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Sep 30, 2021
Elme Communities Q3 2021 Earnings Report
Announced third quarter 2021 results and updated progress on transformation.
Key Takeaways
WashREIT reported financial and operating results for the quarter ended September 30, 2021, completing the sale of the office and retail portfolios and the acquisition of The Oxford.
Net income was $31.3 million, or $0.37 per diluted share
Core FFO was $17.0 million, or $0.20 per diluted share
Net Operating Income (NOI) was $27.1 million
Completed the sale of the office portfolio for gross proceeds of $766 million and the retail portfolio for gross proceeds of $168.3 million
Forward Guidance
The Company is reinstating full-year 2021 guidance including its outlook on key assumptions and metrics. Core FFO for 2021 is expected to range from $1.05 to $1.08 per fully diluted share.
Positive Outlook
- Same-store multifamily NOI is expected to range between $90.0 million to $90.5 million for the full year 2021, which implies a fourth quarter growth rate of approximately 4.5% compared to the prior year period
- Watergate 600 NOI is expected to be approximately $12.75 million
- The office portfolio sale closed on July 26th for gross proceeds of $766 million
- The acquisition of The Oxford closed on August 10th for $48 million
- The retail portfolio sale closed on September 22nd for gross proceeds of $168.3 million
Historical Earnings Impact
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