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Mar 31, 2024
Elme Communities Q1 2024 Earnings Report
Elme Communities' financial performance was reported for Q1 2024, with a net loss, but NAREIT FFO increased due to easement payments.
Key Takeaways
Elme Communities reported a net loss of $3.6 million for Q1 2024. However, NAREIT FFO increased by 20% year-over-year due to additional easement payments. Same-store multifamily NOI increased slightly, and effective blended lease rate growth was positive.
Net loss was $3.6 million, or $0.04 per diluted share.
NAREIT FFO was $21.3 million, or $0.24 per diluted share, up 20% compared to the prior year period.
Core FFO was $19.9 million, or $0.23 per diluted share, down 4% compared to the prior year period.
Net Operating Income (NOI) was $37.8 million, up 4% compared to the prior year period.
Revenue by Segment
Forward Guidance
Elme Communities is reiterating its guidance for 2024, including its full year 2024 outlook on key assumptions and matters. Elme expects Core FFO for 2024 to range from $0.90 to $0.96 per fully diluted share.
Positive Outlook
- Same-store multifamily NOI growth is expected to range from 0.25% to 2.0%.
- Non-same-store multifamily NOI is expected to range from $5.25 million to $6.25 million.
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $12.0 million to $13.0 million.
- Property management expense is expected to range from $8.5 million to $9.0 million.
- G&A, net of core adjustments, is expected to range from $24.25 million to $25.25 million.
Challenges Ahead
- Interest expense is expected to range from $37.25 million to $38.25 million.
- Guidance does not consider any potential future acquisitions or dispositions in 2024
- Elme Communities' 2024 Core FFO guidance and outlook are based on a number of factors, many of which are outside the Company's control, including economic factors such as inflation and interest rate changes
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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