Elme Communities Reports Financial Gains, Initiates Strategic Review

Elme Communities, a Maryland-based real estate investment trust, has released its 2024 financial results, reporting a total revenue of $223.6 million, up 6.8% from 2023, alongside a net loss of $13.1 million, significantly improved from a loss of $53 million the previous year. The company’s net operating income (NOI) rose to $153.2 million, reflecting higher rental rates and the recent acquisition of Elme Druid Hills. Elme's Board of Trustees has initiated a strategic review to enhance shareholder value, acknowledging that shares are currently trading at a discount. Despite the net loss, core funds from operations (FFO) increased to $82.8 million, driven by strong occupancy rates and rental income across their properties in the Washington, DC metro and Atlanta metro areas. The Washington, DC region showed robust demand with occupancy reaching 96%, while the Atlanta metro area faced challenges with a 4.1% annual rent decrease. The company aims to continue focusing on providing affordable housing and executing value-add renovations to boost its market position.