Elme Communities FFO of $0.23 in-line, revenue of $54.6M beats by $0.67M

Oct. 27, 2022 4:52 PM ETElme Communities (ELME)By: Niloofer Shaikh, SA News Editor

Elme Communities press release (NYSE:ELME): Q3 FFO of $0.23 in-line.
Revenue of $54.6M (+28.5% Y/Y) beats by $0.67M.
Same-store multifamily NOI increased by 10.4% Y/Y.
Same-store retention was 60%, unchanged compared to the prior year.
Same-store multifamily Average Occupancy decreased 20 basis points from the third quarter of 2021 to 95.6%, in line with the targeted range.
Same-store multifamily occupancy increased post quarter-end to 95.7% as of October 27, 2022.
FY2022, Core FFO per diluted share to be between $0.87 to $0.89 vs. consensus of $0.87.