Shareholder Windfall and Next Steps
Under the terms, shareholders will receive between $14.68 and $15 per share from the Cortland deal. The total liquidation of remaining assets—including nine multifamily properties in Georgia, Maryland, Virginia, and Washington, D.C., plus one office building in D.C.—is expected to push payouts between $17.58 and $18.50 per share once complete.
Elme expects to wrap up the sale of its remaining properties within 12 months of the Cortland closing. To bridge the transition, Goldman Sachs Bank USA has committed $520 million in debt financing secured by assets not included in the Cortland package.
A Historic Shift in Real Estate
Lead independent trustee Benjamin Butcher underscored that the decision to liquidate was unanimous: “Our evaluation process was robust, and this course of action provides the greatest value compared to continuing operations.”
For Cortland, advised by King & Spalding LLP, the deal cements its footprint in key multifamily markets, while for Elme, the sale represents not just a transaction—but the end of its nearly 60-year journey as a major REIT player in the nation’s capital region.
