Loading...
•
Sep 30, 2024
Elme Communities Q3 2024 Earnings Report
Elme Communities reported a net loss of $3.0 million and same-store multifamily NOI increased by 2.3%.
Key Takeaways
Elme Communities reported financial and operating results for the quarter ended September 30, 2024. The company experienced solid demand in its Washington Metro portfolio, with a sequential improvement in same-store occupancy. However, progress on reducing bad debt in the Atlanta portfolio was slower than anticipated.
Net loss was $3.0 million, or $0.03 per diluted share.
NAREIT FFO was $20.5 million, or $0.23 per diluted share.
Same-store multifamily NOI increased by 2.3% compared to the prior year quarter.
Available liquidity was approximately $337 million as of September 30, 2024.
Forward Guidance
The Company is tightening its Core FFO guidance range for 2024 to $0.92 to $0.94 per fully diluted share. Same-store multifamily NOI growth is now expected to range from 1.0% to 1.5%.
Positive Outlook
- Same-store multifamily NOI growth is now expected to range from 1.0% to 1.5%
- Non-same-store multifamily NOI is now expected to range from $5.35 million to $5.75 million
- Other same-store NOI, which consists solely of Watergate 600, is now expected to range from $12.5 million to $12.75 million
- Property management expense is expected to range from $8.5 million to $9.0 million
- Interest expense is now expected to range from $37.5 million to $38.0 million
Challenges Ahead
- Progress on reducing bad debt across our Atlanta portfolio was slower than anticipated for the quarter.
- Economic factors such as inflation and interest rate changes
- The economic health of the areas in which our properties are located, particularly with respect to the greater Washington, DC metro and Sunbelt regions
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...