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Jun 30, 2022
Elme Communities Q2 2022 Earnings Report
Reported financial and operating results.
Key Takeaways
WashREIT reported a net loss of $8.9 million, or $0.10 per diluted share, NAREIT FFO was $15.2 million, or $0.17 per diluted share and Core FFO was $18.2 million, or $0.21 per diluted share. Same-store multifamily NOI increased by 5.1% compared to the prior year period. Available liquidity was approximately $745 million as of June 30, 2022.
Net loss was $8.9 million, or $0.10 per diluted share
NAREIT FFO was $15.2 million, or $0.17 per diluted share
Core FFO was $18.2 million, or $0.21 per diluted share
Net Operating Income (NOI) was $32.8 million
Forward Guidance
Core FFO for 2022 is expected to range from $0.86 to $0.90 per fully diluted share. Same-store multifamily NOI growth is expected to range between 8.5% to 9.5%. Approximately $125 million of additional multifamily acquisitions are expected to be completed in the Southeast during the fourth quarter of 2022.
Positive Outlook
- Same-store multifamily NOI growth is expected to range between 8.5% to 9.5% which represents a 25 basis point increase at the midpoint compared to our prior guidance
- Same-store multifamily and Trove NOI, which was fully delivered and invested by the start of 2021, is now expected to grow between 12.25% and 13.25%
- Non-same-store multifamily NOI is expected to range from $22.0 million to $23.0 million in 2022, which represents a $0.5 million decrease at the midpoint resulting primarily from slightly higher operating and bad debt expenses and lower capitalized costs for development
- We have raised the midpoint of our guidance for Other same-store NOI, which consists solely of Watergate 600, which is now expected to range from $13.25 million to $13.75 million
- Approximately $125 million of additional multifamily acquisitions are expected to be completed in the Southeast during the fourth quarter of 2022, which is higher than the prior targeted acquisition level but later than previously assumed
Challenges Ahead
Historical Earnings Impact
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Avg. Return Before/After Earnings
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