Elme Q1 net loss $3.6M; Core FFO $0.23/share; full-year guidance reaffirmed

Elme Communities

2024-Q1 EPS reported -$0.04 revenue$59,513,000

Net loss of $3.6M ($0.04 diluted EPS); NAREIT FFO up 20% YoY to $21.3M ($0.24/share).
Core FFO $19.9M ($0.23/share), down 4% YoY; NOI $37.8M, up 4% YoY.
Same-store multifamily NOI up 0.3%; effective blended lease rate growth 2.3% (new -2.1%, renewal 6.2%).
Same-store average occupancy 94.4% (down 0.9% YoY); Atlanta occupancy pressure noted, Washington Metro stable.
Quarterly dividend $0.18/share declared (payable July 3, record June 20); FY2024 Core FFO guidance $0.90–$0.96.

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 1.0

Elme Communities reported the quarter ended March 31, 2024 results: net income Net loss was $3.6 million, or $0.04 per diluted share, EPS $0.04 per diluted share. Guidance reaffirmed.

Period: the quarter ended March 31, 2024
Net income: Net loss was $3.6 million, or $0.04 per diluted share
EPS: $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 communities in the Washington, DC metro area and the Atlanta metro area, reported financial and operating results today for the quarter ended March 31, 2024: Financial Results • Net loss was $3.6 million, or $0.04 per diluted share

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Source: SEC EDGAR

accession 0000104894-24-000039

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