NYSE$ELME
Elme Communities · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Reported solid performance with increased same-store multifamily NOI and effective blended lease rate growth.
Elme Communities reported a net loss of $3.5 million for Q4 2022. However, the company saw growth in same-store multifamily NOI, and effective blended lease rate.
- Net loss was $3.5 million, or $0.04 per diluted share.
- NAREIT FFO was $18.3 million, or $0.21 per diluted share.
- Core FFO was $21.5 million, or $0.24 per diluted share.
- Same-store multifamily NOI increased by 11.6% compared to the prior year period.
Headline financials
Revenue & EPS history
Elme Communities · Revenue · Quarterly
$55.6M
Revenue by segment
Elme Communities · $21M total across 1 segment · Q1 2021
- Multifamily NOI$21M—100.0%
Forward guidance
Management is reaffirming its 2023 Core FFO, which is expected to range from $0.96 to $1.04 per fully diluted share. Same-store multifamily NOI growth is expected to range from 9.0% to 11.0%.
Tailwinds
- Same-store multifamily NOI growth is expected to range from 9.0% to 11.0%, which reflects year-over-year growth of 10% at the midpoint further building on the double-digit NOI growth achieved in the second half of 2022
- Non-same-store multifamily NOI is expected to range from $12.75 million to $13.75 million
- Other same-store NOI, which consists solely of Watergate 600, is expected to range from $13.0 million to $13.75 million
- Property management expense is expected to range from $8.0 million to $8.5 million
- G&A, net of core adjustments, is now expected to range from $25.75 million to $27.0 million, reflecting a $0.25 million decline compared to our prior guidance range
Headwinds
- Interest expense is now expected to range from $29.0 million to $30.0 million, which incorporates a higher interest rate outlook, as federal reserve funds expectations have shifted since we initially announced our 2023 guidance last year. Our revised interest expense assumption also incorporates the impact of our new term loan.
- No acquisitions are assumed in 2023.
- Transformation Costs are expected to range from $3.0 million to $4.0 million
- Includes Carlyle of Sandy Springs, Alder Park, Marietta Crossing, and Riverside Development. Guidance does not contemplate any additional acquisitions or dispositions.
- Represents the expected final costs in 2023 related to the internalization of community-level operations
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 Q4 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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