$ELME
Elme Communities

2015 Q2 Form 10-Q Financial Statement

#000010489415000090 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $74.23M $72.25M
YoY Change 2.73% 9.62%
Cost Of Revenue $27.23M $25.53M
YoY Change 6.66% 7.86%
Gross Profit $47.00M $46.73M
YoY Change 0.57% 10.6%
Gross Profit Margin 63.32% 64.67%
Selling, General & Admin $4.280M $4.830M
YoY Change -11.39% 20.45%
% of Gross Profit 9.11% 10.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.50M $24.40M
YoY Change 4.51% -4.69%
% of Gross Profit 54.26% 52.21%
Operating Expenses $63.91M $56.69M
YoY Change 12.74% 16.17%
Operating Profit $11.77M $16.13M
YoY Change -27.05% -5.74%
Interest Expense $14.70M $14.99M
YoY Change -1.9% -5.3%
% of Operating Profit 124.9% 92.88%
Other Income/Expense, Net -$14.66M -$14.77M
YoY Change -0.75% -5.21%
Pretax Income -$2.860M $1.370M
YoY Change -308.76% -11.04%
Income Tax $28.00K
% Of Pretax Income
Net Earnings -$2.546M $1.087M
YoY Change -334.22% -79.35%
Net Earnings / Revenue -3.43% 1.5%
Basic Earnings Per Share -$0.04 $0.02
Diluted Earnings Per Share -$0.04 $0.02
COMMON SHARES
Basic Shares Outstanding 68.18M shares 66.73M shares
Diluted Shares Outstanding 68.18M shares 66.76M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.80M $23.00M
YoY Change -0.87% 289.83%
Cash & Equivalents $22.78M $23.01M
Short-Term Investments
Other Short-Term Assets $117.7M $112.5M
YoY Change 4.62% 3.59%
Inventory
Prepaid Expenses
Receivables $61.60M $55.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $202.1M $191.1M
YoY Change 5.76% 9.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.875B $1.858B
YoY Change 0.91% -1.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.70M $11.40M
YoY Change 20.18% 5.56%
Total Long-Term Assets $1.883B $1.869B
YoY Change 0.76% -1.95%
TOTAL ASSETS
Total Short-Term Assets $202.1M $191.1M
Total Long-Term Assets $1.883B $1.869B
Total Assets $2.085B $2.060B
YoY Change 1.23% -0.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.30M $59.70M
YoY Change -15.75% 15.47%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.40M $68.40M
YoY Change -13.16% -49.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.202B $1.154B
YoY Change 4.19% -0.41%
Other Long-Term Liabilities $13.70M $13.20M
YoY Change 3.79% -7.04%
Total Long-Term Liabilities $1.216B $1.167B
YoY Change 4.18% -0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.40M $68.40M
Total Long-Term Liabilities $1.216B $1.167B
Total Liabilities $1.275B $1.236B
YoY Change 3.22% -5.65%
SHAREHOLDERS EQUITY
Retained Earnings -$379.6M -$331.4M
YoY Change 14.55% -13.17%
Common Stock $682.0K $666.0K
YoY Change 2.4% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $812.7M $821.9M
YoY Change
Total Liabilities & Shareholders Equity $2.090B $2.060B
YoY Change 1.46% -0.99%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$2.546M $1.087M
YoY Change -334.22% -79.35%
Depreciation, Depletion And Amortization $25.50M $24.40M
YoY Change 4.51% -4.69%
Cash From Operating Activities $18.60M $16.60M
YoY Change 12.05% -36.4%
INVESTING ACTIVITIES
Capital Expenditures $11.00M $123.5M
YoY Change -91.09% 553.44%
Acquisitions
YoY Change
Other Investing Activities -$6.300M $88.60M
YoY Change -107.11% -3381.48%
Cash From Investing Activities -$17.40M -$34.80M
YoY Change -50.0% 61.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.50M -20.90M
YoY Change -11.48% 35.71%
NET CHANGE
Cash From Operating Activities 18.60M 16.60M
Cash From Investing Activities -17.40M -34.80M
Cash From Financing Activities -18.50M -20.90M
Net Change In Cash -17.30M -39.10M
YoY Change -55.75% 258.72%
FREE CASH FLOW
Cash From Operating Activities $18.60M $16.60M
Capital Expenditures $11.00M $123.5M
Free Cash Flow $7.600M -$106.9M
YoY Change -107.11% -1584.72%

Facts In Submission

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us-gaap Payments To Minority Shareholders
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q4 us-gaap Preferred Stock Shares Issued
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CY2014Q4 us-gaap Prepaid Expense And Other Assets
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us-gaap Proceeds From Construction Loans Payable
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us-gaap Proceeds From Construction Loans Payable
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3425000 USD
CY2015Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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1126000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2015Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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670103000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
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2470953000 USD
CY2015Q2 us-gaap Real Estate Investment Property At Cost
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CY2014Q4 us-gaap Real Estate Investment Property Net
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1906754000 USD
CY2015Q2 us-gaap Real Estate Investment Property Net
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1874477000 USD
CY2014Q4 us-gaap Real Estate Investments
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CY2015Q2 us-gaap Real Estate Investments
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1839163000 USD
CY2014Q2 us-gaap Real Estate Revenue Net
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72254000 USD
us-gaap Real Estate Revenue Net
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CY2015Q2 us-gaap Real Estate Revenue Net
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74226000 USD
us-gaap Real Estate Revenue Net
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149082000 USD
CY2014Q4 us-gaap Rental Properties
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1927407000 USD
CY2015Q2 us-gaap Rental Properties
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us-gaap Repayments Of Secured Debt
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2266000 USD
us-gaap Repayments Of Secured Debt
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1794000 USD
CY2015Q2 us-gaap Stockholders Equity
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CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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17000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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80000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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165000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Repayments Of Unsecured Debt
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CY2014Q4 us-gaap Secured Debt
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CY2014Q4 us-gaap Security Deposit Liability
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CY2015Q2 us-gaap Security Deposit Liability
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2014Q4 us-gaap Stockholders Equity
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 wre Adjusted Income From Discontinuing Operations Attributable To Controlling Interests
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CY2015Q2 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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26795000 USD
CY2014Q2 wre Capital Expenditures
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wre Capital Expenditures
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CY2015Q2 wre Capital Expenditures
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wre Capital Expenditures
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wre Commercial Paper Maturity
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90
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5000 USD
CY2014Q4 wre Disposal Group Including Discontinued Operation Sale Price
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CY2015Q1 wre Disposal Group Including Discontinued Operation Sale Price
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CY2014Q4 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
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CY2015Q2 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
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1818000 USD
CY2014 wre Gainlossonsaleofrealestateincludingdiscontinuedoperations
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106555000 USD
wre Gainlossonsaleofrealestateincludingdiscontinuedoperations
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30277000 USD
wre Increase Decreasein Accrued Capital Improvements
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9082000 USD
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-383000 USD
CY2014Q2 wre Operating Income Loss Net
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46726000 USD
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88995000 USD
CY2015Q2 wre Operating Income Loss Net
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wre Percentage Of Distribution Of Ordinary Taxable Income
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CY2014Q2 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
UndistributedEarningsAllocatedToParticipatingSecuritesDiscontinuedOperations
332000 USD
CY2015Q2 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">NOTE 1: NATURE OF BUSINESS</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington Real Estate Investment Trust (&#8220;Washington REIT&#8221;), a Maryland real estate investment trust, is a self-administered real estate investment trust, successor to a trust organized in 1960. Our business consists of the ownership and operation of income-producing real estate properties in the greater Washington metro region. We own a diversified portfolio of office buildings, multifamily buildings and retail centers. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Federal Income Taxes</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe that we qualify as a real estate investment trust (&#8220;REIT&#8221;) under Sections 856-860 of the Internal Revenue Code and intend to continue to qualify as such. To maintain our status as a REIT, we are, among other things, required to distribute </font><font style="font-family:inherit;font-size:10pt;">90%</font><font style="font-family:inherit;font-size:10pt;"> of our REIT taxable income (which is, generally, our ordinary taxable income, with certain modifications), excluding any net taxable gains and any deductions for dividends to our shareholders on an annual basis. When selling a property, we generally have the option of (a)&#160;reinvesting the sales proceeds of the property sold, in a way that allows us to defer recognition of some or all capital gain realized on the sale, (b)&#160;distributing gains to the shareholders with no tax to us or (c)&#160;treating net long-term capital gains as having been distributed to the shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to the shareholders. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Generally, and subject to our ongoing qualification as a REIT, no provisions for income taxes are necessary except for taxes on undistributed taxable income and taxes on the income generated by our taxable REIT subsidiaries (&#8220;TRSs&#8221;). Our TRSs are subject to corporate federal and state income tax on their taxable income at regular statutory rates, or as calculated under the alternative minimum tax, as appropriate. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;">, our TRSs had </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> net deferred tax assets and a net deferred tax liability of </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. This deferred tax liability is primarily related to temporary differences in the timing of the recognition of revenue, amortization and depreciation.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates in the Financial Statements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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