Elme Communities Enters Material Definitive Agreement
Ticker: ELME · Form: 8-K · Filed: Jul 11, 2024 · CIK: 104894
| Field | Detail |
|---|---|
| Company | Elme Communities (ELME) |
| Form Type | 8-K |
| Filed Date | Jul 11, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $500 million, $700 million, $250 million, $1.0 billion, $20 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation, real-estate
TL;DR
Elme Communities just signed a big deal, watch their financials.
AI Summary
On July 10, 2024, Elme Communities entered into a material definitive agreement related to a direct financial obligation. The company, formerly known as Washington Real Estate Investment Trust, is incorporated in Maryland and headquartered in Bethesda, MD.
Why It Matters
This filing indicates a significant financial commitment or obligation for Elme Communities, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that require careful monitoring.
Key Numbers
- 20240710 — Date of Report (Indicates the earliest event reported in the filing.)
- 001-06622 — SEC File Number (Identifies the company's filing with the SEC.)
Key Players & Entities
- Elme Communities (company) — Registrant
- Washington Real Estate Investment Trust (company) — Former company name
- Maryland (location) — State of incorporation
- Bethesda, MD (location) — Principal executive office location
FAQ
What specific type of material definitive agreement did Elme Communities enter into?
The filing states the company entered into a 'Material Definitive Agreement' and 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant', but the specific details of the agreement are not provided in this excerpt.
What is the nature of the direct financial obligation or off-balance sheet arrangement?
The filing indicates the creation of such an obligation, but the exact terms and nature of the financial commitment are not detailed in this provided text.
When was Elme Communities formerly known as Washington Real Estate Investment Trust?
The date of the name change from Washington Real Estate Investment Trust to Elme Communities was July 3, 1992.
What is Elme Communities' fiscal year end?
Elme Communities' fiscal year ends on December 31.
What is the business address and phone number for Elme Communities?
The business address is 7550 Wisconsin Avenue, Suite 900, Bethesda, MD 20814, and the phone number is (202) 774-3200.
Filing Stats: 1,357 words · 5 min read · ~5 pages · Grade level 13 · Accepted 2024-07-11 16:28:09
Key Financial Figures
- $500 million — aggregate revolving loan commitments of $500 million (the "Revolving Credit Facility"). The
- $700 million — enders and agents, which provided for a $700 million unsecured revolving credit facility and
- $250 million — secured revolving credit facility and a $250 million unsecured term loan facility, which was
- $1.0 billion — ans under the Credit Agreement to up to $1.0 billion in the aggregate to the extent the lend
- $20 million — ty to obtain letters of credit of up to $20 million in the aggregate. As of July 10, 2024,
- $167 million — in the aggregate. As of July 10, 2024, $167 million was outstanding under the Revolving Cre
- $200 million — egate principal amount not in excess of $200 million) or (b) owns a property included in the
Filing Documents
- elme-20240710.htm (8-K) — 36KB
- 0000104894-24-000069.txt ( ) — 162KB
- elme-20240710.xsd (EX-101.SCH) — 2KB
- elme-20240710_lab.xml (EX-101.LAB) — 22KB
- elme-20240710_pre.xml (EX-101.PRE) — 13KB
- elme-20240710_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. Revolving Credit Facility On July 10, 2024, Elme Communities ("Elme") entered into a Third Amended and Restated Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as administrative agent (the "Agent"), and the financial institutions party thereto as lenders (the "Lenders") and agents, which provides for aggregate revolving loan commitments of $500 million (the "Revolving Credit Facility"). The Credit Agreement amends and restates that certain Second Amended and Restated Credit Agreement (the "Existing Credit Agreement"), dated as of August 26, 2021, among Elme, Wells Fargo Bank, National Association, as administrative agent, and the financial institutions party thereto as lenders and agents, which provided for a $700 million unsecured revolving credit facility and a $250 million unsecured term loan facility, which was previously repaid in full. The Credit Agreement includes the option to increase the revolving loan commitments or add term loans under the Credit Agreement to up to $1.0 billion in the aggregate to the extent the lenders (from the syndicate or otherwise) agree to provide additional revolving loan commitments or term loans. The Revolving Credit Facility will mature on July 10, 2028, unless extended pursuant to one or both of the two six-month extension options provided therein. The exercise of an extension option requires the payment of a fee of 0.0625% on the extended revolving loan commitments for each extension and is subject to certain other customary conditions. The Credit Agreement also provides Elme with the ability to obtain letters of credit of up to $20 million in the aggregate. As of July 10, 2024, $167 million was outstanding under the Revolving Credit Facility. No subsidiaries of Elme are currently required to guarantee Elme's obligations under the Credit Agreement. Subsidiaries of Elme may in the future be required to guarantee Elme's obligati
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ELME COMMUNITIES Date: July 11, 2024 By: /s/ W. Drew Hammond Name: W. Drew Hammond Title: Senior Vice President and Chief Administrative Officer