Elme Communities reported financial and operating results for the quarter ended September 30, 2024. The company experienced solid demand in its Washington Metro portfolio, with a sequential improvement in same-store occupancy. However, progress on reducing bad debt in the Atlanta portfolio was slower than anticipated.
Net loss was $3.0 million, or $0.03 per diluted share.
NAREIT FFO was $20.5 million, or $0.23 per diluted share.
Same-store multifamily NOI increased by 2.3% compared to the prior year quarter.
Available liquidity was approximately $337 million as of September 30, 2024.
The Company is tightening its Core FFO guidance range for 2024 to $0.92 to $0.94 per fully diluted share. Same-store multifamily NOI growth is now expected to range from 1.0% to 1.5%.
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