Elme Communities announced its second quarter 2025 financial and operating results on August 5, 2025, reporting a net loss per diluted share of ($0.04), matching the prior year's quarter. Real estate rental revenue was $62.1 million. Core Funds From Operations (Core FFO) rose 4.3% to $0.24 per diluted share, compared to $0.23 in Q2 2024.
The company's same-store multifamily net operating income (NOI) increased by 4.5%, and blended lease rate growth was 1.3%. However, new lease rates declined by 3.3%, while renewals rose by 4.9%. The office property, Watergate 600, saw its NOI drop by 7.3% year-over-year due to lower occupancy, which stood at 82.3%.
In light of the August 4, 2025 announcement regarding the sale of 19 multifamily communities for approximately $1.6 billion and the adoption of a voluntary plan of sale and liquidation, Elme Communities has withdrawn its prior 2025 guidance and assumptions. The company does not expect to issue new guidance for 2025 or 2026, shifting investor focus to the realization of asset values and the timeline for liquidation.
Elme declared a quarterly dividend of $0.18 per share, payable on October 3, 2025. The company reported solid liquidity of $330 million, providing financial flexibility during the transition period towards its planned dissolution.
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