Elme Q1 Core FFO $0.24, up 20% YoY; tightens FY guidance to $0.96-$1.02

Elme Communities

2023-Q1 EPS reported -$0.04 revenue$55,809,000

Core FFO of $0.24/diluted share, up 20% YoY; GAAP net loss $3.6M ($0.04/diluted).
Same-store multifamily NOI up 10.7% YoY; effective blended lease rate growth of 4.5%.
2023 Core FFO guidance tightened to $0.96-$1.02/diluted share, ~13% growth at midpoint.
Quarterly dividend declared $0.18/share, payable July 6, 2023 to shareholders of record June 22.
Transformation: 70% of portfolio transitioned; expects incremental FFO of $4.25-$4.75M from 2023-2025.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.99

Elme Communities reported the quarter ended March 31, 2023 results: net income Net loss was $3.6 million, or $0.04 per diluted share. Guidance reaffirmed.

Period: the quarter ended March 31, 2023
Net income: Net loss was $3.6 million, or $0.04 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Elme Communities (the “Company”) (NYSE: ELME), a multifamily REIT with properties in the Washington DC metro area and the Sunbelt, reported financial and operating results today for the quarter ended March 31, 2023: Financial Results • Net loss was $3.6 million, or $0.04 per diluted share

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Source: SEC EDGAR

accession 0000104894-23-000046

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