Q2 2024 Elme Communities Earnings Call Transcript
Key Points
- Elme Communities (ELME) reported strong occupancy rates, particularly in the Washington Metro area, with same-store occupancy averaging 95.3% through July.
- The company achieved a 17% return on investment (ROI) on 150 home renovations during the second quarter.
- Elme Communities (ELME) successfully launched the Elme Resident Services department, aimed at streamlining community operations and enhancing process efficiencies.
- The company tightened its 2024 core FFO per share guidance range to $0.91 to $0.95, maintaining a midpoint of $0.93.
- Elme Communities (ELME) entered into a new four-year $500 million revolving credit facility, enhancing its liquidity position with over $320 million available as of August 1.
- The Atlanta market continues to face challenges with elevated supply and bad debt, with bad debt in the Atlanta portfolio at 6.6% in the second quarter.
- New lease rate growth was minimal, at 0.2% for the second quarter and 0.4% in July, indicating slow improvement.
- The company expects expense growth in the 5% to 6% range for 2024, driven by higher taxes and payroll costs.
- Occupancy in the Atlanta market remains lower, averaging 89.5% during the quarter and increasing to 90.6% in July.
- The company is facing challenges with the timing of evictions in Atlanta, which could continue to pressure occupancy rates.
Greetings, and welcome to the Elme Communities second quarter 2024 earnings conference Call. As a reminder, today's call is being recorded.
At this time, I would like to turn the call over to Amy Hopkins, Vice President, Investor Relations. Amy, please go ahead.
Good morning, and thank you for joining our second quarter earnings call. Today's event is being webcast with a slide presentation that is available on the Investors section of our website and will be available on our webcast replay.
Statements made during this call may constitute forward-looking statements that involve known and unknown risks and uncertainties which may cause actual results to differ materially, and we undertake no duty to update them as actual events unfold, we refer to certain of these risks in our SEC filings.
Reconciliations of the GAAP and non-GAAP financial measures discussed on this call are available in our most recent earnings press release and financial supplement, which was
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