NXRT.NEXPOINT.COM

•

NXRT¹ reported Net Loss, FFO², Core FFO² and AFFO² of $(0.6)M, $24.5M, $21.8M and $24.3M, respectively, attributable to common stockholders for the quarter ended September 30, 2022, compared to Net Loss, FFO, Core FFO, and AFFO of $(5.4)M, $16.1M, $16.4M and $18.6M, respectively, attributable to common stockholders for the quarter ended September 30, 2021.

•

NXRT reported Net Loss, FFO, Core FFO and AFFO of $(13.0)M, $61.2M, $62.3M and $69.4M, respectively, attributable to common stockholders for the nine months ended September 30, 2022, compared to Net Loss, FFO, Core FFO, and AFFO of $(15.7)M, $46.5M, $44.7M and $51.0M, respectively, attributable to common stockholders for the nine months ended September 30, 2021.

•

For the three months ended September 30, 2022, Q3 Same Store properties³ average effective rent, total revenue and NOI² increased 19.4%, 15.0% and 13.1%, respectively, and occupancy decreased 130 bps over the prior year period.

•

For the nine months ended September 30, 2022, YTD Same Store properties³ average effective rent, total revenue and NOI² increased 19.9%, 13.6% and 15.8%, respectively, and occupancy decreased 140 bps over the prior year period.

•

NXRT paid a third quarter dividend of $0.38 per share of common stock on September 30, 2022.

•

On October 24, 2022, the Company’s board approved a quarterly dividend of $0.42 per share, an 10.5% increase from the previous dividend per share. Since inception, NXRT has increased the dividend per share by 103.9%.

•

On October 24, 2022, the Company’s board of directors increased the share repurchase authorization to $100.0 million and extended the authorization to October 24, 2024.

•

During the three months ended September 30, 2022, NXRT repurchased and retired 98,906 shares at a weighted average price of $60.57 per share. Since inception, NXRT has repurchased 2,550,628 shares at a weighted average price of $28.37 per share.

•

The weighted average effective monthly rent per unit across all 41 properties held as of September 30, 2022 (the “Portfolio”), consisting of 15,387⁴ units, was $1,446, while physical occupancy was 94.1%.

•

During the third quarter 2022, for the properties in our Portfolio, we completed 649 full and partial upgrades and leased 592 upgraded units, achieving an average monthly rent premium of $163 and a 24.3% ROI⁵.

•

Since inception, for the properties currently in our Portfolio, we have completed 7,354 full and partial upgrades, 4,853 kitchen and laundry appliances, and 10,451 technology packages, resulting in a $146, $49, and $44 average monthly rental increase per unit and a 22.0%, 69.3%, and 37.3% ROI, respectively.

1)

In this release, “we,” “us,” “our,” the “Company,” “NexPoint Residential Trust,” and “NXRT” each refer to NexPoint Residential Trust, Inc., a Maryland corporation.

2)

FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net loss, see the “Definitions and Reconciliations of Non-GAAP Measures,” “FFO, Core FFO and AFFO” and “NOI and Same Store NOI” sections of this release.

3)

We define “Same Store” properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 36 properties encompassing 13,930 units of apartment space in our Same Store pool for the three months ended September 30, 2022 (our “Q3 Same Store” properties) and 34 properties encompassing 13,426 units of apartment space in our Same Store pool for the nine months ended September 30, 2022 (our “YTD Same Store” properties). The same store unit count excludes 74 units that are currently down due to casualty events (Silverbrook: 16 units, Timber Creek: 16 units, Arbors of Brentwood: 16 units, Venue at 8651: 8 units, Hollister Place: 8 units, Versailles: 5 units, The Preserve at Terrell Mill: 3 units, and Parc500: 2 units).

NXRT.NEXPOINT.COM

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4)

Total units owned in our Portfolio is 15,387, however 81 units are currently down due to casualty events (Silverbrook: 16 units, Timber Creek: 16 units, Arbors of Brentwood: 16 units, Venue at 8651: 8 units, Hollister Place: 8 units, Six Forks: 6 units, Versailles: 5 units, The Preserve at Terrell Mill: 3 units, Parc500: 2 units, and High House at Cary: 1 unit).

5)

We define Return on Investment (“ROI”) as the sum of the actual rent premium divided by the sum of the total cost.

•

Total revenues were $68.1 million for the third quarter of 2022, compared to $56.4 million for the third quarter of 2021.

•

Net loss for the third quarter of 2022 totaled $(0.6) million, or loss of $(0.02) per diluted share, which included $25.2 million of depreciation and amortization expense. This compared to a net loss of $(5.4) million, or loss of $(0.21) per diluted share, for the third quarter of 2021, which included $21.6 million of depreciation and amortization expense.

•

The change in our net loss of $(0.6) million for the three months ended September 30, 2022 as compared to our net loss of $(5.4) million for the three months ended September 30, 2021 primarily relates to an increase in total revenues, partially offset by an increase in depreciation expense.

•

For the third quarter of 2022, NOI was $39.9 million on 41 properties, compared to $33.6 million for the third quarter of 2021 on 40 properties.

•

For the third quarter of 2022, Q3 Same Store NOI increased 13.1% to $36.1 million, compared to $31.9 million for the third quarter of 2021.

•

For the third quarter of 2022, FFO totaled $24.5 million, or $0.96 per diluted share, compared to $16.1 million, or $0.64 per diluted share, for the third quarter of 2021.

•

For the third quarter of 2022, Core FFO totaled $21.8 million, or $0.85 per diluted share, compared to $16.4 million, or $0.65 per diluted share, for the third quarter of 2021.

•

For the third quarter of 2022, AFFO totaled $24.3 million, or $0.95 per diluted share, compared to $18.6 million, or $0.74 per diluted share, for the third quarter of 2021.

•

Total revenues were $194.6 million for the nine months ended September 30, 2022, compared to $160.7 million for the nine months ended September 30, 2021.

•

Net loss for the nine months ended September 30, 2022 totaled $(13.0) million, or loss of $(0.51) per diluted share, which included $74.5 million of depreciation and amortization expense. This compared to net loss of $(15.7) million, or loss of $(0.62) per diluted share, for the nine months ended September 30, 2021, which included $62.3 million of depreciation and amortization expense.

•

The change in our net loss of $(13.0) million for the nine months ended September 30, 2022 as compared to our net loss of $(15.7) million for the nine months ended September 30, 2021 primarily relates to an increase in total revenues, partially offset by a decrease in casualty gains and an increase in depreciation expense.

•

For the nine months ended September 30, 2022, NOI was $115.3 million on 41 properties, compared to $93.6 million for the nine months ended September 30, 2021 on 40 properties.

•

For the nine months ended September 30, 2022, Same Store NOI increased 15.8% to $101.5 million, compared to $87.7 million for the nine months ended September 30, 2021.

•

For the nine months ended September 30, 2022, FFO totaled $61.2 million, or $2.39 per diluted share, compared to $46.5 million, or $1.85 per diluted share, for the nine months ended September 30, 2021.

•

For the nine months ended September 30, 2022, Core FFO totaled $62.3 million, or $2.43 per diluted share, compared to $44.7 million, or $1.78 per diluted share, for the nine months ended September 30, 2021.

•

For the nine months ended September 30, 2022, AFFO totaled $69.4 million, or $2.71 per diluted share, compared to $51.0 million, or $2.03 per diluted share, for the nine months ended September 30, 2021.

NXRT.NEXPOINT.COM

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NXRT.NEXPOINT.COM

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•

NXRT has executed a loan application and is in the process of refinancing 19 property level mortgages thru KeyBank and Freddie Mac, which, in aggregate, represent ~46.7% of the company’s total outstanding debt.

•

Notably, NXRT was able to reach an agreement to refinance at interest rate pricing improved from prior terms (SOFR + 155 bps) – a favorable outcome for the Company that would likely be more difficult to achieve in a negotiation started today.

•

The Company expects to use approximately $217mm of cash from refinancing proceeds to pay down the outstanding principal balance of the Company’s most expensive debt capital, the corporate credit facility. Further, NXRT has executed it’s 12-month extension option on the Revolving Credit Facility, pushing that maturity out to June 30, 2025.

•

Further, this refinancing activity is expected to effectively extend the company’s weighted average debt maturity schedule to ~6.4 years (from ~3.33 years) – debt maturing through ’24 now equates to ~6.8% of total debt (down from ~44% previously).

•

Holistically, this refinancing is expected to reduce NXRT’s weighted average interest rate on total debt by 39 bps to 4.33%, before the impact of interest rate swap contracts.  Accounting for the hedging impact of the swap, NXRT’s adjusted weighted average interest rate is expected to be reduced from 3.29% to 2.78%.

•

With the completion of this refinancing, the Company has no meaningful debt maturities until June 2025.

•

Refinancing and extending maturities on a significant portion of the Company’s first mortgage debt at favorable terms provides greater strategic flexibility, increases liquidity and modestly “de-risks” the company’s balance sheet.

NXRT.NEXPOINT.COM

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1.

Principal debt balances assume the refinancing of 19 property level mortgages, $217mm of facility paydown due to refinancing, and $95mm of facility paydown with Houston net proceeds. Houston net proceeds are assumed to be the midpoint of the Houston Value range on the Components of Q3 2022 Net Asset Value table less existing debt and assumed 5% closing costs.

2.

Weighted average notional Swap amounts take into termination dates.

3.

Yearly swap rate percentage considers all swaps in place in the corresponding year.

4.

Weighted Average Forward Curve considers both SOFR and LIBOR forward curves, all weighted based on asset principal balances over total portfolio debt.

5.

Weighted Average Forward Rate is equal to the Total Property and Principal Facility Debt Balance multiplied by the Hedged /Fixed Rate Debt percentage + Property and Principal Facility Debt Balance multiplied by the Floating Rate Principal percentage.

6.

Weighted Average Spread considers both SOFR and LIBOR forward curves, all weighted based on asset principal balances over total portfolio debt.

7.

Unhedged Blended Portfolio Rate are all-in rates, including asset-specific spreads, SOFR and LIBOR forward curves, fixed rates, and asset-specific rate caps.  All are weighted based on asset principal balances over total portfolio debt.

8.

The NXRT Analysis uses Jefferies inputs for all peers of NXRT. NXRT analysis assumes new principal balances for the 19 assets, $217mm of facility paydown due to refinancing, and $95mm of facility paydown with Houston net proceeds. In addition, the analysis assumes all maturing debt balances between 2023 and 2025 remain the same and are refinanced at the same spread achieved on the current 19 assets being refinanced plus the forward SOFR curve.

9.

Jefferies: Seeking Resilience in Multifamily; Downgrade NXRT to Hold; Buy MAA, UDR, IRT (2022).

NXRT.NEXPOINT.COM

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(share counts in thousands)

Exchange/Ticker

NYSE: NXRT

Share Price (1)

$40.87

Insider Ownership

12.76%

2022 Q4 Dividend Per Share

$0.42

Dividend Yield (1)

4.11%

Shares Outstanding - basic (2)

25,598

Shares Outstanding - diluted (2)

25,598

(1)

As of the close of market trading on October 24, 2022.

(2)

Weighted average for the three months ended September 30, 2022. If the Company sustains a net loss for the period presented, unvested restricted stock units are not included in the calculation of diluted shares outstanding.

Portfolio Composition by Market

Revenue & Average Rent Per Unit

Stock Price Performance (Since Inception; 4/1/2015)

NXRT.NEXPOINT.COM

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Market

New Leases

% Increase

Rent Increase

Renewals

% Increase

Rent Increase

DFW

384

17.7%

$

199.14

321

12.4%

$

137.07

HOU

202

5.5%

$

71.20

126

9.1%

$

111.56

CHA

131

10.2%

$

125.71

144

10.1%

$

119.35

NASH

191

11.2%

$

145.17

163

10.5%

$

126.22

ATL

180

13.5%

$

194.44

276

11.1%

$

148.26

ORL

173

21.9%

$

298.05

138

15.7%

$

207.80

TPA

132

17.9%

$

224.64

44

18.7%

$

225.70

SFL

241

22.1%

$

385.90

307

16.4%

$

282.80

PHX

311

13.8%

$

180.48

252

10.4%

$

137.17

LSV

161

7.9%

$

107.32

120

7.1%

$

96.65

RDU

74

10.6%

$

150.00

99

9.3%

$

120.41

TOTAL/AVERAGE

2,180

14.5%

$

196.68

1,990

12.0%

$

160.93

(In thousands)

YTD 2022

YTD 2021

% Change

Rental income

$

168,628

$

148,005

13.9

%

Other income

4,328

4,271

1.3

%

Total revenue

172,956

152,276

13.6

%

Total expense

71,971

65,237

10.3

%

Miscellaneous income

496

633

-21.6

%

NOI

$

101,481

$

87,672

15.8

%

NXRT.NEXPOINT.COM

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Q3 2022

Q3 2021

YTD 2022

YTD 2021

(in thousands, except for per share and unit data)

Company Profile

Market Capitalization (as of the last day of the period)

$

1,181,000

$

1,563,000

Share Price (as of the last day of the period)

$

46.21

$

61.88

Weighted average common shares outstanding - basic

25,598

25,175

25,630

25,128

Weighted average common shares outstanding - diluted

25,598

25,175

25,630

25,128

Earnings Profile

Total revenues

$

68,051

$

56,384

$

194,603

$

160,743

Net loss attributable to common stockholders

(597

)

(5,391

)

(13,047

)

(15,678

)

NOI (1)

39,865

33,648

115,276

93,599

Same Store NOI (2)

36,055

31,885

101,481

87,672

Same Store NOI Growth (%) (2)

13.1

%

15.8

%

Earnings Metrics Per Common Share (diluted basis)

Earnings

$

(0.02

)

$

(0.21

)

$

(0.51

)

$

(0.62

)

FFO (1)

$

0.96

$

0.64

$

2.39

$

1.85

Core FFO (1)

$

0.85

$

0.65

$

2.43

$

1.78

AFFO (1)

$

0.95

$

0.74

$

2.71

$

2.03

Dividends declared per common share

$

0.38

$

0.34

$

1.14

$

1.02

     FFO Coverage (3)

2.52x

1.88x

2.10x

1.81x

     Core FFO Coverage (3)

2.25x

1.91x

2.13x

1.74x

     AFFO Coverage (3)

2.50x

2.16x

2.38x

1.98x

Portfolio

Total Properties

41

40

Total Units (4)

15,387

15,032

     Occupancy

94.1

%

95.3

%

     Average Effective Monthly Rent per Unit

$

1,446

$

1,204

Same Store Portfolio Metrics (2)

Total Same Store Properties

36

36

34

34

Total Same Store Units

13,930

13,922

13,426

13,418

     Occupancy

94.0

%

95.3

%

94.0

%

95.4

%

     Average Effective Monthly Rent per Unit

$

1,445

$

1,210

$

1,448

$

1,208

Value-Add Program

Completed Rehab Units

649

290

1,830

911

Cumulative Completed Rehab Units (5)

7,354

     Average Increase to Effective Monthly Rent

     per Unit (Post-Rehab)

$

146

     ROI on Post-Rehab Units

22.0

%

Outstanding Debt Summary

Total Mortgage Debt

$

1,358,343

$

1,275,501

Credit Facilities

335,000

275,000

Total Debt Outstanding

$

1,693,343

$

1,550,501

     Leverage Ratio (Net Debt to Enterprise Value) (6)

58

%

49

%

(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 Q3 and YTD Same Store properties, see the “Q3 Same Store Results” and “YTD Same Store Results” section of this release.

(3)

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

(4)

Total units owned is 15,387, however 81 units are currently down due to casualty events.

(5)

Inclusive of all full and partial interior upgrades completed through. Cumulative results exclude rehabs completed for properties sold through September 30, 2022.

(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.

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Guidance Range (1)

Low-End

Mid-Point

High-End

Prior Mid-Point

Earnings per diluted share (2)

$

1.30

$

1.33

$

1.36

$

3.10

Core FFO per diluted share (2) (3)

$

3.05

$

3.08

$

3.11

$

3.01

Same Store Growth: (4)

Rental Income

13.2

%

13.4

%

13.6

%

12.5

%

Total Revenue

12.7

%

12.9

%

13.1

%

12.0

%

Total Expenses

9.7

%

9.4

%

9.0

%

6.5

%

Same Store NOI (3)

14.9

%

15.5

%

16.1

%

15.8

%

Other Considerations: (5)

Acquisitions

$

143.4

$

143.4

$

143.4

$

225.0

Dispositions

$

—

$

100.0

$

200.0

$

225.0

(1)

Full Year 2022 guidance forecast includes Same Store growth projections presented above.

(2)

Weighted average diluted share count estimate for full year 2022 is approximately 26.2 million.

(3)

Same Store NOI and Core FFO are non-GAAP measures. For reconciliations of Full Year 2022 Same Store NOI and Core FFO guidance to net income 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.

(4)

Year-over-year growth for the Full Year 2022 pro forma Same Store pool (34 properties).

(5)

We continue to evaluate our Portfolio for capital recycling opportunities. Transaction volumes presented are incorporated into the EPS 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.

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REAL ESTATE BY MARKET VALUE

NAV SUMMARY

Property

NOI

Cap Rate Range (1)

Value Range (2)

Component

Min

Max

Market

Contribution

Min

Max

Min

Max

Tangible Assets

Texas

Real Estate (2)

$

3,383,949

$

3,734,130

Dallas/Fort Worth

12.9%

4.3%

4.7%

$

438,505

$

484,461

Cash

15,771

Houston

5.3%

4.5%

4.7%

178,773

188,541

Restricted Cash - Renovation Reserves (5)

15,347

Renovation Expenditures (5)

(15,347)

North Carolina

Cash Adjustments (6)

(655)

Raleigh

3.4%

4.3%

4.7%

116,060

128,223

Fair Market Value of Interest Rate Swaps

110,399

Charlotte

6.8%

4.3%

4.7%

231,444

255,700

Other Assets

56,885

Value of Assets

$

3,566,349

$

3,916,530

Georgia

Atlanta

8.2%

4.3%

4.7%

279,969

309,310

Tangible Liabilities

Credit Facility (7)

$335,000

Tennessee

Mortgage Debt

1,358,343

Nashville

11.2%

4.3%

4.7%

380,933

420,855

Total Outstanding Debt

1,693,343

Forward 12-month Principal Payments (6)

(655)

Florida

Total Outstanding Debt (FY 2022 Est.)

1,692,688

Orlando

7.7%

4.3%

4.7%

263,124

290,700

Other Tangible Liabilities (at Book)

47,219

Tampa

4.1%

4.3%

4.7%

140,450

155,169

Value of Liabilities

$1,739,907

South Florida

16.2%

4.3%

4.7%

551,964

609,810

Net Leverage (mid-point)

47%

Net Asset Value

$

1,826,442

$

2,176,623

Nevada

Shares outstanding - diluted (FY 2022 Est.)

26,077

Las Vegas

8.3%

4.5%

5.0%

262,672

294,708

Est. NAV / Share

$

70.04

$

83.47

NAV / Share (mid-point)

$76.75

Arizona

Phoenix

15.9%

4.3%

4.7%

540,055

596,653

Total / Ave

100.0%

4.3%

4.7%

$

3,383,949

$

3,734,130

NOI ESTIMATE

IMPLIED VAUE VALUATION METRICS

Q2 2022 NOI Actual

38,846

Min

Max

Q3 2022 NOI Actual

39,865

Implied Real Estate Value

$

3,383,949

$

3,734,130

Low

High

No. of Units (September 30, 2022) (2)

15,387

Estimated Q4 2022 NOI Guidance (3)

$

41,360

$

42,906

Implied Value/Apartment Unit

$

219.9

$

242.7

2022 Pro Forma NOI Guidance (3)(4)

$

156,634

$

158,180

Implied Value/Apartment Unit (mid-point)

$231.3

(1)

Management estimates based on independent third-party review of our properties.

(2)

Full Year 2022 NOI Guidance is presented for the existing portfolio (41 properties as of September 30, 2022).

(3)

The Company anticipates net income will be in the range between approximately $34.1 million and $35.7 million for the full year 2022 and between $47.2 million and $48.7 million for the fourth quarter of 2022. FY 2022 NOI Guidance considers the completed acquisitions of The Adair and Estates on Maryland and assumes no further acquisition or disposition activity for the remainder of the year.

(4)

2022 Pro Forma NOI assumes The Adair and Estates on Maryland were owned for the full year 2022, which we estimate would have contributed approximately an additional $800 and $1,000, respectively, to NOI.

(5)

Includes approximately $15.3 million that is held for value-add upgrades; reduced by $15.3 million for estimated 2022 rehab expenditures.

(6)

Includes approximately $0.7 million in forward 12-month principal payments (which excludes the repayment of The Cornerstone loan which we expect to refinance in 2023).

(7)

Includes outstanding balance of September 30, 2022.

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September 30, 2022

December 31, 2021

(Unaudited)

ASSETS

Operating Real Estate Investments

Land

$

378,438

$

375,857

Buildings and improvements

1,759,301

1,743,866

Intangible lease assets

—

2,576

Construction in progress

8,170

6,078

Furniture, fixtures, and equipment

141,184

120,419

Total Gross Operating Real Estate Investments

2,287,093

2,248,796

Accumulated depreciation and amortization

(326,738

)

(287,096

)

Total Net Operating Real Estate Investments

1,960,355

1,961,700

Real estate held for sale, net of accumulated depreciation of $28,477 and $0, respectively

110,638

—

Total Net Real Estate Investments

2,070,993

1,961,700

Cash and cash equivalents

15,771

49,450

Restricted cash

50,844

39,246

Accounts receivable, net

11,519

4,844

Prepaid and other assets

9,869

4,701

Fair market value of interest rate swaps

110,399

3,526

TOTAL ASSETS

$

2,269,395

$

2,063,467

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Mortgages payable, net

$

1,268,607

$

1,276,285

Mortgages payable held for sale, net

82,692

—

Credit facility, net

333,428

278,215

Accounts payable and other accrued liabilities

13,866

12,590

Accrued real estate taxes payable

22,165

13,182

Accrued interest payable

5,981

2,491

Security deposit liability

3,168

2,945

Prepaid rents

2,039

1,775

Total Liabilities

1,731,946

1,587,483

Redeemable noncontrolling interests in the Operating Partnership

5,828

6,139

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; 25,549,036 and 25,500,567 shares issued and outstanding, respectively

255

255

Additional paid-in capital

403,377

407,803

Accumulated earnings less dividends

18,902

59,209

Accumulated other comprehensive income

109,087

2,578

Total Stockholders' Equity

531,621

469,845

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,269,395

$

2,063,467

NXRT.NEXPOINT.COM

Page 11

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2022

2021

2022

2021

Revenues

Rental income

$

66,500

$

54,918

$

189,949

$

156,305

Other income

1,551

1,466

4,654

4,438

Total revenues

68,051

56,384

194,603

160,743

Expenses

Property operating expenses

12,370

12,783

42,669

35,116

Real estate taxes and insurance

9,419

7,646

27,670

24,876

Property management fees (1)

1,960

1,639

5,629

4,640

Advisory and administrative fees (2)

1,904

1,938

5,615

5,706

Corporate general and administrative expenses

3,818

3,152

11,116

9,070

Property general and administrative expenses

2,387

2,076

6,586

5,451

Depreciation and amortization

25,224

21,591

74,490

62,335

Total expenses

57,082

50,825

173,775

147,194

Operating income

10,969

5,559

20,828

13,549

Interest expense

(11,766

)

(11,531

)

(34,804

)

(32,830

)

Loss on extinguishment of debt and modification costs

—

—

—

(328

)

Casualty gains

—

—

357

2,379

Miscellaneous income

198

565

526

1,505

Net loss

(599

)

(5,407

)

(13,093

)

(15,725

)

Net loss attributable to redeemable noncontrolling interests in the Operating Partnership

(2

)

(16

)

(46

)

(47

)

Net loss attributable to common stockholders

$

(597

)

$

(5,391

)

$

(13,047

)

$

(15,678

)

Other comprehensive income

Unrealized gains on interest rate derivatives

34,938

4,545

106,874

31,082

Total comprehensive income (loss)

34,339