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10-Q - NEXPOINT DIVERSIFIED REAL ESTATE TRUST (0001356115) (Filer)

Fri, Nov 8, 10:00 PM (253 days ago)

NexPoint Diversified Real Estate Trust (NXDT) reported significant changes in its financial performance for the third quarter of 2024, primarily due to its recent acquisition of NexPoint Hospitality Trust (NHT). Total revenues surged to $22.2 million from $12.4 million year-over-year, driven by increases in room and food & beverage revenues from NHT's properties. However, total expenses rose to $28.2 million, leading to a net loss of $15.4 million compared to a loss of $68 million in the prior year, reflecting improved performance despite ongoing challenges. The company's rental income decreased to $4.4 million due to lower occupancy at Cityplace Tower, while interest and dividend income increased to $9.1 million. The rising interest expense, which reached $8.3 million, was attributed to higher debt levels post-acquisition. Cash flow from operations showed a net outflow of $7.6 million, but investing activities generated $18.5 million, largely from the NHT acquisition. NXDT's total assets increased to approximately $1.24 billion, with a significant portion in real estate investments. Looking ahead, NXDT faces uncertainties, including rising interest rates and inflation, which could impact its operations and investment strategy. The company aims to manage these risks while continuing to focus on capital appreciation and income generation through diversified investments.