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Jun 30, 2020
Elme Communities Q2 2020 Earnings Report
Reported financial results for the quarter ended June 30, 2020.
Key Takeaways
WashREIT reported a net loss of $5.4 million, or $0.07 per diluted share, primarily due to a loss recognized on the sale of an office asset. However, the company delivered solid second quarter performance driven by strong cash collections despite the challenges presented by the ongoing economic disruption due to COVID-19.
Net loss attributable to controlling interests was $5.4 million, or $0.07 per diluted share.
NAREIT FFO was $31.7 million, or $0.38 per diluted share.
Same-store multifamily NOI increased 0.7% compared to the second quarter of 2019.
Available liquidity of approximately $530 million as of June 30.
Revenue by Segment
Forward Guidance
Given the uncertainty surrounding the duration and extent of the pandemic and pace and durability of the recovery, it is difficult to predict, with a reasonable degree of accuracy, the impact on the Company's ability to collect rental revenue for the remainder of 2020. As such, the Company is not reinstating 2020 Guidance at this time.
Positive Outlook
- Temporary decline in average occupancy to 94% during the second and third quarters of 2020.
- With the easing of stay-at-home orders and increased staffing in our leasing offices, touring and application volumes increased substantially from early April lows and are trending above prior year levels for our same-store portfolio.
- Occupancy is expected to gradually increase to 95% by year-end.
- Lower new and renewal lease rate growth, combined with lower move-in and other fee income partially offset by operating expense saving initiatives.
- Excluding any future re-financings, interest expense is expected to be approximately $0.04 per share lower than the initial 2020 guidance.
Challenges Ahead
- Core FFO attributable to the operating multifamily portfolio to be approximately $0.03 per share lower than assumed in the initial guidance (as of February 13, 2020) due to the impacts related to COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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