Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 11, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001755755 | |
Entity Registrant Name | VINEBROOK HOMES TRUST, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-56274 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 83-1268857 | |
Entity Address, Address Line One | 300 Crescent Court, Suite 700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 214 | |
Local Phone Number | 276-6300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,761,177 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 652,218 | $ 334,191 |
Buildings and improvements | 2,946,479 | 1,391,786 |
Intangible lease assets | 2,606 | 971 |
Total gross operating real estate investments | 3,601,303 | 1,726,948 |
Accumulated depreciation and amortization | (141,109) | (76,789) |
Total net operating real estate investments | 3,460,194 | 1,650,159 |
Real estate held for sale, net | 2,888 | 81 |
Total net real estate investments | 3,463,082 | 1,650,240 |
Investments, at fair value | 2,500 | 2,500 |
Cash | 92,566 | 54,104 |
Restricted cash | 30,681 | 20,893 |
Accounts and other receivables | 18,896 | 8,327 |
Due from Manager (see Note 13) | 1,076 | 2,909 |
Prepaid and other assets | 68,925 | 19,352 |
Interest rate derivatives, at fair value | 73,731 | 0 |
TOTAL ASSETS | 3,751,457 | 1,758,325 |
Liabilities: | ||
Notes payable, net | 948,220 | 376,842 |
Accounts payable and other accrued liabilities | 71,776 | 47,208 |
Accrued real estate taxes payable | 36,070 | 19,450 |
Accrued interest payable | 15,136 | 1,690 |
Security deposit liability | 25,970 | 14,295 |
Prepaid rents | 6,189 | 3,341 |
Interest rate derivatives, at fair value | 0 | 3,590 |
Total Liabilities | 2,606,516 | 858,119 |
Stockholders' Equity: | ||
Class A Common stock, $0.01 par value: 300,000,000 shares authorized; 24,761,177 and 21,814,248 shares issued and outstanding, respectively | 248 | 219 |
Additional paid-in capital | 761,691 | 651,531 |
Distributions in excess of retained earnings | (135,062) | (68,011) |
Accumulated other comprehensive income/(loss) | 45,726 | (791) |
Total Stockholders' Equity | 672,603 | 582,948 |
TOTAL LIABILITIES AND EQUITY | 3,751,457 | 1,758,325 |
VineBrook Homes OP, LP [Member] | ||
Liabilities: | ||
Redeemable noncontrolling interests | 239,541 | 196,362 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Liabilities: | ||
Redeemable noncontrolling interests | 108,499 | 0 |
Stockholders' Equity: | ||
Noncontrolling interests in consolidated VIEs | 2,842 | 0 |
Series A Preferred Stock [Member] | ||
Liabilities: | ||
Redeemable Series A preferred stock, $0.01 par value: 16,000,000 shares authorized; 5,000,000 and 5,000,000 shares issued and outstanding, respectively | 121,456 | 120,896 |
Line of Credit [Member] | ||
Liabilities: | ||
Facilities | $ 1,503,155 | $ 391,703 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 24,761,177 | 21,814,248 |
Common stock, shares outstanding (in shares) | 24,761,177 | 21,814,248 |
Series A Preferred Stock [Member] | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Redeemable preferred stock, shares authorized (in shares) | 16,000,000 | 16,000,000 |
Redeemable preferred stock, shares issued (in shares) | 5,000,000 | 5,000,000 |
Redeemable preferred stock, shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Rental income | $ 71,594 | $ 40,823 | $ 182,016 | $ 110,071 |
Other income | 2,044 | 1,064 | 6,243 | 2,265 |
Total revenues | 73,638 | 41,887 | 188,259 | 112,336 |
Expenses | ||||
Property operating expenses | 12,592 | 8,282 | 33,636 | 19,442 |
Real estate taxes and insurance | 12,260 | 8,157 | 32,716 | 22,095 |
Property management fees | 3,844 | 1,756 | 10,363 | 6,316 |
Advisory fees | 4,313 | 2,337 | 11,243 | 5,638 |
Depreciation and amortization | 28,693 | 14,881 | 68,856 | 35,432 |
Interest expense | 16,875 | 7,752 | 37,650 | 20,566 |
Loss on extinguishment of debt | 2,468 | 0 | 3,469 | 0 |
Total expenses | 88,119 | 46,662 | 217,145 | 118,959 |
Loss on sales of real estate | (224) | (175) | (8) | (373) |
Casualty gain/(loss), net of insurance proceeds | 84 | 151 | (78) | 49 |
Net loss | (14,621) | (4,799) | (28,972) | (6,947) |
Dividends on and accretion to redemption value of Redeemable Series A preferred stock | 2,226 | 2,206 | 6,654 | 6,619 |
Net loss attributable to common stockholders | (11,840) | (6,182) | (27,234) | (12,242) |
Other comprehensive income | ||||
Unrealized gain on interest rate hedges | 29,356 | 1,076 | 54,866 | 7,382 |
Total comprehensive income/(loss) | 14,735 | (3,723) | 25,894 | 435 |
Dividends on and accretion to redemption value of Redeemable Series A preferred stock | 2,226 | 2,206 | 6,654 | 6,619 |
Comprehensive income/(loss) attributable to common stockholders | $ 13,113 | $ (5,290) | $ 19,283 | $ (6,609) |
Weighted average common shares outstanding - basic (in shares) | 25,124 | 17,230 | 24,545 | 13,511 |
Weighted average common shares outstanding - diluted (in shares) | 25,124 | 17,230 | 24,545 | 13,511 |
Loss per share - basic (in dollars per share) | $ (0.47) | $ (0.36) | $ (1.11) | $ (0.91) |
Loss per share - diluted (in dollars per share) | $ (0.47) | $ (0.36) | $ (1.11) | $ (0.91) |
VineBrook Homes OP, LP [Member] | ||||
Expenses | ||||
Net loss attributable to redeemable noncontrolling interests in the OP | $ (1,782) | $ (823) | $ (3,976) | $ (1,324) |
Other comprehensive income | ||||
Comprehensive income/(loss) attributable to redeemable noncontrolling interests | 2,621 | (639) | 4,373 | 425 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Expenses | ||||
Net loss attributable to redeemable noncontrolling interests in the OP | (3,112) | 0 | (4,303) | 0 |
Net loss attributable to noncontrolling interests in consolidated VIEs | (113) | 0 | (113) | 0 |
Other comprehensive income | ||||
Comprehensive income/(loss) attributable to redeemable noncontrolling interests | (3,112) | 0 | (4,303) | 0 |
Comprehensive (loss)/income attributable to noncontrolling interests | (113) | 0 | (113) | 0 |
Corporate, Non-Segment [Member] | ||||
Expenses | ||||
General and administrative expenses | 2,701 | 1,992 | 7,341 | 5,310 |
Operating Segments [Member] | ||||
Expenses | ||||
General and administrative expenses | $ 4,373 | $ 1,505 | $ 11,871 | $ 4,160 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | VineBrook Homes OP, LP [Member] Additional Paid-in Capital [Member] | VineBrook Homes OP, LP [Member] Accumulated Distributions in Excess of Net Income [Member] | VineBrook Homes OP, LP [Member] AOCI Attributable to Parent [Member] | VineBrook Homes OP, LP [Member] | Variable Interest Entity, Primary Beneficiary [Member] Additional Paid-in Capital [Member] | Variable Interest Entity, Primary Beneficiary [Member] Accumulated Distributions in Excess of Net Income [Member] | Variable Interest Entity, Primary Beneficiary [Member] AOCI Attributable to Parent [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2020 | 9,260,795 | ||||||||||||
Balances at Dec. 31, 2020 | $ 93 | $ 210,381 | $ (26,002) | $ (10,150) | $ 174,322 | ||||||||
Net loss attributable to common stockholders | 0 | (12,242) | 0 | (12,242) | |||||||||
Issuance of Class A common stock (in shares) | 10,315,837 | ||||||||||||
Issuance of Class A common stock | $ 103 | 402,614 | 0 | 0 | 402,717 | ||||||||
Redemptions of Class A common stock (in shares) | (160,650) | ||||||||||||
Redemptions of Class A common stock | $ (1) | (6,386) | 0 | 0 | (6,387) | ||||||||
Offering costs | (2,504) | 0 | 0 | (2,504) | |||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 26,642 | ||||||||||||
Equity-based compensation | $ 0 | 1,738 | 0 | 0 | 1,738 | ||||||||
Common stock dividends declared | 0 | (22,101) | 0 | (22,101) | |||||||||
Other comprehensive income (loss) attributable to common stockholders | 0 | 0 | 5,633 | 5,633 | |||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | $ (43,894) | $ 0 | $ 0 | $ (43,894) | |||||||||
Balances (in shares) at Sep. 30, 2021 | 19,442,624 | ||||||||||||
Balances at Sep. 30, 2021 | $ 195 | 561,949 | (60,345) | (4,517) | 497,282 | ||||||||
Balances (in shares) at Jun. 30, 2021 | 13,891,715 | ||||||||||||
Balances at Jun. 30, 2021 | $ 139 | 362,165 | (44,801) | (5,409) | 312,094 | ||||||||
Net loss attributable to common stockholders | 0 | (6,182) | 0 | (6,182) | |||||||||
Issuance of Class A common stock (in shares) | 5,574,829 | ||||||||||||
Issuance of Class A common stock | $ 56 | 228,495 | 0 | 0 | 228,551 | ||||||||
Redemptions of Class A common stock (in shares) | (23,920) | ||||||||||||
Redemptions of Class A common stock | $ 0 | (1,105) | 0 | 0 | (1,105) | ||||||||
Offering costs | (1,264) | 0 | 0 | (1,264) | |||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 0 | ||||||||||||
Equity-based compensation | $ 0 | 598 | 0 | 0 | 598 | ||||||||
Common stock dividends declared | 0 | (9,362) | 0 | (9,362) | |||||||||
Other comprehensive income (loss) attributable to common stockholders | 0 | 0 | 892 | 892 | |||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | (26,940) | 0 | 0 | (26,940) | |||||||||
Balances (in shares) at Sep. 30, 2021 | 19,442,624 | ||||||||||||
Balances at Sep. 30, 2021 | $ 195 | 561,949 | (60,345) | (4,517) | 497,282 | ||||||||
Balances (in shares) at Dec. 31, 2021 | 21,814,248 | ||||||||||||
Balances at Dec. 31, 2021 | $ 219 | 651,531 | (68,011) | (791) | 582,948 | ||||||||
Net loss attributable to common stockholders | 0 | (27,234) | 0 | (27,234) | |||||||||
Issuance of Class A common stock (in shares) | 4,064,923 | ||||||||||||
Issuance of Class A common stock | $ 41 | 220,562 | 0 | 0 | 220,603 | ||||||||
Redemptions of Class A common stock (in shares) | (1,167,653) | ||||||||||||
Redemptions of Class A common stock | $ (12) | (71,604) | 0 | 0 | (71,616) | ||||||||
Offering costs | (3,058) | 0 | 0 | $ (3,058) | |||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 49,659 | 49,659 | |||||||||||
Equity-based compensation | $ 0 | 2,595 | 0 | 0 | $ 2,595 | ||||||||
Common stock dividends declared | 0 | (39,817) | 0 | (39,817) | |||||||||
Other comprehensive income (loss) attributable to common stockholders | 0 | 0 | 46,517 | 46,517 | |||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | (34,032) | 0 | 0 | (34,032) | $ (4,303) | $ 0 | $ 0 | $ (4,303) | |||||
Balances (in shares) at Sep. 30, 2022 | 24,761,177 | ||||||||||||
Balances at Sep. 30, 2022 | $ 248 | 761,691 | (135,062) | 45,726 | 672,603 | ||||||||
Balances (in shares) at Jun. 30, 2022 | 24,960,485 | ||||||||||||
Balances at Jun. 30, 2022 | $ 250 | 780,111 | (109,628) | 20,773 | 691,506 | ||||||||
Net loss attributable to common stockholders | 0 | (11,840) | 0 | (11,840) | |||||||||
Issuance of Class A common stock (in shares) | 475,440 | ||||||||||||
Issuance of Class A common stock | $ 5 | 27,904 | 0 | 0 | 27,909 | ||||||||
Redemptions of Class A common stock (in shares) | (674,891) | ||||||||||||
Redemptions of Class A common stock | $ (7) | (42,343) | 0 | 0 | (42,350) | ||||||||
Offering costs | (1,565) | 0 | 0 | (1,565) | |||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 143 | ||||||||||||
Equity-based compensation | $ 0 | 920 | 0 | 0 | 920 | ||||||||
Common stock dividends declared | 0 | (13,594) | 0 | (13,594) | |||||||||
Other comprehensive income (loss) attributable to common stockholders | 0 | 0 | 24,953 | 24,953 | |||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | $ (224) | $ 0 | $ 0 | $ (224) | $ (3,112) | $ 0 | $ 0 | $ (3,112) | |||||
Balances (in shares) at Sep. 30, 2022 | 24,761,177 | ||||||||||||
Balances at Sep. 30, 2022 | $ 248 | $ 761,691 | $ (135,062) | $ 45,726 | $ 672,603 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common stock dividends declared, per share (in dollars per share) | $ 0.5301 | $ 0.5301 | $ 1.5903 | $ 1.5903 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (28,972) | $ (6,947) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Loss on sales of real estate | 8 | 373 |
Depreciation and amortization | 68,856 | 35,432 |
Non-cash interest amortization | 5,577 | 2,666 |
Change in fair value of interest rate derivatives included in interest expense | (9,765) | 2,843 |
Net cash paid on derivative settlements | (3,203) | (3,202) |
Loss on extinguishment of debt | 3,469 | 0 |
Equity-based compensation | 4,704 | 3,384 |
Casualty loss/(gain), net of insurance proceeds | 78 | (49) |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Operating assets | (6,992) | (2,473) |
Operating liabilities | 49,954 | 13,148 |
Net cash provided by operating activities | 83,714 | 45,175 |
Cash flows from investing activities | ||
Investment in unconsolidated entity | (100,819) | 0 |
Redemption of investment in unconsolidated entity | 100,819 | 0 |
Acquisition of NexPoint Homes through VIE consolidation, net of cash received | (47,022) | 0 |
Net proceeds from sales of real estate | 7,931 | 1,405 |
Prepaid acquisition deposits | (41,685) | (1,336) |
Insurance proceeds received | 707 | 496 |
Acquisitions of real estate investments | (1,360,466) | (751,042) |
Additions to real estate investments | (147,095) | (58,179) |
Net cash used in investing activities | (1,587,630) | (808,656) |
Cash flows from financing activities | ||
Notes payable proceeds received | 288,512 | 125,000 |
Notes payable payments | (7,892) | (9,562) |
Bridge facilities proceeds received | 350,000 | 0 |
Bridge facilities principal payments | (350,000) | 0 |
NREO Note repayment | 0 | (1,250) |
Financing costs paid | (13,383) | (7,902) |
Interest rate cap premium paid | (12,673) | 0 |
Redemptions of Class A common stock paid | (35,544) | (5,282) |
Offering costs paid | (3,315) | (2,325) |
Dividends paid to common stockholders | (18,537) | (10,614) |
Payments for taxes related to net share settlement of stock-based compensation | (555) | (46) |
Proceeds from issuance of redeemable Series A preferred stock, net of offering costs | 0 | 35,167 |
Preferred stock dividends paid | (6,094) | (4,988) |
Distributions to redeemable noncontrolling interests in the OP | (4,835) | (4,774) |
Net cash provided by financing activities | 1,552,166 | 799,663 |
Change in cash and restricted cash | 48,250 | 36,182 |
Cash and restricted cash, beginning of period | 74,997 | 37,096 |
Cash and restricted cash, end of period | 123,247 | 73,278 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid, net of amount capitalized | 18,119 | 10,927 |
Cash paid for income and franchise taxes | 262 | 167 |
Supplemental Disclosure of Noncash Activities | ||
Assumed liabilities in asset acquisitions | 3,829 | 5,027 |
Accrued distributions payable to redeemable noncontrolling interests in the OP | 939 | 313 |
Accrued redemptions payable to common stockholders | 42,350 | 1,105 |
Accrued capital expenditures | 3,263 | 0 |
Accretion to redemption value of Redeemable Series A preferred stock | 560 | 525 |
Fair market value adjustment on assumed debt | 89 | 0 |
Assumed debt on acquisitions | 13,582 | 0 |
Offering costs accrued | 84 | 284 |
Issuance of Class A common stock related to DRIP dividends | 21,173 | 10,920 |
DRIP dividends to common stockholders | (21,173) | (10,920) |
Contributions from redeemable noncontrolling interests in the OP related to DRIP distributions | 1,487 | 1,191 |
DRIP distributions to redeemable noncontrolling interests in the OP | (1,487) | (1,191) |
Notes payable assumed in acquisition of NexPoint Homes through VIE consolidation | 13,582 | 0 |
VineBrook Homes OP, LP [Member] | ||
Cash flows from financing activities | ||
Contributions from redeemable noncontrolling interests | 8,789 | 5,014 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash flows from financing activities | ||
Contributions from redeemable noncontrolling interests | 65,653 | 0 |
Contributions from noncontrolling interests in consolidated VIEs | 2,955 | 0 |
Supplemental Disclosure of Noncash Activities | ||
Assumed debt on acquisitions | 278,530 | 0 |
Real estate investments assumed in acquisition of NexPoint Homes through VIE consolidation | 326,432 | 0 |
Earnest money deposits assumed in acquisition of NexPoint Homes through VIE consolidation | 36,838 | 0 |
Other assets assumed in acquisition of NexPoint Homes through VIE consolidation | 8,729 | 0 |
Notes payable assumed in acquisition of NexPoint Homes through VIE consolidation | 278,530 | 0 |
Other liabilities assumed in acquisition of NexPoint Homes through VIE consolidation | 4,607 | 0 |
Noncontrolling interests assumed in acquisition of NexPoint Homes through VIE consolidation | 41,150 | 0 |
Common Class A [Member] | ||
Cash flows from financing activities | ||
Proceeds from issuance of Class A common stock | 174,085 | 391,225 |
Supplemental Disclosure of Noncash Activities | ||
Accrued dividends payable | 748 | 567 |
Series A Preferred Stock [Member] | ||
Supplemental Disclosure of Noncash Activities | ||
Accrued dividends payable | 6,094 | 2,031 |
Line of Credit [Member] | ||
Cash flows from financing activities | ||
Credit facilities proceeds received | 1,115,000 | 405,000 |
Credit facilities principal payments | $ 0 | $ (115,000) |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. VineBrook Homes Trust, Inc. (the “Company”, “we”, “us,” “our”) was incorporated in Maryland on July 18, 2018 September 30, 2022 10 no The Company began operations on November 1, 2018 third November 1, 2018, May 1, 2019 ( no Between November 1, 2018 September 30, 2022 3 15 2 September 30, 2022 7 The Company is externally managed by NexPoint Real Estate Advisors V, L.P. (the “Adviser”), through an agreement dated November 1, 2018, May 4, 2020, November 1, 2021 October 25, 2022 ( one three one may third not The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a renovation program for the homes acquired. On August 28, 2018, 1933, September 14, 2022. may NexPoint Securities, Inc. (the “Dealer Manager”), an entity under common ownership with the Adviser, served as the sole dealer manager for the Private Offering and Raymond James & Associates, Inc. (“Raymond James”) and other unaffiliated broker-dealers served as placement agents (the “Placement Agents”) The Company has adopted a Long-Term Incentive Plan (the “2018 may 2018 January 1st January 1, 2019 December 31st may January 1st no 2018 may not may 2018 may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Accounting and Use of Estimates The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. There have been no nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 December 31, 2021 2020 not may December 31, 2022, Principles of Consolidation The Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first not September 30, 2022 5 September 30, 2022 not 5 5 Real Estate Investments Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement 820” 8 third one one 2 Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 27.5 Improvements and other assets 3 15 Acquired improvements and fixtures 1 5 Intangible lease assets 6 As of September 30, 2022 December 31, 2021 three September 30, 2022 2021 nine September 30, 2022 2021 Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not may not three nine September 30, 2022 2021 Cash and restricted cash The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums and deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands): September 30, 2022 2021 December 31, 2021 Cash $ 92,566 $ 54,786 $ 54,104 Restricted cash 30,681 18,492 20,893 Total cash and restricted cash $ 123,247 $ 73,278 $ 74,997 Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 842, Leases January 1, 2019, not 19 not three September 30, 2022 2021 nine September 30, 2022 2021 Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610 20, Other Income 610 20 In April 2020, 19 842. may not 19, not not not 19 Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Preferred Shares”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not 480 10 S99 3A, 15 In accordance with ASC Topic 480 10 S99, 480 10 S99, Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested RSUs and PI Units issued pursuant to the 2018 not For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for loss per share: Net loss $ (14,621 ) $ (4,799 ) $ (28,972 ) $ (6,947 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,226 2,206 6,654 6,619 Net loss attributable to redeemable noncontrolling interests in the OP (1,782 ) (823 ) (3,976 ) (1,324 ) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (3,112 ) — (4,303 ) — Net loss attributable to noncontrolling interests in consolidated VIEs (113 ) — (113 ) — Net loss attributable to common stockholders $ (11,840 ) $ (6,182 ) $ (27,234 ) $ (12,242 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,124 17,230 24,545 13,511 Weighted average unvested RSUs, PI Units, and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,124 17,230 24,545 13,511 Earnings (loss) per weighted average common share: Basic $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) Diluted $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) ( 1 For the three September 30, 2022 2021 nine September 30, 2022 2021 Segment Reporting Under the provision of ASC 280, Segment Reporting two June 8, 2022 one 10% September 30, 2022 Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 2020 04” 2020 04 2020 04 may nine September 30, 2022 848 |
Note 3 - Investments in Subsidi
Note 3 - Investments in Subsidiaries | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | 3. In connection with its indirect investments in real estate assets acquired, the Company, through its ownership of the OP, indirectly holds a proportional ownership interest in the Portfolio, through the OP’s beneficial ownership of all of the issued and outstanding membership interests in the special purpose limited liability companies (“SPEs”) that directly or indirectly own the Portfolio. All of the properties in the Portfolio are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no As of September 30, 2022 12 September 30, 2022 may 7 VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 66 $ 6,048 100 % Yes $ 5,048 NREA VB II, LLC 167 16,568 100 % Yes 10,742 NREA VB III, LLC 1,322 121,675 100 % Yes 71,115 NREA VB IV, LLC 385 37,438 100 % Yes 24,283 NREA VB V, LLC 1,829 127,264 100 % Yes 108,384 NREA VB VI, LLC 298 28,059 100 % Yes 18,324 NREA VB VII, LLC 36 3,081 100 % Yes 2,989 True FM2017-1, LLC 211 19,072 100 % Yes 10,168 VB One, LLC 13,926 1,766,912 100 % No 1,195,000 VB Two, LLC 1,853 170,377 100 % No 124,462 VB Three, LLC 3,890 545,477 100 % No 320,000 VB Five, LLC 170 18,348 100 % Yes 8,824 NexPoint Homes 2,544 743,872 96 % No 467,254 26,697 $ 3,604,191 $ 2,366,593 (2) ( 1 Assets held, directly or indirectly, by VB One, LLC, VB Two, LLC and VB Three, LLC are not ( 2 In addition to the debt allocated to the SPEs noted above, as of September 30, 2022 not 13 September 30, 2022 |
Note 4 - Real Estate Assets
Note 4 - Real Estate Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Real Estate Disclosure [Text Block] | 4. As of September 30, 2022 December 31, 2021 Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total Gross Real Estate, December 31, 2021 $ 334,191 $ 1,391,786 $ 971 $ 81 $ 1,727,029 Additions 318,027 1,554,693 (2) 5,908 10,797 1,889,425 Write-offs — — (4,273 ) — (4,273 ) Dispositions — — — (7,990 ) (7,990 ) Gross Real Estate, September 30, 2022 652,218 2,946,479 2,606 2,888 3,604,191 Accumulated depreciation and amortization — (140,250 ) (859 ) — (141,109 ) Net Real Estate, September 30, 2022 $ 652,218 $ 2,806,229 $ 1,747 $ 2,888 $ 3,463,082 ( 1 Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties. ( 2 Includes capitalized interest of approximately $7.5 million and other capitalizable costs outlined in ( 1 During the three September 30, 2022 2021 nine September 30, 2022 2021 Acquisitions and dispositions During the nine September 30, 2022 June 8, 2022, September 30, 2022 5 On February 8, 2022, eight Market State # of Homes Memphis TN, MS 743 Atlanta GA 741 Saint Louis MO 308 Pensacola FL 300 Raeford NC 250 Kansas City MO 230 Portales NM 150 Augusta GA, SC 67 Jacksonville FL 53 Total 2,842 On March 18, 2022, On August 25, 2022, 10 Market State # of Homes Birmingham AL 147 Columbia SC 145 Kansas City MO, KS 143 Jackson MS 122 St. Louis MO 87 Cincinnati OH, KY 71 Montgomery AL 68 Huntsville AL 58 Indianapolis IN 44 Triad NC 41 Charleston SC 33 Augusta GA, SC 32 Columbus OH 20 Dayton OH 12 Greenville SC 7 Total 1,030 Held for sale properties The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. Once the Company begins marketing an asset or determines that it will pursue marketing an asset, the asset becomes classified as held for sale. At that time, the Company presents the net real estate assets separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of September 30, 2022 |
Note 5 - NexPoint Homes Investm
Note 5 - NexPoint Homes Investment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. During the nine September 30, 2022 June 8, 2022 Formation of NexPoint Homes - Contribution Agreements On June 8, 2022, Following the contribution by the OP to NexPoint Homes, NexPoint Homes entered into a contribution agreement (the “SFR OP Contribution Agreement”) with NexPoint SFR Operating Partnership, L.P. (the “SFR OP”), the operating partnership of NexPoint Homes, certain funds managed by affiliates of our Adviser and certain individuals (the “Principals”) affiliated with HomeSource Operations, LLC, the external manager of the SFR OP. In accordance with the SFR OP Contribution Agreement, NexPoint Homes contributed $50.0 million to the SFR OP in exchange for 2,000,000 limited partnership units of the Operating Partnership (“SFR OP Units”). On June 8, 2022, June 30, 2027. August 1, 2022 March 31, 2027, On June 8, 2022, 1” 1 1 March 3, 2027. September 30, 2022 1 See Note 7 Consolidation of NexPoint Homes Under ASC 810, Consolidation September 30, 2022 |
Note 6 - Investments, at Fair V
Note 6 - Investments, at Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investment Holdings [Text Block] | 6. On November 22, 2021, seven February 24, 2021, no Investments in privately held entities that report NAV, such as our privately held equity investments, are presented at fair value using NAV as a practical expedient, with changes in fair value recognized in net income. We use NAV reported by limited partnerships generally without adjustment, unless we are aware of information indicating that the NAV reported by a limited partnership does not September 30, 2022 no |
Note 7 - Debt
Note 7 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. On September 20, 2019, November 3, 2021, December 9, 2021, April 8, 2022 May 20, 2022. November 3, 2024, one may one On September 13, 2022, September 30, 2022 On December 28, 2020, 5B, 5B, 5B, January 9, 2023 July 11, 2022, On March 1, 2021, one March 1, 2023. March 10, 2022, No. 1 September 30, 2022 March 1, 2023. not On January 13, 2022, February 1, 2029 August 19, 2022, On February 8, 2022, April 8, 2022, On March 18, 2022, July 9, 2029 On March 18, 2022, July 9, 2029 On August 25, 2022, one September 2, 2022, September 13, 2022, In addition to the debt agreements discussed above for the VineBrook reportable segment, as of September 30, 2022 1, 2 13 On August 12, 2022, 2” 2 August 12, 2027 September 30, 2022, 2. On August 12, 2022, August 12, 2025 September 30, 2022, As of September 30, 2022 The weighted average interest rate of the Company’s debt was 4.9333% as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 30, 2022 one one 8 For full descriptions of the debt arrangements not 10 6 The following table contains summary information concerning the Company’s debt as of September 30, 2022 December 31, 2021 Outstanding Principal as of Type September 30, 2022 December 31, 2021 Interest Rate (1) Maturity Initial Mortgage Floating $ 240,885 $ 241,269 4.69 % 12/1/2025 Warehouse Facility Floating 1,195,000 160,000 4.84 % 11/3/2024 (2) JPM Facility Floating 320,000 240,000 5.83 % 3/1/2023 MetLife Note Fixed 124,462 124,689 3.25 % 1/31/2026 TrueLane Mortgage Fixed 10,168 10,387 5.35 % 2/1/2028 CoreVest Note Fixed — 2,338 6.12 % 1/9/2023 Crestcore II Note Fixed 4,671 — 5.12 % 7/9/2029 Crestcore IV Note Fixed 4,153 — 5.12 % 7/9/2029 NexPoint Homes MetLife Note 1 Fixed 233,545 — 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 171,209 — 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 62,500 — 5.24 % 8/12/2025 SFR OP Convertible Notes (3) Fixed 100,100 — 7.50 % 6/30/2027 $ 2,466,693 $ 778,683 Debt premium, net (4) 396 416 Deferred financing costs, net of accumulated amortization of $ 12,651 5,325 (15,714 ) (10,554 ) $ 2,451,375 $ 768,545 ( 1 Represents the interest rate as of September 30, 2022 one one September 30, 2022 September 30, 2022 one September 30, 2022 ( 2 This is the stated maturity for the Warehouse Facility, but it is subject to a 12 ( 3 The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. ( 4 The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five September 30, 2022 Total 2022 $ 586 2023 323,541 2024 3,699 2025 1,491,700 (1) 2026 124,867 Thereafter 522,300 Total $ 2,466,693 ( 1 Assumes the Company exercises the 12 Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the term of the related debt using the straight-line method, which approximates the effective interest method. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of, or in conjunction with, a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the three September 30, 2022 2021 nine September 30, 2022 2021 Loss on Extinguishment of Debt Loss on extinguishment of debt includes prepayment penalties and defeasance costs incurred on the early repayment of debt and other costs incurred in a debt extinguishment. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt. For the nine September 30, 2022 2021 |
Note 8 - Fair Value of Derivati
Note 8 - Fair Value of Derivatives and Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 8. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 1 2 3 ● Level 1 ● Level 2 1 2 may ● Level 3 The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes independent third Derivative Financial Instruments and Hedging Activities The Company manages interest rate risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company has entered into an interest rate cap and interest rate swaps to manage exposures that arise from changes in interest rates. The Company’s derivative financial instruments are used to manage the Company’s risk of increased cash outflows from the floating rate loans that may one one The Company utilizes an independent third To comply with the provisions of ASC 820, 2 3 not September 30, 2022 December 31, 2021 2 The changes in the fair value of derivative financial instruments that are designated as cash flow hedges are recorded in other comprehensive income (loss) and are subsequently reclassified into net income (loss) in the period that the hedged forecasted transaction affects earnings. Amounts reported in other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s floating rate debt. Derivatives not not not 815, Derivatives and Hedging not not In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness, the Company, through the OP, has entered into 12 one As of September 30, 2022 Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 7/1/2019 7/1/2024 KeyBank One-Month LIBOR $ 100,000 1.6290 % 9/1/2019 12/21/2025 KeyBank One-Month LIBOR 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank One-Month LIBOR 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank One-Month LIBOR 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank One-Month LIBOR 20,000 0.9140 % $ 320,000 1.4309 % (2) Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 3/31/2022 11/1/2025 KeyBank Daily SOFR $ 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6860 % $ 650,000 2.4148 % (2) ( 1 As of September 30, 2022 one ( 2 Represents the weighted average fixed rate of the interest rate swaps for one For the three September 30, 2022 2021 nine September 30, 2022 2021 Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. On April 13, 2022, one November 1, 2025. As of September 30, 2022 not Derivative Notional Hedged Floating Rate Debt Index Index as of September 30, 2022 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 3.0421 % 1.50 % For the three nine September 30, 2022 The table below presents the fair value of the Company’s derivative financial instruments, which are presented on the consolidated balance sheets as of September 30, 2022 December 31, 2021 Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 51,277 $ — $ — $ 3,590 Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 22,454 — — — Total $ 73,731 $ — $ — $ 3,590 Financial assets and liabilities for which the carrying values approximate their fair values include cash, restricted cash, accounts receivable, accounts payable, and security deposits. Generally, these assets and liabilities are short‑term in duration and are recorded at fair value on the consolidated balance sheets. The Company believes the carrying value of each outstanding loan approximates fair value based on the nature, term and interest rate of each loan. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Equity The Company issued Shares under the Private Offering and issues shares under the Company’s distribution reinvestment program (the “DRIP”). Shares issued under the DRIP are issued at a 3% nine September 30, 2022 Long-Term Incentive Plan The Company adopted the 2018 may 2018 may 2018 may RSU Grants Under the 2018 On December 10, 2019, May 11, 2020, February 15, 2021, February 17, 2022, December 10, 2019 May 11, 2020 four February 17, 2022, February 15, 2021 May 11, 2020 four first no one one As of September 30, 2022 Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (54,028 ) (2) (1,854 ) Forfeited (2,036 ) (80 ) Outstanding September 30, 2022 506,751 $ 20,493 ( 1 Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.14 for the February 17, 2022 February 15, 2021 May 11, 2020 December 10, 2019 ( 2 Certain grantees elected to net the taxes owed upon vesting against the Shares issued resulting in 49,659 Shares being issued as shown on the consolidated statements of stockholders' equity. The vesting schedule for the outstanding RSUs is as follows: Vest Date RSUs Vesting December 10, 2022 18,425 February 15, 2023 22,591 February 17, 2023 30,331 May 11, 2023 21,217 December 10, 2023 18,426 February 15, 2024 22,591 February 17, 2024 22,019 May 11, 2024 21,217 February 14, 2025 22,591 February 17, 2025 22,019 February 17, 2026 22,019 Upon successful completion of IPO 263,305 506,751 For the three September 30, 2022 2021 nine September 30, 2022 2021 |
Note 10 - Noncontrolling Intere
Note 10 - Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Noncontrolling Interest Disclosure [Text Block] | 10. Redeemable Noncontrolling Interests in the OP Other than PI Units and 6.50% Series A Cumulative Redeemable Preferred Units of the OP (“OP Preferred Units”), partnership interests in the OP are represented by OP Units. Net income (loss) is allocated pro rata to holders of OP Units and PI Units based upon net income (loss) attributable to the OP and the respective members’ OP Units and PI Units held during the period. Capital contributions, distributions, and profits and losses are allocated to PI Units and OP Units not The following table presents the redeemable noncontrolling interests in the OP (in thousands): Balances Redeemable noncontrolling interests in the OP, December 31, 2021 $ 196,362 Net loss attributable to redeemable noncontrolling interests in the OP (3,976 ) Contributions by redeemable noncontrolling interests in the OP 10,276 Distributions to redeemable noncontrolling interests in the OP (7,261 ) Redemptions by redeemable noncontrolling interests in the OP (350 ) Equity-based compensation 2,109 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 8,349 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 34,032 Redeemable noncontrolling interests in the OP, September 30, 2022 $ 239,541 As of September 30, 2022 On September 7, 2021, no not The Partnership Board of the OP has exclusive authority to select, remove and replace the general partner of the OP and no may one may Upon execution of the OP LPA, the Company reconsidered whether it was still the primary beneficiary of the OP. Upon reconsideration, the Company determined that it is the member of the related party group most closely associated with the OP and has the power to direct the activities that are most significant to the OP as any actions taken by the OP GP are subject to the authority and approval of the Company’s Board. Accordingly, the Company determined that it should continue to consolidate the OP. PI Unit Grants Under the 2018 In connection with the 2018 April 19, 2019, November 21, 2019, May 11, 2020, November 30, 2020, May 31, 2021, August 10, 2022, 2019 two four May 11, 2020 May 31, 2021 four November 30, 2020 four August 10, 2022 five one no third As of September 30, 2022 Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted 27,849 1,719 Vested (57,309 ) (1,964 ) Forfeited (11,933 ) (434 ) Outstanding September 30, 2022 457,197 $ 16,286 ( 1 Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $27.88 for the April 19, 2019 November 21, 2019 May 11, 2020 November 30, 2020 May 31, 2021 August 10, 2022 The vesting schedule for the PI Units is as follows: Vest Date PI Units Vesting November 1, 2022 7,200 November 21, 2022 18,425 November 30, 2022 1,470 March 30, 2023 29,831 May 11, 2023 27,478 August 10, 2023 5,570 November 1, 2023 7,200 November 21, 2023 18,425 November 30, 2023 1,470 March 30, 2024 29,831 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 November 30, 2024 1,470 March 30, 2025 29,831 April 25, 2025 5,171 May 27, 2025 398 April 25, 2026 5,171 May 27, 2026 398 April 25, 2027 5,171 May 27, 2027 398 Upon successful completion of IPO* 229,242 457,197 *Upon successful completion of an IPO, an additional 11,764 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2022, November 30, 2023 November 30, 2024. For the three September 30, 2022 2021 nine September 30, 2022 2021 The table below presents the consolidated Shares and OP Units outstanding held by the noncontrolling interests (“NCI”), as the OP Units held by the Company are eliminated in consolidation: Period End Shares Outstanding OP Units Held by NCI Consolidated Shares and NCI OP Units Outstanding March 31, 2022 24,696,441 3,725,832 28,422,273 June 30, 2022 24,960,485 3,740,441 28,700,926 September 30, 2022 24,761,177 3,804,046 28,565,223 Redeemable Noncontrolling Interests in Consolidated VIEs Partnership interests in the SFR OP are represented by SFR OP Units. Net income (loss) is allocated pro rata to holders of SFR OP Units and is based upon net income (loss) attributable to the SFR OP and the respective members’ SFR OP Units held during the period. Capital contributions, distributions, and profits and losses are allocated to SFR OP Units not nine September 30, 2022 September 30, 2022 September 30, 2022 Noncontrolling Interests in Consolidated VIEs NexPoint Homes has issued NexPoint Homes Class A Shares and NexPoint Homes Class I common stock, par value $0.01 Capital contributions, distributions, and profits and losses are allocated to NexPoint Homes Shares not nine September 30, 2022, September 30, 2022, |
Note 11 - Redeemable Series A P
Note 11 - Redeemable Series A Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 11. The Company has issued 5,000,000 Preferred Shares as of September 30, 2022 October 7, 2027, The following table presents the redeemable Series A preferred stock (dollars in thousands): Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2021 5,000,000 $ 120,896 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — — Net income attributable to Redeemable Series A preferred stockholders — 6,094 Dividends declared to Redeemable Series A preferred stockholders ($1.21875) — (6,094 ) Accretion to redemption value — 560 Redeemable Series A preferred stock, September 30, 2022 5,000,000 $ 121,456 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The Company has made the election and intends to be taxed as a REIT under Sections 856 860 90% not 4% 1 85% 2 95% 3 100% no no nine September 30, 2022 2021 If the Company fails to meet these requirements, it could be subject to U.S. federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not four September 30, 2022 not The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than- not” 50 not not no none 2021, 2020 2019. The Company had no material unrecognized federal or state tax benefit or expense, accrued interest or penalties as of September 30, 2022 |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Advisory Fee Pursuant to the Advisory Agreement, the Company will pay the Adviser, on a monthly basis in arrears, an advisory fee at an annualized rate of 0.75% of the gross asset value of the Company on a consolidated basis (excluding the value of the OP’s assets but inclusive of the Company’s pro rata share of the debt held at the OP and its SPEs). The Adviser will manage the Company’s business including, among other duties, advising the Board to issue distributions, preparing our quarterly and annual consolidated financial statements prepared under GAAP, development and maintenance of internal accounting controls, management and conduct of maintaining our REIT status, calculation of our NAV and recommending the appropriate NAV to be set by the Board, processing of sales of Shares through the Private Offering, reporting to holders of Shares, our tax filings, and other responsibilities customary for an external advisor to a business similar to ours. With certain specified exceptions, the advisory fee together with reimbursement of operating and offering expenses may not For the three September 30, 2022 2021 nine September 30, 2022 2021 Management Fee The equity holders of the Manager are holders of noncontrolling interests in the OP and comprise a portion of the VineBrook Contributors. Through this noncontrolling ownership, the Manager is deemed to be a related party. Pursuant to the Management Agreements, the OP will pay the Manager (i) an acquisition fee equal to 1.0% of the purchase price paid for any new property acquired during the month, (ii) a construction fee monthly in arrears that shall not ● 8.0% of collected rental revenue up to and including $45 ● 7.0% of the incremental collected rental revenue above $45 $65 ● 6.0% of the incremental collected rental revenue above $65 $85 ● 5.0% of the incremental collected rental revenue above $85 Under the Management Agreements and the Side Letter, the aggregate fees that the Manager can earn in any fiscal year are capped such that the Manager’s EBITDA (as defined in the Management Agreements) derived from these fees may not first 1 2 nine September 30, 2022 September 30, 2021 The Manager is responsible for the day-to-day management of the properties, acquisition of new properties, disposition of existing properties (with acquisition and disposition decisions made under the approval of the investment committee and the Board), leasing the properties, managing tenant issues and requests, collecting rents, paying operating expenses, managing maintenance issues, accounting for each property using GAAP, and other responsibilities customary for the management of SFR properties. Property management fees are included in property management fees on the consolidated statements of operations and comprehensive income (loss) and acquisition and construction fees are capitalized into each home and are included in buildings and improvements on the consolidated balance sheet and are depreciated over the useful life of each property. The following table is a summary of fees that the OP incurred to the Manager and its affiliates, as well as reimbursements paid to the Manager and its affiliates for various operating expenses the Manager paid on the OP’s behalf, of which approximately $6.2 million and $2.6 million is due to the Manager and included in accounts payable and other accrued liabilities on the consolidated balance sheets as of September 30, 2022 2021 three nine September 30, 2022 2021 For the Three Months Ended September 30, For the Nine Months Ended September 30, Location on Financial Statements 2022 2021 2022 2021 Fees Incurred Property management fees Statement of Operations $ 3,249 $ 1,756 $ 9,691 $ 5,810 Acquisition fees Balance Sheet 3,650 1,126 9,705 8,072 Construction supervision fees Balance Sheet 4,562 1,667 12,182 4,681 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 6,997 4,165 19,465 10,953 Other reimbursements Balance Sheet and Statement of Operations 515 229 1,282 566 Totals $ 18,973 $ 8,943 $ 52,325 $ 30,082 Internalization of the Adviser or the Manager The Company may first 12 three 12 may In accordance with the Side Letter, on June 28, 2022, September 30, 2022, not fourth 2022, no not May 31, 2022, Termination Fees Payable to the Adviser or Manager If the Advisory Agreement or any one three 12 three 12 may may Advance Acquisition and Construction Fee Advances Paid to the Manager Pursuant to the Side Letter, the Manager may September 30, 2022 December 31, 2021 no Backstop Loans to the Manager Pursuant to the Side Letter, in the event the Manager does not may may may not September 30, 2022 December 31, 2021 Dealer Manager Fees Investors may may Organization and Private Offering Expenses Offering and organizational expenses (“O&O Expenses”) may NexBank The Company and the OP maintain bank accounts with an affiliate of the Adviser, NexBank N.A. (“NexBank”). NexBank charges no September 30, 2022, NexPoint Homes Transactions In connection with the Company’s consolidated investment in NexPoint Homes, the Company consolidated non-controlling interests in NexPoint Homes that were contributed by affiliates of the Adviser. As of September 30, 2022 June 30, 2027 September 30, 2022 The Company consolidates an approximately $4.8 million loan from the SFR OP to HomeSource Operations, LLC (the “HomeSource Note”). The HomeSource Note bears interest at daily SOFR plus 2.00% and matures on February 1, 2027. On June 8, 2022, No nine September 30, 2022 The NexPoint Homes portfolio is generally managed by HomeSource Operations, LLC, a Delaware limited liability company (the “NexPoint Homes Manager”), pursuant to the terms of a management agreement, dated June 8, 2022 ( third nine September 30, 2022 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments In the normal course of business, the Company enters into various construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. As of September 30, 2022 not Contingencies In the normal course of business, the Company is subject to claims, lawsuits, and legal proceedings. While it is not not not The Company is not no not An entity purchased by the OP as a part of the Formation Transaction, the Huber Transaction Sub, LLC (“Huber”), had potential liability exposure to a legacy environmental issue related to a 1988 not January 27, 2021, |
Note 15 - Segment Information
Note 15 - Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Reportable Segments Following the formation of NexPoint Homes, the Company has two reportable segments. For the three nine September 30, 2022 June 8, 2022. three nine September 30, 2021 For the Three Months Ended September 30, 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 64,587 $ 74,900 $ (10,453 ) $ 41,887 $ 46,662 $ (4,799 ) NexPoint Homes 9,051 13,219 (4,168 ) — — — Total Company $ 73,638 $ 88,119 $ (14,621 ) $ 41,887 $ 46,662 $ (4,799 ) For the Nine Months Ended September 30, 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 177,962 $ 199,686 $ (21,810 ) $ 112,336 $ 118,959 $ (6,947 ) NexPoint Homes 10,297 17,459 (7,162 ) — — — Total Company $ 188,259 $ 217,145 $ (28,972 ) $ 112,336 $ 118,959 $ (6,947 ) The following presents select balance sheet data for the reportable segments (in thousands): As of September 30, 2022 As of December 31, 2021 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,857,431 $ 743,872 $ 3,601,303 $ 1,726,948 $ — $ 1,726,948 Accumulated depreciation and amortization (135,262 ) (5,847 ) (141,109 ) (76,789 ) — (76,789 ) Net operating real estate investments 2,722,169 738,025 3,460,194 1,650,159 — 1,650,159 Real estate held for sale, net 2,888 — 2,888 81 — 81 Net real estate investments 2,725,057 738,025 3,463,082 1,650,240 — 1,650,240 Other assets 220,816 67,559 288,375 108,085 — 108,085 Total assets $ 2,945,873 $ 805,584 $ 3,751,457 $ 1,758,325 $ — $ 1,758,325 Liabilities Debt payable, net $ 1,886,042 $ 565,333 $ 2,451,375 $ 768,545 $ — $ 768,545 Other liabilities 139,904 15,237 155,141 89,574 — 89,574 Total liabilities $ 2,025,946 $ 580,570 $ 2,606,516 $ 858,119 $ — $ 858,119 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. The Company evaluated subsequent events through the date the consolidated financial statements were issued, to determine if any significant events occurred subsequent to the balance sheet date that would have a material impact on these consolidated financial statements and determined the following events were material: Acquisitions Subsequent to September 30, 2022 Fourth Quarter 2022 On October 14, 2022, October 17, 2022 December 30, 2022 October 24, 2022, November 15, 2022 December 30, 2022 October 24, 2022, December 23, 2022, January 10, 2023. October 24, 2022, December 23, 2022, January 10, 2023. NAV Determination In accordance with the Valuation Methodology, on October 31, 2022, September 30, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Accounting and Use of Estimates The accompanying unaudited consolidated financial statements are presented in accordance with GAAP and the rules and regulations of the SEC. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. There have been no nine September 30, 2022 The accompanying unaudited consolidated financial statements have been prepared according to the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not In the opinion of management, all adjustments and eliminations necessary for the fair presentation of the Company’s financial position as of September 30, 2022 December 31, 2021 three nine September 30, 2022 2021 December 31, 2021 2020 not may December 31, 2022, |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company accounts for subsidiary partnerships, limited liability companies, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation first not September 30, 2022 5 September 30, 2022 not 5 5 |
Real Estate, Policy [Policy Text Block] | Real Estate Investments Upon acquisition, we evaluate our acquired SFR properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Since substantially all of the fair value of our acquired properties is concentrated in a single identifiable asset or group of similar identifiable assets and the acquisitions do not The allocation of Total Consideration, which is determined using inputs that are classified within Level 3 820, Fair Value Measurement 820” 8 third one one 2 Real estate assets, including land, buildings, improvements, fixtures, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. The Company also incurs indirect costs to prepare acquired properties for rental. These costs are capitalized to the cost of the property during the period the property is undergoing activities to prepare it for its intended use. We capitalize interest, real estate taxes, insurance, utilities and other indirect costs as costs of the property only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and the costs have been incurred. Upon completion of the renovation of our properties, all costs of operations, including repairs and maintenance, are expensed as incurred, unless the renovation meets the Company’s capitalization criteria. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 27.5 Improvements and other assets 3 15 Acquired improvements and fixtures 1 5 Intangible lease assets 6 As of September 30, 2022 December 31, 2021 three September 30, 2022 2021 nine September 30, 2022 2021 Real estate assets are reviewed for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of an asset may not may not three nine September 30, 2022 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and restricted cash The Company maintains cash at multiple financial institutions and, at times, these balances exceed federally insurable limits. As a result, there is a concentration of credit risk related to amounts on deposit. We believe any risks are mitigated through the size of the financial institutions at which our cash balances are held. Restricted cash represents cash deposited in accounts related to security deposits, property taxes, insurance premiums and deductibles and other lender-required escrows. Amounts deposited in the reserve accounts associated with the loans can only be used as provided for in the respective loan agreements, and security deposits held pursuant to lease agreements are required to be segregated. The following table provides a reconciliation of cash and restricted cash reported on the consolidated balance sheets that sum to the total of such amount shown in the consolidated statements of cash flows (in thousands): September 30, 2022 2021 December 31, 2021 Cash $ 92,566 $ 54,786 $ 54,104 Restricted cash 30,681 18,492 20,893 Total cash and restricted cash $ 123,247 $ 73,278 $ 74,997 |
Revenue [Policy Text Block] | Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically with terms of one 842, Leases January 1, 2019, not 19 not three September 30, 2022 2021 nine September 30, 2022 2021 Gains or losses on sales of properties are recognized pursuant to the provisions included in ASC 610 20, Other Income 610 20 In April 2020, 19 842. may not 19, not not not 19 |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Redeemable Securities Included in the Company’s consolidated balance sheets are redeemable noncontrolling interests in the OP, redeemable noncontrolling interests in consolidated VIEs and 6.50% Series A Cumulative Redeemable Preferred Stock (the “Preferred Shares”). These interests are presented in the “mezzanine” section of the consolidated balance sheets because they do not 480 10 S99 3A, 15 In accordance with ASC Topic 480 10 S99, 480 10 S99, |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which excludes any unvested RSUs and PI Units issued pursuant to the 2018 not For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for loss per share: Net loss $ (14,621 ) $ (4,799 ) $ (28,972 ) $ (6,947 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,226 2,206 6,654 6,619 Net loss attributable to redeemable noncontrolling interests in the OP (1,782 ) (823 ) (3,976 ) (1,324 ) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (3,112 ) — (4,303 ) — Net loss attributable to noncontrolling interests in consolidated VIEs (113 ) — (113 ) — Net loss attributable to common stockholders $ (11,840 ) $ (6,182 ) $ (27,234 ) $ (12,242 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,124 17,230 24,545 13,511 Weighted average unvested RSUs, PI Units, and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,124 17,230 24,545 13,511 Earnings (loss) per weighted average common share: Basic $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) Diluted $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) ( 1 For the three September 30, 2022 2021 nine September 30, 2022 2021 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Under the provision of ASC 280, Segment Reporting two June 8, 2022 one 10% September 30, 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform 848 2020 04” 2020 04 2020 04 may nine September 30, 2022 848 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Real Estate [Table Text Block] | Land Not depreciated Buildings 27.5 Improvements and other assets 3 15 Acquired improvements and fixtures 1 5 Intangible lease assets 6 |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, 2022 2021 December 31, 2021 Cash $ 92,566 $ 54,786 $ 54,104 Restricted cash 30,681 18,492 20,893 Total cash and restricted cash $ 123,247 $ 73,278 $ 74,997 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Numerator for loss per share: Net loss $ (14,621 ) $ (4,799 ) $ (28,972 ) $ (6,947 ) Less: Dividends on and accretion to redemption value of Redeemable Series A preferred stock 2,226 2,206 6,654 6,619 Net loss attributable to redeemable noncontrolling interests in the OP (1,782 ) (823 ) (3,976 ) (1,324 ) Net loss attributable to redeemable noncontrolling interests in consolidated VIEs (3,112 ) — (4,303 ) — Net loss attributable to noncontrolling interests in consolidated VIEs (113 ) — (113 ) — Net loss attributable to common stockholders $ (11,840 ) $ (6,182 ) $ (27,234 ) $ (12,242 ) Denominator for earnings (loss) per share: Weighted average common shares outstanding - basic 25,124 17,230 24,545 13,511 Weighted average unvested RSUs, PI Units, and OP Units (1) — — — — Weighted average common shares outstanding - diluted 25,124 17,230 24,545 13,511 Earnings (loss) per weighted average common share: Basic $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) Diluted $ (0.47 ) $ (0.36 ) $ (1.11 ) $ (0.91 ) |
Note 3 - Investments in Subsi_2
Note 3 - Investments in Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments [Table Text Block] | VIE Name Homes Cost Basis OP Beneficial Ownership % Encumbered by Mortgage (1) Debt Allocated NREA VB I, LLC 66 $ 6,048 100 % Yes $ 5,048 NREA VB II, LLC 167 16,568 100 % Yes 10,742 NREA VB III, LLC 1,322 121,675 100 % Yes 71,115 NREA VB IV, LLC 385 37,438 100 % Yes 24,283 NREA VB V, LLC 1,829 127,264 100 % Yes 108,384 NREA VB VI, LLC 298 28,059 100 % Yes 18,324 NREA VB VII, LLC 36 3,081 100 % Yes 2,989 True FM2017-1, LLC 211 19,072 100 % Yes 10,168 VB One, LLC 13,926 1,766,912 100 % No 1,195,000 VB Two, LLC 1,853 170,377 100 % No 124,462 VB Three, LLC 3,890 545,477 100 % No 320,000 VB Five, LLC 170 18,348 100 % Yes 8,824 NexPoint Homes 2,544 743,872 96 % No 467,254 26,697 $ 3,604,191 $ 2,366,593 (2) |
Note 4 - Real Estate Assets (Ta
Note 4 - Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Land Buildings and improvements (1) Intangible lease assets Real estate held for sale, net Total Gross Real Estate, December 31, 2021 $ 334,191 $ 1,391,786 $ 971 $ 81 $ 1,727,029 Additions 318,027 1,554,693 (2) 5,908 10,797 1,889,425 Write-offs — — (4,273 ) — (4,273 ) Dispositions — — — (7,990 ) (7,990 ) Gross Real Estate, September 30, 2022 652,218 2,946,479 2,606 2,888 3,604,191 Accumulated depreciation and amortization — (140,250 ) (859 ) — (141,109 ) Net Real Estate, September 30, 2022 $ 652,218 $ 2,806,229 $ 1,747 $ 2,888 $ 3,463,082 |
Prager Portfolio [Member] | |
Notes Tables | |
Schedule of Real Estate Properties [Table Text Block] | Market State # of Homes Memphis TN, MS 743 Atlanta GA 741 Saint Louis MO 308 Pensacola FL 300 Raeford NC 250 Kansas City MO 230 Portales NM 150 Augusta GA, SC 67 Jacksonville FL 53 Total 2,842 Market State # of Homes Birmingham AL 147 Columbia SC 145 Kansas City MO, KS 143 Jackson MS 122 St. Louis MO 87 Cincinnati OH, KY 71 Montgomery AL 68 Huntsville AL 58 Indianapolis IN 44 Triad NC 41 Charleston SC 33 Augusta GA, SC 32 Columbus OH 20 Dayton OH 12 Greenville SC 7 Total 1,030 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Outstanding Principal as of Type September 30, 2022 December 31, 2021 Interest Rate (1) Maturity Initial Mortgage Floating $ 240,885 $ 241,269 4.69 % 12/1/2025 Warehouse Facility Floating 1,195,000 160,000 4.84 % 11/3/2024 (2) JPM Facility Floating 320,000 240,000 5.83 % 3/1/2023 MetLife Note Fixed 124,462 124,689 3.25 % 1/31/2026 TrueLane Mortgage Fixed 10,168 10,387 5.35 % 2/1/2028 CoreVest Note Fixed — 2,338 6.12 % 1/9/2023 Crestcore II Note Fixed 4,671 — 5.12 % 7/9/2029 Crestcore IV Note Fixed 4,153 — 5.12 % 7/9/2029 NexPoint Homes MetLife Note 1 Fixed 233,545 — 3.76 % 3/3/2027 NexPoint Homes MetLife Note 2 Fixed 171,209 — 5.44 % 8/12/2027 NexPoint Homes KeyBank Facility Floating 62,500 — 5.24 % 8/12/2025 SFR OP Convertible Notes (3) Fixed 100,100 — 7.50 % 6/30/2027 $ 2,466,693 $ 778,683 Debt premium, net (4) 396 416 Deferred financing costs, net of accumulated amortization of $ 12,651 5,325 (15,714 ) (10,554 ) $ 2,451,375 $ 768,545 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Total 2022 $ 586 2023 323,541 2024 3,699 2025 1,491,700 (1) 2026 124,867 Thereafter 522,300 Total $ 2,466,693 |
Note 8 - Fair Value of Deriva_2
Note 8 - Fair Value of Derivatives and Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 7/1/2019 7/1/2024 KeyBank One-Month LIBOR $ 100,000 1.6290 % 9/1/2019 12/21/2025 KeyBank One-Month LIBOR 100,000 1.4180 % 9/1/2019 12/21/2025 KeyBank One-Month LIBOR 50,000 1.4190 % 2/3/2020 2/1/2025 KeyBank One-Month LIBOR 50,000 1.2790 % 3/2/2020 3/3/2025 KeyBank One-Month LIBOR 20,000 0.9140 % $ 320,000 1.4309 % (2) Effective Date Expiration Date Counterparty Index (1) Notional Fixed Rate 3/31/2022 11/1/2025 KeyBank Daily SOFR $ 100,000 1.5110 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 100,000 1.9190 % 3/31/2022 11/1/2025 KeyBank Daily SOFR 50,000 2.4410 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6284 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.9413 % 6/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.7900 % 7/1/2022 11/1/2025 Mizuho Daily SOFR 100,000 2.6860 % $ 650,000 2.4148 % (2) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivative Notional Hedged Floating Rate Debt Index Index as of September 30, 2022 Strike Rate Interest Rate Cap $ 300,000 Warehouse Facility One-Month Term SOFR 3.0421 % 1.50 % |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | Asset Derivatives Liability Derivatives Balance Sheet Location September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Derivatives designated as hedging instruments: Interest rate swaps Interest rate derivatives, at fair value $ 51,277 $ — $ — $ 3,590 Derivatives not designated as hedging instruments: Interest rate caps Interest rate derivatives, at fair value 22,454 — — — Total $ 73,731 $ — $ — $ 3,590 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Dates Number of RSUs Value (1) Outstanding December 31, 2021 377,704 $ 12,405 Granted 185,111 10,022 Vested (54,028 ) (2) (1,854 ) Forfeited (2,036 ) (80 ) Outstanding September 30, 2022 506,751 $ 20,493 |
Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | Vest Date RSUs Vesting December 10, 2022 18,425 February 15, 2023 22,591 February 17, 2023 30,331 May 11, 2023 21,217 December 10, 2023 18,426 February 15, 2024 22,591 February 17, 2024 22,019 May 11, 2024 21,217 February 14, 2025 22,591 February 17, 2025 22,019 February 17, 2026 22,019 Upon successful completion of IPO 263,305 506,751 |
Note 10 - Noncontrolling Inte_2
Note 10 - Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Balances Redeemable noncontrolling interests in the OP, December 31, 2021 $ 196,362 Net loss attributable to redeemable noncontrolling interests in the OP (3,976 ) Contributions by redeemable noncontrolling interests in the OP 10,276 Distributions to redeemable noncontrolling interests in the OP (7,261 ) Redemptions by redeemable noncontrolling interests in the OP (350 ) Equity-based compensation 2,109 Other comprehensive income attributable to redeemable noncontrolling interests in the OP 8,349 Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 34,032 Redeemable noncontrolling interests in the OP, September 30, 2022 $ 239,541 |
Share-Based Payment Arrangement, Activity [Table Text Block] | Dates Number of PI Units Value (1) Outstanding December 31, 2021 498,590 $ 16,965 Granted 27,849 1,719 Vested (57,309 ) (1,964 ) Forfeited (11,933 ) (434 ) Outstanding September 30, 2022 457,197 $ 16,286 |
Share-based Compensation Arrangements by Share-based Payment Award, PI Units, Vested and Expected to Vest [Table Text Block] | Vest Date PI Units Vesting November 1, 2022 7,200 November 21, 2022 18,425 November 30, 2022 1,470 March 30, 2023 29,831 May 11, 2023 27,478 August 10, 2023 5,570 November 1, 2023 7,200 November 21, 2023 18,425 November 30, 2023 1,470 March 30, 2024 29,831 April 25, 2024 5,171 May 11, 2024 27,478 May 27, 2024 398 November 30, 2024 1,470 March 30, 2025 29,831 April 25, 2025 5,171 May 27, 2025 398 April 25, 2026 5,171 May 27, 2026 398 April 25, 2027 5,171 May 27, 2027 398 Upon successful completion of IPO* 229,242 457,197 |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | Period End Shares Outstanding OP Units Held by NCI Consolidated Shares and NCI OP Units Outstanding March 31, 2022 24,696,441 3,725,832 28,422,273 June 30, 2022 24,960,485 3,740,441 28,700,926 September 30, 2022 24,761,177 3,804,046 28,565,223 |
Note 11 - Redeemable Series A_2
Note 11 - Redeemable Series A Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Temporary Equity [Table Text Block] | Preferred Shares Balances Redeemable Series A preferred stock, December 31, 2021 5,000,000 $ 120,896 Issuance of Redeemable Series A preferred stock — — Issuance costs related to Redeemable Series A preferred stock — — Net income attributable to Redeemable Series A preferred stockholders — 6,094 Dividends declared to Redeemable Series A preferred stockholders ($1.21875) — (6,094 ) Accretion to redemption value — 560 Redeemable Series A preferred stock, September 30, 2022 5,000,000 $ 121,456 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended September 30, For the Nine Months Ended September 30, Location on Financial Statements 2022 2021 2022 2021 Fees Incurred Property management fees Statement of Operations $ 3,249 $ 1,756 $ 9,691 $ 5,810 Acquisition fees Balance Sheet 3,650 1,126 9,705 8,072 Construction supervision fees Balance Sheet 4,562 1,667 12,182 4,681 Reimbursements Payroll and benefits Balance Sheet and Statement of Operations 6,997 4,165 19,465 10,953 Other reimbursements Balance Sheet and Statement of Operations 515 229 1,282 566 Totals $ 18,973 $ 8,943 $ 52,325 $ 30,082 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended September 30, 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 64,587 $ 74,900 $ (10,453 ) $ 41,887 $ 46,662 $ (4,799 ) NexPoint Homes 9,051 13,219 (4,168 ) — — — Total Company $ 73,638 $ 88,119 $ (14,621 ) $ 41,887 $ 46,662 $ (4,799 ) For the Nine Months Ended September 30, 2022 2021 Revenues Expenses Net loss Revenues Expenses Net loss VineBrook $ 177,962 $ 199,686 $ (21,810 ) $ 112,336 $ 118,959 $ (6,947 ) NexPoint Homes 10,297 17,459 (7,162 ) — — — Total Company $ 188,259 $ 217,145 $ (28,972 ) $ 112,336 $ 118,959 $ (6,947 ) As of September 30, 2022 As of December 31, 2021 VineBrook NexPoint Homes Total Company VineBrook NexPoint Homes Total Company Assets Gross operating real estate investments $ 2,857,431 $ 743,872 $ 3,601,303 $ 1,726,948 $ — $ 1,726,948 Accumulated depreciation and amortization (135,262 ) (5,847 ) (141,109 ) (76,789 ) — (76,789 ) Net operating real estate investments 2,722,169 738,025 3,460,194 1,650,159 — 1,650,159 Real estate held for sale, net 2,888 — 2,888 81 — 81 Net real estate investments 2,725,057 738,025 3,463,082 1,650,240 — 1,650,240 Other assets 220,816 67,559 288,375 108,085 — 108,085 Total assets $ 2,945,873 $ 805,584 $ 3,751,457 $ 1,758,325 $ — $ 1,758,325 Liabilities Debt payable, net $ 1,886,042 $ 565,333 $ 2,451,375 $ 768,545 $ — $ 768,545 Other liabilities 139,904 15,237 155,141 89,574 — 89,574 Total liabilities $ 2,025,946 $ 580,570 $ 2,606,516 $ 858,119 $ — $ 858,119 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) $ / shares in Units, $ in Thousands | 5 Months Ended | 9 Months Ended | |||||||
May 04, 2020 | May 01, 2019 USD ($) | Nov. 01, 2018 USD ($) $ / shares shares | Dec. 31, 2018 shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Feb. 08, 2022 | Dec. 31, 2021 $ / shares | Aug. 28, 2018 USD ($) $ / shares shares | |
General Partners' Capital Account, Units Outstanding (in shares) | 25,346,922 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Number of States in which Entity Operates | 20 | ||||||||
The 2018 Long-Term Incentive Plan [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 426,307 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Yearly Increase in Number of Shares Authorized, Percentage of Outstanding Common Stock | 10% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10% | ||||||||
Private Placement [Member] | |||||||||
Equity Offering, Maximum Number of Shares (in shares) | 40,000,000 | ||||||||
Equity Offering, Maximum Value | $ | $ 1,000,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 25 | ||||||||
NexPoint Real Estate Advisors V, L.P. [Member] | |||||||||
Advisory Agreement, Renewal Term (Year) | 1 year | ||||||||
VineBrook Homes, LLC [Member] | |||||||||
Management Agreement, Term (Year) | 3 years | ||||||||
Management Agreement, Renewal Term (Year) | 1 year | ||||||||
Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 26,697 | ||||||||
Single Family [Member] | Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 16,891 | ||||||||
Single Family [Member] | VineBrook Homes OP, LP [Member] | Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 24,153 | ||||||||
Single Family [Member] | VineBrook Homes OP, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Number of Real Estate Properties | 196 | ||||||||
Single Family [Member] | VineBrook Homes OP, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 86 | ||||||||
Single Family [Member] | Acquisition of Additional Homes [Member] | Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 2,544 | 2,842 | |||||||
Single Family [Member] | Acquisition of Additional Homes [Member] | VineBrook Homes OP, LP [Member] | |||||||||
Number of Real Estate Properties | 20,220 | ||||||||
Single Family [Member] | Acquisition of Additional Homes [Member] | VineBrook Homes OP, LP [Member] | Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 7,348 | ||||||||
KeyBank N.A [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan [Member] | Initial Mortgage [Member] | |||||||||
Loans Payable to Bank, Total | $ | $ 241,400 | ||||||||
Formation Transaction [Member] | |||||||||
Number of Real Estate Properties | 4,129 | ||||||||
Business Combination, Consideration Transferred, Total | $ | $ 330,200 | ||||||||
Business Combination, Acquisition Related Costs | $ | 6,000 | ||||||||
NexPoint Real Estate Opportunities, LLC [Member] | |||||||||
Proceeds from Partnership Contribution | $ | 70,700 | ||||||||
VineBrook Contributors [Member] | |||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 8,600 | ||||||||
Common Class A [Member] | |||||||||
General Partners' Capital Account, Units Outstanding (in shares) | 21,542,876 | ||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 21,542,876 | ||||||||
Common Stock, Shares Subscribed but Unissued (in shares) | 1,097,367 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Proceeds from Issuance of Common Stock | $ | $ 27,400 | $ 174,085 | $ 391,225 | ||||||
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | |||||||||
Partners' Capital Account, Unit Voting Percentage | 50% | ||||||||
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member] | |||||||||
Increase (Decrease) in Partners' Capital, Total | $ | $ 1,400 | ||||||||
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | |||||||||
Partners' Capital Account, Unit Voting Percentage | 50% | ||||||||
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member] | |||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 2,691,330 | ||||||||
Common Class B [Member] | VineBrook Homes Trust, Inc [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 85% | ||||||||
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.60% | ||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member] | |||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 89,037 | ||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member] | |||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 140,509 | ||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.40% | ||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 89,037 | ||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.60% | ||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 140,509 | ||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Contributors [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.40% | ||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 883,170 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) | |
Impairment of Real Estate | $ 0 | $ 0 | $ 0 | $ 0 | |
Operating Lease, Variable Lease Income | $ 3,000 | $ 2,100 | $ 7,600 | $ 4,500 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 4,375,000 | 4,135,000 | 4,325,000 | 4,030,000 | |
Number of Reportable Segments | 1 | 2 | 1 | 1 | |
Series A Preferred Stock [Member] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | ||||
Intangible Lease Assets [Member] | |||||
Finite-Lived Intangible Assets, Gross, Total | $ 2,600 | $ 2,600 | $ 1,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 900 | 900 | $ 500 | ||
Amortization, Total | $ 1,700 | $ 2,100 | $ 4,700 | $ 5,800 | |
NexPoint Homes [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 96% | 96% | |||
NexPoint Homes [Member] | VineBrook Homes OP, LP [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 99% | 99% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Life of Real Estate (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Building [Member] | |
Estimated useful life (Year) | 27 years 6 months |
Improvements and Other Assets [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Improvements and Other Assets [Member] | Maximum [Member] | |
Estimated useful life (Year) | 15 years |
Acquired Improvements and Fixtures [Member] | Minimum [Member] | |
Estimated useful life (Year) | 1 year |
Acquired Improvements and Fixtures [Member] | Maximum [Member] | |
Estimated useful life (Year) | 5 years |
Intangible Lease Assets [Member] | |
Estimated useful life (Year) | 6 months |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Cash | $ 92,566 | $ 54,104 | $ 54,786 |
Restricted cash | 30,681 | 20,893 | 18,492 |
Total cash and restricted cash | $ 123,247 | $ 74,997 | $ 73,278 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net loss | $ (14,621) | $ (4,799) | $ (28,972) | $ (6,947) | |
Dividends on and accretion to redemption value of Redeemable Series A preferred stock | 2,226 | 2,206 | 6,654 | 6,619 | |
Net loss attributable to common stockholders | $ (11,840) | $ (6,182) | $ (27,234) | $ (12,242) | |
Weighted average common shares outstanding - basic (in shares) | 25,124 | 17,230 | 24,545 | 13,511 | |
Weighted average unvested RSUs, PI Units, and OP Units (1) (in shares) | [1] | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 25,124 | 17,230 | 24,545 | 13,511 | |
Loss per share - basic (in dollars per share) | $ (0.47) | $ (0.36) | $ (1.11) | $ (0.91) | |
Loss per share - diluted (in dollars per share) | $ (0.47) | $ (0.36) | $ (1.11) | $ (0.91) | |
VineBrook Homes OP, LP [Member] | |||||
Net loss attributable to redeemable noncontrolling interests in the OP | $ (1,782) | $ (823) | $ (3,976) | $ (1,324) | |
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Net loss attributable to redeemable noncontrolling interests in the OP | (3,112) | 0 | (4,303) | 0 | |
Net loss attributable to noncontrolling interests in consolidated VIEs | $ (113) | $ 0 | $ (113) | $ 0 | |
[1]For the three months ended September 30, 2022 and 2021, excludes approximately 4,360,000 shares and 4,134,859 shares, respectively, related to the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Shares, as the effect would have been anti-dilutive. For the nine months ended September 30, 2022 and 2021, excludes approximately 4,320,000 shares and 4,030,274 shares, respectively, related to the assumed vesting of RSUs and PI Units and the conversion of OP Units and vested PI Units to Shares, as the effect would have been anti-dilutive. |
Note 3 - Investments in Subsi_3
Note 3 - Investments in Subsidiaries (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) | Jun. 08, 2022 | Dec. 31, 2021 |
NexPoint Homes [Member] | SFR OP Convertible Notes [Member] | |||
Unsecured Debt, Total | $ 100.1 | ||
Consolidated Properties [Member] | |||
Number of Real Estate Properties | 26,697 | ||
Single Family [Member] | Consolidated Properties [Member] | |||
Number of Real Estate Properties | 16,891 | ||
Single Family [Member] | Consolidated Properties [Member] | VineBrook Homes OP, LP [Member] | |||
Number of Real Estate Properties | 24,153 | ||
Single Family [Member] | Consolidated Properties [Member] | NexPoint Homes [Member] | |||
Number of Real Estate Properties | 2,544 | 1,242 |
Note 3 - Investments in Subsi_4
Note 3 - Investments in Subsidiaries - Schedule of Subsidiaries (Details) $ in Thousands | Sep. 30, 2022 USD ($) | |
Subsidiaries [Member] | ||
Debt allocated | $ 2,366,593 | [1] |
Debt allocated | $ 2,366,593 | [1] |
Consolidated Properties [Member] | ||
Homes | 26,697 | |
Cost basis | $ 3,604,191 | |
Cost basis | $ 3,604,191 | |
NREA VB I, LLC [Member] | ||
Homes | 66 | |
Cost basis | $ 6,048 | |
Ownership % | 100% | |
Debt allocated | $ 5,048 | |
Cost basis | 6,048 | |
Debt allocated | $ 5,048 | |
NREA VB II, LLC [Member] | ||
Homes | 167 | |
Cost basis | $ 16,568 | |
Ownership % | 100% | |
Debt allocated | $ 10,742 | |
Cost basis | 16,568 | |
Debt allocated | $ 10,742 | |
NREA VB III, LLC [Member] | ||
Homes | 1,322 | |
Cost basis | $ 121,675 | |
Ownership % | 100% | |
Debt allocated | $ 71,115 | |
Cost basis | 121,675 | |
Debt allocated | $ 71,115 | |
NREA VB IV, LLC [Member] | ||
Homes | 385 | |
Cost basis | $ 37,438 | |
Ownership % | 100% | |
Debt allocated | $ 24,283 | |
Cost basis | 37,438 | |
Debt allocated | $ 24,283 | |
NREA VB V, LLC [Member] | ||
Homes | 1,829 | |
Cost basis | $ 127,264 | |
Ownership % | 100% | |
Debt allocated | $ 108,384 | |
Cost basis | 127,264 | |
Debt allocated | $ 108,384 | |
NREA VB VI, LLC [Member] | ||
Homes | 298 | |
Cost basis | $ 28,059 | |
Ownership % | 100% | |
Debt allocated | $ 18,324 | |
Cost basis | 28,059 | |
Debt allocated | $ 18,324 | |
NREA VB VII, LLC [Member] | ||
Homes | 36 | |
Cost basis | $ 3,081 | |
Ownership % | 100% | |
Debt allocated | $ 2,989 | |
Cost basis | 3,081 | |
Debt allocated | $ 2,989 | |
True FM2017-1, LLC [Member] | ||
Homes | 211 | |
Cost basis | $ 19,072 | |
Ownership % | 100% | |
Debt allocated | $ 10,168 | |
Cost basis | 19,072 | |
Debt allocated | $ 10,168 | |
VB One, LLC [Member] | ||
Homes | 13,926 | |
Cost basis | $ 1,766,912 | |
Ownership % | 100% | |
Debt allocated | $ 1,195,000 | |
Cost basis | 1,766,912 | |
Debt allocated | $ 1,195,000 | |
VB Two, LLC [Member] | ||
Homes | 1,853 | |
Cost basis | $ 170,377 | |
Ownership % | 100% | |
Debt allocated | $ 124,462 | |
Cost basis | 170,377 | |
Debt allocated | $ 124,462 | |
VB Three, LLC [Member] | ||
Homes | 3,890 | |
Cost basis | $ 545,477 | |
Ownership % | 100% | |
Debt allocated | $ 320,000 | |
Cost basis | 545,477 | |
Debt allocated | $ 320,000 | |
VB Five, LLC [Member] | ||
Homes | 170 | |
Cost basis | $ 18,348 | |
Ownership % | 100% | |
Debt allocated | $ 8,824 | |
Cost basis | 18,348 | |
Debt allocated | $ 8,824 | |
NexPoint Homes [Member] | ||
Homes | 2,544 | |
Cost basis | $ 743,872 | |
Ownership % | 96% | |
Debt allocated | $ 467,254 | |
Cost basis | 743,872 | |
Debt allocated | $ 467,254 | |
[1]In addition to the debt allocated to the SPEs noted above, as of June 30, 2022, NexPoint Homes had approximately $100.1 million of debt not collateralized directly by homes which reflects the amount outstanding on the SFR OP Convertible Notes (as defined in Note 13) as of June 30, 2022. |
Note 4 - Real Estate Assets (De
Note 4 - Real Estate Assets (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 25, 2022 USD ($) | Mar. 18, 2022 USD ($) | Feb. 08, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Jun. 08, 2022 | |
Number of Reportable Segments | 1 | 2 | 1 | 1 | |||||
Interest Costs Capitalized | $ 7,500 | ||||||||
Capitalized Costs, Other | 6,500 | ||||||||
Depreciation, Total | $ 27,000 | $ 12,800 | 64,200 | $ 29,700 | |||||
Real Estate, Held-for-Sale | $ 2,888 | $ 2,888 | $ 81 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||
Number of Real Estate Properties | 35 | 35 | |||||||
Acquisition of Global Atlantic Portfolio [Member] | |||||||||
Number of Real Estate Properties | 1,030 | ||||||||
VineBrook Homes OP, LP [Member] | |||||||||
Real Estate, Held-for-Sale | $ 2,888 | $ 2,888 | 81 | ||||||
NexPoint Homes [Member] | |||||||||
Real Estate, Held-for-Sale | $ 0 | $ 0 | $ 0 | ||||||
Single Family [Member] | VineBrook Homes OP, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Number of Real Estate Properties | 196 | 196 | |||||||
Single Family [Member] | VineBrook Homes OP, LP [Member] | Acquisition of Additional Homes [Member] | |||||||||
Number of Real Estate Properties | 20,220 | 20,220 | |||||||
Consolidated Properties [Member] | |||||||||
Number of Real Estate Properties | 26,697 | 26,697 | |||||||
Consolidated Properties [Member] | Single Family [Member] | |||||||||
Number of Real Estate Properties | 16,891 | ||||||||
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Additional Homes [Member] | |||||||||
Number of Real Estate Properties | 2,842 | 2,544 | 2,544 | ||||||
Payments to Acquire Real Estate, Total | $ 352,700 | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | (31,400) | ||||||||
Payments for Costs to Acquire Real Estate | $ 3,700 | ||||||||
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Crest Portfolio [Member] | |||||||||
Number of Real Estate Properties | 170 | ||||||||
Payments to Acquire Real Estate, Total | $ 17,100 | ||||||||
Consolidated Properties [Member] | Single Family [Member] | Acquisition of Global Atlantic Portfolio [Member] | |||||||||
Number of Real Estate Properties | 1,030 | ||||||||
Payments to Acquire Real Estate, Total | $ 217,000 | ||||||||
Consolidated Properties [Member] | Single Family [Member] | VineBrook Homes OP, LP [Member] | |||||||||
Number of Real Estate Properties | 24,153 | 24,153 | |||||||
Consolidated Properties [Member] | Single Family [Member] | VineBrook Homes OP, LP [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||||
Number of Real Estate Properties | 86 | 86 | |||||||
Consolidated Properties [Member] | Single Family [Member] | VineBrook Homes OP, LP [Member] | Acquisition of Additional Homes [Member] | |||||||||
Number of Real Estate Properties | 7,348 | 7,348 | |||||||
Consolidated Properties [Member] | Single Family [Member] | NexPoint Homes [Member] | |||||||||
Number of Real Estate Properties | 2,544 | 2,544 | 1,242 | ||||||
Consolidated Properties [Member] | Single Family [Member] | NexPoint Homes [Member] | Acquisition of Additional Homes [Member] | |||||||||
Number of Real Estate Properties | 1,302 |
Note 4 - Real Estate Assets - S
Note 4 - Real Estate Assets - Schedule of Real Estate Investments (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Gross Real Estate, beginning balance | $ 1,727,029 | |
Additions | 1,889,425 | |
Write-offs | (4,273) | |
Dispositions | (7,990) | |
Gross Real Estate, ending balance | 3,604,191 | |
Accumulated depreciation and amortization | (141,109) | |
Net Real Estate, September 30, 2022 | 3,463,082 | |
Land [Member] | ||
Gross Real Estate, beginning balance | 334,191 | |
Additions | 318,027 | |
Write-offs | 0 | |
Dispositions | 0 | |
Gross Real Estate, ending balance | 652,218 | |
Accumulated depreciation and amortization | 0 | |
Net Real Estate, September 30, 2022 | 652,218 | |
Building and Building Improvements [Member] | ||
Gross Real Estate, beginning balance | 1,391,786 | [1] |
Additions | 1,554,693 | [1],[2] |
Write-offs | 0 | [1] |
Dispositions | 0 | [1] |
Gross Real Estate, ending balance | 2,946,479 | [1] |
Accumulated depreciation and amortization | (140,250) | [1] |
Net Real Estate, September 30, 2022 | 2,806,229 | [1] |
Intangible Lease Assets [Member] | ||
Gross Real Estate, beginning balance | 971 | |
Additions | 5,908 | |
Write-offs | (4,273) | |
Dispositions | 0 | |
Gross Real Estate, ending balance | 2,606 | |
Accumulated depreciation and amortization | (859) | |
Net Real Estate, September 30, 2022 | 1,747 | |
Real Estate Held for Sale [Member] | ||
Gross Real Estate, beginning balance | 81 | |
Additions | 10,797 | |
Write-offs | 0 | |
Dispositions | (7,990) | |
Gross Real Estate, ending balance | 2,888 | |
Accumulated depreciation and amortization | 0 | |
Net Real Estate, September 30, 2022 | $ 2,888 | |
[1]Includes capitalized interest, real estate taxes, insurance and other costs incurred during rehabilitation of the properties.[2]Includes capitalized interest of approximately $7.5 million and other capitalizable costs of approximately $6.5 million. |
Note 4 - Real Estate Assets - R
Note 4 - Real Estate Assets - Real Estate Purchased (Details) | Aug. 25, 2022 | Feb. 08, 2022 |
Acquisition of Global Atlantic Portfolio [Member] | ||
Number of homes | 1,030 | |
Homes | 1,030 | |
Acquisition of Global Atlantic Portfolio [Member] | Birmingham AL [Member] | ||
Number of homes | 147 | |
Homes | 147 | |
Acquisition of Global Atlantic Portfolio [Member] | Columbia, SC [Member] | ||
Number of homes | 145 | |
Homes | 145 | |
Acquisition of Global Atlantic Portfolio [Member] | Kansas City, MO, KS [Member] | ||
Number of homes | 143 | |
Homes | 143 | |
Acquisition of Global Atlantic Portfolio [Member] | Jackson, MS [Member] | ||
Number of homes | 122 | |
Homes | 122 | |
Acquisition of Global Atlantic Portfolio [Member] | St. Louis, MO [Member] | ||
Number of homes | 87 | |
Homes | 87 | |
Acquisition of Global Atlantic Portfolio [Member] | Cincinnati, OH, KY [Member] | ||
Number of homes | 71 | |
Homes | 71 | |
Acquisition of Global Atlantic Portfolio [Member] | Montgomery, AL [Member] | ||
Number of homes | 68 | |
Homes | 68 | |
Acquisition of Global Atlantic Portfolio [Member] | Huntsville, AL [Member] | ||
Number of homes | 58 | |
Homes | 58 | |
Acquisition of Global Atlantic Portfolio [Member] | Indianapolis, IN [Member] | ||
Number of homes | 44 | |
Homes | 44 | |
Acquisition of Global Atlantic Portfolio [Member] | Triad, NC [Member] | ||
Number of homes | 41 | |
Homes | 41 | |
Acquisition of Global Atlantic Portfolio [Member] | Charleston, SC [Member] | ||
Number of homes | 33 | |
Homes | 33 | |
Acquisition of Global Atlantic Portfolio [Member] | Augusta, GA, SC [Member] | ||
Number of homes | 32 | |
Homes | 32 | |
Acquisition of Global Atlantic Portfolio [Member] | Columbus, OH [Member] | ||
Number of homes | 20 | |
Homes | 20 | |
Acquisition of Global Atlantic Portfolio [Member] | Dayton. OH [Member] | ||
Number of homes | 12 | |
Homes | 12 | |
Acquisition of Global Atlantic Portfolio [Member] | Greenville, SC [Member] | ||
Number of homes | 7 | |
Homes | 7 | |
Prager Portfolio [Member] | ||
Number of homes | 2,842 | |
Homes | 2,842 | |
Prager Portfolio [Member] | Memphis, TN, MS [Member] | ||
Number of homes | 743 | |
Homes | 743 | |
Prager Portfolio [Member] | Atlanta, GA [Member] | ||
Number of homes | 741 | |
Homes | 741 | |
Prager Portfolio [Member] | Saint Louis, MO [Member] | ||
Number of homes | 308 | |
Homes | 308 | |
Prager Portfolio [Member] | Pensacola, FL [Member] | ||
Number of homes | 300 | |
Homes | 300 | |
Prager Portfolio [Member] | Raeford, NC [Member] | ||
Number of homes | 250 | |
Homes | 250 | |
Prager Portfolio [Member] | Kansas City, MO [Member] | ||
Number of homes | 230 | |
Homes | 230 | |
Prager Portfolio [Member] | Portales, NM [Member] | ||
Number of homes | 150 | |
Homes | 150 | |
Prager Portfolio [Member] | Augusta, GA and SC [Member] | ||
Number of homes | 67 | |
Homes | 67 | |
Prager Portfolio [Member] | Jacksonville, FL [Member] | ||
Number of homes | 53 | |
Homes | 53 |
Note 5 - NexPoint Homes Inves_2
Note 5 - NexPoint Homes Investment (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Jun. 08, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Nov. 01, 2018 | |
Equity Method Investments | $ 2,500 | $ 2,500 | |||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 47,022 | $ 0 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |||
General Partners' Capital Account, Units Outstanding (in shares) | 25,346,922 | ||||
Long-Term Debt, Gross | $ 2,466,693 | $ 778,683 | |||
NexPoint Homes MetLife Note 1 [Member] | |||||
Long-Term Debt, Gross | 233,545 | $ 0 | |||
NexPoint Homes MetLife Note 1 [Member] | NexPoint Homes [Member] | |||||
Long-Term Debt, Gross | $ 233,600 | ||||
NexPoint Homes MetLife Note 1 [Member] | NexPoint Homes [Member] | Collateralized by Stabilized Properties [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.72% | ||||
NexPoint Homes MetLife Note 1 [Member] | NexPoint Homes [Member] | Collateralized by Non-stabilized Properties [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.47% | ||||
Common Class A [Member] | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||
General Partners' Capital Account, Units Outstanding (in shares) | 21,542,876 | ||||
NexPoint Homes [Member] | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | ||||
NexPoint Homes [Member] | VineBrook Homes OP, LP [Member] | |||||
Proceeds from Issuance of Long-Term Debt, Total | $ 50,000 | ||||
Debt Instrument, Face Amount | $ 50,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||||
NexPoint Homes [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 96% | ||||
NexPoint Homes [Member] | VineBrook Homes OP, LP [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 99% | ||||
NexPoint Homes [Member] | VineBrook Homes OP, LP [Member] | |||||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 50,000 | ||||
NexPoint Homes [Member] | VineBrook Homes OP, LP [Member] | Common Class A [Member] | |||||
Investment Owned, Balance, Shares (in shares) | 2,000,000 | ||||
NexPoint SFR Operating Partnership, L.P. [Member] | NexPoint Homes [Member] | |||||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 50,000 | ||||
General Partners' Capital Account, Units Outstanding (in shares) | 2,000,000 | ||||
The Ensign Notes [Member] | |||||
Equity Method Investments | $ 100,800 |
Note 6 - Investments, at Fair_2
Note 6 - Investments, at Fair Value (Details Textual) - Vesta Ventures Fund I, LP [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Nov. 22, 2021 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 2,500 | |
Unrealized Gain (Loss) on Investments, Total | $ 0 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 13, 2022 USD ($) | Sep. 02, 2022 USD ($) | Aug. 25, 2022 USD ($) | Aug. 19, 2022 USD ($) | Aug. 12, 2022 USD ($) | Apr. 08, 2022 USD ($) | Mar. 01, 2021 USD ($) | Sep. 20, 2019 | Nov. 01, 2018 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 18, 2022 USD ($) | Feb. 08, 2022 USD ($) | Jan. 13, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 28, 2020 USD ($) | |
Debt Issuance Costs, Net, Total | $ 15,714 | $ 15,714 | $ 10,554 | |||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (2,468) | $ 0 | (3,469) | $ 0 | ||||||||||||||
Long-Term Debt, Total | $ 2,451,375 | $ 2,451,375 | 768,545 | |||||||||||||||
LIBOR Rate | 3.1427% | 3.1427% | ||||||||||||||||
Daily SOFR Rate | 2.98% | 2.98% | ||||||||||||||||
Term SOFR Rate | 3.0421% | 3.0421% | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 3,500 | 0 | ||||||||||||||||
Interest Expense [Member] | ||||||||||||||||||
Amortization of Debt Issuance Costs | $ 2,300 | $ 1,100 | $ 5,600 | 2,700 | ||||||||||||||
Interest Rate Swap and Cap [Member] | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 1.9508% | 1.9508% | ||||||||||||||||
Derivative, Notional Amount | $ 1,300,000 | $ 1,300,000 | ||||||||||||||||
NexPoint Homes [Member] | ||||||||||||||||||
Long-Term Debt, Total | 567,400 | 567,400 | ||||||||||||||||
Prager Portfolio [Member] | ||||||||||||||||||
Number of Real Estate Properties | 2,842 | |||||||||||||||||
Line of Credit [Member] | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 1,503,155 | 1,503,155 | $ 391,703 | |||||||||||||||
Proceeds from Long-Term Lines of Credit | $ 1,115,000 | $ 405,000 | ||||||||||||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | |||||||||||||||||
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.45% | |||||||||||||||||
Debt, Without Effect of Derivative Financial Instruments [Member] | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 4.9333% | 4.9333% | 2.3707% | |||||||||||||||
Debt, Including Effect of Derivative Financial Instruments [Member] | ||||||||||||||||||
Debt, Weighted Average Interest Rate | 4.3747% | 4.3747% | 2.9171% | |||||||||||||||
KeyBank N.A [Member] | Prager Portfolio [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | |||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,000) | |||||||||||||||||
KeyBank N.A [Member] | Warehouse Facility [Member] | VB One, LLC [Member] | Line of Credit [Member] | ||||||||||||||||||
Debt Instrument, Extension Term (Month) | 12 months | |||||||||||||||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 1,200,000 | $ 1,200,000 | ||||||||||||||||
Line of Credit Facility, Increase in Maximum Borrowing Capacity | $ 200,000 | |||||||||||||||||
Debt Issuance Costs, Net, Total | 3,300 | |||||||||||||||||
Proceeds from Lines of Credit, Total | 200,000 | |||||||||||||||||
Long-Term Line of Credit, Total | 1,200,000 | $ 1,200,000 | ||||||||||||||||
KeyBank N.A [Member] | Warehouse Facility [Member] | VB One, LLC [Member] | Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||||||||
KeyBank N.A [Member] | Bridge Facility II [Member] | Global Atlantic Portfolio [Member] | ||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,800) | |||||||||||||||||
Proceeds from Long-Term Lines of Credit | $ 35,000 | $ 165,000 | ||||||||||||||||
KeyBank N.A [Member] | Bridge Facility II [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Global Atlantic Portfolio [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||||||||||||||
KeyBank N.A [Member] | Federal Home Loan Mortgage Corporation (Freddie Mac) Mortgage Loan [Member] | Initial Mortgage [Member] | ||||||||||||||||||
Debt Instrument, Amortization of Principal Term (Month) | 36 months | |||||||||||||||||
CoreVest American Finance Lender LLC [Member] | CoreVest Note [Member] | ||||||||||||||||||
Number of Real Estate Properties | 45 | |||||||||||||||||
Loans Payable, Total | $ 2,400 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.12% | |||||||||||||||||
CoreVest American Finance Lender LLC [Member] | Crestcore II Note [Member] | ||||||||||||||||||
Number of Real Estate Properties | 88 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.12% | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,700 | |||||||||||||||||
CoreVest American Finance Lender LLC [Member] | Crestcore IV Note [Member] | ||||||||||||||||||
Number of Real Estate Properties | 82 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.12% | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,200 | |||||||||||||||||
JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member] | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 180,000 | $ 180,000 | ||||||||||||||||
JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | |||||||||||||||||
JP Morgan [Member] | JPM Facility [Member] | VB Three, LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||
Arbor Agency Lending, LLC [Member] | Hatchway Broadmoor Mortgage [Member] | ||||||||||||||||||
Number of Real Estate Properties | 98 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.35% | |||||||||||||||||
Debt Instrument, Face Amount | $ 4,600 | |||||||||||||||||
Debt Instrument, Prepayment Fee | $ 600 | |||||||||||||||||
Metropolitan Life Insurance Company [Member] | ||||||||||||||||||
Long-Term Line of Credit, Total | 171,200 | 171,200 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.44% | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||||||||||||
KeyBank [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Long-Term Line of Credit, Total | $ 62,500 | $ 62,500 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||||||||||
KeyBank [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||||||||||||||||
KeyBank [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% |
Note 7 - Debt - Summary of Debt
Note 7 - Debt - Summary of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Debt, gross | $ 2,466,693 | $ 778,683 | |
Debt premium, net (4) | [1] | 396 | 416 |
Deferred financing costs, net of accumulated amortization of $12,651 and $5,325, respectively | (15,714) | (10,554) | |
Long-Term Debt, Total | 2,451,375 | 768,545 | |
Initial Mortgage [Member] | |||
Debt, gross | $ 240,885 | 241,269 | |
Interest rate | [2] | 4.69% | |
Warehouse Facility [Member] | |||
Debt, gross | $ 1,195,000 | 160,000 | |
Interest rate | [2] | 4.84% | |
JPM Facility [Member] | |||
Debt, gross | $ 320,000 | 240,000 | |
Interest rate | [2] | 5.83% | |
MetLife Note [Member] | |||
Debt, gross | $ 124,462 | 124,689 | |
Interest rate | [2] | 3.25% | |
TruLane Mortgage [Member] | |||
Debt, gross | $ 10,168 | 10,387 | |
Interest rate | [2] | 5.35% | |
CoreVest Note [Member] | |||
Debt, gross | $ 0 | 2,338 | |
Interest rate | [2] | 6.12% | |
Crestcore II Note [Member] | |||
Debt, gross | $ 4,671 | 0 | |
Interest rate | [2] | 5.12% | |
Crestcore IV Note [Member] | |||
Debt, gross | $ 4,153 | 0 | |
Interest rate | [2] | 5.12% | |
NexPoint Homes MetLife Note 1 [Member] | |||
Debt, gross | $ 233,545 | 0 | |
Interest rate | [2] | 3.76% | |
NexPoint Homes MetLife Note 2 [Member] | |||
Debt, gross | $ 171,209 | 0 | |
Interest rate | [2] | 5.44% | |
NexPoint Homes KeyBank Facility [Member] | |||
Debt, gross | $ 62,500 | 0 | |
Interest rate | [2] | 5.24% | |
SFR OP Convertible Notes [Member] | |||
Debt, gross | [3] | $ 100,100 | $ 0 |
Interest rate | [2] | 7.50% | |
[1]The Company reflected valuation adjustments on its assumed fixed rate debt to adjust it to fair market value on the dates of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining terms of the debt.[2]Represents the interest rate as of September 30, 2022. Except for fixed rate debt, the interest rate is one-month LIBOR, daily SOFR or one-month term SOFR, plus an applicable margin. One-month LIBOR as of September 30, 2022 was 3.1427%, daily SOFR as of September 30, 2022 was 2.9800% and one-month term SOFR as of September 30, 2022 was 3.0421%.[3]The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. |
Note 7 - Debt - Summary of De_2
Note 7 - Debt - Summary of Debt (Details) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accumulated amortization of deferred financing costs | $ 12,651 | $ 5,325 |
Note 7 - Debt - Aggregate Sched
Note 7 - Debt - Aggregate Scheduled Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
2022 | $ 586 | ||
2023 | 323,541 | ||
2024 | 3,699 | ||
2025 | [1] | 1,491,700 | |
2026 | 124,867 | ||
Thereafter | 522,300 | ||
Total | $ 2,466,693 | $ 778,683 | |
[1]Assumes the Company exercises the 12-month extension option on the Warehouse Facility. |
Note 8 - Fair Value of Deriva_3
Note 8 - Fair Value of Derivatives and Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 13, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
LIBOR Rate | 3.1427% | 3.1427% | |||
Daily SOFR Rate | 2.98% | 2.98% | |||
Combined Weighted Average of LIBOR and SOFR Rates | 2.0902% | 2.0902% | |||
Unrealized Gain (Loss) on Derivatives | $ 9,765 | $ (2,843) | |||
Payments for Derivative Instrument Premium, Financing Activities | 12,673 | 0 | |||
Interest Rate Swap [Member] | |||||
Derivative, Notional Amount | $ 970,000 | 970,000 | |||
Unrealized Gain (Loss) on Derivatives | $ 29,400 | $ 1,100 | $ 54,900 | $ 7,400 | |
Payments for Derivative Instrument Premium, Financing Activities | $ 12,700 | ||||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Derivative, Variable Interest Rate | 2.0902% | 2.0902% | |||
Interest Rate Cap [Member] | |||||
Derivative, Notional Amount | $ 300,000 | ||||
Unrealized Gain (Loss) on Derivatives | $ 8,200 | $ 10,300 | |||
Interest Rate Cap [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||
Derivative, Basis Spread on Variable Rate | 1.50% |
Note 8 - Fair Value of Deriva_4
Note 8 - Fair Value of Derivatives and Financial Instruments - Outstanding Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument [Member] $ in Millions | 9 Months Ended | |
Sep. 30, 2022 USD ($) | ||
Interest Rate Swap Effective July 1, 2019 [Member] | ||
Derivative, expiration date | Jul. 01, 2024 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 1.629% | |
First Interest Rate Swap Effective September 1, 2019 [Member] | ||
Derivative, expiration date | Dec. 21, 2025 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 1.418% | |
First Interest Rate Swap Effective March 31, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, fixed rate | 1.511% | |
Second Interest Rate Swap Effective September 1, 2019 [Member] | ||
Derivative, expiration date | Dec. 21, 2025 | |
Derivative, notional amount | $ 50 | |
Derivative, fixed rate | 1.419% | |
Second Interest Rate Swap Effective March 31, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 1.919% | |
Interest Rate Swap Effective February 3, 2020 [Member] | ||
Derivative, expiration date | Feb. 01, 2025 | |
Derivative, notional amount | $ 50 | |
Derivative, fixed rate | 1.279% | |
Third Interest Rate Swap Effective March 31, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, notional amount | $ 50 | |
Derivative, fixed rate | 2.441% | |
Interest Rate Swap Effective March 2, 2020 [Member] | ||
Derivative, expiration date | Mar. 03, 2025 | |
Derivative, notional amount | $ 20 | |
Derivative, fixed rate | 0.914% | |
First Interest Rate Swap Effective June 1, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 2.6284% | |
Second Interest Rate Swap Effective June 1, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 2.9413% | |
Derivatives Effective for 2019 and 2020 [Member] | ||
Derivative, notional amount | $ 320 | [1] |
Derivative, fixed rate | 1.4309% | [2] |
Third Interest Rate Swap Effective June 1, 2022 [Member] | ||
Derivative, expiration date | Nov. 01, 2025 | |
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 2.79% | |
First Interest Rate Swap Effective July 1, 2022 [Member] | ||
Derivative, notional amount | $ 100 | |
Derivative, fixed rate | 2.686% | |
Derivatives Effective for 2022 [Member] | ||
Derivative, notional amount | $ 650 | [1] |
Derivative, fixed rate | 2.4148% | [2] |
[1]As of September 30, 2022, one-month LIBOR was 3.1427% and daily SOFR was 2.9800%.[2]Represents the weighted average fixed rate of the interest rate swaps for one-month LIBOR interest rate swaps and daily SOFR interest rate swaps, respectively, which have a combined weighted average fixed rate of 2.0902%. |
Note 8 - Fair Value of Deriva_5
Note 8 - Fair Value of Derivatives and Financial Instruments - Derivatives Not Designated as Hedges (Details) - Interest Rate Cap [Member] - USD ($) $ in Billions | Sep. 30, 2022 | Apr. 13, 2022 |
Derivative, notional amount | $ 0.3 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative, notional amount | $ 0.3 | |
strike rate | 1.50% | |
Not Designated as Hedging Instrument [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Interest rate index | 3.0421% |
Note 8 - Fair Value of Deriva_6
Note 8 - Fair Value of Derivatives and Financial Instruments - Derivative Financial Instruments Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Asset derivatives | $ 73,731 | $ 0 |
Liability derivatives | 0 | 3,590 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Asset derivatives | 51,277 | 0 |
Liability derivatives | 0 | 3,590 |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument [Member] | ||
Asset derivatives | 22,454 | 0 |
Liability derivatives | 0 | 0 |
Interest Rate Derivative [Member] | ||
Asset derivatives | 73,731 | 0 |
Liability derivatives | $ 0 | $ 3,590 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Feb. 17, 2022 | Feb. 15, 2021 | May 11, 2020 | Dec. 10, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 4,065,000 | |||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 220.1 | |||||||
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ 62.97 | $ 62.97 | ||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 49,659 | |||||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 185,111 | 191,506 | 179,858 | 73,700 | 185,111 | |||
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ 54.14 | $ 36.56 | $ 30.82 | $ 29.85 | ||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 0.9 | $ 0.6 | $ 2.6 | $ 1.7 | ||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Vesting Ratably Over Four Years [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | 50% | 50% | |||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | 50% | 50% | |||||
The 2018 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Number of RSUs Outstanding (Details) - Restricted Stock Units (RSUs) [Member] - The 2018 Long-Term Incentive Plan [Member] - USD ($) $ in Thousands | 9 Months Ended | ||||||
Feb. 17, 2022 | Feb. 15, 2021 | May 11, 2020 | Dec. 10, 2019 | Sep. 30, 2022 | Dec. 31, 2021 | ||
Outstanding, number of RSUs (in shares) | 377,704 | ||||||
Outstanding, value | [1] | $ 20,493 | $ 12,405 | ||||
Granted, number of RSUs (in shares) | 185,111 | 191,506 | 179,858 | 73,700 | 185,111 | ||
Granted, value | [1] | $ 10,022 | |||||
Vested, number of RSUs (in shares) | [2] | (54,028) | |||||
Vested, value | [1] | $ (1,854) | |||||
Forfeited, number of RSUs (in shares) | (2,036) | ||||||
Forfeited, value | [1] | $ (80) | |||||
Outstanding, number of RSUs (in shares) | 506,751 | ||||||
[1]Value is based on the number of RSUs granted multiplied by the most recent NAV per share on the date of grant, which was $54.14 for the February 17, 2022 grant, $36.56 for the February 15, 2021 grant, $30.82 for the May 11, 2020 grant, and $29.85 for the December 10, 2019 grant.[2]Certain grantees elected to net the taxes owed upon vesting against the Shares issued resulting in 49,659 Shares being issued as shown on the consolidated statements of stockholders' equity. |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Vesting Schedule of RSUs (Details) - Restricted Stock Units (RSUs) [Member] - The 2018 Long-Term Incentive Plan [Member] | Sep. 30, 2022 shares |
Vesting May 11, 2022 [Member] | |
RSUs vesting (in shares) | 18,425 |
Vesting February 15, 2023 [Member] | |
RSUs vesting (in shares) | 22,591 |
Vesting February 17, 2023 [Member] | |
RSUs vesting (in shares) | 30,331 |
Vesting December 10, 2022 [Member] | |
RSUs vesting (in shares) | 21,217 |
Vesting May 11, 2023 [Member] | |
RSUs vesting (in shares) | 18,426 |
Vesting February 15, 2024 [Member] | |
RSUs vesting (in shares) | 22,591 |
Vesting February 17, 2024 [Member] | |
RSUs vesting (in shares) | 22,019 |
Vesting December 10, 2023 [Member] | |
RSUs vesting (in shares) | 21,217 |
Vesting February 14, 2025 [Member] | |
RSUs vesting (in shares) | 22,591 |
Vesting February 17, 2025 [Member] | |
RSUs vesting (in shares) | 22,019 |
Vesting February 17, 2026 [Member] | |
RSUs vesting (in shares) | 22,019 |
Vesting Upon Successful Completion of Initial Public Offering [Member] | |
RSUs vesting (in shares) | 263,305 |
Vesting May 11, 2024 [Member] | |
RSUs vesting (in shares) | 506,751 |
Note 10 - Noncontrolling Inte_3
Note 10 - Noncontrolling Interests (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Aug. 10, 2022 | May 31, 2021 | Nov. 30, 2020 | May 11, 2020 | Nov. 21, 2019 | Apr. 19, 2019 | May 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||
Proceeds from (Payments to) Noncontrolling Interests, Total | $ 108,500 | ||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest, Total | $ (3,112) | $ 0 | (4,303) | $ 0 | |||||||||
Noncontrolling Interest, Change in Redemption Value | (3,112) | (4,303) | |||||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount, Total | 108,499 | 108,499 | $ 0 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | (113) | 0 | (113) | 0 | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | NexPoint Homes [Member] | |||||||||||||
Proceeds from (Payments to) Noncontrolling Interests, Total | 3,000 | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest, Total | 100 | ||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending Balance | 2,800 | $ 2,800 | |||||||||||
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 27,849 | 246,169 | 11,764 | 219,826 | 80,399 | 40,000 | 27,849 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 61.74 | $ 38.29 | $ 33.45 | $ 30.16 | $ 29.12 | $ 27.88 | |||||||
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Vesting Ratably Over Four Years [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 50% | |||||||||||
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Vesting Upon Successful Completion of Initial Public Offering [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,764 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | 50% | |||||||||||
Share-Based Payment Arrangement, Expense | $ 700 | $ 700 | $ 2,100 | $ 1,700 | |||||||||
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||
The 2018 Long-Term Incentive Plan [Member] | PI Units [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.50% | ||||||||||||
Common Class A [Member] | |||||||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 21,542,876 | 21,542,876 | |||||||||||
Common Class A [Member] | VineBrook Homes OP GP, LLC [Member] | |||||||||||||
Partners' Capital Account, Unit Voting Percentage | 50% | 50% | |||||||||||
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | |||||||||||||
Partners' Capital Account, Unit Voting Percentage | 50% | 50% | |||||||||||
Common Class B [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Opportunities, LLC [Member] | |||||||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 2,691,330 | 2,691,330 | |||||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | NexPoint Real Estate Strategies Fund [Member] | |||||||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 89,037 | 89,037 | |||||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | GAF REIT, LLC [Member] | |||||||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 140,509 | 140,509 | |||||||||||
Common Class C [Member] | VineBrook Homes OP GP, LLC [Member] | VineBrook Homes Trust, Inc [Member] | |||||||||||||
Limited Partners' Capital Account, Units Outstanding (in shares) | 883,170 | 883,170 |
Note 10 - Noncontrolling Inte_4
Note 10 - Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests in the OP (Details) - VineBrook Homes OP GP, LLC [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Redeemable noncontrolling interests in the OP, balance | $ 196,362 |
Net loss attributable to redeemable noncontrolling interests in the OP | (3,976) |
Contributions by redeemable noncontrolling interests in the OP | 10,276 |
Distributions to redeemable noncontrolling interests in the OP | (7,261) |
Redemptions by redeemable noncontrolling interests in the OP | (350) |
Equity-based compensation | 2,109 |
Other comprehensive income attributable to redeemable noncontrolling interests in the OP | 8,349 |
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | 34,032 |
Redeemable noncontrolling interests in the OP, balance | $ 239,541 |
Note 10 - Noncontrolling Inte_5
Note 10 - Noncontrolling Interests - Number of PI Units Outstanding (Details) - PI Units [Member] - The 2018 Long-Term Incentive Plan [Member] - USD ($) $ in Thousands | 9 Months Ended | ||||||||
Aug. 10, 2022 | May 31, 2021 | Nov. 30, 2020 | May 11, 2020 | Nov. 21, 2019 | Apr. 19, 2019 | Sep. 30, 2022 | Dec. 31, 2021 | ||
Outstanding, number of RSUs (in shares) | 498,590 | ||||||||
Outstanding, value | [1] | $ 16,286 | $ 16,965 | ||||||
Granted (in shares) | 27,849 | 246,169 | 11,764 | 219,826 | 80,399 | 40,000 | 27,849 | ||
Granted, value | [1] | $ 1,719 | |||||||
Vested (in shares) | (57,309) | ||||||||
Vested, value | [1] | $ (1,964) | |||||||
Forfeited, number of RSUs (in shares) | (11,933) | ||||||||
Forfeited | [1] | $ (434) | |||||||
Outstanding, number of RSUs (in shares) | 457,197 | ||||||||
[1]Value is based on the number of PI Units granted multiplied by the estimated per unit fair value on the date of grant, which was $27.88 for the April 19, 2019 grant, $29.12 for the November 21, 2019 grant, $30.16 for the May 11, 2020 grant, $33.45 for the November 30, 2020 grant, $38.29 for the May 31, 2021 grant and $61.74 for the August 10, 2022 grant. |
Note 10 - Noncontrolling Inte_6
Note 10 - Noncontrolling Interests - Vesting Schedule for the PI Units (Details) - PI Units [Member] - The 2018 Long-Term Incentive Plan [Member] | Sep. 30, 2022 shares | |
PI Units Vesting (in shares) | 457,197 | |
Vesting November 1, 2022 [Member] | ||
PI Units Vesting (in shares) | 7,200 | |
Vesting November 21, 2022 [Member] | ||
PI Units Vesting (in shares) | 18,425 | |
Vesting November 30, 2022 [Member] | ||
PI Units Vesting (in shares) | 1,470 | |
Vesting March 30, 2023 [Member] | ||
PI Units Vesting (in shares) | 29,831 | |
Vesting May 11, 2023 [Member] | ||
PI Units Vesting (in shares) | 27,478 | |
Vestin August 10, 2023 [Member] | ||
PI Units Vesting (in shares) | 5,570 | |
Vesting November 1, 2023 [Member] | ||
PI Units Vesting (in shares) | 7,200 | |
Vesting November 21, 2023 [Member] | ||
PI Units Vesting (in shares) | 18,425 | |
Vesting November 30, 2023 [Member] | ||
PI Units Vesting (in shares) | 1,470 | |
Vesting March 30, 2024 [Member] | ||
PI Units Vesting (in shares) | 29,831 | |
Vesting April 25, 2024 [Member] | ||
PI Units Vesting (in shares) | 5,171 | |
Vesting May 11, 2024 [Member] | ||
PI Units Vesting (in shares) | 27,478 | |
Vesting May 27, 2024 [Member] | ||
PI Units Vesting (in shares) | 398 | |
Vesting November 30, 2024 [Member] | ||
PI Units Vesting (in shares) | 1,470 | |
Vesting March 30, 2025 [Member] | ||
PI Units Vesting (in shares) | 29,831 | |
Vesting April 25, 2025 [Member] | ||
PI Units Vesting (in shares) | 5,171 | |
Vesting May 27, 2025 [Member] | ||
PI Units Vesting (in shares) | 398 | |
Vesting April 25, 2026 [Member] | ||
PI Units Vesting (in shares) | 5,171 | |
Vesting May 27, 2026 [Member] | ||
PI Units Vesting (in shares) | 398 | |
Vesting April 25, 2027 [Member] | ||
PI Units Vesting (in shares) | 5,171 | |
Vesting May 27, 2027 [Member] | ||
PI Units Vesting (in shares) | 398 | |
Vesting Upon Successful Completion of Initial Public Offering [Member] | ||
PI Units Vesting (in shares) | 229,242 | [1] |
[1]Upon successful completion of an IPO, an additional 11,764 PI Units will vest immediately instead of vesting ratably according to the schedule above on each of November 30, 2022, November 30, 2023 and November 30, 2024. |
Note 10 - Noncontrolling Inte_7
Note 10 - Noncontrolling Interests - Consolidated Shares and OP Units Outstanding (Details) - shares | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Shares Outstanding (in shares) | 24,761,177 | 21,814,248 | ||
VineBrook Homes OP GP, LLC [Member] | ||||
Consolidated shares and OP units outstanding (in shares) | 28,565,223 | 28,700,926 | 28,422,273 | |
VineBrook Homes OP GP, LLC [Member] | VineBrook Homes Trust, Inc [Member] | ||||
Shares Outstanding (in shares) | 24,761,177 | 24,960,485 | 24,696,441 | |
VineBrook Homes OP GP, LLC [Member] | Holders of OP Units [Member] | ||||
OP units held by NCI (in shares) | 3,804,046 | 3,740,441 | 3,725,832 |
Note 11 - Redeemable Series A_3
Note 11 - Redeemable Series A Preferred Stock (Details Textual) - Series A Preferred Stock [Member] - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Temporary Equity, Shares Issued (in shares) | 5,000,000 | 5,000,000 |
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 25 |
Note 11 - Redeemable Series A_4
Note 11 - Redeemable Series A Preferred Stock - Schedule of Redeemable Series A Preferred Stock (Details) - Series A Preferred Stock [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Redeemable Series A preferred stock, December 31, 2021 (in shares) | shares | 5,000,000 |
Redeemable Series A preferred stock (in shares) | shares | 5,000,000 |
Preferred Stock [Member] | |
Redeemable Series A preferred stock, December 31, 2021 (in shares) | shares | 5,000,000 |
Redeemable Series A preferred stock | $ 120,896 |
Issuance of Redeemable Series A preferred stock (in shares) | shares | 0 |
Issuance of Redeemable Series A preferred stock | $ 0 |
Issuance costs related to Redeemable Series A preferred stock | 0 |
Net income attributable to Redeemable Series A preferred stockholders | 6,094 |
Dividends declared to Redeemable Series A preferred stockholders ($1.21875) | (6,094) |
Accretion to redemption value | $ 560 |
Redeemable Series A preferred stock (in shares) | shares | 5,000,000 |
Redeemable Series A preferred stock | $ 121,456 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Open Tax Year | 2019 2020 2021 |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 13 - Related Party Trans_3
Note 13 - Related Party Transactions (Details Textual) | 3 Months Ended | 9 Months Ended | ||||||||
Jun. 08, 2022 | May 04, 2020 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2022 | Dec. 31, 2021 USD ($) | Aug. 28, 2018 | ||
Advisory Fees | $ 4,313,000 | $ 2,337,000 | $ 11,243,000 | $ 5,638,000 | ||||||
Due from Related Parties, Total | 1,076,000 | 1,076,000 | $ 2,909,000 | |||||||
Long-Term Debt, Gross | 2,466,693,000 | 2,466,693,000 | 778,683,000 | |||||||
SFR OP Convertible Notes [Member] | ||||||||||
Long-Term Debt, Gross | [1] | 100,100,000 | 100,100,000 | 0 | ||||||
The REIT [Member] | ||||||||||
Due to Related Parties, Total | 900,000 | 900,000 | ||||||||
VineBrook Homes OP, LP [Member] | ||||||||||
Due to Related Parties, Total | 42,400,000 | 42,400,000 | ||||||||
Private Placement [Member] | Minimum [Member] | ||||||||||
Equity Offering, Fee to Investors, Percentage of Gross Investor Equity | 0.50% | |||||||||
Private Placement [Member] | Maximum [Member] | ||||||||||
Equity Offering, Fee to Investors, Percentage of Gross Investor Equity | 3% | |||||||||
Private Placement [Member] | Maximum [Member] | Sales Through Raymond James [Member] | ||||||||||
Equity Offering, Offering and Organization Expenses Charged to Investors, Percentage of Gross Equity Offering | 0.50% | |||||||||
Private Placement [Member] | Maximum [Member] | Sales Through Other Placement Agents [Member] | ||||||||||
Equity Offering, Offering and Organization Expenses Charged to Investors, Percentage of Gross Equity Offering | 1% | |||||||||
NexPoint Real Estate Advisors V, L.P. [Member] | ||||||||||
Advisory Agreement, Advisory Fee, Annualized Rate of Gross Asset Value | 0.75% | |||||||||
Advisory Agreement, Expense Cap, Percentage of Average Total Assets | 1.50% | |||||||||
Advisory Fees | 4,300,000 | 2,300,000 | 11,200,000 | 5,600,000 | ||||||
Internalization Fee, Factor to Multiply by 12 Months Prior Fee | 3 | |||||||||
Termination Fee, Factor to Multiply by 12 Months Prior Fee | 3 | |||||||||
Advisory Agreement, Notice of Termination Period (Day) | 180 days | |||||||||
NexPoint Real Estate Advisors V, L.P. [Member] | NexPoint Homes [Member] | ||||||||||
Related Party Transaction, Percentage of Fee | 0.75% | |||||||||
Related Party Transaction, Amounts of Transaction | $ 0 | |||||||||
VineBrook Homes, LLC [Member] | ||||||||||
Management Agreements, Acquisition Fee, Percentage of Property Acquired During Month | 1% | |||||||||
Management Agreements, Construction Fee Monthly in Arears, Maximum Percentage of Construction Costs | 10% | |||||||||
Management Agreements, Construction Fee Monthly in Arrears, Maximum Amount | 1,000 | $ 1,000 | ||||||||
Management Agreements, Maximum EBITDA Derived from Fees | $ 1,000,000 | $ 1,000,000 | ||||||||
Management Agreements, Maximum Percentage of Combined Equity Value for Management Fees | 0.50% | 0.50% | ||||||||
Managements Agreements, Manager Cash Cap | 25% | |||||||||
Internalization Fee, Factor to Multiply by 12 Months Prior Fee | 3 | 3 | ||||||||
Management Agreements, Base Internalization Fee | $ 6,500,000 | $ 6,500,000 | ||||||||
Management Agreements, Internalization Fee Calculation, Percentage Added to Base Fee | 50% | 50% | ||||||||
Management Agreements, Internalization Fee Calculation, Amount Subtracted from Factored Amount | $ 6,500,000 | $ 6,500,000 | ||||||||
Termination Fee, Factor to Multiply by 12 Months Prior Fee | 3 | 3 | ||||||||
Management Agreements, Termination Notice Period (Day) | 90 days | |||||||||
Related Party Transaction, Amounts of Transaction | $ 18,973,000 | 8,943,000 | $ 52,325,000 | 30,082,000 | ||||||
VineBrook Homes, LLC [Member] | Manager Cash Cap Rebate [Member] | ||||||||||
Due from Related Parties, Total | 400,000 | 800,000 | 400,000 | 800,000 | ||||||
VineBrook Homes, LLC [Member] | Fee Advances [Member] | ||||||||||
Due from Related Parties, Total | 0 | 0 | 0 | |||||||
VineBrook Homes, LLC [Member] | Backstop Loans [Member] | ||||||||||
Due from Related Parties, Total | $ 700,000 | $ 700,000 | $ 700,000 | |||||||
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue up to and Including 45 Million [Member] | ||||||||||
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue | 8% | 8% | ||||||||
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Between 45 Million and 65 Million [Member] | ||||||||||
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue | 7% | 7% | ||||||||
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Between 65 Million and 85 Million [Member] | ||||||||||
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue | 6% | 6% | ||||||||
VineBrook Homes, LLC [Member] | Annual Collected Rental Revenue Above 85 Million [Member] | ||||||||||
Management Agreements, Property Management Fee Monthly in Arrears, Maximum Percentage of Collected Rental Revenue | 5% | 5% | ||||||||
The Manager [Member] | Various Expenses Paid By the Manager on Behalf of OP [Member] | ||||||||||
Due to Related Parties, Total | $ 6,200,000 | $ 2,600,000 | $ 6,200,000 | $ 2,600,000 | ||||||
Affiliates of the Advisor [Member] | NexPoint Homes [Member] | ||||||||||
Due to Related Parties, Total | $ 109,800,000 | $ 109,800,000 | ||||||||
Affiliates of the Advisor [Member] | NexPoint Homes [Member] | SFR OP Convertible Notes [Member] | ||||||||||
Number of Debt Instruments | 5 | 5 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | ||||||||
Long-Term Debt, Gross | $ 100,100,000 | $ 100,100,000 | ||||||||
HomeSource Operations, LLC [Member] | NexPoint Homes [Member] | ||||||||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 4,800,000 | $ 4,800,000 | ||||||||
Non-voting Interest Percentage | 9.99% | 9.99% | ||||||||
HomeSource Operations, LLC [Member] | NexPoint Homes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Notes Receivable, Variable Interest Rate | 2% | |||||||||
NexPoint Homes Manager [Member] | NexPoint Homes [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | $ 100,000 | |||||||||
[1]The SFR OP Convertible Notes exclude the amounts owed to NexPoint Homes by the SFR OP, as these are eliminated in consolidation. |
Note 13 - Related Party Trans_4
Note 13 - Related Party Transactions - Schedule of Related Party Transactions (Details) - VineBrook Homes, LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fees incurred and reimbursements | $ 18,973 | $ 8,943 | $ 52,325 | $ 30,082 |
Property Management Fees [Member] | ||||
Fees incurred and reimbursements | 3,249 | 1,756 | 9,691 | 5,810 |
Acquisition Fees [Member] | ||||
Fees incurred and reimbursements | 3,650 | 1,126 | 9,705 | 8,072 |
Construction Supervision Fees [Member] | ||||
Fees incurred and reimbursements | 4,562 | 1,667 | 12,182 | 4,681 |
Payroll and Benefits Reimbursements [Member] | ||||
Fees incurred and reimbursements | 6,997 | 4,165 | 19,465 | 10,953 |
Other Reimbursements [Member] | ||||
Fees incurred and reimbursements | $ 515 | $ 229 | $ 1,282 | $ 566 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 27, 2021 USD ($) |
Indemnification Agreement [Member] | |
Escrow Deposit | $ 2.6 |
Note 15 - Segment Information_2
Note 15 - Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Number of Reportable Segments | 1 | 2 | 1 | 1 |
Note 15 - Segment Information -
Note 15 - Segment Information - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenues | $ 73,638 | $ 41,887 | $ 188,259 | $ 112,336 | |
Expenses | 88,119 | 46,662 | 217,145 | 118,959 | |
Net loss | (14,621) | (4,799) | (28,972) | (6,947) | |
Gross operating real estate investments | 3,601,303 | 3,601,303 | $ 1,726,948 | ||
Accumulated depreciation and amortization | 141,109 | 141,109 | 76,789 | ||
Net operating real estate investments | 3,460,194 | 3,460,194 | 1,650,159 | ||
Real estate held for sale, net | 2,888 | 2,888 | 81 | ||
Net real estate investments | 3,463,082 | 3,463,082 | 1,650,240 | ||
Other assets | 288,375 | 288,375 | 108,085 | ||
Total assets | 3,751,457 | 3,751,457 | 1,758,325 | ||
Debt payable, net | 2,451,375 | 2,451,375 | 768,545 | ||
Other liabilities | 155,141 | 155,141 | 89,574 | ||
Total liabilities | 2,606,516 | 2,606,516 | 858,119 | ||
VineBrook Homes OP, LP [Member] | |||||
Revenues | 64,587 | 41,887 | 177,962 | 112,336 | |
Expenses | 74,900 | 46,662 | 199,686 | 118,959 | |
Net loss | (10,453) | (4,799) | (21,810) | (6,947) | |
Gross operating real estate investments | 2,857,431 | 2,857,431 | 1,726,948 | ||
Accumulated depreciation and amortization | 135,262 | 135,262 | 76,789 | ||
Net operating real estate investments | 2,722,169 | 2,722,169 | 1,650,159 | ||
Real estate held for sale, net | 2,888 | 2,888 | 81 | ||
Net real estate investments | 2,725,057 | 2,725,057 | 1,650,240 | ||
Other assets | 220,816 | 220,816 | 108,085 | ||
Total assets | 2,945,873 | 2,945,873 | 1,758,325 | ||
Debt payable, net | 1,886,042 | 1,886,042 | 768,545 | ||
Other liabilities | 139,904 | 139,904 | 89,574 | ||
Total liabilities | 2,025,946 | 2,025,946 | 858,119 | ||
NexPoint Homes [Member] | |||||
Revenues | 9,051 | 0 | 10,297 | 0 | |
Expenses | 13,219 | 0 | 17,459 | 0 | |
Net loss | (4,168) | $ 0 | (7,162) | $ 0 | |
Gross operating real estate investments | 743,872 | 743,872 | 0 | ||
Accumulated depreciation and amortization | 5,847 | 5,847 | 0 | ||
Net operating real estate investments | 738,025 | 738,025 | 0 | ||
Real estate held for sale, net | 0 | 0 | 0 | ||
Net real estate investments | 738,025 | 738,025 | 0 | ||
Other assets | 67,559 | 67,559 | 0 | ||
Total assets | 805,584 | 805,584 | 0 | ||
Debt payable, net | 565,333 | 565,333 | 0 | ||
Other liabilities | 15,237 | 15,237 | 0 | ||
Total liabilities | $ 580,570 | $ 580,570 | $ 0 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 24, 2022 $ / shares | Oct. 14, 2022 $ / shares | Nov. 14, 2022 USD ($) | Sep. 30, 2022 $ / shares | Sep. 30, 2021 $ / shares | Sep. 30, 2022 $ / shares | Sep. 30, 2021 $ / shares | Oct. 31, 2022 $ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.5301 | $ 0.5301 | $ 1.5903 | $ 1.5903 | ||||
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ 62.97 | $ 62.97 | ||||||
DRIP Issuance, Discount to NAV | 3% | |||||||
Subsequent Event [Member] | ||||||||
Number of Real Estate Properties Acquired | 432 | |||||||
Asset Acquisition, Consideration Transferred, Total | $ | $ 52.9 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.1767 | $ 0.1767 | ||||||
Dividends Payable, Date of Record | Nov. 15, 2022 | Oct. 17, 2022 | ||||||
Dividends Payable, Date to be Paid | Dec. 30, 2022 | Dec. 30, 2022 | ||||||
Net Asset Value Per Share, Ending Balance (in dollars per share) | $ 62.97 | |||||||
Subsequent Event [Member] | Preferred Stock Dividend 1 [Member] | ||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0.40625 | |||||||
Subsequent Event [Member] | Preferred Stock Dividend 2 [Member] | ||||||||
Preferred Stock, Dividends Per Share, Declared (in dollars per share) | $ 0.40625 |