NexPoint Residential Trust, Inc. Provides Update on COVID-19 Response and April Rent Collection Results

DALLAS, April 16, 2020 /PRNewswire/ --A NexPoint Residential Trust, Inc. ("NXRT" or the "Company") (NYSE: NXRT) provided an update today on its response to the novel coronavirus (COVID-19) crisis and provided the results of April rent collections through April 15, 2020.A  Resident UpdateNXRT's primary focus is on the safety and health of our residents and employees.A  Our residents now more than ever need a safe, clean and affordable place to live given the shelter-in-place orders issued in all of our markets.A  To help our residents through potential hardships, NXRT has proactively reached out to residents to offer need-based flexible payment plans. A Additionally, NXRT has temporarily ceased processing eviction notices and assessing late fees in compliance with the Coronavirus Aid, Relief, and Economic Security Act (commonly referred to as the "CARES Act"). Although many are experiencing financial hardships during this crisis, we believe our residents are generally well situated to weather this storm.A  We complete extensive credit underwriting on our residents before offering a lease in order to attract the most creditworthy residents.A  The average income of our residents based on our underwriting is $4,558 per month, as compared to an average rental rate of $1,112 per month, meaning on average our tenants pay only 24% of their income toward rent.A  For our residents that have unfortunately lost their jobs, based on our calculations we believe they are eligible to receive $4,204 per month of unemployment on average across our markets (total unemployment benefits vary by state), inclusive of the expanded benefits under the CARES Act of $600 per week or approximately $2,400 per month.A  Therefore, even if a tenant has lost their job during this crisis, the combination of expanded unemployment benefits and our flexible payment plans, should allow them to meet their rental obligations as they will receive on average 92% of their prior income.A  In regard to the one-time stimulus payment enacted by the CARES Act, we estimate that 92% of our residents are eligible for 100% of the stimulus of $1,200 per person, $2,400 for joint filers and $500 for each child (full payments phase out between $75,000 and $99,000 for individuals and $150,000 and $199,000 for joint filers).Operations and Rent Collections Update
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