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Here are 1-2 brief analogies for Elme Communities:

• Like a Marriott or Hilton, but owning and operating apartment buildings instead of hotels.
• Similar to Simon Property Group, but focused on owning and renting residential apartment complexes rather than shopping malls.

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• Residential Apartment Leasing: Elme Communities provides housing units for rent to individuals and families within their multi-family apartment communities.
• Property Management: They offer comprehensive management services for their owned residential properties, including maintenance, tenant relations, and financial oversight.

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Elme Communities (symbol: ELME) primarily sells to individuals.

The company is a Real Estate Investment Trust (REIT) that owns and operates multifamily residential properties, specifically apartment communities, primarily in the Washington D.C. metropolitan area. As such, its major customers are its tenants.

Based on their focus on high-quality, amenity-rich apartment communities, the following are up to three categories of customers Elme Communities serves:

• Working Professionals and Couples: Individuals and couples employed across various sectors in the Washington D.C. metropolitan area (e.g., government, technology, healthcare, education). They seek convenient locations close to employment centers, transportation, and urban amenities, and value modern apartment features and community amenities.
• Young Families: Couples with young children who appreciate the convenience, flexibility, and maintenance-free lifestyle offered by apartment living. They often seek properties with family-friendly amenities and access to good schools and local services, prioritizing community and ease of living.
• "Renters by Choice" Demographics: This category includes individuals and couples who, regardless of their financial ability to purchase a home, choose to rent. They value the lifestyle benefits of renting, such as flexibility, freedom from home maintenance, and access to premium amenities and services offered by high-quality apartment communities. This group may include empty-nesters or those prioritizing a dynamic urban/suburban lifestyle.

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Paul T. McDermott, Chairman of the Board, President and Chief Executive Officer

Mr. McDermott was elected to the Board and named President and Chief Executive Officer of Elme Communities in October 2013. Prior to joining Elme Communities, he served as Senior Vice President and Managing Director for Rockefeller Group Investment Management Corp., a wholly owned subsidiary of Mitsubishi Estate Co., Ltd., from 2010 to 2013. His responsibilities at Rockefeller Group Investment Management Corp. included interfacing with private equity clients. From 2006 to 2010, he was Principal and Chief Transaction Officer at PNC Realty Investors, where he led national acquisition, disposition, development, and capital markets efforts. Between 2002 and 2006, he held two officer roles at Freddie Mac: Chief Credit Officer of the Multifamily Division and Head of Multifamily Structured Finance and Affordable Housing. From 1997 to 2002, he was Head of the Washington, D.C. Region for Lend Lease Real Estate Investments. Mr. McDermott has also served on the Board of Directors at Orange Bank & Trust Co. and was previously involved with Orange County Bancorp, Inc.

Steven M. Freishtat, Executive Vice President and Chief Financial Officer

Mr. Freishtat joined Elme Communities in November 2015 and currently serves as Executive Vice President and CFO, a role he assumed following a succession plan in early 2023. Before joining Elme Communities, he was Vice President for CapitalSource, Inc. from 2004 to 2015, where he oversaw a portfolio of middle market loans in the Cash Flow group. Prior to CapitalSource, he worked as a Senior Financial Analyst in the Financial Planning and Analysis group at Marriott International. He holds a Bachelor of Science degree in Finance from Indiana University and a Masters of Business Administration from the Goizueta School of Business at Emory University. He earned his CPA in 1997 (inactive) and is a CFA Charterholder.

Tiffany M. Butcher, Executive Vice President and Chief Operating Officer

Ms. Butcher joined Elme Communities in July 2023. In her capacity, she is responsible for guiding the company's operating strategy, advancing and implementing operational improvements, and aligning day-to-day operations and asset management with the strategic goals set by the CEO and Board of Trustees. Prior to joining Elme Communities, Ms. Butcher held various positions at JBG SMITH Properties since 2007, where she was named Chief Residential Officer in January 2023 and previously served as Executive Vice President from 2017 to 2023.

W. Drew Hammond, Senior Vice President, Chief Administrative Officer, Treasurer and Secretary

Mr. Hammond joined Elme Communities in October 2012. In his current role, he oversees the company's day-to-day operations, facilitates corporate strategic planning, and provides input for strategy and companywide goal setting. He also oversees the accounting, human resource, legal, and treasury functions. Before joining Elme Communities, Mr. Hammond held various roles at CapitalSource, Inc. from 2003 to 2012, most recently as Controller. He is a Certified Public Accountant.

Susan Lilly Gerock, Senior Vice President and Chief Information Officer

Ms. Gerock serves as the Senior Vice President and Chief Information Officer for Elme Communities.

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The primary risks to Elme Communities (ELME) are overwhelmingly associated with its ongoing Plan of Sale and Liquidation, rather than the operational risks of a typical multifamily REIT.

1. Execution and Completion of the Plan of Sale and Liquidation: The most significant risk stems from the inherent uncertainties in completing the company's liquidation plan. The exact timing of completing the proposed transactions, including the sale of remaining assets, cannot be determined at this time due to various conditions, some of which are outside Elme's control. Any delays or complications could impact the value realized for shareholders. Furthermore, if shareholders approve the Plan of Sale and Liquidation but not specific transactions, the board may decide to review strategic alternatives again, potentially impairing the company's ability to continue as a going concern and adversely affecting its share price.
2. Operational Disruption and Employee Retention during Liquidation: The process of liquidation itself presents risks to ongoing business operations. The announcement and pendency of the Plan of Sale and Liquidation can cause disruptions. There is a risk of potential difficulties in retaining employees as a result of the ongoing liquidation process, which could affect the efficient winding down of operations and asset sales.
3. Potential Legal Proceedings and Market Factors: Elme Communities faces the risk of legal proceedings that may be instituted against the company, its trustees, and others related to past and future property sales and the Plan of Sale and Liquidation. Additionally, while less dominant given the liquidation, general macroeconomic factors such as inflation, interest rate increases, and potential economic slowdowns or recessions could still impact the market value of the assets being sold, thereby affecting the net proceeds from the liquidation.

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The Washington D.C. metropolitan area, Elme Communities' primary market, is experiencing a significant influx of new multifamily housing supply. This increased supply, coupled with moderating demand, is leading to higher vacancy rates, decelerating rent growth, and increased concessions offered to prospective tenants. This heightened competition directly threatens Elme Communities' occupancy levels and revenue growth.

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• Favorable Real Estate Market Conditions: Strong demand and appreciating property values in the Washington, D.C. and Atlanta metro areas, where Elme Communities operates, could lead to higher sale prices for its multifamily properties than initially projected.
• Efficient Execution of Asset Disposition: The company's ability to effectively market and divest its properties in a timely manner will be crucial in maximizing sales proceeds and minimizing costs associated with holding assets during the liquidation process.
• Optimal Valuation of Remaining Assets: Beyond the initial portfolio sale agreements, the successful realization of strong value from the "remaining assets" as they are brought to market will contribute significantly to the total revenue generated from the comprehensive liquidation plan.

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Share Repurchases

• Elme Communities has a share repurchase program in place that is scheduled to expire on October 25, 2025.

Share Issuance

• Elme Communities had 89,150,000 shares outstanding as of November 2025.
• The number of shares outstanding increased from 87,490,000 at the end of 2022 to 89,150,000 in November 2025.
• The company maintains a Dividend Reinvestment and Share Purchase Plan (DRIP), allowing shareholders to reinvest dividends and make optional cash investments into additional shares.

Outbound Investments

• On September 29, 2023, Elme Communities acquired Elme Druid Hills in Atlanta, GA, for $108.0 million, targeting it as a high-quality value-add community with extensive renovation potential.
• In August 2025, Elme announced an agreement to sell a 19-asset portfolio to Cortland Partners for approximately $1.6 billion in cash as part of a proposed plan of sale and liquidation.
• The company also plans to market its remaining nine multifamily assets and the Watergate 600 office asset for sale, aiming for completion within the next 12 months as part of its liquidation strategy.

Capital Expenditures

• For the remainder of 2025, Elme Communities anticipates capital requirements of $28.0 - $33.0 million for investments in existing properties, including major capital expenditures.
• In 2024, recurring capital improvements totaled $6.1 million, with a primary focus on improvements made upon apartment turnover, such as facade repairs, HVAC installation, asphalt replacement, and new lighting/finishes.
• Elme completed approximately 500 value-add renovations across twenty communities in 2024.