Elme Communities

Listed Company

ELMECIK 0000104894NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2024

Revenue

$241.94M

Net Income

$-13.10M

Total Assets

$1.85B

Equity

$1.08B

Shares Out

88.86M

Op. Cash Flow

$95.24M

Business

Elme Communities is a self-administered equity real estate investment trust that owns, acquires, develops and operates apartment communities and select commercial properties. It offers residential rental housing through targeted Class A, Class A‑, Class B Value‑Add and Class B apartment communities, along with unit renovations, property-level amenities and commercial leasing services. Its business is organized around residential multifamily operations and commercial/office property interests, with internalized community management and third‑party services for nonresidential assets. The company concentrates its portfolio in the greater Washington, DC metro and Sunbelt markets, including the Atlanta metro, and leases directly to residents via on‑site management and digital platforms.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Real estate rental revenue	242	228	209	169	176
Property operating and maintenance	56	51	47	39	40
Real estate taxes and insurance	32	29	27	22	23
Property management	9	8	7	6	6
General and administrative	25	26	28	28	24
Transformation costs	0	6	10	7	0
Depreciation and amortization	96	89	92	73	70
Real estate impairment	0	42	0	0	0
Total expenses	218	251	211	174	163
Real estate operating (loss) income	23	−23	−2	−5	−2
Interest expense	−38	−30	−25	—	—
Loss on extinguishment of debt, net	−147,000	−54,000	−5	−13	−34,000
Other income	1	569,000	712,000	4	0
Total other income (expense)	−37	−30	−29	−49	−38
Net loss	−13	−53	—	—	—
Basic net loss per share (in dollars per share)	−0.15	−0.61	−0.36	0.19	−0.2
Diluted net loss per share (in dollars per share)	−0.15	−0.61	−0.36	0.19	−0.2
Weighted average shares outstanding basic (in shares)	88	88	87	85	82
Weighted average shares outstanding diluted (in shares)	88	88	87	85	82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Land	—	—	384	384	373
Income producing property	776	—	2,000	1,960	1,898
Income producing property, at cost	—	—	2,383	2,344	2,271
Accumulated depreciation and amortization	—	—	−618	−528	−482
Income producing property	—	—	1,765	1,816	1,789
Properties under development or held for future development	—	—	31	31	31
Total real estate held for investment, net	—	—	1,796	1,847	1,821
Cash and cash equivalents	—	7	6	6	8
Restricted cash	—	2	2	3	1
Prepaid expenses and other assets	—	—	29	27	26
Line of credit	—	—	176	157	55
Dividend payable	0	—	16	16	15
Advance rents	—	—	6	5	2
Tenant security deposits	—	—	6	6	6
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding	—	—	0	0	0
Shares of beneficial interest, $0.01 par value; 150,000 shares authorized: 88,029 shares issued and outstanding as of December 31, 2024	—	—	880,000	879,000	875,000
Additional paid in capital	—	—	1,740	1,736	1,730
Distributions in excess of net income	—	—	−646	−569	−453
Accumulated other comprehensive loss	—	—	−13	−13	−14
Total shareholders equity	—	—	1,082	1,154	1,263
Noncontrolling interests in subsidiaries	—	—	281,000	290,000	298,000
Total equity	—	887	1,082	1,154	1,264
Total liabilities and equity	—	—	1,846	1,900	1,873

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	—	96	89	92	96
Credit losses on lease related receivables	—	5	5	2	2
Share-based compensation expense	—	5	6	8	9
Amortization of debt premiums, discounts and related financing costs	—	4	4	4	4
Gain on land easements	—	−1	0	0	—
Changes in other assets	—	−7	−11	−2	−5
Changes in other liabilities	—	6	3	−5	−6
Net cash provided by operating activities	—	95	85	73	89
Real estate acquisitions, net	—	0	−108	−204	−154
Capital improvements to real estate	—	−47	−38	−37	−32
Non-real estate capital improvements	—	−212,000	−408,000	−2	−49,000
Payments received for land easements	—	4	0	0	—
Net cash used in investing activities	—	−44	−146	−241	702
Line of credit borrowings, net	—	19	102	55	−42
Dividends paid	—	−64	−64	−59	−91
Repayments of unsecured term loan debt	—	0	−100	0	−150
Proceeds from term loan	—	0	125	0	0
Payment of financing costs	—	−6	−844,000	−39,000	−5
Distributions to noncontrolling interests	—	−9,000	−8,000	−9,000	−15,000
Proceeds from dividend reinvestment program	0	0	497,000	1	2
Payment of tax withholdings for restricted share awards	—	−1	−2	−3	−2
Net cash (used in) provided by financing activities	—	−51	60	−56	−565
Net increase (decrease) in cash, cash equivalents and restricted cash	—	71,000	−1	−224	226
Cash paid for interest, net of capitalized interest expense	—	32	24	21	27
Change in accrued capital improvements and development costs	—	−8	10	609,000	−7

Filings

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