GlobeNewswire·Jan 23, 2026, 4:15 PM ET

Elme Communities Provides Update On Liquidation Activities

ELME

Elme Communities entered into purchase and sale agreements for three of its ten remaining properties, expected to close in the first quarter of 2026 for approximately $155 million.
The Company targets completing the sale of all remaining properties by mid-year 2026.
Elme updated the estimated total liquidating distribution range to $17.02 - $17.47 per share, which includes the $14.67 per share paid in January 2026.
The revised distribution estimate reflects reduced gross proceeds expectations for Riverside Apartments and two D.C. properties due to softer market conditions.
Marketing efforts for three specific properties are ongoing, with a goal to have them under contract by mid-May.
The Company plans to initiate a formal marketing process for Riverside Apartments later this month.
The $520 million senior secured term loan is intended to be repaid using net proceeds from the sale of the remaining assets, which will be released from mortgages as they sell.
Two trustees, Ellen M. Goitia and Ron D. Sturzenegger, announced resignations effective after the 2025 Form 10-K filing to adjust the Board size for the wind-down.
Chief Financial Officer Steven M. Freishtat will step down shortly after the 2025 Form 10-K filing, with Chief Administrative Officer W. Drew Hammond replacing him.
Elme intends to maintain its NYSE listing until the Board determines it is appropriate to voluntarily delist to reduce expenses.
The Company continues downsizing activities to align personnel levels with the reduced scope of operations during the liquidation process.