Company: NXDT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001356115-25-000003
Chunk: 296

Company: NEXPOINT DIVERSIFIED REAL ESTATE TRUST
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 296
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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 the year ended December 31, 2023, which was an increase of approximately $29.0 thousand or 11.0%. 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 the property tax budget.

Property management fees. Property management fees were $75.3 thousand for the year ended December 31, 2024, compared to $73.7 thousand for the year ended December 31, 2023, which was an increase of approximately $1.0 thousand, or 1.4%. The increase between the year ended December 31, 2024 and the year ended December 31, 2023 is related to an increase in rental revenue, which the management fee is calculated off of. 

Property general and administrative expenses. Property general and administrative expenses were $47