A Business at a Glance
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Elme Communities
ELME
$131M
Mkt Cap
$1.49
+1.36%
Elme Communities (ELME) has a 5-year average return on invested capital (ROIC) of -2.3%. This is below average and may indicate limited pricing power.
Elme Communities (ELME) has a market capitalization of $131M. It is classified as a small-cap stock.
Yes, Elme Communities (ELME) pays a dividend with a trailing twelve-month yield of 48.45%.
Elme Communities (ELME) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Elme Communities (ELME) reported annual revenue of $206 million in its most recent fiscal year, based on SEC EDGAR filings.
Elme Communities (ELME) has a net profit margin of -74.8%. The company is currently unprofitable.
Elme Communities (ELME) generated $35 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PART I ITEM 1: BUSINESS Elme Communities Overview Elme Communities, a Maryland real estate investment trust, formerly known as Washington Real Estate Investment Trust (“Elme” or 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, 2025, we owned nine apartment communities and one office property. Plan of Liquidation On February 13, 2025, the Company announced that its Board of Trustees (the “Board”) had initiated a formal review to evaluate strategic alternatives.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 206M | 206M | 242M | 228M | 209M | 169M |
| Net Income | -154M | -154M | -13M | -53M | -31M | 16M |
| EPS | $-1.75 | $-1.75 | $-0.15 | $-0.61 | $-0.36 | $0.19 |
| Free Cash Flow | 35M | 35M | 48M | 46M | 37M | 57M |
| ROIC | -127.7% | -10.3% | 1.3% | -3.1% | -0.1% | 0.8% |
| Gross Margin | 25.0% | 25.0% | 23.7% | 25.9% | 20.9% | 7.6% |
| Debt/Equity | 0.59 | 0.59 | 0.65 | 0.59 | 0.44 | 0.38 |
| Dividends/Share | $0.72 | $0.54 | $0.72 | $0.72 | $0.68 | $0.94 |
| Operating Income | -122M | -122M | 23M | -23M | -1.7M | -4.6M |
| Operating Margin | -59.2% | -59.2% | 9.7% | -10.1% | -0.8% | -2.7% |
| ROE | -17.4% | -15.7% | -1.2% | -4.4% | -2.4% | 1.2% |
| Shares Outstanding | 88M | 88M | 89M | 87M | 86M | 86M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 289M | 306M | 313M | 280M | 292M | N/A | 176M | 169M | 209M | 228M | 242M | 206M | 206M |
| Gross Margin | 30.8% | 27.8% | 28.7% | 22.4% | 22.3% | N/A | 64.2% | 7.6% | 20.9% | 25.9% | 23.7% | 25.0% | 25.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 20M | 20M | 20M | 23M | 22M | 26M | 24M | 28M | 28M | 26M | 25M | 55M | 55M |
| EBIT | 64M | 148M | 172M | 43M | 53M | 49M | -2.4M | -4.6M | -1.7M | -23M | 23M | -122M | -122M |
| Op. Margin | 22.2% | 48.4% | 54.7% | 15.2% | 18.1% | N/A | -1.4% | -2.7% | -0.8% | -10.1% | 9.7% | -59.2% | -59.2% |
| Net Income | 112M | 90M | 119M | 20M | 26M | 384M | -16M | 16M | -31M | -53M | -13M | -154M | -154M |
| Net Margin | 38.7% | 29.3% | 38.1% | 7.0% | 8.8% | N/A | -8.9% | 9.7% | -14.9% | -23.4% | -5.5% | -74.8% | -74.8% |
| Non-Recurring | 0 | 5.9M | 0 | 33M | 1.9M | 8.4M | 0 | 0 | 0 | 42M | 0 | 112M | 112M |
| Returns on Capital | |||||||||||||
| ROIC | 5.8% | 11.3% | 11.7% | 2.6% | 3.0% | 17.2% | -0.1% | 0.8% | -0.1% | -3.1% | 1.3% | -10.3% | -127.7% |
| ROE | 14.2% | 10.8% | 12.7% | 1.8% | 2.4% | 30.9% | -1.1% | 1.2% | -2.4% | -4.4% | -1.2% | -15.7% | -17.4% |
| ROA | 5.5% | 4.2% | 5.4% | 0.9% | 1.1% | 15.2% | -0.6% | 0.8% | -1.7% | -2.8% | -0.7% | -7.8% | -7.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 83M | 109M | 115M | 131M | 147M | 131M | 113M | 89M | 73M | 85M | 95M | 62M | 62M |
| Free Cash Flow | 81M | 107M | 114M | 127M | 146M | 89M | 92M | 57M | 37M | 46M | 48M | 35M | 35M |
| Owner Earnings | -18M | -4.7M | 2.8M | 14M | 19M | -18M | -15M | -15M | -26M | -9.8M | -5.9M | -21M | -21M |
| CapEx | 1.7M | 2.1M | 920K | 3.9M | 963K | 42M | 21M | 32M | 37M | 38M | 47M | 27M | 27M |
| Maint. CapEx | 96M | 109M | 108M | 112M | 121M | 141M | 120M | 96M | 92M | 89M | 96M | 78M | 78M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 96M | 109M | 108M | 112M | 121M | 141M | 120M | 96M | 92M | 89M | 96M | 78M | 78M |
| CapEx/OCF | 2.1% | 1.9% | 0.8% | 3.0% | 48.2% | 52.3% | 51.4% | 36.4% | 49.9% | 45.1% | 49.8% | 43.3% | 43.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 80M | 62M | 86M | 92M | 95M | 96M | 99M | 91M | 59M | 64M | 64M | 64M | 64M |
| Dividend Yield | 49.6% | 34.1% | 38.6% | 33.6% | 37.2% | 37.1% | 44.2% | 34.0% | 23.7% | 33.5% | 31.4% | 29.2% | 48.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.0M | 5.1M | 3.5M | 4.8M | 6.7M | 7.7M | 7.9M | 8.6M | 8.0M | 5.5M | 5.2M | 5.4M | 5.4M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 132M | 14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 777M | 824M | 952M | 1.1B | 1.2B | 1.0B | 980M | 263M | 544M | 673M | 693M | -812M | -812M |
| Cash & Equiv. | 16M | 24M | 11M | 9.8M | 6.0M | 13M | 7.7M | 234M | 8.4M | 6.0M | 6.1M | 1.3B | 1.3B |
| Long-Term Debt | 743M | 743M | 843M | 894M | 995M | 997M | 945M | 497M | 497M | 522M | 523M | 520M | 520M |
| Debt/Equity | 0.97 | 1.01 | 0.92 | 0.97 | 1.11 | 0.75 | 0.75 | 0.38 | 0.44 | 0.59 | 0.65 | 0.59 | 0.59 |
| Interest Coverage | 1.1 | 2.5 | 3.2 | 0.9 | 1.0 | 0.9 | -0.1 | -0.1 | -0.1 | -0.8 | 2.2 | -14.5 | -14.5 |
| Equity | 820M | 836M | 1.1B | 1.1B | 1.1B | 1.4B | 1.3B | 1.3B | 1.3B | 1.2B | 1.1B | 887M | 887M |
| Total Assets | 2.1B | 2.2B | 2.3B | 2.4B | 2.4B | 2.6B | 2.4B | 1.9B | 1.9B | 1.9B | 1.8B | 2.1B | 2.1B |
| Total Liabilities | 1.3B | 1.4B | 1.2B | 1.3B | 1.3B | 1.2B | 1.1B | 559M | 609M | 746M | 764M | 1.9B | 1.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -366M | -358M | -326M | -399M | -469M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | 71M | N/A | 41M | 34M | 39M | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.67 | 1.31 | 1.65 | 0.25 | 0.32 | 4.75 | -0.20 | 0.19 | -0.36 | -0.61 | -0.15 | -1.75 | -1.75 |
| Owner EPS | -0.27 | -0.07 | 0.04 | 0.18 | 0.24 | -0.22 | -0.19 | -0.17 | -0.31 | -0.11 | -0.07 | -0.24 | -0.24 |
| Book Value | 12.26 | 12.20 | 14.53 | 13.92 | 13.34 | 17.48 | 16.85 | 15.27 | 14.63 | 13.22 | 12.12 | 10.06 | 10.06 |
| Cash Flow/Share | 1.24 | 1.60 | 1.59 | 1.66 | 1.84 | 1.62 | 1.44 | 1.03 | 0.85 | 0.97 | 1.07 | 0.71 | -0.86 |
| Dividends/Share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 0.94 | 0.68 | 0.72 | 0.72 | 0.54 | 0.72 |
| Shares Out. | 66.8M | 68.5M | 72.3M | 78.7M | 80.1M | 80.7M | 78.4M | 86.2M | 86.4M | 87.3M | 89.3M | 88.2M | 88.2M |
| Valuation | |||||||||||||
| P/E Ratio | 1.6 | 2.1 | 2.1 | 13.7 | 8.3 | 0.7 | N/A | 17.7 | N/A | N/A | N/A | N/A | -0.9 |
| P/FCF | 2.2 | 1.8 | 2.2 | 2.1 | 1.4 | 3.1 | 2.4 | 5.1 | 5.6 | 3.9 | 4.1 | 6.7 | 3.7 |
| EV/EBIT | 14.7 | 6.7 | 6.9 | 19.7 | 22.6 | 15.8 | N/A | N/A | N/A | N/A | 37.5 | N/A | N/A |
| Price/Book | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 |
| Price/Sales | 0.6 | 0.6 | 0.7 | 0.8 | 0.9 | 0.8 | 1.3 | 1.6 | 1.2 | 0.8 | 0.8 | 1.1 | 0.6 |
| FCF Yield | 44.6% | 56.7% | 46.5% | 47.0% | 69.2% | 31.9% | 42.5% | 19.6% | 18.0% | 25.4% | 24.8% | 14.9% | 26.9% |
| Market Cap | 182M | 189M | 245M | 270M | 212M | 278M | 217M | 290M | 204M | 183M | 193M | 237M | 131M |
| Avg. Price | 2.42 | 2.64 | 3.07 | 3.46 | 3.19 | 3.22 | 2.86 | 3.09 | 2.90 | 2.20 | 2.27 | 2.48 | 1.49 |
| Year-End Price | 2.73 | 2.76 | 3.38 | 3.43 | 2.64 | 3.45 | 2.76 | 3.36 | 2.38 | 2.10 | 2.21 | 2.69 | 1.49 |
Elme Communities passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 3.7x vs a median of 3.5x. The company's 5-year average gross margin is 20.6%. Total shareholder yield (dividends) is 48.5%. At current prices, the estimated annualized return to fair value is -8.8%.
Elme Communities (ELME) has a debt-to-equity ratio of 0.59. This indicates moderate leverage.
Elme Communities (ELME) reported earnings per share (EPS) of $-1.75 in its most recent fiscal year.
Elme Communities (ELME) has a return on equity (ROE) of -15.7%. A negative ROE may indicate losses or negative equity.
Elme Communities (ELME) has a 5-year average gross margin of 20.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for Elme Communities (ELME), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Elme Communities (ELME) has a book value per share of $10.06, based on its most recent annual SEC filing.