Company: NXDT
Filing Date: 2025-01-21
Form Type: 424B3
Source: 0001437749-25-001494
Chunk: 1687

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-01-21
Form: 424B3
Chunk 1687
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 |     |          |    471 |   |     |          |  94.6 | %     |
| Property general and administrative expenses |     |                                        |  4,893 |     |      |  2,548 |     |          |  2,345 |   |     |          |  92.0 | % (1) |
| Non-Same Store operating expenses            |     |                                        | 24,849 |     |      | 12,348 |     |          | 12,500 |   |     |          | 101.2 | % (1) |
| Total operating expenses                     |     |                                        | 25,300 |     |      | 12,764 |     |          | 12,534 |   |     |          |  98.2 | % (1) |
| NOI                                          |     |                                        |        |     |      |        |     |          |        |   |     |          |       |       |
| Same Store                                   |     |                                        |    621 |     |      |    710 |     |          |    (89 | ) |     |          | -12.5 | %     |
| Non-Same Store                               |     |                                        |  4,691 |     |      |  2,195 |     |          |  2,497 |   |     |          | 113.7 | % (1) |
| Total NOI                                    |     | $                                      |  5,311 |     | $    |  2,905 |     | $        |  2,408 |   |     |          |  82.9 | % (1) |

| (1) | Denotes that the significant percentage change in the current period comparison is primarily attributed to the consolidation of NHT. |

See reconciliation of net income (loss) to NOI above under “NOI and Same Store NOI for the Three and Nine Months Ended September 30, 2024 and 2023.”

<div align='center'>62

I-1336</div>

Consolidated Same Store Results of Operations for the Nine Months Ended September 30, 2024 and 2023

As of September 30, 2024, our Same Store properties were approximately 55.2% leased with a weighted average monthly effective occupied rent per square foot of $1.16, compared to 75.