$ELME
Elme Communities

2017 Q4 Form 10-Q Financial Statement

#000010489417000074 Filed on October 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $81.30M $82.82M $79.77M
YoY Change 5.65% 3.82% 1.95%
Cost Of Revenue $19.20M $29.65M $29.16M
YoY Change -33.66% 1.67% 3.74%
Gross Profit $17.31M $53.17M $50.61M
YoY Change -63.95% 5.07% 0.94%
Gross Profit Margin 21.29% 64.2% 63.44%
Selling, General & Admin $5.870M $5.330M $4.540M
YoY Change 29.58% 17.4% -7.54%
% of Gross Profit 33.91% 10.02% 8.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.80M $28.00M $30.90M
YoY Change 9.51% -9.39% 5.46%
% of Gross Profit 166.38% 52.66% 61.06%
Operating Expenses $24.02M $67.91M $64.61M
YoY Change -22.09% 5.12% 2.07%
Operating Profit -$6.710M $14.91M $92.75M
YoY Change -139.06% -83.93% 520.64%
Interest Expense -$11.16M $12.18M $13.17M
YoY Change -5.18% -7.57% -9.06%
% of Operating Profit 81.69% 14.2%
Other Income/Expense, Net $300.0K -$12.09M -$13.09M
YoY Change 233.33% -7.64% -8.86%
Pretax Income -$20.82M $2.810M $79.66M
YoY Change -478.55% -96.47% 12748.39%
Income Tax $20.00K $0.00 $2.000K
% Of Pretax Income 0.0% 0.0%
Net Earnings $2.337M $2.833M $79.67M
YoY Change -57.08% -96.44% 12214.37%
Net Earnings / Revenue 2.87% 3.42% 99.88%
Basic Earnings Per Share $0.03 $0.04 $1.07
Diluted Earnings Per Share $0.03 $0.04 $1.07
COMMON SHARES
Basic Shares Outstanding 78.47M shares 77.29M shares 73.99M shares
Diluted Shares Outstanding 77.42M shares 74.13M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.800M $11.30M $8.600M
YoY Change -13.27% 31.4% -59.05%
Cash & Equivalents $9.847M $11.33M $8.588M
Short-Term Investments
Other Short-Term Assets $125.1M $126.6M $100.8M
YoY Change 20.87% 25.6% -17.78%
Inventory
Prepaid Expenses
Receivables $69.80M $73.50M $63.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $204.7M $211.4M $172.4M
YoY Change 14.29% 22.62% -16.27%
LONG-TERM ASSETS
Property, Plant & Equipment $2.073B $2.164B $2.068B
YoY Change 0.22% 4.64% 3.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.00M $8.900M $10.10M
YoY Change 1201.59% -11.88% -43.26%
Total Long-Term Assets $2.155B $2.173B $2.078B
YoY Change 3.87% 4.56% 3.0%
TOTAL ASSETS
Total Short-Term Assets $204.7M $211.4M $172.4M
Total Long-Term Assets $2.155B $2.173B $2.078B
Total Assets $2.359B $2.384B $2.250B
YoY Change 4.69% 5.95% 1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.60M $66.40M $54.60M
YoY Change 31.06% 21.61% 0.92%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.30M $75.90M $63.20M
YoY Change 20.59% 20.09% -0.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.156B $1.179B $1.120B
YoY Change 3.95% 5.25% -17.73%
Other Long-Term Liabilities $14.30M $11.00M $10.50M
YoY Change 21.19% 4.76% -5.41%
Total Long-Term Liabilities $1.170B $1.190B $1.131B
YoY Change 4.13% 5.24% -17.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.30M $75.90M $63.20M
Total Long-Term Liabilities $1.170B $1.190B $1.131B
Total Liabilities $1.264B $1.266B $1.194B
YoY Change 5.2% 6.04% -16.87%
SHAREHOLDERS EQUITY
Retained Earnings -$399.2M -$378.0M -$309.0M
YoY Change 22.44% 22.3% -22.63%
Common Stock $785.0K $785.0K $745.0K
YoY Change 5.23% 5.37% 9.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.095B $1.117B $1.055B
YoY Change
Total Liabilities & Shareholders Equity $2.359B $2.384B $2.250B
YoY Change 4.69% 5.95% 0.97%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $2.337M $2.833M $79.67M
YoY Change -57.08% -96.44% 12214.37%
Depreciation, Depletion And Amortization $28.80M $28.00M $30.90M
YoY Change 9.51% -9.39% 5.46%
Cash From Operating Activities $36.60M $28.80M $25.30M
YoY Change 26.64% 13.83% 15.53%
INVESTING ACTIVITIES
Capital Expenditures $32.10M $12.70M $22.10M
YoY Change 64.62% -42.53% -86.16%
Acquisitions
YoY Change
Other Investing Activities $24.80M -$4.900M $122.4M
YoY Change -606.12% -104.0% -6900.0%
Cash From Investing Activities -$7.300M -$17.60M $100.3M
YoY Change -70.08% -117.55% -162.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.60M -13.20M -139.4M
YoY Change 232.58% -90.53% -201.16%
NET CHANGE
Cash From Operating Activities 36.60M 28.80M 25.30M
Cash From Investing Activities -7.300M -17.60M 100.3M
Cash From Financing Activities -29.60M -13.20M -139.4M
Net Change In Cash -300.0K -2.000M -13.80M
YoY Change -93.18% -85.51% 666.67%
FREE CASH FLOW
Cash From Operating Activities $36.60M $28.80M $25.30M
Capital Expenditures $32.10M $12.70M $22.10M
Free Cash Flow $4.500M $16.10M $3.200M
YoY Change -52.13% 403.12% -102.32%

Facts In Submission

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us-gaap Fiscal Period
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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;">September&#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 Period (as defined below), 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;">September&#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;">, we 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. The deferred tax liabilities are 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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