WASHINGTON, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Elme Communities (the “Company”) (NYSE: ELME), a multifamily REIT with properties in the Washington metro area and the Sunbelt, reported financial and operating results today for the quarter ended September 30, 2022:
Financial Results
Net loss was $10.7 million, or $0.12 per diluted shareNAREIT FFO was $12.9 million, or $0.15 per diluted shareCore FFO was $20.5 million, or $0.23 per diluted shareNet Operating Income (NOI) was $35.0 millionOperational Highlights
Same-store multifamily NOI increased by 10.4% compared to the prior year period and continues to accelerate into the fourth quarterEffective new Lease Rate Growth was 10.5%, effective renewal Lease Rate Growth was 10.1%, and effective blended Lease Rate Growth was 10.3% during the quarter for our same-store portfolioEffective new Lease Rate Growth was 13.8%, effective renewal Lease Rate Growth was 18.4%, and effective blended Lease Rate Growth was 16.3% during the quarter for our non-same store portfolioPost quarter end, to date we have achieved effective blended Lease Rate Growth of 9.7% for our non-same store portfolio and 7.1% for our same-store portfolioSame-store retention was 60%, unchanged compared to the prior year period, and above the historical average while achieving very strong double-digit renewal lease rate growthSame-store multifamily Average Occupancy decreased 20 basis points from the third quarter of 2021 to 95.6%, in line with the targeted rangeSame-store multifamily occupancy increased post quarter-end to 95.7% as of October 27, 2022Transformation Update
Rebranded as Elme Communities to reflect our ongoing commitment to elevating the value-living experience for our residents.