WashREIT completes $766M sale of 12 office assets; plans debt repayment and multifamily expansion

Elme Communities

Sold 12 office properties for $766M to BPG Acquisitions, LLC on July 26, 2021.
Proceeds to redeem $300M senior notes due 2022 and repay $150M term loan, plus terminate interest rate swaps.
Expects to sell 8 retail assets for $168.3M in August 2021; pro forma shows shift to multifamily.
CEO Paul McDermott cites a 'significant milestone' in strategic transformation to a multifamily REIT.
WashREIT now owns ~7,059 apartment units and 1M sq ft commercial space; enterprise value ~$3B.

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