Elme Communities reports Q2 core FFO 23c, consensus 23c

Reports Q2 revenue $60.1M, consensus $60.22M. “The positive momentum we began to experience in April has continued, and blended lease rate growth and occupancy improved sequentially during the second quarter and further increased in July,” said Paul McDermott, president and CEO. “The demand patterns that we are seeing in Northern Virginia are exceptional, and we are tightening and raising the midpoint of our same-store multifamily NOI assumption due to better-than-expected Washington Metro performance. While the Atlanta market is experiencing an unprecedented level of new supply, our operating fundamentals are showing stability with modest improvement, supported by strong retention and renewal rates.”