The following is a summary of the Elme Communities (ELME) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Elme Communities revealed Q4 effective blended lease rate growth of 2.5%, with a renewal lease rate growth of 6.2% and an average new lease rate decline of 2.4%.

• The company maintained an average same-store occupancy of 95.5% during Q4, which is a growth of 50 basis points compared to the prior year.

• The company completed over 300 full renovations and 77 partial renovations in 2023 with a total cost of $5 million, achieving an average renovation ROI of approx. 15%.

• Q4 growth included 8.3% same-store multifamily NOI growth and 10.2% core FFO per share growth.

• Expectations for 2024 include same store multifamily NOI growth between 0.25% to 2% and a core FFO implying a 4% year-over-year decline to between $0.90 and $0.96 per fully diluted share.

Business Progress:

• The Washington Metro portfolio, comprising over 80% of its multifamily NOI, is expected to be the primary NOI growth driver due to favorable demand trends and rent growth.

• Expansion into DFW corridor and the Carolinas is being considered for geographic diversification and balance sheet strength.

• Over 400 full renovations and over 100 partial renovations are planned for 2024.

• A managed Wi-Fi roll-out across the portfolio is in the works, starting with seven communities in 2024.

• The company has a strong liquidity position with approximately $550 million or 80% capacity on its line of credit, no secured debt and no debt maturities until 2025.

• It also plans to drive growth from its same-store and non-same-store multifamily portfolios.

• It anticipates higher property management fees due to portfolio growth.

More details: Elme Communities IR

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