Elme completes $1.606B sale of 19 properties to Cortland, repays debt, suspends dividend

Elme Communities

Sold 19 multifamily properties to Cortland for $1.606B cash; net cash proceeds of ~$1.574B after credits and transaction costs.
Repaid all existing debt including $186M revolver; total prepayment of $739.5M; recorded $45.5M loss on extinguishment.
Originated $520M new term loan at SOFR+2.25% secured by remaining 10 properties; net new debt proceeds ~$490.6M.
Suspended regular quarterly dividend; shareholders approved a Plan of Sale and Liquidation on October 30, 2025.
Pro forma net loss of $204.9M for nine months ended Sep 30, 2025; $91.4M loss for FY2024.

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