Elme Communities reported a net loss of $43.6 million for Q3 2023, which included a $41.9 million non-cash impairment charge. Core FFO was $21.4 million, up over 4% year-over-year, and NOI was $36.9 million, up over 5% year-over-year. The company completed the acquisition of Elme Druid Hills in Atlanta, GA for $108.0 million.
Net loss was $43.6 million, or $0.50 per diluted share, including a $41.9 million non-cash impairment charge.
Core FFO was $21.4 million, or $0.24 per diluted share, up over 4% from the prior year period.
Net Operating Income (NOI) was $36.9 million, up over 5% from the prior year period.
Completed the acquisition of Elme Druid Hills in Atlanta, GA for $108.0 million on September 29, 2023.
Management is tightening the range of its 2023 Core FFO guidance and maintaining its midpoint at $0.98 per fully diluted share. Core FFO for 2023 is now expected to range from $0.97 to $0.99 per fully diluted share.
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