NYSE$ELME
Elme Communities · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Reported financial and operating results and quarterly dividend.
WashREIT reported a net income of $1.7 million, NAREIT FFO of $31.4 million, and Core FFO of $0.37 per diluted share for the quarter ended March 31, 2020. The company's overall portfolio NOI from continuing operations was $48.2 million, an increase compared to the prior year period.
- Net income attributable to controlling interests was $1.7 million, or $0.02 per diluted share
- NAREIT FFO was $31.4 million, or $0.38 per diluted share
- Net Operating Income (NOI) was $48.2 million
- Same-store multifamily NOI and cash NOI increased by 6.8% over the prior year period
Headline financials
Revenue & EPS history
Elme Communities · Revenue · Quarterly
$76.8M
Revenue by segment
Elme Communities · $21M total across 1 segment · Q1 2021
- Multifamily NOI$21M—100.0%
Forward guidance
Given the uncertainty surrounding the social and economic impact from COVID-19, the Company is withdrawing its previously issued full-year 2020 Outlook and is not providing updated guidance for 2020 at this time.
Tailwinds
- Approximately 70% of speculative office lease commencements was expected to occur in high-quality space across Class A buildings and Space+, where leasing momentum had been the strongest.
- Multifamily operating expense saving initiatives are expected to substantially offset the reduction to multifamily rental income due to lower new and renewal lease rate growth in 2020.
- The Trove is currently signing leases through virtual tour technology.
- Having substantially collected rents due through April.
- The Company plans to provide details regarding expected decreases in capital spending for the balance of 2020 on its earnings call.
Headwinds
- Approximately 1.3% of the Company’s previous revenue expectations for 2020 included speculative office lease commencements that could be impacted by the current economic disruption.
- Assuming social isolation restrictions continue through the summer months, parking income is expected to decline by approximately $2 million in 2020.
- Move-in and other fee income is likely to be impacted by lower turnover.
- Continued disruption in lease-up activities at the Trove to delay the break-even point of lease-up to the fourth quarter of 2020.
- It is difficult to predict the impact of COVID-19 on residents' and tenants' ability to pay rent for the remainder of 2020, therefore, the Company is not providing guidance for potential future bad debt expenses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2020
+0.2%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+0.9%
Avg return
30 days after
50%
34 / 68 earnings
Positive
+11.2%
Q4 2024
Best reaction
-5.3%
Q2 2012
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.3% | -4.3% | -2.9% | |
| Q4 2025 | +0.0% | +0.0% | +6.4% | |
| Q3 2025 | -1.0% | -2.8% | +0.4% | |
| Q1 2025 | +1.0% | -0.3% | +0.9% | |
| Q4 2024 | +11.2% | +8.1% | +11.4% | |
| Q3 2024 | +2.5% | +7.2% | +0.5% | |
| Q2 2024 | +2.9% | +2.7% | +7.3% | |
| Q1 2024 | +1.0% | +0.5% | +1.6% | |
| Q4 2023 | -0.7% | -4.2% | -6.0% | |
| Q3 2023 | -3.9% | -4.9% | -2.5% | |
| Q2 2023 | -4.3% | -3.2% | -5.1% | |
| Q1 2023 | -0.9% | -5.0% | -13.0% | |
| Q4 2022 | +0.1% | -0.8% | -8.4% | |
| Q3 2022 | +2.6% | +2.5% | +6.6% | |
| Q2 2022 | +2.6% | -1.6% | -8.2% | |
| Q1 2022 | -0.3% | -5.5% | -2.7% | |
| Q4 2021 | -4.4% | -4.9% | +1.2% | |
| Q3 2021 | +0.4% | +0.5% | +0.8% | |
| Q2 2021 | -0.6% | -3.5% | +2.0% | |
| Q1 2021 | -0.8% | +0.7% | +2.7% | |
| Q4 2020 | -0.9% | -1.8% | +5.2% | |
| Q3 2020 | +1.1% | +10.9% | +39.0% | |
| Q2 2020 | +5.0% | +4.4% | +6.1% | |
| Q1 2020 | +0.8% | +5.4% | -3.1% | |
| Q4 2019 | -0.8% | -1.7% | -16.2% | |
| Q3 2019 | +2.5% | +2.4% | +3.4% | |
| Q2 2019 | -1.4% | -1.7% | -5.7% | |
| Q1 2019 | -0.4% | +0.3% | -4.0% | |
| Q4 2018 | +3.6% | +4.0% | +6.5% | |
| Q3 2018 | -3.2% | -2.4% | -2.2% | |
| Q2 2018 | -1.6% | +1.1% | +3.6% | |
| Q1 2018 | +1.6% | +2.8% | +2.8% | |
| Q4 2017 | +2.8% | +1.1% | +3.0% | |
| Q3 2017 | +0.4% | -0.9% | +0.2% | |
| Q2 2017 | +2.9% | +5.2% | +2.5% | |
| Q1 2017 | -1.0% | -1.2% | +0.4% | |
| Q4 2016 | +1.7% | +2.6% | -3.4% | |
| Q3 2016 | -1.0% | -3.2% | +5.4% | |
| Q2 2016 | +2.3% | +3.7% | -3.2% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +2.7% | — | — | |
| Q3 2015 | -1.9% | — | — | |
| Q2 2015 | -3.1% | — | — | |
| Q1 2015 | +0.1% | — | — | |
| Q4 2014 | -1.3% | — | — | |
| Q3 2014 | +2.3% | — | — | |
| Q2 2014 | +1.2% | — | — | |
| Q1 2014 | +0.0% | — | — | |
| Q4 2013 | -2.3% | — | — | |
| Q3 2013 | -1.5% | — | — | |
| Q2 2013 | -0.9% | — | — | |
| Q1 2013 | -2.8% | — | — | |
| Q4 2012 | -0.9% | — | — | |
| Q3 2012 | -3.4% | — | — | |
| Q2 2012 | -5.3% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q4 2011 | -0.3% | — | — | |
| Q3 2011 | -2.3% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q1 2010 | +0.3% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q4 2008 | +3.9% | — | — | |
| Q4 2010 | +3.9% | — | — | |
| Q3 2010 | +1.0% | — | — | |
| Q3 2009 | +1.0% | — | — | |
| Q4 2009 | +0.3% | — | — | |
| Q2 2009 | +0.3% | — | — | |
| Q2 2010 | +0.3% | — | — |
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