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Dec 31, 2020
Elme Communities Q4 2020 Earnings Report
Reported financial and operating results for the quarter and year ended December 31, 2020.
Key Takeaways
WashREIT reported a net loss of $11.0 million for Q4 2020, with NAREIT FFO at $26.7 million and Core FFO at $0.33 per share. The company's overall portfolio NOI from continuing operations was $42.5 million, impacted by transaction activity and COVID-19. Cash collections remained strong, and multifamily occupancy, excluding Trove, increased in January.
Net loss was $11.0 million, or $0.13 per diluted share, including net losses on the sale of real estate of $7.5 million.
NAREIT FFO was $26.7 million, or $0.32 per diluted share.
Core FFO was $0.33 per diluted share.
Net Operating Income (NOI) was $42.5 million.
Forward Guidance
The Company is providing Core FFO guidance for Q1 2021 along with key Q1 2021 assumptions and metrics relating to such guidance as described below.
Positive Outlook
- Vaccine distribution should create a positive recovery inflection point during 2021
- Rapid improvement is expected once the inflection point is reached, carrying over into 2022.
- Embedded growth drivers prior to the pandemic are still intact.
- Sequential NOI growth is expected throughout the year.
- Full year results for 2021 are expected to be higher than the first quarter annualized results.
Challenges Ahead
- The timing of inflection and pace of recovery remains uncertain.
- NOI is expected to bottom in the first quarter of 2021 driven primarily by year-end asset sales.
- The short-term situation surrounding COVID-19 and the associated economic impact remain fluid.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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