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Mar 31, 2021
Elme Communities Q1 2021 Earnings Report
Reported financial and operating results for the quarter ended March 31, 2021.
Key Takeaways
WashREIT reported a net loss of $1.1 million, or $0.02 per diluted share, for the quarter ended March 31, 2021. NAREIT FFO was $28.5 million, or $0.34 per diluted share, and Core FFO was also $0.34 per diluted share. Same-store NOI declined 6.5% and cash NOI declined 6.0% compared to the first quarter of 2020.
Net loss was $1.1 million, or $0.02 per diluted share.
NAREIT FFO was $28.5 million, or $0.34 per diluted share.
Same-store NOI declined 6.5% and cash NOI declined 6.0% compared to the first quarter of 2020.
Collected over 98% of cash rent from multifamily residents and commercial tenants.
Revenue by Segment
Forward Guidance
Core FFO for the quarter ending June 30, 2021 is expected to range from $0.32 to $0.35 per diluted share.
Positive Outlook
- Improving lease rates in multifamily.
- Declining concessions in multifamily.
- Stable occupancy in multifamily.
- Increased touring and proposal activity in commercial.
- Strong commercial collections.
Challenges Ahead
- Uncertainty in the timing and pace of the economy reopening.
- Impact of COVID-19.
- Short-term situation surrounding COVID-19 and the associated economic impact are fluid.
- Not ready to forecast the extent of the recovery over the course of the full year.
- Market environment needs to be monitored for more visibility regarding the extent of recovery over the course of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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