Elme Communities (ELME) Tops Q4 EPS by 1c, offers outlook

Elme Communities (NYSE: ELME) reported Q4 EPS of $0.04, $0.01 better than the analyst estimate of $0.03. Revenue for the quarter came in at $58.85 million versus the consensus estimate of $58.6 million.

Elme is providing its guidance for 2024, including its full year 2024 outlook on key assumptions and matters. Elme expects Core FFO for 2024 to range from $0.90 to $0.96 per fully diluted share. The following assumptions are included in the Core FFO guidance for 2024:

Full Year 2024 Outlook on Key Assumptions and Metrics

Same-store multifamily NOI growth is expected to range from 0.25% to 2.0%
Non-same-store multifamily NOI is expected to range from $5.25 million to $6.25 million
Other same-store NOI, which consists solely of Watergate 600, is expected to range from $12.0 million to $13.0 million
Property management expense is expected to range from $8.5 million to $9.0 million
G&A, net of core adjustments, is expected to range from $24.25 million to $25.25 million
Interest expense is expected to range from $37.25 million to $38.25 million
Does not take into account any potential future acquisitions or dispositions in 2024

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

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