Nexpoint Real Estate Finance, Inc. · NYSE:NREF
Nexpoint Real Estate Finance — Q1 2020 Earnings Presentation
15 slides from Nexpoint Real Estate Finance's earnings presentation, May 6, 2020
Slide 1: 1Q 2020 Financial Supplement
exuiarT99.2 may 2020 | NYSENREF 10.2020 FINANCIAL SUPPLEMENT NEXPOINT REAL ESTATE FINANCE
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENTS This presentation includes forward-looking statements. These statements reflect the current views of the Company’s management with respect to future events and financial performance. These statements include forward-looking statements within the meani
Slide 3: NexPoint Real Estate Finance Company Overview
NEXPOINT REAL ESTATE FINANCE NexPoint Real Estate Finance is a publicly traded mortgage REIT (“mREIT”), with its shares listed on the New York Stock Exchange under the symbol “NREF”. The company primarily concentrates on investments in real estate sectors where its senior management team has operati
Slide 4: 1Q 2020 Highlights
1Q 2020 HIGHLIGHTS SEE “RECONCILIATIONS” SLIDE AS OF APRIL 30, 2020 LOAN TO VALUE IS GENERALLY BASED ON THE INITIAL LOAN AMOUNT DIVIDED BY THE AS –IS APPRAISED VALUE AS OF THE DATE THE LOAN WAS ORIGINATED OR BY THE CURRENT PRINCIPAL AMOUNT AS OF THE DATE OF THE MOST RECENT AS-IS APPRAISED VALUE. FOR
Slide 5: 1Q 2020 Financial Summary
1Q 2020 FINANCIAL SUMMARY BALANCE SHEET INCOME STATEMENT 1Q 2020 Interest income $6,586 Interest expense 3,331 Net interest income 3,225 Other income (loss) (24,924) Total operating expenses 1,199 Net loss (22,868) Net loss attributable to redeemable NCI (16,515) Net loss attributable to common stoc
Slide 6: 1Q 2020 Financial Snapshot
1Q 2020 FINANCIAL SNAPSHOT Net loss of $22.9MM, with net loss attributable to common stockholders of $6.4MM, or $(1.22) per diluted common share Core earnings of $1.2MM, or $0.23 per diluted common share BV per common share including redeemable NCI in the Operating Partnership decreased 7.52% to $17
Slide 7: Portfolio Commentary
PORTFOLIO COMMENTARY The current portfolio consists of senior loans, mezzanine debt, preferred equity and preferred stock investments in short-duration lease-term assets (multifamily, SFR, self-storage) that are geographically diverse in the United States. The portfolio has no exposure to constructi
Slide 8: Portfolio Commentary: Geographic and Asset Type Exposure
PORTFOLIO COMMENTARY AS OF MARCH 31, 2020 AND INCLUDING THE TWO CMBS IO STRIPS, ONE CMBS B-PIECE PURCHASED APRIL 15, 2020 AND APRIL 23, 2020, RESPECTIVELY AS A % OF OUTSTANDING PRINCIPAL AS OF MARCH 31, 2020 AND INCLUDING THE TWO CMBS IO STRIPS, ONE CMBS B-PIECE PURCHASED APRIL 15, 2020 AND APRIL 23
Slide 9: Capitalization
CAPITALIZATION $s IN 0,000s EXCEPT PER SHARE DATA AS OF APRIL 30, 2020. SEE “RECONCILIATIONS” SLIDES. AS OF MARCH 31, 2020. PAR VALUE OF CMBS PORTFOLIO AS OF APRIL 30, 2020 $49.8MM REPO FINANCING1 $788.3MM SENIOR CREDIT FACILITY1 $838.1M TOTAL DEBT1 94.1% OF TOTAL DEBT IS FIXED AND IS NOT SUBJECT TO
Slide 10: Recent Transaction: CMBS B-Piece Deal Summary
RECENT TRANSACTION: CMBS B-PIECE 3 DEAL SUMMARY1 UNDERLYING POOL BALANCE: $1.1 billion WEIGHTED AVG MORTGAGE INTEREST RATE: 3.6% fixed AMORTIZING DSCR: 1.73x AVERAGE LOAN-TO-VALUE: 63.8% NUMBER OF PROPERTIES: 51 NUMBER OF UNITS: 10,544 WEIGHTED AVG OCCUPANCY: 94.5% WEIGHTED AVG RENT/UNIT: $1,352 TOT
Slide 11: Appendices
APPENDICES INTENTIONALLY LEFT BLANK
Slide 12: Appendix: Portfolio
APPENDIX: PORTFOLIO # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 Senior Loan Various SFR 2/11/2020 $508.700 $85,754 4.65% 8.43 68.1% 2 Senior Loan Various SFR 2/11/2020 10,688 1,722 5.35% 7.84 72.5% 3 Senior Loan Vari
Slide 13: Appendix: Portfolio
APPENDIX: PORTFOLIO # Investment1 Location Property Type Investment Date Current Principal Net Equity2 Coupon3 Remaining Term4 Loan to Value DSCR 1 CMBS B-Piece Various Multifamily 2/11/2020 $75,5895 $34,460 6.99%6 5.91 65.4% 2 CMBS B-Piece Various Multifamily 2/11/2020 56,3965 21,741 6.99%6 6.66 64
Slide 14: Appendix: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED RECONCILIATION OF NET LOSS TO CORE EARNINGS 1Q 2020 Net loss attributable to common stockholders $(6,353) Adjustments: Loan loss provision, net 59 Unrealized (gains) or losses 7,473 Core Earnings $1,179 Weighted a
Slide 15: Appendix: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED RECONCILIATION OF 2Q 2020 NET INCOME TO CORE EARNINGS Low Mid High 2Q 2020 2Q 2020 2Q 2020 Net income attributable to common stockholders $1,951 $2,060 $2,169 Adjustments: Amortization of stock based compensation
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