Elme Q2 net loss $0.03/shr, Core FFO $0.24; lowers 2023 Core FFO guidance to $0.96-$1.00

Elme Communities

2023-Q2 EPS reported -$0.07 revenue$112,408,000

Net loss $2.6M ($0.03/diluted); Core FFO $21.4M ($0.24/diluted) up 14% YoY.
Same-store multifamily NOI grew 10.9% YoY; effective blended lease rate growth 3.7% (new 0.4%, renewal 6.4%).
Completed internalization of community-level operations; retained 93% of team. Hired Tiffany Butcher as COO.
2023 Core FFO guidance lowered to $0.96-$1.00 per share from $0.96-$1.02; same-store NOI growth now 8-9% (prev 9-10.5%).
Dividend maintained at $0.18/quarter; paid Oct 4 to shareholders of record Sep 20.

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 0.9

Elme Communities reported quarter ended June 30, 2023 results: net income Net loss was $2.6 million, or $0.03 per diluted share, EPS $0.03 per diluted share. Guidance lowered.

Period: quarter ended June 30, 2023
Net income: Net loss was $2.6 million, or $0.03 per diluted share
EPS: $0.03 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Elme Communities (the "Company") (NYSE: ELME), a multifamily REIT with communities in the Washington DC metro area and the Sunbelt, reported financial and operating results today for the quarter ended June 30, 2023: Financial Results • Net loss was $2.6 million, or $0.03 per diluted share • NAREIT FFO was $18.8 million, or $0.21 per diluted share • Core FFO was $21.4 million, or $0.24 per diluted share, up 14% from the prior year period driven by rental rate growth • Net Operating Income (NOI) was $36.3 million, up 11% from the prior year period driven by rental rate growth

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Source: SEC EDGAR

accession 0000104894-23-000080

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