Elme Communities reported a net loss of $3.5 million for Q4 2022. However, the company saw growth in same-store multifamily NOI, and effective blended lease rate.
Net loss was $3.5 million, or $0.04 per diluted share.
NAREIT FFO was $18.3 million, or $0.21 per diluted share.
Core FFO was $21.5 million, or $0.24 per diluted share.
Same-store multifamily NOI increased by 11.6% compared to the prior year period.
Management is reaffirming its 2023 Core FFO, which is expected to range from $0.96 to $1.04 per fully diluted share. Same-store multifamily NOI growth is expected to range from 9.0% to 11.0%.
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