Elme Communities Announces Third Quarter 2024 Results

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]