設和信念。

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.

聽眾不應過度依賴任何前瞻性陳述，並建議查閱公司最新的 10-K 表格年度報告以及公司向美國證券交易委員會提交的其他文件，以更全面地討論可能影響任何前瞻性陳述的風險和其他因素。

The statements made during this conference call speak only as of today's date, and except as required by law, and expertise does not undertake any obligation to publicly update or revise any forward-looking statements. This conference call also includes an analysis of non-GAAP financial measures.

本次電話會議中發表的聲明僅代表截至今日的觀點，除法律要求外，本公司不承擔任何公開更新或修改任何前瞻性聲明的義務。本次電話會議也包括非GAAP財務指標的分析。

For a more complete discussion of these non-GAAP financial measures, see the company's earnings release that was filed earlier today.

有關這些非GAAP財務指標的更完整討論，請參閱該公司今天稍早發布的獲利報告。

I would now like to turn the call over to Paul Richards. Please go ahead, Paul.

現在我想把電話交給保羅理查茲。請繼續，保羅。

Thank you, Kristen, and welcome, everyone, joining us this morning. We appreciate your time. I'll kick off the call and cover our Q3 results, updated NAV and guidance outlook for the year. I will then turn it over to Matt to discuss specifics on the leasing environment and metrics driving our performance and guidance.

謝謝克里斯汀，也歡迎各位今天早上加入我們。感謝您抽出時間。我將首先開始電話會議，介紹我們第三季的業績、更新後的淨資產值以及全年的業績展望。接下來，我將把發言權交給 Matt，讓他詳細討論租賃環境以及影響我們績效和績效指引的指標。

Results for Q3 are as follows: Net loss for the third quarter was $7.8 million or a loss of $0.31 per diluted share on total revenues of $62.8 million the $7.8 million net loss for the quarter compares to a net loss of $8.9 million or a $0.35 loss per diluted share for the same period in 2024 on total revenue of $64.1 million.

第三季業績如下：第三季淨虧損為 780 萬美元，即每股攤薄虧損 0.31 美元，總營收為 6,280 萬美元。本季淨虧損 780 萬美元，而 2024 年同期淨虧損為 890 萬美元，即每股攤薄虧損 0.35 美元，總營收為 6,410 萬美元。

For the third quarter of 2025, NOI was $38.8 million on 35 properties compared to $38.1 million for the third quarter of 2024 on 36 properties. For the quarter, same-store rent and occupancy decreased 0.3% and 1.3%, respectively, This, coupled with the decrease in same-store revenues of 0.6% and same-store expenses of 6.2% led to an increase in same-store NOI of 3.5% as compared to Q3 2024.

2025 年第三季度，35 處房產的淨營業收入為 3,880 萬美元，而 2024 年第三季 36 處房產的淨營業收入為 3,810 萬美元。本季度，同店租金和入住率分別下降了 0.3% 和 1.3%。此外，同店收入下降了 0.6%，同店支出下降了 6.2%，導致同店淨營業收入比 2024 年第三季增加了 3.5%。

As compared to Q2 2025, rents for Q3 2025 on the same-store portfolio were down 0.2% or $3. We reported Q3 core FFO of $17.7 million or $0.70 per diluted share compared to $0.69 per diluted share in Q3 2024. During the third quarter, for the properties in the portfolio, we completed 365 full and partial upgrades, lease 297 upgraded units, achieving an average monthly rent premium of $72 and a 20.1% return on investment.

與 2025 年第二季相比，2025 年第三季同店物業組合的租金下降了 0.2% 或 3 美元。我們公佈的第三季核心FFO為1770萬美元，即每股攤薄收益0.70美元，而2024年第三季為每股攤薄收益0.69美元。第三季度，我們完成了投資組合中 365 處房產的全面和部分升級改造，出租了 297 套升級後的單元房，實現了平均每月 72 美元的租金溢價和 20.1% 的投資回報率。

Since inception, NXRT has completed installation of 9,478 full and partial upgrades, 4,925 kitchen and laundry appliances and 11,389 tech packages resulting in $161, $50 and $43 average monthly rental increase per unit and 20.8%, 64% and 37.2% return on investment, respectively. NXRT paid a third quarter dividend of $0.51 per share of common stock on September 30, 2025.

自成立以來，NXRT 已完成 9,478 項全面和部分升級、4,925 台廚房和洗衣設備以及 1​​1,389 套技術方案的安裝，分別使每套單元的平均月租金增加 161 美元、50 美元和 43 美元，投資回報率分別為 20.8%、64% 和 37.2%。NXRT 於 2025 年 9 月 30 日支付了第三季股息，每股普通股股息為 0.51 美元。

For Q3, our dividend was 1.37 times covered by core FFO with a 73.2% payout ratio of core FFO. On October 27, 2025, the company's Board approved a quarterly dividend of $0.53 per share a 3.9% increase from the previous dividend per share payable on December 31, 2025, to stockholders of record on December 15, 2025.

第三季度，我們的股利覆蓋率為核心FFO的1.37倍，核心FFO的股利支付率為73.2%。2025 年 10 月 27 日，公司董事會批准向 2025 年 12 月 31 日登記在冊的股東派發季度股息，每股 0.53 美元，比之前的每股股息增長 3.9%。

Since inception, NXRT has increased the dividend per share by 157.3%. Turning to the details of our updated NAV estimate. Based on our current estimate of cap rates in our market and forward NOI, we are reporting a NAV range per share as follows: $43.40 on the low end, $56.24 on the high end and $49.82 at the midpoint.

自成立以來，NXRT 的每股股息已成長了 157.3%。接下來我們來詳細了解更新後的淨資產估值。根據我們目前對市場資本化率和預期淨營業收入的估計，我們報告的每股淨值範圍如下：下限為 43.40 美元，上限為 56.24 美元，中點為 49.82 美元。

These are based on average cap rates ranging from 5.25% in the low end and 5.75% in the high end, which remains stable quarter-over-quarter. Turning to full year 2025 guidance. NXRT is reaffirming guidance midpoints for loss per diluted share, core FFO per diluted share, same-store rental income, same-store total revenues same-store total expenses and same-store NOI and tightening guidance ranges for acquisitions and dispositions.

這些是基於平均資本化率計算得出的，低端資本化率為 5.25%，高端資本化率為 5.75%，並且每個季度都保持穩定。接下來展望2025年全年業績。NXRT 重申了每股攤薄虧損、每股攤薄核心 FFO、同店租金收入、同店總收入、同店總支出和同店 NOI 的預期中位數，並收緊了收購和處置的預期範圍。

Loss per share core fulfill ranges are as follows: loss per diluted share of negative $1.22 at the high end negative $1.40 at the low end with a midpoint of negative $1.31 and for core FFO per diluted share, $2.84 at the high end, $2.66 at the low end with affirming the midpoint of $2.75.

核心每股虧損的預期範圍如下：稀釋後每股虧損最高為 -1.22 美元，最低為 -1.40 美元，中點為 -1.31 美元；核心 FFO 稀釋後每股收益的預期範圍如下：最高為 2.84 美元，最低為 2.66 美元，中點為 2.75 美元。

This completes my prepared remarks. So I'll now turn it over to Matt for commentary on the portfolio.

我的發言稿到此結束。現在我將把發言權交給 Matt，讓他對作品集進行評論。

Thank you, Paul. Let me start by going over our third quarter same-store operational results. Same-store total revenue was down 60 basis points, albeit with 5 of our 10 markets, averaging at least 1% growth, with Atlanta and South Florida leading the way at a positive 2.8% each.

謝謝你，保羅。首先，讓我回顧一下我們第三季的同店營運表現。同店總收入下降了 60 個基點，但我們 10 個市場中有 5 個市場的平均成長率至少為 1%，其中亞特蘭大和南佛羅裡達以 2.8% 的正成長率領先。

We are also pleased to report continued moderation in expense growth for the quarter. Third quarter same-store operating expenses were down an impressive 6.3% year-over-year. payroll and R&M declined 7.5% and 6.1%, respectively, with year-over-year in total controllable expenses down a meaningful 6%.

我們也欣喜地報告，本季支出成長持續保持溫和態勢。第三季同店營運費用較去年同期大幅下降 6.3%。薪資和維修保養費用分別下降 7.5% 和 6.1%，可控總費用較去年同期顯著下降 6%。

Insurance was also favorable by 19%, driven by the team's efforts here and market improvement on the property casualty side. Real estate taxes also decreased 8.7% due to favorable protest outcomes, most notably in our Nashville portfolio. Third quarter same-store NOI growth continues to improve in our markets with the portfolio averaging a positive 3.5%, a marketable improvement from down 1.1% last quarter.

保險業務也上漲了 19%，這得益於團隊在該領域的努力以及財產意外險市場的改善。由於抗議活動取得了有利結果，房地產稅也下降了 8.7%，其中以我們在納許維爾的投資組合最為顯著。第三季同店淨營業收入成長在我們市場持續改善，投資組合平均成長 3.5%，較上季下降 1.1% 有了顯著改善。

Seven of our 10 markets achieved year-over-year NOI growth of at least 2.5% or greater with Nashville and Atlanta leading the way at 26% and 7.8% growth, respectively. Our Q3 same-store NOI margin registered a healthy 62.2%. The portfolio experienced improved revenue growth also in Q3 with 5 out of our 10 markets achieving growth of at least 1% or better.

在我們涵蓋的 10 個市場中，有 7 個市場的 NOI 年成長率達到或超過 2.5%，其中納許維爾和亞特蘭大分別以 26% 和 7.8% 的成長率領先。我們第三季同店淨營業收入利潤率達到了健康的 62.2%。第三季度，該投資組合的營收成長也有所改善，我們 10 個市場中有 5 個市場實現了至少 1% 或更高的成長。

Our top 5 markets were Atlanta and South Florida at 2.8%, Tampa at 2.4%, Raleigh at 2.1% and Charlotte at 1%. Renewal conversions for eligible tenants were 63.6% for the quarter, with all 10 markets executing positive renewal rate growth of at least 75 basis points or better. 646 renewals were signed during the quarter at an average of 1.81%.

我們前五名的市場分別是亞特蘭大和南佛羅裡達（2.8%）、坦帕（2.4%）、羅利（2.1%）和夏洛特（1%）。本季符合資格的租戶續租率為 63.6%，所有 10 個市場的續租率均實現正成長，增幅至少達到 75 個基點或更高。本季共簽署 646 份續約合同，平均續約率為 1.81%。

On the occupancy front, the portfolio registered a 93.6% occupancy as of the close of the quarter, market competition from lease-up assets on down the spectrum remain our biggest challenge, but clearer skies are forming ahead. As of this morning, our portfolio is 93.6% occupied and 95.8% leased with a healthy trend -- 60-day trend of 92%.

在入住率方面，截至本季末，該投資組合的入住率為 93.6%，來自租賃資產及更下游資產的市場競爭仍然是我們面臨的最大挑戰，但前景正在逐漸明朗。截至今天早上，我們的投資組合入住率為 93.6%，出租率為 95.8%，發展勢頭良好——60 天趨勢為 92%。

Even though we saw elevated pressures to occupancy and concession utilization, top line rent beat our internal forecast by 20 basis points for the quarter and bad debt continues to stabilize with a meaningful 32% year-over-year improvement for the quarter. Again, on expenses, they continue to moderate and finish the quarter down 6.4%.

儘管我們看到入住率和特許經營利用率面臨較大壓力，但本季租金收入比我們內部預測高出 20 個基點，壞帳繼續趨於穩定，本季同比顯著改善 32%。同樣，在支出方面，他們繼續保持溫和態勢，本季結束時下降了 6.4%。

Payroll declined 7.6% this quarter and continues to trend downward as we implement centralized teams and AI technology. Our centralized platforms for renewals, screening, call centers, alongside AI applications deployed across various aspects of the resident experience are all driving greater efficiency and enabling reductions in on-site staffing, particularly within the leasing offices.

本季薪資支出下降了 7.6%，隨著我們實施集中式團隊和人工智慧技術，薪資支出將繼續呈下降趨勢。我們集中化的續租、篩選、呼叫中心平台，以及部署在住戶體驗各個方面的 AI 應用，都在提高效率，並減少現場人員配備，尤其是在租賃辦公室。

As mentioned previously, we're now focused on optimizing our maintenance operations to drive similar efficiencies across our markets. Insurance, real estate taxes, R&M and G&A were the other categories that saw meaningful year-over-year improvement for the quarter with all categories improving at least 6% or more. Now turning to our updated view on supply. We believe we're close to the end of a record national new multifamily supply cycle.

如前所述，我們現在專注於優化維護運營，以推動各個市場實現類似的效率提升。保險、房地產稅、維修保養和一般管理費用是本季其他一些同比均有顯著改善的類別，所有類別的改善幅度均至少達到 6% 或更高。現在來談談我們對供應的最新看法。我們認為，全國新建多戶住宅供應週期即將結束，創下歷史新高。

CoStar annual net deliveries having peaked at 695,000 units in the trailing 12-month period ending in Q3 2024 and Q4 2024. This compares to annual net delivery delivered units of 351,000 on average in the prior five years that prior five years being Q3 '14 through Q3 '19 and 282,000 units on average since 2001.

CoStar 的年度淨交付量在截至 2024 年第三季和第四季的過去 12 個月期間達到高峰 695,000 輛。相較之下，前五年（2014 年第三季至 2019 年第三季）的年均淨交付量為 351,000 台，而自 2001 年以來的平均年均淨交付量為 282,000 台。

CoStar forecast net deliveries reached 697,000 units in 2024 and expected to be 508,000 units in 2025 before falling significantly year-over-year in 2026 by 49% in 2027 by an additional 20%. A critical Q3 for deliveries followed by a steeper drop off. For Q3 of 2025, deliveries are 17% down quarter-over-quarter and is the last quarter with more than 100,000 units delivered.

CoStar 預測 2024 年淨交付量將達到 697,000 輛，預計 2025 年將達到 508,000 輛，然後在 2026 年同比大幅下降 49%，2027 年再下降 20%。第三季是交貨的關鍵時期，之後將出現更大幅度的下滑。2025 年第三季度，交車量較上季下降 17%，也是交車量超過 10 萬輛的最後一個季度。

An increased expectation for 3Q 25 deliveries is followed by a significant drop off to Q4 2025 deliveries that is now forecasted at just 69,000 units down 52% year-over-year and 41% quarter-over-quarter. This ushers in the start of a lengthy period where deliveries are expected to be below the long run average and more bullish long-term forecast versus prior years.

預計 2025 年第三季交車量將大幅下降，但 2025 年第四季交付量將大幅下降，目前預計僅 69,000 輛，年減 52%，季減 41%。這標誌著一段較長時期的開始，預計交付量將低於長期平均水平，但與往年相比，長期預測將更加樂觀。

2027 and 2028 delivery forecasts have also fallen. CoStar now expects 2027 deliveries of 234 units that compares to forecast from December of last year of 283,000 units and 231,000 units for 2028 that compares to prior forecast of 308,000 units.

2027 年和 2028 年的交付預測也已下調。CoStar 目前預計 2027 年交付量為 234 台，而去年 12 月的預測為 283,000 台；預計 2028 年交付量為 231,000 台，而先前的預測為 308,000 台。

That's down 27%. On the whole, cautious optimism best fits our rental market outlook. Looking better in place is still challenged, but we have come to the time where market fundamentals are coalescing to support a more bullish outlook for multifamily. We expect the rental market will take the lion's share of new household formation and outperform the for-sale market in the near term.

下降了27%。整體而言，謹慎樂觀最符合我們對租賃市場的預期。雖然改善現狀仍面臨挑戰，但市場基本面正在匯聚，從而支撐多戶住宅市場更樂觀的前景。我們預計，短期內租賃市場將佔據新增家庭的大部分份額，並且表現將優於房屋銷售市場。

While some markets still have supply issues, particularly in our fast-growing Sun Belt markets, demand is still there. We're absorbing units at a very strong clip right now, and part of that is due to the affordability challenge in the for-sale market. It's about twice as expensive on a monthly basis to own a home as it is to rent the average apartment in the US.

雖然有些市場仍然存在供應問題，尤其是在我們快速成長的陽光地帶市場，但需求仍然存在。我們目前的房屋銷售速度非常快，部分原因是二手房市場面臨價格上的挑戰。在美國，擁有一棟房子的月均成本大約是租一間普通公寓的月均成本的兩倍。

During the quarter, the team re-underwrote each of our assets as if we were to buy them new today with a particular view on the submarket competition for lease-ups. We try to estimate based on historical lease-up trends where in each of our submarkets that have supply pressures would indeed stabilize. We define submarket stabilization as 92% occupied with new construction deals being at least 70% leased.

本季度，團隊對我們的每項資產進行了重新評估，就好像我們今天要購買新的資產一樣，尤其關注租賃細分市場的競爭。我們嘗試根據歷史租賃趨勢來估算，在我們每個有供應壓力的子市場中，哪些市場確實會趨於穩定。我們將次市場穩定定義為入住率達 92%，新建案的出租率至少達到 70%。

Our analysis showed that 5 of our 10 markets should stabilize in the first quarter six of the 10 in the second and 8 of the 10 in the third quarter of next year with all markets stabilizing by year-end. Indeed, this could happen sooner as NXRT markets are littered with major job and corporate relocation announcements almost daily across finance, technology, defense, logistics, manufacturing and research.

我們的分析表明，明年第一季度，我們10個市場中的5個將趨於穩定；第二季度，10個市場中的6個將趨於穩定；第三季度，10個市場中的8個將趨於穩定；到年底，所有市場都將趨於穩定。事實上，這種情況可能會更快發生，因為 NXRT 市場幾乎每天都會發布金融、科技、國防、物流、製造和研究等領域的重大工作和企業搬遷公告。

Billions of capital and thousands of jobs across names such as Align Data Centers, Alliance Bernstein, Apple, Bell, Textron, Fujifilm, Goldman, Intel, Microsoft, Oracle, TSMC, Wells Fargo have all hit our markets in the past six months alone. Again, more reason for cautious optimism.

僅在過去六個月裡，包括 Align Data Centers、Alliance Bernstein、蘋果、貝爾、德事隆、富士膠片、高盛、英特爾、微軟、甲骨文、台積電、富國銀行等在內的眾多公司，就向我們的市場注入了數十億美元的資金，並創造了數千個就業機會。這再次印證了謹慎樂觀的必要性。

On the transaction front, buyer sentiment for multifamily purchasing continues to improve in Q3 according to CBRE and our own experiences, Institutional investor allocations to real estate are expected to tick up to 10.8% in 2026 according to institutional real estate allocations monitor. Firms like Blackstone remain bullish on commercial real estate investments given muted supply growth and lower cost of capital in the form of lower rates and tightening spreads.

在交易方面，根據世邦魏理仕和我們自身的經驗，第三季買家對多戶住宅的購買意願持續改善；根據機構房地產配置監測機構的數據，預計到 2026 年，機構投資者對房地產的配置比例將上升至 10.8%。鑑於供應成長乏力以及利率下降和利差收窄導致資本成本降低，像黑石集團這樣的公司仍然看好商業房地產投資。

Indeed, Blackstone, in particular believes we're now approaching a steeper point in the price recovery, and we share that view. We continue to actively monitor the sales market for opportunities and stay close to any movements on cap rates in our markets. Many investors remain sidelined but we see opportunity to return to the market as fundamentals improve.

事實上，黑石集團尤其認為，我們現在正接近價格復甦的陡峭階段，我們也認同這個觀點。我們將繼續積極關注銷售市場，尋找機會，並密切關注我們所在市場資本化率的任何變化。許多投資者仍然持觀望態度，但隨著基本面的改善，我們看到了重返市場的機會。

We're expecting to recycle capital in the next couple of quarters against this transaction backdrop and excited to announce that NXRT has been awarded the opportunity to acquire a 321-unit multifamily community in the high-growth suburbs in Northern Las Vegas. This asset features a unit mix focused on two and three bedroom floor plans ideal for young families and roommate situations.

鑑於交易的背景，我們預計將在接下來的幾個季度內回收資金，並很高興地宣布 NXRT 已獲得機會收購位於拉斯維加斯北部高成長郊區的一個擁有 321 個單元的多戶住宅社區。此專案以兩房和三房戶型為主，非常適合年輕家庭和室友合租。

Recent large-scale developments have driven significant expansion, job growth in residential revitalization in North Las Vegas which is now the Las Vegas Valley's most prominent industrial market. Nearby over 15 million square feet of industrial space is currently under construction or planned supporting the creation of approximately 8,000 jobs in this submarket alone.

近期大規模開發案推動了北拉斯維加斯住宅區復興帶來的顯著擴張和就業成長，使其成為拉斯維加斯山谷最突出的工業市場。附近有超過 1500 萬平方英尺的工業空間正在建設或規劃中，光是這個子市場就能創造約 8000 個就業機會。

We have evaluated this asset to be structurally sound, well located and prime for value-add execution that is the best we have underwritten all year. We believe the asset has potential to generate a 7% same-store NOI CAGR over the next five years. Our plan will be to acquire the asset in late Q4, utilizing available capacity on the facility.

經評估，資產結構穩固、地理位置優越，是進行加值投資的理想選擇，也是我們今年承銷過的最佳項目。我們認為該資產有潛力在未來五年內達到 7% 的同店淨營業收入複合年增長率。我們的計劃是在第四季末收購該資產，並利用該設施的現有產能。

And then we expect to execute one or more sales transactions in the first half of 2026, utilizing tax-efficient 1031 reverse exchange mechanics thereby initiating our capital recycling growth strategies as we head into 2026. We expect this strategy to modestly be accretive for 2026, while yielding stronger core FFO growth throughout the 2027 to 2030 period.

然後，我們預計將在 2026 年上半年執行一項或多項銷售交易，利用節稅的 1031 反向交換機制，從而在進入 2026 年之際啟動我們的資本循環成長策略。我們預計該策略將在 2026 年帶來適度的收益成長，同時在 2027 年至 2030 年期間實現更強勁的核心 FFO 成長。

Capital recycling to generate growth is our primary external objective, selling mature assets with limited potential into newer growth, nicer and higher-growth assets within our familiar market geographies. Transforming the portfolio and unlocking gains for tax-efficient capital recycling and high conviction assets to grow NOI at an outsized rate is consistent with the company's extra execution.

透過資本循環利用實現成長是我們的主要外部目標，即在我們熟悉的市場區域內，將潛力有限的成熟資產出售給新的、更好的、更高成長的資產。透過調整投資組合，釋放稅收效率高的資本循環利用和高信念資產的收益，以超高速成長淨營業收入，這與公司卓越的執行力相符。

We expect to continue scouring the market for the best opportunities, but we will absolutely prioritize stock buybacks as well in the low 30s over the near term. To summarize and reiterate a couple of points. On the macro outlook, we see the market signaling a steeper recovery ahead.

我們將繼續在市場上尋找最佳機會，但短期內，我們也一定會優先考慮股價約 30 美元的股票回購。總結並重申以下幾點。從宏觀角度來看，我們看到市場發出訊號，顯示未來將出現更強勁的復甦。

On operations, revenue is moderating, but at a decelerating pace, and we continue to demonstrate strong expense control driven by R&M, labor and insurance. We have stabilized bad debt and view that the financial health of our Tinet demographic is quite strong and resilient to market pressures. We have full conviction we can hit our same-store guidance expectations, and we are positioned for improved performance heading into 2026.

營運方面，收入成長放緩，但成長速度正在下降，我們持續保持強勁的費用控制，主要得益於維修、人工和保險方面的支出控制。我們已經穩定了不良債務，並認為我們Tinet人群的財務狀況相當強勁，能夠抵禦市場壓力。我們完全有信心實現同店銷售預期目標，並已做好準備，在 2026 年取得更好的業績。

On the balance sheet, we're cognizant of the swap maturity overhang on our earnings forecast and we continue to monitor that daily for opportunities. We expect to act in replacing the swap book over the near term and certainty before any expirations. And on our path to growth, we see green lights ahead as it relates to our capital recycling strategy. Good deals are available. We are confident in our ability to underwrite, capitalize and execute on them.

在資產負債表方面，我們意識到互換到期對獲利預測的影響，我們將繼續每天監控這種情況，尋找機會。我們預計在短期內，在任何到期日之前，將採取行動替換掉期合約。在我們的發展道路上，我們看到與資本循環利用策略相關的前景一片光明。優惠多多。我們對自己承銷、融資和執行這些專案的能力充滿信心。

And our team will be heavily focused on doing just that heading into 2026 as well as, again, importantly, buying back stock in the low 30s.

我們的團隊將在 2026 年全力以赴實現這一目標，並且再次強調，更重要的是，在股價跌至 30 美元左右時回購股票。

In closing, in the near term, we will continue to prioritize a balanced approach, driving occupancy, maintaining disciplined risk strategies, managing controllable expenses to support steady NOI growth while we look to accelerate our capital recycling strategy and portfolio transformation to drive external growth as conditions on the field are set to improve.

最後，在短期內，我們將繼續優先採取平衡的方法，提高入住率，保持嚴格的風險策略，控制可控支出，以支持穩定的淨營業收入成長，同時隨著市場環境的改善，我們將加快資本循環利用策略和投資組合轉型，以推動外部成長。

Looking ahead, we are confident in the long-term fundamentals of our Sunbelt position workforce housing assets which we will -- which we see to be well positioned to outperform other geographies given our favorable trends in population migration, job creation and wage growth.

展望未來，我們對我們在陽光地帶的勞動力住房資產的長期基本面充滿信心，我們認為，鑑於人口遷移、就業創造和工資增長的有利趨勢，這些資產將能夠跑贏其他地區。

That's all I have for prepared remarks. I appreciate our team's work here at NexPoint and BH for continuing to execute. And that concludes our prepared remarks.

這就是我準備好的全部發言稿。我感謝NexPoint和BH團隊的持續努力和執行。我們的發言稿到此結束。

So at this time, I'll turn it back over to the operator and open up the call for questions.

所以現在，我將把電話交還給接線員，並開放提問環節。

(Operator Instructions)

（操作說明）

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, sir, good morning, everyone on the operating expense side, again, things look like they're going really well. Could you just talk a little bit about if that is going to be sustainable on a going-forward basis.

嗨，是的，先生，早上好，各位，關於營運費用方面，情況看起來進展非常順利。您能否談談這種做法在未來是否可持續？

And I just asked that in the context of full year guidance where the midpoint of guidance suggests that FFO growth in FFO in fourth quarter will be $0.61 versus your current $0.70 run rate, which is being helped by better than expected expense control?

我剛才問的是，在全年業績指引的背景下，指引的中點表明，第四季度FFO增長將達到0.61美元，而你們目前的運行率為0.70美元，這得益於比預期更好的費用控制？

Yeah, I think the -- there's a couple of categories, trials this back. We think that we'll have continued improvement in sustainability on the noncontrollable side with insurance. We also feel good about the real estate tax protests that are going on and see potential upside in that number.

是的，我認為──有幾個類別，這次試驗是這樣的。我們認為，透過保險，我們在不可控因素方面的可持續性將持續改善。我們對正在進行的房地產稅抗議活動也感到樂觀，並認為該數字有上升空間。

On the payroll and R&M side, we're -- we don't see anything changing materially and expect that to be consistent as well for what it implies for core, I think we're cautiously optimistic that we're -- that we'll exceed expectations as usual. And that's -- we're doing everything we can to beat on the expense side in the face of the supply pressures.

在工資和維修方面，我們認為不會有任何實質的變化，預計這種情況也會保持不變。至於核心業務方面，我認為我們謹慎樂觀地認為，我們將像往常一樣超出預期。也就是說——面對供應壓力，我們正在盡一切努力在成本方面取得進展。

I don't know, Bonner, if you have anything to add to that.

邦納，我不知道你是否還有什麼要補充的。

Yeah, I would just add, I think on the real estate taxes, we received one pretty significant settlement that's kind of onetime in Q3. So that's not necessarily the run rate for taxes there, but it does -- if you'll remember, Nashville is on a four year revaluation cycle. So we fight this battle every four years that occurred last year.

是的，我還要補充一點，關於房地產稅，我們在第三季收到了一筆數額相當大的和解金，這筆和解金是一次性的。所以這不一定是那裡的實際稅率，但確實如此——如果你還記得的話，納許維爾的房產價值每四年重新評估一次。所以我們每四年都要經歷一次這樣的戰鬥，就像去年一樣。

We've been in the process of litigating them as we've got court dates on a couple of the other deals, but we don't expect to see any dramatic shift there. So some of the real estate tax savings that you see in the quarter is more onetime to the nature.

我們一直在就其他幾項交易提起訴訟，因為我們已經安排了審判日期，但我們預計不會有任何重大變化。因此，您在季度中看到的房地產稅節省部分更多是一次性的。

But I agree with Matt, particularly on payroll and repair and maintenance expenses, those are heavy focuses for us controlling. So I do think that we can continue at least through the first quarter on the payroll run rate we've made strategic initiatives to centralize a lot of the operations. So most of that activity on the P&L hit kind of April 1 and going forward.

但我同意 Matt 的觀點，尤其是在薪資、維修保養費用方面，這些都是我們需要重點控制的。所以我認為，至少在第一季度，我們可以繼續保持目前的薪資發放速度，我們已經採取了策略性舉措來集中許多營運部門。所以，損益表上的變動大多發生在 4 月 1 日及以後。

Got you. Can you quantify that onetime benefit in 3Q? How much that was?

抓到你了。你能量化一下第三季的那次一次性收益嗎？那一共多少錢？

Yeah, the total there was $8,020,000.

是的，總金額是 802 萬美元。

Okay. That's helpful. Then my second question is, again, yourself your soft disclosed NAV. Again, you guys -- whether you're at the low end or the high end, depending on the cap rate you're using, I mean the stock has been persistently trading at this kind of huge discount to NAV. And I guess when you guys look at that over a long-term period, if that gap is not necessarily made up over time.

好的。那很有幫助。那麼我的第二個問題仍然是，您自己揭露的淨資產值是多少？再說一遍，各位——無論你們採用的是低端還是高端的資本化率，我的意思是，這支股票的交易價格一直都比其淨資產值低很多。我想，如果從長遠來看，這種差距未必能隨著時間的推移而彌補。

How do you kind of think about kind of what next for NXRT and how you try to create shareholder value? If you just kind of get a sign of perpetual large discount NAV granted a lot of the sector is already trading that way. So this is not unique to you, but just curious how you're thinking about that.

您如何看待 NXRT 的下一步發展以及如何創造股東價值？如果你發現某個股票的淨資產值持續大幅折讓，那麼可以肯定的是，該行業很多股票已經以這種方式交易了。所以這並非你獨有的想法，但我只是好奇你怎麼想的。

Yeah, Look, we've been very clear since we became public in 2015 that we view the company as a growth company. But we -- I mean we also have the company set up to transact as well with floating rate debt. Our goal is to hit $170 million of NOI by 2027. It's that simple.

是的，你看，自從 2015 年上市以來，我們就一直非常明確地表示，我們將公司視為成長型公司。但是我們——我的意思是，我們公司也已經設立了交易浮動利率債務的機制。我們的目標是到 2027 年實現 1.7 億美元的淨營業收入。就這麼簡單。

And the terminal value at the in our mind, will always be there. We think that the portfolio is hard to replace and scale we think we have the best job best exposure to the highest job growth markets. And we have -- we believe that if the discount isn't closed, then we'll close it. We own 16.5% of the company. We're highly aligned to do so. And what we absolutely know is that even in a muted transaction environment, there's still a bid for multifamily.

而我們心中最終的價值，將永遠存在。我們認為該投資組合難以取代和擴展，我們認為我們擁有最佳的就業機會，能夠最大程度地接觸到就業成長最快的市場。而且我們認為——如果折扣活動沒有結束，那麼我們就結束它。我們擁有該公司16.5%的股份。我們高度贊同這樣做。我們非常清楚的是，即使在交易環境低迷的情況下，仍然有人對多戶住宅項目提出投資。

The transaction market is still kind of a five cap market and especially for assets like ours. So while the public markets are discounting multifamily stocks. We think that, that will change dramatically in 2026 as new lease pricing in flex, I think that's going to be the catalyst of it. I see that happening in the second quarter probably of 2026.

交易市場仍然主要由五家市值公司組成，尤其是像我們這樣的資產。因此，儘管公開市場正在低估多戶住宅股票。我們認為，這種情況在 2026 年將發生巨大變化，因為新的彈性租賃定價將是推動這項變化的催化劑。我認為這種情況可能會在 2026 年第二季發生。

And I think our stock will start to perform into that bid of new lease growth. But if it doesn't, we're confident that there is a terminal value and a bid for the company. We know that for sure. So we'd like to continue to grow the earnings stream and think we can -- but if not, there's a bit there.

我認為，隨著新租賃業務的成長，我們的股價將會開始上漲。但如果這種情況沒有發生，我們相信該公司會有最終價值，並且會有人出價收購它。我們對此非常肯定。所以我們希望繼續擴大獲利來源，並認為我們可以做到——但如果做不到，也還有一些空間。

Buck Horne, Raymond James.

巴克·霍恩，雷蒙德·詹姆斯。

Hey, good morning, guys. Thanks for the time. Morning. I apologize did you guys give out the splits on new lease rates, renewals and the blend for the quarter?

嘿，大家早安。謝謝你抽出時間。早晨。不好意思，請問你們公佈了本季新租約價格、續租價格和混合租賃價格的細分數據嗎？

No, we did it a supplement, but we'll update it for you. The new -- for the quarter, new leases were down 4.06% or $5 renewals were up 1.94% or 29 almost $30. That's a blended negative 44 basis points.

不，我們把它當作補充內容做了，但我們會為你更新。本季度，新租約下降 4.06% 或 5 美元，續約上升 1.94% 或 29 美元，接近 30 美元。綜合來看，降幅為負44個基點。

Got it. Appreciate that. And then by the way October?

知道了。謝謝。對了，十月呢？

October is kind of trending the same way. right New leases were down 3.78% or $54, Renewals were up about 70 basis points or $10 for a blended down 1%.

10月份的趨勢也大致相同。新租約下降了3.78%，即54美元；續約上漲了約70個基點，即10美元，兩者合計下降了1%。

Perfect. You already beat me to my next question. I appreciate that. Up ahead of you, man. I also touch a little bit on the CapEx spend, just kind of the maintenance CapEx, both recurring, non-recurring in added to about $9 million in the quarter.

完美的。你搶先一步問出了我的下一個問題。我很感激。前面有路，夥計。我還稍微談到了資本支出，主要是維護性資本支出，包括經常性支出和非經常性支出，本季增加了約 900 萬美元。

Do you see that starting to taper off anytime soon? Or is that kind of the run rate that you expect the portfolio to be on for at least a few more quarters.

你認為這種情況近期會開始減弱嗎？或者說，您預計該投資組合在未來至少幾季內將保持這樣的運行速度嗎？

Yeah, I mean I think it's a little bit elevated and the reasons for that is because we haven't been able to recycle as much of the portfolios we typically do. So there is a little bit of more maintenance CapEx going into it. Bonner, do you have anything to add to that?

是的，我的意思是，我認為它有點偏高，原因是我們沒能像往常那樣回收那麼多投資組合。所以需要投入一些額外的維護資本支出。邦納，你還有什麼要補充的嗎？

Yeah, I'd also say if you're referencing Page 22 of the supplement, you'll see the interior spend is up particularly in the third quarter, that's up, but it's also up on a smaller dollar improvement. So our market upgrade program, where we're not doing the full enchilada premium upgrades with hard surface counters and things like that. We're focused more on kind of that -- on average, it was about $4,000 upgrade. So to some units that we touched in the past or needed some help to be competitive.

是的，我還想說，如果你參考補充資料第 22 頁，你會發現室內支出，尤其是在第三季有所增加，但增幅相對較小。所以，我們的市場升級計劃，並不是進行那種包含硬質檯面之類的全套高級升級。我們更關注的是這類升級——平均而言，升級費用約為 4000 美元。所以，對於我們過去接觸過的一些單位，或是需要一些幫助才能有競爭力的單位來說。

We're spending about $4,000. We're getting a $70 premium -- so it's not quite the historical run rate for spend on interiors, but we're still getting to that kind of 20% annual return. So we think that, that may see short-term low pricing is under pressure. And then we I think we referenced this on the last call, the large refinancings that we did with Freddie Mac, we got new property condition assessments.

我們大概花了4000美元。我們獲得了 70 美元的溢價——雖然這與以往室內裝修的支出水平相比還有些差距，但我們仍然能夠獲得 20% 的年回報率。因此我們認為，短期低價可能會面臨壓力。然後，我想我們在上次電話會議上也提到了這一點，我們與房地美進行的大規模再融資，我們獲得了新的房產狀況評估。

Those kind of dictated some larger nonrecurring CapEx spends, milling and paving of drive lines, some siding repairs, some roofs. We're also doing -- we're redoing a pool in Raleigh. So we've got some, I would say, larger projects this year. I think we're more focused on streamline that spend going into next year.

這些因素導致了一些較大的非經常性資本支出，例如車道銑刨和鋪設路面、一些外牆維修以及一些屋頂維修。我們還在羅利市翻新一個游泳池。所以，今年我們有一些，可以說是規模較大的項目。我認為我們明年的重點將放在精簡開支。

And those are more onetime in nature anyway, so it should moderate.

而這些事情本來就屬於一次性事件，所以應該不會有太大影響。

Perfect. Great color. I appreciate that. And again, congrats on a great job on controlling the expenses in this environment, a lot of progress there. I think I want to go back to Omotayo's question about capital allocation and just thinking about the NAV discount.

完美的。顏色很棒。我很感激。再次恭喜你們在當前環境下出色地控制了開支，這方面取得了很大進展。我想回到 Omotayo 關於資本配置的問題，思考一下淨值折價的問題。

But I guess, the question really is, why go after a new asset in Vegas at this point when you could buy the existing portfolio probably at an equal or better kind of combined NOI yield and growth rate going forward? Just kind of what's the -- help us walk through the rationale of why buy an asset right now where you can buy the existing portfolio?

但我想，真正的問題是，既然現在就可以購買現有的投資組合，而且未來的綜合淨營業收入收益率和增長率可能相同甚至更高，為什麼還要在拉斯維加斯追求新的資產？請您解釋一下，為什麼現在不能購買現有投資組合，而要購買這項資產？

Yeah, I think -- I don't think they're mutually exclusive. I think we can do both. As I said, I think over the near term until we close on this deal, we're going to aggressively buy back stock given where the capital is. But our view also is -- we do need to show some external growth in terms of capital recycling. We're not going to be net acquirers, so to speak.

是的，我認為——我不認為它們是互斥的。我認為我們可以兩者兼顧。正如我所說，我認為在短期內，直到我們完成這筆交易之前，鑑於目前的資金狀況，我們將積極回購股票。但我們的觀點也是──我們需要在資本循環利用方面展現一些外在成長。我們不會成為淨收購方，或說淨收購方。

So we're not going to just go out and buy willy-nilly.

所以我們不能隨意出去買東西。

The difference with this deal is, given the situation of the asset, it's basically going in almost a six cap that we believe we can drive to a 7.5% or an 8% cap over the course of our three-year value-add campaign. And those opportunities don't really exist on a large scale. This is a very precision-based investment.

這項交易的不同之處在於，考慮到該資產的現狀，其收益率基本上接近 6%，我們相信在為期三年的增值活動中，我們可以將其收益率提高到 7.5% 或 8%。而且，這類機會並不普遍存在。這是一項非常注重精準度的投資。

And I don't think it cannibalizes anything we're doing on a stock buyback program. Our free cash full yield is still strong. And I mean, I meant what I said when we're trying to hit $170 million of NOI in 2027 by the end of that year. I think that that's possible. And if we do that and we apply the terminal cap rate, I think we'll all be very happy.

我不認為這會蠶食我們正在進行的股票回購計畫。我們的自由現金流收益率依然強勁。我的意思是，我說的都是真的，我們力爭在 2027 年底前實現 1.7 億美元的淨營業收入。我認為這是有可能的。如果我們這樣做，並應用最終資本化率，我想我們都會非常高興。

Appreciate it. Thanks guys. Good job.

謝謝。謝謝各位。好工作。

Thanks Buck.

謝謝你，巴克。

This concludes today's question-and-answer session. I would now like to turn it back over to the management team for closing remarks.

今天的問答環節到此結束。現在我謹將發言權交還給管理團隊，請他們作總結發言。

Thank you very much for everyone's participation today and look forward to speaking to you all live in December and May thanks again.

非常感謝大家今天的參與，期待在12月和5月與大家進行現場交流，再次感謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。