Elme Communities (NYSE:ELME) Q3 2023 Results Conference Call October 27, 2023 10:00 AM ET

Company Participants

Amy Hopkins - Vice President Investor Relations

Paul McDermott - Chairman of Board, President and CEO

Tiffany Butcher - Executive VP and COO

Steven Freishtat - Executive VP and CFO

Grant Montgomery - Vice President of Research

Conference Call Participants

Jamie Feldman - Wells Fargo

Alan Peterson - Green Street

Operator

Hello, and welcome to the Elme Communities Third Quarter 2023 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.

Amy Hopkins

Good morning, and thank you for joining our third 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 also be available on our webcast replay.

Before we begin our prepared remarks, I would like to remind everyone that this conference call contains 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 statements 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 distributed yesterday and can be found on the Investors page of our website.

And with that, I'd like to turn the call over to our CEO, Paul McDermott.

Paul McDermott

Thanks, Amy. We delivered solid third quarter operating performance and the operating trends that we are seeing today align with our expectations and guidance for the remainder of the year. Therefore, we are maintaining the midpoint and tightening our FFO guidance. In terms of our recent company updates, we closed on the acquisition of a 500 home apartment complex in the inner suburbs of Atlanta for $108 million on September 29. This acquisition rounds out our Atlanta footprint and improves our future growth profile. I'll talk more about this acquisition in a minute.

Additionally, we welcomed a new member to our Board of Trustees. Susan Caris is an accomplished leader in the real estate industry who brings extensive multifamily transaction experience and a deep network of relationships. We look forward to the valuable insights that he will bring to our Board. I'll focus my prepared remarks today on our recent acquisition and future external growth expectations. Tiffany will cover our operating trends and growth initiatives, and Steve will discuss our balance sheet and guidance updates.