Company: NXDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001356115-25-000021
Chunk: 77

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1A
Chunk 77
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 the calculation of NOI.

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Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, our NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as we do.

We define “Same Store NOI” as NOI for our properties that are comparable between periods and that are stabilized. Please see below for a discussion of properties included as Same Store (defined below). We view Same Store NOI as an important measure of the operating performance of our properties because it allows us to compare operating results of properties owned for the entirety of the current and comparable periods and therefore eliminates variations caused by acquisitions or dispositions from the beginning of the compared period to the end of the current period.

There are two properties, White Rock Center and 5916 W Loop 289, in our same store pool for the three months ended June 30, 2025, and 2024 (our "Same Store" properties). Our Same Store properties exclude Cityplace Tower as of June 30, 2025 and 2024, 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 Hospitality segment, as the properties in that segment were not held in the full comparable period.

Consolidated NOI and Same Store NOI for the Three and Six Months Ended June 30, 2025 and 2024

The following table, which has not been adjusted for the effects of NCI, reconciles our consolidated NOI for the three and six months ended June 30, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

For the Three Months Ended June 30For the Six Months Ended June 302025202420252024Net loss$(44,088)$(10,522)$(79,194)$(32,070)Adjustments to reconcile net loss to NOI:Advisory and administrative fees7,020 3,443 10,662 6,689 Corporate general and administrative expenses1,020 3,195 3,947 6,030 Income tax expense(641)303 572 853 Depreciation and amortization4,028 4,102 7,937 6,898 Interest expense6,637 7,851 13,913 12,382 Non-operating property investment revenue¹(9,977)(8