Financial Results - The company reported a net loss of $3.0 million, or $0.03 per diluted share for the quarter ended September 30, 2024 [1] - NAREIT FFO was $20.5 million, or $0.23 per diluted share, while Core FFO was $20.7 million, also at $0.23 per diluted share [1] - Net Operating Income (NOI) was $38.8 million [1] Operational Highlights - Same-store multifamily NOI increased by 2.3% compared to the prior year quarter [2] - Effective blended Lease Rate Growth for the Same-Store Portfolio was 2.1%, with new Lease Rate Growth at (1.5)% and renewal Lease Rate Growth at 4.5% [2] - Average Effective Monthly Rent Per Home increased by 2.4% compared to the prior year quarter [2] - Same-store Retention improved to 66%, up 5% from the prior year quarter [2] - Average Occupancy for same-store multifamily was 95.2%, down 0.2% from the prior year quarter [2] Liquidity Position - Available liquidity was approximately $337 million as of September 30, 2024 [3] - The annualized third quarter Net Debt to Adjusted EBITDA ratio was 5.6x [3] - The company has $125 million of debt maturing before 2028 and no secured debt [3] Guidance - The company tightened its Core FFO guidance range for 2024 to $0.92 to $0.94 per fully diluted share [5] - Same-store multifamily NOI growth is now expected to range from 1.0% to 1.5% [6] - Non-same-store multifamily NOI is expected to range from $5.35 million to $5.75 million [6] - Other same-store NOI is expected to range from $12.5 million to $12.75 million [6] Dividends - On October 3, 2024, the company paid a quarterly dividend of $0.18 per share [9] - A quarterly dividend of $0.18 per share has been declared to be paid on January 6, 2025 [9] Company Overview - Elme Communities is a multifamily real estate investment trust (REIT) operating approximately 9,400 apartment homes in the Washington, DC metro and Atlanta metro regions [11] - The company focuses on providing quality, affordable homes to middle-income renters [11]

Elme (ELME) has been on a downward spiral lately with significant selling pressure. After declining 5.5% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier. How to Determine if a Stock is Oversold We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is ...

BETHESDA, Md., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Elme Communities ("Elme") (NYSE:ELME), a value-oriented multifamily owner and operator, will release third quarter earnings results after market close on Monday, November 4, 2024. A conference call to discuss these results will be conducted on Tuesday, November 5, 2024, at 10:00 am ET. There will also be a webcast presentation with slides. Conference call and webcast access information is as follows: USA Toll Free Number: 888-506-0062 International Toll Numbe ...

Investors might want to bet on Elme (ELME) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system. The power of a ch ...

Financial Data and Key Metrics Changes - The company tightened its 2024 core FFO per share guidance range to $0.91 to $0.95, maintaining a midpoint of $0.93 [13] - Same-store multifamily NOI growth assumption was raised to a range of 0.75% to 1.75% for 2024, driven by stronger-than-expected performance in the Washington Metro portfolio [13][14] - Interest expense for the year is expected to range from $37.5 million to $38.25 million, reflecting fewer rate cuts than initially anticipated [14] Business Line Data and Key Metrics Changes - Effective blended lease rate growth for the same-store portfolio increased to 3.2% in Q2, with renewal lease rate growth at 5.4% and new lease rate growth at 0.2% [8] - Same-store average occupancy increased to 94.6% in Q2, with ending occupancy rising to 95.5% [9] - In Atlanta, occupancy averaged 89.5% during the quarter, improving to 90.6% in July [10] Market Data and Key Metrics Changes - The Washington Metro remains a top-performing apartment market, with deliveries peaking and net inventory ratios normalizing in the low single digits [3][4] - In Atlanta, absorption rates are nearly 60% higher than pre-pandemic levels, with a declining supply overhang [4][5] - The rent-to-income ratio for new leases was 23% in Q2, down from 24% a year ago, indicating a positive credit trend [5] Company Strategy and Development Direction - The company focuses on maintaining affordable rent levels for underserved segments of the rental market while enhancing the Class B living experience [6] - Renovations are a key growth driver, with an identified pipeline of nearly 3,300 homes representing over 35% of the portfolio [11] - The launch of Elme Resident Services aims to streamline operations and enhance efficiencies across resident account management and collections [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing growth in the second half of the year, setting the stage for 2025 [4] - The company anticipates improved demand relative to supply through 2025, with favorable dynamics forecasted for 2026 and 2027 [5] - Management noted that bad debt in the Atlanta portfolio is currently at 6.6%, with expectations for improvement due to legislative changes and internal initiatives [17][19] Other Important Information - The company has entered into a new four-year $500 million revolving credit facility, enhancing its liquidity position [14] - The operational initiatives are on track to achieve an additional $1.7 million to $1.9 million of NOI and FFO in 2024 [13] Q&A Session Summary Question: What is the bad debt situation in Atlanta? - Management reported that bad debt in the Atlanta portfolio is currently at 6.6%, with expectations for improvement due to legislative changes and internal initiatives [17][19] Question: How is same-store revenue shaping up relative to expectations? - Management indicated that revenue is expected to be in the 2.5% to 3% range for 2024, driven by improving trends in bad debt [20][21] Question: What are the occupancy expectations for Atlanta? - Management expects occupancy in Atlanta to remain in the low 90% range through year-end, with gradual improvement anticipated [24] Question: What are the returns on renovations? - The company reported an average ROI of approximately 17% on renovations, with plans for over 475 full renovations this year [11][26] Question: What is the current state of the investment market? - Management noted that the investment market is flat year-over-year, with potential sellers hesitant due to rate cut prospects and upcoming elections [27] Question: How are supply and demand assumptions reflected in the new guidance? - Stronger-than-expected performance in the Washington, D.C. market is driving the new guidance, with continued strength in new leasing and occupancy [36][38]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ FORM 10-Q ___________________________________________________ Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIE ...

分组1 - Elme reported quarterly funds from operations (FFO) of $0.23 per share, matching the Zacks Consensus Estimate, but down from $0.24 per share a year ago [1] - The company posted revenues of $60.1 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.19%, compared to $56.6 million in the same quarter last year [2] - Elme shares have increased approximately 12.7% year-to-date, underperforming the S&P 500's gain of 15.8% [3] 分组2 - The future performance of Elme's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [4][6] - Current consensus FFO estimate for the upcoming quarter is $0.24 on revenues of $60.47 million, and for the current fiscal year, it is $0.93 on revenues of $240.7 million [7] - The REIT and Equity Trust - Residential industry is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Aelme Earnings Release and Supplemental Information Q2 2024 CONTACT: 7550 Wisconsin Ave, Suite 900 Amy Hopkins Bethesda, MD 20814 Vice President, Investor Relations Tel 202-774-3253 E-Mail: ahopkins@elmecommunities.com Fax 301-984-9610 www.elmecommunities.com August 1, 2024 Elme Communities Announces Second Quarter 2024 Results Elme Communities (the "Company") (NYSE: ELME), a multifamily REIT with communities in the Washington, DC metro area and the Atlanta metro area, reported financial and operating resul ...

Financial Results - Elme Communities reported a net loss of $3.5 million, or $0.04 per diluted share for the quarter ended June 30, 2024 [1] - NAREIT FFO was $20.4 million, or $0.23 per diluted share, while Core FFO was $20.5 million, also at $0.23 per diluted share [1] - Net Operating Income (NOI) for the quarter was $38.1 million [1] Operational Highlights - Same-store multifamily NOI increased by 1.3% compared to the prior year period [2] - Effective blended Lease Rate Growth for the Same-Store Portfolio was 3.2%, with new Lease Rate Growth at 0.2% and renewal Lease Rate Growth at 5.4% [2] - Average Effective Monthly Rent Per Home rose by 2.5% compared to the prior year period [2] - Same-store Retention rate was 65%, with an average occupancy of 94.6%, down 0.8% year-over-year but up 0.2% from the previous quarter [2] Liquidity Position - The company amended its credit agreement to provide a $500 million revolving credit facility, extendable to $1.0 billion, maturing in July 2028 [3] - As of August 1, 2024, approximately $320 million was available on the revolving credit facility [3] - The annualized Net Debt to Adjusted EBITDA ratio was 5.6x, with $125 million of debt maturing before 2028 and no secured debt [3] Guidance - Elme tightened its Core FFO guidance for 2024 to a range of $0.91 to $0.95 per diluted share [5] - Same-store multifamily NOI growth is now expected to range from 0.75% to 1.75% for the full year [6] - Non-same-store multifamily NOI is projected to be between $5.35 million and $6.15 million [6] Dividend Information - The company declared a quarterly dividend of $0.18 per share, payable on October 3, 2024 [9]

Scharvik/iStock via Getty Images As of the end of the first quarter, Elme owned ~9.4K apartments in the Washington, DC metro and Sunbelt regions. Most of the assets are located in Washington and are Class-B, with about half of them being located in Urban areas: Washington DC - Historical Population Data The same story applies to Atlanta, only the growth rate has been more attractive there: Now, while Atlanta has a relatively low unemployment rate at the moment, Washington has historically been a city with a ...