Strategic Alternatives Review Completion
Elme has completed a strategic alternatives review, resulting in a definitive agreement to sell a portfolio of 19 assets to Cortland for $1.6 billion in cash, expected to maximize shareholder value.
Special Distribution to Shareholders
Following the Cortland transaction, Elme plans an initial special distribution to shareholders between $14.50 and $14.82 per share, with additional distributions totaling between $17.58 and $18.50 per share.
Solid Quarterly Performance
Elme reported a year-over-year multifamily NOI growth of 4.5%, driven by higher rental revenue and strong growth in fee income from operational initiatives.
Strong Market Position
Monthly effective rent growth for the Washington Metro area continues to outpace the national average, with the area ranking sixth in transaction volume during the second quarter.