Company: NXDT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001356115-25-000003
Chunk: 293

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 293
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 Store properties exclude Cityplace as of December 31, 2024 and 2023, because it was not yet stabilized, meaning construction or renovation was not completed. Non-Same Store properties include properties not yet stabilized. Our Same Store properties also exclude the NHT segment, as the properties in that segment were not held in the comparable period.

Consolidated NOI and Same Store NOI for the Years Ended December 31, 2024 and 2023

The following table, which has not been adjusted for the effects of noncontrolling interest (“NCI”), reconciles our consolidated NOI for the years ended December 31, 2024 and 2023 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

For the Year Ended December 3120242023Net loss$(56,573)$(117,241)Adjustments to reconcile net loss to NOI:Advisory and administrative fees14,165 11,740 Corporate general and administrative expenses12,803 7,981 Conversion expenses— 1,203 Income tax expense1,372 2,731 Depreciation and amortization15,600 13,937 Interest expense28,352 15,902 Non-operating property investment revenue¹(39,281)(42,667)Realized (gains) losses from non-real estate investments21,479 1,634 Change in unrealized (gains) losses from non-real estate investments1,348 108,249 Equity in (income) losses of unconsolidated equity method ventures(129)306 Impairment loss7,110 — NOI$6,246 $3,775 Less Non-Same StoreRevenues$(42,795)$(19,147)Operating expenses37,057 16,310 Same Store NOI$508 $938 

(1)Non-operating property investment revenue is defined as revenue included in the consolidated financial statements that are from non-operating properties such as dividend income and interest income.

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 The following table, which has not been adjusted for the effects of NCI, reconciles our NOI for each of our segments for the year ended December 31, 2024 to net income (loss), the most directly comparable GAAP financial measure by reportable segment (in thousands):

For the Year Ended December 31,20242023NexPoint Diversified Real Estate TrustNexPoint Hospitality TrustTotalN