NYSE$ELME
Elme Communities · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported financial results for the quarter ended September 30, 2022.
Elme Communities reported a net loss of $10.7 million, or $0.12 per diluted share, NAREIT FFO was $12.9 million, or $0.15 per diluted share and Core FFO was $20.5 million, or $0.23 per diluted share. Same-store multifamily NOI increased by 10.4% compared to the prior year period.
- Net loss was $10.7 million, or $0.12 per diluted share
- NAREIT FFO was $12.9 million, or $0.15 per diluted share
- Core FFO was $20.5 million, or $0.23 per diluted share
- Net Operating Income (NOI) was $35.0 million
Headline financials
Revenue & EPS history
Elme Communities · Revenue · Quarterly
$54.6M
Revenue by segment
Elme Communities · $21M total across 1 segment · Q1 2021
- Multifamily NOI$21M—100.0%
Forward guidance
Management is maintaining the midpoint of its 2022 Core FFO guidance and tightening the range by $0.02 per fully diluted share to $0.87 to $0.89 per fully diluted share. Management is reaffirming its 2023 Core FFO, which is expected to range from $0.96 to $1.04 per fully diluted share.
Tailwinds
- Same-store multifamily NOI growth is now expected to range between 8.75% to 9.25%, which represents a tightened range and continues to represent 9.0% at the midpoint
- Same-store multifamily and Trove NOI, which was fully delivered and invested by the start of 2021, is now expected to grow between 12.5% and 13.0%, which represents a tightened range and continues to represent 12.75% at the midpoint
- Non-same-store multifamily NOI is now expected to range from $22.25 million to $22.75 million in 2022, which represents a tightened range and continues to represent $22.5 million at the midpoint
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $13.25 million to $13.75 million
- Property management expense is now expected to be approximately $7.5 million, which reflects a $0.25 million decline at the midpoint
Headwinds
- G&A, net of core adjustments, is now expected to range from $26.0 million to $26.5 million, which reflects an increase of $0.25 million at the midpoint
- Interest expense is now expected to range from $24.5 million to $25.0 million, which reflects a lower midpoint of $24.75 million following the determination that the Company will not complete additional acquisitions in this year
- Transformation costs are now expected to be approximately $10.0 million, which reflects a decrease of $1.0 million compared to prior guidance
- No additional acquisitions are assumed in 2022 due to changing market conditions
- Core AFFO payout ratio is expected to be in the mid-70% range
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 Q3 2022
+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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