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Mar 31, 2020
Elme Communities Q1 2020 Earnings Report
Reported financial and operating results and quarterly dividend.
Key Takeaways
WashREIT reported a net income of $1.7 million, NAREIT FFO of $31.4 million, and Core FFO of $0.37 per diluted share for the quarter ended March 31, 2020. The company's overall portfolio NOI from continuing operations was $48.2 million, an increase compared to the prior year period.
Net income attributable to controlling interests was $1.7 million, or $0.02 per diluted share
NAREIT FFO was $31.4 million, or $0.38 per diluted share
Net Operating Income (NOI) was $48.2 million
Same-store multifamily NOI and cash NOI increased by 6.8% over the prior year period
Forward Guidance
Given the uncertainty surrounding the social and economic impact from COVID-19, the Company is withdrawing its previously issued full-year 2020 Outlook and is not providing updated guidance for 2020 at this time.
Positive Outlook
- Approximately 70% of speculative office lease commencements was expected to occur in high-quality space across Class A buildings and Space+, where leasing momentum had been the strongest.
- Multifamily operating expense saving initiatives are expected to substantially offset the reduction to multifamily rental income due to lower new and renewal lease rate growth in 2020.
- The Trove is currently signing leases through virtual tour technology.
- Having substantially collected rents due through April.
- The Company plans to provide details regarding expected decreases in capital spending for the balance of 2020 on its earnings call.
Challenges Ahead
- Approximately 1.3% of the Company’s previous revenue expectations for 2020 included speculative office lease commencements that could be impacted by the current economic disruption.
- Assuming social isolation restrictions continue through the summer months, parking income is expected to decline by approximately $2 million in 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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