NYSE$ELME
Elme Communities · Q2 2020 earnings
Q2 2020 earnings · · Investor relations
Briefing
Reported financial results for the quarter ended June 30, 2020.
WashREIT reported a net loss of $5.4 million, or $0.07 per diluted share, primarily due to a loss recognized on the sale of an office asset. However, the company delivered solid second quarter performance driven by strong cash collections despite the challenges presented by the ongoing economic disruption due to COVID-19.
- Net loss attributable to controlling interests was $5.4 million, or $0.07 per diluted share.
- NAREIT FFO was $31.7 million, or $0.38 per diluted share.
- Same-store multifamily NOI increased 0.7% compared to the second quarter of 2019.
- Available liquidity of approximately $530 million as of June 30.
Headline financials
Revenue & EPS history
Elme Communities · Revenue · Quarterly
$72.9M
Revenue by segment
Elme Communities · $21.9M total across 1 segment · Q2 2020
- Multifamily NOI$21.9M—100.0%
Forward guidance
Given the uncertainty surrounding the duration and extent of the pandemic and pace and durability of the recovery, it is difficult to predict, with a reasonable degree of accuracy, the impact on the Company's ability to collect rental revenue for the remainder of 2020. As such, the Company is not reinstating 2020 Guidance at this time.
Tailwinds
- Temporary decline in average occupancy to 94% during the second and third quarters of 2020.
- With the easing of stay-at-home orders and increased staffing in our leasing offices, touring and application volumes increased substantially from early April lows and are trending above prior year levels for our same-store portfolio.
- Occupancy is expected to gradually increase to 95% by year-end.
- Lower new and renewal lease rate growth, combined with lower move-in and other fee income partially offset by operating expense saving initiatives.
- Excluding any future re-financings, interest expense is expected to be approximately $0.04 per share lower than the initial 2020 guidance.
Headwinds
- Core FFO attributable to the operating multifamily portfolio to be approximately $0.03 per share lower than assumed in the initial guidance (as of February 13, 2020) due to the impacts related to COVID-19.
- Core FFO attributable to the Trove multifamily development is now assumed to be approximately $0.01 per share lower than the initial guidance due to slower lease-up activity as a result of COVID-19.
- The NOI contribution of the commercial portfolio excluding future bad debt expenses is now expected to be approximately $0.08 per share lower than the initial guidance based on the assumed impacts related to COVID-19.
- Expected decline in revenue generated from speculative leasing for 2020, partially offset, by the impact of higher revenue from lease renewals and extensions.
- Year-to-date bad debt expenses related to COVID-19 of approximately $0.8 million
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 Q2 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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