Elme reports Q3 net loss of $1.40/share; proceeds with $1.6B portfolio sale and liquidation plan

Elme Communities

Net loss per diluted share $(1.40) vs $(0.03) in prior year; Core FFO $0.22 vs $0.23.
Same-store multifamily NOI down 1.8%; average occupancy 94.4% vs 95.2% prior year.
Recognized $111.7M impairment on properties not in portfolio sale due to revised holding periods.
Pending sale of 19 multifamily communities for ~$1.6B to Cortland; shareholder vote Oct 30.
No future regular dividends if liquidation plan approved; last dividend of $0.18 paid Oct 3.

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