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NREF Announces Fourth Quarter and Full Year 2022 Results, Provides First Quarter 2023 Guidance, Announces Special Dividend
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PR Newswire
DALLAS, Feb. 23, 2023
DALLAS, Feb. 23, 2023 /PRNewswire/ -- NexPoint Real Estate Finance, Inc. ("NREF" or the "Company") (NYSE: NREF) today reported its financial results for the fourth quarter and full year ended December 31, 2022.
NREF reported net loss of $1.3 million and net income of $17.2 million, or ($0.16) and $0.51 per diluted share1, for the three and twelve months ended December 31, 2022, respectively.
NREF reported cash available for distribution2 of $11.8 million and $72.2 million, or $0.52 and $3.21 per diluted share1, for the three and twelve months ended December 31, 2022, respectively.
Matt McGraner, Chief Investment Officer of NREF, said "NREF is proud to declare a special dividend of $0.185 per share in addition to our first quarter dividend of $0.50 per share due to our strong 2022 results. The Company generated over $12.5 million of undistributed income during the year, to be distributed to our shareholders throughout 2023. Looking ahead to 2023, amid the current dislocated real estate financing market, we're excited about our attractive financing pipeline of investments in single-family rental, life sciences and multifamily."
Fourth Quarter 2022 Highlights
- Outstanding total portfolio of $1.7 billion, composed of 85 investments3
- Single-family rental ("SFR"), multifamily, life sciences, and self-storage represent 43.0%, 53.0%, 2.5%, and 1.5% of the Company's debt portfolio, respectively
- Weighted-average loan to value ("LTV")4 and debt service coverage ratio ("DSCR") on our SFR, CMBS, CMBS IO strips, preferred, mezzanine, credit risk transfer and mortgage-backed security investments are 68.6% and 1.78x3, respectively
- As of February 23, 2023, there are no loans currently in default or forbearance in our portfolio
- On October 5, 2022, NREF purchased a $4.0MM preferred equity investment with a current yield of 14.7%
- On October 19, 2022, NREF purchased a $15.0MM preferred equity investment with a current yield of 10.1%
- During 4Q 2022, NREF received $10.8MM in preferred equity redemptions
- On February 22, 2023 NREF announced a first quarter 2023 dividend of $0.50 per common share and a special dividend of $0.185 per common share
Full Year 2022 Highlights
- Invested approximately $440.7 million across our core verticals
- Declared dividends of $30.8 million, or $2.00 per common share, representing a dividend yield of 9.84% on a book value per common share of $20.32 as of December 31, 2022.
- Year-over-year decrease of earnings per diluted share of 87.0%, year-over-year increase of earnings available for distribution2 per diluted share and cash available for distribution2 per diluted share of 45.5% and 45.2%, respectively.
- As of February 22, 2023, the Company's debt to book value ratio was 2.61x
1 Weighted-average diluted shares outstanding assumes vesting of all outstanding unvested restricted stock units and the conversion of all redeemable non-controlling interests.
2 Earnings available for distribution and cash available for distribution are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of earnings available for distribution and cash available for distribution to net income (loss) attributable to common stockholders, see the "Reconciliations of Non-GAAP Financial Measures" and "Non-GAAP Financial Measures" sections of this release.
3 As of February 22, 2023; CMBS B-Pieces reflected on an unconsolidated basis.
4 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 our CMBS B-Pieces, LTV is based on the weighted-average LTV of the underlying loan pool.
5 Net income attributable to common stockholders in 1Q 2023 is estimated to be between $6.9MM and $8.8MM. See reconciliations below.
Looking Ahead: First Quarter 2023 Guidance
Earnings Available for Distribution
- 1Q 2023 EAD per diluted common share guidance is $0.475 at the midpoint
| | | Low | | | Mid | | | High | | |||
| | | Mar. 31, 2023 | | | Mar. 31, 2023 | | | Mar. 31, 2023 | | |||
| | | | | | | | | | | | | |
| Net income attributable to common stockholders | | $ | 6,907 | | | $ | 7,861 | | | $ | 8,814 | |
| Net income attributable to redeemable noncontrolling interests | | | 1,544 | | | | 1,729 | | | | 1,915 | |
| Adjustments | | | | | | | | | | | | |
| Amortization of stock-based compensation | | | 1,006 | | | | 1,006 | | | | 1,006 | |
| EAD | | $ | 9,457 | | | $ | 10,596 | | | $ | 11,735 | |
| | | | | | | | | | | | | |
| Weighted average common shares outstanding - basic | | | 17,737 | | | | 17,737 | | | | 17,737 | |
| Weighted average common shares outstanding - diluted | | | 22,776 | | | | 22,776 | | | | 22,776 | |
| | | | | | | | | | | | | |
| EPS per Diluted Weighted Average Share | | $ | 0.37 | | | $ | 0.42 | | | $ | 0.47 | |
| EAD per Diluted Weighted Average Share | | $ | 0.42 | | | $ | 0.47 | | | $ | 0.52 | |
Cash Available for Distribution
- 1Q 2023 CAD per diluted common share guidance is $0.505 at the midpoint
| | | Low | | | Mid | | | High | | |||
| | | Mar. 31, 2023 | | | Mar. 31, 2023 | | | Mar. 31, 2023 | | |||
| | | | | | | | | | | | | |
| EAD | | $ | 9,457 | | | | 10,596 | | | $ | 11,735 | |
| Adjustments | | | | | | | | | | | | |
| Amortization of premiums | | | 3,850 | | | | 3,850 | | | | 3,850 | |
| Accretion of discounts | | | (3,500) | | | | (3,500) | | | | (3,500) | |
| Amortization and depreciation | | | 439 | | | | 439 | | | | 439 | |
| CAD | | $ | 10,246 | | | $ | 11,385 | | | $ | 12,524 | |
| | | | | | | | | | | | | |
| Weighted average common shares outstanding - basic | | | 17,737 | | | | 17,737 | | | | 17,737 Werbung Mehr Nachrichten zur NexPoint Real Estate Finance Inc Aktie kostenlos abonnieren
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