NexPoint Residential Trust is a REIT that acquires and operates "value-add" multifamily properties primarily in the Southeastern and Southwestern United States, focusing on Class B properties priced below replacement cost. The company pursues a three-part strategy of exterior and common area improvements, interior renovations including kitchen and bathroom remodels and technology upgrades, and operational enhancements to drive rent growth and asset quality. The company finances acquisitions at moderate leverage, typically using floating-rate debt, and distributes cash to shareholders through dividends after covering operating expenses and debt service.