The following is a summary of the Elme Communities (ELME) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Elme Communities reported a solid effective blended lease rate growth of 2.3% for their same-store portfolio, with renewal lease rate growth of 6.2% and a decline of 2.1% in the average new lease rate.

• A slight decline was experienced in their average same-store occupancy to 94.4%, driven by new supply and eviction timings in their Atlanta portfolio.

• The company expects NOI growth to occur in the second half of 2024 based on improving bad debt trends in Atlanta and rent growth in their Washington portfolio.

• Between $1.7 to $1.9 million of additional NOI and FFO is projected to be generated from operational initiatives in 2024.

Business Progress:

• The company experienced a strong average ROI of approximately 17% on 120 home renovations in Q1 and forecasts to complete over 400 full renovations and over 100 home upgrades this year.

• Emphasizing renewals, resident retention, and improved resident credit, Elme Communities aims at maximizing rent growth.

• Managed WiFi program and other operational upside initiatives have been influencing the company's top and bottom line, and marketing initiatives have been showing positive results.

• The company predicts continued job growth and in-migration will boost performance in Washington Metro and expects a gradual normalization of conditions in Atlanta.

• The company has a strong balance sheet with about $540 million or approximately 80% of their total line of credit's capacity available, securing no debt and no debt maturities until 2025.

More details: Elme Communities IR

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