$ELME
Elme Communities

2022 Q4 Form 10-Q Financial Statement

#000010489422000111 Filed on October 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $55.59M $54.60M
YoY Change 24.24% 28.48%
Cost Of Revenue $20.68M $19.56M
YoY Change 19.63% 26.65%
Gross Profit $34.92M $35.04M
YoY Change 27.16% 29.53%
Gross Profit Margin 62.81% 64.18%
Selling, General & Admin $7.260M $6.400M
YoY Change -5.71% -19.08%
% of Gross Profit 20.79% 18.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.80M $23.70M
YoY Change 8.38% 29.85%
% of Gross Profit 62.43% 67.63%
Operating Expenses $29.11M $30.03M
YoY Change 4.66% 14.79%
Operating Profit $5.810M $692.0K
YoY Change -1745.89% -142.66%
Interest Expense -$6.550M $6.582M
YoY Change 15.4% -18.8%
% of Operating Profit -112.74% 951.16%
Other Income/Expense, Net $260.0K -$11.43M
YoY Change -75.75% -44.8%
Pretax Income -$3.530M -$10.74M
YoY Change -48.06% -51.9%
Income Tax
% Of Pretax Income
Net Earnings -$3.531M -$10.74M
YoY Change -48.04% -134.29%
Net Earnings / Revenue -6.35% -19.67%
Basic Earnings Per Share -$0.04 -$0.12
Diluted Earnings Per Share -$0.04 -$0.12
COMMON SHARES
Basic Shares Outstanding 87.52M shares 87.40M shares
Diluted Shares Outstanding 87.45M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $8.400M
YoY Change -96.4% -97.27%
Cash & Equivalents $8.389M $8.436M
Short-Term Investments
Other Short-Term Assets $25.70M $28.20M
YoY Change -24.11% -14.83%
Inventory
Prepaid Expenses
Receivables $16.30M $16.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $50.40M $52.70M
YoY Change -82.17% -85.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.821B $1.825B
YoY Change 14.31% 21.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $1.400M
YoY Change 141.94% 131.4%
Total Long-Term Assets $1.822B $1.827B
YoY Change 14.36% 22.02%
TOTAL ASSETS
Total Short-Term Assets $50.40M $52.70M
Total Long-Term Assets $1.822B $1.827B
Total Assets $1.873B $1.880B
YoY Change -0.18% 1.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.40M $36.20M
YoY Change -15.24% -6.85%
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 $54.90M $56.60M
YoY Change -8.35% -2.08%
LONG-TERM LIABILITIES
Long-Term Debt $552.4M $540.2M
YoY Change 11.16% 8.73%
Other Long-Term Liabilities $1.600M $1.500M
YoY Change -23.15% -14.14%
Total Long-Term Liabilities $554.0M $541.7M
YoY Change 11.02% 8.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.90M $56.60M
Total Long-Term Liabilities $554.0M $541.7M
Total Liabilities $608.8M $598.3M
YoY Change 8.93% 7.55%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $875.0K $875.0K
YoY Change 1.39% 3.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.263B $1.281B
YoY Change
Total Liabilities & Shareholders Equity $1.873B $1.880B
YoY Change -0.18% 1.44%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$3.531M -$10.74M
YoY Change -48.04% -134.29%
Depreciation, Depletion And Amortization $21.80M $23.70M
YoY Change 8.38% 29.85%
Cash From Operating Activities $21.70M $17.50M
YoY Change -4.71% 893.75%
INVESTING ACTIVITIES
Capital Expenditures $17.90M $8.300M
YoY Change -114.95% -114.81%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $2.300M
YoY Change -92.35% -99.74%
Cash From Investing Activities -$18.00M -$6.100M
YoY Change -85.13% -100.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.800M -48.30M
YoY Change -115.76% -91.07%
NET CHANGE
Cash From Operating Activities 21.70M 17.50M
Cash From Investing Activities -18.00M -6.100M
Cash From Financing Activities -3.800M -48.30M
Net Change In Cash -100.0K -36.90M
YoY Change -99.87% -112.2%
FREE CASH FLOW
Cash From Operating Activities $21.70M $17.50M
Capital Expenditures $17.90M $8.300M
Free Cash Flow $3.800M $9.200M
YoY Change -97.33% -84.08%

Facts In Submission

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0.82
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87453000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84496000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87354000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84457000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87453000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84496000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87354000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84457000 shares
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-10739000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
31319000 usd
us-gaap Net Income Loss
NetIncomeLoss
-27337000 usd
us-gaap Net Income Loss
NetIncomeLoss
23180000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
442000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
221000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
3284000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2805000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-509000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-511000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-1529000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-7290000 usd
CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9788000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2805000 usd
CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32051000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-22524000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33275000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1317062000 usd
us-gaap Net Income Loss
NetIncomeLoss
-27337000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
3284000 usd
elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-1529000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
6000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.51
us-gaap Dividends
Dividends
44708000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26851000 usd
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
777000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
3747000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1281199000 usd
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1321109000 usd
us-gaap Net Income Loss
NetIncomeLoss
23180000 usd
elme Other Comprehensive Income Loss Cash Flow Hedge Realized Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeRealizedGainLossReclassificationAfterTax
-5760000 usd
elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-1530000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.77
us-gaap Dividends
Dividends
65372000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
467000 usd
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1468000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
5522000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1296456000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1304096000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-10739000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
442000 usd
CY2022Q3 elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-509000 usd
CY2022Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2022Q3 us-gaap Dividends
Dividends
14918000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
259000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1551000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1281199000 usd
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1276435000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
31319000 usd
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
221000 usd
CY2021Q3 elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-511000 usd
CY2021Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
5000 usd
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2021Q3 us-gaap Dividends
Dividends
14437000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
459000 usd
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1953000 usd
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1296456000 usd
us-gaap Net Income Loss
NetIncomeLoss
-27337000 usd
us-gaap Net Income Loss
NetIncomeLoss
23180000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
69871000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75446000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1816000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1631000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
46441000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6157000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
6478000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3084000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3322000 usd
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0 usd
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-5866000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4917000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12727000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
952000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4720000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-6100000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-11106000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
51456000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66383000 usd
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
204433000 usd
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
47757000 usd
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
0 usd
CY2022Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 usd
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
897783000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
19046000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
18649000 usd
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
671000 usd
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8099000 usd
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2224000 usd
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1322000 usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
37000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-223248000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
823241000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
43000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
42000000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
44440000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
76292000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
76598000 usd
CY2022Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 usd
elme Repayments Of Unsecured Notes
RepaymentsOfUnsecuredNotes
0 usd
elme Repayments Of Unsecured Notes
RepaymentsOfUnsecuredNotes
311894000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
150000000 usd
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
0 usd
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
5866000 usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
39000 usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
4828000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
13000 usd
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
777000 usd
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
1468000 usd
elme Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
26851000 usd
elme Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
467000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2100000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
554000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-52555000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-589512000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-224347000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
300112000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
234220000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8290000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9873000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308402000 usd
us-gaap Interest Paid Net
InterestPaidNet
18386000 usd
us-gaap Interest Paid Net
InterestPaidNet
26409000 usd
elme Change In Accrued Capital Improvement And Development Costs
ChangeInAccruedCapitalImprovementAndDevelopmentCosts
2510000 usd
elme Change In Accrued Capital Improvement And Development Costs
ChangeInAccruedCapitalImprovementAndDevelopmentCosts
-4885000 usd
CY2022Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
14919000 usd
CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
14440000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8436000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
307797000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1437000 usd
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
605000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9873000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308402000 usd
us-gaap Nature Of Operations
NatureOfOperations
NATURE OF BUSINESS <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Elme Communities, a Maryland real estate investment trust, is a self-administered equity real estate investment trust, successor to a trust organized in 1960. In October 2022, the Company changed its name from Washington Real Estate Investment Trust to Elme Communities to reflect the Company’s continued transition into a focused multifamily company, and subsequent geographic expansion into Sunbelt markets. On October 20, 2022, the Company’s ticker symbol on the New York Stock Exchange changed from “WRE” to “ELME.” Our business primarily consists of the ownership of apartment communities in the greater Washington, DC metro and Sunbelt regions. Within these notes to the financial statements, we refer to the three months ended September 30, 2022 and September 30, 2021 as the “2022 Quarter” and the “2021 Quarter,” respectively, and the nine months ended September 30, 2022 and September 30, 2021 as the “2022 Period” and the “2021 Period,” respectively. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Federal Income Taxes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe that we qualify as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intend to continue to qualify as such. To maintain our status as a REIT, we are, among other things, required to distribute 90% of our REIT taxable income (determined before the deduction for dividends paid and excluding net capital gains to our shareholders) on an annual basis. When selling a property, we generally have the option of (a) 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) distributing gains to the shareholders with no tax to us or (c) 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.</span></div>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 subsidiary (“TRS”). Our TRS is subject to corporate federal and state income tax on its taxable income at regular statutory rates. As of both September 30, 2022 and December 31, 2021, our TRS had a deferred tax asset of $1.4 million that was fully reserved.
CY2022Q3 elme Increase Decrease In Rou Asset
IncreaseDecreaseInROUAsset
-2000000 usd
CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1100000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1100000 usd
CY2022Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates in the Financial Statements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
elme Aggregate Discount On Assumed Mortgages
AggregateDiscountOnAssumedMortgages
5042000 usd
CY2022Q3 elme Asset Acquisition Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionRevenueOfAcquireeSinceAcquisitionDateActual
4897000 usd
elme Asset Acquisition Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionRevenueOfAcquireeSinceAcquisitionDateActual
9623000 usd
CY2022Q3 elme Asset Acquisition Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-7427000 usd
elme Asset Acquisition Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-11034000 usd
elme Asset Acquisition Contract Purchase Price
AssetAcquisitionContractPurchasePrice
283236000 usd
elme Asset Acquisition Transaction Costs Capitalized
AssetAcquisitionTransactionCostsCapitalized
478000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
283714000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
283714000 usd
elme Asset Acquisition Mortgages Assumed
AssetAcquisitionMortgagesAssumed
76554000 usd
elme Asset Acquisition Assets Acquired And Liabilities Assumed Net
AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet
207160000 usd
CY2022Q3 elme Absorption Costs Weighted Average Useful Life
AbsorptionCostsWeightedAverageUsefulLife
P2M
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
283700000 usd
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
204400000 usd
elme Asset Acquisition Mortgages Assumed
AssetAcquisitionMortgagesAssumed
76600000 usd
elme Asset Acquisition Credit For Operating Expenditures And Closing Costs
AssetAcquisitionCreditForOperatingExpendituresAndClosingCosts
2800000 usd
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
10932000 usd
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
70519000 usd
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1870000 usd
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
11201000 usd
CY2021Q3 elme Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
1476000 usd
elme Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
11136000 usd
CY2021Q3 elme Disposal Group Including Discontinued Operation Property Management
DisposalGroupIncludingDiscontinuedOperationPropertyManagement
378000 usd
elme Disposal Group Including Discontinued Operation Property Management
DisposalGroupIncludingDiscontinuedOperationPropertyManagement
2195000 usd
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
0 usd
us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
22904000 usd
CY2021Q3 us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
-46441000 usd
us-gaap Discontinued Operation Provision For Loss Gain On Disposal Net Of Tax
DiscontinuedOperationProvisionForLossGainOnDisposalNetOfTax
-46441000 usd
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
53649000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
69524000 usd
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.63
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.82
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.63
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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