Elme Communities SEC Filings

Elme Communities executive Tiffany M. Butcher, EVP & COO, reported multiple equity transactions in company stock. On 11/19/2025, she acquired 52,197 shares of common stock for a 2025 performance period, 52,197 shares for a 2024 performance period, and 35,984 shares for a 2023 performance period, all at a price of $0.0 per share under the company’s Amended and Restated Long Term Incentive Plan. These awards were earned based on performance measures tied to the closing of a Purchase Agreement dated August 1, 2025 involving Elme Communities and related entities.

On the same date, she disposed of 32,018, 34,105, and 18,557 shares of common stock at $16.61 per share to cover taxes through net share settlement on vested shares. After these transactions, she beneficially owned 96,878 shares of Elme Communities common stock directly.

Elme Communities has filed updated pro forma financials reflecting its previously completed sale of Echo Sub LLC, which held 19 multifamily properties, for an aggregate contract sale price of $1.606 billion in cash, subject to customary adjustments. After this portfolio sale, Elme now owns 10 remaining properties that are expected to be sold under a Plan of Sale and Liquidation approved by shareholders on October 30, 2025. On November 12, 2025, Elme used the sale proceeds to repay or discharge all obligations under its revolving credit facility, term loan and private placement notes, and to fully defease its 7.25% senior notes due 2028. The company simultaneously entered into a new senior secured term loan of $520.0 million secured by the 10 remaining properties, and its pro forma statements show larger net losses driven mainly by property dispositions, debt extinguishment and related costs, alongside suspension of future regular quarterly dividends.

ELME Communities reported a leadership change and workforce update aligned with its wind‑down plan. On November 10, 2025, the Company and Senior Vice President and Chief Information Officer Susan Gerock agreed to a mutual separation. She resigned from all roles effective November 14, 2025 and entered into a Separation Agreement providing severance consistent with her Change in Control Agreement: 24 months of base salary continuation, annual bonus payments during that period based on her prior three‑year average (pro‑rated for partial years), and up to 18 months of COBRA premiums paid by the Company, subject to a seven‑day revocation period and standard terms.

In connection with its previously disclosed plan of sale and liquidation following the portfolio sale of 19 multifamily assets, the Company continues to reduce headcount. As of November 14, 2025, ELME has approximately 117 employees, including about 73 in community management.

Elme Communities reported insider activity by President, CEO & Chairman Paul T. McDermott. On 11/12/2025, he executed multiple Code F transactions at $16.61 per share to cover taxes via net share settlement tied to vested shares from the closing under a Purchase Agreement dated August 1, 2025. The transactions included blocks such as 48,300 shares. Following these withholdings, McDermott directly beneficially owned 569,356 shares.

Elme Communities (ELME) filed a Form 4 for insider W. Drew Hammond, SVP, CAO & Treasurer. On 11/12/2025, multiple Code F transactions were reported, reflecting shares withheld to cover taxes on vested shares tied to the closing under the Purchase Agreement dated August 1, 2025.

Transactions occurred at a price of $16.61 per share and included discrete withholdings of 905, 928, 928, 957, 957, 928, 475, and 256 shares. Following these tax-withholding events, Hammond’s directly held common stock was 54,110 shares.

Elme Communities (ELME) reported an insider transaction on a Form 4. SVP IT & CIO Susan L. Gerock had multiple tax withholdings via net share settlement on 11/12/2025 at $16.61 per share (Code F), tied to shares that vested in connection with the closing under a Purchase Agreement dated August 1, 2025. Following these transactions, she holds 66,660 shares directly. Code F indicates shares were withheld for taxes rather than sold in the open market.

Elme Communities (ELME) disclosed insider transactions by its EVP & CFO, Steven M. Freishtat, on 11/12/2025. The filings show multiple Code F entries—share withholdings to cover taxes on vested shares—at a price of $16.61 per share. After these transactions, he beneficially owned 42,636 shares, held directly.

The footnote states the vesting was in connection with the closing under a Purchase Agreement dated August 1, 2025, among Elme Communities and related entities. These are administrative tax-settlement events rather than open-market sales.

Elme Communities (ELME) executive Tiffany M. Butcher (EVP & COO) filed a Form 4 reporting multiple Code F transactions on 11/12/2025 at $16.61 per share. Code F indicates shares were withheld to cover taxes on vested equity tied to the closing under a Purchase Agreement dated August 1, 2025.

Following these tax-withholding dispositions, she beneficially owns 41,180 shares, held directly.

Elme Communities closed the sale of a large multifamily portfolio for $1.606 billion in cash to affiliates of Cortland Partners. Simultaneously, the company put in place a new $520.0 million senior secured term loan with Goldman Sachs Bank USA, collateralized by Elme’s 10 remaining properties. Elme used closing proceeds to fully repay its revolving credit facility, a prior term loan, and private placement notes without material early termination penalties.

The company also initiated the redemption of $50 million of 7.25% senior notes due 2028, funding the trustee and satisfying and discharging the related indenture. The new term loan matures on November 9, 2026, with a one‑year extension option; interest is one‑month term SOFR (floor 3.00%) plus a spread that starts at 2.25%, steps to 2.75% in month 7, and to 4.00% in month 19 if extended. Elme purchased a rate cap that limits SOFR to 5.00%. Cash management requires property cash flows to sweep through lender‑controlled accounts to cover taxes, insurance, debt service, reserves, and budgeted capex before excess distributions.