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Sep 30, 2023
Elme Communities Q3 2023 Earnings Report
Announced third quarter results, which included a net loss, NAREIT FFO, core FFO, and NOI increases.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- Same-store multifamily NOI growth is expected to range from 8.0% to 9.0%.
- Non-same-store multifamily NOI is now expected to range from $13.0 million to $13.75 million, adjusted to include the acquisition of Elme Druid Hills.
- Other same-store NOI is now expected to range from $12.75 million to $13.25 million.
- Interest expense is now expected to range from $30.25 million to $30.75 million, adjusted to include the acquisition of Elme Druid Hills.
- No additional acquisitions are assumed in 2023.
Historical Earnings Impact
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