Elme offloads $1.6 bln in assets to Cortland Partners, plans sale of rest
Aug 4 (Reuters) - Real estate investment trust Elme Communities on Monday ELME.N agreed to sell a 19-asset portfolio to Cortland Partners for $1.6 billion in cash, and said it also intends to sell its remaining assets in the next one year.
Shares of the company rose 9% in premarket trading.
Elme, which operates apartment homes in the Washington, DC, metro and the Atlanta metro regions, estimated its shareholders would receive between $14.50 and $14.82 per share from the deal with Cortland.
It also estimated an additional $2.90 and $3.50 apiece from the sale of its ten remaining assets, including the Watergate 600, a 12-floor office building in Washington DC.
"Our agreement with Cortland and concurrent decision to move forward with a voluntary liquidation is the culmination of a thoughtful and deliberate review process," said Benjamin Butcher, Lead Independent Trustee at Elme's board.
In view of the deal, Elme also withdrew its 2025 financial forecast and is expected to post second-quarter results and renewed full-year expectations on Tuesday.
The deal is expected to close in the fourth quarter of 2025.
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