Nexpoint Real Estate Finance, Inc. · NYSE:NREF
Nexpoint Real Estate Finance — Q4 2020 Earnings Presentation
21 slides from Nexpoint Real Estate Finance's earnings presentation, Feb 18, 2021
Slide 1: 4Q 2020 Financial Supplement
seremeuany 2000 | wrseanner ‘40,2020 FINANCIAL SUPPLEMENT NEXPOINT REAL ESTATE FINANCE
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD LOOKING STATEMENTS This presentation 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 id
Slide 3: NexPoint Real Estate Finance Company Overview
NEXPOINT REAL ESTATE FINANCE NexPoint Real Estate Finance, Inc. (“NREF” or the “Company”) is a publicly traded mortgage REIT (“mREIT”), with its shares listed on the New York Stock Exchange. The company primarily concentrates on investments in real estate sectors where its senior management team has
Slide 4: Full Year and 4Q 2020 Highlights
FULL YEAR AND 4Q 2020 HIGHLIGHTS DILUTED EPS INCLUDES THE DILUTIVE EFFECT OF THE REDEEMABLE NON-CONTROLLING INTERESTS CORE EARNINGS PER DILUTED SHARE DOES NOT INCLUDE THE DILUTIVE EFFECT OF THE REDEEMABLE NON-CONTROLLING INTERESTS. SEE “RECONCILIATIONS” SLIDE AS OF DECEMBER 31, 2020, INCLUDING THE $
Slide 5: 4Q 2020 Earnings and Book Value
4Q 2020 EARNINGS AND BOOK VALUE DILUTED EPS INCLUDES THE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS CORE EARNINGS PER SHARE DOES NOT INCLUDE THE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS. NET UNREALIZED GAIN INCLUDES APPROXIMATLY $5.8 MILLION OF NET INTEREST INCOME FROM CO
Slide 6: Net Income (Loss), Core Earnings and CAD
NET INCOME (LOSS), CORE EARNINGS AND CAD WEIGHTED-AVERAGE DILUTED SHARES USED IN CORE EARNINGS AND CAD PER SHARE CALCULATIONS DO NOT INCLUDE THE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS. CORE EARNINGS AND CAD PER DILUTED SHARE IN 1Q 2021 IS ESTIMATED TO BE $2.9MM AND $2.8MM AT THE MID
Slide 7: 1Q Dividend and Coverage
1Q DIVIDEND AND COVERAGE WEIGHTED-AVERAGE DILUTED SHARES USED IN CORE EARNINGS AND CAD PER SHARE CALCULATIONS DO NOT INCLUDE THE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS. CORE EARNINGS AND CAD PER DILUTED SHARE IN 1Q 2021 IS ESTIMATED TO BE $2.9MM AND $2.8MM AT THE MID-POINT, RESPECTI
Slide 8: Portfolio Commentary
PORTFOLIO COMMENTARY The current portfolio consists of senior loans, mezzanine debt, preferred equity and common stock investments in short-duration lease-term assets (multifamily, SFR, self-storage) that are geographically diverse in the United States. The portfolio has minimal exposure to construc
Slide 9: Portfolio Commentary: Geographic and Asset Type Exposure
PORTFOLIO COMMENTARY AS A % OF TOTAL UNPAID PRINCIPAL BALANCE AS OF DECEMBER 31, 2020 , INCLUDING THE $26.4MM MEZZANINE INVESTMENT CLOSED JANUARY 21, 2021 AND EXCLUDING THE NEXPOINT STORAGE PARTNERS, INC COMMON STOCK (FORMERLY, JCAP SERIES A PREFERRED) Diverse geographic exposure with the majority o
Slide 10: Pro Forma Capitalization
PRO FORMA CAPITALIZATION AS OF DECEMBER 31, 2020. $161.5MM REPO FINANCING AT LIBOR + 229 BPS1 $780.5MM SENIOR CREDIT FACILITY AT 2.44%1 $1.04B TOTAL DEBT1 _____________________ 6.4 YEARS WEIGHTED AVERAGE TERM OF DEBT 2.57x DEBT TO BOOK VALUE OF EQUITY 1 $90.7MM BOOK VALUE OF COMMON1 $275.7MM BOOK VA
Slide 11: Appendices Intentionally Left Blank
APPENDICES INTENTIONALLY LEFT BLANK
Slide 12: Portfolio
APPENDIX: PORTFOLIO $s IN 0,000s EXCEPT PER SHARE DATA *SEE FOOTNOTES ON FOLLOWING PAGE
Slide 13: Portfolio
APPENDIX: PORTFOLIO $s IN 0,000s EXCEPT PER SHARE DATA *SEE FOOTNOTES ON FOLLOWING PAGE
Slide 14: Portfolio
APPENDIX: PORTFOLIO $s IN 0,000s EXCEPT PER SHARE DATA OUR TOTAL PORTFOLIO REPRESENTS THE CURRENT PRINCIPAL AMOUNT OF THE CONSOLIDATED SFR LOANS, THE MEZZANINE LOAN, PREFERRED EQUITY, AND COMMON STOCK AS WELL AS THE NET EQUITY OF OUR CMBS B-PIECE INVESTMENTS. NET EQUITY REPREESENTS THE CARRYING VALU
Slide 15: Full Year 2020 Financial Summary
APPENDIX: FULL YEAR 2020 FINANCIAL SUMMARY Balance Sheet Income Statement $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED DECEMBER 31, 2020 DILUTED EPS INCLUDES THE DILUTIVE EFFECT OF THE REDEEMABLE NON-CONTROLLING INTERESTS
Slide 16: 4Q 2020 Financial Summary
APPENDIX: 4Q 2020 FINANCIAL SUMMARY Balance Sheet Income Statement $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED DECEMBER 31, 2020 DILUTED EPS INCLUDES THE DILUTIVE EFFECT OF THE REDEEMABLE NON-CONTROLLING INTERESTS. DILUTED EPS FOR SEPTEMBER 30, 2020 DOES NOT INCLUDE THE POTENTIAL RE
Slide 17: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Net Income (Loss) to Core Earnings Reconciliation of Debt to Equity3 ONE-TIME NON-CASH ITEM IS MAKE-WHOLE PREMIUM APPLICABLE TO COMMON SHAREHOLDERS IN THE PREFERRED STOCK INVESTMENT CONVERSION TO
Slide 18: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of Net Income (Loss) to Cash Available for Distribution ONE-TIME NON-CASH ITEM IS THE MAKE-WHOLE PREMIUM APPLICABLE TO COMMON SHAREHOLDERS IN THE PREFERRED STOCK INVESTMENT CONVERSION TO COMMON STOC
Slide 19: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 1Q 2021 Net Income to Core Earnings WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING DOES NOT INCLUDE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS
Slide 20: Reconciliations
APPENDIX: RECONCILIATIONS $s IN 0,000s EXCEPT PER SHARE DATA OR AS OTHERWISE INDICATED Reconciliation of 1Q 2021 Net Income to Cash Available for Distribution WEIGHTED AVERAGE DILUTED SHARES OUTSTANDING DOES NOT INCLUDE DILUTIVE EFFECT OF REDEEMABLE NON-CONTROLLING INTERESTS
Slide 21: Contact
CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF) 300 Crescent Court, Suite 700 Dallas, Texas 75201 Website: nref.nexpoint.com Phone: 833.463.6697
NexPoint Real Estate Finance — Q4 2020 Earnings Presentation on 6ix