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    Cole Bardawill • Wolfe Research, LLC

    Cole Bardawill's questions to Elme Communities (ELME) leadership

    Cole Bardawill's questions to Elme Communities (ELME) leadership • Q4 2024

    Question

    Cole Bardawill asked for clarification on the 2025 occupancy outlook for the D.C. portfolio, questioning if any erosion was expected. He also inquired about the specific drivers for the high property operating expenses observed in D.C. and Maryland during the fourth quarter.

    Answer

    COO Tiffany Butcher clarified that they expect D.C. occupancy to remain strong and stable in the 96% range, similar to the prior year, with gradual improvement expected in Atlanta. CFO Steven Freishtat explained that the high Q4 operating expenses in the D.C. metro were primarily due to utility cost true-ups that hit at a couple of properties during the quarter.

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    Cole Bardawill's questions to Elme Communities (ELME) leadership • Q3 2024

    Question

    Cole Bardawill inquired about the historical impact of presidential elections on demand trends in the D.C. Metro market. He also asked about the occupancy trend in Atlanta and whether the company is currently prioritizing occupancy over rental rate growth.

    Answer

    CEO Paul T. McDermott explained that political 'alignment'—one party controlling the White House and Congress—historically drives job growth and demand in D.C., while a lack of alignment results in only temporary effects. COO Tiffany Butcher confirmed that Elme is prioritizing occupancy over rate in Atlanta to drive NOI. She expects occupancy to remain in the low 90s through year-end before trending up in 2025, particularly during the spring and summer leasing season.

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