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Sep 30, 2022
Elme Communities Q3 2022 Earnings Report
Reported financial results for the quarter ended September 30, 2022.
Key Takeaways
Elme Communities reported a net loss of $10.7 million, or $0.12 per diluted share, NAREIT FFO was $12.9 million, or $0.15 per diluted share and Core FFO was $20.5 million, or $0.23 per diluted share. Same-store multifamily NOI increased by 10.4% compared to the prior year period.
Net loss was $10.7 million, or $0.12 per diluted share
NAREIT FFO was $12.9 million, or $0.15 per diluted share
Core FFO was $20.5 million, or $0.23 per diluted share
Net Operating Income (NOI) was $35.0 million
Forward Guidance
Management is maintaining the midpoint of its 2022 Core FFO guidance and tightening the range by $0.02 per fully diluted share to $0.87 to $0.89 per fully diluted share. Management is reaffirming its 2023 Core FFO, which is expected to range from $0.96 to $1.04 per fully diluted share.
Positive Outlook
- Same-store multifamily NOI growth is now expected to range between 8.75% to 9.25%, which represents a tightened range and continues to represent 9.0% at the midpoint
- Same-store multifamily and Trove NOI, which was fully delivered and invested by the start of 2021, is now expected to grow between 12.5% and 13.0%, which represents a tightened range and continues to represent 12.75% at the midpoint
- Non-same-store multifamily NOI is now expected to range from $22.25 million to $22.75 million in 2022, which represents a tightened range and continues to represent $22.5 million at the midpoint
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $13.25 million to $13.75 million
- Property management expense is now expected to be approximately $7.5 million, which reflects a $0.25 million decline at the midpoint
Challenges Ahead
- G&A, net of core adjustments, is now expected to range from $26.0 million to $26.5 million, which reflects an increase of $0.25 million at the midpoint
Historical Earnings Impact
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Avg. Return Before/After Earnings
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