Company: NXDT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001356115-25-000003
Chunk: 664

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 664
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 property into a hotel, which was still under construction as of December 31, 2024.

(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 Years Ended December 31, 2024 and 2023 

75

The following table sets forth a summary of our operating results for the year ended December 31, 2024 as compared to the year ended December 31, 2023 (in thousands):  

For the Year Ended December 31,20242023$ ChangeTotal revenues$83,222 $63,284 $19,938 Total expenses(87,373)(51,703)(35,670)Operating income(4,151)11,581(15,732)Interest expense(28,352)(15,902)(12,450)Equity in income (losses) of unconsolidated ventures129(306)435Income tax expense(1,372)(2,731)1,359Change in unrealized gains (losses)(1,348)(108,249)106,901Realized gains (losses)(21,479)(1,634)(19,845)Net income (loss)(56,573)(117,241)60,668Net (income) attributable to preferred shareholders(4,619)(4,619)—Net (income) loss attributable to noncontrolling interests9,843 — 9,843 Net income (loss) attributable to common shareholders$(51,349)$(121,860)$70,511 

The net loss for the years ended December 31, 2024 and 2023 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 $15.7 million for the year ended December 31, 2024, compared to $20.3 million for the year ended December 31, 2023, which was a decrease of approximately $4.6 million. The decrease between the periods was primarily due to a decrease in occupancy at Cityplace.

Rooms revenue. Rooms revenue was $24.9 million for the year ended December 31, 2024. All rooms revenue is derived from the NHT segment, which was not consolidated prior to April 19, 2024.

Food and beverage revenue. F