WashREIT reports Q1 net loss $7.7M, Core FFO $0.20; guides FY Core FFO $0.87-$0.93

Elme Communities

2022-Q1 EPS reported -$0.09 revenue$47,804,000

Net loss $7.7M ($0.09/diluted share); NAREIT FFO $14.5M ($0.17); Core FFO $0.20 per share.
Same-store multifamily NOI up 7.9% YoY; blended effective lease rate growth 9.5% (13.8% Atlanta portfolio).
Expects to close ~$178M acquisition of two GA multifamily communities in early May; targeting ~$100M more by mid-year.
FY 2022 Core FFO guidance $0.87-$0.93 per share; same-store multifamily NOI growth 7.75%-9.75%.
Quarterly dividend maintained at $0.17/share; payable July 6, 2022 to holders of record June 22.

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