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Dec 31, 2022
Elme Communities Q4 2022 Earnings Report
Reported solid performance with increased same-store multifamily NOI and effective blended lease rate growth.
Key Takeaways
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.
Forward Guidance
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%.
Positive Outlook
- Same-store multifamily NOI growth is expected to range from 9.0% to 11.0%, which reflects year-over-year growth of 10% at the midpoint further building on the double-digit NOI growth achieved in the second half of 2022
- Non-same-store multifamily NOI is expected to range from $12.75 million to $13.75 million
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $13.0 million to $13.75 million
- Property management expense is expected to range from $8.0 million to $8.5 million
- G&A, net of core adjustments, is now expected to range from $25.75 million to $27.0 million, reflecting a $0.25 million decline compared to our prior guidance range
Challenges Ahead
- Interest expense is now expected to range from $29.0 million to $30.0 million, which incorporates a higher interest rate outlook, as federal reserve funds expectations have shifted since we initially announced our 2023 guidance last year. Our revised interest expense assumption also incorporates the impact of our new term loan.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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