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NXRT - NexPoint Residential: Excessive Fees And High Leverage Muddy The Story
NexPoint Residential Trust Inc.
NexPoint Residential (NXRT) is an apartment REIT that appears to trade at a discount to peers. While NXRT has shown strong FFO and dividend growth in recent years, investors may be overlooking the large debt load and the bloated expenses as compared to peers. Adjusted for debt, NXRT doesn’t trade at such an exaggerated discount, and thus shares do not seem to be pricing in the potential conflict of interest from external management. I hesitate to turn bearish on shares due to the resilience of apartment real estate, but readers are best advised