Elme Q2 2024 NAREIT FFO $0.23/share; tightens Core FFO guidance to $0.91-$0.95

Elme Communities

2024-Q2 EPS reported -$0.08 revenue$119,616,000

Net loss $3.5M ($0.04 diluted); NAREIT FFO $20.4M ($0.23); Core FFO $20.5M ($0.23).
Same-store multifamily NOI +1.3% YoY; blended lease rate growth 3.2% (renewal 5.4%); average occupancy 94.6%.
Core FFO guidance tightened to $0.91-$0.95 from $0.90-$0.96; same-store NOI growth raised to 0.75%-1.75%.
Amended credit facility: $500M revolver (expandable to $1B), maturity extended to July 2028.
Quarterly dividend $0.18 declared, payable Oct 3 to holders of record Sep 19.

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