Elme Communities (NYSE:ELME) Q2 2023 Results Conference Call August 1, 2023 10:00 AM ET
Company Participants
Paul McDermott - CEO
Amy Hopkins - VP, IR
Steve Freishtat - CFO
Grant Montgomery - VP and Head, Research
Conference Call Participants
Jamie Feldman - Wells Fargo
Alan Peterson - Green Street
Tony Paolone - JPMorgan
Michael Gorman - BTIG
Operator
Welcome to the Elme Communities Second 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 second quarter earnings call. Today’s event is being webcast with the 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 certain 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 a very strong second quarter with same-store multifamily NOI growth of 10.9% and core FFO per share growth of 14.3% year-over-year.
I am very pleased to share that we have officially completed the transition of community-level operations to Elme management.
We kicked off this strategy in 2021, and I want to thank all of the team members that contributed to countless hours to designing and implementing our new operating model. I would also like to welcome our newest community team members and thank them for all the hard work and dedication to customer service that they’ve shown throughout this transition.
We launched our new platform with minimal disruption to our existing residents and very high community team retention. We are thrilled to have this transition behind us and we look forward to turning our full attention for our operating initiatives.
On that note, we welcomed the new Chief Operating Officer to our executive team in July. Tiffany Butcher brings extensive experience in multifamily operations that aligns well with our goals for our operating platform. I expect her leadership to enhance our ability to drive NOI growth and look forward to her participation on future earnings calls.