$ELME
Elme Communities

2017 Q2 Form 10-Q Financial Statement

#000010489417000066 Filed on July 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $83.46M $79.41M
YoY Change 5.1% 6.98%
Cost Of Revenue $28.69M $28.18M
YoY Change 1.81% 3.49%
Gross Profit $54.77M $51.23M
YoY Change 6.9% 9.01%
Gross Profit Margin 65.62% 64.52%
Selling, General & Admin $5.760M $4.970M
YoY Change 15.9% 16.12%
% of Gross Profit 10.52% 9.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.20M $25.20M
YoY Change 15.87% -1.18%
% of Gross Profit 53.32% 49.19%
Operating Expenses $63.71M $58.65M
YoY Change 8.63% -8.23%
Operating Profit $19.75M $44.87M
YoY Change -55.99% 281.21%
Interest Expense $12.05M $13.82M
YoY Change -12.79% -5.99%
% of Operating Profit 61.04% 30.8%
Other Income/Expense, Net -$11.90M -$13.04M
YoY Change -8.79% -10.99%
Pretax Income $7.740M $31.13M
YoY Change -75.14% -1188.46%
Income Tax -$107.0K -$693.0K
% Of Pretax Income -1.38% -2.23%
Net Earnings $7.864M $31.84M
YoY Change -75.3% -1350.43%
Net Earnings / Revenue 9.42% 40.09%
Basic Earnings Per Share $0.10 $0.44
Diluted Earnings Per Share $0.10 $0.44
COMMON SHARES
Basic Shares Outstanding 76.71M shares 71.72M shares
Diluted Shares Outstanding 76.83M shares 71.91M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.20M $22.40M
YoY Change -41.07% -1.75%
Cash & Equivalents $13.24M $22.38M
Short-Term Investments
Other Short-Term Assets $121.0M $99.20M
YoY Change 21.98% -15.72%
Inventory
Prepaid Expenses
Receivables $72.10M $59.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $206.3M $180.6M
YoY Change 14.23% -10.64%
LONG-TERM ASSETS
Property, Plant & Equipment $2.173B $2.068B
YoY Change 5.07% 10.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.800M $57.90M
YoY Change -84.8% 322.63%
Total Long-Term Assets $2.182B $2.126B
YoY Change 2.63% 12.88%
TOTAL ASSETS
Total Short-Term Assets $206.3M $180.6M
Total Long-Term Assets $2.182B $2.126B
Total Assets $2.388B $2.306B
YoY Change 3.54% 10.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.20M $52.70M
YoY Change 14.23% 4.77%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.50M $61.00M
YoY Change 13.93% 2.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.219B $1.265B
YoY Change -3.64% 5.21%
Other Long-Term Liabilities $12.30M $12.50M
YoY Change -1.6% -8.76%
Total Long-Term Liabilities $1.231B $1.277B
YoY Change -3.62% 5.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.50M $61.00M
Total Long-Term Liabilities $1.231B $1.277B
Total Liabilities $1.300B $1.338B
YoY Change -2.83% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings -$357.3M -$366.4M
YoY Change -2.47% -3.48%
Common Stock $769.0K $737.0K
YoY Change 4.34% 8.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.086B $966.9M
YoY Change
Total Liabilities & Shareholders Equity $2.388B $2.306B
YoY Change 3.54% 10.35%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $7.864M $31.84M
YoY Change -75.3% -1350.43%
Depreciation, Depletion And Amortization $29.20M $25.20M
YoY Change 15.87% -1.18%
Cash From Operating Activities $34.50M $28.20M
YoY Change 22.34% 51.61%
INVESTING ACTIVITIES
Capital Expenditures $147.2M $226.6M
YoY Change -35.04% 1960.0%
Acquisitions
YoY Change
Other Investing Activities -$4.800M $103.2M
YoY Change -104.65% -1738.1%
Cash From Investing Activities -$152.0M -$123.4M
YoY Change 23.18% 609.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 115.6M 94.00M
YoY Change 22.98% -608.11%
NET CHANGE
Cash From Operating Activities 34.50M 28.20M
Cash From Investing Activities -152.0M -123.4M
Cash From Financing Activities 115.6M 94.00M
Net Change In Cash -1.900M -1.200M
YoY Change 58.33% -93.06%
FREE CASH FLOW
Cash From Operating Activities $34.50M $28.20M
Capital Expenditures $147.2M $226.6M
Free Cash Flow -$112.7M -$198.4M
YoY Change -43.2% -2710.53%

Facts In Submission

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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;">Significant Accounting Policies</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 have prepared our consolidated financial statements using the accounting policies described in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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;">NATURE OF BUSINESS</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </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 equity 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 capital gains and any deductions for dividends paid to our shareholders on an annual basis. When selling a property, we generally have the option of (a)&#160;reinvesting the sales proceeds of property sold, in a way that allows us to defer recognition of some or all taxable 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 our shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to our 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, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, our TRSs had deferred tax assets of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, net of valuation allowances of </font><font style="font-family:inherit;font-size:10pt;">$2.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. During the 2017 Quarter, we recognized a deferred tax liability of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> in connection with the acquisition of Watergate 600 (see note 3). As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, our TRSs had net deferred tax liabilities of </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. 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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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