Elme Communities (NYSE:ELME) announced that its shares rose 9.1% on Monday following an update to its liquidation plan.
The REIT revised its total estimated liquidating distribution to a range of $16.41‑$16.61 per share, down from the May 2026 estimate of $16.74‑$17.02 per share. The reduction reflects a lower contract price for the Riverside Apartments asset.
On July 23 2026 the company entered into a purchase‑and‑sale agreement with a new purchaser for Riverside Apartments at a contract price of $250.0 million. This agreement replaces the prior May 2026 agreement, which the original buyer terminated on June 17 2026.
To date in 2026 Elme has sold six properties—five multifamily assets and the office building Watergate 600—generating approximately $294 million in gross proceeds. Four properties remain under contract: Riverside Apartments, Elme Bethesda, The Kenmore, and 3801 Connecticut Avenue. The three assets other than Riverside are slated to provide about $168 million in aggregate gross proceeds.
Elme expects to complete the remaining sales during the third and fourth quarters of 2026, after which it plans to delist from the New York Stock Exchange and dissolve the company in the fourth quarter of 2026. The REIT previously paid an initial special liquidating distribution of $14.67 per share on January 7 2026, and the updated estimate indicates an additional distribution of $1.74‑$1.94 per share from the sale of the remaining assets. Shareholders approved the Plan of Sale and Liquidation on October 30 2025.