Elme Communities announced its third quarter 2024 financial and operating results on November 4, 2024, reporting a net loss of $4.7 million for the quarter, compared to a net loss of $3.6 million in the prior year quarter. Total real estate rental revenue increased to $61.5 million in Q3 2024 from $59.5 million in Q3 2023. Net Operating Income (NOI) saw a 4.5% increase, rising to $39.5 million from $37.8 million.
Same-store NOI increased by 5.5%, driven primarily by higher rental rates. Same-store multifamily occupancy averaged 94.8% in Q3 2024, a 50 basis point improvement from 94.3% in Q3 2023, with blended lease rate growth for the same-store portfolio at 1.9%. Paul T. McDermott, President and CEO, noted solid demand in the Washington Metro portfolio, resulting in a 0.6% sequential improvement in same-store occupancy.
The company tightened its Core FFO guidance range for the full year 2024 to $0.92 to $0.94 per fully diluted share. Management indicated that Atlanta's performance reflected elevated supply and slower than expected improvement in bad debt, although they anticipate meaningful improvement in 2025 due to lower bad debt and increasingly favorable supply/demand dynamics. Elme also declared a quarterly dividend of $0.18 per share, payable on January 6, 2025.
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