Company: NXDT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001356115-25-000003
Chunk: 673

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 673
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938 (430)-45.8 %Non-Same Store5,738 2,837 2,901 102.2 %(1)Total NOI$6,246 $3,775 $2,471 65.4 %(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 Year Ended December 31, 2024 and 2023.”

81

Consolidated Same Store Results of Operations for the Years Ended December 31, 2024 and 2023

As of December 31, 2024, our Same Store properties were approximately 52.1% leased with a weighted average monthly effective occupied rent per square foot of $1.10, compared to 49.6% leased with a weighted average monthly effective occupied rent per square foot of $1.11 as of December 31, 2023. For our Same Store properties, we recorded the following operating results for the years ended December 31, 2024 and 2023.

Revenues

Rental Income. Rental income was $1.1 million for the year ended December 31, 2024, compared to $1.5 million for the year ended December 31, 2023, which is a decrease of approximately $0.3 million or (22.0)%. The majority of the decrease between the year ended December 31, 2024 and the year ended December 31, 2023 is related to an increase in the amortization of above- and below-market leases. Above-market leases decrease rental income as they are amortized, while below-market leases increase rental income.

Expenses

Property operating expenses. Property operating expenses were $222.9 thousand for the year ended December 31, 2024, compared to $126.6 thousand for the year ended December 31, 2023, which was an increase of approximately $96.0 thousand or 75.6%. The majority of the increase between the year ended December 31, 2024 and the year ended December 31, 2023 is related to an increase in repair and maintenance fees.

Real estate taxes and insurance. Real estate taxes and insurance costs were $292.9 thousand for the year ended December 31, 2024, compared to $264.3 thousand for