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Elme Communities (ELME)
NYSE:ELME
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Earnings Data
Report Date
Feb 13, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.03Last Year’s EPS
-$0.04Same Quarter Last Year
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 04, 2024
|% Change Since: -9.23%
|Next Earnings Date:Feb 13, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a mixed sentiment. While there is strong demand and positive performance in the Washington Metro area, challenges in the Atlanta market, notably with supply, bad debt, and new lease rates, offset these gains. The company is making strategic operational improvements, but the Atlanta market remains a concern.Company Guidance
During the third quarter 2024 earnings call, Elme Communities provided detailed guidance on various performance metrics. Core funds from operations (FFO) per share guidance for the year was tightened to a range of $0.92 to $0.94, maintaining a midpoint of $0.93. The same-store net operating income (NOI) growth assumption was refined to 1% to 1.5%, while non-same-store multifamily NOI was projected to range between $5.35 million and $5.75 million. Interest expense was expected to fall between $37.5 million and $38 million. The company's balance sheet remained strong, with a net debt to adjusted EBITDA ratio of 5.6x and liquidity of over $330 million on their revolving credit facility. In terms of operational metrics, Washington Metro occupancy was over 95%, with same-store portfolio retention at 66%. However, Atlanta faced challenges with occupancy in the low 90s and new lease rate growth in negative double digits. Despite these headwinds, Elme remains optimistic about long-term demand trends, particularly with expected improvements in Atlanta's supply-demand dynamics starting in 2025.Strong Demand in Key Markets
Demand remained strong in the Washington Metro and Atlanta Metro regions, driven by wage growth, stable employment, in-migration, and resident retention.
Resident Retention Rates
Same-store retention remained strong at 66% during the quarter, up from 61% in the third quarter of last year.
Washington Metro Occupancy
Washington Metro occupancy increased, driven by strong performance from Northern Virginia communities, and ended the month at 95.1%.
Renovations and ROI
Completed renovations on 188 units, generating an average ROI of approximately 17%.
Balance Sheet and Liquidity
Net debt to adjusted EBITDA was 5.6x, with over $330 million or 65% of capacity available on the revolving credit facility.
ESG Commitment
Published an ESG report outlining progress toward efficiency goals and resident health and wellness.
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ELME Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ELME Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 04, 2024 | $16.50 | $16.70 | +1.21% |
| Aug 01, 2024 | $16.34 | $16.58 | +1.47% |
| May 01, 2024 | $14.67 | $14.80 | +0.89% |
| Feb 15, 2024 | $13.89 | $13.46 | -3.10% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Elme Communities (ELME) report earnings?
Elme Communities (ELME) is schdueled to report earning on Feb 13, 2025, TBA Not Confirmed.
What is Elme Communities (ELME) earnings time?
Elme Communities (ELME) earnings time is at Feb 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ELME EPS forecast?
ELME EPS forecast for the fiscal quarter 2024 (Q4) is -$0.03.
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