Elme Communities Completes $1.6 Billion Portfolio Sale to Cortland Partners, Announces Initial Special Liquidating Distribution

Elme Communities has completed the sale of 19 multifamily communities to Cortland Partners for $1.6 billion. This marks the first step in the company's plan of sale and liquidation, which includes the sale of remaining assets and voluntary dissolution. Elme plans to return proceeds from the sale and a $520 million loan to shareholders through an initial special liquidating distribution, expected to be between $14.50 and $14.82 per share. Additional distributions will be made at the board's discretion following future asset sales.