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Elme Communities, formerly WashREIT, has officially rebranded to focus on enhancing living experiences for mid-market renters. This transformation includes a geographic expansion into the Sunbelt and aims for a 14% increase in Core FFO in 2023, the highest growth in over 20 years. The company has diversified its portfolio with 20% of homes now in the Sunbelt, up from 3% last year. Key operational improvements and new talent recruitment are also part of this strategy. The new ticker symbol "ELME" will be effective from October 20, 2022.
Washington Real Estate Investment Trust (NYSE: WRE) announced its 2023 Core FFO guidance of $0.96 to $1.04 per share, indicating a growth of approximately 14% compared to 2022. The company expects to complete $125 million in acquisitions, enhancing its portfolio mainly in the Southeast. Recent performance metrics show strong leasing trends driven by demand and rental rate increases. For 2023, same-store multifamily NOI growth is projected between 9.0% and 11.0%. The overall strategy focuses on profitable growth and geographic expansion.
WashREIT (NYSE:WRE) will announce its third quarter earnings results on October 27, 2022, after market close. A conference call is scheduled for October 28, 2022, at 10:00 am ET, with both domestic and international access numbers provided. The instant replay will be available until November 11, 2022. WashREIT focuses on affordable housing in the Washington Metro area and Southeast, owning approximately 8,900 residential units and 300,000 square feet of commercial space, targeting middle-income renters in high-demand markets.
On July 28, 2022, Washington Real Estate Investment Trust (WRE) reported a net loss of $8.9 million for Q2 2022, equating to $0.10 per diluted share. Despite this loss, the company showed operational strength with a 5.1% increase in same-store multifamily NOI. Effective lease rate growth reached 11.2% for the same-store portfolio. WashREIT completed $178 million in acquisitions and maintained a strong liquidity position of approximately $745 million. The Core FFO guidance for 2022 is set at $0.86 to $0.90 per diluted share, reflecting anticipated growth in multifamily NOI.
WashREIT (NYSE:WRE) will announce its second quarter earnings after the market close on Thursday, July 28, 2022. Following this, a conference call is scheduled for Friday, July 29, 2022, at 10:00 am ET. Interested parties can access the call via the provided USA and international toll-free numbers. An instant replay of the conference call will be available until August 12, 2022. The live webcast can be accessed on WashREIT's investor relations page.
WashREIT focuses on quality housing for middle-income renters.
WashREIT (NYSE: WRE) has elected Jennifer S. Banner as an independent director, expanding its Board to eight members. Banner brings over 36 years of experience, including 14 years as a CEO and extensive public accounting expertise. CEO Paul T. McDermott highlighted her leadership skills and digital transformation insights as vital for WashREIT’s growth. The company focuses on providing quality housing for under-served, middle-income renters in the Washington, DC metro and Southeast regions, managing around 8,900 residential units and 300,000 square feet of commercial space.
Washington Real Estate Investment Trust (NYSE: WRE) reported a net loss of $7.7 million, or $0.09 per diluted share for Q1 2022. NAREIT FFO was $14.5 million, equating to $0.17 per diluted share. Notably, same-store multifamily NOI rose by 7.9%, with average occupancy at 95.8%. The company is poised to acquire two multifamily communities for approximately $178 million in May 2022. Core FFO guidance for 2022 is projected between $0.87 and $0.93 per share, targeting same-store multifamily NOI growth of 7.75%-9.75%.
WashREIT (NYSE:WRE) is set to announce its first-quarter earnings on April 27, 2022, after market close. A conference call will follow on April 28, 2022, at 11:00 am ET, accessible via USA and international toll numbers. The instant replay of the call will be available until May 12, 2022. WashREIT owns around 8,200 residential units and approximately 300,000 square feet of commercial space in the Washington, DC metro area. The company aims to deliver quality housing to underserved, middle-income renters while focusing on areas with strong demand and rent growth potential.
WashREIT has promoted Susan Lilly Gerock to Senior Vice President. Since joining in 2016, Ms. Gerock has been pivotal in enhancing the firm’s technology initiatives. Her responsibilities include leading the transformation of WashREIT’s infrastructure as the company expands into Southeast markets, focusing on value-driven living and customer service in the Class B space. Gerock brings over 25 years of experience in technology roles related to real estate and holds degrees from The College of William & Mary and the University of Virginia.
Washington Real Estate Investment Trust (WRE) reported its financial results for Q4 and the full year of 2021, showcasing a net income of $16.4 million and a net loss of $6.8 million in Q4. The company’s NAREIT FFO for the year stood at $65.5 million, while same-store Multifamily NOI experienced a slight decrease of 1.8%. However, the fourth quarter saw a 4.2% increase in same-store Multifamily NOI, improvements in lease rates, and a retention rate surge to 72%. The company aims for a Core FFO of $0.87 to $0.93 per diluted share for 2022, supported by ongoing acquisitions and strong occupancy metrics.
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