Elme Communities lowers liquidation estimate to $16.74-$17.02 per share

Elme Communities (NYSE: ELME) updated shareholders on its liquidation progress, reducing its estimated total distribution range to $16.74-$17.02 per share from a previous estimate of $17.02-$17.47 per share.

The company has completed the sale of five properties in 2026 for approximately $252.7 million in gross proceeds. These sales included four multifamily properties and one office property. Elme has also entered purchase and sale agreements for four additional properties totaling approximately $431.3 million in gross proceeds, subject to adjustments.

The revised distribution estimate includes the initial $14.67 per share payment made in January 2026. The reduction primarily reflects lower contract pricing for Riverside Apartments and two Washington D.C. properties, which the company attributed to market conditions in the D.C. area.

Three of the four properties under contract have completed inspection periods and await customary closing conditions. Two D.C. properties require regulatory approval under the Tenant Opportunity to Purchase Act. The Riverside Apartments agreement, signed May 8, remains in its inspection period.

Elme expects to complete sales of these four properties by mid-year 2026. The company is negotiating with a potential buyer for its remaining property, Elme Bethesda, targeting a purchase agreement within several weeks.

The company used proceeds from completed sales to partially repay a $520 million term loan from Goldman Sachs Bank USA. The remaining loan balance stood at $288.5 million as of May 11.

Elme targets completing all remaining property sales by mid-year 2026, with NYSE delisting and company dissolution planned for the third quarter of 2026. The company's shareholders approved the liquidation plan on October 30, 2025.

You May Also Be Interested In

• Pizza Hut CEO Aaron Powell resigns
• Xos Hub reaches 1 gigawatt-hour milestone from a single unit
• Agilent Technologies filed for proposed debt offering