The following is a summary of the Elme Communities (ELME) Q3 2024 Earnings Call Transcript:

Financial Performance:

• ELME has tightened their 2024 core FFO per share guidance to $0.92 to $0.94, keeping the mid-point at $0.93.

• Same-store multifamily NOI growth for 2024 is now expected to range from 1% to 1.5%.

• There is a revision in non-same-store multifamily NOI projections ranging from $5.35 million to $5.75 million due to new supply pressures and higher tax assessments.

Business Progress:

• ELME reported strong performance for Washington Metro communities and moderate performance in Atlanta.

• There will be continuous investment in renovations and managed Wi-Fi to enhance property values and resident services.

• ELME's operational initiatives are on track, focusing on smart home technology, fee strategies, and payroll savings.

Opportunities:

• The demand outlook for ELME's real estate properties remains robust, powered by strong in-migration and favorable employment trends in key markets.

• Planned delivery of substantial NOI growth enhancements in Atlanta through increased improvements expected in 2025.

Risks:

• New lease growth challenges in Atlanta are anticipated due to current supply dynamics, affecting occupancy and rate metrics.

• Incremental bad debt, primarily in Atlanta, remains a concern despite ongoing improvements.

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