Elme Communities ( (ELME) ) has released its Q4 earnings. Here is a breakdown of the information Elme Communities presented to its investors.
Elme Communities, a multifamily real estate investment trust, operates nearly 9,400 apartment homes in the Washington, DC and Atlanta metro regions, focusing on providing affordable housing to middle-income renters. The company reported a net loss of $3 million for the fourth quarter of 2024, with core funds from operations (FFO) standing at $20.7 million, or $0.24 per diluted share. Despite a slight increase in same-store multifamily net operating income and average effective monthly rent, the effective blended lease rate growth was marginal at 1.3%. For the full year, Elme Communities recorded a net loss of $13.1 million, with core FFO at $81.8 million. The company has initiated a strategic alternatives review to maximize shareholder value, reflecting its shares’ discount in the private market. Looking ahead, Elme Communities anticipates strong demand trends in its key markets, projecting core FFO per share for 2025 to range between $0.91 and $0.97, underpinned by favorable supply-demand dynamics and operational growth initiatives.