Elme Communities · NYSE:ELME
Elme Communities — Q2 2025 Earnings Presentation
30 slides from Elme Communities's earnings presentation, Aug 6, 2025
Slide 1: Elme Communities Q2 2025
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Slide 2: Elme Communities Announces Second Quarter 2025 Results
CONTACT: 7550 Wisconsin Ave, Suite 900 Amy Hopkins Bethesda, MD 20814 Vice President, Investor Relations Tel 202-774-3253 E-Mail: ahopkins@elmecommunities.com Fax 301-984-9610 www.elmecommunities.com August 5, 2025 Elme Communities Announces Second Quarter 2025 Results Elme Communities (the “Company
Slide 3: Second Quarter Operating Results
Elme Communities Second Quarter Operating Results • Multifamily same-store NOI - Same-store NOI increased 4.5% compared to the corresponding prior year period driven primarily by higher rental revenue and fee and ancillary income. Average occupancy for the quarter increased 0.2% from the prior year
Slide 4: Forward-Looking and Cautionary Statements
Elme Communities Forward-Looking and Cautionary Statements Certain statements in our earnings release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Forward-looking statements relate to expectations, be
Slide 5: Financial Highlights
Elme Communities ELME COMMUNITIES AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, OPERATING RESULTS 2025 2024 2025 2024 Revenue Real estate rental revenue $ 62,099 $ 60,103 $ 123,592 $ 119,616 Expenses Prop
Slide 6: Per Share Data
Elme Communities Three Months Ended June 30, Six Months Ended June 30, Per share data: 2025 2024 2025 2024 Net loss (Basic) $ (0.04) $ (0.04) $ (0.10) $ (0.08) (Diluted) $ (0.04) $ (0.04) $ (0.10) $ (0.08) NAREIT FFO (Basic) $ 0.23 $ 0.23 $ 0.44 $ 0.47 (Diluted) $ 0.23 $ 0.23 $ 0.43 $ 0.47 Dividends
Slide 7: Consolidated Balance Sheets
Elme Communities ELME COMMUNITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) June 30, 2025 December 31, 2024 Assets Land $ 383,808 $ 383,808 Income producing property 2,013,831 1,999,525 2,397,639 2,383,333 Accumulated depreciation and amortization
Slide 8: Net Operating Income Reconciliations
Elme Communities The following tables contain reconciliations of net loss to NOI and same-store NOI for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (3,566) $ (3,471) $ (8,241) $ (7,118) Adjustments: Property management ex
Slide 9: Core Funds From Operations
Elme Communities The following table contains a reconciliation of net loss to core funds from operations for the periods presented (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (3,566) $ (3,471) $ (8,241) $ (7,118) Add: Re
Slide 10: Adjusted EBITDA
Elme Communities Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (3,566) $ (3,471) $ (8,241) $ (7,118) Add/(deduct): Interest expense 9,498 9,384 18,958 18,878 Real e
Slide 11: Non-GAAP Financial Measures
Elme Communities Non-GAAP Financial Measures Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, gain/loss on interest rate derivatives, severance ex
Slide 12: Net Operating Income
Elme Communities Net Operating Income (“NOI”), defined as real estate rental revenue less direct real estate operating expenses, is a non- GAAP measure. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain or loss on sale, if an
Slide 13: Retention and Same-Store Portfolio
Elme Communities Retention represents the percentage of multifamily leases renewed that were set to expire in the period presented. Same-store Portfolio includes properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and pro
Slide 14: Table of Contents
Table of Contents June 30, 2025 Schedule Page Key Financial Data Consolidated Statements of Operations 14 Consolidated Balance Sheets 15 Funds From Operations/ Adjusted Funds From Operations 16-17 Portfolio Analysis Net Operating Income (NOI) - Multifamily 18 Same-Store Operating Results - Multifami
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Six Months Ended Three Months Ended December 31, September 30, OPERATING RESULTS June 30, 2025 June 30, 2024 June 30, 2025 March 31, 2025 2024 2024 June 30, 2024 Revenues Real estate rental revenue $ 123,592 $ 11
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) December 31, September 30, June 30, 2025 March 31, 2025 2024 2024 June 30, 2024 Assets Land $ 383,808 $ 383,808 $ 383,808 $ 383,808 $ 383,808 Income producing property 2,013,831 2,004,162 1,999,525 1,986,596 1,976,127 2,39
Slide 17: NAREIT FFO / AFFO
NAREIT Funds from Operations/ Adjusted Funds From Operations (In thousands, except per share data) (Unaudited) Six Months Ended Three Months Ended December 31, September 30, June 30, 2025 June 30, 2024 June 30, 2025 March 31, 2025 2024 2024 June 30, 2024 Funds from operations (FFO) Net loss $ (8,241
Slide 18: NAREIT FFO / AFFO Continued
NAREIT Funds from Operations/ Adjusted Funds From Operations (continued) (In thousands, except per share data) (Unaudited) Six Months Ended Three Months Ended March 31, December 31, September 30, June 30, 2025 June 30, 2024 June 30, 2025 2025 2024 2024 June 30, 2024 (1) Adjusted funds from operation
Slide 19: Net Operating Income - Multifamily
Net Operating Income (NOI) - Multifamily (Dollars In thousands) Six Months Ended Three Months Ended Apartment Homes as of March 31, December 31, September June 30, 2025 June 30, 2025 June 30, 2024 June 30, 2025 2025 2024 30, 2024 June 30, 2024 Rental and other property revenues Same-store rental and
Slide 20: Same-Store Operating Results - Multifamily
Same-Store Operating Results - Multifamily (Dollars in thousands, except Average Effective Monthly Rent per Home) Rental and Other Property Property Operating Average Effective Monthly Revenue Expenses Net Operating Income (1) Average Occupancy Rent per Home Quarter-to-Date Apt % Q2 Q2 % Q2 Q2 % Q2
Slide 21: Same-Store Operating Expenses - Multifamily
Same-Store Operating Expenses - Multifamily (In thousands) % of Q2 2025 Quarter-to-Date Comparison Q2 2025 Q2 2024 $ Change % Change Total Controllable operating expenses(1) $ 10,610 $ 10,212 $ 398 3.9 % 50.0 % Real estate taxes 6,099 6,060 39 0.6 % 28.8 % Utilities 3,255 3,102 153 4.9 % 15.4 % Insu
Slide 22: Multifamily Communities
Multifamily Communities June 30, 2025 Apartment Year Average Ending % of Total Community Location Homes Current Strategy Acquired Year Built Occupancy(1) Occupancy Portfolio NOI(1,2) Virginia Cascade at Landmark Alexandria, VA 277 B Value-Add 2019 1988 95.2% 96.0% 3% Clayborne Alexandria, VA 74 A- N
Slide 23: Multifamily Communities Continued
Multifamily Communities (continued) June 30, 2025 Apartment Year Average Ending % of Total Community Location Homes Current Strategy Acquired Year Built Occupancy(1) Occupancy Portfolio NOI(1,2) Georgia Elme Marietta (3) Marietta, GA 420 B Value-Add 2022 1975 88.4% 90.5% 2% Elme Sandy Springs Sandy
Slide 24: Office Property
Office Property June 30, 2025 Net Rentable Ending % of Total Property Location Year Acquired Year Built Square Feet Leased %(1) Occupancy(1) Portfolio NOI(2,3) Washington, DC Watergate 600 Washington, DC 2017 1972/1997 300,000 82.3% 82.3% 8% ______________________________ (1) The leased and occupied
Slide 25: Adjusted EBITDA
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (In thousands) (Unaudited) Six Months Ended Three Months Ended March 31, December 31, September June 30, 2025 June 30, 2024 June 30, 2025 2025 2024 30, 2024 June 30, 2024 (1) Adjusted EBITDA Net loss $ (8,241) $ (7,118)
Slide 26: Long Term Debt Analysis
Long Term Debt Analysis (Dollars in thousands) December 31, September 30, June 30, 2025 March 31, 2025 2024 2024 June 30, 2024 Balances Outstanding Unsecured Fixed rate bonds $ 398,301 $ 398,212 $ 398,123 $ 398,034 $ 397,945 (1) Term loan 124,895 124,849 124,830 124,880 124,788 Credit facility 175,0
Slide 27: Long Term Debt Maturities
Long Term Debt Maturities (in thousands, except average interest rates) June 30, 2025 Debt Maturity Ladder 400,000 300,000 Thousands ($) 200,000 100,000 0 2025 2026 2027 2028 2029 Thereafter Unsecured Debt Credit Facility Future Maturities of Debt Year Unsecured Debt Credit Facility Total Debt Avg I
Slide 28: Debt Covenant Compliance
Debt Covenant Compliance Unsecured Public Debt Covenants Unsecured Private Debt Covenants Line of Credit Notes Payable and Term Loan Notes Payable Quarter Ended Quarter Ended Quarter Ended June 30, 2025 Covenant June 30, 2025 Covenant June 30, 2025 Covenant % of Total Indebtedness to Total Assets(1)
Slide 29: Capital Analysis
Capital Analysis (In thousands, except per share amounts) Three Months Ended March 31, December 31, September 30, June 30, 2025 2025 2024 2024 June 30, 2024 Market Data Shares Outstanding 88,162 88,157 88,029 88,010 88,011 Market Price per Share $ 15.90 $ 17.40 $ 15.27 $ 17.59 $ 15.93 Equity Market
Slide 30: Net Loss to NOI Reconciliations
Net Loss to NOI Reconciliations (In thousands) Six Months Ended Three Months Ended December 31, September 30, June 30, 2025 June 30, 2024 June 30, 2025 March 31, 2025 2024 2024 June 30, 2024 Net loss $ (8,241) $ (7,118) $ (3,566) $ (4,675) $ (3,015) $ (2,970) $ (3,471) Adjustments: Property manageme