Elme Communities sees FY24 FFO 92c-94c

“For FY24, same-store multifamily NOI growth is now expected to range from 1.0% to 1.5% Non-same-store multifamily NOI is now expected to range from $5.35 million to $5.75 million”We continue to experience solid demand across our Washington Metro portfolio, resulting in a 0.6% sequential improvement in same-store occupancy,” said Paul T. McDermott, President and CEO. “In Atlanta, while we are achieving strong retention and renewal rates, our third quarter performance reflects the combined impacts of elevated supply and slower than expected improvement in bad debt. Looking ahead to 2025, we expect to deliver meaningful improvement in our Atlanta performance due to lower bad debt and we anticipate increasingly favorable supply/demand dynamics thereafter.””We are pleased with the strong performance from our Washington Metro portfolio and how our teams have effectively managed operating expenses,” said Steven Freishtat, Executive Vice President and CFO. “However, progress on reducing bad debt across our Atlanta portfolio was slower than anticipated for the quarter..” said the company…As a result, we are tightening our guidance range while reiterating the midpoint of Core FFO guidance.” The Company is tightening its Core FFO guidance range for 2024 to $0.92 to $0.94 per fully diluted share.