Elme Communities Q3 core FFO $0.24/share; net loss $43.6M on $41.9M impairment; guides FY core FFO $0.97-$0.99

Elme Communities

2023-Q3 EPS reported -$0.57 revenue$169,059,000

Core FFO $0.24/diluted share, up >4% YoY; same-store multifamily NOI +7.3%.
Net loss $43.6M includes $41.9M non-cash impairment on Watergate 600 office asset.
Completed $108M acquisition of Elme Druid Hills in Atlanta, adding ~500 homes.
Board authorized $50M share repurchase program through October 2025.
Q3 dividend $0.18/share held; FY 2023 core FFO guidance tightened to $0.97-$0.99.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Elme Communities reported 2023 results: EPS $0.97 to $0.99 per fully diluted share. Guidance reaffirmed.

Period: 2023
EPS: $0.97 to $0.99 per fully diluted share
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Management is tightening the range of its 2023 Core FFO guidance and maintaining its midpoint at $0.98 per fully diluted share. Core FFO for 2023 is now expected to range from $0.97 to $0.99 per fully diluted share.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Elme Communities reported the quarter ended September 30, 2023 results: net income Net loss was $43.6 million, or $0.50 per diluted share. Guidance reaffirmed.

Period: the quarter ended September 30, 2023
Net income: Net loss was $43.6 million, or $0.50 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Elme Communities Announces Third Quarter 2023 Results

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Elme Communities filing history →

Source: SEC EDGAR

accession 0000104894-23-000110

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