Elme Communities Files 2024 10-K
Ticker: ELME · Form: 10-K · Filed: Feb 14, 2025 · CIK: 104894
| Field | Detail |
|---|---|
| Company | Elme Communities (ELME) |
| Form Type | 10-K |
| Filed Date | Feb 14, 2025 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $2,206, $2.49, $1,577, $1.55, $241.9 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, real-estate, REIT
Related Tickers: ELME
TL;DR
Elme Communities (ELME) filed its 2024 10-K, detailing FY24 performance. Check financials.
AI Summary
Elme Communities (formerly Washington Real Estate Investment Trust) filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, is headquartered in Bethesda, MD. The filing covers its financial performance and operations for the year.
Why It Matters
This filing provides investors with a comprehensive overview of Elme Communities' financial health, operational performance, and strategic direction for the fiscal year 2024.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 2024-12-31 — Fiscal Year End (Reporting period for the 10-K)
- 2025-02-14 — Filing Date (Date the 10-K was submitted to the SEC)
Key Players & Entities
- Elme Communities (company) — Filer of the 10-K
- Washington Real Estate Investment Trust (company) — Former name of Elme Communities
- 2024-12-31 (date) — Fiscal year end
- 2025-02-14 (date) — Filing date
- 7550 WISCONSIN AVENUE, SUITE 900, BETHESDA, MD 20814 (address) — Business and mailing address
FAQ
What is Elme Communities' primary business activity?
Elme Communities is a real estate investment trust (REIT) as indicated by its SIC code [6798].
When did the company change its name from Washington Real Estate Investment Trust?
The company's name change from Washington Real Estate Investment Trust to Elme Communities occurred on July 3, 1992.
What is the company's principal executive office address?
The company's business address is 7550 WISCONSIN AVENUE, SUITE 900, BETHESDA, MD 20814.
What is the SEC file number for Elme Communities?
The SEC file number for Elme Communities is 001-06622.
What period does this 10-K filing cover?
This 10-K filing covers the fiscal year ending December 31, 2024.
Filing Stats: 4,426 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2025-02-14 16:03:51
Key Financial Figures
- $2,206 — to the third quarter of 2024, averaging $2,206 per month, or $2.49 per square foot, wh
- $2.49 — of 2024, averaging $2,206 per month, or $2.49 per square foot, while annual rent grow
- $1,577 — , with effective asking rents averaging $1,577 per month, or $1.55 per square foot. Cl
- $1.55 — ng rents averaging $1,577 per month, or $1.55 per square foot. Class C multifamily pr
- $241.9 m — hree years ended December 31, 2024, was $241.9 million, $227.9 million and $209.4 millio
- $227.9 million — December 31, 2024, was $241.9 million, $227.9 million and $209.4 million, respectively. Durin
- $209.4 m — was $241.9 million, $227.9 million and $209.4 million, respectively. During the three y
Filing Documents
- elme-20241231.htm (10-K) — 2529KB
- insidertradingpolicy.htm (EX-19) — 68KB
- q42024exhibit21-entities.htm (EX-21) — 48KB
- q42024exhibit23-consent.htm (EX-23) — 5KB
- q42024ex24-powerofattorney.htm (EX-24) — 8KB
- elme-123124exhibit311.htm (EX-31.1) — 10KB
- elme-123124exhibit312.htm (EX-31.2) — 11KB
- elme-123124exhibit313.htm (EX-31.3) — 11KB
- elme-123124exhibit32.htm (EX-32) — 9KB
- elme-20241231_g1.jpg (GRAPHIC) — 91KB
- elme-20241231_g2.jpg (GRAPHIC) — 84KB
- 0000104894-25-000020.txt ( ) — 12492KB
- elme-20241231.xsd (EX-101.SCH) — 90KB
- elme-20241231_cal.xml (EX-101.CAL) — 78KB
- elme-20241231_def.xml (EX-101.DEF) — 409KB
- elme-20241231_lab.xml (EX-101.LAB) — 914KB
- elme-20241231_pre.xml (EX-101.PRE) — 676KB
- elme-20241231_htm.xml (XML) — 1807KB
Risk Factors 11
Item 1A. Risk Factors 11
Unresolved Staff Comments 24
Item 1B. Unresolved Staff Comments 24
Cybersecurity 24
Item 1C. Cybersecurity 24
Properties 27
Item 2. Properties 27
Legal Proceedings 28
Item 3. Legal Proceedings 28
Mine Safety Disclosures 28
Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29
Management's Discussion and Analysis of Financial Condition and Results of Operations 30
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30
Qualitative and Quantitative Disclosures about Market Risk 45
Item 7A. Qualitative and Quantitative Disclosures about Market Risk 45
Financial Statements and Supplementary Data 46
Item 8. Financial Statements and Supplementary Data 46
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 46
Controls and Procedures 46
Item 9A. Controls and Procedures 46
Other Information 46
Item 9B. Other Information 46
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III
Directors, Executive Officers and Corporate Governance 74
Item 10. Directors, Executive Officers and Corporate Governance 74
Executive Compensation 74
Item 11. Executive Compensation 74
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74
Certain Relationships and Related Transactions, and Director Independence 74
Item 13. Certain Relationships and Related Transactions, and Director Independence 74
Principal Accountant Fees and Services 74
Item 14. Principal Accountant Fees and Services 74 PART IV
Exhibits and Financial Statement Schedules 75
Item 15. Exhibits and Financial Statement Schedules 75
Form 10-K Summary 77
Item 16. Form 10-K Summary 77 Signatures 78 3 PART I
: BUSINESS
ITEM 1: BUSINESS Elme Communities Overview Elme Communities, a Maryland real estate investment trust, formerly known as Washington Real Estate Investment Trust (the "Company"), is a self-administered equity real estate investment trust ("REIT") within the meaning of Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code") and successor to a trust organized in 1960. Our business primarily consists of the ownership of apartment communities in the greater Washington, DC metro and Sunbelt regions. As of December 31, 2024, we owned 28 apartment communities and one office property. Business and Investment Strategy Our mission is to elevate the value living experience and create a place our residents are proud to call home by continuously focusing on service, efficiency, and innovation. We are focused on creating shareholder value by providing quality, affordably priced housing to a deep, solid, and growing base of mid-market demand. Our research indicates that affordability is a pressing rental issue at multiple price points across the mid-market rent spectrum. We believe that rents can be consistently grown if a portfolio's price point does not compete directly with new product price points and wages for mid-market renters are growing. Furthermore, as the cost of homeownership continues to rise above affordable levels for median income earners, we expect to benefit from sustained demand for quality, affordably priced rental housing. We acquire, develop, and renovate apartment communities that align with our research-led investment strategy, which is focused on the following: targeting markets that have economies with diverse, innovative industries that drive outsized job creation, wage growth and in-migration, which we believe will benefit from these trends in the years to come; targeting middle-income renters who make up the largest share of apartment demand in each of our current and target markets but for whom new apartment supply a