Elme Communities to sell 19 properties to Cortland for $1.605B; plans liquidation

Elme Communities

Purchase price of $1.605 billion in cash for 19 multifamily assets; expected close Q4 2025.
Upfront shareholder distribution estimated at $14.68–$15.00 per share; additional $2.90–$3.50 per share from remaining asset sales.
Shareholder vote required for both the portfolio sale and the Plan of Sale and Liquidation.
Termination fee: Elme pays $37.5M ($27.5M if superior proposal before Aug 31); buyer pays $100M.
Cortland's financing not a condition; Elme obtained $520M–$565M commitment from Goldman Sachs for post-sale assets.

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