Elme Communities (ELME) Tops Q1 EPS by 3c

Elme Communities (NYSE: ELME) reported Q1 EPS of $0.04, $0.03 better than the analyst estimate of $0.01. Revenue for the quarter came in at $55.81 million versus the consensus estimate of $56.74 million.

GUIDANCE

"We are tightening and slightly reducing the midpoint of our Core FFO guidance range, which represents 13% Core FFO growth at the midpoint," said Steven Freishtat, Executive Vice President and CFO. "Although we are lowering the top end of our same-store and non-same store NOI guidance ranges given increased visibility into the spring leasing season, we see good momentum in April as new lease rates are trending up and renewal rates remain very strong into May. With over 5.2% of rental rate growth already captured, we feel good about our ability to deliver robust growth this year."

Management is tightening the range of its 2023 Core FFO guidance to $0.96 to $1.02 per fully diluted share. The following assumptions are included in the Core FFO guidance for 2023:

For earnings history and earnings-related data on Elme Communities (ELME) click here.

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