Board of Trustees Initiates Review of Strategic Alternatives to Maximize Shareholder Value
BETHESDA, Md., Feb. 13, 2025 (GLOBE NEWSWIRE) -- Elme Communities (the “Company” or “Elme”) (NYSE: ELME), a multifamily REIT with communities in the Washington, DC metro area and the Atlanta metro area, reported financial and operating results today for the quarter and year ended December 31, 2024:
Fourth Quarter Financial and Operational Highlights
Net loss was $3.0 million, or $0.03 per diluted shareCore FFO was $20.7 million, or $0.24 per diluted shareSame-store multifamily NOI increased by 1.7% compared to the prior year quarterAverage Effective Monthly Rent Per Home increased 1.9% compared to the prior year quarter for our Same-Store PortfolioEffective blended Lease Rate Growth was 1.3% for our Same-Store Portfolio during the quarter, comprised of effective new Lease Rate Growth of (3.6)% and effective renewal Lease Rate Growth of 5.1%Same-store Retention was 68%, up 3% compared to the prior year quarterSame-store multifamily Average Occupancy was 95.0% during the quarter, up 0.1% compared to the prior year quarterSame-store multifamily Ending Occupancy was 95.4%, up 0.1% compared to the prior year quarter and up 0.6% compared to the prior quarter.
