Elme Communities Announces Fourth Quarter and Full Year 2024 Results

Core Insights - Elme Communities has initiated a formal evaluation of strategic alternatives to maximize shareholder value, working with independent financial and legal advisors [4][5][7] - The company has transformed into a multifamily REIT and expanded its footprint, yet its shares continue to trade at a discount compared to private market valuations [5][6] - Elme Communities reported a net loss of $3.0 million for Q4 2024, with Core FFO of $20.7 million, reflecting a focus on improving performance and profitability [6][19] Financial Highlights - For Q4 2024, same-store multifamily NOI increased by 1.7% year-over-year, while average effective monthly rent per home rose by 1.9% [6][19] - The company reported a full-year net loss of $13.1 million for 2024, with Core FFO of $81.8 million, indicating a year-over-year improvement in operational metrics [6][19] - Available liquidity was approximately $330 million as of December 31, 2024, with a strong balance sheet showing only $125 million of debt maturing before 2028 [6][19] 2025 Guidance - Elme expects Core FFO for 2025 to range from $0.91 to $0.97 per fully diluted share, with same-store multifamily revenue growth projected between 2.1% and 3.6% [8][9] - The company anticipates same-store multifamily expense growth of 2.75% to 4.25% and NOI growth of 1.5% to 3.5% for 2025 [9][10] - Key assumptions for 2025 include strong demand trends in the Washington Metro portfolio and improving credit trends in Atlanta [8][9] Dividend Information - Elme Communities declared a quarterly dividend of $0.18 per share, to be paid on April 3, 2025, to shareholders of record on March 19, 2025 [11]