Elme Communities

Elme Communities provided an update on its Plan of Sale and Liquidation, revising its estimated total liquidating distributions to $16.41-$16.61 per share, down from a previous estimate of $16.74-$17.02. This revision is primarily due to a lower contract price for Riverside Apartments, which is now under a new $250 million purchase agreement, and increased liquidation expenses. The company has sold six properties for approximately $294 million and expects to complete sales of its four remaining properties, including Riverside Apartments and Elme Bethesda, by Q3/Q4 2026, targeting delisting and dissolution in Q4 2026.

Elme Communities announced the termination of the purchase and sale agreement for Riverside Apartments, a 1,222-unit community valued at $280 million, after the buyer exercised its right to terminate. This termination necessitates adjustments to the company's previously disclosed estimated ranges of liquidating distributions and anticipated delisting timeline. Concurrently, the company completed the sale of Elme Watkins Mill, using proceeds to reduce its Term Loan to $251 million, and has executed purchase agreements for three other properties totaling $168 million, though these remain subject to closing conditions.

Elme Communities, through its wholly-owned subsidiary Elme Bethesda Owner LLC, has entered into a purchase and sale agreement with CAPREIT Acquisition Corporation for the sale of Elme Bethesda. The 193-unit community in Bethesda, Maryland, is being sold for a contract price of $59.0 million. The agreement includes a $1 million earnest money deposit, with closing anticipated by July 9, 2026, subject to customary conditions and the successful completion of an inspection period.

Elme Communities is actively executing its Plan of Sale and Liquidation, approved by shareholders in October 2025, aiming to sell all assets and dissolve the company. During the first quarter of 2026, the company sold four properties for approximately $199.0 million and subsequently sold another property in May 2026 for $53.7 million. Agreements are in place for additional sales totaling $431.3 million, with one property remaining under active marketing. A special liquidating distribution of $14.67 per common share was paid in January 2026.

Elme Communities provided an update on its Plan of Sale and Liquidation, reporting the sale of five properties for $252.7 million and agreements for four more totaling $431.3 million. The company now estimates total liquidating distributions of $16.74 to $17.02 per common share, including the initial $14.67 distribution. This updated range is lower than previous estimates, primarily due to reduced gross proceeds from certain property sales, reflecting a softening D.C. market. Elme targets completing all sales by mid-year 2026, with delisting and dissolution in Q3 2026.

Elme Communities provided an update on its liquidation activities, announcing the sale of five properties in 2026 for approximately $252.7 million and agreements for four more totaling $431.3 million. The company updated its total estimated liquidating distributions to $16.74 - $17.02 per share, a decrease from the previously estimated $17.02 - $17.47 per share, primarily due to softening D.C. market conditions. Elme aims to complete all remaining sales by mid-year 2026, with NYSE delisting and dissolution targeted for the third quarter of 2026.

Elme Communities filed an Amendment No. 1 to its 2025 Form 10-K, providing updated information on directors, executive officers, and corporate governance. The company announced the appointment of W. Drew Hammond as Executive Vice President and Chief Financial Officer, effective March 3, 2026, following the departure of Steven M. Freishtat. Additionally, trustees Ellen M. Goitia and Ron D. Sturzenegger resigned, and the non-employee trustee compensation program was revised, increasing the annual cash retainer to $155,000 and terminating the deferred compensation plan.

Elme Communities filed a 10-K/A to provide information for Part III of its original 10-K, covering directors, executive officers, corporate governance, executive compensation, security ownership, related transactions, and principal accountant fees. The amendment also updates Part IV with new certifications. Key changes include the resignations of two trustees, the appointment of W. Drew Hammond as Executive Vice President and Chief Financial Officer, and adjustments to trustee compensation and deferred compensation plans.