Financial Data and Key Metrics Changes - The company reported a core FFO for Q4 of $0.24 per diluted share, reflecting over 40% year-over-year growth, driven by strong rental income growth and the deployment of commercial portfolio sale proceeds [41] - Multifamily same-store NOI grew by 11.6% for Q4 and 8.8% for the full year, indicating strong operational performance [25][41] - The company is reiterating its 2023 core FFO guidance range of $0.96 to $1.04 per fully diluted share, implying double-digit year-over-year growth [43] Business Line Data and Key Metrics Changes - Effective new lease rate growth was 1.1% and effective renewal lease rate growth was 10.1% for Q4, blending to 5.7% for same-store move-ins [10] - Average effective monthly rent per home grew 9.7% in Q4 compared to the prior year and 7.6% for the full year, reflecting strong lease rate growth [40] - The company completed over 300 full renovations in 2022 with an ROI of over 13%, expecting to return to a historical renovation run rate of approximately 600 units per year in 2023 [12] Market Data and Key Metrics Changes - The Washington Metro area saw job growth in the tech-heavy sectors, with the information sector growing at 5.6% in 2022, supporting strong credit performance [3][4] - Multifamily rent growth in the Washington Metro is expected to outperform the U.S. average, while Atlanta's economy is projected to maintain job growth of over 1% [4][6] - The cost of homeownership in the company's markets is significantly higher than renting, with homeownership costs in Atlanta being 28% above rents and in Washington Metro being 43% above rents [6] Company Strategy and Development Direction - The company plans to extend the rollout of Smart Home technology to all communities, aiming to improve resident experience and reduce operating expenses [8] - The company is focused on geographic diversification and expanding into Sunbelt markets, targeting industries with strong long-term growth prospects [20] - The strategy emphasizes providing affordable rental options for median incomes, with a focus on maintaining a scalable operating platform [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver double-digit core FFO growth, primarily driven by rent growth, with nearly 70% of that growth already locked in [29] - The company anticipates new lease rates to increase in the mid-single digits during the spring and summer leasing seasons, with strong renewal lease rates expected [23] - Management noted that the economic outlook is evolving, with expectations of a slowing economy, but the mid-market strategy is designed to outperform across cycles [1][2] Other Important Information - The company has a strong balance sheet with low leverage and ample liquidity, having no debt maturities until 2025 [19][26] - The company is actively evaluating acquisition opportunities in target markets, with over $650 million of availability on its line of credit [14] - Management highlighted substantial progress on ESG initiatives, achieving the highest GRESB score to date and expanding sustainability certifications [37] Q&A Session All Questions and Answers Question: Components of same-store NOI guidance - Management expects revenue growth of about 8.5%, primarily driven by rental revenue growth of nearly 7%, with expenses expected to rise about 7% net of reimbursements [30][31] Question: Upside from internal property management platform - Management anticipates operational efficiencies from onboarding communities, including better revenue management and maintenance efficiencies, with scalability for future growth [32] Question: Market conditions for acquisitions - Management noted a limited supply of product in the market, with expectations for a more robust second half of the year as appraisal values adjust [33] Question: Term loan extension difficulties - Management indicated that banks are being more selective in lending, but the company had an easier time securing a term loan due to its position in the multifamily sector [35] Question: Rent control impacts - Management believes rent control does not address housing affordability issues and does not expect significant rent control pressure in their primary markets [63] Question: Immigration trends in key markets - Management reported strong move-ins in the Washington region, with over 75% of new residents coming from within the region [64] Question: Credit trends within tenant base - Management noted a decline in rent-to-income ratios in Atlanta properties, indicating improved credit profiles among new renters [67]

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, 2022 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 ...

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 September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECU ...

Washington Real Estate Investment Trust (WRE) Q2 2022 Results Conference Call July 29, 2022 10:00 AM ET Company Participants Amy Hopkins - VP, IR Paul McDermott - President and CEO Steve Riffee - EVP and CFO Grant Montgomery - VP and Head, Research Conference Call Participants Blaine Heck - Wells Fargo Mike Lewis - Truist Securities Michael Gorman - BTIG Bill Crow - Raymond James Alan Peterson - Green Street Operator Welcome to the WashREIT Second Quarter Earnings Conference Call. As a reminder, today’s cal ...

Financial Performance - For the three months ended June 30, 2022, the net loss was $8.874 million, an increase of 26.9% compared to a net loss of $6.992 million for the same period in 2021[111]. - Net operating income (NOI) for the 2022 Quarter was $32.796 million, representing a 23.5% increase from $26.553 million in the 2021 Quarter[111]. - NAREIT Funds From Operations (FFO) decreased to $15.165 million in the 2022 Quarter, down 26.2% from $20.559 million in the 2021 Quarter[111]. - Total revenue increased by $9.8 million, or 26.5%, to $46.6 million for the 2022 Quarter compared to $36.9 million for the 2021 Quarter[1]. - Total residential expenses increased by $3.8 million, or 28.5%, to $17.3 million for the 2022 Quarter compared to $13.5 million for the 2021 Quarter[1]. - Net loss increased by $1.9 million, or 26.9%, to $8.9 million for the 2022 Quarter compared to $7.0 million for the 2021 Quarter[1]. - General and administrative expenses increased by $1.3 million, or 21.0%, to $7.7 million for the 2022 Quarter compared to $6.3 million for the 2021 Quarter[133]. - The company reported a net cash provided by operating activities of $33.979 million for the six months ended June 30, 2022, a decrease of 47.4% compared to $64.622 million for the same period in 2021[182]. - The company’s NAREIT FFO for the six months ended June 30, 2022, was $29.641 million, down from $49.055 million for the same period in 2021[187]. Occupancy and Revenue - The average occupancy rate for residential same-store properties increased to 95.8% as of June 30, 2022, up from 95.1% as of June 30, 2021[112]. - Residential revenue from same-store portfolio increased by $1.9 million, or 5.3%, to $37.2 million for the 2022 Quarter compared to $35.3 million for the 2021 Quarter[125]. - Same-store portfolio revenue rose by $3.7 million, or 5.3%, to $73.93 million, primarily due to higher rental income and lower rent abatements[4]. - Residential revenue increased by $16.9 million, or 23.2%, to $89.98 million for the 2022 period compared to $73.03 million for 2021, driven by acquisitions and development[1]. Expenses and Costs - Total residential expenses increased by $5.92 million, or 21.7%, to $33.21 million, with expenses from acquisitions contributing $4.89 million[1]. - Transformation costs recognized during the 2022 Quarter were $2.0 million, with an anticipated additional $6.3 - $7.3 million in transformation costs for the remainder of 2022[108]. - Transformation costs decreased by $1.8 million, or 46.5%, during the 2022 Quarter compared to the previous year[134]. - Interest expense decreased by $4.0 million, or 39.4%, to $6.2 million for the 2022 Quarter compared to $10.2 million for the 2021 Quarter[136]. - Interest expense decreased by $8.48 million, or 41.8%, to $11.81 million, primarily due to the prepayment of unsecured notes[157]. Financing and Debt - Significant financing activity included the issuance of 1.0 million common shares at a weighted average price of $26.27, resulting in net proceeds of $26.9 million[115]. - As of June 30, 2022, the company had no outstanding balance on its $700.0 million unsecured revolving credit facility and $31.4 million in cash on hand[116]. - The company expects to have no debt maturities until the third quarter of 2023, indicating a stable capital structure[117]. - As of June 30, 2022, the company has total debt scheduled principal payments of $576.554 million, with $100,000 due in 2023 and $476.554 million due thereafter[170]. - The weighted average maturity for the company's debt is 6.9 years, indicating potential refinancing risks if cash flow is insufficient[171]. - The company has authorized the issuance of 150.0 million common shares, with 87.4 million shares outstanding as of June 30, 2022[177]. - The company did not issue common shares under its equity distribution agreements during the 2022 Quarter or 2021 Quarter, maintaining a focus on existing capital[178]. Strategic Transformation - The strategic transformation involved a shift from commercial to residential properties, simplifying the portfolio to focus on residential operations[107]. - The company expects to realize significant operational benefits from its redesigned operating model, with full implementation anticipated in 2023[162]. - The company plans to invest approximately $32.5 million to $37.5 million in its existing portfolio and $0.8 million to $1.0 million in development projects throughout 2022[165]. Risk Management - The company actively manages credit risk by dealing with major financial institutions and monitoring counterparty credit ratings[191]. - The company utilizes both fixed and variable rate debt, employing derivative financial instruments to manage interest rate risk effectively[167]. - The company has implemented interest rate swap arrangements to mitigate exposure to cash flow variability due to interest rate changes[191]. - The majority of the company's outstanding debt is long-term, fixed-rate debt, indicating stable interest rate risk[193]. - The company utilizes debt obligations primarily for general corporate purposes, including real estate acquisitions and working capital needs[192]. - The company has no off-balance sheet arrangements that could materially affect its financial condition as of June 30, 2022[184]. - As of June 30, 2022, the company was in compliance with all covenants related to its debt instruments, ensuring operational stability[176].

Washington Real Estate Investment Trust (WRE) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants Amy Hopkins – Vice President, Investor Relations Paul McDermott – Chairman, President and Chief Executive Officer Steve Riffee – Executive Vice President and Chief Financial Officer Grant Montgomery – Vice President, Head of Research Conference Call Participants Blaine Heck – Wells Fargo Tony Paolone – JP Morgan Operator Welcome to the Washington Real Estate Investment Trust First Q ...

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 March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Washington Real Estate Investment (WRE) Q4 2021 Earnings Conference Call February 18, 2022 11:00 AM ET Company Participants Amy Hopkins - VP of IR Paul McDermott - President & CEO Steve Riffee - CFO Conference Call Participants Anthony Paolone - JPMorgan John Pawlowski - Green Street Chris Lucas - Capital One Securities Operator Welcome to the Washington Real Estate Investment Trust Fourth Quarter Earnings Conference Call. As a reminder, today's call is being recorded. Before turning the call to the compan ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NO. 001-06622 ___________________________________________________ WASHINGTON REAL ESTATE ...

Washington Real Estate Investment (WRE) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Amy Hopkins - Vice President of Investor Relations Paul McDermott - President & Chief Executive Officer Steve Riffee - Executive Vice President & Chief Financial Officer Grant Montgomery - Vice President & Head of Research Conference Call Participants Jim Sullivan - BTIG John Pawlowski - Green Street Anthony Paolone - JPMorgan Blaine Heck - Wells Fargo Michael Lewis - Trust Securities B ...