Company: NXDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001356115-25-000014
Chunk: 102

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1A
Chunk 102
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5, divided by the total rentable square footage, expressed as a percentage.

(3)Cityplace is currently under development and the Company is converting part of the property into a hotel, which was still under construction as of March 31, 2025.

(4)The property's tenant vacated in the fourth quarter of 2023. The Company is currently looking into leasing out the property.

Consolidated Results of Operations for the Three Months Ended March 31, 2025 and 2024 

45

The following table sets forth a summary of our operating results for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 (in thousands):  

For the Three Months Ended March 31,20252024$ ChangeTotal revenues$29,074 $12,805 $16,269 Total expenses(23,542)(12,536)(11,006)Operating income5,5322695,263Interest expense(7,276)(4,531)(2,745)Equity in income (losses) of unconsolidated ventures(357)(1,154)797Income tax expense(1,213)(550)(663)Change in unrealized gains (losses)(33,322)6,290(39,612)Realized gains (losses)1,519(21,872)23,391Net income (loss)(35,117)(21,548)(13,569)Net (income) attributable to Series A preferred shareholders(1,155)(1,155)—Net (income) attributable to Series B preferred shareholders(2)— (2)Net (income) loss attributable to noncontrolling interests1,945 — 1,945 Net income (loss) attributable to common shareholders$(34,329)$(22,703)$(11,626)

The net loss for the three months ended March 31, 2025 and 2024 primarily relates to mark-to-market losses on our investments accounted for at fair value partially offset by interest and dividends.

Revenues

Rental income. Rental income was $3.6 million for the three months ended March 31, 2025, compared to $4.0 million for the three months ended March 31, 2024, which was a decrease of approximately $0.4 million. The decrease between the periods was primarily due to a decrease in occupancy at Cityplace.

Rooms