Real Estate News

Healthcare Realty Trust Reports Results for the Second Quarter

The Company is focused on its top priorities of capital allocation and operational momentum to accelerate FFO growth and improve dividend coverage.

CAPITAL ALLOCATION MOMENTUMGenerated approximately $400 million of proceeds from JV and asset sale transactions through the second quarterAdditional transactions under contract or LOI that are expected to increase proceeds to more than $1 billion, with the majority of these transactions occurring by the end of the third quarterRepurchased 18.5 million shares to date, totaling $294.5 millionOPERATIONAL MOMENTUMDelivered multi-tenant absorption of 183,000 square feet year-to-date, or 55 basis points, exceeding expectations for the first half of 2024Generated strong new leasing momentum with new leases of approximately 432,000 square feet, the fourth consecutive quarter above 400,000Improved tenant retention to 85.5%, compared to 84.8% in first quarter 2024 and 79.3% for full year 2023

NASHVILLE, Tenn.

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Elme Communities Announces Second Quarter 2024 Results

BETHESDA, Md., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Elme Communities (the “Company”) (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 ended June 30, 2024:

Financial Results

Net loss was $3.5 million, or $0.04 per diluted shareNAREIT FFO was $20.4 million, or $0.23 per diluted shareCore FFO was $20.5 million, or $0.23 per diluted shareNet Operating Income (NOI) was $38.1 million

Operational Highlights

Same-store multifamily NOI increased by 1.3% compared to the prior year periodEffective blended Lease Rate Growth increased to 3.2% for our Same-Store Portfolio during the quarter, comprised of effective new Lease Rate Growth of 0.2% and effective renewal Lease Rate Growth of 5.4%Average Effective Monthly Rent Per Home increased 2.5% compared to the prior year period for our Same-Store PortfolioSame-store Retention was 65% while achieving strong renewal Lease Rate GrowthSame-store multifamily Average Occupancy was 94.6% during the quarter, down 0.8% compared to the prior year period and up 0.2% compared to the prior quarter.

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Mainstay, a Comprehensive Market Intelligence Platform for the Single-Family Rental Industry, Launches as an Independent Company from Opendoor

Company Secures Funding Round Led by Khosla Ventures

SAN FRANCISCO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Mainstay (“Company”), formerly Open Exchange, a comprehensive market intelligence and transaction platform for the single-family rental industry, today announced its launch as an independent, privately-held company, marking its separation from Opendoor Technologies Inc.

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Retransmission — MacKenzie Realty Capital, Inc. Announces initiation of tender offer for Starwood REIT

ORINDA, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- MacKenzie Realty Capital, Inc. (OTCQX: MKZR) (“MacKenzie” or the “Company”) is announcing that it has today, together with its affiliates, launched a tender offer to purchase up to 700,000 Class S Shares of Starwood Real Estate Income Trust (“Starwood”) for $17.50 per Share, an approximate 24% discount to Starwood’s estimated net asset value of $22.94 as of May 31, 2024.

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Local Developer Takes Critical First Step To Add Housing to Eastern Waterfront in South Portland, Maine

Yard South Submits Zone Change Application to the City

South Portland, ME, Aug. 01, 2024 (GLOBE NEWSWIRE) -- After six years of community outreach, planning and studies, and feedback following a 2022 pre-app meeting, the Yard South development team announced that a formal zoning application to create a dynamic mixed-use neighborhood was submitted to the City of South Portland.

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