Elme Communities (ELME), a multifamily REIT focused on affordable rental housing, saw its stock surge 6.52% in after-hours trading on Thursday. This move came after the company reported solid fourth-quarter 2024 results, with core FFO of $0.24 per share meeting estimates and revenue of $61.3 million beating expectations, up 4.1% year-over-year.
More significantly, Elme announced that its Board of Trustees has initiated a formal evaluation of strategic alternatives to maximize shareholder value. The company stated it will assess all options, including a potential sale, as ELME's shares continue to trade at a discount to private market valuations despite its strong growth prospects.
Looking ahead, Elme provided an optimistic outlook for 2025, forecasting core FFO of $0.91-$0.97 per share. The company expects to benefit from strong rental demand trends, favorable supply/demand dynamics in its core Washington D.C. and Atlanta markets, and continued growth in fee income from operational initiatives.
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