NXRT Recaps Disposition Activity, Value-Add Results and Issues 2025 Full Year Guidance
DALLAS, Feb. 25, 2025 /PRNewswire/ -- NexPoint Residential Trust, Inc. (NYSE:NXRT) reported financial results for the fourth quarter and year ended December 31, 2024.
NXRT Earnings Supplement
Highlights
NXRT1 reported net income, FFO2, Core FFO2 and AFFO2 of $1.1M, $44.5M, $73.1M and $83.6M, respectively, attributable to common stockholders for the year ended December 31, 2024, compared to net income, FFO, Core FFO, and AFFO of $44.3M, $71.4M, $76.6M and $85.9M, respectively, attributable to common stockholders for the year ended December 31, 2023.
For the year ended December 31, 2024, 2023-2024 Same Store properties3 total revenue and NOI2 increased 2.0% and 0.9%, respectively, average effective rent decreased 1.6% and occupancy was flat over the prior year period.
During the year ended December 31, 2024, the Company completed the sales of Old Farm, Radbourne Lake and Stone Creek at Old Farm for a combined sales price of $166.8 million.
The weighted average effective monthly rent per unit across all 35 properties held as of December 31, 2024 (the "Portfolio"), consisting of 12,984 units4, was $1,491, while physical occupancy was 94.7%.
NXRT paid a fourth quarter dividend of $0.51 per share of common stock on December 31, 2024; this cash dividend represented a $0.04758 per share, or 10.3% increase, over the prior quarter's dividend. Since inception, NXRT has increased the dividend per share by 147.6%.
During 2024, for the properties in the Portfolio, NXRT completed 388 full/partial upgrades and washer/dryer installation, achieving an average monthly rent premium of $153 and a 24.7% ROI5.
Since inception, NXRT has completed installation of 8,348 full and partial upgrades, 4,730 kitchen and laundry appliances and 11,389 technology packages, resulting in $175, $50 and $43 average monthly rental increase per unit and 20.8%, 64.8% and 37.2% ROI, respectively.
During the year ended December 31, 2024, the Company paid down the remaining $24.0 million of principal on its corporate credit facility.
During the year ended 2024, the Company repurchased and subsequently retired 438,678 shares at an average price of $33.19 per share, which is a 36% discount to the midpoint of our Q4'24 NAV. We believe this is an attractive arbitrage opportunity given the persistent private/public market discount.
(1)
In this release, "we," "us," "our," the "Company," and "NXRT" each refer to NexPoint Residential Trust, Inc., a Maryland corporation.
(2)
FFO, Core FFO, AFFO and NOI are non-GAAP measures. For a discussion of why we consider these non-GAAP measures useful and reconciliations of FFO, Core FFO, AFFO and NOI to net income (loss), see the "Definitions and Reconciliations of Non-GAAP Measures" and "FFO, Core FFO and AFFO" sections of this release.
(3)
We define "Same Store" properties as properties that were in our Portfolio for the entirety of the periods being compared. There are 35 properties encompassing 12,948 units of apartment space in our Same Store pool for the year ended December 31, 2024 (our "2023-2024" Same Store" properties). There are 35 properties encompassing 12,948 units of apartment space in our Q4 Same Store pool for the three months ended December 31, 2024 (our "Q4 Same Store" properties). The same store unit count excludes 36 units that are currently down due to fires (Rockledge: 20 units and Bella Solara: 16 units).
(4)
Total number of units owned as of December 31, 2024 is 12,984, however 36 units are currently down due to fires (Rockledge: 20 units and Bella Solara: 16 units).
(5)
We define Return on Investment ("ROI") as the sum of the actual rent premium divided by the sum of the total cost.
Full Year 2024 Financial Results
Total revenues were $259.7 million for the full year 2024, compared to $277.5 million for the full year 2023.
Net income attributable to common stockholders for the full year 2024 totaled $1.1 million, or income of $0.04 per diluted share, which included a gain on sales of real estate of $54.2 million and $97.8 million of depreciation and amortization expense. This compared to net income attributable to common stockholders of $44.3 million, or income of $1.69 per diluted share, which included a gain on sales of real estate of $67.9 million and $95.2 million of depreciation and amortization expense for the full year 2023.
The change in our net income of $1.1 million for the year ended December 31, 2024 as compared to our net income of $44.4 million for the year ended December 31, 2023 primarily relates to decreases in gain on sales of real estate and rental income of $13.7 million and $18.2 million, respectively, in addition to an increase in loss on extinguishment of debt and modification costs of $21.6 million.
For the full year 2024, NOI was $157.0 million on 35 properties, compared to $167.4 million for the full year 2023 on 38 properties.
For the full year 2024, 2023-2024 Same Store NOI increased 0.9% to $154.1 million, compared to $152.7 million for the full year 2023.
For the full year 2024, FFO totaled $44.5 million, or $1.69 per diluted share, compared to $71.4 million, or $2.72 per diluted share, for the full year 2023. For the full year 2024, Core FFO totaled $73.1 million, or $2.79 per diluted share, compared to $76.6 million, or $2.92 per diluted share, for the full year 2023. For the full year 2024, AFFO totaled $83.6 million, or $3.19 per diluted share, compared to $85.9 million, or $3.27 per diluted share, for the full year 2023.
Fourth Quarter 2024 Financial Results
Total revenues were $63.8 million for the fourth quarter of 2024, compared to $68.9 million for the fourth quarter of 2023.
Net loss attributable to common stockholders for the fourth quarter of 2024 totaled ($26.9) million, or a loss of ($1.06) per diluted share, which included $24.4 million of depreciation and amortization expense and $15.5 million of interest expense. This compared to net income attributable to common stockholders of $18.4 million, or income of $0.70 per diluted share, for the fourth quarter of 2023, which included $24.3 million of depreciation and amortization expense and $18.3 million of interest expense.
The change in our net loss of ($27.0) million for the fourth quarter of 2024 as compared to our net income of $18.4 primarily relates to a decrease in gains on sales of real estate $20.9 million and an increase in loss on extinguishment of debt and modification costs of $22.9 million.
For the fourth quarter of 2024, NOI was $38.9 million on 35 properties, compared to $42.2 million for the fourth quarter of 2023 on 38 properties.
For the fourth quarter of 2024, Q4 Same Store NOI decreased 0.4% to $38.9 million, compared to $39.1 million for the fourth quarter of 2023.
For the fourth quarter of 2024, FFO totaled ($6.5) million, or ($0.25) per diluted share, compared to $17.8 million, or $0.68 per diluted share, for the fourth quarter of 2023. For the fourth quarter of 2024, Core FFO totaled $17.7 million, or $0.68 per diluted share, compared to $19.8 million, or $0.75 per diluted share, for the fourth quarter of 2023. For the fourth quarter of 2024, AFFO totaled $20.3 million, or $0.78 per diluted share, compared to $22.1 million, or $0.84 per diluted share, for the fourth quarter of 2023.
Fourth Quarter Earnings Conference Call
NXRT will host a call on Tuesday, February 25, 2025, at 11:00 a.m. ET (10:00 a.m. CT), to discuss its full year and fourth quarter 2024 financial results. The conference call can be accessed live over the phone by dialing 888-660-4430 or, for international callers, +1 646-960-0537 and using passcode Conference ID: 5001576. A live audio webcast of the call will be available online at the Company's website, nxrt.nexpoint.com (under "Resources"). An online replay will be available shortly after the call on the Company's website and continue to be available for 60 days.
A replay of the conference call will also be available through Tuesday, March 11, 2025, by dialing 800-770-2030 or, for international callers, +1 647-362-9199 and entering passcode 5001576.
About NXRT
NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. NXRT is externally advised by NexPoint Real Estate Advisors, L.P., an affiliate of NexPoint Advisors, L.P., an SEC-registered investment advisor, which has extensive real estate experience. Our filings with the Securities and Exchange Commission (the "SEC") are available on our website, nxrt.nexpoint.com, under the "Financials" tab.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "expect," "anticipate," "estimate," "may," "plan," "believe" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding NXRT's business and industry in general, the belief that share repurchases are an attractive arbitrage opportunity given the persistent private/public market discount, forecasted submarket deliveries, 2025 full year guidance for earnings per diluted share and Core FFO per diluted share and the related components and assumptions, including acquisitions and dispositions, shares outstanding, and same store growth projections, NXRT's net asset value and the related components and assumptions, including estimated value-add expenditures, debt payments, outstanding debt, and shares outstanding, net income and NOI guidance for the full year and first quarter of 2025 and the related assumptions, planned value-add programs, including projected average rehab costs, rent change and return on investment, and expected settlement of interest rate swaps and the effect on the debt maturity schedule, rehab budgets. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the Company's most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, NXRT does not undertake any obligation to publicly update or revise any forward-looking statements.
FFO, Core FFO and AFFO
The following table reconciles our calculations of FFO, Core FFO and AFFO to net income (loss), the most directly comparable GAAP financial measure, for the years ended December 31, 2024, 2023 and 2022 and for the three months ended December 31, 2024 and 2023 (in thousands, except per share amounts):
For the Year Ended December 31,
For the Three Months Ended December 31,
2024
2023
2022
2024
2023
Net income (loss)
$
1,114
$
44,433
$
(9,291)
$
(27,038)
$
18,421
Depreciation and amortization
97,762
95,186
97,648
24,389
24,251
Gain on sales of real estate
(1)
(54,246)
(67,926)
(14,684)
(3,851)
(24,836)
Adjustment for noncontrolling interests
(176)
(273)
(276)
26
(68)
FFO attributable to common stockholders
44,454
71,420
73,397
(6,474)
17,768
FFO per share - basic
$
1.74
$
2.78
$
2.87
$
(0.25)
$
0.69
FFO per share - diluted
$
1.69
$
2.72
$
2.81
$
(0.25)
$
0.68
Loss on extinguishment of debt and modification costs
24,004
2,409
8,734
23,203
316
Casualty-related expenses/(recoveries)
1,389
(2,214)
1,119
(249)
(882)
Casualty losses (gains)
626
856
2,506
88
(124)
Gain on forfeited deposits
—
(250)
—
—
—
Amortization of deferred financing costs
3,364
2,945
2,779
1,314
732
Mark-to-market adjustments of interest rate caps
(593)
1,484
(3,446)
(124)
1,980
Adjustment for noncontrolling interests
(114)
(20)
(44)
(96)
(8)
Core FFO attributable to common stockholders
73,130
76,630
85,045
17,662
19,782
Core FFO per share - basic
$
2.87
$
2.99
$
3.32
$
0.70
$
0.77
Core FFO per share - diluted
$
2.79
$
2.92
$
3.25
$
0.68
$
0.75
Equity-based compensation expense
10,543
9,287
7,911
2,642
2,332
Adjustment for noncontrolling interests
(42)
(35)
(30)
(10)
(9)
AFFO attributable to common stockholders
83,631
85,882
92,926
20,294
22,105
AFFO per share - basic
$
3.28
$
3.35
$
3.63
$
0.80
$
0.86
AFFO per share - diluted
$
3.19
$
3.27
$
3.55
$
0.78
$
0.84
Weighted average common shares outstanding - basic
25,516
25,654
25,610
25,404
25,674
Weighted average common shares outstanding - diluted
(2)
26,246
26,245
26,151
26,161
26,298
Dividends declared per common share
$
1.89726
$
1.72242
$
1.56000
$
0.51000
$
0.46242
Net income (loss) Coverage - diluted
(3)
0.02x
0.98x
-0.23x
-2.08x
1.51x
FFO Coverage - diluted
(3)
0.89x
1.58x
1.80x
-0.50x
1.46x
Core FFO Coverage - diluted
(3)
1.47x
1.70x
2.08x
1.32x
1.63x
AFFO Coverage - diluted
(3)
1.68x
1.90x
2.28x
1.52x
1.82x
(1)
$31.5 million with a related party for the year ended December 31, 2024.
(2)
The Company uses actual diluted weighted average common shares outstanding when in a dilutive position for FFO, Core FFO and AFFO.
(3)
Indicates coverage ratio of Net Income (Loss)/FFO/Core FFO/AFFO per common share (diluted) over dividends declared per common share during the period.
Definitions and Reconciliations of Non-GAAP Measures
Definitions
This presentation contains non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income (loss), balance sheets or statements of cash flows of the Company. The non-GAAP financial measures used within this presentation are net operating income ("NOI"), funds from operations attributable to common stockholders ("FFO"), FFO per diluted share, Core FFO, Core FFO per diluted share, adjusted FFO ("AFFO"), AFFO per diluted share and net debt.
NOI is used by investors and our management to evaluate and compare the performance of our properties to other comparable properties, to determine trends in earnings and to compute the fair value of our properties. NOI is calculated by adjusting net income (loss) to add back (1) interest expense (2) advisory and administrative fees, (3) depreciation and amortization expenses, (4) gains or losses from the sale of operating real estate assets that are included in net income (loss) computed in accordance with GAAP, (5) corporate income and corporate general and administrative expenses that are not reflective of operations of the properties, (6) other gains and losses that are specific to us including loss on extinguishment of debt and modification costs, (7) casualty-related expenses/(recoveries) and casualty gains (losses), (8) gain on forfeited deposits, (9) property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on behalf of the Company at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees and (10) equity in earnings of affiliate. We define "Same Store NOI" as NOI for our properties that are comparable between periods. 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 during the periods.
FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT"), as net income (loss) computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization. We compute FFO in accordance with NAREIT's definition. Our presentation differs slightly in that we begin with net income (loss) before adjusting for amounts attributable to redeemable noncontrolling interests in the OP and we show the combined amounts attributable to such noncontrolling interests as an adjustment to arrive at FFO attributable to common stockholders.
Core FFO makes certain adjustments to FFO, which are not representative of the ongoing operating performance of our Portfolio. Core FFO adjusts FFO to remove items such as loss on extinguishment of debt and modification costs, gain on forfeited deposits, casualty-related expenses/(recoveries) and losses (gains), the amortization of deferred financing costs, mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes, and the noncontrolling interests (as described above) related to these items. Starting in the third quarter of 2024, the Company has adjusted Core FFO to remove (1) the amortization of all deferred financing costs instead of those solely related to short-term debt financing and (2) mark-to-market gains or losses related to interest rate cap agreements not designated as hedges for accounting purposes. Prior periods have been recast to conform to the current presentation.
AFFO makes certain adjustments to Core FFO in order to arrive at a more refined measure of the operating performance of our portfolio. There is no industry standard definition of AFFO and practice is divergent across the industry. AFFO adjusts Core FFO to remove items such as equity-based compensation expense and the noncontrolling interests related to this item.
Net debt is calculated by subtracting cash and cash equivalents and restricted cash held for value-add upgrades and green improvements from total debt outstanding.
We believe that the use of NOI, FFO, Core FFO, AFFO and net debt, combined with the required GAAP presentations, improves the understanding of operating results and debt levels of real estate investment trusts ("REITs") among investors and makes comparisons of operating results and debt levels among such companies more meaningful. While NOI, FFO, Core FFO, AFFO and net debt are relevant and widely used measures of operating performance and debt levels of REITs, they do not represent cash flows from operations, net income (loss) or total debt as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity, operating performance and debt levels. NOI, FFO, Core FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. We present net debt because we believe it provides our investors a better understanding of our leverage ratio. Net debt should not be considered an alternative to total debt, as we may not always be able to use our available cash to repay debt. Our computation of NOI, FFO, Core FFO, AFFO and net debt may not be comparable to NOI, FFO, Core FFO, AFFO and net debt reported by other REITs. For a more complete discussion of NOI, FFO, Core FFO and AFFO, see our most recent Annual Report on Form 10-K and our other filings with the SEC.
Reconciliations
NOI and Same Store NOI
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles NOI and our 2023-2024 and our Q4 Same Store NOI for the years and three months ended December 31, 2024 and 2023 to net income (loss), the most directly comparable GAAP financial measure (in thousands):
For the Year Ended December 31,
For the Three Months Ended December 31,
2024
2023
2024
2023
Net income (loss)
$
1,114
$
44,433
$
(27,038)
$
18,421
Adjustments to reconcile net income (loss) to NOI
Advisory and administrative fees
6,899
7,645
1,720
1,863
Corporate general and administrative expenses
19,399
17,146
4,875
4,249
Corporate income
(2,215)
(483)
(959)
(329)
Casualty-related expenses/(recoveries)
(1)
1,389
(2,214)
(249)
(882)
Casualty losses (gains)
626
856
88
(124)
Gain on forfeited deposits
—
(250)
—
—
Property general and administrative expenses
(2)
3,998
3,701
1,277
1,003
Depreciation and amortization
97,762
95,186
24,389
24,251
Interest expense
58,477
67,106
15,521
18,256
Equity in earnings of affiliate
(172)
(205)
(28)
(28)
Loss on extinguishment of debt and modification costs
24,004
2,409
23,203
316
Gain on sales of real estate
(54,246)
(67,926)
(3,851)
(24,836)
NOI
$
157,035
$
167,404
$
38,948
$
42,160
Less Non-Same Store
Revenues
(5,478)
(30,082)
58
(6,070)
Operating expenses
2,496
15,542
(122)
2,974
Operating income
(3)
(134)
—
(5)
Same Store NOI
$
154,050
$
152,730
$
38,884
$
39,059
(1)
Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).
(2)
Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our NOI and our 2022-2024 Same Store NOI for the years ended December 31, 2024, 2023 and 2022 to net income (loss), the most directly comparable GAAP financial measure (in thousands):
For the Year Ended December 31,
2024
2023
2022
Net income (loss)
$
1,114
$
44,433
$
(9,291)
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees
6,899
7,645
7,547
Corporate general and administrative expenses
19,399
17,146
14,670
Corporate income
(2,215)
(483)
—
Casualty-related expenses/(recoveries)
(1)
1,389
(2,214)
1,119
Casualty losses (gains)
626
856
(2,506)
Gain on forfeited deposits
—
(250)
—
Property general and administrative expenses
(2)
3,998
3,701
3,600
Depreciation and amortization
97,762
95,186
97,648
Interest expense
58,477
67,106
50,587
Equity in earnings of affiliate
(172)
(205)
—
Loss on extinguishment of debt and modification costs
24,004
2,409
8,734
Gain on sales of real estate
(3)
(54,246)
(67,926)
(14,684)
NOI
$
157,035
$
167,404
$
157,424
Less Non-Same Store
Revenues
(17,318)
(41,581)
(44,017)
Operating expenses
6,756
19,327
21,101
Operating income
(13)
(151)
(488)
Same Store NOI
$
146,460
$
144,999
$
134,020
(1)
Adjustment to net income (loss) to exclude certain property operating expenses that are casualty-related expenses/(recoveries).
(2)
Adjustment to net income (loss) to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.
(3)
$31.5 million with a related party for the year ended December 31, 2024.
Reconciliation of Debt to Net Debt
(dollar amounts in thousands)
FY 2024
FY 2023
FY 2022
Total mortgage debt
$
1,503,242
$
1,551,236
$
1,607,028
Credit facilities
—
24,000
74,500
Total Debt
1,503,242
1,575,236
1,681,528
Adjustments to arrive at net debt:
Cash and cash equivalents
(23,148)
(12,367)
(16,762)
Restricted cash held for value-add upgrades and green improvements
(3,177)
(2,929)
(11,894)
Net Debt
$
1,476,917
$
1,559,940
$
1,652,872
Enterprise Value (1)
$
2,537,917
$
2,443,940
$
2,764,872
Leverage Ratio
58
%
64
%
60
%
(1)
Enterprise Value is calculated as Market Capitalization as of December 31, 2024 plus Net Debt.
Guidance Reconciliations of NOI, Same Store NOI, FFO, Core FFO and AFFO
The following table, which has not been adjusted for the effects of noncontrolling interests, reconciles our 2025 NOI guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 and for the three months ended March 31, 2025 (in thousands):
For the Year Ended December 31, 2025
For the Three Months Ended March 31, 2025
Mid-Point (1)
Mid-Point (1)
Net loss
$
(31,547)
$
(9,232)
Adjustments to reconcile net loss to NOI:
Advisory and administrative fees
7,045
1,737
Corporate general and administrative expenses
19,454
4,958
Corporate income
(1,709)
(381)
Property general and administrative expenses
(2)
3,316
1,099
Depreciation and amortization
95,935
24,939
Interest expense
59,512
14,004
Loss on extinguishment of debt and modification costs
18
—
Equity in earnings of affiliate
(238)
(60)
NOI
$
151,786
$
37,064
Less Non-Same Store
Revenues
(3)
—
Operating expenses
(3)
(42)
Same Store NOI
(3)
$
151,744
(1)
Mid-Point estimates shown for full year and first quarter 2025 guidance. Assumptions made for full year and first quarter 2025 NOI guidance include the Same Store operating growth projections included in the "2025 Full Year Guidance Summary" section of this release and the effect of the acquisition and dispositions throughout the fiscal year.
(2)
Adjustment to net loss to exclude certain property general and administrative expenses that are not reflective of the continuing operations of the properties or are incurred on our behalf at the property for expenses such as legal, professional, centralized leasing service and franchise tax fees.
(3)
Year-over-year growth for the Full Year 2025 pro forma Same Store pool (35 properties).
The following table reconciles our FFO, Core FFO and AFFO guidance to our net loss (the most directly comparable GAAP financial measure) guidance for the year ended December 31, 2025 (in thousands, except per share data):
For the Year Ended December 31, 2025
Mid-Point
Net loss
$
(31,547)
Depreciation and amortization
95,935
Adjustment for noncontrolling interests
(254)
FFO attributable to common stockholders
64,134
FFO per share - diluted (1)
$
2.43
Loss on extinguishment of debt and modification costs
18
Amortization of deferred financing costs
6,214
Mark-to-market adjustments of interest rate caps
809
Adjustment for noncontrolling interests
(27)
Core FFO attributable to common stockholders
71,148
Core FFO per share - diluted (1)
$
2.70
Equity-based compensation expense
10,572
Adjustment for noncontrolling interests
(42)
AFFO attributable to common stockholders
81,678
AFFO per share - diluted (1)
$
3.09
Weighted average common shares outstanding - diluted
26,395
(1)
For purposes of calculating per share data, we assume a weighted average diluted share count of approximately 26.4 million for the full year 2025.
The following table reconciles our NOI to our net income (loss) for the years ended December 31, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 (in thousands):
For the Year Ended December 31,
2021
2020
2019
2018
2017
2016
2015
2014
Net income (loss)
$
23,106
$
44,150
$
99,438
$
(1,614)
$
56,359
$
25,888
$
(10,992)
$
25,888
Adjustments to reconcile net income (loss) to NOI:
Advisory and administrative fees
7,631
7,670
7,500
7,474
7,419
6,802
5,565
6,802
Corporate general and administrative expenses
11,966
10,035
9,613
7,808
6,275
4,014
2,455
4,014
Casualty-related expenses/(recoveries)
(199)
789
(34)
(663)
(287)
151
25
—
Casualty losses (gains)
(2,595)
(5,886)
3,488
—
—
—
—
—
Property general and administrative expenses
2,539
2,400
1,939
1,294
1,130
879
1,109
879
Depreciation and amortization
86,878
82,411
69,086
47,470
48,752
35,643
40,801
35,643
Interest expense
44,623
44,753
37,385
28,572
29,576
20,167
17,817
21,889
Loss on extinguishment of debt and modification costs
