WashREIT Q2 net loss $7.0M; transforms to multifamily REIT with $766M office sale

Elme Communities

2021-Q2 EPS reported -$0.10 revenue$81,904,000

Q2 net loss $7.0M ($0.08/share); Core FFO $30.1M ($0.35/share); same-store multifamily NOI down 2.0% YoY.
Completed $766M office portfolio sale; agreed to sell retail assets for $168.3M, expected to close in Q3.
Plans to redeem $300M notes due 2022, repay $150M term loan, and acquire $450M multifamily in SE markets.
Dividend cut to $0.17/share from $0.30; Board reset dividend to fund transformation.
Trove occupancy >76%, stabilization near year-end; full-year same-store NOI guidance $85.5-$86.5M.

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