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10-Q Filing

ELME COMMUNITIES CIK: 104894 Q1 2014
Filing Information
Form Type 10-Q
Accession Number 0000104894-14-000061
Period End Date 20140331
Filing Date 20140508
Fiscal Year 2014
Fiscal Period Q1
XBRL Instance wre-20140331.xml
Filing Contents
Balance Sheet 81 line items
Line Item Tag Value Unit Period
Rents and other receivables, allowance for doubtful accounts AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $5.92M USD Point-in-time
Rents and other receivables, allowance for doubtful accounts AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $6.78M USD Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred Stock, Shares Authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Preferred Stock, Shares Authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Land Land $472.06M USD Point-in-time
Land Land $426.57M USD Point-in-time
Preferred Stock, Shares Issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred Stock, Shares Issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred Stock, Shares Outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Income producing property RentalProperties $1.68B USD Point-in-time
Income producing property RentalProperties $1.78B USD Point-in-time
Preferred Stock, Shares Outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Real estate investment property, at cost RealEstateInvestmentPropertyAtCost $2.26B USD Point-in-time
Shares of beneficial interest, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Real estate investment property, at cost RealEstateInvestmentPropertyAtCost $2.10B USD Point-in-time
Shares of beneficial interest, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Shares of beneficial interest, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $581.64M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $565.34M USD Point-in-time
Shares of beneficial interest, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 66.63M shares Point-in-time
Net income producing property RealEstateInvestments $1.68B USD Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 66.53M shares Point-in-time
Net income producing property RealEstateInvestments $1.54B USD Point-in-time
Properties under development or held for future development DevelopmentInProcess $68.96M USD Point-in-time
Properties under development or held for future development DevelopmentInProcess $61.31M USD Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 66.63M shares Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 66.53M shares Point-in-time
Total real estate held for investment, net RealEstateInvestmentPropertyNet $1.60B USD Point-in-time
Total real estate held for investment, net RealEstateInvestmentPropertyNet $1.74B USD Point-in-time
Investment in real estate sold or held for sale, net RealEstateHeldforsale $79.90M USD Point-in-time
Investment in real estate sold or held for sale, net RealEstateHeldforsale - USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $16.74M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $62.08M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $130.34M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $19.32M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $9.19M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $107.04M USD Point-in-time
Rents and other receivables, net of allowance for doubtful accounts of $5,719 and $6,783, respectively AccountsAndNotesReceivableNet $48.76M USD Point-in-time
Rents and other receivables, net of allowance for doubtful accounts of $5,719 and $6,783, respectively AccountsAndNotesReceivableNet $52.74M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $105.00M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $109.09M USD Point-in-time
Other assets related to properties sold or held for sale OtherAssetsHeldForSaleCurrent $4.10M USD Point-in-time
Other assets related to properties sold or held for sale OtherAssetsHeldForSaleCurrent - USD Point-in-time
Total assets Assets $2.08B USD Point-in-time
Total assets Assets $1.98B USD Point-in-time
Total assets Assets $2.10B USD Point-in-time
Notes payable NotesPayable $846.70M USD Point-in-time
Notes payable NotesPayable $746.83M USD Point-in-time
Mortgage notes payable SecuredDebt $404.36M USD Point-in-time
Mortgage notes payable SecuredDebt $294.67M USD Point-in-time
Lines of credit LineOfCredit - USD Point-in-time
Lines of credit LineOfCredit - USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $56.80M USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $51.74M USD Point-in-time
Advance rents AdvanceRent $14.69M USD Point-in-time
Advance rents AdvanceRent $13.53M USD Point-in-time
Tenant security deposits SecurityDepositLiability $7.87M USD Point-in-time
Tenant security deposits SecurityDepositLiability $8.40M USD Point-in-time
Liabilities related to properties sold or held for sale LiabilitiesOfAssetsHeldForSale $1.53M USD Point-in-time
Liabilities related to properties sold or held for sale LiabilitiesOfAssetsHeldForSale - USD Point-in-time
Total liabilities Liabilities $1.23B USD Point-in-time
Total liabilities Liabilities $1.22B USD Point-in-time
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding PreferredStockValue - USD Point-in-time
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding PreferredStockValue - USD Point-in-time
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 66,630 and 66,531 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively CommonStockValue $666.00K USD Point-in-time
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 66,630 and 66,531 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively CommonStockValue $665.00K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.15B USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.15B USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-396.88M USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-312.42M USD Point-in-time
Total shareholders equity StockholdersEquity $754.96M USD Point-in-time
Total shareholders equity StockholdersEquity $839.60M USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $4.49M USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $4.49M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.09M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $759.45M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $1.98B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.08B USD Point-in-time
Income Statement 49 line items
Line Item Tag Value Unit Period
Real estate rental revenue RealEstateRevenueNet $64.56M USD 1 Quarter
Real estate rental revenue RealEstateRevenueNet $68.61M USD 1 Quarter
Real estate expenses CostOfRealEstateRevenue $26.34M USD 1 Quarter
Real estate expenses CostOfRealEstateRevenue $22.55M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $22.75M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $21.12M USD 1 Quarter
Acquisition Costs BusinessCombinationAcquisitionRelatedCosts $213.00K USD 1 Quarter
Acquisition Costs BusinessCombinationAcquisitionRelatedCosts $3.04M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $3.86M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $4.43M USD 1 Quarter
Total expenses CostsAndExpenses $56.57M USD 1 Quarter
Total expenses CostsAndExpenses $47.75M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $16.81M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $12.04M USD 1 Quarter
Interest expense InterestExpense $14.53M USD 1 Quarter
Interest expense InterestExpense $16.19M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $239.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $223.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-15.95M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-14.31M USD 1 Quarter
(Loss) income from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $-2.27M USD 1 Quarter
(Loss) income from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $857.00K USD 1 Quarter
Income from operations of properties sold or held for sale DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax $3.28M USD 1 Quarter
Income from operations of properties sold or held for sale DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax $546.00K USD 1 Quarter
Gain on sale of real estate DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax $106.27M USD 1 Quarter
Gain on sale of real estate DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax $22.14M USD Annual
Gain on sale of real estate DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax $3.19M USD 1 Quarter
Net income ProfitLoss $7.33M USD 1 Quarter
Net income ProfitLoss $104.55M USD 1 Quarter
Less: Net income attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Net income attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $-0.04 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.01 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $1.60 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.10 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareBasic $1.56 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareBasic $0.11 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.01 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $-0.04 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.10 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $1.60 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareDiluted $0.11 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareDiluted $1.56 USD 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.39M shares 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 66.70M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 66.52M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 66.70M shares 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.30 USD 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.30 USD 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $7.33M USD 1 Quarter
Net income ProfitLoss $104.55M USD 1 Quarter
Depreciation and amortization, including amounts in discontinued operations DepreciationDepletionAndAmortization $22.75M USD 1 Quarter
Depreciation and amortization, including amounts in discontinued operations DepreciationDepletionAndAmortization $25.52M USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $568.00K USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $1.57M USD 1 Quarter
Gain on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate $3.19M USD 1 Quarter
Gain on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate $106.27M USD 1 Quarter
Amortization of share grants, net ShareBasedCompensation $1.06M USD 1 Quarter
Amortization of share grants, net ShareBasedCompensation $1.03M USD 1 Quarter
Amortization of Financing Costs and Discounts AmortizationOfFinancingCostsAndDiscounts $937.00K USD 1 Quarter
Amortization of Financing Costs and Discounts AmortizationOfFinancingCostsAndDiscounts $1.02M USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $628.00K USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.15M USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $4.26M USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $2.04M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $36.90M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $22.48M USD 1 Quarter
Real estate acquisitions, net PaymentsToAcquireRealEstate $48.05M USD 1 Quarter
Real estate acquisitions, net PaymentsToAcquireRealEstate - USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment $189.39M USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment $15.16M USD 1 Quarter
Escrow Deposits Related to Property Sales EscrowDepositsRelatedToPropertySales $-96.61M USD 1 Quarter
Escrow Deposits Related to Property Sales EscrowDepositsRelatedToPropertySales - USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $10.20M USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $10.37M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $4.20M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $3.79M USD 1 Quarter
Real estate deposits, net PaymentsForDepositsOnRealEstateAcquisitions - USD 1 Quarter
Real estate deposits, net PaymentsForDepositsOnRealEstateAcquisitions $2.50M USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $17.00K USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $7.00K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $1.16M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $27.64M USD 1 Quarter
Line of credit borrowings, net ProceedsFromRepaymentsOfLinesOfCredit - USD 1 Quarter
Line of credit borrowings, net ProceedsFromRepaymentsOfLinesOfCredit $70.00M USD 1 Quarter
Dividends paid PaymentsOfDividends $20.03M USD 1 Quarter
Dividends paid PaymentsOfDividends $20.09M USD 1 Quarter
Net contributions from noncontrolling interests ProceedsFromPaymentsToMinorityShareholders - USD 1 Quarter
Net contributions from noncontrolling interests ProceedsFromPaymentsToMinorityShareholders $213.00K USD 1 Quarter
Payment of Financing and Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts $660.00K USD 1 Quarter
Payment of Financing and Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts - USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $30.83M USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $830.00K USD 1 Quarter
Proceeds from construction loan ProceedsFromConstructionLoansPayable $3.20M USD 1 Quarter
Proceeds from construction loan ProceedsFromConstructionLoansPayable - USD 1 Quarter
Notes payable repayments RepaymentsOfUnsecuredDebt $100.00M USD 1 Quarter
Notes payable repayments RepaymentsOfUnsecuredDebt $60.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-40.65M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-118.38M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-68.26M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-2.58M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $16.74M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $62.08M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $130.34M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $19.32M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $16.74M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $62.08M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $130.34M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $19.32M USD Point-in-time
Cash paid for interest, net of amounts capitalized InterestPaidNet $10.68M USD 1 Quarter
Cash paid for interest, net of amounts capitalized InterestPaidNet $8.97M USD 1 Quarter
Cash paid for income taxes, net of refund IncomeTaxesPaidNet $71.00K USD 1 Quarter
Cash paid for income taxes, net of refund IncomeTaxesPaidNet $4.00K USD 1 Quarter
Decrease (increase) in accrued capital improvements and development costs IncreaseDecreaseinAccruedCapitalImprovements $554.00K USD 1 Quarter
Decrease (increase) in accrued capital improvements and development costs IncreaseDecreaseinAccruedCapitalImprovements $-2.62M USD 1 Quarter
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 $100.86M USD 1 Quarter
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 - USD 1 Quarter
Stockholders Equity 8 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.09M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $759.45M USD Point-in-time
Net income attributable to the controlling interests NetIncomeLoss $104.55M USD 1 Quarter
Net income attributable to the controlling interests NetIncomeLoss $7.33M USD 1 Quarter
Dividends Dividends $20.09M USD 1 Quarter
Share grants, net of share grant amortization and forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $180.00K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $844.09M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $759.45M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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