Elme Communities announced its fourth quarter and full year 2024 financial and operating results on February 13, 2025. The company reported Core FFO of $0.23 per diluted share for the fourth quarter and $0.93 per diluted share for the full year 2024. Strong demand trends in the Washington Metro portfolio and business interruption insurance proceeds contributed to higher-than-expected same-store multifamily revenue growth in Q4.
Concurrently, Elme's Board of Trustees initiated a formal evaluation of strategic alternatives aimed at maximizing shareholder value. Paul T. McDermott, President and CEO, stated that the review was prompted by the company's shares trading at a discount to private market value, despite its transformation into a multifamily REIT. Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities, LLC are serving as financial advisors, with Hogan Lovells US LLP as legal counsel for this process.
For 2025, Elme provided Core FFO guidance ranging from $0.91 to $0.97 per fully diluted share. This outlook is supported by anticipated strong demand for value-oriented rental options, favorable supply/demand dynamics in the Washington Metro region, improving credit trends in Atlanta, and continued growth in fee income from operating initiatives. The company also declared a quarterly dividend of $0.18 per share, payable on April 3, 2025.
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