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Elme Communities (NYSE: ELME), formerly known as Washington REIT, is a real estate investment trust (REIT) specializing in the ownership and operation of high-quality properties in the greater Washington, DC metropolitan area. With a portfolio strategically concentrated in one of the nation's most influential gateway markets, Elme Communities leverages over five decades of regional expertise to deliver value through a mix of multifamily residential, office, and retail properties.
Core Business Model
Elme Communities generates nearly all its income from rental revenue, derived from long-term leases with tenants across its diversified property portfolio. The company’s multifamily residential assets form a significant and growing portion of its holdings, reflecting a strategic shift toward meeting the rising demand for urban living spaces near key transportation nodes and employment hubs. Its office properties, historically the largest revenue contributors, cater to tenants in sectors such as banking, consulting, law, and financial services, while retail properties provide additional diversification.
Strategic Market Position
Operating exclusively in the Washington, DC metro area, Elme Communities benefits from the region's economic stability, driven by government institutions, private sector growth, and a highly educated workforce. This localized focus allows the company to act as a 'sharp-shooter,' optimizing property performance through tailored management strategies and deep market knowledge. The area's robust demand for multifamily housing and strategic importance as a commercial hub further reinforce Elme's competitive positioning.
Portfolio Highlights
- Multifamily Properties: The company’s residential assets are designed to meet the needs of urban professionals and families, offering modern amenities and proximity to transit systems.
- Office Properties: Elme’s office spaces are leased to a diverse mix of tenants, including financial services firms and consulting agencies, ensuring stable cash flows.
- Retail Properties: Retail assets complement the portfolio by serving as community-centric spaces that enhance the surrounding neighborhoods.
Competitive Landscape
Elme Communities operates in a highly competitive real estate market, contending with other REITs and property management firms targeting urban gateway regions. Its differentiation lies in its exclusive focus on the Washington, DC metro area, enabling it to deliver specialized, high-quality property management. The company’s emphasis on multifamily residential assets positions it to capitalize on shifting market dynamics favoring rental housing over traditional office or retail spaces.
Challenges and Opportunities
Key challenges for Elme Communities include maintaining tenant retention in a competitive environment, navigating economic fluctuations that impact commercial real estate demand, and adapting to evolving tenant preferences. However, its strategic focus on multifamily housing and its deep-rooted presence in a stable economic region provide opportunities for sustained growth and market resilience.
In summary, Elme Communities represents a well-established player in the real estate sector, leveraging its regional expertise and diversified portfolio to navigate the complexities of the Washington, DC metro market. Its evolving focus on multifamily residential properties underscores its commitment to adapting to market trends while maintaining a strong foundation in rental revenue generation.
Elme Communities (NYSE: ELME) reported its Q4 and full-year 2024 results, announcing a strategic review to maximize shareholder value. The company reported a Q4 net loss of $3.0 million ($0.03 per share) and Core FFO of $20.7 million ($0.24 per share). For full-year 2024, net loss was $13.1 million ($0.15 per share) with Core FFO of $81.8 million ($0.93 per share).
Key operational highlights include a 1.7% increase in Q4 same-store multifamily NOI and 1.9% growth in Average Effective Monthly Rent Per Home. The company maintained strong occupancy at 95.0% during Q4. For 2025, Elme projects Core FFO between $0.91-$0.97 per share, with same-store multifamily NOI growth of 1.5-3.5%.
The Board has initiated a formal evaluation of strategic alternatives with Goldman Sachs and Jones Lang LaSalle Securities as financial advisors. The company maintains approximately $330 million in available liquidity and announced a quarterly dividend of $0.18 per share.
Elme Communities (NYSE:ELME), a multifamily real estate investment trust, has scheduled its fourth quarter 2024 earnings release for Thursday, February 13, 2025, after market close. The company will host a conference call to discuss the results on Friday, February 14, 2025, at 10:00 am ET, accompanied by a webcast presentation with slides.
Elme Communities operates apartment homes in the Washington, DC metro area and the Sunbelt, focusing on providing quality, affordable housing to mid-market demand. The company aims to create long-term shareholder value through its commitment to elevating residential standards with superior quality, service, and experience.
Elme Communities (NYSE:ELME) has disclosed the income tax treatment of its 2024 dividend distributions. The company paid a total dividend of $0.72 per share throughout 2024, distributed in four quarterly payments of $0.18 each on January 4, April 3, July 3, and October 3.
The tax breakdown of each dividend payment consists of: 10.616% Ordinary Taxable Income ($0.01911), 10.616% Section 199A Dividends ($0.01911), 10.547% Capital Gains ($0.01898), and 78.837% Return of Capital ($0.14191).
Elme Communities is a multifamily REIT that owns and operates approximately 9,400 apartment homes in the Washington, DC and Atlanta metro regions, along with about 300,000 square feet of commercial space.
Elme Communities (NYSE: ELME) reported Q3 2024 financial results with a net loss of $3.0 million ($0.03 per share). The company achieved NAREIT FFO of $20.5 million ($0.23 per share) and Core FFO of $20.7 million ($0.23 per share). Same-store multifamily NOI increased by 2.3% year-over-year, with effective blended lease rate growth of 2.1%. The company maintained strong occupancy at 95.2% and improved retention to 66%. Available liquidity stood at $337 million, with a Net Debt to Adjusted EBITDA ratio of 5.6x. The company tightened its 2024 Core FFO guidance range to $0.92-$0.94 per share.
Elme Communities (NYSE:ELME), a value-oriented multifamily owner and operator, has announced it will release its third quarter 2024 earnings results after market close on Monday, November 4, 2024. The company will host a conference call to discuss these results on Tuesday, November 5, 2024, at 10:00 am ET, which will include a webcast presentation with slides.
Conference call access details have been provided, including toll-free and international numbers, as well as an entry code. An instant replay of the call will be available until Tuesday, November 19, 2024, at 11:59 pm ET. Elme Communities focuses on providing quality, affordable homes to mid-market demand in the Washington, DC metro and Sunbelt areas, aiming to build long-term shareholder value.
Elme Communities (NYSE: ELME) reported its Q2 2024 financial results. Key highlights include:
- Net loss of $3.5 million, or $0.04 per diluted share
- NAREIT FFO of $20.4 million, or $0.23 per diluted share
- Core FFO of $20.5 million, or $0.23 per diluted share
- Net Operating Income (NOI) of $38.1 million
- Same-store multifamily NOI increased by 1.3% year-over-year
- Effective blended Lease Rate Growth of 3.2% for Same-Store Portfolio
- Average Effective Monthly Rent Per Home increased 2.5% year-over-year
- Same-store multifamily Average Occupancy was 94.6%, down 0.8% year-over-year
The company tightened its 2024 Core FFO guidance range to $0.91 to $0.95 per fully diluted share and declared a quarterly dividend of $0.18 per share.
Elme Communities (NYSE: ELME), a multifamily owner and operator, has announced the establishment of a new $500 million credit facility, replacing its prior revolving credit facility due to mature in August 2025. This new facility, effective from July 11, 2024, has a four-year term ending on July 10, 2028, and includes two 6-month extension options. It also features an accordion mechanism offering an additional $500 million capacity. The initial interest rate is set at adjusted daily SOFR plus 85 basis points, subject to Elme’s credit ratings. Steven Freishtat, Executive Vice President and CFO, highlighted the facility's role in strengthening liquidity and optimizing costs. Wells Fargo Bank serves as the administrative agent, with multiple financial institutions, including Wells Fargo Securities and KeyBanc Capital Markets, acting as joint lead arrangers and bookrunners.
Elme Communities (NYSE: ELME), a value-oriented multifamily owner and operator based in Bethesda, Md., will release its second quarter earnings results for 2024 after market close on Thursday, August 1, 2024.
The company will conduct a conference call to discuss these results on Friday, August 2, 2024, at 10:00 am ET. A live webcast presentation will also be available. For those unable to attend, an instant replay of the conference call will be accessible until Friday, August 16, 2024, at 11:59 pm ET.
Access to the conference call and webcast can be obtained through the following: USA Toll Free Number: 888-506-0062, International Toll Number: 973-528-0011, Entry Code: 222443, Webcast: ir.elmecommunities.com. Instant replay can be accessed at USA Toll Free Number: 877-481-4010, International Toll Number: 919-882-2331, Conference ID: 50778, and Webcast Replay: ir.elmecommunities.com.
Elme Communities, a multifamily REIT, reported first-quarter 2024 financial results. Net loss was $3.6 million, NAREIT FFO was $21.3 million, Core FFO was $19.9 million. NOI was $37.8 million. Lease Rate Growth was 2.3%. Average Occupancy was 94.4%. Available liquidity was $545 million. The company expects Core FFO for 2024 to range from $0.90 to $0.96 per fully diluted share.
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