Elme Communities Announces Second Quarter 2024 Results

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]