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Mar 31, 2022
Elme Communities Q1 2022 Earnings Report
Reported financial results for the quarter ended March 31, 2022 and updated progress on Southeast expansion.
Key Takeaways
WashREIT reported a net loss of $7.7 million, or $0.09 per diluted share, NAREIT FFO was $14.5 million, or $0.17 per diluted share, and Core FFO was $0.20 per diluted share. Same-store multifamily NOI increased by 7.9% compared to the prior year period.
Net Operating Income (NOI) was $30.7 million
Same-store multifamily NOI increased by 7.9% compared to the prior year period
Effective blended Lease Rate Growth was 9.5% during the quarter for our same-store portfolio
Same-store retention increased to 71% compared to 51% in the first quarter of 2021
Forward Guidance
Core FFO for 2022 is expected to range from $0.87 to $0.93 per fully diluted share.
Positive Outlook
- Same-store multifamily NOI growth is expected to range between 7.75% to 9.75%
- Same-store multifamily and Trove NOI, which was fully delivered and invested by the start of 2021, is expected to grow between 11.5% and 13.5%
- Non same-store multifamily NOI is expected to range from $22.5 million to $23.5 million in 2022, of which Trove, is expected to contribute approximately $7.0 million of NOI
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $13.0 million to $13.75 million, which represents year-over-year growth of 3.4% at the midpoint
- Assumes the acquisition of the two Cobb County, GA acquisitions, which are expected to close in May 2022, for $178 million
Challenges Ahead
- WashREIT's Core FFO guidance and outlook are based on a number of factors, many of which are outside the Company's control and all of which are subject to change.
- WashREIT may change the guidance provided during the year as actual and anticipated results vary from these assumptions, but WashREIT undertakes no obligation to do so.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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