Company Overview - Elme Communities is a multifamily real estate investment trust that owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Sunbelt, along with about 300,000 square feet of commercial space [1] - The company focuses on providing quality, affordable homes to a deep, solid, and underserved base of mid-market demand, aiming to build long-term value for shareholders [1] Financial Developments - Elme Communities has successfully completed a new $500 million credit facility to replace its prior revolving credit facility, which was set to mature in August 2025 [3] - The new credit facility has a four-year term ending on July 10, 2028, and includes two 6-month maturity extension options and an accordion feature that provides an additional $500 million of capacity [3] - The initial interest rate for the new credit facility is based on adjusted daily SOFR plus a margin of 85 basis points, which may change based on Elme's credit ratings [3] Leadership Statements - Steven Freishtat, Executive Vice President and Chief Financial Officer of Elme Communities, expressed satisfaction with the completion of the credit facility recast, highlighting its role in extending the company's strong liquidity position and optimizing costs [2]

BETHESDA, Md., July 11, 2024 (GLOBE NEWSWIRE) -- Elme Communities (NYSE: ELME), a multifamily owner and operator, announced today that it has entered into a new $500 million credit facility to replace the prior revolving credit facility which had been due to mature in August 2025. The new credit facility has a fouryear term ending on July 10, 2028, and includes two 6-month maturity extension options and an accordion feature which provides an additional $500 million of capacity on the facility. The initial i ...

BETHESDA, Md., June 24, 2024 (GLOBE NEWSWIRE) -- Elme Communities ("Elme") (NYSE:ELME), a value-oriented multifamily owner and operator, will release second quarter earnings results after market close on Thursday, August 1, 2024. A conference call to discuss these results will be conducted on Friday, August 2, 2024, at 10:00 am ET. There will also be a live, listen-only webcast presentation. Conference call and webcast access information is as follows: USA Toll Free Number: 888-506-0062 International Toll N ...

USA Toll Free Number: 888-506-0062 International Toll Number: 973-528-0011 Entry Code 222443 Webcast: ir.elmecommunities.com About Elme Communities Contact: Investor Relations Amy Hopkins 202-774-3253 ahopkins@elmecommunities.com BETHESDA, Md., June 24, 2024 (GLOBE NEWSWIRE) -- Elme Communities ("Elme") (NYSE:ELME), a value-oriented multifamily owner and operator, will release second quarter earnings results after market close on Thursday, August 1, 2024. A conference call to discuss these results will be c ...

Elme Communities (NYSE:ELME) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET Company Participants Amy Hopkins - Vice President, Investor Relations Paul McDermott - President and Chief Executive Officer Tiffany Butcher - Chief Operating Officer Steven Freishtat - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Jamie Feldman - Wells Fargo Operator Greetings and welcome to Elme Communities First Quarter 2024 Earnings Conference Call. At this time, all participants are in ...

Part I [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2024 consolidated financial statements show slight asset decrease, consistent net loss, and increased operating cash flow [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Q1 2024 balance sheet reflects slight decreases in total assets to **$1.877 billion**, liabilities to **$740.1 million**, and equity to **$1.136 billion** compared to year-end 2023 Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total real estate held for investment, net | $1,830,779 | $1,847,073 | | Cash and cash equivalents | $4,199 | $5,984 | | **Total assets** | **$1,876,539** | **$1,900,028** | | Notes payable, net | $522,539 | $522,345 | | Line of credit | $160,000 | $157,000 | | **Total liabilities** | **$740,135** | **$745,678** | | **Total equity** | **$1,136,404** | **$1,154,350** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2024 operations show stable **$3.6 million** net loss, with rental revenue growth offset by increased expenses Q1 2024 vs Q1 2023 Operating Results (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Real estate rental revenue | $59,513 | $55,809 | | Total expenses | $55,076 | $52,567 | | Real estate operating income | $4,437 | $3,242 | | Interest expense | ($9,494) | ($6,831) | | **Net loss** | **($3,647)** | **($3,643)** | | **Diluted net loss per common share** | **($0.04)** | **($0.04)** | - Transformation costs, which amounted to **$2.9 million** in Q1 2023, were zero in Q1 2024[13](index=13&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q1 2024 comprehensive loss improved to **$3.054 million**, driven by an unrealized gain on interest rate hedges Comprehensive Loss Summary (in thousands) | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | ($3,647) | ($3,643) | | Other comprehensive income (loss) | $593 | ($177) | | **Comprehensive loss** | **($3,054)** | **($3,466)** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 cash flow shows increased operating cash to **$21.2 million**, offset by higher investing and financing outflows Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $21,216 | $16,289 | | Net cash used in investing activities | ($9,760) | ($5,791) | | Net cash used in financing activities | ($13,091) | ($11,819) | | **Net decrease in cash** | **($1,635)** | **($1,321)** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's REIT business, paused development, debt, hedging, single segment, and new ATM equity program - The company's business primarily consists of owning apartment communities in the greater Washington, DC metro and Sunbelt regions[23](index=23&type=chunk) - Development activities at a residential project adjacent to Riverside Apartments, with a **$30.4 million** investment, remain paused[37](index=37&type=chunk) - In February 2024, the company established a new equity distribution agreement to sell up to **$350 million** in common shares, with no shares issued under this or prior agreements in Q1 2024[79](index=79&type=chunk)[80](index=80&type=chunk) - The company operates in a single reportable segment: residential, with its one remaining office property, Watergate 600, classified under "Other"[71](index=71&type=chunk)[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses stable net loss, increased NOI and FFO, adequate liquidity, and 2024 capital requirements Key Performance Indicators (in thousands) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Net loss | ($3,647) | ($3,643) | 0.1% | | NOI | $37,794 | $36,288 | 4.2% | | NAREIT FFO | $21,296 | $17,893 | 19.0% | - The increase in NAREIT FFO was primarily due to the absence of **$2.9 million** in transformation costs incurred in Q1 2023, along with higher NOI (**$1.5 million**) and other income (**$1.4 million**)[90](index=90&type=chunk) - Residential same-store average occupancy for the portfolio decreased to **94.4%** as of March 31, 2024, from **95.3%** a year earlier[89](index=89&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Total NOI increased **4.2%** to **$37.8 million**, driven by acquisitions and same-store revenue, offset by higher expenses Residential NOI Breakdown (in thousands) | Category | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same-store portfolio NOI | $33,020 | $32,905 | $115 | 0.3% | | Acquisitions NOI | $1,550 | $— | $1,550 | 100.0% | | **Total Residential NOI** | **$34,513** | **$32,847** | **$1,666** | **5.1%** | - Same-store residential revenue increased by **$1.4 million (2.7%)** due to higher rental income, while same-store expenses rose by **$1.3 million (7.0%)** due to higher maintenance, taxes, and insurance costs[101](index=101&type=chunk)[105](index=105&type=chunk) - Interest expense increased by **$2.7 million (39.0%)** YoY, driven by higher borrowings on the line of credit and the impact of the **$125.0 million** 2023 Term Loan[99](index=99&type=chunk)[110](index=110&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$534.9 million** in liquidity, with no debt maturities until 2025, and outlines 2024 capital requirements - As of April 29, 2024, total liquidity was **$534.9 million**, consisting of **$2.9 million** in cash and **$532.0 million** available on the Revolving Credit Facility[114](index=114&type=chunk) - Estimated capital requirements for 2024 include **$41.0 - $46.0 million** for investing in the existing operating asset portfolio[118](index=118&type=chunk) Scheduled Debt Principal Payments (in thousands) | Year | Total Debt | | :--- | :--- | | 2024 | $— | | 2025 | $285,000 | | 2026 | $— | | 2027 | $— | | 2028 | $50,000 | | Thereafter | $350,000 | | **Total** | **$685,000** | [Funds From Operations (FFO)](index=32&type=section&id=Funds%20From%20Operations) NAREIT FFO for Q1 2024 significantly increased to **$21.3 million** from **$17.9 million** in Q1 2023 NAREIT FFO Reconciliation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss | ($3,647) | ($3,643) | | Depreciation and amortization | $24,943 | $21,536 | | **NAREIT FFO** | **$21,296** | **$17,893** | - The company defines NAREIT FFO according to the National Association of Real Estate Investment Trusts' definition, which excludes gains/losses from property sales, impairment charges, and real estate depreciation and amortization from net income[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risk is interest rate risk, managed through swaps on variable-rate debt and fixed-rate obligations - The principal material financial market risk is interest rate risk, affecting both variable-rate debt and future refinancing of fixed-rate debt[141](index=141&type=chunk) - The company uses interest rate swap arrangements to hedge cash flow variability from changes in interest rates, with swaps having a notional value of **$125 million** and a positive fair value of **$1.3 million** as of March 31, 2024[143](index=143&type=chunk)[144](index=144&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation, the CEO, CFO, and Chief Administrative Officer concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[147](index=147&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[148](index=148&type=chunk) Part II [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - None[151](index=151&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors from the 2023 Form 10-K - No material changes from the risk factors disclosed in the 2023 Form 10-K[152](index=152&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Q1 2024 saw repurchase of **12,522** shares for tax withholding, not part of the **$50.0 million** authorized program Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2024 | — | $— | | Feb 2024 | 12,522 | $14.21 | | Mar 2024 | — | $— | | **Total** | **12,522** | **$14.21** | - The repurchased shares represent restricted shares surrendered by employees to satisfy tax withholding obligations and were not part of the public share repurchase program[153](index=153&type=chunk) - A share repurchase program of up to **$50.0 million** is authorized until October 25, 2025[154](index=154&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by officers in Q1 2024 - During Q1 2024, no trustee or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement[157](index=157&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including certifications and Inline XBRL documents

Amy Hopkins Bethesda, MD 20814 Vice President, Investor Relations Tel 202-774-3253 E-Mail: ahopkins@elmecommunities.com Fax 301-984-9610 CONTACT: 7550 Wisconsin Ave, Suite 900 www.elmecommunities.com May 1, 2024 Elme Communities Announces First 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 results today for the quarter ended March 31, 2024: Financial Results ...

Elme Communities (NYSE:ELME) Q4 2023 Earnings Conference Call February 16, 2024 10:00 AM ET Company Participants Amy Hopkins - VP of IR Paul McDermott - CEO Tiffany Butcher - COO Steven Freishtat - CFO Grant Montgomery - VP, Research Conference Call Participants Anthony Paolone - JPMorgan Jamie Feldman - Wells Fargo John Pawlowski - Green Street Michael Lewis - Truist Securities Operator Good day and welcome to the Elme Communities Fourth Quarter 2024 (sic) [2023] Earnings Conference call. As a reminder, to ...

Elme (ELME) came out with quarterly funds from operations (FFO) of $0.24 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to FFO of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -4%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.24 per share when it actually produced FFO of $0.24, delivering no surprise.Over the last four quarters, the company has ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________ FORM 10-K ___________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NO. 001-06622 ___________________________________________________ ELME COMMUNITIES (Exact ...