WASHINGTON (AP) — WASHINGTON (AP) — Elme Communities (ELME) on Thursday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.
The Washington-based real estate investment trust said it had funds from operations of $21.5 million, or 24 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 25 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $3.6 million, or 4 cents per share.
The real estate investment trust, based in Washington, posted revenue of $55.8 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $56.7 million.
Elme expects full-year funds from operations in the range of 96 cents to $1.02 per share.
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