$ELME
Elme Communities

2018 Q4 Form 10-Q Financial Statement

#000010489418000066 Filed on October 29, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $71.74M $71.00M $82.82M
YoY Change -11.76% -14.27% 3.82%
Cost Of Revenue $25.66M $25.99M $29.65M
YoY Change 33.65% -12.34% 1.67%
Gross Profit $46.09M $45.01M $53.17M
YoY Change 166.26% -15.35% 5.07%
Gross Profit Margin 64.25% 63.4% 64.2%
Selling, General & Admin $5.350M $5.270M $5.330M
YoY Change -8.86% -1.13% 17.4%
% of Gross Profit 11.61% 11.71% 10.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.10M $30.30M $28.00M
YoY Change 7.99% 8.21% -9.39%
% of Gross Profit 67.48% 67.31% 52.66%
Operating Expenses $34.04M $64.11M $67.91M
YoY Change 41.72% -5.6% 5.12%
Operating Profit $12.05M $11.80M $14.91M
YoY Change -279.58% -20.87% -83.93%
Interest Expense -$12.35M $12.34M $12.18M
YoY Change 10.66% 1.36% -7.57%
% of Operating Profit -102.49% 104.64% 81.69%
Other Income/Expense, Net $0.00 -$12.50M -$12.09M
YoY Change -100.0% 3.37% -7.64%
Pretax Income -$300.0K -$550.0K $2.810M
YoY Change -98.56% -119.57% -96.47%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $5.688M $5.893M $2.833M
YoY Change 143.39% 108.01% -96.44%
Net Earnings / Revenue 7.93% 8.3% 3.42%
Basic Earnings Per Share $0.07 $0.07 $0.04
Diluted Earnings Per Share $0.07 $0.07 $0.04
COMMON SHARES
Basic Shares Outstanding 79.85M shares 79.08M shares 77.29M shares
Diluted Shares Outstanding 79.08M shares 77.42M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000M $4.800M $11.30M
YoY Change -38.78% -57.52% 31.4%
Cash & Equivalents $6.016M $4.810M $11.33M
Short-Term Investments
Other Short-Term Assets $123.7M $145.4M $126.6M
YoY Change -1.12% 14.85% 25.6%
Inventory
Prepaid Expenses
Receivables $64.00M $74.40M $73.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.7M $224.6M $211.4M
YoY Change -5.37% 6.24% 22.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.000B $2.191B $2.164B
YoY Change -3.51% 1.22% 4.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $223.6M $1.400M $8.900M
YoY Change 172.68% -84.27% -11.88%
Total Long-Term Assets $2.223B $2.192B $2.173B
YoY Change 3.19% 0.88% 4.56%
TOTAL ASSETS
Total Short-Term Assets $193.7M $224.6M $211.4M
Total Long-Term Assets $2.223B $2.192B $2.173B
Total Assets $2.417B $2.417B $2.384B
YoY Change 2.44% 1.35% 5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.90M $63.70M $66.40M
YoY Change -6.01% -4.07% 21.61%
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 $91.40M $73.60M $75.90M
YoY Change -3.08% -3.03% 20.09%
LONG-TERM LIABILITIES
Long-Term Debt $1.232B $1.239B $1.179B
YoY Change 6.59% 5.05% 5.25%
Other Long-Term Liabilities $25.50M $10.60M $11.00M
YoY Change 78.32% -3.64% 4.76%
Total Long-Term Liabilities $1.257B $1.249B $1.190B
YoY Change 7.47% 4.97% 5.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.40M $73.60M $75.90M
Total Long-Term Liabilities $1.257B $1.249B $1.190B
Total Liabilities $1.349B $1.323B $1.266B
YoY Change 6.69% 4.48% 6.04%
SHAREHOLDERS EQUITY
Retained Earnings -$469.1M -$450.7M -$378.0M
YoY Change 17.5% 19.26% 22.3%
Common Stock $799.0K $798.0K $785.0K
YoY Change 1.78% 1.66% 5.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.068B $1.093B $1.117B
YoY Change
Total Liabilities & Shareholders Equity $2.417B $2.417B $2.384B
YoY Change 2.44% 1.35% 5.95%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $5.688M $5.893M $2.833M
YoY Change 143.39% 108.01% -96.44%
Depreciation, Depletion And Amortization $31.10M $30.30M $28.00M
YoY Change 7.99% 8.21% -9.39%
Cash From Operating Activities $46.50M $30.20M $28.80M
YoY Change 27.05% 4.86% 13.83%
INVESTING ACTIVITIES
Capital Expenditures $37.90M $15.50M $12.70M
YoY Change 18.07% 22.05% -42.53%
Acquisitions
YoY Change
Other Investing Activities -$9.800M -$10.30M -$4.900M
YoY Change -139.52% 110.2% -104.0%
Cash From Investing Activities -$47.70M -$25.80M -$17.60M
YoY Change 553.42% 46.59% -117.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $35.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M -6.400M -13.20M
YoY Change -109.12% -51.52% -90.53%
NET CHANGE
Cash From Operating Activities 46.50M 30.20M 28.80M
Cash From Investing Activities -47.70M -25.80M -17.60M
Cash From Financing Activities 2.700M -6.400M -13.20M
Net Change In Cash 1.500M -2.000M -2.000M
YoY Change -600.0% 0.0% -85.51%
FREE CASH FLOW
Cash From Operating Activities $46.50M $30.20M $28.80M
Capital Expenditures $37.90M $15.50M $12.70M
Free Cash Flow $8.600M $14.70M $16.10M
YoY Change 91.11% -8.7% 403.12%

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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments To Acquire Productive Assets
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CY2017Q4 us-gaap Preferred Stock Shares Issued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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CY2017Q4 us-gaap Preferred Stock Value
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CY2018Q3 us-gaap Preferred Stock Value
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CY2017Q4 us-gaap Prepaid Expense And Other Assets
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CY2018Q3 us-gaap Prepaid Expense And Other Assets
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
1811000 USD
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Proceeds From Repayments Of Other Long Term Debt
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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0 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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CY2017Q3 us-gaap Profit Loss
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2813000 USD
us-gaap Profit Loss
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17275000 USD
CY2018Q3 us-gaap Profit Loss
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5893000 USD
us-gaap Profit Loss
ProfitLoss
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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CY2017Q4 us-gaap Real Estate Heldforsale
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CY2018Q3 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
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CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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683692000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
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745829000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
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2702002000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
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2018310000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
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CY2017Q4 us-gaap Real Estate Investments
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CY2018Q3 us-gaap Real Estate Investments
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CY2017Q4 us-gaap Rental Properties
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us-gaap Repayments Of Secured Debt
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us-gaap Repayments Of Secured Debt
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169480000 USD
us-gaap Repayments Of Unsecured Debt
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0 USD
us-gaap Repayments Of Unsecured Debt
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150000000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q3 us-gaap Revenues
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CY2018Q3 us-gaap Revenues
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CY2017Q4 us-gaap Secured Debt
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CY2018Q3 us-gaap Secured Debt
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CY2017Q4 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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CY2018Q3 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2018Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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600000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1800000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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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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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2018Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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432000 USD
CY2017Q3 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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CY2018Q3 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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78802000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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77291000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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76292000 shares
CY2018Q3 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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78695000 shares
CY2017Q3 wre Capital Expenditures
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12619000 USD
wre Capital Expenditures
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38492000 USD
CY2018Q3 wre Capital Expenditures
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wre Capital Expenditures
CapitalExpenditures
34063000 USD
CY2017Q3 wre Incremental Common Shares Attributable To Operating Partnership Units
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12000 shares
wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
8000 shares
CY2018Q3 wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
12000 shares
wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
12000 shares
CY2018Q2 wre Number Of Equity Distribution Agreements
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8 agreements
wre Percentage Of Distribution Of Ordinary Taxable Income
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0.9
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0.5
wre Stock Based Plan Ltiptsr Metric Percent Of Relative Tsr Evaluated Relative To Ftsenareit Diversified Index
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0.5
CY2017 wre Stock Based Plan Ltiptsr Metric Percent Of Relative Tsr Evaluated Relative To Peer Companies
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0.5
wre Stock Based Plan Ltiptsr Metric Percent Of Relative Tsr Evaluated Relative To Peer Companies
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0.5
wre Stock Based Plan Performance Period Term
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P3Y
CY2018Q3 wre Stock Issued During Period Weighted Share Price Dividend Reinstated Plan
StockIssuedDuringPeriodWeightedSharePriceDividendReinstatedPlan
30.68
wre Stock Issued During Period Weighted Share Price Dividend Reinstated Plan
StockIssuedDuringPeriodWeightedSharePriceDividendReinstatedPlan
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us-gaap Fiscal Period
FiscalPeriod
<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, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<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 of 1986, as amended (the "Code"), and intend to continue to qualify as such. We have considered the provisions of the Tax Cuts and Jobs Act (the "TCJA"), which was signed into law on December 22, 2017 and which generally takes effect for taxable years beginning on or after January 1, 2018, and do not expect the TCJA to have a material impact on our ability to continue to qualify as a REIT. 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. During 2018, we sold our interests in Braddock Metro Center, a </font><font style="font-family:inherit;font-size:10pt;">356,000</font><font style="font-family:inherit;font-size:10pt;"> square foot office property in Alexandria, Virginia, and 2445 M Street, a </font><font style="font-family:inherit;font-size:10pt;">292,000</font><font style="font-family:inherit;font-size:10pt;"> square foot office property in Washington, DC (see note 3).</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 both </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, our TRSs had a deferred tax asset of $1.4 million that was fully reserved. As of both </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we had a deferred state and local tax liability of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;">. This deferred tax liability is primarily related to temporary differences in the timing of the recognition of revenue, depreciation and amortization.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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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