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Elme Communities (ELME+1.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details of the company's operations, financial performance, and strategic initiatives. Elme Communities operates as a real estate investment trust (REIT) focusing on apartment communities in the Washington, DC metro and Sunbelt regions.
Total real estate rental revenue for the year was $241.9 million, up from $227.9 million in 2023. The company reported a net loss of $13.1 million, an improvement from a net loss of $53.0 million in the previous year.
Net operating income (NOI) for the year was $153.2 million, a 3.5% increase from $148.1 million in 2023. The increase in NOI was attributed to higher rental rates and the acquisition of Elme Druid Hills.
Elme Communities did not acquire any new properties in 2024. The company completed the acquisition of Elme Druid Hills in 2023 for $108.0 million.
The company entered into a third amended and restated credit agreement in July 2024, providing for a revolving credit facility of $500.0 million, maturing in July 2028.
Capital improvements and development costs for the year totaled $47.4 million, with significant investments in unit renovations and property technology initiatives.
Elme Communities continues to focus on its strategy of providing quality, affordably priced housing in its target markets, with an emphasis on creating shareholder value through efficient operations and strategic investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Elme Communities annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.