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Jun 30, 2021
Elme Communities Q2 2021 Earnings Report
Announced second quarter 2021 results and provided an update on transformation progress.
Key Takeaways
WashREIT reported a net loss of $7.0 million, or $0.08 per diluted share, for the quarter ended June 30, 2021. The company completed the sale of its office portfolio and entered into an agreement to sell its remaining retail assets as part of its strategic transformation.
Net loss was $7.0 million, or $0.08 per diluted share.
NAREIT FFO was $20.6 million, or $0.24 per diluted share.
Core FFO was $30.1 million, or $0.35 per diluted share.
Net Operating Income (NOI) was $25.1 million.
Forward Guidance
The Company is providing its full year outlook on key assumptions and metrics but is not providing FFO guidance at this time because the timing of certain of the planned transactions that comprise the transformation announced on June 15, 2021 have not been finalized.
Positive Outlook
- Same-store multifamily NOI is expected to range from $85.5 million and $86.5 million for full year 2021, which is higher than previously disclosed. Same-store multifamily NOI growth is now forecasted to range between 2% and 4% in the second half of 2021.
- Trove is expected to contribute between $3.0 and $3.5 million of NOI in 2021, which is higher than previously disclosed, and is now expected to reach stabilized occupancy near year-end, which is earlier than previously estimated.
- Watergate 600 NOI is expected to range between $12.0 and $12.5 million for full year 2021
- The office portfolio sale closed on July 26th for gross proceeds of $766 million
- The retail portfolio is under a purchase and sale agreement for gross proceeds of $168.3 million and is expected to close in the third quarter, subject to customary closing conditions
Challenges Ahead
- The Company is not providing FFO guidance at this time because the timing of certain of the planned transactions that comprise the transformation announced on June 15, 2021 have not been finalized.
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