Elme Communities Reports Growth in Core FFO and NOI for Full Year 2023
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Net Loss: Reported a net loss of $53.0 million for the full year 2023.
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NAREIT FFO: Increased by 27.9% year-over-year to $77.8 million.
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Core FFO: Grew by 10.2% year-over-year to $85.2 million.
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NOI: Rose by 9.4% from the prior year to $148.1 million.
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Average Effective Monthly Rent: Increased by 6.5% for the Same-Store Portfolio.
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Liquidity Position: Available liquidity stood at approximately $550 million as of December 31, 2023.
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Dividends: Paid a quarterly dividend of $0.18 per share on January 4, 2024.
On February 15, 2024, Elme Communities (NYSE:ELME), a multifamily real estate investment trust (REIT) with properties primarily in the Washington, DC and Atlanta metro areas, released its 8-K filing, detailing its financial and operational results for the fourth quarter and full year ended December 31, 2023. The company's portfolio, which includes office, retail, and multifamily properties, is strategically located near major transportation nodes. Elme Communities' income is largely derived from rental revenue from tenants in long-term leases, with office assets contributing the majority of this income.
Full Year 2023 Financial and Operational Results
For the full year 2023, Elme Communities reported a net loss of $53.0 million, or $0.61 per diluted share. However, the company saw a significant increase in NAREIT FFO, which rose to $77.8 million, or $0.88 per diluted share, marking a 27.9% increase compared to the prior year. Core FFO also experienced growth, reaching $85.2 million, or $0.97 per diluted share, up 10.2% from the previous year. Net Operating Income (NOI) was another highlight, with a 9.4% increase to $148.1 million compared to the prior year.
Elme Communities' Same-Store multifamily NOI grew by 8.3%, and the Average Effective Monthly Rent per Home in the Same-Store Portfolio increased by 6.5%. The Same-Store multifamily Average Occupancy for the year was 95.6%, a slight improvement from the previous year.
Fourth Quarter Financial Highlights
The fourth quarter saw a net loss of $3.1 million, or $0.04 per diluted share. NAREIT FFO for the quarter was $21.0 million, or $0.24 per diluted share, up 14.3% compared to the same period in the prior year. Core FFO remained unchanged year-over-year at $20.9 million, or $0.24 per diluted share. NOI for the quarter increased by 4.6% to $38.6 million.
Operational highlights for the quarter included a 4.5% increase in Same-Store multifamily NOI and a 3.8% increase in Average Effective Monthly Rent Per Home for the Same-Store Portfolio. The Same-Store multifamily Average Occupancy was 95.5%, with Ending Occupancy at 95.9%, both showing improvements from the prior year.