Elme Communities is a residential REIT that owns and operates mid-market, Class B apartment communities — workforce housing targeting middle-income renters — concentrated in the Washington, DC metro area, primarily Northern Virginia, with a smaller presence in Atlanta. Elme leases directly to residents and manages properties through an internal property management platform, targeting occupancy of roughly 95-96%. Revenue is driven by occupancy rates and rent per unit, with blended lease rate growth (new leases plus renewals) as the key operating metric. Elme has also pursued ancillary income initiatives including a managed Wi-Fi rollout and unit renovation programs targeting roughly 17-18% ROI on approximately $17,000 per unit of investment. Elme is structured as a REIT and is currently in active liquidation. After concluding that shares persistently traded at a discount to private market value and that accretive scaling was not achievable, the board approved a plan to sell all assets. In November 2025, Elme closed the sale of 19 multifamily properties to Cortland for approximately $1.6B. Elme is now selling its remaining apartment communities and its Washington, DC office building, Watergate 600, with a target to complete all sales by mid-2026. Net proceeds are being returned to shareholders as special liquidating distributions, with total expected aggregate distributions estimated at $17.58 to $18.50 per share.