Elme Communities (NYSE: ELME) has revised its estimated total liquidating distributions to a range of $16.41 to $16.61 per common share, down from a prior estimate of $16.74 to $17.02 per share, following a change in the purchase agreement for its Riverside Apartments property.

According to a press release, the Bethesda, Md.-based company entered into a new purchase and sale agreement for Riverside Apartments on July 23, 2026, with a new buyer at a contract price of $250.0 million. The previous buyer had terminated its agreement on June 17, 2026. The new agreement includes an inspection period and customary closing conditions, with a targeted closing date no later than September 14, 2026.

In 2026, the company has completed the sale of six properties for aggregate gross proceeds of approximately $294 million. These include five multifamily properties and its remaining office property, Watergate 600. Three additional properties — Elme Bethesda, The Kenmore, and 3801 Connecticut Avenue — are under contract for combined gross proceeds of approximately $168 million, though their closings remain subject to regulatory requirements under Washington, D.C.'s Tenant Opportunity to Purchase Act.

The total estimated distributions include the initial liquidating distribution of $14.67 per share paid on January 7, 2026, plus an estimated $1.74 to $1.94 per share in additional distributions. The company cited the lower contract price for Riverside Apartments, higher general and administrative expenses, and increased debt service costs as factors in the revised estimate.

As of July 23, 2026, the outstanding balance of a $520 million senior secured term loan with Goldman Sachs Bank USA stood at $251 million. The company intends to repay the remainder using net proceeds from remaining property sales.

Elme targets completion of all remaining property sales in the third and fourth quarters of 2026, with NYSE delisting and company dissolution expected in the fourth quarter of 2026. The company's liquidation plan was approved by shareholders on October 30, 2025.