Company: NXDT
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-052132
Chunk: 16

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 16
---
 operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income (loss) as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income (loss) computed in accordance with GAAP and discussions elsewhere in “—

60

Consolidated Results of Operations” regarding the components of net income (loss) that are eliminated in the calculation of NOI.

Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, our NOI may not be comparable to similarly entitled measures reported by other companies that do not define the measure exactly as we do.

We define “Same Store NOI” as NOI for our properties that are comparable between periods, are stabilized and are not expected to cease being stabilized in the near future due to planned construction, renovation or similar activity that would materially impact operations. Please see below for a discussion of properties included as Same Store. 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 three properties, White Rock Center, 5916 W Loop 289 and Park City, in our same store pool for the three months ended September 30, 2025 and 2024. Our Same Store properties exclude Cityplace Tower as of September 30, 2025 and 2024, because it was not yet stabilized, meaning construction or renovation was not completed. Our Same Store properties for the three months ended September 30, 2025 and 2024 also exclude the HGI Property, Bradenton and St. Pete Property, as the properties have planned renovation activity expected to commence in the near future that is anticipated to materially impact operations. Non-Same Store properties for the three months ended September 30, 2025 and 2024 include properties not yet stabilized and certain properties that have planned construction, renovation or similar activity expected to commence in the near future that will result in such properties not being stabilized. Non-Same Store properties for the nine months ended September 30, 2025 and 2024 include properties not yet stabilized or that were not held for the full comparable period. 

There are two properties, White Rock Center and 5916 W Loop 289, that were considered our Same Store properties for the nine months ended September 30,