Elme Communities - ELME STOCK NEWS

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.

Elme Communities (ELME) will release its first quarter earnings results on May 1, 2024, followed by a conference call and webcast on May 2, 2024. Investors can access the call and webcast for insights into the company's performance.

Elme Communities (NYSE: ELME) reported strong financial and operational results for the full year 2023 and fourth quarter. The company's net loss was $53.0 million for the full year, with NAREIT FFO up 27.9% and Core FFO up 10.2% compared to the prior year. NOI increased by 9.4%, and average effective monthly rent per home rose by 6.5%. In the fourth quarter, net loss was $3.1 million, with NAREIT FFO up 14.3%. The company's liquidity position was strong, with approximately $550 million available as of December 31, 2023. Elme provided guidance for 2024, expecting moderated NOI growth and Core FFO ranging from $0.90 to $0.96 per fully diluted share.

Elme Communities (ELME) announced the income tax treatment of its 2023 dividend distributions, representing final income allocations. Shareholders are encouraged to consult with their personal tax advisors for specific tax treatment. The Ordinary Taxable Income Per Share is equal to the 199A dividend created by the 2017 Tax Cuts and Jobs Act. The total dividend distributions for 2023 are $0.71000 per share, with 33.29% being Ordinary Taxable Income Per Share and 33.29% being Section 199A Dividends Per Share. Shareholders should take note of these figures for tax planning purposes.

Elme Communities (ELME) will release its fourth quarter earnings results on February 15, 2024, followed by a conference call and webcast on February 16, 2024. The company will provide access information for the call and webcast, as well as details for the instant replay. Investors and analysts can tune in to discuss the financial performance of Elme Communities.

Elme Communities (NYSE: ELME) reported financial and operating results for Q3 2023. Net loss was $43.6 million, NAREIT FFO was $20.1 million, and Core FFO was $21.4 million. Same-store multifamily NOI increased by 7.3%. The company acquired Elme Druid Hills for $108.0 million. Available liquidity was approximately $560 million. The company provided 2023 guidance with expected high single-digit same-store multifamily NOI growth.