Company: NXDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001356115-25-000014
Chunk: 61

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 61
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 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 March 31, 2025, and 2024 (our "Same Store" properties). Our Same Store properties exclude Cityplace as of 

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March 31, 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 NHT segment, as the properties in that segment were not held in the comparable period.

Consolidated NOI and Same Store NOI for the Three Months Ended March 31, 2025 and 2024

The following table, which has not been adjusted for the effects of NCI, reconciles our consolidated NOI for the three months ended March 31, 2025 and 2024 to net income (loss), the most directly comparable GAAP financial measure (in thousands):

For the Three Months Ended March 3120252024Net loss$(35,106)$(21,548)Adjustments to reconcile net loss to NOI:Advisory and administrative fees3,642 3,246 Corporate general and administrative expenses2,927 2,835 Income tax expense1,213 550 Depreciation and amortization3,909 2,796 Interest expense7,276 4,531 Non-operating property investment revenue¹(13,935)(8,731)Realized (gains) losses from non-real estate investments(1,530)21,872 Change in unrealized (gains) losses from non-real estate investments33,322 (6,290)Equity in (income) losses of unconsolidated equity method ventures357 1,154 Impairment loss1,752 — NOI$3,827 $415 Less Non-Same StoreRevenues$(14,777)$(3,752