WASHINGTON, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Elme Communities (the “Company”) (NYSE: ELME), a multifamily REIT with properties in the Washington DC metro area and the Sunbelt, reported financial and operating results today for the quarter and year ended December 31, 2022:
Full-Year 2022 Financial and Operational Results
Net loss was $30.9 million, or $0.36 per diluted shareNAREIT FFO was $60.9 million, or $0.69 per diluted shareCore FFO was $77.3 million, or $0.88 per diluted shareNet Operating Income (NOI) was $135.4 millionSame-store Multifamily NOI increased by 8.8% for the yearEffective blended Lease Rate Growth increased to 9.4% compared to 1.3% in the prior yearAverage Effective Monthly Rent per Home increased 7.6% compared to the prior yearSame-store retention was 63%, up 3% compared to the prior yearSame-store multifamily Average Occupancy was 95.6%, representing an increase of 30 basis points compared to the prior yearFourth Quarter Financial Results
Net loss was $3.5 million, or $0.04 per diluted shareNAREIT FFO was $18.3 million, or $0.21 per diluted shareCore FFO was $21.5 million, or $0.24 per diluted shareNOI was $36.9 millionFourth Quarter Operational Highlights
Same-store multifamily NOI increased by 11.6% compared to the prior year periodEffective blended Lease Rate Growth was 5.7% during the quarter for our same-store portfolio, comprised of Effective new Lease Rate Growth of 1.1% and Effective renewal Lease Rate Growth of 10.1%Effective blended Lease Rate Growth was 7.0% during the quarter for our non-same-store portfolio, comprised of Effective new Lease Rate Growth of 3.0% and Effective renewal Lease Rate Growth of 13.3%Average Effective Monthly Rent per Home increased 9.7% compared to the prior year periodSame-store retention was 62%, up 2% from the prior quarter, while achieving double-digit renewal lease rate growthSame-store multifamily Average Occupancy was 95.0%, in line with our targeted rangeYTD Highlights
The Board of Trustees increased our quarterly dividend by approximately 6% to $0.18 per share to be paid on April 5, 2023 to shareholders of record on March 22, 2023On January 10, 2023, the Company executed a new $125 million two-year term loan with two one-year extension options, using the proceeds to repay the previous $100 million term loan and a portion of the line of credit.